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FEB
arcs, aom,
UMMtr
W
V
.
■->
ontmfttiaR
193$ BY WILLIAM B. DANA COMPANY, NEW YORK.
COPYRIGHTED IN
VOL, 143. Il,u'dsrtjc""
*,
8.^^^ PAT. OFFICE
MM. U.
ENTERED AS SECOND-CLASS MATTER
1879.
JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK. NEW YORK, UN DER THE ACT OF MARCH 3,
NEW YORK, FEBRUARY 11,
1939~ William cor. Spruce SU,„ N.Y.Citv
NO. 3842.
■:
THE CHASE
TRUST
BROOKLYN
NATIONAL BANK
COMPANY
OF THE CITY OF NEW YORK
Chartered 1866
.
George V McLaughlin
President
The
■
BROOKLYN
NEW YORK
Member Federal
is
chase
tra-
,
ditionally
For
served
Deposit Insurance
Corporation
of
bankers' bank.
a
banks
number
.
bankers
and
as
correspondent
York
New
and
darge
a
has
it
years
many
depository.
reserve
'
Insurance
Member Federal Deposit
Corporation
FUXMMENTAL
Canadian
INVESTORS
'*
•
'
ft
"
'
■
■
'
Securities
INC.
;
Y
Prospectus
★-
'
DIRECT PRIVATE
*
WIRE TO
Ripley & Co.
Harriman
TORONTO
;
Incorporated
%
available from
local dealers
,
•
Underwriters of capital issues
•
.
and
dealers in
ment
The
U.
Govern¬
S.
Bonds
Bonds, Municipal
and other investment
securities.
FIRST BOSTON
CORPORATION
Hallgarten & Co.
Chicago
PHIIADELPH1A
AND OTHER
Established 1850
63 Wall Street,
BOSTON
NEW YORK
1
'.
Boston
New York
Philadelphia
'
Chicago'
Representatives in other leading Cities
,
SAN FRANCISCO
'
PRINCIPAL CITIES
Formerly
Brown Harrimah & Co.,
Inc.
NEW YORK
London
Chicago
City of
,
Philadelphia
NewYorkTriist
BEAR, STEARNS &
one wall street
Commonwealth of
Ivania
CO.
Bonds
<
new york
Capital Funds
.
...
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
IOO
BROADWAY
40TH ST. &
HOMER & CO., INC.
40
Exchange Place, New
MADISON AVE.
AVE. & 57TH
FIFTH
ST.
NEW YORK
York
Service
to
Banks and
Dealers since
I
888
HORNBLOWER
European
Representative's Office:
&
WEEKS
Established 1888
8
CarlM.Loeb,Rhoades&Co.
61
STREET
40 Wall Street
LONDON, E. C. 4
BROADWAY
NEW YORK
London
KING WILLIAM
Paris
.
Amsterdam"
NEW YORK
Members New
Member of the Federal Deposit
York, B«ston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
*
Insurance Corporation
Financial
II
Interest exempt
Feb.
Chronicle
1939
11,
from all present Federal Income Taxation
$6,000,000
Allegheny County, Pennsylvania
2V*% Bonds
Due serially February 1, 1940 to 1969,
r
,
.
inclusive
assessed upon
Allegheny County has stated officially that it will pay or refund any tax which may be legally levied or
the bonds or upon the debt secured thereby under any present or future law
of the Commonwealth of Pennsylvania.
Legal Investment, in
•
'
These Bonds,
opinion, for Savings Banks and Trust Funds
York and Pennsylvania
to be issued for various purposes, in
levied against
all the taxable property therein without limitation as to rate or amount.
Prices
These Bonds are offered
•
the opinion of counsel will constitute
binding general obligations of Allegheny County, payable from ad valorem taxes
valid and
.
our
in New
when,
as
to
yield 0.30% to 2.20%
and if issued and received by us and subject to approval of legality
Messrs, Burgwin, Scully A Churchill, whose opinion
LADENBURG, THALMANN &, CO.
BANCAMERICA-BLAIR
HALSEY, STUART &, CO. INC.
by
will be furnished upon delivery.
CORPORATION
GLOVER &. MacGREGOR,
STROUD &, COMPANY
HALLGARTEN & CO.
S.
SHERWOOD & REICHARD
WALTER STOKES & CO.
H. C. WAINWRIGHT &. CO.
G. M.-P. MURPHY & CO.
FIRST OF MICHIGAN CORPORATION
INC.
PITTSBURGH
INCORPORATED
K. CUNNINGHAM A
PITTSBURGH
«
PHILADELPHIA
CO., INC.
.
'
SHERIDAN, BOGAN CO.
PHILLIPS, SCHMERTZ & CO.
PHILADELPHIA
PITTSBURGH
Principal and sepil-annual Interest, February 1 and August 1, payable in Pittsburgh, Pa. Coupon Bonds
In $1,000 denomination, reglsterable as to principal only.
The Information contained herein has been carefully compiled frOm
sources considered reliable, <ind while not guaranteed as to completeness or accuracy, we believe it to be correct as of this date.
Dated February 1, 1939.
February 11, 1939.
Dividends
SOCONY-VACUUM
MUNICIPAL
KENTUCKY
OIL COMPANY
INCORPORATED
REVIEW
Feb. 7,
Dividend
Copy Available
on
.
the
1939
No. 125
Request '
The Board of Directors has this
day declared a dividend of
Twenty,'five Cents (25^) per
share on the Capital Stockof this
Corporation of the par value
of Fifteen Dollars ($ 15.00) each,
payable March 15, 1939, to
BANKERS BOND co.
INCORPORATED
stockholders
of record
the
at
close of business, three o'clock
1802
Ky. Home Life Bldg.,
■,
P. M., February 20, 1939. The
transfer
Louisville, Kentucky
books
do
not
W. D. Bickham,
Dividends
HOMESTAKE MINING
COMPANY
BUCKEYE
26
The Board of Directors has declared dividend
No. 814 of thirty-seven and one-half cents
($.37^)
share of $12.50 par value Capital Stock,
payable February 25, 1939 to stockholders of
record 3:00 o'clock P. M. February 20, 1939.
Checks will be mailed by Irving Trust Com¬
pany, Dividend Disbursing Agent.
per
A.
Board
9,
of
New York, January 28, 1939.
A
declared
at
a
a
meeting held
dividend for the
first quarter of the year 1939 of 50c. a share on
the Common Stock of Underwood Elliott Fisher
Company,
payable March
31,
1939,
stock¬
holders of record at the close of business March 10,
to
1939.
Transfer books' will not be closed.
,
O.
S.
DUNCAN, Treasurer.
*73<mUft6
dividend of Fifty
(50) Cents per share has
Capital Stock of this Com¬
payable March 15, 1939 to stockholders of
record at the close of business February 17, 1939.
pany,
J.
R.
Common Dividend
No.
FAST. Secretary.
An
Cotton Facts
Directors
1939,
COMPANY
CLARK, Secretary.
UNDERWOOD ELLIOTT FISHER COMPANY
The
LINE
PIPE
Broadway
been declared on the
February 7, 1939.
February
Secretary
Dividends
THE
Dividend No. 814
R.
close.
Checks will be mailed.
Carry
your
these readers at
message
a
interim
dividend
116
of
thirty cents
(30?:) per share has been declared on
outstanding common stock of this
Company, payable March 1, 1939, to
the
to
moderate
stockholders of record
business
February 15,
at
the close of
1939.
Checks
will be mailed.
cost
through
'
columns..
our
advertising
The Borden
E.
L.
Company
<
NOETZEL, Treasurer
w
mrnnttrim f
Vol. 148
FEBRUARY 11, 1939
No. 3842.
CONTENTS
Editorials
page
The FinaDcial Situation.
Housing—The New
ment"
...
Favorite
Governmental
—
772
"Invest¬
.......
......
Epithets Across the Sea.
....
784
,786
Comment and Review
New
Capital Flotations in January
New
Capital Issues in Great Britain.........787
Week
the
on
_
_
_________ _
_.....
European Stock Exchanges.......
776
Foreign Political and Economic Situation.
......
Foreign Exchange Rates and Comment
790
...
Indications of Business Activity
....
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
General
774
...I—
827
;-
.
802
...
Company Items
826
;
.
Corporation and Investment News...
Dry Goods Trade
State and
..J 870
908
.
Municipal Department
/
909
.
Stocks and Bonds
Foreign Stock Exchange Quotations
1...835 & 837
Bonds Called and Sinking Fund Notices.
Dividends Declared
v.
--
831
!....... 831
:
Auction Sales
New York Stock
791
i
...
News
Bank and Trust
777
---782 & 829
Course of the Bond Market-.1..
Current Events and Discussions
787
831-
Exchange—Stock Quotations!
838
New York Stock
Exchange—Bond Quotations
New York Curb
Exchange—Stock Quotations...!
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and
838 & 848
854
....
Bond Quotations..
Canadian Markets—Stock and Bond
858
860
Quotations...... 864
Over-the-Counter Securities—Stock & Bond Quotations. 867
Reports
Foreign Bank Statements
...
Course of Bank Clearings
...............
Federal Reserve Bank Statements.
General
Corporation and Investment News...
780
827
...
..802 & 835
....
870
Commodities
The Commercial Markets and the Crops.
898
Cotton
901
Breadstuffs
Published Every Saturday Morning by the William B.
_,
906
Dana Company, 25 Spruce Street, New
York City.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and
Treasurer; WilUam
Manager
Other offices: Chicago—In charge of Fred H. Gray. Western
Representative, 208 South La, 8»Jle
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, B. C.
Copyright *939 by William B.
Entered as second-class matter June 23, 1879, at the
post office at New York, N. Y., under the Actof March 3,1879. Subscriptions in
United States and Possessions, $18 00 per year, $10.00 for 6 months; in Dominion of Canada, $19.50 perT©ar, $ 10.75for6
South and Central America, Spain. Mexico and Cuba, $21.50 per year, $11.75 for 6 months; Great Britain,l ContinentalI Europe
(except Spain), Asia. Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display a^ertislng ^ttOT.
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remitt nces
for foreign subscriptions and advertisements must be made in New York funds.
B^lness
Street^(Telephone
^SiSSonsln
45
The Financial Situation
WE periods towhen reached one of those recurrent
SEEM have industry and trade proceed
about
somehow disappointing
why.
The people of this
country are in an extraor¬
dinary degree stock mar¬
ket minded, and the re¬
fusal of stock prices to in¬
appear
general and deep
dicate any
doubtless
.
substantial
of them,
market
stock
the
ahead leaves open
tion
man
Committee
does.
market behaves as it
there
As to this latter
as
most
we
insurance company within its scope.
No policy holder need have any con¬
.
that
is
time
from
are
which,
opments
to
surface at least, appear
remove
one
rope,
to
publfc utterances by
.
ing enacted on that Conti¬
nent
into
and
one
as
pf the large utility
and
save
for
a
short
things
seem
small
There
is
doubt
that
to
reason
and
financial
centers
the
of
properly bring
us
in time to
a
rather
some
fundamental changes have
occurred in the thinking of
during the
citizens
many
past year or two concern¬
Deal and New
New
ing
Deal-like
is
one
•
No
programs.
likely to deny—un~
less it be the President and
certain of his most slavish
East
followers—that
consid¬
we are now
witnessing in Congress the
natural results of the vot¬
the
of
extent
to
which
ask just
ing last autumn, particu¬
larly
to
President.
one
true that
the
has
to
be
answered
that
there
is
no
such
of the
seems
to be
the'President, for
time
under
has lost
teal
as
of
some
political
and that,
men,
policy holder?
it
It
his vaunted
objectives" formulated by govern¬
ment, or with greater consideration of any
factor other
than that of protecting the
"social
If
first
pressure,
attention
more
it concerns the so-
as
called purge program
acu¬
somU one
expressed it, "the
an¬
grier he becomes the more
in the
thought, then the whole business is a waste
of time and money.
If the reply is in the
old
same
often
he
blunders."
when
all
this, and what¬
with the gravest
hazard.
ever
Despite all the mystery
around all this,
bottom there is
we
venture the
from real and enduring
ha§ been for years past, an
which -cause
business
men
making—which sepa¬
prosperity is now, as
outgrowth of conditions
to
hesitate to plan far
ahead and to make commitments
assertion that at
nothing hard to understand about it.
gulf—largely of New Deal
us
Yet
else there is to say,
is
said, the situation in
that is sometimes thrown
it
and it
insurance
to
rut.
The
in force,
precisely this prospect
affirmative, then the investigation is fraught
continue
rates
policies to replace
now
that is still far from clear.
elaborate investigation of
funds" should be made with
here
commentators
and there,
an
sponsible for it, the thought that somehow
the
placement of these "vast investment
spurt in the stock market
and some exuberance heard
from
is
vital question:
Is there lurking somewhere in the minds of
those conducting this inquiry, or those re¬
systems operating in that
area,
extraordinary to those
begun, if policy holders are in
further.protection, the purpose of
constrained
Authority
Valley
nessee
a reason¬
influence permeates areas of na¬
tional importance, such as the capital mar¬
kets, the supply of mortgage funds available
to farmers, railroad reorganization, and per¬
haps the financing of low-rent housing."
At this point the thoughtful observer is
that
reached respecting the Ten¬
agreements
put
more
development of sound do¬
mestic
company
corporation reports , or in
such
would
business
into
effectively than
the farm lands of the West and South.
It will
and
trade
in
heart
now
no
eration
"good news" is found here
there
undertake
markets
thanhadbeenexpected, and
and
rate, it is certain
nothing
those
threatening
less
are
tribute.
has been clear from the first.
It
is well stated by the speaker already quoted
in the following words:0
„
"It is our present task to survey the eco¬
nomic power inherent in the vast investment
funds controlled by insurance companies and
to study the impact of that power ypon our
national economy.
The scope of our problem
is as broad as the sphere of influence of the
insurance
companies
themselves.
Inquiry
into that problem of necessity takes us from
Wall Street to Main Street, from the capital
of the
key figures in the drama be-
that
the program
in Eu¬
Crises pass
At any
'
ably clear indication of the
need of
great difference in the
effect.
at home
more
What Business Needs
the
the sort
making
without
"causes"
any
or more
mean
no
now
the
on
sought
in it is able to
who insist upon thinking in horse-and-buggy
terms that the Federal Government should
confounded by devel¬
time
be
than abroad.
further developments.
While it all may seem
diagnos¬
of. these
most,
ticians
industry
in
effect, tend to impair the protection
which
the
policy
holder
"counts
upon
through his insurance policy," the thought¬
ful observer will withhold judgment pending
if not
many,
If
to pro¬
now
and trade, the cause is to
given
The trou¬
ditions abroad.
ble
are,
unable
fashion
mal
speaker meant also to imply that
nothing in contemplation or likely to be un¬
dertaken as a result of the inquiry would, if
many
soiid footing.
on
are
if
affairs
ceed in approximately nor¬
.
that any fact
If
influenced by con¬
measure
does not attack (and in no way
the adequacy of the reserves of
second,
business
own
opr
the
across
and
Atlantic,
I want to make clear that
were
It is
opinions,
of them in no small
usual,'
Monday last
on
the
in
actual outbreak
of
hostilities
of
Temporary National Economic
we take the follow¬
sion before the
record—so far as this influential fig¬
place it on record—as con¬
ceding that these insurance companies have
been so managed through the years that not
even the trying times of the past decade has
placed life insurance policies in jeopardy.
ques¬
need not
we
involvement
event
goes on
why the stock
to
as
opening statement of the Chair¬
of the Securities and Exchange Commis¬
brought out in this inquiry
will in any way jeopardize the protection
which he counts upon through his insurance
policy."
With this statement the Administration
to,,
relations to it
such that
fear
From the
any
what is
of
Why Investigate?
Then
cern
the
appears
were
ure
undertain
be
could feel certain
our own
'
.
Yet to say
because
that
questions)
feel doubtful about
future
would be much less unsettling
first of all, the average man
this inquiry
that business men, or many
the
here if,
and every one asks
"At the outset,
this
for
part
mind.
state of
Europe is disconcerting, but it is
ing sentences:
optimism is
responsible in
feeling of
situation in
likewise true that it
but results
expected by the more thoughtful,
as
the
It is true, of course, that
bring forth fruit.
time to
which require much
whether
Washington,
elsewhere, leaves
gress
a
it
be
moment
and naturally not
has
events
portents
been
of. the
for
the
Capitol
on
Hill
great deal to be desired.
has been in session only
month,
the
a
a
little
a
great
determined
with
past
months
future.
It
are
would
more
or
Con¬
than
deal of large
finality,
heavy
be
but
with
difficult
Volume
to
Financial
148
particularly enthusiastic
grow
about^the
Chronicle
.with
pros-
pects.
hardly be
of the
course
Administration, there
doubt left.
any
President has learned
forgotten
nothing from the rebuke admin-
the
in
light of his
it is clear that his Jackson
own
But precisely where does this leave the situation?
If Congress will
since,
..
Day warning of defeat for
at the
longer enact New Deal
no
behest of the
President, what
measures will it enact?
There
his party next year if members of it insisted
upon V sues upon which it cannot
.
"laying for each other now," was tantamount to a
prediction of disaster if he did not continue to have
his way even as Messrs. Hitler and Mussolini.
prescription
far
disagree with him, but not for himself
The
politics continue.
his.
or
the public
as
of
several vital is-
are
simply do nothing.
determine it has
can
measures
manner
no
So
program
of
its own, and for that matter has little
disposition
to develop one.
It does not appear even to have
evidently intended for those who
was
affairs of the
the
upon
Where This Leaves the Situation
and has
acts
maintain
country.
of the bitterness which precipitated
none
Construed
break
a
strangle hold the New Deal has been here-
tofore able to
can
It is evident that the
istered to him at the polls last November,
it.
mind at least partly its own, and of
a
in the
As to the
773
arrived
Purge
at any
carefully drawn conclusions
specific sort about
They have been taken into terri-
any one or more
questions before it
or
to
soon
of
a
of the particular
come
before it.
Per-
tory where wisdom should have counseled caution—•
haps the most immediate and vital question of this
the domain of the senior Senator from
sort is the budget. It is true that $150,000,000 Was
lopped off the President's relief appropriations for
with results at least
last autumn.
devastating
as
Many other acts
Virginia—and
encountered
as any
the part of the
on
the remainder of the
President of late have given evidence of vindictiveand
ness
tactlessness
(which
rarely
political
pay
dividends) instead of adroitness, and, what is of
importance, of
nominations,
with
few
a
original amount.
more
longer.
exceptions,
ginning.
inexcusably bad, well suited to stir resentment
a
matter
distrust where
amount
cooperation might easily have
The
well
now
publicized episode
touching the Fireign Relations Committee of the
Senate
hardly worthy of
was
and
has
aroused
many
with which
our
foreign relations
The President's
revival
of
Passamaquoddy projects
ized
in
terms
highest
in
total
a
can
suitable for
office
showed
the
the
lack
in
attitude
an
His
of
the
for
national
real
spiking the New Deal
wrell
be
have, and such
helpful.
of late
are
a
a course
guns.
of determined
have
Such
an
the
effect
of
effect it may
result would, as far
as
it goes,
Moreover, the tactics of the President
likely to
him loss of support among
the people, which would in turn tend to
prevent him
cause
from
bringing effective
gress
to enact his
Of course,
own
of
specially tailored
all this may not work out
increasingly probable,
element
pressure to bear upon
a
programs.
as now seems
fact which injects another
uncertainty into
an
already uncertain
situation, but it is not difficult to understand
some
Con-
how
encouragement can.be gleaned from the pros-
pect, even though
as
yet not assured, of
a
Congress
as
a
good basis
careful student of
portent of its future attitude
its
on
question is the budget
emergency
own
now
The
account.
before Congress,
of al-
name
conditions, but likewise the matter
of enormously swollen ordinary expenditures.
ing the
year
Dur-
ended June 30,1934, the first full fiscal
period of the present Administration, ordinary ex-
penditures
figure
year
was
amounted
to
$2,651,000,000,
pointed to with pride.
and
the
During the fiscal
ended June 30 last, these expenditures totaled
$4,646,000,000.
degree of satisfaction in the belief, or at
least the hope, that tactics such as these will
goad
Congress, heretofore constanly in fear of the Presiwould
important
leged
quarters been received with
which
no
In this there is not only the question of extraor-
hundred different ways,
political magic, into
There is
dinary expenditures, demanded in the
mem-
small
"independence,"
/
as every
more
the
dent's
the
fully understand.
toward profligacy than
.
no
granted,
must
situation
message
remainder of the current fiscal
year def-.
initely precipitates another struggle with Congress
at just the moment that
antagonisms have been
a
immediately ahead.
growing
The dogged insistence upon the
some
than
Larger Problems
of the
our
importance
After all,
however, what Congress does in this matter will be
of his original request for relief funds
All this has in
*
than has been
Administration, notably the Secretary
needlessly aroused in half
greater
budget
awareness
recently evinced by influential
Treasury.
last penny
vastly
of Works Progress Administration funds
the
uneasiness certainly not allayed by the
more
bers of the
and
referring to the
public uneasiness about the state of
finances,
canal
upon<
for the President's demand for $150,000,000 more
hardly be character-
use
land.
of
Florida
'
be-
tentative way, and here, of course, is a
of
months
being managed,
are
a
ministration expenditures during the four or five
the wisdom
to
as
event, is but
any
will stick to its guns about Works Progress Ad-
misgivings throughout the
length and breadth of the land
and
It is, of course, much to be hoped that Congress
statesman,
a
This, in
for the remainder of this year.
-
with practical
a man
political experience, certainly not of
but it
now
The question of appropriations for the
in
even
been
obtained.
year,
coming fiscal year is yet to be met and acted
„
have
and
been
fiscal
current
what it will do between
seen
June 30 about his reiterated demand for the full
determination to "fight it out along
a
these lines if it takes all summer"—or much
His
remains to be
They
are
now
expected
reach
to
$5,251,000,000 during the current fiscal year, and
$5,537,000,000 is sought for the next.
apparently,
v
Let ho
are
a
one
In these days,
virtue is being made of profligacy.
suppose that such increases as these
chiefly concerned with national defense,
apologists would have
us
believe.
as some
It is true that
expenditures for this purpose have steadily risen
since
1934, when they amounted to $494,000,690,
til last year when they totaled $980,000,000,
they
are
un-
and
expected to reach $1,017,000,000 during the
current fiscal period and $1,126,000,000 next year,
This over-all increase of $632,000,000 is but
a
small
part of the $2,886„000,000 increase in the total of
ordinary expenditures.
In 1934 the so-called
Ag-
ricultural Program cost $289,000,000; this year it is
expected to cost $703,000,000, and we shall be fortunate if it does not cost
was no
more next.
Social Security Program.
In 1934 there
During the
year
*
Financial
774
30 last,
June
ended
This
000,000.
and next year
1934 there
the President asks $928,000,000.
Eailroad Retirement Act.
was no
There
was
time when it
a
ministration that
terest
tion
In 1934 interest
it will be
zations
next
us
along
on
Federal
They
000,000 in the
with
period.
that
With the exception of
of
postal
for next year
as
which is
Too often our
small as
of
for next year amounts to
reliable estimate of what they
Even
at this time.
as
early
way—can
States.
the
tures had reached the sum of
$1,372,000,000.
the
a
and
permanent, unless aggressive steps
remedy the situation,—expenditures
are
as
At any
a
decline in
collateral fell
.
expects the public debt to reach $44,458,-
f
advanced
will
it
later
reach
the
belief
that
$50,000,000,000.
sooner
or
course,
Of
have their way indefinitely.
or
.<
Here eivdently is a vital evil for relief from which
.
must look
we
to
coming. ^ What is
Congress, if relief is to be, forth¬
as
important is the fact that the
problems involved in it
are
remains
reporting banks in New York
business loans
not susceptible of really
$6,000,000 to $636,000,000.
$32,005,000 to $11,979,223,000.
by $33,266,000 to $12,431,067,000.
serve
notes in
actual
$4,344,753,000.
stitutions
$2,456,000 to
Total deposits with the regional in¬
increased
bank
Federal Re¬
circulation fell
$33,972,000 to $10,436,731,090,
with the account variations
member
Total re¬
regional banks increased comparably,
reserve
acceptable solution without reaching definite and
$9,017,844,000
constructive, conclusions
consisting of
balances
a
drop of
by $28,967,000 to
account balance
other matters of broad
•
that it exerts
pressure
accommodation
holdings of the 12 Federal Reserve banks
of the
serves
it will go much higher than this figure if the
spenSers
the
for
$20,000,000 in
Notwithstanding this
gold acquisitions of the weekly period, for gold cer¬
tificate
expresses
monetary gold stocks
$38,000,000, which raised
The Treasury reimbursed itself for most of the
the
suavely
and
demand
The weekly
000,000 by June .30 next year, and the Secretary of
Treasury
and
of $5,000,000 to
$1,351,000,000, while loans to brokers on security
it is of what
rate, as a result of them both together, the
President
obli¬
of member banks fell
total
lending,
show
taken to
euphemistically termed extraordinary outlays.
are
reserves
lacking.
product of additions to regular, recurrent—
our
was
period, to $3,460,000,000.
for
enough that this budget situation is fully as
much
agency
currency
the
aggregate to another record at $14,732,000,000.
tremendous
It is
clear
in
deposits of member banks, even
The addition to
Excess
be made
1932 these expendi¬
as
reserve
in the statement week
will turn out to be—
assuming the President has his
variations
though gold continues to flow toward the United
really
no
again in the latest
heavy tax payments and
on
borrowing that is being done by the
These
lower the
$3,458^000,000
experience has taught only too well,
an
here in the United
Treasury general account balance figures tended to
The preliminary estimate of the
000,000 this year.
indirect
gations.
expected to reach $4,241,-
are
taking sizable amounts
are
Treasury through flotations of Federal
compared with $3,360,000,000 in
as
1934, although they
as
the
a
Coupled
suggests
Treasury general account with the 12
statements, presumably
ended June 30 last amounted to
year
$2,980,000,000
President
As
The
increase
for there is little evidence of
currency,
Federal Reserve banks moved up
fact, total extraordinary expenditures
during the
but
supposition.
European hoarders
States.
in
case
budget situation is thought of
The facts do not bear out such a
matter
the
was
of extraordinary expenditures.
outgrowth
an
as
this
movements,
extra-seasonal demand for money
deficit, there is not a single item in the general list
1934.
weekly period ended Feb. 8.
previous
our
situation quite
Currency in circulation advanced $10,-
unchanged.
ended June 30
the District of Columbia and the estimated
recorded this week in
are
banking statistics, with the funda¬
mentals of the credit and currency
expected to spend $799,000,000 during
fiscal
current
the official
For
the President asks $865,000,000.
are
Bank Statement
Reserve
year
$458,000,000.
year
It should sub¬
it.,
kNLY modest changes
$712,000,000 during the
last and
on
legislative, judicial, and civil organi¬
able to get
were
year
cost
done about
about^ $1,050,000,000.
In 1934 the
inclined to connect current dis¬
more
stantially enhance the likelihood of something being
despite mounting debt, annual in¬
exists, and could not.
On the whole
thoughtful observers
appointment with this situation.
charges were actually lower. *No such situa¬
now
and
more
are
to be well that
us
1939
question that
community finds its origin.
to
seems
11,
evident in the
now
business
the boast of the Ad¬
was
hesitancy
it
In
Next
public debt amounted to $757,000,000; next
the
much of the doubt and
the President expects it to cost us $127,000,000.
year
Feb.
It is in this state of affairs without
this item amounted to $678,-
it is put down at $833,000,000,
year
Chronicle
concerning
number
a
policy, such, for example,
of
as
agriculture, all sorts of governmental activities of
a
business sort
now
and loans to any
to have the
of
carried on,
Tom, Dick
$208,215,000,
and
$3,784,000
$279,377,000.
Harry who happens
mained at
or
support of "pressure groups" in the field
manner
number of other
of businesses.
But there
questions not directly
or
are
or
a
controll-
ingly related to the budget, such as the National
Labor
Relations
termination
of
the President.
the
Act,
our
foreign policy, and the
grants of extraordinary
to
appeal
Capitol Hill—and all
quite irrespective of the goading of the Presi¬
dent in recent weeks.
vances
a
84.1%.
drop
of
other
The
by
ratio
re¬
Discounts by the regional banks
$2,521,000 to $7,394,000.
fell
deposits
reserve
Industrial ad¬
$73,000 to $14,738,000, while commit¬
ments to make such
$12,905,000.
were
advances increased
$13,000 to
Open market holdings of bankers' bills
motionless at
States
Treasury
$556,000, and holdings of United
securities
were
similarly
un¬
changed at $2,564,015,009.
The New York Stock Market
Indeed, regarding
them, opinion or purpose does not
yet to have crystallized on
this
powers
advanced
to
Concerning few of these matters is
position of Congress clear.
most of
increase of
subsidies and grants
politics, and undertakings to regulate, police
control all
increase of the Treasury general
by $44,274,000 to $931,295,000; an
foreign bank balances by $22,449,000 to
; an
STOCK trading on the New this week, with net
dull and routine affair York market was a
,
changes
See-saw
for the
period
variations
in
of
levels
no
great consequence.
were
the rule among
Volume
148
Financial
Chronicle
775
market leaders and the few
groups of special issues
that are prominent for one reason or another.
So
shares;
closely matched
444,638 shares.
the modest bids and
were
that almost all issues closed
fractions of quotations current
day.
The
these
circumstances,
Turnover
last
in
all
and
the previous Fri-
on
characteristic
of
the
market,
its pronounced
was
in
dulness.
barely exceeded the 1,000,000-share level
Monday
tions
the New York Stock Exchange, but
on
subsequent sessions the volume of transacwas
the
nearer
500,000-share mark.
Traders
investors, in other words, preferred to remain
the
on
chief
offerings
yesterday within small
and
sidelines, pending clarification of business
administrative
tional outlook.
itself
to
trends, and
better interna-
a
The situation in all
almost
spheres lends
interpretation, for confusion
any
prevails everywhere.
The market
570,040
on
shares; on Wednesday, 611,530
Thursday, 546,720 shares, and on Friday,
On the New York Curb Exchange
the sales last Saturday
were
day, 282,000 shares;
Tuesday, 133,680 shares;
on
91,705 shares;
Wednesday, 114,355 shares;
shares, and
on
on
Monon
Thursday, 114,685
on
Friday, 89,165 shares.
Equities made
a good showing on Saturday last
and extended their gains to close at the week's best
levels.
Quotations
were
advanced in the short
sion from fractions upwards to two points on
small volume of sales.
ses-
a very
Encouraging reports
ema-
nating from the steel trade, coupled with further
signs of progress along the general business front,
furnished the incentive for
stocks
were
higher trend.
a
Utility
the motivating force behind the forward
movement of prices early
influenced favorably last Monday
was
Tuesday,
on Monday of this week.
The favorable .interpretation placed on the state-
by the week-end announcement that the Tennessee
ment
Valley Authority is ready to
Southern with regard to the purchase price to be
for
reasonable price
pay a
private utility properties which
on
sly
reserved for private enterprise.
were
securities
sion, and the market
of the momentary
reflect
a
more
as a
Utility
whole gained tone because
assumption that this step might
reasonable Administration
toward business
as
whole.
a
attitude
Most observers appar-
ently concluded, however, that the incident might
prove an
isolated one, for a downward drift of quo-
tations followed
Wednesday
on
Tuesday.
on
Modest advances
than offset by
were more
Thursday, and changes yesterday
tant.
The trend of events in
'
what
perturbing, owTing to
tional
regarding Spain.
moves
within
trend
ness
mildly encouraging.
United States
•maintained,
scale.
The
issue of
ration
the busi-
was
States
than
more
fairly good tone
a
although
trading
was
were
lated for
a
incident.
time
utility bonds
&
company
of
its
common
ties and made itself felt not only among utility
off late in the
Demand tapered
session, and prices reflected
an
irregu-
larly higher closing, with net gains ranging from
fractions to
a
point
or more.
With interest lacking
Tuesday, equities suffered from the
on
pressure of
profit-taking, and moved steadily lower.
instances exceeded
some
a
Losses in
point at the close.
Air-
craft shares, however, displayed greater resistance
to the general trend.
Traders appeared to obtain
modicum of comfort from their scrutiny of trade
a
and industrial reports, thus affording stocks some
reason
In
a
in
an
stimu-
were
99%
stocks, but the market in general.
modest
a
a
owns
good demand in these securi-
a
for
extending their gains
on
on
Wednesday.
Thursday left the market
A
open
to reaction, and quotations at the close revealed
by the Tennessee Valley Authority
levels.
Commonwealth
losses running from fractions to two points or more,
Best-rated rail and industrial bonds held
formal
the
pre-
%% notes at 100%, and found the demand
•
of
well
guaranteed Reconstruction Finance Corpo-'
High-grade
former
shares, stimulated
short-term
on
Monday
on
the
slackened demand
Treasury securities
Treasury sold
excellent.
to
some-
ominous interna-
.y
In the listed bond market
vailed.
unimpor-
were
Nor
United
the
on
sharp drop
a
Europe proved
some
President
paid by the Tennessee Valley Authority for the
previ-/ Tennessee Electric Power Co, properties, of which
in excellent demand during the ses-
were
the
menaced by
are
this governmental incursion into
spheres that
,
of
Speculative railroad and other
most inactive session, trading yesterday moved
irregular fashion and wound
up
the day's
affairs with leading stocks showing little, if any,
net change in prices.
General Electric closed yester-
day at 40% against 39%
on
Friday of last week;
Consolidated Edison Co. of N. Y. at 32% against
33%
Columbia Gas & Elec. at 8 against 8
;
;
Public
Service of N. J. at 35% against 34%; J. I. Case
bonds moved
idly, in line with equity performances," Threshing Machine at 85 against 84%; - Internasame situation prevailed in
foreign
tional Harvester at 57% against 58; Sears, Roebuck
obligations. Commodity trading resulted in
& Co. at 71 against 70%; Montgomery Ward & Co.
and much the
.dollar
some
sharp recessions in grains early in the week,
with the losses
in the mid-week
only partly offset by
Cotton,
periods.
were
steady.
firmer tone
sugar
agricultural products varied only in
while base metals
a
and other
limits,
The principal fornarrow
at 49% against 49%; Woolworth at 47% against
49%, and American Tel. & Tel. at 156% against
156%.
Western Union
closed yesterday at 21%
against 21%,on Friday of last week; Allied Chemical & Dye at 172% against 171%; E. I. du Pont de
eign exchanges held around previous levels, indicat-
Nemours at 148%
ing that the official controls have the situation well
Register at 22% against 22%; National Dairy Prod-
in hand for the time
from
On
being.
Gold continued to
move
Europe to the United States in heavy volume,
the
touched
touched
New
new
new
York
Stock
Exchange
high levels for the
low
levels.
N. Y. Stock
new
shares;
York
Curb
high levels and
Call loans
on
the
Exchange remained unchanged at 1%.
session
on
new
low levels.
On the New York Stock
half-day
while 66 stocks
On the New
Exchange 59 stocks touched
76 stocks touched
year,
131 stocks
on
Saturday
Monday they
Exchange the sales at the
were
ucts
at
14
against 147%; National Cash
against 14;
National Biscuit at 25%
against 24%; Texas Gulf
Sulphur at 31 against
31%; Continental Can at 38% against 39%; Eastman
Kodak at 174 against 173; Standard Brands
at 7
against 6%; Westinghouse Elec. & Mfg. at 107
against 108%; Lorillard at 22% against 22; Canada
Dry at 17% against 18; Schenley Distillers at 15
against
15%,
and
National
Distillers
at
25%
against 26.
486,160
The steel stocks show irregular changes this week,
1,040,910 shares; on
United States Steel closed yesterday at 58% against
last
were
Financial
776
59
2.64
Friday of last week; Inland Steel at 87%
on
Feb.
Chronicle
13/16c.
1939
11,
against 2.64%c. the close on Friday
as
of last week.
against 84%; Bethlehem Steel at 67% against 66%,
'
*
1
(
Youngstown Sheet & Tube at 44% against 45%.
and
Auburn Auto closed yesterday
In the motor group,
3% bid against 3% on Friday of last week; Gen¬
at
i
European Stock Markets
against 46%; Chrysler at 74%
SMALL and irregular price changesinwere the rule
stock exchanges
the leading
against 74%;.Packard at 4 against 4, and Hupp
Eurpoean financial centers, with dealings modest
Motors at 48
eral
at
Motors
1% against 1%.
In the rubber
week
this
everywhere owing to fresh fears of unfortunate in¬
group,
Goodyear Tire & Rubber closed yesterday at 31%
ternational
against 32 on Friday of last week; B. F. Goodrich
played
gains
20% against 20%, and United States Rubber at
at
yesterday at 20 against 20% on Friday of last week;
Atchison
the
Topeka & Santa Fe at 34% against 35%;
New York Central at 18
at
95%
against 18%
95%;
against
Southern
;
Pacific
net
The
change for the week.
collapse of the Spanish loyalist regime and
prospect of an international dispute regarding
peninsula restrained trading in all mar¬
Financial
kets.
at 16%
centers
not
were
especially
de¬
pressed by the course of events, however, for the
Southern Railway at 18% against
against 16%;
reported small variations in either direc¬
the Iberian
Union Pacific
Paris
modified by liquidation on bulges.
were
virtual
although
undertone,
cheerful
and not much
tion
Pennsylvania RR. closed
day with mixed changes.
The London market dis¬
developments.
generally
a
and Berlin
The railroad shares closed yester¬
43% against 44.
on
is that
crisis will be overcome.
18%, and Northern Pacific at 11% against 11%.
feeling
Among the oil stocks, Standard Oil of N. J. closed
Considerable attention also was
yesterday at .48% against 49% on Friday of last
the internal business and financial
developments in
the foremost industrial countries of
Europe. British
week; Shell Union Oil at 13 against 13%, and At¬
lantic Refining at 22% against 22.
In the copper
against 28%
Smelting
Friday of last week;
on
Refining
&
and
Trade and industrial indices
implications,-but
Steel
marked
varied in their
were
changes
lacking.
were
operations for the week ending today
estimated
were
by American Iron and Steel Institute at
53.4% of capacity against 52.8% last week, 51.7%
month ago,
and 30.7% at this time last
duction of electric power
amounted
to
2,287,248,000 kilowatt hours, acco$l-
ing to the Edison Electric Institute.
with
17,589
cars, or
12,050
cars
cars
corre¬
Car loadings of
*
freight in the week to Feb. 4
Association of American
and
compares
2,082,447,000 kilowatt hours in the
sponding period of last year.
the
This
2,292,594,000 kilowatt hours in the preceding
week and
enue
Pro¬
year.
for the week ended Feb. 4
were
rev¬
reported by
Railroads at
576,790
fewer than in the previous week,
than
more
in
the
similar. week
As
-
indicating the
of the commodity
course
mar¬
and
of
are
the
1936, with seasonal and other trades alike contrib¬
flects little
yesterday at 48%c.
May
as
Friday of last week.
corn
at Chicago closed
against 50%c. the close
on
May oats at Chicago closed
yesterday at 27%c. as against 28%c. the close
Friday of last week.
..
on
Friday of last week.
yesterday
on
was
15.41c.
against 15.80c. the close
Friday of last week.
Domestic
yesterday at ll%c., the close
on
copper
closed
Friday of last
.
In London the price of bar silver yesterday was
3/16
ounce
pence
per ounce
the close
on
as
In
on
matter
on
of
the
London
yesterday at 42%c., the
cable transfers
on
the British statements suggest some
even
Stock
The London
Exchange
cheerful in the
was
opening session of the week, with favorable week¬
end
reports from New York an important influence.
The
gilt-edged
in
recorded
session
improved 'generally.
The
advances.
was
modified
In
unemployment
a
ragged
gilt-edged
in
a
stocks
were
cable
yesterday at $4.68%
on
Paris
Friday of last week,
closed
yesterdgv at
securities
'
were
neglected.
modity and mining issues
but
British funds
industrial issues
Dealings
on
com¬
various
international
gained support yesterday,
drifted
idlv loiver.
Interna¬
ground.
the Paris Bourse
in
rentes
and
French
securities likewise
mounting uncertainty
of the
Some of the
firm, however, while
were
sluggish in the
trading period of the week, with small gains
rule
tional
were
inquiry developed for
tional securities lost
the
favorites in the interna¬
change on Thursday, and British in¬
stocks
securities.
*
Anglo-
The market for high grade obligations
reflected little
dustrial
were
were
minor.
broader demand, while
gold and other mining issues drifted lower.
tional group.
ap¬
noted also for international is¬
gains
Wednesday, but movements
American
dull
a
again advanced and
but mining stocks
Previous
Gold-
gilt-edged, securities showed
the industrial section
gave
inquiry
sues.
stocks.
in strong demand, while inter¬
Tuesday,
fractional
pearance,
some
were
securities
on
firm and small gains were
group was
industrial and railway
mining issues
initial
foreign exchanges,
closed
against $4.68 the close
and
per
Friday of last week.
the
transfers
as
pence
Friday of last week, and spot
silver in New York closed
close
against 20
But
reflect
hoarding, probably for Continental account. '
fresh
week.
20
workers.
statistics
i
on
re¬
sharp and steady increases of currency in circula¬
tion, and
■
The spot price for rubber
as
financial
German
(
against 9.04c. the close
as
shortage of skilled
a
and
Industrial stocks reflected
'
The spot price for cotton here in New York closed
yesterday at 9.00c„
The French situation
change, and Germany is said to be suf¬
fering from
French
yesterday At 67%c.
Friday of last week.
The statistics
since January,
alarming presented
uting to the impairment.
statistics
on
January 1938.
over
most
small
against 68%c. the close
increase of 207,654 over December
an
212,000
kets, the May option for wheat in Chicago closed
as
January figures, as
published in London last Monday, showed 2,039,026
national
of 1938.
paid this week to
activities, notwithstanding the stimulus of tre¬
mendous rearmament efforts.
unemployed,
Phelps Dodge at 38 against 40%.
a
in
American
against 43%,
44%
at
any new
unemployment statistics reflect a continuing drop
Anaconda Copper, closed yesterday at 28%
group,
now
as
were
to
equities.
in
Interna¬
demand, despite
the eventual outcome
Spanish problem and the Italian demands for
territorial
Tuesday
within
concessions
reasonable bounds
by
late rally.
a
and international securities fell
French
better
was
In
in
small
a
French
equities
and French Gov-
securities,
international
was
though most trades
were
the rule
Thursday, al-
on
•
traceable to professional
Rentes gained a franc on the average,
operators.
good demand also was reported for bank, chem-
ical
electrical
and
marked
firm
were
issues
Spanish
were
Rentes
yesterday, but French equities and inter-
Berlin
The
shares.
higher in the international section.
national issues
were
continued
Monday in its
on
variations, with business
on
extremely small scale owing to the Nazi control;
of all
Most leading issues showed
things economic.
fractional advances and
2 to 3
situation
few stocks
a
sprinkling of losses also
Fixed-interest issues
unchanged
was
gains again the rule.
marked
a
points higher, but
reported.
was
were
were
firm.
The "
Tuesday, with small
on
Considerable attention
was
paid in this session to so-called "Colonial" stocks,
which
advanced
which
clearly were induced by the official demand
rapidly
on
speculative purchases
for return of the German colonies.
earnings statements
good
Although
for 1938
some
appeared
on
Wednesday, stocks drifted idly on the Boerse, with
small losses the rule.
continued the
securities
was
dull.
were
losses
Some of the Colonial issues
advance, however, while fixed-income
movement
Another
noted in
modest
downward
Berlin, Thursday, but the
confined to fractions in almost all in-
were
The Colonial group
stances.
Dealings
realizing sales.,
finally suffered from
dull yesterday, with
were
small advances the rule.
"
V...■
Foreign Policy
.
o
European Diplomacy
r\E\ ELOPMENTS in Spain now are providing
the principal European nations with a cause
for bickering and dissensions, with many observers
of the opinion that still another war crisis well may
fake place before the necessary adjustments can be
made to fascist domination of the Iberian peninsula- It is apparent that General Francisco Franco
soon will be in possession of Spain, which brings up
pointedly the question of withdrawing the Italian
troops. The British Government had been assured
Italy that the "volunteers" would return when
the fascist ally won control, and Rome also has been
represented on many occasions, as insisting that
territorial gains were not desired at the expense of i
soft.
Boerse
dull routine of small
an
Sen-
while larger gains appeared
and
Improvement again
and
,
.
turnover, fractional advances
recorded in rentes,
were
Rentes
Wednesday, owing to the rap-
on
prochement between the British
ernments.
portant question of general foreign policy,
sharply than
more
bank, utility and industrial stocks.
timent
ernment, but failed to enlarge on the far more im-
The trend on
by France.
downward, but the losses were kept
was
777
Chronicle
Financial
Volume 148
Spain. 'Last Sunday, however, the suggestion was
put forward by Yirginio Gayda, who usually speaks
for Premier Mussolini in the newspaper "Voce, d'
Italia," that the Italian armies^ .would remain in
Spain after a military victory, in order to attain
"certain political objectives" of even greater importance than the military ones. This statement was
little more than a thinly veiled threat against
France, and the challenge was promptly accepted
both in Paris and in London. The British Government spoke first, through Prime Minister Neville
Chamberlain, who declared in the House of Comnions, Monday, that "any threat to the vital in-.
terests of France, from whatever quarter it may
come? must evoke the immediate cooperation of this
country." This sweeping pledge of British assistance was followed,, Tuesday, by a French statement m Which Foreign Minister Georges Bonnetwarned Italy and , Germany that any impairment of
Spanish integrity would be regarded as a threat
French security, which might provoke the
dreaded second world war.
,
v
The issue
drawn is almost certain to remain
prominent in European affairs for some time to
The surmise in diplomatic circles is that
come.
.
NOTWITHSTANDING whatever was made this for withdrawing the "volunteer" contingents from
Italy will demand some compensation from France
subject,
attempt the importance of the
no
week
the
by
in
Administration
Washington
to
clarify what is euphemistically called its foreign
Demands for light on the trend were uni-
policy.
versal, with all parties and every shade of opinion
represented in the cry for more and definite inforThe lecture delivered
mation.
velt
on
by President Roose-
Jan. 31 to the members of fhe
Senate Mil-
itary Committee remains unexplained, so far as the '
people are concerned.
of
laxation
the
Nor has there been any rearoused by that in*.
antagonisms
cident, "for a number of Senators are openly perturbed
regarding
truth which
was
the Presidential
charge of
un-
leveled at apparently reliable re-
ports that France was described by Mr. Roosevelt
as
the
new
American frontier.
Far from encourag-
ing senatorial discussion of the problem of foreign
relations,
Administration
directed this week toward
this all
efforts
obviously
blocking
a
debate.
were
On
Washington reports were agreed this week,
quite as they were with respect to the "secret" meeting
of the Military Affairs
President.
Committee with the
conference on Tues-
At his usual press
day, Mr. Roosevelt denied that
certain military se-
crets had been made available to
the British Gov-
Spain. Presumably, equal rights might be requested
for Italian citizens in French Tunisia, along with
concessions in the port of Djibuti and a voice in the
management of the Suez Canal. That the words of
the Italian press spokesmen are not idle already
has been indicated by a legalistic coloring that is
being built up for Italian action in contravention
,
of engagements.
The controlled Italian press began
Wednesday to accuse France of a lack of neutrality in the Spanish situation, owing to the presence
on French soil of Spanish Cabinet members who
fled before the forces of Gen. Franco,
In other respects also, the situation in Europe
again tends to increase that nervous apprehension
of general hostilities which becomes acute periodically. Great Britain's Foreign Secretary, Lord
Halifax, late last week reiterated the suggestion
for a token of peacable intentions as a preliminary
to negotiations for a general adjustment of differences. At the same time, however, the German
Government formally notified Britain that its submarine strength would be increased to parity with
the British force in this class of ships. . In London
it is expected thai building of destroyers will be
on
Financial
778
speeded
was
The German "Drang naeh
sentatives at Valencia, and he announced early
yesterday that the fight will go on "until the end."
offset
occupied with the events in Spain.
the Reich pressure on
initiative of
Moscow
the
anti-communist pact.
reached by negotiations and compromise,
of
a severance
than by last-gasp fighting.
International tension increased
the
on
regime, which thus
swered the recent decision of
It is fairly obvious, however, that "the end" will be
Indicative of
Hungary was
diplomatic relations by Russia and Hungary
in
an-
Martial law
proclaimed
was
Russia
clearly
and the
position in Europe.
from Moscow
It
idea is to
a+.m lQf ^ns Pom
mmation of the Spanish
1.n»
-
in
..
,
r;T;
that
]ocatecl_
as
salient, but they
perfunctory, for the loyalists
mand the
an
pogaj
supplies for, real warfare.
It appears,
began to
run
fi'ghterS
before insurgent
rely
troops who
were
able to
from
Italy and Germany.
only
a
Government
Catalonia
streamed
^
France, arid early
troops
011
and
,cares
refugees
to
French
from
iards took
in
of
French
to do with these
•
What the
unfortunate victims of
desperate action will be attempted
50,000 square miles of the country constitut-
ing the Madrid-Valencia
troops are in
area.
•
Some of the best
that salient, and General
Franco doubtless will wish to avoid further
if
possible.
to
France, and some of them
of
Loyalist leaders fled from Catalonia
travel
to
the
The British Government
to have been
a
were
reported seeking
Valencia-Madrid
was
said
region,
early in the week
approached by loyalist spokesmen with
request for mediation
return for
conflict,
on a
basis of surrender in
guarantees of Spanish independence,
a
continued
the
longer
was
in
a
or
late last
the
week, and
effect that
commander
at
Madrid, General Jose Miaja, asked safe conduct for
negotiations on the surrender .of Madrid.
eral
But Gen-
Miaja first talked with Popular Front
repre-
on
Mr. Rub-
Refugees;
with
Ministerial
Wohltat, after Dr. Schacht
no
It is
that the
a
reasonable
Schacht
plan
of
a
a
The Berlin talks ended
statement then
conclusion
was
issued to
satisfactory to both
sides had been reached in the search for
a
plan of
"orderly emigration."
Mr. Rublee proceeded to Lon-
don, where he handed
a memorandum on the find-
ings to Lord Winterton, Chairman of the committee,
The document is being studied by all members of
progress
loyalist
The dis¬
financial advantages for the Reich remained the
Some
the
racial reasons.
position to reach agreement on the
basis for the discussion.
are
when
longer
facilitating emigration through the medium of trade
which
Wednesday,
or
conversations
however,
assumption,
the
A complication was introduced
no
pledges of fascist dictators.
question with the committee.
-
This
failed.
Italy. ,It would
presidency merely interrupted the talks held in Berlin by George Ilnblee, American director of the In-
general election and equal rights for all concerned,
move
a"
Hjalmar Schacht from the Reichsbank
Director Helmuth
war,
the question remains
whether another
means
the
political, religious
.lee
Although the fall of Catalonia settles the
to all intents and purposes,
loyalist
occasioned in
tergovernmental Committee
warfare remains to be determined.
in the
was
to rel
missal of Dr.
part in this mass movement, which ended
are
as
refugee-emigrants who desire to leave Germany
for
Some 200,000 Span-
concentration camps near the"border.
in London
THRESH consideration soon will be accorded the
J7
numerous
problems presented by the pressure
Thursday the last rear-guard
authorities,
loyalist
French port,
a
"
wearily crossed the frontier and surrendered its
arms
t hands.
Refugee Problem
the border into
over
igh ^
^ Prime Minigter Chamberiain
At the start of this week
steadily
negotiated the surrender
into g
and leaders from Minorca to
thin slice of Catalonia still was in loyalist
control.'
Thllrsda
deal of irritation
.
apparently endless material and other aid
upon
on
v-ctory for Brltish «naval dipiomacy,» but a good
probably-accounts for the retreat of the Government
armies
placed at the dis.
was
TMg acti6fl wag £rankly depicted
out early last January, which
*
i
important loyalist base was
an
The cruiger ^Devonshire" then carried 450
indeed, that loyalist supplies of munitions in Catalonia
T
0f insurgent spokesmen, who journeyed to
of the bage directl
com-
,%■
,
.
presented by the Island
A Britigh cruiger
MInorca and
be,
no longer can
;
.
now is in progress is
o0linorca, where
.
rengagements in the
Utare ilikely to
vbe
n
Cre-may,
w
Madrid-Valencia
ranco
.
.
i
^
Perhapg the
i,est indication of the plotting and counter-plotting
sanguinary
,
rancisco
enera
in-
iTOut^
withdrew from
pogt ■ tLe Italian trobpg in Sllch areas.
con^at between insurgents and of Catalonia was
loyalists ended
Thursday, when the investment
y
are
Emissaries from Paris went to
^ ^ thereafter
and
both
on
comp e e
obviously
Burgos for consultations with insurgent leaders,
ic in erna-
The long and
.
Threats to French
communications
and
support to France.
,
#° an eai F
civil war, much
un lappy coun ry an
.
,
occurred this week
position
tional fringe of interests.
■■■
interests
an
Great Britain immediately gave full assurance of
'
.
or
still somewhat uncertain.
seems
volved in the Italian attitude, with the result that
•...
.
The interpretation of the pledge, however,
spected.
Act in Snain
t
-
n
jockeying
,
to have been informed that the pledge will be re-
The Russian
$.
Last
^TTTrmrr
A,British inquiry in Rome
promptly followed, and the Earl pf Perth is said
join with Poland and Yugoslavia in ask-
alliance, it appears.
\&/
VV
withdrawal is fulfilled.
an
ing the nations bordering the Black Sea to form
turn when one of Premier Mussolini's
suggested, last Sunday, that vague polit}-
cal adjustments must be made before the promise of
sought with the aim of
thwarting German expansionist aims.
as
The question of Italian troop withdrawals
a new
spokesmen
reported*
was
Wednesday that formation of
on
Eastern bloc of nations is
T1
took
ap-
related to the Munich settlement
are
new
perceptibly
fresh problem of another fascist regime in
the
Europe,
at long last tp be taking some practical steps
pears
that
by political groups.
measures
rather
the Spanish war moved toward its end and toward
Hungary to join the
Hungary last Saturday, in order to prevent ter«*
roristic
Feb, it. iw
continued while Western Europe was
as an
Osten"
Chronicle
group
in preparation for committee sessions
to
take place
beginning next Monday.
has been made, meanwhile, with
other efforts to aid the victims of the 2*azi anti-
Semitism,
The British Government last Saturday
acceded to
a
request by President Roosevelt's Ad-
Volume
Financial
148
visory Committee
tlement
of
Refugees to consider the set-
on
refugees in British Guiana.
climatic and economic
in the
ish
viewpoints will be ainbraced
study of settlement possibilities of the Brit-
colony,
fers
that all aspects of large-scale trans-
so
wTill be known in
Nor is there any
advance.
relaxation of the efforts to locate other
the
Physical,
advantages to
eco-
their well-being.
assure
united front and thus refrain from injuring their
The conversations finally started in a
own cause.
practical
sense
AFTER much
**
delegations,
regarding
some
uncertainty
conference
a
was
from
controversy
Washington and from (Mexico City, that
the
over
ing
a
over
estine.
this troublesome matter.
British
faith in
Government
displayed
personal conversations
settlement
of
thorny problems.
that London has
moreover,
a
again its'
once
for the
as a means
It Would appear,
direct interest in
a
confiscation" by
The Mexican Ambassador to
decisive stage.
justing differences between Arabs and Jews in Paltaking the initiative for this gathering
"bald
Mexico of American-owned oil property is approachWashington,
the
national home in Pal¬
Mexican Oil Controversy
QOME indications were reported this week, both
opened in London, Tuesday, for the purpose of adIn
a
with all factions,
the
Parley
maneuvering and
for
case
estine, and indicated their willingness to cooperate
O
Palestine
Wednesday, when Jewish dele-
011
gates pleaded their
where
areas
refugees might find tolerance and sufficient
noinic
779
Chronicle
Catillo Najera, conferred
Francisco
the last week-end with President Roosevelt
In Mexico City,
on
Mon-
on
day, President Lazaro Cardenas was said to be
familiarizing himself with all aspects of the
priation
preparation
in
dispute,
Donald R. Richberg,
as
for
expro-
visit
a
by
representative of the Amer-
signs that the Brit-
prompt and lasting settlement of the difficulties,
ican companies.
not
ish-Dutch interests were being consulted, but this
only for the sake of peacq in Palestine, but also
because the long quarrel
siderable effect upon
medans in other
parts of the British Empire.
aside
as
native
a
homeland
Arabs
Since
delicate.
and
numerous
a con-
millions of Moham-
many
without such considerations the
even
The
necessarily has had
the
for
problems
Palestine
are
set
was
Jews," trouble with the
become
has
But
ever
more
pronounced,
long series of bomb outrages, riots and pitched
battles between Jews and Arabs
last year,
but only
on
finally ended, late
the basis of strict military
control
by British forces.
mise is
acute, and there is no doubt that it will be
The need for
sought earnestly, with British
authorities acting
only in the role of "honest brokers."
of the
a compro-
Over the heads
delegations hangs the threat of a division of
Palestine into Arabian and Jewish areas,
witji the
Holy Land remaining under British mandate,
as
proposed several years ago by a special commission,
That
plan ostensibly
fierce
alike, but it remains
in the current
as a
can.
factor to be reckoned with
negotiations.
British authorities
merit
shelved because of the
was
manifested by Arabs and Jews
opposition
hope that
be reached in
a
a
satisfactory
matter of
The initial session
than months.
agree-
There were
no
important aspect of the question doubtless was kept
well in mind, for the American and other
involved
are
Anglo-Mexican relations
consequence
ish
Since
additional responsibility
an
falls
Washington, for the international situation
suggests that any settlement with the American
The value
interests will be indicative for others.
of the oil properties expropriated almost a year
the flimsy basis of a labor dispute, is ap-
ago, on
It is obvious, moreover,
proximately $450,000,000.
that the adjustment of this problem will prove in-
dicative
for
States relations with
United
4
Latin American countries.
o
other
;«
question as to the
initiative for the latest developments of the Mexican
oil expropriation, controversy.
Some determined
moves were made in Washington, last week for a
congressional inquiry into diplomatic and economic
relations with Mexico, and it is at least possible
that President Roosevelt and Secretary Hull finally
There
appears
to be
some
decided to take a stand on the question to forestall
investigation.
Be that as it may, official
weeks, rather
such
Tuesday indi-
on
attention at long last seems to be turned in Wasli-
an
cated, however, that some time well may elapse be-
ington to something resembling a real defense of
fore
American
tempers
and the
development of a give-and-take attitude
With Arabs and Jews at swords'
all sides.
•.
Prime
cool sufficiently for sensible debate
Miilister Neville
his
extend
factions
official
Chamberlain
welcome
to
the
points,
a
Jewish
The
along the
same
colm
uphold the principle of
welcoming address to the Arabs
lines.
was
But Colonial Secretary Mai-
MacDonald, who is charged with the conduct
of the
negotiations, soon found the problem more
perplexing than a simple issue between Jews and
Arabs.
be
Initial conferences with the Arabs had to
postponed for some hours,
were
divided
into
two
factions
because the Arabs
of
Rio
salutary move.
In Mexican circles it is reported un-
foreign cornSuch an arrangement might be appealing, if based on principles of
equity. Reports from the Mexican capital suggest
homeland, while satisfying all interests
involved.
of the
principal
gation he expressed his hope that the "full, frank
and free" discussions would
south
interests
officially that an arbitrary division of the oil be-
To the assembled Jewish dele-
separately.
property
Grande, and. it is already patent that this is a
to
arranged
two
on
extremists
and
tween the Mexican authorities and the
panies is under consideration.
that the division proposed there is something like
40% of the product for domestic sale by the Government, 20% to be exported on a royalty
basis for the
Mexican regime, and the remaining 40% to be re-
tained by the foreign companies concerned.
It is
probably on a bargaining basis that this suggestion
was advanced, for the rightful owners plainly are
entitled to jfar better terms.
The available public
information, moreover, hardly affords a basis for a
evaluation of the suggestion, since resump-
moderates, with the feeling between them so intense
proper
that the moderates
from the
tion or relinquishment of control by the foreign
Mr. MacDonald labored to restore
companies remains at issue, together with labor relotions and the attitude of the Mexican authorities.
opening session.
preferred to stay
away
harmpny so that the Arabs would at least present a
,
cut by Mexico as a
were
of the London stand in defense of Brit-
nationals,
upon
interests
comparable in size and extent.
••
780
Financial
Until such matters
note
to
in
attention
Washington
that
it de¬
Feb.
closed
ments
introduced by
were
RESPONDINGthe Brazilian Government sent to
to the invitation of President
Roosevelt,
lems of
States for general
interest
mutual
its
discussions
prob¬
on
distinguished Foreign
Minister, Dr. Oswaldo Aranha, who is well known
here because of
his
long and admirable service
as
Dr. Aranha arrived in New York
Ambassador.
island of
where he
welcomed
was
enthusiastically.
official
lips
sealed
were
that Dr. Aranha
moreover,
ment in
The
The sig¬
disclosed, for
the agenda.
It appears,
somewhat uncertain
was
of the United
to the intentions
as
on
be
States Govern¬
inviting him to discussions in Washington.
traditionally close friendship of the two
tries
insures, however, that
satisfactory
some
sults will flow from renewal of the cordial
relations that
Minister
coun¬
re¬
personal
always prevailed while the Foreign
represented
,
his country in Washington.
Political and economic
problems
certain to
are
in
this
Chinese
represents
The specific
well may
be discussed with the Foreign Bondhold¬
of
a
Chinese
Protective
Council.
Assuming
a
modicum of
genuine good-will, not much difficulty should be
There is
some
reason
the start of
financial
relations
with
Latin
journey of Dr. Aranha thus
in
a
move
step, for Hainan is more im¬
The island controls
of
lanes that
sea
are
significance to the United States in the
some
dispute regarding the Philippines.
is possible that the occupation
cided
upon
for the
by the Japanese
United States
the
British
be considered
and
in
impends.
case
desperation.
have
intimated
require action, and it is possible that
"shown-down"
a gen¬
The Japanese
step
clearly timed with the Spanish complications
view,
the apparent assumption that the Euro¬
on
Powers would be unable to take counter
pean
to
move
against Hainan
move
a
of
one
authorities
French
plainlyin the past that
eral
retaliatory
as a
It
de¬
area was
Governments, but if that is the
must
move
would
of the
parallel policies of the British, French and
Whether this
be
meas¬
assumption is correct remains
seen.
Discount Rates of Foreign Central Banks
.
America, and the
THERE have been no changes during the week in
the discount
of the foreign central
rates of any
banks.
Present
rates
the
at
leading
centers
are
shown in the table which follows:"
significant
may prove
Rate in
broad
very
This Japanese
possession.
grave
to
general betterment of trade and
a
the
on
ex¬
believe, moreover, that Washington views the visit
as
Japa¬
a
been effected
had
territory by the insatiable, Nipponese
event of any
perienced in adjusting the problems that exist be¬
tween the two countries.
made by
was
important to Great Britain and France, and also
ures.
ers
token into the
portant strategically than almost any other capture
was
ceive attention in the' conversations.
same
Admiralty offices that
re¬
financial matter of Brazilian defaulted dollar bonds
the
ing merely that the invading troops were advancing
militarists.
nificance of this visit remains to
dis¬
was
Hainan, the terse communication indicat¬
on
Thursday and promptly proceeded to Washington,
aggression
Announcement
military landing
nese
the United
picture.
the Tokio War and
Brazilian Visitor
11, 1939
fully early yesterday, and fresh ele¬
more
Far Eastern
serves.
the Japanese
The nature of
perhaps best
merely that the expropriation is receiving
official
the
clarified it is
are
Chronicle
sense.
Country
Far East
Rate in
Pre¬
Date
vious
Established
Effect
Feb llO
Rate
Argentina..
3X
Mar.
Batavia
Country
Effect
Feb.10
Holland
1 1936
2
Pre¬
Date
vious
Established
Rate
Dec.
2 1936
2X
FAR Eastern eventsby Occidentaloutrun analysis
interpretation frequently
commentators,
or
^and it is quite possible that such
prevails.
The
China
upon
weather and
fine it
•
war
situation
now
which Japanese invaders forced
continues
a
a
grimly,
although
wintry
lack of Chinese communications
largely to the guerrilla sphere.
con¬
Japanese
spokesmen attempted early this week to depict the
guerrilla defense
as
disintegrating!
4
July
1 1936
4~X
Hungary
4
Aug, 29 1935
4X
Belgium...
2X
Oct..
27 1938
3
India
3
Nov. 29 1935
3X
Bulgaria
6
Aug. 15 1936
7
Italy.
4X
May
Canada....
Chile
2X
Mar. 11
Japan
3.29
3
Dec. 16 1936
4
Java
Colombia..
4
July
18 1933
5
...
1935
~
—-
Apr.
18 1936
6 1936
5
3.65
Jan.
14 1937
Lithuania..
5
July
1 1938
5X
Morocco...
Czechoslo¬
3
May 28 1935
4X
4
<
Jan.
1
Norway
Jan.
5 1938
4
Jan.
2 1937
5
Poland....
4 X
Dec.
17 1937
4
vakia
6X
3X
Nov. 19 1936
3X
Portugal
4
Aug. 11 1937
4X
3
June 30 1932
3X
Ruipanla
3X
May
5 1938
4H
2X
South Africa
3X
4X
3
Danzig
Denmark
.
.
Eire
v
1936
..
4
5
England...
Estonia..1.
2
June 30 1932
May
15 1933
4X
Oct.,
1 1935
5
Spain
5
July
15 1935
5
Finland
4
Dec.
4 1934
4 X
Sweden....
2X
Dee.
1 1933
3
France __1.
2
Jan.
3 1939
2X
Switzerland
IX
Nov. 25 1936
2
Germany
4
Sept. 22 1932
5
Yugoslavia.
6
Feb.
6
6
Jan.
4 1937
7
•
__
Greece
The Shanghai
1 1935
X
Foreign Money Rates
correspondent of the New York "Times" reported
Tuesday, however, that the aggressors will need
500,OOO additional troops merely to clear out de¬
on
fense forces and restore the
occupied
-
of
areas.
safety and stability of
That the Chinese have
discontinuing formal resistance
Tuesday by the formation of
on
which is to be headed
shek.
a
no
intention
indicated
was
defense council,
IN bills Friday market discount rates 9-16%
LONDON open 9-16%, against for short
on
no
It
was
on
apparently
causes
misgivings in Tokio,
conference of the Nine-Power
treaty
is
the
becomes
to
Soviet Russian
an
border
on
Siberia and Manchukuo.
and
attitude that
uncertain factor in the
clashes
call at London-on Friday
the
signatories.
once
more
situation, owing
long frontier
between
Fighting between Russian
Japanese troops continued for four days, last
Bank of England Statement
THEfurther expansion of £3,049,000Feb. note cir¬
statement for the week ended in 8 shows
a
culation which follows
an
unusually large month-end
expansion of £8,103,000 the previous week.
same
months
of
1938
much
a
smaller
In the
expansion
occurred, amounting to £622,961 in the week ended
Feb.
9, and £3,496,207 in the week ended Feb. 2.
There is
with
now
in
circulation
£476,071,214
engagements would
holdings, the
At
1%.
rise
surprise.
V%%.
Switzerland at
week, with each side claiming victory, and further
cause no
was
market rate remains at 2^2% and in
by Generalissimo Chiang Kai-
again asserted there that there will be
on
Paris the open
"parallel" diplomacy of the United
States, Great Britain and France with respect to
but it
as
„
Money
The
the Far East
were
Friday of last week, and 9-16% for three-months
bills, As against 9-16% on Friday of last week.
was
a
year
slightly offset by
drop in
a
£474,997,000 compared
ago.
As the circulation
gain of £107,497, in gold
reserves
amounted to
£2,-
Volume
Financial
148
The
942,000.
a
year.
Public deposits
week earlier and
Other
securities
decreased
creased
marks.
Government securi¬
it
ago
The
Below
Following
1.02%;
a year
the different items
are
COMPARATIVE
REICHSBANK'S
different
the
at
now
with comparisons for previous years:
and advances
show
we
ratio is
reserve
1.53%.
was
£665,200 and securities which in¬
£996,693.
8,200,000
400,000 marks and in other liabilities of 2,675,000
accounts,
discounts
of
of
advances
in
and £1,-
bankers
consist
marks,
marks, in other daily maturing obligations of 55,-
£265,000 and other securities, £331,493.
which
appeared in bills of exchange and checks
398,200,000
Of the latter.amount,
646,084, from other accounts.
ties fell off
of
£3,090,000 while other
rose
from
was
A decrease
with 32.9% last
compares
deposits decreased £6,002,508.
£4,356,424
change, the total remaining at 70,773,000 marks.
proportion fell to 33.7% from
reserve
35.0%
781
Chronicle
STATEMENT
Changes
for Week
items with
comparisons for previous years:
BANK
OF
COMPARATIVE
ENGLAND'S
Gold and bullion
STATEMENT
1938
Feb.
Feb. 12,
Feb. 13,
1936
10,
1935
1937
Silver and other coin...
Ad vane es
Public deposits
■_
Bankers' accounts.
35,490, 254
Govt, securities
77,636, 164
93 ,273,166
81,230,231
Other securities
43,005, 721
28
26,026,453
Other accounts...
,516,101
DIsct. & advances.
20,648, 864
9 ,559,422
22,356, 857
18 ,956,679
Reserve notes & coin
Coin and bullion
59,118,299
52,306, 000 50 ,916,691
127,304, 317 326, ,987,905 314.112,228
Proportion of reserve
+ 2,082,000 1,657,072,000
+ 362,100,000 7,548,600,000 4,957,460,000 4,560,544,000
—55,400,000 1,063,900,000
423,843,000
—2,675,000
Other daily matur. obllg
Other liabilities...
82,766,413
17,922,000
7,942,597
9,979,403
78,076,139
61,940,574
201,221,254 193,021,734
19,517,279
....
908,800,000
+ 19,000,000
Notes in circulation
79,190,001
27,971,286
13,407,644
14,563,642
6,509,174
Securities
»
....
744,098,000
339,122,000
674,996,000
343,802,000
1.02%
1.53%
1.59%
Propor. of gold & for'n
+ 0.04%
to note circul'n.
curr.
New York Money
Bank rate
2%
48.61%
2%
41.04%
2%
.
-
.
2%.i
THE money market in New York increase ofa Gov-.
remained list¬
week, with
less affair this
Bank of France Statement
ertiment
Notes in circulation
at
were
on
a year
an
an
sold
also
Finance
bills discounted recorded
and
due
Due
to
loss of 504,000,000 francs
and creditor current accounts of 2,611,000,000
while the item of advances
against securities
francs,
rose
124,-
The Bank's gold holdings increased
000,000 francs.
sight liabilities is
48.32%.
at
now
abroad and
unchanged.
we
62.50%, compared with
.
BANK
Francs
Francs
Francs
(
20,821,556
*15,293,868
ruling quotation all through the week for both new
loans and renewals.
The market for time money
Francs
were
8,035,549,814
7,927,755,567 11,499,760,189
838.210,746
1,309,189,873
747,411,401
3,975,835,764
3,784,752,483
3,512,465,377
Note circulation.__ + 2,478,000,000 111855 895,990 93.387,332,215 86.896,864,325
Credit current accte —2,611,000,000 27,769,008,882 22,102,419,186 17,367,810,770
bills discounted
b Bills
.
_
c
—504,000,000
No change
bought abr'd_
<■
,
^
No change
Propor'n of gold on
hand to sight liab.
20,627,440,995 31,903.974.773 19,772,095,857
'
'
62.50%
+0.06%
55.01%
48.32%
,
*
a
Figures as of Jan. 19,
reported
reported.
1939.
1J<£%
up
to 90 days and
The market
continued quiet this
.week.
The demand has been good but business has
been quiet due largely to the light supply of paper.
lJ/2%,f°r four to six months maturities.
for
commercial
prime
paper
.
Includes bills purchased in France,
b Includes bills discounted Abroad,
c
In
the process of revaluing the Bank's gold under the decree of Nov. 13. 1938. the
three entries on the Bank's books representing temporary advances to the State
all maturities.
unchanged at
; Rates are
•
.
were
The
quiet.
Rates continued nominal at
v
+ 124,000,000
Temp. advs. with¬
out int. to State..
only transactions
occasional renewals at rates previously
continues
14,245,545
French commercial
Adv. against securs.
Money Rates
'
+ 72,126 87,265,806,311 55,806,192,055 57.358,742,140
Credit bals. abroad,
a
l1/4% for maturities to 90 days and
were
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
Feb. 5, 1937
•
the New York Stock Exchange
on
1% for all transactions, while time loans
New York
STATEMENT
Feb. 3. 1938
Feb. 2, 1939
Bankers' bills
quiet at unchanged
were
paper
1%% for four to six months' datings.
Changes
for Week
the Treasury
Monday,
of 0.005%.
an average
Call loans
to
qgain
'
COMPARATIVE
OF FRANCE'S
Gold holdings
commercial
furnish the various items with
comparisons for previous years:
next
days, which normally would have been sold
held
ago.
Below
15, 1942, by subscription at 100%.■
holiday
week, at
rates.
The items of bills bought
temporary advances to State remained
year
a
Jan.
the
and
hand to
on
The Treasury
Corporation %% notes dated Feb. 15,1939,
next
4?mg. gold, 0.9 fine, gold holdings totaled 55,806,-
The proportion of gold
91
*in
when the valuation rate of the franc was';
192,055 francs.
basis.
Monday $300,000,000 Reconstruction
on
yesterday awarded $100,000,000 discount bills due
A
totals 87,265,806,311 francs.
now
of 0.004% discount, computed
average
annual bank discount
aggregated 93,387^32,215 francs and the year
before 86,896,864,325 francs.
French commercial
ago
a
The
000,000 discount bills due in 91 days, and awards
francs, which brought the total, outstanding up to
111,855,895,990 francs.
an
the only noteworthy feature.
paper
Treasury sold last Monday the usual issue of $100,-
THE weekly in note circulation of 2,478,000,000
expansion statement dated Feb. 2 showed an
year ago,
Market
"
39.80%
32.90%
2%
33.7%
to liabilities
slightly and
66,939,000
70,771,000
18,031,000
20,333,000
5,701,000
5,510,000
5,172,048,000 4,546,715,000
216,417,000
185,391,000
59,761,000
47,150,000
524,405,000
397,301,000
795,576,000
792,875,000
Liabilities—
40,426,696
36,301,751
35 ,549,283 '37,344,628
.
_
Other assets
,
_.
Other deposits
_
Investments
474,997, 000 476 ,071,214 454,993,929 399,280,680 374,945,595
18,340,176
10,980,558
16 ,076,579
11,695,579
15,351, 000
139,439, 952 138 ,456,416 136,501,768 139,928,826 142,246,340
99,157,140 103,627,076 101,819,644
103,949, 698 102 ,907,133
Reichsmarks
70,773,000
,10,572,000
5,900,000
-f-400,000
—398,200,000 6,761,900,000
202,793,000
+ 9,699,000
43,700,000
—8,200,000
Bills of exch. and checks
£
£
Circulation
Feb. 8, 1937
Reichsmarks
No change
Reserve in foreign curr.
Feb. 9,
1939
Feb. 7, 1938
Reichsmarks
No change
Of which depos. abr'd
Feb. 8,
Feb. 7, 1939
Reichsmarks
Assets-
<i
*
•
.
wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non Interest
bearing loans to the State.
the
decree of Nov. 13, 1938, was effected in the Statement of Nov. 17, 1938; prior to
that date and from June 20, 1937, valuation had been at the rate, 43 mg. gold, .9
fine, per franc: previous to that time and subsequent to Rept. 26, 1936, the value
was 49 mg. per franc: and before Sept. 26. 1936, there were 65.5 mg. of gold to
Revaluation of the Bank's gold (at 27.5 mg. gold, .9 fine, per franc), under
the franc.
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
The following
Bank of
for
Germany Statement
Federal Reserve Banks
Discount Rates of the
various
the
classes
of
paper
at
the different
banks:
Reserve
THE statementexpansionfirst quarter of February
for the in note circulation of
showed
is the schedule of rates now in effect
DISCOUNT RATES OF FEDERAL RESERVE
BANKS
an
Rate in
362,100,000 marks, the total of which is now 7,548,-
Federal Reserve Bank
Feb. 10
600,000 marks.
A
year ago
Dale
Previous
Established
Rate
Effect on
notes outstanding aggre¬
2, 1937
Boston
4,957,460,000 marks and the year before
4,560,544,000 marks. Reserves in foreign currency,
silver and other coin, investments, and other assets
gated
recorded increases, namely 400,000 marks,
marks,
19,000,000
respectively.
marks
and
9,699,000
2,082,000
marks
The Bank's gold holdings showed ho
IX
Sept.
New York
1
Aug. 27, 1937
Philadelphia
IX
Sept.
Cleveland
IX
May
2
IX
2
IX
-
Atlanta
2
11, 1935
Aug. 27, 1937
2
IX
Richmond
4, 1937
Aug. 21. 1937
2
2
IX
Aug. 21. 1937
St. Louis
IX
Sept.
2, 1937
2
Minneapolis.
Kansas City
IX
IX
Aug. 24. 1937
2
3, 1937
2
IX
Aug. 31. 1937
2
IX
Sept.
3,1937
2
Chicago
Dallas.
'
.!..
—
San Francisco
1
—
Sept.
tions favorable to
Bankers' Acceptances
there is
THE market for primethis week. acceptances bills
bankers' Very few has
little activity
coming
and
it
including 90 days are %% bid
7-16% asked; for bills running for four months
to and
up
from 1 to 90
%% for bills running
remain unchanged at $556,000.
Course of Sterling
Exchange
been
in
some
In Tuesday's trading
$4.69.
presumably stepped in at
sterling made a new high for the year at
The
authorities
London
price,
The
forcing the rate down to $4.68%.
week. The
$4.67 9-16 and $4.68% last
with
pared
$4.68 7-16
would
It
$4.67 11-16 and
between
of
range
a
The British
authorities appear also to be operating in
the London
few weeks
a
the gold movement from Lon¬
ago
Jan. 28 there has been
a
subsiding, but since
marked increase in shipments
largely for arbitrage account .
week ended Feb. 3,
£3,230,000
From authoritative
than
$50,000,000
it
sources
is
now
was
either
For the
•
offered in the
were
market,.and this week £3,000,000
open
9-16%,
19-32%,
and
Gold
was
were
engaged.
learned that
the
on
more
water
private
engaged for future shipment is
or
Much
account.
transfers for
or
It
was
of
United, States had
$14,000,000,000 mark.
They
stand
now
taken by
and 6 and
by t he action taken
Saturday last there
day £572,000,
on
Parliament,
a
few
ment.
flation and will
major
not
cause
exchanges.
mint par
be approved in all
a
a
is actually
fixed buying and
floating mint
par
no
an
disturbance
adoption
on
Thursday £815,000, and on Friday
•
on
of
or
Reserve Bank of New York, was as
follows:
york, feb. 2-feb. 8, inclusive
gold Movement at new
Exports
Imports
$24,821,000 from England
7,347,000 from Holland
None
Total
Net Change in Gold Earmarked for
de¬
floating
acknowledgment that condi¬
Foreign Account
"
Decrease: $1,820,000
Note—We have been notified that approximately $832,000
The
above
figures
England.
the
change
or
metal
There
There
a
exchange
discount of
were
is
steady.
a
Paris, the London
and the price
exports of
no
ac¬
Montreal
funds
discount of 19-32%
15-32%.
following tables show the
on
exports of
no
$8,240,000.
ranged during the week between
The
were
gold held earmarked for foreign
count decreased
and
on
gold held earmarked for
in
England.
but
Canadian
week ended
On Friday $1,875,000 of gold was
foreign accounts
received from
the
was
On Thursday $9,252,000 of gold was
Wednesday.
metal
for the
are
of gold
\
received at San Francisco from China.
open
mean
London check
market gold price,
paid for gold by the United States:
MEAN
Saturday, Feb. 4
LONDON CHECK RATE ON PARIS
__176.95
Wednesday, Feb.
8
176.98
Monday,
Feb. 6
176.99
Thursday,
Feb.
9
177.01
Tuesday,
Feb. 7
177.02
Friday,
Feb.
10
.177 00
the existing
the
gold movement for
reported by the Federal
the week ended Feb. 8, as
an
currency manage¬
imply either inflation
The
is
available £481,000, on
At the Port of New York the
rate
departure in modern
does
the
days.
change by the Bank from
This
on
rather than the
The bill is still before
but will doubtless
selling price for gold to
new
Currency
of the Bank of England weekly
details within
entirely
new
provides for valuing the
basis of current open market prices
statutory price of 84s. lid.
Jan. 5
Feb. 1 when the Chan¬
Exchequer introduced his
reserves
$14,-
to the
on
was
V
£415,000.
received from
the London authorities
and Bank Notes Bill, which
The
at
°
\
measures
gold
passed the
greater steadiness of sterling is due
cellor of the
largely
On
official
it' represents
"
The
are
are
unknown destinations,
taken for
$32,168,000
only in September that the total
gold stocks of the
732,000,000.
offer in the
on
bills
11-16%, down
London open market this
bills
six-months
on
earmarking, especially of gold engaged
in Holland.
Two- and three-
four-months
Monday £641,000, oh Tuesday £445,000, on Wednes¬
However, not all the gold arriving in
weeks
recent
are
arbitrage account for shipment to New York.
engaged for shipments to New York within the next
few \veeks.
'
for
don to New York seemed to be
to New York
of ultimate
manner
or
gold.
bills is %%.
1-16.
arbitrage shipments.
Only
the question of time
bills
wreek
as
department at current prices was
months
to keep the dollar
way
a
involved. He
of the
proposal for revaluation
Call money against
gold low enough to permit private
value of London
increase in revenue."
there is
Money in Lombard Street continues in supply.
.
selling at around $4.68 to prevent a rise.
any
change in machinery and had no bearing whatever
upon
ready to steady sterling by buying at $4.67% and
gold market in such
the
that
stabilization upon
that the British authorities stand
seem
with
me
assets of the issue
a
week ago.
a
consideration, but this revaluation
for
provide
asserted
com¬
it."
use
so
question of inflation or deflation
no
for cable
range
$4.67% and $4.69,
proposing to
appreciation should be
conclusion Sir John Simon stated that
In
sight bills, compared with a range of between
transfers has been between
not
am
matter
a
this
range
I
does not
$4.67% and $4.68 15-16 for
week has been between
bankers'
is
by selling sterling and thus
however,
appropriate for use as if it were revenue,
He said:
placed in the
exchange equalization account as special reserve.
At
present it simply represents an increase in assets of
the equalization account.
How it will be dealt with
extremely dull in New York.
this
approximately
Referring to the liberation of
"Some of this
weeks.
The market is
STERLING exchange is firmer and steadier than
has
no
acter is not
'
and
it
monetary mechanism,
gold he asserted:
((I am bound to state plainly that it is not a profit
in any ordinary sense.
It rather is in the nature of
unrealized capital appreciation which has been there
for a. long time but has not received recognition until
now.
Unrealized capital appreciation of that char¬
days. The Federal ReserveBank's holdings
of acceptances
concerned with certain details
but that
question of any change in monetary
was
£95,000,000 through revaluation of
The bill-buying rate of
%% bid and 9-16% asked.
raises
policy.
9-16% bid and %%, asked; for five and six months,
the New York Reserve Bank is
of such condi¬
proximate future.
Britain's
Great
of
reported by the Federal Reserve Bank of New York
for bills
prospect of the development
chequer said that it
Dealers' rates as
There has been no change in rates.
1939
do not exist and that
fixed par
a
11,
introducing the bill the Chancellor of the Ex¬
In
demand has been light.
and the
out
no
tions in any
shown
are
Feb.
Chronicle
Financial
782
LONDON OPEN
Saturday, Feb. 4.
MARKET GOLD PRICE
WTednesday, Feb.
8
Monday,
Feb. 6_______148s. 5M<i-
Thursday,
Feb.
9_._148s.3Md
Tuesday,
Feb. 7___
Friday,
Feb.
10.__ 148s. 3Md
148s. 7d.
,148s. 4d.
148s. 4d.
Volume
Financial
148
have reduced the cost of
capital to industry to 7%,
compared with 9%-ll% prevailing previously.
Paris sees a slight encouragement in the business
outlook owing to the improvement in international
trade in January, when imports for the month totaled
3,978,000,000 francs, against 3,885,000,000 francs in
January, 1938, and exports amounted to 2,820,000,000 francs, compared to 2,549,000,000 francs.
The
import surplus was 1,158,000,000 francs, against
1,441,000,000 francs a year ago.
Another slight improvement in the industrial and
capital situation is seen in the fact that Groupement
d'Electricite is issuing a new loan of 200,000,000
francs at 5%%.
The offering price will be 930
francs for each 1,000-franc bond.
Last July Groupe¬
ment d'Electricite issued its first offering for 500,000,000 francs as 6%s at 900.
PRICE PAID FOR GOLD BY THE UNITED STATES
(FEDERAL RESERVE BANK)
Saturday, Feb. 4
Monday, Feb. 6__
Tuesday,
Wednesday, Feb.
Feb.
9
$35.00
35.00
Friday,
35.00
35.00
8
Thursday,
$35.00
Feb. 7
Feb. 10
35.00
Referring to day-to-day rates sterling exchange on
Saturday last
Bankers'
cable transfers
pound
was
steady, hardly changed from pre¬
was
close.
vious
sight
The
firmer.
$4.67%@$4.68;
was
On Monday the
$4.67%@$4.68%.
range
$4,68 3-16®
was
$4.68% f°r bankers' sight and $4.68 5-16@$4.68%
for cable transfers.
high for the
newr
The
4.68 15-16 for bankers'
for
^
Bankers' sight
steady.
transfers $4.68
a
$4.68 7-16®
range was
sight and $4.68 11-16@$4.69
Wednesday exchange was
On
transfers.
cable
touched
On Tuesday .sterling
year.
was
$4.68%®$4.68%; cable
On Thursday ster¬
;
9-16@$4.68 11-16.
Bank¬
ers' sight was $4.68 11-16@$4.68%; cable transfers
$4.68%@$4.68 15-16.
On Friday exchange on Lon¬
steady in dull trading.
$4.68 7-16@$4.68 13-16
quotations
on
for
Friday
were
and
ton and
grain for payment
Continental
Commercial sight bills
Cot¬
Exchange
Foreign
STEADINESS in French francsratedue to does not
is and stability
the sterling-franc-dollar
conditions.
any
change in French fiscal or business
Paris Bourse and tmany
However, the
aspects of French business show a more
confident tone due to the fact that
sight liabilities is 69.87%.
relieved and
1
Chancellor Hitler's
Reichstag carried
threats of
\,
war
aggression.
immediate
Likelihood of disturbing post¬
developments in Spain is also giving less appre¬
hension.
In
a
no
a
•*
<
measure
it
can
slow recovery,
be said that France is staging
M. Reynaud, the Finance Minis¬
several years.
that Italy and
relations
least
Paris
and credit is
more
.reach $52,600,000 for
rent trade is about
The
currency
have ended.
In pursuance of M. Reynaud's policy of stimulat¬
ing production in France, a number of fiscal measures
alleviation
have been granted to business enter¬
prises by four new decrees which tend to encourage
investment of. French capital or reinvestment of
profits in renewal or extension of plant facilities.
The new decrees are in accord with earlier measures
adopted to make capital cheaper for industry. !
One decree exempts from income tax the profits
on sale of assets if an enterprise undertakes to rein¬
vest such
profits in its own business within a year
following the close of its fiscal year, but provides that
reinvestment must not take the form of shareholding.
Undistributed profits are exempt from tax if used
for renewal or extension
of plant with
a
view to in¬
such reinvestments are
equal to half the year's profits.
Another decree postpones until 1941 the increase
in the patenie tax to which an enterprise would be¬
come liable by increasing the number of employees
creasing output provided that
or
establishments.
branches
can
now
Enterprises with more than five
open additional branches " until
the end of 1940.
following
leading European
dollar:,
'
each country annually.
$21,055,000.
New Dollar
Parity
Parity
b
France (franc).
c
3.92
,
»
13.90
-5.26
Belgium (belga)..
Jtaly (lira)
Cur¬
table shows the relation of the
currencies to the United States
Old Dollar
patriation of French funds seems to
of
few
a
hardly deviated in the past
It is interesting to note at this time
Soviet Russia, which severed trade
years ago in a dispute over payments,
sighed an agreement-last week to regulate trade on
a
reputed barter basis. It is believed'that trade may
•
position is at
Money is easier in,
readily arranged, but re¬
The
temporarily improved.
ter, is more optimistic.
be held firm by the strict
Italian lire continue to
control at Rome and have
"
utterances before the
the
on
over the preceding week.
The total now stands at
3,465,300,000 belgas.
The bank's ratio of gold
to notes is 78.16%, and the ratio of gold to total
in
proceed from
havoc
Reynaud places the new ordinary budget at
francs.
The ordinary budget had
reached 50,000,000,000 Poincare francs in 1930-31-32.
Belgian currency has been ruling steady owing
mainly to the greater steadiness of the neighboring
exchanges.
The discount on future belgas has nar¬
rowed4 to a degree indicative of a recovery of the
confidence which was lacking a month or more ago
because of internal political dissension.
The bank¬
ing situation of Belgium is highly satisfactory.
The
statement of the Bank of Belgium for the week
ended Feb. 2 showed an increase of 30,300,000 belgas
closed at $4.68%.
Other
and
worked
66,000,000,000
$4.68%, 60-day bills at $4.67%, 90-day
$4.67%, and seven-clay grain bills at $4.68.
have
devaluations
M.
Closing
at,$4.67%, documents for payment (60 days)
bills
at
on
French economic and fiscaLsituation.
$4.68 9-16 for demand and
$4.68% for cable transfers.
finished at
transfers.*
harden. The wholesale
Jan. 28 stood at 676, against 671 in
the two previous weeks, and as against 400 on Sept.
12, 1936 just before devaluation of the franc.
The
various
range was
sight
bankers'
cable
for
$4.68%@$4.68 15-16
The
French prices continue to
price index
ling continued steady under official support.
don continued
783
Chronicle
Range
This Week
a
2.64j^ to
6.63
2.65
; 16.86** to 16.91
5.26^ to 5.26*4
16.95
_
8.91
Switzerland (franc)....
19.36*
23.67 '.
22.58^ to 22.68*6
Holland
40.20
68.06
53.80
a
(guilder).......-—
New dollar
between
Sept. 30 and Oct. 3, 1936.
b Franc cut from
cOn May 5,
gold and allowed to "float" on June 30, 1937.
1938, the franc was devalued on a de facto basis
francs to the pound, or
.
to 54.03
parity as before devaluation of the European currencies'
2.79 cents a franc.
The London check rate
on
.
Paris closed
of 179
■
.
on
Friday
177.00, against 176.96 on Friday of last week.
In
the French center finished at
2.64 13-16,
against > 2.64%;
cable
transfers
at
2.64 13-16, against 2.64%.
Antwerp belgas finished
at 16.87% for bankers' sight bills and at 16.87% for
cable transfers, against 16.88% and 16.88%.
Final
quotations for Berlin marks were 40.14 for bankers'
sight bills and 40.14 for cable transfers, in comparison
with 40.14% and 40.14%.
Italian lire closed at
5.26% for bankers' sight bills and at 5.26% for cable
transfers, against 5.26% and 5.26%.
Exchange on
at
New York
sight bills
on
Czechoslovakia closed at 3.42%, against 3.42%; on
Bucharest at 0.73, against
against
2.07.
18.92%; and
Greek exchange
on
0.73;
on
Poland at 18.92%,
Finland at 2.07, against
closed at 0.86, against 0.85%.
*—
Companies formed after this decree will enjoy for
this year and next year 25% to 75% reductions in
certain business taxes.
It is calculated that the
various measures taken to date by M.
Reynaud;
shows mixed trends.
The Scandinavian
EXCHANGE on the countries neutral during the
war
units
move
in close
relationship to the pound sterling.
784
Financial
The Holland
guilder, which showed marked weak¬
ago, is again inclined to firmness,
though it should still rule above 54.00 cents to
approach the firmness which it exhibited after Hol¬
land cut loose from the pound on Sept. 26.
What¬
ever weakness is
displayed by the guilder must be
largely attributed to the movement of Dutch invest¬
week
ness a
or more
funds
ment
from
Amsterdam
to
New
York.
previously and subsequent to July 23. 1937.
gold In the Bank was valued at 43 mg.
Sept. 26. 1936, 65.5 mg. gold. .9 flue, 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 290
francs gold In the Bank of France Is now Just about £1: when there were 43 mg. gold
to the franc, the rate was about 190 francs to the £1; when 49 mg., about 165 francs
per £1; when 05.6 mg., about 125 francs equaled £1.
the franc: prior to
The
Housing—The New Favorite Govern¬
mental "Investment"
»
for the most part to the recall of Swiss funds from
York
1939
gold, .9 fine, per franc; before then and after Sept. 26, 1930, there were 49 mg. to
the flight of Jewish owned
money through Amsterdam for refuge on this side.
The Swiss franc is showing decided firmness, due
New
11,
reported at £529.300,
c As of April 30. 1938, latest figure available.
Also first
report subsequent to Aug. 1. 1936.
The value of gold held by the Bank of France is presently calculated, In accordance
with the decree of Nov. 13,1938, at the rate of 27.5 mg. gold, .9 fine, equals one franc;
affected by
is also
rate
Feb.
Chronicle
Several recent events call attention to the grey¬
London.
Both Holland and
Switzerland show strong banking positions.
In his
speech before the Reichstag a few days ago Chan¬
cellor Hitler took especial pains to assert that Ger¬
many had no designs antagonistic to Holland, and
this statement was a factor in the strength shown
by the guilder.
Bankers' sight on Amsterdam finished on Friday
at 53.80, against 53.84^ on Friday of last week;
cable transfers at 53.80, against 53.85; and com¬
mercial sight bills at 53.75, against 53.80.
Swiss
through
ing importance of the Federal Government in the
.
.
closed at
francs
22.67
for
checks and at
cable transfers, against
22.5834 and 22.5834* Copen¬
hagen checks finished at 20.92 and cable transfers at
20.92," against 20.8834 and 20.8834*
Checks on
Sweden closed at 24.15 and cable transfers at 24.15,
against 24.1134 and 24.11}^; while checks on Nor¬
way finished at
23.54J4 and cable transfers at
23.54J4, against 23.5034 and 23.50%*
its
all
of
paper
pesos
,
as
the favorite "investment"
No
being discussed,
River,
hydro projects
new
are
the Government having al¬
more power
a
than it
flood in the Lower
colossal collapse at Fort Peck,
a
serious seepage
at Grand Coulee,
a
burst syphon
whole crop
a
of headaches in Nebraska,, and an
acceptance of the necessity of paying fair
evident
.
.
closed on Friday at 31.24
for bankers' sight bills, against 31.21 on Friday of
last week; cable transfers at 31.24, against 31.21.
The unofficial or free market close was 22.90@23.05,
against 22.90@23.00.
Brazilian milreis are quoted
at 5.90 (official), against 5.90.
Chilean exchange is
quoted at 5.19 (official), against 5.19.
Peru is
nominally quoted at 20)4> against 2034*
Argentine
The
voted to permit the
if housing is about to replace
as
power
possibly sell, and suffered
and
increase in the
Senator Wagner wmnts Con-,
public authorities.
Colorado
a
an
it has allocated virtually
ready laid out dams to provide
relationship to the movements of the
pound,
as
$300,000,000 of local housing bonds.
begins to look
now
of these
the rate in close
$800,000,000.
hydroelectric
republics.
The Argentine
is firm due to the fact that the control keeps
peso
it,
to raise the ante another $800,000,000;
gress
can
control in most
report, in which it urged
funds available for
It
continues
EXCHANGE steady owing to American exchange
on: the South the strict countries
the Treasury's
900,000 shortly. ;The Authority last week issued its
annual
State to take up
■
on
guaranty and will probably borrow another $100,-
citizens of New York last year
for
22.67
The United States Housing Author¬
housing field.
ity recently borrowed $100,000,000
prices in buying adjacent transmission lines in the
Tennessee
ning to
Valley.
see
that,
electric power
The public is apparently begin¬
as
Thomas Edison put it, "hydro¬
is politics," but
so
far it
qqite
seems
ignorant that slum-clearance and low-cost housing
is also
politics.
So in
of
•
halo of humanitarian romance, an
a
peculiar bookkeeping, and
an aroma
aura
of collusion
♦—
with
high-cost building labor, the Government hous¬
EXCHANGE on the Far Eastern countries pre¬
importance.
For the
ing
most
larger totals.
Until two years
ernment
loaned
sents
no
new
part these
features of
currencies reflect the steadier and
firmer tone of
sterling, to which they are allied either
legally or through exchange controls.
Closing quotations for yen checks yesterday were
27.33, against 27.28 on Friday of last week. Hong¬
kong closed at 29.20@29 5-16, against 29 3-16@
2934; Shanghai at 16.00@16 3-16, against 16.15®
16J4; Manila at. 49.85, against 49-85; Singapore at
54.55, against 54.45; Bombay at 35.03, against
34.98; and Calcutta at 35.03, against 34.98.
Gold Bullion in
*
•
■
.
THE following table indicates the amounts of gold
(converted into pounds sterling at
bullion
exchange) in the principal European banks as of
respective dates of most recent statements, reported
by special cable yesterday (Friday); comparisons
shown for the corresponding dates in the
previous
us
are
four years:
Banks of—
1939
£
1938
£
1937
£
201,221,254
519,798,321
2,816,550
90,124,000
42,575,000
55,726,000
England
127.304,317
326,897,905
314,112,228
France
295,815,412
293,716,800
347,628,740
3,007,350
2,521,900
Spain
c63,667,000
Italy
a25,232,000
121,770,000
87,323,000
25,232,000
116,735,000
2,443,800
87,323,000
42,575,000
Nat. Belg..
98,143,000
100,950,000
Switzerland
112,522,000
79,603,000
32,856,000
26,172,000
6,555,000
6,544,000
6,551,000
8,222,000
7,515,000
6,603,000
Germany b.
Netherlands
Sweden
Denmark
_
_
Norway
Tot.
wk_
Prev. week.
1936
£
68,298,000
105,399,000
83,501,000
25,519,000
1935
£
97,137,000
90,729,000
62,854,000
67,960,000
72,669,000
46,827,000
69,071,000
23,816,000
6,555,000
6,602,000
15,993,000
7,395,000
6,852,000
895,094,079 1,073,300,605 1,089,953,768 1,093,198,125 1,244,542,682
897,970.3*8 1,091,365,367 1,089,988,027 1,094,963,626 1,244,566.226
Amount held Dec. 31, 1930, latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount
of which Mls now
a
or
insured
about
but
housing. This latter figure, however, has now mul¬
tiplied and evidently is about to multiply again.
When Mr. Hoover mentioned the
private power com¬
panies
he
as
the latest political devil to be exorcised
out of
was
date; slums
landlords
the
power
forward
moves
tions.
and
are assuming this role,
private builders wearing the
-
-
Like
program/the housing
with
program
logical defenses in all direc¬
The
power program was to provide naviga¬
tion, flood control, irrigation water and/or electric
power, depending upon those to whom it was being
sold.
The housing program is to provide added em¬
ployment, subsidized housing to those who
afford
cannot
it, self-supporting housing to those who
193,021,734
655,065,948
2,932,000
spent
or
ever
the Federal Gov¬
expended Only about $60,000,000 for low-cost
par
of
to
had
horns.
1
had
ago
$6,000,000,000 for the benefit of home-owners
with
European Banks
is snowballing merrily up into
program
can
yardstick to show up excessive private
building costs—also depending upon the purchasers.
pay,
or
a
And, like the
the
housing
power program,
is
the bookkeeping of
marvel
to contemplate.
Federal, State, and city authorities differ as to what
items
are
program
included in per-room
ing the land cost and
cost
of
a
some
costs,
some
includ¬
not, some including the
kitchens, alcoves, hallways, etc., and some
Volume
not.
The law
-
PWA,
lief
Financial
148
labor, making
now
for
per cent
current rates, which
pay
artificially high costs.
interest
while
exemption
ing
quantity for
sixty
hence.
years
but this is
ing
The difficulties of apply- '
.
of
differ, but
housing decency.
eration,
recreation
included.
outstanding
housing
fact
about the
is that it is
program
14-story
familiar with
limited-dividend
lage, rentals of which
those forced
rooms
•
very
nice for those who, first
list,
were
able to
on,
The difference is the
between sentiment and bookkeeping.
in connection with the new public charity-housing,
Yil-
The USHA has placed a minimum per-front-foot al-
lowance for land purchase costs, which drives most
by the project, but
are
zone
All kinds of problems have arisen and are arising
experience of
necessarily too high for
are
charge between $10 and $12, and ordinary builders
twilight
All
Knickerbocker
of the slums
out
the
only about $6 a month for
for which limited dividend corporations must
must charge, from $16 to $18.
portraits of slum conditions, but
are
He is to pay
service.
going to be available to slum-dwellers.
Yorkers
the
most
horrific
on
it is not
New
the
Government
based
that in many projects the tenant himself will actually be paying for little more than the janitor
are
*
Perhaps
whole
kindergartens
and
space,
tex-exemption;
(i.e. other local taxpayers must carry the cost of
WNYC last November, which was cut off the air,
electric refrig-
gas,
be done by giv-
The long and short of it is, as Park Commissioner
In New York hot and cold
running water, electricity and
an
Moses implied in his intended radio speech over
do ideas of minimum standards
so
project
the project).
yardsticking retail electricity
costs, for not only do land costs and local wage
rates
the
schools, fire protection, policing, lighting, etc., for
about the same
are
can
equivalent in
of the Federal subsidy, but this
totally
a
this $800,000,000 but also 30 per cent
Furthermore, the local taxpayer is required also
knows what taxes
one
yardstick to housing costs
a
those inherent in
as
no
on
to subsidize the venture, to the extent of one tenth
Some may benefit by tax-
for sixty years,
unknown
will be
do not.
some
Thus the Federal taxpayer has
over.
of the capital.
Some housing
projects include the cost of preliminary slum clearance,
left
been pledged for sixty years not only to pay the
artificially low cost; but it
an
requires the USHA to
makes
its interest out of its Federal subsidy and have %
required the Housing Division of the
superseded by the USHA, to employ re-
now
785
Chronicle
of its projects to the outskirts of large cities, where
the waiting
slum-dwellers will
follow.
Slum
land
the rent and satisfy the
man-
agement as to the lowness of their incomes.
Ex-
values
perience with the public housing program is already
needs.
disclosing
sidies exists in the services which a local authority
the
pay
From 50 to 80 per
and
from
tenancy in the
thereby
automatically
*
standards of decent
same
reason
automobile of
a
for
a
dilemma.
a
housing project free, in addition to
in previously congested areas half empty while re-
Their
impulse is to provide modern
living.
can
quiring
added
school .facilities
in
the
suburbs,
are
Such hidden subsidies may hide high labor costs
afford, for
and, in dense metropolitan areas, high initial land
But these standards
that the much-talked-of low
few years ago was never
priced
costs.
they could afford to pay, from second-
,
V
.
But the most questionable part of the program is
built be-
supposed buyers could get better service,
And the
provide
tax-exemption, such as free streets, park areas, etc.
w
These are particularly expensive in metropolitan
its
hand
An enormous loophole for disguised sub-
outskirts, for slum-razing may leave certain schools
what
cause
area
re-
simply above what slum-dwellers
the
can
are on re-
disqualified
buildings designed to
things, placed in
natural humanitarian
form,
not
often high because of near-by commercial
The housing authorities are,
new
place their rookeries.
in the nature of
aggravated
cent of slum dwellers
lief,
are
in
result
same
are
inherent in the fact that humanitarianism and good
/
bookkeeping mix like oil and water.'
Subsidized
natur-
housing so far hardly helps those in most need of
ally reluctant to admit the degree to which their
it, people, on relief. From a humanitarian viewpoint, the answer is to increase the subsidies. Or
it might also be argued that, their relief payments
cars.
projects
der
to
housing authorities
subsidized.
are
So they
give their projects
some
are
are
bound, in
or-
semblance of self-
support, to impose a minimum economic qualification on those they will accept for tenants; but in
should be increased so that they can afford better
order to
But the
humanitarian argument can be extended here al¬
most indefinitely.
Is not the President on record
help those they want to help, they would
naturally like to keep this
to make their
possibilities
rents
of
low
as
fuzzy
low
as
as
possible, and
possible.
as
bookkeeping
With the
so '
wide,
the
temptation is almost irresistible to hold the rents
down and to
This may
subsidize, but to hide the subsidies.
-
explain the curious financial operations
living quarters.
Actually, it amounts to a subsidy
to persons in the lower income brackets.
that one:third of our population is ill housed? And
officially estimated family budgets seem to indicate .that an even larger proportion of the population than this is unable to afford decent housing,
centering in the United States Housing Authority.
The argument can run on from there that a large
It is authorized to lend
fraction of the American public should receive pub-
$800,000,000 to local hous-
ing authorities at 3 per cent for sixty years.
money,
the
at
of
course, comes
outset,
is borrowed
or
First evasion: this
the
Federal
borrowing
budget.
"investment."
market direct.
This
from the Federal tax-payer
It is
a
no
against his
longer
But from whom, except
from the rest of the public ?
name.
The vogue today is to regard the plight of the
in
tax-payer and of private enterprise as a "flat, stale,
appears
presidentially-termed
The USHA borrows it in the money-
Second evasion: the local
licly subsidized housing.
borrowing
and unprofitable" subject.
It is easy to point to a
magnificent housing project and say "The Government made that possible," but difficult to
point con-
cent on this for
vincingly to a great empty space and say, "But for
sixty years, but the Federal Government is required
Government policies that space would have been
to subsidize these
filled with privately-built housing." It should not
authority is required to
or
about
3>
per
projects with 3%
$28,000,000.
pay
per
cent a year
So the lo£al borrower
can pay
be forgotten that ten years ago private
enterprise
Financial
786
Signor Mussolini has avowed his
displeasure and, in accordance with his habit, has
not been limited in his selections of epithets by any
nice consideration of diplomatic etiquette or ethics,
Mr. Chamberlain, of course, could not fail to express his perfunctory pleasure, nor could M. Daladier. Nevertheless, both are in process of diplomatic exchanges with the chief dictators that must
have precluded complete expressions of their de-
present authorization of the USHA, and that all
the
politicians' horses and all the politicians' men
have
as
it was before public housing began.
Nor should it be
ment
forgotten that what the Govern-
The Government
giveth, it also taketh away.
will be
sponsoring, for
two
three years, some
or
again
put our housing activity together
not
lively
as
people, in the course of
poor
$800,000,000 of subsidized
light, and there are indications that both were profoundly astounded by the unusual tone and remarkable directness of the President's language,
,,
Controversy has not stopped there. Accidental
discovery that important military secrets of the
United States, against the advice of the chief, officets of the Army, may have been communicated to
the French Government, which, at the same time,
housing, in which the subsidy may actually amount
to
much at $400,000,000.
as
in the fiscal year
in the form of
But it will take away,
1939-1940 alone,
some
$810,000,000
payroll taxes alone, not to mention
heavy increases in indirect taxation which
other
been
have
imposed since the Federal Government
began to broaden its social-mindedness; and these
bear heaviest
ta*es
the poor.
on
"
'
Feb. u, 1939
his disapproval.
constructing as much in a year as the entire
was
Chronicle
has been
encouraged to make extensive purchases in
'
'
this
Epithets Across the Sea
Conversations
weeks
the Atlantic
across
far from
have been
President Roosevelt began the
while ago
the
during.recent
edifying
or
reassuring.
,
public debate quite a
with his Chicago speech in which, using
unpleasant word "quarantine," he proposed to
apply some novel force, never clearly defined, wherin the wrorld
ever
cies
That proposal produced a popu-
indefensible.
seem
lar reaction so
lost to
and
governmental methods and poli-
pursued which, to American eyes, might
were
sharply unfavorable that it was
soon
sight and has not reappeared, but in Russia,
even
in
more
Germany, Italy and Japan, it
proved, not at all surprisingly, to be a source of
'
severe
and
motive
or
Whatever
the
provocation that led to this expres- ;
sion, the effort
the
irritation.
permanent
the
was
palpably ill-timed and inept, and
only ultimate consequence was an apprehensive
conviction ori the part
of the most comprehending
Americans^ of perilous instability and, in Europe,
in
with
accordance
their
bickering nations hoped
of
abandonment
actual
or
differing interests, the
feared that it marked
historic
the
disastrously broken in 1917,
never
to intervene in
European controversies.
Unfortunately,
the
an
resolution,,
v
President's
the
session of Congress,
opening of the present
at
for
appeal,
vastly augmented expenditures for military and
naval
purposes
couched in terms that inevit-
was
ably revived and emphasized the acrimonies of that
*
waning
discussion. 9 What
that Americans
tors
expressed
was
which
the least
closely
think,
paralleled
"money-changers,"
of
in
that
Mr.
Roosevelt
thinks
ought to think, of dicta-
or
phrases
should
his
be
and
said
"tories,'.'
"economic
,
epithets
is that
of
they
"copperheads,"
royalists,"
"princes
privilege," and all the other neat vituperations
which he
applies
so
generally to all those not
pletely in line with the New Deal.
was
not indicated for
just
now
And
appears
not to be in disfavor at,the White House,
then,
apparently,
not
one
individual,
where, who has been in a position to become
appointed protagonist of
international
hither and yon,
venomous
wherever
Herr Hitler has
President, by
a
no means
a
the Committee on
Military
Affairs of the Senate was summoned to the White
Uouse and, in profound secrecy, was instructed conperning the facts and principles, such as they are,
of current foreign policy. Thus a veritable Pandora's box of new contentions was opened, and the
end is not yet. It has been, asserted that the President declared the Rhine has become the real American frontier, in the military sense, and he informed
his press conference, after a delay of several days,
assertion, whoever made it, was "a deliberate lie." It has been said that his comment was
that ^he first line of defense"„of the United States
^ow ^es *n France, with the implication that American men and resources must be freely expended, if
Occasion arises, to support and defend that line, and
assertion has been denied, if at all, much less
categorically. What has not been at all denied,
but has been repeatedly declared, by persons who
l*9ve ^9(f every opportunity to become cognizent of
^ie facts, is that Mr. Roosevelt plainly indicated to
the Senators present that his foreign policy ineludes the extension to England and France of all
possible facilities, short of military and naval
reenforcement, in their joint or several efforts to
withstand any possible encroachments of the European dictators, even while these encroachments are
confined to regions remote from the Western Btemisphere. It is the common belief that the Administration has adopted precisely that policy and is
pursuing, it already which lies at the base of all the
separate . recriminations and accusations, and,
whether it was avowed or not at the senatorial
conference, the evidence, that such a policy does
exist is abundant and amply sufficient to support
that belief until it is distinctly and completely disavowed.
y
V
It ought to be disavowed, simply, explicitly, and
without delay.
If such
a
policy has been adopted,
it ought immediately to be reconsidered and abandoned.
No sovereignty has
any
right to dictate to
other sovereignty anything concerning the form
any
self-
in which the essentials of government shall be
side in the potential
accusations scattered
shining mark could be
paraded his views of the
flattering, and has found
ingeniously devised invectives in which to
Finally,
any-
quarrels omitted to leap to the front
with loud cries and
located.
any
flames.
com-
Only M. Stalin
attack, but M. Stalin
country of military planes, added new fuel to
the
•
convey
cised within its territorial limits.
the people of the United States have
interest in
or
of
the
any
exer-
More than that,
no
legitimate
questions of European boundaries
allocations
of
colonial
dependencies
beyond the natural purview of the Monroe Dictrine,
which is in
110 way
involved in
threatened dispute.
<
any
current
or
really
This time-honored and time-
Volume
Financial
148
tested doctrine
ican.
ought
And there
of the
can
be
no
New
be denied by any Amer¬
never
adequate comprehension
following statistics have been compiled by the Mid¬
land Bank Limited.
These compilations of issues of new
capital, which are subject to revision, exclude all borrowings
by the British Government for purely financial purposes;
shares issued to vendors; allotments arising from the capital¬
ization of reserve funds and undivided profits; sales of already
issued securities which add nothing to the capital resources
of the company whose securities have been offered; issues for
conversion or redemption of securities previously held in the
United Kingdom; short-dated bills sold in anticipation of
long-term borrowings; and loans of municipal and county
authorities which are not specifically limited.
In all cases
the figures are based upon the prices of issue.
developments, scientific, mechanical and po¬
dangers
tion and
ease
19
and rapidity of transporta¬
communication, by the density of modern
power
and ingenuity of new
available in warfare.
But if none of these
populations, and by the
weapons
things
alliances" in Europe are
of "entangling
multiplied by the
The
and additional force.
renewed sanction
true, the advantages of
were
moderation in
SUMMARY TABLE
expression and conduct would be none the less evi¬
There is
dent and extensive.
never
anything to be
gained by name-calling, by epithets and vitupera¬
Recourse to such devices of discussion
tion.
is,
President Roosevelt himself obverved in one of
calmer
as
vanced
•
Year to
Month
Year to
January
Jan. 31
January
Jan.. 31
£
£
£
18,341,000
364,234,000
1932.......
42,343,000
235,670.000
1933.......
21,052.000
214,377,000
1934.
effected,
118,453,000
135,412,000
194.248,000
1935.......
16.592,000
155,929,000
232,100,000
228,170,000
251,231,000
1936
33,963,000
200,195,000
1937.
27,614,000
210,872,000
1938
7,465,000
150,757,000
33,795.000
322,177,000
1939
13,858,000
124,491,000
47.418.000
376.143.000
1927....
1928
..
:;
1929..
_
carry
marked
79,230,000
8,310,000
11,540,000
.........
UNITED KINGDOM BY MONTHS
[Compiled by the Midland Bank Limited]
1936
1938
1937
£
£
world, including
with
2,896,000
10,853.000
20,940,000
28,368,000
26,332,000
.
1926.......
1939
'
£
£
January._______
33,963,149
27,614,265
7,464,872
February
19,687,120.
•10,671,858
19,248,438
._
March:
.
diffi¬
6,961,500
11,257,125
April..
-
Administration
10,456,037
May..
19,505,122
June
.....
6,391,772
5,038,715
Congress
Seventy-fifth
would
enactment
the
on
tend
to
that
its
Nation
in
ground
weaken
this
24,402,925
20,305,459
15,188,116
August
6,194,413
7,141,184
1,963,697
13,855,183
2,184,057
9,546,101
-
26.943,859
20,939,125
December.
_.
negotiation^ with foreign Powers, some may have
suspected that it was believed threats of war re¬
EOGRAPHICAL
war
other
In
..
a
solemnly pledged against offensive warfare, it was
thought that the threat of breaking the pledge re¬
mained
effective
an
instrument
of
policy
too
war
Now, the renunciation
remaining in full force/ and no one propos¬
ing that the commitment be withdrawn, accusations
and
epithets, indecorous and provocative, are hurled
in endless
repetition wherever
a
potential adversary
It is not wise ; it is not seemly ; it is not
appears,
dignified; the method is lame, impotent, and sterile.
What is
the
ment
needed, it is suggested, is to supple¬
now
Kellog-Briand treaties by the early ac¬
DISTRIBUTION
OF NEW
CAPITAL ISSUES IN
Other British
Foreign
Ceylon
Countries
Countries
February.:
31,000
34,000
9,736,000
March...
8,313,000
22,611,000
14,558,000
May.
June..'..!.
138,768,000
1,467,000
January reached the relatively sizeable total of $276,216,186,
including issues for new capital and refunding purposes.
issues comprised less than
Of the total, however, corporate
6%, amounting in all to no more than $15,563,332, of
$10,136,300
for
new
was
capital requirements.
in the month
were
the smallest of
any
month since January,
1935; that they were exceptionally minute is
the
fact
that
which
$5,427,032
Flotations of corporations
for refunding purposes and only
only eight' months
evident from
smaller
have produced
than twenty years that we have been
amounts in the more
compiling the figures.
In addition to January, 1935, there
1934, four in 1933 and one in 1932 that
were
two months in
were
smaller than last month.
issues placed in January were
Seven of the 16 corporate
private
or
semi-private transactions.
totaled $12,470,000,
or over
have shown to the
with average proportions of
largest proportion private placements
total
to
date
and
1
The private issues
This is the
80% of the total.
compares
11,257,000
20", 000
11,947,000
830,000
678"; 000
4,481,000
.1,125,000
24,515,000
20,305,000
7,141,000
1,964,000
141,000
11,411,000
586,000
96,000
53,090
~2~666
13,856,000
1,015,000
32,000
680,000
13,000
12,400,000
2.273,000
10,667,000
Year.
<>
10,672,000
396,000
11,372,000
.
December.
-
27,614,000
17,000
2,097,000
1,867,000
13,141,000
November
-' £
407,000
1,000,666
6,503,000
August
October...
4,885,000
17,825',000
1,634,000
23,304,000
27,000
3,000,000
87,000
311,000
10,213,000
360,000
3,931,000
7,200,000 170,906,000
1938—
January.
February...—
March...
—.
April.—
May
—...
June..
-■
July..-...--—.
— .
August
6,520,000
13,847,000
6,305,000
4,728,000
16,591,000
8,149,000
11,202,000
1,763,000
1,611,000
1,781,000
945,000
2,402,000
7,465,000
19,248,000
594,000
5,039,000
27,398,000
6,392,000
28~ 660
421,000
331,000
37", 000
516,000
100,000
1,152,000
.....
10,928,000
9,322,000
92,746,000
458,000
September....
No vember
—.
—-k—.
1939—
8,509,000
15,188,000
2,184,000
1,648,000
2,628,000
274,000
12,802,000
9,596,000
20,826,000
4,067,000 118,098,000
3,584,000
13,858,000
622,000
;
Jan uary..........
Capital Flotations in the United States
Capital issues offered publicly and placed privately in
Total
.
2,581,000
4,792,000
7,135,000
April..
£
2,405,000
24,802,000
'8,043,000
January.,.
Year..—.—.
The New
THE
BY MONTHS
£
December
perate denunciation and incendiary accusations.
•
.
India and
1937—
signatory powers, for themselves and their nation¬
als, to renounce, in addition to warfare, all intem¬
Wm
'
October..
ceptance of a new obligation on the part of the
W
118.097,565
United
September.
of
'mm.
Kingdom
July...*-—.
precious to be abandoned.
170,906,191
UNITED KINGDOM,
violation of solemn national pledges.
words, although the national faith was
2,627,853
12,802,202
>9,695,909
{Compiled by the Midland Bank Limited]
potent in negotiations, even though to make
would be
1,648,504
20,211,176
November
12,400,174
17,824,624
217,221,225
October........
Year
mained
2
8,509,247
September.......
<y
13,858,372
27,397,880
18,410,698
11,947,382
11,410,592
24,514,648
July.....
culty, the defeat of the Ludlow resolution in the
223,257,000
231,567,000
1924.....
States, specifically renounced warfare as
instrumentality of their foreign policies. When
the
12,332,000
1
1925.
the United
an
16,926,000
1931.1
261,647,000
NEW CAPITAL ISSUES IN THE
of the
£
1930.......
83,478,000
,
42,446,000
22; 469.000
the
In the Kellogg-Briand treaties,
most of the civilized nations
KINGDOM
Month of
1923.
European government a liar or an- assassin, or is
inevitable retort.
IN UNITED
1922.......
Secretary Ickes calls the head of a
damaged when the cables or the radio
ISSUES
1921.......
his
No interest of the United States is ad¬
when
CAPITAL
NEW
OF
[Compiled by the Midland Bank Llmitedl
1920
moments, proof of substantial weakness in
argument.
Capital Issues in Great Britain
# The
litical, of modern life that does not give to this doc¬
trine
787
Chronicle
30.2% in the
10,274,000
During the Month of January
year
1938, 25% in December last, 77.9% in
November and only 2.8% in January, 1938.
Nine issues were placed privately in December, for a total
of $63,928,000.
This figure now includes an issue of $12,000,000 2%% debentures of Sun Oil Co., placed in Decem¬
ber but not reported until January.
In addition to the corporate issues sold privately in Janu¬
there were two other issues disposed of in this manner;
a Canadian Government issue of $20,000,000 and the
other a refunding issue of $16,700,000 Port of New York
Authority (municipal) bonds.
A privately placed issue of
particular note was the sale of $2,500,000 Pan American
Airways equipment trust certificates.
Equipment trust
issues of railroads have long been regarded as high grade
investments, but this is the first time that an air transport
company has undertaken this type of financing.
That the
issue was taken by a group of banks for investment purposes
indicates that this new kind of security is starting its careeJ
in the high-grade classification.
Private sales have attracted a great deal of attention in the
ary,
one,
past year or more and now the Securities and Exchange Com¬
mission is making a study of these issues, according to an
announcement of
Jan. 26.
The study, the SEC said, will
Financial
788
by the Association and returned by about 3,000
three-quarters of this number have
investable funds which they hesitate to invest at present,
chiefly for the following reasons: 38.4% of the replies, be¬
cause of inadequate present profits; an equally substantial
percentage on account of poor outlook for future profits;
81.7% blame excessive corporation taxes; 60.7%, the indi¬
vidual tax burden; around 50 to 60% each, the restrictions
on the purchase,
the sale and the issuance of securities.
In view of the current proposal to tax new Federal, State
and municipal issues, it is interesting to note that 62% of the
replies indicated preference for riew corporate securities over
tax-exempt Government bonds.
The following tabulation of figures since January, 1937,
shows the different monthly amounts of corporate financing
as revised to date.
Further revision of the 1938 figures will
investors indicated that
public offering by that agency.
The issue,
announced by Secretary of the Treasury Morgenthau,
oversubscribed nearly 27 times, and is said to have
established a record for oversubscription of any issue offered
publicly by the Treasury.
The January figures might have been considerably greater
had the North American Co. financing, aggregating $105,000,000, been done a day earlier.
The offering was made
Feb. 1 and consequently will be included in our-February
sents the first
was
was
compilation.'
The failure of corporate issues for new capital purposes' to
attain more substantial
proportions has long been
undoubtedly be necessary from time to time, particularly as
additional private financing carried on last year is brought
to light in annual reports to be issued during the next few
months;
It is our present purpose to carry a table.oh this
style regularly hereafter. Footnotes to the table indicate
the nature of revisions reflected in the figures and not pre¬
a source
concern
to students of domestic business conditions.
Numerous explanations" have been offered, which are now
of
largely confirmed by the results of a survey made by the
National Association of Manufacturers, to determine impedi¬
ments in the flow of capital into business.
Questionnaires
viously reported.
SUMMARY OF CORPORATE FIGURES BY MONTHS,
1939
New Capital
Refunding
10,136,300
5,427,032
Refunding
$
$
15.563,332
•
46,364,596
40,851,910
23,995,213
4,141,400
62,224,590
Total
New Capital
$
i
$
March
First quarter.
April......../.....
May.
June...............
57,643,000
124,008,990
78,433,361
63,266,450
301,107,045
300,241,439
394,607,581
320,298,821
624,722,996
1,015,147,841
79,401,795
83,010,572
276,128,467,
'
203,646,962
240,020,551
181,055,483
390,424,845
235,220,709
66,750,000
25,691,650
98,791,000
.
$
96,594,477
154,587,030
139,243,338
50,505,996
103,076,500
81,638,213
11,683,361
37,574,800
202,316,045
...
Total
Refunding
S
..
111,211,719
u
February/.:
*1937
New Capital
S
January
1939, 1938 AND 1937
*1938
Total
11, 1939
sent out
inquire into the causes of the increased practice of direct
placement of securities in recent years,, and its effect upon
investment banking' and the capital and securities markets.
Included in the financing done during the month was an
offering by the Treasury Department of 1114,146,000 United
States Housing Authority l%% five-year notes, which repre¬
it
Feb-.
Chronicle
88,128,403
92,220,363
155,373,179
175,230,935
431,501,646
167,530,198
Second quarter.
251,574,206
191,232,650
442.806,856
438,540,834
335,721,945
774,262,779
Six .months....
362,785,925
315,241,640
678,027,565
828,965,679
960,444,941
1,789,410,620
55,545,325
211,140,930
65,135,600
185,820,831
332,445,000
150,022,841
81,745,046
50,872,836
58,130,528
139,875,574
57,194,072
113,745,862
39,385,636
108,066,908
153,131,498
July
August......—....
.
September..........
130,275,506
121,304,070
84,887,241
-
336,466,817
331,821,855
668,288,672
246,363,744
154,710,236
401,073,980
Nine months..:...
699,252,742
647,063,495
1,346,316,237
1,075,329,423
1,115,155,177
2,190,484,600
October............
"63,921,610
273,237,144
103,557,800
196.511,300
66,986,500
36,088,768
255,692,575
71,552,500
1,120,000
20,852,269
138,539,000
37,208,768
67,459,791
Third quarter^....
;
'
November.
41,980,885
59,181,275
.........
December
....
337,158,754
145,538,685
"
46,607,522
,
Fourth quarter....
165,083,770
573,306.244
738,390,014
149,682,790
93,524,769
243,297,559
Twelve months
864,336,512
1,220,369,739
2,084,706,251
1,225,01^,213
1,208,679,946
2,433,692,159
♦
•»
Revised.
•
Ifate (a)—In addition to the revisions already noted In previous issues of the "Chronicle," the following changes have been made: (1) July 1938—Added to new capital,
"Long-term bonds and notes," Public Utility, $100,000 Pennsylvania State Water Corp. 1st coll. trust 4Xs, 1966, placed privately-.
(2) November 1938—Added to new
capital, "Long-term bonds and notes," Public Utility, $100,000 Pennsylvania State Water Corp, 1st coll. trust 4Mb, 1966, placed privately.
(3) December 1938—Added to
new capital, "Long-term bonds and notes," Oil, $12,000,000 Sun Oil Co. 2J4% debentures, placed privately
' •
Note (b)—In the December, 1938, figures/two typographical errors occurred in the corporate breakdown of newcapltal, "Long-terin bonds and notes"; In this classifica¬
tion the Public Utility figure should have.read $4,784,750, instead of $2,875,000. and the Iron, Steel, Coal, Copper, &c., figure should have been $434,000, instead of
84,784,750.
The totals, however, appeared correctly,.
»
Treasury Financing in January
UNITED STATES TREASURY FINANCING DURING
JANUARY, 1939
THE MONTH OF
The United States
Treasury sold in January four 91-day
each aggregating something over $100,000,000,
each instance.
As usual,
the issues were heavily oversubscribed,
particularly in the
first two weeks, when the demand for issues maturing after
April 1 (the date of the Illinois assessment of bank deposits
for taxation) was so great that the whole of both issues was
disposed of at par or slightly higher; which meant that the
Treasury was actually being paid to borrow money.
This
extraordinary, situation was eased somewhat in the third
week, when the weekly issue was sold at an average price
fractionally under par, although a large portion yent at par
or higher.
With the offering of the final issue of the month,
that dated Jan. 25, it appeared that 'the demand for bills
maturing after April 1 had been- substantially supplied for
the highest bid was par and the average 99.998.
Bills were
so greatly in demand in the latter part of December last
that the "Federal Open Market Committee on Dec. 30 felt
obliged to announce that it might find it necessary to permit"
bills in the Federal Reserve System's open market account
to mature without replacement.
However, the necessity
did not arise as, after the year-end, bills maturing prior to
April 1 were released in sufficient amounts for the Account
to replace its maturing issues.
bill issues,
which
was
In addition to bill sales in January, which totaled $403,656,000, sales of U. S, Savings bonds (baby bonds) amounted
to $145,826,772, and public financing of the Treasury,
therefore, aggregated $549,482,772 for the month.
The
baby bond sales were the largest on record, the previous high
haying been reached in January, 1938, when $102,248,654
was sold.
January demand for these securities is especially
great for the reason that corporations and institutions as well
as some individuals prefer to take the maximum amount
they are allowed as soon as a new series becomes available.
In each calendar year a different series of Savings bonds is
issued and under the law no more than $10,000 maturity
value of each series may be owned by a person or organization
at
one
Date
time.
Proceeds of all bill
offerings in January went to pay off
maturing issues of approximately equal amounts.
The
baby bohd sales may be said to represent hew indebtedness.
Amount
Offered
Due
Dated
'
'
e
Amount
.
Applied for
Price
Accepted
$
the amount sought in
Yield
$
,
i
1
Dec. 27 Jan.
91
4
Jan.
5 Jan.
11
Jan.
,12 Jan.
18
Jan.
19 Jan.
25
Jan 1-31 Jan.
1
days
91 days
91 days
91 days
10 years
A'
250,496,000
145,826,772
Janua ry total
Nil
X
100,722,000
101,341,000
101,152,000
100,441,000
145,826,772
488,825,000
373,987,000
294,753,000
Nil
Nil
99^998
*0.007%
75
*2.90%
549.482.772
♦
y
Average rate on a bank discount .basis,
x At par and slightly above par.
At fractionally under par; bids ranged from jBllghtly above par down to 99.999:
at 99.999 were accepted.
15%' of bldsf
OF FUNDS,
USE
Accepted
Refunding
:
Jan.
91-day Treas. bills
91-day Treas., bills
91-day Treas. bills
Jan.
25
91-^Jay Treas. bills
JAn.
1
U» S, Savings bonds
January total
*
*
100,722,000
101,341,000
101,152,000
100,441,000
145,826,772
100,722,000
101,341,000
101,152,000
100,441,000
549,482,^72
4
11
403,656,000
;■
3
..
m
.
145,826*772
145,826,772
INTERGOVERNMENT FINANCING
Issued
Retired
$
1939
$
January—
Certificates..
'
Indebtedness
$
%
Jan.
Jan.
*
New
Total Amount
Type, of
Security
Dated
• •
.
Net Issued
$
38,000,000
51,500,000
Total
27,700,000
2,650,000
10,300,000
48,850,000
89,500,000
-
Notes
30,350,000
59,150,000
*
Comprises sales of special series certificates and notes; certificates sold to
Adjusted Service Certificate Fund and Unemployment Trust Fund, and notes to
Old Age Reserve Account, Railroad Retirement Account, Civil Service Retirement
Fund,
Foreign
Service
Retirement
Fund,
Canal
Railroad Retirement Fund, Postal Savings System
Zone Retirement Act, Alaska
and Federal Deposit Insurance
Corporation.
In the elaborate and comprehensive table on the succeed¬
ing page we compare the January figures with those for the
corresponding months in the four years preceding, thus
affording a five-year comparison.
Following the full page table, we give complete details of
the capital flotations during January, including every issue
of any kind brought out in that month.
.
o
o
Oo
as
£3
fB
Total
$
1,62 ,0 4,10 0 925,0 0 1,079,0
7, 26,0 36,TO ",0 97,12419 43 ,0 14,53 419
84 ,0
Refundi g 1,650
1935
Capital
$
1935
5,267,0 6,bo ",06 80,9 6 43 43 ,0 92,6 43
7 8,0 2,485,0 925,0 0 1,079,0
-
New
O
00
as
"t
CO
<T>
l,178,0 u
Capit l
1,62 ,0
4,10,0
4,10,0 1,785",2 0 "218,750
4 ,0 84 ,0 0
1,65,0
1,65.0
7 8,0 0
Refundi g
4 1,0 0
40 ,0 0
Total
2,459,0 30,To"0 16,75 6 48,3 76
$
o
•»«».
7 8,0 0
2,485,0
2,0 4,0 2,963",250 4,318,756
"4 4",0 0 7, 26,0
40 ,0 0
1,65,0
4 4,0 0 2,459,0
2,485,0 f,785",250 "218,756
2,0 4,0 2,563",250 2,703,756
5,267,0
4,18 ,9 0 94,518 0 28,50 126,750 1,24 50 12,594 0 250, 0
273,904
63,71850 27,0 0 9,714 52 1,39 04 9,150, 0 250, 0
20,97256
3,749,68 30,8 0 1,5 0, 0 27,035248 10, 5196 3,4 ,490
72,934
New
|
Total
$
243,71850 18,0 0 2,0 ,0 2,18,90 8,0 ,0
273,904 48,0 0 "To ",60 89,523614 41,63104
Refundi g 183,2457 17,28 50 "439"3p4
J
20,97256 48,0 0 "606ob",38,45 5 287,6 01
60,472 48 712,50 2,0 ,0 1,749,68 8,0 ,0
Capital
1936:
72,934
$
$
Ncid
Total
$
'■
1937
14,35 0 9,05,0 136,7 094 10,6 045
Refundi g 80.965, 0 6,0,0 16,08142
251,7850 15,0 0
3,0 ,0
18,0 0 1,05 0 2,54",50 594, 90
70 ,0 0
48,71 50 27,0 0 9,714 52 6,82,50 250, 0
1936
183,24572 15,0 0
2,87,50
17.28,50
68,472 48
712,50
712,50
Refundig
Capital 30,8 0 1,50, 0 25,98 248
51,06915 124,0 93
8,0 ,0 2,137,50
New
,
30,24139 85,0 0 26,"o ,0 207, 831 618,4920
1937
202,50
60 ,0 0
Refundi g 51,4850 9,286,0 1,04 50 8,348,0
80,965 0 80 ,0 0 5,0 ,0
439,304
439,304
1,05 ,0 2,105,196 594, 90
568,9354",
4,170,140 4,781,30551,6 0
27,80 146,83719 59,21430 78,64 9 15,30 4,170,146 8,31,305 102,5 0 8 1,0 0 250, 0 31, 0 30,241 39
6,0,0 56,480"694
51,06", 6
80 ,0 60 ,0 0
8,TO",718 16,08412 52,850 70,6 94 1,04 5a 59,84 0 8,30,218 203,6492
"950",0 0 2,450, 0 1,875",6 4,170,140 4,781,305 150, 0
58,41 30 15,409 15,30 0 1,40,0 50,4 0 8 1,0 250, 0 2,30,0 14,35 0 80 ,0 0 5,10,0 2,0,0
Total
Si
203,6492 85,0 0 26,0 6 59,84.790 374,50172
$
79,518 0 28,50 125,70 8,70,0 9,0 ,0 250, 0
Total
281,0 0 250, 0
19,7 28 30,75 27 6,92,30 8,098,0 4,25,950 4.17b",l46 7,581,305 42,0 0 2,86782^ 96,54 7
5,179,3 8 60 ,0 0
1,01,0 7,280,9 6 40,3 0 40 ,598 5,379,3 8 60 ,0 0 $00 3,10 , 0 50, 596
1,0 2,50
20,30
4,176,89 60 ,0 0
1,08 ,70 6.258,196 39,26840 40 ,598 4,26 ,89 60 ,0 0 425,0 0 1,403,70 46,34596
000 9,05 ,0
955",
80 ,0
/
,
YGFfotrevma-hdournngicmplely.sOJFTMSUATEISNINHAVHUIRESRED.
YFOMFJTMLFEAAIUNIONHVUCRRERPDSMNGL
Capit l 63,8 750 2,450, 0 20,695 82 10,6 045
$
New
96,54.7 14^,37 591
'
Total
%
41,250
2,0 ,0 3,719,0 3,561,9 6
Capitl
243,9680
iNew
Refundi g 1,4 60 1,67 0 1,02 ,80 <W««m••.
4,1 ,40 017,"7050", 7,5 8,50 29,4 90
323,0 0
Capital 39,78340 2,69,20 3,561,96
16,850' 7,60,0 1, 3* 2
15,63 2 0, 0 137,96 103;256,84 276,1 86
_
1938
$
New
GOVERNMT,
CFOORRPEIGANT,
■,
,
4,950, 0 5,0 ,0 "186,36
1939 Refundig■
$
'
,
SUMARYiCF
Capital
8
2,0 ,0 2,0 ,0
Refundi g 1,031,60 660i""l b", "To ",0
lr4 1,60
39,78340
323,0 0 32 ,0
40 ,598
1,67,0 1,67 0
"
725
1,90 , 0 2,60 , 0 927",032
~
New
10,36 0 109,250",27,12356 56, 865
5,427,032 20, 0 6108,1646", 76,084 98
GOCNORRPEUPFWAITE
ACHANRDTE
>
219,65730
bStaoneyids
1,02,80 1,03T,65 f,1 2756 "30 ",60 1,697,36 4,1 ,40
'
*r
$
41,25.0
Total
46,34596 5,6"ob6 40,329 17 92,4513-'
'
$
Total
40,3 0 "20 ",65 7~25",6
Capit l 39,268406 "90,6 5 425",65
50, 596 23", 5b6 47,8 417 12,74 13
.
-
1938
100"
6.92 ,30 6,123,0 4,25 ,950 1,40 , 0 42,05 0 281,0 0 250, 0 2,097,50 63, 8 750 "656, 1.40 ,6
$
-
New
1939
30 ,0 0
Refundi g
Capit l
*
$
a,80 , 0 "S5O"6
186,30
186,30 5,0 ,0 30 ,0 0
2,50 , 0 2,60 , 0
1,90 , 0 "l0 ",606
36 ,3 2 750, 0
5,0 0
4,950, 0 5,0 ,0
630, 0 ~5 ob~,6
"7 0",65
1, 3, 2 5,0 ,0 1,07 ,0 10 ,0 0 4,163, 2750, 0 1,480, 0 50 , 0 2,50 , 0 15,63 2
2,50 . 0 7,60 , 0
1,07 ,0 3,SO ".65 1,48b",0 " 5000"60, 6,850, 0 5,0 ,0 "10 ",6 5
Total
40 ,598
17 ,032 750, 0
927,032 7 0, 0 10 ,0 0 17 ,032 750, 0 630, 0 50 ,0 0 2,50 , 0 5,427,032
-
8
3,986,30 ".60650;
10,36 0
New
OFJANURY bonanodtess. stock stock boannondtedss. stock,. stock foreign— boannodtess. stock stock corpate toal ffdiuingcnuldoresset OFJANURY BNooteans-ds
SBNhoootreatn-sT—dems util e_s &sccotopeall,,, manufctres oi inamauasnnutrfdctlrig b&uildcngs, h&ttrroaculdd_siinntgg,,,Miscelanous utiles &sccotoepae.llr,,, manuft acesori indamuasnnutrfdctlrig &buildcngs, h&ttorrualddsciinntgg,,,Miscelanous utiles &ccsootpeaellr,,, manuft acesori indamuansutfrctlrig &buildcngs, h&tortrcaldud—isinntgg,,,Miscelanous sceocrupritate
GovernmtforgeoveirgnmnGaavnciteds,.M&unicpal—tS,PSotsaeeins utile-s&sccotoepall,,,manufctres oi,.indmauansnutfrcdtlrig b&uildengs, .h&ttrorualddsciintngg,,,Miscelanous
Corpate—,
MONTH
Domestic— Long-term Short-emPref red Com onCandi — Long-term Short-emPref red Com onOtherLong-term Short-em Prefred Com on Can dianOtherLoan United
Total
Farm
*
Grand
These
*
MONTH
Long-Term Railroads Public Iron,Equipment Moatonrds
Total
Ship ing
Other Land, Rub er Inv.
Oil
Railroads Public Iron,Equipment Moatonrds Other
Total
Oil,
Land,Rub er
Ship ingInv.
Stocks- Railroads Public
Equipment and
Total
Iron, Motors Other Land, Rub er Ship ingInv,
Oil
Total—
Railroads Equipment and
Total
Public Iron, Motors Other Land, Rub er Ship ing Inv.
Oil
Financial
790
$7,761,988 Commonwealth Edison Co.. 298,538 shares common stock,
par $25.
Price $26.00 per share.
Offered privately to not
more than
15 companies or individuals by Clark, Dodge &
Co.,
in
accordance with agreement with Commonwealth
Subsidiary Con>., owner of the shares.
JANUARY, 1939
AND NOTES
BONDS
LONG-TERM
THAN
;
(ISSUES MATURING LATER
FIVE YEARS)
101 and interest.
International Salt Co.
$3,800,000
Work¬
MANUFACTURING
Refund¬
Hammond & Co., N. Y.
Placed privately through Paul
ing.
.
3'k% 12-ymr debentures.
LAND.fBUILDINGS, &c.
'
of,
Bishop
$195,000 Catholic
Lincoln,
;
$9,919,270
Neb.) 1st & ref. 4Ms.
Refunding. Price, 100.
Offered by Dempsey-Tegeler & Co., St. Louis.
210,000 Michigan College of Mining and Technology 4% dormitory
revenue bonds; Nov .1,1940-53Erect and furnish new dormi¬
tory.
Price to yield 2.65% to 4%.
Offered by First of
Michigan Corp., Cray, McFawn & PetterandCrouse & Co.
350 000 St. Vincent's Infant Asylum and Maternity Hospital of
Chicago 1st mtge. 3% loan.
Refunding. Price on applica¬
The Course of the Bond Market
The bond market has tended to
by
Sisters
of
Refund mortgage, debt, unsecured
tional improvements.
Price 102.
Bernheimer Co., Kansas City,
$1,480,000
;
..
%
'
•
,
HOLDING, &c.
Affiliated Fund, Inc., 4^% 10-year convertible debentures.
INVESTMENT TRUSTS.iTRADING,
$500,000
Price, par and int.
for investment purposes.
provide funds
'
Offered by Lord, Abbett
& Co.. New York.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING
AND INCLUDING FIVE YEARS)
UP^TO
•
'
■
<
RAILROADS
& Rio Grande Western RR. 4% trustees' certificates
series I), Feb. I, 1942.
Refunding. JPurchased at par and interest by First Nat. Bank of Chifago;
The Pennsylvania Co. for Insurances on Lives and Granting
Annuities; First Nat. Bank of Denver; First Securities Corp.
of Ogden, Utah; Denver Nat. Bank; United States Nat. Bank
$5 000.000 Denver
of
-
.
.
indebtedness,
of Denver, and
Colorado Nat.
Bank.
the last few
■
V
INDUSTRIAL AND MANUFACTURING,
-
./■
OIL
Pro¬
Oil Co.,, 300,000 shares common stock.
acquisition, expansion and development of oil
Price $2.50 per share.
Offered by The Meyer
;
'
i
:
"
.'.v.; /
■
vide funds for
properties.i
Corp.
FARM
i
LOAN AND GOVERNMENT
$23,250,000 Federal Intermediate Credit
AGENCY ISSUES
Banks 1% consol. debentures,
1939, and due in 5, 9 and 11H months.
$19,250,000 refunding and $4,000,000 new capital.
Priced slightly
above par.
Offered by Charles R. Dunn, New York, Fiscal
Agent.
"
dated Jan. 16,
■■
•
States Housing Authority 1H% series B notes,
1, 1939, and due Feb.' 1, 1944.
Proceeds to be
obligations of the USHA held by the U.S. Treas¬
Price, 100 and interest, to yield 1%%.
Offered by
114,146,000 United
dated
Feb.
used to repay
ury.
the U, S. Treasury
Department.
$137,396,000
CANADIAN
,
"
•
t
>
■
GOVERNMENT
(Dominion of)
$20,000,000 Canada
(
134% notes, dated Feb. 1, 1939,
May 1, 1941.
Proceeds represent new capital.
Price
99.75, a basis of about 1.36%.
Sold by the Dominion Gov¬
ernment to the Chase National Bank and several other New
York City banks.
„
due
MOODY'S BOND PRICES
V.
S.
Alt
120
1939
Govt.
Bonds
MOODY'S BOND YIELD AVERAGES
(REVISED) f
(Based
*
,
*
,
All
120 Domestic
1939
Corporate by Groups *
120
Corp.
RR.
U.
Indus.
Feb.10-- 113.21
83.60
89.69
108.85
112.45
by Ratings
120 Domestic
,
Corporate by Groups
7-
Indus.
Baa
RR.
3.82
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3.82
Feb. 10
P.
(REVISED) t
Individual Closing Prices)
1120 Domestic Corporate
Domes¬
Averages
Baa
101.06
A
'
on
tic
114.09
Aa
'
-
Moody's computed bond prices and bond yield averages
are given in the following tables;
119.69
Aaa
Most atten¬
bonds of companies operating in
.
Daily
Corp*
on
level for South American issues.
103.20
Averages
In
Valley Authority area/the announcement of
Electric Power properties
having been interpreted as a significant and favorable devel¬
opment.
The issues directly concerned promptly moved to
par,
while obligations, of Alabama Power Co., Georgia
Power Co., Mississippi Power Co. and others advanced
sharply.' ■
:
v
/
. .
k, •/ ,'
Industrial bondk this week have been generally quiet and
mixed, with most changes held to fractions, although, in the
packing group, which has been generally soft, the Wilson 4s,
1955, were off 1% at 101%; issues in other groups where
changes have been larger than fractional include the Purity
Bakeries 5s, 1948, up %-at 99% and the United Drug 5s,
1953, off 1% at 71.
Motion picture company obligations
have been firm, to strong, and in the paper group, the Inter¬
national 5s, 1947, were up % at 99.
Changes in other groups
of the industrial list have been of little significance.
There has been no outstanding trend in the foreign list '
but sentiment in general has appeared somewhat improved.
Among the strong features, the Czechoslovak, 8s, 1951,
moved into higher ground; there has also been some firming;
up in Australian issues.
New weakness developed in Italian
bonds, the Government 7s losing 4 points.
Japanese issues
have been irregular and • German bonds moved within a
narrow range.
There has been no marked change in the price
tic
by Ratings
broad scale.
intention to purchase Tennessee
Yields)
120 Domestic Corporate
Domes¬
Daily
i
on Average
in demand in the early
days, however, the trend has been reactionary
1
(Based
were
the Tennessee
'
$363,332
r
utility bonds
tion has been centered
$33,332 Monticello Tobacco Co., 16,666 shares capital stock, $1 par.
provide funds for initial production and marketing of products.
Price $2 per share.
Offered by Leigh Chandler & Co., Inc.
330,000 Muehlhausen Spring Corp., 55,000 shares common stock,
no
par.
Retire preferred stock, working capital.
Price; $6
per share.
Offered by James J. Boylan, New York.
$750,000 Gulf Board
of
and dullness has been the main characteristic.
(Preferred stocks of a stated par value are taken at par, while preferred
stocks of no par Value and all classes of common stock are computed at
their offering prices.)
•
OTHER
outstanding 5s.
part of the week and prices advanced on a
Pan American Airways System 4% equipment trust certifi¬
cated.
Jan. "1, 1940,
Purchase new trans-ocean transport
equipment.,
Placed privately with banks.
STOCKS
While
very
All classes
1, 1941.
MISCELLANEOUS
$2 500,000
come
amount of
IRON, STEEL, COAL, COPPER, &c.
$100,000 Central Foundry Co, 4% convertible notes, Sept.
Working capital.
Sold privately to individuals.
this week.
of the components—rail, utility or industrialclose to the record highs of 1937, although
each group thus far in 1939 has bettered its 1938 high. U. 8.
Governments have moved only fractionally this week, close
to recent high points.
High-grade railroad obligations have continued to display
fractional improvement this week.
Atchison gen. 4s, 1995,
advanced % to 108%; while Hocking Valley 4%s, 1999, at
119% were up %.
Moderate improvement has prevailed
,'for medium-grade rails.
The more speculative rail issues
weakened toward the close but net changes reflected gains
over last week.
Great Northern 4%s, 1961, were up % at
103%; Delaware & Hudson 4s, 1943, dropped 1% points to
57%.
Toward, the close of the week Cincinnati Union
Terminal Co. requested the Interstate Commerce Com¬
mission to approve a $12,000,000 issue to refund a similar
has
Mo.
•
up
group, none
#
.
125,000
firm
gains have not been wide, higher grades have again pushed
up to former peaks and the more speculative groups have
advanced,. Compared with 1937, when the bond market
was at a record high, Aaa's are now higher, Aa's the same,
A's lower, and Baa's lower.
In a breakdown of the Baa
Dempsey-Tegeler & Co., St. Louis.
of Charity, Lewiston, Me., 1st 4s.
obligations and for addi¬
Offered by Bond & Goodwin. Inc., Portland, Me.
Southwestern College, Winfield, Kan., 1st (closed) sink¬
ing fund bonds.
Refunding.
Price 101. Offered by Baum,
Offered
tion.
600,000 Society
Corp., 70,000 shares common stock,
par.
Mary's Cathedral,
(St,
Lincoln
shares common
Price $6 per share.
Offered by James J. Boylan.
660,000 Pilot Full Fashion Mills, Inc., 15,000 shares 6H% cum.
pref. stock, par $20, and 60,000 shares common stock, par $1.
Offered in units of 1 share pref. and 4 shares common at
144 per unit.
Offered by R. S. Dickson & Co., Inc., Scott,
Horner & Mason, Inc., Oscar Burnett & Co., Inc., Southern
."
Investment Co., Lewis & Hall, Inc.; Vance, Young & Hardin,
Inc., and C. S. Ashmun Co.
no
-
INDUSTRIAL AND
OTHER
38,821
Co..
Inc.
420,000 Muehlhausen Spring
Placed privately.
ing capital.
$1,070,000
& Co..
Refund¬
300.000 North Little Rock Water Co. 15-year 4^s, 1953.
ing.
Placed privately.
70,000 West Virginia Water Service Co. 1st mtge. 4s, 1961.
Service
Price $27.75 per share.
Offered by Central
Republic Co., Paine, Webber & Co., E. H. Rollins & Sons,
Inc., Stroud & Co., Inc., Chandler & Co., Inc., and Burr
stock, par $25.
Telephone Co. (Honolulu) 4% bonds.
Improve¬
extensions to telephone property.
Sold to Bank of
ments and
Hawaii and associated banks at
Public
1,077,282 Community
PUBLIC IUTILITIES
$700,000 Mutual
1939
11,
REPRESENTING NEW FINANCING
ISSUES NOT
FLOTATIONS DURING
DETAILS OF NEW CAPITAL
Feb.
Chronicle
2.99
3.27
3.94
5.08
4.65
3.52
3.29
3.82
2.99
3.27
3.94
5.07
4.66
3.52
3.28
Aaa
Aa
P.
U.
9— 113.18
103.20
119.92
113.89
101.06
82.00
89.55
108.85
112.45
9
8— 113.15
103.20
119.92
113.89
101.06
83.60
89.40
108.85
113.68
8
7-_ 113.16
103.20
119.69
113.89
101.06
83.73
89.55
108.85
113.48
7
3.82
3.00
3.27
3.94
5.06
4.65
3.52
6-- 113.18
103.20
119.92
113.68
101.06
83.73
89.55
108.85
113.68
6-.—...
3.82
2.99
3.28
3.94
5.06
4.65
3.52
3.28
4.. 113.15
103.02
119.69
113.68
100.88
83.46
89.25
108.66
113.48
3.83
3.00
3.28
3.95
5.08
4.67
3.53
3.29
102.84
3.84
3.01
3.28
3.95
5.10
4.68
3.53
3.29
3.84
3.01
3.27
3.96
3.51
4.70
3.53
3.29
3.84
3.00
3.27
3.97
5.13
4.72
3.54
3.28
27._—...
3.89
3.03
3.31
4.01
5.19
4.76
3.57
3.32
119.47
113.68
100.88
83.19
89.10
108.66
113.48
2— 113.20
102.84
119.47
113.89
100.70
83.06
88.80
108.66
113.48
113.10
102.84
119.69
113.89
100.53
82.79
88.51
108.46
113.68
3- 113.16
1-.
1
Jan. 27.. 112.59
20-- 113.18
101.94
119.03
103.20
119.69
13--
112.93
102.66
119.47
6--
112.95
102.48
119.25
Highl939 113.20
Low 1939 112.59
103.20
119.92
High 1938 112.81
Low 1938 109.58
113.07
99.83
82.00
87.93
107.88
112.86
113.48
101.06
83.87
89.55
108.66
113.48
20
3.82
3.00
3.29
3.94
5.05
4.65
3.53
3.29
113.07
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
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
114.09
101.06
83.87
89.69
108.85
113.68
High 1939
3.89
3.05
3.37
4.01
5.19
4.76
3.60
3.34
100.18
82.00
88.22
107.30
112.45
Low 1939
3.82
2.99
3.26
3.94
5.05
4.64
3.52
3.28
High 1938
Low 1938
4.70
3.34
3.85
4.68
6.98
6.11
4.23
3.76
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
4.24
3.19
3.52
4.26
6.00
5.07
4.08
3.58
3.73
3.20
3.39
3.83
4.49
4.00
3.75
3.44
101.94
118.60
111.84
101.76
118.60
111.43
100.18
82.27
88.36
107.11
112.05
88.80
112.45
102.b6
89.10
62.76
71.15
96.11
Jan.
104.30
1
Yr. Ago
Feb.10'38 110.08
Feb.10'37 112.31
*
Year Ago—
115.57
108.85
95.62
72.32
83.60
98.62
107.69
Feb.10,1938...
104.85
115.35
111.43
10.302
91.97
100.00
104.48
110.43
Feb. 10, 1937..
2
These prices are
or
-
95.95
2» JtTSfAQO
level
3.29
Weekly—
Weekly—
1
....
Years Ago—
computed from average yields on the basis of one "typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels arid the relative movement of
the average movement
yield averages, the latter, being the truer picture of the bond market.
t The latest complete list of bonds usfed in computing these Indexes was
-
-
-
-
published In the issue of July 23, 1938, page 488.
"
'
.
Volume
791
Chronicle
Financial
148
Indications of Business Activity
THE
STATE
than
EPITOME
TRADE—COMMERCIAL
OF
1938.
in
Friday Night, Feb. 10, 1939.
the
week.
past
least for
at
bituminous
runs-to-stills,
in
was
above
indicate a
Declines
the
the
steel
and automotive
with
at
eased
regarding
confusion
that leaders
in
and
business
the
increasingly' cautious.
coming
will
commerce
have
much
forward
looked
is
spirit should have a wholesome stimulating effect.;,
in
"The average
editor of "Iron Age."
operating rate this quarter has been probably 55%, but
look for
Buffalo
developments
to
this
support
thing, there Is the anticipated uptrend in the building
one
construction
work
muitions
Then
business.
coming
is
Look for an up-trend across the .border.
There
indications that Great Britain will depend upon
Canada
along.^
are
munitions
her
for
would
be
war."
stOel
"Iron
The
aerial
to
Age"
factories
attack
that
states
the
in
in
general
at
54%
materially, improving
No extensive dam¬
age is reported from the far Southwestern freezes, although
heavy heating was necessary in California1 orange groves;
no material damage is reported in
protected orchards.
In
the New York City area the weather during the past week
has been very unsettled, with cold temperatures prevailing.
Today it was raining and cold here, with temperatures
ranging from 31 to 40 degrees.
The forecast was for rain
and slightly warmer tonight.
Saturday partly cloudy and
colder.
Sunday probably fair and cold.
Overnight at
Boston it was 14 to 20 degrees; Baltimore. 36 to 54; Pitts¬
mountain
snow
the outlook for
trend of
The magazine estimates output
says
sharp losses in some districts reflect a mixed situation in
bookings.
Reflecting
•
production
region,
of electricity
2,287,248,000 kilowatt hours,
by
an
the electric light and
The movement of the index was as
Fri.,
2,082,447,000 kilowatt hours in the like 1938 period, accord¬
week's
total
awards
week,
the
for
week and 24%
below last
Engineering
$41,534,000,
"Annalist"
Construction award volume for the six weeks of
$412,263,000,
for
the
above
week
is
the 1938
26%
week.
below
.
the
previous week, but 25%
and 63%
lower, respectively, than a week ago and a year ago.
loadings of
revenue
totaled 576,790 cars.:
Car
freight for the week ended Saturday
This constituted a decrease of 17,589
the
or
traffic
of
the "like
in, 1937,
week
the
loadings
-142.9
.-
—
were
state that
automobile manufacturers anticipate
satisfactory
view
spring
the future
volume
of
with caution.
sales,
but
are
a
Ward's reported that
pro¬
Automotive news placed this week's pro¬
duction figure at 87,184 units, compared with 78,480 units
a
week ago and 57,390 units a year ago.
The American
Telephone & Telegraph Corp. today reported gross from
its own operations for December was $9,330,640, compared
with $9,116,006 in the same month of 1937.
Net operating
income was $1,349,069 against $1,018,127.
Net income for
the month, including dividends received from subsidiaries,
was $39,857,122 against $46,504,825 in 1937.
While industry
continued to move side wise in a season usually providing
figure last year.
expansion, both retail and wholesale business picked up a
due, according to Dun & Bradstreet, Inc.;
little this week,
of buying power by more
Heavier wholesale orders, said the
that retailers are preparing
—144.4
—
—
—,141.8
Index of Wholesale Commodity
Declines During Week Ended Feb. 4 '
prices had
no
effect
Feb. 6 that the brisk rally
upon
commodities and prices
for the- third straight
\
(1926=100)
Feb. 4. 1939
28,1939
Jan.
Feb.
3,1938
inclined to
gained
to release
-..i.
Low—Jan, 26—--
Weekly
generally
during the week, with an estimated total
output of 84,500 units against a revised total of 78,410
units last week.
The week's total was 46% over the same
duction
-142.3
.1-143.5
148.6
152.9
. —
1938 High—-Jan. 10
-. —
Low--June 1 -----------130.1
1939 High—Jan. 7-—
-142.5
•
Latest advices from Detroit
dpwn 94,437 cars, or 14.1%.
.
slight gain. Livestock prices were heavy with, the notable
exception of hogs which reached the best price in several
months.
In'the metal group; lead and tin were advanced
and export copper prices showed improvement.
■»
"ANNALIST" WEEKLY INDEX OF WHOLESALE -COMMODITY PRICES
3%, from the loadings of the preceding week.
It
was an increase, however, of ,12,050 cars, or 2.1%, over the
loadings of the similar, week last year.
Compared with
cars,
-142.3
■
27i—
week. As for Feb. 4, the
"Annalist" Index of Wholesale Commodity Prices stood at
79.0, the lowest since mid-December and 0.1 of a point below
thA preceding week.
The "Annalist" also stated:
%
As usual farm and food products were the weak items
with corn and wheat under fire. Cotton managed to score a
declined
Public construction
Private awards are 39%
.
The "Annalist" announced on
in security
30.5% gain over the $315,825,000
corresponding period last year;
—
,_142.1
Prices Again
reported
1939 totals
for the
,
30%
yesterday.
a
,
--..143.? Two weeks ago, Jan.
Month ago, Jan. 10— 143.;
...-.,-143.1 Year ago. Feb. 10-
3...
4—;,
.
below the volume for the corre¬
"Engineering News-Record"
sponding 1938 week,
are
Feb.
Feb.
Feb.
6--.
Feb.
7—
Wed.,
Feb. .8--.
Thurs., Feb.
9-..
Fri.,
Feb. 10-.'.
However, production
2,292,594,000 kilowatt hours.
of
construction
Sat.,
Mon„
Tues.,
5,346,000 kilowatt hours below the previous
week was
this
prices for rubber and wheat. , .v
follows:
lower
were
increase of 9.8% over the
ing to the Edison Electric Institute.
•
Mooay s Commodity Index declined from 143.2 a week
ago to 142.5 this Friday.
The principal individual changes,
ended Feb. 4 amounted to
week
for 0the
industry
power
Moody's Commodity Index Declines
sharp increase in the New England
a
storage has increased
irrigation water supplies.
24 to 52;
28 to 50;
Charleston, 62 to 68; Milwaukee, 22 to 38; Savannah, 64
to 68; Dqllas, 32 to 78; Kansas City, zero to 38; Salt Lake
City; 8 to 24; Oklahoma City, 12 to 40; Seattle, 2S to 32;
Montreal, 2 to 18, and Winnipeg, 10 below to 6 below.
of
the rest of
the industry's capacity, but
of
Considerable
snow-covered.
burgh, 38 to 46; Portland, Me., 10 to 38; Chicago,
Cincinnati, 46 to 66; Cleveland, 40 to 52; Detroit,
England
the event
probably will be upward for
production
mid-week
because
making,
vulnerable
too
February and for March.
at
"There are several
prediction.
For
purchasing agents last night.
promising
I
quarter," Mr: Van Deventer told
increase next
an
the almost continuously mild
winter, the reaction to abnor-,
shrinkage, but no extensive livestock loss is reported.
In
most
Western
sections, through extensive snowfall, the
building and unsettled world conditions is predicted by 1
John H. Van Deventer,
Following
areas.
the task
feeding; much of the range is
An in¬
American steel production because of an uptrend
in
faced
mally low temperatures in the Northwest and most of the
West was hard on livestock and necessitated much heavier
with
to
agencies
weather since the beginning of
but anything indicative of a real cooperative
much interest,
crease
mining
world are be¬
What the new Secretary of
offer
to
industrial
long expanse,
of caring for an esti¬
mated 30,000 refugees in four States.
The death toll stood
at six.
Kentucky and West Virginia faced the biggest job
of rehabilitation after mountain streams covered homes in
small wonder
controversy and bitterness in the Senate, it is
contrasting the active interest
leveled off along a
Ohio River
the
as
relief
but
legislative matters, not to speak of the character of recent
appointments by the President, which are causing so
response
margins."
reported, were especially encouraged by
to their promotions of furniture, house furn¬
was
radio-phonographs,
pianos,
and
electrical applianceschalked up outstandingly good sales comparisons in many
centers.
The outstanding feature of the weather this week
was the threatened serious catastrophe in the State of Ohio
as a result of floods.
However, fears of an extensive flood
to encourage business,
and
uncertainty
much
so
Administration
the
With
week.
doing little or nothing
Washington
dollar totals but also to broaden profit
up
displayed by customers with buying inertia evident during
most
of
1938.
Items
classed as luxuries—combination
Commerce," the only
production, which was 1.6 points
ingot
previous
evidence," said the review, "of
was
ishing and floor coverings,
electric output, petroleum
production
coal
pull
Merchants, it
According to the "Journal of
activity.
gain
being.
time
the
registered in car loadings,
were
and
from many quarters
Reports
trend,
reactionary
to
change
failed to show any appreciable
Business activity
"There
emphasis on higher priced goods, tending not only
increased
moderate temperatures.
credit agency, indicated
for a more active spring season
Farm
76.2
products
76.5
78.9
73.2
69.6
69.7
*59.9
x59.6
59.5
84.0
x84.0
91.6
Metals.
97.4
97.3
103.2
Building materials
69.6
69.3
72.0
Chemicals
86.7
86.7
88.9
Miscellaneous
69.8
69.3
73.0
79.0
79.1
83.1
Food products
Textile
products...:
Fuels
All commodities
*
Preliminary,
Revenue
x
Revised.
Freight Car Loadings in Week
Reach 576,790 Cars
Ended Feb'. 4
the week ended Feb. 4
Association of American Railroads
This was an increase of 12,050
cars, or 2.1%, above the corresponding week in 1938, but
a decrease of 94,437 cars, or 14.1%, below the same week
in 1937.
Loading of revenue freight for the week of Feb. 4
was a decrease oi 17,589 ears, or 3%, below the preceding
week.
The Association further apnouneed: / 1
Loading of revenue freight for
totaled 576,790 cars, the
announced on Feb. 9.
Financial
792
214,358
Miscellaneous freight loading totaled
below
cars
cars,
decrease of 4,039
a
preceding week, but an Increase of 9,909 cars above the
the
corresponding week in 1938.
less-tban-carload-lot freight totaled 146,138
below the preceding week, and a decrease
of 1,864 cars below the corresponding week in 1938.
Coal loading amounted to 132,908 cars, a decrease of 7,738 cars below
the preceding week, but an increase of 3,514 cars above the corresponding
of merchandise
Loading
of 290 cars
decrease
a
cars,
Feb.
Chronicle
1939
11,
on their own lines, compared with 280,063 cars in
preceding week and 263,526 cars in the seven days ended
Feb. 5, 1938.
A comparative table follows:
freight
the
FROM CONNECTIONS
REVENUE FREIGHT LOADED AND RECEIVED
(Number of Cars)
Loaded
Received from
Own Lines
on
Connections
Weeks Ended—
Weeks Ended—
week in 1938.
In the Western districts
alone
grain
and grain
products loading for the week of Feb. 4 totaled 17,948 cars, a decrease
and a decrease of 1,762 cars below
of 1,916 cars below the preceding week,
the corresponding
Livestock
week in 1938.
,
11,371 cars, a decrease of 1,595
loading amounted to
cars
decrease of 79 cars below the corresponding
In the Western districts alone loading of livestock for
below the preceding week, and a
week
1938.
in
8,457
decrease of 1,196,
below
the
week of Feb.
the
preceding week, but an increase of 39 cars above the corresponding
totaled
4
cars,
a
cars
week in 1938.
products loading totaled 25,538 cars, a decrease of 2,397 cars
Forest
below the
decrease of 719 cars below the corre¬
preceding week, and a
sponding week in 1938.
increase of 1,422
cars
above the
increase of 2,615 cars above the corresponding
Jan. 28
Feb. 5
1939
1939
1938
cars, a
decrease of 294
5,062
5,161
4,915
25,135
23,493
14,584
14,469
13,301
21,223
20,375
7,680
7,426
Baltlmore A Ohio Ry__
24,770
Chesapeake A Ohio Ry
18,374
Chicago Burlington A Quincy RR.
Chicago Milw. 8t. Paul A Pac. Ry
Chicago A North Western Ry..,.
14,028
17,581
12,259
3,432
1,550
3,648
Gulf Coast Lines
International Great Northern RR
6,571
14,580
13,834
6,932
6,567
7,195
17.970
17,129
6,966
6,870
12,665
12,939
7,123
9,037
2,853
3,297
1,333
1,452
1,721
1,761
3,745
1,997
1,845
1,950
2,638
3,960
2,498
2,707
9,003
9,491
12,465
Missouri Pacific RR—
New York Central Lines
._
N. Y. Chicago A St. Louis Ry...
Norfolk A Western Ry—x
12,722
13,630
2,524
7,953
33,134
4,473
Missouri-Kansas-Texas RR
34,59f.
30,432
37,200
36,812
33,611
4,574
3,857
9,693
9,475
8,935
7,992
8,52 T
18,110
4,365
3,669
33,533
29,601
5,369
4,790
4,446
3,096
4,219
4,382
4,576
3,574
23,162
22,479
7,626
8,113
7,540
4,863
Wabash Ry
4,191
49,739
4,177
34,102
4,654
4,443
21,534
Southern Pacific Lines....
16,150
52,554
4,690
Pere Marquette Ry...
20,042
53,439
Pennsylvania RR
below the
cars
18,093
18,379
5,002
4,849
8,170
8,306
7,95a
270,503 280.063 263.526 174,643 173,260 163,395
Total.
7,871
Feb. 4
1938
17,710
week in 1938.'
Coke loading amounted to
Feb. 5
1939
Atchison Topeka & Santa Fe Ry.
Pittsburgh A Lakfe Erie RR
-
Ore loading amounted to 9,062 cars, an
preceding week, and an
Jan. 28
1939
decrease of 2,738 cars below the corres-
below the preceding week and a
sponding week in 1938.
Feb. 4
totaled 29,544 cars, a decrease of 2,658
Grain and grain products loading
cars
AND
LOADINGS
TOTAL
preceding week, but an increase of 1,412 cars above the corresponding week
RECEIPTS
CONNECTIONS
FROM
(Number of Cars)
in 1938.
All
in
districts reported decreases compared
1938
except the Eastern,
increases.
All
districts
with the corresponding week
•
Alleghany and Pocahontas, which reported
reported
compared
decreases
with
the
Feb. 4,
Weeks Ended—
corre¬
sponding week in 1937 except the Southern, which reported an increase.
21,364
St. Louis-San Francisco Ry,..
1937
11,134
28,902
11.021
60.604
62.145
28,106
"
Four weeks in January
Total
2,256,717
564,740
3,385,676
The first 18 major railroads to report for the
Feb. 4, 1939, loaded a total of 270,503 cars
week ended
of revenue
.......
Total Revenue
compared with th©
1937
1,938
1939
1938
'
Central Vermont.-.
Delaware Lackawanna A WestDetroit A Mackinac
-
Detroit Toledo A Ironton.
30
55
39
1,208
4,623
9,593
1,455
4,922
9,282
1,695
6,906
6,502
1,446
6,630
5,313
255
Delaware A Hudson......
27
1,081
5,236
10,053
j
2,277
6,802
1,399
20
Central Indiana j..
531
7,139
1,570
Chicago Indianapolis A Louisv.
507
234
338
97
103
1,990
2,505
194
Detroit A Toledo Shore Libe...
Erie
889
Mobile A Ohio
187
251
Nashville Chattanooga A St. L.
10,068
1,754
9,097
286
12,413
3,526
144
Lehigh A New England
Lehigh Valley
'
Maine Central.
126
1,388
8,963
J 1,762
2,810
2,627
1,760
34,596
9,047
1,606
4,574
4,672
30,108
8,153
1,674
3,783
3,358
4,654
4,029
383
340-
373
348
852
New York Central Lines
■.
N. Y. N. H. A Hartford......
NewtYork Ontario A Western.
N". it. Chicago A St. Louis...:
Pittsburgh A Lake^Erle
Pere Marquette
Pittsburgh A Sh&wmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
Rutland.:
i
'
Wheeling A Lake Erie.
499
478
5,002
l.........
Wabash
4,717
1,990
4,753
7,271
4,841
3,157
172
18
36,812
10,636
1,622
9,473
*
'6,495
30
11,016
5,873
1,574
184
1,524
4,178
Montour
2,803
2,616
415
607
......
Monongahela
32,127
9,889
1,389
8,437
950
Norfolk Southern
479
1,078
438
4,289
8,540
18,895
8,271
17,625
8,586
18,053
4,324
13,793
411
426
403
674
711
155
141
181
695
586
93,990
90,888
86,128
64,212
57,727
12,665
2,361
17,970
3,573
11,961
2,462
16,151
3,745
15,558
2,320
9,003
2,510
6,966
2,660
8,378
2,243
6,318
2,628
Seaboard Air Line
Southern System
Tennessee Central
Winston-Salem
...
Southbound.^.
Total
Chicago
Chicago
Chicago
Chicago
A North Western
Great Western
:
•
Milw. St. P. & Pacific.
St. P. Minn. & Omaha.
Duluth Missabe A I. R
...
Ft. Dodge Des Moines & South.
Great Northern
Green Bay A Western....
305
579'
14$
1,445
979
1,295
1,164
1,028
68,485
62,209
79,692
38,887
34,45$
18,379
2,442
18,755
2,483
20,717
3,138
5,161
1,986
4,629
375
433
332
55
74
14,580
2,229
10,325
2,587
13,838
1,785
17,429
2,137.
6,567
6,319
643
794
10,271
11,656
3,481
8,119
2,207
7,592
2,732
765
767
999
928
1,910
1,043
2,606
2,400
4,154
1,911
2,679
.968
816
8,306
5,624
2,8,86
2.309
130,857
402
303
494
820
591
25,135
1,292
22,474
29,876
3,389
14,469
Spokane Portland A Seattle.
12.525'
—
Total.
A Santa Fe System.
..x..
......
Bingham A Garfield..
348
914
55
55
Cumberland A Pennsylvania..
259
933
1,163
Colorado A
Southern 1
_
1
_.
^
Denver A Rio Grande Western-
185
316
28
Denver A Salt
184
166
229
24
16
Fort Worth A Denver
533
484
656
2,613
2,298
Illinois
772
1,260
Missouri-Illinois
32
52,554
48.327
1,096
65,400
12,102
11,184
14,847
1,441
33,533
15,636
6,638
*15,608
1,034
.
'
Virginia Northern.
1,601
2,375
2,731
10,
1,540
1,945
2,528
Central Western District—
531
West
55
392
1,534
5,735
8,807r
V
7,650
145,728
'
629
51
4,163
9,199
2,221
595
,
'94
Pacific
International
xr.
...
2,238
583
122
Spokane
Chicago A Eastern Illinois..-..
(Pittsburgh)..
9,141
463
Northern
9,666
Union
164
8,339
179
153,859
'
171
1,133
2,450
,
274
155
120.269
850
337
1,374
10,846
Co.,..
338
128
6
Reading
197
4,356
1,246
4,204
7,328
12
Penn-Reading Seashore Lines.
282
6,101
200
2
Pennsylvania System
797
8,100
1,507
17
Valley
125
252
3,742
4,456
7,991
Lake Superior A Ishpeming
400
Long Island.
130
451
584
....
1,566
Ligonler
778
661
19,358
4,647
1,100
8,481
Elgin Joliet A Eastern
5,968
Cornwall......
12,62$
5,680
Duluth South Shore A Atlantic.
193
Central RR. of New Jersey
771
4,106
3,98$
Northwestern District—
1,359
Cambria A Indiana..
94$
367
5,807
Buffalo Creek A Gauley.
•
1,599'
'2,04$
Minn. St. Paul A S. S.
3,238
947
875
289
•209
Lake Erie.......
.1,994
2,550
309
1,610
5,450
Bessemer A
1,468
2,920
1,059
422
Chicago Burlington A Quincy..
Chicago A Illinois Midland:...
Chicago Rock Island A Pacific-
—
931
Piedmont Northern
Alton
Ohio_r_
2,254
2,309
985
Richmond Fred. A Potomac...
Atch. Top
Baltimore A
1,826
2,567
Minneapolis A St. Louis.......
3,788
4,223
'
16
Alleghany DistrictAkron Canton A Youngstown.
x......
-23
4,156
4,790
524
135,482
...
Total.
1938
11,286
1,002
•6,922
1,377
9,057
3,390
5,991
2,267
40,835
8,742
2,979
'
1939
1,277
"
6,959
1,751
157
1,689
Lehigh A Hudson River.--....
l',521
,
1,533
3,289
11,715
3,061
163
10,255
3,203
11,910.
4,304
Grand Trunk Western
1,267
2,201
8,624
1,436
-
from Connections
1937
District—(.Concl.)
511
'
Total Loads Received
1938
1939
1,843
......
ended Jan .J 28,
increases when,
ENDED JANUARY 28
Freight Loaded
Railroads
Southern
Maine.j
64,535
year.
Total Revenue
Eastern District—
A
week last
(NUMBER OF CARS)—-WEEK
from Connections
1939
Boston
same
Total Loads Received
FfUght Loaded
Railroads
Bangor A Aroostook.."..
12,313
Iij the following we undertake to show also the loadings
for separate roads and systems for the week
1939.
During this period 91 roads showed
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Ann Arbor...
«
29,461
.
671,227
2.821,457
Total
2,714,449
576,790
,
...
..:
2,302,464
2,879,254
Week ended Feb. 4
22,761
22,222
Chicago Rock Island & raciflc Ry.
Illinois Central System
'
1938
1939
Feb. 5, 1938
Jan. 28,1939
1939
30,675
13,837
1,226
16
58
84-
0
3,223
2,-754
3,896
5,119
4,770
113,615
101,999
144,739
86,804
77,898
485
City
505
1,244
15
879
Lake.
Terminal
Nevada
2,044
1,292
1,653
357
1,517
1,034
2,362
1,023
1,301
.1,247
990
1,350
117
74
466
613
298
284
* 43
42
1,664
...
916
.
998
Northern
North Western PaclfiQ.
Peoria A Pekin Union. ___i
452
25
.
•
\
484
342
'
7
245-
0
Maryland
Total.
•
0
0
(Pacific).
18,619
17,803
17,537
4,4l4
4,324
Toledo Peoria A Western.".
278
277
396
1,037
12,892
Western
12,699
1,058
5,513
Southern
Pacific
334
14,005
1,150
1,171
6
9
1,320
1,596
1,517
93,084
W estern Pacific
6,168
348
1,240
Utah
91,730
105,451
43,840
42,406
Pocahontas District—
Chesapeake A Ohio..
21,223
19.800
20,042
15,308
12,548
12,536
7,426
4,365
6,244
Norfolk A Western..
4,742
3,894
3,543
904
813
46,007
39,002
28,627
12,695
10,651
Virginian
Total
3,594
Southwestern District—
100
Total.,
Southern District—
Alabama Tennessee A Northern
International-Great Northern..
216
162
212
170
172
Atl. A W. P —W. RR. of Ala..
649
625
764
1,290
1,164
Atlanta Birmingham A CoastAtlantic Coast Line
573
503
658
781
8,753
3,746
8,302
3,444
9,441
4,182
1,049
4,768
375
371
367
2,801
1,121
1,173
1,009
1,318
2,036
4,651
2,338
1,013
1,674
243
304
365
317
284
Centra] of Georgia
Charleston & Western Carolina
Clinchfield
Columbus A
Greenville
Durham A Southern
144
162
148
420
264
Florida East Coast
1,138
1,025
1,208
934
818
Gainsvllle Midland
32
39
42
73
75
741
747
781
1,459
1,403
118
324
451
253
273
"2,853
3,531
1,702
3,498
2,281
1,452
1,950
1,570
1,744
Fort Smith A Western
Gulf Coast Lines
1,761
182
235
194
200
1,727
1,316
Kansas Oklahoma A Gulf.
1,934
2,023
1,404
269-
2,338
859
1,621
1,126
1,842
1,140
Louisiana Arkansas A Texas...
127
129
159
363
387
Litchfield A Madison
358
233
396
795
728
Midland
472
566
873
256
111
145
92
295
201
3,745
3,684
13,350
4,176
2,498
2,545
16,079
7,992
Kansas
City
Southern
Louisiana A Arkansas.
Valley
Missouri A Arkansas-
Missouri-Kansas-Texas
Lines..
Missouri Pacific
12,745
"
Quanah Acme A Pacific
St. Louts-San Francisco.
1,014
162
8,411
81
100
90
80
90
6,664
2,388
8.362
4,007
6,621
2.363
6,955
3,927
2,443
3,047
2,2.54
2,950
3,867
4,620
3,654
3,914
176
260
111
101
20
23
44
31
47,079
54,526
33,339
34,032
294
385
469
Texas A New Orleans.
6,012
2,277
6,087
1,688
18,979
1,017
1,145
Texas A Pacific
3,467
10,036
8,977
Wichita Falls A Southern
20,543
1,415
20,663
18,904
11,628
5,122
4,469
Wetherford M, W; A N. W.
Macon Dublin A Savannah
172
154
161
570
368
Mississippi Qentral
131
152
214
288
336
Georgia
Georgia A Florida
348
Gulf Mobile A Northern
1,502
Illinois Central -System
19,401
Louisville A
Nashville..^
Note—Previous
year's figures revised.
•
.
430
St.
Louis
Total
Southwestern
186
56
43.716
.
Financial
Volume 148
Wholesale Commodity Prices Unchanged During Week
Ended Feb. 4, According to the National Fertilizer
Association
Years
No change in wholesale commodity prices was recorded
Weakening prices for farm products, hides and skins,
hemp, and scrap steel caused the United States
Department of Labor, Bureau of Labor Statistics* index of
by the weekly index compiled by the National Fertilizer
Association, which continued at 72.8%, the same as in
the previous week.
Based on the 1926-28 average of
100%, a month ago the index registered 73.3% and a year
ago 76.8%.
The announcement of the Association, dated
Feb. 6, continued:
manila
wholesale commodity prices to decline 0.1% during the
week of
793
Chronicle
United States Department of Labor Index of Wholesale
Commodity Prices Declined 0.1% During Week
Ended Feb. 4—Index at Low Point of Past Four
February, Commissioner Lubin announced
"The combined index of
800
over
first
Feb. 9.
on
price series is now at the
A slight decline took place in the food price average, which is how at
the lowest
low point of the past 4 years, 70.6% of the 1926 average,'*
Mr. Lubin said.
the level of
"The
all-commodity index is 0.5% below
month ago and 4.4% below a year
a
prices
ago."
for hogs,
slightly, with declines in grains offset by rising quotations
poultry, and
at the lowest
The
fall.
Commissioner added:
The general level of farm product
point reached since 1934.
was up
The grain price index, although currently
eggs.
point reached this
Cotton
have
prices
is still well above the level of last
year,
stable
rather
been
in
After
weeks.
recent
remaining unchanged for eight weeks, the fuel price index rose moderately
Fluctuations in the commodity groups were small.
Hides and leather
last week, reflecting an upturn
products declined 0.4% ; farm products and foods, 0-3%; textile products,
0.2% ; and building inaterials and miscellaneous commodities, 0,.1%
The
lighting materials and chemicals and drugs
and metals and metal products and
groups
advanced 0.1%
housefurnishlng goods remained
The
un¬
and lead more than offsetting a
4.9%
took
materials group index fell
raw
6.4%
and offset the gain of the pre?
This week's index;, 70.4, is J.0% lower than
lower than
a
materials, fertilizer materials, and miscellaneous commodities.
month ago and
a
The indexes for,, semi-manufactured
year ago.
Thirty-three price series included in the index, declined during the week
com¬
and
modities and_for finished products remained unchanged from last week and
both groups are 0.4%
a
year
lower than they
finished product prices are down 4.3%
;
Compared with
were a month ago.
semi-manufactured commodity prices are down
ago,
higher than at any time since last spring. 'A slight increase was
registered by the metal index, with advances in quotations for tin
drop in steel scrap.
Fractional declines
place during the week in the indexes representing the prices of building
now
also
changed at last week's level.
ceding week.
2.4%
16 advanced; in the preceding week there were 22, declines
-
'
advances.
•'
*
WEEKLY WHOLESALE COMMODITY PRICE
"
Latest
Per Cent
Bears to the
The index of industrial
Month
Year
Ago
Preced'g
Ago
Feb. 5,
Week
Week
Each Group
The group Index, 78.7, Is 0.5% below the corresponding week of last month
INDEX
(1926-1928=100),
Compiled by the National Fertilizer Association.
■
Average wholesale prices of non-agricultural commodities declined 0.1%
according to the ipdex for "all commodities other than farm products."
and 4.1% below the corrspondingweek of last year.
and 21
advances; in the second preceding week there were 23 declines and 29
and
.
In the textile group
higher prices for raw silk resulted In an increase in the group index, which
is
.
fuel and
in crude petroleum.
Febi 4,
1939
Jan.
1939
70.4
71.3
62.1
52.6
66.9
54.1
70.1
62.7
65.9
64.2
64.1
66.5
67.2
47.5
47.5
47.8
47.8
64.2
Total'index
Jan. 7,
1939
70.3
Group
28,
1938
commodity prices, "all commodities other than farm products and foods,
remained unchanged at 80.4.
week of
January and is 3.4%
5, *938.
.
;
,
'•
Cotton......
73.8
71.2
65.0
55.7
72.0
70.5
69.9
72.2
69,8
......
75.9
75.5
84.5
Miscellaneous commodities...
76.8
77.2
75.5
78.6
Textiles..
59.8
59.5
90.4
59.1
61.4
90.5
90.5
97.2
Grains—————————
Livestock
17.3
Sharp declines in prices for steer hides and calfskins caused the hides
Fuel 8
10.8
.
.......J
80.0
index to fall 0.4% to the lowest point since early
8.2
Average wholesale prices for leather, shoes, and
October of last year.
7.1
Metals
6.1
Building materials..........
84.0
84.3
84.3
81.6
1.3
Chemicals and drugs.
t
92.4
92.4
92.7
95.3
71.8
72.4
other leather manufactures
were
steady.
*
Decreases of 1.1%
Farm products———
23.0
The announcement issued Feb. 9 by the Department of
Labor ^quoting Commissioner Lubin as above, also stated:
in
1
Cottonseed oil--
.<
,
.
—
—
Fats andolls
below the index for the week ended Feb.
,•
and leather products group
Foods
25.3
This index Is 0.2% below the corresponding
-for the subgroup "other farm products" and 0.9%
•
.
....
......
71.7
Fertilizer materials.*........
71.4
3
Fertilizers....—.....——.
78.2
78.2
78.0
79.7
.3
Farm machinery—.......—.
95.1
95.1
95.3
97.9
72.8
72.8
73.3
76.8
.3
•
.
■
'
"
for grains caused the farm
week.
"products group index to decline 0^3% during the
Quotations were lower for barley, corn,, rye, wheat,
cotton,
apples
eggs,
white potatoes
(Seattle), oranges, fresh milk
(Boston), and foreign wools.
cows,
(Chicago),
steers,
peanuts,
All groups combined.
100.0
.
-
The livestock and poultry
subgroup advanced 0.8%
and
largely because of higher prices for calves, hogs,
Prices were also higher for oats, apples (New York), lemons,
and white potatoes (New York).
The farm products
sheep.
sweet
group index,
a
67.1, is 0.7% below the level of
a
in
July 1934.
0.3%
to the lowest point reached since
The fruit and vegetable subgroup declined 1.9%
,
0-8%, afad cereal products fell 0.1%, Lower
prices were« reported for butter, wheat flour, hominy grits, corn meal,
prunes, bananhs, mutton,-cured pork, canned salmon, lard, and pepper.
products dropped
Average wholesale prices of meats advanced 0.6%
because of higher prices
for fresh beef (Chicago), bacon, fresh pork,"and veal.
index, 71.0, is 2^2%
lower than
Lower prices for print
the textile
a
month
The current food,
and 4.7%
ago
below
a year ago.
cloth!* manila hemp, and sisal caused the index for
products group to decline 0.2%
and raw jute averaged higher.
clothing,
Prices for
.
No changes
were
raw
tric
9.2
over
the like week
Week Ended
Crude
Jan. 28,1939
'
Middle Atlantic.
,
*
Central Industrial.
...
an-
'
7.2
11.4
0.8
1.38
6.7
5.9
6.3
1.8
3.3
4.8
3.1
7.5
7.7
7.6
5.6
8.6
7.3
0.9
,
•
Total United States
9.2
9.8
.
RECENT
FOR
WEEKS
*
No changes were reported in prices for
•
'
The index for the house-furnishing goods group remained unchanged at
..stationary,.
'
•'
*
•
Change
1938
2,152,643
2,196,105
+ 6.2
+ 5.6
2,133,511
2,242,916
2,202,200
+ 5.9
2,278,303
Dec. 24...——
2,085,186
+13.3
Dec. 31...
2,120,555
1,998.133
+6.1
2,274,508
2,080,954
Dec, 10.——
com¬
■
•'
4
28
1939
21
1939
76.6
76.7
76.6
Jan.
Jan.
14
1939
Jan.
7
1939
Feb.
5
1938
Feb.
8
1937
Feb.
8
1936
Feo.
9
1935
76.8
77.0
80.1
85.4
80.4
79.1
67.1
70.9
90.5
71.0
71.2
71.3
71.3
72.6
74.5
86.7
82.9
Hides and leather products..
92.9
93.3
93.8
94.1
93.9
95.9 103.1
97.1
86.6
Textile products--
65.5
65.6
65.4
65.3
65.3
68.5
77.0
70.7
14..
21
Jan.
28....,,.—
Feb.
—
2,269,846
4
2,289;659
2,292,594
2,287,248
— .—
Fuel and lighting materials..
73.5
73.4
73.6
73.7
73.8
78.8
77.2
77.2
2,098,968
96.1
90.4
86.0
85.2
67.3
67.6
79.4
94.5
94.5
94.5
94.6
94.6
89.3
89.4
89.1
89.7
90.0
91.6
92.1
85.2
84.7
Chemicals and drugs..
76.2
76.1
76.3
76.4
76.3
79.0
87.2
80.2
80.4
87.2
87.2
87.2
87.5
90.5
87.3
82.8
82.3
72.9
73.0
73.0
73.1
73.1
74.7
75.8
67.9
18—
...
Raw materials-
70.7
70.4
70.8
71.1
74.0
87.4
78.6
*
84.9
74.7
*
84.8
82.4
♦
80.7
77.8
74.7
74.7
74.8
75.0
75.0
Finished products..
80.2
80.2
80.3
80.3
80.5
83.8
,78.7
78.8
78.8
78.9
79.1
82.1
84.2
80,4
80.4
80.4
80.5
80.6
83.2
83.5
other
than
products
commodities
—
*T..
products and foods —
Not computed.
Villi
Federal Reserve
An
of business in the various
contained in the following ex¬
which we give below from the "Monthly Reviews"
Federal Reserve Banks of Boston, New York, Phila¬
indication
of
the
trend
Federal Reserve districts is
tracts
of the
delphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis,
Minneapolis, Kansas City, Dallas and San Francisco:
other than
farm
•
Districts
79.3
79.1
Semi-manufactured articles..
76.5
commodities
,.
+ 9.8
Summary of Business Conditions in
70.1
70.4
87.2
Housefurnishing goods
.
•
82.3
Building materials
Metals and metal products--
'
+ 8.0
+ 9.2
2,082,447
74.3
66.9
~
+ 1.4
+ 7.3
2,108,968
2,052,302
2,059,165
2,031,412
2,035,673
Feb. 11
Feb, 25
Mar.
4
2,139,582
2,115,134
69.6
67.3
;
*
1938
78.1
Farm products........
Foods
.....
from
'
5,1938, Feb. 6, 1937, Feb. 8,
Feb.
All commodities
1938
1939
v''
2,169,470
1939
1,510,337 1,718,002
1,518,022 1,$06,225
1,563,384 1,840,863
1,654,473 *1,860,021
1,414,710 1,637,683
1939
of
Jan.
Commodity Groups
"
.
were
(1926=100)
Jan.
i
2,285,523
2,318,650
2,332,978
2,362,947
3—'
Dec.
1936, and Feb. 9, 1935.
Jan.
1929
'
1937
'
Feb.
1932
1936
from
■'
■-
The following table shows index numbers for the main groups
modities for the past five weeks and for Feb.
farm
KILOWATT-HOURS)
OF
,
1937
1938
Week Ended
Dec. 17...
Average wholesale prices Of both furniture and furnishings
5,5
scrap
index remained unchanged
agricultural implements and plumbing and heating fixtures.
*
(THOUSANDS
in non-ferrous metals caused by higher prices for
of the 1926 average.
9.4
0.6
-
Percent
(
pig lead, pig tin, and solder was counterbalanced by lower prices for
.
-
.
,
*
DATA
0.1
9.0
11.9
....
Southern States......
'
■
12.8
12.7
10.1
because of higher prices
result of lower prices for tankage.
Week Ended
Jim. 14,.1939
11.9
.. .
-
Fertilizer materials declined 0.9%
steel and the metals and metal products group
All
21; 1930
"steady,
Ant advance of 0.1%
All
Jan.
l4,9
17.2
New England-...—-
Pacific Coast.........
Wholesale* prices of
Week Ended
Week Ended
Feb.- 4,1939
Rocky Mountain..,..
for mixed fertilizers and palm kernel oil.
Miscellaneous
a year ago.
Regions
West Central..
during the week.
The chemicals and drugs group index rose 0.1%
87.2.
%
Feb.
Higher
*
,
coal and brought the group index up 0.1% >
wore
industry of the United States for the
power
4, 1939, was 2,287,248,000 kwh.
The
output is 9.8% above the output of the
corresponding week of 1938, when production totaled 2,082,447,000 kwh.
The output for the week ended Jan. 28,
1939, was estimated to be 2,292,594,000 kwh., an increase of
In the fuel and lighting materials group, higher prices for Pennsylvania
fuel oil and kerosene more than offset a minor decrease in prices for bitumin¬
94.5%
weekly
week's
Major Geographic
rubber advanced 0.6%
thracite and coke
light and
week ended
current
because of
for yellow pine flooring and timbers and tung oil.
Wholesale prices of cattle feed declined 3.5%
at
its", current
in
reported in prices for
unchanged from last week.
as a
Institute,
■
report, estimated that production of electricity by the elec¬
hosiery and underwear, and woolen and worsted goods.
prices were reported for yellow pine lath, Ponderosa pine lumber, rosin,
and turpentine.
The brick and tile and structural steel subgroups remained
ous
Electric
Year Ago
a
silk, silk yarn,
Average wholesale prices of building materials declined 0.1%
lower prices
Edison
The
1939, 9.8%
Output for Week Ended Feb. 4,
v-Above
..
The foods group index declined
dairy
,;
month ago and 5.4% below
year ago.
late
Electric
potatoes,
First
\
The
('Boston) District:
Federal Reserve Bank
Review" of Feb. 1, states that
of Boston, in its "Monthly
"the level of general business
Financial
794
activity in New England during December was slightly
higher than the level which prevailed in November, after
allowances had been made for customary seasonal changes."
further stated:
The Bank
trend
The
business
of
been
has
activity
upward
the
for
several
past
Total freight car
five-week period ending Jan. 14
3.2% larger than in the corresponding five-week period a year ago.
of New England department stores in December, 1938, were 4.2%
December, 1937, but for the entire year 1938 were 3.9% lower
months, whereas a year ago it was sharply downward.
loadings
were
Sales
over
than
1937.
in
during
England
New
in
.
the
Third
District
it is estimated that boot and shoe
during December
6.7% over
production amounted to 9,318,000 pairs, which was a gain of
November and an increase of about 42% over the December,
Shoe
duction.
expanded
bales
71,253
was
than in
lower
Philadelphia, from which we also quote:
of
level
The
of
industrial output
number
total
December there
establishments
was
increase, of 1.6% in the
an
employed in representative manufacturing
Massachusetts and a gain of 4.8% in the amount of
of
wage
in
part
greater
earners
weekly payrolls, according to the Massachusetts Department of
and
Industries.
During the 13-year period, 1925-37,
inclusive,
almost
the
improvement
an
of
steady
The sharp
in the latter half of 1938 was in decided
decline which persisted throughout the
1937.
shown in the output of factory products,
production of bituminous
gain in manufacturing was shared almost equally by
consumers' goods; the year's output of durable goods, however,
Improvement in December was
anthracite, crude oil and electrip power, but the
The
declined.
durable and
much
showed
1937.
from
decline
sharper
the
industry increased
Employment and payrolls in 12 branches of trade and
5%
sales
trade
Retail
from November to December.
...
increased more than seasonally during December,
respectively,
4%,
and
volume in the previous December.
For the entire
distribution at retail was 10% smaller than in 1937.
Inven¬
establishments continued below those at the end of
Business at wholesale was practically unchanged in the month but
the dollar
surpassing
...
November and
to
contrast
represented
the latest month
in
activity
before for the first time since September, 1937.
the year
over
exceeded that of 1937, and for the year 1938 was 23.9%
1937.
of
that
Between
1937, but in the final quarter of
first nine months of
the
1938 consumption
under
Review," Feb. 1, of the Federal Reserve Bank
the "Business
35%
Consumption during the first nine months of i938 was about
April," it is stated in
November and 68 at the year's low in
coal
compared with 77,685 bales in November and 48,929 bales in December,
1937.
December for the fifth consecutive
in
month, carrying the seasonally adjusted index of production
to 78% of the 1923-25 average, which compared with 74 in
pro¬
0.7% under the 1937 total.
amount
an
or
1937/
in this district is estimated
1938
England during December cotton consumption
New
In
as
for the year
production
142,192,000 pairs,
as
(Philadelphia) District
.
England
1939
11,
activity in the Philadelphia Federal Reserve
"Industrial
expansion in
New
In
Feb.
Chronicle
1938
year
at
tories
1937.
reporting
Inventories were down sharply from the preced¬
continued nearly one-fifth below those on hand at the
aggregate
smaller than a year ago.
Labor
ing
month
end
of
decrease of 2.5% in employment and an average
there has been an average
of
decrease
the Federal Reserve Bank of New York in
January," said
presenting in its
"Monthly Review" of Feb. 1 its indexes of business activity.
Bank added:
Steel " mill
50%
over
the
capacity.
of
indicated
The
occurred.
has
increase
Between
November steel mill activity
middle of
occurred
the
in
weeks
few
last
month
the
closely
corresponds
rate
at
of
July
and
the
had nearly trebled, but a downturn
the' year,
of
middle
the
reflecting
part year-end
in
textile mill activity
was reported
to have been little changed in January, but as in the case
of steel production, an increase usually occurs at this time of the year.
Automobile; assemblies were well maintained, but in the fifst three weeks
of, the month bituminous coal production, railway freight traffic and retail
trade
this district
in
There
level
than
and
tion
greater
lower after seasonal adjustments.
were
between
seasonal
meat
slight
a
June
further
November.
and
''
.
general
rapid rise
the
in
following the
Although
packing operations, generation
production
shoe
advance
declines of
more
magnitude occurred in steel production, wool consump¬
increase' than in most other
sumption,
Cotton
and trade during December,
production
occurred
usual
shutdowns.
have been
to
appears
of
which
holiday
and
taking
inventory
and
years,
copper
electric
of
showed
power
reductions in
and
a
botton con¬
output were less marked than is
Automobile assemblies and the
well maintained, and orders for
usually the case at this time of the year.
tools
sharp
of
were
the
in
during December
Sales
United
in
;
freight
States
showed
about
this district the increase
by mail order houses
than in most other years,
movement
in
and chain
usual
the
larger
was
stores, increased
and less than the usual decline
line
with
earlier
shown in the
was
was
As
having
as
the
from
than
a
favorable nature.
more
necessary
Oct.,
Nov.,
Dec.,
1937
other
were
retail
that
that
evident
in December were up more than seasonally from
slightly above 1937, and when allowance is made for the
prices are about 4% lower now than a year ago, it is
store sales
Department
November,
fact
^recorded
were
years,
entire
the
in
as
Christmas
the
selling season
1938
1938
Passenger car registrations in principal counties >vere up
gains.
gain over November.
50% from the. previous .year, and there was a slight
improved
trade also
Wholesale
In
the
time
has
elapsed
this year
in
lines.'-
some
situation
field the
industrial
.
.
mixed, and not enough
the underlying
determine
to
.
rather
was
with any
trend
the
December
for
purchases
was true
in most months of 1938.
Structural
rail buying so far this year
propor¬
a
.
good volume, and
in
been
accounting
domestic
with
rate,
have
orders
1938 weekly average.
1938
been, well ahead of
has
the
.
(Richmond) District
„
Steel
71
38
.
82
82
84
113
__
.
.
_
82
87
80
79/;
85
85
89
90/;
63
67
86 p
92p
"■
73
Wool consumption
1...
»
*
...*i
1"
Meat packing
Tobacco products./....*:.
Machine tool orders *
"*
91
50/
89
Bank
102
85
104p
93
113/;
125/;
90
91
87.
86
87
95
formed
earlier
then
but
108
127
103
exceptions,
in several
the
of
89
96
91
93 p
"
73
'74
19
44
42
40
62
83
79
112
73
,
76p
whole,
the
On
year.
improvement
however;
the
up
lines
did
ahead
forge
of
1937
the
noted
was
balance
was insufficient to
first half-year, although
increase
for the, relatively poor showing of the
make
Employment, manufacturing, United States.r..
Employee hours, manufacturing, United States..
About July
1938.
of
midsummer
to
lines, and conditions continued to get better through the
some
'
a
year; business advanced .during the first eight months,
downward and continued to decline, with only a few
turned
95
*
128
and
[Richmondj Federal Reserve District
reverse curve from that of 1937."
The
explained this course as follows:
the
In
104
96
110
,
1938
in
71
'
Cotton consumption-,...
Bank of Richmond, in its "Monthly
Tlie Federal Reserve
industry in the Fifth
42
95
;
Review" of Jan. .31, reported that "the course of trade
74
63
....
;
Cement..
95/?
83
-
81/
87
.*_j
Electric power.*.,
80
92
61
-
Motor trucks_/.
Crude petroleum
85
81/
—.
cars .r...
Employment—
only exceeded on two or
was
previous occasions. - Sales in December were 0.7% larger than in the
last month of 1937.
Other fields of retail distribution, in December also
three
Fifth
*
.
.
seasonal move¬
in Ohio and Pennsylvania, as well
country in December.
Thus the rising trend prevailing
since
last August
was continued.
In Ohio the number, employed was
greater than in any montli of the year, although still under the closing
period of 1937.
Payrolls expanded by a larger amount in December over
November than
did the number employed,
reflecting further gains in
hours worked.
This factor is- important to consumers' goods industries.
of
ments
tionately larger share than
Dec.,
Shoes
' *
-
Employment gains, slightly in excess of, or contrary to,
steel
Bituminous coal..*
respects at least, started under
Many factors generally
some
true of 1938.
was
retarding effect have not been entirely removed
path of business, but they are modified by other elements of a
regarded
slightly
in
the current year,
result,
a
favorable conditions
Reports of increased buying in several fields have? recently
been received.
Machine tool orders in January were reported holding at
for price changes)
Industrial Production—
The Bank further reported:,
district, both large and small."
more
assurance.
(Adjusted for seasonal variations, for estimated long term trend, and where
Copper
Passenger
also about seasonal,
the fourth quarter as a whole substantial
experienced in nearly every industry of the
for
recovery
data
December
expectations.
trade
reveal that changes in that month were
more
the railroads.
over
industry
and
trade
recorded
sales
store
advance
usual.
products
expanded.
Department
than
tobacco
of
manufacture
machine
in the fourth district in tRe first
three weeks of January were chiefly seasonal and about
in
for December, whereas in most other years a rather pro¬
average
nounced
during
maintained
was
...
that "developments
Business Review'' dated Jan. 31, reports
although
,
,
activity
•
^
District
of Cleveland, in its "Monthly
The Federal Reserve Bank
trade appears to have declined somewhat in
slightly
.
Fourth (Cleveland)
"Judging from preliminary information, after allowance
for seasonal changes, the general level of production and
with
1937. /
0.4% in payrolls.
Second (New York) District
The
and
made
Construction
levels.
the
improvement* in, comparison' with
the preceding year.
City building permits issued in 1938 were only a fraction of 1% less in
estimated valuation than permits issued in 1937, while contracts awarded
most,
important
,
Construction
Residential building contracts./..
Non-residential building & engineering contracts r
last
year
made
Primary Distribution—
Car loadings, merchandise and miscellaneous
Car loadings, other
76/
77
79
81
77/
75
76
mills
79
Exports.
94
78
75
80
86
69
74
73
...
Imports.-
moderate
employment
75
79
81 p
of
new
107
111
114 p
in
the
95/
95
93
100 p
Mail order house sales
94/
88
90
95 p
New passenger car registrations./
62
66
81
80p
1938
in
62
65
66
the
50
40
36
44
is
were •
148
exceeded
155
154
148
147
Composite index of
112
109
110
110a
*
Not adjusted for price changes,
trend.
p
Preliminary.
/
Revised,
x
'
Not adjusted for
1937
below
1938
23%
of
3.2%
declined
this
decrease
in
was
ahead
.
Sales
.
.
sales
of
in
the
Bituminous coal production
1937,
in
Retail trade
year.
1938
Employment
.
in the district, but sales
production
due
.
for 1937.
sales
year.
than
less
.
but probably the average
materially
were
1937.
the
from
to
price
most
level
of
changes
of
the
reflected in
as
1937,
downward
but
in
....
Looking specifically at developments in December, 1938, further advance¬
154/;
155
(1926 average= 100%).
year.
biles
151
wages
later
ment
Prices and Wages x
General price level / (1913 average=100%)
Cost of living (1913 average—100%)
stores
probably most
of
the first half of the
falling in
department
69
cigars.
except
of the preceding
nearly
was
lines
and early winter,
41%
were
months
two
corresponding months
decline
Velocity of Deposits x
Velocity of demand deposits, outside New York
City (1919-25 average=100%)--.
Velocity of demand deposits, New York City
(1919-25 average=100%)
all
for the year was lower than
level
automobiles
last
in
the fall
in
with
inventories to a
cotton during the last
Tobacco manufacturing
more
1937
98
87/J
consumed
also
industry
textile
comparison
excess
of
substantially
82
87
The
in
1938
reduced
that
exceeded
84/
•
mills
cotton
in
and
the same period a year earlier.
Chain grocery sales
Other chain store Bales
81
record
yarn
in
Department store sales, United StatesDepartment store sales, 2nd District-
arid
level,
more
3%.
by
contracts
favorable
shipped
half-year than
rose
Distribution to Consumer—
1937
exceeded
moderately
a
Rayou
124%
higher
in
practically all
than
in
any
lines.
other
Registrations
month'
December, 1937, registrations by 28%.
more
contracts
Coal
indicated
in
valuation
awarded
production
last
than
month
permits
increased
issued
98%
in December was only 2.4%
since
of
new
August,
automo¬
1937,
and
Building permits totaled
in
over
December,
awards
a
1937,
year
and
earlier.
less than in December, 1937.
,
Volume
Cotton
Financial
148
consumption
month
than
1.5%
in
in
Wholesale
the
December
December,
over
trade last
Fifth
a
District textile
year
1937,
month
mills
Department
ago.
sales,
retail
and
3% greater thau in
was
higher
was
sales
last
Department
advanced
sales
store
furniture
Chronicle
same
12.7%.
1937.
rose
1937.
December,
month
Sixth (Atlanta) District
not
1938
were
annual
Business
Federal
Reserve District
upward
ous
increases
smaller
Most
trend.
of
November,
over
than
December continued its
in
usual."
the
and
available
the
The following
figures
were
is also from the "Re¬
in
trade increased
construction
increase
in
December
of
than
in
November,
latest
the
the
Actually,
declined
those
The
Sixth
in
than
December,
comparison
tracts
in October, and
available
the
data,
as
made
greater
whole.
a
gains
represents
comparison
district.
the
the
situation
The
in
and
linseed
and
the
the
district
Federal
Jau.
26
Dollar
in
Reserve
Bank
of
Conditions
Chicago
a
in
Report" of the
the
regarding business conditions in the Seventh District:
December
Seventh
in
business
Sales
those
and
tobacco
of
wholesale
of
Reserve District.
November,
over
varied
trends
Federal
of
trade
electrical
its
in
12%,
rose
and
of
8%.
In
November.
the
total
volume
but
area,
the
all
was
automobiles
that
reduced.
United
final
November
period,,
a
trade,
the
expansion
.
2%
in
1937
the
60%
sales
in
production
of
of
326,096
of
2%
this
automobiles
passenger
gain
a
December
which represented
cars,,
and
last
33%
of
an
the
over
in
the
increase
over
corresponding
earlier.
by
Seventh
District
payroll volumesTjie
industries.
gains
reported for
were
fairly
were
evenly
distributed
as
among the 'five States comprising this area," ranging from
2ys% to 4% in the number of workers employed and from 2% to 5% in
payments.
wage
This marked
which
increases
during
the
contributed
by
Michigan
those recorded by any of the other States.
A
review
given in
was
conditions
of
our
outweighed
in the
Chicago district for 1938
issue of-Jan. 28, page 492.
/
rise
in
July,
extended
were
which
had
their
December
through
and
lower
review
say:
The
the
since mid-December has
tempo
usual
ruptions
seasonal
considerations,
for stock
the recession
and
following to
taking,
activities
in
markedly, less
than
The
being felt.
the
last
theless,
earlier,
year
than
when
during the preceding 12 months.
gains
the
in
in
the
in
first
of
during the year
1938
of
tural
ticularly
1938
was
Output
a
of
showing
51.5%, the best rate
1937.
in
volume
in
than
smaller than
December
fourth
in
of
level
low
for,
depres¬
was
greater
were
fell
.
1937.
4.2%
in, production, than
rapidly
rose
December.
in
made
by
the
froni
In this
iron
in
duction
The
of
of
prices
was
as
,
and
distribution of
the
low
for
the
district
steel
a
par¬
industry.
Combined sales of all
15.1%
smaller
in December,
below
those
Ninth
gauged by department store
than
in
1937;
of the
1938
year
the
total
was
4.7%
wholesaling and jobbing firms
November
and
than
more
aggregate sales of these
preceding
12
one-
interests
months.
demand
of business in
than the usual
of Jan.
was
a
amount.
District
In
its
increased by less
"Monthly Review"
,
contracts
and
well
little higher
awarded
above
than
in
the
in
December
December,
were
1937,
total
were
for
more
Due in
sales
for
part
the
year
increase of
an
the
2%
and
district
neatly
cash
merchandise
sales
at
in
those
as
the
in
in construction activity.
1937-
than in
one-fourth
than' in; 1937
greater
On the other hand, the agricul¬
adversely
combined with
by
the
the
continued
restricted,
pro¬
crop.
December,
in
principal- cities
60% from November
the latter month'
1937.
.
.
only
was
.
the preceding year
.
a
the year.
"
,
substantially lower level than
during most of 1938, but
of
sold
•
....
close
the
toward
less
but in view of the lower "level of retail prices
district was-at
this
in
the
The
probable that, the physical- volume of goods
it is
1938
Wholesale trade
occurred
Never¬
during
reporting department stores during 1938 were 2.6%
the preceding year,
larger
large
as
seasonal increase of
a.
marked.
less
operations
department stores
at
during
The outstanding development
affected
were
District
moderate in com-_
in consequence the
and
industry
1930.
products,
major
district:
was
much
was
scale
about
since
under the heavy volume in
Total
in
'
Eleventh
whole,
a
the dollar ■ value of sales in
and
7% in 1937
take the following regard¬
1938
a
was
year
December,
a
"
considerable improvement
,
Twelfth (San Francisco) District
.
1937
of
and
much
volume."
larger' than
The
1937 and the highest since 1930.
1938
.
.
in
total
.
'
'
moderate
the
1938,
further
decrease,
in
[San Francisco]
half of the year, it was noted by the
Federal
Feb. 1.
the
first
half
expanded considerably in
Federal Reserve District in
activity
business
Bank
Reserve
its
in
"Business
the
the
San Francisco
Conditions"
of
Timing of these movements in the/Twelfth District
generally
with changes recorded for the
a whole, but the extent of the downward
after mid-1937 and of the recovery in the second
corresponded
United States
say,
At
tries
the
seasonal
which, also had the following to
■
somewhat
higher than at the close of
the year or continuing to
appearing
entirely,
firms
current
1937 and,
allowing
for
were
held
wholesalers
their
sales volume.
exceeded
generally
loans
declining,
new
orders for goods
were
profits were contracting and in fiome
"gen¬
dis¬
cases
agricultural and industrial prices were declining, and
inventories that were burdensome in relation to their
prospective
or
expand.
1938 district industrial production was decreasing,
payrolls
and
erally at depressed levels,
many
'
.
factors, production generally was being maintained at the highest
(he beginning of
•months
.
year-end, output of several of the more important district indus¬
levels of
ers,
to have been more moderate in this
the Bank,
says
in part:
was
At
as
1938 appears
of
•district,
manufacturers
and
Consumption in the succeeding few
by mid-1938 stocks of retail¬
generally had been reduced to satis¬
production, and
This reduction in stocks enabled firms to repay a portion
district
at
banks,
and
total,
loans
contracted
moderately
during this period.
In the
which
meantime
place
March
financed
additional
terms
a
marked revival had appeared in residential building,
40% from April to December, 1937.
had declined about
took
after
28 the Bank also had the following to say:
Building
November
the Ninth
November
in
[the Eleventh]
as
of
on
the Eleventh District' showed
of
(Minneapolis) District
seasonal
lower
but sales for
ago
which
however,
we
business
of
for farm
for
factory volumes.
According to the Minneapolis Federal Reserve Bank, the
volume
year
and increases
ago
following
country
of
point
56.0% greater than in Nevember and 3.6%
1937;
year
Industry in
quarter
district's
the
employment
December,
district
about 5%
were
a
district,
a
prices,
and
were
any
the
of
*
December,
than
year
was
retail trade
were
greater
1938
in
external
Deqpmber steel ingot production was maintained
for t|he year, and comparing with 20.5% for the
sales in the leading cities,
in
of
expected decline
1937.
marked
more
high for the
new
favorable
time
with
manufactures
Through the first half of
more
to
inter¬
in. the country as a whole, the revival in business during
case
of
unfavorably
the
virtually unchanged
...
this
Dallas,
aw'arded
contracts
interests
movement
May to
The
and
whole, however, recent
a
1937.
in
the marked expansion
was
and the largest
half
last half
same
as
in
stores
was
however,
corresponding period of the preceding year.
compared
commodities.
at
Taken
up
had exceeded that in the corresponding month
the
last
phases
many
.
not sufficiently large to offset the low levels obtaining during
six months, with the result that in a- majority of lines results
A$ was the
in
effects
notable instances the
some
and
are
Following the marked decline during the latter part of
were
1938
the
In
public
6ales
"Monthly Business Review" of the Fed¬
business
iu
closing 'month
second
of
entirely absent, and volumes for the year
or
January
for
case,
were
aver¬
...
department
2% above
were
sales
wholesale
of
that
improvement
considerably less than is ordinai'ily the
in evidence
market¬
following
situation,
1937 and the first half of, 1938
Twelfth
little
sales
in
hardware,
1938
year
insurance
ago.
with
parison
•
number
the
quarter of
lines
sants
,
"
somewhat, owing mainly
a
year
a
1938,
lower than in 1937,
decline
important
In
of
livestock
The monthly
holiday suspensions
as
ic.
repairs,
was
a
slewed
such
December
in
level
..
January."
the
reporting
the ye^r
of
have
continued during the first half ol"
also had
at
ing business conditions in its
the Federal Re¬
"upward trends in
Eighth District commerce and industry,
equal to
eral Reserve Bank of
.
was
Bank of St. Louis it is stated that
in
Life
Eleventh (Dallas) District
than
Eighth (St. Louis) District
serve
month
prevailing in
tlie Jan. 31 "Business Conditions" of
but the
responsible.
Total sales in
From the Feb. 1
"
In
.
1938,
Minnesota,
recorded
were
wholesales
Minneapolis,
factor
strongest
to
greatly
'
year
Dakota,
Bank also had the
The
are
wholesale
about 8%
change from the three, preceding months,
a
in
1936.
Value
in employment and
gains
.
.
December,
sales
car
♦
10% lower than in
of
were
of
over
in
(Kansas City) District
being
sales
sales
were
over
gain
of
comparisons
December
.
the
in
both
...
value
the
dollar
the
cities
last
from
1937, in December continued above
levels
although
of
of
shown
various
the
over
.
was
year-earlier
any month in 1938 and substantially above
1937, when schedules continued to be sharply
of
numbered
year
Continued
seasonal.
than
production
December
the
of
over
December
store
among
noted
was
Furthermore,
month
Output
States
somewhat
improvement
more
during
department
varied
recession
a
increase
the heaviest of
was
the
in
recorded
was
District
preceding month.
November
first'
The
...
1937,
Trends
general
reporting lines,
.
Seventh1
of
slight.
wa6
for
.
October,
the
is
earlier.
1937.
year
to
drugs and drug sundries increased 4%; while,the hardware trade fell
off 8% from the preceding month, sales of groceries and foods were off
4%, and the aggregate dollar volume sold by miscellaneous groups declined
from
higher in
general among reporting lines that in the preceding month.
sales
of
since
volume
the first
the
goods expanded 20%
products
from
North
in
below 1937,
construction
year
The
groups
larger
but
lumber. '
of
cut
Total retail
the following
take
we
were
December and in the first two weeks of
than
(Chicago) District
"Business
little
November,
passenger
shipments
sharply and trade figures
con¬
from
the
trucks
product
Building activity
residential
leading.
Seventh
From
.
.
a
to say:
shift from'last month, when the November to November
a
showed
that
new
Decreases
and
cars
aged much
showed
construction
in
.
were
in
a
but
groceries, flour production, number of telephone installations
City area, wheat, rye and flax marketings, butter production,
shipments.
passenger
construction
States
than
the December figures of a year ago,
1938,
retail trade, employ¬
United
were
for
December,
The
Federal
Reserve
Bank
of
Kansas
City, in its
"Monthly Review" of Jan. 31, reported that the December,
1938, figures for business in the Tenth District are above
The year-end
But
in
*
half
November
from
definite.
.production.
power
consumption
cotton
than
greater
electric
and
approximately
stores
in'December
amount
indicators
1937,
Tenth
wholesale
and
the
over
much smaller than in December last year.
were
volume
ings,
index
Comparing December,
so
of
Twin
lumber
in
the. highest
at
was
were
1937, however, the trend is not
payrolls
the
improve
about equal.
were
district
smaller
December,
flour
in
to
City department store sales showed
department
country
this
in
Electric power
consumption
decreases
have
country
and
increased
the
of
small
a
the month.
to
seems
the
pig iron
contracts,
increases
but
was
payrolls
shows greater gains than the country for
and
ment,
December,
District
December
to
and
or
of cotton
rate
usually taking place in
with
Employment
they, did in November
trade
in
and
Substantial gains occurred
slightly higher than for December, 1937.
was
record.
on
seasonally.
building permits, and there
production.
iron
more
production
rate
in
contracts and
pig
payrolls
than
more
than
little
a
business
in
wholesales
,
(
continued
and were 2% larger than in December,
last two months of the year, however,
basis the two groups
failures
and
Other
♦than
December
year
during the
increase
number and amount
show
view":
Retail
previ¬
decreases
few
number
in
3% smaller than in 1937.
on
Reserve
sales
preceding
large enough to offset the earlier decreases, and total sales
larger
an
the
increases
little
According to the Jan. 31 "Monthly Review" of the Federal
Bank of Atlanta, "business activity in the Sixth
store
in
The
were
795
in
by
this
a
sharp
residential
housing
major
industry
expansion.
building
and
undet the National
was
rested
greatly
in
January,
1938,
and
An upturn
was
followed
This substantial revival in privatelybasically upon a strong demand for
facilitated
by
liberalized
Housing Act, as amended Feb. 3, 1938.
financing
.
.
.
Financial
796
An
of trade and Industry during the latter
of recovery in private building,
of inventory reductions, and of other factors such as the increasing expendi¬
tures of the Federal Government and the relatively well maintained level
of consumer income.
A fairly brisk expansion in sales of new automobiles
The
half
expansion
general
more
Production
14579——CRMBlieocnvhsmtganp.d—os-
—-V
...
and
1
17
26
$454,631,000
3,655,278,000
421,349,000
500,366,000
282,323,000
241,126,000
41
1,074,523,000
$436,529,000
3,311,614,000
368,730,000
475,237,000
256,994,000
227,645,000
1,038,478,000
230,560,000
136,243,000
244,538,000
192,537.000
224,639,000
129,869,000
244,553,000
189,708,000
—
15
18
25
-----
24
—
612,876,000
607,993,000
"4 $8,046,350,000
$7,511,989,000
18
—
have
year to
date
During the week ended Jan. 28,
softwoods
shipped 202,685,000 feet;
combined;
mills, 543, production 186,113,000 feet, shipments 204,870,000 feet;
but
Coast
"West
Northern
and
Hardwood, reported
new
All regions but,'
West
and
Hardwood
Northern
Redwood,
Hemlock
reported shipments above output.
AH regions
Northern
but
Southern
those
of corresponding
other
year,
and all
except Northern Pine and Northern Hardwood reported production above
13%
189,206,000 feet;
Shipments
as
11%
or
4%
above production.
10,842,000 feet
or
12%
1939, by 451 soft¬
Production
above the production of the
Shipments
as
was
new
business as 10,115,000 feet,
reported for the same week were
above production.
Production
was
9,688,000 feet.
a year ago
190.321,000 feet, and
feet
and
173,760,000 feet; and orders received
190,543,000 feet.
In the
reported production last week and
a
case
of hardwoods,
year ago
187,567,000
90 identical mills
6,979,000 feet and 7,184,000
above that of
Shipments
of
Lumber
give herewith data
'on
During
Four
identical mills for four weeks
ended Jan, 28, 1939 as reported by the
Manufacturers Association on Feb. 8:
busy
in December,
as
Financing of automobile
below the year before.
change in agriculture, for its production was
a
one-third
differ greatly
The total income did not, however,
1937.
precipitate decline in prices of various im*
portant farm products unaccompanied by a fall in farm costs.
The mining
industry assumed
ecdnomy of great importance.
about $440,000,000, was 4%
1938
during
position in the national
a
production,
While the value of all mine
less than that of the preceding year, activity
throughout the greater part of the mineral area was more extensive than
increased to
before and the production facilities were
ever
all-time peak.
an
Recovery in Canada More Successful Than in United
States, Says National Industrial Conference Board
Canada's
'
recession
was
less
pronounced and her drive
successful than that of
toward recovery has been far more
United
the
States, according to the latest figures released
by the Statistical Division of the National Industrial Con¬
Board.
ference
of
industrial
quarter
•
Compared with 1929, the Dominion's rate
dropped below ours in the last
production
1932,
of
about the
at
rose
trial
production reached 101
during the
rate
same
recovery
period, and since June, 1937, has been con¬
sistently " above ours.
In November, 1938, Canada's indus¬
in
United
the
was
also 87.
Freight
in
middle
in
at
and
it
in the
have
in
have
followed
with
closely
used
again
more
1929
the Dominion.
in
United
in
1937.
the
trend
in
1929,
on
were
77
level
The figure
Was
100,
as
sharply in
the
debits
November,
in
76,
Canada
of
while
in
the
excluding agricultural workers,
States,
Canada
as
ahead
spurted
indexes
compared
Since then the
level
and
1938, the index number
living
the
'■
fluctuated
comparison
the corresponding number
of
since
Canada
December.
1929
than
of
agriculture,
November,
Cost
•'
•
the United States
in
in
38.
was
level
five months
and
higher
■
accounts
but
with
Canada,
States
excluding
In
been
.
consistently higher
for
December
in.
and
and 57
Canada
Dominion
last
here
81
country,
higher
a
first
the
in
in
have
61
1
...
individual
been
1938,
"
to
in
United
were
general
in
this
Debits
87,
Conference Board's study went on to say:
and
prices
(1929 equals 100), while that
attained«only
States, but the latest index numbers, based
Canada
has
The
1937.
of
United
the
States
loadings
ear
December,
United States
Weeks Ended Jan. 28, 1939
We
were not as
of
with
of
been
has
show
that
the
level
of
in
Canada
was
cost
the
higher.
was
96,
90.
the
was
during
employment,
consistently
employment
in the United States
1929,
Canadian
of
living
in
Canada, using 1929 as a basis for comparison, has been below that in the
+
and
13%
was
from that of 1937, owing to the
feet; shipments 8,698,000 feet and 4,986,000 feet and orders 7,724,000 feet
and 5,814,000 feet.
Production
Leather
.
including most furniture manufacturers, remained
1938 marked
Employment
169,239,000
it was 128,488,000 feet; shipments were respectively
the satis¬
branches of the pulp and paper Industry were less active,
products,
The year
Identical Mill Reports
Last week's production of 435 identical softwood mills was
feet, and
the demand seldom
which
for
for the first time in five years close to average and more than
than
170,317,000 feet.
In the
level considerably below that of 1937.
a
sales in Canada in December
reported for the same week were 191,843,000
above production.
Reports from 107 hardwood mills give
or
products
The automotive and allied trades
Wholesale
Lumber orders reported for the week ended Jan. 28,
wood mills totaled
staple
owing mainly to slackness in the export divisions.
the 1938 week.
mills.
wood
steady.
Air regions except
week of 1938,-
Sputhern Pine, and Redwood reported shipments above last
calculations.
our
slightly more active.
was
While most
Pine, Western Pine, Northern Hemlock and Northern Hardwood reported
abo ve
those
except
first
orders above production in the week ended Jan. 28, 1939.
California
from
Silk and rayon, and knitted goods generally maintained,
footwear
Revised figures for the preceding week
orders, 211,724,000 feet.
Coast,
eliminated
few
a
declined, the latter to
1939, 539 mills produced 180,005,000
hardwoods
and
booked orders of 199,321,000 feet.
•
factory level of the preceding month, but both cotton an«jl woolen goods
32% above corresponding
was
'
•
.
There appears to have been a somewhat general decline in the output of
varies.
industry during the week ended Jan. 28,
1939 stood at 55% of the 1929 weekly average of production
and 64% of average 1929 shipments.
Production was about
63% of the corresponding week of 1929; shipments, about
70% of that week's shipments; new orders about 62% of
that week's orders, according to reports to the National
Lumber Manufacturers Association from regional associ^,
tions covering the operations of important softwood and
hardwood mills.
Reported production and shipments were
respectively 3 and 1 % less than in the preceding week, new
orders were 6% less and were 1% below the corresponding
week of 1938.
Reported production was 30% above last
year's week; shipments were 11% above. For softwoods —
production, shipments and new orders were respectively
32% greater, 10% greater and 2% less than in corresponding
week of 1938.
New business (hardwoods and softwoods)
was 11 % above output and shipments were 13 % above output
in the week ended Jan. 28,
Reported production for the
weeks of 1938; shipments were 16% above the shipments,
and new orders wei;e 9% above the orders of the 1938 period.
The Association further reported: *
-
Activity Declined in
Canadian Bank of Com¬
to
■
trades, these factors caused a temporary in¬
crease in activity, but for the most part manufacturing was
slacker owing to smaller demand and, in some instances,
seasonal stock-taking." Mr. Arseott continued:
Ended
Week
Movement,
Lumber
Industrial
of
According
been
not
of
case
Jan. 28, 1939
four weeks of the
Index
the Canadian Bank of
Commerce, Toronto, announced on Feb. 9 that the bank's
"index of industrial activity in Canada registered in midJanuary 84, as compared with 90 the month previous (1937=
100). This decline is due mainly to seasonal factors, which
lumber
regions
^
foodstuffs,
of
438 softwood mills were
1938, the equivalent of 16 days' average
A. E. Arseott, General Manager of
$8,146,173,000
28
10—Kansas City
12—San Francisco.----—
Report
compared with 4,056,431 M feet on Jan. 29,
as
production.
284,046,000
224,829,000
274
0
17
Total.-
stocks as reported by 441 softwood mills were
gross
1936-37-38),
On Jan. 28, 1939, unfilled orders as reported by
407,217,000
511,917,000
,•
compared with
as
657,512 M feet, the equivalent of 18 days' average production, compared
$491,341,000
3,679,525,000
,
gain of 48%
a
1939
In
orders
below the same
1938, the equivalent of 111 days' average production.
2,1938
29
16
—
1939,
28,
year average
1,103,173,000
223,739,000
142,642,000
245,792,000
198,762,000
633,290,000
8—St. Louis------'
Weekly
,
1939, were 9%
Softwood
3,909,996 M feet, the equivalent of 107 days* average production (three
Canadian
Feb.
of 1938.
weeks
Hardwood orders showed
January
25,1939
above
.
above those of similar period of 1938 and 16%
merce
Feb. V, 1939
2—New York.
below production of the 1938 period.
corresponding week of 1938.
Week Ended—
Jan.
Soft¬
above that of the same weeks of 1938
the four weeks ended Jan, 28,
of corresponding
weeks of 1937.
Centers
3—Philadel phia...
11—Dallas-.--
those
8%
were
by the Board
Incl.
0—Atlanta
of 64%
received during
Orders
RESERVE DISTRICTS
;
reported by
as
of 1938, softwoods showing a gain of 14%
those of corresponding weeks
above
$6,924,000,000 the pre¬
the week ended Feb. 2 of
\
of
1939,
above that of corresponding weeks of 1938.
32%
was
with 561,459 M feet on Jan. 29,
No.
Federal Reserve District
648.063
Hardwood output was 11%
On Jan.
SUMMARY BY FEDERAL
or
19,843
707,060
29,554
749,623
and hardwoods, gain
reported by banks in
as
reported on Feb. 6, 1939
of Governors of the Federal Reserve System:
feet,
29,465
773,178
31,800
521,741
Shipments during the four weeks ended Jan. 28, 1939, were 16%
last year.
These figures are as
same
687,217
above the records of comparable mills during the same period of
5%
1937.
r
$7,425,000,000, compared with
ceding week and $7,513,000,000
orders
489,941
743,713
production in 1939 was 35%
wood
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919 amounted to
All
1938
720,069
Production during the four weeks ended Jan. 28,
these mills,
last year.
were
1939
687,764
Total lumber
leading cities for the week ended Feb. 1, aggregated $8,046,000,000, or 7% above the total reported for the preceding
week and 1,% below the total for the corresponding week of
of
1938
28,426
Hardwoods
1% Lower than Last Year
Bank Debits
feet
1939
630,012
18,051
659,338
Softwoods
did not continue after late summer.
the year
Debits to individual accounts,
The
Orders Received
Shipments
1938
1939
In 1,000 Feet
models in the last quarter of the
year, and November and December volume of retail trade generally in¬
creased by the full seasonal amount or more.
The number of factory
workers also increased considerably in the last quarter of the year, the
seasonally adjusted index for December advancing sharply to the same
level as in January, 1938, the highest point of the year.
A considerable
rise in factory payrolls also took place, the adjusted index advancing to a
level 2% higher than in December, 1937.
Agricultural income did not
improve; however, although the substantial declines that bad taken place
in
Lumber
after the introduction of new
took place
earlier
1939
11,
of 512 mills reported as follows to the National
average
Trade Barometer for the four weeks ended Jan. 28, 1939:
largely reflected the effects
1938
of
Feb.
Chronicle
National Lumber
of
cost
living
since
index
the second
numbers
quarter of 1934.
were
84
In December,
in Canada and
86
in
1938, the
the
United
States.
In
iates
In
the
the
manufacturing
since
1938
the
United
1933
have
index
States.
industries
increased
the
more
figures
fhan
show
have
the
wage
American-
rates
in
number for hourly wages in manufacturing was
The
estimated
figure
for
Canada
is
104.
wage
Canada.
119
in
Financial
Volume 148
According
producing
at
One
the
to
Conference
and shipping at
lower
a
wholesale
respect
in
price
Board
higher
which the
United
relation
in
the
in
1929
to
States.
United
has
States
far excelled
neighbor is in the growth of its per capita national debt.
the
index
northern
its
In our country
205 on
March 31,
slight decrease from the 1937 level.
The trend in the Canadian
turned downward in 1938, while ours continued the upward course
June 30,
1938,
debt,
capita national
per
the base of 1929, was
on
The corresponding Canadian index was
1938.
120
on
a
index
followed
has
it
of
industries are
and selling
Canadian
study,
lever
than
level
since
797
Chronicle
of
fabricatorsjas well as their normal 'goods-in-process and
finished-goods inventories, will tend to keep rayon yarn
flowing freely and regularly from the yarn producer to the
fabricator.
An additional favorable point here is the con¬
tinuing low level of retail inventories of rayon goods."
An item bearing on the 1938 world's production of rayon
was given in our Jan. 28, issue, page 502.
1931.
Petroleum and Its Products—Crude Oil Output Spurts
—Extra Day's Production in Texas Responsible—
World
Coffee
"Export" Crops During 1938-39 Season
at
29,620,000 Bags, According to New
York Coffee & Sugar Exchange
Petroleum
Estimated
Coffee
of the world during the current
1938-39 season are estimated at 29,620,000 bags, an increase
of 1,007,000 bags from the estimated 1937-38 crops, according
to figures released Feb. 10 by the New York Coffee & Sugar
Exchange, Inc.
This is the first time that the Exchange
has used only "exportable" supplies in compiling world
figures/ It is pointed out that Brazil is expected to export
17,000,000 bags in the 1938-39- season, ending next June
30,(57.4% of the grand total) which compares with exports
of 15,093,000 bags in 1937-38 (52.8%); 13,551,000 in 1936-35
(49.7%);and 15,973,000in 1935-36 (56.7%).
The Exchange
"export"
further reported:
Extends
crops
for
crops
the
last
four
sacrifice prices and then destroying
•of each season's output from planters at
the coffees so obtained.
Petroleum
barrels in
the same period
Brazilian
was
last
season,
'
.
^
v;.
»
.
,
' 1
'
than
market
States
•■■■'■'T.l
-
,
/.
.
<
.
.
.
Consumption of cotton, rayon, woof, silk and linen in the
aggregated 3,588,400,000 pounds in 1938, a
United States
decline of 19% from the 1937 total of 4,407,400,000
which was the record high for all time according to
published
Organon,"
"Rayon
the
by
•compiled
Inc., New York.
Textile Economics Bureau,
pounds
figures
by the
The decline
consumption in lr938, both in pounds and per cent, was
the largest on record being exceeded only by the Cat aclysmic
drop from 1929 to 1930. Further details as reported by the
in
Bureau
Feb. 8 follow:
on
the
With
/
consumption,
of rayon
exception
which
-
'
.
established a new.
low
high record for all time, the year 1938 may be designated as one of
"
consumption.
Cotton
consumption
declined
"
1
from an
all-time-high of 3,657,100,000
1938. the consumption of last
year being essentially at the same level as 1934 and 1935.
Wool consumption continued" to follow the downward trend of recent
years.
The consumption of wool last year at 284,400,000 pounds returned
pounds in 1937 to 2,904,400,000-pounds in
to the
1930 level, and compared with a record high consumption
new
14 year low at
of 422,-
Linen consumption which amounted to 20.700,000
400,000 pounds in 1923.
pounds iu 1938 declined to the lowest point in nine years,
51.800,000 pounds.
while silk set a
'
established a new
he industry that con¬
By contrast, rayon consumption (yarn plus staple fiber)
milestone
as
1938
was
the first year in the history of t
of this fiber exceeded the consumption of virgin wool.
sumption
Last
year's consumption of rayon aggregated 327,100,000 pounds, a new high
record, surpassing the old record qf 322,600.000 pounds consumed in 1936.
Based
1938
the
on
performance, rayon is now only second to cotton in
pounds consumed.
Noteworthy also is the fact that the consumption of rayon
At
filament yarn
274,062,000 pounds was nearly equal to the consumption of new wool.
of rayon staple fiber at 53,062,000 pounds
Similarly,' the consumption
surplassed the. total consumption of silk at
51,800,000 pounds.
The annual fiber consumption in the United
States compares as follows
"(units are millions of pounds):
1937
1929
2,904.4
3,657.1
3,422.7
284.4
353.3
368,1
327.1
307.9
133.4
1938
-Cotton
-
Wool
Rayon
-
51.8
53.6
81.3
20.7
35.5
♦34.7
3,588.4
Silk
4,407.4
4,005.5
-
Linen
Total
*
Consumption for 1930; figures for prior years are not
available.
Regarding deliveries of rayon in January, the Bureau said:
Deliveries
amounted
December.
January
in January
26,200,000 pounds in
Stocks of rayon yarn held by domestic yarn producers in
39,700,000 pounds indicated essentially no change from the
to
at
of rayon
filament
27,100,000
stocks at the end of
yarn
pounds
to domestic consumers
compared
with
December.
Deliveries of rayon yarn for the past few months have held
within the range of from 20 to 27 million pounds per month.
"Based
on
"Organon"
expected to continue during the
Such factors as low yarn stocks in the hands
the market trade reports" states the
"this level of activity may be
nearby months.
for
each
period except the fifth
were
allowed to flow
on a
Due to this condition, production in
daily basis.
daily
average
of 1,495,450
.'■'."■V- :
the
situation
production week will
automatically, oil
States
were
men
pointed out.
unanimous in cutting
The U. S. Bureau of Mines
Consumption of
Time
shutdowns
reported on Feb. 8 that inven¬
oil held in the United
States on Jan. 28 were up 653,000 barrels over the previous
week, totaling 271,763,000 barrels/$The gain comprised
increases of 587,000 barrels in, Stocks of domestic crude oil
and of 66,000 barrels in stocks of foreign petroleum.
The Phillips Petroleum Co. disclosed in Tulsa on Feb. 8
that it had advanced crude oil prices in the Texas Panhandle
districts 8 cents a barrel to meet the schedule posted by the
Humble Oil & Refining Co, last October.
In the general
tories of domestic and foreign crude
-
Textile Fiber, in 1938
Declined 19% from Record High 1937 Figure—Use
of Rayon Exceeded Wool Consumption for First
United
The
California producers brought about a re¬
Coast, the
dail average dipping to 610,300 barrels.
Oklahoma was off
8,850 barrels to 422,000 while Kansas dipped "8,450 barrels
to 140,150 barrels.
Louisiana's loss of 1,650 barrels carried
daily average production off to 261,050 barrels.
the past
and a rather stable figure of about one million bags during
.
responsible for the sharp gain in output.
duction of 11,400 barrels in output on the West
bags against a record yield of more than 1,000,000 bags last
few years.
of
output during the Feb. 4 period in anticipation of the sharp
which is expected to total no more
this season, was in the Venezuelan crop
quarter-million
gain in Texas.
changes, ;partially
responsible for the relatively sharp increase in Brazil's share of the
than 350,000
a
forecast by the U. S. Bureau of Mines.
Return of Texas wells to the 5-day
correct
the calendar year of
drastic
of the most
One
nearly
Texas climbed 205,150 barrels to a
The Dutch East Indies, in third place as a pro¬
year.
is
barrels.
reduction in
1935 to 1,640,000 bags in 1937, is estimated to have shipped no more
bags
as
Other major oil-producing
ducer, after expanding exports from 1.346,000 bags in
1,200,000
was
week-end
normal
from 3,824,000 bags in 1935-36 to 4,250,000 estimated
season.
This
of the estimated February market demand
Sunday, Jan. 29, when the wells
Colombia, ranking next to Brazil as a coffee producer, has expanded
1938-39
Institute.
excess
January proration order for the Lone Star State provided
supplies of nearly 4,000,000 bags/
crops and exports
for the
according to the mid-week report of the American
Temporary relaxation of the strict control on production
in Texas
pointed out that while Brazil's crops over
should total 32,50Q,000 bags or a net
Work
production of crude oil in the United States
3,200,000 barrels
have exceeded exports by 28,944,000 bags, destruction
the past four seasons
over
It
Price
P. I.
Adjusts
Controversy Active—A.
Public Relations
average
950 barrels,
29,620,000;
were
seasons
Gain—Phillips
spurted 193,700 barrels during the Feb. 4 week to hit 3,441,-
for
*
•.
Daily
28,613,000;
27,245,000; and 28,186,000 bags—an average of 28,418,000 bags.
The
value of using exports rather than actual crops, especially for Brazil, the
Exchange explained was because of Brazil's program of buying a portion
Export
Stocks
Structure—Mexican
"
price revision which developed late last year, Phillips' posted
■price was below that established by Humble, and the current
advance merely eliminates the differential. •
While the move to force Secretary of State Hull to answer
questions before the House of Representatives upon MexicanAmerican relations with particular emphasis upon the ques¬
tion of oil property exproriation failed, the Mexican situation
appeared to be drawing near a head as the week closed. A
potent factor "is the approaching expiration date of the
United States', silver purchase agreement (next June) and
reports from Mexico City were that some sort of definite
action might be expected within the immediate future.
Dispatches from Mexico City on
Feb. 9 disclosed that
formally advised the
oil companies affected in last March's
expropriation orders that the Government had completed
its evaluation of their properties.
While no exact figures
were
disclosed officially, it was indicated that the figure
settled upon would not exceed $50,000,000.
Since nearly $500,000,000 of American and English oil
properties were involved in the seizure early in 1938, the
$50,000,000-figure presumably will be unacceptable to the
companies affected.
It is assumed that this figure was
arrived at on a basis of evaluating merely the plants, ma¬
chinery and physical properties of the oil companies involved.
This would be a natural follow-up to the recent speech of
President Cardenas in which he held that the oil on the
Finance
Mexican
Minister
Suarez
American and British
properties did not belong to the American and British com¬
panies, and therefore, all they could expect would be com¬
pensation for the actual phyiscal properties on the ground
involved.
Some mystery is attached to the current visit of Donald
Richberg, who has been retained as counsel by some of the
American oil companies involved in the expropriation tangle,
to Mexico City.
Reports that he will meet with President
Cardenas and members of his Government to discuss the
general question have received little support in well-informed
circles.
However, the fact remains that he is in Mexico
City, and some settlement of the question is due shortly.
Unofficial reports from Mexico are that the barter deals
made with several European nations are not working out any
too well, and also that there is a certain amount of dis¬
satisfaction among the workers because conditions have not
painted by Government spokesmen at
expropriation.
Representative price changes follow:
Feb. 8—Phillips Petroleum Co. advanced crude oil prices in the Texas
been
as
rosy as were
the time of the
Panhandle district 8 cents a
established by Humble Oil &
barrel, putting its ppstings into line
Refining, Co. last October.
with those
798
Financial
Chronicle
Prices of Typical Crude per Barrel at Weils
(All gravities where A. P. I. degrees we not shown)
Bradford, Pa
Lima (Ohio Oil
$1.88
Co.)
Illinois
Rusk, Texas, 40 and
1.02
Corning, Pa.
New York—
Eldorado, Ark., 40
1.25
Michigan crude...
Sunburst, Mont
1.22
Huntington. Calif., 30 and over
Kettleman Hills, 39 and over
Petrolia, Canada
1.24
1.25
Smackover. Ark., 24 and
.75
over
1.25
PRICES—FUEL OIL PRICE WAR IN
GAS
DIESEL OIL PRICES
Standard
2.15
N. Y. (Bayonne)—
27 plus
Feb.
10
reduction.
The
company put into effect on Feb. 9 a reduction of
gallon in the retail price of No. 2 fuel oil in Brook¬
new price being
cents a gallon.
The reduction
was
made to meet competition of fuel oil by smaller
marketers.
The latter are reported to be over-burdened with
stocks they had shipped up from the Gulf Coast because of
the low tanker rates and for which they, are now unable to
find sufficient storage space.
The Boston market is weak,
and further easing of prices in the New York market would
not be unexpected.
While the statistical position of the industry as far as
inventories of gas and fuel oil stocks continues to improve,
the lack of sufficient cold weather together with the
topheavy local supply condition tends to undermine the price
same
z/i cents
lyn, the
a
structure of all fuel
oils.
Gas and fuel oil stocks
were
is understood.
"
A reduction of 10 cents
Diesel fuel oil
was
barrel in postings of light marine
made on Feb. 6 by the Standard Oil Co.
a
schedule, New York, Boston, Philadelphia, Norfolk, Wil¬
mington and Charleston prices are SI .65; New London, SI.80;
Portland, SI.75 and Providence, SI.65.
At Baton Rouge
and New Orleans, the Standard of Louisiana posted SI.45 a
barrel, against SI .55 previously.
Despite a sharp reduction in refinery operations during the
Feb. 4 week, stocks of finished and unfinished gasoline
showed a gain of 1,870,000 barrels to reach 79,149,000 bar¬
rels, which is within 3,000,000 barrels of the estimated
amount needed as of next March 1.
Production of gasoline
during the period, also covered in the American Petroleum
Institute's, report, showed a reduction of 209,000 barrels.
Refinery operations were off 2.6 points to 75.9% of
capacity. - Daily average refinery yuns during the Feb. 4
period were 3,140,000 barrels, off 95,000 barrels from the
previous week.
The runs, however, are around 250,000
barrels daily in excess of what oil economists figure is the
'working level of refinery operations if stocks next March 1 \
to be at
sound levels.
Sentiment in
refinery
operations, according to well-informed oil men. Some control
refinery operations must be exerted, it was pointed out,
benefit derived from curtailed crude oil
production is lost when gasoline—still the industry'^ major
profit item—sinks to uneconomic price levels because of
steady overproduction.
Some oil men support the belief
that refinery allocations should be turned over to the Bureau
of Mines, which could then be given
authority to set up and
enforce regulations governing refinery
operations.
Gasoline prices in Philadelphia, which has been hard hitby price wars in recent weeks, took a turn for the better
during the period just ending and restoration of a more
stable price structure is under
way.
Backed by the various
dealpr-organizations, the move to restore stability to the
retail gas market already has lifted prices 2 cents a
gallon
to 15H and 16 cents a gallon, at the
pump.
The United States Bureau of Mines
reported on Feb. 9
that 1938 consumption of gasoline set a new
high of 521,657,000 barrels, compared with the 1937 total (also a record
high) of 519,352,000 barrels. The Nation's totai oil stock at
the close of last year was 555,263,000 barrels,
against 564,-
days' needs.
a
year
earlier, and
was
sufficient for
143
Representative price changes follow:
Brooklyn
10 cents
a
Petroleum
met
the light
marine
$.1951 Newark
...
$.15 19Buffalo
.1951 Boston
Diesel fuel oil cuts
Daily
Feb.
4,
American
The
daily
Crude
Average
Ended
a
general advance
as
the price-war ended.
Feb. 9—Standard Oil of New York reduced retail
prices of No. 2 fuel oil
2i-cent
a
Oil
Prpduption During Week
Placed at 3,441,950 Barrels
1939,
Petroleum
Institute
a
gallon throughout its New York and New England marketing
U. S. Gasoline (Above 65
New YorkStand. Oil N. J-.$.06V£
Texas
Socony-Vacuum..
.06
ended
.98 M
Shell
Richfiled OiKCal.)
.07)^
Warner-Quinlan..
.07)4
Chicago
08 H
Eastern
New
Orleans.
.07 %
Gulf
ports..
Tulsa
that
Feb.
details
as
5, u 1938, totaled 3,316,450 barrels.
reported by the Institute follow:
Imports of petroleum for domestic
United
a
States ports
the
barrels for the week ended Jan. 28 and
Further
and receipts in bond at principal
use
for the week ended Feb.
4
totaled
daily average of 142,571 barrels, compared with
dhily
a
998,000 barrels,
average of 93.714
114,714 barrels daily for the four
weeks ended Feb. 4.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Feb.
4 totaled
compared with
and
a
72,000
daily
barrels, a daily average of 10,286 barrels,
of 21,571 barrels for the week ended Jan. 28
average
17,321 barrels for the four weeks ended Feb, 4.
Reports received from refining compahies owning 85.8% of the 4,268,000
barrel
estimated daily
potential refining capacity of the
a
United
States,
Bureau of Mines'
basis, 3,140,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines
as
of the end of the week, 79,149,000 barrels of finished and un¬
finished gasoline; 25,645,000 barrels of gas and distillate fuel oil/and 111,-
944,000 barrels of heavy fuel oil.
Total gasoline production by companies owning 84.9% of the total daily
.
refinery capacity of the country amounted to 9,581,000 barrels.
DAILY
AVERAGE
•'
CRUDE
OIL
PRODUCTION
(Figures in Barrels)
a
•
i.
_
B. Of
M.
Four
Calcu¬
state
lated
Allowable
Ended
from
Require¬
Feb, 1
Feb. 4,
Previous
1939
Week
Week
ments
Change
Weeks
■
Week
Ended
Ended
Feb. 4,
1939
Feb. 5.
1938
(Feb.)
Oklahoma.
482,500
Kansas—
148',600
422,000
—8,850
425,200
533,100
140,150
—8,450
149,050
179,950
65,900
+ 1,400
62.950
55,550
87,700
+ 8,800
81,450
63,050
31,850
+ 1,700
30,550
26,900
239,800 + 33,900
101,700 +10,700
447,150 + 74^650
280,700 + 45,350
241,150 + 28.650
428,000
153,900
213.600
176,550
93,850
,89,350
Panhandle Texas,.
North Texas
-
;
West Central Texas...
'
•«
'
West Texas
East Central TexasEast Texas
Southwest Texas....
_
Coastal Texas
Total
Texas.
390,950
424,000
r
245,100
203,950
219,600
179,250
1,297,500 bl767000 1,405,950 + 205150 1,338.050 1,218,600
»•
Coastal Louisiana
Total Louisiana.—
Arkansas
,'r
_.
Illinois
69,400
191,650
—2,500
71,200
80,650
+ 850
191.400
177,350
246,800
255,140
261,050
—1,650
'262,600
4S.200
d52,000
52,350
+ 500
51,500
146,700 + 12,150
138,650
102,500
Eastern (not Incl. Ill.).
94,300
Michigan
...
Colorado...
+ 2,650
51,650
+ 1,500
57,100
Montana.
94,650
47,200
Wyoming.."...
48,400
12,100
12,800
3,600
New Mexico...
tr.
Total east of Calif..
4,000
99,600
2,640,000
California......:.
Total United States.
580,000
102,600
C605.000
3.220.000
101,950
•
93,750
258,000
•
41,500
j 137,250
51,150
"
48,700
49,100
+50
1,400
,45,150
13,650
14,300
—200
4.150
4,150
+3,650
99,250
106,050
'
2,831,650 + 205100 2,676.100 2.586,750
610,300 —11,400
623,450
729,700
3.441.9f>0 +193700 3.299.550 3.316.4.50
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GA8 AND FUEL OIL, WEEK ENDED FEB.
„
4, 1939
(Figures In Thousands of Barrels of 42 Gallons Each)
Dally Refining
Capacity
Crude Runs
Stocks of Finished and
to Stills
Unfinished Gasoline
Stocks
of
District
Finished
Poten¬
Reporting
Aver¬
East Coast..
615
Appalachian.
Ind., Ili.,Ky.
419
Total
P.
C.
615
100.0
149
128
574
514
342
P.
Oper¬
At Re¬
age
ated
fineries
Unfin'd
Gas
in
Daily
tial
Rate
and
C.
Terms., Nap'tha
&c.
477
77.6
85.9
100
78.1
89.5
429
83.5
81.6
241
4.255
2,732
5,477
Distil.
Fuel
Oil
11,701
1.181
1,188
1,728
255
770
8,450
4,461
472
6,421
10.001
Kan.,
Mo
70.5
265
4,293
316
159
50.3
109
68.6
1,548
72
257
1,939
1,000
895
89.5
750
83.8
8,900
342
1.400
9,298
149
145
97.3
110
75.9
1,429
702
372
1.659
La. Gulf
55
55.0
40
72.7
120
67
118
64
54.2
.50
78.1
1,500
81
684
828
745
90.0
472
63.4
11,517
1,940
1,383
98,427
3,662
85.8
2,778
75.9
44,508
23,798
4,300
700
Reported
1
unrptd.
.05)4
.04H-.04«4
606
362
244
887
5,733 134,379
110
3.210
xEst.tot.U.S.
Feb. 4, '39
4,268
4,268
3,140
48,808
24,498
5,843 137,589
28/39
4,268
4,268
3,235
47,123
24.240
5,916 139,349
Z3.149
54.037
U.S.B.ofM.
$.05
-.05)4,
.06)4- 07
*
100
Rocky Mtn.
California...
Jan.
Other Cities—
$.07^
Gulf
Tide Water Oil Co
area.
Octane), Tank Car Lots, F.O.B. Refinery
New York—
estimates
crude oil production for the week ended
Feb. 4, 1939, was 3,441,950 barrels.
This was a jump of
193,700 barrels from the output of the previous week, and the
current week's figure was above the 3,220,000 barrels cal¬
culated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during February.
Daily average produc¬
tion for the four weeks ended Feb. 4, 1939, is estimated at
3,299,550 barrels.
The daily average output for the week
Est.
gallon to 5M cents in Brooklyn.
Feb. 10—Standard Oil of New York reduced tank-car
prices of gasoline
H-cent
.135-.15
average gross
No. La.-Ark.
Feb. 8—Philadelphia service-station prices of gasoline moved
up 2 cents
gallon in
$.17
.18 15Philadelphia
Texas Gulf..
initiated by Standard of New Jersey.
a
..$.02^-.0&
Inland Texas
barrel at all North Atlantic and Gulf Coast ports.
Feb. 7—Mexican
1.45
zNot Including 2% city sales tax.
Okla.,
Feb. 6—Standard Oil of New Jersey reduced light marine Diesel fuel oil
$0.90
I
$.053
over
997,000 barrels
New Orleans CI
Phila., Bunker C
I Tulsa
28-30 D...
North Louisiana.
Texas is all for Federal control of
because all of the
,
I
indicate that the industry as a whole ran to stills, on
.of New Jersey and its subsidiaries, affecting all North At¬
lantic and Gulf Coast ports.
A day later, the Mexican
Petroleum Co. met the reductions.
Under "the revised price
are
New York
off
1,760,000 barrels during the Feb. 4 week to 137,589,000
barrels, according to the American Petroleum Institute.
Kerosene also h4s been hit by the general easiness, and barge
prices of
cents a gallon at New York are being shaded, it
.03K- 04
Gasoline, Service Station, Tax Included
z
z
posted a general
reduction of %-cent a gallon in tank-car prices of gasoline
throughout its New York and New England marketing area,
effective immediately.
The New York harbor price went
down to 6 cents a gallon with corresponding adjustments in
other marketing pointsMn the company's area.
Other
companies were expected to join in the seasonal price
on
Orleans_$.05)i-.05H
| Tulsa
I Chicago—
I
..$.04
BROOKLYN-
CUT—GASOL/NE STOCKS CLIMB
Oil of New York
iNew
.03^-.05
Gas Oil, F.O.B. Pefinery or Terminal
REFINED PRODUCTS—STANDARD OF NEW YORK CUTS TANKCAR
$.04
Los Angeles..
N. Y. (Bayonne)—
.California 24 plus D
Bunker C
—$0.95
$1.00-1.25
Diesel........— 1.651
7.82
1.20
1.02
Rodessa, Ark., 40 and above
1939
11,
Fuel Oil, F.O.B. Refinery or Terminal
1.09
1.25
-
I North Texas
1.02
over
I
$.04%
(Bayonne)
$1.05
Darst Creek
Western Kentucky
Mld-Cont't., Okla., 40 and above._
Feb.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
xFeb. 4.
a
'38
<
'
'
25.920
These are Bureau of Mines' calculations of the requirements of
6.831 120.575
domestic crude
oil based upon certain premises outlined in its detailed forecast for the month of
February.
As requirements may be supplied either from stocks, or from new pro-
Volume 148
Financial Chronicle
dUetion, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new crude
to be produced.
railroads, while
a
ANTHRACITE
Shutdowns are ordered for all Saturdays and
Sundays during February.
Calculated net basic 7-day allowable for week ended
Saturday morning, Feb. 4, approximately 1,518,900 barrels daily.
AT
January allowable.
decrease
was
reported for manufacturing plants.
was
ELECTRIC
POWER
UTILITIES,
OTHER INDUSTRIAL PLANTS
Recommendation of Central Committee of California Oil Producers,
d This is the
The December consumption of anthracite
above the September requirements of electric power utilities and class I
b Base allowable effective Jan, 16.
c
799
22% below the end of 1937.
RAILROADS.
AND
(NET TONS)
February allowable Is not yet available,
Estimated Bureau of Mines' basis, .% February, 1938 daily average.
Note—The figures indicated above do not include any estimate of any
x
P. C. of Change
Dec.,
Nov.,
Sept.,
Dec.,
1938 d
1938
1938
1937
oil which
might have been surreptitiously produced.
Coal in
Hands
Consumers
on
Jan.
1939
1;
Electric Power Utilities
The United States Department of the Interior in its latest
coal report stated that stocks of bituminous coal held by
industrial plants and retail yards increased during the last
quarter of 1938 and
Stocks, dnd of month
on
Unbilled coal in
at the mines
cars
Days' supply, end of
10% below that of
Stocks
a year ago.
on
a
mo
»
—
114,078
,
COMMERCIAL
OF
STOCKS
INCLUDING STOCKS IN
,
OF
212,790
86,776
—
"Consumed during month.
Days supply, end of
mo_.
213,379
82 days
1
Consumers' Stocks
a
;
•.
OF DOMESTIC ANTHRACITE AND COKE
1,
Dec. 1,
V
■
From
St'ks
on
lake dooks
Jan.
1938'
of Change
1,
1938
From \
Prev.
Qwt.
From
Year
Ago
From
Year
Ago
"
'
Retail
Stocks, 282 Selected
.>
Dealers—
Anthracite, net tons.....
Anthracite, days supply a
Coke, net tons..;
Coke, days supply.a—._.
Anthracite in producers'
•
+ 13.9
—14.6
—1.1
Industrial, net tons.. 33,449,000 33,317,000 29,377,000 39,174,000
Ret'l dealers, net tons
7,050,000 7,500,000 7,130,000 7,900,000
Total tons.....
40,499,000 40,817,000 36,507,000 47.074,000
Days'supply — 35.2 days 38.3 days 40.7 days 39.8 days
Coal in Transit—
Unbilled loads b.__.
1,007,000 ;1,716,000
1,630,000 1,781,000
Oct. 1,
1938
C. of Change
P.
■
+ 15.2
P. C.
Quar.
,
—23.9
+ 2.7
.
Jan.
*
—11.7
—12.7
•
''
,
—13.5
113,985
.66 days
COAL,
BITUMINOUS
1938
240,889
99,450
*
Domestic Anthracite and Colte
Stocks and days supply of anthracite and coke at 282
representative
retail yards and shown in table below.
SUMMARY OF STOCKS
Prev.
1938
1939 d
245,911
74 days
September, 1938, and 109 firms for December, 1037. 4 Subject to revision.
RETAIL YARDS
Jan. 1,
1938
—2.8
—56.9
Collected by Federal Power Commission, b Collected by Association of
American
Railroads,
c 88 firms reported for November and
December, 1938, 97 firms for
the lake docks have
Oct. 1,
1,
•r—68.4
+52.1
—51.9
a
yards
level of about
>>
Dec.
1,
—29.1
78.944
76 days
1939 b
Jan.
273,925
146,599
58 days
160,916
93,690
52 days
representa¬
tive plants), c:
hand last year.
SUMMARY
+20.0
124,230
31 days
—10.1
—30.1
127,980
142,507
25 days
—7,1
+ 15.2
—16.8
(Selected
Stocks, end of month.
begun their seasonal decline without reaching the amount
on
Ago
Oth. Indus. Consumere-—
in classification
or
fourth quarter of 1938 to
'
Consumed during month.
latter half of 1938.
declined during the
1,210,768 1,263,396 1,302,934 1,442,333
199,586
174,413
173,183
166,348
188 days 217 days 226 days 269 days
Consumed during month.
Days supply end of month
Railroads {class I) b—
Although this represented
Year
a
Stocks, end of month
Jan. 1, 1939 stood at 40,499,000 net
an increase of 3,992,000 tons,
or
10.9% over the reserves on Oct. 1, 1938, it was still
6,575,000 tons less than the total stocks on Jan. 1, 1938.
Seasonal influences, rising industrial activity, and antici¬
pation of possible difficulties in the. spring wage negotiations
have all contributed to the upward trend of stocks in the
tons.
From
Prev.
Stocks of
From
Quar.
—10.8
+ 10.9
—14.0
—13.5
r-j-11.6
storage yards...... —
—9,8
_
385,922
51 days
days
48,470
363,205
41 days
27 days
395,211
44 days
54,545
+2.8
36
57 days
—5.5
—15.9
1,457,533 1.900J62 2,120,835 2,154.429
r—22.3
—52.6
36 days
+ 2.8
—22.4
days
62,347
s
62,496
—22.9
—31.3
Calculated at rate Of deliveries to customers In preceding month,
a
—1.4
373,304
37
b
—32.3
Subject
—2.4
to revision.
:
»•
c
Lake Michigan....
Total-......'-..
5,523,000
2,748,000
r-8.3
2,040,000
5,878,000
2,592,000
0,125,000
8,470,000
8,271,000
6.9
6,179,000
5,388,000
2,494,000
7,882,000
Lake Superior....
—3.8
,
Preliminary Estimates of Production of Coal for Month
of; January, 1939
*
—9-2
'
Coal in bins of householders is not included.
a
—4 .'7
.
According to preliminary estimates made by the United
Figures lot industrial consumers
States Bureau of Mines and the National Bituminous Coal
sample data. b Coal In cars unbilled at niines
reported to Association Of American Railroads, c Covers
from Table 3. Figures for retailers from
or
in classification yards as
all commercial American docks on Lake Superior and on left bank of Lake Michigan
as
far south as Racine and Kenosha, Wis., but not Including Waukegan and Chicago,
supplied by Maher Coal Bureau for Duluth-Superlor
direct reports from all other commercial operators not
111. Based on figures courteously
and Ashland docks and on
Figures Include certain tonnage of railroad fuel which
reports of consumers' stocks, d Subject to revision.
reporting tQ that Bureau.
also included in
•
Industrial Bituminous Coal
„
is'
"
,
Stocks of bituminous coal held by industrial consumers increased only
•
132,000 tons during the month of December,
1938, and
on
Jan. 1, 1939
Class 1 railroads showed the largest percent
stood at 33,449,000 net tons.
Commission, bituminous coal output during the month of
January, 1939, amounted to 35,530,000 net tons, compared
with 30,950,000 net tons in the corresponding mouth last
year and 36,230,000 tons in December, 1938.
Anthracite
production during January, 1939, totaled 4,959,000 net tons,
as against 4,815,000 tops A year ago and
4,471,000 tons in
December, 1938.
The consolidated statement of the two
aforementioned organizations follows:
•
steel and rolling mills, byproduct coke ovens, and
of increase followed' by
Total
Number
4-verage
for
of
per Work¬
Month
Working
.{Net Tons)
Days
ing Day.
{Net Tons)
35,530,000
4,959,000
77,500
25.1
1,410,000
36,230,000
4,471,000
Offsetting declines were reported by cement mills, miscel¬
coal gas retorts.
20.0
'
„
laneous manufacturing plants, and
electric power utilities.
Industrial consumption of bituminous
in December over the
in the increase except
coal showed a substantial increase
All classes of consumers shared
preceding month.
cement mills whose operations are usually retarded
during the winter months. At the rate of consumption prevailing in Decem¬
ber, there was
bituminous coal on hand on Jan. 1, 1939 for 39
enough
IN
mlttee, National Association
j
■.
•
'
•.
1
1 ;t'
:
,
'
25
198,400
2,981
20
Byproduct coke ovens.b
Steel and rolling mills c
Bituminous coal
a
;
8.413,000
8,304,000
7,462,000
+4.0 V
7,173,000
+ 4.2
677,000
650,000.
Coal-gas retorts.c :
—.—. -—
Cement mills.b__—
260,000
311,000
264,000
346,000
30,950v000
4,815,000
117,100
a..
11,160,000
5,311,000
+6.0
33,449,000
33,317,000
25.
192,600
26
>
4,504
+0.4
the complete canvass of
production made at the end of the calendar
years.
—3.2
5,629,000
3,027
1,233,000
25.1
Includes for purposes of historical comparateon and statistical convenience the
—10.1
10,800,000
172,000
20
b Total production, including colliery fuel, washery and
dredge coal, and coal
shipped by truck from authorized operations.
Note—All current estimates willhlater be adjusted to agree with the results of
—1.3
-—
1,393,0Q0
26
78,700
production of lignite and of anthracite and seml-anthraclte outside of Pennsylvania,
of Change
Net Tons
Net Tons "
Stocks End of Month at—
Electric power utilities.a.
„;
January, 1939 {Revised)—
Per Cent
{Revised)
(Preliminary)
*
.
Beehive coke.
December, 1938 November, 1938
■
•.
a-.—
Anthracite b-_._..._
Anthracite b-.-*—-~-
of Purchasing Agents.)
•
,
......
Beehive coke.
Beehive coke.^
(Determined jointly by F. G. Tryon, Market Service Reports Unit, National
Bituminous Coal Commission, and Thomas W. Harris Jr., Chairman, Coal Com-*
'•
a........
Anthracite b._..._„.
Bituminous coal
INDUSTRIAL STOCKS AND CONSUMPTION OF BITUMINOUS COAL
i
THE
UNITED
STATES, EXCLUDING RETAIL YARDS
*
Bituminous coal
December, 1938 {Revised)—
days requirements.
•
January,1939 (Preliminary)*—
.
.
.
.
-
.
.
-
Other Industrial, d—.........
Railroads (class I).e
i_—i-
Total Industrial stocks
■
.
+0.8
Weekly Coal Production Statistics
Industrial Consumption by—
Electric power utilities.a
3,666,000
—
3,530ij900
4.622,000
4,742,000
Byproduct coke ovens. b._...
Beehive edke ovens_b._.,.__
Steel and rolling miUs.c.
'
+ 3.9
+2.0
\
+ii;8
+4.1
Other industrials .d
336,000
9;500,000
'803,000
138,000
441,000
8,680,000
Railroads (class I).e._-—._.--
7,022,000
6,604,000
+6.3
26,369,000
24,928,000
+ 5.8
266,000
265,000
+0.4
100,000
145,000
—31.0
'Cement
%
•
836,000
144,000
Coal-gas retorts.c-.-_-.—.—
'
bdys.b...
Total industrial consumption......
+4.3
—23.8
+ 9.4*'
Additional Known Consumption—
Coal mine fuel.
..........
Bunker fuel, foreign trade
Days Supply, End of
...
Days' Supply
70 days
49 days
Month at—
Electric power utilities
....
Byproduct coke ovens..
Steel and rolling mills
Days' Supply
71 days
47 days
+4.3
25 days
57 days
24 days
57 days
+ 4.2
0.0
,
Coal-gas retorts
....
...
Cement mills.............——.—
—1.4
Total industrial..........
a
—
+20.8
—10.3
25 days
—*
24 days
39 days
Railroads (classI).—.
weekly report of the National Bituminous Coal
Commission showed that the total production of soft coal
in the week ended Jan. 28 is estimated at 8,550,000 net tons.
This is an increase of 380,000 tons, or 4.7% over the putput
in the
preceding week, and is 759,000 tons,
24 days
40 days
.
tive
production of anthracite, 15.0.% below that in 1937-38.
Mines, in its current weekly
coal report, stated that for three consecutive weeks the
production of anthracite in Pennsylvania has shown an
increase over the preceding week.
Total output for the week
The United States Bureau of
ended Jan, 28 is estimated at 1,311,000 tons,
ESTIMATED
UNITED
STATES
—2.5
29 days
c
gain of 91,000
PRODUCTION
OF
SOFT
COMPARABLE DATA ON PRODUCTION OF CRUDE
COAL
WITH
PETROLEUM
(In Thousands of Net Tons)
Week Ended
b Collected by U. S. Bureau
Collected by National Bituminous Coal Commission, d Estimates based
reports collected jointly by National Association of Purchasing Agents and
National Bituminous Coal Commission from a selected list of 2,000 representative
a
tons, or 7.5% over the revised total of 1,220,000 tons for the
week of Jan. 21, and of more than 9% in comparison with
the corresponding week of 1938.
+4.2
39 days
than that in the corresponding week of 1938."
The cumulative production of soft poal in the coal year
1938-39 to date is 14.0% below that in 1937-38;" the cumula¬
Collected by the Federal Power Commisslnon.
of Mines,
9.7%, higher
or
'
110,000
123,000
The latest
,
Coal Year to Date d
Jan. 28 Jan. 21 Jan. 29
1939c
1939
1938
1938-39 1937-38 1929-30
on
chiefly large consumers and afford
e Collected by Association of American Railroads.
shop and station fuel.
.
:
manufacturing plants. The concerns reporting are
a
satisfactory baste for estimate,
Includes power-house,
Industrial Anthracite
Stocks of anthracite declined during the fourth quarter
three classes of consumers shown in
Bituminous Coal a—
Total, including mine fuel
8,550
Daily average—
1,425
8,170
1,362
7,791 289,066 336,075 434,494
1,299
1,147
1,334
1,721
5,203
5,229
5,378 225,078 244,265 190,410
Crude Pelroleum b—
Coal equivalent
of 1938 for the
table below and reached a level nearly
a
of weekly output.
Includes lor purposes 01 Historical comparison ana stauswcai convenience tne
production of lignite,
seml-anthraclte and anthracite outside of Pennsylvania.
Financial
800
Chronicle
produced during the week converted to equivalent coal assuming
b Total barrels
tins country might have
believe.
Inquiry for lead
in other coal years.
PENNSYLVANIA
OF
PRODUCTION
ANTHRACITE
AND
BEEHIVE COKE
(In Net Tons)
Calendar Year to Date
Week Ended
Jan. 29,
Jan.21,
Jan. 28,
1939
1939
1939
1938
c
1938 d
1929 d
Copper
Penna Anthracite—
Total,
col¬
including
Consumers
1,311,000 1,220,000 1,199,000 4,490,000 4,546,000 6,152,000
203,300
199,800 •195,200
197,700
267,500
218,500
Daily average
Commercial produc'nb 1,245,000 1,159,000 1,139,000 4,265,000 4,319,000 5,709.000
liery fuel a
showing more interest in copper, but volume business did
are
not make an
because of continued uncertainty
appearance
.
Beehive Coke—
situation.
19,400
3,233
3,067
Daily average
71,200
26,700
4,450
18,400
108,500
4,521
2,967
458,500
19,104
HliU
uicuge wm,
anu
oiuyyw
uuw
n\jnx
ouiuuutcu
WEEKLY
PRODUCTION
COAL,
OF
BY
STATES
Jan.
1939
1938
r
on
1937
19
1929
&
Avge.
1923e
2
2
2
2
262
259
233
283
376
and
10^c., but
58
62
114
182
93
148
rl41
Arkansas and Oklahoma.---
119
8
deeply interested in what
were
Southern for the former to
215
view that the
255
2
982
982
1,343
1,665
386
306
338
422
Iowa
——
92
84
123
106
the
take
144
211
203
941
160
410
utilities.
Correction:
240
30
40
62
55
34
Maryland
Michigan
12
15
72
72
65
83
New Mexico..-
32
r38
25
„
18
Montana
42
—
—
Copper authorities believe that
17
63
n
Sales
Three months Standard copper. London, Feb. 1, £43H.
58
57
62
850
862
and
6,414
446
363
495
475
814
•1,856
1,615
2,240
2,932
3,402
112
94
100
105
129
133
Texas
18
18
17
16
24
26
Utah
77
77
56
109
156
109
Tennessee
A.¬
,
reflected
further
a
improvement in
business.
With consumption holding up well
being forced to replenish their low supply of metal
consumers are
286
236
244
266
-—
211
263
40
42
33
56
65
1,400
1,822
2,102
Vlrglnla—Southern .a....
.
1,134
459
613
749
762
112
114
168
160
Calls for prompt
.
decrease in refined stocks is expected for that month.
consumers'
requirements
for
February
about 70% covered and March about 20%.
•
From present
estimated
are
to
be
Quotations remained firm at
2
1
1
86
87
8,170
1,176
8,030
7,293
9,676
11,850
990
1,327
907
11,900
1,723
was also the contract settling basis of the American
Smelting & Refining Co., and 4.70c., St. Louis.
186
1
658
a
States.c
-
Sales during the last week totaled
in the previous week.
4.85c., New York, which
582
112
Northern, b
Wyoming
a
indications,
74
1,473
against 7,061 tons
tons,
Most of the trade expects deliveries in January to be above 40,000 tons,
and
1,480
beginning to enter the market.
are
delivery metal featured transactions.
,
„
Other Western
Lead
•
week
upward trend of lead prices abroad.
here, these
73
465
Virginia
last
past few weeks and have been drawing upon their stocks, pending a definite
82
,
63
of lead
Producers believe many consumers have been out of the market during the-
32
75
.
1,763
Ohio
Pennsylvania bituminous—
West
take the
period of sustained
a
'
North and South Dakota.,
Washington
than first offered.
many to
increased activity in residential construction.
607
163
more
encouraged
190
731
33
186
Western
'
611
171
670
144
630
163
Kentucky—Eastern
as
the Tennessee properties of the
over
about $23,000,000
or
.
Kansas and Missouri.
generally hailed
was
An agreement was reached during
Valley Authority and the Commonwealth
140
--
have just about
day is drawing near for an accord between the Government
659
97
Indiana
*
*
the Continent.
on
year
activity in the metal will result from larger expenditures by the utilities and
2*111
410
Illinois
and
226
1
1,078
Colorado...
Georgia and North Carolina
Feb. 7 and Feb. 8
on
general political unrest
improved outlook for the utilities.
'utility for about $78,600,000,
434
68
Alabama
a
sales tied to Commodity Exchange
on
The price was accepted as a "fair" one and
Alaska
to
8 reflected disappointment over trade
Feb.
the week between the Tennessee
14 Jan. 22 Jan. 23 Jan.
Jan.
amounted
Producers held to
obtained.
w<w
Britain
Great
the price
over
trade
In the -'outside" market the price showed
London
Copper producers
an
1939
domestic
been equal to production.
'
Stale
the
However, the sales by the Cartel since the first of the
Week Ended—
Jan. 21
in
returns
(In Thousands of Net Tons)
annual returns from the operators.)
in
EarJy in the week,
The decline in
(The .current weekly estimates are based on railroad carloadlngs and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final
tendency.
!0%c. and 10%c.
the number of
ESTIMATED
week
warrants, the price named was around
d Adjusted to make comparable
b Excludes colliery fuel,
c lievised,
working days In the three years.
operations,
uj
the
for
sales
HHc., Connecticut Valley.
firmer
waanery
The
4,237 tons, against 4,356 tons in the week previous.
"
United States total...
a memoes
1939
11,
market, the week's business in major non-ferrous metals in
been quite impressive, producers
and zinc was fairly active and the
sales in both metals were above the average in volume.
Copper attracted more interest, though buying suffered
because of the wide spread between the foreign and domestic
quotations.
Tin was easier.
Quicksilver was firmer on
another advance in the foreign price.
Antimony was quiet
and unchanged.
The publication further stated:
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal,
c Subject
to revision,
d Sum of 43 lull weeks ending Jan. 28,1939, and corresponding periods
ESTIMATED
Feb.
'
Zinc
Total bituminous coal.
—
Pennsylvania anthracite.d.——
9.020
9.346
Total, all coal.—
8,620
10,583
Demand for zinc has
1,968
13,623
for
Includes operations on the
The American Zinc Institute on Feb. 7
•
as
a
(a)
Retorts
Average
Shipped
Operat¬
Retorts
During
During
End of
for
Export
ing End
During
of Period
Period
57,999
31,240
68.491
18,585
47,769
26,651
44.200c.;-Feb.
43.900c,
becomes
clarified
more
End of
Period
Chinese tin,
602,601
75,430
6,352
504,463
436,275
143,618
196
Year
1931.
300,738
314,514
129.842
41
19,875
23,099
18,273
Year
1932.
213,531
218,517
124,856
170
21,023
8,478
Year
1933.
324,705
344,001
105,560
239
27.190
Year
1934.
366,933
352,663
119,830
148
32,944
18,560
23,653
28,887
38,329
32,341
51,186
Electrolytic Copper
78,626
48,339
Dom.,Refy. Exp., Refy.
4,
44.200c.; Feb.
'
<
431,499
465.746
83,758
19
523.166
561,969
44,955
0
42.965
65,333
0
48.812
DAILY PRICES
15,978
45.383
1938
6,
Feb. 2
11.025
11.025
Feb. 4
11.025
Feb. 6
11.025
9.900.
*34,583
Feb. 7
11.025
38,923
29.023
Feb. 8.
11.025
9.825"
*33,130
*34,977
11.025
9.875
118,009
April.
38,035
20,806
135,238
34,691
35,321
*29,710
31.525
("E.
&
M.
127,069
33,818
May;..,,
37,510
24,628
148,120
*27,549
3,0,799
29,248
149,671
26,437
*23,451
28,071
25,596
25,805
29,767
*22,490
29,805
30,554
*26,433
*26,471
31,555
30,940
40,435
*28,099
Average
39,350
*22,073
Average
*30,317
June
40,736
30.362
33,825
146,208
August
32,296
36,507
141,997
September....
32,328
43,582
130,743
October
36,740
43,355
124,128
40,343
43,693
32,427
35,621
Total for year-
Monthly
aver.
44,878
456,523
39,052
38,044
42,526
prices
Lead
*
for
4.85
4.70
4.85
4.70
4.85
4.70
4.50
4.85
4.70
4.50
4.70
4.50
9.850
on
-
...
\
45.750
4.85
'
45.650
4.85
45.900
calendar week
ended
..
4
Louis
4.50
4.50
4.70
4.50
4.70
•
4.85
Feb.
St.
4.50
Domestic
are:
copper
fob.
lead!
De¬
38,410
^40,829
refinery basis.
Dally London Prices
34,524
Copper Sid.
Equivalent retorts computed
Zinc
,
St. Louis
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.l.f. basis commands a premium of 0.325c.
per poundabove f.o.b. refinery quotation.
1939
January
QUOTATIONS)
livered prices in New England average 0.225c. per
pound above the
40,280
*33,298
395,252
32,938
44,142
38,693
126,604
8,.
Copper, lead and zinc quotations are based on sales for both
prompt and futuredeliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered
basis
that Is.
delivered at consumers' plants.
As delivery charges vary with the
destination,
the figures shown above are net prices at refineries on the Atlantic
seaboard.
*31,509
*38,583
December....
Feb.
The above quotations are "M. & M. M.'s"
appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are In cents per pound.
*28.312
36.243
120,778
44.000c.;
refinery, 11.025c.; export copper, 9.8S4c.; Straits tin, 46.121c-.! New York
4.833c.; St. Louis lead, 4.683c.; St. Louis zinc, 4.500c.; and silver, 42.750.c
41,785
*27,648
31,912
*32,131
November...
23,444
*23,728
*28.411
J."
Tin
*31,769
July...
7,
46.000
9.925
36,466
33,528
Feb. 2, 44.350c.;-Feb. 3,.
Feb.
New York
9.875
38,891
43,399
follows;
44.250c.;
45.950
Feb. 3
41,644
*38,180
March
abroad
45.950
45,400
*41,650
108,138
showed'
outlook
46.100
39,267
88.532
21,540
January
hs prices
political
New York
9.875
42,423
24,931
41,146
as
Straits
*38,030
•48.687
the
,
OF METALS
44.623
February
as
The trade believesH
30.783
37,915
569,241
,
'
,
589.619
;,
.
soon
as
99%, was nominally
631,601
1930.
1937.
non-
of bringing the foreign,
apd sentiment here shows improvement.
Year
1935.
reduction in.
Mean¬
while, tin-plate operations moved up from 45% of capacity to around 50%.
during the last week.
1
Orders
Year 1929.
1936.
way
Tin
however, activity will increase,
Stock at
Year
a
better position through the formation of a Cartel until that
only slight change from those of the previous week.
Unfilled
The quotation,
The January deomestic
During the last week sellers of tin found little business,
Shipped
Year
.disappointed in the sluggish'
yet about the British import tariff on
•'
.
,
Shipments-
tons, against
output of Prime Western.
.
Year
well.
up
to 3,944
statistics were better than expected, but point to the need for
■
■
grades
common
1,384 tons in the
London market, which tends to depress the price structure.
question has been settled, the trade believes.
(ALL GRADES)—1929-1939
Period
The trade was
for Prime Western continued at 4%c., St. Louis.
market into
released the follow¬
(Tons of 2,000 Pounds)
Period,
5,129 tons, against
Inquiry in the current week has held
3,460 tons the week before.
Produced
Period
4 totaled
Empire metal, and little is expected in the.
,
ing tabulation of slab zinc statistics:
V
expanding, and sales of the
of the common grades for the last week amounted
""'*""7.
ZINC STATISTICS
ended Feb.
Nothing has been done
January Production and Shipments of Slab Zinc
SLAB
week
preceding week.
13,£1$
N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.,
and on, the B. & O. in Kanawha, Mason and Clay Counties,
b Rest of State,
Including the Panhandle District and Grant, Mineral and Tucker Counties,
c Inc udes Arizona, California,,Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
r Revised,
s Alaska,
Georgia, North Carolina and South
Dakota included with "other Western States."
♦ Less than 1 ,C00 tons.
a
the
been
128,220
OJ *34,225
39,404
24-hour basis.
a
39,269
Copper
Tin Standard
Lead
Zinc
Electro.
\34,179
Spot
3M
Feb. 2
42 %
*34,090
Export shipments are included
In total shipments.
{Bid)
Spot
43%
48
215 %
43 %
48%
43Tu
3M
Spot
3M
Spot
3M
214%
14%
14%
13*16
13i*i»
Non-Ferrous
Metals—Fair
Week's
and Zinc—Copper Continues
"Metal
and
Mineral
Markets"
Business
in
Quiet—Tin Irregular
in
its
issue
of
Feb.
9
reported that except for renewed unsettlement in the London
14*n
14%
13%
48 %
215%
215%
214
43 *u
214%
U%t
14%
431u
43 %
13%
13*%
13%
48%
215%
131*16
421,u
47%
213%
14%
14%
13*16
42%
214%
212%
14*16
Feb. 8
Lead
4212I6
Feb. 7—
*
Feb. 3
Feb. 6.
14*is
13%
1311)6
;
Prices for lead and zinc
the official buyers' prices for the first
session of the
London Metal Exchange; prices for copper and tin are the official
closing buyers'
prices.
All
are
are
In pounds sterling
per long ton
(2,240 pounds).'
Volume
Financial
148
January
Daily
Chronicle
average of 719,376 gross tons of ingots was produced
weekly during January of this year, which compares with
711,124 tons per week in December and with 391,143 tons
in January, 1938.
The •"Iron
Age" of Feb. 9 reported that production of
pig iron in January on a daily basis dropped 1.5%
from that in December, or from 71,314 gross tons a day to
70,175 tons. Output for the month totaled 2,175,423 tons,
compared with 2,210,728 tons in December.
The rate of
operation was at 51.5% of the industry's capacity.
The
"Iron Age" further reported:
coke
There
118 furnaces in blast
were
70.235 tons
MONTHLY PRODUCTION OF OPEN-HEARTH AND BESSEMER STEEL
INGOTS—JANUARY, 1938, TO JANUARY, 1939
(Calculations based
on reports of companies which In 1937 made 98.20%
open-hearth and 100% of the Bessemer ingot production)
Calculated
Month
Tons
of Capacity
3,186,834
52.69
7*19,370
1;732,764
1,703,726
2,012,406
29.15
891,143
31.74
.—...........
33.85
425,932
454,268
First quarter.......
5,448,896
81.58
423,709
12.80
,1,925,166
1,800,805
1,638,277
33.44
448,757
4.29
30.39
407,057
4.43
28.46
381,883
5,370,248
30.76
412,778
10,819,144
31.17
418,212
25.87
1,982,058
2,546,988
2,667,748
33.42
4.42
46.28
448,429
574,941
620,969
7,186,794
40.79
647,357
13.13
34.41
461,691
39.00
52.45
703,823
832,685
711,124
4.43
were
The United States Steel Corp. put three id
and put out or banked the same number
operation and
Per Cent
(Gross Tons)
'
1939—
blew in two furnaces
♦
January..—.
.........
and merchant producers put one
4.43
1938—
unit in operation.
,
„
Among the furnaces blown in
were
January——..—
One ClairtOn and one
the following:
February.
Edgar Thomson, Carnegie-Illinois Steel Corp.; one Lorain, National Tube
M arch
.
,
4.43
4.00
4.43
.
Susquehanna, National Steel Corp.; one Haselton, Bepublic Steel
one
Corp.; and
one
Shenango. Furnace Co; unit.
Furnaces blown out
One Ohio, one South Chicago
banned included:
or
April.
(old) and one Gary Carnegie-Illinois Steel Corp.; the Trumbull-Cliffs and a
BY
SINCE
MONTHS
JAN.
1,
Second quarter
months."....
July——....—
'
January.—.
46,100
March........
r ....
April.....
May.
v..
—
40,485
35,400
— ————.
Hall year.............. „•%.
— .
.......
.
,
56,015
December
12 mos.
...
average...-.l.'.....
PRODUCTION
1'
COKE
OF
';J
PIG
..
■
113,679
93,311
66,891
48,075
51.458
...
100.305
116,317
AND
IRON
September;.—
*
57,098
55.449
65,713
51,570
.
Third quarter.......
Nine months.^
October
•54,138
91,010
67,950
83.658
67.556
3,572,220
62.05
3,143,169
53.00
9,833,323
55.77
27,839,261
39.79
68,864
100,485
Fourth quarter...—.
Total...—
1939
.
1939
April..—-.
have reached almost the total that
1,002,021
^—
Half year...............
.
September
......
14,546
110,281
.
October.'.........—......
2,052,284
3,621
2,269,983
2,210,728
13,156
18.782.236
173.791
......
December
t
r
These totals do not Include charcoal pig iron,
y
capacity rating of 72,533,969
,At Detroit where the
gross tons
rolled last year,
of
(not including castings);
hind-to-mouth policies of the automobile industry
favor local consumption, the Bteel rate is
93%
upward by higher production by the Ford Motor Co.
*-
a
Included in pig iron figures.
at
good many rail tonnages
a
,
having been moved
In the South, where
6ave been placed recently,
fairly steady rate of 68%
at Buffalo and Southern
United States Steel
was
to be
bookings of various products.
to
as
19,197
seem to
Year
seem
there have been sharp losses in some districts indicating a mixed situation
630
November
Outstanding
While the steel ingot production rate is up slightly this wpek to 54%
the new
6,088
------
1,680,435
•.
,
20.818
1,201,785
1,493.995
......... -
18,607
13,341
c
>
7,873,026
July-_
August..--..—.
52.14
leveling off.
Where there are any
gains, they are small. Yet general trend of steel business
probably will be moderately upward during February and
M?trch, based on current prospects.
The "Iron Age"
further reported:
21,194
1,376,141
1,255,024
.
June
steel orders
20,205
1,452,487
,
—————
13.14
533,933
ing rhil tonnages, which continue to accumulate and which
22,388
1,298,268
May.....
~
4.42
The Feb. 9 issue of the"Iron Age" reported that' except¬
f
now
March.....'.-.-.---
4.2R
',
Openbearth and Bessemer Ingots, 71,191,994 gross tons.
1938
20,805
1938
February........i.....—.
4.28
748,350
,
Steel Gains Small—Rail Tonnages
Ferromanganese y
1,429,085
2,175,423
—
4.43
FERROMANGANESE
Pig Iron
—
13.01
Note—The percentages of Capacity operated are calculated on weekly capacities
of 1,365,401 gross tons based on annual capacities as of Dec. 31,
1938, as follows?
(GROSS TONS)
January.......——...i
3,117,934
December——————
03,820
98,246
18,005,938
......
November............
56,816
59,216
.96,512
42.85
'
49,041
83,686
87,475
60,203
75,666
71,314
;
October——.—————.——
.1......
57.448
74,331
112,866
August———..
47,656
02,886
65,816
80,125
85,432
86,208
38,767
48,193
....
September..
-
108,876
43,497
..........
July......: j....—.....
November....
111,590
113,055
114,104
103,584
45,871
—
June—
August
107,115
46,854
February...
65,351
103,597
46,367
70,175
—. _-
4.29
'
1935
1930
1937
_
TONS
1935—GROSS
1938
—■
■
First six
1939
....
..............
June—
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES
....—. .
May
River furnace of Republic Steel Corp.
x
Weeks in
blown in and five were blown
Six furnaces
took the same number off Mast. Independent producers
.*
Number of
Weekly
Cross
out or banked.
.
Calculated
Production
Period—
day, compared with 117 furnaces on Jan. 1, producing at the
a
rate of 71,315 tons daily.
Co.;
of the
Monthly
Production
Feb. 1, operating at the rate of
on
801
An
Pig Iron Production—Output
Drops 1.5%
the mills continue
Sharp losses in production have occurred
.
Ohio,
a
lesser
one at
Cleveland, while moderate
gains have been registered at Chicago, YoUngstowh and in Eastern Penn¬
Corp. Shipments Higher
sylvania.
The Pittsburgh district is* Unchanged.
1
The January output of steel ingots totaled 3,186,834 gross tons, com¬
,
'
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
January, 1939 amounted to 789,305 tons.
The January
shipments compare with 694,204 tons in the preceding month,
an increase of 95,101 tons and with 518,322 tons in January,
1038, an increase of 270,983 tons.'
In the table below we list the figures by months since
January, 1935:
TONNAGE
OF
SHIPMENTS
OF
STEEL
PRODUCTS BY
MONTHS FOR
pared with 3,143.169 tons in December, but the January-rate was only
52.69% against 53% in December, owing to the
:
"centage.
1938.
However, last mouth's tonnage almost doubled that of January,
Finished steel production for sale in
Institute.s
Year 1935
;...
April.—.......—.
582,137
668.056
591,728
May
721,414
076,315
783,552
534.055
February ...........
Year 1936-
598,915
January.....
March..
...1—
970,907
984,097
886,065
578,108
June,......... ——
"
547,704
year 1937
1,149,918
1,133,724
1,414,399
1,343,644
1,304,039
1,268,550
1,186,752
1,107,858
1,047,962
,624,497
614,933
680,741
681,820
661,515
950,851
923,703
961,803
1,007,417
882,643
1,067,365
Yearly adjustment. —(23,750)
—(40,859)
Total for year.—„
10,784,273
12,748,354
Year 1938
'518,322
September.
.—.....
October....... _.v. 1,
Novembers.
December.
.
•
-..
........
1:
Year 1939
789,305
474,723
672,199
501,972
465,081
478,057
441,570
7,347,549
558,634
577,666
663,287
702,310
587,241
079,653
489,070
20,993,315 ,&ross
.Of the business placed during
striking.
,
the past week, rail tonnages ,were the most
The Rock Island ordered 40,100 tons, the Missouri Pacific Lines
6,000 tons, and the
3,175 tons, the latter vfor relocation of
Southern Pacific tracks around Shasta "Dam.
f
—(77,113)
July.——;.!———-—
August. ..... f ..... .
.was
•.
U. S. Department of the Interior
•
1938
tons, according to figures just compiled by the American Iron and Steel
31,110 tons, the Delaware, Lackawanna & Western
YEARS INDICATED
Month
by the American Iron
use
and Steel Institute of the new capacity rating in figuring the January per-
694,204
Railroad equipment buying in prospect also promises support for the
steel Industry.
The Missouri Pacific has-been authorized by the Federal
cars, seven diesel locomotives and two streamlined,
Cpurt to buy 1;000 coal
trains, the order for the trains having just beep placed.
Pending equipment business includes 1,000 to 2,000 freight
locomotives for the Union Pacific, 40 locomotives for the
1,000'
cars
cars
and 15
Southern Pacific,
for the Illinois Central and possibly 1,000 cars for the Chicago
& North Western which may also buy a tonriage of rails.
Much of this
prospective business is tentative, however, with no assurance that it will
be immediately closed.
facturers had in
Some of the railroad equipment and supply manu¬
January the best month's business in a year and a half.
Four ships to be built
6,625,368
Th,e Missouri
& Illinois, a subsidiary, is,authorized to buy 125 box cars and 25 coal cars.
by the Ingalls Shipbuilding Co., subsidiary of the
Ingals Iron Works Co., at Pascagoula, Miss., will take 17,480 tons of
steel.
The Columbia Steel Co. will furnish 10,000 tons of steel for two
boats being built by the Moore Dry Dock Co., Oakland, Cal.
January Steel Ingot Output Exceeds December
Production
of
open-hearth and Bessemer steel ingots
during January totaled 3,186,834 gross tons, about 1%
greater than tne Decebmer figure and nearly 85% higher
than in January, 1938, according to the American Iron and
Steel Institute.
The total for December
since last July.
Less than 12,000 tons of
new
work came into the market.
Reinforcing steel awards were 10,500 tons.
Mill prices of steel products are steady.
sale markets
have been
are
improving.
Some of the soft spots in
re¬
Reinforcing bar prices throughout the country
relatively firmer in recent weeks.
New York jobbers are stif¬
Oil well tubing has been advanced by
fening quotations on merchant pipe.
mills about $5 a ton.
3,143,169 gross tons, and out¬
put in January of last year was 1,732,764 gross tons.
During January of this year the steel industry operated
at an average of 52.69% of its capacity as of Dec. 31, 1938.
In December operations averaged 53% of the capacity as
of Dec. 31, 1937, which capacity was nearly 2% lower than
the current figures for capacity.,
Operations in January,
1938 averaged 29.15%.
•
■-
Fabricated structural steel lettings of only 8,000 tons were the smallest
was
Scrap prices are steady in the larger centers, but at St. Louis a sale of
10,000 tons
brought
a
The "Iron Age" scrap composite
50c. decline.
price is unchanged at $14,875.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Feb. 7. 1939,
2.286c.
a
Based
on steel bars, beams, tank platest
wire, falls, black pipe, sheets and hot
These products represent
Lb.
One week ago
2.286c.
One month ago——————-2.286c.
One year ago
...2.512c.
roiled strips.
.
85% 61 the United States output,
Low
High
2.211c
Oct.
8
9
2.249c
Mar.
2
Dec. 28
2.016c
Mar. 10
Oct.
1.915c.
...2.192c.
2.402c.
1.870c
Mar. 15
Jan.
7
1.902c
Oct.
Jan.
4
2.212c
Nov.
1937-..1930
1935
1934
1933
1932
1930
1927
May 17
Mar.
however, this was a gain of more than 50%
ago,
2.512c.
2.249c.
2.062c.
2.118c.
1.953c.
,2.612c.
1038.
about 65%
Last
Feb.
1939, 820.61
7,
Jan.
8
Jan.
2
all others
Oct.
3
1.792c
May
2
Sept.
6
East.
29
1937
19301—----------1935
...
1934...
——
1933
1932
-
--------
1930
-
1927—
Rail producers
20.25
Feb.
Nov. 24
Nov. 5
May
1
Dec. 5
Jan.
5
18.73
17.83
May
14
16.90
Jan.
27
13.60
Jan.
3
Jan,
Jan.
July
13.50
6
16
Dec.
Dec.
1938
1935.
-
1934..
-
1933
1932
1930
-
------
--------
1927
—
and Steel
Iron
American
The
season on
been
811.00
23
6.75
Jan.
3
6.43
Principal gains
to
Sept. 25
Jan,
80%
eastern
13.08
Nov. 22
6
Aug.
May
2
30.7%
May
9
30.4%
30.7%
29.0%
,.20.1%
26,2%
17
29.8%
24...-32.7%
Jan. 31-."-—30.5%
Feb.
7
.30.7%
Feb.
May 16
May 23
14.--.31.0% May 31
Feb.
0.
21. ——30.4% June
28—29.3% June 13
Mar.
7--—29.9% June 20
Feb.
15.-!:--,40.4%
Nov. 28-
62.6%
01.9%
.00.7%
5.——59.9%
Aug. 29-. —-44.0% Dec. 12
57.6%
Sept. 6
39.9% Dec. 19
51.7%
Sept. 12
45.3% Dec. 26
38.8%
—
47.3%
Sept. 19
28.0%
Oct,
51.4% Jan.
10
Oct.
24
Oct.
31.
Nov.
.53.7% Jan.
50.7%
9...
—
10.
17-- —.49.4% Jan.
Oct.
—
usually has
are
52.7%.
23
51.2%
30...,.52.8%
6
53.4%
61.0% Feb.
7
highest level
,
so
Iron
an
irregular trend,
shown
in
some
instances.
Bars
are
prospect for a
A strong upturn in March and April gener¬
small
and
no
definite
markets
the
trend is indicated.
"Wall Street
week ended
The
of
Journal"
Feb.
6
Feb.
9
"Journal" further states:
of
;
weeks have recorded
same two
with
52%
in the previdus week and 53%
subsidiaries
48%
two
are
estimated at
weeks
the
the
nearest
51)4%
a
are
of
week
sustained,
with small gains
"
1939
ui
Industry
53)4 +
...
moving better, and some additional
31
1936
84
...
+ 1)4
+5
88
+1
58
+3
42)4
+2)4
22
+1
Yi
1931
49 )4
+ 2 )4
53
1930
79)4
+ 3
83)4
cautious buying policy, placing only small Idts.
Motorcar assemblies last week were affected by both
weather, declining about 10,000 units to 79,410.
Federal
week ended Feb. 8
$29,000,000.
the
—
bank
in
)4
■
+
80
+ 2)4
26)4
47
+3
+3)4
+1
76
+3
84
+
+1
80
+1
+2
73
+2
i
„
*
Increase
money
1939
)4
or Decrease (—•/
Since
■
'
Feb. 9, 1938
"
$
$
z_.
2,768,000,000
—2,000,000
—882,000,000
Treasury deposits with F. R. bank..
931,000,000
+ 44,000,000
+775,000,000
743,000.000
+ 18,000,000',
Non-member deposits
in circulation,
$44,000,000 in Treasury deposits with Federal
banks, and $18,000,000 in non-member deposits
and other Federal Reserve accounts, offset in part by in¬
creases
of $38,000,000 in gold stock and $2,000,000 in
Reserve bank credit and a decrease of $2,000,000 in Treasury
(+)
Feb. 1,
1939
$
Treasury cash
H
+
+2
88)4
1
Feb. 8.
member
—1
90
+
85
reserve
$10,000,000 in
+
27 )4
-
)4
89
: 87
1927
year
16
Banks
Reserve
Reductions
from increases of
a
,'
1928
and the
Compared with
member
-J
1929
season
57
+3
35
+
The automotive industry also
+3
46
27
bookings have moderated.
)4
+
—*-2
,48
-
1932
Unfilled business in structural shapes and reinforcing bars remains'sub¬
54)4
30)4
79
,
y*
arose
with
Independents
32
+ 4
+
reserves
together
2)4
—
)4
1914
bank
years,
U. S. Steel
51 )4%
1)4
—1)4
1933
decreased
.
two weeks ago.
previous
of extra tonnage.
balances,
64H%
with
comparison of the percentage of production
corresponding
+3
the
credited
approximate changes, in points, from the week immediately preceding.
54
with
S. Steel
in the week before and
in the preceding week and 57%
gives
compared
♦
U.
weeks ago.
two
against 49%
,
Leading independents
ago.
The following table
brief period, since mills have worked off heavy backlogs
consumers are not Immediately in need
Week
reduction
a
2H points, the latest figure for these companies being 54)4%'.
For the industry as a whole the average is placed at 53 H%
39)4
The
a
XA% of their ingot capacity, which is the highest
figure since the week before Christmas, and represents an
expansion of 31^ points in the past two weeks.' The
1937
During the
reported that for
U. S. Steel subsidiaries reached
1934
is following a
composite is up 4
scrap
rate of 51
A quiet market in sheets and strip is in
new
Out¬
$14.75, while the iron and steel composite is unchanged at $36.35
1935
stantial, but
lighter last week,
were
Price changes generally are
quieter.
are
accumulated last quarter and some
.
dropped 4.5
Buffalo
64.
down 3 points to 42.
far this year.
is fairly well
railroad orders have been placed.
was
shapes and reinforcing bars
and steel scrap
cents to
•
business
Nevertheless,
and Cincinnati expanded 3 points
Wheeling at
and the finished steel composite holds at $56.50.
Buyers continue conservative, generally buying for only a short distance
ahead.
and
expected to provide some clue to probable spring activity.
with
Improvement in finished steel demand is spotty, bqt ingot production
53%
34
at
Awards of structural
Feb. 6 stated:
has advanced to
8.5 points to 48.5%
and Ypungstown
,
compared with 54%
on
4 points at Cleveland
,
Birmingham was up 3 points to
.
standing inquiry is 8,600 tons for a bridge, Rock Island. 111.
"Steel" of Cleveland, in its summary of the iron and steel
markets,
districts
six
with
attributed to the necessity
was
influenced by a smaller volume of pending tonnage for public works.
61.7%
Tan.
56;8%
rose
Leading independents in the
2
3—— .47.9% Jan.
Oct.
28.7%
32.1% June 27
Mar. 21
5.-22.4%
33.7% July
Mar. 28-35.7% July 11
32.3%
.30.4%
Apr.
4-.-.32.6% July 18
37.0%
Apr. 11
32.7% July 25
Mar. 14
sections
ally has its inception in February, hence variations the coming several weeks
1939
Sept. 26..-.46.7%
,27.1%
well distributed,
were
some
Operations were well sustained in January, considering that the month
an¬
Aug. 22.-.-42.8% Dec.
——
week
3 points at Chicago to 48.5%
were
Pennsylvania
The
1- —T.39.8% Nov. 14
8—39.4% Nov. 21_-
commodities
Pittsburgh was unchanged at 46, while New England held at 70,
points to 39.5%
1938—
Aug.
Jan.
St. Louis
,
to
9
Feb.
last
The rise in
and 4 points at Detroit to 92%
55.
5
Dec.
Aug.
Jan.
64%
July
32.0%
18.—32.4%
change made to correct a cost situation.' Other
a
,
■
■
Oil country tubing has
■
.
a year ago.
11.25
on
being
the buying
of increasing mill stocks of semi-finished steel.
9
Apr.
9.50
Institute
'
•
above
Nov. 16
June
10.33
1938—
1938—
5%
Steelmaking gains
9
June
12.92
12.67
10-— -27.8% Apr. 25
25.0% Apr.
pending is awaited,
now
participating in moving up the national average 1.5 points, or 22 points
capacity of the industry will be 53.4% o capacity
beginning Feb. 6, compared with 52.8% one
week ago, 51.7% one month ago, and 30.7% one year ago.
This represents an increase of 0.6 points or 1.1% from the
estimate for the week ended Jan. 30,1939. Weekly indicated
rates of steel operations since Jan. 3, 1938, follows:
-•
cars
packers' cans will benefit operations.
advanced
year.
of the steel
3
The Milwaukee road has allocated 30,000
several thousand freight
lately have strengthened materially compared with their weak status last
Low
for the week
1938—
on
Finished steel prices generally continue firm.
1
nounced that telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having 98%
Jan.
Closing
Tin pla«*j demand is slow to improve, but opening soon of
No.
Nov. 22
Mar. 30
Dec. 21
Dec. 10
Mar. 13
Aug. 8
Jan. 12
Feb. 18
Jan. 17
——
-
The Wabash and Burlington roads each has 10,000 tons pending
tubular products are unchanged, although quotations on these
on
-.'-..$15.00
21.92
17.75
13.42
—
13-00
------12.25
8.50
15.00
......I— 15.25
——
1937------—
Merchant boats in 10 years.
prepared by other roads.
16
Nov.
High
1930.----
be
expected to
units are
while further buying is looked for with the approval of budgets now
6
15.90
17.64
7
4
tons.
1 heavy melting steel
quotations at Pittsburgh, Philadelphia
and Chicago.
—
-
One year ago
50 such
have accumulated backlogs which appear large in com¬
and the Lackawanna 6,000 tons.
Aug. 11
fBased
$14,875(
14.92|
13.921
One week ago
One month ago
About
parison with small tonnages ordered a year ago, with additional purchases
in sight.
81961
Steel Scrap
Feb. 7, 1939, 814.875 a Gross Ton
scheduled
or
Awards include 10 cargo boats ordered by the United
Commission.
Maritime
to contract for 500
Low
June 21
Mar. 9
823.25
23.25
19.73
18.84
17.90
----10.90
...
14.81
18.21
19.71
—
recently
About 75,000 tons is pending for vessels placed
for early closing.
1
placed by the Commission this year as part of its program, started in 1938,
High
1938.
dropped from 8,860 to 7,975.
Shipbuilding promises to be a good outlet for heavy steel products in the
Southern Iron at Cincinnati.
23.25
—
2?,750, and
33,865; Chrysler was off from 23,325 to 15,820; Ford held at
1.945c
—
One year ago
production declined from 35,265 units to
General Motors'
2.056c
Based on average ot basic Iron at Valley
Gross Ton
furnace and foundry Irons at Chicago,
—820.01
Philadelphia,
Buffalo,
Valley
and
20.61
a
larger than in the 1938 month.
week.
1
Pill Iron
One week ago
1939
11,
January output was
.
Apr. 24
States
One month ago.-.
Feb.
Chronicle
Financial
802
and other Fed¬
eral Reserve accounts.
+50,000,000
Reserve
cash.
Excess
reserves
of
member
banks
on
Feb.
8
were
estimated to be approximately $3,460,000,000, a decrease of
$20,000,000 for the week.
The statement in full for the week ended Feb. 8 will be
found
on pages 836 and 837.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
Increase
(-f)
or
Decrease
'
Returns of Member
Banks in
$
Bills discounted
7,000,000
Bills bought
Reserve
System for the New York City member
Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
banks and also for the
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL
1939
$
+ 2,000,000
advances
(not
RESERVE
CITIES
(In Millions of Dollars)
(—)
New York City-'
Feb. 9, 1938
Feb. 8,
Feb. 1,
$
1939
1939
4,000,000
Assets—
Loans and
1,000,000
TJ. S. Government securities
Industrial
Feb. 1,
$
investments—total..
Commercial
including
Chicago
Feb. 9,
1938
$
$
Feb. 8.
1939
$
Feb. 1,
1939
$
-
Feb. 9,
1938
$
7,587
7,818
2,127
2,111
2,901
3,244
528
524
618
1,351
industrial
7,658
2,890
Loans—total
2,564,000,000
City and
Below is the statement of the Board of Governors of the
Federal
Since
Feb. 8, 1939
New York
Chicago—Brokers' Loans
1,356
347
16
343
420
1,936
and
agricultural loans
commitm'ts—Feb. 8)
—3,000,000
—1,000,000
—3,000,000
2,684,000,000
.14,732,000,000
+ 2.000,000
+ 38,000,000
—10,000,000
+1,976,000,000
2,818,000,000
+ 1,000,000
+157,000,000
Other Reserve bank credit
Total Reserve bank credit
Gold stock
Treasury currency
—3,000,000
15,000,000
.
.
Open market paper.-
125
125
1,709
171
17
29
Loans to brokers and dealers..
$13,000,000
636
642
572
34
32
32
187
187
211
67
65
73
...
al08
116
127
13
13
12
....
86
78
36
397
397
51
""64
51
2,636
2,648
1,101
1,149
962
Other loans
for
carrying securities
Real estate loans
Loans to banks
Member bank
reserve
balances.
Money in circulation
9,018,000,000
—29,000,000
+1,813,000,000
6,673,000,000
+10,000,000
+ 367,000,000
purchasing or
1
Other loans
U. S. Gov't direct obligations..
.
418
3,151
1
"
Volume 148
Financial
——New York City—
Feb. 8,
Feb. 1,
Feb. 9,
ChicagoFeb. 1,
Feb. 8.
Feb 9
803
tries, thereby further emphasizing that the Reichsbank is disappearing
as an
independent institution.
The Reichsbank, originally designed, to
1939
1939
1938
1939
1939.
1938
$
$
$
$
$
$
903
401
113
116
101
Assets—
Chronicle
function
Obligations fully guaranteed by
a check on
government expenditures and lately invoked
as
being converted into an annex of the Economics and
Finance Ministries to administer the financial policies of the new economic
as
snch by Dr. Schacht, is
United States Government,-.
Other securities.
923
1,209
1,135
1,022
325
322
255
Reserve with Fed. Res. banks.Cash in vault—
;
4,326
4,395
2,676
686
702
607
54
50
52
31
31
24
Balances with domestic banks.-
76
73
65
193
210
160
a419
a4l9
411
476
50
51
61
6,887
6.777
5,837
1,576
1,593
1,435
617
617
648
471
470
469
116
116
343
83
83
62
2,626
2,706
2,073
681
683
561
502
507
356
,9
9
5
"294
"310
"344
"l3
"l3
"*16
1,485
1,483
1,486
254
254
240
.
.
-
Other assets—net.
—
—
.
Liabilities—
Demand deposits—adjustedTime deposits..
...
United States Govt, deposits...
Inter-bank deposits:
Domestic banks
Foreign banks
.—
Borrowings.
------
—
Other liabilities-.--.-
Capital account—...
a
.
,
——
"real estate loans" and increase in "other assetsrnet" due to re-
Decrease in
classification of certain items.
Returns of Member Banks of the Federal
System for the Preceding Week
Complete
masters.
Tenders Invited by Chase National Bank for Sale of
New South Wales 30-Year
6% Gold Bonds to
Exhaust $177,952 in Sinking'Fund
The Chase National Bank, as successor fiscal
agent, is
inviting tenders for the sale to it of State of New South
Wales, Australia, external 30-year 5% sinking fund gold
bonds, due Feb. 1, 1957, at a price not exceeding par and
accrued interest, in an amount sufficient to exhaust the sum
of $177,952 how in the sinking fund.
Tenders will be
received to 12 noori on Feb. 15,1939, at the
corporate trust
department of the bank, 11 Broad St., New York,
♦
Reserve
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 covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire
body of reporting member banks in 101 cities
eannot be
compiled.
III the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
,
of business Feb. 1:
condition
The
of weekly
statement
101
banks in
reporting member
leading cities shows the foUowing principal changes for the week ended
Feb; 1:
Decreases for the week of $43,000,000 in loans to brokers and
dealers, $75,000,000 In reserve balances with Federal Reserve banks, apd
$104,000,000 in demand deposits-adjusted, and an increase of $56;000,000
guaranteed'by the United States Government. ^
declined $22 r000,000 in New York City, $21,000,000 in the Boston district, and $10,000,000 in the Richmond district, and increased $23,000,000 in the Min¬
neapolis district and $16,000,000 in the Chicago district, all reporting
in obligations fully
Holdings of United States Government direct obligations
member banks showing a decline
Obligations
of $13,000,000 for the week.
$40,000,000
City and $56,000,000 at all reporting member banks.
Hold¬
frilly guaranteed by the United States Government increased
in New York
ings of "other securities" increased $25,000,000 in New York City
and
$19,000,000 at aU reporting member banks.
Demand deposits-adjusted decreased in nearly All districts, the principal
Francisco district, $18,000,00d in
the Philadelphia district, $16,000,000 in the Chicago district, $11,000,000
in the Richmond district, and $10,000,000 in the Boston district, and the
decreases being $20,000,000 in the San
Time deposits increased $4,000,000.
$104,000,000.
total decrease being
Deposits credited to domestic banks increased $17,000,000 in New York
all report¬
member banks, and decreased $11,000,000 each in the Chicago and
'«"
•'
"■
borrowings on Feb. 1.
Weekly reportihg member banks reported no
A summary of the principal assets arid liabilities of report¬
ing member banks, together with changes for the week and
the year ended Feb. 1, 1939, follows:
'
'
Increase
'
i
1
(+)
;
\
for
purchasing
—48,000,000
—748,000,000
+2,000,000
•—3,000,000
The data published are based upon
—43,000,000
792,000,000
Stock Exchange by its members.
follows:-''.'
_
535,000,000
—5,000,000
/
,
+1,000,000
—2,000,000
+2,000,000
—13,000,000
1,789,000,000
Obligations
fully
guaranteed
— .
Reports? showing other transactions initiated off the
Reports showing
floor-
Cash to vault.
—
banks—7,521,000,000
394,000,000
—33,000,000
STbCK TRANSACTIONS
>
+13,000,000
nLdabilities-—Demand deposits—ad justed ------16,048,000,000
Time deposits————-———.—
Government deposits
Inter-bank deposits:,
United States
+4,000,000
,
+1,043 ,000,000
+159 ,000,000
—--
Directors
German Reichsbank Removed
of
Total-
—
l-.i-
Total—--.—
the Presidency of the bank on Jan. 20 was reported in our
Jan. 21 issue, page 380.
Describing these latest changes a
One of those removed was
Karl Blessing who, following the split be¬
Rudolf Brinkmann—now Vice-President of
Reichsbank—was the former's right hand man In charge of foreign
tween
the
"Times" of Feb. 5 said:
Dr.
a8.02
.«
284,840.
—w —————.i—-
4.86
1,026,465
Sold——————————,1,137,080.'
Total-—-——2,163,545
22.54
C* Transactions fof the odd-lot accounts of specialists and
odd-lot dealers:
v
.
.•
Total
1
,
.
1. in round lots—Bought—
Sold-—
—
—
262,770
—
2. In odd lots—Bought————1
Sold——
-
Total
♦
The term
-
155,420
107,350
—-————...
'
2.74
576,976
625,909
1,202,885
"members" includes all Exchange members, their firms
and their
partners, including special partners.
a
Shares in members* transactions as per cent of twice total round-lot volume.
In calculating these percentages the total of members' transactions is compared
with twice the total round-lot volume on the Exchange for the reason that the total
of members' transactions includes both purchases and sales while the Exchange
volume includes only sales,
Schacht and Dr.
debt standstill affairs and
participated with him in the negotiations with
George Rublee, director of the
The other two were
Intergovernmental Committee on Refugees.
Wilhelm Vocke and Karl Erhardt.
They were suc¬
Ministerial Director in the Economics Ministry;
Ministerial Counselor in the Finance Ministry,
ceeded by Kurt Lange,
Walther
9.+6
383,630
386,150
_n—466,295
4. Total—Bought——
removed three directors
wireless from Berlin to the New York
'
a
*
769,780
-
——
Sold-—
of the Reichsbank on
succeed them.
Cent
'
.
3. Other transactions initiated off the floor—Bought—>-181,455
by
Feb. 4 and appointed new ones to
The dismissal of Dr. Hjalmar Schacht from
floor—Bought.——
Sold--—
Chancellor Hitler
German Chancellor Adolf Hitler
Week
Per
4,799,820
Total-i—927,470
2. Other transactions initiated on the
...
Three
V
-
registered—Bpught——461,380
Sold.— -----'i———-466,090
t-2 ,000,000
•'
Borrowings.-..--—
>
' Total/or
1. Transactions of specialists in stocks to which they are
—8 ,000,000
+ 12,000,000
+31,000,000
•
(SHARES)
transactions for account of members (except
transactions for odd-lot accounts of specialists and oddlot dealers):
•
Foreign banks-..-—576,000,000
.
21, 1939
B. Round-lot
—42 ,000,000
+ 1,000,000
5,183,000,000,
631,000,000
t;
;
,
-104,000,006 +1,584 ,000,600
—6,359,000,000
Domestic banks——
/
A. Total round-lot volume-—i—
+ 583,000,000
,
5
ON THE NEW YORK STOCK EXCHANGE FOR
ACCOUNT OF MEMBERS*
Week Ended Jan.
+117,000,000
2,593,000,000
Balances with domestlc banks.-—
274
523,
-
no transactions------————.-—
entries in more than one classification.
+56,000,000
3,247,000,000
Other securities.Reserve with Fed. Res.
—_w—
.—
The number of reports in the various classifications may total mere than
the number of reports received because, at times, a single report may carry
by-
United States Government;—--
208
266
3.
+648,000,000
+19,006,000
+ 300,000,000
—75,000,000 +1,847,000,000
U. S. Govt, direct obligations.
as
New York Srock
Exchange
1,084
4.
+13,000,000
+ 34,000,000
+15,000,000
+8,000,000
—
classified
floor—
—82,000,900
1,174,000,000
99,000,000
1,542,000,000
8,173,000,000
——
are
■
securities.-.^.—
Other loans.—
These reports
Total number of reports received,
'
■
1. Reports showing transactions as specialists—<
2. Reports showing other transactions initiated on the
+ 30,000,000
>.
Heal estate loans..-.- -—-i—
carrying
weekly reports filed with the New
York
—627,000,000
—131,000,000
*
New York Stock
the
.+;■
&
+208,000,000
or
Loans to banks———
of
Feb. 2, 1938
$
.
loans
members
K
(—)
+14,000,000
/'■ $
investments—total——21,442,000,000
Loaps—total-'-——-— 8,233,000,000
Commercial, industrial and agri¬
cultural loans.3,767,000,000
Open market paper. - - —-——- 324,000,000
Loans to brokers and dealers in
securities.——.-———
or Decrease
Stucc
"■
Jan. 25, 1939
Feb. 1, 1939
Assets***"*
Loans and
Other
of all
Exchange (except odd-lot dealers) to total transactions was
below the preceding week ended Jan.
14, it was made known
by the Securities and Exchange Commission yesterday
IFeb. 10).
The report from the New York Curb Exchange
for this period, which is usually issued at the same time of the
Stock Exchange figures, has been delayed.
Trading on the Stock Exchange for the account of all
members during the week ended Jan. 21 (in round-lot trans¬
actions) totaled 2,163,545 shares* which amount was 22.54%
of total transactions on the
Exchange of 4,799,820 shares.
This compares with member trading during the
previous
week ended Jan. 14 of 2,706,617 shares, or
23.17% of total
trading of 5,840,840 shares.
'
The data issued by the SEC is in the series of current
figures being published weekly in accordance with its program
embodied in its report to Congress in June, 1936, on tin
"Feasibility and Advisability of the Complete Segregation of
the Functions of Broker and Dealer."
The figures for the
Week ended Jan. 14 were given in our issue of Feb.
4, page
655.
Iri making available the data for the week ended
Jan. 21, the Commission said:
"
'
*
During the week ended Jan. 21 the percentage of trading
for the account
Deposits of foreign banks increased $31,000,000
San Francisco districts.
during the week.
New York Stock Exchange During
Week Ended Jan. 21
on
_
City, $12,000,000 in the Philadelphia district, and $12,000,000 at
ing
Member Trading
Bayrhoffer,
Frjedrich Wilhelm, already a Reichsbank director.
The first two, like Walther Funk, Reichsbank President
and
of Economics,
and Minister
and Dr. Brinkmann, retain their old offices in
the Minis¬
Odd-Lot Trading
on
New York Stock Exchange During
Week Ended Feb, 4
Oh Feb. 9 the Securities and Exchange Commission made
public a summary for the week ended Feb. 4 of the corrected
figures on odd-lot stock transactions of odd-lot dealers and
specialists on the New York Stock Exchange, continuing a
series of current figures being published Weekly by the Com-
mission.
The figures for
our
ODD-LOT STOCK TRANSACTIONS
filed with the
1939
FEB. 4.
1937—
SALES
PURCHASES
(Customer i' Orders to Buy)
(Customers' Orders to Sell)
Value
Value
Shares
No. Ord.
119,569
198,832
Jan. 31
7,109
1
3.984
2---'.
3,151
Feb.
Feb.
3 and 4.
Feb.
■
—
4,445
117,387
$3,948,406
5,567
154,539
5,499,680
3,646,477
3,282
81,343
2,804,117
3,904
101,049
3,624.685
Dec.
155,421
5,410,846
..
Nov, 1
3,335,961
5,694.572
6,149
653.543 $23,932,082
23.347
149,861
5.473
—
$4,062,761
7,192.311
101,205
84,076
4,398
■
Sept. 1
1
Oct.
1
1
93.89
June 30
92.98
93.93
30
Aug.31
42,854,724,055
41,450,248,311
42,398,688,128
42,346,644,435
43,756,515,009
44,561.109,796
44,182.833,403
92.70
Sept. 30
44,836,709,443
1.
91.51
Oct,
31
45,539,193,999
90.11
Nov. 30
45,441.652.321
90.34
31
47,053,034,224
91.27
.
24,115
.
40.958,433,389
91.03
Short Interest
on
Dec.
Decreased
1--.—
42,782,348,673
1
42,486,316,399
the Jan. 31 settlement date, as
89.70
1937:
of the close of business
compiled from information
1,314,840
1,426,522
29
20.'.
Feb,
„
.
Nov.30...
Dec.■31.
June
30.-
31...
..1,222,005
Oct.
944,957
Feb.
28...
-.1.141,482
Nov. 29
June 30.,...
.
1,007,736
July 30......
Aug. 31
U
.1,097,858
May 31....
1937 of
-
The greatest income reduction was
declined from $1,438,276 in
1937 to $483,016 in the following year.
Income from rentsfell about $100,000, from the Western Union Telegraph Co.,
about $25,000 and from the Stock Exchange Institute about
$17,000.
In his introduction to the financial report, President
William McC. Martin, Jr., of the Exchange said:
ing the loss in operations for
in
It
Curb
of
was
C. A. American sharfes were the
than
a
1938, shows a decrease of $546,394 from
as
total of
,
v
.■
,v
•
,
4
that of $27,491,541.14 at Dec. 31,
$1,548,417.24 for
and
depreciation
theteon involved In an income tax
reserve
of $312,000 of initiation fees, compares with a loss (after deprecia¬
exclusive of $332,000 of initiation fees.
tion, &c.) for 1937 of $140,376.73,
These initiation
Exchange.
'
for 1938 of $1,548,417.24
(after depreciation and taxes)
The net loss
exclusive
fees
are
contributions to the capital investment of the
■'■
'V
•
.
$1,829,000, the out¬
Total income for 1938 showed a decrease of about
Market
Listed on New York
Exchange Jan. 31 Below Dec. 31
Value
of
Bonds
On Feb. 7 the New York
As of the close of business on
standing decreases being that in Stock
Stock
and
„•
Total expenses for
readjustments in
The item of salaries
reported, in the statement does not reflect tully the changes
certain dismissal salaries paid are included therein.
The bulk
bond issues
wages as
effected,
listed on the New York Stock Ex¬
total market value of, $46,958,433,389.
; ,
as
of
change, with a
which, in turn,
these
with
$47,053,034,224.
an
Dec. 31, 1938
Aver,
Market
Aver.
Value
Price
Value
The high
Financial...
—....
Chemical
Building
...—
.'
26 504,874
........
Electrical equipment
Food...
manufacturing- .
.....
—
...—
...
Rubber and tires
Amusements
79.24
96 ,189,200 101.72
92.50
-71 601,494
587,683
52 109,761
47.21
117 185,624
Machinery and metals
Mining (excluding iron)
Petroleum
...
Paper and publishing
Retail merchandising
56.91
94.29
553 ,656,845 105.56
95.80
75 665,970
33 ,664,730
95.52
6,100, 714,225
671, 585,209
57.43
8, 630,308
92.18
Railway oper. and holding companies
and equipment
manufacturers..
Steel, iron and coke
Textile
was a
gradual reduction during
Gas and electric
(operating)
Gas and electric (holding)
......
Communication (cable, tel. & radio)..
Shipping services
Ship building and operating
....
—
U. S. companies
operating abroad
Foreign cos. (lncl. Cuba & Canada)
Miscellaneous businesses..
All listed bonds..
-
124, 822,894
987, 001,100
,
'
•
■
.
1938,
tions
are
in
Our opera¬
constantly being scrutinized carefully and such scrutiny will deter¬
the Exchange's financial
mine the extent
economies.
to
The
position until near the end of the year.
which
a
test of efficient service will permit additional
management
continues
to
concentrate
upon
the
Ex¬
change's financial situation.
The
following
tabulation
will show the trend in
income, expenses and net loss as
——_
1938 of consolidated
determined monthly:
,
>—
Total Round
Total
Total
Net
Income
1938
Expenses
Loss
Lot Share
Volume
8
'
$634,308.67
661,527.67
670,439.47
623,530.78
591,518.88
606,198.24
$500,038.65
January
February
507,610.70
March
May
470,344.69
52.44
12 071,175
52.56
July
509,998.20
448,107.04
452,933.27
513,030.00
492,435.82
470,747.93
64.19
of
.
"The trend of expenses was downward during the greater part of
June
48.77
a decrease
While the process of con¬
although the full effects of the economies introduced were not reflected
50.32
35, 217.900 102.17
46.958,433.389
At
being explored:
14 285,828
4, 293,830 104.97
43, 797,570 127.85
Leather and boots
Tobacco
13, 446,323
12, 042,233
year:
retrenchment, which is being rigidly applied, gratify¬
47.50
52.17
19, 604.100 101.00
Business and office equipment
the
in
464,543.80
451,823.34
383,329.78
1,080, 322,904 102.81
252, 575,221
Miscellaneous utilities
realized.
88.45
389,080 89.61
3.158 892,059 105.49
92.43
180 916,434
Exchange and affili¬
the beginning of the year;
operations, apart from wages "and salaries, are being
the same time, the possibility of new or additional" income is
economies
6,286 139,711 58.97
676 452,496 100.06
99.63
3,250, 217,472 106.23
183, 147,299 93.57
ing
104.46
69,347,303 86:90
26,546,569 79.31
37,613,168 107.57
225,913,370 101.69
44,372,838 99.57
78,658,439 92.84
9,821,499 48.38
52,178,352 94.21
119,948,808 57.95
555,118,565 105.66
86,461,589 96.75
33,103,055 95.78
37 ,243,309 107.15
226 653,334 102.02
9
Land and realty
16,469,477
250,660,546
250 108,815 104.54
88.71
70 ,581,872
'
point of employment was at
Under the policy of
$
,729,474,046 106.99
,769,303,349 57.27
107.24
U. S. Govt. (lncl. States, cities, &c.)-- 30,796, 231,438
1,738 044,797 55.77
Foretgn government.
85.84
15 985,055
Autos and accessories
............
all employees and
$3,597,402.52, as compared
tracting the organization presents difficulties, because the limits of flexibility are narrow, the substantial reduction in the size of the establishment
has been accomplished without any impairment of efficiency.
,
Price
I
was
companies was 2,114, against 2,339 on Dec. 31, 1937,
225.
contracts,
outlay of $4,056,927.77 (for the full year
actual wage and salary
As of Dec. 31, 1938, the number of employees of the
ated
there
1939
annuity
under retirement
refunds
by
reflected in the reduction of that item of,expense for
1938, and with $4,290,052.58 for 1937.
following table, listed bonds are classified by
governmental and industrial groups with the aggregate
market value and average price for each:
Jan. 31,
are
officers of the Exchange and subsidiaries
the
Market
convered
are
The total annual pay rate as of Dec. 31, 1938, for
1938.
On Dec. 31, 1938, there 1,393 bond issues aggregating
$51,553,917,425 par value listed on the Exchange* with a
In
1921.
1938 showed a decrease of about $420,000, principally
compensation and reduction in number of employees.
and
aggregating $51,586,755,720 par value
total market value of
Clearing Corp. charges of $622,000
Llstixlg fees of $483,016 were the
by, reductions in salaries and wages by means of
caused
market value of bonds
Jan. 31, 1939, there wore 1,388
fees of $955,000.
that in listing
smallest for any year since
Stock Exchange issued the follow¬
ing announcement showing the total
listed on the Exchange on Jan. 31:
The
what
$-312,000 and by adjustment of building
1938, reduced by initiation fees of
valuations
only issues with a short Interest of more
»
or
compromise of items charged off In previous years.
January, the former with a total of 1,300
compared with 600 at the end of December and the latter with
1,600 contrasted with only 100 shares at the end of the previous
month.
members,"
This decrease is caused primarily by the net loss of
1937.
1,000 shares at the end of
shares
funded reserve
by outside insurance.
be termed the consolidated net worth, of $26,945,147.27 at Dec. 31,
may
Pantepec Oil Co. of Venezuela.
stock and
of a dividend and discontinuance of a
"equity representing the interest in the Exchange of all
This compares with 10,984 shares on
further reported:
common
Stock Clearing Corp. to the Ex¬
self-insurance now covered
$300,000 for
at $919,900.01
securities carried
involved in a shift of funds from the
change by means
Feb. 9.
Co.
Rubber
reduction in net current assets reflect¬
Liquidation, at a profit, of invest¬
the year.
Governlment
United, States
Exchange and affiliated com¬
of the
sheet
tela nee
consolidated
The
panies as of Dec. 31, 1938. shows a
447,543
position of stocks dealt in on the New
York Curb Exchange for the month of January, as reported
as of Jan. 31,1939, amounted to 14,009 shares, the Exchange
Fisk
fell $420,400.
expenses
500,961
"
31
the Exchange.
in 1938 dropped $1,828,440, while
recorded in listing fees, which
total short
Dec. 30.
1937 for initiation fees, which latter repre¬
Income of the Exchange
1939
January Short Position of Stocks on New York
Exchange Increased Above December
on
These figures exclude $312,000 in 1938
contributions to the capital investment of
sent
was
announced
This compared with a net loss for
companies.
$140,377.
and $332,000 in
ments
The
Feb. 4 by the New York Stock Exchange and
on
its affiliated
669,530
587,314
---
30
Jan.
29....
Apr.
967.593
.
—
$1,548,417 after depreciation and taxes was
of
loss
reported
833,663
729,480
588,345
28
Dec.
1,384,113
1,343,573
Mar. 31-
31
Jan.
Declined Most Sharply
A
1,050,164
.
966,935
.
Sept. 30.....
1938—
——
July 29-.::
Aug. 31--Sept. 30-
Jan.
May 28...—
90.67
and Affiliates Report 1938
$1,548,417—^Compares with Loss of $140,377
Preceding Year—Income from
Listing Fees
in
1938—
..1,214,082
..1,184,215
..1.051,870
29...
....1,199,084
1,012,186
.1,040,964
Mar. 31
Apr. 30
Oct.
90.19
89.40
~
■
1937—
1937—
88.98
Loss of
York Stock Exchange from it smembers,
was
447,543 shares, compared with 500,961 shares on
Dec. 30, it was announced on Feb. 9.
Of the 1,235 indi¬
vidual stock issues listed on the Exchange on Jan. 31,
there were 30 issues in which a total short interest of more
than 5,000 shares existed, or, in which a change in the short
position of more than 2,000 shares occurred during the
month, the Exchange's announcement said.
The total
number of issues in which a short interest was reported as
of Jan. 31, 1939, was 436, compared with 432 on Dec. 30.
In the following tabulation is shown the short interestexisting at the opening of the last business day of each
Jan,
87.82
87.78
New York Stock Exchange
s
obtained by the New
month since Jan. 29,
85.71
1939—
89.26
Feb.
The total short interest existing as
on
July
1938—
609.739 $21,287,734
New York Stock Exchange
During January
Mar. 1
96.64
Jan.
Total for week
89.08
May
June
43,808.755,638
43,270,678,790
42,591,139,774
42.109,154,661
Aug. 1
J—
1
93.88
93.33
44,296,135,580
-
1
July
Apr.
43,920,989,575
June 1
Shares
%
88.65
44,170,837,675
44,001,162,031
1
Apr.
May 1
Trade Dale
No. Ord.
Price
$
1938—
89.48
45,007.329,915
44,115,628,647
Mar. 1
Jan. 30
%
Aver atr
Price
$
t
Average
Value
Market
Value
Market
OF ODD-LOT DEALERS AND SPECIAL-
STOCK EXCHANGE—WEEK ENDED
NEW YORK
THE
ISTS ON
ha
1939
11,
The following table, compiled by us, gives a two-year coir parison of the total market value and the total average
price of bonds listed on the Exchange:
the week ended Jan. 28 were given
Feb. 4 issue, page 655.
The data published are based upon reports
Commission by odd-lot dealers and specialists.
in
Feb.
Chronicle
Financial
804
1,075 487,913 102.35
51.99
251 696,107
19 989,875 102.25
4
293,830 104.97
43 532,918 127.07
56.23
165 ,072,385
1,016 ,169,502 65.80
34 ,653,938 100.53
91.03 47,053,034,224
91.27
April
August
—
September
October
November
December
Total
..
—
$5,664,943.22
$134,270.02
1.53,916.97
205,895.67
171,707.44
208,189.10
135,853.55
70,222.10
137,613.77
149,902.25
60,985.86
62,084.49
26,089,480
15,685,610
24,936,740
18,553,190
15,160,680
528,523-95
57,776.02
26,518,040
42,571,360
22,351,090
26,302,190
46,487,330
30,701,010
30,910,400
$7,213,360.46
$1,548,417.24
326,267,120
580,220.30
585,720.81
602,835.52
574,015.86
554,520.31
„
,
Financial
Volume 148
Total assets of
Chronicle
TRUSTEES
$39,420,273 of the Stock Exchange and
805
OF
THE
31, 1937
$2,743,434.32
as
602,389.79
561,448.32'
919,900.01
303,473*75
t.
3*53,473.75
—
ble to future contributions:
Interest received during 1938.Less: Miscellaneous expenses—
•'
-
-
and
—
70,509.38
$2,571,597.06
—
Worth
1
..v...—
---------
i-
$77,368.97
1,482.60
-
■—
including
-----
———$23,556,707.02 $23,713,709.63
Deposit In closed bank——
-
—
'
130.00
.
:
$75,886.37
Unpaid gratuities
——.
——.•
151,000.00
Trusteesof the Gratuity Fund in trust-—---v--——-------------3,333.33
Net worth of the Gratuity
Fund—2,341,377.36
plant, equipment
--——--$32,145,608.51 $31,618,991.65
Less: Reserve for depreciation—8,588,901.49
7,905,282.02
Miscellaneous
—
,
•
3,333.33
Net Income of Gratuity Fund for year 1938 due to the
Treasurer of the New York Stock Exchange and applica-
and office furniture---————.
—
1
.
—
—
Liabilities and Net
—
Other securities—-—————.-—,
Net fixed assets—
Dec. 31,
————
———
<fcc.)
——
•
as of
12,862,500.00
545,143,12
—
Investments—U, S. Government securities-——
buildings,
11,765,000.00
224,370.08
——
Fixed assets:
——
collected—--——-——.——
Total
Clearing fund deposits (contra)Special funds (mark to market deposits,
(contra)-,
Accounts receivable—————
—
-
—
$481,870.18
2,015,754.17
——
—
——
Due from the Treasurer of the New York Stock
Exchange, when
Dec.
Stock Clearing Corp.:
-
—————
Suspense—
ASSETS
Dec. 31, 1938
$2,821,417.40
STOCK
1938
(See schedule attached for detail and market value
1938)
Certificates of deposit—
————
TION CO., STOCK CLEARING CORP., NEW YORK STOCK EXCHANGE
SAFE DEPOSIT CO. AND 39 BROAD STREET CORP.
Land and
—
Investments at book value.-.-—
CONSOLIDATED BALANCE SHEETS OF NEW YORK STOCK EXCHANGE.
NEW YORK STOCK EXCHANGE BUILDING CO., NEW YORK QUOTA¬
—
YORK
NEW
THE
Assets
Cash
J————
OF
BALANCE SHEET DEC. 31,
statistics:
j..
FUND
EXCHANGE
its affiliates are shown for 1938, as compared with $41,880,542
for 1937.
From Mr. Martin's report we take the following
Cash.
GRATUITY
41,131.94
113,029.82
-
Total
—
——
——
$2,571,597.06 '
—...
41,131.94
.STATEMENT OF OPERATION FOR YEAR
132,554.58
ENDED NEC*
31,: 1938
Cash Account
Total assets.—
.—-.$39,420,273.13 $41,880,542.34
LIABILITIES
Accounts payable
Stock Clearing Corp.:
.
———s—
-
,
Receipts for the year:
Contributions on account
,
Dec. 31, 1937
$575,176.43
members—.-
Interest
11,765,000.00
Mark to market deposits, &e. (contra)-.——Unearned income.—————-----Reserves.———
————
—
12,862,500.00
224,370.08
21,184.66
61,131.94
•
re
.
of
deaths
and
from
new
'
——^—$286,435.66
—.—
received—-
Net balance
•
Clearing fund deposits (contra).—
•
.
Deb, 31, 1938
$403,439.18
Cashondeposit Jan. 1,1938--..—$314,420.65
——————————
;
77,368.97
purchase and sale of securities---------
93,471.94
From Central Hanover Bank & Trust Co. re certificates
602,389.79
22,803.04
326,131-94
of
deposit-------4,460.34
Miscellaneous receipts——.-
191.09
461,928.00
Equity representing the interest in the Exchange of
all members—
26,945,147.27
——-i——
Total liabilities-—.——-——
27,491,541.14
;
Total
Payments for the year:
Gratuities——
$39,420,273.13 $41,880,542.34
$776,348.65
——...——...—i-.j-
—
•
1,——$210,000.00
——————————
Treasurer, New York Stock Exchange, net income for
The Stock Clearing
Corp. "Clearing fund deposits"shown
year.1937—
"contra" items above,
represent the deposits made by clearing members as contributions to the clearing
fuhd of the Stock Clearing Corp.
This fund is not available for the general purposes
of the Exchange, and the
78,405.53
4,460.34
130.00
1,482.60
Settlements of funds held for beneficiaries.
Deferred charges in euspense—-----------------
Miscellaneous expenses..*——————————'
as
294,478.47
*
buildings, including plant, equipment and
office furniture, is book value based largely upon cost.
The cost of obtaining
premises under long lease, demolition and specialized new construction, has been
capitalized because of the accounting prescribed or requisite for tax purposes.
.The
value stated does not represent the liquidation value..
Cash
deposit, Dec. 31,1938—
on
New York Curb
"
CONSOLIDATED STATEMENTS OF
INCOME AND PROFIT AND LOSS OF,
for
STOCK EXCHANGE,
NEW YORK STOCK EXCHANGE
BUILDING CO., NEW YORK QUOTATION CO., STOCK CLEARING
CORP., NEW YORK STOCK EXCHANGE SAFE DEPOSIT CO. AND
39 BROAD STREET CORP.
;
,
1
NEW YORK
INCOME
■'
Dec..31, 1938
tions, the New York Curb Exchange Securities Clearing
Corp. and the New York Curb Exchange Realty Associates,
Inc., reports, a net deduction from surplus of $154,399,
representing a deficit for the year endqd Dec. 31, 1938.
Dec. 31, 1937
:»— $1,375,000.00
$1,100,000.00
.471,160.23
.
Income—From members or their firms (direct):
Membership dues—------—...—■Quotation department income———
375,187.99
80,079.87
536,454.15
21,336.00
105,900.00
Telephone clerks' tickets—-----Telephone spaces--—Annunciators---———-———————
Branch office registration fees—.
Fines.—----———
5,625.90
1 ,106,656.34
550,111.04
Stock Clearing Corp, charges———-————
Stock and bond ticker service and tape—'——.
|Total
j.
14,600.00
■.
Powers of attorney—
$4,170,951.29
——————— £—
Income—From others than members or their firms
Medical department income
Institute income--—
t
$9,344.49
49,433.76
29,444.46
113,267.00
10,072.00
483,018.16
9,638,18
3,498.04
—
——
Western Union Telegraph Co—
Teleregister Corp.——
Listing
f(?©s
— «•*
•*» -».•»'*>
•¥
Directory and Guide and
circular
^
-r
«■-
service'-———
Listing application service—------—-------Stock Clearing Corp. service
banks.
Rents
80,400.00
556,661.82
46,882.67
20,737.21.
23,630.22
—-i——
■;
Light and ppwer furnished tenants.--——
Trans-Lux and News Projection Income. - -
-
Interest, U. S. Government securities.—
Total
1,438,276.00
9,440.61
4,059.00
85,500.00
655,882.75
53,632.45
25,699.76
$24,375.00
4,869.83
25,867.03
$1,493,991.93.
$2,627,511.44
$5,664,943.22
$7,493,383.44
_
—
——
...
28,374.81
sale of investments-—
Miscellaneous.-—
$14,537.96
59,446.87
47,501.37
138;344.00
11,704.00
28,496.95
—
'
on
707,030.60
$4,865,872.00
7,612.53
21,856.45
Interest and discounts—
Profit
-
.
•
was
made
charges, non-member
———
—
indicated by the Exchange in figures for the year
public on Feb. 6.
The deficit compares wjth a net
addition to surplus of $104,477 for 1937.
Total credits to
surplus during last year were $1,162,011, of which $1,011,459
came b*om members or their firms directly,
including $456,846
in dues, $148,550. ip fees, and $243,043 in Stock Clearing
Outsiders contributed $150,551, including
Corp. charges.
listing fees of $41,559. Charges to surplus totaled $1,316,410, including $688,523 in salaries, $152,619 in miscellane¬
ous Federal, State and
city taxes, $122,703 for depreciation
and $60,000 for legal fees.
The Exchange reports total assets and deferred charges of
$6,045,168, of which $981,748 is current assets. Cash is
shown' as $547,276 and investments (U. S. Treasury bonds
and notes) $400,000.
Total liabilities, deferred credits to
surplus and reserves are given as $1,025,333, leaving an
excess of assets: over liabilities of $5,019,836, representing
the net equity of the 550 regular members of the Exchange.
The details supplied by the Curb follow:
This
103,696.26
606,754.06
22,260.00
103,800.00
16,479,00
5,838.50
1.728,853.35
or
not entirely from members or their firms:
^Barber shop income—
CONDENSED
—
-
———-——^
-
■
Dec. 31, 1938
$4,056,927.77
1^
--------plant and equipment--.-—
-————— —
Depreciation on
Rent---——
-—i—
—:
Gas, electricity, coal, steam and water
Building supplies and services—_
Repairs-—-
—-------
■
i—
-——T
■
including tape, ink and wire—Printing, stationery and office supplies.
Ticker maintenance,
Telephone and telegraph..-—
Insurance——--
————
943,945.88
660,064.10
165,458*83
222,314.57
54,890.93
27,801.07
'
25,092.30
230,105.44
129,628,73
29,719.47
Interest
...
—
—:
...
Contributions and dues—.
11,174.35
1,701.60
—
————■
...
690.00
Contributions to various charities—--—
Bad debts written off-
...
Miscellaneous
1,920.00
16,511.57
—
————-———
302,465.52
925,405.37
649,408.04
176,404.19
221,525,58
57,355.50
Total expenses——
—-
-
$7,213,360.46
*
Total Income
—
•1938
....——
Total expenses
Net
—
loss.--—
——
The Income for 1938 does not Include
tributions toward the capital
$981,748.,03
25,000.00
-.$5,881,108.66' '
Deduct—Reserve for depreciation, buildings
,.
4
•
1,030,529.23
"
$4,844,579.43
.—
Furniture, fixtures and equipment—-----
$337,591.18
"
,
Deduct—Reserve for depreciation.—169,531.54
168,059.64
——
Net fixed assets...
—5,012,639.07
Miscellaneous Assets—
Deferred charges to expense.—---.-—-
305,670.79
139,920.00
6,345.79
Total assets and deferred charges.—-—.-
10,420.75
10,700.00
8,326.73
—$6,045,168.07
LIABILITIES, DEFERRED CREDITS TO SURPLUS AND RESERVES
Accounts payable——
676.07
Mortgage
$7,833,760.17
payable—
—
——
------
...
Deferred credits to surplus.
—
—
—
...——
—————
Reserves————.——————
1937
$1,548,417.24
5,905.40
2,182.83
17,692,74
—
Organization expense (less amortized amount)———...
$140,376.73
$7,313.85
8,987.48
*945,000.00
11,000.00
53,031.19
$7,493,383.44
Total liabilities, deferred credits to surplus and reserves.---———
7,633,760.17
1.025,332.52
liabilities, representing the net equity of the 550
regular members of the Exchange——
————1$5,019,835,55
Excess of assets over
*
$312,000 of initiation fees, which are con¬
Mortgage payable is amortized by instalment payments of $30;000 every si*
I and Sept. 1.
Additional payments on principal may be mad©,
months—March
not in excess of $60,000 In any one year.
Balance of principal due Sept. 1, 1950.
t Includes $825,000 capital stock of New York Curb Exchange Realty Associates,
$332,000 of initiation fees, which are con¬
tributions toward the capital investment of the Exchange.
33,268.93
,
49,971.72
36,732.88
268,604.68
147,387.29
26,386.69
$5,664,943.22
7,213,360.46
■
....
Fixed Assets {at Cost)—
Land and buildings—J—
investment of the Exchange.
The Income for 1937 does not include
'
•
$547,275.98
Other investments: World's Fair 4% debentures..———...
Taxes accrued.:
Year Ended, Dec. 31-
CHARGES
hahd,.-^---,-—-----------—
Deposits, tax stamps, &C—
360,111.51
55,423,33
ing and legal charges-—---
ASSETS AND DEFERRED
on
Accounts receivable-.--
Expenses of professional services, including account¬
Committee fees
.
Total current assets
219,879.01
-
-
Investments'U. S. Treasury bonds and notes.——
400,000.00
Accrued intereston U.S. Treasury bonds.-—1,203.12..,
Dec, 31,1937
$4,290,052.58
Employees' group life insurance, annuities, retire¬
ment, sick leave, meals, pnlforms, travel expense,
Taxes.
.
Current Assets—
EXPENSES
;-
ASSETS AND
,
Cash in banks and
Salaries and wages
CONSOLIDATED STATEMENT OF
LIABILITIES AT
DEC.
31,
1938
(New York Curb Exchange, New York Cufb Exchange Securities Clearing Corp.;
and New York Curb Exchange Realty Associates, Inc.)
'
!
Total income.
Exchange Reports Deficit of $154,399
to Surplus During Year
1938—'Total Credits
$1,162,011
'
-1.
■
■
$481,870.18
——.
—
The New York Curb Exchange and its affiliated organiza¬
,
./
,
-----
contribution of each clearing member is repayable to him
upon his retirement as such member.
The amount stated above for land and
———
<
Inc.
'
-
Financial
806
Curb Exchange Securities
The New York
made by clearing members to
not available for the general
purposes of the corporation and the deposit of each clearing member is repayable to
him upon his retirement as such member.
Thai amount has not been included in
presented above.
the balance sheet
DEC. 31,
Exchange, New York Curb Exchange
(New York Curb
and New York
Securities Clearing Corp..
Curb Exchange Realty Associates, Inc.)
—v
—
of actual sales of securities.
it may be assumed that
underwritten,
$456,845.54
148,549.80
95,269.03
62,561.73
243,042.90
5,190,37
...
destined for repayment of in¬
1938, or 9.4% , from the
$124,400,000, or 64.6%7 oc¬
intended for retirement of preferred stock.
A sub¬
of estimated net proceeds
The amount
debtedness declined by only
curred in the amount
members or their firms direct
...
$1,011,459.37
members or their firms direct, or not directly
members or their firms:
fees..-;.—
—
-$41,559.15
Total received from
from
Listing
Curb ticker service
royalties.
...
—
Interest.
I
—
Sundries
—
'
...
Total received
not directly
33,856.00
58,516.60
9,148.77
7,470.82
...
Rents...
:
.....—-—.......
—...—
Mortgage interest
—
Light, heat and power
...
printing and office supplies
Miscellaneous: Listing expense, trading floor expense,
traveling, financial publications, &c—
__
Telephone and telegraph....
.....
»•
Building repairs, supplies and other operating expenses..
Ticker and wire rentals.
--..v
..__w\
Insurance premiums (including employees'group life)... "
Medical examinations of employees...
...
Stationery,
General
expense...
—
'
Auditing
employees* illness benefits...
Amortization of organization expense
Attendance fees—Committee and Board of Governors'
Pensions and
meetings
-
Postage
■
—
—
Amortization of
premium—U. 8. Treasury notes..:.... .
58.2
109.7,
11.1
45.8
4.6
93.5
9.4
37.8
67.0
11.3
75.3
12.7
177.7
29.9
1511
3.8
58*.7
14.8
115.7
29.0
quarter..
134.8
33.8
quarter..
72.1
25.5
1,006.6
Total
72.5
28.1
43.0
16.7
6.4
171.7
49.6
"oT
~b~o
118.5
34.2
27.2
quarter..
205.8
35.2
38.9
6.6
190.9
32.6
16.2
quarter.:
462.0
67.5
29.1
4.3
56.7
8,3
20.0
912.0
48.7
68.1
3.7
409.1
21.8
69.8
...
stock retirement
1,316,410.10
in
and Statistics
Exchange Division, of security regis¬
trations which became effective under the Securities Act
during 1938.
During 1938, the Commission said, 282 regis¬
tration statements covering 437 issues with an estimated
value of $2,422,600,000 became fully effective.
Of this,
amount almost 10%, or approximately $234,300,000, was
to be reserved against the conversion of other issues having
convertible features, leaving a balance of new securities,
amounting to $2,188,300,000.- This total is approximately
$811,000,000 lower than the comparable figure of $2,999,100,000 (revised) for 1937.
The SEC announcement con?
by quarters for 1937
pronounced increase in registrations during each quarter
of the quarterly record in 1937. Total
registrations (other than registrations of securities reserved against con¬
version), while substantially smaller in the first two quarters of 1938 than
in the corresponding periods of 1937, showed marked increases in the final
two quarters of 1938, as compared with the same periods of 1937.
The
particularly favorable showing in the final quarter of 1938 occurred de¬
spite the small volume of registrations in December.
1938, or precisely the reverse
(In Millions of Dollars)
working
purposes
1st
quarter. _
2d quarter..
1937
1938
1938
1,392.0
355.8
1,297.8
333.8
deduc¬
tions) Intended to Be
Offered for Cash Sale for
the Acc't of Registrants
1937
1938
1,029.4
274.3
895.2
463.5
806.9
413.4
620.3
359.0
quarter..
725.6
743.5
538.4
645.3
420.6
609.1
4th quarter..
367.2
859.8
356.0
795.8
301.7
707.1
2,999.1
2,188.3
2,372.0
by the sharply reduced
Total.....
in 1938.
Types of Registrants and Issues
utility companies registered securities
3,380.2
2,422.6
Exclusive of reorganization
and exchange Issues.
with esti¬
of securities reserved for conversion)
(23.1*)% of the total during 1938.
Within the utility group, operating and holding electric companies regis¬
tered securities valued at $437,100,000 or 20
(6.6*)% of the total, and
(exclusive
proceeds
gross
amounting to
$984,900,000 or 45.1
securities valued at $316,200,Financial and investment companies
effectively; registering $515,900,000 or 23.5 (18.4*)%
including $487,700,000 of securities of invest¬
ment and trading companies..
Manufacturing companies registered secur¬
ities with estimated gross proceeds of $500,000,000 or 22.8 (39 7*)%.
Mineral oil refining and iron and steel constituted the most important
manufacturing groups, each accounting for registrations of slightly In
operating electric companies were next with
14.5
000 or
of the total.
(11.0*)%
the second major group in importance,
were
,
Of the 437
common
were
1
of $150,000,000.
excess
security issues
effectively registered during the year,
stock issues valued at
193
$323,000,000 (other than those re¬
$2,188,300,000.
There were 57 issues of preferred stock amounting to $95,400,000 or 4.4
(19.5*)% ; 51 issues of secured bonds aggregating $737,500,000 or 33.7
(29.7*)%\- 34 issues of debentures totalling $770,700,000 or 35.2 (11.8*)% ;
97 issues of certificates of participation, beneficial interest and warrants,
valued at $248,900,000 or 11.4 (7.4*)%
and 4 issues of face amount in¬
stallment certificates amounting to $12,600,000 of- 0.6 (0 4*)%.
Only one
issue of short term notes valued at $100,000 was effectively registered
for conversion)
of the total of
(30.7*)%
14.7
or
,
during 1938.
of the securities registered during
About $60,400,000
issues already outstanding
$309,000,000
with
1938 represented
in the hands of security holders» as
compared
of others" durjng 1937.^
these securities, $30,600,000, was registered with a*
registered
More than one-half of
for ,the "account
view to immediate sale.
Total
registrations
for
the account
of issuers, as distinguished from
which $234,300,000 was to be
"others", amounted to $2,362,200,000, of
reserved against
900,000
not
for
intended to be reserved for "other
was
An additional $56,purposes" but apparently
amounting .to $2,071,-
the conversion of other securities.
Of the
distribution.
immediate
balance,
000,000. registrants expressed' the intention to offer
for other securities
$80,700,000 in exchange
be reserved
already outstanding; $39,700,000 was to
the exercise of options; and about $1,100,000 was to
for
assets,
and discount
or
for claims
This left $1,949,500,000 as the
represented
be issued for mis¬
commission
against the registrants and for
other selling expenses.
estimated gross proceeds from
intended to be offered for sale by issuers.
the securities of established
securities
Of this amount $1,845,100,000
enterprises,
while $104,400,000
Selling and distribution expenses
of gross proceeds.
Com¬
$63,100,000, or 3.2 (3.8*)% of gross
represented the issues of new ventures.
were
estimated at
missions and
proceeds,
$75,200,000.
discounts alone
while
"other"
or
were
selling
3.8
(4.6*)%
amounted to
There remained estimated
to the registrants.
and distributing expenses
$12,100,000, or 0.6 (0.8*)% of gross proceeds.
net cash
proceeds of $1,874,300,000 to accrue
Commission also announced
on
Feb. 9 that during
securities in the amount of $144,625,000
became fully effective compared with $303,280,000 of secur¬
ities effective in November, 1938 and $201,374,000 in Decem¬
December, 1938,
new
Excluding issues intended to be reserved for
became effec¬
tive in December, 1938, as compared with $249,989,000 in
November, 1938, and $193,745,000 in December, 1937. The
$EC further stated:
ber,
1937.
conversion of other securities, $140,709,000
*
*
prOpprtion used for
intended for "new money"
contracted only moderately from 29% of total net proceeds in
all funds
Consequently,
capital.
1,949.5
3d
of plant and equip¬
proceeds to be used for purschase
Electric, gas and water
The
Total (after other
1937
3.7
be applied for re¬
Similarly, the pronounced increase
in both 1937 and 1938.
counter-balanced
was
cellaneous
tinued:
Reserve
2.9
approximately offset by the reduced proportion to
stock, debt repayment and preferred
combined accounted for approximately 53% of aggregate
proportion of net
ment
mated
Section of the Trading
Against Conversion
2.8
retirement of preferred
be used for
Issues Valeud at $2,422,600,000
Act During
1938—Estimated Gross Proceeds of $2,188,300,000
is $811,000,000 Below 1937 Figure—Data on Effec¬
tive Registrations in December
The Securities and Exchange Commission made public on
Registered for
4.5
.
payment of debt was
Effectively Registered Under Securities
Effective
.
proportion of total net proceeds to
Since the increased
SEC REPORTS 437 New
Total
2.4
quarter..
served
Registrations (*)
18.6
Total
approved the principle that fees should be paid and decided
to resume, the payment of fees, effective with the first meet¬
ing of the Board following the annual election of the Exchange
in May.
The payment of fees to Governors and committee
members was originally waived by the Board at its organiza¬
tion meeting on May 16, 1938.
•
A reference to the previous waiver of fees was given in
these columns of Oct. 29, page 2611.
••
Period
12.6
422.4
quarter..
4th
Governors of the New York Stock Exchange
determined to continue to waive until May 15 the pay¬
ment of fees to Governors and committee members for at¬
tendance at meetings, it was announced Feb. 9.
The Board
Total, Less Securities'
35.5
10.2
3d
/
tabulation of effective registrations
18.3
231.4
1938
Stock Exchange Again Waive
Fees—To Resume Payment After Annual
The following
51.6
8.5
1st
The Board of
of
44.5
of New York
and 1938 shows a
0.2
,
2d
*6,045.00
5,958.64
895.00
analysis, prepared by the Research
0-7
192.5
/
.
has
an
of
Total
223.2
1937 to 26%
Feb. 9
%
576.5
"
surplus—Deficit for the year ended Dec. 31, 1938. $154,399.39
Terminated as of Jan. 31,1938.
This amount represents payment of December^
1937, and January, 1938, fees•
Election in May
($000,000)
quarter..
4th
*
Meeting
Total
($000,000)
Amount
of
%
Amount
o]
Total
quarter..
Net deduction from
Governors
($000,000)
Working Capital
2d
3d
24,913.74
:...
%
Amount■
Of
Total
Increase of
Plant
and Equipment
1937—
,
24,311.54
23,091.42
16,964.06
15,662.45
14,786.16
7,955.00
7,640.80
* 7,077.10
surplus..........................
%
Amount
net proceeds
Total charges to
Preferred Slock
1st
59,999.96
54,450.00
37,888.09
26,017.75
18,908.05
Retirement of
Indebtedness
($000,000)
122,703.31
.s...—..
Purchase of
Repayment of
150,551.34
$688,523.04
152,618 99
Federal, State and city taxes.
Legal fees
.
Est. Net Proceeds
Est. Net Proceeds Est. Net Proceeds Est. Net Proceeds
Intended for
Intended for
Intended for
Intended for
•
———
——»
----—
Miscellaneous
Depreciation.
sharp decline of
a
.......$1,162,010.71
CHARGES TO SURPLUS
Salaries.
with
working capital.
members or their firms direct or
from members or their firms
surplus..
in net
however, was shown
,
purchase of plant and equipment, which contrasts
$352,600,000, or 883.5% , in funds to be used for
Quarterly data for 1937 and 1938 are presented below:
proceeds to be used for
from other than
Total credits to
A decline of
$177,700,000, or 76.8%
increase of
stantial
about $94,500,000 in
preceding year.
of the
Received from other than
Information concerning sales
is not available.
not underwritten
level
Of $1,949,500,000 proposed
, was to be
of securities
sold.
$1,425,200,000, or 73.1%
issuers during 1938,
underwriters.
through
sold
be offered for cash have
the amount registered was
registered issues intended to
However, where the
been
intentions to sell securities
represent statistics of
therefore,
and
for cash sale by
their firms direct:
regular and associate members
Fees received from regular and associate members
Telephone quotation service charges
Telephone booth rentals
—
„<—
Stock Clearing Corp. charges
...»
Dues received from
Sundries
they appear
estimates as
roughly synonymous with the amount
CREDITS TO SURPLUS
Received from members or
All data refer to registrants' intentions and
in the registration statements on the effective
Exchange Commission.
and
rather than statistics
1938
the Securities
registration statements as filed with
based solely on
are
dates,
OF SURPLUS FOR THE YEAR ENDED
CONDENSED ANALYSIS
figures given above, it
summary
tics
follow or are appended, as well as the
should be kept in mind that these statis¬
interpreting the tables which
In
Clearing Corp. had on deposit at Dec. 31.
1938, the amount of $2,065,000, representing deposits
Fund of the corporation.
This fund Is
the Clearing
1939
11,
Feb.
Chronicle
Represents percentage for 1937.
Volume
Electric,
dustry
Fixed
and
gas
water company securities
Chronicle
58.5%
or
represented the largest in¬
value of
26.0%
or
of the total, during the month.
interest-bearing securities accounted
for
one-half of
than
more
stock
mon
566,000,
registered
13.2%
or
$23,124,000,
was
certificates
;
9.0%
or
beneficial
SECURITIES
REGISTRATION
WHICH
FOR
REORGANIZATION
AND
EXCHANGER)
1938
No.
Group
The
$2,000.
offered for cash sale.
balance of $130,492,000 was
Dollars
Agriculture
to be
intended
for
of indebtedness; 22.1%
securities for investment, and
preferred stock.
for
17.6%
66.4%
be sold through agents and 16.0%
was to
themselves.
was to
20.4
2.0
Public
offerings
be offered to
own
for 86.5%
1,571,323
1.3
2,8*1*5*014
i~i
*5
2,593",290
2*2
196*842
o"i
3
2.4
218,311
o.i
0.5
89,527,187
35.4
0.4
1,708,592
0.7
90,166,475
32,487,240
35.7
power, gas & water..
Miscellaneous domestic companies..
Foreign companies
3
2,809,220
558,810
628,591
1
21,702,373
18.4
Foreign govts, and municipalities...
3
56,758,045
48.0
;
1
.....
of the
Total
44
*
following tabulations
are
Refers to securities to be issued in exchange for existing securities.
Represents actual market value of, one-third of face value where market was
available.-
also from the Commission's
announcement of Feb. 9:
•
Only
"
.
1938
•
'
.
-
No.
No.
of
pany,
31,
an
Shares pro¬
issue of American
comparable SEC report for 1937
was
given in the
"Chronicle" of Feb. 12, 1938, page 1001.
Units of
National
Bank of New York Says Cumulative
Cycle Should be Towards Recovery
-—Preliminary Study Show Inventories Smaller
Stock, <&c.,
d
1938, covering
valued at $21,702,373.
The
.
Bonds, &c.
Common stock
193
97,172,281
$556,393,610
Preferred stock
57
2,796,713
City
Forces of Trade
Gross Amount
Face Amt. of
Issues
December,
posed to be offered in exchange for common capital stock of a foreign com¬
Tctal Securities Registered
Type of Security
not
issue of reorganization and exchange securities became effec¬
one
tive during
TYPES OF NEW SECURITIES INCLUDED IN 282 REGISTRATION STATEMENTS THAT BECAME FULLY EFFECTIVE FROM JAN. 1 TO DEC.
12.8
118,152,864 100.0 252,895,098 100.0
total,
security holders.
x
The
0.8
2,331,000
Flectric light,
be offered by the
was to
accounted
13.2
1
Service
for pur¬
underwritten;
was
0.1
234,132
33,461,069
2,080,236
3*8
24,109,655
1?
j
Transportation and communication.
for working capital.
Of the total securities to be offered for cash sale,
issuers
8.0%
purposes:
new money
%
Construction
the purchase of
for the retirement of
8.4%
14.7%
use
for
chase of plant and equipment and 6.7%
and 13.5%
4,5*1*5*379
3
Real estate
the repayment
They also intended to
11
Merchandising
of the net cash
Dollars
0.6
....
Manufacturing industries.
Financial and investment..
proceeds of $125,424,000.
proceeds
FULLY
Jan.-Dec. 1937
%
675,178
Extractive industries
With commission and discount and other distribut¬
The registrants indicated their intention to use 53.1%
BECAME
Issues
amounting to $5,068,000, there remained estimated net cash
expenses
FOR
STATEMENTS
ISSUES
Jan.-Dec. 1938
of
re¬
served for conversion $3,916,000 and securities to be issued as commission
ing
primarily
Approximate Market Value (x)
.
Of the gross amount of securities registered during December, securities
discount
were
of the total.
certificates
registered for the "account of others" totalled $10,215,000, securities
and
48%
or
and
interest
instalment
amount
These
of the total amount.
EFFECTIVE JAN. 1-DEC. 31,
$18,-
preferred stock,
;
of participation,
warrants, $12,969,000 or 9.2%, and face
$12,576,000.
16.4%
or
53%
governments represented by three issues with an
GROUP CLASSIFICATION OF REGISTRANTS OR ORIGINAL ISSUERS OF
The amount of com¬
.
or
approximate value of $56,800,000,
December registrations, secured bonds amounting to $57,413,000, or 40-8%
of the total and debentures $16,061,000. or 11.4%
$62,600,000,
the securities of foreign
Financial and investment companies registered
.
807
Of the 44 issues registered, nine were secured bonds with an approximate
of securities effective during December, 1938, with a total of
group
$82,280,000
$36,639,000,
Financial
148
95,355,119
In the United States the "cumulative forces of the trade
recovery says the National City
"February Monthly Bank Letter"
which adds that "the leveling off of production shown by the
current figures is the result of mixed causes, none out of the
ordinary when it is considered that industrial output rose
37% between May and December, according to the Federal
ReserVe Index."
In part the Bank goes on to say:
cycle" should be towards
Certificates of participation, beneficial in¬
97
51
Debentures
...1
727.442,300
737,530,508
771,826,385
770,741,912
100,000
1
...
Total
100,000
..
.Bank of New York in its
12,576,000
437
-
„
249,892,920
4
Secured bonds
Short-term notes
62,435,211
16,000,000
34
terest, warrants, Ac...
Face amount Instalment certificates
§2,422,590.069
■
Total (After
Other Deduc¬
.
Total,
'
.
to Be
Conversion
»
of
the rise
has flattened out as it
Reserved for
up
stepping
Registrants
of output
up
beyond
well below the
filled but
rapid while the gap was being
was
caught
to current requirements.
the early demand included inventory replenishment, and
Conversion
for Account of
•
is that production during the depression dropped
cause
level of consumption;
Total,
Less Securities
Offered for
Sale for Cash
Reserved for
Type of Security
One
Per Cent
tions) Proposed
Less Securities
•
.
consumption
current
Another is that
led to a temporary
Neither of
needs.
these, in the normal business^ycle, would signify more than a halt or a
Gross
Gross
Amount
Jan.-Dec. Jan
Amount
1938
<
.
-Dec.
1937
sumption
Ctfs.
14,7
30.7
capacity, from which buying
90,434,687
4.4
19.5
reach apparent limits earlier, due to
205,070,394
11.4
partic., beneficial
of
interest, warrants, &c__
Face amt. instal. ctfs
■
1
Secured bonds
Short-term notes
Total
$2,188,242,499
'
In part we
0.4
33.7
29.7
706,822,015
35.2
U.8
60,000
0.0
0.5
0,6
100.0
$1,949,505,597
The
new
1938
THAT BECAME
<•
time and
to
T
Common stock.:
est, warrants, &c
7
2,331,053
16,000,000-
12,968,445
12,576,000
56,668,000
57,413,060
16,061,440
__
»
4
4.' "
Short-term notes .......—.....
16,125,000
$144,624,753
,
(After
V
.
Other Deduc¬
Total,
tions
Less Securities to Be
not
Reserved for"
Conversion
proposed
Offered for
Cash
'
be construed
Less
Securities Reserved
for
Conversion
beneficial
Gross
Amount
$23,124,216
18,565,967
....
.....
the
interest,
Dec.,
1938
Nov.,
Dec.,
1938
$14,852,929
16.4
20.6
38.8
18,665,967
13.2
8.6
11,380,000
9.2
4.1
25.9
12,576,000
57,413,060
40.8
18*8
18*4
16,061,440
15,703,940
11.4
47.9
0.3
$140,709,128
$130,491,896
100.0
100.0
100.0
9.0
6.0
Short-term notes
Total
transactions would
"
,
.
it
can
from stability
possibly lose by a reduction of British
as
contribute more to
would
unquestionably
economic
if it were put to work at home or in other countries where it is
Nevertheless, efforts to confine money in any place will not
needed.
The fact that Great Britain, like
lesser countries, is having to discourage purchases abroad, even to
makes
well
10.6
12,576,000
Debentures
havethe effect of limiting British
security markets; and the foreign money which is moving to
States
exchange prbblem, is another symptom
This disorder affects everyone who has
anything to Sell abroad, which includes farmers and factory workers
security holders.
as
1937
57,413,060
—
-
Of the disorder in world relations.
12,968,445
Secured bonds
may
necessarily make it go to work there.
many
.
<
Earnings of Federal Reserve Banks in 1938
$36,300,000—Current Net Earnings $7,350,000 Noted
in Annual Report of Board of Governors
Current
war¬
rants, &C
our
United
participation,
Face amount instal. ctfs
"normal."
this limited extent, because of the
for Account of
Registrants
Gross
of
as
in the pound sterling than
more
,
Per Cent of Total
Sate for
Amount
Certificates
Thenew regulations
This country, like all other countries, will benefit far more
or
Preferred stock
Advances
purchases of American securities, where they appear to represent a flight
of capital or speculation against the pound, since such
recovery
Total
Common stock
offerings of foreign security issues in the London
required to limit forward operations in sterling to "normal trade
buying in
42
'■
"on
......
Total
Type of Security
the first month-to-month
"
5
1
now
requirements."
18,565,967
■
Secured bonds...
Debentures
$27,039,841
inter¬
Face amount Instalment certificates
for .January
against gold and other currencies have again been prohibited, and bankers
6,349.907
452,776
6
The check has been sufficient to cause a
will show
market, have taken further steps to protect the pound sterling.
Gross Amount
Bonds, &c.
16
-
_
Certificates of participation, beneficial
quick pickup
disappointing.
be expected after seven months of uninter¬
was to
minor adjustments.
preliminary figures
are
Preferred stock_
leveling off
a
reimposed the ban
Slock, &c.
Face. Amt: of
a
the year-end was to the
thp loss is chiefly due to seasonal adjustment.
During the past month the British jauthorhies, who in December had
No.' Units of
of
To those,who looked for
concerned.
decline since last May; but
Total Securities Registered
Issues
are
drop in the Federal Reserve index of industrial production, which according
.
No.
has opened quietly, so far as orders and operations in the
year
rupted rise, and business sentiment has been prepared for a period of marking
FULLY EFFECTIVE DURING DECEMBER,
Type of Security
lack of balance or interferences in the
the weight of experienced opinion at
However,
100.0
•
and productive
Although specific industries
after the holiday and inventory period the reports have been
effect that
MENTS
power
also quote from the bank's letter.
major industries
TYPES OF NEW SECURITIES INCLUDED IN 29 REGISTRATION STATE'
natural limit to con¬
upswing, the normal tendency is for recovery to spread.
7.4
*
12,576,000
734,268,195
737,530,508
770,741,912
100,000
Debentures
*
is derived.
$200,274,306
248,892,920
12,576,000
Preferred stock
no
employment of labor
of full
the limit
except
$323,046,040
95,355,119
Common stock
There is
period of consolidation in the recovery.
The annual report
of the Board of Governors of the Federal
System, extracts from which were given in these
columns last week (page 640) has the following to say re¬
garding the earnings and expenses of the Federal Reserve
Reserve
Banks:
%
discussing registration certificates for reorganization
and exchange securities which became fully effective during
December and during 1938, the SEC said:
In
In addition
tions,
to the security registrations
analyzed in the preceding
44 issues having an approximate value
sec¬
of $118,200,000 were also
1938 In connection with proposed exchanges or regis¬
trants' securities for their own or their predecessors' securities and in con¬
registered during
certificated and certificates of
deposit.
One additional statement became effective covering the guarantee
of an issue of interest-bearing securities having a value of $28,000,000.
nection
with
the issuance of voting trust
Current
earnings of the Federal
$36,300,000,
or
Reserve banks in
$5,000,000 less than in 1937.
reflected principally a decrease
of
1938 amounted to
This decrease in earnings
$4,600,000 in earnings on United States
Government securities, which amounted to
$34,400,000 in 1938.
ings of the Federal Reserve banks, available for dividends and
surplus,
were
$9,600,000 in
Net operating expenses
more
than
expenses
in
1937.
1938,
a
Net earn¬
transfers to
decrease of $1,200,000 from
1937.
in 1938, amounting to $25,557,000, were $262,000
Total current
expenses,
including assessments for
of the Board of Governors and the cost of Federal Reserve cur¬
rency, Were
$110,000
of expenses are
more
than in the previous year.
shown in the following table:
The principal items
1937
AND
Preliminary figures of earnings of the Reserve
given in our Jan. 21 issue, page 363.
RESERVE BANKS DURING 1938
EXPENSES OF FEDERAL
CURRENT
•
[In thousands of dollars]
1939
11
Feb.
Chronicle
Financial
808
Banks were
-
1937
1938
of FDIC for Six Months Ended Dec. 31, 1938,
$23,893,190—Total
for
Year was $47,753,520—
Corporation's Surplus Increased During Year to
$131,244,961—Chairman Crowley Says New Uni¬
Income
Operating expenses:
Salaries and Retirement System contributions
Postage and expressage.,.-.—
Taxes on bank premises
19,837
19.412
3,226
3,288
1,392
1,298
—
1,433
1,172
—
-
Depreciation on bank buildings — —
_
Printing, stationery and supplies-.--..---—.
536
2,547
All other
29,645
4,088
29,243
certain fiscal agency and other expenses
operating expenses
—
25,557
25,295
Cost of Federal Reserve currencyTotal current exjwjnses
As
1,7481,758
1,629
•—
——
28,801
28,911
—
table, current net earnings amounted to
the following
in
shown
less than in 1937. This decrease resulted
$4,972,000 in total current earnings. Additions
$7,350,000,in 1938, or $5,082,000
primarily from a decrease of
to
current net earnings in
1938 were $9,827,000, including $8,276,000 profits
Deductions from current
This included $5,046,000 for con¬
tributions by the Federal Reserve banks to the Retirement System for the
purpose of completing payments on account of service of employees ren¬
dered prior to the establishment of the Retirement System, which hereto¬
fore had been scheduled to be completed by the end of 1939, and $848,000
for losses and reserves for estimated losses on industrial advances.
1
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING
sales of United States
on
Government securities.
$7,595,000.
in 1938 were
net earnings
1938 AND
history of banking in this country
comprehensive cooperative program of bank supervision
was agreed upon during 1938 by State and Federal bank
supervisory agencies," says Leo T. Crowley, Chairman of
the Federal Deposit Insurance Corporation, in his report of
operations for the six months ended Dec. 31, 1938.
"The
Federal agencies and a growing number of State banking
departments," Mr. Crowley points out, "now use uniform
reports relating to banks, pursue uniform examination policies
and procedures, and agree to minimum supervisory standards,
These developments facilitate the use of uniform standards
in determining the soundness of individual banks and of the
banking system as a whole. Consequently, it is possible to
determine more accurately the progress that is being made in
strengthening banks and to focus attention on unsound con¬
ditions that need correction."
He added:
a
3,948
1,725
of Board of Governors.— ...v.—
Assessment for expenses
1937
its capacity as an advisory committee to
fin thousands of dollars]
Insurance Corporation
the Board
matters
on
has contributed in large measure during
State banks,
affecting insured
only to the unification of supervisory policies and procedures,
of State banking codes, the development of
State banks, and comparable matters of
the year not
1937
Deposit
Federal
the
of
Directors
of
1938
National Association of Supervisors of
The Executive Committee of the
State Banks, serving in
.
„
Standards
Strengthening Banking System
"For the first time in the
—...—-----
— *
I^ess reimbursements for
Net
* —
-
Total
Supervisory
and
Examination
form
770
752
472
2,753
Telephone and telegraph
but also to the improvement
uniform investment standards for
36,261
41,233
25,557
1,725
1,629
25,295
1,748
1,758
28,911
28,801
7,350
Current earnings,.-
12,432
immediate importance.
*
•
Net operating expenses—-
Assessments for Board's expenses
.
Cost of Federal Reserve currency .
Total-—
-
—
in all parts of the country was largely respon¬
from State bank supervisors
improvements in. the banking system during 1938.
In limiting new
charters, in formulating and putting into effect uniform examination and
sible for
supervisory standards, in discovering and
...
Deductions from current net
—.—a
■"
;
>•
•Net additions.-------*;
Net earnings.-
xl,631
9,582
—a—
Dividends paid_
—.
—
13b)-
— — —
x
10,801
120
— — — r-—.
7,941
—419
7).
1.
2,616
earnings of each Federal Reserve
OF
RESULTS
FINANCIAL
'•
Disbursements
97%
4.
Gross
to U. S.
Treasury
Earnings
(sec ,
MML -L
'
4
'
5.
6.
Philadelphia
Cleveland..T—i
:•
of 144 in the number
192 banks having been eliminated
•
.
while only 48 were
.
,
supervisors were largely responsible for
The activities of State bank
banking improvements during 1938.
'
relating to the activities of the FDIC
during the six months ended Dec. 31, 1938, with additional
information for the past year find for the entire period of
operation, we quote:
■
Dividends Transferred Transfer'd
to Surplus,
Paid
to Surplus
(sec. 13 b)
'
{sec. 7)
$
$
Operations
183,614
564,369
3,056,972
-286,745
520,444
83,968
734,562
"4,735
229,691
227
10,706,348 3,290,671
3,151,090 1,052,956
3,490,621 1,049,626
New York.-------
applied for insurance and were rejected.
banks,
admitted to insurance.,
RESERVE
chartered during 1938 that were not Approved
Of these, six, either were ineligible for
theiCorporatfon.
From the report
13 b)
1,544
749,527
2,690,183
Boston
$
$
or
by
There occurred during the year a net reduction
of insured
■
$
for the protection of depositors of insolvent
beginning of deposit; insurance have amounted to
made promptly available.
were
insurance
bank are shown in the following table;
Net
.
Earnings
1938, bringing total capital and surplus-to $420,-
Only nine banks were
for insurance
Payment
Bank—
799,145
-
250,254
amounted to $23,893,189.83 for fthe six
The income of the Corporation
months ended Dec. 31,
Atlanta.,
—
—
....
—
,.—
—
—
—
—
19,936
3,742
-115,893
267,368
—17,409
20*714
791,00,7
206
1.796
234,488
279,031
18,323
253,701
3,954,02,6 1,090,958
254,607
1,564,278
Chicago.-.--*.—,
St. Louis.
297,732
200,875
1,915,952
1,502,189
-
zation
of
period
amounted
premiums, of $4,767,078.18.
administrative
losses and
—
1,100,472
373,298
1,005
174,231
198,062
——
1.840.455
260,690
10,270
.249,901
519
1.330.456
232,260
236.294
3,015,358
772,?81
613,068
Minneapolis
Kansas City
—
Dallas.-
------
San
Francisco
36.261.428
Total.,.,.
Total earnings on
4.581.95'
1,19.524
8.019,137
"159,717
—419.140 1,862,433
bills and securities were $4,900,000 less in 1938 than
The reduction in earnings was a net result of an increase of $48,000,000 in daily average holdings of bills and securities and a decrease from
in
1937,.
1.59% to 1.37%
in the average rate of earnings.
bills and securities,
thereon during
Average daily holdings of
together with average rates and amounts of earnings
the last four years, are shown in the following
expenses.
j
v
$38,313,332.68 represented assessments paid by insured banks
losses and
insurance losses and expenses of $8,697,238.91.
The surplus of the Corporation, resulting from an excess of income over
expenses and losses during the entire perio^ of operations was $131,244,960.67 as of Dec. 31, 1938.
Total income from the beginning of deposit
has
insurance
from
provision
Amounts In thousands of dollars
and
less provision for amortization of
expenses amounted to $11,709,846.38, including administrative expenses of $3,012,607.47 and deposit
For the year total
premiums.
amounted
assessments
to
$167,422,953.28,
by
paid
insured
including
banks
and
$124,176,363.58
$43,246,589.70
representing interest earned and profits on sales of securities,
EARNINGS ON BILLS AND SECURITIES
;
,
&1, 1938, amounted to,$47,753,519.80 of
$9,440,187.12 represented interest earned
derived
table;
Expenses and losses during this
$5,294,793.20, of which $1,576,186.44 represented
and $3,718,606.76 represented deposit insurance
expenses
Income for the year ended Dec.
which
i,03i
to
paid
for amorti¬
1938, including assessments of $19,126,111.65
by insured banks and interest earned, after deducting provision
Richmond.
follows:
,
BANKS
Federal Reserve
,
016,341.86, of which it is estimated more than
1938 and the distribution of net
OPERATIONS OF THE FEDERAL
DURING 1938
-
of that date.
as
banks since the
$9,582,000 in 1938, as compared with $10,801,000 in 1937.
All Federal Reserve banks paid dividends to member
banks at the rate of 6% per annum on paid-in capital stock as provided
in the Federal Reserve Act.
Dividend payments totaled $8,019,000 in
1938, compared with $7,941,000 in 1937.
Payments to the United States
Treasury under provisions of section 13b of the Federal Reserve Act relating
to industrial advances amounted to $120,000 In 1938 and $177,000 in 1937.
The remainder of the net earnings of the Federal Reserve banks, transferred"
to surplus accounts, amounted to $1,443,000 in 1938 and $2,683,000 in 1937.
earnings amounted to
Gross and net earnings during the year
•
Corporation for the six months
insured
$76,70% will be receovered.
3. Full protection of all but 748 of 479,829 depositors has been possible
in 252 insured banks closed or absorbed with the aid of FDIC loans since
Jan. 1, 1934.
Total deposits of these banks were $135,758,000, of^which
/
.
'
.
Corporation's surplus increased to $131,244,960.67 during the
The
544,517.66
2.
Net deductions.
Net
■
period ended Dec/31,
67
<
1,862
—**.
and the Corporation should assure
31, 1938 were summarized by the FDIC as
177
8,019
—
representatives of
This close relationship
jurisdiction.
goal—perpetuation of the country's dual system
.
Features of the report of the
to Dec.
,—-—.
Transferred to surplus (sec. 13b).——
Transferred to surplus (sec.
attainment of our mutual
of unit banking.
*—-
—
9,827
s
Payment to United States Treasury (sec.-
public and of the banks under their
between the State banking departments
3,359
4,990
*
earnings.--;
•
:
.' 7,,595
2,232
Additions to current net earnings
the
correcting problem situations the
able, vigilant^ and unselfish
State supervisors have been
Current net earnings.
Corporation received
cooperation the
The splendid consideration and
Current expenses:
for
the amortization
of premiums.
after making
Charges to surplus have
amounted
Bills
'
U. S.
Discounted
Bought in
Government
Industrial
OpenMarkel
Total
Securities z
Advances
to
$36,177,992.61.
amounted
*
Bills
to
$21,098,185.60 resulting from the difference between total
1935-.-.
1937—
2,469,542
—
1936
-------
4,922
2,430,864
26.450
6,135
3,725
2,430.657
2,503,865
2,564,877
—
thereto,
purchase of assets, including expenses and other charges incident
and
estimated recoveries
of $54,918,156.26.
Administrative
ex¬
21,541
2,542,545
—
1938-
7,306
2,469,688
depositors of
closed insured banks in settlement of their claims and to merging banks for
loans and
Dally aver, holdings:
Net deposit insurance losses and expenses
disbursements of $76,016,341.86 actually made or pending to
13,749
3,390
2.590,597
8,739
543
29,171
penses
and other charges have amounted to
Closed Insolvent Insured Banks
16,438
Earnings:
1935------
41,473
156
36
39,797
1936.
36,909
108
30
35,184
1,484
1,587
40,352
212
24
39,025
1,091
35,404
124
3
34,446
831
2.14
.73
1.64
5.61
1.76
.81
1.45
.71
1.56
5.06
1.42
.48
1.34
5.05
of
The 50,479 depositors in
these banks, having total deposits of $13,365,000 were protected to the
extent of $13,290,000, or about 99.4%
of their claims, by insurance or
otherwise.
All but 44 depositors in the suspended
banks were fully
During the six months ended Dec. 31, 1938, 31 banks closed because
5.44
1.54
$15,079,807.01.
1937-
—
1938-
-----
Average rate of earn¬
ings {%):
1.68
1935.
1936
1.49
-
1.59
1937..
1938.-
;
-
.
1.37
insolvency
z
$43,000 and $122,000. respectively,of securities
interest by the United States.
Figures for 1935 and 1936 Include
received aid from the Corporation.
protected.
During the
year
ended Dec. 31, 1938 , 73 insured banks, having
197,240
depositors, all but 95 of whom were fully protected, closed or received aid
the Corporation.. Total deposits in these 73 banks amounted to
$59,499,000 of which $59,285,000, or 99.6% , were protected against loss.
from
guaranteed as to both principal and
or
Volume
1 From
the
148
Financial
beginning of deposit insurance
to Dec.
Chronicle
at
31,1938,255 insolvent
insured banks
were closed, of which 3 were
subsequently reopened or taken
by other insured banks and 252, having 479.829 depositors, with total
deposits of $135,758,000, were liquidated or merged with the aid of loans
Deposits amounting to $131,783,000,
97%
or
,
1%
were not
1 he following regarding the accepted bids to the offering 1$
«
trom Secretary JMorgentliau S announcement of Feb. 6*
Total applied for, $302,135,000.
Range of accepted bids:
of the 479,829
fully protected.
High,
For the year ended
on
equivalent rate approximately 0.004%.
99.000;
Average price, 99.999; equivalent rate approximately 0.004%.
(43% of the amount bid for at the low price was accepted.)
13,709 operating banks insured with the Federal Deposit
were
that date,
there
was a decrease of 144 in the number of insured banks,
resulting
chiefly from the elimination of banks with unsatisfactory histories and from
49
22 by absorption with the aid of loans from the
consolidation,
or
voluntary liquidation
status of 2 banks was terminated
were
1
New
by suspension;
Corporation; 119 by
There
in operation
were
orweresuccessorstononinsuredbantainoperationavthebeginningofthe
16, 1939
The & were sold on a
highest bidders. They Will be dated
ygr and 24 were banks fir,, opened for tahea to 1938 (as sgainst 46 to
T*easwy Henry Morgenthau Jr.
The continued cooperation of supervisory officials to chartering only
banks that
can
Thereabouts, of 91-
or
lenders to a new Offering Of $100,000,000, or thereabouts,
of 91-day Treasury bills were received at the Federal Reserve
banks and the branches thereof Up to 2 p. m., Eastern
Standard Time, yesterday (Feb. 10).
The tenders to the
offering had been invited on Feb. 7 by Secretary of the
merger
by action of the Corporation.
48 banks admitted to insurance, of which 24 banks
♦
'1
Offering of $100,000,000.
_
withdrawal; and the insured
or
Total accepted, $101,287,000
100.000.
low,
Membership
There
Insurance Corporation on Dec. 31, 1938.
dated
are
,V
of
the total deposits in the 252 banks, were made available
promptly without
loss to depositors.
Only 748, or less than one-half of
depositors
The Treasury bills
of 0.004%.
average rate
Feb. 8 and will mature On May 10, 1939.
Reference to the
offering anneared in our Feb 4 ismie nam ^
over
from the Corporation.
an
809
-ECD. 15, 1939 and will .mature on May 17,1939j on the
qualify for deposit insurance is demonstrated by the fact,
that only 9 banks were chartered during 1938 without being approved for
maturity date the face amount of the bills will be payable
insurance by the Corporation.
without interest.
There is a maturity of a similar 1SSUO of
bills on Feb. 15 in amount of $100,544,000.
In his announcement of the offering Secretary Morgenthau
insurance
chartered
or
Of these banks, 6 either
applied for insurance, and
durinr1.938
Of the 33 banks
rejected.
were
nationaibahif snd 32
»
ineligible for
were
wore
state hanks
of which 2 became members of the Federal Reserve System.
The Corporation's approval
ance
said*
m.*
disapproval of applications for the insur-
or
of newly chartered banks continues to be conditioned upon the heeds
of all
financial
institutions.
unit facilities to communities
support sound, well managed banks.
-
•
can
_
i.
■'
-•
,
si
W©
take
follows tbe
as
1
"
1938
bank
ASSETjS \
Cashonband, in transit and on deposit........... $22,230,284.28
(cost less re-
i
acquired
'
through
sured banks,
Net balances of
bank
suspensions
jjg 825 799 24
___
_
'
'
depc^it'oraln^
Feb
all
liabilities:
20,'649,'547.'76
deduction, or otherwise recognized, for the
prirposes of
amended, and this notice
as
prescribe the terms of trie Treasury bills and govern the conditions of their
■
——♦
$18,050,000 of 1% Consolidated Debentures Offered by
Federal
8,245.01
....
c..i
,■
.
909,151.21
it
.*—......
...$289,299,556.99
Credit
Banks—Issue
Ove|r-
1
,.
/
<■
issue of $18,050,000 of 1% consolidated debentures
offered on Feb, 7 by the Federal Intermediate Credit
Bank System. Tbe books to tbe offering were closed within
ghort time following a heavy over-subscription, it was
iA
w
4i,'504:38
new
was
—7——---:
$1,077,809.22
—
Intermediate
«i
oubscribecl
$994,848,34
"
11.J.......
oriTr
hereafter Imposed by the United States or any of its pos-
Treasury Department Circular No. 418,
$421,622,326.88
insmariwVx'^ris^::::::::
for administrative and deposit
onA
.
as a
issue.
pending settlement or not claimed—riontra
■.
No loss from the sale or other disposition of the Treasury bills
$77,452.12
purchased......—..—...i.......—.
•
sessions.
"
payable
.
or
any tax now or
Net balances of depositors in closed insured banks,
capital stock..
.
...
other disposition thereof will also he exempt, from
taxation, except estate and inheritance taxes, /(Attention Is invited to
gift tax.)
■
Total liabilities........'.
....
shall.be allowed
—
apphcab™^oCioa^°t0^ n^ging4banj^and^ts
iteSve
'
"'
*
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
$47 199 624 32
.
Accounts and assessment rebates
less than the
The Treasury bills will be exempt, as to priuclpal and Interest, and any
gain frdm the sale
26,550,076.56
Furniture, fixtures and equipment
1°°
Deferred charges and miscellaneous receivables.......j..........83,623.94
Current
1939
15
* -b
%
"
..
The Secretary of the Treasury expressly reserves the
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve Banks in cash or other immediately available funds on
purchased from merging banks to avert
deposit insurance losses...-----851,490.58
LIABILITIES
closing hour will be opened and public announcement of the ac-
submitting tenders will be advised pf the acceptance, or rejection thereof.
"
Assets
'. Total assets........—...
guaranty of payment, by an incorporated
right to reject any dr all tenders or parts of tenders, and to allot
"
■;"j"'
express
company.
following morning.
'
■
'
Less: Reserve for losses.........i
tiSt
ceptoble pric«wtU rollowaa soon as possible thereafter, probably on the •
pending settlement or not claimed, to he sub- r
rogated when paid—contra.......
909,151.21
Loans to merging banks to avert deposit insurance
»
losses and recoverable liquidation expenses..:..
26,613,183.29
,//
or
up to the
372.768,3«;10
V
$394,988,625.38
and
Frac-
Immediately after the closing hour for receipt of tenders on Feb. 1Q, 1939,
all tenders received at the Federal Reserve Banks or branches thereof
!
United States Government securities
Assets
■
J* notmore than three decimal places, e. g., 99.125.
accompanied by an
are
31,
««
..
ment securities. Tenders, from others must be accompanied by a deposit
of 10% of the face amount of Treasury biils applied, for unless the tenders
/T,''
STATEMENT OF ASSETS AND LIABILITIES DEC.
,
,
bcarer forin
without cash deptott fn.m incofporatoi bspks
and trust companies and from responsible and recognized dealers in lnvest-
.
for Dec. 31
.
,
J1'0?®' 1 P^ice °ffered must be expressed on the
^
depositors and to existing insured
toitoeadmlt t0 *murance ProPOBed lnsi,t'ltl0ns that We tore'
From the FDIC report
balance sbeetl
,
...
On the other hand, the Corporation
would be derelict in its responsibility to
u
^
T ? 51.000, $10,000, $100,000. $500,000, and $1,000,00
wTl^I^vaiue^
'
hnft'tel1l.
No tender for an amount less than $1,000 will be considered. Each tender
The Corporation favors granting adequate
which need banking services arid which
vtri.v
^ ^
.
ofthe community to be served and upon factors which determine the success
' ^mounced by Charles R. Dunn, fiscal agent of the banks.
The debentures, wbicb are tbe joint and several obligations
Surplus:
ad^t^ente3»DDUcabieto Derlo^B OTiorto1112'699'149'87
of the 12 banks, Were sold at a slight premium over par
;
• ••• Am** :•
value. They are dated Feb. 15 and will mature in 1, 6 and
83^ months; $1,000,000, which has been placed privately,
;OB March 15, 1939, $5,550,000 on Aug. 15, 1939 and $11,Additions:.
...■
500,000 on Nov. 1, 1939. A maturity on Feb. 15 of $18,K;Sto7nd^Stoa,I9'12Mn-65
200:000 has been refunded by the new issue of $18,050,000
sales of securities (less proplus $150,000 in cash, leaving securities outstanding as of
;
4,763,611.30
;
'
Feb. 15 in amount of $172,575,000.
:'
n
aab
,
•
'
r
kra r\A
.
„
Interest received on loans and
,
pbsftc"
"
;
Deductions:
3,466.88
"
Sale
123,893,189.83
^
"Baby Bonds'*
,
f
.
■
^
♦
in
v—
January
Monthly Figure
.
at
New
,
Record
v'
.
■ :
Sales of Umted Stated saving^ bonds, or so-called "Baby
,
,
of
^eSsS8^110! l0B8ea aQ? $3,718,606.76
Bonds" during January totaled $141,773,628, the largest
Furniture, fixtures and equip-
March.
administratiVe "e"xpe"n&M"I"I
ment
i',553',086^88
t-T
_—
Total liabilities and capital....
from'March
...$420,544,517.66
$421 622.32a.88
>r,,
f The report for the six months ending June 30, 1938, was
our issue of Aug. 13, page 970.
Details of the
annual report of the Corporation for the year 1937 were
given in these columns June 25, 1938, page 4022.
$302,135,000 Tendered to Offering of $100,000,000 of 91Day
Treasury
Bills—$101,287,000 Accepted
at
Average Rate of 0.004%
Secretary of the Treasury Henry Morgenthau Jr. announced on Fe.b. 6 that the tenders to the offering last week
of $100,000,000, or thereabouts, of 91-day Treasury bills
totaled $302,135,000, of which $101,287,000 were accepted
„
_
826
referred to in
1935, it
1938, when $99,794,721 in bonds were sold.
Cash receipts
J 1935 'tQ Feb. 4> 1939 amounted tO $1,715,496,and the maturity value during the same period was
$2,287,329,101.
Total redemptions through Feb. 4, 1939
were $160,459,338.
jn our issue cf Dec. 17, page 3691, it was noted that the
maturity value of sales of bonds to Nov. 30 had passed the
$2,000,000,000 mark.
4. aq. 7Q;i 9n
>5.294,793.20 .1R
»18.598.396.63 1<u 04.A nan «7
131.244,960.67
Total capital...
'.
Department.
23,099.56
off..
month since the bonds were first offered in
was announced recently by the Treasury
^
The previous record month was in January,
amount for any
purchased and charged
/
RFC Offers $300,000,000 Notes Maturing Jan. 15, 1942,
and Bearing %% Interest—Books Closed as Sub- scriptions Aggregate $2,566,000,000
Secretary of the Treasury Henry_ Morgenthau Jr. an¬
nounced on Feb. 6, on behalf of the Reconstruction Finance
Corporation* an offering, at 100M and accrued interest, of
$300,000,000 or thereabouts of the Corporation s %% notes
Financial
810
received at the Federal
Depart¬
ment, Washington. The notes, which will be dated Feb. 15,
1939 and mature on Jan. 15, 1942, will not be subject to call
for redemption prior to maturity.
This issue is the third in
which the Treasury has acted as fiscal agent for the RFC.
Last October the Treasury refinanced a $298,972,000 RFC
issue, which matured on Dec. 15, through a new issue of
three-year %% notes of series P; this was noted in our
Oct. 29 issue, page 2619. Secretary Morgenthau announced
of
series
Subscriptions
R.
were
Reserve banks and branches and at the Treasury
Feb.
Chronicle
full-paid subscriptions allotted, and they may issue interim
Treasury
The Secretary of the
2.
Mr.
Morgenthau announced
and regulations governing the
offering, which will be communicated promptly to the Federal Reserve
banks.
,
Secretary of the Treasury.
An item bearing on plans incident to the proposed offering
appeared in these columns Feb. 4, page 659.
The
Treasury Department circular describing the offering
follows:
•
1
,
RECONSTRUCTION
FINANCE
Fund
Incident
on
Reserve banks.
CORPORATION
incident to the operation of the
$2,000,000,000 sta¬
fund, according to Secretary of the Treas¬
ury Morgenthau, has increased by approximately $12,000,000.
Mr. Morgenthau makes this known in response to an
inquiry from Senator Lodge, whose letter to the Secretary
under date of Feb. 2 was made public as follows by Mr.
Morgenthau on Feb. 9:
As
an
bilization fund, the
:
Unconditionally
and
both
Guaranteed
Interest
to
as
the Face of
on
Each Note
Trerrilory, Dependency,
Possession thereof,'or by any
or
Feb. 2, 1939.
„
Washington, D. C.
•
Dear Mr. Secretary:
1410 of the "Congressional Record" for Feb. 1, Senator Barkley
On page
Is quoted as follows:
to make
■•/■■.
profit to the American Treasury of something like $12,000,000.
a
Office of the Secretary,
,
Would you be so kind
■
.
'■
/
,
X,
The
1.
of the
Secretary
Jr.,
Honorable Henry Morgenthau
I understand that the stabilization fund has been used in such a way as
TREASURY DEPARTMENT,
V
,/
.
Washington, Feb. 6, 1939.
„
standing
Offering of Notes
Treasury,
behalf of the
on
is
tell me whether Senator Barkley's Under¬
ap to
and,
correct
if
this
how
so,
United States for notes of the Reconstruction Finance
Corporation, designated %% notes of series R.
The amount of the offering
is $300,000,000, or thereabouts,
„
•
•
Secretary Morgenthau at the
reply as follows:
,
date at the rate of %%
payable on a semi-annual basis
per annum,
on
Office of the Secretary
My
July 15, 1939,,and thereafter on Jan. 15 and July 15 in each year until the
They will mature Jan. 15, 1942, and
principal amount becomes payable.
will not be subject to call for redemption prior to maturity,
and
supplemented, which provides that the notes shall be fully
unconditionally guaranteed both as to interest and principal by
and that they shall be exempt
taxation
after
both
to principal and interest from all
as
(except surtaxes, estate, inheritance, and gift taxes)
imposed by the United
possession thereof,
by
or
any
States,
by
Territory,
any
1934,)
or
State, county, municipality/or local taxing
as
part of the purpose for
a
2. While
the
3.
or
3.
Sinice its creation,
approval of the President.
4.
further provides that in the event the Recon¬
Corporation shall be unable to pay
demand, when
upon
Treasury shall
It has
thereupon to the extent of the amounts
shall succeed to all the
4.
so
paid the Secretary of the Treasury
rights of the holders of such notes.
The notes will be acceptable to secure deposits of public
will not bear the circulation
5.
privilege.
Jjeen employed for the purpose specifically stated in the Act,
of "stabilizing the exchange value of the dollar."
In its
$5,000, $10,000 and $100,000.
the
as
official agencies.
rrom banks and trust
companies for their
Treasury
authorized
are
own account.
own account will be
received with¬
case to an amount not
exceeding
or
from all others must be accompanied by
of the amount of notes applied for
.
tbe right to close the books as to any or all subscriptions
subscriptions at any time without notice. * ;'
or
make
reduced
allotments
applications for smaller amounts and
upon
upon,
or
reject,
to
applications
for
larger
amounts, or to adopt any or all of said methods or such other methods of
allotment and classification of allotments
as
shall be deemed by him to be
in the public interest; and his action in any or all of these respects shall be
Allotment notices will be sent out
promptly upon allotment, and the
IV.
100 }4
hereunder must be made
later allotment.
In
and
or
every
completed
upon
on
or
if any,
for notes
before Feb.
where payment is not
payment with application up to 10%
shall,
so
15,
allotted
1939,
we
As
fiscal
agents
completed, the
of the amount of notes applied for
United
States,
•
Federal
authorized and requested to receive subscriptions,
up
to the amounts indicated
to the Federal Reserve banks of the
Reserve
banks
are
to make allotments on
by the Secretary of the Treasury
respective districts, to issue allotment
noticed, to receive payment for notes allotted, to make delivery of notes
.
MORGENTHAU
JR.
■//. •'/
'
Morgenthau] explained to
was net
a press
,y
conference that the $12,000,000
He said the principal
after paying all expenses of the fund.
expenses were
Feb. 9.
v
for cablegrams and trans-oceanic telephone calls.
asserted that no effort was made by the fund to make a
nevertheless resulted from the fund's
in foreign exchange markets to
other lea,ding currencies.
.•
He also
profit but the profit
buying and selling of dollars and gold
stabilize the value of the dollar in terms of
/
.
„
;
.
»
'
Although the Secretary declined to say whether the fund had ever suf¬
fered periods of temporary losses,
below
$2,000,000,000
the
he asserted that its total never has been
originally
given
$2,000,000,000
The
it.
was
obtained by the Treasury from the profit of devaluation of the dollar which
occurred
on
the
same
day the fund was created
1
'
'
'
Message
President
of
of
Roosevelt,
Boy/Scouts
to
America
President Roosevelt, honory President of the Boy Scouts
of America, took part in a program celebrating the
of the order.
The President, in a radio speech
White House
to
oath
their
birthday
from the
Feb. 9, urged the Boy Scouts to be faithful
and declared that "the Nation never had
on
greater need of the Scouts than it has today."
The President
said:
On
this,
our
29th birthday, we can look backward with pride and for¬
hope and
courage.
We rejoice that our organization has reached
full maturity.
Because the Nation never had greater need of the
has today,
I find peculiar satisfaction in Mr. Head's
Boy Scouts than it
[President of the Boy
Scouts] reassuring report on our progress during the last year.
General Provisions
of the
•
Press advices from Washington
quote the following:
that
1.
and it has not been
/'■
.
/,/
From Associated
on
cretion, be forfeited to the Uinted States.
the basis and
'
.
y.
(Signed) HENRY
United States Senate.
ward with
or
declaration made by the Secretary of the Treasury in his dis¬
V.
scrupulously
most
,
Fellow Scouts:
Payment
accrued interest,
case
-
Sincerely,
.
•;
in part
basis of the allotment will be publicly announced.
Payment at
have been
provisions
Secretary of the Treasury,
in part, to allot less than the amount of notes applied
for, to make allotments in full
1.
Act's
The Secretary of the Treasury reserves the right to reject any sub¬
scription, in whole
final.
the
The Secretary of the
reserves
classes of
of
The Hono able Henry Cabot Lodge Jr.,
Subscriptions
capital and surplus of the subscribing bank
Subscriptions
company.
payment of 10%
and
Banking institu¬
Treasury Department
but will be restricted in each
one-half of the combined
'■ "
:,
profit
.
banks
Others than banking institutions will not be
permitted to enter subscriptions except for their
out deposit
'
Reserve
submit subscriptions for account of customers, but only
the Federal Reserve banks and the
act
all
other purpose than that stated in the Act.
«/■
He [Mr.
„
Federal
branches and at the Treasury Department, Washington.
2.
any
v
will be received at
tions generally may
trust
but
The notes will not be
III. Subscription and Allotment
Subscriptions
that
^
issued in registered form.
1.
moneys,
the
•
The fund has not been employed for any purpose,
5.
Bearer notes with interest coupons attached will be issued in denom¬
inations of $1,000,
is
X.
y
operated in any way, directly or indirectly, for any other object or to effect
the amount thereof, whicb is authorized to be appro¬
pay
priated, out of any moneys in the Treasury not otherwise appropriated, and
■
the fund has been operated, as specified by the
followed, both in letter and in spirit.
due, the principal of or, interest on notes issued by it, the Secretary of the
r./
•
-
$2,000,000,000 as a stabilization
working fund.
officers thereof.
The authorizing Act
struction Finance
'
Congress appropriated
Act, under the direction of the Secretary of the Treasury and with
which
officer
the stabilization fund was
which
only one-tenth of that amount, $200,000,000, has been used as a
fund,
as
investment or deposit
the United States or any
Feb. 8, 1939.
ask for information with
you
incident to its operation, the fund has increased by ap¬
as an
administration
control of
letter of Feb. 2, in which
by the Act of Congress (the Gold Reserve Act, approved Jan. 30,
but
of which shall be under the
or
'
-
.
,
your
security, for all fiduciary, trust, and public funds the
authority
*
/
..
proximately $12,000,000.
here¬
now or
dependency,
These notes shajl be lawful investments, and may be accepted
authority.
Not
created
the
States and such guaranty shall be expressed on the face thereof;
United
JR.
regard to the stabilization fund, I am pleased to advice you as follows:
1.
(known
"Reconstruction Finance Corporation Act") approved Jan. 22, 1932, as
amended and
reply to
*
time made known his
same
dear Senator:
In
'
The notes will be issued under authority of an Act of Congress
2.
/.
C. LODGE
(Signed) H.
Washington
The notes will be dated Feb. 15,1939, and will bear interest from that
1.
,
,
DEPARTMENT
TREASURY
Description of Notes
realized?
was
y
Sincerely yours,
Reconstruction
v
II.
profit
With kind regards, I remain,
Finance Corporation, invites subscriptions, at 100M and accrued interest,
from the people of the
*
Finance
Secretary of the Treasury,
State, county, municiapHty, or local taxing authority
*
on
and
Exempt both as to principal and interest from all taxation (except surtaxes,
estate, inheritance, and gift taxes) noio or hereafter imposed by the I nited
States, by any
SENATE
STATES
UNITED
Committee
Principal by the United States, which Guaranty is Expressed
Treasury
According to Secretary of
Morgenthau—So Advises Senator Lodge
$12,000,000,
%% Note* of Series R, Due Jan. 15, 1942
Fully
$2,000,000,000 Increased as an
Operation
by
Approximately
of
Its
to
(Dated and bearing interest from Feb. 15, 1939)
to
MORGENTHAU Jr
HENRY
Stabilization
Feb. 9 that reports re¬
ceived from the Federal Reserve banks show that subscrip¬
tions aggregate $2,566,000,000.
Subscriptions were al¬
lotted 12%, but not less than $1,000 on any one subscription.
Further details as to subscriptions and allotments will be
announced when final reports are received from the Federal
or
time, or from time to time,
may at any
prescribe supplemental or amendatory rules
closed at the end of business Feb. 6.
were
to
receipts pending
delivery of the definitive notes.
the afternoon of the offering that the subscription books
on
as
1939
11.
on
our
workers
we
can
there is
so
much work to be done we need all the
muster.
To all who have had
a
part in bringing the Scouts to their present jsplendid
standing I offer hearty congratulations.
These boys, so full of promise for
the future, are a national asset and therefore should be
trust.
I am glad
membership is greater than ever before, not from any mere pride
in numbers, but because
Ours is the duty to
regarded as a national
inculcate in the Scout mind those simple but
Volume
Financial
148
Chronicle
fundamental principles which embrace strength of body, alertness of mind
and above these and growing out of them that sense of moral
In
building
up
solid character
stability of the Nation.
is
today will be full-fledged citizens to discharge for better
civic duties upon which the
As
who has long
one
responsibility
or
has
the
been active in Scout work and who feels
a
Quartermaster General of the United
had
personnel
Mr. Gano Dunn, formerly President
President of J. G. White Engineering Co.,
now
long and varied experience in the selection of professional and
services.
In taking this action, the President called attention to
special
Section2 of the
Order of June 24 which directed the heads of all departments and inde¬
to think that faithful observance of the Scout oath constitutes an excellent
preliminary training in the duties of citizenship.
Cooper Union, aDd
scientific
happiness of the Nation will rest.
honorary president of the Boy Scouts of America, I like
as
formerly Acting
well equipped as any one in the country in the selection of
as
of the
Scouts
worse
811
Wood,
for commercial and business positions.
insuring the future strength and
we are
Sooner than many of us realize the Boy
E.
States Army, and now Chairman of the Board of Sears Roebuck and Co.,
responsibility
which all sound character rests.
upon
of
Robert
pendent establishments, including corporations owned
controlled by the
or
Government, to "certify to the Civil Service Commission for transmission
I like to think of the
entire Scout training as an apprenticeship for the mastery of civil duties.
by it with its recommendations to the President the positions in their
respective departments
The celebration will continue for a week and will end on
14 with an address by Colonel Theodore Roosevelt,
agencies which
or
in their opinion should be
ex¬
cepted" from the provisions of the order as policy determining or for other
Feb.
The President said
reasons.
that the recommendations and certification
Vice-President of the National Council and Herbert Hoover,
called for have been received, but that the burden of preparing for the cover-
honorary Vice-President.
ing-in of other positions had not given the Civil Service Commission and
.
the executive agencies concerned sufficient time to study and reach agree¬
ment on their
Secretary Morgenthau Says Nation's Silver Purchases
Promote
Before
Exports
from
This
Other
to
Countries
problems
a
result in
ment
an
and
The President believes that such
'
,
*
Postponing the Effective Date of Executive Order No. 7916 of June 24,1938,
edge of this, since the Treasury broke off
March under which it
by the Civil Service Act of Jan. 16,1883 (22 Stat. 403,404), and
of the United States, it is
the origin of that silver."
We have
Roosevelt
Issues
no
way
New
Executive
classified civil service
of knowing
Order
Jan. 31 issued
This latest action modifies
an
approval of
announced
a ma jority
positions:
positions"
f
.
.
3. A committee Is hereby appointed consisting of the
Mr.
Justice
Stanley Reed, Chairman;
Attorney General Frank Murphy; William
Assistant to the Secretary of the Treasury;
Robert E. Wood; Mr. Gano Dunn.
Such
Felix Frankfurter and
The White House an-
make
committee shall
a
4
transferring,
removing and rein¬
stating personnel for the positions to which this order
the President
to
Tthe White House, Jan. 31, 1939
today that upon the advice and with
FRANKLIN D. ROOSEVELT
"
The Executive Order of June 24
of the Civil Service Commission he had modified
columns
Executive Order No. 7916 of June 24, 1938, in order to provide additional
July 9,
page
relates, and report
possible its recommendations thereon.
as
soon
as
following:
Mr. Justice Felix Frankfurter!
H. McReynolds, Administrative
Mr. Leonard D. yvhite; General
'
comprehensive study of methods of re¬
promoting,
selecting,
cruiting, testing,
nouncment of Jan. 31 follows:
Roosevelt
all classes of
mean
training and considerable experience on the part of the employees, and all
positions of a higher grade.
(b) The duties of which are to perform difficult and important investi¬
gative services, being mostly on criminal or .quasi-criminal cases, or cases
requiring similar investigative procedures, and all positions of a higher grade.
order made last June
with the, Civil Service
Commission.
The committee is
headed by Supreme Court Justices Stanley Reed and will
President
of Feb. 1, 1939:
(a) The duties of which are to perform the most difficult and responsible
office work along specialized and technical lines requiring extended traning
and experience, and the exercise of independent judgment, or to supervise a
large or important office organization engaged in work involving extended
10% of those who would have been
brought into the competitive classified service on Feb. 1
under the original order.
In order to apply the civil service
principles to these exempt Federal employees the President
appointed a committee to conduct a study of the matter
in its membership Justice
Attorney General Frank Murphy
as
2. As used in this order the term "administrative and technical
shall
24 and affects less than
include
1938, is
.
postponing the extension of Civil Service to about 5,000 pro¬
fessional, scientific and technical employees of the Govern¬
ment.
President
as
,
(b) Positions the duties of which are determined, with the concurrence
confidential character.
(c) Professional and scientific positions.
„
(d) Positions in the Inland Waterways Corporation.
(e) Such administrative and technical positions as are defined in this order,
Executive Order
an
'
'
7916 of June 24,
of the Civil Service Commission, to be of a highly
Ex-
Special Workers from Civil ServiceAppoints
Committee
Under
Chairmanship
of
Justice Stanley Reed to Study Extension of Merit
System to These Workers
on
follows:
(a) Positions to which, in the opinion of the Civil Service Commission,
it is not practicable to make appointment upon competitive examination.
empting
President Roosevelt
as
suspended and made inoperative in so far as it covers into the competitive
\
'
hereby ordered
Until further order, Executive Order No.
1.
Morgenthau1 said, "the Treasury
buys each day all of the silver offered to it.
.
stitution, by section 1753 of the Revised Statutes (U. S.C., title 5. sec. 631),
knowl¬
agreement with Mexico last
an
...
By virtue of and pursuant to the authority vested in me by the Con¬
taking $5,000,000 of silver monthly.
was
"Under the direction of Congress," Mr.
President
no
Committee to Investigate
Report Methods for Selecting and Promoting Certain Personnel in Civil
• 1 •
•
•.
;•/' ■
.".
• ■
'
Service.
Pressed by Senator King of Utah as to the possibility that Mexican silver
into this country, the Secretary said he had
.
EXECUTIVE ORDER
:
China, Mexico, Canada, Peru, Chile and the Philippine Islands.
way
study will
1
been instrumental in increasing the buying power of such silver-producing
finding its
a
following is the President's Executive Order:
with Respect to Certain Positions and Providing for a
as
professional,
of
promotion
informed and wise extension of the merit system and the ap¬
personnel.
The
.
By it6 foreign purchases, Mr. Morgenthau disclosed, the Treasury had
the
recruitment
the
plication of higher standards in the selection and promotion of such Govern¬
and
.
in
departments and agencies.
follows:
was
presented
administrative and othefr technical personnel for the various Government
special Senate committee (headed by Senator
Pittman) inquiring into operators of the Silver Purchase Act,
Secretary of the Treasury Morgenthau stated on Feb. 7 that
silver purchases by the United States has stimulated the
buying powder of this country in half a dozen nations.
To
stop such purchases, he is reported as saying, would tend to
reduce our exports.
Associated Press advices from Wash¬
ington on. that day, indicated his further testimony as
countries
respective recommendations.
The committee selected by the President will study the many diverse
was
referred to in these
209.
the Commission might reach agreement with the executive
time in which
agencies of the Government On the scope of certain positions to be affected
by such orders.
be
No. 7916.
The remaining 90%
Feb.
or more
1,
1939,
10% of the positions^
Powers
by Executive Order
made by the
It is
Civil Service Commission in accordance with the pew order.
contemplated that those comparatively few positions as to which Execu¬
tive Order No. 7916 is postponed
civil service
as
soon ps
the committee works out adequate methods for the
selection and promotion
the
At
same
time,
the appointment
service
reform
for the time being will be brought into
of the personnel for such positions.
the new Executive Order,
he announced,, through
of a committee of seven outstanding advocates of civil
and
the
improvement of government personnel, to make
thorough study, in conjunction with the Civil
a
the best way of applying
and
Service Commission, of
civil service principles to the professional, scientific
other technical positions in government
administrative and
certain
The members of the committee are:
Mr. Justice Stanley
,
•
Reed of the Supreme Court, Chairman; Mr. Justice
Felix Frankfurter of the Supreme Court; Attorney General Frank Murphy;
William H. McReynolds, Administrative Assistant to the Secretary of the
Treasury: Mr. Leonard White; General Robert E. Wood; Mr. Gano Dunn.
All of the members of the committee have long advocated the improve¬
of
of the Civil Service or have had wide experience
personnel
Justice
for
Reed,
Reconstruction
as
professional, scientific,
General
Counsel
of the
or
Finance Corporation, and later as
United States, has had experience both under
for government
with the selection
commercial positions.
Federal
erts,
of the civil service.
than in any
Republican and Democratic
and other persons
Mr. Justice
of civil service both in this and other
of the improvement and extension
Attorney General Murphy, as Governor of Michigan,
other State.
Mr. McReynolds, formerly Directo of the Staff
Personnel Classification
Board of the Civil
and now as Administrative Assistant to
the largest
the
Service Commission,
the head of the largest department
of the Government, supervises and directs
with
the selection and promotion of
single unit of personnel and has had long years of experience
practical operation
of the civil service.
Mr. Leonard White,
Commission, and now
University of Chicago, has long been
formerly a Republican member of the Civil Service
Professor of Political Science at the
an
,
in
a
letter to Judge Floyd H. Rob¬
Feb. 7, charged that the Senate, in rejecting, by a
nomination of Floyd II. Roberts as
Western District of Virginia, had
sought to usurp his constitutional prerogative of, appointing
judges by invoking the rule of senatorial courtesy.
The
nomination was made by the President last summer over
of
72
Federal
the
to
his
9,
Judge for the
objections of
two Senators from
the
Virginia', Carter
Harry F. Byrd, who declared the nomination to
Glass and
offensive and obnoxious."
Senator Glass
appeared before the Senate Judiciary Committee on
Feb. 1 to lead the fight against confirmation of the nomiiiation, and the committee then sent an adverse report to the
Senate, having disapproved the appointment by a 15 to 3
vote.
Regarding the Senate's action, which was taken
without any debate, a United Press Washington dispatch
be
"personally
innovator of the improvement
and extension of the civil service.
General
Feb. 6 said:
of
After
the
result
Glass
Carter
and
should
"It
had
been
Harry F.
have
announced,
unanimous,"
been
colleagues congratulated
Senators
Byrd of Virginia.
Senator
Glass complained.
Roberts's qualifications to serve on the bench
by Mr.- Glass or Mr. Byrd.
They invoked the rule of
senatorial courtesy on
the ground that the appointment was part of a
White House "conspiracy" to strip them of patronage and give to Governor
James H. Price of Virginia veto power over their future recommendations
The
for
of Judge
question
never
reorganizing the State Government, extended the civil service further
of the
on
vote
Solicitor General of the
service in times of grave national emergency.
Frankfurter has long been a student
countries and has been a strong advocate
a
President Roosevelt,
>
Mr.
Farm Board and the
Administrations in recruiting large numbers of lawyers
in
Roberts to Federal Bench-—Senators
Had Objected to Nominees—State-
H.
had
service./
ment
to
by Mr. Glass
ment
which administrative and technical positions will be tempo¬
rarily removed from the operation of Executive Order No. 7916 is to be
Senate Usurped Executive
Confirm Nomination of
Says
Refusing
Glass and Byrd
Final determination
.
to precisely
as
in
Floyd
will"be brought in the civil service
date under the terms of the original order.
that
on
under civil service on
brought
Roosevelt
President
;
•
■
It is estimated that the new order will affect less than
to
was
raised
political posts.
"I take it the Senate is not
said
when
several
asked
Senators
to
interpret
in favor of the purging process," Mr. Glass
the vote.
When
it was
pointed out that
Deal, including
who have voted consistently with the New
Nev.), president pro-tem, opposed confirmation, the
Virginian said:
"They wanted to be right this time."
The Roberts appointment has been killed, but the fight is not over.
Mr. Roosevelt said at his press conference last Friday (Feb. 3)
that he
Key Pittman (Dem.,
Would
if
he
write
failed
a
of
letter to
Judge Roberts which
confirmation.
"should be very interesting"
r
Committee
Judiciary
Senate
the
to
Incident
1, advices on that date
bureau said:
Feb.
vote
spectators packed
Price and former
committee
not
"Sun" from
hand
testify
to
also
for
.
Feb.
on
the White
while the
Judge Roberts, made public at
In his letter to
House
President Roosevelt said that
7,
Senate as a whole the duty of
Constitution gave the
ing or confirming nominees on the ground of their
the Senate had on rare occasions rejected nominees
ators," thus granting to individual Senators what amounted
to the power of nomination.
The President added:
In the particular case of which you are the unfortunate and innocent
victim, the Senators from Virginia have in effect said to the President:
"We have nominated to you two candidates acceptable to us;, you are
hereby directed to nominate one of our two candidates, and if you do not,
we
will reject the nomination of anybody else selected by you, however
he may
be."
1
.
Your
with
V
"
Herewith
discussion the • committee went into executive session,
reopening the doors an hour later.
„
' *
The record shows that at this time the committee heard the Governor
of
My dear Judge Roberts:
First
of
in
every
of
the
of
States in
in particular.
Virginia
Second,
lifted
has
confirmation
your
his.
against your personal integrity and
In
take
from
editorial
an
you
1938, I received a
local. Virginia
a
Virginia
Senator
be
approval
Governor -of
To this I
of
receive the backing of
needless
such
Governor Price
to the effective
replied
which*
is
it
had
the
in
pointed
I
Senate.
out
to
the
the Senator
the
mendations
for
has sought
recommendations of
Virginia Senators because the Governor of Virginia had been
the right of veto on nominations that they made."
Neither of
two
the
of
course,
of
my
I
and
in
habit
of
I
the
told
I
I
might
to
select.
to
Subsequent
position
to
Glass.
Senator
time
this
a
total
am
number,
I
time, to
my
The
As
that
a
I
as
been
suggested
for
fitted.
editorial.
or
any
other person
number of
a
for
recommendations for
District of
the Western
in behalf of two gentlemen
whether
recommendations
these
were
asked by
was
as
at
received from citizens
of Virginia
me
name
your
to report
held
I
were
to
the
appoint
place,
In
other
was
several
you;
Senate.
the
to
the
on
that
they
tional
tions
these recommenda¬
of
each person
sug¬
this list, but that at
on
that
that
I
conferences,
a
procedure
such
the result
you
to
be
the
had
Presidents of
former
men
of outstanding
came.
for
is
President
a
receive
to
advice,
i.e.,
recommenda¬
Senators.
other
best
also
have
sources
Presidents
properly
as
and
ability
most
the
of
Senators
of
decided
in
advice,
recommendations,
i.e.,
fit.
they saw
have
judgment—and
received
on
cases
nominee.
nominations in accordance with
basing their judgment on the
In
many
have been followed,
but
cases,
in
of
from
one
the
course,
many
Other
cases
followed by Presidents in making the nominations.
Thereupon, under the Constitution, the Senate as a whole—not the
State—has
the
duty of
either confirming or
Sen¬
rejecting the
nomination.
It
number of gentlemen
they
they have not been
ators
with
by
been denied confirmation by the Senate, not
unfitted for office but on the sole ground
were
whole period Presidents have recognized that the constitu¬
this
recommendations
no
Virginia Senators stating
believed
which
from
the United
the past 150 years.
personally obnoxious to the Senator or Senators from the
were
Thereupon
their
they
that
Presidents
from
nominations
character have
plea
State from
went into
nomination was
hearing and
the
history repeats several episodes ,in the history of
cases
and
ability
best fitted to* fill the judgeship.
but
closed
abruptly
adversely
brief
character
on
did you seek this office of Judge.
and
story.
thereupon
reported
This
Governor Price
He is entirely
that he was not
stated
session, with the result, as you know, that your
but this is
to the qualifications
usual
that
committee
The
further
Governor
The
it."
the1 newspaper
executive
from
were
Virginia,
Junior Senator from
I remember it, of five or six.
that you
concluded
in
expressed the hope that he
result, I wrote on July 6 to both of the
had
article
not
the Judiciary Committee hearing
made a charge against me.
has
Glass
about
in
During
District Judge
by the
General
concluded
that your
ih fact, "personally
who stated
Byrd,
Senator
States, which have occurred from time to time during
recommendations
knowledge,
Attorney
we
personal''
was
before and make recommendations;
but that I
as
received
I
not certain
in
might add
I
return.
States
paying attention
gested.
that
his
date
The Attorney General
tions,
in a
asking the Senator to forget the newspaper
Other recommendations
possible.
to
I
by
followed
close of
very
involved
seemed to agree
that
was
"Senator
stated
of thing I Would have no spare
good vacation and
on
United
concurred
21
we
him
newspaper
any
that sort
ahead
go
a
me
Virginia—among them
that
told
the right to get opinions from
him
see
March
on
glad that
I
recommendations every consideration;
ended by
I
was
denying
or
begin
reserve
to
of
the
At
inference is,
executive duties.
my
wished
come
that I
Constitution.
the
give such
course,
and
article
the
"the
by saying
up
the Senator
from
stated
to
Senator
would
would
I
were
attend
to
would, of
I
letter
of
confirming
Obviously if
that
winds
He
mistaken
replied to this
time
again,
me
that you approve the offensive publication which was the basis
construction
true.
was
personally offensive to both Senators^
obnoxious."
wrote
statement.
friendly. vein.
the
Glass
Senator
covering his construction
Glass
inquiry."
our
is
these statements
Constitution, and asking me.again as to the accuracy
the
newspaper
promised'
advisable!
Cummings never
"Mr.
Glass says:
giving consideration to the
slightest idea of
nomination-
Senator
19
of Article II of
of
courtesy
information from any other source deemed
March
On
permits Senators and others to make recom¬
nomination, and, at the same time, that1 every President
hallowed
forgetfulness.
speech Senator
his
(inited States
friendship for-the
such statement,- and I can only
made any
had
that he
of
Virginia
the two
view of my long personal
in
sorry,
by
made
nominations
am
end
attention to
Glass
Senator
the ground of anger or
on
"
that time
the
I
the
At
which is in the President, and the power
•
stated "as a matter of fact, the
United States did give to the Governor of Virginia the
over
Senior. Senator,
18, explaining to the Senator the difference
power,
the facts.
with
that neither you nor I pay any
suggest
Finally,
of
Senators."
veto
square
Senator from
Senior
to
me
power
excuse
March
on
for
President
Virginia.
the appointive
confirmation,
be subjected
would
necessary,
was
editorials, and I asked him to forget the
Therefore, the statement of Senator Glass
or
does not
the
excuses.
veto
Senator Glass's letters, I told him categorically
questions relating to the credibility or other¬
Virginia referred to other news¬
articles which spoke of "rebukes" to the Senators,
ft is almost
paper
quoting
article,
newspaper
the Senate.
far back as
au.v
articles
article altogether.
Continuing,
made the assumption that it
paper,
answered
newspaper
committee
the
to
any
of
between
This
paper.
to
necessary
has occurred, I
„
.
to
reply to
in
never
of
wise
the story.
letter from Senator Glass enclosing a
Virginia
March,
that" I
Virginian could hope for a Federal appointment..
Glass, in his letter, asked if Federal appointments, for which
before
Senate
the
local
another
in
Henceforth
would
summarize
went-on
He
me.
last March, stated
ascertain whether
publication, and spoke of his letter
state that the President had not answered his
had authorized the
latter
newspaper
knew the full history of what
may
opportunity to
March, 17,
On
clipping
of
that
order
this
to
form
or
the
not
..last
manner
affecting your capabilities.,
proceeded to review the newspaper reports of
had not communicated with the Governor* to
question up to this date, except by sending the nomination to
You will recognize from what I have w-ritten you that ■•as
who has opposed
shap'e,
voice in any
ability.
Glass
he
that
*
,
,
it known that not one single person
wish
I
the closing and sole arguments against you
from Virginia.
stated that neither he nor his colleague had formally
definitely made any statement
or
,
making
privilege of
He
praiseworthy service that you
United
.
testimony.
accorded to the two Senators
Senator
thanks, for the honorable, efficient, and
have,, rendered to the people
general and to the people of the Western District
Byrd.
Harry F.
followed by your bwn
was
The
my
Governors of Virginia to sit in other
including many designations of you made by^
districts, this list
That
United
The committee also agreed to receive certain letters
the nominee, and, finally, a record of designa¬
them.
in behalf of
Governor
former
hearing
be incorporated ih the record
have received from former
tions you
judicial
should write to you in
these further witnesses
list of
a
editorials
and
or
all, I tender you
way
that
without hearing
v
regard to the, refusal of the Senate to confirm your appointment as
States District Judge for the Western District of Virginia.
present,
witnesses
moved
w£s
justice to you and your family I
in
that
feel
I
Warren,
for nominee.
Thereupon the committee, instead of
in behalf of "the nominee, many of whom were
Esq., counsel
other
•
E. Lee
of the nominee and also former Governor
Westmoreland Davis ; also, George M.
favor
in
Virginia
Trinkle and former Governor
Washington, Feb. 7, 1939.
White House,
to the presence of
of Virginia, and
lengthy
After
\
The
before
to the
to the presence of two former
the nominee and his counsel.
of Virginia,
the Governor
of
presence,
Governors
the President to Judge
letter of
give the
we
special meeting of the full Committee on the Judiciary, and
committee went into executive session, attention was invited
the
most'devoted friends the President has.
.
1913.
since
issue
invited
At a
[Glass] from yirginia has admirably and completely
against the two Virginia Senators by the President.
He not only answered,
but completely refuted, every implication in the
presidential' indictment against the Virginia Senators, as well as against •
the 70 other Senators who Voted with them to reject the Itoberts nomina¬
Roberts:
and personally offensive to the Virginia
by the Department of Justice
only to' be ignored.'"
The subcommittee reported back the nomination to
the full
committee without recommendation, stating the raising of the
matter of senatorial courtesy and saying that this matter had not been a
direct
the charges
tion, including some of the
Committee of
saying "this nomination is utterly
Senators
whose suggestions were
'
Senator
Senior
The
answered
was
other recess appointments.
tp the last chapter. Your
many
nomination was referred to the
the Senate and by tile Chairman of that com¬
mittee to a subcommittee of three.
It appears from the record that both
Senators from Virginia registered their objection with the subcommittee],
word had
been
uttered against his character or his ability.
He
asserted that the Constitution vested in the Senate as a
whole the duty of rejecting or confirming "solely on the
ground of the fitness of the nominee."
A statement, in
which Senator Glass took issue with assertions in the Presi¬
dent's letter to Judge Roberts, was made public by Mr.
Glass
on
Feb. 8,, and .further below reference is made
thereto.
Senator Byrd later issued (on Feb. 9) a statement
in which he said:
great
name
Judiciary
"
.
■
We come now
told Judge Roberts that not a
President
The
with
serving
"on the
•"
took the oath of office, and have been
credit as District Judge since then.
sent by me to the Senate in January, 1939, together
this."-
,
not worth answering or
course,
appointment followed, you
Your
reject¬
fitness,
of
are,
knows
sense
personally obnoxious to their Sen¬
ground of their being
fit
bothering about, for the
very simple reason that no person—no Governor, no Senator, no member
of
the Administration—has
at any time had, or ever will have, any
right of veto over presidential nominations.
Every person with common
the two Senators' recommenda¬
the Governor a veto power over
Federal appointments.
Governor
similar
to the original newspaper article suggesting that
given the veto over Federal appointments, this and
regard
stories
He asserted
give
personally objectionable.
were
you
In
Price had been
his opposition and to challenge both Mr. Roosevelt and Governor
that the President and the Governor had "conspired"
express
tions
when the aroused Senator Glass got up to
neither Senator on July 7 or subsequently raised
integrity or ability, and the only objection was
worth noting that
question as to your
any
that
dramatic moment
Price.
to
came
behalf
on
appointed.
been
It is
present.
was
The
of
Lee Trinkle of Virginia were on
Judge Roberts, and the nominee himself
his colleague would feel
he and
that
stating
and E.
Davis
Westmoreland
Glass
obliged to object to your
appointment as being personally objectionable to them, and that a letter
would follow.
A few days later I received a letter from the Senator stating
that he could not conceive any fair reason why one of his candidates had
to the Baltimore
of the airing of this conflict today,
room for the hearing.
Governor
anticipation
small
the
Governors
1939
11,
received a telegram from Senator
day, July 7, I
following
The
on
its Washington
In
Feb.
Chronicle
Financial
812
the
or
is,
Had
best
of
of course,
United States
veto
is
to
been
a
clear that it was the intention of the
to vest
solely
confirming
on
Constitution of
in the. Senate as a whole the duty of rejecting
,
the ground of
the fitness of the nominee.
otherwise, had the Constitution intended to give the right
Senator
or
two
Senators
from the State of the nominee,, it
Volume
would
the
have
148
said
nominating
Financial
Or
so.
Chronicle
to
put it another way, it would have vested
in the Senators from the State in which the vacancy
power
Administration during the fiscal year ending June 30, next.
In revealing on Feb. 7 the signing on Feb. 4 of the $725,000,000 appropriation measure, the President said he wouldjnot
existed.
On
somewhat rare occasions the
Senate, relying on an unwritten rule
courtesy, lias rejected nominees on the ground of their being
personally obnoxious to their Senators, thus vesting in individual Senators
have done
so had it not included a
provision that no more than
% of WPA employees be dismissed prior to April 1.
Final Congressional action on the $725,000,000 appropria¬
tion was noted in these columns Feb. 4 (page 061), wherein
it was indicated that the appropriation was less by $150,000,000 than the amount ($875,000,000) asked for
by the Presi¬
dent for emergency relief in his special message to Congress
on Jan. 5.
£3
The President in his special message Feb. 7, recommending
immediate consideration by Congress of legislation carrying
provision for an additional sum of $150,000,000, states that
on a program of
gradual reduction in relief rolls, which he
says would be brought about through the cut in the appro¬
priation, from 1,500,000 to 2,000,000 persons would be
thrown out of WPA employment, or, with the addition of
those dependent on them, "from 6,000,000 to 8,000,000
Americans would no longer receive Federal Government
of senatorial
what
in
amounts
In
the
effect
particular
victim, the Senators
"We
have
the
to
of
case
from
nominated
you
to
directed
will reject the nomination of
fit
he
Perhaps,
have
a
of
nominate
effect
of
one
in
indeed,
sorry,
the
to
create
been
has
legal
that
uttered
profession'
or
have
you
in
been
the
derogation
record
your
of
Honorable
Floyd
H.
Senator,
'
only
rejected
in
I
reason
nominee
for
statement
the
Judge
brushed
The
issued
Feb.
honored
of
is
to
WPA
should be held at the present figure of 3,000,000 through the
months of February and March, to prevent undue
said,
in
determine
the
exact
desired
I
to
of age.
the
40
this
and
be
to
relative;
of
the
the
suffering and to
facts
of
Senators
he
in
of
the
prevailed
advice
43
old,
years
saying that either would
Can
human
any
not
hostile
the
the
C.
man
a
of
by
the
his
the
the
or
Governor
Congressman
the
of
of
six
old,
also
for
Frank
reduction of
Attorney,
men
extraordinary
is
statement
contained
the Senators
>
the
45th
President's
of
are
effect
lament
reduce this
Presi-
1
,
actuated
ascribe
to
As
it
by
castly greater
a
for
measure
or
than he Was
anger
Complying
but
with
whose
not
the
extend
In
We
were
request,
the
be
Senators
character.,
offensive
State and among
to
no
named
two
us
by
himself
completely
ignoring
attempt to dishonor
an,
even
in
$0
not
a
tinker's
I
care
do
dam
have
I
Senate./ I
he
\yould
and
character
to
his
receive
too
he
not
or
approved
in
the
appointment Would, not
anyhow,
great a
because
sense'
either .Senator
get
I. knew
course
my
Buchanan
of propriety to be
has
judicial
a
a
too
vote
muck
"sniper"
or
I
was
looking for
my
tician.
has
political
Buchanan
been
to
a
judge,
patronage
would
that
not for
nor
have
been
the
an
I
it
is
not
seeking
the
be
to
point of view that he should have been rejected by
Senator
of
Virginia
man
any poli¬
Federal
bench
deplored from
as
every
the appointive power
merely through a desire to "purge" the junior Senator next
senior
of
a
year
and the
later, should I live longer than the intriguers
over
assign¬
the work program.
After conferences with the WPA it has been determined for the
to hold the rolls at the present
figure of 3,000,C00 persons dur¬
,
will require an
expenditure of $366,000,000.
the entire period to June 30.
sum
'
must be
apportioned
The Administrator will have at his dis¬
posal an average of approximately $120,000,000 per month for these three
an average
employment of slightly less than 2,000,000
persons.
Two alternatives under the Joint Resolution
.
are open
to the Adminis¬
The first is to reduce the rolls abruptly by 1,000,000 persons on the
trator,
first of
April and provide an
average
ing the ensuing three months:
cannot
employment of 2,000,000 persons dur¬
This would result In throwing this very
out of employment suddenly.
Such
a
number
possibly be absorbed by private industry in time to prevent extreme
distress.
#
I call your attention to the fact that on the average every person
And
discharged from the rolls has dependent
on
him
or
her three other persons.
In other words, the greater part of 4,000,000 Americans will be stranded.
The second alternative
April 1 and to
tion that
hope.
on
no new
large accumula-
deceiicy, ought not to be reduced during February and March by
large number of persons
patronage
to
ornament
and
was
the
under
one
State;
of
job.
a
places
Under the terms of the Joint Resolution this
nor
permit politics of any description to enter his court.
under
he
inferred
not
whether
not
,
secure
a
relief—people, how¬
This will leave $359,000,000 for the months of April, May and Jund.
for
know
,
months-—providing
inquired
ever
met Judge Buchanan.
ever
As
during this period, there has been
To employ these 3,000,000 people at the prevailing average monthly cost
patronage.
.1 do not recall that I
the winter months of February
to
which reduction, if carried out, would
,
discharge of 150.000 employees.
reason
of $61.00
.
I
patronage.
-
be provided for five months with
can
ing these two months.
i
.
for
5%
above
Virginia or a bitterly hostile Con¬
the right to veto the suggestions by the Senators of men of the
highest character pnd capability.
*
fight
1 to June 30 is
■
The need of these people is so apparent and so deserving that the rolls,
willing to concede to the Governor of
no
,
-
.
have not been able to
ever,
gressman
is
the
the supplementary appro¬
able-bodied people certified to us as in need of
in human
and
us
utilize
The Joint Resolution requires that reduction in employment
ments have been made
a
The, Virginia Senators are still per¬
capable nominee of the President who is not
any
the
men,
us
This
However, I call your attention to the fact that the rolls have already been
-tion of
ignored the recommendations of these
from
reduced by 350,000 since the last week of last October.
men
utter
dared
man
colleagues.
our
fectly willing to accept,
.This
program to
a
reasonably be anticipated.
discussing the employment that
mean
to
willingly making himself the beneficiary of
our
on
of 2,700,000 workers in June.
reserves
in those months shall not exceed 5%
.
Virginia
and
$725,000,000.
and March.
the two Virginia Senators the common
courtesy of
the appointment of a Federal judge in their State.
prepared to accept any capable man Who was not deliberately
to
based
workers by June took full cognizance of
$725,000,000, first consideration is given
'
discussing with them
intended
was
O
therefore
this
years
eminent capabilities
The President not only
did
This
The net amount available to finance the WPA from. Feb.
pleased
\-
For
.
against
April 1 the appropriation for the last
an average
immediately to reestablish these
courtesy has prevailed and
reading pf the debajes Shows that the writers of the Constitution intended
to be perpetual.
"
word.
^
Congress stands ready
,
of 300,000
priation.
his Department of Justice asked the-> two Virginia
recommendation.
a
the
funds of the United States against over-obligation, it will also be necessary
reject the
statement the President must have
a
me.
the record shows,
Senators
a
to
that
all working capital and payroll reserves normally maintained to protect
support
thing of the kind and in making such
been
Works Progress
on
;
the conclusion
employment to
estimated reduction
everybody knows that this implication has not the ,shadow of
it. The Virginia Senators neither -said nor intimated any¬
course
5% of the number of employees
to
Because it has been necessary during the first week of February to
one of our two
candidates, if you do not we wilJ
nomination of anybody else selected by you, however fit he
may be."
to
than
leads
the economic recovery which might
' '■
directed to nominate
Of
more
proviso
give employment to 3,000,000 workers during February and March and to
"We have nominated to you two candidates
acceptable to us; you are hereby
fact
legislation on the ground of
if it had not been for the provision that there shall not be a
mentary appropriation of $875,000,000.
his
the
sum
In my message to the Congress on Jan. 5,1939,1 recommended a supple¬
He
to
larger
three months of the fiscal year.
■
to
said
*
.
fiscal year.
current
actual needs in time to increase before
em¬
paragraphs.
his. 46
Virginia have in
'
dent:
in
the
in
from
•
•
during the balance of February and the month of March to reconsider
conjunction
districts
«
nominee
Would
distress
or
projects prior to April 1, 1939.
■
that
a
This
these
of
in
Virginia
follows:
I would have withheld my approval of this
judicial district were promised the appointment
of the Senators and with the ill-disguised purpose to discredit
most
rejected
states
remaining five months of the
of the
on
District
whose
.
want
jgj|
its inadequacy to meet human need and I would have immediately asked
years
other
Widespread
recovery.
appropriates $725,000,000 to continue the operations of the WPA for the
was
Virginia Senators.
one
of
On Saturday, Feb. 4, I approved House Joint Resolution No. 83, which
a
In¬
Justice
of
and
name
degree
To the Congress of the Inited States:
President.
States
drastic reduction in the WPA rolls commencing
inevitably follow.
60
name
...
The
conceivable
it
Peery,
long service.
48
a very
in numbers far beyond those that could be absorbed by industry with any
may
over
employment."
That the funds which have been provided by the Congress, if not supple¬
western
regardless
them?
that
except
only
in
the
of
rolls
in part for those persons who have been
The President's message
George
appoint
United
why
public
the
Department
of
use
be acceptable to
being conjecture
appointed,
the
braced
the
April 1,1939. which would result in removing people from the work program
'
G. Buchanan,
Assistant
an
that
prospect
care
mented, will require
to,
think
urgently advised to
the
made
Judge A.
on
not
with
nomination
but I
them;
Governor
was
by
deserves
the time-
upon
issue.
at
I
to
order
in
would
Virginia Circuit Court, to permit the
Tavenn^r,
Virginia
objections of its members
former
of age,
years
piece
"that
as in need but have not been
given
The President goes oh to say:
his
to
implications should
i '
,
offensive
matter
name
President
50
only
totally disregarded
The
truth
by
'
,
By the Attorney General
between
cidentally,
the
present
fold
was
of
letter
the covert
,
intended
summarize
maintains
certified
amply able to attend to his attack
nominations
was
8,
extraordinary
respecting the reasonable
executive
pertinent
We
that some of
,
itself
custom
President's
the Western District
of
away.
Senate
President
winter
his
think
"
■
The
.
the slightest notice is the fact
with
aid."
ROOSEVELT.
*•'
:
The
man
ability
.
Glass,
not
you
or
yours,
part:
years
Against
Bench.
FRANKLIN D.
Roberts,
Bristol, Va.
with
accordance
character,
your
the
on
in
victim.
Very sincerely
but
however
you,
greater interest ip the Constitution
a
'
be
do
you
effect
that it will tend
syllable
one
are
you
if
dear Judge Roberts, the rejection of your nomination will
on
the citizenship and the thinking of the whole
my
good
am
us;
anybody else selected by
country, a greater interest in its preservation
intention of the gentlemen who wrote it.
I
to
candidates, and
our
the
innocent
the ^President:
to
acceptable
two
our
said
be."
may
Nation in
to
unfortunate and
the
candidates
two
you
hereby
5
nomination.
are
Virginia have in
not
we
of
power
which
813
all
carry
be maintained
were
is
to
commence
a
week-by-week reduction
this reduction through to June 30.
reserves
which
under proper
on
Even on the assump¬
governmental procedure should
completely expended by June 30. such reduction would
require that employment by the end of June will be reduced to a figure well
President
Roosevelt, in Special Message to Congress,
Additional Special Relief Appro¬
Asks $150,000,000
priation—Says
Congress
Until
$725,000,000
June
30
Already
Is
by
Insufficient—Sees
Feb. 7 sent
special message to
Congress, asking an immediate appropriation of $150,000,000
to supplement the sum of $725,000,000 provided for in the
emergency relief legislation passed by Congress last week (and
signed by the President Feb. 4) for use of the Works Progress
on
1,500,000
persons.
In other words,
considerably
Allotted
Hardship Unless Amount Is Increased
President Roosevelt
below
more
the program of present employment would be slashed
than one-half within
a
period of three months.
If, however, proper reserves were maintained at the end of the fiscal year,
employment at the end of June would drop still further—to a figure of only
slightly more than 1,000,000 persons.
Therefore,
a
persons
on a program
no
of gradual reduction from 1,500,000 to 2,000,000
would be thrown out of WPA employment—or, with the addition
of those dependent on
them, from 6,000.000 to 8,000,000 Americans would
longer receive Federal Government aid.
I ask that the
".*
'
<
(
Congress commence immediate consideration of these sim¬
ple and ajarming facts.
The operations of the WPA
are
of such magnitude
•
that if
a
definitely by the
It is equally Important that the executive branch
March.
week in
of the Government be informed at
I invite the attention of the
Resolution providing
and after April 1.
on
(b) It shall be unlawful for any person to
Congress to the fact that my recommendation
resolution, on account of race, creed,
considerations, I report to the Congress that in
of,
opposition to any candidate or any political party in any
or
be
(a) That the rolls of the Works Progress Administration should be held
present figure of 3,000,000 through the winter months of February
guilty
at the
$1,000
and March to prevent undue suffering and to care in part for those persons
who have been certified as in need, but have not been given employment.
visions of this section
The White House,
Text
Feb. 7,
.
Enacted
Resolution
of
propriation
V
1939.
Into
$725,000,000 for
of
Law
Ap¬
Relief
Providing
Emergency
President Roosevelt signed on Feb. 4 the resolution passed
by Congress last week providing for an appropriation of
$725,000,000 for work relief andf'relief for the fiscal year
ending June 30, 1939.
The final action of Congress on the
legislation was noted in our issue of a week ago, page 661.
The text of the resolution
.
Making
an
work relief
useful public
on
Sec. 7. No person in need
as
of
Administration if he is still in need and if he has lost the private
Act prescribing February
28, .1939,
funds appropriated to the
the end of such
as
Sec.
the end of the period over which the
as
herein
such
from
providing direct relief for needy persons: Provided further, That notwith¬
standing
'
'
>
be noted here that the summary of the provisions
legislation given in these columns last week was
Washington dispatch Feb. 2 to the New York
new
a
"Herald
of the provisions of section 2 of the Emergency Relief Ap¬
any
be diverted or allocated to any
burhau for such purpose.
It may
of the
for the purpose of
necessary,
implement of war, for military or naval forces, and no funds
appropriated or authorized shall
'Approved, February 4, 1939.
amount or amounts not to exceed in the aggregate $15,000,000 as may
by the Administrator to be
or
Emergency Relief Ap¬
shall be used for the manu¬
construction of any naval vessel, any armament,
or
other department or
period: Provided further, That notwithstanding any other
provision of law, the Works Progress Administrator is authorized, from time
be determined
purchase,
munitions,
prescribe June 30,1939
to time, out of the funds appropriated in this joint resolution, to use
None of the funds appropriated by the
8.
facture,
employ¬
•
propriation Act of 1938 or by this joint resolution
section 2 of such
Works Progress Administration shall be appor-
tiohed and distributed are hereby amended so as to
through no fault of his own.
ment
(2) and (3), of (d) of subsection (1)
,
private
who takes such
private employment shall at the expiration thereof he entitled to immediate
resumption of his,previous employment status with the Works Progress
Relief Appropriation Act of 1938 and shall proportionately increase
of section 1 of such Act; Provided, That the provisions of
employment on
under,the funds appropriated in the Emergency Relief Ap¬
employment would be available: Provided, That any person
the Works Progress Administra-
$725,000,000, which amount shall be added to the $1,425,000,000 ap¬
th e amounts specified in limitations (1)
prevailing
is capable
propriation Act of 1938 or this joint resolution for the period such
propriated to that Administration in section 1, subsection 1, of such Em¬
ergency
performing such work shall be employed or retained in
work projects
authorized in the Emer¬
tion, out of any money in the Treasury not otherwise appropriated, the sum
,
for such work in the community , where he resides and who
wage
of
Relief Appropriation Act of 1938, and subject to all of the provisions
of such Act, there is hereby appropriated to
'
who refuses a bona fide offer of private em¬
ployment under reasonable working conditions which pays the
That in order to continue to provide
projects, and relief,
resolution.
Relief Appropriation Act of 1938 is
hereby amended by striking out the word "projects,".
Lnited States
Senate and House of Representatives of the
than
or
Sec. 6. Section 21 of the Emergency
/
.
provision of this section shal
imprisoned for not more than one year, or both.
The provisions
of this section shall be in addition to# not in substitution for, any other
■
,
.
RESOLUTION
of America in Congress assembled,
this joint resolution.
guilty of a felony and, upon conviction, shall be fined not more
$1,000
year'ending June 30, 1939.
gency
or
(b) Any person who knowingly violates any
additional appropriation for work relief and relief for the fiscal
Resolved by the
supervisory capacity by any agency
or
sections of existing law, or of this joint
III. J. Res. 831
JOINT
1938
be
enacted into law follows:
as
—
whose
ROOSEVELT.
FRANKLIN D.
joint resolution
adminis¬
of the Federal Government,
compensation or any part thereof is paid from funds authorized or
appropriated by the Emergency Relief Appropriation Act of 1938 or this
joint resolution, to use his official authority or inflence for the purpose
of ihterfering with an election or affecting the results thereof.
While
such persons shall retain the right to vote as they please and to express
privately their opinions on ail political subjects, they shall take no active
part in political management or in political campaigns.
(b) Any person violating the provisions of this section shall be immediately
removed from the position or office held by him, and thereafter no part of
the funds appropriated by the Emergency Relief Appropriation Act of 1938
or this joint resolution shall be used to pay the compensation of such person.
The provisions of this section shall be in addition to, not in substitution for,
any other sections of existing law, or of this joint resolution.
Sec. 5. (a) It shall be unlawful for any person knowingly to solicit, or
knowingly be in any manner concerned in soliciting, any assessment, sub¬
scription, or contribution for the campaign expenses of any invidual or
political party from any person entitled to or receiving compensation or
employment provided for by the Emergency Relief Appropriation Act of
trative
additional sum of $150,000,000 for the WPA to be avail¬
,
shall be in addition to, not in substitution for, any
shall be unlawful for any person employed in any
Sec. 4. (a) It
I therefore recommend to the Congress immediate consideration of legis¬
able in the balance of the current fiscal year.
or
other sections of existing law, or of this
(b) That the funds which have been provided by the Congress, if not
supplemented, will require a very drastic reduction in the Works Progress
Administration rolls commencing April 1, 1939, which would result in re¬
moving people from the work program in numbers far beyond those that
could be absorbed by industry with any conceivable degree of recovery.
Widespread want or distress would inevitably follow.
/.
(c) That the need for orderly planning of the Works Progress Adminis¬
tration program requires that the Administrator should know by the early
part of March what funds will be at his disposal after April 1, and that, due
to the time required for Congressional action, this can be brought about
Only by my reporting to the Congress on the situation at this time.
lation providing an
election.
of this section shall
of a felony and, upon conviction, shall be fined not more than
imprisonment for not more than one year, or both.
The pro¬
(c) Any person who knowingly violates any provision
follows:
as
are
other benefit, provided for or made pos¬
by'the Emergency Relief Appropriation Act of 1938 or this joint
color, or any political activity, support
sible
opinion an emergency now exists, and that the facts constituting such
emergency
deprive, attempt to deprive,
by any means, any person of any employment
deprive,
to
position, work, compensation, or
for a much reduced appropriation was presented for
In view of the foregoing
my
threaten
or
consideration more than four weeks later.
my
the
candidate or any political party in any
election.
made to the Congress on Jan. 5 and the Joint
for the larger amount was
consideration, favor, or reward for any political activity or for
person as
support of or opposition to any
the earliest possible moment what addi¬
available
tional funds, if any, will be
1939
11.
provided for or made possible by the Emergency Relief Appropriation Act
of 1938 or this joint resolution, or any other Act of the Congress, to any
be carried out,
reduction such as I have above described has to
orderly and efficient planning requires that this be known
first
Feb.
Chronicle
Financial
814
Tribune."
"
propriation Act of 1938,, the amount herein appropriated shall be so ap¬
portioned by the Works Progress Administration
to cover the entire
as
period from the date of the approval of this Act tmtil June 30, 1939: Provided
House
further, That prior to April 1 there shall be no administrative reduction of
than 5 per centum in the number of employees upon Works
more
Progress
be apportioned
in the
That should there arise
discretion
an
of the Administrator:
emergency
Opposes'
Provided further.
shall
immediately
employees
on
That the Administrator
establishments,
Provided further,
and agencies
is hereby
$88,000,000:
increased to
1939,"
are
not
of Executive
Order
apply to positions
Numbered
7916, dated June, 24,
the compensation of which
is
It [the
1938, shall
or
from
the amount
appropriated in this joint
resolution,
position
of
of persons
Provided
65
years
That
no
no
Appropriation Act of 1938
Federal
agency,
for sale articles
Sec. 2.
is hereby
"Sec.
ment
or
over
funds
or
or
women
appropriated
with
in
the
Emergency
or
factories
which
Sec.
on
It
of the
amended to read
Relief
any
would manufacture
Emergency Relief Appropriation Act of 1938
as
follows:
11. No alien shall be given employment or continued in employ¬
any
3(a).
It shall
be unlawful for any person, directly
or
indirectly,
promise any employment, position, work, compensation, or other benefit.
.
<
too, to forbid retroactive
of
■'
*
municipa^
earnings
taxation of certain State employees
,
penal¬
Supreme Court decisions—unless Congress acted by
15.
was
also indicated in the
same
advices that the Com¬
in the season a
President's recommendation for reciprocal
materials in competition with existing industries.
11
9 the
\
:
Feb. 7 two of President Roosevelt's three
mittee deferred until later
dependent children:
project prosecuted under the appropriations contained in the
Emergency Relief Appropriation Act of 1938 or this joint resolution:
Provided, That no part of the money herein appropriated shall be available
to pay any person thirty days after the approval of this joint resolution
who does not make affidavit as to United States citizenship, such affidavit
to be considered prima facie evidence of such citizenship: Provided further,
That preference in employment on such projects shall be given in the fol¬
lowing order: (1) Veterans of the World War and the Spanish-American
War and veterans of any campaign or expedition in which the United
State has been engaged (as determined on the basis of the laws administered
by the Veterans' Administration) who are in need and are American citizens;
(2) other American citizens, Indians and other persons owing allegiance to
the United States who are in need,"
to
March
requirement
herein appropriated shall be used by
to establish mills
Section
or
on
ties because of recent
shall be effective which prohibits the employment
of age
That
further,
,
.
Feb.
from whom the Treasury said it wouid haye to collect, back taxes and
eligibility for employment under such Emergency Relief Appropriation
Act of 1938, as amended
on
Committee] voted 18 to 4 to s u bject salaries of State and
It voted,
and such apr
in the competitive classified civil service of the
placed
passed
of Federal workers.
propriations shall not be available for the compensation of the incumbent
United States after January 10, 1939: Provided further,
,
employees to Federal income taxes and to permit the State to tax
payable from ap¬
propriations contained in the Emergency Relief Appropriation Act of 1938
of any
Municipal
and
,
Washington that day added:
hereby deleted from section 23 of such Act '.Provided further, That the pro¬
visions
Representatives
State
major tax proposals received the approval of the House Ways
and
Means Committee., Associated Press advices from
Federal depart¬
That the words "and prior to February 28,
of
La Guardia of New York
to
Subject
Taxation '
*
municipal employees.
Noting that
further, That the limitation of $60,000,000 in section 3 of
such Act, on the amount that may be allocated to other
ments,
Federal and
work projects and eliminate from such rolls those not in actual
need: Provided
Bill
Doughton bill proposing reciprocal taxation of salaries
tp be made an investigation of the rolls of relief
cause
House
The
appropriation,
the President in submitting such estimate shall submit a statement as to the
facts constituting such emergency: Provided further,
Imposing Reciprocal Taxation on
Federal and State Employees—Before
Securities to
which in the opinion of the President
would require the submission of an estimate for an additional
of
Senate Committee Mayor
projects and that the funds available for the remainder of the fiscal year shall
•
Bill
Passes
Salaries
on the
taxation of in¬
terest on Federal, State and municipal securities.
On the
same day (Feb. 7) at a hearing before a special Senate Com¬
mittee Mayor Fiorello La Guardia of New York expressed
opposition to taxation of. State and municipal securities.
President Roosevelt's message to Congress on Jan. 19
urging early action on legislation to end tax exemption of
Government securities and salaries was given in our issue of
Jan. 21, page 368.
Regarding the action of the House in
passing on Feb. 9 by a vote of 269 to 103, the bill for the
taxation of salaries of Government brokers, advices from
Washington
on
decision
that date to the New York "Journal of Com¬
merce" stated:
This
action followed several unsuccessful attempts on the part
of Re¬
publican members to kill the measure by striking out its enacting clause
and to return the bill to the Ways and Means Committee for further con¬
sideration.
to
recommit
The first motion was defeated by a vote voice, while the
was
rejected 263 to, 118.
motion
Volume
Chronicle
Financial
148
815
Measure Now Goes to Senate
Hearings End Next Week
As the measure goes to the Senate for
concurrent approval it amends
the present Revenue Act by
expressly providing that there shall be included
(Dem., Mich.) after
jn gross income for the purpose of Federal income taxes, any
chance to refute testimony against the law.
or
compensation for personal services
as an
officer
or
Hearings will be concluded next week, said Chairman Fred H. Brown
salaries, wages
county or municipality.
A further provision of the bill states that the United States
consents to
House
expressly
passed by the House prohobits taxation of any salary
as
State, municipal
1938.
Votes
$100,000
to
Committee
Un-American Activities
reciprocal taxation of compensation paid to Federal employees
This provision
decision of the
Committee
investigating un-American activities $100,000
inquiry for another year. The resolution pro¬
viding the fund was adopted by a voice vote of the members
of the House.
A resolution re-establishing the Committee
until Jan. 3, 1940 was approved on Feb. 3, as was noted in
these columns Feb. 4, page 661. Regarding the approval of
funds, Associated Press Washington advices of Feb, 9 said;-
of
to continue its
Federal employees which was received prior to Jan. 1,
or
included in the
was
to nullify the recent
measure
Supreme Court in the New York Port Authority case.
Mayor La Guardia of New York is said to have declared
before the special Senate Committee on Feb. 7 that, if the
Federal Government wants to be "helpful" about taxation
it should forget President. Roosevelt's
Representative Warren, Democrat of North Carolina, Chairman of the
Committee, presented the resolution to the House asserting that
request that income
from State and municipal securities be subjected to
"start to work immediately" on a plan to
of the tax collection
Accounts
levies and
although he personally favored a sirialler fund, "we gave them $100,000 so
there would be
pool all activities
no
future alibi."
Representative Dies, Democrat of Texas, Chairman of the Investigating
in operation.
The Wash¬
ington "Post" of Feb. 8 in reporting this added in part:
agencies
Investigating
The House of Representatives on Feb. 9 voted to give the
by the Federal Government, by "any duly constituted taxing authority
having jurisdiction to tax such compensation."
The bill
Federal Government economists have been given a
employee of any State,
now
Commijttee, replying to criticism of the methods used in conducting the
inquiry, had contended that the Committee had been hampered by lack of
Held
Tax
.
•
In addition to
one
tax* collection
proportionate refund,"
interest above 2%
thus
Insufficient
agency,
La
Mayor
said
without
a
When the
"method for
Federal tax
a
revenue
He
to tax,
anticipated and it would work
declared
that
House
not
a
a
State arid municipalities would
terrible plight."
"
'
proposed bond
a
A report presented by Dr.
.
Haney L. Lutz, public finance Professor at
University, at the request of Morris S. Tremaine, New York
State Comptroller, saia the States would
lose $96,000,000
a year
'
The
Dr. Lutz said the States would receive only
if allowed to
tax
$17,000,000 additional each
Federal securities and that Federal taxation of State
His report
the Federal
saia
Government
ran.
would gain
$204,000,000
taxation.
escape
Government could not expect to gain anything except
from
persons
Recent caUers at the White
with
Washington
that
New York
say in part:
Bureau
of
John S. Linen, Vice-President of the Investment Bankers' Association of
a
serious
way
one
that involves
a
that made last session
.
.
.
.
The House passed
a
series
.
offices
through the Senate and
of Congressmen.
deluge of protesting telegrams hit
a,
The chief bomplaint
was
that it virtually
scuttled the Comptroller General's office and in other ways gave
Executive dictatorial powers.
the Chief
Former Representative John J. O'Connor
(Dem., N. Y.), then head of the powerful Rqles Committee, led the fight
to the
on
the
Despite all pressure exerted by the Admitilstration, the bill
bill.
was-recommitted.'
a
Representative Cochran said no attempt would be made to re-enact
type of investment
omnibus bill.
that may enjoy tax exempt benefits and a high degree of security as compared
with
as
.
.
determined not to inake the
,
_
choice," Mr. Linen stated, "between
a
mistakes
are
,
enterprise capital market to make possible full employment of labor and
increase the level of national well being.
"There is
commort
a
House report that Mr. Roosevelt is insisting
reorganization bill be enacted at this session.
The biU got
investment of capital in enterprises involving
directed
compromise bill,
and will become
can
reorganization bills pointing toward the Chief Executive's objectives.
the
risk and that because of the growing "institutionalization" of investment,
important that investment by individuals be
a
-
bill that
Senate chieftains insisted on an omnibus measure.
rious proponents of the plan that the effect of tax-exempt securities is to
more
a
same
America, told the committee that the argument had been advanced by va¬
is
a
Democratic leaders of both chambers
its
Feb. 7 the
"Journal of Commerce" had the following to
it
Roosevelt, said he had drafted
ground for Democrats and Republicans," he said.
The
incomes above $60,000, according to my study."
discourage in
.
,
"I believe that I've drawn
"Very few people Invest in Government bonds to
From
.
but declined to reveal its contents.
the "profit."
as
The Rules;
by Representative John Coch¬
(Dem., Mo.) reconstituting the committee charged with reporting the
Representative Lindsay Warren (Dem., N. C.), a New
Dealer and friend of Mr.
addea, would lose $187,000,000 in added interest costs-r-ieaving only
$17,000,000
but
the
and
the
year was
reorganization issue figured in two House developments.
legislation.
a
in revenue, if it could tax both State and Federal securities, but, it
was
passed by the Senate
Comriiittee reported favorably a resolution
securities would cOst them a munimum of $113,000,000."
year
Recreating Committee Au¬
Legislation Effecting Reor¬
Consider
bill had been abandoned for that session.
Under date of
Jan. 31 United Press accounts from Washington said: /
by elimina¬
tionofthe present tax exemptions.
Resolution
April 9 last
on
■..
.
..
the
'
on March 28, 1938,
recommitted by the House to
House Select Committee on Government Organization
on May 31 it was indicated that all
attempts to revive
measure, was
issue of $300,000,000 if the plan were approved.
Says U. S. Would Profit
1";
Approval was given by the House on Feb. 1 to a resolution
recreating the committee created in the last Congress which,
would bring about the reorganization of agencies of the
Federal Government.
The resolution, an Administration
"If the plan is to tax only new issues, no one would buy them; and if
year
created at the last session of Congress,
'
<
ganization of Government Bureaus
whit."
He expressed doubt that New York could go ahead with
Passes
thorized to
great damage on
a
it "would simply add another tax
It would include refundings as new issues,
Princeton
was
♦
source.
State'and municipal bonds "would
helping the economic situation
find themselves in
Committee
House gave it $25,000.
on
received from State and municipal bonds, the money
the proposal
municipalities."
provided with
Guardia proposed
collected to be retimed to the issuing
He
produce the
sufficient funds.
substantial risk of capital with corresponding profit
possibilities."
He appeared confident that a, program
President will be anacted
'■
an
satisfactory to the
'
'
soon.
,
The House this month (Feb. 1) by a vote of 153 to 102
passed the resolution with an amendment, correcting a
typographical error.
From a Washington dispatch Feb. 1
to the New York "Herald Tribune" we take the following:
,
Speaking for 1*71 North Carolina cities and towns, Patrick Healy, Jr.,
executive secretary of the North Carolina League of
Municipalities,
sum-
.marized .the position of the league as follows:
Objections Are Listed
The only vote was a standing affair, showing
1. That the increased interest rate which would result from a Federal
on
State and municipal securities would add an extra burden upon
local
governments and taxpayers which will not be offset
taxation by the States of Federal securities.
a,
securities
any
,
On behalf of 258
is
a
grave
municipalities of California, F: Burt Fernhoff, city at¬
Oakland,,submitted that" "the proposal to tax
torney of
threat to our Government .
proposal will cause.
of the
obligations
be sought by
us, we
Constitutional
a
Let the country have the benefit of the debate which such
amendment,.
a
our
If tbere is any purpose to tax
submit that consent of the States should
We
believe that the intrinsic
a
Walter R.
Darby, Commissioner of local government of the State of
speaking for Governor Harry Moore, outlined objections of
proposed legislation, stating that
income of State and
a
Federal tax
on
the
municipal bonds of New Jersey would be unjust because
the State has no State income tax
and any "reciprocal power of taxation
would be of no effect."
likewise
The
special
the following from Feb.
9 advices
same paper:
Senate committee on taxation of Government securities
salaries today heard the last of nearly a score of witnesses representing
State and
municipal governments in opposition to the President's proposal
for such taxation.
The
question of whether a constitutional amendment Is necessary to
abodsh tax exemption on Government securities and salaries will be in¬
vestigated tomorrow, when legal experts will testify.
to
zation bill might; be ready.
"Does
that
mean
that the committee has made up Its mind?" asked
Representative James
minding
the House
W.
that
Congress the President expressed
necessary.
belief
an
^
Wads worth,
the special
Republican,
re-'
of New York,
reorganization. Committee
public hearings last year except behind closed doors.
held
no
Representative John
Taber, Republican, of New York, who was a member of the previous grorip,
insisted that
no
hearings at all
were
held.
Representative Hanailton Fish, Republican, of New York, said, "If the
Committee proposes
has, I, for
one,
to give the President more power than he already
will oppose the legislation.
We should take back some of
the poWer the President now has, instead".
.
•
Providing for Codification of Internal
Revenue Laws
Bjr a vote of 350 to 16, the House passed on Jan. 25 a bill
providing for the codification of internal revenue laws.
Representative Doughton explained during the House debate
on
the bill
In
a
special
message
ameridment would npt be
on
absolute law
in
Jan. 25 that the
an
volume
internal
would "enact into
code which would contain
measure
revenue
all
existing laws dealing exclusively with
"At present," he added, "the
internal revenue laws are scattered throughout 35 volumes
of the statutes at large."
"The revenue laws," he further
said, "are contained in these 35 different volumes."
"The
bill," it was noted by Representative Doughton, "has the
unanimous support of the Committee on Ways ana Means."
During the discussion of the bill in the House Jan. 25,
it was noted by Representative McCormack that the last
one
internal
quote
(Washington) to the
ana
lina, provoked the debate when they intimated that some kind or reorgani¬
House Passes Bill
New Jersey,
that State to the
the reorganization committee in the last
Congress, and. Representative Lindsay Warren, Democrat, of North Caro¬
Washington date of Feb. 8 the "Journal of Com¬
merce" advices said:
We
of Missouri, who was Chairman of
,
economic Weaknesses
proposal will, on such debate, terminate the issue for all time."
Under
102 in favor of the
Sponsors of (jhe resolution, Representative John J. Cochran, Democrat
constitutional amendment permitting reciprocal taxation of
by the States and' including an absolute prohibition
Federal taxation of the revenues of States and municipalities
or their agencies; and
' •
\
•
4. That the conflicting taxation and changing relationships between the
Federal, State arid local governments should be thoroughly studied by a
group.or committee representing all interested parties.
t
,
Federal
against
strict party-lin? division,
*
Democrats.-'
by reciprocal
2. That a (departure from the doctrine of immunity of taxation will
result in the raising of many problems of inter-Government, taxations;
3. -That if State and local Government securities are to be taxed by
the Federal Government, the States' consent should first be obtained
through
a
which Speaker William B. Bankhead counted 153 to
tax
revenue
time codification
in 1874.
matters."
was
made of the internal
revenue
laws
was
In advices Jan. 25 from Washington to the New
"York "Journal of Commerce," it was stated:
Financial
816
It
the code contains all the law of a
relating exclusively to internal revenue
In addition, it contains the internal revenue
explained to the House that
was
general and permanent character
relating
law
to
1939.
2,
Jan.
force on
in
the general character of the
g,The following was noted in connection with
code:
existing law
1
It makes no changes in
2.
It makes liberal use of
and other
tations,
3.
By
sions
inden¬
typographical improvements.
cross-references, it correlates not only its own provi¬
provisions of the United States code not relating exclusively
but also
134. To obviate confusion with the law itself, cross-references are
different from that containing
the law.
in type
.
,1xB. It is arranged with a view of giving prominence to matters
concern ordinary transaction? of ordinary classes of taxpayers.
a
Mr.
we
not read the volume and that it had
been merely approved by the com¬
the Joint Committee on Internal
The work on it was dope by
mittee.
Revenue Taxation, he said,
Treas¬
the codification to see
and 25 or 30 attorneys of the Justice and
Department spent all last summer going over
ury
which
Washington account Jan. 25 to the New York
quote:
Doughton and other members of the committee admitted they had
From
"Times"
that there were no errors
in it.
the work
Representative McCormack of Massachusetts,
All in all, said
Woodrum, leader of
Mr.
his
the House economy bloc and persistent
Roosevelt's relief policies, said in a
measure
but it was a "good thing for business to
have the internal revenue laws in one volume."
Unlike all other House bills, the measure was not printed for general dis¬
tribution.
Only 100 copies were available for the actual use of members.
might contain a few minor errors,
turning administration of relief
and forcing them to bear a greater share of the financial
back to the States
abolishing the WPA would substitute
Unemployment Relief Administration, which it
is stated, would report monthly to Congress on proposed
The Woodrum bill in
therefor
an
the United Press the bill
would provide $1,000,000,000 for relief projects and allocate
the balance of $120,000,000 to Mr. Roosevelt to be spent
through any relief agency he desires.
A bill by Senator
Byrnes (Dem.) of South Carolina to consolidate Federal
relief activities within a Public Works Department, with a
view, it is said, to reduce spending and waste, was intro¬
duced in the Senate on Feb. 9.
Senator Byrnes, according
to the United Press, described the plan as an effort to put
into law the recommendations of the Senate inquiry.
It is
expected to serve as the foundation for Congressional study—
and
action—on
a
permanent long-range
Federal relief
program to meet criticism of the present setup.
In part the
quote further from
To
State.
United Press advices added:
All activities of the PWA, the
Administration's de¬
program, the House Military Affairs Committee on
Feb. 7 favorably reported a bill for $367,000,000 additions
and improvements to the army and air corps.
The com¬
approved a proposal for immediate construction of
5,500 airplanes, and predicted that a bi'J to carry out the
army phases of the $500,000,000 defense program would
be passed by the House before the end of this week.
Hear¬
ings on the naval phase of the defense program were reported
in the "Chronicle" of Feb. 4, page 663.
Chairman Andrew
May of the House Military Affairs
Committee said on
considering "staggering" the
expansion program over a number of years to
prevent the army's accumulating "a surplus of obsolete
planes."
Associated Press Washington advices of Feb. 6
quoted Mr. May as follows:A
Feb. 6 that his committee was
air'force
had been suggested that
He said it
fiscal
year
the Army be limited for the 1940
acquisition of the 1,880 Additional planes which already
then restricted to buying 500 planes annually
to
have been authorized and
four-year period.
a
over
a
plan, he said, ultimately would give
seemed likely, he added.
war
said
chairman
The
committee
the
hoped to complete action
Tuesday
expansion to give the Army
additional "critical" equipment such as anti-aircraft equipment, gas masks
and munitions for which the President asked that $110,000,000 be provided.
on
a
in the House Thursday.
House Naval
Committee, said legislation would be presented to authorize most of the
Navy'8 $65,000,000 air base program as soon as the House disposes of the
Army improvement program.
His committee has'just finished two weeks
of hearings on the bill and has arranged to hear opposition witnesses,
Carl
of
Democrat
Vinson,
Georgia,
of the
Chairman
beginning Tuesday.
Much
debate
of the
the
on
subject
has centered on the proposal to
the Pacific island of Guam
—-less than 1,500 miles from Tokio.
The project has been criticized as
the initial step toward fortification of the island, but naval officials insisted
also would make sweeping changes
*'
States.
House
'
Favorably
Reports
Committee
on
RFC Powers to Jan. 15, 1941—
Measure to Extend
by Export-Import Bank—Provides
Capital of Disaster Loan Corp.
Loans
Limits
,
of the financial responsibility upon the
*
Banking
•
in the scales of Federal
public works and social security under¬
takings In an effort to throw more
Increase in
The House Banking and Currency Committee on Feb. 9
voted favorably on a bill to extend the powers of the Re¬
construction Finance Corporation and several of its affiliated
•
agencies until Jan. 15, 1941.
Under existing law the RFC
authority would expire next June.
The Committee's action
followed a brief hearing at which Jesse II. Jones, Chairman
of the RFC, appeared urging the extension.
A provision in
the measure placed a $100,000,000 limit on the amount of
loans which the Export-Import Bank may have outstanding
at any time.
In Associated Press, Washington, advices of
Feb. .9, it was stated:
•
He
[Mr. Jones] had suggested a $125,000,000 limit, asserting that the
has outstanding loans of $25,000,000 to $50,000,000 and an
now
would not be a big step.
increase to $100,000,000
Mr. Jones about loans to foreign govern¬
The Committee had questioned
would be made for war materials.
ments and received assurances that none
Steagall of Alabama asked about reports that
.Chairman
the bank had
purchases in the United States
We would not do it," Mr. Jones responded.
lent money to France to finance airplane
general bill to authorize the air corps
The bill may be taken up
measure
State contributions to relief,
bank
the Army a total of about
6,000 planes and would prolong their usefulness.
All restrictions on plane
procurement could be removed at the discretion of the President in event
Such
.
,
The
and
mittee
J.
the
the CCC and. the NYA would be
Cabinet post within 120 days after the bill becomes
law.
Acting to speed up passage, of the
WPA, the public buildings branch of
Treasury, the Bureau of Public Roads,
Program
fense
ensuing month in each
projects and expenditures for the
transferred to the new
Expedited in House—$367,000,000
Bill Reported by Military Affairs Committee
Defense
foe of
prepared statement that he hoped
would be the first step toward
burden.
catchwords, headlines, different types,
internal revenue.
to
these purposes.
.
system of
a
1939
11,
that $2,266,165,000 would be needed for
his January budget message
in
Mr.
taxes.
temporary
Feb.
Chronicle
"We have not.<,
The Chinese Government itself, he said, did not
of
receive a recent credit
$25,( 00,000, because the transaction was handled
occur
the
purchase war materials.
of the $25,000,000 should be used to
none
To
takb care of current
flood problems
well as disasters that may
as
the banking committee agreed to
later in the year and in 1940,
available immediately.
increase
$20,000,000 and make that
capital of the Disaster Loan Corporation by
sum
The loan,
He said there had been an agreement
owned by the Chinese Government.
that
privately.
the Bank of China, which is partly
Mr. Jones asserted, was guaranteed by
~
♦—:—'
.
spend $5,000,000 on harbor improvements at
it
Opposition to Barkley Trust Indenture Bill
Senate
purely a peace-time harbor improvement.
was
K.
The President yesterday
asked Congress for a supplemental
$4,000,000
would be
center at the Army
Air Station at Sunnyvale, Calif.
The
$10,000,000 Contracts Irged
'
ized to enter into contracts up to $10,000,000.
and
Earlier
in
the day the House Appropriations
independent offices supply bill, carrying
Committee reported out
$2,180,000 for the NACA,
The bill also recommended $21,218,000
Civil Aeronautics Authority or $6,510,000 more than at present.
$480,000 more than this year.
for the
Measures
Relief
New
Offered in
House
in
Congress—Woodrum Bill
Would Abolish WPA and Make
Relief
Through Unemployment
Administration—Byrnes
Bill
in
Senate
Would
Lodge
Relief
a
State
Matter
Relief
Activities
in
Public Works
Department
Representative Woodrum (Dem.) of Virginia
relief spending by
50%, abolish Works Progress Administration, return admin¬
istration of relief to the States and impose heavy penalties
for mixing politics and relief.
Regarding the bill, United
Press accdunts from Washington Feb. 6, from which the
foregoing is quotfed, said: *
•
On
Feb. 6
,
apply to the fiscal year 1940.
■000,000 for unemployment and direct relief.
M.
of
New
Hanes and
bill
indenture
now
pending in
the
Securities and Exchange Commission
which businesses may raise
debt maturities,
John K. Starkweather of the New York in¬
to dictate terms upon
It calls for $1,120
President Roosevelt estimated
to
Starkweather
of
house
vestment
&
Co.,
chairman of
the
Legislation Committee of the Investment Bankers
Association of America.
Mr. Starkweather on Feb. 8 sub¬
Federal
mitted
statement
a
that
to
effect
to
the
Senate Banking
Washington on the
Barkley bill, which would give the SEC jurisdiction over
the terms and provisions of the trust indentures under
which corporate securities are issued.
Picturing a situation in which the negotiation of all new
financing would have to be started in Washington, Mr.
Currency
Committee hearings in
Starkweather asked the Senate Committee if it was fair to
burden the smaller business man
from distant States in that
the future to sit at the
of this type, how
can it be accomplished without direct negotiations in Wash¬
ington prior to registration?" he asked. Mr. Starkweather
way.
"If the Government is in
drafting table in the making of contracts
went
introduced in the House a bill to reduce
The measure would
Robert
of
capital funds for expansion or may meet
according'
or
trust
Barkley
letter that space
Is lacking at Langley Field, Va., for expansion of committee activities
and that it had been decided that the California site was the best available.
Fifty acres of the present Army base would be allocated to the NACA
under the plan, it was said.
' '
"
«
In his request the President also proposed that the committee be author¬
Acting Budget Director Bell said in an accompanying
the
Issuance
for
Terms
Funds—Views
Senate would give the
the power
;
Dictate
to
Others
appropriation for the National Advisory
which
SEC
Capital
$6,723,000
Committee for Aeronautics, of
for construction of an aeronautical research
Starkweather
of
of the defense program, the
Washington "Post" of Feb. 7 said:
In connection with progress
Voiced at
Hearing in Washington—John
of I. EL A. Sees Therein Power
Committee
on
to
"Business
say:
afford
cannot
to
spend
thousands
of
dollars
preparing the
statement, employing lawyers,
accountants and engineers for the purpose, unless it is sure that in the
end a contract can be made.
If the Government has the power to dictate
the final terms over the important matters which I have outlined, busi¬
ness-cannot afford to start a financing program until it has .consulted
the Government and found out on what terms the Government is willing
information
to
approve.
for
necessary
„
,
a
registration
'
Volume
"The
thought of such
is somewhat appalling to me.
process
Mr.
It is in¬
if
they may be, possess the
intimate knowledge of all business in all parts of the country, large and
6tnall, sufficient in extent to enable them to cope easily and promptly
with
the intricate problemes raised
in the great variety of indentudes
which will be laid before them and if they do not cope with them easily
conceivable
that
men,
any
matter
no
and
promptly, infinite delay will be
and
loss
"We believe there
how able
is
raising of new capital by public
the
from
men
ness
Function,
this law will
i
"For
Although
is
and
recourse
no
of the public
highest credit it will not
believe many will
we
'•
•,
..
decline to proceed, to
.
"power, for all practical purposes, of
the
securities im¬
approval over business
the
present system of
^• "■ ./•"■
•" '
;
Sections of the bill, he said, go
Feb. 7 to mqke a
•
and
ment or
■
Association
merce"
SEC
mittee
to
see
tection
also said
C.
Edward
stated
bondholders
and bondholders themselves."
required
the
the trustee,
wdth
to
the issuer to file its lists of
trustee would
the commissioner stated, "the
of such a default,
of such a default, and
of their own interests,
duty to take such action as it would if its
notify bondholders
of the
occurrence
in the critical period between the occurrence
organization of bondholders for the protection
the trustee would
to
be under
a
investment were at stake."
Help Insurance
in Rail Reorganizations
handicaps
from
to free life
and
appreciate."
'
,
-
executives have put one-eighth of the
$24,000,000,000 reservoir of "the people's savings" under their control
into the railroads, the committee holds that the rail investment, and the
income from, it, must not be permitted to'dwindle away "and thereby
threaten, the security an<j diminish the savings of jthe millions of policy
Declaring that insurance-company
,
holders."
"The
\ \
'
'
to
extent
which
this
investment
has already suffered
is by no
negligible," the report continues, "but it is the trend, and
the present dollar amount of the losses, which is
most alarming.
absorb the losses already sustained is bad enough; to suffer repeated
means
recurring insolvencies,
occur
there
unless
is
the
not
To
and
failures and losses would be far worse.
that just such repeated failures and losses will
companies apply themselves to the problem
danger
insurance
and without too much deference to other
interests in the reorganization field. To let well
enough alone and to shun delay, litigation and unpleasantness is a com¬
fortable tradition.
It is not, however, the alert strategy which the policy¬
holders have the right to expect of highly paid executives.
"The insurance
members of the committee chosen for study in this
vigor
and
intelligence
powerful and entrenched
the Missouri Pacific re¬
of these necessities. Several of
these members,
for
were reluctant to admit representatives of
investment banking houses to membership.
The two firms in question—
J. P. Morgan & Co. and Kuhn, Loeb & Co.—have a long history of par¬
ticipation in railroad reorganizatidh and railroad finance.
Since before
the beginning of this century they have been dominant in these fields.
report—the
so-called
'Stedman Committee' in
organization—have shown
an
instance,
•
own
Would give
tantamount to
usually sustains the Committee.
Wheeler Urges Legislation to
large is easy to,
with
Eieher
Pointing out that the bill would require
and,
"Journal of Com¬
in part:
in such conduct."
that the Committee
unfavorable report, which is
Legislation is needed
"Yet
the Senate subcom¬
that the Commissions sole function under the bill "will* be to
it that the indenture provides adequate machinery for the pro¬
and enforcement of the rights of investors, not by the Commis¬
Commissioner
sion, but by trustees
be
of course,
agreement."
Washingt(fn advices Feb. 7 to the
The
stated
bring the
best and
as
resolution an
insurance representa¬
obstacles'in. railroading reor¬
ganizations, and to offset such ineptitude as they may
demonstrate in this connection, Senator Wheeler, Chairman
of the Senate Interstate Commerce Committee, said on Feb.
5 in .commenting on a comprehensive report by. the com¬
mittee on the role of life insurance, companies in the re¬
organization of the Missouri Pacific and railroad reorgan¬
izations in general.
;
.
V •,
The report, which covers the involved holding-company
activities in the Missouri Pacific case, is slighting iii its
reference to the activities of investment banking houses,
including J. P. Morgan & Co. and Kuhn, Loeb & Co., in con¬
nection with the M. IP. reorganization.
It takes the position
that insurance companies, having a large and important
stake in such reorganizations, should be in a more dominant
and intelligent i*ole in the proceedings,
...
"To the insurance companies of this country the current wave of rail¬
road reorganizations presents both a. risk and an opportunity" the re¬
port said.
"The risk is obvious and the importance to the publi^ at
•
tives
on
that the purpose of the
organization which offers a clear
Treasonable conduct in subversive
certainly in favor of the punish¬
impression at the Capitol was
Companies
the
livable and workable bill, Mr. Hanes
in full
were
we
a
recognize
Thomas'
Senator
First
said:
proposed legislation,
by Mr. Douglas (Chairman W. 0. Douglas of the SEC) was to
procedure of corporate trusts to the high standard set by the
most responsible persons in the professions.
With this objective,
would be
"We
Government.
sympathy, and I am
killing it since the House
further reported
bill
appearing before
against any person or
deportation of anyone who engages
The general
Mr.
SEC
and
Mr. Hanes as follows: ,
gtafing that the banking industry was confronted with a chpiqe of opposing all regulatory legislation in the field of • trust indentures and' at¬
tempting to work out some system of self-regulation, or of- offering to
cooperate in the preparation of regulatory legislation, so that the ultimate
had three objectives in
laws; to state the precise facts
present danger to the
action can evoke no
not testify¬
neither were they present
its enactment.
We quote from Washington ad¬
7 to the New York "Journal of Comrperce" which
oppose
advocates overthrow
To outline the principles on
and effective steps
bill, made it clear that while they were
vices Feb.
'
which she bases her enforce¬
of the Bridges case,
and to state the Strecker case as precisely.
•
\
"I believe," she concluded, "that the Government should-take hnmediate
ing as proponents of the measure,
to
•
believes in, advises, teaches or
violence.
ment of the immigration
.
statement of policy for the
'
Communist party of the United States in¬
filing a friend of the Court brief denying
The Labor Secretary said she
the Committee:
Vice-President, and formerly
Federal Legislation, of the
American Bankers Association, and R. G. Paige,. Chairman
of the special trust committee df the A. B. A;, appearing
before the subcommittee of the Senate Banking Committee
on' the
•
Deportation
of the Com¬
of the Government by force or
It is abvious that this is a broad new. power
granting an administrative commission not only the power to see that
the law is obeyed but the power actually to make its own rules on a
variety, of technical ^subjects and to-interpret those rules itself.
It is
the' opinion of' our, counsel also that such interpretations by the Com¬
mission, if they involve refusal to qualify, are not subject to review by
the courts as indicated in recent decisions.
So we have the case of this
Commission instructed under the Bill to rilake euch rules and regulations
as
it deems adequate, "to decide
whether or not the provisions of the
indenture conform to these rules, and with no appeal from its decision."
on
,
that the party either
indenture with control in the hands of the Com¬
dictate those vital provisions having regard to
the release and substitution of property, the issuance of
additional securities, and the satisfaction and discharge of
the indenture."
Mr. Starkweather continued:
Hanes,
against Harry Bridges has been de¬
Court ruling in the Strecker case.
the grounds that they are members
While she was testifying the
to
Chairman of the Committee
would
tervened in the Strecker case by
average
parties and put .into effect.
confidence and faith that Congress
rights and my reputation if
munist party.
"much of the way toward
"Uncfor this hill each indenture involved must be submitted to the
at Washington for scrutiny and criticism and for such modifications
revisions
as
the
SEC deems necessary before being executed by
permission of
Tex.), gave out a prepared state¬
democracy."
of both men is sought on
making the Government a third party in the writing of
contracts."
One wTas cited as "going to the heart of the
M.
.
I have done no
communistic principles, as charged
by Thomas and said that she felt confident that a minute examination of
her record in office will "show a consistent purpose
.
.
.
to support
ferred pending a Supreme
protection of investors with respect to each particular in¬
denture proposed to be executed between a borrower and a
Robert
v
.
executive session but, with
Miss Perkins reiterated that action
prescribed by rules, regulations and orders of the SEC
on
opinions of the SEC as to what is adequate or
necessary or appropriate in the public interest or for the
-
■
She denied that she believes in
the ideals of
based
mission
'
the Committee.
protect me and secure my
wrong."
*'
in
an
She said that she has "entire
trusteeing
be corrected through far more specific5
exist
in
testified
ment which she had read to
*
be
,
objections to the
the
Miss Perkins
legislation that would set up reasonable standards for in¬
dustry^ but not grant to any Government agency power to
make and interpret the rules or dictate the final contract,
he said.
The Barkley bill, he explained, "provides not only
for certain statutory standards but also for standards to
trustee."
"
,
Chairman Hatton W. Sumners (Dem.,
SEC
.■
as
should
securities
i
•
'
Such evils
individual
their
•
made in a House resolution, pf failure to
deportation laws was entered on Feb. 8 by
Secretary of Labor Frances Perkins before the -House Judi¬
ciary Committee which is considering the impeachment
resolution against her.
Under date of Feb. 8 United Press
accounts from Washington had the following to say regard¬
ing Miss Perkins' statement in the matter:.
.
"objects strongly" to giving the
the Association
contracts."
workable
>
Denial of charges
enforce
possible without approval by the Commission." He asserted
that the full disclosure required of the Securities Act of
1933* has been good for business and the public, but added
that
.
tion Laws
:
,
'
.
he said, "makes the public sale of
The bill,
.
Secretary of Labor Perkins Before House Committee
Denies Allegations of Failure to Enforce Deporta¬
bill and the Securities Act of 1933
interest."
'
A
'
•
voice
to
tomorrow
measure.
they
go to the large insurance companies and banks and raise their funds
at private sale without any of this cost and effort.
But for the com¬
pany without a
credit rating sufficient to get funds in this way—and,
of course, the great mass of smaller concerns are nearly all in this classdetriment
subcommittee
the
state that the measure is
by the association.
opposition to the bill will be offered by the A. B. A., it is
individual members of the association will appear before
no
that
understood
can
there
by the association to
will not be opposed
and
'
stop financing because under this
'
that quality of trust and
Paige stated
authorized
been
busi¬
offerings."
said:
powerful corporations with
large and
stated, "to contribute to investor
for
He further
cerns."
Bill
of
he
that while the proposed legislation is in an entirely
field and the A. B. A. does not think that the bill is necessary, he has
new
will
expansion of business," and be a
"stimulation of private sales by the better and larger con¬
financing
new
bill,"
this
of
by restoring to the name of trustee
it should properly inspire."
confidence
Increasing the cost and difficulty of public financing will,
in Mr. Starkweather's opinion, "act as a strong deterrent
to
function
the
confidence which
Mr.
question but that the passage of
no
Commission would not approve this bill
passage would aid in the restoration of
confidence."
is
"It
involved with its attendant expense
immensely complicate the business of raising corporate funds, that it
increase the direct cost, delay the process, and even further deter
its
that
believe
not
the
that
stated
Eieher
did
"it
investor
effort.
of time and
817
Chronicle
Financial
148
awareness
Financial
818
"Their
this
record
firms
conflicting
belief
in
Morgan & Co., in the Missouri Pacific
detail in this report, offered no basis for
would
or
represented
partners in
The multiple and
act
genuine
a
as
by the Stedman Committee."
banker representation on
Missouri
in practice and claims
Morgan representative" opposed the decisions of the insurance
in at least five major matters.
It is further held that "in
"the
executives
The
Federal
and
of Internal Revenue
to
aid
programs
an
Security Board carries Federal responsibilities,
12 months ended June 30, 1938, was
benefit payments in nearly half the
event of the
significant
beginning
adopted
were
in which the Social
the most
the
the Bureau
posted to the accounts of individual workers.
were
by additional States and pro¬
increasing number of the needy.
For the group of pro¬
Public-assistance
grams
entered a new phase as wage
system of old-age insurance
relating to the calendar year 1937 were received from
reports
unemployment
of
States.
the insurance executives seemed aware of what
dealing with instruction,"
the
report said, in part:
vided
the
that
asserts
of
representative
1939
summarizing the results for the last fiscal year,
In
Nor was
choice of
the
to
Committee.
reorganization body did not work out well
Pacific
that
P.
J.
could
firm
committee
The
objection
Stedman
the
of
stated
are
the
that
distinguished as the history is long.
as
reasonable
of
interests
bondholders
the
not
only
members
as
which
picture,
is
the
record
these
Feb. 11,
Chronicle
Compensation
Unemployment
ought to be done but "unwilling to prosecute a bold course of action to
the
end."
"These
and
the
both
bankruptcies,
tremendously dangerous
receiverships,
of
fear
the
to
tion
railroad receiverships, the report concludes:
some hard on the heels of earlier
Speaking of
another
the future, are
cycle in
the country's transportation system and
of
efficiency
to
its
citizens.
Neither the bankers
managements have been able to check the tendency.
The
prosperity and the economic .security of its
nor
the railroad
small
lack
investors
the
to
resources
real
effect
to act effectively
resources
in such large matters.
have a huge stake in the situation and abundant
The insurance companies
reorganization practice,"
reforms in
Columbia, but only one $tate, Wisconsin,
was paying benefits.
A year later 24 States and the District of Columbia,
having fulfilled the requirements of their own legislation and the Federal
Act, were making unemployment benefit payments; by June, 1938, checks
aggregating $10,000,000 were going out each week to about 1,000,000
totally or partially unemployed workers.
Three more States had their
by
Nation.
1938.
the
of
Jones
Jesse
Reconstruction
Finance
Feb. 7 recommended that Congress extend
the functions of the Commodity Credit Corporation and
Export-Import Bank and continue the lending powers of
the RFC until Feb. 15,-1941.
Mr. Jones, making the
recommendations to the House Banking Committee, said
the, date was suggested by President Roosevelt.
because a
That date was chosen, he said,
congressional session begin on Jan. 3,
new
new
presidential term and
1941, and there might be a
The expiration date
a
question by Representative Thomas P. Ford, Democrat, of Call-,
to establish an industrial loan
corporation
If
*
a
on
men
of the value.
If the
shop and he can't make it
go you
Ford remarked there was a large demand for industrial loans
io result
in
initial
"If you loan
$500,000,000 and lose 10
or
15% of it," the Californian said,
"it would still enable us to make a much smaller appropriation for Works
Is there not a compensating angle there?"
RFC is "sometimes criticized for lending
Jones replied that even now the
to
a
business that is not profitable and is in
profitable."
competition with
that is
one
the
"We could
injuring
Insure all the
that is operated prudently.
one
have
loans," Jones
volunteered,
"but that
another question, Jones said the RFC
to liberalize its industrial lending
would
"doing its best"
people
The
15, 1941.
also approved extension of the Electric v
Authority and «the Export-Import Bank to
committee
'
that date.
the
25
the
date
the
suggestion of Chairman Jones, of the RFC, the
committee limited the amount of loans which the ExportImport Bank - may have outstanding at one time to
$100,000,000.
The Export-Import Bank has not loaned the French
Government money to buy airplanes in the United States,
situation
China.
Explaining that these loans have been repaid
regularly, Mr. Jones said: "I don't know of a better record
or repayments from any borrower."
The loans have been
guaranteed by the Bank of China, "and it is a good institu¬
tion," he added,.
Program
A
benefit
has
analysis
been
of 251 pages, in
cussed.
of the work
made
of the Social
Security
public in the publication of
which all phases of its activities
a
were
transmitted
Chairman
of
the
to
Congress
by
Arthur
ministration of the law "saw
in
each
the
of
became
law
Federal
Government
and
that the
"the
a
have
been
years
since
momentum
and
the
set
or
in
aggregated nearly $881,900,000.
by all State agencies
June
on
of ad¬
the
program."
Social
Security
previously
attained
States
been
has
by
Act
the
accelerated
the program designated
State
balance
This
plus
represented
credited by
interest
and. minus
accounts
1938, was influenced by the fact that States must defer
30,
fiscal
the
their
1937-38
year
total of nearly $42,300,000 was certified
a
unemployment
services
employment
Columbia
last
the
of
including $14,400,000 for
and in the District
27 .States
Insurance
Unemployment
implications
That
Federal
a
by
Act
States whose
all
for
establishes
Act
or
.
,
Railroad
workers.
railroad
'
important
has
the
in
payable before the end of the year
were
■
enactment
Congress
cover
benefits
where
thereafter.
shortly
laws,
compensation
of
expansion
the
lawp now
for
system
em¬
their" subsidiaries and affiliates.
This
system will become operative as of July 1, 1939, and will'be administered
by the Railroad Retirement Board.
The Social. Security Board is providing
alb possible aid to the States and to the Bureau of Unemployment Insurployees of railroads and certain of
the Railroad Retirement
of
ments
the
to
certain
laws
State
/
Old-age
for
system.
issued
that
fact
who
receives
after
the only
under
the
lodged
program
in
from
before
It- is
he
Doubts
65.
is
to
be
completed
part
for
millions
Board
has
received
salary
clear
and
that
that
been
and
for
by
that year in
the
workers
individual
serving
for
the
answering
close
the
reported
wages
and
tracing
and
Under
in
1937,
30,
Board
is
the
the
to
their
on
endeavoring
old-age
legally
are
after
continuance
through
based
1936
of
It
seems
employment
old-age
insurance
reconcile
any
an
thfe
in
or
program
June,
age
the
1938,
the
accounts,
discrepancies
employer for
which
a
given
only lump-sum amounts
are
now
these payments, which began early
fiscal year in increasing volume.
By
65
age
estate of
amounts
before
been
to
for
aggregating $5,900,000
on
and
had
as
employee believed be had received.
system
the
procedures
year
behalf and posted to their
to
eligible worker at
an
certified
covered
It. is
received fot
individual workers
of
been
had
Secretary of the Treasury for payment.
qualified relatives,
Payments
claims
the
insurance
claims
1938,
payable to
ment
which
amount
continued
the
Stated.
wages
the
in
fiscal
the
of
queries
The handling of claims
payable.
1937
yeat
individuals.
between
include
to
might be found between the amount reported by
worker
United
1937 relate to
than 32,000,000
more
are
By
anticipated.
of
calendar
the
in
larger share of the gainfully occupied population than had
even
established
amounts
of
occupations
an
was
close ,of the fiscal year.
the
items reported for
shifts
the
made
payments
wage
all of that year
other
employee accounts
than $28,000,000,000 and included the larger part of all
more
and
or
after
employment
covered
some
reports for each half of thq calendar
wage
shortly
in
wages
life
by
expressed
the
1937 and that .posting of these items to the
37,000,000 individual
person
maintained
that
report
year
aggregated
num¬
his
in
time
any
been
than
Reported
Act
Federal Govern¬
employee account
at
had
could
records
wage
satisfaction
a
employment
covered
more
substantially
Security
Social
the
be used in computing the benefits of each
may
individual-
that
workers.
and
by the Social Security Board in connection with this
wages
and
1936
persons
of
which
amounts
records
volume of present and future operations is evident from
an
individual account must be maintained as evidence of
The
the
of State
compensation programs.
By June 30, 1938, nearly 40,000,000
bers had been
the
is
administrative, responsibility "is
alone.
ment
transfer
Old-Age Insurance
1
insurance
which
required
Federal-State unemployment
the
that the necessary amend¬
Board ill order
the
and
the State unemployment funds may not interrupt the
of
portions
operation "i>i
June
It adds
all
to
by the Social Security Board for grants to the States for administration
Altmeyer,
year
by State Legislatures for the given year
motion."
The
notable development in both
additional aspects of
by the Congress
J.
Board, asserts that the third
the extent and the effectiveness of the
that
dis¬
The book is the record of the Board's third annual
report, covering the fiscal year ended June 30, 1938.
report,
book
pdrtially unemployed
or
which
payment of benefits until contributions have been payable for two years'
employment if they are to qualify for Federal administrative grants and
if employer
contributions under the State law are to be, offset against
the tax payable under title IX of the Social Security Act.
system
detailed
Board
in
amounts withdrawn for
payments by the group of States in which benefits were payable
the year.
The amount of the balance in the unemployment trust
estimated
Progress Seen by Socjal Security Board in
Report for Fiscal Year Ended June 30, 1938—Finds
Development
in
Extent
and
Effectiveness
of
totally
to workers
issued
deposited
Treasury
wage
Continued
.
benefits were payable.
On that same
State agencies in the unemployment trust fund in
of
accounts
Treasury
ee.
chases in this country.
Mr. Jones told the committee that since 1931, the RFC
and the Export-Import Bank have loaned $37,000,000 to
v
1938, nearly 17.8 million checks aggregating more than
jurisdictions
•'
Mr. Jones' statement was made in reply to>
questions asked
by Committee Chairman Steagall,, who said it has been
reported that the Export-Import Bank has extended aid to
the French Government in connection with airplane pur¬
is
well be proud.
contributions
fund
procedures have proved cumbersome and
some
Nevertheless, the general record of performance
one of which the Congress and the American
simplification.
$179,500,000 had, been
ahce
At the
Mr. Jones told the commit
the basic responsibility, and their is the credit for per-,
agencies would be the first to declare that there
June 30,
of
The
and Currency Committee on Feb. 9
approved legislation extending operation of the RFC and the
Home & Farm
resulting from the high level, of unem¬
for benefits
delays and that
of
may
As
operations.
The House Banking
CCC until Jan.
severe
State
The
this difficult
of
was
claims
carry
been
in need
of'
put the Government really in the banking business."
In response to
States
For
The Government, he added, is charged with subsidizing a business that
Is improperly run and
spreading
While the Board has provided all assistance within its power,
formanee.
'
.
been
had
these
country.
As a consequence
agencies were placed under a
of
load
within
,
Progress Administration.
the
and
States
21
accepted in January,
unemployment
months
'
.
of
first
were
the
ployment.
the
total loss, or almost."
providing jobs.
benefits
for
State unemployment
strain.
They were
faced not only with the difficulty of inaugurating operations
in. which
they had had no previous experience but also with an unexpectedly heavy
in
private homes.
they get the house and can sell it at a moderately small loss.
lend to a man to establish a butcher
we
have
insure loans to business
"they insure 90%
"Under the FHA," Jones said,
loan is unpaid,
to
Authority insures loans
the Federal Housing
claims
preceding
the
During
■
laws
compensation
unemployment
compensation
fornia, the RFC chairman asserted he did not think it would be "feasible"
as
'
.
Columbia,
throughout
in
by present law is June 30, 1939.
To
into action in July, 1938,
benefits will be payable throughout
a
desire then to change or discontinue these functions.
fixed
•
the
of
District
on
of
unemployment
July/ 1939,
Under
Chairman
District
the
and
unemployment insurance systems geared to go
and
Jones Asks for RFC Extension
the 48 States, Alaska,
unemployment insurance had' been laid by
for
Hawaii,
the
Corporation
legislative founda¬
By the close of the fiscal year 1936-37 a nation-wide
-
an
or
to
eligible
certified by
the
A lump-sum amount
the
surviving
worker
who
spouse,
has
died.
received by workers for covered employ¬
65 or death prior to that age.
With
average
payment, which
is rising steadily.
' These
wa$
$47.70 for-
claims
are
filed
.
Volume
and
handled
are
responsible for
fiscal
Financial
148
initially
issuing
in
by
retired
payments
the
while
sum
appropriations
in
The Treasury reported that as
had been transferred to the
1937-38 and for the prior fiscal year,
the account as of that date exceeded
for
credited
to
of
end
the
the
year
Treasury Department had disbursed $5,400,000 in
*
■
In
public
blind, and
the policyholders were really
companies.
The Armstrong
particularly considered the election machinery of mutual life
insurance
companies.
We, too, will be concerned with this problem.
Nearly 90% of the assets of our life insurance companies are controlled
$209,400,000
with
public
for
in
assistance
been
aid'to
This
is
Social
and
old-age
for
Act
Security
Hawaii
of
District
the
in
assistance
The
Columbia.
•
dren
aid
is a company which is
theoretically controlled by its policyholders.
In such
a
company the policyholders combine (o insure each other against death
with the understanding that such savings as result from the mutual opera¬
tion of the company will be equitably distributed among the policyholders.
The control of a mutual company rests legally with the policyholders who-
in
38
for the directors and, through the
the affairs of their company.
The Armstrong Committee, reported
that the election machinery of the
mutual companies was such as to prevent any independent expression
of
policyholder viewpoint.
Notwithstanding their theoretical rights, policy¬
holders were found to have no effective control over the management of
their companies.
Through the device of proxies and. otherwise, the then
officials
of such
companies were found to occupy, as the Armstrong
report put it; "unassailable positions" and to exercise "despotic powers"
over
the companies.
Only an extremely insignificant number of policy¬
in
blind
the
of
States, and the District
37
revised
plans
Public
other
Hawaii; and for
was
of Columbia and Hawaii.
on
is
Board
this
general
and
^
less .than
$73,000,000
that
estimates
in
and
June,
administrative expense.
20,400,000 persons, were receiving one or more of these
types of public hid.
A considerable decline in relief costs and in
numbers
of recipients
during the first quarter of the fiscal year was
followed
in later months by
a sharp
rise coincident with the general
about
including
in
declihe
employment.
•
-
grow
Economic
Inquiry by
Committee into
Insurance Business—Growth of
Companies Noted
National
Temporary
growth is itself cause for inquiry.
It provides ample occasion for taking
stock of .the changes which have occurred in • the three decades since the
_
Armstrong Committee
continued
thereafter
made its survey.
To that end we shall reexamine
studied by the Armstrong Committee, including
the management of these companies is elected and
in office and the extent to which the democratic
by which
methods
the
problems
the
of
many
principles of
mutuality are in fact preserved in operation.
concentrate upon testimony indicat¬
and policies of the large mutual
they are said to own. and control.
which
This
Administration's
insurance
industry
was
inquiry
into
the
$2Q,000,000,000
launched on Feb. 6 when William
O. Douglas, Chairman of the
into that phase of the eco¬
nomic inquiry before the Temporary National; Economic *
Committee, which* opened its hearings on the insurance
business.
Mr. Douglas -said that the "spectacular" growth
since 1906 justified an inquiry into
their economic influence, although he added that insurance
of insurance companies
had
cooperated fully .with the SEC and that he was
way
questioning the adequacy of companies' reserves,
firms
in
no
worry that any fact
jeopardize "the protec¬
which he counts upon through liis insurance policy."
preliminary investigation by the SEC into the insur¬
fie said
that
policyholder 'need
no
brought out at the hearings would
tion
A
business was noted in the
ance
668.
In his
At
prepared statement before the Temporary Na¬
said, in part:
the outset I
want
to make'clear
that this
inquiry does not attack
the adequacy of the reserves of any insurance
Under State laws the legal reserve companies
in restricted investments, funds sufficient to
policyholder will receive the amount of his policy when
No policyholder need have any concern that any fact
(and in no way questions)
within its scope.
company
are
required
assure
his
that
risk
aside,
set
to
each
matures.
brought out in this inquiry will in any way jeopardize
he
counts
upon
through
his
insurance
the protection which
policy.
by an
agency of the Government was the study made by the so-called Armstrong
Committee, of which Charles Evans Hughes, now Chief Justice of the
United States, was counsel.
This committee, functioning under authority
of the New York State Legislature, inquired in 1906 into the practices of
companies chartered or authorized to do business in the State of New
York.
That study was broad in scope.
It covered the activities of insur¬
ance
companies from such details as the provisions of insurance policies
The
to
the
which
mittee
last
mittee,
of
the
of the life insurance business
organized and the manner in
they participated in investment syndicates.
The Armstrong Com¬
recommended certain reforms, some of which were translated into
methods
legislation.
general
comprehensive appraisal
by
which
companies
were
the Armstrong Com¬
and there resulted a
insurance companies.
Leaders
.business have likewise recognized the salutary effect
Following
the
hearings
conducted for
similar inquiries were begun in other States,
tightening
of
life insurance
State
regulation of
a
*
'
election*.
in
follows
William
Senator
,
following
'
the hearing on Feb. 6 was summarized
dispatch of that date to the
Washington
a
boards
such
on
■
.
.
Directors of their respective
"Herald Tribune" :
York
New
participation
•
Other testimony at
as
to the Board of
continued
their
and
...
king, Democrat of Utah, a'member of the com¬
H.
excessive Government expenditures and successive
Government'credit and in turn affect adversely the
bond holdings of life companies.
Dr.
Donald
H.
Davenport, special economic consultant to the SEC
insurance study, and Ernest How, financial adviser, devoted their energies
to painting a success picture of life insurance in the United States.,
They
mittee,
warned
deficits
may
thkt
hurt
$4,'551,009,000 Federal
brought out
That
the
of
American
the following:
1900
in
end
life
1937
in
insurance
force
totaled
to
grown
while; at
outstanding
$8,600,000,000,
$109,700,000,000
is 60% of the world's total.
had
it
coverage
"Chronicle" of Feb. 4, page
tional Economic Committee, Mr. Douglas
,
with
nomination and election
companies
Securities and Exchange Com¬
his- testimony
mission, began
will, of necessity, demand some examination of individual
view to determining the ' facts and motives lying behind
inquiry
directors
control pver the
life insurance companies
which policyholders actually exercise
extent to
the
their
Tlie
grown
$474,000,000 in assets to $2,520,000,000 in assets.
The Metropolitan Life, Insurance Co., which then had assets of only $176,•
000,000, now has assets totaling close to $5,000,000,000.
This tremendous
ing
Douglas, Chairman of SEC, Supports
Yet
dollars
beyond reasonable size.
management
W. O.
approximately
recommended
commanded
approximately'
During these first hearings we will
.
♦—
—
each
The Armstrong Committee.
they should not be permitted to
from
the
various
nearly $1,500,000,000.
1906
in
today, each of these three companies commands well over a billion
in assets. ' One of them, the New
York Life Insurance Co., has
This
amount reported for 1936-37.
The
1938, some 6,400,000 different households,
companies
individual
That was on Dec. 31, 1906.
On.
reserve companies with aggregate
of 1938 the amount of those
the end
by
total assets had further increased by
that
subsistence grants to farmers.
and
care
legal
308
and
one-half billion dollars in assets.
in need amounted to nearly $2,500,-
persons
transient
of
$26,249,049,219,
Three
therefore undertaken, at the request,
relief,
public aid to
.exclusive
000,000,
total
„
is* related to
agencies and with their cooperation, to report
public aid to persons in need.
These summary reports
the Works
Program, the Civilian Conservation Corps,
assistance
1937-38
In
<
of
assets
there, were. 138
"were
there
and spectacular growth of
legal reserve companies with
tremendous
a
$2,924,253,848.
of
assets
1937,
31,
time
that
At
insurance.
public aid maintained by Federal, State and local govern¬
all
on
data
public
Security Act obviously
Social
the
under
the officials
of
-
been
has
there
1906
aggregate
governmental
monthly
include
•
-
.
administration had
then in power.
That
of abuses in life insurance
1906.
in
Dec.
Committee stated
The Armstrong
right to vote.
source
irresponsibility
pf
sense
Since
assistance and 35
extensions of previously approved plans
Social Security Board has
The
other
of
of
forms
ments.
which changes or
in
assistance
the
been
their
fertile
that the most
51
made.
had been
exercised
holders
the'Board approved 16 new State plans for public
year
of appointing three who are to run
directors,
.
voting
opportunity of
the
given
are
granted .under the
47 States, and in Alaska,
one
remaining State had
in the District ot Columbia and
States, and
the
to
all,
know, a mutual life insurance company
ownedand
legally
jurisdictions"eligible to cooperate in public assistance
under the Social Security Act, 34 States, the District of Columbia and
Hawaii had all three plans approved as of June 30,
1938.
During the
In
beginning.
a
into power
it
of
Yet, in a study as broad as this one
But it will be a significant first chapter
significance.
great
study.
As you
for the
and
this
of
total
our
other two public-assistance pro¬
grams.
A nation-wide basis therefore has been established for FederalState cooperation for old-age assistance.
As of June 30, 1938, Federal
funds were administered under approved plans for aid to dependent chil¬
for
legislation
passed
their
of
managements
how insurance company managements come
question of
itself
constitutes but
the
$293,000,000 lor 1936-37.
the end of the fiscal year Federal funds were
Before
and the extent to which
the
control
by mutual companies.
Act the year has
and by increasing effectiveness
Security Board has certified grants
Social
The
States
the
to
to
Committee
fiscal year
1937-38, as compared with $146,100,000 for the year 1936-37.
There
were nearly
1,700,000 recipients of old-age assistance in June, 1938, as
compared with, less than 1,300,000 in the June preceding.
In June, 1938,
aid was provided in States cooperating under the Social Security Act for
604,000 dependent children in 244,000 families; for June, 1937, aid was
given for 427,000 children in 171,000 families.
There were 39,000 recipi¬
ents of aid to the blind in cooperating States in June, 1938, as compared
with 35,000 in June,
1937.
Total obligations incurred in 1937-38 from
Federal, State and local funds for payments to recipients of public assistance
under the Social Security Act amounted to $454,000,000 as compared
of
the
policyholders,
able
dependent children,
aid to
administration.
their
the Social Security
under
assistance
This is a logical point of
investment policy.
That, inci¬
formulates
of the principal problems of the Armstrong Committee.
responsibility of life insurance company managements to-
one
their
lump-sum payments.
the growth of the State programs for old-age assistance,'
marked by
studied
It
Assistance
Public
•
was
...
how they are elected.
and
management
since
dentally,
national economy.
starting point a consideration of insurance com¬
our
as
our
upon
power
take
we
managements
pany
held
account
of that
approach,
$662,300,000
special obligations of the Government and $1,900,000 in cash;
the
At
investment
Today
$652,000,000
of
which was then made.
task to survey the economic power inherent in the
funds controlled by insurance companies and to study the
present
our
impact
thereafter.
65 or
the
is
vast
main¬
only
the
are
the United States and the lasting
Armstrong report on insurance in
importance of the contribution
disbursements which may be
monthly benefits become payable to qualified
and
age
interest
total
invested
at
1938,
30,
from
$17,600,000.
in
were
made from the old-age reserve account
are
Treasury
workers
June
account
the
also
during the
year.
made from that account until
the
which
offices,
account numbers
9,600,000
of the
It
Lump-sum
tained
of
field
Board's
the
than
more
819
Chronicle
;
the
.
'
Control Most of Assets
25 Firms
$22,869,000,000 of the assets,
The largest is the Metropolitan
Co., with $4,720,000,000 of assets.
That six"companies—Metropolitan, Prudential, New York Life, Equitable
Life Assurance, Mutual Life, and Mutual Benefit Life—all located in New
York City or 10
miles of its area, control $14,925,000,000 of assets,
or 56.9% of the grand
total of $26,249,000,000.
That in 1929 the total income of life insurance companies was $4,337,Life
companies
25' insurance
That
while 23
control
others hold only $3,380,000,000.
Insurance
000,000, or 6% of the record
That
holders
State
of
000.000
tions
SEC
in
national income of $80,000,000,000.
Y'ork State policy¬
in 1935 as against taxes collected by the
Metropolitan Life's premium income from New
measured
$147,826,000
$315,900,000;
in
that year
its national
was
premium income collections of $939,-
three times larger than the State's tax collec¬
1935,
Adopts
Two
Information
Rules
Incident
Requiring
to
Disclosure
Stabilizing Activities
of
in
Offering Securities
Exchange Commission announced on
adopted two rules designed to require the
disclosure of certain information with respect to stabilizing
activities conducted to facilitate offerings in respect of which
registration statements are filed under the Securities Act of
The Securities and
Feb. 9 that it has
820
19(13.
Financial
These rules, which
adopted pursuant to the
Commission's power to require additional information in
prospectuses and the filing of reports, the SEC said, do not
purport to regulate transactions effected for the purpose of
pegging, fixing or stabilizing security prices.
Consequently
they are not, and are not intended to be, a substitute for
regulation pursuant to Section 9(a) (6) of the Securities
Exchange Act of 1934.
Furthermore, the disclosure and
reporting requirements of these rules in no wise limit the
applicability or operation of the provisions of the Securities
Exchange Act of 1934 or the Securities Act of 1933 which
prohibit manipulative or fraudulent practices.
The Com¬
mission's announcement further stated:
Chronicle
Feb.
justments, surplus purchases and marketing quotas
were
as
1939
11,
"last resort" in
a
of abnormal surpluses.
years
A
clash of
opinion between two cabinet officers on the
processing taxes to finance benefit payments
under the New Deal's farm program became evident on
Jan. 16 when Secretary of the Treasury Morgenthau
flatly
stated he was opposed to such levies, said advices Jan. 17
to the "Wall Street Journal" from its
Washington bureau,
which inpart, continued:
subject
of
Mr. Morgenthau said he thought that "taxes on consumers
are
sufficiently
high."
Treasury opposition to this form of taxation, together with other indica¬
tions
it
that
.
has
fallen
into
congressional disfavor,
taken
was
by most
'
1j| It is anticipated that the informatipn
to be derived from the reports will
facilitate enforcement of the statutes and will also be of material assistance
to the Commission
to
in its
rule,
known
under the
Securities
the
Congress
1933,'
offering,
it is intended
stabilizing
(Identify security (ies) in which
to
stabilize the
price
of
transactions will be effected.)
enactment at the current
of
Agriculture
Wallace
recently
has
conducted
vigorous
a
campaign in favor of processing taxes and, at his most recent press con¬
ference, remarked that his attitude on the subject had not changed.
President Roosevelt's
1940 budget message, which called for additional
finance farm benefit payments,
taxes to
(s)
were
Secretary Wallace Campa igned for Levy
Secretary
Act of
ties Act of 1933, all prospectuses must contain the following statement:
facilitate
extremely thin.
■
Rule 827
as
requires that if the issuer or any of the underwriters has grounds to believe
that stabilization is contemplated to facilitate an offering under the Securi¬
To
mean that chances for
session of
continuing study of the many problems incident
the stabilization of security prices.
The first
Washington observers to
did not specify exactly what type
of levies ought to be used in this connection
although there
the message—disturbing to processing tax advocates—that
was
hint in
a
new taxes
should
not be of the sort that reduces
on.
(Identify exchange(s) on which stabilizing transactions will be effected.
If none, omit this line.)
This
statement is not an assurance that the price(s)
of the above
security (ies) will be stabilized or that the stabilizing, if commenced, may
not be discontinued at any time.
The second rule, known
as
Utile X-17A-2 under the Securities Exchange
Act of 1934, requires generally that underwriters who effect pegging,
or
stabilizing transactions to facilitate
fixing'
offering under the Securities Act
of 1933, must file with the Commission daily reports disclosing the details
of their
Well
the
stabilizing activities and the current status of the distribution,
transactions effected for
as
an
a
taxes
"no."
...
on
Other Taxation
He was questioned at his press conference
Monday regarding the possibil¬
ity of
finance social security payments, farm benefits and
new taxes to
tional defense.
declined
to
He said the Treasury had some ideas
reveal
hearings.
them
on
na¬
these subjects but
prior to requests from Congress and committee
"
..
'
:
.
He remarked that he had departed from usual custom in
announcing his
opposition to processing taxes, but he said:
the least desirable."
is
,
he said,
No Comment
as
limited period before commencement of
stabilizing.
consumption.
Secretary Morgenthau said that he had not recently been consulted on
the matter but, in reply to a question as to whether he favored
processing
"We feel that particular form
...
I^These
ormer
reports are to be filed on Form X-17A-1 and Form X-17A-2, the
being in general applicable to transactions effected by the syndicate
manager,
writers
and the latter being applicable to transactions
by the under¬
Stabilization of
individually for their
designated
own account or as brokers.
A third form,
Form X-17A-3, is to be used to report the original allocation
as
of the offered securities.
:
X-17A-2 will be available for public inspection only after the stabilizing
is terminated, information as to whether any stabilizing transactions were
on
particular day will be available during the distribution.
a
port
;
Although the contents of reports filed with the Commission under Rule
effected
Commerce
As
the rule does not regulate stabilizing transactions the Commission deems it
unnecessary to determine at this time whether the contents of such reports
would be currently made public under a regulatory program.
The instruction book for Form A-2 under the Securities Act of 1933 has
been amended to apply the requirements of Rule 827 to newspaper pros¬
pectuses for securities registered
on
Sound
Needed
to
Restore
Managers Club
sup¬
port of policies leading toward expansion of world commerce
in the goods and services of all
nations, were stressed as
needed
actions before the Export Managers Club at the
Pennsylvania, New York, on Feb. 7 by George F.
Bauer, Export Manager of the Automobile JManufacturers
Association.
In part, Mr. Bauer said:
<
Hotel
Competition is confused with the uncertainty which surrounds
become effective
March
on
15, 1939, but will not apply in any case in which the registration statement
under the Securities Act of 1933 becomes effective before that date.
World
basis, G. F. Bauer Tells Ex¬
Definite steps in cooperation with other countries toward
international stabilization of currencies, and continued
that form.
The foregoing rules, amendment and forms
Currencies
on
tary
policies
of
various
especially confusing.
"Two-nations"
nations.
There
are some countries
the mone¬
systems
currency
are
which possess insufficient
gold reserves, and which consequently have resorted to straight barter of
goods of
Wheat
Farmers
Submit 7-Point
Program to AAA-^Processing Taxes and Freight Rate Adjust¬
ments on
Farm Products—Secretary Morgenthau
Opposed^to Process Tax Which Secretary Wallace
Favor
Favors
iTJA
.
of about 50 farmers from 21 wheat-producing
conference in Washington on Jan. 26, 27 and 28
Department of Agriculture on the pro¬
gram ^of the Agricultural Adjustment Administration.
The
group
States held
a
with officials of the
farmers
submitted
series
a
of
recommendations
seven
to
R.\M. Evans, Agricultural Adjustment Administrator, on
Jan. 30.
Included in the Y-point program was a proposal
one country for products of the other, with
consequences not
wholly satisfactory to the intended beneficiaries of the plan
payments in years of low prices and the correction of "'faulty
processing tax but has met with opposition from President
Roosevelt and Secretary of the Treasury Morgenthau.
JYJA Washington Associated Press dispatch of1 Jan. 30
described the proposals set forth by the farmers as follows:
a
^ It
is not anticipated that loans and conservation payments will enable
the grower to achie\e parity
mendation said,
(a fair level) income at aU times, the
"
.
^Therefore, it
will be
of low prices.
It is recommended that in order
for parity,
own
a
necessary
\
recom¬
so
to
provide sufficient funds
were
suggested to correct "faulty
stability and permit
give the Secretary of Agriculture the power to intervene in
and recommend
that
thorough study of the freight
a
producing areas," the recommendation
;
Continuance of export subsidies "as long as other nations are using the
means" also
advocated,
was
as
well
as
purchase of surplus commodities
for distribution to the needy.
£y.The wheat
growers recommended that
to be used in solving the surplus
"acreage allotments be the tool
problem."
Marketing quotas, they said, should be used only as
years
It
"a last resort in
of abnormal smpluses."
was
proposed that Government loans
on
wheat be made
at a rate which
would take into account the world markets.
Crop insurance also
was
indorsed.
The wheat growers said they hoped
their recommendations could be adopted with a minimum change in the
Besides the approval of parity payments to be met by
processing taxes, the program of the conference, according to
advices Jan. 30 from Washington to the New York "Journal
ofjCommerce," also included:
normal
granary,
for
export
.
unsatisfactory
use
it.
It also
handling goods
more normal
business calculations.
.
.
»
*"
•.
by being made transferrable
as to unit values in the more
steady rates, the actual stabilization of world currencies
of gold need not be
long in the offing.
The
United
sponsoring
all
nations.
a
States is in
program
Republics in Lima.
basis
for
an
ideal
policy of increasing
This
was
1
'
.
position to take the initiative.
"exchange
It is
of goods and services among
endorsed at the Conference of American
Our country is therefore
stabilization.
on a fixed basis
.
In conclusion Mr. Bauer said:
Meetings
of the
governments were also recommended, as
gress to consider the international aspects
helping to provide
a
sound
Treasury heads of the various
well
as
a
World Economic Con¬
of trade problems.
The need of
cooperative action to restore world commerce along a wider
front has therefore been recognized.
The United States with its creditor
position and large reserves of gold can take the initiative with assurance
that
many
countries will readily respond.
Association
,
acreage
subsidies,
reductions,
cohtinuation
Joans, crop insurance,
of
the
ever
freight rate ad¬
of Customers' Men Distribute
Letter, Ex¬
plaining Requirements for Membership—Action
to be taken on Question of New Name for As¬
sociation
To
all customers' men and women and service men of
New York Stock Exchange firms in the
metropolitan district
a letter has been addressed
describing the new Association of
Customers' Men and explaining requirements for member¬
ship, it was announced on Feb. 8.
Ballots on the question
of a new name for customers' men
accompany the letter, it
is said.
For the first time those in this class of work will
be able to express themselves as to whether
they want to
be called "Customers' Men" or whether
they
prefer some other title.
The results, it is
added, are to be
regarded as a straw vote of sentiment and not binding on the
Stock Exchange or the Association of Customers' Men.
continue to
An Admissions
for
farm law.
Recommendations
obliged to
important trade centers of the
world, and with steps taken to keep values in "free money equivalents"
at
heartily indorse those provisions of the AAA Act of
rate structure be made in the wheat
said.
consequently
are
Once these currencies are internationalized
and, quotable
distribution."
of 1938 which
same
is
who
subjected to this restricted type of payment.
It is the resulting pncertainty that is often misinterpreted as competition. 1
Internationalization of the "two-way currencies" would rduce this in¬
that the commodity will pay its
growers
cases
currency"
•
ET'The wheat
rate-hearing
"two-way
tends to disturb normal business calculations for merchants
'
Freight rate adjustments
a
that parity payments be proyided in years
processing tax be levied
way.
of
system
the viewpoint of the merchants
not
for the levying of processing taxes to provide funds for
parity
distribution" by means of freight rate adjustments.
Secre¬
tary of Agriculture Wallace has advocated the imposition of
■
..
The
from
membership
Committee, which will
in the organization,
applications
appointed by
pass on
was
Albert C. Beeson, President, as follows:
J. R. Johnston, Smith Barney &
Co., Chairman- James W. Benfield*
Tucker, AntLony & Co.; John R. Bigelow, Burton, Cluett &
Dana; John
Betts, Gammack & Co.; Emanuel E. Dunn, Ira Haupt &
Co.; William D.
Dean, Maynard, Oakley & Lawrence; Thomas W. Mann,
Hoppin Bros.
Charles W. Sherry, S. B. Chapin & Co.; James W.
Sloat, Goodbody & Co.,
and William V.
Walsh, Buller Rodney & Redmond.
I
>
-
Volume
Financial
148
A Public Relations Committee
follows:
up as
Thomas
Dillon &
*
Meek,
Orvis
& Co.,
,
Power, Eastman,
Chairman; John
Co., and Chauncey Mitchell, Jr., Chisholm & Chapman.
reference
A
Bros.
Report Urging Reduction in State Budget Adopted by
New York State
Chamber
of
Commerce—Oppo¬
sition to Congressional Bills Taking Part of ICC
Power Over Rail Rate-Making Voiced
%
appointed, made
also
was
Association
At the monthly meeting of the Chamber of
the completion of the formation of the
appeared in our Feb. 4 issue, page 672,
to
was
Legislature to effect substantial reductions in the State
budget for the fiscal year 1939-40 was adopted. A report
presented by William J. Graham, Chairman of the executive
committee, said in part:
Semi-Monthly Publication—G. H. Patterson to
as Editor of "The Mortgage Banker"
Serve
The
Mortgage Bankers Association of America has es¬
a new publication called "The Mortgage Banker"
which will be published semi-monthly and distributed to
its members in 42 States, S. M. Waters, President, announced
on Feb.
4.
George H. Patterson, Secretary of the Asso¬
ciation, will serve as editor.
The publication will publish
principally original articles written by its members on var¬
ious matters pertaining to mortgage banking and will digest
It should
of interest to
material
field.
the
Mr.
authority over railway rate-making.
A report
presented by the committee on internal trade and improve¬
ments warned that Congressional regulation of rates would be
dangerous to the integrity of the ICC and to the business
part of its
interests of the Nation.
speaker at this meeting was Arthur A. Ballantine, former Under-Secretary of the Treasury, whose remarks
were reported in these columns of Feb. 4, page 669.
A state¬
ment issued by Richard W. Lawrence, President of the
Chamber, opposing Governor Lehman's tax program was
also contained in
issue of last week, page
our
—♦
Federal limitation upon the size of an insurance company
would not only be undesirable, but might lead to serious
Responsibilities
V.
of
American
address
Exchange Commission.4
American
Bankers
Prochnow
described
Douglas of the Securities and
Growth, Mr. Ecker asserted, "is
inherent in the insurance business."
He warned that, like
other business enterprises, insurance companies must either
go forward or backward, and that they cannot stand still.
He said that assets of his company rose from $176,000,000
in 1926 to $4,942,000,000 at the end of 1938, and added that
in the past 10 years the dividends of the company to policy
holders averaged $100,000,000 annually.
Associated Press
advices from Washington Feb. 7 further reported his testi¬
mony in part as follows:
May
might
the
Is
Is
the
At
of bis
outset
v
its
which; he said
in
be
exhibits presented to
desired
to
correct
a
'.'erroneous
of
is quite
different."
in two
■
*
surplus."
as
of
-
about
we
also quote from
a
in
of such a
;
Washington dispatch Feb. 7
[Chairman of the committee conducting the inquiry}
corporation," in which it could be done;
•"
•
growth
-
The first, he suggested, would be "by adopting a policy of not writing
insurance, which you found an undesirable policy."
any more
"Utterly destructive to the business," Mr. Ecker interposed.
"Or you
more
no
could adopt a policy whereby at a ,certain point there should be
additions
feasible and
"It is
asserted.
to
surplus," the Chairman added.
"That would be
What
a
is
world
the
in
good deal like mortality experience.
We usually run
with the
barter or
gold are practically
the significance of the fact that approximately 40
today are now operating under trade and exchange
the
hands
the^ United States, and
world drifting to a
of
the
is
increasing,
"
•
.
'
-
•
familiarity with the banking
systems of such countries as Canada, England, France, Germany, Italy
and Japan.
Looking at the statements of the banks of the major coun¬
tries
today
and the methods by which
their governments are being
financed, is it true that almost all the nations of the world are on an
expanding paper basis?
Whkt is the significance; of the fact that the
banks and insurance companies iti Japan, for example, hold over 52% of
the Japanese Government .bonds, ahd the government institutions them¬
selves hold over 28%?
In other words, less than 20% of the Japanese
.
debt
Government
These
but I think it would be a dangerous way," Mr. Ecker
of living for many people.
the world's total monetary gold supply
Second, every, hanker ought to have some
practical way."
a
"It would be,
in
hands
our
exhausted?
to the New York "Times":
Senator O'Mahoney
regimentation of consumption, production,
way
"swapping" economy among nations, whose supplied of
.
asserted there were two ways, "if we decided to put a ceiling to the
international ^measure of value?
supply is practically gone and
than, its exports, that it must
Regardless of the political philosophy
permits for
$15,000,000,000 of
$25,000,'000,000
amount
means
large measure the
a
restrictions?
In ,part
V
the
as
larger
or
to obtain
That
not?
or
so
nations
'■
..
as,
exchange?
its
of
"
claims, dividends and the like, and also
:
large
as
its gold
finds
nation
be imported and
may
With
represented almost entirely by additions required by law and in¬
in other liabilities such
additions to
do
and'in
He told the committee that the difference between income and expendi¬
creases
best
the
gold standard
a
people
require.^ its
to
$20,927,000,000, and "it was
.<
_
of
imports, to determine which
which may. not be imported, if-it finds
gold supply practically exhausted.
If these are the facts, are' we to
conclude that any nation practically without gold and with a so-called
unfavorable trade balance must regiment its economy" whether it wishes
implied that this represented profits to the 308 life insurance companies
in the operation of their business," while "as a master of fact the real situa¬
tion
are
"
1
gold in our international affairs?
measure of value available?
Must we
.
the
when
few of the questions to which the banker may
consideration if he is to assist in furnishing
solution of some of the world's most
its
The charts, he said, showed that the excess of income over expenditures
tures "is.
First, the
as:
people, is it necessary for a nation to regiment its foreign exchange,
a
products
the company by SEO experts yesterday.
for the 20 years ended in 1937 amounted to
responsibilities
significance
standard
gold
true,
imports
to
prepared statement
Implications"
of the
Ohio.
Mr.
Conference
Columbus,
at
intelligent
the
is
initiate, control
policy holders.
Mr. Ecker read
testimony
what
the
it
a
earnest
the
for
finally restore
that might exploit the company's,
assets for their own interests instead of for the
these
problems?
First,
the Metropolitan mutualized primarily because it was
owners
leadership
pressing
to Metropolitan policy holders, but he declined to
fall into the hands of
Regional
Association
briefly outline
we
profitably give his
on
growing so rapidly that its management felt there was a possibility that its
stock
the
before
knowing the f undamentals of the bank¬
the responsibility "for an intelligent
understanding of the economic order" in which banks oper¬
ate, and fourth, a reasonable familiarity with world mone¬
tary and banking, problems.
He added, in part:
questions, Mr. Ecker said he felt the mutual plan had
that
9
third,
ing business;
characterize mutual operation in general as a better plan than stock owner¬
He added
Feb.
on
the responsibility of
pumber between 28,500,000 and 29,000,000.
It was necessary, he said, to consider individual cases.
at
responsibility of knowing the customers' businesses; second,
the average of $100,000,000 a year in dividends to policy holders, who now
ship.
Association
by
Conference
Columbus,
The banker in the United States has four most important
item in which reference is made to the statement before
advantageous
Discussed
Regional
responsibilities, Herbert V. Prochnow," Assistant Vice-Presi¬
dent of the First" National Bank of Chicago, said in an
the Committee of Chairman
proved
*
Ohio—E. N. Dekker also Addresses Conference
Feb. 7.
Opening of the
Committee's hearings on the insurance business, together
with preliminary testimony, is noted elsewhere in this issue
In response to
Banking
Prochnow—Addresses
Bankers
670.
v'\-
American
of
H.
H. Ecker, Chairman of the Board
Insurance Co., told the Temporary
lMr. Ecker] testified, Metropolitan has paid
*
The guest
Fred¬
Tells
Congressional Committee Inquiring into Monopo¬
lies He Is Opposed to Federal Limitation of Growth
For the last 10 years, he
the citizens desire it.
The Chamber went on record as opposed to the Hill,
Bankhead and McKellar bills, now before Congress, which
would take away from the Interstate Commerce Commission
Waters also
Value of Size in Insurance Business Stressed by
erick H. Ecker—Head of Metropolitan Life
an
unless it is clearly
be accomplished
cannot," however,
shown to legislative bodies that the great majority of
being the oldest farm management advisory service
in the country, as an associate editor and consultant to the
Association on farm mortgage matters.
Mr. Doane will
write a monthly article for "The Mortgage Banker."
in
This
confidence.
claim to
on
The adoption of a positive and undoubted policy of reduction in
government expenses would be of unquestionable value in restoring business
the appointment of D. Howard Doane,of St.
Louis, head of the Doane Statistical Service, which lays
National Economic Committee
the return of sound business with general
that
prosperity is dependent upon an effort to decrease the burden of debt and
taxation.
announces
consequences, Frederick
of the Metropolitan Life
be apparent
employment, the maintenance of high standards of living and nation-wide
tablished
other
Commerce of
the State of New York, held Feb. 2 the report of the execu¬
tive committee urging Governor Lehman and members of the
Mortgage Bankers Association of America Establishes
New
821
Chronicle
in
is
some
are
of
the hands
the
of
the
questions which
public.
-.
the banker
may
reasonably be
the world's economic
problems that intelligent leadership which his position demands.
expected to study if he is to bring to a discussion of
along with an experience that doesn't vary materially from year to year in
mortality.
We had a pandemic.
have in mind, our average rate was well over 5%
custom you now
down
now.
,
.
new
to the
policy of restricting the maximum amount
report?"
was
discussed on
financing by industry and has created an opportunity for
commercial banks to offer to qualified borrowers a service
the field
of intermediate industrial
credits.
He added,
part:
explained that what the Armstrong committee complained of
which went with excessive competition and campaigning
waste
The
there," Mr. Ecker testified, "the conclu¬
sion
of the Armstrong committee was that It was a
that
in the insane
desire to get business
commissions they paid for writing
directed against stopping that
question of expense,
the companies were wasteful in
new
business, and those statutes
wastefulness."
commercial
criticism
because
cents
its
profession has been subjected to considerable
failure to meet the credit needs of
apparent
the Federal Reserve System and
in considering applications for
loans has demonstrated that only a small percentage of the applican
qualify as eligible borrowers, there is still a great deal of
Reconstruction
direct
hanking
of
Although
industry.
the
Industry"
E.
in
"As I understand it, and I was
were
by
in
for new business.
the
9
recommended
Armstrong State Legislative investigating committee.)
the
for
N. Dekker,. Assistant Vice-President of the
National City Bank of Cleveland, who said that legislation
enacted since 1932 has had far-reaching effects on public
Feb.
(Chief Justice Charles Evans Hughes was counsel
business you will write in any one year, such as was
Mr. Ecker
was
It is
Chairman of the SEC, asked:
"You have not adopted any
in the Hughes
.
."
William O. Douglas,
of
We may never have it again, but the
In the matter of interest, which figures so largely in the
Lord only knows.
Credit
"Intermediate
In the year 1918 the companies experienced from 130 to 150%
of the table.
pressure
for
commercial
the
experience of
Finance
Corporation
the creation of Federal Intermediate Credit banks.
does not wish to he faced with competition
banker
If the
in this
,
Financial
822
he
form,
aggressive
articles
news
public of his
the
inform
become
must
advertising,
of
form
credit to
of
extension
blunt
a
loan,
and
such
treatment
is
that
at
doesn't
and
it.
should
he
Through
Irving L.
the
continually
the
hesitate
refusal
refused
committee
to
the
often
to know
loss
a
Too
meet his
to
later
Government
why.
his
to
If
the
will
It
opinion
about
Mr.
cents
banks,
Today
is
To
looked
Credit
been
other
On "the
and
he
All
,
be
their
the
if
E.
ready
the
situation
fully
credit
strike
of
Sioux
business
of
said
the
the
settlement
affiliated
plant
in
preferential
with
the
of
four-
a
Congress
of
The strike in its early
them
rapidly
as
their
to
indicted
G.
Kraschel
as
ordered
a
out
O.
158
to
persons
"such
on
jobs
as
available
are
plant operations permit."
as
misconduct,
submit their
reached with the United Packing
affiliate, under terms of which reem¬
was
I.
C.
65
formet
<?ases
the
to
employees,
Grand Jury,
the Woodbury County
by
free to
Nelson
restore
agreement
will be offered
ployment
for
Feb. 9 "Instalment Credit and Personal
included:
Ralph
J.
Miller,
Vice-President
Comptroller of the People's-Pittsburgh
National
are
Labor
including
not
38,
persons
returning but
Relations
Strike of Building Service Workers in
and
are-
Board."-
Union
Third
Trust
Co.
of
Cincinnati;
1 tog or
Tenn.
Clarksville,
Saving's
Bank
of
Philip A. Benson, President
-
Association
and
President
of
Employees' International Union, affiliated with the American
Federation of Labor, voted to accept a compromise
proposal
made by Mayor.F. H. La Guardia.
The strikers accepted
the first of two proposals suggested by the
Mayor calling for
the
of
Dime
the
City
The three-day strike of building service workers in the
garment and fur district of- New York City ended on Feb. 3,.
when striking members of Local 32-B of the
Building Service
W.
Adams, Cashier of the State National Bank of Frankfort,
Ky., and C. W. Bailey, President of the First National Bank
American Bankers
New York
Ended—Mayor La Guardia's Compromise Proposal
Accepted
Trust Co. of Pitts¬
burgh, Pa.; Sterling B. Cramer, First Vice-President of the
of
said
Wabash, Ind.
Yester¬
the speakers scheduled to address the con¬
(Feb. 10)
ference
Fifth
laminating
He
the First National Bank of
dent of
day
ten
City, Iowa, Plant Settled
manager.'
to
Workers of America,
House
and sympathetically.
If he can qualify as an inter¬
a new avenue of service is opened to the banker.
on
conditions.
for
group
Guard
Kaderabek
Mr.
discussed by B. P. Allen, Executive Vice-presi¬
were
to
one
order.
A dispatch from
Iowa, under date of Jan. 25, to the ChicagoCommerce," contained tlie following;
City,
"Journal
problem
prospect,
At tlie session
a
Governor
which
National
"Due
Loans"
by
Kaderabek, plant
result
customer
customer's
providing
agreement
F.
the
capital to enable.him to take advantage of opportunities
to improve his business, the banker should be ready and willing to examine
mediate
from
run
the
in
increases in operation speeds, and clarifica¬
working
of
would
he said, provided for "adjust¬
boost"
stages is said to have been accompanied by disorder,
is clearly lack of
his
bonus for certain
a
adjustments
wage
Organizations at the Swift & Co. packing plant
Sioux City, Iowa, was reached on Jan. 25, according to
at
problems
of the direction of
hand,
Win¬
Industrial
future.
near
should
discuss
the wage
Other provisions of the pact,
one-cent-an-hour
a
improvement
month
The banker
the
in
not be needed.
may
banker's opinion
the
is
business
time
any
glass
American
Executive Vice-President of the
Swift & Co. Strike in Sioux
businesses need the
his community,
to
said
flat
to
refused.
require careful account¬
buying policies.
Jr.,
said
Shetler
and
An
affect
at
customers
months.
few
requests have
of
greatly
the union,
of
raises
in
position
a
authority in these matters.
Through his
industry, the banker is often able to
an
Secretary
$150,000
shop had been retained.
for
pressure
in
are
Monro
hour.
arid
Jeannette,
tion
will
as
clearly explained, the customer
and medium-sized
accommodation
them.
be looking for
next
The
who
Present conditions
his obligation
with
the
those
whose
is sound and
lines
will
his
with
may
in
as
all
which
fulfill
down
sit
upon
with
changes
properly
to
those
well as prudent credit and
as
contacts
foresee
from
come
from
of bankers.
counsel
usually
many
bank accommodation.
for
not
than ever the small
more
methods
ing
does
rather
Ohio,
and A. J. Holland, of the Holland company, signed the contract
He
an
ments
to criticize his banker.
no. cause
advice and
qualify
for such refusal
reason
have
to
comes
Columbus,
approximately
mean
1939
11,
for the manufacturers.
the
approve
He naturally resents
express
He should be encouraged to take such steps
assistance
borrow.
to
would
L.
William
friends.
request.
him
enable
his
to
Shetler of
De
contract
dow Glass,
takes the
To be fair to the customer as well as to the
bank, the customer should be told frankly the reason for the bank's refusal
generally,
Feb.
workers.
public relations is the manner of refusing
applicant.
an
statement
the customer
combat
to
speeches,
desire to make loans.
£n important influence on
the
efforts
his
in
public
and
Chronicle
Brooklyn, presided at the meeting.
immediate wage increase of Si a week and a reduction in
the work week from 48 hours to 47, with a further reduction
to 46 hours at the end of 18 months when there will be a
renewal of negotiations on the wage
question.
All other
an
Radio Pact Ends Threatened Strike of Entertainers—
A. F. of L.
The
avoided
was
Union and Advertisers Sign Agreement
threatened
Itadio
Artists',
nation-wide
3
Feb.
on
strike
the
when
of
radio
American
affiliate of the Amedican
an
entertainers
Federation
points
of
original demands of the union.
of
tion's
The strike had been pend¬
national vote of the Federa¬
a
6,000 members favoring
strike.
a
With
the
difference, it is stated, are to be immediately
MeGrady, former Assistant
Secretary of Labor.
The union had originally demanded a.
15% wage increase and a 40-hour week.
This strike had
tied up hundreds of buildings, employing over 4,000
men, and
had resulted in approximately 100,000
employees in the dis¬
trict remaining away from their jobs.
Regarding the settle¬
ment of the strike the New York "Sun" of Feb.
4, said:' •
Labor, and the Committee for Advertisers, representing a
of the sponsors of commercial radio programs,
signed an agreement embodying, it is stated, most of the
majority
ing since the completion
of
settled by Arbitrator Edward F.
Federation of
support
field, it was estimated
that 20,000 would hare been affec,ted if the advertisers did
As soon as he was informed of the result of the
balloting last night James j'.
Bambrick, President of the union, declared the strike officially ended.
He
sent a telegram to Mayor LaGuardia informing him -of the outcome of the
not accept
the union's terms.
vote.
agreement
is
of other unions in the entertainment
Feb.
4:
The
for
includes
the
between agents
Actors
having
$15 for
$25
half-hour
hour
shows
shows
30-minute
a
hour
of
performances
discount
allowed
is
anty
$80,
Announcers,
5%
a
for
15
•
$12.50
the
to
for
a
President
broadcast.
week,
figure,
the program of
on
the
minimum
and for
discount
would
The
nine
persons,
get
as
'"less,
well
show
for
from
the
in
guar¬
with
with
$10
for
$12.50
1939.
a
for
a
also
are
on
has
scales
eight
The
persons,
last-named,
for from
16
from 31 to 45
45
$6-an-hour
a
to
60
.
for
and
to 30
minutes,
minutes,
of
$70,
from
15
re¬
basis,
''
groups
for
a
voices
two
minutes
of
to
four
or
less,
minutes, $50, with
$60,
with
with
$22.50
$20
for
for
a
and
its
Companies Sign Contract with C. I. O.
declared
ica.
year,
Associated Press advices from Cleveland, Jan. 29, had
the following to say regarding the contract:
The
accord
ended
11
days
of negotiations
the
^he American Window Glass Co. of Pittsburgh;
Adamston
Fort
and
Glass
Smith,
contract
Co.,
Ark.,
covers
the
both of
and
the
Jeannette, Pa.
Clarksburg,
Schoy
American
W.
Glass Co.
window
glass
Holland
Va.;
of
Co.,
Harding Glass
Sisterville,
plants
officials and
Glass
in
W.
Co.
Va.
Bellevernon,
that
so
long
of
men
Nation
and
of
The
Arnold
understands
the United States maintains
as
and
materials, and so, long as
"overwhelming importance of
the
interdependence," the country's food supply will be
secure.
He paid tribute to the forces of distribution which, he
said,,
have banished both distance and season.
Mr. Wallace said,
in
part:
a
triumph
with
of
the
the
food
time
diet
plant itself,
has
supply
in,
year
distributes
conditions
The
process
pf
a
year
such
that
job
feeding
the
before
I
out.
the
and
possible
Federal
citizen,
finally
to
with
beginning
with
is
the
to
perform
do not
do
mean
mean
in assuring ah adequate food
the Government produces
that
that
course
consumer
only
one
it
must
complicated
2,0t>0,000 residents
distributor and
the
can
and
soil
see
to
it
that
production and
of
and
contributes
purity and variety of the
important point is that the Federal
more
but I
those
con-,
hundreds
list
Government
the quality and
function
food,
handlers,
be
would
average
But the
great
•
which
distribution and consumption
behalf of the general welfare.
are
in
it
clear down to
the
farmer's
processor,
form
the
of
and
processors
services
the table.
upon
Government
continue
with
permitted,
detailed
daily
triumph of modern agriculture.
Back
Government working in coopera¬
a
the strong forces of
are
farmers,
If
hundreds
to
Manhattan Island is
6ense,
this
and
between union
on succeeding Sundays.
Mr:
particularly tlfe question of food exhibits,'
resources
sumers.
providing for elimination of all
wage differentials, was signed on Jan. 29 by representatives
of five glass companies and the Congress of Industrial
Organizations' Federation of Flat Glass Workers of Amer¬
one
,
Other speakers, who will describe Federal partieipa-
rich
tion
for
membership."
Federal
Wallace discussed
In
contract
our
tion in the Fair, will be heard
of
Five Glass
benefits for
Secretary of Agriculture Henry A. Wallace on • Feb. 5,
a nation-wide
broadcast, inaugurated a series of discus-,
10%
a
rebroadcast.
A
"substantial
sions of the Federal exhibit at the New York World's Fair
$25,
"•
for rebroadcast;
rebroadcast, and
in
Broadcasts on World's Fair Inaugu¬
by Secretary Wallace—Discusses Food Sup¬
ply and Role of Distribution •
■'
advertising
hour, $35, with $17.50 for
an
singers,
soloists.
for
result
,.
settlement which, he said,
a
rated
similar guar¬
a
$100,1 with
$15,
get
minutes,
fractions.
rebroadcast;
a
to
up
from five to
for
as
Isaacs and
,
For
is
three-a-week
a
will
30
announcers
concerns
persons,
$40, with $15
$17.50 for
a
it
as
more
or
half-hour
in
pact,
for
Stanley M.
Series of
.
15-minute-a-day
a
above that.
or
up. to
program
Rehearsals
computable
>
a
agreement in
an
gratitude to the Mayor, to Borough
to Max Meyer of the State Board of
figure
,
rebroadcast, and for
prepared to conclude
was
the proposal adopted.
Mediation, for their efforts in bringing about
hour
an
.
In behalf of the union he expressed
rebroad¬
a
same
A 15% discouht is allowed the
minutes
broadcast
for a
and
figure, but pot at $105.
a
that
over
with
rebroadcast;
WQrk today and that the union
$10
five-day-a-week show, extending at least
a
performer
the minimum
of
with
with
i
Mr. Bambrick said official orders had been given" the men to return to
rehearsal.
minimum for
agency above
lees,
dropping to $3
rehearsal
sixth
every,
hotir,
an
of
broadcast, including rehearsals.
four
difference
or
■
,
payments
of
with $17.50 for
hours
four
the
weeks, is $105 for
anty
apd
appearance,
60-minute program,
a
after
after
The guaranteed
13
shop
source
principal
line with
Payment for; rehearsal will be $6
on
on
federation
a
the
broadcast of 15 minutes
a
for
rebroadcast, and $35 for
cast.
for
been
«
•
■
He said 1,748 voted for the Mayor's first proposal, 149 for the
second*
that the entire matter be submitted to arbitration and 538 for
rejection of
both propositions.
and union officials.
to get
are
provisions
latter
rebroadcast,
a
The following regarding the
York ''Herald Tribune" of
New
the
.
agreement
rehearsal,
for
from
the retailer
eat.
of
step
Manhattan
usually
have
in
the
Island.
functions
to
the
can
total
The
per¬
Volume
it has
It has banished distance
things.
distribution has done two great
Modern
arid
Financial
148
The entire country's food resources
consumer's door, no matter where or how large
just about banished season.
are
available
the
city.
at the
now
And there
are
available every day in the year fresh
now
milk,
blessings our forefathers never knew.
phase of. the process, it has become
necessary for Government to provide certain minimum services, to guard
the quality and purity of the food supply, to protect honest distributors
and consumers against the possibility of fraud, and to encourage in every
way it can the consumption of those foods which protect and maintain
vegetables
meat,
•eggs,
But
again,
as
and
fruits,
-health.
there is
growing feeling that Government has an even more
a
important function than any of these I have just
This feeling
mentioned.
millions of American families do not have
adequate diets, either in quantity or variety.
In spite of the great
accomplishments of private and public effort to date, we have to admit
.the existence of malnutrition in millions of homes.
If Government can
make
few
of
out
grows
that
fact
the
genuine contribution towards solving this
a
modern
havemade
shall
we
years,
of
one
problem within the next
steps forward in
the greatest
times.'
quote the
Among other remarks by Secretary Wallace we
following:
\
\
.
visit the. New York World's Fair and step into the impressive
exhibit hall of the Federal Building you will look in vain for large signs
When you
proclaiming
or
exhibits
this
that
Interior,
there
as
is reserved for the Department of Justice,
Nor will you find anywhere near as many
Federal departments and agencies.
are
unified exhibits, and you will find that
If you
is, and
Instead, you will see 12 large,
lines and jurisdictions have been ruthlessly ignored.
know what the Federal Government's interest in shelter
•departmental
wish
to
what
it
is
activities
about
doing
portrayed
it,
functions
fiqd the more important of those
dramatically as possible within one
dozen or more Federal agencies have
you
seek a bird's eye view of the
and
simply
as
affect
which
activities
Government's
Federal
If
shelter.
nearly
major
every
the
in
you'will find them portrayed in
conservation
the
department
emphasis
is
does
it,
how
it
to
seems
who
on
citizen
complex world
the
in
than
the average
can
me,
Government
resources,
with respect to conservation.
Government does, and why,
it.
Only in this way, it
Federal
the
what
on
rather
natural
of
large exhibit, despite the fact that
and many independent agencies of the
one
Federal Government have important functions
•and
;
4.
Supplement to "Clearing and Payments Agreements,,
Published by International Chamber of Commerce
The first series of
supplementary
on
to the International
"Clearing and Payments
pages
Agreements" has been published, it was made known
recently.
These additional pages, Supplement No. 1—
January, 1939, bear on seven newly concluded agreements
and eight amendments to the agreements analyzed in the
original collection which was/ published last November.
They follow:
' '
/
. Jj".' ••
Argentine-Czechoslovakia
Argentine-France
Ar gen ti ne-H ungary
France-Italy
Germany-Colombia
Argentine-Italy
Argentine-United Kingdom
Chile-Belgian & Luxemburg Union
Greeco-Portugal
Netherl ands-Rumani a
Chile-Denmark
Switzerland-Yugoslavia
Germany-Manchukuo
Rumania-Switzerland
Finland-Italy
The work is
on
sale at the principal booksellers, with the
National Committees of the I.
C. C., and at the I. C. Cb
headquarters, 38, Cours Albert Ier, Paris.
Reference was made to the publication of this book in our
Oct. 29 issue, page
2596.1
♦—*—
will
you
exhibit, regardless of the fact that a
So
subjects.
space
Agriculture.
or
does
begin
to
understand the place of
of today.
Journal for Manufacturers' Agents Associa¬
and Ireland to Be Published
Monthly
tion of Great Britian
■
'
in
Spring
"
.
monthly journal, the "Trade Recorder", which is
to be the official organ of the Manufacturers' Agents Asso¬
ciation, of Great Britain and Ireland, Inc., and will be pub¬
lished by the Trade Recorder Publishing Co., Ltd., London,
is scheduled to appear early this spring, it was learned in
New York on Feb. 7. The publishers of the new journal will
assume, it is stated, the association's task of bringing together
A
new
manufacturers and agents, to serve
Offer
Railroads
Rate for
Tourist
Special
and
"
New York
Fairs
Francisco
San
$90 is what tlie rail¬
roads will offer the fair-going public this summer, according
to J. J. Pelley, President of the Association of American
Railroads.
Persons from any part of the country can visit
both the New York World's Fair, 1939, and the Golden
Gate International Exposition at San Francisco on the^re¬
transcontinental
A
round trip for
which will be in effect from April 28 to
The fair rate,
the passenger can
stopovers he desires. Each ticket will be valid for
is for travel by day coach and
take any
months.
two
"The
'
in which the plan operates can be
manner
Mr. Pelley
illustration,"
one
Dallas
can
from
go
Exposition,
cross
seOn from
"A person residing in
said.
that Texas city to the San Francisco
the
continent,
in
take
New
the
York
World's Fair and return to his home, having stopped off to
see
of America's scenic wonders, all at a transporta¬
many
tion-cost
"On
low
as
as $90.
grand-circle
these
;
.
trips,
passengers
will
travel
front 6,300 miles to more than 8,000 miles by rail, depend¬
ing on the starting point and the route selected."
A first-class circle ticket will cost $135 plus regular sleep¬
ing or parlor car charges.
'
world. '•'''■■*
Sets Forth
Distributing
Co.
1938
Edition
of
Their
"Comparative Textile Chart"
Scheuer
&
Co.,
72
Leonard
brokers and consultants,
textile
Street, New York City,
distributing the 1938
are
concise
historical
of the industry's performance.
regarding the Chart added:
record
The announcement
A new feature is the section
which shows the total annual production and
consumption for the country of cotton cloth, rayon yarn and rayon staple
In each of the years covered
fibre.
Here is portrayed the rapid growth
staple fibre as well as the relative stability of the cotton
Prices,
tions
are
raw
profession: also of those banks and brokerage
departments as investment
counsel.
The book, it is stated, will supply pertinent data
concerning each organization including the nature of/its
services and its scale of fees; the number of its clients; the
amount of funds under its supervision, &c.
An announcement regarding this new book, publication
of which will be made by Who's Who in Investment Counsel,
Inc., New York City; also had the following to say:
,
firm in the
houses which maintain separate
Fundamentally,
fabric movement.
presented in a new graphic form which facilitates interpretation.
These mill margins, which represent
what mills receive for the services of
barometer of the
industry's well-being.
The cotton section includes among other material a price
history of 64-60
381^-inch 5.35 (the standard cotton print cloth of the market) covering the
1926 to 1938, inclusive.
years
mill
margins
tions
as
well
as
It records the highest and lowest monthly
the price ranges of cloth and cotton during
these
Monthly mill margins of two standard combed cotton construc¬
are
a
competent
investment
counsel succeeds in precise
proportion to that in which, he is given the confidence of his client. "Who's
Who in Investment Counsel" is intended so that such confidence be estab¬
lished between counsel and client
forth
the
well
as
from the beginning of their association.
individuals, will find that ,the new book so fully
background and qualifications of each investment
counsel
and wisely guided, .by It iq the
selection of administrators br advisers of their portfolios.
The publishers
have reserved'the right of selection in their listings, so that all investors
will have none but clear facts of each organization to aid them in choosing
their investment managers.
'
/
that they may be guided,
<
,
Helbig, an accountant, business analyst apd
business writer, is President of Who's Who in Divestment
Counsel", Inc., and George W. McGrath, of McGrath, Doyle
& Phair, certified public accountants, New York, N. Y., is
Secretary and Treasurer. The* offices of the publication are
at 30 Church St., New York City.
"
<
/
W.
Otto
Death of Pope
included.
Vatican City, Rome on Feb. 10 of Pope
XI—"The Pope of Peace"—has brought universal
The
Pius
death at
Nations throughout the world mourning the death
Pontiff. All creeds joined in paying tribute to
the memory of the head of the Catholic Church, whose last
words were reported by the United Press as follows:
sorrow,
of the late
A few minutes
"Peace."
earlier he had said:
"We still have so many
things to do."
From
+
Pius XL—Tributes to His Memory From
All Nations and Creeds
material costs and mill margins of two staple rayon construc¬
manufacturing, financing and selling, form an important
years.
Who in Investment
of a new volume bearing on investment
counsel which will give information of each representative
Inc.,
(1935 to 1938, inclusive) the per capita
consumption of all these items is given.
of
Background and Qualifications of Each
Publication will be made by Who's
Counsel,
•
edition of their "Comparative Textile Chart."
This publi¬
cation has been issued for many years.
The series forms a
'■ "'V''.
.
Organization
organization
&
interests.
of Data on Investment Counsel Made in
Book—"Who's Who in Investment Counsel"
New
sets
Scheuer
common
Publication
Institutions, as
*
their
They will deal with the numerous inquiries received daily
by the association from commercial attaches, chambers of
commerce, consulates and trade organizations all over the
duced fares..
Oct. 28,
12-lecture
a
Corporate Practice and a series of 13 lectures on
Current Problems in Taxation.. The Institute also offers
courses in Wills
and Estates, Labor Law and other legal
on
Chamber of Commerce's work
Finally,
Accounting,
of Securities, a 12-lecture course on
course
production
the
on
823
Chronicle
Vatican
City
Press advices Feb.
Associated
10
announced his death as follows:
Practising Law Institute to Begin Lecture Courses
Interest to Financial Community on Feb. 20
of
spring semester of the Practising Law Institute,
non-profit making educational institution oper¬
ating under professional charter granted by the Board of
Regents of the University of the State of New York, will
begin on Feb. 20 evening lecture courses of particular in¬
terest to members of the financial community.
The program
The
New York, a
includes: 4- 10-lecture course on
Investments and the Analysis
Roman Catholic Church for 17 years, died
Thursday, New York time), the Vatican
City news service announced.
Eugenio Cardinal Pacelli, the Papal Secre¬
tary of State, made the official pronouncement of death.
Extreme unction had been administered about 30 minutes before death
came to the Pontiff, who would have been 82 years old next May 31 and
who had been growing constantly weaker since his critical illness in Decem¬
Pope Pius XI, head of the
at 5:31 a. m.
ber,
today (11:31 P- m.
1936.
Death
was
caused by a cardiac
this week was
ailment which had persisted and which
aggravated by a severe cold
v
The gravest fear began;,
Financial
824
felt last Tuesday
advices
(Associated
Senator
Feb.
Press)
noted
10,
the
tribute by Premier Mussolini as follows:
grief for the Church and for the Italian Nation."
He called the late Pontiff "the Pope of the conciliation" in
as
Feb.
through
Senate,
Steiwer
supported
the President's fiscal
early
days
of
the
1939
11,
Administration,
Roosevelt
New Deai measures but opposed most of
some
In his last year the Senate found him one
of the most active Republican critics of the New DeaL
He was keynoter
the
at
the death of Pope Pius XI
Premier Mussolini today described
the
In
(Feb. 7), when it became known that the Pope was suffer¬
ing from cardiac asthma and influenza.
Rome
Chronicle
policies.
Republican National Convention in 1930.
"a
source
of
to the
negotiation of the Lateran Accord, healing the breach between the
a
Church and state, which was signed ten years ago tomorrow.
Premier's
The
sentiments
expressed
were
in
telegram
a
to
Eugenio
Cardinal Pacelli which said:
The death of the Pope of the Conciliation is a source of grief for the
Church and for the Italian Nation.
As the interpreter of the sentiments of
the Italian people, I express to Your Very Reverend Eminence and to the
Sacred College the sympathy felt by the .Fascist Government and my own
personal sympathy,
*
Death of Sir Henri Deterding, Oil Magnate
reference
.
{The Pope's death may oblige Prenaier Mussolini to postpone indefinitely
his diplomatic, campaign against France, diplomatic quarters "believed.
United Press said.
'{They suggested that when the head of the Catholic Church died
Sir
Feb. 4 at his villa in St. Moritz, Switzerland.
mur¬
Feb.
"Pea,ce" it is an unsuitable time for Mussolini to, brandish the
Sir
Furthermore, it may be
few weeks.)
,
in
England the Archbishop of Canterbury, Head of the
England, was one of the first prominent Britons
publicly his grief over the death of Pope Pius XI
today said United Press advices from London, which also
reported from Paris that:
The death of Pope Pius XI was
regarded
as
mourned today throughout France, where
the world's greatest champion of the personality of man."
From Berlin the United Press
Flags
reported:
today as the first step In the Nazi Government's formal period of mourning
for Pope Pius XI
Endowed with
.
,
tion
to
In
a
1888
Pope's funeral.
..
c
but
J.
Vatican,'Dr. Diego
his condolences to Cardinal Pacelli.
A.
The President desires
to express
me
Word"of his passing
His great spiritual
has beeii received with deep
throughout the United States.
Kessler,
The Government will not have
a,
temporal ruler by virtue of the 1929
This is because the United
Italy, an official said today.
Right Rev. Mgr. Michael J. Lavelle, Rector of St. Pat¬
rick's Cathedral in New York in a formal announcement of
the Pope's death said, according to the New York,"Post'"
With heavy heart, it becomes my duty to announce that out great Pope
Pius XI has been called from the labors and trials of an
earthly life to his
eternal reward with the Master he Served so
long,
so
the sorrow wherewith the
patiently, and so well.
news,
so
the company
of
.
ized
them
He
was
wonderfully competent.
the
model of industry, resource, courage, grit,
interest in every human being, all spiritualized'by intensb love of God, for
every
child of God throughout the world.
the love of all.
Our hearts are sad and
He held the admiration, the
'
"•
heavy at losing him.
V
(
But we'are buoyed
the,knowledge that He who has guided the Church through all the
by His all-wise Providence, provide his
Pius dies, but Peter lives.
on
up
ages
by
will,
successor.
God rules and the Apostolic Succession goes
"
forever.
"
race
so
that sales' might show a profit, and then
Amen. "
•
.
go
,
competitors in the East Indies, and he
He
prices.
lated
created
storage
By the time the Rockefeller interests
enough
market,
depots
at
organ¬
strategic
decided to fight the
com¬
-
of
series
A
tough
first-was
capital
that
so
Mr.
Deterding,
through proximity to
the
able to, stave off the Standard Oil drive in China in the, first
was
a
of
price-cutting
'
wars.
,
fighter in these price-cutting
an
advocate
wars,
Mr.
Deterding
the
from
of agreements among producers to end them.
Dr.
Aranha, Foreign Minister of Brazil, Arrives
United States for Trade Parleys
Dr. Oswaldo Aranha,
on
in
Foreign Affairs Minister of Brazil,
Feb. 9 and proceeded to Washington
yesterday (Feb. 10) he held the first of a series of
State Hull and Under-Secretary.
was Brazilian Ambassador to
Washington from 1934 to 1937, is in this country in response
to an invitation extended by President Roosevelt to discuss
problems of. common interest to the United States and
Brazil.
It is expected that some agreements on trade,
finance and defense may result from these conferences.
Reference to the acceptance of President Roosevelt's,
invitation was made in our issue of Jan. 21, page 379.
trade talks with Secretary of
Welles.
Dr. Aranha, who
.
Roosevelt
President
Nominates Federal. Judges and
Attorney—-Names Judge Patterson
Succeed Judge Manton, Resigned
"to
President
States
Roosevelt
Feb.
on
9
sent
to
the
Senate
an
appointment list, in which he named United States Judge
Robert P. Patterson of New York to succeed Judge Martin
T. Manton (resigned) (a Democrat) as judge of the Circuit
Court of Appeals for the Second Judicial District.. Judge
Patterson, although not connected with any political party
is considered a Republican aiid was an appointee of former
President Herbert Hoover.
delphia
as a
member of the Court of Appeals for the Third
Court of
Frederick
Steiwer, Former Senator from
Oregon—Resigned in 1938 Because of 111 Health
After 11 Years in Senate
as a. member
of the
Appeals for the Sixth Circuit.
John, T. Cahill was named to succeed Lamar > Hardy,
resigned, as" United States Attorney for the Second District
of New York.
of
the Orient.
District and Herschel W. Arant of Ohio
through his wonderful, benignant, progressive rule.
Eternal rest give unto him, O Lord, and let perpetual light shine upon
biih.
May his soul and the souls of all the faithful departed rest in peace
Death
of
Organized Small Competitors
small
stabilize,
to
Dutch
Mr. Deterding was
to'cut-the commissions .of
man.
President Roosevelt also named Francis Biddle of Phila¬
»
Thanks be to God for all the blessings conferred oh the Church and the
human
known as the Royal
petition of. Mr. Deterding and his associates, the Royal Dutch had accumu¬
high office of successor to Saint Peter, Vicar of Christ, Father
Faithful, Shepherd of the Flock.
We might almost say that he adorned the office even more than
reverence,
company
the kerosene market
'
United
was a
then small
a
Kessler was a production
Deterding's first move was
"Mr.
There wefe several
children through the world.
He
He succeeded so well that he received a
he said later, that he ever received.
sad "from an
earthly point of view, is received by the universal Church and all God's
position dignified him.
Netherlands East
untangle the snarled accounts -of the
where
representative at the funeral of Pope
a
States and the Vatican do hot have diplomatic relations, he sa{d.
express
in
Mr.
Go.
arrived in New York
Washington advices, added:
Pius, although the Pontiff became
of the
a
"
won
trading station.
a
aggressively for
qualities and his zeal for peace and tolerance won him a place in the hearts"
of all races and creeds.
week.
ambition and shrewdness, hq found prog¬
his' way in another competitive examina¬
energy,
and:
a
to your Eminence profound con¬
the death of bis Holiness Pope Pius XI.
He held the
He passed
,.
representative of the company at Penang, Straits Settlements,
'his salesman.
points.
Expressing the "profound condolences" of President
Roosevelt, Secretary Hull cabled the Vatican yesterday that
Pope Pius's death was "received With deep sorrow throughout
the United States."
We quote from Associated Press ad¬
vices from Washington which stated that Mr. Hull's message
to Cardinal Pacelli, Papal Secretary of State, said:
Words fail to
.
there only a year before he quit to join a pioneer Dutch oil man,
was
B.
«
.
.
Adolf Hitler instructed the German Minister to the
lateran treaty with
.
75% increase in salary, the largest,
The German Ambassador to the Vatican will be chief representative for
These
great for¬
a
humble" circumstances
in
1860.
.
the Belch at the funeral.
sorrow
19,
born
post with the Netherlands Trading Society.,
he was sent by this organization to the
of
manager
agents
on
April
where his first job was to
Indies,
out
express
driving
in the bank, too slow
ress
Petroleum
Official quarters said the Nation Would observe all customary formalities,
dolences
was
.
.
July, 1882, at $1.25, approximately,
hired there In
was
but that it had not yet been decided whether a special delegate would be
Bergen, to
.
Netherlands,
the
Amsterdam,
and
sent to attend the
von
'
.
title,
British
a
He became
ail public buildings were run up and then lowered to half staff
on
and
•
Deterding, whp accumulated in the oil business
Henri
tune,
Church of
to express
was
5 said:
competitive examination for employment as a clerk in the Twentsche Bank
In
he
His personal
estimated between $150,000,000 and
$200,000,000.
In 1937 he retired from active business life,
although he- had been foremost in developing his oil com¬
pany, which at his retirement is said to have controlled
approximately 200 other companies with 40,000 employees.
In a brief biography, the New York "Herald Tribune" of
fortune is reported as
sword.
people in any question but the identity of the Pope's successor in the next
oil
Netherlands-born
72-year-old
Deterding,
magnate, who was former Director General of the Royal
Dutch Petroleum Co., died as the result of a heart attack on
muring
difficult for II Duce to interest the Italian
Henri
"
*
.
The resignation of Federal Judge Manton was referred to
in the "Chronicle" of Feb, 4, page 674, while the resignation
of Mr. Hardy was noted in our Jan. 21 issue, page 380,
Frederick
Steiwer, former Republican Senator from Ore¬
Feb. 3 in Walter Reed Hospital, Washington.
He was 55 years old.
Mr. Steiwer resigned from the Senate
in Janury, 1938, before the completion of his second sixyear term because of failing health.
He then entered the
private practice of law in Washington.
Mr. Steiwer was
born in Oregon (on a ranch in the Willamette Valley, near
Salem),-on Oct. 13, 1883.
He was admitted to the Oregon
bar in 1909 and began the practice of law at Pendleton,
said the Washington "Post" of Feb.,4, from which we also
gon, died on
Pendleton, Mr,
action
in
■,
men
to
France
.
and
following
membership:
A. D. McDonald, President, Southern Pacific Co.
Horace Bowker, Chairman of the Board, American Agricultural Chemical
Co.
Edwin B. Ackerman, President, Preferred Accident Insurance Co.
F.
Manager of Manhattan
New York Telephone Co.
W,
Nichol,
Vice-President
and
General
Manager,
International
Business Machines Co.
Clifford M. Baker, Vice-President, Lamont, Corliss & Co.
,
served
resumed his Pendleton practice, and in
in
the
Argonne.
In
1919
he
1926 he ran for the United States
Senate, defeating the incumbent, Robert Stanfield.
In 1916 he was
which he left the next year to enlist in the
Army for the World War.
saw
12
area,
Steiwer became District Attorney.
elected to the State Senate,
He
At its regular monthly meeting held Feb. 2 the Chamber
of Commerce of the State of New York elected the
Frank P. Lawrence, Vice-President and General
quote:
At
Twelve Elected to Membership in Chamber of Commerce
of State of New York
•
Otto
Brunenmeister
Jr., Assistant
Comptroller,
Commonwealth
Southern Corp.
Frederick W. Miller, Comptroller,
Mutual Life Insurance. Co.
&
Volume
148
Financial
.
made
Joseph Y. Davis, General Agent, Equitable Life Assurance Society of the
"imperative," says the call for the meeting, because
importance to industrial shippers of the projected
legislation and all members have been urgently requested to
attend.
Six proposals are listed as among the major pro¬
posals to be considered.
They are:
United States.
Frank
D.
825
Chronicle
of the vital
Denton,
retired.
former
Atlantic|Mutual Insurance Co.
Secretary,
,
Lionel D. Edie, of Lionel D. Edie & Co.
Bronson Trevor, estate management.
Revision of Section
transportation;
Cotton
Textile
Merchants
of
New
York
Elected
New
to
Directors
A. F.
serve
Bonsai, Joshua L. Baily & Co.
..
Commission to
merce
thereof; creation of
Commission
authority
of transportation by railroad,
members
19
and
Com¬
providing for statutory divisions
Transportation Administrator, and approval of the
a
League's transportation
directors for three years:
as
Commerce
Interstate
the
prescribe minimum rates for all forms
water, highway, pipe line and air; reorganization of the Interstate
At the annual meeting of the Association of Cotton Textile
Merchants of New York held Feb. 7, the following were
elected to
I5-A—rate making rule; regulation of inland water
giving
program.
.
W. O. Jelleme, Pacific Mills.
committee of the League, at a recent special meeting in the
national capital, recorded anew the opposition of the League
George Nichols, Minot, Hooper & Co.
•'<
to the
S. F. Dribben, Cone Export & Commission Co.
proposed reorganization of the Interstate^Commerce
as provided for in the Omnibus Billi H. R. 2531,
introduced in the House by Representative Clarence F. Lea,
Democrat, of Calif., Chairman of the House Inferstate and
Foreign Commerce Committee.
'
Commission
A. F. of L. Leaders of Six Southern States Form Cotton
'
Textile
*
Federation
Organization of
a Southern Cotton Textile Federation by
American Federation of Labor leaders of six Southern States
.
_
"
♦
.
Coal
in
Annual
Jan. 29 at a conference in Atlanta. John
W. Pollard of Spartanburg, S. C., was elected temporary
President of the group.
George Googe, Southern leader of
the A. F. of L., said the move was the first step in a program
of complete organization of Southern textile workers, accord¬
ing to Associated Press advices of Jan. 29 from Atlanta,
National
from which
report made public Jan. 22, predicted that coal prices
completed
was
Mr.
on
also quote:
we
Googe said that
*
,
:
.
convention would be called by the new federa¬
a
tion, probably within 90 days, for the election of permanent officers and
-the adoption
of
a
permanent constitution.
He stated that the A.
be
known
the
as
next month
Cotton
Textile
textile federation
which
Federation, in
would be
an
England
New
unit
autonomous
Predicts "Grave Social Consequences"
Industry's Condition Is Eased-—United
States Supreme Court Recently Ruled Commission
May Disclose Data
Report,
D.
Brown
Security
nounces
,
Act
to
Special Adviser on Social
Secretary Morgenthau
An¬
increase
for
.
staff consultant to the President's Committee
on
Eco¬
nomic
Security, which carried on studies in 1934 and 1935
resulting in the enactment of the Social Security Act.
'
■
'
f
if
John G.
■
-.
John G. Winant Sworn in
Labor
of
public regulation, and pointed out that
April and December, 1937, commercial bituminous
of
It
was
sworn
in
Director of the Inter¬
as
election of Mr. Winant last June
was
reported in these col-*
of June 11, page 3751.
:
A wireless dispatch from Geneva to the New York "Times"
of Feb. 3 had the following to say regarding the ceremony:
umns
Chairman of the
of Norway,
Body,
Governing
welcomed'
Mr. Winant and stressed the heavy responsibilities confronting
Leon Jonhaux of
their
Denmark,
France,
on
on
marks
Winant
on
"Some
where
we
in
a
behalf of employer
:
,
•'
.
sion's
investigations confirms the necessity
lation
of this industry.
is
It
tion.
people," he said, "have asked
The
going.
answer
faith and courage we
go
me
What
worker
against
we are
Berg's re¬
going to do and
of another man comes
ringing down
anywhere provided it be forward.'
With
will continue that direction."
In the afternobn the Governing Body discussed
elderly workers.
the report on discrimi¬
Robert Watts of the United
States,
a
Special Libraries Association
to
Hold Joint Group Meeting on Feb. 15
joint group meeting of the Cataloguing, Commerce,
Financial, Insurance and Junior Conference divisions of the
New York Chapter of the Special Libraries Association will
be held on Feb. 15.
The program arranged for this meeting
includes a visit to the library of the National Industrial Con¬
dinner to be held at Stouffer's Restau¬
rant, 540 Fifth Ave., New York City.
The speaker at the
dinner will be Dr. Robert F. Martin, Director of the Division
of Economic Research of the National Industrial Conference
Board, who will discuss the "Monopoly Investigation."
"
Industrial
Traffic
League
to
Hold Special
Consider
Washington, Feb.
23, to
Proposed Transportation Legislation
Meeting
in
nation-wide ship¬
organization, will meet in special session at the Wash¬
ington Hotel, Washington, D. C., on Feb. 23,^0 consider
pending and proposed transportation legislation in Congress,
The special meeting of the League membership has been
The National Industrial Traffic League,
pers
of
statement
This
the
income
competitive
conditions.
Nor
whose
mines
of the established
"captive mines,"
accounts are
whose
wagon
so-called*
include
consumers,
or.
•
the operations
on
riot'
does
with
truck
„
.
is based
losses
It
mines.
include
operations would
does
it
smaller returns if the labor of theif owners were
hardly, indicative
the thousands of little
undoubtedly
yield
still
included at a reasonable
iriines during this
yardstick of costs which
Congress has laid down in the Act, and exclusive of interest, incomd taxes,
and bad debts, amounted to $2,077 a ton.
The average realization obtained
during the same period was $1,964 a ton. .At this rate, the commercial
The
figure.
average per
ton costs of the commercial
period, including- on|y the items specified in the
mines
'
losing over $37,000,000 a year.
were
sustained during
losses; were
1937,
a
period of relatively active
market, when the demand for coal was much above the low point of the
depression. , It occurred in spite of rapid technical progress in the effort
to reduce the cost of mining.
For example, new installations of mechanical
and. 1937 than in any previous year.
in the- operating deficit of
the industry.' The demand for coal has fallen as a result of the recession
in. general business, and per-ton costs* have increased.
Meantime,, prices
have declined.
Spot prices on the general commercial market during the
months of-April to November, 1938, as quoted in the trade journals, have
1937
.Since,
all- signs
the
same
decline
a
wage
in
to an increase
point
than in the corresponding period of 1937, when
prevailed.
On slack coal for .industrial use, the
trade quotations has averaged 26c. a ton.
•
avqraged 12c.
listed
ton less
scale
and
include
they
the
In
months
reported
to
deduction
of
1938
Such
in 1938 are not yet
is* seen in ' the operations of the larger companies
Stoik Exchange.
There are nine such companies,
trend
the
the New York
on
of
certain
the
a
to
most profitable units in the Industry.
September, 1937, the nine companies
an average loss of $0.0651 per ton,
income taxes, and bad debts.
In the same
before
Commission
interest,
situation,
consequences.
of the
January
from
their average loss
was
$0.2509 per ton.
if allowed to
months
•
continue, cannot but have grave social
The money losses suffered by the mine operators are
obvi¬
and they lead to widespread bankruptcy, impoverishment of mining
communities, shrinkage in local tax revenues, and increased dependence
ous,
on
public relief.
+.
Business
Move
National
(This is the latest period for which cost
of wages which became' effective
V"
*
scale'
the
Although complete statistics on cost and realization
A
a
available, at
1937.)
available,
ference Board and
mines of the country were
rate of over 11c. ^a ton.
commercial
Commission
or realiza¬
1937, inclusive,
losing money at the
of its income
that in the months April to December,
is found
are
April,
representative,- stressed the importance of this problem.
New York Chapter of
industry's costs and
the
commercial bituminous
average
for some form of public regu¬
Among the first duties laid upon the
of
determination
the
>
.
industry disclosed by the Commis¬
the bituminous coal
of
condition
The
loading equipment were higher in 1936
brief statement afterward alluded to Mir.
through the decades, 'We will
nation
representatives, hand
the difficulties confronting the organization.
are
furnished by 19 coal
following extracts: f
These
behalf of worker representatives, all pledged
collaboration.
Mr.
the
that
Feb. 4 issue, page 662. From
Bituminous Coal Commission we. take the
the report of the
him.
Justin Godart of France, on behalf of the Government representatives;
of
30
the decision appeared'in our
of
Mr.
Winant, who is the, first American to
direct the organization, succeeds Harold Butler of Great
Britain, whose resignation became effective Dec. 31. The'
Oersted
United States Supreme
National Bituminous
that the
here
Jan.
on
The decision, delivered by Justice McReynolds,
sustained a ruling by the Federal Court of Appeals for the
District of Columbia
denying an injunction against the
Commission.
No dissent was announced.
A reference to
Switzerland.
Hans
ton.
a
compahies.
affiliated
Berg
11c.
be noted
decided
Court
the
regular quarterly session of the Governing Body at Geneva,
,
thec United States were losing money at an average
over
may
records
Switzerland
national Labor Organization on Feb. 2 at the opening of
Paal
of "grave social conse¬
warned
also
form
some
between
the
'
Director of International
as
Organization at Geneva,
Winant
It
industry.
will
it establishes minimum prices
substantially when
the
Coal Commission may reveal cost data
A
Secretary of the Treasury Morgenthaii announced on
Feb. 3 that through permission granted by President Harold
Willis Dodds of Princeton University, he has obtained the
services of Dr. J. Douglas Brown to act as special adviser
n Social Security matters while
legislation on the subject is
ending before the present session of Congress.
Dr. Brown,
Professor of Economics at Princeton University, has been
Chairman of the Advisory Council on Social Security and
was
Biturninous Coal Commission, in its annual
quences" unless the present conditions in the industry are
alleviated. * The report said that the industry is in need of
as
Problems,
■
The National
rate
Dr. J.
Commission
Unless
mines in
Textile Workers of America.
United
of the
Eastern
The executive committees of the two groups then would form
i
national cotton
a
F. of L. planned to organize a similar group, to
Bituminous
and
Recession
Toward
Political
Relaxation
of
Tension Checked
Trade Barriers in
1938—Department of Commerce Official Surveys
of Past Year, but Sees Easier Exchange
Conditions on Part of British Dominions
Trend
The world economic recession
sions
and
and spreading political ten¬
apprehensions combined in
1938 to check "the
incipient movement abroad toward the moderation, and sta¬
bilization of tariffs and "the relaxation of quotas and ex¬
change
controls "that
had
been
observed
during
1937,"
Financial
826
Chief of the
Chalmers,
Henry
to
ever,
ber of countries toward
Murray, who was 48 years
liberal conditions for foreign
more
particularly on the part of many members
of the British Empire in their relations with the United
States.
lie added, however, that in many other countries
trade exchanges,
unusually large
of imports and exports."
"political motives and pressures played an
part in determining the movement
continued, in part:
The survey
With
the
1938 the influence of
summer of
and
materials
foreign
American business recovery since the early
renewed, United States demand for foreign
in
rapid upturn
products
improved conditions also-in many
stimulating
is
reversing the depressing effect upon other parts of the
of 193^-38.
As a consequence, the purely economic
countries,
world of the recession
operated through the middle of 1938 to check the trend toward
moderation of trade controls became less of a compelling factor during
forces that
the
the
between the United States' and the
Kingdom, and of the revised Canadian-American trade agreement,
broad
trade-liberating
United
three years
benefits exchanged in the agreement
economy;
!
.
.
toward a freer inter¬
that spread in a cumulative way
the" attitudes
that
fact
the
trade of
foreign
sharply during the past year
was
countries did not decline more
some
partly due to the continued and even
increasing demands for various ma terials and products to " serve the acceler¬
ated
armament
of
programs
intensified
The
countries,
many
of
efforts
during
Germany
large and small.
the latter months
the
of
various countries of Southeastern Europe and of Latin
Ameriba'through a variety of bilateral measures aroused widespread con¬
cern
lest they restrict further the trade possibility in those areas for the
nations operating on a competitive free-exchange basis, and the more so
because
in
many
instances these trade arrangements seemed to 'have
tie
to
year
distinctly
there
the
up
-
evidences
and
moves
countries,
free-economy
designed
plans
the part
on
and announcements
check
to
of the year, however,
of certain of
end
implications.
Toward the
of a stiffening attitude
political
were
leading
of
a
number
of
unfair encroachments
undue or
any
interests in common export markets.
These moves
are
taking various forms, including governmentaliy-sponsored loans to aid
financially weaker countries in acquiring desired equipment and supplies.
Despite the spread of German barter arrangements, analysis of the
their established
upon
trade
that
finds
records
relative
the
in
recovery
the
value
German
of
exports from the depth of the depression has not been as great as that of
either "the
inclusion
the
trade
whose
in
world
.In
had
on
been
with
extended
force
policy,"
discrimination
and
interests
in
the
countries
secondary
and
competitive
arms,
a
protest
basis.
by
rejected
United
the
was
lodged
October,
in
in-
rights
rightfully
be
made
agreement
among
ITEMS
against American
ways
under
Japanese
control.
trade
and
Japanese
The
enjoyed
of
virtue
Orderly
international
processes
of
agreements
negotiation
and
The Governments of the United Kingdom
the parties."
ABOUT
by
by
only
a
similar stand
BANKS,
TRUST
COMPANIES,
&c
Guaranty Trust Co. of New York has published an
booklet, "One Hundred Years of Banking
Service," which this institution completed on Jan. 1. Regard¬
ing the booklet, we quote*therefrom as follows:
illustrative
-
At the time of the bank's
founding the country
was on
the threshold of
great industrial and commercial expansion and the existing financial situa¬
emphasized
the
•
President of the United
announced on Feb. 4
The election of Alan R. Morse as
Mr. Morse, previously
following a meeting of the directors.
succeeds A. C. Itatshesky,
former United States Minister to Czechoslovakia, who was
Treasurer,
and
of
Chairman
elected
The
Directors.
of
new
After
School.
Business
Harvard
the
from
quently
Board
the
graduated from Harvard in 1919 and subse¬
President was
two
with the National Shawmut Bank of Boston, he
joined the United States Trust Co. as Assistant Treasurer,
years
which position he has advanced to
from
his present office.
had held the presidency since he
founded the bank in 1895, will continue to take an active
Mr.
who
Rathshesky,
•
part in its affairs.
*
meeting of the directors of the
First National Bank of Susquehanna, Pa., W. E. Bennett,
At
the
annual
reqent
formerly
Vice-President
a
institution, was elected
the
of
President to succeed Dr. W. J. Condon, who
declined reelec¬
Susquehanna advices appearing in
"Money and Commerce" of Feb. 4, which added that Joseph
M. Ryan was named Vice-President to succeed Mr, Bennett.
tion, it is teamed from
The
President
new
General
is
Co.
Whter
•
.
of the Canawaeta
Manager
'
.»
<<
.
.
meeting of the directors of the
Oertlier,
At the recent organization
First National Bank of Minersville, Pa.* George F.
previously Vice-President, was elected President of the in¬
tp succeed John B. McGurl, who resigned the of¬
its Solicitor, it is
place, appearing in,
"Money & Commerce" of Feb. 4.
At the same meeting
George A. Merkel was elected Vice-President to succeed Mr.
fice,
continues
but
from
learned
Oerther.
with
the
dispatch
a
'
•
hank
.
as
that
from
.
,
;
.
for
need
additional
strong,
Thomas R.
tional
late Edwin M.
elected President of the
been
Houck has
Na¬
of Boyertown, Pa., succeeding the
Bank & Trust Co.
Rlioads, according to advices from that place
appearing in "Money & Commerce" of Feb. 4.
in this matter."
The
tion
•
.
in
France have since taken
and of
various
in
China
the "new order" in Eastern Asia, was
States at the turn of the year, on the grounds
alterations
"can
.
.
States Trust Co. of Boston, Mass., was
stitution
where Japanese control
China,
declaring that the "ideas and principles of the past"
applicable
longer
no
were
of
areas
reply of November,
Brewing Co., etc., etc.
Genesee
the
after
predominantly controlled, over 70%
found to be still carried on by countries
open
of
those
of
even
as
is
the developments in
by
Moreover,
by the United States charging Japanese violation of the "open door
1938,
that
Kingdom.
States
totalitarian
regarded
commerce
predominantly
a
connection
United
the
or
the
with
might'be
value of all
operating
States
United
of
Vice-President
'
„
.
progressed, particularly following the Czech crisis in September,
of many governments in the opposite direction.
the year
influenced
The
.
the political apprehensions
However^
as
These agreements tended to give an encouraging
previously.
again to the attitude of numerous governments
tone,
national
,
agreement
amplifying the scope and depth of the
of
notably' revived by
conclusion of the
closing months of the past year.
This trend was
announcement,
in November,
of the successful
illness. Mr.
old, was born in Albany, N. Y.,
and was a graduate of the School of Banking of Columbia
University.
He began his banking career in the employ of
the
State
Banking Department,
becoming examiner in
charge of the Buffalo area.
During the World War he was
assigned to service under Major General John Biddle as
Supervisor of hospital records in London.
On Ms return
borne at the close of the war, he resumed his work with
the State Banking Department. Subsequently, in 1924, he
went to Rochester as Vice-President and Assistant to John
II. Gregory, then President of the Central Trust Co., and
in 1934 was elected President, the office he held at his
death.
The deceased banker was President of the Roches¬
ter Clearing House Association, Chairman of the Board of
the Rochester Transit Corp., Director and Secretary of the
Rochester Hospital Service Corp., Secretary and Director
Rochester, X. Y., died on Feb. 8 after a long
Foreign Tariffs of the Department of Commerce,
ment
11, 1939
of the Central- Trust Co. of
Murray, President
A.
John
Division of
in a state¬
made public on Feb. 4.
Mr. Chalmers declared, how¬
that distinct progress was made last year by a num¬
according
Feb.
Chronicle
conservative
banking
facilities.
through the intervening years.
staff
official
the
of
First
National
three changes
the institution,
of
Investor"
"Michigan
Feb.
of
which
4
Trust Co.
Bank &
of
the
the
J. H.
have been made in
it is learned from
Mich.,
Kalamazoo,
that
stated
Tolliuizen, formerly Vice-President and Cashier, was elected
Executive
Vice-President;
Putney
B.
Mark
was
named
Vice-President, and L. J. Wefherbee was elected Cashier.
From the start the institution met that need and has continued
to meet it
Because of the recent death of Earl Shepherd, Executive
Vice-President
It is in commemoration of that
Six
highlights
in
the story of
this
bank and
its
career
as
a
semi-public
institution.
„
A previous reference to the anniversary of the founding
of the bank appeared in our
Jan. 7 issue,
page
45.
.
National
Association
of
Commercial
Investment Trust
authorized by the
Inc., New York City,
State Banking Department on
Heber
Jan.
Curtis,
a
Cashier,
made
C.
and
J.
Nephler,
!
formerly
Vice-President
First
Vice-President of
Total
resources
tional
of
Bank
with total
of
the
institution,
of
Feb.
assets of
Old
4.
it is
Mr.
learned
Curtis
is
Michigan Bankers Association.
are
shown in the condition
1938 of the First Wisconsin
Milwaukee, Milwaukee,
Wis.,
as
Na¬
compared
$221,375,253
principal items are:
$106,670,521
the
$231,761,790
of Dec. 31,
as
of
West"
"Commercial
the
statement
Vice-President of the
a
Rapids, Mich., has been advanced to
from
(comparing
on June 30 last, of which
United States Government bonds,
with
$101,900,208
on
June
30)
;
cash and due from hanks, $68,774,525
(up from $84,423,103),
loans and discounts, $31,891,571 (against $34,500,135 on
earlier date).
On the debit side of the statement, total
to reduce its capital stock from $60,000,000, consisting
600,000 shares of the par value of $100 each, to $50,000,000, consisting of 500,000 shares of the par value of $100
and
the
each, it is learned from the "Weekly Bulletin" of the New
on
York
from
W.
Executive
of
Banking Department of Feb. 3.
was
Kent Bank of Grand
30
State
Cashier
4, viz: N. W. Peterson,
Vice-President; R. R. Eldred,
Feb.
of
to
named Assistant Cashiers.
the
A
The
Investor"
Cashier, was advanced
Jr., J. P. Niggeman, C. L. Osmun, and Leo P. Atkins, were
Mutual
Savings' Banks
announced on Feb. 9 that a special day has been set aside
for the representatives of more than 15,000,000 savings bank
depositors at the New York World's Fair on May 12.
A
special program is being arranged for this event, which will
bring together savings bank men and their families from the
17 States in which mutual institutions operate.
The visit to
the Fair will be the concluding feature of the three-day con¬
ference to be held in New York by the association, May 1011-12.
This organization, it is said, is made up of institu¬
tions holding in excess of $10,000,000,000, which is about
1-5 of all American bank deposits.
The conference this year
is expected to take up many important economic questions.
was
"Michigan
munity National
Assistant
—♦
The
the
promotions were made in, the personnel of the Com¬
Bank & Trust Co. of Pontiac, Mich., at
recent annual meeting of thfe directors, according to
the
record that this booklet is published to present some of the more interesting
deposits are shown
June
30).
The
$13,500,000
changed
at
as
$210,834,542
bank's capital
(up from
is
now
$199,850,841
$15,000,000
(up
June 30) with surplus remaining un¬
$2,500,000.
Undivided profits, on the other
on
Volume
hand,
are
vious
date.
Total
Financial
143
down
to
deposits
are
Walker
Bank &
in
Trust
and
assets
total
statement
condition
the
Dec. 31, 193S, comparing, respectively, with
$28,885,279
up
the
Sept.
on
the present
Federal Reserve
$10,946,006
cities,
serve
$26,329,759 and
The principal items making
28 last.
in
resources
hand, due from
upward 434 points to 7034 and Mead Johnson moved
134 points to 129. Public utilities were quiet, and while
prices of some of the trading favorites were higher, the
changes were small. Prominent among the stocks closing on
the side of the advance were American Superpower pref.,
134 points to 2534; Celluloid pref., 2% points to 22; Lockheed
Aircraft, 1% points to 30%,; and National Power & Light
pref., 1 point to 79.
Stocks movements on the Curb Exchange generally pointed
upward on Thursday, but the market was dull and changes
were small.
Scattered through the list were a number of
strong spots, particularly in
the industrial specialties.
Chicago Flexible, Shaft attracted considerable attention as
up
of $31,of the
Co. of Salt Lake City, Utah, as of
$29,223,406
of
reported
statement are:
Cash on
banks and banks in Re¬
(increased
$8,942,155
from
on
United States Government securities at par or
Sept. 28);
lower, $8,774,000 (as compared with $8,636,700), and loans
and discounts, $7,372,238
(having risen from $6,451,500).
The bank's
Capital
it
however,
a gain ot 2 34 points on the day.
Royal Typewriter climbed upward 3 points to 65.
Aircraft
from
$350,000, while, on the other hand, surplus, undivided
profits and reserves are now $722,567, having risen from
$679,974 on Sept. 28.
shares and
moderately active during the
closing hour.
Quiet trading and irregular price movements were the
dominating features of the dealings on Friday.
The turn¬
over dropped to the lowest level of the week, the transfers
E.
Frank
Forker,
&
Trust
1926, died of
Jan. 31.
a
as
California^ had been
than 25 years, entering the institu¬
For several years he was Superin¬
more
bookkeeper.
but
branches,
of
since
1929
he
had
been a
Loan
officer at the head office.
In
its statement of condition
Bank,
Ltd.,
705,315
June 30
hand
compared
as
with
with
on
Bank
the
other
580,987
total
of Dec.
total
31, 1938, Lloyds
resources
assets of
of
of
£464,-
£463,619,519
are:
England, £40,419,818
on
Cash in
(against
the earlier date) ; British Government Treas¬
(against £42,105,000)
bills, £34,265,000
and
as
reports
last, of which the principal items
and
£45,100,866
ury
London,
of
short-term
.
Treasury bonds
Government securities, £34,-
British
;
DAILY
by,
guaranteed
the
capital and reserve fund remain unand £9,500,000, respectively, but
current deposit and other accounts, including provision for
contingencies, are £397,257,980 (down from £401,467,731 on
'
.
Tuesday
133,680
2,255,000
2,000
2,000
114,355
2,445,000
14,000
26,000
...
114,685
2,520,000
7,000
5,000
Friday............
89,165
1,879,000
6,000
11,000
825,590 $15,657,000
$41,000
$62,000
$15.760,Off
Monday...
Thursday
.
Total...
CURB
•.
...
irregular, oil stocks have been quiet and mining and
Industrial shares and aviation issues were
Some of the utilities held their gains but most
down.
The changes
on
the side of
others American Gas & Electric,
point to 36%; Bell Aircraft, 1 point to 29; Pittsburgh &
Lake Erie, 2 points to 55%; Aluminium, Ltd., 3points to 70;
United Shoe Machinery, 1 point to 79; and Niles Bement
Pond, 1% points to 57%.
Prices were firm and generally higher on Wednesday
although trading was light and without special feature. Air¬
craft issues were particularly active and most of the popular
shares moved forward a point or more.
Chicago Flexible
Shaft was the strong feature of the industrial stocks and
the decline included among
1
10
1938
825,590
591,660
6,536,450
5,353,244
$15,657,000
$5,677,000
$62,531,000
$36,119,000
Foreign government..
41,000
126,000
495,000
766,000
62,000
135,000
555,000
901,000
$15,760,000
$5,938,000
$63,581,000
$37,786,000
Total
.....
'
COURSE
OF BANK
CLEARINGS
this week will show an increase compared
Bank clearings
year ago.
.Preliminary figures compiled by us based
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Feb. 11)
bank clearings from all cities of the United States from which
it
possible to obtain weekly clearings will be 37.9% above
those for the corresponding week last year.
Our preliminary
with
a
upon
total stands at
small and without
little movement in oil stocks or mining and
1939
1938
Foreign corporate
vances were
were
Jan. 1 to Feb
Bonds
Domestic.
during the short session on Saturday and. substantial ad¬
vances were registered in both common and preferred shares,
though the best gains were recorded by the latter group.
Aircraft issues were in demand, particularly Lockheed which
climbed back to its Friday top.
Aside from the activity in
the utilities the market was very quiet, and while the ad¬
largely in excess of the declines, the changes were
special significance. I'he gains included
among others Jones & Laughlin Steel, 3 points to 31 %; Todd
Shipyard, 2 points to 78; Florida Power & Light pref., 3
points to 70; and Sherwin-Williams, 1% points to 108%.
Trading in the public- utility stocks was the outstanding
feature of the Curb market dealings on Monday as many
active issues in the preferred group soared to new tops for
the year. Many of the industrial shares were also in demand
at higher prices and the aviation stocks showed substantial
gains on the day. One of the strong issues in the latter group
was Fairchild Aviation as it moved up to a new top for the
year at 12 %.
The gains in the utilities included among others
Alabama Power $7 pref., 8% points to 88%; American Super¬
power 1 pref., 2% points to 75%; Carolina Power & Light
$6 pref., 3 points to 82; Commonwealth Power & Light 1
pref., 3% points to 33; Georgia Power $6 pref., 4 points to
87%; and National Power & Light pref., 3 points to 78.
Reactionary tendencies due largely to profit taking were
apparent during most of the dealings on Tuesday, and while
the losses were not especially large, they extended to all
•'
1939
Stocks—No. of shares.
metal issues have shown little change.
Renewed activity was apparent in the public utility group
of the Active issues
13,000
8,000
5,352,000
Week Ended Feb. 10
Exchange
Exchange during the earlyvpart of the week,
but moderate profit taking appeared on Tuesday and served
to depress the market for a brief period.
On Wednesday the
trend again, turned upward but changes were small and the
volume of'transfers fell off.
Aircraft shares have been some-'
metal shares.
$5,000
$5,000
$1,206,000
New York Curb
EXCHANGE
Public utilities continued to dominate the trading on the
was
Total
Corporate
Wednesday.
New York Curb
sections of the list.
Government
h
THE
off and there
EXCHANGE
Foreign
Foreign
Domestic
91,705
282,000
....
Sales at
what
CURB
$1,216,000
5,373,000
2,259,000
2,485,000
2,632,000
1,895,000
Saturday.'..-
£15,810,252
June,30).
YORK
Bonds {.Par Value)
of
Shares)
Feb. 10, 1939
paid-up
at
NEW
THE
Stocks
Week Ended
doubtful accounts, £163,585,910
(comparing with £165,200,191).
On the debit side of the
statement,
AT
(Number
British
ing provision for j>ad and
changed
TRANSACTIONS
(comparing with £34,768,402);
other securities of,
Government, £55,889,160
(against £53,721,754), and loans and advances, after deduct¬
or
were
falling to approximately 89,000 shares against 115,000 on the
preceding day.
Opening prices were generally lower, and
as the
day progressed, the trend continued to point down¬
ward.
There were occasional movements against the market
but these were largely in the slow selling group.
In the
general list the declines were not particularly noteworthy,
most of the changes being in minor fractions.
As compared
with Friday of last week prices were generally lower, Ameri¬
can
Cyanamid B dipping to 23% against 24 on Friday a
week ago, American Gas & Electric at 36 against 36%,
Carrier Corp. at 16 % against 17%, Humble Oil (new) at 65
against 64%, Lake Shore Mines at 45% against 47%, New
Jersey Zinc at 57 against 58 and United Shoe Machinery at
78 against 80.
heart attack in his office at the, bank on
Mr. Forker, who was born in
a
tendent
Na¬
the Citizens
of
Savings Bank of Los Angeles, Calif., since
with Citizens for
tion
Vice-President
a
public utilities
forenoon but turned downward in the
.
tional
a new top for the year at 75%.
Later
the market moved irregularly downward it
as
receded to 72- and closed with
$300,000. down
lower at
are
spurted upward to
in the session
capital stock remains unchanged at $1,500,000.
debentures,
827
climbed
from $2,017,372 on the pre¬
President of the institution.
.$1,376,481
Walter Hasten is
781,090
Chronicle
the
'
same
$5,331,522,164^ against $3,865,162,459 for
At this center there is a gain for the
week in 1938.
week ended
Friday of 22.9%.
Our comparative summary
for the week follows:
Per
Clearings—Returns by Telegraph
Week Ending Feb. 11
1939
•
•
1938
Cent
:
,
'
-
-
$2,566,822,218
2'11,807,712
283,000,000
$2,088,170,759
195,933,251
250,000,000
164,663,984
New York..
Chicago.
139,088,040
+ 22.9
'
+8.1
+ 13.2
+ 18.4
"
Kansas City
—
.
Louis
St
San Francisco
'
:
T
Cleveland...
.....
r—---
Baltimore
Eleven cities, five
-
days
Other cities, five days
Total, all cities, five days
All cities, one day
....,
Total all cities for week..
*
Lincoln's Birthday a
61,082,803
+1.9
58,900,000
95,945,000
+ 11.9
+ 2.4
+12.2
48,017,735
77,754,144
52,990,106
61,353,414
46,034,192
$3,716,841,897
726,093,240
Pittsburgh
Detroit
62,255,765
60,300,000
107,387,000
87,272,125
63,238,908
62,076,450
$3,117,251,709
635,771,715
$4,442,935,137
888,587,027
$3,753,023,424
+ 18.4
*112,139,035
+ 692.4
#5,331.522.164
$3,865,162,459
+ 37.9
,
+ 19.3
+ 20.9
+ 4.3
+ 19.2
+ 14.2
holiday In many cities.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day of
the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
present further below, we are able to give final and
for the week previous—the week ended
results
complete
Feb.
4.
increase of 12.2%, the aggregate
of clearings for the whole country having amounted to $6,in
029,524,208, against $5,375,404,627 in the same week
For that week there was an
Financial
828
Feb.
Chronicle
11, 1939
Outside of this city there was an increase of 4.8%,
1938.
Week Ended Feb. 4
the bank clearings at this center
having recorded a gain of
the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a gain of 17.4%, in the Boston
Reserve District of 5.9% and in the Philadelphia Reserve
District of 7.6%.
In the Cleveland Reserve District the
totals record an improvement of 10.9%, in the Richmond
Reserve District of 5.1% and in the Atlanta Reserve District
of 4.6%.
The Chicago Reserve District shows a decrease of
1.9% but the St. Louis Reserve District registers an increase
of 2.8%, and the Minneapolis Reserve District of 6.7%.
In the Kansas City Reserve District the totals are larger
by 2.5%, in the Dallas Reserve District by 3.5% and in
the San Francisco Reserve District by 5.1%.
In the following we furnish a summary,by Federal Reserve
We
17.8%.
Clearings atInc. or
group
1939
1938
1936
1937
Dec.
$
%
Seventh Feder al Reserve D istrict
—31.1
575,181
523,420
82,323,262
+20.7
100,183,438
81,000,340
2,997,936
si,789,843
Rapids.
Lansing
Ind.—Ft.
2,647,375
+ 13.2
3,817,836
2,862,332
1,628,657
960,433
+ 9.9
1,546,413
—7.7
1,068,597
916,056
+ 10.5
20,065,000
15,560,000
+ 5.1
1,352,691
4,644,236
21,868,362
3,731,262
18,921,756
886,649
Wayne
17,083,000
1,227,384
Indianapolis
South Bend—
Terre Haute..
1,140,156
10,343,970
la.—Ced. Rapids
Des Moines..
3,306,714
City
289,368
111.—Bloomington
...
255,490,519
776,207
3,7.82,992
1,017,349
1,289,118
Total (18 cities)
426,787,123
Chicago...
Decatur..
Peoria...
Rock ford
districts:
Springfield.
'
15,462,000
1,167,500
4,105,332
19,715,592
1,048,006
8,634,108
3,252,323
369,242
286,667,419
4,607,905
21,086,290
.
Wis.—Milwaukee
Sioux
Chi cago—
437,416
99.370,501
Detroit
Grand
—
301,222
Mlch.-Ann Arbor
+ 12.2
+ 7.0
938,030
986,738
1,087,273
943,212
+ 19.8
8,143,146
+ 1.7
2,971,315
5,861,132
2,875,433
+ 8.8
—21.6
455,819
428,977
—10.9
347,974,272
267,164,990
+ 3.6
956,628
605,009
+ 12.7
4,336,544
1,082,626
1,398,572
3,132,156
+2.1
-1.9
749,095
3,356,781
1,061,398
523,527,949
408,255,041
85,300,000
21,476,270
16,335,564
27,906,000
1,262,317
434,848,256
—4.2
738,425
1,065,773
SUMMARY OF BANK CLEARINGS
Inc.or
Week Eruled, Feb. 4, 1939
Federal Reserve Dists.
1st
Boston
1938
1939
t
12 cities
2d
New York-.13
"
PhiladelphlalO
**
395,249,303
4th
Cleveland.. 5
"
?%,
244,781,935
3,722,995,768
3d
1936
t
S
259,318,000
1937
Dec.
>
292,122,977
4,212,455,639
3,170,584,957 + 17.4
+ 7.6
367,452,876
264,923,027
3,941,275,162
403,378,490
401,947,641
'
6th
Richmond..
6
"
129,394 791
+10.9
+ 5.1
6th
Atlanta
10
"
155,656,751
151,748,438
+4.6
149,237,116
Chicago
18
"
428,787,123
434,848,256
—1.9
523,527,949
St. Louis...
4
"
137,960,743
.134,156,545
+2.8
123,728,834
Minneapolis
7
"
"
82,804,400
76,933,295
121,821,395
+6.7
+2.5
92,411,156
124,828,150
134,327,428
118,483,715
"
64,742,194
62,558,895
+3.5
64.792,131
x
10th Kansas CitylO
11th Dallas
,6
12th San Fran...10
261,594,714
290,114,438
135,929,483
88,357,242
"
■
292,892,886
237,409,419
137,125,640
14,782,858
x
x
x
597,000
0.8
617,000
491,000
137,900,743
110,135,791
134,156,545
+2.8
123,728,834
113,779,858
2,708,740
61,070,337
23,739,721
22,594,139
237,953,830
6,664,954,085
6,040,245,413
City..:..?
2,429,071,423
2,318,424,538
+4.8
2,593,958,801
2,210,951,655
...32 cities
341,776,070
345,998,870
-1.2
213,657,425
1,985,223
1,940,131
+2.3
671,094
504,893
+ 32.9
1,966,635
464,570
513,143
2,765,561
.568,628
—9.8
553,755
542,724
2,034,803
+ 35.9
1,907,398
1,956,423
88,357,242
82,804,400
+ 6.7
92,411,156
70,933,295
Mont.
—
Billings
Helena......
440,731,482
426,403,119
Reserve Dis trlct
Tenth Federal
1936
'
$
Reserve Dlst rict
+ 14.5
718,710
Portland......
2,074,073
—0.5
2,158,004
Mass.—Boston..
220,547,799
+6.6
251,635,146
Fall River.—
562,904
333,719
2,084,583
207,132,401
615,186
374,260
715,501
3,119,347
1,893,508
11,308,135
Lowell
;
New Bedford..
620,556
Springfield....
3,112,797
2,055,136
13,222,818
5,095,624
Worcester
Conn,
—
Hartford
New Haven..
R, I.—Providence
685,402
667,162
Total
(12 cities)
—13.3
—27.5
561,050
—2.8
760,453
688,524
124,828,150
Second
667,548
121,821,395
+ 2.5
134,327,428
118,483,715
3,113,897
1,771,018
10,942.978
4,250,691
9,742,100
446,405
+ 17.3
2,194,352
14,251,008
5,355,345
—14.0
10,883,200
452,03.9
+24.7
577,551
+ 16.9
Eleventh Fede ral
Dallas
Feder al Reserve D istrict—New
293,122.977
Buffalo...
15,115,072
1,927,817
31,700,000
Elmira
Jamestown
,
709,384
1—17.7
11,152.175
1,721,565
+ 3.9
33,300,000
—39,8
702,412
t—4.1
1,633,022
773,166
-580,906
'■
1,653,093
+6.0
+ 4.9
1,241,891
35,591,284
6,204,989
2,220,000
746,759
1,490,058
47,055,501
49,976,134
6,518,107
2,486,000
6,863,185
+ 5.9
2,760,000
-14.1
—5.1
873,890
3,054,661
985,801
3,241,315
—5.8
3,447,942
2,634,640
62,558,895
+ 3.5
64,792,131
48,639,563
7,269,759
2,372,000
935,441
La.—Shreveport.
„
26,800,000
1,047,082
District—Da Has—
5,941,098
2,341,148
30,600,000
' 673,677
....
2,618,197
2,684,007
80,909,067
2,704,217
64,742,194
Fort Worth...
Total (0cities).
630,670
-
*
Galveston...^.
York-
264,923,027
Reserve
1,752,240
49,358,093
Texas—Austin...
Wichita Falls-
+ 5.9
Blnghamton
+ 13.5
25,310,224
648,418
3,549,466
+ 8.5
244,781,935
N. Y,—Albany..
(10 cities)
+ 12.0
318,575
—0.2
12,139,300
259,318,000
128,066
2,627,092
+
'
T
Total
+ 4.3
123,077
2.3
2,700,446
533,731
Pueblo
,571,605
+ 11.6
2,958,030
+ 0.7
83,289,027
Colo.—Col. Spgs.
2,267,506
230,164,432
465,485
4,344,414
10,438,300
563,611
N.H,—Manches'r
—8,6
—10.8
.
*
2,431,796
26,730,997
2,363,676
104,937
99,681
—9.9
386,987
St. Joseph:..
603,261
City
as
129,414
123,228
—1.0
:.
Kan.:—Topeka.
Mo.—Kan. City.
_%
Boston
690,863
498,450
3,026,278
27,539,512
2,823,506
3,268,856
93,255,571
2,757,301
673,193
Wichita
Me.—Bangor...i.
Kans
1,825.075
545,576
Omaha..-
1937
Dec.
+2.0
2,499,125
29,937,307
2,637,095
3,085,565
82,430,647
3,065,181
"
Lincoln.
Inc. or
—
+ 8.2
J 16,565
124,102
,
Hastings..
Week Ended Feb. 4
Clearings at-
Federal
2,224,305
47,292,179
8. D.~Aberdeen.
—
Neb.—Fremont..
First
—1.4
...
St. Paul
Total (7 cities).
1938
Minn eapolis
2,525,741
51,636,705
23,593,499
Minneapolis
We now add our detailed statement showing last week's
figures for each city separately for the four years:
1939
—
2,490,655
55,863,299
24,068,267
Minn.—Duluth..
201,192,260
5,375,404,627 + 12.2
224,585,013
Reserve Dls trlct
Ninth Federal
N. D.—Fargo...
+5.1
6,029.524,208
Outside N. Y.
Canada
Total (4cities).
48,639,563
Ill cities
Total
V '
70,600,000
592,000
Qulncy
113,779,858
9th
IU.—r Jacksonville
—4.2
17,773,006
408,255,041'
8th
17,023,823
Tenn.—Memphis
117,270,641
7th
Eighth Federa 1 Reserve Dis trlct—St. Lo uis—
+ 4.2
80,000,000
82,500,000
+ 3.2
33,286,539
34,344,920
Mo.—St. Louis
Ky.—Louisville
6,255,824 + 141.6
.
New York.... 3,600,452,785 3,056,980,089
"Rochester.
9,925,578
10,337,099
•
1,281,784
.11,173,371
5,701,758
3,807,773
"
SCO
23,699,309
23,279.339
12,208,944
3,928,770
3,716,933
129,672,000
+ 12.3
•15,588,199
+ 2.1
.4,374,056
+ 8.1
152,889,000
2,825,040
3,703,093
26,844,936
—4.0
140,189,000
Ore.—Portland..
Utah—S. L. City
2,715,593
3,216,551
507,960
20,423,885
30,751,301
29,651,288
1,046.697
,Calif.—L'g Beach
2,540,402
1,559,125
—1.5
30,289,293
789,389
27,001,147
*
877,785
25,916,240
Yakima..
9,062,574
+ 11.2
29,820,714
Wash.—Seattle..
+ 17.8 4,070,995,284 3,829,293,758'
—4.0
Francl
Twelfth Feder al Reserve D istrict—San
996,659
644.988
Newark...
5,700,124
4,800,729
4,093,815
690,772
22,558,270
Northern N, J.
24,726,559
Conn,—Stamford
J,—Montclair
N.
•
5,748,994
4,194,371
4,176,962
563,862
23,054,890
24,682,224
Total (13 cities) 3,722,995,768
3,170,584,957
—0.9
•
+14.5
—2.0
+ 22.5
5,384,761
*450,000
—2.2
24,959,138,
+ 0.2
41,403,626
+ 17.4
2,439,425
+ 15.8
Santa Barbara.
1,544,936
1,566,485
—1.4
Stockton
Syracuse......
Westchester Co
1,902,619
2,045,039
—7.0
2,153,158
11,443,111
3,838,439
3,862,618
125,997,259
^2,352,140
1,192,121
1,737,309
224,585,013
213,657.425
+ 5.1
237,953,830
201,192,260
(113
cities)........ 6,029,524,208 5,375,404,627
+ 12.2
6,6^4,954,085
6,040,245,413
Pasadena
San
Francisco.
San Jose
Third
Federal
Reserve Dls trlct
Pa.—Altooria
Bethlehem.—
Chester.....
Lancaster.....
Philadelphia.
477,434
—5.8
534,064
323,628
542,262
330,006
—5.9
959,436
+ 24.7
352,640
1,032,481
+ 27.0
+ 7.6
—5.1
1,275,969
390,000,000
1,345,898
390,000,000
+28.9
2,648,889
2,564,607
+ 0.2
932,523
1,057,068
1,558,885
2,912,000
—28.7
1,634,359
+ 12.4
'1,883,071
3,446,000
3,762,600
367,452,876
+ 7.6
403,378,490
401,947,641
1,311,747
383,000,000
356,000,000
1,336,319
Total (10 cities)
(10 cities)
Grand .total
317,786
251,344
411,510
2,909,889
935,819
1,110,921
3,272,700
N. J.—Trenton,
395,249,303
1,408,553
2,257,497
933,758
1,019,803
Feder
Ohio—Canton
*'
Cincinnati....
Cleveland.....
Columbus.....
Mansfield
"
Youngstown...
Pa.—Pittsburgh.
Total (7 cities).
Fifth
Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond....
S. C.—Charleston
Md.—Baltimore.
D.
C—Wash'b'n
Total (6 cities).
Sixth
Federal
Tenn.—Knoxville
Nashville-
al Reserve D istrict—Clev eland
1,614,048
63,453,675
89,018,769
11,291,100
1,268,935
1,862,709
131,605,202
1,016,446
Week Ended Feb. 2
Clearings atInc. or
1939
Canada-
290,114,438
Mobile.
1,360,071
49,056,328
.85,258,490
45,657,179
64,007,702
+ 1.7
11,543,000
9,655,400
1,368,038
—7.2
1,777,079
1,979,911117,199,644
—5.9
2,307,260
141,062,481
982,864
1,780,592
113,965,611
+ 12.3
261,594,714
+ 10.9
292,892,886
237,409.419
362,498
Rlchm ond-
Winnipeg--.
Vancouver
Ottawa.
..I..,—
Quebec.
Halifax
Hamilton.......
Calgary.....
John
Victoria
344,695
Edmonton..
273,485
2,398,000
2,300,000
+ 4.3
2,850,000
208,994
2,071.000
39,948,863
1,210,898
70,107,089
21,902,135
38,513,536
1,255,72463,441,550
23,593,286
+ 3.7
35,715,060
1,276,108
72,041,142
30,064,771
961,532
57,411,036
+ 5.2
—3.6
+ 10.5
—7.0
24,969,854
19,418,458
+ 5.1
137,125,649
110,135,791
—1.2
3,374,728
16,109,713
53,700,000
1,266,033
1,033,334
17,755,000
19,369,201
1,778,443
2,955,577
Regina.
—
Brandon
,
126,529,409
111,612,073
30,422,976
19,281,330
14,004,569
4,121,662
2,358,237
4,855,707
4,330,437
1,697,677
1,714,089
2,335,116
3,333,380
2,552,249
234,162
396,056
Lethbrldge
1,028,400
443,513
Saskatoon
Moose Jaw
129,394,791
Reserve Dlst
rict—Atlant
4,397,517
17,978,040
4,453,153
Brantford
869,533
Fort William
135,929,483
649,768
649,437
196,222
New Westminster
Medicine
1,009,764
911,984
18,943,000
19,241,664
Miss.—Jackson..
1,888,248
—0.5
+ 19.9:
London.
51,800.000
Macon
-18.1
1,629,940
x
16,527,166
66,100,000
1,203,184
+ 8.8
—7.7
—16.1
947,512
—3.7
17,076,000
16,515,988
1,649,485
+ 10.9
x
+ 16.5
—1.2
x
Hat
—
Peterborough
Shrebrooke
13,134,920
._
Kitchener
39,700,000
Windsor
1,182,011
939,374
14,979,000
13,241,556
1,339,114
Vicksburg.....
189,836
251.921
—24.6
242,635
161,189
42,555,006
37,024,029
+ 14.9
34,608,029
$
420,882
616,701
906,317
132,681.898
—4.6
23,495,604
130,611,646
44,089,073
+29.5
+ 7.0
18,016,483
16,379,480
$
168,964.534
+ 0.9
,
110,629,810
1936
$
%
'■
—
.
46,974,690
21,826.258
23,359,885
24,357,837
14.5
.
157,407,360
125,255,169
28,678,591
"
•5,449,113
"
2,422,843
5,955,611
4,388,823
1,771,210
1,699,254
2,675.410
3,685,998
—24.4
,
—2..7
—18.5
—1.3
—4.2
+0.9
—12.7
——9.6
'
4.898,532
5,287,435
2,270,926
6,559,543
5,922,179
2,040,811
1,880,433
3,685,823
3,914,583
3,132,015
2,289,433
5,740,141
5.475,662
1,940,512
1,944,738
3,357,944
3,732,201
3,289,173
2,935,825
260,441
419,756
—13.1
—5.6
368,661
486,459
995,245
+ 3.3
1,304,513
447,191
924,100
691,566
—0.8
501,436
1,519,606
574,769
—5.9
1,048,439
987,666
—6.0
943,340
609.836
670,216
—3.1
584,722
567,648
221,937
660,943
—10.1
288,508
304,254
185,934
+ 5.5
550,950
—23.6
193,907
519,015
592,621
+ 4.1
586,202
589,023
1,206,164
3,451,194
327,313
1,100,643
2,698,839
390,274
604,872
1,515,858
—40.2
2,952,754
230,291
3,095,909
4.6
271,746
—15.3
592,015
501,430
660,577
—10.4
768,955
Kingston
562,814
—10.9
610,614
583,832
Chatham
720,715
712,173
+ 1.2
563,377
486,166
Sarnia
339.837
362,838
—6,3
436,695
475,811
879,126
891,373
—1.4
935,958
341,776,070
345,998,670
—1.2
440,731,482
Prince Albert
Moncton
x
La.—New Orleans
,
1937
Dec
1938
■
.
$
Montreal....—
11,105,,700
Reserve Dlst rict
Augusta
Fla.—Jack'nville.
-
St.
Ga.—Atlanta
Ala.—Birm'ham..
1,971,482
53,723,759
74,246,180
+ 4.8 2,593,958,801 2,210,951,655
Outside, N ew York 2,429,071,423 2,318,424,538
Toronto
Fourth
■
delphl
510,421
Reading..
York
Phila
449,977
v
Scranton
Wllkes-Barre..
—
4,452,596
+ 1.9
4,212,'455,639 3,941,275,162
Total
'
13,709,287
4,004,941
3,794,451
Sudbury
29,637.900
,
Total (3? cities)
745,877
'
"
426,403,119
»
Total (10 cities)
158,656,751
151,748,438
+ 4.6
149,237,116
117,270,641
*
Estimated,
x
No figures available.
'
Volume
Financial
148
Quotations during the week:
RATES
EXCHANGE
FOREIGN
IN
f
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is now certifying
daily to the. Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
Act of
record for the week just passed:
a
CERTIFIED
RATES
EXCHANGE
FOREIGN
1939,
4,
«
43
43
43
43
43
43
Jan. 18..:
Jan. 19
20 l-16d.
Jan. 20......20 l-16d.
Jan. 21
.20 3-16d.
Jan. 23
20 3-16d.
19%d.
19%d.
19%d.
Jan. 20
19 13-16d.
Jan. 21
Jan. 24
Jan. 25
19 15-16d.
Jan. 23
19%d.
Jan. 24.
20 %d.
.20 3-16d.
Average
Jan.
19.
cents
cents
cents
cents
cents
cents
19.833d.
20.156d.
eriod
highest rate of exchange on New York recorded during the
19, 1939, to Jan. 25, 1939, was $4.68% and the lowest $4.
The
1939, INCLUSIVE
10,
TO FEB.
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
RESERVE
(Per Ounce .999 Fine)
Bar Silver per Oz. Sid.
Cash
2 Mos.
UNDER TARIFF ACT OF 1930
BANKS TO TREASURY
FEB.
FEDERAL
BY
NEW YORK
IN
LONDON
Pursuant to the
give below
829
Chronicle
8^
from Jan.
New York
ENGLISH
MARKET—PER CABLE
FINANCIAL
Unit
,
1
Feb. 4
Bulgaria,
.012125*
$
S
$
.168991
.168983
.168730
.168613
$
.168919
Caechoslov'la, koruna
.012125*
.012125*
,012125*
.034251
.034251
.034246
.034255
4
Sat.,
.208843
.209044
.209209
.109133
.209171
.209137
4.683819
4,688125
4.685555
4.687569
4.685972
Finland, markka
.020595
.020600
.020580
.020565
.020600
.020580
France, franc—
.026441
.026452
.026479
.026468
.026477
.026465
Germany, relchsmark
.401231
.401211
.401212
.401162
.401200
.008569*
.008578*
.008583*
.008585*
.008582*
.008580*
.196300*
.196300*
.052604
.052603
.052600
.539488
.539227
,.052605
.538911
.052603
.539055
,538872
.537983
Norway,
.235078
.235316
.235487
.235408
.235481
.235412
.189025
'
.052603
.189075
.189025
.189000
.189025
Portugal, escudo
.042534
.0425-50
.042481
.042456
.042456
.042484
Rumania, leu
.007271*
.007257*
.007285*
.007278*
.007292*
.007292*
.189062
Poland, zloty
a
a
a
a
.241073
.241305
.241518
.241425
.241487
Fri.,
Feb. 9
Feb. 10
British
.225908
.226605
.226422
.226644
.022840
.022760
.022800
.022800
20%d.
20 3 /16d.
148s.3%d.
'20%d.
148s. 4d.
148s. 3%d.
20%d.
£70%
£70%
£70%
£70%
£70 5-16
£97-%
3%%
Holiday
£97%
£97%
£97%
Holiday
War Loan...
£107%
£108%
£107%
£97%,
British 4%
1960-90
£108
£108 '
.
price of silver per ounce (in cents) in the United
the same days has been:
44%
44%
44%
BarN.Y. (for'n) Closed
44%
44% ' .
The
States
on
U. S. Treasury
64.64
64.64
64.64
64.64
64.64
(newly mined)64.64>
.226608
.022900
20 l-16d.
148s. 5%d.l48s. 4d.
Holiday
.241425
.225808
Switzerland, franc...
Yugoslavia, dinar...
Consols, 2%%.
a
a
Spain, peseta..
Sweden, krona
Thurs.,
Feb. 8
Gold, p.fineoz. 148s. 7d.
.196300*
.196300*
.196300*
.195500*
Italy, lira..,
Netherlands, guilder.
krone
Wed..,.
Feb. 7
20 l-16d.
Silver, p. oz
.401162
Greece, drachma
pengo
Tues.,
Feb. 6
.034250
Engl'd, pound sterl'g 4.679097
Hungary,
Mon.,
Feb. 4
.012125*
.034250
Denmark, krone^
$
.012125*
.
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The
as
$
.168902
Europe—
Belgium, belga
lev....
Feb. AO
Feb. 9
Feb. 8
Feb. 7
Feb. 6
.022800
China—
BANKS
NATIONAL
banks is
following information regarding National
The
Asia—
Comptroller of the Currency, Treasury
'
'
:
.
:
from the office of the
Chefoo (yuan) dol'r
.160958*
.159833*
.159416*
.160250*
.159833*
.159625*
Hankow (yuan) dol
.160958*
.159833*
.159416*
.160250*
.159833*
.160250*
.159093*
.158781*
.159250*
.158937*
.163218*
.162000
.161437*
.162062*
.161750*
.159625*
.158468*
.161281*
Department:
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, dollar.
British India, rupee.
.290687
.290656
.291156
.291312
.291000
.291000
Feb.
.349562
.349935
.350218
.350037
.350195
.350137
Japan, yen...
.272587
.272842
.273093
.272915
.273053
.273006
Straits Settlem'ts, dol
.543062
.544062
.544437
.544000
.544437
.544250
"
_
Australasia—.
3.733125 3.73.5000 3.733515
3.731406
3.735468
Zealand, pound. 3.743375* 3.746687* 3.750625* 3.748000*3.750250* 3.748937*
Australia, pound.... 3.727343
New
4.640000
4.637500
4.640156
4.637250
Union South Africa, £ 4.631875
-
North America—
.994375
.994648
.994609
.995019
.994960
Cuba, peso.
.999333
.999333
.999333
.999333
.999333
.200200*
.200280*
.200280*
.200240*
.200240*
.200240*
.991406
.992187
.992187
.992109
.992500
.992460
Argentina. peso.....
.311920*
.312208*
.312495*
.312360*
.312480*
Brazil,
mllrels......
.058620*
.058540*
.058600*
.058600*
.058600*
.312375*
.058600*
Chile, peso—official.
.051733*
,051733*
.051733*
.051800*
.051733*
export.
.040000*
.040000*
.040000*
.040000*
peso.....
.569860*
.569940*
.569940*
.569940*
.569920*
.615517*
.616039*
.516765*
.616433*
.616755*
peso
Newfoundl'd.
dollar.
N.
•
South America-
"
"
Uruguay, peso'...*
Nominal rate
THE
a
.040000*
GOLD
AND
SILVER
"GOLD
.
Feb. 2—The National City Bank
Common stock.
:
•
<
>
■'
.
..'
....
Jan. 21.....
—
..
......
, _
$450,000
- . .
—$200,000
.
.
„
Feb. 2—The Bolivar
$30,000
National Bank, Bolivar, Pa
Feb. 1, 1939.
Liquidating agents:
F. J. Sutton
and W. R. Burkett, both of Bolivar, Pa. :t No absorbing or
Effective
'•
"
succeeding bank.
*
CAPITAL STOCK INCREASED
COMMON
of Inc.
Ami.
*
National Bank of Santa Fe, Santa Fe, N. M.
—From $180,000 to $225.000
----—
Jan. 31—The BUrlington National Bank, Burlington, Wis.—
From$85,000to SlOp.OOO--.-..-.-----------------,
Jan. 24
Jan. 25
148s. 7.75d.
The following were the United Kingdom imports and exports of gold,
registered from midday on the 16th inst. to midday on the 23rd inst.:
.
Average
"
;
£37,092
21,233
25,485
68,628
Imports
Union of South Africa
-
Southern Rhodesia....
British East Africa
New Zealand-
Egypt
Venezuela.....
Uruguay
26,378
5,239
352,500
.....
•
Netherlands..;
France..
....
Switzerland
Other countries.
'
Exports
U. 8. of America...
£2,092,565
14,625
100,379
31,035
30,951
3,821
Central and So, America.
Netherlands
France
8wi tzerlahd
$.15,000
STOCK ISSUED
PREFERRED
Amount
31—The Citizens National
field, Wis.
(Sold locally)....
Jan.
..........
_
$45,000
....
.....—. —
—.— ...
.
Per Fine Ounce
.....148s. 5%d.
148s. 7d.
148s. 8%d..
148s. 8%d.
148s. 8%d.
148s. 8%d.
'
Jan. 19..
Jan. 20.......
'
of Lynn, Mass
Preferred stock ....
....
...
:
250,000
Effective at 10 o'clock a. m. on Feb. 1,1939.
Liq. committee:
Robert S. Baker and Arthur W. Pinkham, care of the
liquidating bank.
Absorbed by: Essex Trust Co., Lynn,
Mass.
'
Jan. 28—The First
,
~
—
$75,000
.
.
Ml Quotations:
Jan. 23..
Amount
•
Bank of Bainbridge, N.Y._-
N. Y., Charter Bo. 1354.
against notes amounted to £126,414,257 on Jan. 18 showing no change as compared with the previous Wednes¬
day.
•.
,
'
'
In the open market about £2,500,000 of bar gold changed hands at the
daily fixing during the week.
Business has been general With reselling on
Continental account again a feature: the authorities provided a part of the
supplies and demand was chiefly for the Continent and for shipment to
New York.
y
•
<
,
\
—.—$37,500
Preferred stock B
37,500
Effective Jan. 10, 1939.
Liquidating agent:
The National,,
Bank & Trust Co. of Norwich, N. Y., Charter No. 1354.
Absorbed by: The National Bank & Trust Co. of Norwich,
The Bank of England gold reserve
..
,
.
,
.
in Seattle, Seattle, Wash.
City of Anacortes, Skagit
VOLUNTARY LUQIDATION
MARKETS
•
Chickasha."
Certificate No. 1425A.
Jan. 30—The First National
Common stock
.569940*
.616554*
We
-
Bank of Chickasha, Chlckasha,
Bank of
'
"
No rates available.
ENGLISH
National
.
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan.25, 1939:
■
'
County, Wash.
.
Colombia,
CHANGES OF TITLES
Jan. 31—Peoples National Bank of Washington
Location of branch:
502 Commercial Ave.,
.051733*
.040000*
$500,000
Collingswood, Collingswood,
J.,, to: "First National Bank of Collingswood."
1
".
BRANCH AUTHORIZED
.999333
Mexico,
'
Memorial
1—The
Feb.
.993945
A
"The First National Bank of
Okla., to:
4.638437'
Canada, dollar
Amount
*
,.
1—The Citizens-Farmers National
Feb.
Africa—
ISSUED
CHARTER
..
1—Charter No. 14408.
Northwestern National Bank of
St. Louis, St. Louis, Mo
.-—
Capital stock consists of $500,000, all common stock:
Presi¬
dent: John P. Meyer.
Cashier: C. H. Lakebrink.
Con¬
version of the Northwestern Trust Co., St. Louis, Mo.
...
_
Other countries
COMMON
.'
Bank of Marshfield, Marsh-
$50,000
CAPITAL STOCK REDUCED
Ami. of Reduct.
Feb. 3—The Wheeler National Bank of Interkalen,
N. Y.—From $50,000 to $25,000
PREFERRED
STOCK "A."
Interlaken,
*
$25,000
.
DECREASED
Amt.
Wheeler National Bank of Intdrlaken,
Y.—From $75,000 to $37,500. —
*
Feb. 3—The
N.
■'
PREFERRED STOCK "B"
'
Interlaken,.
of DeC.
$37,500
.
DECREASED
Feb. 3—The Wheeler National Bank of Interlaken,
,N. Y.—From $25,000 to $12,500
.— —
41,774
7,229
65,594
7,131
•
Interlaken,
$12,500
------
COMPARATIVE PUBLIC DEBT STATEMENT
'
(On the basis of dally Treasury
£2,273,376
£658,283
statements)
1
'
SILVER
News from America of further legislative
activities reached the market
during the week.
It was reported that Senator Pittman had proposed a
revised silver purchasing program catling for purchases from aomestic as
well as from foreign sources; in the case of foreign purchases, however, the
of American products. Another provision
beginning on July 1, 1939, purchases of domestic silver would be
of $1.29 per ounce.
Full details ot the new bill are not yet available, but news of the proposal
served to counteract the effect of the other measures referred to last week,
which suggested the cessation of silver purchases by the United States
Government. The market, therefore has been steady and prices have shown
a sdght improvement; the
chief features were buying and selling by the
Indian Bazaars and speculators and forward purchases on American account.
Conditions at present are rather quiet and no important change is expected
in the near future.
funds would go to pay for exports
is that
at the rate
the United Kingdom imports and exports of
registered from midday on the 16th inst. to midday on the 23rd inst.
The following were
Imports
£55,056
France
Belgium
Germany
....
Iraq
8,405
2,735
bl ,150
a2,300
Eire
British West Africa
New Zealand
<
6,454
1,460
...
Other countries
w
dl0,730
Exports
U. S. of America..
Turkey .
c
Arabia-Saudi
Denmark
Poland
Eire—
Barbados
Other countries
...
£352,770
58,590
bl2,232
1,290
1,180
bl,498
a2,000
4,898
£88,290
£434,458
tender in the United Kingdom, b Coin not of legal tender
in the United Kingdom,
c Including £344,000 in coin not of legal tender
in the United Kingdom.
<d Sundry coin.
Coin of legal
Dec. 31.
1930,
Mar.31, 1917,
Lowest Post-War
Was at its Peak
Debt
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
Gross debt
Net bal. In gen.
Gross
When War Debt
Pre-War Debt
net
fund...
less
debt
bal. In gen.
74,216,400.05
fund...
Computed
Jan.
a
Net bal. In gen.
bal.
general fund
Gross debt per
Year Ago
Dec. 31,
3.750
1938,
Last Month
capita—
a
Revised,
31, 1939
$34,502,947,202.06 $36,343,677,977.12 $36,698,287,564.13
a$288.35
2.566
2.580
b$303.05
b$301.68
Computed rate of Int.per
annum on int .-bearing
;
debt outstanding (per
cent)
Jan.
$37,452,527,270.39 $39,427,183,001.74 $39,631,276,260.53
2,932,988,696.40
3,083,505,924.62
2,949,580,068.33
fund...
Gross debt less net
in
31, 1938,
$129.66
4.196
2.395
(percent)
Gross debt
306,803,319.55
$250.18
$12.36
per annum on Interestbearing debt outstand¬
ing
1,118,109,534.76
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.52
capita...
rate of int.
Gross debt per
silver,
.
a
Aug. 31, 1919,
— -
b Subject to revision.
"...
«'
-
2.586
Financial
830
COMPLETE PUBLIC DEBT OF THE UNITED STATES
This statement of the
Feb.
Chronicle
1939
11,
$99,621,042.96, which Is secured by the pledge of collateral as provided in the Regu¬
lations of the Postal Savings System, having a face value of $100,276,708.29, cash
In possession
of System amounting to $08,083,173.60, Government and Governmentwith a face value of $1,105,354,950 held as investments,
public debt and Treasury cash hold¬
ings of the United States, as officially issued as of Oct. 31,
1938, delayed in publication, has now been received, and as
guaranteed securities
mid other flflsets.
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
Issuing banks.
making comparison with the same date in 1937.
PAY MATURING OBLIGATIONS
CASH AVAILABLE TO
Oct
1938
31
Oct
31
1937
belated Items...-.----
+7,994,341
thereon, held by the Treasury and reflected in the public debt.
$2,562,669,347 $2,683,794,574
54,204,284
557,344,628
on
3,503,820
3,587,025
—-
on
582,656
$533,950,855
—.+1947072,050'
warrant checks
544,565
$615,597,297
Settlement
STATEMENT OF THE
482,115,978
War Savings certificates.-.
DEBT
PRELIMINARY
47,665,196
—
—
Disbursing officers' checks
Discount accrued
Finance Corporation.
of series bonds and accrued interest
g Held by the Reconstruction
h Does not include $10,000,000 face amount
<■—6,481,291
Deduct outstanding obligations:
Matured interest obligations
+2149,843,719
—
Total
deposited
which have not been presented for redemption.
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on
redemption fund
exclusive of $8,812,256.74
and $271,175,115 of their own Federal Reserve notes held by the
The collateral security for Federal Reserve notes Issued consists
of $4,668,000,000 In gold certificates and In credits with the Treasurer of the United
States payable In gold certificates, and $6,488,000 face amount of commercial paper.
f Includes
only unmatured bonds Issued and outstanding.
Funds have been
deposited with the Treasurer of the United States for payment of matured bonds
.......$2,569,150,638 $2,675,800,233
Balance end of month by dally statements
circulation,
actual
In
e
In the Treasury
STATES JAN.
UNITED
The
31,
1939
statement of the public debt of the
United States Jan. 31, 1939, as made up on the basis of the
preliminary
daily Treasury statement, is
follows:
as
Bonds—
Balanoe. deficit (—) or surplus (+)——
INTEREST-BEARING DEBT OUTSTANDING
Interest Oct, 31,
Title of
Loan—
■
Payable
»
*
Oct. 31, 1937
1938
$
$
3% Panama Canal loan of 1961
3% Conversion bonds of 1940-47—
$196,470,660.00
■
Q.-M.
49,800,000
49,800,000
Q.-J.
28,894,500
28,894,500
Treasury bonds:
44% blonds of 1947-52
Special:—4s Adjusted Service Ctf. Fund—Ser. 1938
2 Ms Unemployment Trust Fund—Series 1938..
4Mb Treasury bonds of 1947-1952
——
A.-O.
4s Treasury bonds of 194+1954
J.-D.
3Ms Treasury bonds of 1940-1950.---.
M.-8.
3Ms Treasury bonds of 1943-47
———J.-D.
3 Ms Treasury bonds of 1940-1943. .. - m - w - ~
m J.-D.
3Ms Treasury bonds of 1941-1943
.......M.-S.
3Ms Treasury bonds of 1940-1949..-—-——..J.-D.
3s Treasury bonds of 1951-1955..-.--—-----M.-S.
3Ms Treasury bonds of 1941
-F.-A.
4Mb-3Ms Treasury bonds of 1943-1945.—
A.-O.
3Mb Treasury bonds of 194+1940
A.-O.
3s Treasury bonds of 1940-1948
J.-D.
8Mb Treasury bonds of 1949-1952.—.
J.-D.
2Mb Treasury bonds of 1955-1960.*
M.-S.
2Mb Treasury bonds of 1945-1947
-.—.M.-S.
2Mb Treasury bonds of 1948-1951
M.-S.
2Mb Treasury bonds of 1951-1954—
J.-D.
2Mb Treasury bonds of 1950-1959
M.-S.
2Mb Treasury bonds of 1949-1953
j.-D.
23,200,000
936,000,000
758,945,800
31 ,800,000
4% bonds of 194+54
3M % bonds of 1940-50
495 ,653,000
3s of 1901
-
3s convertible bonds of 1946 1947
Certificates of Indebtedness:
2Mb Treasury bonds of 1945——
2M Treasury bonds of 1948.
—
—
2Mb Treasury bonds of 1958-03—*;
2Ms Treasury bonds of 1950-52
U. 8. Savings bonds, series A, 1935...
U. 8. Savings bonds, series B, 1930
352 993,450
755 ,434,500
1,400 528,750
1,518 737,650
1,035 ,874,400
491 375,100
2,011 095,150
1,214 428,950
1,223 496,350
1,626 687,650
981, 837,550
1,780, 360,050
_
3M%
2VS%
2*4%
2*4%
2*4%
2*4%
2M%
2M%
2M%
2M%
-
——
1,035,374,400.00
bonds of 1949-62
bonds
bonds
bonds
bonds
bonds
of
of
of
of
of
bonds of
bonds of
bonds of
bonds of
1955-00
1945-47
1948-51
1951-54
1956-59
1949-53
1945——
1948
1958-63
491,375,100.00
2,611,095,150.00
1,214,428,950.00
*
.
-
1,223,495,850.00
1,626,687,150.00
981,827,050.00
-
1,786,143,150.00
——
540,843,550.00
-
450,978,400.00
918,780,600.00
—
2M% bonds of 19.50-52....
866,397,200.00
;
591,089,500-00
....
24,004,586,550.00
185,288,809
344,270,158
335,833,044
c55,943,605
~44,959" 088
302,942,300
356,236,550,
500,157,957
J .-J.
117,867,240
118,367,560
—.10,550,108,450 11,538,529,950
1,302,276,000
2,402,732,000
Treasury notes...--.
Treasury bills
Aggregate of interest-bearing debt
Bearing no interest
Matured, Interest ceased
—
37,899,299,219 30,368,177,010
432,677,406
482,088,058
,
93,542,331
108,578,885
*38,425,518,956 36,958,843,959
-
Deduct Treasury surplus or add Treasury deficit
—
—.
+ 1947 072,050 + 2,149,843,719
b36,478446,906 34,809,000,240
-
To^al gross debt Oct.,31, 1938, on the basis of daily Treasury
statements, was
$35,423,086,174.84, and the net amount of public debt redemption and receipts In
transit, &c., was $2,432,780.72. b No reduction Is made on account of obligatioas
of foreign governments or other Investments, c Amounts issued and retired include
accrued discount; amounts outstanding are stated at current
redemption values.
LIABILITIES
OF
THE
UNITED
STATES,
OCT.
Compiled from Latest Reports Received by the Treasury
Amount of
U. 8. Savings bonds (current redemp. value):
Series A-1935
Series B-1930
178,735,540.25
329,195,567.00
432,288,012.75
—
Series C-1937—...*.
-
Series C-1938
473,919,090.50
——
Series D-1939—
19,712,^62.50
*
Unclassified sales...,.
146,627,573.38
1,580,478,446.38
31,
1938
'
Adjusted Service bonds of 1945.
—
$295,002,850.00
—
(Government Life Insurance Fund series)..
;
795,160,806.40
.$26,576,696,462.78
Treasury Notes—
24 % series A-1939, maturing June
\*A% seriesB-1939, maturing Deo.
IX% series C-1939, maturing Mar.
14% series D-1939, maturing Sept.
1M% series A-1940, maturing Mar.
IX% series B-1940, maturing June
IX % series C-1940, maturing Dec.
IX % series A-1941, maturing Mar.
1M% series B-1941, maturing June
14% series C-1941, maturing Dec.
14 % series A-1942, maturing Mar.
2%
Beries B-1942, maturing Sept.
1*4% series C-1942, maturing Dec.
15.1939.
$1,293 714,200.00
15,1939.
520 232,500.00
15,1939.
15.1939.
15.1940.
1,378 ,364,200.00
13 ,059,550.00
426 554,600.00
15.1940.
738 ,428,400.00
15.1940.
737 161,600.00
15.1941.
676 ,707,600.00
15.1941.
503 ,877,500.00
15.1941.
204 ,425,400.00
15.1942.
15,1942.
426 ,349.500.00
15.1942.
232 ,375,200.00
1m% series A-l943, maturing June 15.1943.
629 ,116,900.00
342 ,143,300.00
IM% series B-1943, maturing Dec. 15,1943-
367 ,859,800 ;00
Contingent Liability
$8,496,370,2,30.00
Principal
Interest
a
3% Old-Age Reserve account series, maturing
June 30, .1941 and 1943
.v
a.
3% Railroad retirement account series, ma¬
Total
Guaranteed by the U. 8.
Commodity Credit Corp:
$
M% note ser. C, 1939
Fed'l Farm Mtge. Corp.;
$
206,174,000
■
775,277
3% bonds of 1944-49.
847,425,600
11,722,720
3M% bds. of 1944-04.
98,028,000
236,476,200
103,147,500
100,122,000
9,900,000
407,090
2,088,873
472,769
*1,395,099,900
640,773
6,437
4,079
206 949,277
15,003,624
3% bonds of 1942-47.
2M% bds. of 1942-47
1M% bonds of 1939..
1M% bonds of 1939..
Fed'l Housing Admin.:
3% debentures
...
2M% debentures
250,305
4%
2%
965,462,875
325,254,750
6,637,555
2,032,842
804,914,025
6,036,855
810,950,880
f2,887,636,200
14,777,753
299,072,666
211,460,000
1,703,733
510,532,666
2,226,637
2M % bonds, series G.
1942-44....
1,100,740
1M% notes, series K_
M% notes, series N..
Tenn. Valley Authority.
522,903
902,413,953
Savings System series,
2%
Government life
maturing
1943...
insurance
fund
57,000,000.00'
series,
.2_.
—
532,000.00
'
8,700,000.00.
.115,000,000.00
10.114,872,250.00
Certificates of Indebtedness—;
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1939
•_
2X % Unemployment Trust Fund series, ma¬
$22,500,000.00
1,074,000,000.00
1,096,500, 000.00
1,309,165, 000.00
Total interest-bearing debt outstanding
Matured Debt on Which Interest Has Ceased-
$39,097,233,712.78
...
Old debt matured—Issued prior to Apr, 1,1917
300,776,400
211,982,903
(excluding Postal 8avlngs bonds)
2X%
c512.759.304
.....
U. 8. Housing Authority
$3,909,940.26
Postal Savings bonds
...
39,020.00
34 %. 4% and 44 % First Liberty Loan bonds
of 1932-47
13,132,850.00
4% and 44% Second Liberty Loan bonds of
1927-42
upon
guarantees
5,033,326,798
On Credit of the U. S.—
Secretary of Agriculture
Tennessee Valley Auth..
Total, based upon
Postal
June 30. 1940, 1942 and
Treasury bills (maturity value)...
U. 8. Maritime Com's'n
Postal Savings System:
Funds due depositors.
3,980,000.00
Railroad retirement fund series,
1943
turing June 30. 1939.
h2
Reconstruct Fin. Corp.:
Alaska
Corporation
series, maturing Dec. 1, 1939,1942 & 1943..
972,100,430
327,287,592
1939-49
3,490,000.00
*
maturing June 30, 1943
Federal Deposit Insurance
792,075,050
2M % bonds, series B,
series
......
2%
10,516
1M% bds., ser.F, 1939
fund,
maturing June 30, 1941 to
647,211
70,500
retirement
to 1943
453,529
1,090,223
458,300,000.00
4% Canal Zone retirement fund, series 1940
1,410,103,524
792,004,550
77,200,000.00
to 1943
Foreign Service
1939 to 1943
9,961,875
894,300,000 00
turing June 30, 1942 and 1943..
4% Civil Service retirement fund, series 1939
4%
859,148,320
98,435,690
238,565,073
103,620,259
100,372,305
61,875
449,450
Home Owners' L'n Corp.:
3% bds., ser A. '4+*52
based
500,157,956.40
Total bonds
Detail
Total,
701,084,900.00
•
—
—
Fund series 1940)
CONTINGENT
'
;
—*
(Govt. Life Insurance
2Mb Postal Savings bonds
Total debt
.
2*4% bonds of 1960-65—
2% bonds of 1947..
500,157,956
4Mb Adjusted Service bonds.
——
—
544 870,050
818 627,000
...
3b Adjusted Service bonds of 1945
a
454 135,200
—
U. 8. Savings bonds, series C, 1937
U. 8. Savings bonds, series C, 1938
Unclassified sales
Net debt
489 ,080,100
$758,945,800.00
1,036,692,900.00
489,080,100.00
454,135,200.00
352,993,450.00
544,870,050.00
818,627,000.00
755.432,000.00
834,453,200.00
1,400,528.250.00
1,518,737,650.00
—
bonds of 1943-47
bonds of 1940-43
bonds of 1941-43
bonds of 1940-49
3% bonds of 1951-55
34% bonds of 1941
**
34% bonds of 1943-45
3M% bonds of 1944-40
3% bonds of 1946-48
1,036 ,692,900
834 453,200
'
3M%
Z%%
3M%
3M%
758 ,945,800
1,036,692,900
489,080,100
454,135,200
352,993,450
544,870,050
818,627,000
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
2,611,095,150
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,786,143,150
j.-d.
640,843,550
..M.-S.
450,978,400
j.-d.
918,780,600
M-S
866,397,200
cl79,727,140
c330,792,912
c435,299,560
c367,867,406
$49,800,000.00
28,894,500.00
117,776,160.00
——
2M% Postal Savings bonds (17th to 49th ser.)
1,291,050.00
44 % Third Liberty Loan bonds of 1928
44, % Fourth Liberty Loan bonds of 1933-38—
2*4 % and 44 % Victory notes of 1922-23..
Treasury notes, at various interest rates
Ctfs. of indebtedness, at various interest rates.
1,252,475,339
g2,000,000
33,979,563
dl 286,454,903
8,356
2,008,356
credit of the U. 8.
OtMr Obligations—
1,288,463,260
F. R. notes (face amt.).
e4,306,329,338
Treasury bills
Treasury savings certificates
2,047,100.00
19,892,150.00
646,350.00
18,480,550.00
4,728,350.00
44,993,000.00
231,975.00
109,392,335.26
Debt Bearing No Interest—
United States notes
$346,681,016.00
Less gold reserve
156,039,430.93
*
Includes only bonds issued and outstanding.
Alter deducting amounts of funds deposited with the Treasurer of the United
States to meet interest payments.
a
b Notes In the face amount of
$9,000,000
are
held by the Treasury and reflected
in the public debt.
Does not include $665,945,431.04 face amount of notes and accrued interest
thereon, held by the Treasury and reflected In the public debt.
c
d Figures as of Aug. 31,
1938—figures as of Oct., 31, 1938, are not available.
Offset by cash in designated depository banks and the accrued interest
amounting to
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassi¬
fied sales, &c
228.731,653.50
2,031,728.28
3,245,245.64
424,650,212.49
Total gross debt
..
.$39,631,276,260.53
Volume
Financial
148
calls
redemption
treasury cash and current liabilities
holdings of the Government as the items stood
Jan. 31, 1939, are set out in the following.
The figures
are taken entirely from the daily statement of the United
States Treasury Jan. 31, 1939.
831
Chronicle
LIABILITIES
AND
CURRENT ASSETS
GOLD
Assets—
Gold (oz.
Below wil] be found
list of bonds, notes and
a
$14,680,899,211.16
.
Liabilities—
2,890,095,189.00
9,121,775,184.95
10,441,639.33
156,039,430.93
Treasury)
Gold certificates—Outstanding (outside of
Gold certificate fund—Board of Governors, Fed. Res. System.*
Redemption fund—Federal Reserve notes
Gold
1
;
.5.
reserve
United States notes
$1,167,672 of Treasury notes of 1890 outstanding. Treas¬
notes of 1890 are also secured by silver dollars In Treasury.
Note—Reserve against $346,681,016 of
and
ury
Exchange stabilization fund
1,800,000,000.00
$13,978,351,444.21
Gold in general fund:
Balance of increment resulting from reduc-
$142,243,707.84
560,304,059.11
ductlon in the weight of the gold dollar..
In working balance.................
Total.
!
702,547,766.95
.$14,680,899,211.16
SILVER
Assets—
Silver
(oz.' 895,480,993.7).—
Silver dollars (oz.
—
—
.
Total
$1,157,793,608.04
502,740,524.00
-
-
388,838,374.0)
Cities Service Gas Co. 1st mtge. pipeUne
Cities Service Gas Pipeline Co. 1st mtge.
1 ——
...
...
Total
Assets—
$1,660,534,132.04
..!
......
•:
/
$702,547 766.95
Gold (as above)......
Subsidiary coin (oz.
90.981 716.04
-
*
2,953,616.1)
4,083 105.00
*-•«
Bullion—At recoinage value (oz. 266,943.7) J-.-.-At cost value (oz.
1,033,753,271.9)
—
369 ,025.31
-'---1—
546,493 667.18
a.
Minor coin
3,542 202.15
United States notes
3,623 898.00
....
12,692 280.00
Federal Reserve notes.*
National bank notes.........
&e
$6 preferred stock—_
5% debentures A.
....
Aug.
series A. —Mar.
27,312,956.54
Paramount Pictures, Inc.,
587
73 7
285
740
741
741
741
741
6% debentures
887
1
592
446
•
Feb. 20
..._*
"
£4065
Railway Express Agency, Inc., 5% se»:al bonds...
__Mar. 1
Congregation 43^% bonds
Mar. 1
Paper Co. 3%% conv. bonds
...
Mar. 1
♦Skelly Oil Co. serial notes
——.Mar. 15
Scruggs-Vandervoort-Barney, Inc., 7% notes
* —:—Mar.
1
Solvay American Corp. 5H% preferred stock..
Feb. 15
Spang Chalfant & Co. Inc. 1st mtge. 5s
...Mar. 10
Toxas Public Service Co. 1st mtge. 5s
Feb. 20
Toho Electric Power Co., Ltd., 1st mtge. bonds..
Mar. 15
VirginiaElec.&PowerCo..lst&ref. mtge. bonds.*..—Mar. 7
Woodward Iron Co. 2d mtge. 5% bonds—...—
Feb. 25
£4067
St. Monica's
*
week
Announcements this
£
289
890
745
£3923
290
599
290
£2406
£3475
Volume 147.
auction
The
sales
following securities were sold at auction on
of the current week:
36,484,148.54
...
Foreign depositaries—
197,479.56
2,283,746.56
To credit of other Government officers.
Philippine Treasury—To credit of Treasurer United States
Wednesday
;;
;
V.y
.
$3,119,295,550.77
"
Liabilities--
8
Treasurer's checks outstanding
Deposits of Govt, officers—Post Office Department
Board of Trustees. Postal Savings System:
700,980.82
52,850.98
......
5% reserve, lawful money—.
Other deposits..
Shares
,235,253.28
,026,090.84
v.
Postmasters, clerks of courts, disbursing officers, &c_...
'
'Redemption of National bank notes (6% fund, lawful mohey)..
255,615.16
14 ,736,063.29
—
$186,306,854.37
Bonds—
$1,000 Conveyancers Title Insurance &
in
Seigniorage (silver) (see Note 1)
Working balance...
............
....
31
————
'
•'
Percent
Mortgage reg. 1st 4s, 1945; 3% paid
liquidation
Shares
Slocks
V
•
,
,
2
$3,119,295,550.77
basis o,f the average
' •
• 4
item Of silver bullion is computed on the
December, 1938.
the difference between the cost value
to secure the silver
Purchase Act of 1934
proclamation dated Aug. 9, 1934.
the close of the month of
———
-
Trust.;—i——
-Note 1—This item of seigniorage represents
17
.
_
— —— —— —
85
-14%
$100. — ...
Lumber Co. conv. pref. escrow ret. v. t. c„ par
12 Clover Valley
71%
3%
.$3 lot
— —
Wisconsin,Power & Light $7 preferred, par $100..
Co. conv. pref. A, v. t, e., par
12 Clover Valley Lumber
Total
$ Per Share
11%
'
10 Merchants National Bank, Salem, common, par $25—
2 Norwich & Worcester RR. preferred, par $100—- —
% Post Office Square Co
... —
6-10 Sierra Pacific Power Co. common—
2,932,988,696.40
16%
——
By It. L. Day & Co., Boston:
10 Shawmut Bank Investment
$142,243,707.84
502,680,945.80
2,288,064,042.76
above)
Associates $5 preferred...
preferred, par $50._ —
——
30
2 North Boston Lighting Properties preferred, par $50
--* — 51%
2 Fltchburg Gas & Electric Light Co., par $25
*—.
— —
— 45
47 Springfield Gas Light Co., par $25-—'
* ——— —
11%
$3,000 Bostcln Metropolitan Buildings income 6s, June 15, 1942, and a bonus
Of 60 shares common v, t. c. and 30 stock purchase warrants..*,---*-.
3%
„
...
$ per Share
*
Mocks
2 Berkshire Fine Spinning
,300,^00.00
—
Uncollected items, exchanges. &c
Boston:
By Crockett & Co
10 Massachusetts Utilities Associates
..........—
...
cost per ounce at
283
'
To credit of other Government officers
The weight of this
585
<
1
Electric Co. coll. trust 6s—
♦Northeastern Water &.
Panhandle Eastern Pipe Line Co. 1st mtge.,
876,117 000.00
To credit of Treasurer United States
a
734
£3460
440
736
...
792,001 111.83
Special depositaries account of sales of Govt, securities..
National and other bank depositaries:
Balance today—Increment on gold (as
734
Mar. 6
——Apr.
1
Mar. 15
Mar. 15
...
5ii% debentures B
18,695 605.61
.....
Deposits In—Federal Reserve banks....
Deposits for:
733
280
1,368 000,50
...
Total
435
£4051
£2533
North American Edison Co.
501 841.00
Federal Reserve bank notes
Unclasslfled—Collections,
5j^s
6s
Scott
GENERAL FUND
Silver—At monetary value (as above)..
873
724
576
£4050
3:4051
....
5% debentures C
1,568,384,744.00
1,167,672.00
90,981,716.04
outstanding
certificates
872
.Feb. 15
May
1
Apr. 26
Holland Furnace Co., preferred stock
Apr.
1
Illinois Iowa Power Co., 1st & ref. mtge. gold bonds ....Apr.
1
Illinois Northern Utilities Co. 1st & ref. 5s, 1957
Apr.
1
Illinois Water Service Co., 1st mtge. 5s
Apr.
5
International Salt Co. 1st mtge. 5s...
June
1
International Salt Co. 1st mtge. 5s_i_
—*
July 17
Iowa Public Service Co.. 1st mtge. 5s
Mar. 1
Libby, McNeill & Libby 1st mtge. 5s
Apr.
1
Manufacturers Finance Co. 4H% notes
—Apr.
1
Massey-IIarris Co., Ltd. 20-year 5% bonds...
Mar. 1 Metropolit an Corp. of Canada, Ltd., 6 % gold bonds
Apr.
1
Nineteen Hundred Corp. class A stock*.
Feb. 15
North American Co., 5% debentures..
Mar. 6
$1,660,534,132.04
*
Treasury notes of 1890 outstanding
Silver in general fund......
20
Feb 15
Mar. 1
Apr.
1
..Feb. 28
Feb. 28
Feb.
;
Connecticut River Power Co. 1st mtge. 3%s_-—
Consumers Power Co. 1st mtge. 4% bonds
Hackensack Water Co
first mortgage 4s 1952
Liabilities—
Silver
f. debs
s.
♦Broadway Motors Building Corp. 1st mtge. 6s
Budd Realty Corp., 1st & ref. mtge. 6s
Chicago Union Station Co., 4% guaranteed bonds..
,
—
.....
Page
Date
Company and Issue—
♦Associated Gas & Electric Co.
Total
preferred
called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
stocks of corporations
.$14,680,899,211.16
419,454,263.2)
fund
sinking
and
notices
The cash
$100——v—
11%
$2,845.42 Jersey Mortgage Co. 10-year Income 5s, December,-1947,' Beries C;
4 common; 20 preferred; 46 42-100 preferred scrip
,....* — —32%% flat
14 Western Massachusetts Cos...—..——-—
—
————£ 32%
.16 Municipal Real Estate
4%
;*—'
Trust, par $100
value of sliver bullion revalued and held
certificates Issued on account of silver acquired under the Silver
and
the monetary
and under the President's
2—The
Note
amount
of disbursing
the credit
to
today was $2.468.961.191.91.
officers and certain agencies
*.
"
treasury
money holdings
The following compilation.,
ernment
statements, shows
made
the
up
from the daily Gov¬
holdings of the
money
Treasury at the beginning of business on the first of Novem¬
ber and December, 1938, and January, and February, 1939:
Not. 1, 1938
$
916,658,864
Net gold coin and bullion*
631.497,362
Net silver coin and bullion
3,280,519
634.256
Net United States notes..
Net National bank notes;
11,126,500
294,325
Net Federal Reserve notes
Net Fed Res. bank notes..
7,897,998
Net subsidiary silver
Minor
15,021,475
coin, Ac
Total cash In
'
Treasury!
1486411,299
156,039,431
Less gold reserve fund
Cash balance in Treas..
Dec.
■
,
1, 1938
Feb. 1, 1939
Jan. 1,1939
823,600.187
558,503,575
2,630,155
1,261,196
11,923,350
838,429,513
583,261,924
2,491,527
164,704
173,551
5,789,758
18.210,899
3,623,898
1,368,000
3,696,214
18,606,135
.
12,692,280
501,841
4,083,105
22,237,808
1422 083,824 1,461,300,283 ♦1540 938,538
156,039,431
156,039,431
156,039,431
1.330,371,868 1,266,044,393 1,305,260,852 1,384,899,107
Deposit in special deposi¬
tories account of sales of
Government securities.
747,237,000
Dep. In Fed. Res. banks..
603,000,049
Deposit
in
National
887,915,000
569,717,674 1,032,692,926
735,802,000
876,117,000
792.001,112
and
17,493.328
To credit Treas. U. S_.
17,737,875
17,802,508
39,396,930
2,201,038
To credit disb. officers.
31,005,560
31,792,775
Cash In Philippine Islands
1,918,257
Deposits in foreign depts.
Net cash
in Treasury
1,986,310
1,599,030
2,631,289
and in banks
198,430
27,312,957
36,484,149
2,283,746
197,480
as
Includes
on
Feb. 1 $546,862,692 silver bullion
and $3,542,202 minor, &c., coin
included in statement "Stock of Money."
CURRENT
—James Talcott,
Inc.
the 85th anniversary
been paid.
Further details and record of past
given under the com¬
dividend payments in many cases are
pany name in our
News Department"
"General Corporation and Investment
in the week when declared.
The dividends announced
this week are:
When
Per
Name,
Abbotts Dairies, Inc. (quar.
Acme Steel Co.
*.-*.-j.-.-
(quar.)
— —
....
!
—
American Business Shares*.
*——
American Chicle Co. (quar.)
— !
American General Corp., $3 conv. pref.
—
—
—.
(qu.)..
Holders
Payable of Record
Feb.
15
Mar.
Feb.
21
Apr.
Apr.
Mar.
4
Mar.
4
6c
Mar.
Feb.
$1
75c
Mar.
25c
25c
(quar.)___
Allied Products (interim)
Class A
Share
of Company
12%c
43%c
62%c
$2)4 conv. preferred (quar.)
50c
$2 conv. preferred (quar.)
50c
American Investment Co. (111.)
25c
Archer-Daniels-Midland
—,.
— $1H
Artloom Corp., 7% preferred.
$1M
Atlanta Gas Light, 6% pref. (quar.)..
....
30c
Barlow & Seelig Mfg. Co., class A (quar.).
Beacon Mfg., 6% preferred (quar.)-.SI.
Bird & Son, preferred (quar.)
7%c
Bright (T. G.) & Co., Ltd. (quar.)-$1)4
6% preferred (quar.) —
10c
Brown Fence & Wire
$1
Preferred A (semi-annual)
....
50c
Brown Shoe Co..
$IH
Bunte Bros
5% preferred (quar.)
$1%
5% preferred (quar.)
-----$IH
5% preferred (quar.)
4 annas
Burma Corp., Amer dep. rec. (interim)
tSl
Calaveras Cement Co., preferred
J44c
Canadian Car
Foundry, pref
SI
Canfield Oil
!
$1%
Preferred (quar.)
....
Capital Wire Cloth & Mfg.—
38c
$1 Yi convertible preferred (quar.)
Carmen & Co., $2 class A
Central Illinois Public Service Co.—
$1
$6 and 6% preferred
Central Railway Signal, Inc., class A (quar,)—'!
Central Tube Co.*
1
Mar.
17
Mar.
1
NOTICE
textile and general factors,
celebrated on Feb. 8
of the founding cf their business
Talcott.
by the late James
14
Mar.
Feb.
Feb.
Mar.
Feb.
14
Mar.
Feb.
10
Mar.
Feb.
18
15
Mar.
14
Mar.
Feb.
Apr.
Mar. 15
Mar.
Feb.
Feb,
Feb.
18
1
Mar.
Feo.
Mar.
Feo.
20
28
Mar.
Feb,
Feb.
Feb.
Feb.
Feb.
15
Mar.
Feb.
20
June
Sept.
May 24
Aug. 26
Dec,
Nov. 24
,
2,733.012,372 2,625,325,036 3,285,467,684 3,119,295,551
186,306,854
201,901,759
177,976,514
163,861,734
2,569.150,638 2,447,348,522 3,083,505,925 2,932,988,697
♦
have not yet
.
other bank depositaries-
Deduct current liabilities.
■
are
637,844,408
734,862
13,906,557
dividends"' ;;
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
■:$
858,587,198
$
$
;'•>
Dividends
28
15
Feb.
10
Feb.
Feb.
9
Apr.
Mar. 24
Mar.
Mar. 20
Apr.
Mar.
Mar. 20
1 Feb.
1 Feb.
20
Mar. 15 Feb.
20
1 Jan.
25 Feb.
25
15
Mar.
Mar.
Feb.
Feb,
15
Per
Chase (A.
Share
of Company
Name
Pacific, pref-.
Commonwealth Loan Co, (Indianap.) pfd.
(qu.)
—
(quar.)_.
Continental Can Co., Inc., $4H pref.
Continental Casualty (quar .).-„-
)_
Coronet Phosphate Co
Mar. 10 Feb.
17
Mar.
4 Feb.
28
1 Jan.
25
$1X
50c
»1 X
30c
Mar
Dewey & Almy Chemical Co , $5 cum. conv pf.
class A (quar.)
payable in common stocks —
15
Texamerica Oil
Mar
31 Mar
17
Mar
Feb.
10
7% pref. (quar.)
Thompson Products, prior pref. (quar.)_____
Tilo Roofing Co, (quar.)
Timken-Detroit Axle, pref. (quar.)
Toledo Edison Co. 7% pref. (monthly)—
6% preferred (monthly)--,
— —
5% preferred (monthly)
—
..
Trane Co. 1st $6 pref. (quar.)
— - — Underwood Elliott Fisher Co. (quar.)
75c
SI X
62 He
4%
§1H
--
91X
$1X
-
Electric Shareholdings, $6 pref..
—
Optional div. of cash or common stock.
Electrolux Corp. (quar.)...
-
40c
El Paso Electric (Texas), $6 preferred (quar.)..
El Paso Natural Gas, preferred (quar.)..
Empire Capital Corp., class A (quar.)...
Fajardo Sugar Co.
+
,
Incl.
a
div.
declared
by Fajardo
91A
SIX
10c
50c
17
Feb.
20
Mar.
Feb.
17
Apr
.
Mar.
*
1
Apr.
15 Mar. 31
Mar
Feb.
18
23 Feb.
1 Feb.
14
15
West Virginia Water
1 Feb.
Feb.
15 Feb.
1 Mar.
Apr.
Apr.
Mar.
4
1 Mar.
1 Feb. 17
Mar. 15 Feb.
Feb.
Mar.
9
4
1
15
Mar.
1 Feb. 10
Mar. 20 Mar.
6
Mar. 31 Mar. 21
(quar.)
....
A. & B..
(Bait.), com
preferred class A (quar.)
Firestone Tire & Rubber, pref. (quar.
Fiscal Fund, bank stock series (stock div.)
Insurance stock series (stock div.)
Fishman (M. H.) Co. (quar.)..
Fuller (Geo. A.), 4% pref. (quar.)
$3 conv preferred (initial)
Mar. 31 Mar. 21
Mar.
1 Feb. 15
7%
Mar. 15 Feb.
Mar. 15 Feb.
23
Feb.
Mar
15
Mar
Feb
16
Mar.
1
Mar. 15 Feb
13 Feb
General Gas & Electric (Del.) $5 prior preferred.
General Motors Corp
...
...
Below
23
15
Apr
-
Extra-:
Mar
Mar.
Griggs, Cooper & Co 7% pref. (quar.).
Gulf States Utilities, $6 pref. (quar.)
Apr.
Apr.
Hanes
(P. H.) Emitting (quar.)
1
20
Feb. 20
,
7% preferred (quar.
.....
Hart-Carter Co. $2 conv, pref. (quar.)
Hecla Mining Co^...
Hobart Mfg. Co. class
—..
Feb.
15
Mar. 15 Feb,
i
A (quar.).
15
Feb.
18
Feb.
25 Feb.
11
Feb.
25 Feb.
11
Feb.
25 Feb. 20
Mar. 31
Mar.
__l
Hollinger Consolidated Gold Mines
.Extra
Mar. 20
Apr.
Mar.
(monthly)
__
-
Homestake Mining Go. (monthly)......
Imperial Life Assurance (Can.) (quar.).'
Apr.
July
uarterly
uarterly
Sept. 30
1-2-40 Dec. 30
Mar, 20 Feb. 28
Mar .'31 Mar.
1
.....
15c
Mar
Keystone Custodian Fund series B-4
20c
Feb.
Feb. 15
31 Mar ,21
15 Feb.
6
Kobacker Stores preferred (quar.)..
SIX
Mar.
Feb.
UH
7% preferred (quar.).
Kalamazoo Vegetable Parchment
(quar )
Co
—
30c
30c
Kresge (S. S.) Co. (quar.)
Quarterly.
i
v
_
Lake of the Woods Mills preferred..
Le Tourneau
25c
(R. G.), Inc. (quarJ.
Mar.
Mar
6% preferred (quar.)......
37 He
87 He
$1
$15*
7% preferred (quar.) —
Middlesex Water (quar.)^
Mississippi Valley Public Service
Preferred A (quar.).
...
75c
SI H
SI H
Preferred (guar.)
- _*
Montgomery Ward & Co
Class A (quar.)
*
Morristown Securities Corp. common.
Motor Wheel Corp. (quar.)...;
25c
$15*
10c
40c
...
Murphy (G. C.) Co. (quar.)
Murphy (G. CW) Co. (quar.)
National Grocery Co. prior preferred (initial)
Nebraska Power Co. 7% pref. (quar.)
_
.
Mar.
1
14
15 Feb.
22
Feb/ 24
4
17
1
Feb.
Mar.
1
Feb.
8
Mar.
1 Feb.
15
Mar.
1
Feb.
15
Mar.
1 Feb.
15
Mar.
1
Feb.
20
50c
Mar.
1
Feb.
20
Apr.
Apr.
1
t25c
til}*
25c
—-
1
Feb.
50c
16
8
Mar.
SI X
15
Mar. 15 Mar.
20c
...
1
25 Feb.
1 Feb.
1 Mar.
42c
1 Feb.
28 Feb.
Feb.
Mar.
1
Mar.
1 Feb.
17
1 Feb.
14
51X
sin
May
1
50c
Mar.
1 Feb.
15
SIX
Mar.
1 Feb.
15
10c
Apr.
13
Mar. 15 Mar.
Feb.
Mar.
1
15
Mar.
Feb.
17
Feb.
Jan.
31
Mar.
Feb.
10
50c
Apr.
sin
sm
Apr.
Mar.
Mar. 20
Mar. 15*
Feb.
8
Feb.
25c
sin
t37Hc
.
six
$1.20
10c
5c
Jan.
27
Mar.
Feb.
17
Feb.
Feb.
11
Apr.
Apr.
Feb.
15
Feb.
15
include dividends an¬
the preceding table.
Share
When
Holders
Payable of Record
15
31
SIX
—
Apr.
Mar.
Feb.
25c
Mar.
Mar.
20c
Apr.
Mar. 16*
Feb. 14
sm
Mar.
25c
Mar.
Feb.
17
Feb.
Jan.
24*
Mar. 17
Feb. 15
SIX
Mar.
SIX
SIX
SIX
Six
Mar.
Feb.
June
May 25
Sept.
Aug. 25
Dec.
10c
Mar.
Nov. 25
Feb
28
t25c
Mar.
Mar. 17
75c
-20c
97 He
25c
50c
SIX
Six
Six
(guar.)
40c
50c
20
20
15
18*
SIX
(quar.)_ —
six
_
v
75c
S2X
25c
SI
sm
Baltimore American Insurance Co. (s.-a.)
(quar.)
6% preferred (quar.)
Bandini Petroleum Co. (quar.)'
Bankers Nat'l Investing Corp. (Del.), cl A & B-.
60e. preferred (quar.)
Bankers & Shippers Insurance (N. Y.) (quar.)__
Belden Mfg Co
Belding-Corticelli Ltd. (quar.)
-Z
Preferred (quar.)-..
— _
Belding Heminway Co. (quar,.)
—
Berghoff Brewing Corp
Bethlehem 8teel Co., 7% pref. (quar.)
5% preferred (quar.)
—
Bigelow-Sanford Carpet Co. pref
Blauner's preferred (quar.)
Bloch Bros. Tobacco (quar.)
6% preferred (quar.)
;
;
Blue Ridge Corporation—
$3 preferred (quar.)
Opt. div. l-32nd sh. of com. stock or cash.
Borden Co., common (quar.)
Boss Mfg. Co
Boston Fund, Inc. (quar.)
Bourjois. Inc., $2?* preferred (quar.)
Bower Roller Bearing Co
Brewing Corp. of America
Mar. 31 Mar. 17
14*
Mar, 1 Feb
Apr.
Mar.
Mar.
.
1 Mar.
1
1 Feb
17
1 Feb
Mar. 15 Feb.
Apr.
1 Apr.
Mar. 15 Mar.
17
28
1
3
1 Feb. 17
15 Jan. 31
28 Feb.
3
3 Mar.
6*
Apr.
Mar.
1 Feb.
10
Mar.
Feo.
Feb.
July
July
5 June 24
Mar.
1 Feb.
5 June 24
Mar. 15 Mar.
Mar.
8
1
1 Feb.
10
15 Feb.
1
42c
25c
Feb. 15 Feb.
Mar. 15 Feb.
21
75c
,
Feb.
Mar.
1 Feb.
15
Mar. 10 Feb.
1 Feb.
28
50c
pref. (s.-a.)
25
49c
---•
—
1
Apr.
91 n
_
15
$1
SIX
-
B (quar.)
Mar. 20
SIX
(quar.)
Amoskeag Co. (s.-a.)__._
Preferred (s.-a.);
Armstrong Cork Co. (interim),
—
Preferred (quar.)
Associated Dry Goods Corp., 6% 1st preferred__
Associated Telep. & Teleg. Co. 7 % 1st pref
$6 1st preferred.Atlantic Refining Co
,
Atlas Corp., preferred (quar.)
Z- —
15
Mar. 15
Apr.
75c
$1.05
10c
Mar.
Feb.
1
_
18
15 Feb.
1
5c
Mar.
1 Feb.
15
15c
—
Mar.
1 Feb.
15
3c
Feb.
20 Feb.
3
8c
«■
Feb. 25 Feb.
Feb. ,25 Feb.
Feb. 15 Feb.
10
15c
91X
5c
Feb.
$1
Apr.
Apr.
SIX
17Hc
25c
Feb.
10.
6
20 Feb. 10
1 Mar. 15
1 Mar. 15
15 Jan.
Mar. 15 Mar.
30
3
1 Mar.
2oc
Apr.
Apr.
t$3
Mar.
1 Feb.
75c
Feb.
15 Feb.
1
Feb.
15 Feb.
10
si*x
37Hc
sin
3
1 Mar.
14
Mar. 31 Mar. 25
75c
Mar.
1 Feb.
6
30c
Mar.
Feb.
15
50c
Feb.
Jan.
31
14c
Feb.
Jan.
31
68Xc
Feb.
Feb.
1
50c
Mar.
Mar. 10
30c
Mar.
Mar.
1
(monthly)
(monthly)
--
(irregular)... —
10c
Mar. 15 Mar.
70c
—
Mar.
Feb.
17
Brewster Aeronautical
10c
Feb.
Feb.
10
Mar.
17
60c
Mar.
Feb.
15
SI X
Bristol-Myers Co. (quar.)
Brooklyn Edison Co. (quar.)
1
Mar.
Feb.
Feb.
58 l-3c Mar.
Feb.
15
Mar.
Feb.
15
Feb.
15
50c
41 2-3 c Mar.
12Hc
37Hc
37Hc
43}*c
16
Mar. 31 Mar. 25
Feb.
Mar.
15 Feb.
1 Feb.
4
15
Feb.
10
Feb.
28
Feb.
Feb.
1
Mar.
Feb.
17
Feb.
Feb.
1
$1
-
Feb.
Mar.
Mar.
SIX
Brooklyn Telegraph & Messenger Co. (quar.)
Buck Hill Falls Co. (quar.)
Buckeye Pipe Line Co
Buffalo Ankerite Gold Mines, Ltd, (quar.)
$2
91X
12 He
50c
+2 5c
Feb.
18
Mar.
Feb.
18
25c
Feb.
Feb.
4
10c
Mar.
Jan.
28
15c
Mar.
Feb.
9
37 He
Mar.
Feb.
9
Bunte Bros
5% preferred (quar.)
1 Feb.
20
Burlington Mills Corp
25c
-r
—
1 Feb.
Mar.
75c
6% pref. (quar.)_.___.
Colorado 7% pref. (mthly.)
Roxy Theatre, Inc., pref. (quar.)
Savannah Gas preferred (quar.) _T
Schiff Co. (quar.)
—
7% preferred (quar;) — j......
I 5H% preferred (quar.). — .
Apr.
$15*
Public Electric Light Co.
Reliance Electric & Engineering
Feb.
Mar
25c
...
'
10
Mar: 15 Feb.
58 l-3c
10c
—
Mar.
25c
Feb.
Baltimore Radio Show, Inc.
28
12Hc
Peoples Drug Co
6H% preferred (quar.).
Peoples Gas & Fuel Corp. (initial)
>pl€
Philippine Long Distance Telephone Co.
Photo-Engravers & Electrotypers (s.-a.)
Pittsburgh Coke & Iron, pref. (quar.)......
Powdrell & Alexander (resumed)
Prentice-Hall, Inc. (quar.)
Feb.
Mar. 15 Feb.
Mar.
31
30c
1
Feb.
Baldwin Locomotive Works,
Mar. 15 Mar.
Mar. 10*
Jan.
Atlas Powder Co
Feb.
1
15 Jan.
Feb.
Feb.
17
Mar. 10
23
Mar.
Mar. 31
Mar.
17
17
50c
Patterson-Sargent Co
Risdon Mfg. Co.
Mar. 15
1 Mar. 15
SI
Feb.
50c
Mar.
1 Feb.
1 Feb.
.37 He
$15*
15
15
25c
Mar. 10 Feb.
Apr.
75c
Parker Pen Co
5% preferred
Mar. 20
50c
7% preferred (monthly)
Oshkosh B'Gosh, Inc. (quar.)^
Preferred (quar.)
Ottawa Light, Heat & Power (quar.)
5% preferred (quar.)-Z-
,
Mar. 20
25c
(monthly).
6% preferred
Apr.
Apr.
Apr.
Apr.
18
Mar.
Niles-Bement-Pond
L-.
Ogilvie Flour Mills Co. pref. (quar.)....
SIX
Ohio Power Co. 6% preferred (quar.)
....
412-3c
Ohio Public Service Co. 5% prer. (monthly)
(quar.)
Feb.
Mar. 18
Mar.
25c
—
$3 preferred
Mar.
,
20
15
SIX
Company
American Tobacco Co., com. & com.
24
75c
"Norwich Pharmacal Co, new common.
Public Service Co. of
1 Feb.
1 Feb.
Mar.
1 Feb.
American Smelting & Refining Co
American Sugar Refining, preferred
28
13 Feb.
28
15 Feb. 10
1
Mar. 10 Ma..
Mar. 31 Mar. 20
Mar.
25
41 2-3c Mar.
American Re-Insurance (N. Y.) (quar.)
Feb.
75c
Neisner BrosInc. (quar.)
Nevada-California Eiec. 7% pref, (no action)
Newmarket Mfg. Co
Noranda Mines, Ltd. (interim)
6% preferred
Mar
Mar. 15 Feb.
30c
Preferred
15
28
25c
1
1 Mar. 20
Feb.
cum.pref.(quar.)
American Paper Goods 7% preferred (quar.) —
American Radiator & Standard Sanitary Corp.—
15*
Apr
Mar, 13 Feb.
Mar. 13 Feb.
7% preferred (quar )
Navigation Co. (quar.)..
Metal & Thermit
Mar. 15 Mar.,.
1
American Oak Leather Co.,5%
15
12c
Matson
27
18
__
1 Feb.
American Meter Co
2
25c
(Tenn )_
1 Jan.
Feb.
25c
Preferred
3
13 June
Feb.
Mar.
Feb.
Mar.
(quar.)
Life & Casualty Insurance Co
Lincoln Service Corp
Feb.
Mar.
give the dividends announced in previous weeks
American Metal Co
18
Mar. 13 Mar.
June
18
Mar.
——
June 30
Oct.
Quarterly
International Mining Corp
z
International Nickel Co. (Canada).... —
Iron wood & Bessemer Ry. & Light Co.
18
Feb.
Abbotts Dairies, Inc. (quar.)
Acme Wire Co. (quar.)
Feb.
Mar.
1
28 Feb.
28 Feb.
Agnew-Surpass Shoe Stores (s.-a.)
Preferred (quar.)
AgriculturalInsur. Co.(Watertown,N.Y.), (qu,)
Allegheny-Ludlum Steel, pref. (quar.)
Alpha Portland Cement--.:
Aluminum Goods Mfg
Aluminium Ltd., preferred (quar.)—
American Arch Co. (irregular)
American Can Co. (quar.)
Preferred (quar.)American Capital Corp., prior preferred (quar.).
American Envelope Co. 7% pref. A (quar.)
7% preferred A (quar "
7% preferred A (quar
7 % preferred A (quar
American Factors Ltd. (monthly)
American Hide & Leather preferred
Preferred (quar.)
American Home Products Corp. (monthly)- —American Indemnity Co--
1
15 Fej. 28
Mar. 15 Feb. 28
„
Class B (quar.)
15 June
Feb.
Mar.
Service $6 pref. (quar.)
Name of
Mar
15 Feb.
17
June
Apr.
Per
Feb.,, 20
Feb.
1 Feb.
Apr.
20
%
*
and not yet paid.
The list does not
nounced this week, these being given in
Mar. 20
Mar.
16
17
Mar. 15 Mar. 10
Mar. 10 Feb. 21
15
Apr.
$5H preferred (quar.)
Feb.
1 Feb.
1 Feb.
50c
16
May
Apr.
Hammond Instrument Co. 6% preferred (quar.)
20*
1
Mar.
Mar.
$1X
.
10
Preferred (quar )..
Globe & Wernicke Co., pref. (quar.)
Great Northern Paper
. _
Mar. 15 Feb.
Mar.
15
58 1
-
we
20
20
25c
Wheeling Electric Co. 6% pref. (quar.)'.—* —
Whiting Corp.6H% Pref. (quar.) — .
Woolf Bros., Inc., 7% pref. (quar.)
Participating preferred B
—
Wright-Hargreaves Mines, Ltd. (quar.)
Sugar
Mar. 15
SIX
Union Electric Co.
23
Feb.
1
1 Feb.
S1H
(Mo.) $5 pref. (quar.).Union Tank Car Co. (quar.)
United Biscuit of America../
Preferred (quar.)
1
United States Potash Co. 6% pref. (quar.)
Van Raalte Co., Inc..
—
1st preferred (quar.).
...
Waltham Watch, 6% & 7% pref. (omitted).
Weisbaum Bros. Bower Co. (quar.)
Western Auto Supply Co, (quar.)
Western Cartridge, pref. (quar.)
Western Public Service Co. $lH pref. A-—,
Weston Electric Instruments, class A.
Mar.
1
91X
—
Mar. 15 Feb. 28
Mar. 15 Mar.
1
Mar. 10
Apr.
Growers Association.
Federal Compress & Warehouse Co.
—
Thew Shovel
17
Apr
SIX
91X
Feb.
Feb.
Feb.
1
Mar.
27 Feb.
1 Feb.
8 l-3c
17
17
Feb
Mar. 15 Mar.
Apr.
Mar.
25c
--
Feb
Feb
(increased)
Holders
When
Payable of Record
SIX
Mar
50c
(quar.)
(quar.)
Federal Mogul Corp...
Finance Co. of America
Tampa Gas Co:8% pref. (quar.)
7% preferred (quar.)
1939
11,
$2
20c
A.) Oil Co., Ltd.. class A partic. pref
Sylvania Industrial Corp
——_
Stuart (D.
] Mar. 10*
Feb.
12Hc
91X
12 He
12Hc
Extra
Mar. 31 Mar.' 15
Apr.
Mar.
20c
--
Mar
25c
....
....
(quar.)
17
24
30c
....
.
Dixie-Vortex Co.,
Duro-Test Corp.,
Preferred
17
1 Feb.
12Hc
$15*
SIX
(quar.)
Sparks Withington Co., pref. (quar.)
Spencer Kellogg & Sons, Inc
Standard Brands, Inc. (quar.)
Preferred (quar.)
Storkline Furniture Co. (quar.)
6
Mar. 10 Feb.
25c
Socony-Vacuum Oil Co
Mfg. Co. (resumed)
Spear & Co., 1st & 2d. pref.
87Hc
Preferred (quar J
Dayton Power & Light, 4H% pref. (quar.)-.-_
Dentists' Supply Co. (N. Y.) (quar.)J.
7% preferred (quar.)..2—
.
1 Feb.
Mar.
tmx
$1
91X
—
Creameries of America, Inc , $3H pref (qu.)
Crum & Forest Insurance Shares Corp.—
Eastman Kodak Co.
1 Mar
91 X
x
8oss
x
Apr.
25c
(quar.)
15c
—
Preferred (quar
Common A & B
Mar. 20 Mar. 10
Mar. 20 Mar. 10
Mar.
Feb. 15
S1
7c
Continental Assurance (quar.)
Seaboard Oil of (Del.)
Share
Company
Shenango Valley Water Co. 6% pref
Sherwin- Williams Co. (Can.), pref—
24
25c
1X%
Columbian Carbon Co. (quar.)
Commonwealths Distributors.
Cook Paint & Varnish (quar.)
91X
SIX
SIX
SIX
Name of
10 Jan. 31
1 Feb. 15
Mar. 15 Feb.
Mar.
Colgate-Palmolive-Peet, preferred (quar.)
Collins & Aikman Corp
Preferred (quar.)
Columbia Broadcasting, class A & B (quar.)
Eastern Utilities Associated
Feb.
Mar.
10c
Preferred (quar.)
—
Cincinnati New Orleans & Texas
Per
Holders
Payable of Record
50c
75c
W.) Co, (quar.)-.
Chicago Corp., $3 preferred
Chicago Rivet & Machine.Chicago Towel Co
Devonian Oil Co
When
Feb.
Chronicle
Financial
832
Mar. 15 Feb.
28
Burroughs Adding Machine Co
$15*
$15*
Mar. 15 Feb.
28
Butler Bros,
Mar. 15 Feb.
28
Mar.
Preferred
(interim)
(quar.).
—
,
Volume
Financial
148
Per
Nam* of Company
Byron Jackson
Canada & Dominion Sugars, new (quar.)__
Canada Starch Co., Ltd., 7 % pref. (semi-ann.)_-
Feb.
25
Feb.
28
Mar.
Feb.
15
28
Gossard CII. W.) Co.
15
Grace National Bank
Grand Union Co., $3 preferred--
15 Jan.
15jJan. 31
Feb.
15 Jan.
31
1 Feb.
1
Mar. 30 Feb.
1 Feb.
Class A (quar.)
flic
_
..i;.,.
Extra.
—
Preferred (quar.)
Carolina Telephone & Telegraph Co. (quar.) —
Carter (Wm.) Co. 6% pref. (quar.)
—-—
Caterpillar Tractor Co. (quar.)
3
Feb.
3
15
Grea t Lakes Dredge & Dock (quar.)
Feb.
Feb.
3
Extra
Green Bay & Western RR.
Griesedieck-Western Brewery—
Feb.
Feb.
3
Feb.
10
5)4 % conv. preferred (quar.)
Gurd (Chas.) & Co.. pref
(quar.)
Hale Bros. Stores, Inc. (quar.)
Hamilton Watch Co., preferred
(quar.)__.
Hancock Oil of California class A & B (quar.)
Class A & B (extra)
Hanna (M. A.) Co., $5 pref. (quar.)
—-Harbison-Walker Refractories Co
Mar.
1 Mar. 17
Feb.
15 Feb.
1
H
Feb.
15 Feb.
1
50c
__
(quar.)
M
1 Mar. 25
Feb.
25 Feb.
15
Feb.
25 Feb.
15
15 Jan.
Feb.
15 Jan.
10c
6
15 Feb.
Mar.
1 Feb, 20
Feb.
$1)4
$1 *4
Apr.
1 Mar. 20
Mar.
1 Feb.
1
Mar.
1 Feb.
J
Chicago Mail Order Co
Chicago Yellow Cab Co. (quar.)
:■
Chile Copper Co
-Cincinnati Union Terminal 5% pret. (quar.)
5% preferred (quar.):
—
5% preferred (quar.)-,-5% preferred (quar.)
—
Citizens Wholesale Supply Co.City Ice & Fuel Co
i
Preferred (quar.)
City Investing Co
Clear Springs Water Service, $6 preferred
Cleveland & Pittsburgh RR, 7% guaranteed—_
Special guaranteed.,
--v—
Colgate-Palmolive-Peet (quar.)
----Columbia Gas & Elec. Corp., 6 % pref. ser A (qu)
5% cumulative preferred (quar.)
— -5% cumulative preference (quar.)
_
Columbia Pictures Corp., stock dividend
$254 conv. pref. (qui)
—-—
Commonwealth International Corp. (quar.)--—Commonwealth Utilities Corp $6)4 pref. C (qu.)
Community Public Service
i —*
—-Compania Swift Internacional (quar.).-J:
Concord Gas 7% preferred
~i-Congoleum-N ajrn. Inc
- - Connecticut Lt. & Pow Co., 5)4% pref. (qu.)_Connecticut Power Co. (auar.)
Connecticut River Power 6% preferred (qu.)—
Consolidated Cigar Com. 7% pref. (quar.)
Consolidated Edison (N. Y.) (quar.)
Consolidated Oil Corp. (quar.)———
Consolidated Paper Co
Continental Can Co., Inc. (interim)
—
Continental Oil Co
.'
$1)4
1*4%
t$l)4
87 He
50c
12)4c
$1)4
$1)4
$1)4
2)4%
6854c
4c
$1H
50c
50c
t50c
25c
$1)4
62)4c
$1)4
$1)4
50c
15!Jan.
1 Feb.
15
15 Jan.
13
Mar. 15 Mar.
1 Feb.
15
Mar.
I Feb.
15
Mar.
1 Feb.
15
Mar.
1 Feb. 15
Mar. 15 Feb.
15 Jan.
Fen.
$1)4
Apr.
1 Feb.
15 Jan.
Feb.
15 Jan.
Feb.
Feb.
Mar.
1
1
31
15 Jan.
15 Feb.
1 Feb.
28**
31
10
14
Mar. 31 Mar. 21
1
Mar. 15 Mar.
Feb.
25c
Mar. 15 Mar.
50c
,
Apr.,
50c
*
June
1
15 June
28
5
50c
Mar.
June
--
v
•
—
Participating preferred (s.-a.)Participating preferred (s.-a.)—
------
Sept.
25c
75c
Dec.
Mar.
Feb.
75c
Dictaphone Corp-—
—;.——
Preferred (quar.)
—
Diem & Wing Paper Co., 5% pref. (quar.)____
Dome Mines, Ltd (quar.)
Dominguez Oil Fields (monthly)
-----Dominion & Anglo Investment Corp., 5% pref-,
Dominion Bridges, Ltd. (quar.)
Dominion-Scottish Investors, 5% preferredDow Chemical Co
25c
$2.
$1)4
t50c
25c
t$l)4
30c
t50e
—-
Preferred
(quar.)_->—.
—
Duro-Test Corp., stock dividend----—.— — -—
Early & Daniel Co., prer. (quar.)
——
^T6f6rT6(l (QU&T*)
Eastern Shore Public Service Co. $6 pref. (qu.)—
,
Feb.
15 Jan.
1 Feb.
$2
4%
Mi
Mi
15 Feb.
15 Feb.
1 Feb.
25 Feb.
Elgin National Watch
Empire Bay State Teieg. 4% pref. (quar.)
Employers Reinsurance Corp
Ewa Plantation (quar.)
;
Falstaff Brewing Corp. (quar.)
Quarterly
—
Preferred (semi-ann.)
—
Fansteel Metallurgical Corp., $5 pref
----Federal Light <fc Traction, preferred (quar.)
Florida Power Corp., 7% pref. A (quar.)
25c
Mar. 15 Mar.
$1
10
10
1
31
Feb.
15 Jan.
Feo.
Feb.
15 Feb.
28 Feb.
$1)4
$1)4
$154
21
18
20c
15c
3c
1
1 Feb.
Mar.
40c
15c
1
Mar. 31 Mar. 20
June 30 June 20
Mar.
1 Feb. 10
Mar.
4
11
May 31 May 16
Apr.
1 Mar. 18
Apr. 20 Apr. 15
Mar.
1 Feb.
15*
Mar.
1 Feb.
15
87)4c
Mar.
1 Feb.
15
25c
Mar.
1 Feb.
14
$1)4
Apr.
1 Mar. 23
20c
(quar.)
$1)4 pref. (quar.) —
$1)4
37)4c
30c
<6% convertible preferred (quar.)
Mar. 15 Feb.
18
Apr.
Mar.
1
Feb.
Feb.
6
Feb.
Feb.
6
Mar.
Feb.
16
General Foods Corp. (quar.)
50c
Feb.
Jan.
General Metals Corp. (quar.)..
25c
Feb.
Jan.
30
31
til
$1)4
Feb.
Feb.
10
General Cigar Co., Inc.,
pref. (quar.)
General Outdoor Advertising Co., Inc.,
-----
class A..
Gillette Rubber Co.
(quaar.)
*
10
Feb.
15
Mar.
Feb.
15
Mar. 20 Mar.
1
Apr.
1 Mar. 15
40c
(quar.
Globe-Democrat Publishing
Feb.
Mar.
25c
Extra.
Feb.
50c
20c
6% preferred (quar.)
Gibraltar Fire & Marine Insurance (s.-a.)
Glehs Falls, Inc.
$1)4
Co., 7% pref.
(qu)
$154
.
Mar.
1 Feb. 20
Feb.
8
Feb.
21 Feb.
15 Jan.
31
Feb.
15 Jan.
Feb.
12
Feb.
6
Feb.
14
Apr.
Mar. 15
Feb., 15
(quar.)
10 Apr.
Mar.
Apr.
Knitting Mills, preferred (quar.)---.
Jersey Insurance Co. (N. Y.) (initial, s.-a.)_.
Jewel Tea Co., Inc. (quar.)
Katz Drug Co. (resumed)
Preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.)5% preferred (initial)__r
—
—
Kayser (Julius) & Co. (resumed).—
Kendall Co., cum. & partic. prer. ser. A (quar.)
Kentucky Utilities, jr. pref, (quar.)
Klein (D. Emil) Co.Kroger Grocery & Baking (quar.)
— i6% preferred (quar.).-7% preferred (quar.)
—
Lake Superior District Power 7% pref. (quar.)-6% preferred (quar.)
—--Landis Machine Co. (quar.)_
Quarterly
*--—
Quarterly.
Quarterly
—
Lanston Monotype Machine.
----Leath & Co., preferred (quar.)
—
Lee (II. D.) Mercantile Co
Lehigh Portland Cement Co,, 4% pref.(quar.). Leitch Gold Mines, Ltd--Life Savers Corp. (quar.)
—
Liggett & Myers Tobacco (quar.)_____
Common B (quar.)
— - -- -- - —
Lincoln National Life Insurance (quar.).
Quarterly
—
—
Feb.
25
1
31
Feb. 25
Mar.
25 Feb.
8
Mar. 20 Feb.
Mar. 15 Feb.
28
Feb.
Mar. 15
Apr.
Mar. 31 Mar.
Mar. 15 Mar.
Feb. 15 Feb.
Mar.
Feb.
16
Feo,
22 Feb.
6
1
1
10*
1
Apr.
Mar. 20
Mar.
Feb.
Apr.
May
Apr. 20
3
Mar. 18
Feb.
15
Feb.
15
15 Feb.
4
Mar.
Mar.
Feb.
5
May 15 May
Aug. 15 Aug.
5
Nov. 15 Nov.
4
Feb.
24 Feb.
14
Apr.
1 Mar. 15
Feb.
Apr.
4
15 Feb.
1 Mar. 14
Feb.
15 Jan.
31
Feb.
4
Mar.
Feb.
Mar.
Feb.
14
14
May
Apr. 26
July 27
Oct. 27
Feb.
Apr.
—
Mar.
Mar.
——
—
Mar. 15
Aug.
Mar. 10 Feb.
(quar.)
(quar.)
June
10 May 24
9 Aug. 24
Dec.
9 Aug. 24
24
Mar. 10 Feb.
10 May 24
Sept. 9 Aug. 24
June
Dec
9 Nov. 24
1 Feb. 10
Pipe Co. (monthly) —
;—Monthly
-------Monthly
—.—-—
-----Monthly-—;
MonthlyLockhart Power Co., 7% preferred (s.-a.)--- —Loew's, Inc., $6*4 pref. (quar.)..
Loose-Wiles Biscuit Co.,5% preferred (quar.)__
Lord & Taylor, 1st pref, (quar.)
—
Louisville Henderson & St. Louis Ry. Co,^
Feb, 28 Feb.
Lock Joint
—
—
10
24
Sept.
Mar.
5% preferred (semi-ann.)
7
Jan.
Loblaw Groceterias, Ltd., A & B (quar.).
,
1
5
Nov.
Original capital (quar.)
-------Original capital (quar.)
— . —_ —
Original capital (quar.)'___'
;
Special guaranteed (quar.),.
...
Special guaranteed (quar.)—-——
Special guaranteed (quar.)
—--- — --
Special guaranteed
3
Mar.
Mar.
Steel Co
—
.
15
1 Feb.
Feb.
15 Feb.
Feb.
Mar.
Feb. 15 Feb.
10
Mar.
Feb.
Mar.
Apr.
"
1 Mar. 20
Feb.
General Acceptance Corp.,
28
31"
Apr.
50c
7% preferred (quar.)
15 Jan.
Preferred
15 Feb..
Eaton Mfg. Co
Freeport Sulphur Co. (quar.)
Fuller Brush Co. 7% pref. (quar.)
Gatineau Power Co
15 Jan.
Little Miami RR., original capital
Feb. 15 Jan. 31
Mar.
1 Feb. 20
Feb.
15
1
Quarterly ------;
Link Belt Co. (quar.)--—
Apr. 20 Mar. 31
Feb. 28 Feb., 21
Mar.
Feb.
75c
u—-———
Duplan Silk Corp. (s.-a.)-„—
1 Feb.
Mar.
Feb.
—
«
10
Aug. 10
Sept.
3-1-40 2-10-40
Mar.
1 Feb. 10
Feb.
Mar.
9
28
May 10
Aug. 10
Nov. 10
75c
14
Mar. 31 Mar. 21
15
Mar.
50c
---—
—
20
24 Feb.
Feb.
Feb.
Feb. 10
25c
25
1 Feb.
Mar.
Mar.
5 '
30c
35c
25
15 Jan.
Feb.
Sept. 15 Sept. 5
Feb. 20 Feb. 19
Feb., 15
Mar.
Feb. 13
50c
-----
Participating preferred (s.-a.)—
Preferred
6
1 Mar. 10*
Mar. 15 Feb.
40c
14
18
25*
31
15 Mar. 31
Apr.
4354c
10
15 Jan.
Mar. 15 Mar.
$1
1
Mar.
25
15 Jan.
Feb.
11 Feb.
Jantzen
25
40c
,t25c
1
14
ljFeb. 15
Mar.
Feb.
1
15 Jan.
Mar. 31 Mar.
Mar. 10 Mar.
— --—
$6Y% preferred (quar.)..
Feb.
25c
'
Common.
Preferred (quar.)
Feb.
15 Jan.
Feb.
—
31
Mar.
Feb.
Jackson (Byron) Co
31
15 Jan.
Mar. 15 Mar.
Feb. 15 Feb.
Feb.
——-
______ —
(Common..
15 Jan.
Feb.
3
International Railways of Central America pref _
Inter-Ocean Reinsurance Co. (s.-a.)-——
Ironrite Ironer
10
31
Feb.
15 Feb.
Interlake Steamship Co
International Business Machines Corp
Stock dividend
24
15 Jan.
Feb.
lc
—
1 Feb.
15 Jan.
-
If
1 Mar.
Feb.
Feb.
Inland
10
Feb.
Mar.
...
T - ■-
Deere & Co., preferred (quar.)
Detroit Gasket Co., pref. (auar.)—
Common
4
Feb.
4
Mar.
-
30
Mar.
.
15 Feb.
Holophane Co., Inc. (irregular)Holt (Henry) class A
Hormel (Geo. A.) Co, (quar.)
Class A preferred (quar.)
Horn & Hardart (N. Y.), preferred (quar.)
Idaho Maryland Mines (monthly)
- —
Illuminating & Power Securities 7 % pref. (quar,"
Indiana Associated Telephone, preferred (quar/
Ingersoll-Rand Co
18
7 Jan.
Co_.
31
Holland Furnace Co
18
15 Feb.
Mar.
1 Feb.
Feb.
50c
56)4c
10
17
10
Mar. 31 Mar. 15
1 Feb. 15
Mar.
25c
Davies Petroleum Ltd-
Diamond Match Co., common__
1 Sept.
1-1-40 Dec.
Feb, 15 Feb.
20c
Crown Cork International Corp.,
————
1 Feb.
Glass
-
Feb.
Feb.
8
15 Jan.
Feb.
c
24 Feb. 10
Mar. 20
Apr.
June 19
July
$1)4
■30c
Preferred (quar.-i——Crane Co., 5% cum. conv. pref. (quar.) —
Cresson Consol. Gold Mines
—
-—
Mar.
Oct.
6
Feb.
Co., pref. (quar.)
Hershey Chocolate (quar.)_
Preferred (quar.)
Preferred (additional)_____
1.
Heyden Chemical Corp
Hibbard Spencer Bartlett (monthly)
Monthly
Hires (Chas. E.) Co. class A common (quar.)-..
,
4
50c
—
class A
Crown Cork & Seal Co., Inc., cum.pref. (quar.)_
Crown Cork & Seal Co., Ltd. (irregular)Crown Drug Co., preferred (quar.)_
Crown Zellerbach Corp., $5 cum. pref. (quar.) —
Crum & Forster 8 % pref. (quar.)
—
Cuneo Press, Inc., preferred (quar.)
—
Curtis Publishing Co., $7 preferred—
Daniels & Fisher Stores Co. (quar.)
—
Quarterly- —
—
—
—
1
25c
Feb.
25c
Copperweid Steel Co. (old stock)
Cosmos imperial Mills Ltd. (quar.)-
Quarterly- -
15 Feb.
25c
til
10
Apr. 20 Apr,
(quar.),
Hercules Powder
Feb.
15 Feb.
Mar.
1 Feb.
$1N
Mar.
15.
Apr.
Feb.
$1)4
(quar.)..
Mar.
15
15
1 Feb.
1 Feb.
Mar.
Hazel-Atlas
15
25c
Chaster Water Service Co., $5)4 pref.
15
17
1 Feb.
1 Feb.
Mar.
31
1 Feb.
Common
1 Feb.
1 Feb.
Mar.
31
Mar.
80c
•
15 Feb.
Mar.
Mar. 15 Mar.
1 Mar. 11
—•-
Champion Paper & Fibre Co., 6% pref. (quar.)-Chartered Investors, Inc., $5 pref. (qu.)
------
Preferred
Feb.
3
1
Hartman Tobacco Co., prior pref. (quar.)
Havana Electric & Utilities, 6% pref.
Hawaiian Commercial & Sugar Co
Apr
Chain Belt Co
Feb.
—
Mar. 15 Mar. 10
20c
Centrifugal Pipe Com
Century Ribbon Mills, preferred (quar.)__
,
1 Mar. 20
Apr.
Apr.
30c
Central Surety & Insur. (Kan. City, Mo.) (s.-a.)
Central Vermont Public Service, pref. (quar.)..
Mar.
1
Feb.
Apr.
Case (J.I.) Co., preferred (quar.)
Central Ohio Steel Products
:
24
15 May 31
June
m*$
tl2)4.c
$2
Feb.
17
Mar. 15 Feb. 28
Apr.
1 Mar. 17
$1)4
Mar.
Feb.
25c
l$i
15
Feb.
Aug. 31
Dec. 15 Nov. 30
Mar. 15 Feb. 28
_
Feb.
Feb.
$U1
Class A
Mar.
Mar.
(quar.)
Feb.
Mar.
Feb.
15
28
Mar.
Sept.
15
Mar.
Feb.
1 Feb.
Mar. 15 Feb.
;$i
$2*4
;
Grant (W. T.) com. (final)
Great Atlantic & Pacific Tea
Preferred (quar.)
8
15 Feb.
Feb.
J30c
i$i
m
,
(quar.)
Class B (resumed)
Preferred (quar.)
Canadian Cottons, Ltd. (quar.)
Preferred (quar.)
—,
Canadian Oil Cos., Ltd. (quar.)
Mar.
Golden Cycle
$3)4
Canada Vinegars Ltd. (quar.)
Canada Wire & Cable class A (resumed)
Class A (quar.)
.
Mar.
Mar.
15 Jan.
Feb.
Feb.
t3
Holders
When
Payable of Record
Goodyear Tire & Rubber Co
$5 convertible preferred (quar.)
Gorham Mfg. (irregular)
Feb.
Mar.
Share
Globe & Rutgers Fire Ins. 2d pref. (s.-a.)
31
31
25c
__
Per
Name of Company
Payableo f Record
62)4c
62)4c
$1M
California Baking Corp. pref. (quar.)
California Packing Corp. 5% preferred
California Water Service preferred (quar.)
California-West States Life Insurance Co
Canada Cement Co., Ltd. preferred
Preferred
Holders
When
Share
833
Chronicle
18
Mar. 31 Mar. 21
Apr. 29 Apr. 19
May 31 May 31
June 30 June 20
Mar. 25 Mar. 25
Feb.
Apr.
Mar.
Feb.
Louisville & Nashville RR
Feb.
Ludlow Mfg. Associates.--*-iLunkenheimer Co
Mar.
Feb.
15 Jan.
1
31
Mar. 18
1 Feb,' 17
15 Feb,
28 Jan.
1 Feb.
15 Feb.
1
30
4
4
.
Preferred (quar.)
Preferred (quar.)-
Apr.
£.—•
-- -- -—
Preferred (quar.)
Preferred (quar.)—
—
Preferred
21
Feb.
j.—-----
;
Luzerne County Gas & Electric, 1st $7 pref
1st $6 preferred (quar.)
Lynch Corp. (quar.)
Mclntyre Porcupine Mines, Ltd
Macy (R. H.) & Co. (quar.)
Madison Square Garden
—
Magnln (I.) Co., preferred (quar.)
Preferred (quar.)
—
Preferred (quar.)
1 Mar/22
July
31
31
1 June
Oct.
1 Sept.
1-2-40 Dec.
Feb. 15 Jan.
Feb.
—
(quar.)
Managed Investments, Inc. (quar.)
Manhattan Shirt Co
Masonite Corp
Preferred (quar.)
May Dept. Stores (quar.)-__
Mead Corp., $6 preferred (quar.)
$5*4 preferred (quar.)
Meadville Telep. Co. (quar.)
Mercantile Stores preferred (quar.)
MidWest Rubber Reclaiming Co. (irregular)_-Minneapolis Gas Light (Del.) 6% pref. (quar.)..
5*4% preferred (quar.)
5% preferred (quar.)
Minneapolis Honeywell Regulator.
4% preferred B (quar.)
——Mitchell (J. S.) & Co., Ltd. (Irregular)
Missouri Utilities 7% pref. (quar.)
Mar.
Mar.
Feb.
Feb.
15 Jan.
15 Feb.
22
23
4
1
1 Feb.
1 Feb.
10
28 Feb.
15 Feb.
10
4
May 15 May
Aug. 15 Aug.
5
5
Nov. 15 Nov.
4
1
15 Feb.
1 Feb.
10
Mar. 10 Feb.
20
20
Feb.
Mar.
Mar.
1 Feb.
Mar.
1 Feb.
15
Mar.
1 Feb.
Mar.
1 Feb.
15
15
Feb.
15 Jan.
31
Feb.
15 Jan.
31
Feb.
15 Feb.
1
Mar.
1 Feb.
20
Mar.
1 Feb.
1 Feb.
20
Mar.
20
20 Feb.
9
Mar.
1 Feb.
20
Mar.
1 Feb.
16
Mar.
1 Feb.
20
Feb.
Financial
834
Per
Share
Name of Company
15
8mith-Alsop Paint 6c Varnish, 7% pref.
15 Jan.
26
1 Feb.
15
1 Feb.
15
15 Mar. 14
28 Feb. 14
16 Jan. 31
1
15 Feb.
Apr.
Feb.
Feb.
Feb.
Mar.
Feb.
Extra
18
15 Jan.
l!Jan.
31
31
20 Feb.
6
Feb.
20iFeb
Mar.
_ —
Mar.
(quar.)—
1 Feb.
1 Mar.
Apr.
—
Feb.
Class B (quar.)
6
16
1
18
14
Pacific Gas & Electric, 6% pref. (quar.)..
15 Feb.
4
15 May
1
Parke Davis & Co—
Feb.
16 Jan.
18 Jan.
31
28
Mar.
15
Mar. 10 Feb. 24
1 Feb.
I
Mar.
Feb,
Feb.
20 Jan.
15
31
Feb.
20 Jan. 31
Mar.
1 Feb. 18
Mar.
5 Feb. 10
Mar.
1 Feb. 20
Mar.
1 Feb.
Apr.
1 Mar. 20
Mar.
1 Feb.
11
Feb.
15 Feb.
6
Feb.
15 Feb.
6
20
Feb.
15 Jan. 31,,
Mar.
1 Feb. 15
Feb. 20 Feb. 10
11 Feb.
3
15 Jan.
15 Jan.
30
Tennessee Electric Power Co.—
Toronto Elevator Co., Ltd., 534% pref.
Trane Co. (resumed)
— .—-—
Mar. 31 Mar. 18
Mar.
1 Feb.
Mar.
1 Feb.
20
Mar.
1 Feb.
20
15 Feb.
15 Feb.
4
1 Feb.
15 Feb.
28
8
1 Feb.
15
Feb.
Mar:
Mar.
Feb.
1 Feb.
10
15 Feb.
1
1 Feb.
15
3
Mar.
M'ar.
1 Feb.
Feb. -15 Feb.
5
Mar.
1 Feb.
17
40c
Mar.
1 Feb.
1 Feb.
15
25
20 Feb.
1
Apr.
10c
Feb.
75c
Apr.
1 Mar. 15
Apr.
July
Oct.
1 Mar. 10
tiff
fill
"
1 June
1-2-40
10
1 Sept. 10
12-10-39
SIM
Feb.
SIM
Mar.
15 Feb.
4
1 Feb.
20
50c
60c
20c
Feb.
28 Feb.
20
Mar.
'60c
$2.
SIM
SIM
United Corp.. Ltd., class
15
Si 34
20c
J25c
20c
Feb.
15
28 Feb.
1
Mar. 15 Feb. 28
Feb.
15 Jan.
Mar. 10
20c
Mar. 10 Mar.
50c
i
Reading Co. 1st pref. (quar.)
Reeves (Daniel), Inc. (quar.) (cash or pfd. stk.)
Preferred (quar.)
Republic Insurance Co. (Texas), (quar.)
Republic Petroleum Co., pref. (quar.)
Reynolds Metals Co. 5 34 % conv. pref.
25
Mar.
7
9 Feb.
16
12 34c
Mar. 15 Feb.
28
SIM
Mar. 15 Feb.
28
30c
Feb.
25 Feb.
10
68Mc
SIM
Feb.
15 Feb.
5
Apr.
50c
—
Feb.
1 Mar. 21*
Reynolds (R. J.) Tobacco Co.—
Common and common B
SiM
pref. (quar.)
37 34c
Rochester Button Co. preferred (quar.)
Rochester Gas & Electric, 5% pref. E (quar.)__
SIM
$134
13c
15 Jan.
25
Mar. 30 Mar. 15
Mar.
1 Feb. 21
Mar.
1 Feb.
10
Mar.
1 Feb.
10
Feb.
S134
$ 0.0051
6234c
15 Feb.
I
Mar.
Mar.
Fe^.
Feb.
25 Jan.
5
Preferred
(quar.)
Preferred
(quar.).
(quar
Shattuck Denn Mining Corp
"
—
2
Feb.
15 Feb.
6
Mar. 10 Feb.
10
Feb.
15
Feb.
15
a
16
Apr.
July
Mar. 17
Oct.
Sept. 15
Dec.
15
20 Jan.
31
14
15 Jan.
31
l'Feb.
15
50c
SIM
Mar.
IIFeb.
21
Mar.
1 Feb.
8
15 Jan.
Feb.
31
Feb.
Mar
Mar.
Feb!
15
2c
Feb.
Jan.
21
Feb.
Jan.
21
York Knitting Mills, 1st & 2d pref.
*
Mar.
Feb. 21
Feb:
Jan.
June
31
Feb. 23
June
1
Mar.
Mar.
Mar.
1
Mar.
Mar.
1
Mar.
Feb.
15c
15c
15c
Apr.
July
Oct.
Sept. 30
Feb.
Jan.
31
Feb.
Feb.
3
Feb.
Mar.
Feb.
Feb.'
Mar.
Feb.
28
Mar.
Feb.
28
20
Mar. 31
June 30
Feb.
3
8
15
58 l-3c
Mar.
Apr.
Mar. 15
Mar.
Feb.
53c
Apr.
Mar. 15
50c
Mar.
Feb.
50c
Apr.
Apr.
Mar. l5
$234
$134
4c
15
15
Mar. 20
Feb.
Ian.
31
Feb.
Jan.
31
Mar. 20 Feb.
28
50c
50c
June 20 May 31
50c
Sept. 20 Aug. 31
50c
Dec.
50c
Apr.
$134
$134
$134
•
Feb.
25c
20 Nov. 29
Mar. 16
Feb.
3
Apr.
July
Apr.
5
July
Mar.
Feb.
5
15
July
June
15
50c
Mar.
Feb.
15
Mar.
Feb.
15
Mar.
Feb.
18
Apr.
July
Apr.
July
10
Oct.
Oct.
10
10
Feb.
24
$2
25c
Mar.
20
Feb. 20
50c
Mar.
Feb.
15
15
Feb.
Feb.
Feb.
$234
$134
$134
June
May 15
Mar.
Feb.
15
June
May
15
50c
Apr.
Mar. 17
$134
$134
$134
Feb.,
Feb.
May
Aug.
May 15
Aug. 15
1
Feb,
25c
Feb.
14
$134
$134
$134
$134
Feb.
Feb.
Jan.
20
Feb.
Jan.
,20
Feb.
Feb.
1
Fbb.
Jan.
31
50c
Feb.
Feb.
Feb.
14
10
$1
8734c
Mar.
Feb.
15
14
25c
Mar.
Feb.
15c
Feb.
Jan.
$1
$134
Apr.
Apr.
Mar. 18
Apr.
Mar. 18
Feb.
Feb.
Apr.
Feb.
Mar. 15
Feb.
6
25c
Feb.
Feb.
6
50c
Mar.
Mar.
1
Feb.
Feb.
1
Apr. 15
Apr. 15
July
July
15
50c
May
May
Aug.
Aug.
$134
Nov.
50c
Nov.
Oct.
Oct.
15
15
50c
$134
—
60c
1
15
Feb.
Feb.
10
Feb.
Mar.
Feb.
20
25c
Apr.
Mar. 20
$334
(s.-a.)
Mar.
30
Mar. 18
25c
Feb.
Feb.
$134
4
10
Transfer books not closed for this dividend.
J On account of accumulated dividends.
Payable in Canadian funds, and In the case
uction of a tax of 5% of the amount of such
:
14
$234
$134
Monthly
14
1
Mar.
25c
Wrigley (Wm.) Jr. Co. (monthly)
25
15
$2
Extra
Wool worth (F. W.) Co. (quar.)
Worcester Salt, preferred (quar.)
15 Jan.
Mar. 15
Mar. 15 Mar.
15
10c
Quarterly
25 Feb.
Apr.
Mar. 15
$134
Extra
Feb.
25 Feb.
Feo.
Mar. 15
$9
Quarterly
Mar.
Mar.
Feb.
Mar.
Mar.
Extra
Mar.
Feb.
Feb.
Mar. 15
65c
—
5% 1st pref. (s.-a.)
Winsted Hosiery Co. (quar.)
Feb.
Feb.
Apr.
-
Wilson Line, Inc
5
25c
Mar.
Mar* 15
Mar.
Preferred
4
SI
Extra
Mar. 15
25c
Candle Co., Inc
15 Feb.
23c
Shawinigan Water & Power
(W. A.) Pen Co
Sheaffer
31
Apr.
Apr.
Apr.
Apr.
$134
$134
$134
(Wm.j, 7% pref. (quar.)
15 Feb.
Feb.
31
Jan.
$134
—
15 Feb.
16
Jan.
58 l-3c
53c
—
5% preferred (quar.)
—
5% preferred (quar.)
i
;
Wayne Pump Co
Welch Grape Juice Co. pref . (quar.)_
Preferred (quar.)
'»
----Preferred (quar.)-Wentworth Mfg., preferred (quar.)
Wesson Oil 6c Snowdrift, preferred (quar.),
West Penn Electric 7% preferred (quar.)--- —a
6% preferred (quar.)
West Virginia Pulp & Paper Co., pref. (quar.) —
Western Cartridge, 6% preferred (quar.)
Westinghouse Electric & Mfg
Participating preferred (quar.)
Westvaco Chlorine Products (quar.)
White (S. S.) Dental Mfg. Co
Whitaker Paper Co. (resumed)
7% preferred (quar.)
Feb.
June
Feb.
Feb,
Feb.
25c
,
Feb.
1-3-40
Mar.
15
15
$134
$134
$134
$134
—
Washington Ry. & Electric Co_.,_—
5% pref. (s.-a.)-;
—
25c
Preferred
Sherwin-Williams Co
»
•
20c
(quar.).
Preferred
15
$134
$134
—
Feb.
SIM
SIM
SIM
SIM
1234c
1
Feb.
Feb.
90c
—_
.—
75c
75c
Second Investors (R. I.), $3 preferred (quar.).
Secord (Laura) Candy Shops (quar.)
Servel.Inc
Preferred (quar.).
Mar.
Mar.
25c
—
(H.) Walker-Gooclerham & Worts, Ltd
50c
Sears, Roebuck & Co
Apr.
Mar.
25c
i
15c
25c
10
10c
—
t$134
Milling!
Schumacher Wall Board Corp., preferred.
Scotten Dillon Co.
1
Feb.
'50c
(quar.)
Williams (J. B.) (quar.)
Cumulative preferred (quar.)
15 Feb.
Mar.
15*
$134
Co. (quar.)
Warren Foundry & Pipe
Whitman
Feb.
25
Walgreen Co., 434% preferred (quar.)
Will & Baumer
50c
—
8
Feb.
38c
Virginia Coal & Iron Co. (quar.)
Vulcan Detinning, pref. (quar.)—
15
15
Feb.
Mar.
50c
—
31
1 Feb.
Mar.
60c
Extra
14
1 Feb.
Feb.
10c
Mar. 15 Feb.
15 Mar. 15
Mar. 15
60c
-
(quar.)-
Mar.
Jan.
Mar.
20c
(quar.) —---a
Apr.
3l
Feb.
Apr.
50c
_—
Preferred
15c
,
15
50c
-
'
6% prior preferred (monthly)
—
—
6% prior preferred (monthly)
;United New Jersey RR. & Canal (quar.) — - —
United Shoe Machinery (special)
United States Electric Light & Power Shaves B—
United States Pipe & Foundry Co. (quar.)
Quarterly
;
;
Quarterly
Quarterly.
United States Playing Card—
—
United States Steel Corp. 7% preferred (quar.) United States Sugar Corp. preferred (quar.)—
Preferred (quar.)
s
Universal Insurance Co. (quar.)
Vermont & Boston Telegraph
Vick Chemical Co. (quar.)
:—
Preferred
15
15
Feb.
25c
6.36% prior preferred (monthly)--6.36% prior preferred (monthly)
15
15
15
Feb.
Mar.
$134
$134
$134
$1.80
(quar.)
Corp. $7 pref. (quar.)
United Gas Improvement (quar.)
"Preferred (quar.)
United Light & Rys. 7% prior pref. (monthly)
,7% prior preferred (monthly)
Mar. 15 Feb.
15 Jan.
Feo.
Mar.
5c
United Gas
1
Feb.
Mar.
56c
A (quar.)
United Engineering & Foundry
Preferred (quar.)
25*
Mar. 15 Feb.
18
5c
——:—
Mar. 31 Mar.
Mar. 15 Feb.
15
Feb.
30c
(quar.)
------
15
50c
Feb.
Mar.
1
"
1
$134
Corp., Ltd. (quar.)
15
50c
50c
-
6% preferred C & D (quar.)....
Holland Paper Co
6% preferred (quar,)..
Royalty Income Shares, series A
Rustless Iron & Steel, preferred (quar.)..
Rutland & Whitehall RR. (irregular)
Saco-Lowell Shops, pref. A and B (quar.).
United Bond & Share
1 Feb.
1
15
15c
—
Mar.
1 Feb.
Feb. 15 Jan.
Feb. 15 Feb.
1
Feb.
95c
—
118
Mar.
Mar.
$134
-
—
.....
Mar.
6
Mar.
25c
—
534% rpeferred (quar.)
a
Mar.
40c
Union Gas of Canada (quar.)
Quarterly
Quarterly
Mar.
40c
\
Troy & Green bush RR. Assoc. (s.-a.)
10
15*
Mar.
2c
(quar.)
Truax-Traer Coal 6% pref.
1 Mar. 15
31
Feb.
40c
—■
20
_
20
Jan.
Mar.
.
Extra
1 Mar. 15
Feb,
Feb.
$134
$134
5% 1st preferred (quar.).
6% 1st preferred (quar
7% 1st preferred (quar.)—
7 2% 1st preferred (quar.)
6% 1st preferred (monthly)----—a-.-— —
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)
7.2% 1st preferred (monthly)
a—---Texas Gulf Sulphur (quar.)
a
Texas-New Mexico Utilities, 7% pref. (quar.) —
Texas Pacific Coal & Oil Co. (quar )
Thatcher Mfg., conv. preferred (quar.)
Tide Water Assoc. Oil (quar.)
Timken Roller Bearing Co—
a
;
Toburn Gold Mines, Ltd. (quar.)—
Preferred
Mar.
$134
,31
10c
Mar. 20
—
15 Jan.
50c
Apr.
—-—
--
15 Jan.
1234c
—
(quar.)
•
Feb.
8734c
Pitney-Bowes Postage Meter (quar.) —
—
Pittsburgh Bessemer & Lake Erie (semi-ann.)__
Pitts. Ft. W. & Chicago Ry. 7% pref. (quar.)..
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Suburban Water Service—
$5 34 preferred (quar.)—.
Pittsburgh Youngstown & Ashtabula Ry.-—
7% preferred (quar.)
,
—
Portland & Ogdensburg RR
—
Potomac Electric Power, 6% preferred (quar.)..
534 % preferred (quar.)
Procter & Gamble Co. (quar.)
Provincial Transport Co. (Irregular)
a.
Public Service Corp. of N. J. (irregular)
8% preferred (quar.)
7% preferred (quar.)..a
$5 preferred (quar.).—- —.—.
—
6% preferred (monthly)
6% preferred (monthly)..
.
6% preferred (monthly)
Purity Bakeries Corp
a
Quaker Oats Co. pref. (quar.)
a
Quaker State Oil Refining Corp
-Quebec Power Co. (quar.)
Rainier Brewing Co., partic. pref. A
Preferred
Extra--
Feb.
25c
a
20
15
50c
Apr.
Apr.
$134
Jan.
—
Tampa Electric Co. (quar.)
Preferred (quar.)
— —
31
25c
1
Feb.
—
——
31
Feb.
Mar. 18 Feb.
*2c
———
—
15
20
(quar.)
Sylvanite Gold Mines (quar.)---'
Feb.
$iil
—._
Feb.
Jan.
$134
4
Feb.
Philadelphia Co., 5% preferred
.....
Philadelphia Insulated Wire (s.-a.)
Philip Morris & Co. pref. (quar.).—
Phillips Petroleum Co
i
Phoenix Acceptance Corp. (quar.)
Phoenix Hosiery Co. 7% preferred (quar.)
Pi lis bury Flour Mills Co.
Pioneer Gold Mines of B. C. (quar.)
San Carlos
Preferred
25c
(quar.) —
Feb.
Feb.
10
15c
Swift & Co. (quar.).
Swift International Co. dep. ctfs
Feb.
(guar.)
Feb.
25c
1
Feb.
Peoples Telep. (Butler, Pa ), 6% pref.
Pepperell Mfg. Co. (semi-annual)
Petroleum Oil & Gas
Feb.
;
$134
8734c
Parker Rust-Proof Co. (quar.).
Parkersburg Rig & Reel pref. (quar.) ..
Pender (David) Grocery, class A (quar.).
Peninsular Telep., pref. A (quar.)
Feb.
30c
30c
25c
5c
40c
—
Mar. 15
Feb.
16
25c
1
preferred (quar.)—
Apr.
—
1-
Feb.
Paramount Pictures, Inc., 1st pref. (quar.)
Rich's, Inc. 634%
Extra
75c
5 34 % preferred (quar.)
Pacific lighting Corp. (quar.)
$134
$134
25c
Sun Oil Co. common
3
10
50c
Pacific Fire Insurance Co. (quar.)_
15
(A.) & CO. (quar.)
>
Preferred (quar.)
i
I
Sterling Products, Inc. (auar.)
Strom berg-Carlson Telep. Co. pref. (quar.)—-
1 Feb.
tlX
3734c
34 He
Owens-Illinois Glass Co
15
Feb.
Stein
May
__
Jan.
Feb.
Standard Oil Co. (Ind.)__-
Nov. 15 Nov.
Feb. 15 Feb.
Nonquitt Mills (irregular) i.
Norfolk & Western Railway, pref. (quar.)
Quarterly
North American Edison, $6 preferred (quar.)—
North River Insurance (N. Y.) (quar.)
.—
Northam Warren Corp. preferred
—
Northern States Power Co. (Del.)—
$1.3134
7% cumulative preferred (quar.)_$134
6% cumulative preferred (quar.)
1.41 2-3
Northern States Power (Wise.) pref. (quar.)_
$1
Northeastern Water & Electric, $4 preferred—
Northwestern Public Service 7% pref
6 % preferred
tlx
8734 c
Norwalk Tire & Rubber pref. (quar.)
$134
Nova Scotia Light 6c Power preferred (quar.)
5c
Oahu Sugar Co. (monthly)
30c
Occidental Insurance (quar.).
ferred (quar.)
SIM
Ontario Steel Products, pref©
$134
Oakonite Co., preferred (quar.)— —
$2)4
Oswego & Syracuse RR (s.-a.)-i
Feb.
Mar
J2UC
Spiegel, Inc., preferred (auar.)_
—
Standard Brands, Inc. preferred (quar.)
Standard Cap & Seal Corp. (quar.)
Preferred (quar.)
Standard Dredging, $1.60 cum. conv. pref. (qu)
Standard Oil of California (quar.)
Aug. 15' Aug.
—-----
Feb.
10
30c
3734c
Feb.
(quar.)---,
18
3734c
Mar. 22 Mar. 10
— -
Feb.
SI X
tlX
Quarterly
Original preferred (special)
6% series B preferred (quar.)
Southern Canada Power Co., Ltd. (quar.)
Southern Pipe Line Co.
31
Mar.
(qu.)
Feb.
Mar. 10
87 34c
(quar.)
South Bend Lathe
15 Jan.
Mar. 14 Mar.
Electric Light & Power
Feb.
Mar.
Silver wood Dairies
Mar. 10 Feb.
Mar.
1 Feb.
Electric Assn. $5)4 pref—
Niagara Shares Corp. (Md.) cl. A preferred
1900 Corp., class A (quar.)
-,
Class A (quar.)—- -——
,
Class A (quar.)-,
;
Class B
1 Feb.
Feb.
New Jersey Zinc Co
New World Life Insurance
•
20
20
Mar.
——--
Penmans Ltd.
1
1 Feb.
1 Feb.
Feb.
Newberry (J. J.) Realty Co., 5% pref.
New Amsterdam Casualty Co. (s.-a.)
2d
1
Mar.
National Union Fire Insurance
New York & Queens
Preferred (quar.)
15 Feb.
16
3
Mar.
—
semi-ann.)
New England Gas 6c
15 Feb
Feb.
(s.-a.).
Extra
Class A
l|Feb.
Holders
Apr.
Solvay American Corp. preferred (quar.)
—
Soundview Pulp Co. preferred (quar.)
Works (quar.).—
South Carolina Power $6, 1st preferred (quar.)_
South Pittsburgh Water, 5% preferred (s.-a.) —
Southeastern Greyhound Lines—
Convertible preferred (initial, quar.)
Non-convertible preferred (quar.)
Southern California Edison Co. Ltd. (special) —
Feb.
Mar.
Mar.
6c Trading Ltd., Amer. shs
Shell Transport
When
Payable of Record
20c
1
liFeb.
10
11, 1939
6934c
l'May
Mar. 15 Mar.
National Linen Service Corp. $5 pref. (s.-a.)
$7 preferred
Share
of Company
15 Feb.
Mar.
.
National Oats Co. (quar.) —
National Paper 6c Type preferred (s.-a.)
National Power 6c Light Co. (quar.)
Name
Feb.
Moody's Investors Service, pref. (quar.)
Moran Towing 7% cum. partlc. pref. (quar.)-.
Morse Twist Drill & Machine
-.
Mt. Diablo Oil Mining & Development
Muskogee Co., preferred (quar.).
National Biscuit Co. (quar.)
Preferred iquar.)
National Credit Co. (Bait., Md.), com. A (quar.)
National Credit (Seattle) pref. (quar.)
National Gypsum Co. new pref. (initial)
National Lead Co., preferred A (quar.)
National Liberty Insurance Co. of Amer.
Per
Holders
Payable of Record
June
A pref. (a-a)
Monsanto Chemical $4 34 class
I
When
Feb.
Chronicle
of non-residents of Canada,
dividend will be made.
-
Volume
148
Financial
Chronicle
Condition of the Federal Reserve Bank of
New
The
New York at
Weekly Return of the New York City
York
following shows the condition of
Bank of
835
the close of
Clearing House
the Federal Reserve
business
The
Feb. 8, 1939,
weekly
STATEMENT
OF
ASSOCIATION
Feb.
1, 1939
United States Treasury_x
Redemption fund—F. R. notes.
Total
3,311,000
261,000
1,292,000
234,000
3,572,000
,216,000
3,844,000
1,526,000
216,000
3,839,000
4,381,000
237,660,000
341,961,000
145,042,000
237,660,000
207,551,000
341,961,000
337,531,000
145,042,000
194,472,000
724,663,000
724,663,000
739,554,000
730,244,000
747,416,000
Bills bought In open market
Bonds
Treasury notes
Treasury bills
Total U. S. Government securities..
Total bills and securities
732,295,000
Due from foreign banks
Federal Reserve notes of other banks
62,000
3,869,000
Bank premises...
9,021,000
13,428,000
.
.........
...
531,000
62,000
7,489,000
146,183,000
9,021,000
13,187,000
221,418,000
......
.....
YORK
CLEARING
SATURDAY,
HOUSE
FEB.
1939
4,
Net Demand
Time
Undivided
Deposits
Average
Deposits,
Average
$
Corn Exch Bank Tr Co.
First National Bank--.-
Irving Trust Co
65,000
5,004,000
*
71, 537,000
£52, 935,000
4, 319,700
7,000,000
7,000,000
166,234,000
6,459,000
65,417,000
91,125,000
43,415,000
24,975,000
3,356,000
5,230,000
5,422,000
50.824,000
4,367,000
30,986,000
2,600,000
4,624,000
22,178,000
86,767,000
1,835,000
50,910,000
918,899,900 10,717,958,000
628,802,000
355,600
519,013,000
■
National, Dec. 31, 1938; State, Dec. 31, 1938; trust
1938;
Surplus,
£
31,
y Jan.
1939.
Includes deposits in foreign branches as follows:
$4,713,000; d $91,939,000: e $31,591,000.
6,702,034,000 6,642,750,000 4,705,395,000
.
135, 516,700 (12,245,961,000
3, 741,400
46,372,000
79, 464,100
c839.452.000
2/4 ,966,900
13,748,000
9. ,252,700
104,413,000
27 ,881,500
324,024,000
297,700
89,195,000
12,500,000
.....
11,246,000
37,599,000
c820,333,000
252,862,000
519,962,000
531,188,000
48,188,000
19, 038,800
109, 072,800
500,000
As per official reports:
companies, Dec. 31,
9,956,000
12,664,000
55, 632,700
25,000,000
2/6,000,000
5,000,000
New York Trust Co.
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
112,891,000
60, 054,900
50,000,000
$
162,849,000
448.432,000
al,620,659,000
549,350,000
61,478,226.000
535,977,000
182, 808,400
45, 129,400
4,000,000
100,270,000
Title Guar & Trust Co..
Marine Midland Tr Co.
Totals
13, 716,400
26, 178,200
10,000,000
Continental Bk & Tr Co.
Chase National Bank
Fifth Avenue Bank..
Bankers Trust Co-
C
Total assets
NEW
ENDED
6,000,000
Chem Bank & Trust Co.
3,267,000
214,000
Industrial advances....
United States Government securities:
Other assets
THE
20,000,000
77,500,000
20,000,000
90,000,000
42,243,000
21,000,000
15,000,000
Guaranty Trust Co.
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
2,736,000
Total bills discounted-—-.
Uncollected Items
OF
WEEK
Capital
Bank of New York
Govt, obligations,
direct or fully guaranteed
Other bills discounted-
City
Profits
*
Bank of Manhattan Co.
Natlonal City Bank
5,721,941,000 5,736,564,000 3,817,399,000
8.
THE
Members
5,586,331,000 5,606,764,000 3,718,208,000
1,399,000
1,523,000
1,624,000
134,087,000
97,792,000
128,176,000
reserves
Bills discounted:
Secured by U.
MEMBERS
FOR
Clearing House
hand and due from
Other cash t
York
New
*Surplus and
$
on
the
Feb. 9, 1938
Assets—
Gold certificates
by
Clearing House is given in full below:
in comparison with the
previous week and the corresponding
date last year:
Feb. 8, 1939
issued
statement
a
$280,088,000; 6 $83,149,000'
Liabilities—
F. R. notes In actual circulation......
Deposits—Member bank
reserve
986,397,000
905,077,000
995,397,000
4,906,904,000 4,914,284,000 3,242,435,000
35,660,000
179,936,000
183,799,000
74,629,000
55,020,000
66,279,000
218,769,000
239,480,000
223,003,000
acc't.
U. 8. Treasurer—General account...
Foreign bank
......
...
Other deposits
Total
deposits.....
THE
LONDON
each
day of the past week:
5,380,238,000 5,387,365,000 3,572,595,000
Lot.,
.
215,435,000
868,000
139,343,000
1,537,000
107,526,000
990,000
Cable & Wire ordinaryCanadian Marconi
Capital Accounts—
Courtaulds S & Co
_.__,2
50,997,000
52,463,000
7,457,000
8,179,000
Surplus (Section 7).Surplus
(Section 13-b)
...
Other capital accounts
50.996,000
52,463,000
.,7,457,000
50,961,000
De
51,943,000
Distillers
8,192,000
8,559,000
7,744,000
Total liabilities and capital accounts
Beers
Ltd.....
total
to
reserve
deposit
_
6,702,034,000 6,642,750,000 4,705,395,000
.
A..
and
DAY
bills
on
:
Imp Tob of G B & I...
F, R. note liabilities coinbined
Contingent liability
HOLI-
89.9%
89.9%
85.3%
London Midland Ry...
purchased
Metal
for foreign correspondents
403,000
Box
*
Rand Mines..
Commitments
to
make
industrial
ad¬
vances
2,565,000
2,566,000
4
Royal Dutch Co
t "Other cash" does not Include Federal Reserve notes
Reserve patik
x
notes*
or a
These are certificates given by the
bank's
own
Shell Transport
Federal
...
Unilever Ltd
United States Treasury for the gold taken
United
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
over
Molasses
West
74/6
£36
£4
90/11/16/3/9
.
1 /22 IS
133/6
£11%
73/-
•
£86i»
£14
16/6
112/6
16/111/10%
£35%
£4%
.
£14
16/112/6
,
27/33/22 /6
22/-
,
,
/!%
25/S
£7%
134/£11%
74/6
£8%
•
£8%
£13%
16/111/3
-
63
90/11/16/9
3/6
1 /22/3
v
£11%
1
'22/22/-
Vickers..........
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
90/11/16/6
4/3
1 /22/6
132/6
£13 %
4/£18%
£7
£8%
£4%
27/6,
32/6
,
Swedish Match B
*
V
"
/
24 /6
£12 %
74 /6
£36
'•••*•
62/6
10/9
16/6
4/6
1/22 /6
132/-
£41
5/£18%
63 /1%
25/3
£7 %
18/110/7%
Roan Antelope Cop M.
Rolls Royce.-
4,442,000
£18 %
90/6
40/4%
95/6
£41%
•4/6
£18%
/IX
25/6
Feb. 10
40/4%
96/-
£42
63
Fri.,
Feb. 9
95/-
„
£7%
£13%
Thurs.,
40/3
4/6
£8%
Rio Tlnto
Wed.,
Feb. 8
£41%
4/6
£18%
64/4%
26/>90/6
10/6
16/3
4 /.1 /21/6
135/-'
£12%
74/6
«.
Electric & Musical Ind.
Ford
Tues.v
£7%
Co
HudsonsBayCo
of
.
.
Gaumont Pictures ord.
Ratio
4
"
received by cable
40/3
95/-
£41
•
as
"Feb. 7
40/3
95 /-
Central Mln&Invest..
Cons Goldfields of 8 A.
n'
Capital paid ln_._i.
EXCHANGE
»
Feb. 6
Boots Pure Drugs
British Araer Tobacco.
6,582,938,000 6,523,642,000 4,586,188,000
Total liabilities
-
Mon.,
Feb. 4
Deferred availability Items
Other liabilities incl. accrued dividends-
STOCK
Quotations of. representative stocks
£36
£35%
£4%
27/33/3
22/3
22/10%
£4%
27/6
33/6
23/-
'
22 /-
27/6
33/9
23/22/9
Wltwatersrand
Areas.
.......
-
£5%
.
£5%
£5%
£5%
£5%
Weekly Return for the Member Banks of the Federal Reserve System
v
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
the Federal Reserve
System
upon
immediately preceding which
behind those for the Reserve banks themselves.
the figures for the latest week
we
appears
in
our
The comment of the Board of Governors of
department of "Current Events ,and Discussions "
also give the figures of New York and Chicago reporting member banks for
Commencing with the statement of May 19, 1937, various changes were made In the breakdown of loans
an announcement of the Federal Reserve Bank of New York of
April 20,1937, as follows:
as
described in
a
week later.
reported In this statement, which
were
amounts
securities
ty aad those
outside New York City.
Provision has been made also to include " acceptances of own bank purchased or discounted" with
acceptances and commercial paper bought in open market" under the revised caption "open market paper," instead of In "all other
loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial. Industrial and agricultural loans'
each be segregated as "on securities" and "otherwise secured and unsecured."
more detailed explanation of the revisions was published in the May 29, 1937, issue of the
"Chronicle," page 3590.
would
and "other loans/
A
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES
BY DISTRICTS
ON
FEB. 1, 1939 (In Millions of Dollars)
'
Federal
Reserve Districts—
Total
ASSETS
%
$
,
Cleveland Richmond
%
Atlanta
$
ChUag
$
SI. Louis
%
Minneap. Kan. CUv
$
$
$
Dallas
San Fran.
$
%
1,849
649
597
3,188
702
395
659
510
419
641
234
308
845
311
156
259
244
971
3,767
242
8,431
3,272
1,454
1,147
573
179
229
103
171
479
187
76
158
161
328
324
securs.
1,127
8,233
paper
Loans to brokers and dealers in
Phtto.
21,442
—
Commercial. Indus, and agricul. loans
Open market
New York
$
$ '
Loans and investments—total.
Loans—total
Boston
69
133
23
9
9
3
31
4
4
18
1
20
792
31
647
18
22
4
6
36
6
1
5
3
13
535
29
250
33
22
16
16
77
13
7
11
14
47
1,174
82
223
98
49
20
384
2,188
Other loans for purchasing or carrying
securities..
-
4
Real estate loans
57
170
33
28
7
23
99
2
79
2
2
1
4
7
118
486
107
187
69
83
120
45
61
43
"45
178
390
2,900
363
833
309
159
1,647
230
182
215
166
779
Obligations fully guar, by U. S, Govt.
1,542
8,173
1,789
88
99
44
234
60
15
52
41
124
Other securities
3,247
132
1,300
277
276
65
86
462
101
42
133
59
314
Reserve with Federal Reserve Banks.
7,521
359
4,524
277
372
156
110
919
162
65
156
108
313
394
138
64
15
38
16
11
57
10
6
10
9
20
2,593
1,241
163
203
176
294
167
149
429
138
93
268
244
269
71
545
83
100
33
40
82
23
16
22
25
201
16,048
5,183
1,054
7,402
1,010
785
1,128
433
354
2,326
440
265
500
434
927
249
283
739
197
182
890
189
119
144
134
15
134
1,047
631
54
42
28
41
129
18
2
23
34
111
6,359
254
2,782
328
362
243
232
919
292
124
348
207
268
576
23
509
11
1
713
21
319
16
14
27
8
2
"4
3,681
242
1.611
221
367
93
""275
56
98
83
343
Loans to banks
Other loans.
United States Government obligations
Cash In vault..
Balances with domestic banks
Other assets—net
32
959
"
41
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks...
Capital account..._.i
1
i
Borrowings—
Other liabilities
1
1
***«--
10
1
mm
20
....
6
-
-
16
91
385
'
5
91
,
Feb.
Chronicle
Financial
836
11,
1939
Weekly Return of the Board of Governors of the Federal Reserve System
was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Feb. 9,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
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
following
The
COMBINED RESOURCES AND
Three Ciphers
LIABILITIES OF THE FEDERAL RESERVE BANKS AT
Dec.
Dec. 28,
4,
.
Feb. 9,
14,
S
1938
$
9,116,097
10,183
305,963
11,713,718
9,592
339,729
12,123,063
12,078,556
12.063,039
9,563,830
4,931
2,049
5,968
2,325
4,462
2,535
7,450
6,980
8,293
.6,997
11,215
11,867,720
8,433
11,837,719
11,787,719
11,762,720
9,874
418,025
364,763
9,873
325,471
9,873
441,936
11,905,217 111,896.274
9,193
10,193
t435,230
449,111
12,397,801
12,364,521 1-12,340,697
12,294,178
12,212,356
5,294
2,100
-
Dec.
1938
8
$
21,
1938
8
1938
1939
11,947,218
10,441
440,142
2,880
1,993
2,255
2,106
2,635
2,119
2,334
11,979,223
9,908
;—-
-
Jan.
$
$
$
THE CLOSE OF BUSINESS FEB. 8, 1939
11,
1939
1939
1939
$
Jan.
18,
Jan.
25,
12,431,067
U. 8. Treas. x.
Redemption fund (Federal Reserve notes)
Total reserves
Jan
1,
1939
5
ASSETS
Gold ctfs. on hand and due from
Other cash *.
Feb.
Feb. 8,
1939
(000) Omitted
'
437,550
Bills discounted:
by
Secured
obligations
S. Government
U.
fully guaranteed
direct or
'
Other bills discounted
.
2,729
1,966
3,765
4,873
4,695
4,361
4,764
4,307
556
549
549
549
549
548
556
556
549
556
14,738
14,811
15,131
45,390
15,550
15,505
15,688
15,533
15,573
17,625
840,893
1,209,931
513,191
840,893
1,209,931
513,191
840,893
1,209,931
513,191
840,893
1,209,931
613,191
840,893
1,179,577
543,545
840,893
1,156,947
566,175
840.893
1,156,947
566,175
840,893
1,126,903
596,219
787,327
1,167,565
609,123
1,170,213
674,229
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
2,586,703
2,584,255
2,584,397
2,584,322
2,584,868
2,584,376
2,587,232
2,588.390
2,587,134
2,593,403
166
""*166
166
"*166
"""172
172
172
22,337
623,879
26,324
683,874
42,831
30,307
565,290
42,913
35,537
597,740
29,426
739,742
42,928
47,870
48,038
31,089
t660,761
42,925
47.349
44,641
25,402
687,215
44,076
44,332
15,635,632 115,707,309
15,601,396
15,653,641
15,511,492
7,394
Total bills discounted
n
in open market
Bills bought
Industrial advances..---
—
United States Government
'
1,973
securities—Bonds.-
Treasury notes.—
—
Treasury bills
Total U. 8. Government securities
Foreign loans on gold..
——_
Total bills and securities..—
Gold held abroad-——.
—
banks...
Due from foreign
Federal Reserve notes of other banks
Uncollected Items
-..-
—
15,755,374
Total assets
Federal Reserve notes In actual
4,347,209
circulation—.
\
.
•
42,928
45,973
——————— — —
44,106
44,940
42,956
56,183
42,804
15,569,297
15,565,739
12,746,721
4,470,462
4,483,202
4,432,967
4,125,104
9,166,063
767,179
171,571
8,819,243
891,119
189,916
245,684
8,471,979
1,024,793
9,033,512
412,790
7,204,708
872,943
176,767
282,712
8,577,167
941,004
207,703
296,843
195,280
318,617
185,705
365,162
280,341
10,145,962
10,022,717
10,010,669
9,997,169
7,794,701
720.789
664,149
*
5,703
721,418
777,496
479,882
"llC 509
15",856
15,163.031 .15,226.798
15,223,488
12,403,535
134,440
147,739
134,157
.147,739
133,131
27,683
27,683
32",637
32~672
.298,213
10,403,026
10,365,008
10,288,561
627,021
2,589
586,093
3,131
566,467
2,426
657,676
2,208
591,268
185,766
,
,
"
Deferred availability Items
.
yOther liabilities Including accrued
_
.
dividends.
,
2,298
1,981
yAU other liabilities
15,291,370 tl5,363,309
15,339,192
15,411,094
15,257,089
134,818
149,152
27,264
134,911
149,152
27,264
32,766
32,980
15,309,782
CAPITAL ACCOUNTS
"
Capital paid in
Surplus (Section 7)
32,965
15,755,374
15,683,121
,
yOther capital accounts
yReserve for contingencies
—
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
on
bills
83.9%
84.0%
84.1%
'
147,739
27,683
34,633
38,588
15,653,641
15,511,492
15,569,297
15,565,739
12,746,721
83.7%
83.6%
83.3%
83.6%
80.2%
76
76
76
1,122
14,848
14,949
13,149
5,553
9,072
83.8%
,
for
1
29
1.
correspondents
foreign
134,451
147,739
27,683
134,723
149,152
27,264
32,720
'
84.1%
purchased
15,601,396
15,635,632 tl5,707,309
'
Reserve note liabilities combined
liability
134,841
149,152
27,264
33,005
'
27,264
32,723
Surplus (Section 13-b)
Contingent
134,790
149,152
134,899
149,152
27,264
-
156,272
153,380
3,848
,
Total liabilities
21,636
,4.441,050
283,161
deposits.
Total deposits-
44.096
4,374,962
10,402,759
931,295
208,215
279,377
"""171
479,937
'8,956,139
10,436,731
9,046,811
887,021
9,017,844
accbunt—
United States Treasurer—General
172
25,038
790,067
f4,338,417
f9,130,409
799,950
158,713
t275,936
Deposits—Member bank—reserve account-—
172
26,085
789,042
•
4,319,451
■
-
.
"
15,683,121
4,344,753
-
LIABILITIES
Other
719,573
'
/
Commitments to make Industrial advances
13,131
13,339
13,558
14,161
3,359
3,715
3,267
5,845
7,128
132
82
185
321
315
564
512
221
259
274
295
202
270
246
652
293
262
261
170
175
134
155
563
367
349
422
390
437
446
479
416
4,754
4,307
6,980
8,293
6,997
11,215
264
264
299
13,004
12,892
12,905
Maturity Distribution of Bills and
Short-Term Securities—
t
6,267
1-15 days bills discounted
3,804
*
172
—
272
3,670
144
178
301
16-30 days bills discounted
31-60 days bills discounted-
.
,
•
1
,
313
341
4,695
4,361
23
83
262
71
23
23
200
Total bills discounted
1-15 days bills bought In open market
4,873
23
....
Over 90 days bills discounted s.
285
7,394
61-90 days bills discounted
334
271
179
"""262
*
25
106
237
""179
23
'
.
'
264
*"'l"85
548
'556
549
549
549
549
549
1,908
2.049
1,784
1,923
1,432
" 116
525
512
579
566
555
390
395
403
358
596
280
805
573
567
542
409
387
436
429
299
12,328
12,352
45,084
ioi
501
296
555
.
:
11,544
11,554
11,835
12,030
12,172
12,177
•12,342
14,738
95,885
103,383
152,720
114,348
2,097,679
14,811
111,390
101,988
198,465
71,018
2,081,154
15,131
15,390
74,848
15,550
88,872
15,688
•102,685
199,268
2,082,842
111,390
176,733
123,720
2,077,324
15,505
107,684
74,848
2,564,015
2,564,015
2,564.015
325,633
4,678,715
331,506
4,778,000
„
""*285
260
106
264
■
4,344,753
'
64
25
'
•
""264
556
310
326
-----
61-90 days industrial advances
Over 90 days industrial advances
.
2,232
331
16-30 days Industrial advances
31-60 days Industrial advances
•
2,282
556.
•
2,036
179
'
2,096
556
Total bills bought In open market.
-
•
271
262
271
16-30 days bills bought In open market
31-60 days bills bought In open market
61-90 days bills bought In open market
Over 90 days bills bought In open market
•
1,165
"
312
765
W
17,625
■
31-60 days U.S. Government securities
61-90 days U.> S. Government securities...
Over 90 days U. S. Government securities.....
Total U. 8. Government securities
2,020,470
174,265
1,997,840
107,684
'186,238
171,733
1.995,306
15,573
90,458
105,340
190,057
194,268
1,983,892
2,101,015
2,564,015
2,564,015
2,564.015
2,564,015
2,564,015
2,564,015
2,564,015
4,686,380
366,929
4,702,829
4,741,206
366,244
4,788,995
347,945
4,800,507
330,045
4,798,827
315,625
4,759,331
326,364
4,474,679
364,415
4,347,209
4,319,451
4,338,414
4,374,962
4.441.050
4,470,462
4,483,202
4.432,967
4,125,104
4,781,000
4,153
4,791,000
3,930
4,816,000
3,581
4,855,000
4,011
4,888,000
4,888,000
4,537,632
6.283
4,880,000
7,554
4,835,000
3,699
4,784,678
1-15 days U. S. Government securities..
16-30 days U, S. Government securities
105,340
88,872
198,570
154,893
2,016,340
6,678
Total Industrial advances
4,785,153
*
102,685
95,885
205,093
77,510
152,720
209,378
.
15,533
103,054
,
42,920
40,367
242,901
136,812
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In
actual circulation
4,670,386
*
,
349,595
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper.
United States Government securities
Total
•
x
collateral
"Other cash"
does notl nclude Federal Reserve notes,
9,936
25,000
4,794,930
4,819,581
4.859.011
4.891.699
4,894,283
4,887,554
4.841.057
4,572,568
t Revised figure.
These are certificates given by the United States Treasury
oents on Jan. 31. 1934, these certificates being worth less to
6,057
for the gold taken over from the Reserve banks
the extent of the difference, the difference
when the dollar was devalued from 100 cents to 59.06
Itself having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
y
With the statement of Jan. 4,
1939 two new items appeared, "Other liabilities,
two Items corresponds exactly to the total of two items formerly In the statement
statements for Dec. 28,
1938 except Feb. 9.
1938 and Feb. 9, 1938 have been revised
1938. the figures for the two
new Items are
on
Including accrued dividends," and "Other capital accounts." The total of these
"All other liabilities," and "Reserve for contingencies."
The
but now excluded, vis.:
the new basis and they are shown accordingly.
In statements for all other dates previous to Dec. 28;
comparable to the figures for the two old Items only when totaled.
Volume
148
Financial
Chronicle
Weekly Return of the Board of Governors of the
WEEKLY STATEMENT OP RESOURCES AND
LIABILITIES
Total
Boston
New York
PhUa.
ASSETS
9
9
9
9
certificates
hand
on
and
Federal Reserve System (<Concluded)
EACH OF THE 12 FEDERAL RESERVE
OP
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Gold
837
Cleveland Richmond
9
BANKS AT CLOSE
Atlanta
Chicago
St. Louis
9
9
9
9
Minneap. Kan. City
9
United States Treasury
Redemption fund—Fed. Res. notes..
11,979,223
572,568
999
545
441,936
700,099 5,586,331
159
1,523
134,087
*44,449
37,442
12,431,067
744,707 5,721,941
9,908
Other cash
Total reserves
Bills discounted:
748,481
9
9
252,594 2,029,555
455
1,256
18,473
65,124
315,478
782
526
426
650
1,550
27,609
325,975
1,037
23,048
17,217
9,202
16,153
14,255
34,877
611,009
776,635
350,060
271,522 2,095,935
333,477
259,044
320,422
202,831
743,484
Secured by U. S. Govt, obligations
direct or fully guaranteed
5 .'294
117
3,311
574
301
Other bills discounted.
2,100
30
261
555
69
7,394
147
3,572
1,129
556
42
216
56
Total bills discounted
Bills bought In open market
Industrial advances
.
14,738
1,209,931
i.
Total U. 8. Govt, securities....
3,844
237,660
88,717
341,961
513,191
Treasury notes
Treasury bills
1,876
61,659
37,630
145,042
249,316
303,843
707,057
187,926
25
150
560
51
30
104
21
50
115
155
•10
78
69
557
118
83
370
140
305
570
129
99
661
139
133
52
24
20
70
2
2
16
16
40
476
51,623
1,253
43,790
63,009
26,725
.
840,893
U. 8. Government securities—Bonds
2,930
67,514
97,142
41,203
,
84,588
121,713
825
453
8
875
237
638
38,832
92,091
39,296
26,386
43,323
34,901
55,873
132,506
66,544
50,217
66,203
23,982
37,966
16,103
62,334
23,699
26,440
21,300
1,323
70,853
101,949
43,241
2,564,015
....
Fed. Res. notes of other banks
Uncollected Items
188,006
724,663
205,859
257,924
133,524
118,404
280,800
119,822
80,455
132,097
106,418
216,043
2,586,703
190,071
732,295
209,974
258,822
134,941
119,554
281,893
119,961
81,431
133,011
106,211
217,539
166
Total bills and securities
Due from foreign banks
12
'62
16
15
7
6
21
3
2
5
5
12
1,135
2,361
21,083
2,888
652
68,394
22,108
3,086
27,583
2,073
3,955
5,518
3,094
2,221
4,762
2,549
23,541
2,288
2,065
983
6,005
1,917
47,168
2,614
872,090 1,109,085
539,801
418,820 2,457,848
483,884
22,337
580
3,869
935
623,879
51,386
41,198
60,955
Bank premises
42,831
2,940
4,689
Other assets
48.391
3,117
221,418
9,021
13,428
4,269
Total assets
...
1: 15,755,374
...
992,813 6,702.034
,
1,522
1,382
26,990
3,235
1,536
2,036
1,255
1,883
3,234
4,192
356,573
487,351
335,945
999,130
12,055
t
LIABILITIES
F. R. notes in actual circulation
4,344,753
,379,480
986,397
314,976
419,833
196,808
149,709
985,705
179,226
134,718
168,310
77,634
351,957
9,017,844
434,799 4,906,904
82,909
179,936
14,958
74,629
408,876
44,787
465,576
236,548
181,511 1,108,577
39,383
218,604
7,271
25,138
223,328
115,993
179,627
520.906
34,306
44,647
14,958
Deposits:
bank—reserve account...
U. 8. Treasurer—General account-
931,295
Foreign bank
Other deposits
208,215
103,969
19,321
8,934
6,937
6,785
480,752
595,651
282,111
Deferred
availability Items
Other liabilities, lncl. accrued dlvs
43,954
60,914
627,021
51,196
215,435
2,589
Total liabilities......
238
868
15,411,094
73,969
4,779
6,025
6,025
3,405
5,616
5,674
985
3,612
13,843
269,355
200,405
281,355
223,570
594,354
27,481
23,757
28,071
267
64
84
1,366
5,436
10,436,731
34,386
6,026
235,199
39,146
235.114 1,355,724
35,263
20,152
218,769
538,102 5,380,238
*
279,377
——
Total deposits
,
San Fran.
Dallas
9
due
from
Member
OF BUSINESS FEB. 8, 1939
•
969,016 6,582,938
217
46,074
21,396
71,691
24,786
12,266
55
109
299
74
115
406,328 2,413,419
473,441
347,504
477,413
325,025
974,466
13,589
3,967
4,685
2,913
3,153
1.001
2.002
4,227
3,613
3,961
3,892
10,528
1,142
1,266
956
1,801
9,965
2,121
2,050
356,573
487,351
335,945
999,130
195
639
44
3,402
f
199
839,899 1,076,597
6,949
525,048
•
;
Capital Accounts—
Capital paid In...
Surplus (Section 7)
'.
134,899
9,417
149,152
10,083
Surplus (Section 13-b)
27,264
2,874
Other capital accounts
32,965
1,423
—
50,997
Total liabilities and capital accounts
15,755,374
Commitments to make Indus, ad vs...
12,051
52,463
13,696
7,457
4,416
13,679
14,323
1,007
8,179
'
2,028
.
5,055
4,515
4,983
5,630
713
22,666
1,429
3,479
3,293
1,422
1,634
6,745
1,246
872,090 1,109,085
992,813 6,702,034
1,277
2,565
12,905
"
539,801
418,820 2,457,848
483,884
1,508
..
1,433
•
153
1,213
545
.
418
58
♦ "Other cash" does not Include
Federal Reserve notes.
,i
'
FEDERAL
Three Ciphers
Total
Boston
New York
9
Issued to F. R. Bank by F. R. Agent
Held
9
$
4,670,386
by Federal Reserve Bank.
by Agent
PhUa.
lv
Cleveland Richmond
9
$
<
Atlanta
Chicago
St. Louis
9
9
9
9
333,981
440,548
19,005
20,715
211,844
15,036
162,934 1,021,061
13,225
35,356
379,480
4,344,753
as
-
STATEMENT
401,361 1,091,227
21,881
104,830
325,633
In actual circulation.
held
NOTE
«•
Federal Reserve Bank of—
Federal Reserve notes:
Collateral
RESERVE
(000) Omitted
31-4,976
419,833
196,808
149,709
986,397
409,752
7,774
57,795
134,718
,179,226
85,408
8,633
168,310
77,634
351,957
89,500
434,000
*
Treasury....
4,778,000
420,000 1,105,000
117
3,554
6,678
Total collateral
United States
345,000
443,000
215,000
644
357
140
420,117 1.108,554
345,644
443,357
169,000 1,035,000
269
199,000
570
143,500
180,000
69
6£5
136
111
143,559
180,645
89^636
434,111
76
8 1939
Mar. 15 1939
Mar. 22 1939
Mar. 29 1939
States
York Stock
.
'
Bid
Asked
April
5 1939—
April 12 1939
0.05%
0.05%
April 19 1939—
April 26 1939
Government
Securities
the
at
York
New
Daily, Weekly and Yearly—See
0.05%
page
the
on
New
page.
Stock
Exchange,
853.
0.05%
0.05%
3
199,076
Exchange—See following
Transactions
Asked
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
—
1 1939...
169,269 1,035,570
'
,—
Feb. 15 1939
215,140
United
Treasury Bills—Friday, Feb. 10
Bid
Mar.
..
'
4,784,678
.....
Rates quoted are for discount at purchase.
Mar.
•
security
paper.
Feb. 23 1939—
9
176,943
hand and due
on
from United States
Eligible
San Fran.
%
139,531
4,813
•
for notes Issued to bank:
Gold certificates
%
9;
195,796
16,570
985,705
Dallas
Minneap. Kan. City
May
1939—
May 10 1039
Stock and Bond
-----
THE
0.05%
:::::
Averages—See
PARIS
page
853.
BOURSE
Quotations of representative stocks as.received by cable
each day of the past week:
•,
t
Feb. 4
Feb. 10
Feb. '6
Feb. 7
Feb. 8
Feb. 9
France
Quotations for United States Treasury Notes—Friday,
Francs
Francs
„Francs
Francs
Bank of France
8,100
Banque de Paris et Des Pays Bas
a
Figures after decimal point represent
point.
one
or
more
.
:
.
483
Canadian
'
1,224
Banque de I'Unlon Partslenne—
S2ds of
198
Pacific-
Canal de Suez cap—
'•
Int.
Cle Generale d'Electricltq
Int.
Rate
Bid
Asked
Maturity
.
Asked
Bid,
:ik%
June
15 1939.—
2^%
102.1
Sept. 15 1939—
1M%
102.1
Dec.
15 1939
100.3
17,400
746
756
r
1,450
1,450
38
558
575
883
■
874
871
.
17,100
1,470
,
1.440
39
41
578
•
L—
194
767
42
575
230
Courrlere
237
233
232
237
104.5
Credit Commercial de France
542
534
537
533
1,660
15 1941
102.23
102.25
102.3
Dec.
15 1941
1 H%
102.26
102.3
Mar. 15 1942...
1 H%
104.3
Sept. 15 1942
1H%
B
198
17,100
102.28
June
—
Citroen B.
8,000
489
195
.
Comptolr Natlonale d'Escompte
Coty 8 A
—
'
Mar. 15 1939...
1,460
Cle Generale Transatlantlque
Rate
10
Francs
1,234
476
'17,000
774.
—.
194
Feb.
8,100
7,900
1,208 *
474
'
17,200
—
Cle Dlstr d'Electrlclte
Maturity
8,000
1,199
230
230
880
230
lVs%
102.1
102.3
105.14
Credit
1H%
102.14
102.16
Dec.
15 1942...
2%
1H%
105.12
Mar. 15 1940—
104.7
104.9
June
15 1940
102.12
Eaux dee Lyonnalse cap
1H%
102.14
June
15 1943...
1,470
1,640
1,430
1,660
1,430
1,670
1,460
IH%
101.9
101.11
Dec.
15 1940—
102.22
102.24
330
334
Dec.
333
329
1H%
Energle Electrlque du Nord
15 1943
1H%
101.8
101.10
Mar. 15 1941...
1 H%
102.23
Energle Electrlque du LlttoraJ—
670
561
560
567
102.25
230
—
—
—
—
Lyonnalse
Kuhlmenn
L'Alr
657
day
Nord Ry
THE BERLIN
STOCK
Orleans Ry 6%
EXCHANGE
Pathe
Closing prices of representative stocks
as
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
4
6
7
8
9
10
Allgemeine Elektrizltaets-Gesellschaft (4%) 120
Berliner Kraft u. LJcht (8%)
158
Deutsche Bank (6%)
118
Deutsche Relclisbabn (German Rys.pf. 7%). 123
121
Dresdner Bank
112
151
(7%)
Mannesmann Roehren
(5%)
Verelnlgte Stahlwerke (5%)
.
905
440
442
440
1,200
436
33
33
32
32
1.765
1,715
1,745
1.778
83.80
86.40
83.50
83.75
84.20
84.10
85.60
85.75
86.70
86.10
85.50
84.60
84.90
85.70
85.20
87.90
87.30
87.50
88.30
88.50
87.90
88.00
88.60
88.00
115.10
114.00
113.75
115.25
114.80
6,300
1932, A
Rentes4H%. 1932, B
Rentes, 5%. 1920
121
120
122
122
Royal Dutch
158
158
159
Saint Gobaln C & C
6,280
1,985
6,370
158
6,390
2,050
6,300
158
2,017
118
118*
118
118
Schneider A Cle
1,315
1,293
1,300
1,310
123
123
123
123
123
Societe Francalse Ford
112
112
112
112
112
Soclete Generale Fonclere
152
152
150
150
152
Societe Lyonnalse
87.75
2,020
118
—
1
—
112
112
112
113
Soclete Marseilles
182
182
183
182
182
Tubize Artificial Silk preferred—
197
199
198
198
197
Unlo
110
111
111
110
110
111
Wagon-Lits
113
d'Eleotrlclte
——
■
60
196
—
892
440
Capital
112
-
900
900
Pechlney
Rentes Perpetual 3%
Rentes 4%, 1917
i—182
— .
Relchsbanks (8%)
Siemens A Halske (8%)
1,210
901
Rentes 4)4 %,
-Per Cent of Par
(5%)
649
1,190
900
1,440
Rentee4%, 1918
received by cable
each day of the past week:
Farbenlndustrle I. G.
640
1,180
915
918
Holt-
641
1,210
-
Llqulde
Lyon (P L M)
1,650
58
60
58
81
81
81
77
1,473
1,434
1,430
1,465
629
630
635
637
97
97
98
ldo
498
481
490
491
70
70
71
71
58
Feb.
1939
11,
838
York Stock Exchange
Stock and Bond Sales—New
YEARLY
DAILY, WEEKLY AND
Pages—Page One
Occupying Altogether Sixteen
we
furnish
.
the New York Stock Exchange
Home Owners' Loan and Federal
United States Government Securities on
Below
Farm Mortgage
daily record of the transactions in Treasury,
a
York Stock Exchange during the current
Corporation bonds on the New
No
day.
frhey are the only transactions of the
disregarded In the day's range, unless
for the year.
NOTICE—Cash and deferred delivery sales are
account Is taken of such sales in computing the range
week.
"
l
4KB,
119.3
-
M>
8
119.9
114.20
114.21
114.20
22
-
1
103.12
[Close
103.12
4
6
43
40
7
2
units—
103.12
103.16
103.12
103.12
103.13
103.10
Low,
103.12
103 12
103.11
103.9
103.9
103.10
Close
103.12
103.13
103.11
103.9
103.9
103.10
units...
Total sales in $1,000
1
113.27
14
1960-65
A
113.26
2
01/a
! 113.27
113.26
m
[High
|Low.
103.12
114.24
MM MM f-
113.26
mm*'*,
units—
2KB, 1958-63..
114.24
MM
113.24
.A.
.
3^8. 1940-56
5,
6
■
....
Total sales in $1,000
105.1
104.30
104.29
105.1
104.29
104.29
104.30
8
5
1
103.11
103.12
103.12
103.16
103.11
103.9
103.8
103.16
103.11
103.9
103.8
44
106.20
106.19
106.24
mmmm
mm mm
106.27
mmmm
mrn-mmmmm
106.19
.
M
mmm,
106.25
55
mmmMMm.
mm
1
14
6
14
-
103.9
103.11
16
mmm mm
'
'
High
104.29
104.29
."11
105.1
1
....
—
103.12
Mm-rnm mm
MM mm MM,
mmmmrn.
1
....
M. mm mm Mm
Total sales in $1,000 units...
mmmm
Tmm'imm
103.26
MM -
103.16
MmmmpMMm
Cose
104.29
104.30
mm
Low.
104.29
104.30
1940-43...J Low.
— -
!
High
2KB, 1945.
104.30
3^8,
103.25
103.25
50
114.24
114.20
114.21
«-
mmmm
mmmm
103.25
103.25
+
Total sales in $1,000
—
m
103.26
Low.
Close
2Us, 1956-59
mmm
26
1
;
114.22
4s, 1944-54.
103.25
mmmm
High
—
119.6
....
Treasury
119.3
119.3
119.6
1947-52.Low.
119.9
119.3
119.8
Treasury
10
Feb.
Feb, 9
103.26
103.25
High
Feb. 8
Feb. 7
Feb. 0
Feb. 4
S. Bond Prices
Daily Record of U.
10
Feb.
Feb. 9
Feb. 8
Feb. 7
Feb. 6
Feb.
Bond Prices Feb. 4
4
Daily Record ofC.S,
,
mmmm
mrnrn-Mtm
MMM.
rnm»m.mm'Mm
.MMMMMMMM
mmmm
Low.
2KB, 1948
1
„
mm mm mm
mmmm
mm m m
mm mm
MM mm
Close
mmmm*
mmmm
mrnm-
....
mm MM mm
mm
■■
106.21
'
3 VtB,
106.21
1941-43
108.20
m
mmmm
m
.
,
Mm
.
,
m
MM
—
1
I*
High
103.2
Low.
102.31
Close
102.31
106.23
m
106.23
MM
106.20
*i
'
106.21
Total sales in $1,000 units...
106.20
106.23
2Kb. 1949-53.
4
----
,
.....
110.3
110
3 MB. 1943-47.
'110
«r
107.2
107.3
107.1
107.3
-
107.4
110.1
110.2
109.30
110.1
Low.
110.2
109.30
6
5
Total sales in $1,000 units,..
..
-
,«
.
f*
m
110
110.3
110.3
110.2
110.3
110.4
MM'MM
-
—'
110.4
110.3
110.2
110.6
110.4
1
6
4
13
5
fHlgh
109.23
109.25
109.25
109.25
109.27
..•{Low.
109.23
109.24
109.25
109.25
109.26
[Close
109.23
109.25
109.25
109.25
109.26
Total sales in $1,000 units...
10
5
5
2
-
-
mm
mm
mm
^
^
—
mm
mm
102.14
mmmm
mm
mm
58
m
mm m.
m
MM
mm
mm
mm mm
107"26
107.20
107.20
mm,
m
mm
mm mrnm
m
107.11
2^8, 1942-47
3a, series A, 1944-52
«•
J
«•
-
■»
—
m
109.6
109.7
109.3
109.6
109.7
50
1
mmmm
-
m
109.3
t"
IO7.9"
109.1
mmmm
Total sales in $1,000 units...
10 9" 7"
109.1
-
109.3~
107.23
107.28
107.25
107.25
107.23
107.28
107.25
107.24
107.24
Close
107.28
107.23
Total sales in $1,000 units...
m
mmm,m
106
106
rnmmmmm
....
107.6~
105.6
105.6
2
8
2
2
1
M,
mm
mm mm
107.6
107.10
mrnm
107.9
107.6
107.10
105.3
105.1
1
102.12
.mmmm
102.15
102.17
102.10
mmmm
102.15
102.17
Close
102.11
102.12
102.15
102.17
1
—
-
-
*
<•
A
102.12
mmmm
22
6
High
104.14
.104.11
Low.
mrnm mm, mm
104.14
mm
104.14
'
6
2
mmmm
•
mmmm
mmmm
mmmm,
104.11
mmmm
mmmm
mmmm
104.11
mmmm
mmmm
m
'
105
105.1
2
1
m-m
102.12
1942-44
Close
105.2
104.31
MM
m m
102.15
■
105.4
104.31
mmmm
107.10
1
2 KB.
105.1
105
m.mmrn
mm
102.11
Home Owners' Loan
mm
105.2
mmmm
mmmm
Total sales in $1,000 units...
mrnmmm''
104.30
mmmm
1
107.6
107.9
107.0
mm
mrnm
mm
107.9
107.0
mm
mm
1
mmmm
mmmm
mrnm
105.5
mmmm
105.6
mm
105.5
....
mm'
mm
mmmm
1
4
1
102.11
.
105
1
106
Low.
'
Lo w.
107.14
2
High
2Kb, series B, 1939-49..
-
High
107.11
55
'
~
107.24
107.24
107.25
107.14
107.10
m
107.14
107.9
mmmm
106
Total sales in $1,000 units...
Home Owners' Loan
107.25
LoW.
,
1
31
High
.
mmmm
107.11
106
105.5
Low.
•
Close
mm.m m
mmmm
106
3
High
Home Owners' Loan
.
„
'mmmm.
'mmmm
mmmm
mm
106
106
mmmm
106
Low.
-
mm
1
High
'mm,-Mm
11
107.10
mmmmmrn.
■
106
106
102.18
107.8
107.11
106" "
m
mm.rn
mmmm
,
■
107.11
17
102.18
mm
mmmm
-
2
rm
mmmm
mm
mm
mm mm,
mrnm
m
Total sales in $1,000 units...
Federal Farm Mortgage
mmmm
109T"
Close
m
m
m
105
Close
104.31
105.1
105.2
105
107.14
Close
mmmm
Total sales in $1,000 units...
>
107.17
11
1
106.1
mmmm
10Y.18
8
106.1
11
mmmm
106:9
5 Treaa. 4s, 1944-54.
mm
106.9
1
M,
MM
Low.
*•
-
-
m
-
Close
•«
mm
•rmL
m
mmmm
«.
106.4
106.1
mm
mm
—
1
104.22
104.22
104.24
104.20
104,21
104.22
Low.
104.24
Close
104.24
Total sales in $1,000 units...
2
-
~
-
-
_
,
_
..a.
A
— .
104.24
104.22
104.22
104.22
104.24
6
104.24
"HO Mtge2Ms'39-'49
1
2
104.22
2
1
10
m'm
High
'
114.21 to 114.21
102.11 to 102.11
106.9
•
'
Total sales in $ 1,000 units...
of coupon
sales
only
includes
.Transactions in registered bonds were:
bonds.
mm
106.4
106.4
mm
1
table
above
Note—The
107.22
2
•
MM
t Deferred delivery sale.
Odd lot sales,
8
107.24
107.18
107.14
mmmm
High
w
107.14
107.14
Low.
*
11
107.18
56
9
107.14
*
High
m.
Total sales in $1,000 units
'
7
107.17
3
Total sales in $1,000 units...
2^8, 1951-54..
102.14
103.8
2
102.20
m-mmmrn
----
'—-
Low.
2KB, 1948-51........
103.6
5
5
102.14
Total sales in $1,000 units...
High
2KB, 194547........
103.2
Low.
•
°
"
'i.-
Total sales in $1,000 units...
2%b, 1955-00
103.3
25
Close
Close
3s, 1951-55
103.8
Close
3s, 1942-47.".
ml
^
•"*
m.
Low.
3a, 1946-48..
103.6
High
Federal Farm Mortgage
-
Mm mm
mm
High
3 Kb, 1949-52
102.31
Total sales in $1,000 units...
MM
27
Total sales in $1,000 units
3H8. 1946-49
103.3
103-5
mmmm
'
Close
103.8
103.5
mm
103.6
Close
3s. 1944-49
2
110.4
110.6
16
103.2
Low.
♦
110.6
110.4
103.4
17
57
49
High
Federal Farm Mortgage
2
6
110.5
103.3
103.2
103.2
103.3
Total sales in $1,000 units
110
Low.
....
103.4
mm.'mm.
Close
109.30
High
3Kb, 1944-40
103.3
MMMMM^MM.
Low.
...
110
100.30
»
—
103
mmmm-m.
rHigh
Federal Farm Mortgage
109.30
109.31
110.2
110.1
103
,
Total sales in $1,000 units...
mmrnrni,
4
11
7
Mm
Close
8KB, 1944-64
High
3JiS, 1943-45.
107.3
107.2
107.2
11
103.3
Low.
2s, 1947
107.4
107.2
Total sales in 11,000 units...
Total sales in $1,000 units...
'
103.2
MM
103.5"
—
mm mm mm
Close
-
107.2
mm
~
2KB, 1950-52
MM MM
MMmmmm
High
107,3
Low.
3^8, 1941..—........
'
I
103.2
103.5
M.
mrnm
MM mm
mm
Low.
110.3
t3
\
....
High
110.3
mmmm
mmmm
mm
\
5
Total sales in $1,000 units...
no
mrnm'm
...
'
Bills—See previous page.
United States Treasury
United States Treasury Notes,
&c.—See previous page.
New York Stock Record
LOW
AND
SALE
HIGH
PRICES—PER
SHARE,
NOT PER
CENT
Saturday
Feb. 6
$ per share
*58
58^
Fefi.
$ per share
5814
*37
*11878 127
42 34
42®4
*35i2
40'2
*38
4284
*3512
*38l2
*9U
9i2
*1978
201?
20L
*20
20i8
*1978
25
251;
5984
2514
2514
*25
2534
5812
591?
59
5978
2434
5814
*7S
9i2
21U
25i8
2U4
251,
58a4
59
597,
5810
1
1
95s
934
*7g
*117
1
*78
1
958
97,
9i2
934
39l2
9i4
78
7g
9i2
912
500
100
912
2,200
1
95g
"800
3,400
500
5,800
*117
1
78
78
7g
7,
78
1
1,000
llU
IH4
11»4
IH4
11 '4
1U2
111?
1118
1U8
1034
1034
1,200
*914
914
10
IOI4
914
13l2
IOI4
*85g
10
*9
10
*9
10
*812
95,
♦Si2
*9i2
10
*8i2
978
9I4
400
13
23U
914
1338
233s
*51i2
*9lg
171
978
17112
*7«
131?
2334
23
*5U2
9i8
173
-
-
1214
1212
123g
1288
123s
12l2
1238
93s
2214
*51l2
9l8
958
978
663,
41
411?
*1714
*2l4
18
23«
*64
4234
*17i2
214
9i8
*64
4184
4314
18
*16
214
*2
*16
iyi2
*16i2
1984
64
64
*63
1934
20
20
64i2
201«
*17i2
1U2
984
065,
1434
1434
1434
15
*56l2
57U
57
63
*1912
1434
57
7* Bid and asked prices;
•
-
w
91,
17112 1721,
*11
1314
1278
*63
1314
223,
13U
91,
17312
934
50V
12
93g
9l2
*13l4
22
91*
14
2284
*535s
9U
173
*1134
12
9U
*13
174
13
1214
91?
13l2
22
*52
914
1
2278
78
13
13i8
22
2134
100
1,300
4,600
*52
*
914
Vl4
17412 17412
"9"
""800
172U 172U
1,900
*1134
*1134
12
93s
12&8
12
95s
8i2
12
13i8
12
9U
914
Jan
4
Jan 17
24
Oct
27l2 Jan
5
6U Mar
14i2 Mar
165s Mar
30
Aug
54U Jan 26
34 Jan 3C
655g Jan
H8 Jan
4
40
Jan
3
200
1,800
10,100
pref.No par
Alghny Lud Stl Corp.-No par
Alleg & West Ry 6% gtd—100
$2.50 prior conv
Allen
1
Industries Inc
Dye.No par
Allied Chemical &
-.5
Allied Kid Co
Allied Mills Co Inc
Allied Stores Corp
No par
No par
100
5% preferred
171?
23g
*1612
171?
*10l2
1712
1712
1734
200
Alpha Portland
*2
23?
2i4
100
Amalgam Leather
191?
*16
191?
6334
6314
*19U
62
62
6134
62
""960
20
20
*1912
20
2,000
1478
3,100
*1434
15
1434
*56'i
58
*50i4
tbis day.
1434
58
145s
*56l4
t In receivership,
58
50
a Def. delivery,
No par
Allls-Chalmers Mfg
6% conv
19
6334
1434
no sales on
200
20
563.
Jan
11
2H4
10,300
20
Oct
Oct
85g Jan 27
195s Feb 3
24U Jan 26
41«4
*10l2
Nov
45
52
4112
*16
share
June
42l2
1834
per
61
12334
18
415s
*2
2
36t4 Feb
1195s July
30i4 Mar
Highest
6
6534
2i4
Feb
share $
Jan
421?
*2
3512
Feb
4
per
45
4214
67
58h Jan
$
3812 Feb
6534
*65
Jan 27
55
share
per
3 512
No par
..._._25
Adams Express
..No par
Adams-Mlllla
No par
Address-Multigr Corp
.10
Air Reduction Inc...
No par
Air Way El Appliance. .No par
Alaska Juneau Gold Mln...l0
Albany & Susq RR.
100
Allegheny Corp
No par
5^ % pf A with $30 war. 100
5K % Pf A with $40 war. 100
51^% pf A without war .100
66
67
$
share
Acme Steel Co..:
423^
*65
per
...100
....
1114
1
No par
$
Abraham & Straus.-
3912
2434
58i4
Abbott Laboratories
4K% conv pref
20
9l2
9
Shares
4234
*1978
Par
Lowest
Highest
Lowest
Week
*11878 127
93,
25i2
1
391?
4234
*3512
*3812
08
381;
*19'8
78
*37
*1187s 127.
4234
$> per share
58
58
93g
*25
934
58
38i2
y>2
*1978
78
*35i2
$ pet share
9-v
93s
934
58
10
for Previous
Year 1938
10O-Share Lots
EXCHANGE
the
Friday
Feb.
40U
9%
58i2
58
*1187g 127
11878 127
*35i2
Feb. 9
$ per share
581?
58i2
*
Thursday
Feb. 8
7„
$ per share
58i4
*11878 127
*33i2
Wednesday
Tuesday
Monday
Feb. 4
On Basis of
NEW YORK STOCK
for
Range
Range Since Jan. 1
STOCKS
Sales
Cem_.jVo par
Co Inc — 1
preferred..
50
No par
Amerada Corp
Agile Chem(Del)newATo jrr
American Bank Note
10
Am
6%
preferred....
n New stock,
r
—
.—50
Cash sale.
x
912 Jan 24
10
,
May
5s Mar
3
834 Mar
95
78 Jan 25
10
Jan 26
9
Jan 26
878
Jan 26
13
Feb
4
20
Jan 26
52
Jan 19
8U Jan 24
170i2 Jan 24
llU Jan 13
78 Mar
is8 July
Feb
133s
125
Dec
15s
Jan
June
177fi
Jan
Mar
1714
Jan
1738
Jan
6i4
5
Jan 19
28
May
412 Mar
111,? Jan
4
Jan
3
124
Mar
7
Mar
193
6772 Nov
5i2 June
734 June
145s Sept
1*4 Jan
1478 Jan
1314 Jan
1234 Jan
1878 Jan
28i4 Jan
52
Apr
1234 July
2U2 Nov
2934 Nov
28
May
14U Aug
197
1234
Oct
13'8
Jan 21
1
133«
Jan
4
85g Mar
147g July
83g Jan 26
113s
Jan
3
4i2 Mar
13i2 Nov
66
Feb
11»8 Feb
61
Jan
9
39l2 Jan 26
15l2 Jan 24
178 Jan 13
3
38
Mar
70i8
Oct
Jan
5
Oct
3
3414 Mar
11*4 Apr
1'4 Mar
5534
197g Jan
23g Jan
20
Oct
Jan 20
10
Mar
24
Jan
78
July
483s
3
17l2
Jan 23
19
61
Jan 27
69l2 Jan
3
55
May
4
2,4l4 Jan
3
22
Dec
1934 Feb
1378
Jan 26
1734 Jan
3
10
Mar
56
Jan 24
60
Jan
6
46U
Apr'
Ex-dlv.
Oct
y Ex-rights.
314
Oct
28i2 Oct
231# July
63
«|| Called for redemption.
Nov
Volume
LOW
AND
HIGH
SALE
PRICES—PER
Tuesday
NEW YORK
Feb. 4
Feb. 6
Feb. 7
$ per share
$ per share
$ per share
634
7
7
47%
*6%
45
47
47
6%
*112
120
*112
119
119
*119
120
119
119
9%
*9
17%
734
10
9%
62%
6234
62
62
4i2
4%
*7
*9%
9«4
934
4%
*7
934
9
Am Brake Shoe &
9%
*834
9%.. '9%
62
62
*61%
4%
4%
4%
*4%
*7
9%
*9%
9%
*;%
•
8
*5%
8
*5%
■
8
American Chicle
No par
87*
14:
938
14
14%
14i2
14
14
5
5%
34I2
45%
5
*33
34%
45%
1%
16%
24%
26
70
1%
6*2
25
5
4534
1%
16%
900
Am
200
Jan 31
4
177
Jan
26
35
American
1st preferred
5
24%
69
*14%
434
117
11634 Feb
1
12234 Jan
3
88% Mar
125
Oct
20
July
734 Feb
4
13% Sept
4% Mar
Jan
5
10% Jan
4
6% Jan 13
9%
11%
Jan 24
8% Jan 26
62
5% Jan
Jan 27
5% Jan 26
$7 2d preferred A
No par
Jan 24
$6 preferred
No par
American
1%
134
2,900
*1734
18%
2,100
6%
24%
6%
3,100
24
23%
6,900
American Locomotive..No par
14%
35%
*115%
♦23l2
6%
4312
3834
15%
*158"
*158
*158
18%
187S
18%
65i»
65%
*647g
15
15
*16%
*29%
3034
447g
3034
44%
4434
6378
637,
150
*150
44'%
*12
85
85%
88%
88
88%
*151
6%
7
13%
90
*37%
*37%
40
634
6»4
*29
6%
2834
*17%
113
113
13
*13
14%
*2%
3
27%
*26
287g
*118% >'
*113
-
*118%
■
5%
47
90%
5034
11
*54
*50%
*10%
5%
■
47%
*54%
"5134
250
10%
10%
*10
9%
9%
9
9%
*72
77
534
39%
*28
17%
114
29%
49
*47
17*2
*17
*113
14%
*13
3
*2%
*26
26
114
*113
50
*103g
77
*72
50%
10%
9
9
10%
10%
9
*72
48%
*72
77
8%
*834
*65
70%
*65
70
*65
*63%
70%
*63%
58
*50
58
*50
58
*50%
9
70%
58
8%
70%
*52%
*48
58
*50
*33%
36%
*33
33
*33
36%
*33
36%
*33
94%
*90
*90
94
*90
^3
*90
93
*90
93
36%
3534
63%
63%
23
23%
63%
23%
37
64
24%
7
7
7%
*63*
13% '13%
22% 22%
13%
22%
22%
109
*106
8
45
*62
6334
110
*62
*122
12534
*6%
*90
91
91
*90
93
*90
35%
63%
23%
3534
3434
63%
23%
64%
23%
7%
63%
*634
13
13
34%
7
34%
63%
23%
*634
*13%
22%
13%
22%
22%
22%
*106
110
*106
8
8
8
45%
6334
45%
8%
45
2334
29
7%
14%
6%
7%
2334
83
80
80
*17%
18%
18%
18%
*11
11%
11
11
*3034
16%
31%
16%
14%
29
,7%
14%
6%
6%
7%
734
734
22%
22-%
*.___
19
19%
*112
....
*18%
19%
:*23%
,
*45
7%
14%
6%
734
*3034
16%
19%
*112
*1834
31%
16i
19%
__
19%
29
*23
7
*21%
7%
14%
6%
1334
6%
7%
7%
13%
110
22%
*634
13%
22%
*106
35%
64
23%
7%
1384
2234
110
8
8
3334
.
63%
22
*6%
13
45%
45%
63%
27%
7%
14%
7%
22%
23%
2234
2284
78%
18%
7484
17%
76%
17%
"17
11
*10%
11%
*10%
11%
*3034
31%
*3034
31%
*3034
16
16%
16
16%
16
34
16%
18
1812
1834
*112
*112
~1834
1834
*99
100
*99
100
*99% 100
122
122
122
'120% 122
8
8
8
8%
*73
75%
26%
18%
1834
18%
*112
....
18%
*18%
*99
*99% 100
19
—
19
100
10%
*31
1834
*112
*99
75%
25
26%
2534
19%
19%
193g
52%
53
5334
5334
67%
69
19%
*17%
17%
114
114
68%
17%
114
69%
17%
114
25%
*24
*24
25
19%
8
75%
26%
*73%
25%
19%
Jan
Jan
Mar
94%
68
Jan
4
59%
Jan
Dec
11
77% Dec
12% Nov
*24
No par
Jan 12
Jan
3
8
Jan 26
103g Jan
5
...100
Associated Dry Goods...
1
6% 1st preferred
100
7% 2d preferred
..100
Jan 23
76% Jan
103g Jan
5
72
Nov
3
4
Mar
Jan
5
z52
5278 Jan
3
48
Dec
Assoc Investments Co ..No par
33
Feb
7
35
Jan 21
27
Mar
73% Sept
39% Nov
5% pref with warrants—100
$5 pref without warrants 100
90
Jan
9
94
Jan
72
Mar
95
Nov
90
Jan 18
91
Jan
7
72*
Jan
95
Nov
Jan
427g
69% Jan
30% Jan
4
22% Mar
4
40
May
72
3
14
Mar
30
8
Jan
9
15
Jan
9
preferred
—
—
5% preferred
....100
59%
Jan 26
100
5% preferred....;
Atlantic
25
Refining
18t2
20%
*18%
19%
15
14%
15
14%
14%
*16%
19
*16%
19
*16%
*4314
45
*43%
45
*43%
45
1834
28%
28%
28
29%
27%
28%
43%
28%
*24'%
24%
24%
25
25,
25
2434
"
Bid and asked prices; no sales on
18%
14%
14%
*18%
Jan 24
48% Aug
68
105
■
5
Jan 26
300
XAuburn Automobile--No par
-No par
Austin Nichols..,.
,
$5 prior A
-No par
(The) .3
3% Jan
234
23
127
6% Jan
9,400
Baldwin Loco Works v t c—13
6,100
....100
5% Jan 23
-.100
—50
100
634 Jan 23
Aviation Corp. of Del
2,500
1,100
5)4%
e'ioo
2,100
"206
300
1,000
28",900
700
200
500
72
Feb 10
15% Jan 26
10% Jan 24
50
30% Jan 14
10
preferred...
---5
No par
100
Beatrice Creamery...
25
$5 preferred ww
No par
Bayuk Cigars Inc
preferred
20
No par
Belgian Nat Rys part pref
Beldlng-Heminway
5
Aviation
4% Apr
2% June
2
Mar
12% Mar
Jan
2% Mar
5
Jan
4
30% Jan
4
Jan 11
21% Jan
6
13
Jan
5
31
Jan 19
Mar
4
Jan
Mar
5% Mar
2434 Dec
82
Dec
12% Mar
5
Mar
21% Mar
Jan 26
19% Jan
4
Jan 26
20% Jan
3
9
Mar
11434 Jan 16
109
Apr
114
Jan
3
99
Jan 24
125
121
10% Mar
6
11% Mar
Jan 20
90% Apr
25
Apr
4
94% Apr
19% Jan
17% Jan 26
98% Jan 20
Jan
8% Jan 20
73% Jan 25
7% Jan 24
72% Jan 11
22*4 Jan 26
2934
Jan
187g Jan 26
3
534 Mar
Sept
67
8% Mar
15% Mar
20
Jan 12
Jan 28
55
Jan
3
26% Mar
(Del)-No par
60% Jan 26
80
Jan
4
5% preferred..
--20
7% preferred
100
Bigelow-Sanf Carp Inc.No par
16% Jan 26
106% Jan 26
3934 May
1234 June
115
Jan 26
26
Black & Decker Mfg Co No par
17% Jan 26
No par
Bethlehem Steel
Blaw-Knox Co—.
No par
49
22
13
Jan 27
43%
*43
45
*43
45
"""166
Blumenthal & Co pref..-.100
1934 Jan 21
43% Feb 8
29%
28%
28«4
13,200
25
25
Boeing Airplane Co....«.....5
Bohn Aluminum <fe Braes.:..5
24% Jan 24
22% Jan 26
Bioomingdale Brothers.No par
a Def. delivery,
„
Jan
18
19
1,600
•
Jaif
Jan
87%
Mar
15%
14
2,400
'
30%
8%
173g
834
10%
50
RR
Beech-Nut Packing Co
Bendix
Feb 10
No par
Corp
Barnsdall Oil Co
1st
22
7
378 Jan
6% Jan 24
12% Jan 26
"9",200
5
4% Jan
3
Jan 24
Jan 24
14
X In receivership,
109% Aug
9% Jan
Jan 11
*16%
this day.
Jan
273j$ July
'
Jan 26
Barker Brothers
25%
Apr
122
19
*24%
14%
6% Mar
1734 Mar
101%
5% conv preferred—...100
Atlas Tack Corp.
No par
*16%
2734
Jan 18
70
7% Jan 24
19
29%
25%
23% Jan 10
110
Jan 24
100
Barber Asphalt
1934
Jan
Jan
Dec
534 Mar
1,100
*19%
1434
3
II
21%
107
,
8% July
4% Mar
36
17%
17%
*11034 114
2434
Jan 26
Jan 26
3834 Mar
Best & Co
*2334
6%
44% Nov
9
Beneficial Indus Loan..No par
25%
19%
20
3
3
preferred..
190
25%
Aug
75
May
5
100
*24
Dec
6684 Jan
6%
1,900
17
Nov
9
87g Jan
45% Feb
-5
50
Atlas Corp
1,300
25
13
'
31%
38,300
113
70
Jan
51% Feb
Santa Fe—100
19%
17
7% Jan 26
70
Atch Topeka &
67%
113
I
Jan 26
53%
17%
July
9%
66%
25
7
73
5
Corp
Artloom Corp
52%
113%
6%
No par
Constable
Arnold
*19%
17%
121% Jan 4
103% Jan 10
45% Jan 26
53
15
65
68%
113
Jan
..'.100
53
19
*
72
50
67%
*14%
*16%
19%
3% Mar
28% Mar
4
69
113
Mar
4
52%
17%
17%
Apr
July
82
6
68%
66%
112%
20
116
4% July
31% Aug
122% Oct
10,3% Oct
Jan
19%
52%
19%
20%
Mar
Oct
Oct
113%
Mar
2
Jan
6734
*19%
Apr
10
Jan
Beech Creek
19%
97
65
53
20
*52
Jan 31
15% Jan 15
2% Jan
29% Jan 6
114
•
6
29
8
11% Jan 26
2% Jan 26
21% Aug
52
200
123
*12034 123
*121
>120% 123
8
*7%
7%
7%
7%
7%
*73% 75%
*74%
75%
75%
*73%
26%
25%
26%
25%
26%
2534
Oct
Oct
•
Jan 26
500
19
1034 Mar
Jan 24
....
*18%
29
Jan 24
10%
1834
4
4
Oct
42%
6434
5
Baltimore & Ohio
4% preferred
Bangor & Aroostook
Conv 5% preferred
16%
Mar
Jan 26
Jail
34
16
May
Jan 31
26
'July
57
29
22%
7434
72
21
30
43
44
18
22
76
9%
Mar
24% Mar
5% Mar
2% Mar
500
*1734
80
25
44
"3",000
18%
23%
78%
Jan
Nov
45
Atlas Powder..——No par
8
6%
7%
7% July
3% Mar
23% Mar
5
4% ponv pref series A... 100
46
6%
7%
Apr
16% Nov
91
Aug
Jan 30
preferred
Armstrong Cork Co
700
:
734
9% Nov
Mar
33
»
Dec
152
Apr
6
Jan 25
Atlantic Coast Line RR...100
800
14%
6%
5834 Mar
101
Atl G & W I 88 Lines-No par
200
7%
Oct
Dec
88% Aug
91% Oct
25%
121%
preferred
100
&Co(Del)pf7%gtd 100
100
3,900
120%
150%
Mar
$6 conv pref—......No par
2,500
*3%
6%
*
117% Mar
4% Mar
784 Jan
6% Jan 26
Co——No par
2,500
*45%
18%
*10%
*23
8,000
"*234
13%
25
Mining..50
Armour & Co of Illinois
10
7
6%
7%
13%' 13%
Jan 1,0
43% Jan 10
Armour
100
13%
*21%
36%
Jan 28
Archer Daniels Mldl'd.No par
"i'ooo
3%
7%
90
Jan 27
Copper Mining.....20
7%
3%
29
Jan
5
Jan 23
3%
7
Feb
82
No par
100
Oct
Jan
68
14% Jan 20
No par
Lead & Smelt... 1
Jan
19
31
Mar
130
Dec
3%'Mar
8% Jan
111
*234
*23
Jan 24
Dec
1134
12% Mar
58
Dec
4034 Dec
June
111
8934 Jan 16
153
4
$6.50 conv preferred.No par
Andes
500
34%
6334
22%
*61%
63
12o34
12534 12534 *122
6
6
*512
6%
*61%
Jan
57g Jan1 27
11% Jan 26
20% Jan
110
8
147
100
Jan 26
22%
22%
*106
8
4P4
6%
7%
6%
734
*120
*73
;..
87%
83% Jan
25
preferred
$6 1st preferred.
93
-
3%
3%
*21%
80%
4
Jan 19
Jan 26
1,800
91
93
6334
*62%
6334
6334
12534
12534 *122
12534 1£534 *122
6
6
6%
6%
*6%
7%
3%
3%
*3%
-3%
334
*3%
*234
2%
2?8
*2%'
3%
77g
3%
*27,
158% Feb
9
'
6134
150
Jan
Jan
"
94
*90
140
Apr
Jan
12
17
' 70%
*90
■
8%
44%
^
9
35% Jan
58% Nov
Mar
4534
130
Jan
'
35
*12
,
Jan
45
"3",600
36%
*90
36%
94%
33
>
41
29% Jan 26
Anchorllock Glass Corp No par
58
*8%
9%
9%
9%
3
Anaconda W & Cable—No par
77.
*65
8%
Jan
18
7%
9
77
*72
150
Jan
23% Nov
28% Mar
103
Jan
64% Feb
151% Jan 18
149%
Anaconda Copper
8,400
400
10%
9
,
Jan
20%
Dec
Preferred-
""260
48
53%
134
82
A P W Paper
5%
49
3334
Jan
7% Mar
2234 Apr
9178 Jan
18% Jan
10
48%
90%
*54%
Dec
Jan 24
Oct
80s4 July
Mar
12
200
101% 101%
90%
*54%
58
8
Jan 31
7%
9
70
50%
11
*54%
4
84'
Amer Zinc
7166
5
13% Mar,
Jan
3
100
American Woolen
200
19%
165% Jan
24% Nov
14834 July
4
500
<.
Mar
9
5
Dec
*118%
*46%
4
Jan
36% Jan
5478 Jan
3
28%
*26
1838 Jan
20
Jan
$5 prior conv pref..
.14%
*2%
3
28%
*118%
....
41% Nov
19%
-
36", 500
114
*13
14%
29%
-49%
17%
16% Mar
22% Jan
34%
28%
28%
*17
6
3
6%
2,200
634
34%
47% Nov
"19% Feb
700
39
39
Mar
3% Mar
72% Jan
...No par
Common class B
500
Oct
19
.15% Feb
Am Type Foundries Inc
10
Am Water Wks & Elec. No par
800
5%
Jan
7%
6
Telp & Teleg Co....100
American Tobacco
25
26,900
6%
49
50
12%
90
,29%
6
1178 Jan 18
100
5%
Mar
2234 Jan
41% Jan 26
130% Feb 7
Amer
2,000
12%
20
4
,3,500
6%
*85
103% *101% 103% *101% 103%
5%
5%
5%
5%
5%
48%
48% *4634. 47%
47%
.5
.
70
51%
10%
90%
50
77
*72
5%
«' 47
*54%
9
9
47
13%
8934
*28
29%
26
28%
,
*101% 103% *101% 103% *102
5%
*45%
34%
8684
6%
Oct
Nov
Am Sumatra Tobacco..No par
2,200
153%
*150
634
45
122
Feb
162
3
60
Jan
5%
Mar
8% Jan
100
84
1738 July
99% Mar
23
Jan 26
29
Nov
79
15% Mar
6% Mar
Preferred
100
834 July
30% Dec
2% Mar
1334 Jan 7
15% Jan 27
American Sugar Refining.. 100
7,700
20% July
48% Feb
43% Feb
American Stove Co. —.ATo par
18
8334
86%
Jan
100
6% preferred..
"""566
88
18
7
25
American Snuff
10
155% 15634
87%
6%
6%
19%
*86%
151
39%
40
*13
—.100
Preferred
14%
19%.
84%
534
5%
17%
*113
13%
Ship Building Co .No par
No par
Amer Smelting & Refg.
500
___.
*12
88%
634
12%
8934
13%
*2
*26
151
90
2834
*118%
*118%
x87%
634
13%
114
13%
88%
155
*47
Amer
19%
x84%
90
29%
49%
17%
17%
17%
17%
114
*9
28%
*47
20
7,800
; 400
5
3
Jan 12
64
American Seating Coj._No par
1634
Jan
Dec
2% June
Mar
Jan
16% Jan 26
100
pref.
10
4
x26
53g Jan 30
American Safety Razor..18.50
10%
14%
85%
*28
conv
5
Jan
Jan 14
Jan 26
300
Jan
Nov
45%
June
Jan 24
14
1,600
44
122
38
25
5
3
9
Jan 25
32%
19%
85
35
4)4%
Jan 26
160
Mill.
5
Jan
5% Nov
36
1% Oct
13% Nov
4%' Mar
1238 Mar
79%
1534
4%
40%
Jan 27
par
*12%
*17%
18
15534 15734
6%
American Rolling
600
23
par
American Stores
*87%
39
"moo
734 Jan
303s Jan
Jan 23
...100
Preferred
2,000
18
5%
15,700
1% Feb
18% Feb
Jan 26
1C)%
88%
*6%
32
par
Light...No
;__No
$5 preferred
No
Am Rad & Stand San'y.No
10%
15734
5%
39
6%
*28
50
13
8%
3034 Mar
8
120%
Amer Steel Foundries. .No par
157
90
6%
30%
50
*113
*26
*36%
29%
29%
48%
18
*45%
44%
3
par
$6 preferred
15
*150
....
*17
88
Amer Power &
11,500
15,200
6,200
29
*151
34,500
3134
10%'
14%
*1-9%
634
5%
35
*28
34
*106
27
3%
No par
30%
11
*85%
American News Co
*29% 3034
44% 44%
130% 130%
*62%
64
3034
45
100
32%
31%
*12
88%
*85
39
7
*5%
5%
„
33
11
13%" 13%
90
5%
'
*53,
*150
15
*16
64
32%
154
634
14%
13%
*88%
13%
88
87%
*151
7
64
64
18
6434
*63
132%
85%
85
88%
155
*151
155
67,
*62%
<
157%
*17%
86
44%
132% *130
20%
88%
18
*19%
156
85
*29%
3034
45
—
16
16
1634
.
14%
*85
18
15%
*150
*12
88%
18
88%
*17%
88%
*17
65
15%
*29%
4434
32% 32%
1034, 11
157% *15634 158%
*85
65
15%
*130
*150
207g
65
1734
18%
*16
130% 131
63% 64%
141
*20
17%
15.
45%
18%
65
15
16%
30%
34%
11%
11
H'4
14%
1934
11%
*1H8
19%
150
3234
343g
33%
64%
133% 132%
*63% 64%
133
156
Jan
Jan 25
^"""90
*159
...
18%
18%
64%
*14%
16%
*29%
15%
17%
3034
46%
*159
*158
—
1734
19%
65%
15
17
17
*132
Mar
Jan 24
Nov
15
Mar
13
6% conv preferred
May
2
Fdy Co..No par
Amer Metal Co Ltd—..No par
*13%
1234 July
20% July
Mar
9
12
Jan 26
2,300
*66
10
7
2
Amer Mach & Metals. .No par
67%
14%
67%
*14
5
3
Jan 26
Amer Mach &
14%
Jan
Jan
34% Feb
Jan
46
Jan 30
300
14%
1534
15
5% Feb
6
700
*66%
1434
4
5% July
25% Feb
5% Mar
9
65
1 68
14%
*58%
14%
14%
5
Jan 25
21%
*3%
3%
334
334
*334
3%
*334
4%
334
3434
35
35%
35%
35%
35%
353g 35%
3534 3534
35%
*115% 125
*115% 125
*115% 125
125
*115% 125
*115% 1.25
24%
24%
*2334 25
2434 2434 •2434 24%
*23% 25
25
6%
6%
6%
6%
638
634
6%
6%
6%.
7
634
46
47
45
44% 45
46%
45% 46%
47% 48%
45%
39
40
41%
4034
41%
40%
4L%
4134 43%
403s
15%
15%
16
15%
16
16%
15% 16
16U
15% 15%
74
Jan
2% Mar
934 Jan
1
100
Preferred
14i2
Jan
7% Nov
177
Jan
Mar
43%
•1%'
14%
No par
6 % non-cum pref
1C0
Amer Internat Corp...No par
24
Jan
6'% July
2% Mar
Jan
4%
American lee
1%
18%
6%
1634
83
Dec
30
Home Products.. .1
18
1%
Nov
15
Mar
13% Mar
197S Jan
Jan 27
13% Feb
50
6% preferred
100
1,000
500
*6612
*3%
I1*
12
American Hide & Leather...1
33
9% Nov
8% Mar
4
Dec
'
6,100
45
9
67%
177
3% Jan 20
2% Jan 26
1584 Jan 26
Amer Hawaiian SS Co.....10
*44%
4
-.100
900
*30
Jan 12
65
Jan 23
...No par
Amer & For'n Power...No par
1,400
34
45
2334 Nov
9% Mar
89% Feb
5% Jan 26
$7 preferred
5734 Nov
Mar
27
Oct
Dec
34%
3
334
300
47g
5
Aug
176% Nov
4
American Encaustic Tiling.. 1
Amer Express Co
3,100
1,600
45%
*31
70%
*6%
5%
Jan
24% Jan
Jan 27
Amer European Sees...No par
700
14
14
4
Nov
Feb
r.100
13%
*12%
160% Mar
125g Mar
52
135
105%
113
Comm'l Alcohol Corp..20
6%
160
Jan
7034
Jan
55
23% Mar
Apr
114
3
American Crystal Sugar.... 10
i 8%.
14
14%
*13
1%
18
6%
25
69
6%'
*8
8%
*14
4534
16%
6%
2434
24
8%
34
*31
45%
1%
*13g
63
14%
14%
5%
32%
*16%
6^8
16%
6%
16
*14%
5
32%
45%
45%
1%
>138
16
if
*32%
*13%
14%
4%
25%
45%
8%
14
*1334
5%
*8%
8%
14
1434
*14
8%
.
3
Jan
'
9
8%
4
100%
Jan
Highest
share $ per share
1438 July
684 Mar
per
Feb
19
113
Allegh Co NJ 25
Colortype Co
10
9%
9%
8%
8%
*5%
712
*165% 500
*165% 500
*165% 500
*165% 500
*165% 500
*1651.2 500
3
3%
3%
3%
*3%
3%
3%
3%
3%
3%
3%
3%
18
""
18
19
*16%
17%
17%
18
18
1734
18%
*17%
1834
*5
100
...
Jan
$
54% Jan 4
131% Jan 12
Jan 26
41
100
—
preferred
Jan 27
174%
24%
Am Chain & Cable Inc-No par
""166
4%
*4%
*0%
4%
Preferred
8
share
Am Coal Co of
62
*60%
62
""BOO
100
Jan 26
Feo
91
25
American Car & Fdy ..No par
5%
Jan 24
534
42%
129%
Preferred
1,100
2,200
1
S
per
8
$ per share
Fdy.No par
100
American Can
200
3,700
Corp
7%
7%
*7
2,800
Bosch
5)4% conv pref
10
120
*112
118% *116% 120
*
17%
17%
118
7%
20%
20
2034
120
*112
9%
9
62
*4<4
4%
*7
7%
934
62
American
17%
17%
...
1,600
2,400
20%
120
734
*9
2084
120
173£
734
6%
46
20%
Par
Shares
4584
6%
6%
*112
*116% 120%
$ per share
$ per share
shan
45
129% *125
129i2 *125
129%
94
94
94i8 95
93% 94%
*176
177
*176
177
*175% 185
28% 29
27% 28
28*4 2834
45% 46%
*43% 45
*44U 46
21
21
2034 21%
20% 20%
116
per
6%
6%
6%
44% 45%
46%
129%
129% *125
129% 129% *125
93%
94
93%
94%
94% 94%
175% 175%
176% 176% *175% 177
28
27%
28*
28%
27%
28%
43
43%
44%
45
44%
44%
6%
45% ' 45%
*125
*112
Feb. 9
Feb. 8
$
Year 1938
Lowest
Highest
Lowest
Weel
10
Feb.
Range for Previous
100-Share Lots
On Basis of
STOCK
EXCHANGE
the
Friday
Thursday
Wednesday
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
for
Monday
Saturday
839
New York Stock Record—Continued—Page 2
148
n New stock,
r
Cash sale,
z Ex-div.
y
18
Jan 11
Jan
7
75
Mar
Jan 18
17% June
22% Jan
3
934 Mar
1734 Jan
4
x20% Jan 19
43% Jan 23
10% Mar
13% Apr
37
May
Sept
3434 Jan
3
19
Jan
3
15% Mar
28%
Ex-rlghts.
^ Called for redemption.
Nov
New York Stock Record—Continued—Page 3
840
Feb.
Monday
Feb
4
Feb
Tuesday
Feb
6
7
Feb
Feb
*54
55
14
*1234
137g
18
1838
18%
27%
2%
*2
25
*21
7%
1334
7%
13%
25
28
27%
2%
*21%
7%
13%
*2%
25
*23%
7%
13%
2434
*34%
45%
134
7%
14
36
25%
*35i2
2578
36
45
44%
45%
17g
I84
*1«4
934
1*4
,*8%
*9
1178
*11%
38
934
18%
20%
*2%
117g
11%
17%
*33
35
*33
35
12
*1,1%
11%
12
*11%
12
1134
11
11%
99%
•11%
11%
♦97
*97%
99%
67g
4934
484
*97
99%
*97
7
07g
4784
*4%
634
4984
434
*29
4934
4%
29%
30
2575
30%
14
14
14
17%
17%
17%
17%
*178
*10%
8%
*2
2%
22%
3%
10%
34
'■
1584
2
*11%
*97
4%
30%
27
2%
25
38
46
*45
25%
2
*32
16
15%
16%
1634
49%
49%
1%
7
17g
7%
15%
17g
67g
1434
18%
1734
*37%
14%
18%
♦15%
*45
6%
31%
5%
31%
5%
3178
•6%
0%
5%
*31%
6%
18
*48
49
5%
32
7%
*0%
*40
41
41
*82
84
*82%
84
*177g
*3%
80%
18%
334
19
»
19
*3%
334
86% 87%
121% 121%
43% .44%
86%
121
41%
121
*43
94
*55
2,500
33%
11%
11%
33%
11%
37%
17%
33%
11%
11%
600
99%
6%
11%
11
♦97
17
805
*21
22
68
*21
22%
4%
^*4%
*110
4%
111
110
84
84
19
3%
84
100
30%
25%
1334
2934
30
26
20
17%
2
4%
,
13%
17%
110
3%
*84
110
*7
*7
8%
.
5
■
8%
478
*4'
88
88
4334
43*4
41
11
10%
40%
o40
*100
26
*8
*89
40
22
3434
*4%
*3%
87
*110
6
Jan 26
44%
*82%
10
22%
400
3%
3%
1,600
1,600
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
10
10
33%
33%
1534
15
10%
49%
1®4
07g
70
15
1034
10'4
49%
4934
2
7
18
10%
26%
14%
i778
5%
31%
7
5%
*30%
,
9
*8
*19
34%
88
85
*17%
3%
18%
200
3%
200
3%
'85
87
100
90
85
*110
240
200.
3
H
3%
234
*%
234
11%'
,
12%
*%
*84
84
%
1 '
78
100
20
*%
;*1%
» *7a
95
*90
95
42
42%
2,400
10%
40%
97g
3984
10
2,200
Certain-Teed Products
*
884
88'
100% 100%
25% 25%
*8%
8%
*75%
934
10%
82
77
*60
13%
62
35%
10.200
*87%
*%
*2%
89
87
87%
900
%
100
2%
100
%
284
1,100
11%
600
%
234
%
*%
%
27g
11%
2%
2%
*11%
11%
*1034
®4
■1U
1%
•
*78
.
29
29
19%
62
68
114% 114%
27
27
77
.
*2%
36%
*35%
47
16
'*45%
*60
29
29%
*10434 105
24
*15
24
19%
19%
*18
19
6%
8%
6
6
7%
7%
*1834
•<5%
834
*7%
*5%
0%
16%
16%
*15%
16%
85
*83
86
12%
12%
*26%
8%
31
85
12%
*26%
77g
7934
31
8%
6%
16
6%
16
12%
9
82
84
8734
72
72%
77
79
52%
52%
*107
55
*10734
11%
1%
55%
27%
*
*5%
16
*15%
*83%
*11%
*20%
8%
88%
80%
7%
16%
16%
86%
12%
31
8%
88%
81%
800
16
47
mi
m.
400
100
......
347g
*31
3478
74%
70%
,73
75
47400
10
10
10
10
400
81
82
81
81
200
62
*47%
*3%
*19%
62
68
68
62
*47%
378
2012
*3%
*197g
68
114% 114%
2078 27
77
77
'
*
334
22
68.
115"
*01
14%
62
115
114% 114%
27
27
*26%
27%
X77
77
*74
92
*61
62
*61
*1000
1478
102% 102%
14%
103
*1000
15
"
103
14%
Chile
-
334
21
53%
27%
132
131
""Boo
1,000
6% preferred
27% 27%
*10434 106
1,000
Collins & Alkman
10
24
*15
24
19
19
19
19
*1734
*5%
*7%
19
""800
6
30
884
30
16
16%
16%
*83
12%
*27
8%
86%
81%
52%
85
12%
31
6
Wtrr,
.No par
Colo Fuel & Iron Corp .No par
Colorado A Southern..—.100
16
15%
15%
16
16
300
*83
100
Columbian Carbon v t
600
Columbia Plct
*5
7
7
85
*83
12
12
*117g
84%
12%
*27
31
*27
40
1,200
31
8
8
86%
87
*83
85
102,300
2,900
83
82
83
*81
85
330
8%
734
J In receivership,
4% 1st preferred
4% 2d preferred
100
100
Columb Br'd Sys Inc cl a.2.50
Class B
$2.75
8%
86%
a Def. delivery.
par
5% conv preferred..:
100
Colonial Beacon Oil.
No par
15%
7%
2.50
v
48% Mar
38% Jan
Apr
t c
c No par
No par
% Aug
878 Mar
% Nov
6
2
5
Jan
5
1078 Jan
9
82
Feb
6
4% Jan
24% Jan
69
Feb
3
4
4
1812 Jan 26
,
08
Feb 10
111
Jan
3
24
Feb
1
7434 Jan 23
"42
50
3
Jan
Jan 26
2384 Jan 26
12714 Jan 5
2
Mar
1234 Jan
19% July
13% NOV
Mar
„
51
80
10%" Mar
27% Oct
70
Nov
75
Mar
Feb
9
106
Apr
115u
Aug
2H% Jan
3
77
Feb
6
15% Mar
•67% July
42
Jan
3
44
60% Jan
5
32% Mar
10% Mar
115
29% Jah 14
30% Nov
76
7
61
Feb
1
115s Jan 27
10178 Feb 1
15
Feb
9
104
Jan
9
6
2534 July
Nov
14234 Aug
61% Nov
129
Jan
67% July
May
7% Mar
78
May
976
25
Jan 26
7
36% Jan
106
Jan
5
9
10i4 Jan 28
5
Jan 23
6i2 Jan 24
5U Jan 13
1512 Jan 28
15is Jan 28
83l8 Jan 30
11
Jan 28
976
May
17, Nov
104% Dec
13% Mar
87*4 June
20
3934
5
7
Jan
4
9s*
Jan
3
7% Jan
17% Jan
4
29
13% Mar
1634 Jan
4
13
93
3
5334 Apr
155a Jan 4
29% Jan 21
25% Dec
Jan
4
9% Mar
3% Mar
4% Mar
4
9
10
Apr
Columbia Gas A Elec..No par
65s Jan 13
0% preferred series a
100
5% preferred
—....100
62i2 Jan 13
83
Feb
46
57
Jan
23
Mar
107% Jan
84
19
5% Mar
57
May
50
May
Mar
Commercial Credit
10
4tf % conv preferred
,100
Comm'l Invest Trust_.No par
$4.25
conv
pf
ser
*35.No par
Commercial Solvents. _No par
Commonw'ith A Sou ..No par
$8 preferred series
No par
Commonwealth Edison Co..25
» New stock,
r
Cash sale,
x
74l2 Jan
105*4
49l2
10714
10*8
112
4534
3
Jan 26
Jan 10
Jan 27
Jan 11
Jan
9
Jan
3
Jan
3
26*4 Jan 25
Ex-dlv.
y
9
Feb
9
88% Feb
60
Jan
90
1
Mar
63% Feb
6
25
Mar
28
6
22% Mar
Ex-rights.
Feb
Nov
35% July
97s
Oct
83
Oct
70
Oct
597b nov
108% Nov
64
31% Mar
109% Jan
12% Feb 10
2% Feb 6
June
22*4 July
22% July
98% July
Mar
2612 Jan 26
preferred.No
Feb
237g Nov
8% Jan
1134 Jan
Mar
par
conv
Oct
107% Nov
June
23% Jan
Feb
60% Nov
10512 Mar
Jan
Jan
45
Dec
111
10434 Feb
Feb
5% Nov
133
Jan
Dec
.
60
Mar
128% Jan 11
58
Oct
88% Nov
l$i2 Jan
Mar
Jan 26
125
Jan
July
212 Jan
3% Mar
25
May
35% Mar
734 Sept
59
Jan
54
Nov
1%
3
Dec
8;
Jan 11
Jan 23
47
37% June
% Dec
12
33
Jan
Mhr
% Dec
84
Jan
17g Jan
1*4 Jan
5% July
19*4 Dec
39*4 Nov
Mar
1
Jan 26
314
1
'
% Dec
% Dec
67s Mar
17s Jan
Jan
1% Feb
July
1% Jan
5% Jan
157g July
4
2% Sept
22
Jan 10
84' Feb
89
% Dec
4% Mar
.
par
..—...100
*5%
7%
*5%
*15%
15%
53
53
53%
54%
52%
54%
53%
53%
52%
4,000
100
107% 107% *107% 109% *10734 109% *10734 109% *107% 109%
55
54
56
55%
58%
5534
55%
55%
54%
5,600
54%
55%
111% *10734 111% *108
110% *108
*108% 110
110% *108% 110
1134
1178
11%
11%
11%
117g
12%
11%
12%
12%
12% 54", 500
2
2
2
2%
178
178
178
178
2%
17P * 2
1 113,100
60 "* 62
60
62
62
56%
60%' 63%
6034
59%
60%) 26,700
28
•2778
2734
2734
2778
27%
277g
27% 277g 25.300
2734 2778
Bid and asked prices; no sales on this day.
No par
.1 -II" Coca-Cola Inter Corp._No
T43; io'eoo Colgate-Palmolive-Peet No
*15
8%
7%
16%
_
102% 104
■Dec
June
70
8% Feb
14% Jan
13% Jan
79
.5
Coca-cola Co (The)..-No par
Class A
6134
June
...,100
Clark Equipment
-
"""300
6
22
1% Jan
95s Jan 24
Oct
Mar
May
20
6018 Jan 26
,.,—100
.
18
5
Jan 26
30
40
106
June
Jan 4
Jan 4
Jan 14
Jan 4
Jan
Jan
Jan
Jan
Jan
8I2 Jan 13
12% Jan 23
9*8 Jan 26
—25
12% Oct
4% Mar
17% Mar
3
Jan
67s July
Apr
59% Oct
33% Nov
12*4 July
1
_.__5
No par
City Ice A Fuel
preferred
City Investing Co
--No Par
40
CCCAStLoulsRyCo5% preflOO
110
Clev El Ilium $4.50 pf.Nrf par
1,300 Clev Graph Bronze Co (The). 1
130" Clev A Pitts RR CJ 7% gtd-50
Special gtd4% stock..... 50
Climax- Molybdenum—No par
2,600
4,200 Cluett Peabody A Co—No par
Preferred
-22.
100
24
6
Copper Co.-—.
Chrysler Corp
Jan
Jan 30
,
8%
104
Aug
94
Jan
48
12 Jan 16
..No par
City Stores.
*15
*5%
*7%
*514
Child* Co.
Mar
3% Mar
26% M&r
1
preferred—,..,...100
4
Jan
5% July
111% Nov
14
July
6% Dec
5
3% Jan
20% Jan
37% Jan
Jan 24
July
28
Apr
88
1
25s Jan 28
15
99*4
85s Jan 18
3
Aug
58
Mar
6
7
39%
,88%
5g
3*4
%
378
1234
%
1%
3412 Jan 26
4512 Jan 26
Prpf ($2.50) cum >div No par
tCh'lc Rock Isl A Pacificj—100
7%, preferred
2.100
*31
934
Jan
Jan
24*8 Jan
Jan 3
Jan 28
34
ChickashaCotton Gil...,—10
81
.
34
Chicago Yellow Cab...No par
934
13
120
106% Dec
26% Nov
96
Sept
19% Dec
72% July
Mar
2
Jan
22% Nov
4% Jan
107% July
1878 Dec
Jan
30
Jan24
*8
100
Preferred
0%
46
3
Nov
89
Mar
527b Jap
Jan 27
: 11
$3 conv preferred—-No par
H
July
8*4 Aug
45
July
5
Jan
13
Jan, 4
47% Jan 4
101% Jap 13
9
2U Jan 30
3s Jan 4
25s Jan 28
Chicago Pneumat Tool .No par
1%
1%
42
-
125s-Dec
90
3g Jan
—
400
,*%
*78
tChie & East 111 Ry Co.... 100
8% preferred.
.———100
J Chicago Great Western.. 100
4% preferred.......... 100
Chicago Mall Order Co
5
tChlo Mil St P A Pac..No par
5% preferred
..100
^Chicago A North West'n.100
1,600
36%
9
82
6
9% Jan 5
5% Jan 3
478 Jan 20
Jan 24
...
*1%
«4
1%
1%
29
28
29
*28i4
29% 29%
104% 104% *10484 106% *10484 106
*15
1,900
"2",300
5
9
4
4
111
195s Jan 26
...100
100
*1000
14%
102% 102%
24
6io
*16
62
13%
%
«4
234
1
Jan
5% Jan
99I2 Jan 25
23i2 Jan 27
86
Preferred series A
10%
*3%
20%
*
7g
2»4
167g
8% Jan
Mar
May
4% Mar
34% Mac
63% Apr
12% June
2% Mar
62% Mar
98% Jan
295s Mar
100% Jan
Jan
70
Jan 26
3478
76%
81
20%
*1010
*6
400
5
21
22% Jan 11
958 Jan 26
3712 Jan 27
8
300
984
13
*47%
3%
«
62
*684
*15%
•
Jan 12
31
2,100
*31
81
Aug
2% Jan
1034 Oct
20% Aug
21% July
46% Nov
12% Mar
37% Apr
4
19% Jan
2
5
Checker Cab
12
*10
20%
1384
14%
102% 102% *102% 103
*15
3
Chesapeake Corp
No par
Chesapeake & Ohio Ry. ....25
13
10%
*3%
1334
*10434 106
;
—
"200
*8%
*12%
*11%
12 %
807g
%
*84
34
%
1
-
*60
94
3912 Jan 26
,
No par
12
12
;
*1000
.
88
1
*8%
*12%
*11%
*8%
*12%
*47%,
*75%
47
3478
75%
0
*84
*2%
16%
*35%
*45%
*%
*1%
*7g
27g
1678
37%
'*%
*1%
.
%
*34
84
*2%
8%
73%
*05%
%
1.
■
.
J—
8%
21%
54
55'
54%
53
55%
54% ,.54%
53%
54%
28
27
28%
27% 28%
27
27'
26% 27
27%
2634
*128% 132
*128% 132
*130
132
*130
*128% 132
*128% 132
*130% 13184
131
*128
13034 13084 130% 130%
131% 131% *129
*1000
8
Jan 24
412 Feb
0% prior preferred-....-100
Cham Pap & Fib Co e^pf.100
Common
1,400
34%
'
13
*10
77
,
*8
26
21%
,*%
*2%
%
*2%
12
*31
3478
7678
'27
%
1%
1%
8%
*12%
11%
.
12
26%
.
*24%
190.
101%
35%
3
10%
*30%
*45%
47
*45%
,*%
1%
*7g
"
,
55
1
12%
81
*97
200
3934
22
h
%•
*34
%
,%
1%
77,
64
*2%
h
*2%
11%
%
%
1%
10
69
26 %
2%
2%
16%
37%
'75%
115
10
'
*4712 62
*3%
J*
20%
20%
68
*65%
114% 114%
69
*3g
234
10%
367g
62
*26
%
*11%
30%
48%
84
*47%
*114
95
«,•
*20%
34%
88
278
17%
3478
75%
.10%
80%
2034
•
Jan
7
4234
*8
"278
11%
Mar
5% Mar
8% May
Jan -9
Jan 10
Jan 7
47% Jan
107% Jan
24% Jan
4% Jan 28
10%
88
*8%
12%
11%
378
110
42
35%
*84
*97g
a80%
*3%
20»4
1
Central 111 Lt4Hi% pref...100
Central RR of New Jersey. 100
Central Vloleta Sugar Co..-19
*38%
21
27g
1
*31
74%
5% preferred......—.100
Central Aguirre Assoc .No par
Central foundry Co.,—
16%
100% 100%
25% 20
84
11%
*29
%
234
11%
%
1
July
Jan
51
"
42%
m
Feb
14U Jan 26
z66»4 Jan 26
20*4 Feb 10
3*4 Jan 27
40%
*90
+
4
175s Jan 26
89
No par
10%
40%
34%
®4
13
11
300
*
Jan 26
Jah
Jan 25
1053s Feb 7
Century Ribbon Mills JNo par
Preferred
.——.1,100,
Cerro de Pasco Copper .No par
21
7«
10
*8%
*12%
234
22
24%
Mar
'
4
37g Jan 3
943s Jan 7
122
.Jan 2d
42
42%
»7g
1%
1%
100
*90
82
7%
42%
84%
20%
3
Feb
116
"
10
1,200
1,300
8
Feb
83
-_..100
7% prior preferred
Celotex Corp,
3,800
4%
284
17%
36%
*45%
84
*1%
2%
17
3678
48%
84
A
•
45
Oct
15% Nov
44% Nov
.15% Mar
6% Jan 3
32% Jan 31
6% Jan 28
Celanese Corp of Amer .No par
2,800
8
47g
31
Caterpillar Tractor....No par
5% preferred....—
100
2,600
111
*7
34%
*%
*2%
*%
%
%
:
44% Jan
Case (J I) Co—.—..100
Preferred
r... 100
600
4%
*4%
4
'
%
5
Jan 13
Jan
17% Feb 2
3%. Jan 23
*82
18%
*7
7%
88
87%, 8734
Mar
Jan
Jan 26
Carpenter Steel Co.........5
Carriers A General Corp.....1
85
5
•
13
6
18
Dec
5
Mar
17?8 Jan
4034 Jan 23
6%
5
8%
21
29
16% Aug
.22.% July
3% Jah
17% June
10
July
24 .July
Mar
49*4
2%
85g
1734
434 Jan 26
Capital Admin class A—...1
$3 preferred A.
10
Carolina Clinch A Ohio Ry 100
42%
42
111
4%
3334,
35%
6
20
Jan
Oct
July
'
"
2% Mar
4
Jan 11
17
300
32
8
26
*25%
.
39
55s May
165s Mar
13U Jan
37
4
7% Dec
5478
6*4
Mar
Mar
Mar
5
14
Canadian Pacific Ry——.25
Cannon Mills..
—-No par
6%
*39%
*4
10Q%
3
2
Oct
Oct
100% Nov
Mar
Jap
Jan
14%
13%
Mar
6
5
44
1
41
Mar
Mar
Mar
Nov
14*4 Nov
46% Nov
23% Oct
3% Mar
3
Dec
2*4 Jan
12
Apr
15%
13%
6*4
14%
1%
684
Campbell W & C Fdy—No par
Canada Dry Ginger Ale—— ;5
.
Calumet A Hecla.Cons Cop.-5
0,300
1,000
5%
*4%
10%
Jan
43
Mar
Mar
Mar
Mar
Mar
May
Mar
Mar
62
Jan 17
Jan 5
Jan 4
203s Jan 18
.
60
5
41
100
22
35%
*87%
*%
*2%
%
*2%
*11%
*%
*34
*4
*234
*16%
*35%
45%
;
40
Jan
Jan
Jan 26
Feb 2
Jan 3
Jan 26
Jan 27
50
5% preferred- —
Callahan Zinc Lead.
3,200
3,000
1,000
5,300
7
*42
4
4
4
3
Jan
Canada Sou Ry Co.......100
200
1534
49U
15s
012
Jan
4
Jan 26
9
8
5512
55s
32*4
1214 Jan
918 Jan
22% Feb
295s Jan 26
147s Jan 26
.
1,200
1,500
2
14%
17%
15%
conv
75
,
Jan 26
7U Jan 24
.......
1
1434 Jan 17
1834 Jan 3
2*8 Jan 5
1912 Jan 28
318 Jan 28
30
Feb
30
Jan 26
JBush Term Bldg gu pi ctfs 100
10
Burroughs Add Mach—No par
Bhsh Terminal.:
—..—1
•
11
40%
100%
*19
Jan 26
1234 Jan 28
125s Jan 28
134 Jan 28
1
Burlington Mills Corp
.
Jan 24
Butler Bros
10
*110
111
7%
4%
42
41%
.....No par
Bullard Co..
6
193g Jan 19
3312 Jan 11
135s Jan 5
Dec
37% Aug
40% Aug
Feb
1%
35s
5%
216*4
10%
27*4
512
57s
Oct
8% Aug
Mar
98
•
Jan 26
42t8
4%
2434
2314
Jan 20
984 Jan 16
127s Jan 16
42
Jan 18
3118 Jan 3
1034 Feb 1
to
Jan 26
....5
18
28
0
Jan
Oct
Jan
16
5% Mar
12*4 Mar
13% Jan
1078 Jan 23
37i8 Jah 12
1578 Jan 26
100
95
*89
2
15s Jan 11
8% Jan 26
900
*4
4%
45% Feb
Jan
2
5
7%
4%
95
100% ♦100
26
26%
8%
*8%
*21
*7
5
"
'*4%
47g
3178 Jan
39% Jan
3
43
7% preferred........—100
Budd Wheel
!
No par
Bulova Watch
......No par
'
*4%
*4%
2212 Jan 28
34i4 Feb 1
117g
8%
-
110
Mar
27
Jan 26
•
4%
Mar
4
13%
17%
*178
*10%
8%
2134
347g
39
14
96
540
28
Jan
75s Feb
1578 Jan
7% preferred.. .,.....-100
Budd (E G) Mfg
NO par
1,700
1*400
1,300
1,200
2,700
19%
36%
434
Jan 12
0,400
6%
4%
Jan 23
6
15
May
16% Mar
1% Dec
Jan
212 Jan
1112 Jan 26
Bucyr us-Erie Co—
45
44
4%
24
32
Jan 23
2,700
121
121%
121% 121% 121% *121
121%
44
44
44
44
4334 44%
44%
44%
106
100
105% 105% *105% 107
*105% 107
19%
19%
19%
19%
19%
19%
19% 20%
91
*84
89
*80
91
*80
91
89
16
10
16%
10%
16%
10% 17
16%
08
68
*65% 71
*6412 68
*64% 68
21%
21%
21%
21%
2034 2034
207g 21%
4
4
4%
4%'
4%
"'4%
378
4%
1734
08.
*05
42%
*18
3%
500
5,300
99%,
6U
46
800
.
a 121%
94
17%
17
*39%
19
84
5%
31%
*0%
*39%
*82
18%
7
*6%
84
*82%
*18%
*3%
4334
*105% 100% *105% 107
20% 20%
19% 20%
*55
31
41
41
200
9%
2
Jan 10
1414 Jan 11
185s Feb 7
Highest
$ per share $ per share
82
Dec
Apr 107
40
Jan
52% Dec
9
June
14% July
*
5%
31%
-6%
0%
100
600
17
1
5%
*31%
38
11%
37%
3%
*15
2434
46
17%
11%
3%
*16%
5
100
Bower Roller Bearing Co,..17
Brewing Corp ot America...3
Bridgeport Bras* Co..-No par
Brlggs Manufacturtng_jV0 par
Briggs A Stratton.*—No par
Bristol-Myers Co
.5
Brooklyn A Queens Tt.No par
$6 preferred
..... No par
Bklyn-Manh Transit ..JVo par
$6 preferred series A .No pa
Brooklyn Union Gas.,.No par
Brown Shoe Co.......No par
Bruna-Balke-Collender .No par
2,300
5,200
8.000
55
Jan 24
12lz Jan 30
10i2 Jan 12
247s Jan 27
.--1
(The)—.--.—,.15
Borg-Warner Corp..
Boston A Maine RR
200
7%
13
38
♦2I84
10
247g
2
1178
8%
22%
*30
Borden Co
51
No par
..
Bond Stores Inc
200
*134
*8%
9%
25%
*13%
17%
*17g
*10%
8%
3%
10%
33%
207g
2%
7%
12%
24%
*35%
Class B
30
55
*24
7%
13%
1178
8%
3%
10%
50
.
*54
22
*42
18%
30
2534
13«4
17%
17g
*21
60
15%
6%
45%
.4%
47
*8
49%
1434
1734
11%
99%
034
*
17S
7%
18
*44%
50
11%
7%
178
7%
15%
*33
11%
1134
,1%
*10%
17
*48
4984
7%
2
18%
17
17
7%
1534
18%
*44
3234
1534
1634
16%
157g
2
*10
*4834
17«
4934
1%
7%
34
17
'
8%
22%
3%
10%
33%
1534
♦338
*36%
35
17
10%
*22
3%
IO84
3%
10%
34%
16%
1034
*48
22%
812
9
17U
4%
*29%
25%
13%
13%
17%
*17g
10%
83g
11
*22
8%
3%
10%
*33%
*15%
*10%
2%
*10%
8%
11
*22
2
6%
20
17
7%
13%
24%
9%
11%
3734
47
4%
2934
*25%
13%,
14
,
6%
40%
4%
2934
'27
26
26%
6%
4584
17,100
6,300
♦4434
*134
U84
*33
18%
*35
9%
38
17%
18%
26%
2%
38
*1®4
11%
37%
18%
107% 107%
$ per share
109
Jan 4
$ per share
104
Jan 23
No par
Bon Ami class A..
200
45
1%
18%
18
13%
45
35
18%
13%
*35
9
39
11%
*37
38
18
13
*24
11%
37%
17%
*33%
*11%
11%
38
55
13
18%
27%
2%
24%
7%
13%
25%
13%
2434
25%
37%
45%
9
106
*54
14
*12%
18%
207g
*2%
24%
7%
18%
27%
2%
24%
7%
13%
207g
2%
*44
25%
14
*1234
18%
220
106
107% 107% alO0% 106% *105% 107%
54
54
54
*54
55
64%
*12*4
18%
27%
Lowest
Highest
Lowest
Par
Shares
$ per share
Range for Previous
Year 1938
Range Since Jan. 1
On Basis of 10O-Share Lots
Week
10
Feb.
9
$ per share
1939
EXCHANGE
Friday
Thursday
8
$ per share
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
$ per share
$ per share
$ per share
•106
107%
Sales
for
LOW AND HIGH SALE PRICES—PER
Saturday
11,
Jan
57b Mar
-
Nov
112% Oct
12% July
2% Oct
55*4 Oct
28
Ma*
V Called for redemption.
AND
SALE
HIGH
PRICES—PER
Saturday
Monday
Tuesday
Wednesday
Feb. 6
Feb. J
Feb. 8
Friday
Thursday
Feb. 4
Feb. 9
8%
27
*26%
8%
$ per share
26%
8%
8%
26%
8-os
*8%
$ per share
$ per share
I per share
25%
25%
26
8%
26
26
600
*25%
26%
700
8*
*6
7%
*6
7%
*6
7%
*6
7%
*6
7%
*6
8
634
21
634
*6%
8
*6
7%
*6
7%
*6
7%
10
217g
20%
*7%
21
8%
21%
5,300
21%
8*2
*7%
83%
83%
134
*1%
1034
3314
1034
3334
1033s 103%
5%
5%
8%
3
*234
*3
33g
13%
20%
1334
8%
20%
2134
*6
8%
80
*78
80
80
80
*80
85
85
84
85
85%
86
86
86
134
11%
*1%
11
*1%
1%
11%
33%
11%
34
33%
34%
33%
1%
11%
1%
11
5%
8%
*234
*5%
8%
5%
3
5%
*2%
3
3%
13
98
3%
*3%
3%
13
98
*11%
*94%
14
14
*13%
19%
20%
a:32%
*3
32%
33%
8%
3%
3
13
95%
95%
114
8%
34
3%
27%
13%
19
1%
52
64%
5
176
*174
176
*173
5%
31%
*105% 106%
.*2727%
10%
10%
337$
34
30%
*35
38%
*33
33%
*174
176
*174
176
5%
30%
4%
5%
30% 31%
106
106
*104% 105%
27%
27% *27% 27%
10%
10%
9% ilO
34%
34%
33% 33%
*35
*35
40
38%
33%
33%
27%
9%
9%
34
34%
*35
38%
33
33
13%
13
*89
89
82
84
15.
5%
15%
IS
15
5%
42%
7%
2534
5%
5
3%
65
*14
15
5%
*5%.
5%
.
*5
5
*4%
*3%
*59%
14%
5%
*3%
*14
67S
25%
*43
21
21
22%
*7
*110%
19%
*24%
*12%
19%
634
83
*43%
1%
19%
115% 115% *114
*2734
28%
31
31
41%
8%
1834
4n2
*7%
18%
28%
30%
*1
1%.
117
*114
19%
6%
1%
*114
*114
28%
28
31%
31%
130%
240%
7%
30%
41%
7%
18%
18%
42%
7%
*41%
7%
41%
7%
18%
*80%
18% -18%
81
,
42%
7%
18%
*79
85
11
80%
*10%
81
11
*10%
11
*33
34%
*33
34%
1784
1734
9%
18
18
17%
31%
32
31%
*5%
*5-%
6%
71%
69%
117% 118
9
15%
16%
11% *10
*113%
*113% 115
1534
»
148
149%
148
9
15%
11%
115
6
•
148%
138'
138
*138
139
138
139
*118
120
*118% 120
*119
118
67g
*6%
174% 174%
*180
—
23
2%
174
175
*180
185
23%
2%
174% 174%
*180
185
23%
2%
23%
31
31%
12%
*2%
12%
2%
2%
.
23%
2%
'32%
13
23g
12%
13
11%
1234
11%
3734
6%
33
11%
39%
12
11
11%
30%
38
3&
36
38
29%
29%
•29%
*1%
1%
*1%
32
31%
*2%
.
23%
2%
*6%
'
35
39%
35%
30
30
*1%.
1%
30%. 307g
2%
31%
2%
31%
35%
36
29%
1%
31
30%
10
41
*40
41
40
40
110
,*39%
*109
*109
110
110
110
10%
*73
74%
77
77
817g
81%
*1%
1%
*1%
1%
10%
10%
74%
75
83
1%
4
*2
1%
4
2%
1%
1%
1%
4
*3%
2
2
6%
6%
31%
3p%
1%
31
41
*40
13%
6%
109
109
"40
*1%
'
1%
31
31
106% 106%
9%
10%
10%
74
*72%
74
*75
.78
77
78
*75
78
82
82
82
82
*81
83
1%
1%
1%
1%
1%
Jan
Jan
3
3
16
Jan
4
6%
Jan
9
3
3
Feb
6
48%
Jan 24
46
Jan
9
18
Jan
6% Jan
4
6
13% Mar
Jan
5
13% Mar
87g Jan
3
$8 preferred.,
Cutler-Hammer Inc
45
..No par
No par
preferred
Davison Chemical Co
5
-.25
(The).l
16% Jan 28
% pf 100
Dayton Pow & Lt
Deere & Co
100
Raynolds A
5% Jan 28
1,000'
2,200
Distil Corp-Seagr's
Ltd.No par
5% pref with warrants.. 100
No
.....No
Doehler Die Casting Co No
Dome Mines Ltd..
No
Dominion Stores Ltd—No
Dixie-Vortex Co
Class A..
par
113% Jan
27
3,800
100
No par
Duquesne Light 5% 1st pf-100
Eastern Airlines, Inc.. — —-1
5
Eastern Rolling Mills..
(N J)-No par
preferred..---.100
136% Jan 26
171
Jan 28
..No par
Elec Storage Battery ..No par
Elk Horn Coal Corp-..No par
$6 preferred
—3
.
1% Jan 24
Jan 25
50
38% Jan 19
106% E?eb 10
1,000
800
1%
2,100
1,600
1%
1%
*1%
3%
3%
3%
*3%
3%
800
2%
2%
2%
*2
2%
CMo1
200
1%.
$6 preferred—,
No par
8% Jan 12
Jan 16
68
71 %
Jan
76
Jan 14
3
50
Eureka Vacuum Cleaner.—5
Evans Products Co
5
Ex-Cell-O Corp
-.--3
Exchange Butfet Corp .No par
Fairbanks Co 8% pref
100
Fairbanks Morse & Co.No par
121
4%
4%
*4%
10%
10%
20%
*1%
21%
*1%
2
5-%
21%
2
5-%
4%
10%
21%
5%
6
37%
4%
10%
21
*1%
5%
4%
10%
21
2
5
*4%
10%
20%
4%
4%
10%
21
21%
20%
1,500
21%
10
600
10%
*4%
4%
10%
4%
10%
21%
2.800
*1%
2
*1%
2
*
1%
2
*5%
6
*5%
6
*5%
6
150
38%
38
39
38
38
38
38%
*37
38%
37%
37%
2,000
*26
27
27
27
26%
27
27
*26%
27%,
26%
14
14
15
14%
*13%
82
82
86
87
87
*13%
*85%
14%
85
87%
*84%
26%
15%
87%
600
*13%
26%
14%
*85
110
*85
110
*85
110
*96
---
*96
....
*96
*13%
*85%
*90
15
87%
*90
110
*96
*96
~
—
4%
4%
2%
3
1%
1%
5
*4%
4%
4%
4%
3%
1%
*2%
3%
3
3%
3
1%
1%
1%
1%
1%
1%
1
*21%
22%
21%
21%
*21%
23%
*22%
24
21%
88
88
89%
*87
90
88
88
*87%
33%
33%
33%
34%
34
34
33%
34
*18%
24%
18%
18%
*4%
3%
*86
*18%
24%
*18%
—
4%
240
110
*90
110
600
*96
*234
1%
4%
3
1%
600
800
1,100
22
*21%
24
300
89%
*87%
89%
300
33%
24%
178 Jan 28
Dec
Deo
Jan
4l
•12% Jan
41% Jan
6
8
5
4
4
4
5
19
20
Feb
6
Jan
186%
Jan
2% Jan
38
5
6
4384 Jan 7
•111
Jan 30
1% Jan
31% Feb
33%
33%
33%
2,000
*18%
24%
*18%
24%
10
3% Mar
187
Nov
Jan
173
Dec
157
10% Mar
Mar
2
13% Mar
Mar
6
2% Sept
6% Mar
22% Mat,
Mar
18
2184 Mar
-
83i2 Feb
Oct
35
Nov
2% Nov
Feb
33
Apr
29% Nov
45% Nov
94% Apr
111%
2% Mar
38% Mar
Deo
10%
40
Mar
72%
46
5%
Jan
Oct
Oct
71
Dec
Oct
Mar
79%
Dec
2%
Jan
Dec
6%
Jan
4
234 Mar
8%
5
1%
Dec
6%
6
Oct
Jan
64
2% Mar
Jan
Dec
6
Oct
Jan
3
5% Mar
16
Oct
24% Jan
3
10%
Apr
25
Dec
2% Jan 20
1%
3%
19%
22%
6%
Mar
Mar
May
May
Mar
Apr
13
5
5
4
102
Jan 16
52% Apr
4% Jan 26
6
Jan
6
96% Feb
2% Mar
37g
Jan
7
15% Jan 17
Feb
7
87
1% Jan 19
25% Jan 4
3
89% Feb
32% Jan 27
34% Jan
18% Jan 23
18% Feb
86% Jan
Jan
14
46% Oct
41July
1%
6% Jan
Jan 26
Dec
Dec
4
1%
6
3
4
437g Jan
29% Jan
2% Jan 26
1% Jan 24
36%
15%
'
107g Jan 20
78
Jan 20
80
Jan 20
Jan 26
21
Dec
53g July
% Mar
Tiaction—15
....... 100
Federal Min & Smelting Co 100
Preferred
100
Federal Motor Truck-.No par
Federal Screw Works..No par
Federal Water Serv A.No par
Federated Dept Stores .No par
Fed Dept Stores 4% % pf.100
Fidel Phen Fire Isn N Y..2.50
Filene's iWm) Sons Co .No par
preferred
253g
17
12% Jan 24
81
Jan 24
98
Jan 12
$6
Dec
8% Nov
121% Mar
26% Feb 10
Federal Light &
Jan
173g
Sug Co of Pr Rico..20
Fa Jar do
Oct
Dec
118%
5% Jan 26
35
154%
120%
—
-
-
4%
9% Jan 27
Dec
12
115
62
18% Jan 26
193g
Apr
13% Nov
Erie & Pitts RR Co
*10%
184 May
8% Mar
102
111% "Jan
5% Jan
3
Jan
3
Dec
Dec
5
1% Jan 23
Jan
8034
141
3
Jan
16% Jan
3% Jan 24
4
Jan
Jan 20
5
138% Jan 13
184 Jan
17g Jan 23
Mar
138% Nov
2% Jan
100
Oct
34% Aug
8% Jan
90% Mar
130% Mar
109% Apr
I3g Jan 30
Equitable Office BIdg_.No par
JErie Railroad
100
4% 1st preferred
100
4% 2d preferred
Jan
30% Jan 19
28% Feb
28
preferred..:
..100
Engineers Public Service—.1
$5 conv pref erred ___. No par
$5H preferred w w_.No par
500
156%
15%
Endicott-Johnson
Corp
Jan 18
34% Jan
320
5%
115
26% Jan 24
34% Jan 26
30
Jan 24
36,400
Jan
Dec
25%
Mar
5
3% Jan
..No par
3,500
17
35
12
Jan
11%
25% Jan
9% Jan 26
El Paso Natural Gas
8% Sept
2884 June
87%
183% Feb
Electric Power & Light.No par
100
9
31
3
22,900
preferred-.
91% Nov
5
2% Jan 26
11% Jan 26
2.
Jan 23
$7
11
23% Nov
3
20% Jan 26
175% Jan
Elec & Mus Ind Am shares...
.
Mar
Mar
19% Jan 13
12
Jan 25
8
300
9,900
2,600
1,100
5
II
65% June
4
3
Jan
135
5% Jan 27
6,700
800
Eaton Manufacturing
6
•118
Co._._4
Eitlngon Schild-. —--No par
Electric Auto-Lite (The)._..5
Electric Boat
-.3
5,700
12% Jan
117% Jan 26
4
13
Jan 24
115% Jan
Oct
Oct
Oct
9% Jan
78% Jan
Jan 26
Jan
Dec
Dec
par
142
884 NOV
42
4% June
4
Jan
303g
27% July
111% Jan
Feb
40%
6
Jan 21
Dec
Jan
Jan
11
25
Mar
Jan
....—No par
International-------1
25%
Jan
Jan 12
3
5% Jan 24
14% Feb 10
Dec
11% July
31%
86
62% Jan 24
17%
2084
20
114% Feb
NOV
7
Jan 23
10% Jan 30
: Jan 31
Oct
50
29% Nov
884 July
25
5% Jan 12
Duplan Silk---.
No par
8% preferred..
100
Du P de Nem (E I) & Co.-.20
2,200
44
•
83
2%
115%
15% Jan 27
Dunhlll
6% cum
Jan 26
7% Dec
28% Nov
Mar
84 Nov
15% Jan 26
79%
Mar
4
30% Jan 26
Dresser Mfg Co
30
7
'
Jan
21% July
8% Aug
56
Aug
Jan 16
31% Feb
9
87
76
32% Jan 11
28% Jan 26
z40»4 Feb
Jan
94% Jan
13% E^eb
6% July
Dec
par
300
1,300
3
44%
25%
1% Jan
118% Jan
Jan 26
92% Nov
Nov
Jan
8%
1
15% Nov
17-
25% Jan
s4 Feb
373g Nov
Mar
9
par
4,500
Eastman Kodak
15%
Nov
40
111%
Jan
12% Jan 26
18% Jan 26
6
Jan 24
4334 NOV
Jan
1384 May
1934 Mar
3
6
Douglas AircraftNo par
300
6% June
102%
22% Jan
33% Jan
Dow Chemical Co .....No par
$4.50 preferred
4% Mar
29% Nov
10%"July
7% Mar
6
.26
9
Mar
35% Jan 16
600
6% non-voting deb
207g Jan
Feb
Jan 26
17
2334 Jan
Jan 26
111
5
3% Mar
12% Mar
Jan
33
par
14,600
100
Jan
110
Diamond March—_--Nq par
6% partic preferred
..25
Diamond T Motor Car Co...2
17
6% Jan 28
No par
500
100
24%
18% Jan 26
Davega Stores Corp.i..-
390
3,500
43g Mar
35
June
78
1,100
70
58% May
12
May
6
Devoe &
100
Mar
3
47g
65%
74% Jan
Detroit Edison..
4,500
Apr
5% Mar
Jan 21
tDenv & R G West 6% pf-100
1%
1%
Mar
Cushman's Sons 7 % pref.. 100
Delaware Lack & Western. .50
3%
*2
6
100
41
*40
41
109% 110
10
78%
2%
31
1%
1%
*73
*81
4%
*1%
10%
*75
1%
13%
174
174
175
175
174% 174%
*180
185
185
183% 183% *182
22%
23%
23% 23% 223% 23%
*2%
2%
*2% • 2%
2%
2%
31
31
32
30%
30%
32%
12%
13
12%
13%
12%
13%
2%
2%
2%
2%
*2%
2%
10%
107g
10%
11%
11%
11%
36%
37%
36%
38%
38%
39%
33%
33%
35%
35%
34%
34%
30
30
30
30
29%
30
74%
74%
13%
*614
74%
83%
1%
13
10%
78%
4
*
74%
83
*2
120
.96
6
100
11
*113% 115
148% 148%
148% 148%
*138% 139
*138% 139
*119% 120
*119% 120
117% 117%
*117% 118
10%
9%
•■78
1%
120
*10
Jan24
Jan
2,000
800
*113% 115
115
117% 117% *11712 118
13% 135g
13%
13%
6%
6%
6%
6%
117%
13%
14%
117
14
I37g
*5%
6
*5%
6
68%
69%
69%
71
118%
*114% 118% *112
.*8%
9%
9%
9%
9%
14%
14%
15%
14% 15
70%
119
148% 149
*138% 139
120
*117
16
31%
*113
58
7% Jan
28% Jan
3,800
800
900
16
11
7% Mar
4
Jan 10
5% Jan 24
Jan 26
--No par
Preferred........
-20
Diesel-Wemmer-Gilbert.—-10
Delaware & Hudson..
ICO
230
31
*10
20
10,400
200
16%
11%
14% Jan
Apr
Apr
48
300
31%
14%
Jan 24
25%
5%l Jan 24
2134 Jan 24
Conv 5%
11
34%
16%
*9
600
""166
34%
*10%
31
*10
T.466
85
*79
10%
34%
17
69%
*8%
14%
147
85
41%
7%
18%
31%
6
119
*10
149%
*40%
17
118%
9%
15%
11%
*113% 115
10%
34%
27%
31%
27%
*30-%
31%
*5%
17%
31%
69%
'117
*
28
29
Jan 12
35
40
Preferred ..........No par
1
1
200
116
7%
18%
41%
8I4
■•18%
34
*834
116
28%
34
*10
116%
28%
*10%
31%
57g
5%
69
70%
114% 116
*1
31%
11
31%
19%
6%
1%
6%
1%
28%
34
83
*10%
6%
31%
34
*79
13%
19%
20
6%
*1
116
*12%
13
31
18%
81
20%
6%
*1
17%
,7
7,
110% 110%
187g
19
*25%
257g
28%
*7%
41%
13
19%
1%
117
13
20%
5%
*5%
7%
38% Jan 17
8
Curtiss-Wright
Class A.'.i..
%
*15%
*7
7%
1234
6%
6%
*1
5%
Jan 23
Feb
4'4 Jan 27
Packing
;
50
Curtis Pub Co (The)...No par
10
83
20%
17%
5%
Apr
5% Mar
22% Mar
334 Jan 28
Cudahy
65
•
13
20
800
65
20%
21%
59% Feb 3
13% Jan 26
100
Preferred
130
147g
*14
110% 110% *110% 111% *110% 110%
19
19
19%
19%
19%
19%
26
26
*25% 26
*25% 26
12%
800
15,700
*16
17%
*7
7%
.
5%
5%
*15%
5%
18
*7
634
1%
21%
5%
*15%
*5%
*16
18
220
3%
63
27%
20%
5%
17%
7
7%
7%
111% *110% 111%
19%
19%
19%
25%
25% *24%
13%
13%
14
20
20%
20%
•5%
*5%
*16
5%
*4%
3%
26%
*74%
*74%
*43%
Jan
10% Jan
41% Jan
100
Cuba RR 6% preferred... 100
Cuban-American Sugar
10
26%
65
29
300
26%
21
42% Oct
117% Nov
70
800
21
53g Nov
Jan
Mar
6
1,300
37,200
*43
284 Mar
19
33
...T-
Oct
Dec
85
Jan
Preferred..
Jan
70%
Jan
Jan 27
Jan 26
12
56
177
110
Feb 9
Feb 10
Jan 3
82
•
5%
75
162
19% Mar
67g
21
Apr
Apr
Apr
"
4
40%
*43
78
40
x53
47% Jan
634
22
78
'83
*74%
29% Nov
Mar
91
*5%
40%
25%
*74%
3% Dec
3534 July
10
8534 Jan 28
6%
25%
83
7g May
21% Mar
31% Jan 3
29% Jan 4
54% Jan 21
6634 Jan 3
176% Jan 6
5% Feb 6
38
Jan 3
34% Jan 26
5%
25%
*74%
6%
21% Mar
11% July
36% Nov
$5 conv preferred....No par
40%
26%
40%
41
June
Crucible Steel of America. .100
6%
25%
-7
Nov
6
260
84
*60
15
June
116
6
3
4,000
5%
6%
40%
4
60
49
Jan
36
5
Crown Zellerbach Corp
36% Mar
107
90%
*75
5%
:
100
5% conV preferred-
4,000
13%
25
6
Jan 18
38%
,
38%
40%
7%
40%
7
40%
:
*43
*40%
*
60
62%
14%
5%
41%
7%
27
83
Coty Inc
Crane Co.
"'700
39%
5
Preferred
$2.25 conv pref ww-No par
Pref ex-warrants....No par
90^2
3%
*59%
61% Jan 26
Feb 10
100 173%
3% Jan 26
1
Crown Cork & Seal—-No par
13%
4
5
3
Jan 16
4
234 E'eb 10
26% Feb
9
1
....
Continental Oil of Del—
2,900
89
5
Continental Motors
327g
38%
38%
63
3434 Jan
32%
89
5%
Jan 28
31
39%
4
Continental Insurance—$2.50
32
Crosley Corp (The)._.-No par
13%
*59%
10% Jan
Cream of Wheat ctf8-_.No par
89
5%
4%
63
Jan 28
300
38%
*4
8
115%
6
Jan
1,900
13»4
*5%
113
9%
89%
49
103% July
Jan 26
No par
_
9%
36
65% Mar
Jan
Jan 26
38
...
28%
99%
26%
8«4
99% 100%
27%
Feb
44
89
Continental Diamond Fibre .5
24,300
11,500
2,000
5%
2% July
100
300
29%
26% July
1% Mar
...20
$4.50 preferred
1,400
173% 174%
8% Mar
Jan
96
1% Jan 27
—No par
..
Oct
17%
20% Feb
Jan 26
13
*59%
Class B
8% preferred
Continental Can Inc
Jan
984 May
2
49
*88%
*85
Continental Bak cl A...No par
Co-20
25
13%
85%
Jan
Corn Products Refining
88%
40%
85%
16%
Corn Exch Bank Trust
13%
88
12% Jan 26
16
Jan 26
250
39%
Jan
Container Corp of America. 20
3,300
*33
Jan
953g Nov
19,700
64
33
Oct
7%
5%
22
52%
*35
73g
10% July
Apr
Jan 26
38%
2% Mar
3
Nov
104
Mar
21
434
Mar
10
Continental Steel Corp-No par
88%
*85%
Jan 28
3
12% Feb ,8
600
13%
87
2% Sept
25%
88%
*85
5
25%
407g
13%
3% Jan
334 Jan
4,900
88
38%
2% Jan 26
27%
40
13%
7
78
800
33%33%
234
27g
34%
33
27g Mar
6
Jan 20
*27
*35
6
9% Jan
Jan 10
8
29
32%
.
6% Jan
Oct
12% Dec
34% Oct
15
400
100% 102%
*27
27%
*9%
10
105%
*27
5% Jan 16
8
Jan 27
26%
5%
Apr
887g
1037g Feb 10
4
Mar
17
95%
700
30%
4% Mar
8
6
Dec
2%
Jan 13
4,400
64
Mar
86% Aug
94
113% 1137g
176
4%
28%
31%
103
33%
33%
*174
5
434
32%
4%
31%
Jan 13
100
5% preferred vtc
3,500
1%
*51
I
103g Nov
76
Consumers P Co$4.50 ptNo par
387g
8
Jan
100
,
95%
,
38%
Apr
9
2,100
5,500
18%
*93%
Jan 24
10134 Jan
4% Mar
2% Jan
113g Feb
343g Feb
1% Jan 25
No par
—5
834 Oct
14% July
263g Nov
71
86
9
Dec
55
80
29%
Mar
4
Jan
Jan 12
-No par
Consol RR of Cuba 6% pf-100
Consol Coal Co (Del) v t C. .25
200
13
96
13%
18%
13%
18%
8% Jan
Feb
2934 Dec
10% Sept
25% Jan
8234 Jan 11
76
Consol Oil Corp
200
3%
*11%
.
26
100
*94%
13%
95
39%
16,400
3%
*234
3
*11%
13%
19%
8%
*234
$5 preferred
Consol Laundries Corp
share
9% Aug
Mar
6
Consol Edison of NY ..No par
5,400
1,000
5%
5%
8%
per
15
Jan
8
3
18% Jan 24
6% Jan 26
No par
$2 partic pref
1,600
103% 103%
3%
13
13%
76,400
8%
96%
19%
1%
11%
32%
5%
3%
12%
*95
1%
11%
103% 103%
3
*234
13%
19%
19%
34
103% 103%
*5%
6%
8%
103% 103%
103% 103%
1%
1
5
1
Consol Film Industries-
600
11%
1%
11%
6M % Prior pref w w
8% Feb
303g Jan
5% Jan
100
100
7% preferred
240
share $
37g Apr
per
3
7% Jan
'
Congoleum-Nalrn Inc.-No par
Congress Cigar. 1
No par
Conn Ry & Ltg 4>$% pref.100
Consol Aircraft Corp
1
Consolidated Cigar
No par
20
*84
1%
1%
1%
1%
*1%
2
17g
2
17g
96
96
95%
95% *94% 9534 *93% 94
39
39%
39%
40%
38%
39%
397g
38% 39%
114% *113% 1147g *113% 114% *113% 114% *113% 114%
8
8
8
8
*8%
9
8%
8%
8%
34
34
33%
33%
34
33%
34%
33%
34
3
3
3%
3%
2%
3
3%
3%
3%
27
27
'27%
27%
26%
27
27%
27%
27%
25
25
25
25
26% *24% 25%
26% *25
52
5234
*51% 52%
*5234
53%
52%
52%
52%
63
63
63% 643g
64%
63%
64
63%
65
1%
95
7%
*78
85
*83%
*94%
*94%-^619%
8%
21%
*7%
80
*12
13
*12
*7%
*79
78
78
21%
21%
*7%
$ per share
24% Jan 27
No par
Conde Nast Pub Inc
Highest
Lowest
Highest
$ per share
Par
Shares
8%
*6
21%
On Basis of
Lowest
*8%
8%
26%
Range for Previous
Year 1938
EXCHANGE
Week
10
$ per share
$ per share
8%
8%
Feb.
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
1
100-Share Lots
Range Since Jan.
Sales
for
LOW
841
New York Stock Record—Continued—Page 4
Volume 148
6
3
6
67
178 Mar
1
Sept
12% Mar
67% Jan
2% Nov
11% Jan
Dec
43
Oct
Oct
35%
16%
84% Nov
133
Nov
99% May
5% Aug
4% July
2% July
29
15
25
June
&
*
Bid and asked prices; no sales on
this day.
t In receivership,
a Del. delivery.
n New
stock,
r
Cash sale,
x
Ex-dlv.
y
Ex-rights
Oct
22% Mar
90% Oct
36% Nov
Called for redemption.
Oct
«•
New York Stock Record—Continued—Page 5
842
AND
Monday
Wednesday
Range Since Jan, 1
Feb, 7
Ftb. 8
Feb, 9
*31
337S
*16
1812
*10
257#
*284
*28% 30
106% 106%
26% 27%
00
2%
*85
2%
80
30
106
106
25
*82
3
3i4
445
24% 25
*2
24«4
*2
2h
'
*3%
3%
*11%
*11%
3i2
12
*107#
*11%
12%
96
101
*96
6%
6%
173-j
51%
8%
*96% 104%
56
9%
*136
*3%
147#
30
9%
137%
4
15%
30
*60
18
*2%
3
234
*28l2
234
29
29
*2%
11%
12%
11
*2
*3%
*38
25
<2%
2484
*25 '
*2.
11
W
•
*45
47
2%
*2%
*45
2%
2%
11%
13
13
170
101
10
6
6
18
6
■
*17
"
72
207g
*71
21%
2084
*125
*5% '
137
'
39%
*116% 120
*1412
33
2584
12
12
2534
12
15
99X2
21%
15
99X2
*14i2
99l2
21
21
7
20%
7%
7%
*46
49
10%
*54X4
59
47%
11
11%
*54%
124
214"
*2X3
•
*45
2%
1%
1%
0%
*6%
*1%
1%
1384 „1384
*10% ■ 1778
78
28
1%
28
*23
14%
24%
24»4
23%
14%
25%
00
27%
105
177g
*11%
*7g
*15
39
18%
*11%
1
*32
9
*9
18%
*16% 17
*16Xa
*101% 104% *10114
*101
*2034
*130
518
75
3%
18%
9<
17%
412
19
*4
-
27h
39
110
75
3%
*18
20%
*95
62
110
3134
*31
14
14%
70
14
62X2
31%
14%
70
70
107
107
*106% 106%
0%
7
*46%
1%
*5%
34%
7
48
1%
34%
7%
1%
7
48
7%
4834
143g
1
4,400
6%
*1%
0i4
600
1%
300
5% preferred..—... No
Goodyear Tire & Rubb.No
35 conv preferred-— No
Gotham Silk Hose——No
23
i4%
2,400
400
Jan 5
Janl2
13
37
28X2 Nov
61i2 Jau
7§
Feb 9
Jan
4
Jan 26
Jah26
2784
'
66
28%
.
1
Jan 27
6X4 Jan 27
1% Jan 25
IU4 Jan 26
15
Jan 28
2484 Jan27
22% Jan 23
12% Jan 26
17%
*11%
*7#
18
11%
*16
1%
*4
75
314
11%
16
,
*4
4i2
1%
62x2
*31
133g
19
*1012
30
*28%
30
33
*32"
33
*3214
33
*28%
3214
75
3i2
*75'
85,
3%
110
6234
31%
14
*95
6234
31%
13X2
*67
*75
38;
3%
110
19
30
32%
85
•3%
*75
34%
7x4
I84
134
1%
I84
'
1612
1684
16X2
*26i2
1784
28
28
43%
44
44
*9
10
*9
10
*27
4314
*9
28
4414 "
10
44
9X2
~
»
4,
6% preferred
100
Hackeneack Water.....,—25
Hamilton Watch Co—No par
6%
1,300
200
Harbison-Walk Refrac.No par
6% preferred
——,.ilOO
Hat Corp of Amer class A... 1
6J^% preferred w w_'—100
Hayes Body Corp.'
—2
Hazel-Atlas Glass Co..
;.25
10,100
100
ecker ProdCoip-—
-1
elme (G W)———35
"MOO
110
2,000
20
500
1,500
220
100
46
*44l2
4512
"l'ooo
700
32
32
14%
13l2
1384
*68
184
17
69
*68
1,100
"MOO
106
.44
9%
7
10
35 conv preferred
98
Hollander & Sons (A)
500
5
Holly Sugar Corp.—No par
7% preferred,
—....100
Homestake Mining..—.12.60
Houdallle-Hershey cl A. No
Household Fin
700
com
stk. NO
5% preferred.
Houston Oil of Texas
300
Howe Sound Co
1%
1«4
1%
1%
600
Hudson & Manhattan.
*5%
6%
*5%
6
33%
7%
1%
34
9
33X2
"moo
7%
7
7
1%
134
1%
3,300
5,300
10,900
16%
27l2
4334
9.14
33
16
16%
2519
500
44
170
150
RR See ctfs series A".
a Def, delivery,
T
12
4
3
Mar
22
Jan
4
8.
Mar
24
31
Jan
4
30
Nov
30
Apr
Apr
35
June
5
Mar
13x2 Nov
10
18
42
106
7l2
12
Jan 26
Jan
4
Jan28
New stock,
r
Cash sale,
t
2
Jan 26
Feb
8
Jan 26
Feb 7
69
Jan 24
103i2 Jan
9
684 Jan 27
44
Jan 27
1% Jan 12
51#
3084
6i2
1%
1434
25
41
100
1000
Feb
1041# Jan 12
61% Jan24
30
Jan 27
12i2 Jan 26
6% preferred series A.—100
n
3
Jan 19
Jan25
Jan28
Jan 24
111
Jan 4
159
Jan2l
.13% Jan 26
1
Leased lines 4%
10
Oct
6
Jan 18
100
*9
Deo
50
18i2 Feb
5x4 Jan
Jah26
Feb
No par
Central.;
Jan
142
Dec
47#
71
234
102%
5% preferred
100
Hudson Bay Min & Sm Ltd 100
Illinois
»32
22
138
100
Hupp Motor Car Corp..;
July
June
,
5
Hudson Motor Car
4
30
24% Dec
,15% Nov
30% Dec
50
4
Jan 25
16X2 Feb 1
29i2 Jan 27
32
Jan 5
8% Jan27
10
Jan 26
100
Jan 7
100
Jan 6
23
Jail 26
v
25l2
44,
t In receivership,
;
par
....100
t c—25
*4612
7
47%
2,900
471.1
*684
por
.No par
Jan
914 Mar
12% Mar
23i2 Apr
122
Apr
35
July
28l4 Nov
54
Class B
20
'
I6X4 Jan
31% Jan
26X2 Jan
Jan
87# Oct
2% July
14% Nov
22% Nov
13% Mar
preferred..—No par x!047s Jan 24
Holland Furnace (Del)
Mar
101# May
19
Apr
2
'
3414 Mar
734l Mar
Hershey Chocolate.^..No par
conv
6i2 Nov
7284 Dec
5
100
4714
16i8
*26X4
*42%
28
200
106
6%
No par
6% cum preferred
34
8
Jan
Mar
Dec
108
29% Jan 10
71
133
4,400
69
105i2 100
.No par
,
Hercules Powder
70
32
13%
——...100
—
Blnde & Dauch Paper Co—10
110
69
Preferred...
Hercules Motors.
100
106% 107i2 *106i4 107i2
8%
8%
834
884
12ig
12i8 *12
1234
63%
preferred_........i.l00,
Hanna (M A) Co 35 pf_No par
*45
63
7% preferred class A...,.25
Hall Piintlng—,.i0
20
*95
.......
"""*10
84 Mar
Jan
Jan
Oct
681# Dec
38i2 Dec
2% Mar
52x4 Mar
1
Jan
Nov
207#
June
2i2 Mar
37#
85
15i# Mar
09S4 June
Feb
138
3% July
,
"
Mar
32
July
15
.
"""£66
*18
110
.100
Greyhound Corp (The).No par
5H% preferred
—10
Quantariamd Sugar..—No par
10
1% Jan.
7% Jan
I84 Jan
14% Feb
24
Mar
2% Sept
60i2 Apr
Feb
1534 July
Apr
I84 Mar
Jan
28
61
Mar
5
June
27i2 Nov
11% Feb
,
46% Dec
Feb
20
100
Mar
0i2 June
24% Jan 26
35
Jan 21
16
Jan 26
11%. Jan27
% Jan 3
1
.
8% preferred.——100
Gulf Mobile & Northern—100
20
*95
Green (H L) Co Inc..
Greene Cananea Copper
5
20«2 Nov
June
9
4
100
40
*18
62%
Bid and asked prices; no sales on this day,
*3%
6284
*3114
1%
16%
500
85
63
31%
14X4
6934
6934
1067s 106% *106
107X2
684
6%
71#
*47
*4714
48i4
48%
lx2
lx2
*1%
1»4
*5%
6%
*5%
6
34
34%
34
34
6%
7%
7
7%
34X?
7%
17%
27%
"
9(
6%
is4
15^666
~
4%
17%
*28%
*16i2
30
*18
*95
"4"300
18X2
I8I4
*4
29%
' 2184 Jan26
2414 Jan 28
Preferred—n—100 135i4 Jan 13
Green Bay & West RR„_
39
I784
•II84
16
23X4
*32
>*7#
1734
4l2
17X2
190
06
39
1%
*16
,
2484 Jan
6484 Jan
38% Jan
10934 Jan
•
98
Jan 9
Jan 4
78
Feb
75
33 conv pref series—No par
14%
24%
Nov
1684 Nov
24X2
45i2
234
27#
5
18% Jan 26
Grand Union (The) Co——-1
23
Mar
Jan 24
70
Graham-Paige Motors—
.1
Granby-Consol M S & P.—.5
14%
34
8i2 Mar
14% May
Jan
101
23%
13«
67
-
Granite City Steel—No par
Grant (WT)._———
10
.
32% Jan 4
37i2 June
par
100
July
2% July
Oct
41% Nov
26i2
Jan 3
par
1,100,
Jan A
95
Mar
13% Mar
15% Mar
5
60
Jan 26
1,000
14%
41
23# July
27% Nov
Jan 24
Jan 26
14%
17
1.
Nov
110
Jan 26
56
28
^an
July
97# July
12% July
Jan 26
29
28
*1384
*15t4
45
15X2.Jan4
1634 Jan 9
99i2 Feb 8
243# Jan20
8% Jan 3
51% Jan 4
13% Jan 3
par
17
14%
Au8
537# Nov
124X2 Nov
'Mar
4
1% Jan 3
20%
Jan 27
par
28
Jan 3
90
2i# Jan 23
2% Jan 26
.100
Preferred....
125
Jan
25i2 Mar
19
Goodrich Co (B F)——No par
2734
*23,
I8X4
11%
134
*5%
*1%
16%
2734
43%
♦
900
1
*9
*9%
9i2
9i2
*9%
" 9x2
17
17
*16%
17
*16%
17
*16%
*16% 17
104
*10U4 104
*10114 104
*10H4 104
*10H4 104
102
*101
102
*100% 101
*10012 104
*100l2 104
27
28
2784
26% 27l2 126X4 26k
20x2 20X2
138
*130X2 13784 *130X2 13784 *130% 137«4 *130% 13734
512
6
*5X2
6 *
0
57#
"5%
6%
6%
*31
70
400
1%
*%
,
62%- 63%
400
12,100
Dec
684 Mar
Jan 5
Oct
Nov
79
101% Apr
li# Dec
12% Mar
X85
Sept
28
.
ix2
50
Jan
45
1
*16
*32
20% i *18
20?#
*45
46
47.
4612 46i2
46%
463#
106
*107% 109
*10712 109
*107X2 109
10712
*8
9
8i2
8i2
8X4
8i4
*8%
9i4
12
*12% 12%
1238 12%
1214 *12
1234
*95
7,500
40% Nov
117% Nov
Mar
10
Gold & Stock Telegraph Co 100
80
3X4
103
103
*101
IO284 102% 102% *101
102% *101
102%
11% 11«4
11% '11%
11%. 11%
11% 11%
11%
1114
*115
125
♦116
120
110% 116%
*110
125
*110
125
*110
125
*160
165
*160
165
*160
165
*160
165
161
*161% 165
161
14%
1484
14% 14X2 *14%
1484
143s *14
1412~ 14% *14
14%
77
77
7034 77
77
77
77
77
76%
77
*76%
77i4
*133% 133% 133% 133% 133
I33I2 *130
133l2 *130
133% *130
133%
*54
55
*54
56%
5434
5484 *5412
55
*54% 55
*53% 5434
*109
*108% 110
110
110
♦109
lOOXg 10912 *108
110
*10884 110
20%
45%
Goebel Brewing Co
Mar
June
63
(Adolf).....—1
700
75
77
17%
11%
,1
17l2
*9
*32
18%
12
*%
14%
25m
24%
66
2714
39
1734
II84
*%
'24%
2684
*30
II84
:
1484
2434
66
27X2
33
*18%
Gobel
*36
*40
*32
'
"2"200
*36
66
33
27
17
271?,
23%
"MOO
Nov
44
..No par
"Brothers.,——No par
*40
.
*32
138
*16%
2712
29
Nov
48
Feb fc
1% Jan20
3
Jan
Feb
130
107# Jan 3
108
1% Jan 24
17% Jan 24
...No par
Glldden Co (The).....No par
4H % conv preferred..-.50
1%
.
90
28
Apr
1117# Apr
21i2 Mar
67# Jan 5
51# Jan 28
8% Jan 26
106% Jan 11
IX4 jan 27
19% Jan 27
-
.
Nov
Mar
118
5
125% Jan 13
37i2 Feb 4
Jan 26
34
•
36 preferred.,
77
,
Jan
Great Western Sugar.-No par
*1612
*28%
*5%
5%
*71% 75
3%.
3%
*101% 103
11%
II84
4%
78
35 conv preferred
600
45f;
*26%
105
Jan 27
"51
100
;—
170
20%- 2034
*5812 5934
31% 31%
104x2 104i2
*4X2
5
127
87
Mar
50%
2
OCt
387# Nov
Mar
25
3
Gimbel
47
2X4
2%
6
Jan
42% Jan 26
123x2 Jan 3
Oct
*
5% July
19i2
Mar
Feb
78
4,900
.
preferred
5
45
6% Jan 27
0%
Jan
136
Mar
,
3
Jan
Gillette .Safety Razor.-No par
14,500
I884
30
*130
la4
14
23
2%^
2%
3
General Tire & Rubber Co...5
24%
18
11?#
102
*1%
13%
17
20i2
Jan
12312 Feb
pat'
*24% 25
13012 13012
*4
*101
11%
5784
20l2
207#
108%
27%
227#
10834
%
5,300
4,600
1,300
47
HX4
6
1
24i2 25%
247g 25
135I2 136i2
*16
*9
46
25X4 Jan
130
Gen Theatre Eq Corp.No par
Gen Time Instru, Corp.No par
"*""56
6i2 Mar
Apr
2i2 Mar
5»4 Mar
11
2334 Jan 25
11% Feb 10
13i2 Jan 27
99x2 Feb 8
193# Jan 26
2,400
11%
•
35
44% Jan .5
40% Feb 10
117, Jan 12
1% Jan 5
9% Nov
115
4
Oct
102i2 Dec
59% Dec
111# July
May
Mar
3
Dee
19% Nov
52
Sept
4I4 Mar
Jan
30 preferred
——No par
General Refractories.—No par
Gen Steel Cast 36 prfef. No
.
82.
29
Jan
0% preferred.—-—.,.100
160
9
75
Gen Realty & Utilities,—... 1
7%
*4514
....
Tsoo
21%
5914
32%
1
General Printing Ink
30
21
*5414
June
35
—No par
800
15
7
48
July
8i#
41$ Mar
72i2 Jan 26
Gen Railway Signal-—No par
26%
20%
Jan 17
52
Mar
July
18
97
Sept
7# Jan 13
$0 preferred.-.-..—No par
i%
*1413
13
1834 Jan
36% Jan 27
Gen Public Service-.—No par
90
*72
4%
1%
6i2
27i2
23%
14%
24%
25
14X2
24%
24%
*28%
,
32
*25
11%
Common
800
*31
3
Jan 24
.
21% Jan 28
125X2 Jan 81
37% Jan 26
35 preferred
.^.,,No par
Gen Outdoor Adv A-—No par
20
22
.
85
39
1,200
18
20%
47
214
2%
78
1%
*6X4
1,100
1%
75
105
4l4
78
1%
14
*23 '
*287S
*4
IX4
'
14%
18%
4%
18
30
*16%
"105,
414
*75
9%
—
*1X4
96% Jan 17
71# Jan 6
Jan 31
68
37# Oct
57# July
0l2 Mar
14
Jan 28
2684 Jan 28
pref series A.No par
conv
700
*17%
3
Jan 27
Jan
18
Mar
4
114
13512 135i2
*30
18%
1
32%
6I4
Us
*6
1%
13%
17% '*16
*27'
28
23I4
200
0
*80l2
Jan
10
Jan
-
6% preferred..——.,.100
General Motors Corp——.10
38
22
3
18
...No par
General Foods.
160
900
*H4
3
Jan
Jan 26
General-Mills———No par
82,100
108
Jan
Nov
5%
li4 Mar
2% Mar
6
4
Jan 18
13
34.50 preferred——No par
Gen Gas & Elec A.——No par
600
,
48'4
II4
22i2
90
li
18
2% Jan
13
Jan 26
Jan 26
3% Jan 24
7% preferred....—...100
General Electric—-—.No par
70
2034
59X4
31%
69%
32%
100
6,300
72
21%
*58
20%
*4514
.2x4
*2%
134.
—
5% preferred—
20
Gt Nor Iron Ore Prop.No par
Great Northern pref..100
27
27%
30
*30
.
78
20%
77
"
2%
2%
50
.
53,800
20,700
703.1
*5%
9i2
11%
96
preferred..—No par
*40
136
*40
1%
6%
1%
14
2014
47
200
23%
49X4
*36
59
17# Jan 24
984 Feb
137% Feti
4i2 Jan
124
47%
48
11%
Sept
8X2 Jan 26
38 1st
25% 25%
*'24% 25
13584 130X2 *1351a 136%
■"
2484
130
77
-
'*71
20x2
77
"
*1%
13%
17%
27%
23i4
14%
*46
*54
2%
2X2-
2%
*71
22
20%
2084
47
,
*75,
47X4
IIX4
32
Baneral Baking.———5
09%
59
.
197# Mar
3
1,900
124% 124%
99%
2J
'21%
7%
7%
Jan
7
5
3
6
4
129
;
2OI3
*45'
.
76
"
7x4
30
3%
10X2
IIX4
95%
5%
7% cum preferred—-—100
General Cigar lnc——No par
70J2
12
.15
24% Jan 28
Class A-—.--.—..No par
28%
11%
*14%
Nov
3
200
32
*25
58
Jan
50
.
2i2 Mar
Apr
60 x2 Jan
1,800
*48
*80l2
13g
*17,
25
100i2 Jan
29%
50
*22
Jan 13
Jan 26
68
7634
9%
91
55
50i2 Jan 27
39% 40%
*115% 117
108
Mar
Jan 30
2% Jan 26
45
General Cable,——.No par
*48
IX4.
Mar
30 preferred-.— —No par
Gen Am Transportation--—5
7,400
*70%
0X2
Mar
11,
50
1,200
1
108
85
"2,366
General Bronze.
Jan
21
4% Oct
37% Nov
109i2 Nov
29% Oct
Jan 11
Jan 5
Jan 6
Jan 0
5)4% conv preferred—..50
Gen AmSr Investors—No par
40
43x4 Nov
3114 Dec
39x2 Oct
Mar
18
Oct
Nov
100
108i2
2984
9O84
334
Gaylord Container Corpj...5
14%
39%
6
9
6
5
300
100
*2314
61
Jan 26
Gar Wood Industries Inc..—3
3%
*64
125
Jan 26
80
par
14%
29%
47% 48%
*12334 124t4
*35X2 39%
Feb 10
22
$3 preferred
10
Game well Co (The).... No par.
pref No
8
104
Co..—No par
pf. 100
Freeport Sulphur Co—. . -10
Gabriel Co (The) el A—No par
Galr Co lnc (Robert)—....1
Ganilet Co conv S6
Feb
Jan
1834 Jan
3x4 Jan
358# Jan
267#
16% Mar
76
Apr
24X2 Mar
107# Mar
1934 June
15
Apr
li4 Mar
8
16% Jan 27
48% Jan 31
7
Jan 26
137
1
*124
28
Francisco Sugar
*3%
1
%
36
3
100
,
129
41%
3984
.1,400
6
*1034
1784
*48% 50
7%
-7%
*96% IO4I4
55X2 56%
.9%.
9x2
129
40%
32
33
25
21
*58
60
61
01
*58
5984
32% 33
32% 33%
3134 32lg
*104% 105
*104% 105% *104X4 105%
4%
4%
4%
4%
4X4
4X2
75
19
•
33x4
.
12
2%
: 2%
78
*17
19
33
47
2%
2%
*"*466
*96
>,*9X2
934
*9l2 10'
108
10714 10714 *107
H4
11
1%
.1%
*22
22%
2214 2234
*86% 90
*8612 90
*1% • 1X2
1%
1%
:
214
3%
,13
.
•
*1.700
101
6
Jan 27
Feb
Highest
$ per share I per share
47% Feb 10
31i2 Jan 4
17X2 Jan 16
2% Jan 30
F'k'n Simon&Co lnc 7 %
13
"
.
*""500
234
*314
*11%
102
30
No par
Florence Stove Co
t Foliansbee Brothers—No par
Food Machinery Corp..—100
4*4% conv pref— ——100
Foster-Wheeler
.....—-10
$7 conv preferred.—No par
*90
•
'
260
4,100
45
2412
*2
3%
11
Flintkote Co (The)..—No par
90
234
.
25
600
400
*17
,
"*"400
2484 Jan
99% Jan 16
4134 Jan 12
24% Jan 26
Florsheim Shoe class A.No par
13X2
13
*96
101
13
101.,
6
9%
0%
0%
9♦107% 108, *107% 108
1%
1%
1%
1%
23
23%
22% 23%
90
00
*86% 90
1%
1%
13#
1%
*17
18% '*17
18%
33% 33%
33% 35
25% 20,
25% 26%
1234
1284
11% 12%
*14%
15
*14% 15
00% *—
99%
21% 2134
21% 22%
7%
7%
7%
7%
40% 47%
.48% 4884
11% 11%
11% 1134
*5434 .50
*54% 59
21
"
*207# 21%
21%
500
*401#
zc24l2
.
24
5.000
11
—
•
3%
First National Stores..-No par
11
*125
129
*125
129
127% 127% *125. 129
3934 407«
41% 41%
40% 4IX4
40% 41%
39
40
39% 40
39% 40
38%. 3914
117
117
*116
*116% ,—
*116%
1
1
1
1
1%
ltg
43
45
41% 41%
*4514 ' 50
*45l4 50
76
76
77"
,77
*76% 77%
77%
77%
123% 123% 123% 124% 12312 123% 124X4 125
46-% 47%
47
48%
46%
47^4
47% 48%
124% 124% 124% 124% 124X4 124X4 124
I24I2
37% 37% *33% 39X2 *33% 39%
37% 37%
6
0,
*6
6%
6%
6%
6X4
6%
.
*2
3%
3,200
3
2912
104
105%
2384 2412
3
44%
25
2«4
6% preferred series A—100
Lowest
Highest
3 per share
3 per share
j 9% Jan 27
Firestone Tire & Rubber.—10
600
*2%
*28i2
*85
Lowest
1,800
*17
13
*96-
6%
25%
2x4
*3% ;
3%
11
*284
*40%
24%
2%
44%
2%
45
24%
2%
3%
2712
105% *102
105i2
25%
2434 2434
*85
90
90
25
3
4734
Range for Previous
Year 1938
On Basis of 100-Share Lots
Par
Shares
331
*17
4714
2634
per
2H2 21%
101% 102
47
47%
26T4
2634
21%
102
,
69
*23
*3H2
18
21 x2
102
17% *1634 17%
50
50
50
50
*48%
50
*48%
*7«4
7%
*734
7%
734
*7%
;784
*9612 104% *96'2 104I4
*96% 104% *9612 104X4
5534
50%
5584
5534
55x2 6684
65% 55i2
9%
9%
9%
9%
9%
9%
9I2,
9%
137
137% *13612 138
*13612 138
*130x2 138
*3i2
4
3%
3%
*3%
3%
*3%
37«
15
15%
15% 16%
14%
15»4
14% 15
30
31
30
3014- 3OX4
31% 32%
30%
69
09% *65% 00l£ *65% 69% *057g 69l2
f23% ,24
23l2 23% *23X4 24
23% 23%
*1734
*487#
77S
66
33i2
*17
*85
17%
51%
7%
*17
*32
18
28
00
*38
90
6%
27
34
105
2
share
27
*85
45
$
*3214
17%
3
28l2 281;
1051* 1051;
25
251?
90
*38
*27#
*38
.
♦leijs
*2%
f per share
22
22%
101% 102
47x2 4784
'
>"
Week
10
*16%
f per share
22
22%
18%
3
Feb,
$ per share
$ per share
21% 22%
101% 101% *101% 102
47
47i£
47%
47%
2084
27h
27% 28
33% 33%
33% 34
$ per share
22% 22%
*1005,, loitg
467# -47
27 lg
27%
stocks
11,
exchange
Friday
Thursday
Feb, 6
Saturday
Feb, 4
Tuesday
new york stock
the
SHARE, NOT PER CENT
SALE PRICES—RER
HWH
Sales
for
LOW
Feb.
,
9
Jan 14
Jan 27
Jan 27
40
Jan
20
Jan
3
12% Jari
1% Jan
4
(7i2
9
3284 Jan 16
11% Jan 3
16% Jan 12
Feb
7# Mar
Mar
12
Mar
13
Oct
134
Jan
28
Jan
6i2 July
Nov
21%
Jan
102
Jan 26
8884 June
101
Nov
100%,
Jan 26
83
June
100
Nov
4
15
Mar
138% Jan 11
-6% Jan 5
120
32
75
Jan
Jan
dig Jan
106
1% June
7684 June
Jan
II84 Feb
116% Feb
161" Feb 10
17
Jan
5
86
Jan
3
135% Jan
5
57
Apr
41# June
50X4 Mar
Jan 20
109% Feb
5i2 Mar
81
May
140
Jan
10
Mar
4284 Mar
12634 Jan
Mar
40
Jan
7
Jan
' Nov
6%
-
111
Oct
Dec
11% Nov
111
Dec;
161
Dec
20x4
Oct
87
Dec
135% Dec
60
Oct
Mar
105i2 Dec
15
Sept
2U2 Nov
52% Oct
51
Jan
4
17
Jan
110
Jan
6
98
Jan
9%
15%
104%
6484
3234
17%
70%
Jan
5
534 Mar
Jan
4
11% June
8%
52%
1%
5%
35%
8%
Dec
x7%
75
80
19
107
3434 July
140
118
Aug
1334 July
25x4
Mar
108
JaU
May
Jan 17
481# Apr
66
Aug
Jan 10
17i2 Mar
35i4
Jan 12
102
Jan
3
0
Mar
Jan
3
40i2
Feb
6
83i2
Jan
Jan
Jan
6
Jan
5
Mar
5
23x2 Mar
Oct
18% Oct
72% Nov
10514 Nov
934 July
53%
Jan
Jan 20
1
May
9
3
Mar
3% July
9% July
20% Mar
35% Nov
Jan
Jan 10
Jan
5
2% Jan
2034 Jan
3
x2 June
4
35
Jan
3
6i# Mar
12
Apr
207# Dec
35x2 Dec
Jan 28
44i2 Jan
3
23
44
,Jan 24
11% Jan
4
Jan 24
Jan26
Jan 26
Ex-dlv.
y
Ex-rights.
Mar
5
Mar
3% Apr
10
234
Jan
Oct
Nov
11% Dec
^ Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 6
148
HIGH
SALE
PRICES—PER
843
Feb
SHARE,
Tuesday
Wednesday
Thursday
Feb. 6
Feb. 7
Feb. 8
Feb. 9
$ per share
$ per share
$ per share
4
$ per share
*150
-
*150
150
8434
843g
85%
84%
85"
14
143s
434
7*8
2534
9234
3*2
1234
2*2
14%
4%
7*4
25*2
9234
1478
14%
7*4
14%
*4*2
6%
25*2
*24%
25%
*25
92%
92
92
3
3
*45s
7
*25*4
*91*2
*3*4
12*2
*2*4
*23*2
4%
3%
2%
*23%
25
180
180
59
25
*180
58
27g
127g
2%
12*2
58
18434
5884
*159*4 162*2 *159*4 162%
.7
7*4
7%
734
4
334
*3*2
334
8
8*8
8*4
8%
«
27
27
91
*90*2
884
93%
9%
91
87g
9%
13%
9
13
*79*2
*10%
8034
10%
8*2
*1284
*79*2
*10
*20
85s
8*2
13
8034
103s
20*2
*118
75
121
94
95
*128
16*2
16*2
*11734
....
9*4
*16
16%
9*2
9l2
16
*82
95
*11
11*4
11*8
7*2
*86*2
37*4
*11*4
*25
*2
90
375s
1134
2034
*25
*2
2%
2*4
40
*36
15
15
22
22%
*5
5*2
26%
*5
25*2
234
*11*2
*21
29%
*2114
*112
5
29l2
*74
98
*90
98
*90
98
*15%
16%
*15%
16%
700
*82
95
*82
11
11
11
7%
*7*4
90
*2
36
36%
37
26
11%
*2
2%
2%
15%
15%
15%
22
5
*5
25%
23%
223g
5%
25%
24%
12
12
*19%
*1434
22
5
5i8
4%
30
283s
*213g
2134
114
*112
5 '
5
26
2%
2434
117g
22%
14*2
4%
29'
25
4%
»%■
*2%
24%
*11%
*28%
47%
5*4
38%
104%
105%
*176%
*16%
317g
11
11
29
29
48*2
4834
47*2
48
5%
57g
*38
5%
53g
*38
39
39
-
117g
22
147g
5
41
*434
200
180
6% preferred
...100
Lambert Co (The).....No par
5
*4%
,
28%
21%
28%
21%
21%
2,700
600
115
*113
5
100
Lane
1,100
%
700
2%
"*2%
23%
11%
*28%
2%
247g
11%
2%
*23%
11%
2%
24%
1,900
30%
*27%
400
Lehigh Valley RR
Lehigh Valley Coal
47
47
4778
,53S
5%
5%
*38
39
38%
105% *103% 105%
106% 2:105% 106%
180
*17078 178
17%
17%
*16%
32
31%
*30%
1,700
37,
19*4
*101
22*4
*145
18
30
Jan
Jan 12
1*4 Mar
1258 Jan
35
19*2
22%
Jan 19
22
Feb
123g Mar
3158 July
2158 Nov
6
Jan
193» Mar
12*4 Jan
2758 Jan 27
43
Jan26
32*4 Jan
678 Mar
1934 Mar
54
23*4 Mar
Jan
63s Jan
40
5*8 -Dec
31
25
IOOI4 Jan 23
173*8 Jan 10
106*4 Feb
Lima Locomotive Wks.No par
Jan
No par
40*2 Jan
46
16
4534 Jan 27"
.100
$0.50
No par
preferred
5
29
Jan
12*8 Mar
Feb
107
37«
3%
*1834
37g
*
3%
334
41»4
18&,
33*2
*1*4
3%
37g
3%
*3%
19
*19
19%
19%
19%
19%
105 /. 105
*101%
*101% 110
22%
22%
22%
22%
22%
22%
*145 « 152
149
149
*146% 152
17
17
,17%
17%
*167g
17%
50
50%
50%
*48'8
*4812 50%
31
31
31%
31%
*30% 31%
37g
3,700
—
-
—
-
1,200
100
12,300
20
*120
42
Mar
99
Dec
700
18%
33i2
■
1%
,
-
-
-
..
Louisville & Nashville....100
1,200
*126
10
Mac Andrews & Forbes
6% preferred
Mack Trucks Inc
No par
218%
33%
*1%
.
26
26%
42%
18%
41%.
42%
18
18
33%
33%
1%
33%
1%
1%
100
Maey (R H) Co Inc...No par
Madison Sq Garden...No par
Magma Copper
10
Manati Sugar Co.....
*6%
7
15%
100
M'ande) Bros
7%
2,500
800
<
600
No par
'
*5*2
*13*4
8*4
*11*2
7. 1
14*2
8*4
*5%
7
*5
14%
14%
13%
7
13%
8
7
*6%
14
7
14
12%'
J2%
8
7%
'*11%
778
12%
1%
1%
1%
5
47g
5
8
1284
8%
*11%
8%
12%
*11%
12%
*11%
*1*4
1%
*1%
1%
*1%
1%
1%
*47,
5
5
5
5
1%
47g
*6*4
684
6%
6®4
6%
6%
13%
35%
13%
14%
12*2
3134
47g
13
6%
1234
3212
3234
7%
5
478
6*2
*6*2
13%
33%
12%
6%
1234
12%
1%
33
34*8
12%
34%
*4
5034
51
*49%
50
50
*49
50
*3019
32
31%
32
*31
3178
31%
31%
*31
317g
172
172
7%
,
*11%
6%
13%
4
50
47g
50*2
4
50
*12%
*4
47g
*168*2 172
4858
,
4834
6
*5
3034
3034
99
99
*4
*171
487g
5%
30%
47g
*4
47g
172
48
5%
534
5%
31
30%
30%
<30%
357g
*172% 175
*172% 175
49
48*2
48%
487«
5%
34%
48
5%
49
5%
*31
32
34%
"
90
12%
6%
j...No par
X Manhattan Ry 7% guar. 100
3,100
583s Nov
9
Jan
37*4 Nov
102
Dec
10334 July
176*2 Dec
18*4 Nov
4034 Nov
50
Nov
21*2 Juiy
62i2 Nov
111*4 Oct
5
Marshall Field & Co...No par
1134 Jan 30
36%
85,700
Martin
1
27*8 Jan 24
No par
334 Jan 30
46i2 Jan 27
(Glenn L) Co
200
Martin-Parry Corp
700
Masonite Corp
31
700
*172% 175
100
48%
2,000
-No par
Mathieson Alkali Wks.No par
7% preferred
100
May Department Stores...10
Maytag Co
No par
...
584
900
600
101
99% *100
12%
1278
12%
11%
12%
11%
1,500
McCali Corp
6,400
McCrory Stores Corp
53 preferred w w
No par
Feb
2
12,600
4
*5
0
14
49%
48%
434 Jan 25
878 Jan 17
13
Jan
6
134 Jan. 7
538 Jan 5
7% Jan 6
14% Jan 17
36*8 Jan 3
6
.172
Feb
44*8 Jan 20
478 Jan 27
28*2 Jan 30
32
1234
11*4
95
*98
12%
11%
*93
101
12%
11*2
95
*98
12%
101
12%
11
11
*93
95
99l»
99%
12%
11%
13
11%
*93
95
99%
12%
11%
95
*93
95
95
230
$6 1st cum pref.
100
6% conv preferred
No par
No par
1
100
16
Mar
Mar
Mar
1*4 Mar
4% Sept
538 Dec
5*2 Mar
14*8 Mar
25
Jan
Jan
'
Mar
Mar
2*4 May
55s Jan
57*2 Jan
36
164
*
JaD 17
16
Jan 26
30
9
Jan 10
Mar
1984 Mar
150
4938 Jan
6*4 Jan
Jan 21
Aug
28*2 Mar
3*2 Mar
1638 June
Jan
11 «4
Jan 24
934 Jan 26
88
Jan 13
234
7*2
16
7*8
61
s
iOef. delivery,
n
New Stock,
r
Cash sale,
x
Ex-div.
Oct
Oct
3678 Nov
165
Feb
53
Oct
77s Aug
28*2 Dec
21
Apr
97
Dec
16
Jan
9
6
Mar
Feb 10
61
Mar
13% Nov
92*8 Nov
8
17*4 Jan 20
12*8 Feb
Mar
75
«l
J In receivership,
Jan
147S Nov
3738 Dec
1
Bid and asked prices; no sales on this day.
Jan
Aug
Apr
99*2 Feb
95
Jan
Aug
Oct
Nov
Oct
Nov
Jan
Nov
July
834 Mar
20
3
93
Dec
32*2 Nov
49*8
195S
40*2
23g
103jj
20*2
103s
Mar
Nov
195s Oct
57*2 Dec
2% Mar
134 Jan
7*4 Feb 10
Market 8t Ry 6% pr pref.100
4
*31%
10
18*4
s4
"4%
684
100
31%
5%
31%
19*2 Jan
Jan 28
154
32
Mar
Oct
Oct
534 July
23*2 Nov
107*8 Dec
2134 Dec
126
10
38*2 Jan
12
.9
63*4
Mar
22
30*8 Jan 28
1*4 Jan 24
6*8 Jan 24
7
Apr
2478 Mar
$3 preferred ex-warr_No par
*12*2
*
Oct
7*4 July
1*8 Jan
5*4 Jan
29
July
1438 Nov
35% Oct
11658 Mar
5
4
3034 Jan
43*2 Feb
IH4 Jan 23
13a Feb 2
Midland Corp
49%
30%
Jan
125*2 Jan 27
June
12*2 Mar
29?8 Apr
6
Jan 1 3
33
2
Mar
1384 Mar
'22*2 Jan 26
37*2 Jan 26
1034 Jan 26
;100
Maracaibo Oil Exploration.. 1
Marine
18*2 Feb
:25
Modified 5% guar
Manhattan Shirt
900
Feb
92
125
58
2934 Jan 27
124
2i2 Mar
1434 Mar
153*2 Jan 28
Jan 23
48
4
1934 Jan
107*4 Jan 24
23U Feb
Jan
147*2 Jan
1534 Jan
•
26
'
27
3,400
5,200
Jan 26
2034 Jan 20
7% preferred....
..100
Louisville Gas <fc El A..No par
5
4*2 Jan
3*4 Jan 12
18
Jan
02
Jan 27
105
84 Mar
11*8 Jan 19
8*8 Jan
62
25
..100
10
7
242
"
.
-
26%
267g
Loose-Wiles Biscuit
5% preferred....
(P) Co
Lorillard
1,000
•
•.MOM-
Long Bell Lumber a...No par
500
....
»
Loft Inc
.......No par
Lone Star Cement Corp No par
37,400
37g
19*4
1934
*19% 19%
166*2 *101
106*2 105% 105%
23
227«
23*4
22% 2278
152
15278 *146
15278 *149
IS
18*2
18%
1812
17%
51
50'4
51%
51% *50
32
32
.*31
32
31*2
*126
*125*2
*126
27
27
2784
27%
26%
26%
4234 ,43%
42%
41% 42
41%
18%
18%
18%
*18%
18%
18%
33*2' *33%
34%
3312 33*2
33%
*1%
1*2
1%
*1%
1%
*1%
W
2784
11
Mar
33
54*2 Jan
106*4 Jan
No par
81*2 Mar
Apr
145g Mar
20*4 Mar
Man
19
Jan 26
Liquid Carbonic Corp..No par
Loew's Ine
Mar
157
Jan 24
1734 Jan 20
16% Jan 24
29*4 Jart 20
4()34 Feb 10
Mar
81
9
176
Preferred
......100
Lily TUlip Cup Corp...No par
900
•
,
*125
*93
25
Jan 10
8
5,300
120
Mar
2784 Jan
105*4 Feb
Link Belt Co
3058 Dec
12568 Oct
Jan
Jan 20
5U Jan 24
7*2 July
10*4 Mar
13*2 Mar
•Jan 26
36
Jan
95.
38 Dec
178 Mar
IOOI2 Jan 27
500
Nov
2
par
700
Jan
17
1038 Jan 28
...6
Series B.
30
22
par
100
18
Mar
8*2 Mar
3*8 May
3
Liggett & Myers Tobacco..25
100
Mar
558 Jan
5s Jan
3
Jan
Oct
July
15
Jan 20
3138 Jan
Jan 24
Mar
8
8
,Jan 20
Life Savers Corp
3,100
.
,
24i2 Jan
114*2 Jan 21
Jan 24
Dec
Mar
800
:
9
145# Noy
July
33s July
15*8 Mar
2i2 Mar
100
104% 104% *103*2 104%
10512 105%
105*2 105%
17578 17578 *176% 180
*16%
17*2
17% *16%
32
32
31%
31%
42
42
42
42*4
42*4
*41% 42%
41%
42%
*41%
40%
*17
17
17
178s
17*2
1734
167g
17%
17%
17%
*167g
49
4934
50%
48% 4878
48% 49
48%
48%
49%
48%
107
107
108
4106% 108
*100% 108
*106% 108
*10678 108
9
97,
834
8%
9%
9%
914
938
9%
9%
8%
55
55
54 %
55
54%
54%
54%
55%
54%
55%
54%
.
5034
.
Feb
38 Jan
No par
Libbey Owens Ford Gl.No
Libby McNeill & Libby No
51
19
5*4 Jan
Jan 26
•
148s
10*8
100
2638 May
6*2 Mar
Jan 24
4*8
6% conv preferred
..50
Lehman Corp (The)..i_.."_.l
Lehn & Fink Prod Corp
5
2,300
Jan
Jan
16*2 Jan
1934 Jan 26
113
No par
Lerner Stores Corp
Jan 27
25
5
200
Jan
Dec
91
Jan
z27*4
2434
13*2
23*2
Jan 14
4
,.100
50
700
11%
30%
80
~
Lehigh Portland Cement...25
4% conv preferred
Jan 11
6*4 Jan 16
,
....No par
Lee Rubber & lire
10
4%
Bryant,.
Mar
22*2 Feb 10
478 Jan 25
25*8 Jan 28
2034 Jan 3
14
,
3
16*4 Feb 10
17*4 Jan 12
%
5%
Jan 11
33
1312 Jan 11
2038 Jan 28
2278
700
16
40
Jan 27
178 Jan 26
No par
12
100
4438
12*2
2784
258
Jan 26
10
4%
'3812
*37%
105% *104
106
106
180
*1767g
17%
17%
32
31%
preferred
Dec
Jan
3358 Jan 26
Oct
13*8 July
24i2 July
Dec
8*4 Jan
92
Jan
24i2 July
10*2 May
63
Apr
484 Mar
Jan 18
13
Laclede Gas Lt Co St Louis 100
%
47%
95
280
*%
47%
5%
Jan 18
10
Mar
78
123
100
Jan 20
22
Mar
745s Dec
111*2 Oct
130
July
11
J 6*2
1,800
20,800
*43g
31
Jan
9978 Jan 17
934 Jan 27
$5 prior preferred...No par
,
118
5i8 Mar
3
Jan 26
Jan
Apr
12
4
90
Mar
12i2 Mar
11*2 Jan
0i8 Jan 24
Oct
83*4 Nov
1284 July
Jan
58
Feb
95
Oct
Nov
Nov
4984
145s Jan
.1
18
24
Jan
11
11%
1178
124
122
19*2 Jan
12ia4 Jan 20
97
96*2 Dec
Mar
Jan
23
12%
.%
11%
Jan 10
64
734 Jan 26
16i2 Feb 10
834 Feb 1
Jan
June
Jan
132.
2578
4%
24%
105
Jan 28
100
6
48*2 Jan
30*4 Nov
3534 Jan
3538 Nov
8
Jan 26
117*2 Jan 27
5758 Nov
July
15*8 Nov
5278 Nov
140
16
Jan
75*8 Feb
I6I2 Jan 28
Feb
Jan
113*4 Apr
4414 Mar
IO84 Jan
20*2 Jan
Jan 26
237S
-
63
62
*25
14%
Feb
124
Feb
6*8 Mar
87
*19%
14%
114
80
8
Kresge (S S) Co
10
Kresge Dept Stores....No par
Kress (S H) & Co .....No par
Kroger Grocery & Bak.No par
29
21%
114
5%
6
9% Jan
1434 Jan
Jan 26
23%
*1012
5
29
22%'
114
340
7,200
9B8 Jan 19
128
$8
16%
Mar
46*2 Mar
5*2 Feb
..100
41
22%
12
*eb
353s Jan 21
No par
Keystone Steel & W Co.No par
Kimberly-Clark
No par
Kinney (G R) Co
-.1
200
15%
2238
June
Jan 20
91
Feb 10
Jan 26
Kendall Co $6 pt pf A ..No par
Kennecott Copper
No par
100
2%
*34
15
*4%
29
*112
2*2
11%
30%
24%
28*2
*21%
22%
114
1034
*28%
.
20
*25%
24%
1178
*20*2
14*2
*43g
24%
*34
26
2%
15%
22%
41
11%
11%
*23
28
29
4
Jan
103s Feb
6% conv preferred
100
Kayser (J) & Co.
5
Keith-Albee-Orpheum pf._100
Kelsey Hayes Wh'l conv cl A_1
28,200
1,200
363g
11%
*23%
34
37s
'
9
5412
N
*82
2*4 Mar
28*2 Mar
19*2 Mar
Jan 12
70
Class B
Jan
4i4 Mar
18% Mar
No par
300
89
3678 Mar
132
Jan 27
;
Mar
634 Mar
1434 Jan
7712 Jan 9
912 Jan 26
preferred
....100
Kaufmann Dept Stores
1
500
7%
90%
22
10414
105
105*2
*175
176*2
*16*,
17*2
*32
327j
*106*4
11
7%
2
5534 Jan
136*2 Feb
11
4%
95
*10%
7%
1534
25
49b
*82
10%
43
*2%
24%
*17*4
95
*82
37%
11%
*36
400
10%
26
*2
978
*9%
Jan 11
120
Kansas City Southern
100
*7%
90
25
16%
16%
9%
9%
7%
*83%
36*2
11%
2%
2%
42
978
700
9
*8%
9*8
478
117S
778 Jan 27
Kan City P & L pf ser B No par
100
16%
9%
19
3*8 Mar
5
1
Johns-Manville
_—--
....
*15%
*2
104
*118%
*90
4%
6
....
*118%
15%
95 1
%
39%
800
*8%
4%
-
17
*16%
%
*5%
*31
*16%
16478
778 Jan 26
1
Preferred
9
4%
48*4
17%
70
Mar
Jones & Laughlin St'l pref. 100
Kalamazoo Stove & Furn
10
10G
19
*2
48*4
54
May
Jan 26
84
...No par
preferred
Jewel Tea Inc
3,500
*50%
4
3134 Jan 7
22U Jan 27
..100
$6
500
*16%
*9%
38%
227g
14%
preferred
91
90%
*128
130
48
141
60*4 Jan
87S Jan
No par
Island Creek Coal
17
4%
21
Intertype Corp
20
17
%
2*8
300
200
17
11*2
27%
25%
237g
117g
22%
14%
80
10%
130
185
7% Jan 24
29
Interstate Dept Stores.No par
19%
16%
11%
12
Foreign share ctfs
*9
52%
478
24i2
11*4
94
29
Mar
162*2 Jan 31
8*4 Jan 5
434 Jan 12
Inter Telep & Teleg...No par
122% 122%
*74
75%
74%
94%
Mar
1034 Jan 26
100
*19
52%
9
preferred
10%
*128
....
7%
*79
55
%
2%
24i2
96
12%
124
74%
130
95%
12%
<52%
4%
*10*«
*287,
,
87S
Mar
46
100
19%
*121
747g
8%
87g
.
preferred
89
10%
*19
19%
8%
9%
*79
124
3478
34%
13
12%
10%
193s
*128
36%
2434
*112
*9
5%
200
9%
8%
8%
80%
*121
75*8
95%
*25
5%
25*2
28*2
2134
22
114
*79
90
34
33%
35
22*8
1178
22%
14%
*4%
15
30,100
5,000
1,800
34
2
134
International Sliver....... .50
570
Apr
55S July
16*8 Nov
15
51®4 Jan
4*8 Feb
45*2 Feb
400
*32
Jan 20
*
98
1130
4084 Jan 26
314 Jan 23
3912 Jan 9
400
-
078 Mar
3*8 Jan
15
1,800
4%
45
Mar
5% conv pref
100
Internat Rys of Cent Am.. 100
7,100
42%
4
June
2
6^8 Jan 20
314 Jan 3
15978 Jan
1
Inter Paper & Power Co
'
*15%
2l7g
25*2
22
*14*4
*4*4
45
*36
24*4
237,
1178
42
40
15%
217,
600
Mar
80
193s Oct
5*4 Nov
978 Nov
3412 Nov
2758 Jan
I8434 Jan
Jan 26
52
15
Jan
4*8 Jan
1534 Jan
93
'
2j4 Jan 26
2234 Jan 27
Int Nickel of Canada..No par
Preferred
..100
19,100
11,500
44
15%
22%
*36
Internat'l Mining Corp.
27%
97g
*83*2
38*2
11%
900
1,500
83S Jan 16
28*2 Jan 3
Jan 25
173
Preferred100
Int Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
6,600
92%
7%
27%
11%
6,400
98
11
90
Internat Agricultural..No par
Prior preferred
100
Int Business Machines.No par
Internat'l Harvester
No par
900
117g
43%
4%
42%
4%
43%
No par
300
135% 135%
11%
Iron
1,400
51%
5038
Interlace
6,600
434 Jan 17
9112 Jan 9
278 Jan 27
10»4 Jan 26
No par
*90
87g
*87
*86*2
3778
900
23
100
*25%
*118%
15%
95
3
preferred
Intercont'l Rubber
94%
19
1578
*87
3
6%
27%
878
7%
98
157g
190
35
*16%
*9%
11%
7»4
*7*«
*90
200
92%
3%
52
t Interboro Rap Transit... 100
Interchemical Corp....No par
900
26%
*90
*90
97
*6%
92%
*25
92
5578
16%
9%
97
Insuranshares Ctfs Inc
*25%
130
*53
9% ;
*15*4
1,400
35%
10%
*128
19
4%
67g
95
*118
*16
5
2734
20
1634
9
9*4
4
17*4 Jan
135% 135%
11%
12%
,
Nov
8
94% Jan
Jan 26
0%
9%
Sept
95
Feb
Jan 26
12
*27g
13
146
Jan 10
79
Inspiration Cons Copper...20
*90
9%
12%
80%
Feb
56*4 June
7% Mar
35s Apr
278 Mar
150
No par
6,200
26%
9
135
6% preferred
Inland Steel..
100
2,300
*25
8%
87S
12%
Mar
13%
412 Jan 14
6I2 Jan 25
10*4 July
303s Aug
119*2 Dec
60
87%
1
Mar
143s Mar
3
13%
4%
6%
50%
4
29*2 Jan 16
z86%
35
124
75%
94%
*118
19
*9
10
5578
151
Highest
$ per share $ per share
6
Jan
International Salt.... .No par
International Shoe
No par
20
95%
119
4
*121
130
*53
5578
12%
*79%
75
95
130
*52l2
320
Jan 25
Jan 23
43%
9%
Jan
24
105
4
8%
124,
74*4
*128
*26
20%
*197g
*
124
*73
27
8
No par
91
33%
26
per share
5
6*2 Jan 27
10
Lowest
14%
4%
92
34
share
No par
*42*4
*31%
35%
33
per
Ingersoll Rand
300
150
$
Year 1938
Highest
Industrial Rayon
2,100
150
*2434
51%
52%
135% 135%
117g
12%
433g 44
Indian Refining
...
27%
*30
89*2
•
52
136% 136%
11%
12%
42% 44
4
*3%
43% 43*2
'
8*4
3
,
7
26%
Par
Range for Previous
86%
*4%
*07g
7%
26
112
_
*84%
137g
4%
Lowest
Shares
12 '
12
12%
12%
12%
12%
12%
1178
2%
2%
2%
2%
2%
2%
2%
2%
24
24
*24
25
*23*2 24%
24%
24%
181
180% I8H2 *182% 184
182% 182%
182%
58
58
56*2 57*4
57%
58%
57%
56%
*159% 162% *159% 162% *159% 162% *15912 162%
7%
7%
7%
7%
6%
7%
7%
7%
4
3%
3%
3%
3%
3%
*3%
3%
*8%
8%
8%
8%
8%
83g
8%
*8%
51
507j
51%
5178
52%
*135*2 137 • *135% 137
1284
123s
12%
1234
45
45
4534
4534
4
*3*2
37g
378
45
45
*43*4
45%
33
*31*2 33
*31%
33
33
*3234
33*2
7
92
9234
*3
4%
14%
Range Since Jan. 1
On Basis of IQQ-Share Lots
*110
26
112
*150
86
85%
14%
4%
*6%
25%
STOCKS
EXCHANGE
Week
10
$ per share
7
*6%
26
112
151
84*2
Feb.
$ per share
7
7
*658
7
*6%
*6*2
7%
*6*2
27*8
27*4
26
27*4
27%
26*2 26%
26%
*113
114
*112
11412 115
114
*110
113
*150
Friday
NEW YORK STOCK
the
CENT
NOT PER
Monday
Sales
for
Saturday
yExrrights.
K Called for redemption.
New York Stock Record—Continued—Page 7
844
SALE PRICES—PER
HIGH
AND
SHARE,
Wednesday
Tuesday
Monday
Range Since Jan. 1
Feb. 4
Feb. 6
Feb. 7
$ per share
I per share
Friday
$ per share
Feb.
Feb. 9
|
On Basis of 100-Share
McGraw
20%
20%
20
20%
19%
20%
20
1,600
*9%
10
*9%
9%
9%
200
53%
52%
14%
53%
52%
52%
2,700
14%
14%
14%
87s
9
9
9
9
9%
93%
*8%
*89
14%
9
93%
1,800
1,200
McLeilan
*89
9<
*89
*10'4
|
11%
*60
70
*55
58
*51
52
5*8
57%
5%
25%
36
36
14%
1434
26
*53
58
*53
*50%
51%
5
36
36
14%
14%
10%
14%
5%
52%
5%
*48
*14
5S
*%
*%
%
34
84
758
7%
7i2
3934
3434
*33
35
16%
*15%
16%
15%
15%
25%
5%
39
15%
*39
12%
*12
15
15%
25
25
25
534
38%
534
*37
39
*12
12%
*12
54
54
56
*109
111
*109
714
50
8
21%
*7%
*48%
7%
*19
-25
5%
*5%
40%
8
8
20%
20%
*92
100
100
*21
22%
*21% 22%
23%
23%
23%
13%
13%
14%
14%
*110% 112
*110% 112
112
,112
112
7
7
*%
1
*1%
1%
15%
15%
*98% 101
117
34%
*33
*15
15%
15%
15
15%
2,200
25
5%
*23%
5%
*39
400
37%
*5
26
6
5%
"26%
15%
143s >14%
15%
24%
*165
143
26%
*16
Murphy Co (G G).._ —No par
100
108
14
*22
143%
2234
8
8%
14%
24%
13%
24%.
:
5% preferred
Myers (F & E) Bros ...No par
Nash-Kelviriator Corp_...-.5
National Acme
12%
12%
3,900
Nat
2478
25%
24%
12%
25%
8,400
National
168% 168% *168% 170%
*13%
13%l *13%
13%
100
100
*92
23
*22
8
7%
100
*92
23
7%
*22
22%
23%
13%
14
6,200
75%
75l2
75%,
12%
*1634
12%
12%
137«
14
24
13%
24%
*165
170
*165
145
145
*144
145
144
21
21
8%
,22,
8%
75
75
12%
75%
13%
17%
22
8%
12%
14
23%
170
"*16'
17
15% Jan 27
74%
1234
17%
57
*16%
17
*5234
*53
57
*53-
57
*53%
57
*53
74
*51%
74
*51%
74
*52
74
*51%
74
4
4
'17%
4
*1%
11
11%
*3%
*10%
4%
11
11
*20
23
16%
3%
11%
:
3%
11%
10%
*20.
23
*20
23
*20
*68
73%
*68
73%
*68
37
*35
363
*35%
73%
36%
*68
*35
*107
110
*107
110
110
*108
14%
14%
14-%
14%
40
*108
74%
2,200
3,300
National Steel
.25
68% Jan 27s
1234
16%
500
(The) Pa..10
$2 preferred
40
5M% prior preferred—100
6% prior pref erred...-.100
11% Jan 26
16% Jan 24
*53
*51%
*20
*20%
73%
*68
37
*36
110
74
3%
10%
108
*3%
10%
110
*108
J4"
14
"14
14%
40
40
4H%
39%
40%
40%
40% ,41
18%
187s
1,7%
18%
17%
18%
19
19
*17%
17,
18
33%
31%
32
31%
32
30%
18%
31%
30%
31
34%
3%
35
35
35
36%
36%
37%
36%
37%
8,600
3%
3%
3%
*3%
3%
210
7%
*7%
7%
*7%,
8%
100
....
123
*110
-
*55
...
123
*110
1
*3%
*%
13%.
*79%
334
13%
84
177% 177%
*109
112
1
3%
3%
*%
.
3,
.
%
13
.*80
123
'
"Y"
1
3%
*.%
133«
*110
123
«
1
1
*3%
3%
%
*%
12%
*80
84
1258
,
*80
13
175
175
176
,176
112
*110
110
110
25
25%"" 26
,55%
55%
55-%
17%
17%
17%
55%
18%
110
88
*84"
*12%
13%
*80
84
178
177% 178
*109% 112
24%
24%
55%
55%
55%
*109% 112
55%
55%
18%
17%
18%
*841^
86%
*84%
85%
11%
11%
25%
17%
18%
60
900
30
65,500
2,400
1134
11%
12
11%
*105
106
106
al05% 105%
*30
*30 :
*30
32%
31%
31%
4
4
4'
4
3%
3%
39%
*32%
*33% 39%
*33%
38%
9
9
9
9%
9%
8%
25%
26
*24% 25%
*24% 25
16
16%
16%
16%
16%
16%
,
*104
110
7
7
9**
23%
*104% 110
7%
23%
*140% 143
*140%
12%
1234
12%
*42%
*2034
49%
*40%
45
21%
*3%
*13%
*5
*10%
*29%
43%
*12%
21%
*42%
*114%
*114%
6234
5%
49
63
62
*104% 109
7%
23%
*7
*22%
143
*140%
12%
11%
49%
*42%
22
*20%
45
*42%
*114%
63
63
1
7%
23
143
12%
50
22%
45
63
5%
5%
3%
*3%
*13%
3%
15
*3%
*13%
15
*5%
*10%
29%
5.%
*5%
*1034
29%
5%
12%
29%
15
534
1234
5
12%
30
5%
5%
3%
,
.
105% 105%
*30
4
32%
"
*33%
878
4
3878
9%
'
-
54,000
"""40
*84%
11
11%
11%
105% 105% *105
*30
*30
32%
*3%
*33%
9
4
38%
9%
11%
106
44%
4
38
32% Jan 14
2% Jan 25
37% Feb
9
18
Mar
3% Jan
5
2
Mar
Jan 27
9
Jan
6
5% Mar
Jan 17
114
Jan
5
„
5%
7
50
111
—i
}N Y N H & Hartford
9
7%
stk._ 1
50
North Amer Aviation
r.l
No Amer Edison $6 pf. No pbr
Northern Central Ry Co
50
100
North'n States Pow Co $5 pf.l
50
Telegraph
Norwalk Tire & Rubber No par
Preferred.
50
8,500
Ohio OH Co.
25
25
24
24%
1,800
Oliver Farm Equip
17%
17
17%
17%
17%
5,000
Omnibus Corp (The)vtc No par
110
7
22%
143
117S
23
143
12%
*43
49
*20
22%
*42%
*114%
63
5%
*3
*13%
5
*11
29%
45
*106
109% *106
!
*6% 7
22%
22%
*140% 142
11%
11%
*42%
49
*20
22%
*43
45
*114%
63%
5%
3%
15
5%
12%
29%
4412
62%
6
*3
109%
6%
6%
22
22%
142
142
11%
40
49
200
*20
22%
300
*43
45
4,600
$5.50
conv
100
....No par
1st pref..No par
Jan 25
193
62%
62%
1,800
Owens-Illinois
6%
6%
3,700
3%
*3
3%
*13
14%
4%
12%
*11%
29%
2934
4%
J In receivership,
Pacific
12
30
a
Coast...
6
55
Jan 23
57
Jan
9
14-%
Jan 24
82
Jan
3
3
10% Jan 24
102%
Jan
4
30% Jan 13
334 Jan 26
35,
Jan
4
(f.ooo
1,400
600
10
40
200
Def. delivery,
No par
2d preferred
.No par
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
Pacific Ltg Corp
Pacific Mills
No
par
..No par
Pacific Telep <fc Teleg.___.100
6%
preferred
100
Pac Tin Corp (sp stk).No par
n New stock.
r
Cash sale,
x
1934 Jan 3
107% Jan 21
84% Feb
7
1434 Jan 4
10534 Feb 8
32% Jan 18
June
100
6
Feb
105% Jan
Jan
Mar
133
Jan
Jan
26
Mar
1334 Mar
-
45-% Apr
578 Mar
87% May
75
June
6% Mar
92% Sept
25
May
4
1% Mar
Jan 19
1234 Mar
Jan
4%
3934
8% Jan 27
22% Jan 26
10% Jan
5
87s Sept
30
6
19% May
15
Jan 26
1734 Jan 18
104
Jan 23
140
10%
48%
60
Jan 13
Jan
106
Jan
4
Jan
8%
27%
4
Jan
3
Jan 20
143
Jan 26
15
Jan
6
Jan 31
54% Jan
4
22%
Jan
6
45
Jan
P
Jan 12
5% Jan 27
7% Mar
83%
Apr
4
Mar
13% Mar
122
Jan
6% Mar
30%
10
Apr
Mar
39% Apr
114% Jan 26
115
Apr
Jan
3
40
Mar
6% Jan
378 Jan
4
70
3
5% Dec
2% Mar
12% Jan 26
434 Feb 10
16
Jan
5
10% Mar
6
Jan
4
334 Mar
11
Jan 26
12% Jan
6
28
Jan 13
30
Feb
6
44% Feb
8
9% Mar
x2234 Mar
32% Mar
3
10
1st preferred
170
„
110
Jan 13
Pacific Amer Fisheries Inc...5
Class C._$2.50
%
434 Mar
•38
Jan
Jan 10
40% Jan 24
114% Jan 26
6%
4%
.
21934 Jan 24
100
7g Dec
'. 2% Mar
21%
Outboard Marine & Mfg....5
No par
Mar
June
54
16% Jan
2178 Jan 27
62%
14%
101,
Jan
1
88
6% Jan 27
6% preferred
Otis Steel
Mar
12% Mar
1% Jan
4% Jhn
Jan 25
No par
Otis Elevator
Mar
7
Jan
Jan 26
par
Preferred
4%
29%
100
Oppenhelm Coll & Co..No
"
1034
78%
Outlet Co
*114%
12%
♦Bid and asked prices; no sales on this day.
3,700
par
No par
6% preferred A
500
11%
*42%
*13%
*11
:.No
3
56
Jan 12
109
6%. preferred series
Mar
10
Jap
%
168
10
25
7
Jan
3% Jan 26
100
.
Pacific.
19
1
'
100
Western....
Adjust 4% preferred
North American Co
Northern
20
110
" "Jan
55
100
preferred--...100
Norfolk &
978 Mar
.".—50
16%
*106
1278 Jan 26
3534 Jan 26
No par
preferred
25
8%
Mar
27% Jan 28
Northwestern
""800
38%
124
600
31%
*3%
*33%
44
44
43%
43%
44%
44%
44%
44%
44%
12%
12%
11%
12%
11%
*11%
12%
12%
1178
11%
12719 *124
*122% 127% *123
127% *124
127%
127% *124
*148
147
149
*146
149
*146
149
148% *146% 148%
148% *146
24
24
22
24
*22%
*22%
24
*22%
*22%
*22%
23%
22%
124
8,100
6
100
6% preferred series A
N Y Shipbldg Corp part
13
82
14% June
Apr
58
NYC Omnibus Corp ..No par
New York Dock
No par
—
800
13
55%
17%
11%
99% Apr
Conv preferred
100
IN Y Ontario & Western.. 100
55%
*105
-
Jan
200
24%
18%
110
400
25%
84%
11%
9
34
25
o17%
Jan
334
25%
"84%
108
*%
55%
88"
28
*3%
'
*83
Jan, 4
34
24%
.
Jan
37
3%
,177
177% 177%
*109
24%
24
8
N Y Lack & West Ry Co.. 100
82
«,
82
Feb
7% Mar
' Feb
*■10% preferred
2,400
Dec
2% May
23% Jan
N Y & Harlem
1
6
•
Jan 26
118
1
11% Feb
7
8
Jan 26
2,800
*56%
1
4% Jan
197,8 Jan 27
Brake......No par
Central....No par
123
,
26
Dec
16
York
*113
3%
%
18
3
36
..1
N. Y, Chic & St Louis Co
*110
1
3%
Jan
55
Jan " 3
59%
16
Y. Air
New
1,900
123
....
12% Sept
100
N.
1,300
29,400
.
Mar
4434 Mar
17% Jan
47% Jan
22% Jan
118
.
*56%
—
%
'
12%
84
118% *113
*1,10
♦'*6
*56
...
20
Jan 21
10
f5% pref series A...lOt)
19%
*110
Jan
3%
Newport Industries...... j..l
18%
*734
8%
*7%
8%
8%
*7%
*114
117% ♦114
118% *112
118% *115
5
No par
10
19
*3%
7%
"13% Mar
serial pref.—100
3,200
18
3%
conv
Newberry Co (J J)
14
19
3%
145
'70
Jan 17
55
....No par
108
19%
3%
3
"
100
41
34%
13734 Jan
No par
Nelsner. Bros Inc.
'
183s
3%
Natomas Co—
1,790
33%
13%
Corp—_
National Tea Co..
900
21%
73%
.
....100
National Supply
57
40%
35%
June
6
4
878 Jan 19
81% "Jan 5
1-5% Jan 3
18%
32%
127
Feb
27% Jan
19%
3%
June
187g Jan 26
40
35
preferred B
Mar
4
17% Mar
154
z738 Jap 30
19
3234
6%
.
2
National Pow & Lt....No. par
14%
,
3
Nat Mall & St'l Cast Co No par
280
18%
19%
32%
4
27% Jan
16978 Feb
1,200
13%
39%
,
1678 Jan
Jan 14
19,300
*68
36
Jan 24
Jan 23
8%
*35%
23
.
12
22
1
21%
3%
11%
21%
-73%
.,36
3% Mar
17% Mar
11% Apr
4
18% Jan 10
165
—
Sept
■3% Mar
28% Jan
10
Co...
Lead.....
,
105% Mar
-
preferred A—.___..100
National
*
3%
11%
16%
16%
Jan
6% Feb 10
16-%
57
*51
13
Feb
8
12%
75%
12%
12%
16%
112
74%
8%
75%
*75
109
Mar
12% Mar
11% Sept
106% Mar
7%
Nat Gpysum
5,500
6,100
23%
170
144% 144%
22
8%
—
5
117% Jan
Feb
Nat Eriam <fc Stamping. No par
100
preferred
10% May
14% Feb
21%
8%
144%
21%
8%
100
7% Pref class B-.__._-100
6%
Jan
2
111
7% pref class A.
120
13%
23%
*165
Jan
20
17
13%
24%
170
150
26% Jan
23% Jan 27
,17
Mar
6
15% Mar
Jan 17
175
23
No par
*16
7% Mar
8% Mar
4
3
5
Jan 26
Nat Distillers Prod—
25%
15% Jan
14% Jan
25"8 Jan
20
3,100
2578
9% Jan 20
2o% Jan 4
'
21% Jan 26
12% Jan 13
25%
26
Mar
37% Mar
634 Mar
Nat Dairy Products...No par
4% Jan 13
26
Apr
4
Jan
5,600
10
5%
51
65
6%
5%
Jan
109
15% Jan 4
92% Jan 25
300
Apr
95
Jan 13
J^n 20
534 Jan 26
5
Mar
9%
3434 Mar
13% Jan 26
Nat Dept Store——.._A7o par
5
26
92
7
5
Mar
Jan
9% Jan
200
1,500
3,500
7
4
1234 Jan
Jan 26
Mar
11% M£r
12,300
14
7%
8
Jan
57
Mar
10% Mar
5% pref series A w w
100
Nat Bond & Share Corp new No
Nat Cash Register..—No pa>
2234
7
*16
...100
pref..
25
4
7% Jan
4334 Jan
7% Jan 28
—10
Biscuit....
cum
Mar
Nat Bond <fe Invest Co.No par
23
22%
1334
7
■
7%
100
113
*112
113
111% 111% *112
111% 111%
111% 111%
111% 111%
25%
30
Jan 23
Jan 28
18% Jan 28
1134 Jan 28
10% Jan 26
23% Jan 24
168% Feb
9
A
Aviation Corp....— ...5
.......
Jan
25
Jhn
6% Jan 2
Nashv Chatt & St Louis.-.100
90
May
111
fJan 7
Jan 10
48
Dec
Mar
67
.
Jan
11% Jan 24
Jan 27
Muiray Corp of America...10
2,300
*165
143% 145
22% 22 %
8%
8%
No par
.No par
100
13%
26%
17%
14%
24%
170
*165
preferred
conv
"1,900
50
%
10
22% May
Jan
52
$7
20
25%
36
Musing wear Inc
70
110
6%
Jan
Feb
Dec
1% Dec
r
1,19% Jan 17
5134 Jan 3
Jan 26
5%
100
13%
12%
26%
*16
21
20
5
4
;.„.l
Co
13%
5
17%
24%
24%
170
,
111
14
Jani 24
96
115% Jan
92
'% Dec
10% May
l%.Mar
4«4 Mar
Jan
2% Jan
17% Jan
Jan 27
20%
*6%
;
13
7%
7
1
% Jan 12
1% Feb 3
14
14% Jani 24
Jan 27
*92
112
1% Febi 2
6% Janl 27
'
4
Jan
Mar
%
%
41%
Jan 13
Jan 30
11% Feb
9
14%
Jan 20
5
124%
1487S
2578
Jan 17
121
Jan
14
Jan 30
>
21% Jan
Ex-div.
y
3
Jan
5
Jan
7
Ex-rights.
9% Mar
87
Apr
rl32% Mar
17%
Dec
Dec
Jan
30% Nov
Mar
4
1478 Jan
2% Jan
934 Jan
Jan
2278
111
,Apr zll7
35
Jan 26
i
13
300
6%
49%
*
47% July
1434 Oct
Apr
100
3
% Jan
12%
50
15% June
Jan 20
6-% Jan
53
i
% Jan 26
57
*109
12% Mar
76
.
,
% Jan 12
40
7%
4
Jan
% Jan 31
40
50
534 Mar
16% Jan
6
3
29
Jan 25
12%
24% 25%
168% 171
*13%
13%
111
12% Jan
% Jan 31
Mullins Mfg Co class B.....1
1634
26% Mar
3
%
10
30
June
4
111% Jan 10
85% Jan 4
111% Jan 4
7% Nov
May
11
.
39% Jan
Jan 16
■
3% Mar
57% July
14
Jan 12
16
4
14
13%
*6%
*4%
9
32
Mueller Brass
700
-
.7
*6%
6% Jan
.50
20%
23%
14
Nov
Jan 26
8
13%
73
34
13%
23
Jan
32% Apr
44% Jani 26
21
*22
50
28% Jan
*11%
*54%
110
7
*48%
6
3
12
55%
*109
Feb
52% Jan
Motor .products Corp ..No par
Motor Wheel......
5
1,500
534
Oct
58
Jan 28
,
Nov
1534 July
Jan 26
47g Jan 26
Jan 31
l.No par
Morris & Essex...
25
*5%
95
7
3
41
12
■55%
7%
37%
Apr
6«4 Mar
Jan 19
Morrell (J) & Co....—No par
""300
25,000
49%
70
80
Montg Ward & Co. Inc.No par
35
15%
48%
preferred
S4.50
60
37%
50%
preferred
Carpet Mills
conv
Jan 25
Apr
49%
100
..100
100
■
20
Monsanto Chemical Co
1,700
117
15%
*23%
50
5%
Mohawk
400
*15
39%
110
*116
"1,200
49%
37%
*33%
12%
57
77&
14
111
1
7% preferred series A
^Missouri Pacific
13%
-12%
22%
23%
112
112
%
100
21
100
22%
13%
*3a
117
7%„
8
21%
2278
3,000
100
*48
20,%
*92
7%
1,600
Oct
Jan
11% Nov
55
69
Mo-Kan-Texas RR—..No par
7%
1%
*109
7
50
13%
14
13%
13%
12i2
13%
*12% 12-%
12%
12%
24-%
24%
24%
24%
24-%
24%
*168% 171
*168% 171
*168t2 171
14
*13%
14
*13%
14
*13%
*92
600
7%
15%
100%
39%
109
-20%
,
200
400
1%
15%
*12
13%
13&8
%
14%
7%
1
*55%
7
*48%
7%
%
%
26%
Mar
5
110
Minn Mpllne Power lmpt.
*13%
1%
5%:
49%
*%
*%
,
5378
13% May
4
107% Jan
100
4% conv pref series B
35% Mar
Jan
13% Jan 26
20% Jan 26
Petroleum.. 10
%
14
1%
*%
*13%
14%
1%
7%
*1%
12%
109
7%
*48%, 50
£
1%
,
1%
56
,56
110
7%
15%
15%
25
56
-
35
900
110
'
117% 117%
48%
49%
37%
37%
*33%
35
15%
15%
15%
15%
*23%
25%
5%
5%
37
*33
— —
— l
$6.50 preferred
No par
JMinn St Paul & S S M...100
7% preferred
100
4% leased line ctfs..—100
Mission Corp
10
%
%
*15%
15%
*99% 101
100% 102
117% 117%
49%
48%
37
Mid-Continent
5%
49%
51
*%
'*1%
1%
15%
*33
14%
7%
*%
'*108
5%
*48
*%
1%
7'»
110
5%.
,
*%
*%
*153s
5%5
52
*13%
*1%
*36
5012
1
*%
1%
"15%
15%
102% 103
117% 117%
4834 50%
*36
40%
116
73
*%
1%
1%
*15%
Miami Copper.
2,500
1
Mesta Machine Co.
1,900
14% 14%
25%
*24%
25%
111% *110
111%
*72%
73
72
72%
110% *108
5%
■
1
*34
*34
H4
.1512
1512
10114 102%
1,000
10
978
8% cum 1st pref...
100
Minn-Honeywell Regu. No par
13%
13%
1%
7%
2
*134
37%
*36
share
1134
13% Jan 25
34
Jan 27
884 Jan 26
Midland Steel Prod....No par
%
%
.
Merch & M'n Trans Co No par
per
20% Nov
12% July
7034 Jan
6
24% Feb
5% conv 1st pref..-..---60
50
Mar
5
4% Jan 26
1
Mengel Co (The)
390
50
*48
%
*%
14
14
5%
**%
■
1,200
15%
600
*71
52%
*%
51
49
Jan
7
94
9% Jan 27
Melville Shoe..
*25
25
73
5%
Feb
110% 110% *110
110% *108
*48
%
5%
25
10%
15
14%
400
5%
69
15.50 pref ser B w w.No par
No par
200
15%
36
10%
15
25%
59
25
88
conv
Mead Corp
10
Highest
9?g Jan 19
Jan 13
preferred
100
.......No par
$6 preferred series A.No par
20
50%
13% Jan 2
734 Jan 26
1
Stores.
5 per share $
22% Jan 21
10a4 Jan 5
54% Jan 19
18% Jan 3
Jan 30
Jan 27
50
10
McKeesport Tin Plate
"l",666
50%
8%
McGraw-Hill Pub Co.-No par
6%
10
69
97g
26
16%
10%
*%
5%,
5%
*25%
*15%
36
%
49%
5%
26
16%
10%
*'4
116
5%
25%
*14%
16%
71
2
50%
25
*108
13I4
*53
*53
50%
36
76
*3g
59
59
50%
36
111
13%
*134
712
*66
10%
*74
5%
69
11
1434
26
14%
52
10%
*66
36
*106
5%
*10
50%
5%
*5%
25
*15
73
*45
*89
10%
*66
*106 HI
73
94%
69%
10%
69%
2534
25%
*24%
110%
110% 110% *110
11012-11018
9
*89
10%
10%
*66
16%
1034
1034
2,5%
58
51%
534
26
*14%
35%
94;
*89
11%
69
*51
25i2
16%
*10%
9434
11
69
5%
*2514
*14%
52%
*14%
*8%
9
7
18% Jan
Mclntyre Porcupine Mines..I
15
62%
14%
52%
15i2
10
53
15
*9%
15
9%
53%
15%
19%
9%
19%
^34
5Z\
9%
53 %
-
Highest
$ per share
1
Co
Elec
20%
87s
Lowest
Lowest
*9%
20%
1939
Range for Previous
Year 1938
Lots
$ per share
Par
Shares
20U
•
11,
EXCHANGE
Week
10
$ per share
$ per share
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
Thursday
Feb. 8
$ per share
Sales
for
LOW
Saturday
Feb.
Dec
^Called for redemption.
July
Volume
New York Stock Record—Continued—Page 8
148
AND
Feb. 4
Feb
.
$ per share
Feb
6
Feb. 8
Feb. 9
% per share
S per share
10%
4*8
10%
*10i2
10%
4%
4%
4%
4%
14*2
1334
14%
1384
1334
1334
14%
6%
*6*2
7
*6%
7
I
1%
*21
24*2
*2
42%
2*8
42%
17*4
17%
1%
,
*54
56
1%
1%
53
5534
*6
1%
54
53
10%
95
11%
*1034
107s
*1034
11
11
11
*20
25%
*20
2
2
42*2
*42*8
17%
17*2
2
42%
*17%
17%
2
2
10%
11%
*9%
*1Q78
55
55
55
55
54
54
77*2
7734
77*2
78
77%
77h
*14*2
1%
4%
28*2
*14%
*120%
*120%
20%
20*4 120%
*25
27% *25
3734
*113
21
-
2034
*9%
4178
43*4
44
*76%
*4l4
*30%
39
*2%
97*
5
*4*2
*30%
39i2
24*8
*40%
24%
*
-
-
44%
115"
-
„~~4/
*
*5%
*65
*171%
*7%
*1134
—
734
100
*1-0%
1978
20
14,600
25
600
«»«■«*«•
20
20%
2478
247S
-
25
*113
-
*284
7%
*11%
*584
6*4
*■
«»
*24*2
*40*2
-.-'L
_
44
7*4
*3%
37s
%
*u
%
700
Phila & Read C & I—-No par
95%
4,400
Philip Morris & Co Ltd.. -10
*42%
778
7%
7%
MOO
24%
*24%
40%
24%
40%
400
44
115
+
j-m
6,400
3934
3%
------
------
500
6
*4
*16%
67
*65
Pierce Oil 8% conv
10
115
*105
5
18%
6%
Preferred—-----.----.100
pref-.-100
Pillsbury Flour Mills.-----25
Pirelli Co of Italy "Am shares"
Pitts C C & St L RR.Co- —100
Pittsburgh' Coal of pa.. —100
6% preferred---...100
Pltt3 Coke & Iron Corp No par
$5 conv preferred.---N0 par
Pitts Ft W &■ Ch 7% gtd pf 100
Pitts Screw & Bolt .-—.No par
Pittsburgh Steel Co----No par
7% pref class B
100
5% pref class A... ---—100
6H 1st ser conv prior preflOO
Pittsburgh A- West Ya- i.. 100
30
44
'
18%
*57g
*65
67
*171
--
4%
40
7%
12%
200
,
*578
------
10
67
*171
'
7%
7%
*n%
1,9
------
-
-
73g
7%
7%
1,700
12%
*12
11%
11%
200
*35-
42
*35
41
*35
41
*35
41
*35
40
*35
40
*20
23
*20
23
*20
23
*20
23
*20
23
*20
23
*30*2
127s
*29
35
*20
12%
35
*29i2
35
1278
**4
%
35
*28
35
*30
35
12%
13
13
13%
*%
12%
'
,
h
*4
%
*%
13%
21
20*2
*8*2
21
21
21
21
21
21
10
*8
10
*8
10
*8
13
13
13
■
------
12%
150
¥l4
%
1,000
1,200
13*4
*1%
13%
12%
13%
2%
134
*1%
134
*%
%
%
%
%
h
■
1%
*%
'
*%
3g
...
21
21-.
10
*8
10
13%
1%
13
13
*21
21%
'
Cp (The) ;
No par
Plymouth Oil Co.----——.5
Pond Creek Pocahontas No par
*8
13
13
*1%
184
*%
.%
.%
10
-
*%
%
B.—-No par
cl A -No par
Porto Ric-Am Tob
100
lh
,
Poor & Co class
2,100
*1%
Class B
300
No par
...
{Postal Tel A Cable 7%
....
Tf%
"il% Ti% "iVs Tl34
Tr% "ll% Ti%
"if
T
*iT%
12
*11
*1034
12
*11%
12
*107g
12
*11.
12
35%
35%
*33
36
*34
36
*33
36
33
33
56
56*4
*33% "36
56*8 56%
118
119% 119%
35*8 36%
119
10634
107
*11%
11878 11878
12
118
36%
357s
106%
119% 119% 119
134
134
*133% 135% 135%
158 : 158
158% 158% *157%
*415% 117% *116% 117*116%
35
347s, 35*2
35%
34.
9%
9%
9*8
9%
9*8
3478 35%
*106% 10634
56*2
56%
10634 ,10634
1187. lis?.
'
.
*?:0
85
*75.
100
78
79'
13%
*11%
7*8
*80
6334
2%
*1734
13%
*20
15%
*22%
"*17%
*434
*42%
13%
*12
7%
100
*80
*80
64
64
2%
2%
19
.
21%
15%
25
*22%
25
20*2
*18
21
15%
5
50
0
*8%
10
*9
478
11%
1478
*46*8
884
"
1%
20%
75
8%
*10%
14%
*7212
69
*66
1%
21%
20*2
15%
■
5
80
,
80
13%
13%
12%
*J2
7%
10Q
*80
497s
834
8*2
12
23
*23
24%
*23
20
*18
20%
5%
47*8
*8*8
9
9
75
75
*72*2
69
*64
67%
*66
15
1*2
134
21%
*59
65
*56
65
65
Vz
20%
,*59
9
65
1%
1%
1%
21%
20%
65
60
100
60
64%
2%
60%
1534
+
m.
-
20;300
w
^
^
1,300
3,800
400
700
14%
600
100
25
100
20%
300
800
65
30
•*8%
9%
200
*8%
*10%
9%
11%
14%
200
.
14%
p2
2078
*72%
66
-
2,800
.1%
20
50
1%
20i2
*60
60%
16%
*56s
64
9,600
32,800
65,
400
Pullman Inc.--.
preferred———-100
5% conv preferred.--—100
Pur Ity Bakeries------- No par
Quaker State Oil Ret Corp-10
Radio Corp of
53.50 conv 1st pref—No par
Kaybestos. Manhattan-No par
Rayonier Inc.-1
52 preferred- — ———25
Reading.
------50
4% 1st preferred———50
—
4% 2d preferred——♦50
5
Preferred
—.100
Eels (Robt) A Co 1st pref. 100
Bailable Scores Corp.--Aro par
Reliance Mfg Co.—.10
Real Silk Hosiery———.
Remington-Rand-1
Rensselaer & Sara RR
{Reo.-Motor Car—.—...5
*15%
16%
38
*30
38
Class A
*72
77
*72
77
7%
*52
*52
55
*52
55
*52
55
*52
55
*52
55
12%
*78%
12%
84
40%
41%
40*2
41
*12%
*78%
9*8
40%
60
56
56
55
55
*53
40%
*56
9%
9%
*7%
1478
*27%
8%
*%
%
*1%
*17g
1%
3%
*5
9
9
9%
8%
15%
31S4
1%
4034
9%
*7%
*14%
*27*4
*1
*40
37*4
*95*2
39
98
147g
*14%
28*2
1*4
*27%
29
4C%
4034
**2
*1%
*178
1%
1%
h
1%
3*8
*17g
*5
9
*5
38*2
9512
*106
107
*109
110%
109
157g
*15
*15
87g
*7%
*1
*106
*1
41
%
39%
97
37%
95%
1484
2734
1%
41
41
407«
*53
40%
8,700
2734
1434
2734
*7g
1%
h
4084
41
%
1%
300
*17g
*17g
3%
-----
*5
9
*5
9
39%
96%
38%
*95%
39%
37%
38%
95.
07
95
107
106
107
105
109
109
109% *109% 1097g
16
*14%
16%
this
300
*%
1%
'17%'
*14
day.
106
------
19,400
100
100
230
------
Mar
43
Nov
60
Apr
74
Nov
1*4 Apr
2*4 Mar
*4 Mar
75*4 Mar
3
'
3*4 Jan 11
*4 Jan 4
Nov
5
3 84 Jan 23
3g Jan
6
10034
Jan 10
150
Jan
10
7
'■ Jan
4
4334 Jan
3
2% Jan
42*2 Feb
0
2
3
8*2 Jan
9
6
I
30*4
7*s Jan 26
53s Nov,
9H8 Jan 24
142*2 Jan 3
'
Feb 10
114
June
36
Jan
'
Sept
27*4 Mar
Mar
4
Nov
43
July
52
May
90
July
Jan,
25*4 Jan 27
Jan
Mgr
20*2 Jan
3978 Jan 30
44*4 Feb
3
39
Oct
90
July
378 Jan 30
5
Jan
20*2 Jan
4
3*4 Mar
5
18*2 Dec
37g Mar
24
Jan
5
Jan 25
18
6*4
7*2 Jan 11
Jan 26
166
Jan
5
6% Jan 25
Jan.27
75
145
June
174
Jan
5
Jan 14
20*2 Apr
11*2 Apr
23. May
Jan
4
42
9
6
Jan 25
2484 Jan
36*2 Jan
Jan 26
1534 Jan
3
8
6
3
15
8*2 Jan 31
8
.2*4
2"
Jan 27
Jan
5*8 Mar
lig Mar
*2 Oct
6
Jan 17
Jan
1*4
434
4i2
1334
39*2.
4
1458 Jan
Dec
Mar
Mar
Mar
Mar
Jan
17*2 Nov
84
Mar
1634 Jan
1% Jan 26
% Feb 6
13s Jan 27
Aug
July
45
Mar
*8
Jan
52
30
Dec
Mar
22*2 Jan
1H2 Jan 30
10
5
38 Jan 20
4
Jan 16
I684
7*2 Mar
Jan
Mar
9*4 July
478 May
14
20*4 Jan 27
Jan
9*4 Nov
Nov
Mar
23
% Jan
7*2
35
-
41
40
12
July
26*4 Nov
Jan 12
67
10
30
9
4
16984 Jan 17
9*4 Jan 5
Jan 27
64
Oct
Oct
8*4 July,
50*2 Mar
44% July
4% Mar
32
37*s Jan 26
213 jan 9
Mar
14384
144*4
Jan
253s July
II
.
Jan
16*4 Dec
338 Jan
1*8 Jan
4% Jan
14*2 Dec
14i2 Dec
31*2
116
3134
129*2 Jan 10
150
Jan
4
117*4 Jah 19
3938 Jan 4
Jan 25
11684
Jan 26
32
884 Jan 24
83
Jan 23
75
Jan 26
1034 Jan 26
12
Jan 21
Jan 26
Feb
'
11*4
86*4
81*2
1378
12*2
»
8*2
Jah
86*4 Mar
I0178 Apr
Apr
112
132
Mar
112
Jan
134
117
74*2 June
88*2 July
15*8 Nov
Jan
3
Feb
3
Jan
5
Jan
4
7
„
Mar
9
June
Jan
98*4
-Jan
Jan
9*8
Oct
80
1434 June
24
18
14*2 Jah 28
18% Jan
10'% June
22
7
25*2 Jan
2034 Jan
18
47*8 Feb
7
Jan 24
7% Jan 27
8
10*4 Jan 27
1278 Jan 27
73*4 Jan 1?
Jan 24
64
5
Feb
50
8*8 May
Feb
0?4 Jan 6
934 Jan 5
113s Jan 12
17*8 Jan 6
75*4 Jan 25
68
Jan 20
1*4 Jah 23
Jan
20
Feb
3
70
71
30*8, Jan
27*2 Jan
6*8 July
5*2 Mar
11% July
9
13*2 July
June
95s Mar
49*2 May
40
Apr
58
J.uly
11
Jan
17% July
78
Dec
69
Nov
3% Oct
25% Nov
78*4 Nov
77*2 Nov
77g Mar
17*4 Mar
Jan
Jan 26
MaP
•11*4 May
.39i2 Mftr
38
May
25*8 Jan
18.
58
Jan
Jan
.Jan
13*4 June
284 Mar
34% Mar
'5
Apr
38*2 Dec
1
134 Jan
60
Mar
July
24*2
29*2
17
23*8 Jan
Jan 18
Oct
37*4 Mar
I84 Sept
6678 Deo
5*8 Jan
Jan 26
Feb
Jan
16*4
4'4 Mar
Feb 10
4
Nov
Sept
39*2 Nov
13*2 July
12*2
17314 Jan 26
Nov'
152*8 Dec
20
23
Jan
Oct
215s May
8*4 May
81
Apr
0778 Jan 5
27g Jan 5
22*4 Jan
.
Oct
59
3
Jah
60*4
615s Jan 27
2*8 Jan 26
18*4 Jan 25
42*2 Dec
Jan
Dec
,
19%
40*8 Jan
77
Jan 23
65
Apr
85
Jan
50*2
Jan
4
54
Jan 18
45
Dec
64*2
Jan
113s Jan 24
7834 Jan 4
10
80
Sept
Dec
Reynolds Metals Co.—No par
5H% conv
preferred..-—100
{St Louis-San Francisco—100
6% preferred—
—100
{St Louis Southwestern—.100
5% preferred.
.-—100
Sateway Stores
No par
5% preferred..—100
6% preferred—,
100
7% preferred-.——-100
Savage Arms Corp—No par
5
1434 Jan
4
Jan 27
77*2
Jan 27
nag Jan
5
4% Mar
40
Feb 10
45
Jan
4
3334 Mar
*55
Jan 24
68
Jan 31
73g
5
Jan
Aug
5
Mar
51*4
86s Jan 26
7*4 Jan 27
13*2 Jan 25
10*4 Jan
9*2 Jan
7*2 Apr
16*8 Jan
I4'g Mar
27
34
Jan 24
1*8 Jan 24
37'4 Jan 26
i2 Jan 20
1*4 Jan 25
3
Jan
3
29
Jan
3
8212 Jan
4
96
3
13
Jan
2
Jan
3*4 Jan
87g
Jan
104*2 Jan 11
13
Jan 26
Mar
84 Dec
25*2 May
% Dec
1*8 Mar
134 Dec
1*4 Jan
4684 Jan
84 Jan
395g Feb 6
Dec
12
Mar
1784
Jan
Sept
12*4 July
94
46*2 Jan
68*2 Jan
8*2 Jan
078 Nov
13*2 July
2034 Jan
33*2 Dec
2*2 Jan
49*4 Oct
1% July
3% July
5*s Jan
7*4 July
2934 Nov
83i2 Dec
97
Feb
6
58
Mar
107
Feb
9
68
Mar
99
Nov
110*4 Feb* 6
18*4 Jan 3
79
Mar
108
Nov
Mar
19
Jan
884
ft*
{ In receivership,
a Del.
delivery,
Oct
20*4 Jan
Jan
1,300
%
1%
3%
30
134 Jan
Jan
8*2 Oct
47% Nov
Jan 23
{Rutland RR 7% pref—-100
St Joseph Lead.————.10
1%
6
4
1412 Jan 30
200
4034
27®4
114
41%
7
9
Jan 21
3
Jan
3
5
77
31%
8,100
8
109
*15%
45*8 Feb
Jan
Feb
75
.
40
800
9
9
*95%
42
Jan 26
,13*8
—10
15
50
6C
♦106
96
Bid and asked prices; no sales on
40
*53
87g
*5
3784
7*2 Jan
4434 Jan
38*8 Jan
1734 Nov
734 Mar
484 Jan
17% Mar
preferred-j-.—--.100
% preferred
-.100
Reynolds Spring--,--—
1
Reynolds (R J) Tob class B.10
Common
10
Rhine Westphalia Eleo A Pow
Rlchfied Oil Corp
-No par
RItter Dental Mfg,-..No par
Roan Antelope Copper Mines.
Ruberoid C o (The)
No par
*7%
*1434
*2778
*78
40%
9
109% 109%
*15
1634
«1
900
8%
"
•
700
400
9%
9%
3%
1C6
1178
80
878
3%
106
40%
11%
79%
*878
.*7%
1434
9%
8%
15
%
*1%
107
9%
60
1%
38i2
12%
84
9%
40%
h
1%
*178
110%
17%
12%
*79
9%
60
9*4
8*4
15
*7%
12%
84
25
Cp—lOO
Republic Steci Corp...No par
6% conv preferred---—-100
6 % conv prior pref ser A-100
Revere Copper A Brass
-.6
*30
9
3434 Jan 26
Mar
8*2 Mar
4
Amer—-No par
tRadio-Keitb-OrpbeumNo par
38
9
984 Jan
Jan 26
55 preferred B__---.No par
77
9%
No par
6%
*72
1278
17*2 Jan 16
107
*30
80
Jan
33*2 Jan
120*4 Feb
135*2 Jan 23
153*2 Feb 6
77
1234
38
Jan 18
17
4
38
*9
Jan 27
24*2 Jan 26
Oct
6*4 July
1734 July
43
July
4
*30
80
28
42
Jan
*74
9%
40%
15
7
Jan
77
80
5
Jan
10378
38
*9
4
1»4 Mar
5*2 Mar
17% Mar
17
115
preferred..—-. — --100
preferred.-—-—-- 100
preferred-.
100
Scr El & Gas pf 55.No par
*74
12%
'22*8 Mar
Jan 26
35*2
105*2
11834
*30
1,200
6
3*4 Jan 24
8
1212
Jan
Feb
Mar
16%
16%
4058 Feb
11534 Dec
Mar
25
77
80
Jan 26
Feb
3
•
Dec,
24*2
31
Feb
38
54
I234
33
8
121
110
Feb
120*8 Dec
14*8 Mar
19*4 Mar
2438 Jan 4
2.7*2 Jan 25
1878 Jan 26
9
*32
16%
5% July
July
Jan
*73%
17%
1578 Nov
Mar
122*4 May
Preferred with warrants.;
,75
*63%
66
-
10
Nov
Pure Oil (The)-—- NO par
-
1314
2034
65
*60
rn-
Jan 20
114
Pub
6,100
5
*50
9
7%
16
119*4 Feb
$5 preferred..—---No par
11,800
19
5-
*8%
9%
11%
*10%
.•
1434
14%
*72% .75
66'
2%
19
5
*8%
9%
11%
14%
75
07%
,
12%
20% ,*20
15%
14%
*23
24%
20%
*18%
5
50
*60
58*4
16%
20%
64
64%
23g
19%
13%
*51
20%
1.84
20%
65
,
,
100
30
5
Jan
Jan 21
0%
1,500
12%
7
10*2 Mar
1412 Jan
*58%
16%
16%
58*4
16%
14%
2%
*12
*80
2i2 Mar
Jan 19
43*2 Jan
5678 Feb
.7%
8%
.3,700
Dec
6
31
.
Jan 26
400
-
1*8
5858 Aug
85*2 July
2*2 Jan
10*2 Jan 26
'700
100
7%
100
*14%
11%
65
7
1584
*10%
14%
*72%
*57
*12
*80
100
*14%
47%
*8%
15,800
1,100
'
Mar
*53!* Jan 24
5% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J—No par
"
20*4
15%
*4%
47%
*8%
*8%
*10%
14%
*80
13%
*20
5
9%
80
{8%
1334
■
9
13%
21
13%
11678 11678
3278- 33%
80
*20
20,
34%
9%
13*2 July
Mar
55
pref—-----5
.5% conv 1st
450
.
834 Mar
41
5% conv 2d pref.--j-.--50
Procter & Gamble--—-No par'
—
130
13%
12%
*035«
2%
*187g
13%
6312
2%
11634
—
200
155
155
80%
7%
.
156%
-
4,600
*118% 119%
135%
135% 135%
13%.
12%
7%
56%
5534
117% 117%
34% 35%
106
106%
80
8034
1378
m
,
119
100
*80
100
63t2
*4%
20%
.
*80
88"
35%
107
107
20
14
*20
.3434
3584
107
63*2
2i4
18%
*13%
63i2
2%
*19%
13%
20%
15%
19
*1334
35%
567g
11838 118%
119%
23
64*4
2I2
1334
20
*8%
1478
*72%
*65*2
7*8
56%
120% 119
135% *13412 135% *134
158*2 157
157% 156
*116%
*115% 117
117
34
34%
34*2
33%
9
9%
9%
9%
80
137s
12%
7%
12%
7%
100
80
13%
*11«2
1334
56*2
120
119
*76
77
66%
Moo
'
u
pf.lOO
Pressed Steel Car Co Ino—1-1
5*8 Jan
3% Oct
Oct
21*2 Oct
234: Oct
14% Nov
Jan 27
24
Pittston
«
"il"
14
4
Dec
July
4238
Mar
1*4 Mar
3*2 Mar
5
6
Dec
13*8 July
30
1% Mar
31*4 Mar
Jan
Dec
1358
Mar
,13
Aug
103
658 Mar
57*2 Jan 3
8O84 Feb 10
1% Jah 16
1*8 Jan 17
.
Mar
16
Jan
212 Jan
7
2
61*8 Nov
102
584 Mar
65
Oct
18*4 Dec
9*4 Feb
Mar
8834 June
4
11% Feb
378 Jan 24
26
29
4
Jan
11
8*2 Jan 23
'
%
.
'
*1%
i
-------
12%
13,
prdf series A—-100
Phillips Jones Corp- --No par
7% preferred—--—.---100
Phillips Petroleum- - -. No par
Phoenix Hosiery
-5
400
42%
4%
40
*4
4%
18%
6%
5 % conv
200
.
438
*30%
39%
*234
12
7%
146
*141
39%
3%
12
7%
12%
95
96%
147.
*105
115
*171%
*171%
*1%
37s
440
*7%
24%
*40%
2434
*65
.
------
.
42i2
312
778
67
■
86
2
4%
*30%
39%
*234
42
4%
45
*76
2
*142
5
18%
*534
9,300
1,100
%
9534
40
*105
44%
»
38%
*1%
«
40
39%
900
6%
6^8
86
1,400
9%
38
Marquette----—---100
5% prior preferred
-100
5% preferred———
100
Pet Milk-—->.— — ..No par
Petroleum Corp of Amer -:, 5
Pfeiffer Brewing Coi—No par
Phelps-Dodge Corp—-----25
Philadelphia Co 6% pref—50
56 preferred—--- ..No par
{Phila Rapid Trans Co—1-50
7% pieferred-.----^----50
Pere
------
*3%
%
*234
4%
18%
6%
'4%
*17
44%
*80
*7%
*.---» 115
4*8
7
39%
45%
300
414
16%
•
*9ig
9%
*6%
334
*4%
42.
44
60
17%
134
2434
*40%
32
*17
16%
3878
86
77g
2434
24%
44%
80
*26%
17%
43%
*30%
44
*7
32
27%
^9%
97
.
30%
27%
3
.
*17-
146
,
7,200
38%
30
,39%
3
par
§7 conv pref eer A...No par
Penn G1 Sand Corp v t c No par
57 conv pref.
No par
Pennsylvania RR...—-.--50
Peoples Drug Stores..-No par
6H% conv preferred---100
Peonies G L & C (Chic)—100
Peoria A Eastern-.—-,
100
------
«.
-
3784
*2%
*13%
*30%'
38%
*13%
9%
634
3934
96
4*2
39%
3%
*42
778
66
*171%
~
1234
16
20%
*142
•
40
39
19
66
h
4*2
*31
3%
:*534
6%
3?8
97
5
115
*17
66
1%
147
40
"4%
4
19
*17
44%
96
44
734
24%
*40*2
,
634
39%
43%
*80%
184
*3%
*%
*142
40%
*234
*41
734
*14%
18
9%
.
98*8
147
40
*7%
16
3
26
86
'
%
147
44
*41
•
*14%
*120%
Cement..-No
Penn-Dixie
1,000
400
39%
*17
3,9%
1%
*3%
378
*4
39i2
«3*2
39
1%
1%
*3*2
146
------
.4%
28
*113
7%
44*8
*78% 100
*4
98%
4%
*25
25
9%
*6%
7
6%
134
1%
*1%
28
32%
26%
40%
4
1%
4%
*26
—
-
.
8034
'
4%
.
,
16
—
80
*1%
1%
28
*31
18
.97
Feb
55
*54
79
7834
178
5
share
Jan
6
Dec
19
75*8 Jan 13
31
3134
146
54
Penney (J C)_- .... .-No par
Penn Coal & Coke Corp----10
55
*54
16%
*17
H
Pentck & .Ford... ——NO par
55
78%
3
*2584
*3%
400
2,700
2
1578
6*4 Nov
1
Sept
2% Jan
4212 Feb
Jan 16
39
18%
9%
*158
10^
*13
32
26
l7s Jan 26
.40% Jan 27
15*4 Jan 24
1% Jan 26
Par melee Transporta'n.ATo par
4*4
67s
41%
-
Path© Film Corp.
Aro par
Patlno Mines & Enterprise par
16%
,*9%
—
200
*3
*17
80
..No par
Parker Rust Proof Co— —2.50
3,700
39
*25*2
43%
—
Parke Davis & Co
700
3,000
*)0
17%
*42
Park Utah CM.
800
18
11%
*113
28
*77*g
2
42%
1534
Jan 17
14*a Jan
107i2 Jan
135s Jan
6
10
24
*17"
*6%
40*2
2
Feb
10
*120%
20*4
40.
1*2 Jan
60*2 Jan
102
Jan 26
07g
21
11%
16
27
9%
1
1
11%
*27%.
*
31
2
per
3*4 Mar
Jan 20
Jan 26
10%
4%
16%
31
Feb
10
40%
31
1
5278
11%
4% -.4%
16
*26%
9
1,500
Park & Tilford Inc.--..,
'
*13
32
200
*42%
*1634
*134
,
*3
4%
17
4
2
,*1%
lh
*113
-•
•-
Jan
11%
78.
4%
*25
27
Jan 24
6% Jan 24
10
*54
28
*1412
*120%
20%
16
13
5
Highest
$ per share $
10
Mar
3
90*2 Jan 26
2
17%
117s Jan
434 Jan
100*4 Jan 27
9*2 Jan 26
42%
2
3834
38%
*3
*13
11%
4%
28
16
-w -
10
*1%
4%
27
'
*113
2
*1%
.
*20
600
$ per share
Jan 23
*J34
2
934
11%
1*2
100
1034
—No par
Year 1938
Lowest
4
6% 1st preferred..
100
6% 2d preferred——.—10
17,000
24
5
$ per share
1038 Jan 23
4% conv preferred---*. -100
Paramount Pictures lnc
l
10
95
1034
Paraltine Co Ino
400
10%
10%
*92
24%
1,500
«
Corp;
Pan-Amer Petrol & Tiansp-.S
Panhandle Prod & Ret new-.l
Range for Previous
Lots
Highest
9%
11%
'
2
10%
4*2
-
Pan Amer Airways
-10
No Pot
42%
*1634
*1®4
2
42%
-
*20
24%
2
42%
17*2
178
.
*100%
—
1%
54%
*1%
*100%
1078
95
10%
—
4%
*51
54
1034
42l2
17%
27
*52
95
11%
*1*4
IU
*1%
1%
53
4
Corp.,
Packard Motor Car
100
*92
-
*134
10%
*4*4
7
95
-
-
11%
27
14
*6
10%
—'
*100%
14
7
*100*4
11*8
10%
97
*92%
-
Pac Western Oil
200
14
21
21
-
Par
16,300
3,200
*6
7
Lowest
Shares
$ per share
107g
*10%
4%
Range Since Jan. 1
On Basis of 109-Share
Week
10
Feb.
10%
10%
4%
1334
EXCHANGE
Friday
Thursday
7
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE,
Wednesday
$ per share
11
*10%
4*8
100% 100% *100%
11
11%
10%
*93*2 97
*92%
11
11%
*11*4
,
Tuesday
4%
4
*53
SALE PRICES—PER
$ per share
11
*10%
14%
6*2
1*8
HIGH
Monday
Sales
for
J VI
LOW
Saturday
845
n New stock,
r Cash sale,
x
Ex-div,
y
Ex-rtghts.
*[ Called for redemption*
New York Stock Record—Continued—Page 9
846
NEW YORK
Feb.
Fed. 4
$ per share
*1534
72
*70
%
®4
%
34
47*2
2034
20*2
20*2
20%
234
71*4
234
7134
16%
15%
16
70*4
72%
16
16*4
18*4
17%
17%
63
63
61
62
6%
6%
6%
49*4
49%
*46
52
11%
'
107g
6%
49*4
6*8
*48
18%
63
18*4
*60
16*8
17%
6%
11*4
34*2
11%
11
%
34
3%
72
*2%
70*2
15
11
8%
8*2
47%
%
*8*2
47%
47%
3*8
2734
*2%
20%
23*2
20%
2834
95
95
86
*85
90
28*4
*2%
3%
22iz
23%
23*2
*94i2
86
103
*100*8 103
*16*2
17*2
*1538
16%
*1334
1378
12%
125g
*112*2 113
2%
23g
*1734 18*2
141
96%
*94*2
90
*85
90
*86
103
103
*16
17
16%
16%
16%
13*2
14
♦15%
*13%
12%
10%
14
18
18
18
18
140
141
140
*140
141
2478
2478
25
17*8
17*2
1912
17*8
18%
17%
18%
27
2734
2634
245s
*32
*32
39
*3
45
*32
,
*14*2
*14%
45
*44
45
*43 *4'
64%
60
2534
20
6%
0*2
99*2
*97*2
2
2
2
2
2
4
4
9%
9*2
18*2
1978
22*2
*%
23%
23*4
28%
*45*2
28%
2678
50*2
49%
50*4
*2
26»4
*'
*27
30
*71
7134
?10%
11
99
66%
26*2
26%
034
2
4
3%
3%
9%
9*2
17%
18%
23%
27
*45%
49%
51
*30
50*8
31
*45*2
49%
3O84
30
50
800
21%
3,900
%
28%
11,600
*%
28*4
26%
.
51
49%
3034
2
21%
,
%
*38
28%
50%
27%
26%
*45*2
4834
31
*30
27
51
100
27
8.200
preferred
£fo par
t Stand Comm Tobacco.
1
t Stand Gas & El Co...No par
$4 preferred
...No par
$6
cum
$7
11,700
3034
600
71%
1,300
Standard OH of N J
...
72
107g
11
10%
5%
5*4
5%
15%
7%
16%
15%
72
72
10%
5%
5*4
15%
5%
15
72
71%
10%
10%
5-%
5%
15%
15%
71%
14%
5%
1434
5*2
15%
2,900
1,700
28,900
10%
5*4
10%
1034
10%
*514
15%
71
70%
15
7%.
7%
*58
60
*122
125
9%
34
234
278
19*2
35%
234
29
28*2
11%
*9
18*2
*20%
8*2
1878
27*4
18%
•19
18*2
2?
27
8%
*9
1134
26%
18
503s Jan 14
47*4 Jan 26
26
29*4
*9
12%
18 34
27*2
2734
8%
6%
634
*39%
*434
18*2
27*2
7
7*8
•7
7
634
034
*6%
7
,18%
27*2
8%
8%
8%
7
7
6%
*634
7
*6%
7
39*2
*434
40
8%
,
•
7
7
7
*634
*39
v
42*2
*39*8
42*2
*39%
*4%
434
4%
5*2
434
-5%
434
5*2
5%
5*2
44%
5*8
44
4434
5
5%
31l2
44%
5*8
3b%
81
31%
*9%
9*2
9
9*8
8%
19
*8
8*4
8*4
*18
*58
18*2
1934
5S34
*4
4%
*4
1934
5834
4*2
*19
*58
*37*4
'
4478
*37*4
4*8
*17*4
*1%
4*8
18
,3?8
2*4
*3*2
247g
4
2478
*1234
12*4
9534
1234
12%
*95*2
15*4
15%
48
1234
8%
*4
*37%
334
.
*2
8%
9%
834
9%
3%
3%
3'f
23
*32
32%
3*2
*4%
"10%
2234
32%
3%
*23i2
10l2
*3l4
27
24
10%
1034
4%
3*2
*59
60
*95%
15
9*8
4%
12%
,
47
8'8
12
12%
.
1
9*8
*4l8
*10t2
2234
2434
234
1534
3%
*3l4
*58
4834
6%
*85
9
*19
96
6%
85%
3034
*8%
8*4
18*2
19*8
58%
*17*2
,
2%
6*2
8%
80
3034
9%
*3%
1278
48
30%',
*8%
17%
13
15*4
5%
44%
30%
,
25
47*2
5
3%
24%
278
12%
3 «
39%
*4%
*5%
43%
4%
17*2
2%
.
9534
3
.
2*4
*3*2
39*2
4%
4.
17*2
634
87*2
4%
12
6%
8%
*8%
3%
*85
4%
4%
834
8%
8%
18%
18%
19**4
19*8
,58%
5834
*4
4*2
4%
44% *37%
44%
334
3%
3%
18*4
17%
*17%
*2
2%
2*4
3%
*3*2
4
2434
2434
2434
2% U *234
2%
*
13
12%: 13
13
13%
12%
90
*95% 90
15
15
15%
.
"
"48%
634
48
,
48
6%
6%
8%
8%
8%
8%
3%
87*2
*8*2
4*2
12
3%
*85
4%
*10*2
9
3%
87%
4*4
31
834
.
684
31
300
40*2
40
1,400
600
-
44
13,400
4%
31
8%
8
12*2 Aug
1
Texas Pacific Land Trust
7%
13
Mar
26
3
15
Mar
25*2
Oct
8
53*2 June
60'4
Oct
100
The Fair
4*4 Feb
9
4
60Q
Thermoid Co
17%
*2
*3*2
2*4
3%
23%
"
*37%
*3%
23%
100
No par
...
56
No par
$3,60 conv pref
4
Jan 28
Jan
3
100
..100
35s Jan 26
Jan 25
'.16
1% Jan 17
1,400
Thompson (J R)_
25
Thompson Prods Inc__No par
•338 Jan 3
20*2 Jan 26
500
Thornpson-Starrett Co.No par
2*2 Jan 27
11*2 Jan 30
700
"
$3 dlv
preferred
conv
10
Third Avenue; Ry_<
*85
4%
234
*2%
*12%
£1234
13%
200
12%
6,300
9534
9534
15%
.14%
47*2
6%
47%
14%
47*2
6*2
6*2
8%
*8%
8%
3%
8%
8%
8%
3%
300
$3.50
cum
preferred. No par
Tide Water Associated Oil..10
$4.50
conv
..No par
pref
2,500
Tim ken Detroit Axle
2,200
Timken RoUer Bearing .No par
8.6Q0.
1,400
•
Transamerica
.10
87*2
*85
4*8
11*2
*10*2
*4
2
Transcont'l & West Air Inc..5
600
Transue & WiUiams St'lNo par
4,400
3%
87*2
Tri-Contlnental Corp..No par
200
300
4%
$6 preferred
No par
3
6*2 Jan 27
4
Jan 24
10
10
Jan 24
20th Cen Fox FUm Corp No par
21
Jan 26
Under Elliott Fisher Co No par
Union Bag& Pap new..No par
57
Union Carbide & Carb.No par
25
100
81*8 Jan 27
18*4 Jan 26
88*4 Jan 27
100
81
Feb
21
Jan 28
18%
84
81
81%
82
22%
22
22%
22
38 34
39%
38%
39%
37%
1078
11
1634
1634
11%
10%
16%
16*2
*113l2 118*2 *113% 118*2 *113%
58
*58
61
16*2
*16*2
17%
58
*15*2
10*2
82%
18%
95%
*81%
60%
400
10%
10%
84
82%
18*2
83*4
25,000
8,800
1,700
18%
95%
82%
22%
*58
22
81%
*22
200
10%
60*2
95*2
18%
95%
81% 823j
81%
22
22
*22
22'%
39%
38*4
38%
39%
38%
38%
11
11
1034
10*4
10%
11%
10%
£16
17
16%
103.1
16*2
*16%
*16*2
118% *115
118%
118*2 *113*2 118*2 *115
59
59
58
58
*56*4
*5634
*56%
*16
17
*16
*16
17
1634
1634
81%
38
Bid and asked prices; no sales on this day.
*58
3,200
{ In receivership,
2,600
900
500
21,300
$1.50 preferred
No par
8
Mar
6*2 Dec
4
47s
25g Mar
88
Jan
9
77
478 Jan
1334 Jan
26*4 Jan
34*4 Jan
3
35g
5%
16*8
25%
Mar
Apr
June
19
91
Nov
Mar
Mar
6% Jan
15*2 Nov
Mar
283g Nov
38
July
Mar
6
Jan
16
Mar
44
Jan
6
Mar
133a Nov
..No par
3*2 Jan 25
434 Jan
1 *4
41
Mar
Union Oil of California
Union Pacific
4% preferred
Union Tank Car
No par
7
Feb
Jan 27
9*8 Jan 26
7
5
Jan 26
Jan
100
100
United Carbon
300
United Carr Fast Corp .No par
No par
r
23
Jan 25
335s Jan 24
No par
Preferred
3*8
5
United Aircraft Corp.
n New stock,
4
July
July
155*4 July
98
July
193g Nov
55% Nov
12% Jan
105s Oct
123g Nov
478 July
Mar
10*8 Mar
77*2 Apr
Jan
United Biscuit
a Def. delivery '
5*2 July
287g Nov
Mar
12*2 Jan
100
1,400
-
Mar
Mar
834 Jan26
Preferred
Twin Coach Co
Un Air Lines Transport
^
Mar
1
Twin City Rap Tfans..No par
9,800
M
31*2 Jan 28
1
3*8
8*8
U2
534
5
4
Jan
5% July
1834 Nov
2% Jan
3
10% Jan
Jan 24
56
Mar
23a Mar
4
Jan 26
4
Apr
57g July
15
Jan
10% Jan
8
Feb
35
Apr
4
7*4 Jan 24
85
278
31*4 Mar
734 Jan 10
3
No par
Truax Traer Coal
Truscon Steel
^
5
9
Ulen & Co
M
•.
3
Jail
100
10%
*3%
23
11%
4
Feb
•
Corp..'...
334 Jan
15*2 Jan
141S Jan
I83g
4*2
95%
2% Feb 6
3% Jan 10
28*4 Jan 3
5414 Jan
*3%
84
7
Jan 10
96
4%
18*2
21
13*2 Jan 27
4334 Jan 27
10%
95%
Jan
434 Jan 10
.
12*4 Jan 24
94*4 Jan 9
1,800
83%
40
37*8 Jan 25
1
Preferred
30
'
96
Feb
July
4
17%
96
113,
Jan
3%
14%
47%
6%
8%
8%
3%
6314 Mar
Oct
1934 Jan
5834 Feb
2%
13
Jan
22%
2%
13
8
49% Aug
57g Dec
38
10%
18%
25s Mar
Mar
10%
9534
4*4 Mar.
378 Mar
3258 Mar
Mar
*22*4
84
7
3
3
Jan 27
*3*2
23
18*2
5*8 Jan
6*? Jan
48*4 Jan
8*8 Jan
9*2 Oct
49*2 Nov
5i2 June
7
400
95
Apr
26
300
84
Mar
6
3%
23*2
10%
5
34
6
32*2
10%
7
5
24
*58
4
7% Jan
Nov
2984 Oct
10*2 Nov
Jan
*3%
10*2
8*8 Jan
42*2 Jan 24
22i8 Mar
434 Mar
378 May
9
32*2
*58
4
10*8 Jan
23%
11*8
85%
6
32% Jan
3%
10%
4%
60*2
Jan
July
15% .Aug
21
Jan 24
*4
13
32
Mar
18
*56
*12%
15
17
4*4
44%
2%
Mar
65s June
Thatcher Mfg........No par
59%
*2%
Mar
Mar
Jan 24
23%
3234
*3%
3
4
Oct
143g Mar
43*2 Oct
4i4 Aug
23*2 Nov
Mar
8*4 Jan 27
3%
10%
6
Jan
65*8 Dec
128
Tekas Pacific Coal & 011.1.. 10
*3212
4*4
60*2
1034
3
Feb
Dec
3,
3%
10%
Jan
Mar
Jan
534. Jan
*3%
10*4
*3%
3
3% Mar
45
119*2
8*2
17*8
134
834
17%
11
173s Nov
.9*8 Oct
4*8 Jan 26
29*2 Feb 1
3*"»
10%
3*2
60*2
Jan
'
Jan 26
3%
23
6
..
10*8 Jan
4*2 Jan 26
3%
23
4
28
42*4 Jan 24
*10*2
22%
"
Jan 17
30
8
11%
22*2
32*2
24
5*2 Mar
19% Jan 19
32%
23
June
5
Jan 12
22%
25
12% Dec
3
Texas & Pacific Ry Co—.100
4*4
*37%
*3%
*17%
24
71*2 Nov
5
300
*56
24
3414'Nov
-
200
*18
18%
50*8 Nov
583s July
3,500
*16*2
19
334
Jan
3934 Mar
8%
8%
18%
■
35*2
Mar
105s Jan 13
5*8
Jan
347, July
May
Jan
Jan 26
39% Feb
1
Jan
18*2
19*2
59%
4%
44%
,8%
*16*2
19
9
3,900
2,400
5%
*
(James)
28
0
3*4 Jan
22*2 Jan
Jan 24
734 Jan 26
6*4 Jan 30
634 Feb 6
1
Without warrants
Talcott Inc
Jan
17*2 Mar
9*2 Jan 27
1
53^% preferred
50
Telautograph Corp..,
5
Tennessee Corp
5
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
.No par
200
5
8%
.
Mar
July
July
49
Jan
26% Jan 26
Symington-Gould Corp w w.
23
5
83s
Jan 27
32%
1834
107g
1678
5%
18
Swift International Ltd
684
5*2
43*2
4%
...10
50
Jan
11*8
6
66
25s Jan 28
16*2 Jan 28
27
Swift & Co
1,500
1,000
1,400
8%
'
Feb
.
Feb
£27*2
11*2
38*2
Jan 25
22*4
96
*22
5
5%
44%
•,
5,500
.28
31
25
Co
Amer (The)
Sutherland Paper
Sweets Co of
m
858
107*8
3*2
12% Jan
6*4 Jan
173, Jan
120*$ Jan 27
100
*10*2
22%
*32%
96
847S
7
29%
12%
18%
200
55
No par
32%
23
18%
84%
18%
95*2
*8112
*
5%
4334
4%
30%
96
10*4
15l2
42%
4%
59%
10%
84%
18%
10
*56
,
5*2
44*8
5%
43
44'%
18*2
*19
„
2%
18%
27
-
18
*9
27%
8*2
*8%
2%
19
34
72
5*4 Janl3
13*4 Jan 26
6% Jan 27
(The)__.._l
...
Jan 30
934 Jan 26
.
Stokely Bros & Co Inc.....
Stone & Webster
No par
6% preferred
Jan 26
503$ Jan 14
63*4 Jan 3
3334 Jan 3
Dec
157g Dec
70*2 July
31
July
9*4 Jan
5*2
*8 Dec
25*8 Mar
2434 Mar
32*2 Apr
5
69
10
5
Jan
Dec
17*2 Nov
Mar
13
% Jdn 14
6
.25
Sterling Products Inc
Sun Oil
6
2412 Jan 19
29*8
Starrett Co (The) L 8..No par
Studebaker Corp
20*2 Feb
493s
4l2 Mar
10*8 Sept
29*4 Feb
...10
2,200,i Sunshine Mining Co
1,500
Superheater Co (The)..No par
Superior OH
..1
3,100
Superior Steel
100
300
9%
*17%
*2734
12*2
18%
8%
33%
9%
*33%
2%
400
Jan 27
Mar
1*4 June
2
10% Jan 20
26*8 Jan 26
Stewart-Warner
40
*17%
*28*2
*28*2
8*2'
8,200
7%
58%
18*2
29%
28%
12*2
1834
*9
9%
33%
234
-
2%
234
19
9%
34
34
7%
58*2
123% 123%
7%
58*2
£123% 123*2
9*2
9%
34%
34*2
2%
*17%
7%
58*2
7%
60
125
125
9%
T
*9-
.
*9%
2%
18*2
29
29*4
*2812
7%
*58%
,
63
*58*4
*122l2 125
9*2
34%
2%
18*2
7%
7%.
63
9*4
34
*18*2
7%
*58
*12212 125
Jan 26
38 Jan 14
2634 Jan 26
'
-
94
2*4 Jan
25
10
Standard Oil of Kansas
51
4934
5
1938 Jan 26
Standard Oil of Calif...No par
Standard Oil of Indiana
45i2
Mar
6*4 Mar
17
pref.,r._No par
prior pref
No par
Stand Investing Corp.-No par
Mar
48*2 May
12i2 Mar
6*8 Mar
8
cum
July
5
4
5*4 Jan 20
1% Jan 14
3*4 Jan 24
prior
11
4
Jan
Oct
Jan
4% July
24
6
7*4 Jan 3
10034 Jan 16
4
4
46
Mar
30
Jan 26
Jan
4
1534 Jan
70*2 Jan
63s Jan 27
98
$4.50
"
7184
24
1
No par
1734
27%
26%
*45*2
49%
3034
%
*%
28
27
Square D Co class B
Standard Brands...
300
8,200
22
28*2
1,500
40*8 Nov
'
Jan
X45
Jan
Dec
Dec
29
16*4 Jan 16
20,600
9
19%
4
Jan 28
1134 Jan 26
62*4 Jan 28
22*8
233s
3334
19*8 Dec
155s Mar
734 Mar
Jan
13
2512
3%
23%
Mar
2U2
4234 Jan 25
July
2
47*2 Jan
Jan
Nov
25
3% Jan
8*4 Feb
Jan 24
Spicer Mfg Co
28
Mar
Jan 24
Jan
114*2 Nov
3*8 Jan
141
29
40
Nov
163s
Jan
Feb
»19
Aug
15
2*4 Sept
3*2 Feb
1
67*2
8%
19%
4
4
4
Jan 23
37
46
634 Jan 25
1
Sperry Corp (The) vtc
Conv $4.50 preferredNo par
3*2
23
Jan 23
Sparks WIthington....No par
410
*17
.
2*2 Jan 25
2*2 Jan 26
17,000
20
3%
23
37
19*4
9*4
5*2
8*2
17*2
Oct
Mar
Mar
Mar
Mar
June
128
4
Jan 17
215s Jan
23*4 Jan
333s Jan
35*2 Jan 17
1334
100
1,100
5,400
19
Jan 26
Spalding (A G) & Bros .No par
1st preferred..
..100
Spear & Co
24,400
9*2
9
25
16*8 Jan 26
23% Jan 26
5% preferred..
100
Mobile & Ohio stk tr ctfs 100
Feb
141
Apr
U2 Mar
15*2 Dec
185s Jan 20
Jan 11
15
100
No par
111
Nov
19*4
83g Mar
1034 Mar
Jan 10
3
Spencer Kellogg & Sons No par
45
2
3
23*8 Jan 24
132
25
No par
$3 conv preferred A..No par
Spiegel Inc
2
2
9%
200
7
6%
100
100
9834
20%
60
100
67*4
7
2
*2
No par
8% preferred
Southern Calif Edison
Jan
a:84
14% Jan
1334 Jan
114*4 Jan 21
2is Jan 3
16&8 Jan 16
25*2
67*4
2034
*1%
3%
*%
No par
So Porto Rico Sugar
*r
2,200
45%
14%
13%
9834
-
8
*43
.
98*2
m
600
310
21
*1334
14%
6%
-
3
*7*4
8%
J
3%
40
3
3%
66%
*25%
■
7
28
29%
27%
37
3%
*44
98*2
2
*18%
22*2
*2
*%
2834
2678
*45%
49%
29%
3
9
24%
9*4
18*2
*33
3%
46
8%
334
4%
10*8
20*2
334
*
112
5,500
13%
13%
65%
634
Solvay Am Corp 5 ^ % pf. _ 100
South Am Gold & Platinum.. 1
26%
14
26%
21,200
Jan 26
25%
13%
67*8
Mar
Jan 26
12
27*2
45
6%
10
1234
Socony Vacuum Oil Co Inc. 15
Snider Packing Corp
26%
45
*64%
Aug
Southern Pacific Co
48
634
24
Southern Ry
*43*4
64%
25%
Apr
145s Jan 26
13*2 Jan 26
10
3,.500
*14
634
13
30
44
25*4
Oct
1958 Jan
16*2 Jan
$6 preferred..
15,500
45
64%
No par
105
21,200,.
4334
*1334
44%
13%
*97
500
45*8
1434
1234
98
122
9
200
*19
13%
99*2
17%
21
13*4
*98
*17%
*19
1378
26
3,500
21
13*4
Apr
Smith & Cor Typewr..No par
2%
Jan
Jan
Jan
95*2 Jan 19
Jan 26
Oct
9*8 Jan
35*2 Nov
3*4 Jan
24% Nov
3434 Jan
Mar
200
*138
37
2% Jan 14
18% Jan 27
21
106*2
Mar
May
18*4
3%
8%
Mar
Apr
Mar
Mar
91
16%
3
4%
12%
2l2
1478
18i2
45
24%
*7
*19
Jan
5*8 Jan 23
25*2 Jan 27
Mar
Jan
17%
3%
44*4
Mar
3234
3*8
2134
29i2
10
Jan
16%
*33
93
Jan
103
24%
45
Feb
7
15*8 Jan
100
24%
17%
18*2
3%
33g
43%
107
Jahl8
1734
16%
1134 Jan 26
104*2 Jan 7
49*2 Nov
12l2 Nov
28% Oct
183s July
634 Mar
Feb
Jan
1,400
2%
140
Aug
Jan
Jan 30
13%
*112
2%
1734
Nov
70*2 Nov
9*4 Nov
80
15%
,12%
13
23
94%
Smith (A O) Corp
13%
12%
14
Oct
July
101
200
17
Jan
18
9*4 Mar
10
Maf
45*4 Mar
Sloss Sheffield Steel <fc Iron. 100
90
10234
*15%
15%
Feb
5*2
2058 Apr
25
100
6% preferred.
20
90
27*2
80*g
Mar
36
10
Skelly Oil Co
96%
90
14%
14%
900
23*2
23*2
*94%
15*2 Mar
2*4 Dec
47
36
Slmonds Saw <fc Steel.-No par
48
44
14%
*43
Slmms Petroleum—..j
600
*24%
37
*32
2%
8%
20%
44%
*7
»
15
100
Jan
July
Jan
5
Jan 25
10% Jan 24
28
No par
27%
18%
2084
3%
*19
46
44%
3
20
Dec
7$
3
*2
Mar
Coalition Mines._5
Simmons Co
10*8 Nov
5078 Oct
11334
3
47
100
5M% conv preferred
24*2
17%
18%
1634
43
*234
c
7%
21
140
24%
39
3%
40
234
7%
*19
45*2
26
3*8
2H
8
21
16*2
18««
,
40
*37*2
234
2%
*7*2
*19
39
*3
3*4
37
37
24*2
17%
18*2
20%
24*2
19*2
2734
100
Mar
73s Jan
49*2 Feb
11% Jan
G)—No par
A) Pen Co .No par
Shell Union Oil
No par
134 Nov
1*8 Mar
Jan 11
69
Jan 26
5% Jan 27
Sheaffer (W
Sliver King
16%
*15%
*140
..
2,600
Shattuck (Frank
1,800
10
*13%
12%
12%
113% 113% *112%
2%
2%
2%
18
18
1734
12*2
1234
12%
12%
11234 11234 *112% 113%
2%
2%
2%
2%
13
107
10234 *102
13%
130
*1934
20%
16
3,000
3,000
24
*102
16%
103
100
11%
6
1534 Jan 2*
$5 conv pref..
6
90
16%
60
Sharon Steel
Sharpe <fe Dohme
No par
$3.50 conv prefser A.No par
27
96%
*85
*102
Corp—..No par
...No par
700
*2%
2334
96%
17
Jan 24
34%
•
27
3
*19%
*94*2
103
♦16%
*15*2
13%
15
*534
20*2
24%
24
1
13
28%
3
3
Servel Inc...
107
6
27%
28%
8,000
4,400
300
Feb
3
Jan
Jan
Jan
Jan
Jan 10
2134 Jan 5
Jan 25
2,300
Jan
85
3434 Mar
112i2 Dec
2*s
22%
3*2
7434
18%
Jan 26
19
—
27*2
June
*4 Sept
*>4 Jan
67
51
*11
*2%
20*8
24*4
*94%
% Feb 8
is4 Jan 27
234 Feb
1334 Sept
62
9
Jan 20
114i2 Jan 12
4
Seaboard Oil Co, of Del-No par
6%
£34
6
6%
Jan
Jan
10*2 Jan 25
48*4 Jan 4
Jan 13
6
113
Seagrave Corp
No par
Sears Roebuck & Co...No par
80
*49
11
1
400
16%
16*2
51
72
3
1,000
*6
36
^Seaboard Air Line
4-2% preferred
3
3%
71*2
15%
*60
6%
100
Jan
% Jan
2034
15%
17%
1,100
1358 Jan 26
68
Highest
Lowest
$ per share $ per share
% per share
17
Jan 3
4534 Jan 23
No par
No par
No par
100
$4.50 preferred
60
*2*2
75
36
6%
27%
28%
3%
21%
24%
28%
*2%
t2034
*2334
♦94%
28
*20*2
6%
6%
6*2
6*4
6%
Scott Paper Co
per share
%
5
100
1
100
8% preferred
800
%
71
36
*35%
*35%
36%
34
34
13
13
13%
12%
13%
1334
13%
137«
13%
*13*8
*106
107
107
*105% 107
*105% 107
*106*2 107*2 *106
*6*4
800
2
*20
16
Schenley Distillers Corp
5M% preferred
13chulte Retail Stores
9
%
71%
11
11%
11%
100
3,100
47'%
*134
3%
*47
52
*46
*35
2,900
%
*114%
h
134
2034
Par
Shares
70
8%
20*2
234
15
*08
%
47%
834
114*2 114*2 *114% 114% *114% 114%
%
%
%
®4
%
*5»
2
2
2
*134
*1%
*134
*20*2
*2i2
15
70
%
8%
47%
114% 114% *114%
%
*%
%
2
1%
*1®4
21
20
*20*2
3%
*2%
*2%
7134
£70%
71
16
15%
10%
18%
17%
*17%
*60
65%
*59%
6%
6*2
6*2
h
*8%
*47%
47%
15
15%
69
Range for Previous
Year 1938
Lots
Highest
Lowest
Week
t per share
*68
15%
69
834
*47
47
Feb. 9
$ per share
71
*69
72
%
8*2
9*4
*8%
47
16
1534
16
*71
$ per share
15*2
15%
10
Feb.
Feb. 8
$ per share
7
Feb
6
$ per share
On Basis of 100-Share
STOCK
1939
11,
EXCHANGE
the
Friday
Thursday
Wednesday
Tuesday
Monday
Range Since Jan. 1
STOCKS
Saks
SHARE, NOT PER CENT
HALE PKICEH—PER
HIGH
LOW AND
Saturday
Feb.
Cash sale.
9*2
16
3
113*4 Jan 23
3*2
30
66
Jan
Mar
70*2 Nov
15*4 Aug
Jan
57
Mar
9078 Nov
Jan
17*8 Mar
55% Mar
5934 Apr
22*2 July
99*2 Nov
83*2 Nov
23*2 Jan
Jan
20
Mar
19i2 Mar
43*4
Dec
1338
Jan
3
5
Mar
1334 Nov
17
Jan
7
14
Sept
20
113*4
65
17
y
Oct
6
75g Mar
84l2 Jan 11
235s Jan 5
413s Jan 4
Jan 26
lEx-dlv.
25g Mar
Jan
12*8
90*2
1934
9812
15*4 Jan 23
54
Jan
Jan 23
Jan
To
Ex-rights.
n
Nov
Jan
118*2 Aug
39
Jan
1234
3
Apr
73*2 Nov
20®4 Nov
1003s
^Called for redemption.
New York Stock
Volume 148
LOW AND HIGH
SALE PRICES—PER
Record—Concluded—Page 10
4
Feb
Feb, 6
$ per share
3%
Tuesday
Feb
S per share
3%
36%
5
5
4%
5
7%
7%
7%
•684
*71
74
67
5%
*5%
32
334
37%
3%
36%
71
•
6%
*8%
*83%
9%
*6%
884
*83%
85
*
*%
*176
<•«»*«.
*29
33
22
5%
*6%
35
35%
4584
3%
*7%
4584
3%
7%
434
4534
*35%
*45%
*51%
*11
12
*11
12
*11
78
•75;
*160% 161
67
*57
77
77
161
161
80
62
26%
32
78
160/
60
%
27
*29
5
*21%
4%
8%
8%
24%
4m
-
+.
43%
09
44%
100l2
55
"55
*63%
65%
59
60%
*11578 116
*35% 35%
45
45%
3%
*3%
*7%
7%
2
*44
*3%
7%
2lo
*2%
4%
3,100
29,700
7,000
1,500
43%
99%
55%
*63%
57%
65%
2%
*6%
.17%
17%
*87
88
6%
.
59,400
*
*0%
1734
87
80
300
2
1,500
,55
11
80
*10%
77%
11%
77%
25
7%
—
%
7%
37%
35%
•5%
*36%
36%
.5%
37%
3
3
3
10.
10
*8%
*3%
*26%
21%
12%
*214
*35%
5%
*36%
5%
53s
*36% "37%
3
3%
10
5%
8%
27%
*3%
27%
27%
21
*3%
21
21%
*29%
8%
•
29%
*2% -.3%
*1
1%
*1
26
26
26%
75
*72
90
26
,
*72*
90
*89
*29•
29%
2%
1%
29%
2%
2%
*1
91%
92%
93
92%
123
103
2%
*9%
*3%
27%
8%
1%
2534
-
M
Feb
Universal Leaf Tob
-
a,
(
1,100
preferred—........100
Virginia Ry Co 6% pref...100
20
■
92
29
7
1%
25%
-
*73
109
136
136
.
%
*1%
•
58
1%
26%
9134
103% 103%
95
*94%
91%
102% 103%
95
116%
27%
25%
3%
*3
3%
*3
*5%
*%
6%
*5%
%
*%
1%
1%
*1%
21% 21%
27% 28
HO84 111%
*55
60
*55
*75
90
*75
90
*75
27
26
*11%
11%
6%
*1%
*163g
18%
*37%
38
*19
19%
80%
•
25
30%
*136
17%
*37%
19%
30%
60
*55
90
*75
25%
,
•
*79%
*79%
55%
*53
55%
*F3
1
*11%
*11%
12%
*11%
127*
11%
11%
11
17%
1%
*16%
3
3
234
5%
4%
2%
1%
17
3
*6
1%
16%
*3
63*
6%
1%
4%
47
47
*45
110
*44%
*107
*53
*107
5
3%
4%
*44
2%
2%
5%
5
6%
4%
4%
46%
*44
47
*109
110
*107
110
21%
21%
21
21
21%
49
49%
48%
48%
48%
«
100
10%
3;300
300"
0%
*43
47
*107
110
21
21
48%
18%
47%
47%
45%
86 preferred
a*
«a
„
a.
*
1,200
13,800
1,000
18%
*18%
63
*55
65
*55
65
*60
70
*57
70
*56
65
*58
65
*58
65
*58
65
*58
65
*50
05
*50
05
*32%
34
34
34
*32%
34%
*32%
34%
*32%
34%
*32%
34%
100
*44
47
45
45
*42%
47
*42
47
*42
47
*42
47
100
*107
110
110
no
108% 109
107
49%
19%
18%
18%
*75
77%
77%
77%
27
27%
27%
27%
46%
26%
18%
3%
*
26%
18%
3%
*77%
*26%
17%
110
110
78
78
78
*78%
78%
300
27
27
26%
27
26%
26%
17%
1,400
20,500
18%
18%
18%
17%
17%
110
109% 10934 *109
16% 10%
16% 17%
46%
44
45%
45
80%
*79
80%
*79
26%
18%
*1778
»■
18%
3%
•
26
3%
109%
45%
,17%
109
80
80
26%
20
26%
18
18
17%
16%
44%
*78
80
26
18%
80%
25%
17%
3% / 3%
3%
3%
.3%
,
3%
109
♦16%
43%
45%
26
Bid and asked prices; no sales on this day.
44
110
a.
78
17
26%
•
183g
78
17
*78
1
18%
27%
108
109
45%
80%
*78
108
107% 107%
17%
17%
18
45%
18%
18%
18%
18
106% 10684
18
1834
,
*25%
17%
,
3%
t In receivership,
17%
3%
180
340
1,000
19,300
100
...
Wisconsin Elec Pr 6% pref. 100
Woodward Iron Co
10
Wooiworth (F W) Co
10
Worthlngton P<&M(DeI)No par
Preferred A 7%
...100
6% preferred B.
...100
Prior pref 4K %
Berles..
10
Prior pf 4H % conv series 10
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
.28
Yellow Truck A Coach cl B-l
100
Preferred
Young Spring A Wire.-No par
Youngstown 8 A T
No par
79
Feb
a Def. delivery.
»
New stock,
r
-
Cash sale,
1
x
Dec
Nov
1% Mar
% Sept
25% Mar
71
Apr
9
Jan
4%
1%
39
Oct
Oct
Jan
July
74
Mar
Mar
126
Jan 24
116% Jan
3
28% Feb
9
111% Jan
1234 May
Jan 26
4% Jan
Jan 18
3
Jan
3
20%
23%
92%
105% Jan 18
97
3
Jan
4
•
70
98
Jan 26
120
140
Jan
Jan 26
'3
103
Jan
July
July
Nov
Nov
22% Jan 4
*32% Jan 13
Mar
144
9% Mar
31% Mar
10
Mar
20% Jan 7
37% Jan 23
37% Jan 23
18% Feb 10
Jan
Jan
1%
3%
34%
33%
124%
■
Jan
Jan 26
16
4%
9
Mar
% Mar
84 Dec
16% Mar
15% Mar
6184 Mar
24% Jan
31% Jan
Jan 26
Jan 26
Nov
119% Nov
26% Dec
25s Mar
3
% Jan
1*8 Jan
Jan 23
Apr
8238 May
Jan
8
4
130
21
Oct
39
Dec
Oct
20% July
31% Deo
60
8
Jan 12
20
Jan 12
60
Mar
60
Mar
60
Mar
65
30% Feb
Apr
90
Jan
"
¥l%
22% Jan 26
80
,
6
3
2
14% Mar
3234 Nov
Mar
95
Jan
61
Nov
Jan 27
75
60
,Jan
4
42
12
Jan
2|3
1334 Jan
Jan
7
4
1% Jan
19% Jan
3
3
3% Jan 12
Jan 11
3% Feb 8
6% Feb—8
3% June
Jan 26
Jan
Jan 12
41% Jan 26
107
4
May
IO84 Dec
6% Mar
5
Sept
1% Mar
884 Mar
1% Mar
4% Jan 13
4
Jan
80
Jan 27
54% Feb 4
10% Jari 5
9% Jan 26
Jan 19
19% Jan 26
46% Jan 26
16% Jan 26
,
.
4
3
Mar
5
32
Mar
Jan 12
103
Jan
49%
108%
25%
603s
Jan
6
Oct
Jan
4
10% Mar
Jan
5
36
23% Jan
4
Jan
11% Mar
Jan 31
65
Jan 24
42
65
Jan 18
65
Jan 18
70%
34
Feb
6
38
Jan
4
27
44
Jan 24
53
Jan
5
101%
773s
26%
16%
Jan 26
120
Jan
3
Jan 13
79
Jan 31
Jan 28
33
Jan
4
28% Mar
55% Mar
61% Mar
20'4 Jan
5
105
Jan 30
1534
Jan 26
21% Jan
109% Feb
21% Jan
39
Jan 26
66% Jan
Feb
Jan 26
8%
,
71
8
5
Jan
5
31% Jan
4
16
Jan 26
22% Jan
3
Jan 27
3% Jan
Ex-div.
y
9
85
Ex-rlghts.
Mar
Oct
Mar
Jan
Mar
9% Mar
24
23% Jan 26
15% July
15% July
11
Mar
62% Mar
11% Mar
9
„
284
Mar
Jan
Jan
3
Jan
2484 Oct
3% Aug
3%
1% June
3
5
60
80
-
8
.31
6% Dec
16% Mar
116
6H% preferred
100
Youngst'wn Steel Door. No par
—
Aug
16% July
Jan 17
Zenith Radio Corp....No par
Zonlte Products Corn".
Mar
123% Feb 10
2,200
1,600
July
4% July
82% July
102% Jan
103% Deo
9784 Jan
'1,400
100
5
8
46
.
Mar
1% Mar
28% Jan
45,600
17,200
*52%
21%
49%
18%
7
Jan 26
Jan
3
1
3°
Jan 10
Jan 26
534
4%
10
Mar
334 Mar
20
3438 Nov
5'8
No par
Mar
Mar
200
Willys-Oveiland Motors
6% conv preferred..
2
Nov
17
3
Wilson & Co Inc
54
2038 Dec
19% July
4
July
51
July
Mar
23
Jan
3% Jan
1% Feb
15% Jan 27
1,600
Mar
8
32% Jan
$4 conv preferred.—.No par
Wilcox Oil & Gas......
6
4%
4% Mar
1734 May
6% Jan
23g Jan 28
2%
:
■
Mar
25
100
3
8% July,
Jan
87% Deo
10% July
20%
1334 June
74
38
3%
2% Jan
438 July
338rt'Feb
Mar
17
21%
110
.1
4
30
12
77% Dec
119% Oct
Mar
11
% Jan
30
Co No par
,
Jan
Jan
Feb
Jan
1% Jan 13
21%
*47%
If 84
*44%
*107
W hlte Rock Mln Spr
4%
I684
120%
"1% Mar
1% Dec
584 Mar
50% Jan
203s Jan 8
14% Jan 3
2% Jan
5% Jan 26
.
WThite Motor Co.—....
Mar
Mar
Oct
6% Jan
32% Jan
116% Nov
24% Jan
3
100
...
4
3
Jan
7
1
Jan
Deo
22% Jan 26
—1,00
$6 conv prior pref.—No par
White Dent'l Mfg (The 8 8)20
25%
234 Mar
1534 Mar
37
Nov
Jan 26
White Sewing Mach—.No par
1%
21%
49%
19%
21%
......
57
18% Jan 3
88% Jan 30
9% Jan 5
3
300
*1%
*16%
0%
4%
Preferred
"
.
preferred
42
3
Jan
Jan.
89
5M % conv preferred——100
Wheeling Steel Corp
No par
-aaaaa
.loo
*6
3%
4%
a.
11%
3%
278
5%
4%
'
2,800
'10%
17
*3
*
11%
1%
*16%
2%
•
55%
9
6%
*1%
16%
90
6 % conv
Wheel & L E Ry Co.—
-
•3% Jan
'• 2.
102% Jan 31
100
Westvaco Chlor Prod—No par
600
a.
25
*79%
11%
2%
5%
4%
2%
5%
4%
24
5 %
14
6%
300
113
June
13% Sept
Jan 21
Jan
89
Weston Elec Instrum't.No par
Class A
.No par
....
aaV-i-a
90
11%
a.--
^
*53
11
90
1,000
90
*79%
*6
11,200
60
14
•
400
June
30% Mar
3
42% Jan
—.—
5,700
*75
25%
97
Deo
1% Jan
2884 Oct
,28% Nov
36% Nov
Mar
11% Mar
14% Mar
.
Jan 11
3
7% pref.*100 xl20%
———,100 114%
Western Mary lard———. 100
4% 2d preferred..
100
Western Pacific—
100
6% preferred
100
Western Union Telegraph-100
Westingh'se Air Brake.No par
Westinghouse El A Mfg.v—50
1st preferred...
...
60
83
1% Apr
5% Mar
100
Mar
71%
A-. -No par
preferred..—.
159% Dec
% June
16
105
.1
25
"
preferred
Western Auto Supply Co—10
6,900
.
c Jass
6%
600
*55
25
May
27% Mar
18% Jan 27
27% Jan 25
1
7% preferred...—.....100
6%
300
90
■
2%
5%
.
100
%
60
55%
11%
3%
6%
*%
13g
*75
25
West Penn EI
West Penn Power
7,800
*55
25
...
Feb
25%
84 conv preferred——No par
»
150
90
92
1%
1
390
60
90
6%
«
260,
,
90
6%
*1%
*1634
*2%
3
*2%
*18
27
113s
J
*3
,
134
9
2% Jan 27
10
Jan 28
Wells Fargo & Co..
1
Wesson 011& Snowdrift No par
1,500
*
1%
13«
20%, 21%
20% 21%
2634 27%
26%
26
108
107%
111% X106
138
*130
142
a:135%, 135%
17
*17
18
18%
17%
38
38
*37% 38
*3734
19%
*18%
19%
18% 18%
30%
30% *30% 31%
30%
1%
*1%
21% 22
•27% ,27%
111% 112
*53
6%
1%
17%
70
1%
75
*5%
*79%
.5412
1.4
11%
54%
Webster Elsentohr—... No par
*90%
103% 103%
*94% 95
•
%
*11%
90
*79%
-
136
136
31%
26%
Wayne Pump Co...
92
6
%
60
19%
300
300
25%'
Jan
86
81 1st preferred.—..No par
Warren Fdy & Pipe——No par
Waukesha Motor Co..—-.5
-
200
2%
*1%
3%
5%
*55
,*30%
*
~
1,000
123% 123%
116
116% *116
116%
27% 28
27% •28%
*%■
*3
135% 136
18%
18%
*37% 38
*19
19%
31% 31%
*19
.
-
a,
29%
25%
*73
75
.5%
•
22%
28% 29%
111% 113%
38
200
220
26
22
18%
*17%
*37%
'
1%
25%
'
92
"
7
*5%
%
1%
22%
29%
110%
6,700
'
25%
116
.......100
83.88 conv pref.,.——No par
tWnrren'Bros..
—.No par
83 convertible pref—No par
116
116
7% preferred
12,100
6
'
6
3
72
6% Jan 28
Ward Raking Co cl A .No par
Class B...
.—No par
110
3%
3%
3%
'
%
1%
21%
28%
*2%
Mar
3
"~1%
42% Jan 26
1884 Jan 27
12
Jan 23
2% Jan 23
34% Jan 24
6% Jan 24
Warner Bros Pictures..—.—6
27%
2188
*28%
85
No par
400
Deo
48
116% July
.
200
•
Nov
86
3
Jan
•
120
Jan 11
Walk(H)Good A W Ltd No par
Prefetred.
.—.No par
300
8
Feb ~8
2% Jan 30
1% Jan 19
6% Jan 25
16% Jan 26
—.No par
Walworth Co
Dec
15
Jan
2%
67% Jan 24
No par
4 H% pref with warrants 100
2%
11%
21
2%
•
23g
*26%
,
Waldorf System
Walgreen Co....
52
Feb
116
'T%
100
5%
37%
*3%
'
27%
21%
2%
•
*51»
4,600
13%
120
Detinning
...100
Preferred
......—100
200
122% 123% *123% 124% *123% 124
123
il534 115% *115% 116
26
26%
25% 26%
*3%
6
*3%
*26%
*21%
75
*94
500
36
6
3%
1%
*91
100
6%
3% July
Feb
7% June
25% Jan31
4% Jan 4
31% Jan 4
1% Feb 1
6% Jan 24
J Wabash Railway.—.—100
6% preferred A........100
6% preferred B._—
18
*10
Jan
40
Jan 11
114
Vulcan
.
a36
12%
.....100
6%
100
*10
6% preferred
Virginia Iron Coal & Coke. 100
88%
,7%
2%
37
June
47% Sent
534 July
10% July
7% Nov
1% Mar
.
% Jan
3% Jan 26
24% Jan 26
Va El & Pow $6 pref. ..No par
700
■
Feb
36
Dec
40
No par
100
47
2%
3
Jan 25
19% Jan
30% Jan
33% Jan
114% Jan 17
21% Jan 26
100
300
*30
7
67% Jan
6
6
—
Va-Carollna Chem
300
20
•5%
37%
2%
Mar
161
Jan 27
Feb
109%
7234
70%
71% Nov
121
Oct
9184 May
29% Mar
40
Apr
3
66*2
•
Mar
38
83% Jan
36% Jan 24
6
Victor Chem Works
500
2%
37
255
Nov
Oct
July
Nov
Nov
Oct
Mar
7
Mar
9
Jan
12% Jan 21
Jan 26
30
71
49%
45% Jan
24484 Mar
8% Jan 12
Jan 24
22
21
Jan
Jan
238 Jan 19
9
13% Nov
Mar
4
% Jan 16
113
Jan
53
Jan 27
18
50
35% Jan
30% Nov
7% Oct
21% Mar
2% Mar
3% Jan 20
75% Jan 28
157
Jan 3
60
4
Jan
Vicksb'g Shrev & Pac Ry Co 100
2%
7%
100
Vick Chemical Co
400
*19%
*11%
*2%
*35%
5%
29%
*2%
1%
2534
7% 1st preferred..
800
7%
5%
No par
Preferred-...
100
Vandium Corp of Am.No par
Van Raalte Co Inc..
6
10
c47
21%
*29
a.
20
27%
20%
a.
47%
*36
$6 conv pref A
«*
*87
2%.
,
Jan 12
11
2,900
1,100
25
*6%
*17%
3%
12%
*72
103%
94%
94
93%
5%
No par
United Stores class A.,No par
Jan
June
Feb
Nov
Nov
10% July
13% Mar
3% Mar
5% Mar
3578 Jan
45% Jan
3% Jan 3
7% Jan 30
134 Jan 25
Universal-Cyclops Steel Corp 1
46%
*19%
*12%
2%
35%
5%
37%
*36
.75
91%
103% 103% '103% 103%
*122% 123
2%
44
1
24
Jan.
118% Jan 20
Jan 23
*2
13%
6314 Jan 26
25
Jan 18
Jan
70
Jan 23
60
55
4
65% Jan
66% Jan
113% Jan 27
33% Jan 24
50
1%
6%
13%
2%
35%
27%
21%
29%
2%
*
25%
*72
75
13%
2%
2%
2%
Jan 26
No par
1%
*2%
18
20
13%
2%
37
7% preferred,...—J
United >Stockyards Corp
Conv pief (,70c;
90
52% Jan 24
60
No par
100
....
U 8 Tobacco..—......No par
80
.
88%
47%
734
40% Jan 26
60
Vadsco Sales..——No par
6%
,
...-.10
'
2478
578
10%
61%
47%
578
52%
104
Jan 26
400
27
*17%
-.*87
7%
6%
18
87
87
*19%
13%
37
20%
*6%'
*17%
*47 '
*35
*27
•
6%
2%
8
20
Corp—...
32
61% Jan 20
•37% Jan 26
4% Jan 30
100
Realty <fc Imp.....No par
Preferred
.
.30% Jan 27
18% Jan 26
4% Jan 27
cl A ...No par
1500
lk
*2
conv
8% preferred....
100
Universal Pictures 1st pref. 100
*118
*1%
2%
4% Mar
90
*24%
*118
-»"*■
2%
*2
17%
—
*73
4
100
'
Sl%
47
*13
'
'
a.
115
162% Mar
7% Jan
190
*-
80
"24%
Mar
7
Jan 26
.62
*%
3
1% Jan
9% July
12% Nov
6
6
161
*17
10% Jan
87% Dec
Jan
161
27
*
20
19%
13%
2%
Nov
May
% Deo
3% Mar
534 Mar
h Jan 24
7% Jan 4
Feb
*00
h
*%
,*17
80
1%
*2%
,87
7%
48
1934
■
13
113
U 8 Steel
.100
01
62
177
8 % 1st preferred.......100
300
2
*50
2%
61
47
47%.
20
Feb 10
Jan 21
U 8 Smelting Ref A Min
Preferred
700
53
160% 160%
*19%
13%
*2%
7%
7%
48
*19%
*12%
*2%
*9%
1%
2%
2%
*2
6%
17%
*47
1
.
1%
2%
88
:
87
Nov
10% Aug
8% Oct
4% Apr
Jan 27
US Rubber..
2,100
*77%
3
7%
7%.
*6%
•17%
*87
Mar
4
Jan 26
U 8
500
58%
115% 115%
35
35%
*44
45%
*3%
3%
7%
*7%
11
27
*17
*118
*118
2%
*2
Sept
3
Jan
8
U 8 Pipe A Foundry..
*54
3%
7%
2
%
h
%
27
80
1%
2%
*2
6
11
Aug
Nov
114
95
Prior preferred ....
25
25%
25%
2434 25%
24.% 24%
32
32%
31% 31%
31% *31% 32
114% *112
114%
114% *112
1.14% *112
*38% 39%
39% 39% *38% 39%
39% 39%
*
_
8% Jan 20
7% Jan 5
3
July
Jan
July
Oct
173
Partic &
600
2,200
53
*51% 63
11% *10% 11%
78
*77% 79
161
*160% 161%
62
62
60%
%
9
42
41%
4%
42%
97%
35%
4534
35%
53
,
1
Mar
8% Mar
Jan
10%
80%
8%
39%
67%
12%
Mar
82% Jan 24
i2 Jan 24
6i2 Jan 26
"6 K % conv pref.
60
U S Industrial Alcohol-No par
U 8 Leather.....
.No par
63
*55
116
115.
2
:
8%
63
u
4%
4%
*8%
41%
4%
4%
42% 44%
99% 101
55
55%
65%
65%
59%
58%
24%
3%
._
50
100
Oct
738
Mar
9
Oct
38
Apr
3
Jan 28
115
«% Jan 24
—
U 8 Hoffman Mach Corp
700
31%
80
*1%
60
5
Feb
13
4%
Mar
..20
7% preferred..........100
2,400
*112
39%
*118
1%
68% Jan
Mar
"
.No par
U S Gypsum
'
33
.
a#
1%
2%
714 Jan
21% Mar
7% Jan 26
-.100
U S Freight
400
,
22
•
5
41%
•6%
•
*118
Jan 30
IDs Jan 13
6
No par
Conv preferred
...
1,200
1,800
60
22
23
.
,
4.
9
*29
.33
*55
4%
7
*6%
'7%
2284
63
98%
2434 "24% 24% *24%
334
3.%
*3% ,3%
3%
3%
*3%
*3%
3%
3%
.3%
20
26
26
*25
*26% .27% *26% 27%
*26% 27% *26% 27%
.115% 115% 115% 115% *115% 116% *115% 116% 115% 115% 115% 115%
*2
*2
*2
*2
*2
2%
2%
1%
2%
2%
1%
27g
8
8
*6
8
*6%
*6%
.8%
8%
8%
*6%
*5%
*6%
*113
124
123
*116
123
*116
124
*118
123
*118
*116
122
*72
•72.
*70
76
7272
*70
76
72
7578
*70% ,76
~24%
24%
63
111% Jan
$5 first preferred.....—100
U S Distrlb Corp......No par
.......
25
32
*—
'
.
*18%
113
39%
39
'
*6%
41%
%
*176
33
8%
2
2
,
27
113
113%
80
3%
7%
7%
.
2
53
■39
45%
'
2
*
35%
3%
.
6%
41%
434
59%
116
*51
*112
U 8 A Foreign Secur
,200
*534
*8%
97%
•
*176
. m
*50
64
58%
•116
2
'.
900
600
87
*%
9
5
63
-64
66
*%
*18%
25%
3134
$5 preferred
No par
United Mer & Manu Ino vtc.l
United Paperboard
10
100
7%
5%
8%
87
98%
22%
42%
4%
44%
53
% ;
778
584
*8%
6
9
98%
«.
*29
4%
43%
9884 100%
54% 66
100%
56%
*684
9
6%
5%
8%
8% ;
2
25
200
116
5
4% June
4% Mar
Feb 8
73
6% Jan 4
33% Jan 12
Jan 26
2
22
3
8% Jan
4% Jan 26
30
6
6
5% Jan
Jan 12
66
5
5
Highest
$ per share $ per share
3% Feb
373s Feb
31% Jan 26
4*4 Jan 26
5% Jan 26
United Fruit.....
..No par
United Gas Improv't—No par
27,600
12%
No par
6
United Electric Coal Cos
United Eng A Edy
2,400
68
67%
1284
*115
%
99%
*176
6%
*434
*51
*18%
2534
*31%
«
23
*64
500
87
*3$
7
*5%
8«4
33
59
60%
11534 H6%
*35% 35%
*45
4534
3%
3%
*7%
7%
,
-
*86
.%
99
22
64%
116
*%
7%
•»
42
56%
800
8%
5%
8%
5%
884
89
"
9
9
*29
60%
64%
■\
*684
5%
9%
99
*84
9934 101
*50
^45%
59%
*%
33
4%
44%
5%
13
116
*8
60
73
33%
.No par
Lowest
8 Per share
8 per share
2% Jan 13
United Dyewood Corp.—.10
Preferred
,.100
100
7
Corp..-..
$3 preferred
United Drug Inc
8,900
Year 1938
Highest
"
43
55
116
9
62
100
95
6%
42
42%
4%
54
8%
*834
*50
65
42%
*4%
44%
*8%
*6
22
,
9
9%
*9%
*55
•
♦5
8%
2,200
*69
67%
*115
United
47,600
4%
6%
*30%
5%
32
•67%
12%
12%
116
6%
8%
85
6%
22
5%
6734
1234
*115
8
177
*29
22
127g
5%
32
3%
35%
*434
*6%
73
73
534
3%
35%
7
Par
Range for Previous
100"Share Lots
Lowest
Shares
8 per share
3%
36%
4%
484
*6%
32
67
6778
3%
36%
73
*5i4
32
115
8-%
*176
6%
7%
*534
>
•
7
*6%
4%
72
534
67%
1234
7
*534
9%
9%
100% 101%
7%
9%
101
74
3%
36%
*684
32
115
•'
%
*5%
*8%
101
6%
8%
89
%
3%
434
Range Since Jan. 1
On Baste of
Week
10
Feb.
9
$ per share
35%
478
7%
*5%
68
68%
68%
12%
12%
12%
*11434 115% *11434 lie
*8
8%
8%
8%
*6
3%
32
33%
$ per share
37
*69
534
*5%
*32%
6784
12%
32
3%
3534
434
*634
Feb
EXCHANGE
Friday
Thursday
Feb. 8
$ per share
3534
•
7
NEW YORK STOCK
the
CENT
SHARE, NOT PER
Wednesday
STOCKS
frsT
Monday
Sales
jor
Saturday
847
-
6%
5%
60%
106%
27%
5384
27%
72%
75%
48%
6538
121%
Oct
Jan
July
Jan
Dec
Nov
Nov
Nov
July
Nov
Nov
Nov
Deo
78
Deo
39
July
21%
109
25%
57%
86%
31%
2584
Oct
Oct
Aug
Nov
Nov
Deo
July
6% Mar
^Called tor redemption.
Feb.
848
NEW
YORK
EXCHANGE
STOCK
Bond Record, Friday,
11, 1939
Weekly and Yearly
NOTICE—Prices are "and interest*'—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
Friday
N. y. STOCK EXCHANGE
Week Ended Feb. 10
Sale
£a.
Friday
Range or
Price
Friday's '
Bid
Since
©
©
A sked
KjV)
High
&
Low
No.
Jan.
Low
1
119.3
114.24 114.20
119.9
35
114.24
24
114.17 114.25
Treasury 3%$--
113.27 113.24
113.27
8
113.10113.28
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
1952 a o
.1944-1954 j d
..1946-1956 m 8
3Ms-.
1940-1943 j d
3*8
1941-1943 m 8
3*8
,1943-1947 j d
3*8
1941 f a
3*s-----——-1943-1945 a o
3>i8-.--------1944-1946 a o
3148----—,.—1946-1949 j d
3 Ha
1949-1952 j d
3a.1946-1948 J D
38
...1951-1955 M S
2 *8
1955-1960 m 8
2*8.
1945-1947 m s
2 *4 a
1948-1951 m s
2*8.,;.
1961-1954 j d
2148----1956-1959 M S
2J4s
..1958-1963 J I>
214s--.
..-1960-1965 j d
214a
..1945 j d
2148
1948 m 5
214s
1949-1963 j d
2J49-I1950-1952 M S
2s
1947 j d
3a series a....May
1 1939-1949 f a
1942-1944 j j
O
109.31
110.2
21
109 22 110.8
110.6
29
105"""
109.22 110.12
109.27
49
109.11 109.27
Oct 1961
♦6e extl sf gold of 1927. Jan 1961
•Colombia Mtge Bank 6 Ms—1947
♦Sinking fund 7s Of 1926
1946
♦Sinking fund 7s of 1927
1947
A
F
J
D
109.7
104.30
94
..
107.4
104.12 105,5
22
105.4
106.9
109.22
108.19109.7
15
107.24
106.1
107.12
109.2
""83
1C7.28
106.9
107
4
107.28
107.24
105.19106.9
104.24 104.20
104.24
21
104
104.25
103.25 103.25
103.26
52
103.4
103.30
103.11 103.8
103.16
102
102.20103.16
103.10 103.9
103.16
87
106.25 106.19
106.27
♦6s assented
♦Guar sink fund 6s
,
♦6s of 1928
Copenhagen (City) 5s
25 year
gold 4mb
MN
J
M
Govt
Foreign
&
103.5
of) 7s——.1951
(Republic) 5s of 1904—.1944
106.6
106.27
♦Costa Rica (Rep
105.1
71
*105.15105.25
102.31
105.20
Cuba
External 6s of 1914 ser
A
1949
C—-1949
103.8
102.20
j.
j
2
59
107.9
106.26107.14
106
106
105.6
105.5
9
2
105.3
107.10
107.6
102.17 102.10
104.11
5
102.17
37
106.5
105.6
104.14
2
106.26107.11
102
102.20
104.1
.-1977
external debt
104.18
93 M
92*
93*
61
91
90
91
24
MN
50
42
51*
*74 M
82
79
80*
M N
F
D
J
99*
External g 4 Ms of
♦Austrian (Govt's) s
1956
1957
1928
f 7s
J
11
9M
11
93 M
93M
9*
90 M
92
91M
158
89M
92^
86 M
85 M
86*
49
85M
87 M
78
76*
78
250
76M
76M
77 M
J
(Free State) 6 Ms.—-1946 F
-.'-1949
Belgium 26-yr extl 6Ms
»
External
b
'77 *
100
99
"95"
98 M
94 M
100
14M
J
*15
A
99M
95
86
106
95 *
51
14 *
18
78M
76M
79
96 M 101M
97 M 101M
91M
98 M
20
12*
.17*
21
104
es Ms of 1930
16
103
20
112
115
14
20
"r3
13
18M
J
105*
105
105*
114*
113M
114*
*14
•18
D
D
external 8s.___1941
♦External s f 6 Ms of 1926—1957
♦External s f 6 Ms of 1927—-1957
♦7s (Central Ry) —
1962
Brisbane (City) s f 5s...—a. 1957
Sinking fund gold 5s
--—.1958
D
16
O
12
O
12
D
11*
ll«
Ms
O
♦Brazil (U 8 of)
20-year
s
15M
14*
16M
11M
13*
138
11*
9M'
11M
k
16
13*
111
9M
12*
96M
57
9M
16M
13 m
13M
12M
17
93 M
97 M
97 M
118
95
1
89
-.1950 J
f 68
A
94 M
95
D
99
99*
4
97
J
D
—.1962
♦Budapest (City of) 6s
M
F
109* 103*
45
97* 100*
99
65
65*
3
65
66
O
66
66*
,6
65
66*
*65*
S
89*
70
O
67
67
"3
O
67
67
6
MN
*15
*14*
J
1965
1965
J
67
67
18
16
16
16
14*
107
105* 107
*12
17*
107
107*
106
*114*
18*
107*
104
104
17*
*103
D
14*
100
97
106*
1,07*
66
66*
65
*100
107
97*
66
A
A
118*
113* 114*
*103*
stamped
♦5Ms unstamped-
8
10
9M
10
16
1G0M
9M
11M
19
18*
15*
D
stamp(Canad'n Holder) *65
♦German Rep extl 7s stamped.1949 AO
♦7s unstamped
..1949
German Prov A Communal Bks
♦(Cons Agrlc Loan) 6Ms-—-1968 J D
♦Greek Government a f ser 7s.-1964 MN
♦5 Ms
15
103* 105
"22*
♦6s part
16
15
9
21*
;
"23*
14*
"92
11
18
17*
26*
22
19*
16
24
*25*
26*
20
23
23*
18*
22*
23*
18*
16*
20*
75
75
73*
17*
16*
15*
75
16
*13
103*
103*
104
75
16
105
10*
8*
9*
9
9
*
16*
'
103
8*
'■
*7*
11*
9
*9*
MN
♦Sinking fund 7*8 Ber B-—1961
♦Hungary (Kingdom of) 7 *8—1944 F
Extended at 4 Ms to
1979 F
26*
22
23*
.—1968
Haiti (Republic) 8 f 6s ser A—1952
♦Hamburg (State) 6s.i—.
1946
♦Heidelberg (German) extl 7Ms '50
Helslngfors (City) ext 6 Ms
1960
Hungarian Cons Municipal Loan
J
♦7Ms secured s f g.
1945 J
J
♦7s secured s f g
;
1946 J
♦Hungarian Land M Inst 7*8.1961 MN
33*
*20*
1964
paid
121
16*
"21*
*20
1968 FA
♦Sink fund secured 6s."
19*
*15*
17*
.
-
106 M
106
1955
1950
External 30-year s f 7s
20M
106
♦External sinking fund 6s.-.1958
♦Berlin (Germany) s f 6
16
105M
M S
-.1955 J
f 6s
79
66
1949
1949
♦7s part paid
t Bavaria
51
102*
German Govt International¬
M S
MN
68*
66v
(Republic of) 7s
;
49*
O
A
Finland (Republic) ext 6s
78 unstamped-.-
73*
10
75
1
1948
External 7s stamped
68*
38
—.1967
1945 M S
♦Frankfort (City of) 8 f 6 *8.-1953 M N
French Republic 7 Ms stamped-1941 J D
7 Ms unstamped
1941
10
60
65*
18
50
70 M
68 M
65*
12M
12M
10
100* 102*
102* 103*
93*
9M
11
3
93
10M
11
247
65*
12
11M
11M
11M
96*
""2
56*
105
S
12
12 M
12
101*
108
105
O
"I2"
9M
62
30
22*
107
M
♦El Salvador 8s ctfs of
10M
2
A
94 M
10M
68*
102*
26
11
15
103
*52
102
25M
12
J
68M.
O
93
12
55*'
103
"70M
25M
11M
1955
56*
D
25 M
11
30
101M
A
J
94 M
11M
10*
1927-..-.—1957
9Q
9Q
M S alOOM alOO* alOO*
105
*102 M
A
F
25M
Estonia
55
*45
*44*
25M
.11
96*
94*
A
94M
11*
12
26
93*
87*'
A
1940 A
Admins 5 Ms 2d ser.1961 M
dep
2
F
25M
♦Dresden
25*
F
J
O
—1969
1969
(City) externa! 7s—1945
24
23*
A
—
19
19*
21
26
A
1942
External gold 6 Ms
—1955
External g 4mb
Apr 16 1962
Dominican Rep Cust Ad 5 Ms.-1942
1st ser 6 Ms of 1926
1940
21
21*
26
1951
Sinking fund 8s ser B
20*
19
1^*
-1952
Czechoslovak (Rep of) 8a
19*
25*
25*
25M
12
^ f extl conv loan 4s Apr....1972
20
10*
25*
25M
12
External 6s of
17*
*15
21M
21M
Denmark 20-year extl 6s
f 7s series d
Australia 30-year 5a
12*
1
2
107.22
107.20
f 7s series c-
O
7
11
External loan 4 M8 ser
s
A
3
13
17*
14
28
Sinking fund 5 Ms—-Jan 15 1953
♦Public wks 5 Ms—June 30 1945 J
s
—
10*
13
10*
4
25*
4 Ms
♦External
1945 j
j
.1945 j j
series—.1957 a o
♦External see 8 f 78 2d Berles-1957 a o
♦External sec s 1 7s 3d series. 1967 a o
d
Antwerp (City) external 6s—,—1958 j
Argentine (National Government)—
8 f external 4*s
1948 MN
8 f external 4mb...1971 M N
8 f extl conv loan 4s Feb
1972 F A
14*
45
21*
102.20
♦External
♦External s f 7s 1st
8
16*
14*
16*
14*
14*
11
25*
102
107.14
107.20
a
o
m 8
j
j
14*
14*
25*
25*
102.16 103.8
Customs
a
High
25*
54
.69
5Ms 2d series.-
1947 f
—1948
Norway) 48-1968
♦AntlOQUla (Dept) coll 7s a.—1945
♦External s f 7s series b
1945
14*
14*
10*
S
J
102.31
102.14
6M8 1st series
♦Gtd sink fund 6s
Low
O
A
102.13 103.5
(Colombia)
♦Gtd sink fund 6s
No.
Jan. 1
M N
144
Municipal—
Akershua (King of
Since
©
17*
"l3~~
D
J
2d series sink fund 5 Ms
Agricultural Mtge Bank
©
tX5<>a
10M
"14*
MN
M
102.20103.16
103.8
14*
A
1952
1953
{♦Cordoba (City) 7s unstamped 1957
{♦7s stamped
1957
Cordoba (Prov) Argentina 7S--1942
109.1
107.22 107.14
103.4"
Range
cS
Asked
High
&
Colombia (Republic of)—
109.30110.9
09.16109.27
1 1944-1952 mn
2148 series b._Aug
2ms series g
O
A
107.1
106.18 106.27
4
26
104.29 105.8
Home Owners' Loan Corp—
"
A
33
8
110.3
107.23
1 1942-1947 (vi 8
2148.-..-.-.-Mar
Chile Mtg Bank (Concluded>
♦Guar sink fund 6b
109.23
109.7
Bid
Low
110.2
110
Price
(Con.)
107.4
106.23
-Jan
3s
js
107.1
106.20
-May 15 1944-1949 mn 107.14 107.8
106
15 1942-1947 j
j
3s
e
-.1961
1961
1962
♦6s assented
——1962
♦Chilean Cons Munlc 7s
1960
♦Chinese (Hukuang Ry) 6s
1951
♦Cologne (City) Germany 6 Ms-1950
105.1
110
ioelo
15 1944 1964 m 8
Mar
118.26 119.14
1C4.29
Treasury
Federal Farm Mortgage Corp—
3148
N. Y. STOCK EXCHANGE
Week Ended Feb. 10
Friday's
High
Treasury 4s
Treasury
Range or
Sale
Foreign Govt. & Mun.
Treasury 4^8-
Treasury
Last
Range
U. S. Government
Treasury
Week's
BONDS
Week'8
Last
BONDS
13*
37*
28*
9*
*28
A
*25
A
9*
9*
31
30
30*
24*
♦Buenoe Aires (Prov of)
♦6s stamped.
1961
-
M
*55
8
64
64
Irish Free State extl s f 5s
Italy (Kingdom of) extl 7s
1951 J D
ItaliaD Cred Consortium 7s ser B '47 M S
S
49*
49
50 M
49
52 M
Refunding s f 4*s-4*s
F
A
49*
49*
■50 M
49M
External re-ad J
A
O
50 *
49*
50 M
49 M
61M
51*
External b
M N
51M
51M
52 M
50 M
42
38
20M
30M
20 M
Externals! 4M-4Ms—
M
1977
1976
4*s-4*b—1976
f 4*s-4*s
—1975
1984
♦Secured
B f
♦Stabilization loan 7 Ms
J
J
MN
Canada (Dom of) 30-yr 4s-...I960 A 0
5s-.
—.1962 MN
H 0-year 2 Ms—
25-year 3*8
Aug 15 1945
1961
—
F
A
J
J
7-year 2Ms
1944 J
30-year 3s...
1967 J
♦Carlsbad (City) 1
8s
1954 J
♦Cent Agrio Bank( Ger) 7s.—1950 M
♦Farm Loan sf 6s..July 15 1960 J
20M
*27
111
103*
104*
J
76om
1942
♦6s Assented
75*
MN
58*
58*
60
42
67*
A
O
34*
F
A
3
20
*18.
10*
75
55
34
85*
65*
38*
16 M
34*
34
*—■:
D
16*
12*
—
23M
{♦Treas 6s of '13 assent (large) *33
18M
11m
M '•
*
*
*
*
*
*
**
1 *
*
*
2*
*
**
*
*
*
♦Assenting 4s of 1910 small
15
10*
**
♦Assenting 4a of 1904—
10*
*M
**
10*
-
27
*
16
19M
23
19M
♦Assenting 5s small
32
♦4s of 1904
19*
1
16M
11M
10
76m
15*
11M
15*
16M
35
15
18 M
11M
15*
12 M
15*
.12*
10
11m
16M
12M
3
15m
16M
18 M
1
12 m
18M
10*
HM
13
15m
11*
16
12
18M
16M
18 M
16*
O
11M
15*
HM
1962 A O
15M
1962 A
11M
15*
11M
O
1963 M N
J D
J D
J D
J D
14M
12*
15M
1954
*
1954
1
3
8
15
11M
2
11m
15m
11m
16M
11M
26
15m
7
1
16M
18M
16M
18M
{♦Small
/%
*
J
8
M S
1958
♦Sec extlsf 6Ms.-
1959 M S
♦6e series A
1952 J
8*
48
D
48
1959 MN
New So Wales (State) extl 58.-1957 F
External s f 6s
Apr 1958 A
O
F
A
Norway 20-year extl 6s
20-year external 6s
1943
A
1944 F A
1956 M S
f 4*8——1965 A O
External sink fund 4Ms
16M
External
14M
10
14 m
16
4s
1963 F
A
10
10*
30
10
Municipal Bank extl s f 58—1970 J
D
14M
14M
7
14
14M
16M
11*
14*
*10M
52*
-1952 A O
♦8ec extl s f 6 Ms
♦Montevideo (City) 7s
s
s
f ext loan
*
7*
*
*
*
*
23
47*
56*
15
7M
7*
1*
J
14M
11m
**
J
J
—
Milan (City, Italy) extl 6 Ms
Mlnas Geraee (State)—
*
*
*
♦Assenting 4s of 1910 large
"~5
19*
MN
♦External sinking fund 6s... 1963 M N
853.
56
76*
«
*
♦Assenting 5s large
27
—.Sept 1961 M S
For footnotes see page
101
21M
19 m
O
1957
1957
1961
1961
98 M
19
30
22 M
11M
assented
♦Sink fund 6 Ms of 1926
♦6Ms assented-.
"80
*15
J
♦68 assented
104M
23
16K
♦6 Ms
103
101M 103
27
J
♦Chile Mtge Bank 6 Ms
37
1
A
♦6s assented
83
Ms—1954 J D
4Ms—1943 MN
1943 MN
♦Mexico (US) extl 6s of 1899 £-1945 Q J
♦Assenting 5s of 1899
1946 Q J
"2
Feb 1961 F
fund 6s
81
A
♦4Ms stmp assented---
23
♦Extl sinking fund 6s-.Sept 1961 M S
♦External sinking
83
F
♦Medellin (Colombia) 6
27
..Jan 1961 J
.Jan 1961 J
♦6s assented
49
♦Mexican Irrlgait'on gtd
23
fund 6s..Feb 1961 F A
♦Ry ref extl s f 6s
♦6s assented
109M 111*
102M 104
27
A
1960
21
*14
1960 A
♦6s assented
109 M
59
103*
104M
102*
J
1942 MN
♦External sinking fund 6s
65
16
111M
20
HI M
J
1960
♦6s Oct coupon on
62
5
54
32 M
HIM
101
106
65
51
♦Lower Austria (Province) 7 Ms I960 J
103*
100*
69
65
51
29
110*
110M
104*
64*
65
J
30 M
,
S
15 1960 AO
♦Chile (Rep)—Extl S f 7s
♦7s assented
*
*102
J
1960
♦6s July coupon on
♦Farm Loan s f 6s..Oct
♦Extl sinking
*37
J
1968
7s
J
1967
3% external s f $ bonds
Bulgaria (Kingdom of)
Italian Public Utility extl
107*
64*
J
7s.—1952
Japanese Govt 30-yr s f 6 Ms-—1954
Extl sinking fund 5 Ms
1965
♦Jugoslavia (State Mtge Bk) 7a 1957
♦Leipzig (Germany) s f 7s
1947
53 M
42
*101*
1960 MN
78
104
98*
98*
103*
54
9*
9*
12
48
12
48
1
48
45*
99
35
99
14
104
15
103
95
9*
9*
48
48*
100*
94* 100
104*
103*
104*
18
103* 105*
103*
104
80
102*
102
40
100*
100*
102*
100*
102* 105
100* 103*
"l03*
103*
48
99* 101*
103* 104
Volume
New York Bond Record—Continued—Page 2
148
Week's
Friday
bonds
J*
N. Y. STOCK EXCHANGE
K
Week Ended Feb. 10
Last
Price
♦Extl e f 6s
♦Stabilisation loan s f
101
3
55
2
50
47 H
48H
714
6
43 h
5h
9h
m
""9H
f 6a.
a
10
10 H
10 K
9H
10H
i
60
65
63
18H
14h
18h
coupon
paid....
.1953
9H
,
8
"29
13?T-?5H
4
25
5
8H
8X
24.14
8H
9H
8
.21K
99H
54
15h
69h
20h
15
20
■
8H
23
9H
8H
12
11
7h
26
7
10
9H
27
6H
,125
17 h
20h
8h
23
20h
..
a
railroad
and
19h
Certificates of deposit
Convertible 4 Hs—
....1960 f A
Certificates of deposit....
P L E A W Va Sys ref 4s_—1941 M n
Certificates of deposit..
19 h
19H
43
j
J
J
25
33
..
28
"95H lOOH
lOOH
44
52
*78
H
37 H
39H
105
36
35
33
39 H
38
36
17
11
49 h
44
14
43 h
12
39 %
3$h
40 h
40
40
38
,
69
64
49
50 h
68
:40h
91H
12
87 H
93 H
*30
13
87
98 H
35
90
101H
104 H 10814
50
85
U7H
117H
52
130 H
117H
13014
131
14
H7H H8H
129 H 131
22 H
23H
"10
23H
19H
19 H
3
19
26H
26 H
22
22
1
91
99
22 H
♦Berlin Elec El A Undergr 6 Ha 1956
Beth Steel cons M 4Ha ser D..1960
A
J
Cons mtge 3Ha series E.....1966 A
3Ha s f conv debs..........1952 A
107 H
107H
102 H
99 J4
102 H
Big Sandy 1st 4s
.1944 J D
Boston A Maine 1st 5s A C....1967 M s
1st M 6s series' II.
—.1955 m N
1st g 4Ha series JJ
1961 a
Boston A N Y Air Line 1st 4s 1955 F
Brooklyn City RR 1st 5s......1941 J
Bklyn Edison cons mtge 3HS..1966 M
107H
102 %
100
1st 5s stamped...
g
O
*20H *28*
8
21H
32
7H
106 % 108 K
101H 102 H
97 H 100H
71
29
25
29 H
20
23
27 H
8
21
5
6H
108 H
.
48
20
72 H
38
70H
38
H
24
,6
50
150
14
h
30
30
A
27
"57H
D
..
57 H
Brown Shoe s f deb 3 Ha—
Buffalo Gen Eleo 4 Ha series B.1981
Buff Nlag Elec 3Ha series C...1967
83
81H
—
5114
14 h
3014
27 h
69
41
"HH "15"
29 h
27
34
55
59
31
55H
101h
101 H
102
102
1952 a
r
h
103
60
35H
a
O
73
73
74
f
A
74
j
D
74 H
64 H
76 h
65 H
•
O
63 h
o
*—...
'"3l"
31
♦46
'•
•104 h
35
34
35
65
108 h
104
2
.
38
3
72
74
47
74
83
26
63
72 h
"21
29
39
44
33
h
59
'lOA
105h
97 k
90h
106
"109"
10814
97 h
90h
110H
52
"n
7
1
90
'~54%
American Ice s 1 deb 5s.......1953 j D
Amer IG Chem conv 5 Hs—1949 MN
'mii
*28
52
35
55 k
52
103h406
97
98h
89
93
108H 110H
♦102
,101H
48h
40
55 h
102
102 H
101
40
135
"61
26H
25H
10
7H
*6
J
115H
j
115H
Guaranteed gold 5s.....Oct 1969 AO
Guaranteed gold 5s
......1970 f A
Guar gold 4 Ha
June 16 1955 j D
118H
119H
117H
Guaranteed gold 4 Ha...—.1956 f A
Guaranteed gold 4Ha..Sept 1951 m s
Canadian Northern deb 6 Ha—-1946 J
115H
123 H
Canadian Pao Ry 4% deb stk perpet J
Coll trust 4 Ha.—
1946 m s
81H
„9814
94 K
—.1949 j
{♦Car Cent 1st guar 4s
'
814
39
7
8
68
70
38
41
1
49
154
92
53 H
96 H
62
96
102 H
101
102
Carriers A Gen Corp deb 5s W w 1950 MN
1st gu gold 4s
Celotqx Corp deb 4 Ha w w
♦Cent Branch U P 1st g 4s.
Cart A Adlr
H
K
93
90 H
10
114H
114 H
117H
118 H
116H
10
H5H
H5H
H9K
119K
H7K
H6K
H4H
123 K
124
80H,
82
98H
99H
9
18
«
115K
115H
118H
118H
117H
115H
114H
115
12
25
5
23
17
44
23
1
113
99K '100H
93H
94K
*37
43%
106H 107 H
32
14
"*37
f
17
Light 3 Hs
1966
A
32
7H
102
33
100h 104h
1I1H
107 h
112
107
108H
121
106 h
107h
78
108
108
111H H2H
105h 108 h
105h 107h
106h 111h
Through Short L lstgu 4s.—1954 A O
Guaranteed g 5s..
.....1960 F A
Central RR A Bkg of Gar•
5s extended to May 1 1942—— MN
Amer Wat Wks A Elec 6s aer A.1975 mn
Anaconda Cop Mlo a f deb 4H81950 AO
105 H
104 h
105 h
105 h
102 h
Central Steel 1st g s f 8s
105 H
■53
23 h
35 h
23 H
36
3
23h^
9
30h
25h
36
98
98
3
96
98
98
98 h
95
98
98 h
31
97h
97h
98h
108 %
123
89 h
90
3
86 H
73
87 h
91h
92 h
3
92 x
95
92 h
6
92 x
89
{Ann Arbor 1st g
Ark A Mem Bridge A Term 58.1964
Armour A Co (Del) 4s series B.1955
1st m s f 4s ser C (Del)
1957
Atchison Top' A Santa Fe—
General 4s.....
.......1995
23H
105
10§,
-
m 8
F
a
j
"~98H
J
A o
107 %
108 H
♦Adjustment gold 4s—.....1995 Nov
♦Stamped 4s
..——1995 MN
Conv gold 4s of 1909.......1955 J
Conv 4s of 1905
1955 j
89
88 h
d
92 k
92 x
D
.1960 j
...1948 J
1965 j
D
*88
d
101h
Trans-Con Short L 1st 4s
1958 j
J
Cal-Arls 1st A ref 4 H« A
1962 M s
Conv gold 4s of 1910
Conv deb 4 Ha.....
Rocky Mtn Dlv 1st 4a
Atl Knox A Nor 1st g 5s...
1946 J
J
10-year coll tr 5s
L A N coll gold 4s
Atl A Dan 1st g 4s
Second mortgage 4s
May 11945
Oct 1952
......1948
....1948
Atl Gulf A W188 coll fr 5s
'"8
109
41
♦110 h
98h 100H
110H
107h 10914
109
"92"
110
110
86
90
89h
91h
85 h
86 H
85
87 h
65 h
66
64 h
70 h
75 h
77
74 h
78 h
69h
68
72
33 h
28h
"75H
68
68
38 H
38
39
32 H
32
33 k
52 h
j
90
99 h 102
91H
j
1941 J
90 h
85 H
j
j
106 h 109
86
u3h
*85
J
1959 j
853.
110
109
J
38—1953 M s
J
{(♦ Auburn Auto conv deb 4Hal939 j
For footnotes see page
103
109h
D
MN
MN
Atlant'e Refln'ng deb
Austin AN Wist gUg 5s
♦100 h
109K
d
j
Atl A Charl A L 1st 4 Ha A....1944 J
1st 30-year 5s series B
1944 J j
Atl Coast Line 1st cons 4s July 1952 M s
General unified 4Hs A......1964 j
101K
102" "70
98 h
52
.
52
104 h
104,h
,*17h
2614
*67
72 h
52
39
33 h
65H
103 h 105 h
22 H
21
Cent Pacific 1st ref gu gold 4s.. 1949 F
107H
7K
12H
5
7H
7H
6K
10
~"5H ""6K
7K
"97" 107*
70
24
99
73K
80
110K
32 H
24 H
26
3
12
23
J
101K
J
J
—————1958 M 8
1977 F A
1st A ref 5s series A——1971 F A
General 4s
1st A ref 4 Ha series B
{♦C A E 111 Ry gen
♦Certificates of deposit.....
Chicago A Erie 1st gold 5s—..1982
{♦Chicago Great West 1st 4s...1959
{♦Chic Ind A Loulsv ref 6s..—1947
♦Refunding g 5s series B.—1947
♦Refunding 4s series C
1947
♦1st A gen 5s series A
—1966
♦1st A gen 6s series B—May 1966
100H 101H
100H 101H
118H 123
96
98 H
101H
123
98
%
98 H
98 H
♦104 H
105K
95%
98H
105
105
116K
O
109 H
98
102 H
97 H
U4"
116K
10 %
98
102 H
38
99
28
26
24
10H
14H
97 H 100
101H 103 H
99 %
97
90
93 H
97 H
99
91
97
97
97
1
17
19
40
17K
24
15
61
81H
19 H
20 H
♦81H
20 K
J
J
11
J
J
10
J
J
J
12
103 K
90 K
96 H
17
MN
—
97 H
91
MN
M S
1
116K
'104
MN
J
54
115K
77% 81
116
U' 101H
122
98K
3s.—.1949 A O
A
62
80
10014
J
♦Chic A Alton RR ref g
6s...1934
5s—....—1951
69 H
50
115H
M 8
{(♦Chicago A East 111 1st
76K
67
J
Warm Spring V 1st g
Chic Burl A Q—HI Dlv 3 Ha—1949 J
Illinois Division 4s...—1949 J
71H
1
67
56 H
100
26 %
,24
108H
85
74K
55K
79K
122K
23
54
72%
115
J
4s—.——1989
5s.—.1941
61
104H
110H 111H
28H
39H
21H
♦53
.1941 MN
103
107
67
"55 K
75
109H 109H
103 H
*iom
J
2d consol gold
6H
10
101
110K
103 H
110 H
31H
"24
Certain-teed Prod 5Hs A..—.1948 M S
Craig Valley 1st 5s
May 1940 J
Potts Creek Branch 1st 4s
1946 J
R A A Dlv 1st con g 4s——-1989 J
19 H
32
4K
70
*65
*110
103 H
.
gen g 4 Ha
—1992
Ref A imp mtge 3 Hs aer D—1996 MN
Ref A lmpt M 3 Ha ser E
1996 F A
92
15
A
Champion Paper A Fibre—;
,
8 f deb 4Ha (1935 issue)
.1950 M S
8 f deb 4Ha (1938 Issue).—.1950 M S
M S
Ches A Ohio
88 H
8H
4H
95
105 H
105 h
♦Anglo-Chilean Nitrate—
————1967 Jan
4s
.....1995 q J
105
6
*7H
*98 K
J
100H
deb
118
97 H 100 K
112H 113H
98 K 100 H
91H 94 K
32
19
9,.
"*4H
Central N Y Power 3 Ha——1962 A o
111H
107 H
107H
8 f income
119K
119K
116K
113K 114H
122 H 124
82 H
79 H
16
17K
32
5
J
J
,
4H
O
100 M
20
116
~87~~ "90K
90
9
1951 F A
J
{♦Cent New Eng 1st gu 4s.....1961
Central of N J gen g 5s.—;
1987 J
General 4s—
1987 J
17
32
A
j
5
,96 H
116
53
"89H
{♦Central of Ga 1st K. 6s—Nov 1946
♦Consol gold 6s
——1946 mn
:
♦Ref A gen 6 Ha aeries B
1959 a o
O
♦Ref A gen 5s series C.i..i—1959
D
♦Chatt Dlv pur money g 4s—1951
J
♦Mac A Nor Dlv 1st g 5s
1946
J
♦Mid Ga A At Dlv pur m 58.1947
J
♦Mobile Dlv 1st g 6s.-.
—1946 J
Central Foundry mtge 6b..——1941 MS
Gen mortgage 5s
—.1941 M S
Cent Hud Q A E 1st A ref 3 Hs.1965 M S
Cent 111 Eleo A Gas 1st 5s
2
90
90
1981 f A
1947 J ,D
1948 j D
1943 mn
3Hs debentures—.—...1961 A O
3H8 debentures
.1966 J D
J
♦Am Type Founders conv deb.1950 J
Amer Telep A Teleg—
20-year sinking fund 6H8
31H
30H
8
11
....
68
38
113
TOOK
Caro Clinch A Ohio 1st 6a ser A1952 J
Cent UUnols
♦Alplne-Montan Steel 7s..—..1955 M s
Am A Foreign Pow deb 5s—2030 M 8
5
8
68
98
104
60
104 h
38
66
102 h 104 h
107
60
♦36
a
„
102
19
60
*106 h
104 h
Albany Perfor Wrap Pap 6s—1948 a
50H
101H 104
102
102
102 H
1943 J
......1943 J
56 h
103
93
106 H 108H
1UH 112 K
28
5s A.—..1962
5s equip trust ctts———.1944 J
Coll trust gold 5s.—Deo 11954 J
Collateral trust 4 Ha...—.—I960 J
{(♦Abltlbi Pow A Paper 1st 5S.1953 j d
4s..—1948 m s
.1947 m;d
10-year deb 4H« stamped...1946 f
T29H "43
52
Canadian Nat gold 4 Ha—
.1957 j
Guaranteed gold 6s
July 1969 J
36h
4
3
111K
95H
91H
40
39h
83
1
107
106 H 108H
103 K 105 H
72 H
79
7H
38
40h
36h
83 H
27H
Bush Term Bldgs 6s gu..——-1960
Calif-Oregon Power 4s
.1966
cons gu
38
80 H
7H
...—1955
74H
35
27 H
Certlf1 cates of deposit
Consol 5s
50
70H
44
.
98
97
106 H
111H
*108 H
27 H
27 H
{(♦Burl C R A Nor 1st A coll 5s 1934 a o
♦Certificates of deposit......
Bush Terminal 1st 4s.
1952
37
36m
37m
37 H
O
N
A
cons g
10H
107 H 109 H
40
*35
82
100
27 H
108
.
92
106H 107
7H
108H
95
29
48
N
.
29
26 H
a
.....1941 J
.1950 f A
5s
1945 m N
5s
99H
*106 H
28 H
27 H
28 H
Bklyn Manhet Transit 4Ha.-.1966 MN
Bklyn Qu Co A Sub con gtd 68.1941 m N
Canada Sou
41
"40"
AO
105 H
*
3Ha..1943 J
♦Berlin City Elec Co deb 6 Ha..1961 J
♦Deb sinking fund 6Ha—1959 f
♦Debenture 6s
1955 a
36
40
49
35
42
87
91k
H
cons
Buff Roch A Pitts consol
13
43 h
H
54
industrial
Am Internal Corp conv 5 Hs...1949 j
"35 H
"87
J
O
J
14H
40
48
35H
35 H
J
14 H
11
106 H
27h
28
38
gu 4s
...1998
Allegh Val gen guar g 4s
1942 M 8
Allied Stores Corp deb 4 Ha.—.1950 a O
4 Ha debentures..:.........1951 F a
AUis-Chalmers Mfg conv 4s
1952 m s
48
20
10K
49
1950 F' a
f A
J D
4H8—1957 M N
33
53 h
d
A
o
195
13H
12 H
26
#99H
56
N
A
29
41
*23
1979 MN
♦Coll A conv 5s..—....—1950 A
♦5S stamped....
1950 a
19H
20H
20
16K
16K
*
..I960 A
1st A ref 5s series C
16 H
65
42
B'western Dlv 1st mtge 5s...1950 J
Certificates of deposit....
Toledo Gin Dlv ref 4s A
1959 J
Bangor A Aroostook 1st 5a
1943
Con ref 4s——......1951
4s stamped
..1961
Battle Creek A Stur 1st gu 8s—1989
Beech Creek ext 1st g 3 Ha——1951
Bell Telep of Pa 5s series B....1948
47h
5
20 H
47
11H
1914
19H
18 H
11H
UH
103
40
Allegh A West 1st
20 K
1996 m S
Certificates of deposit.Ref A gen 5s series F
77 H
1
■
22 K
22 K
16
104 H
40 h
4s series B
18H
18H
33
108 H
♦27
Adams Express coll tr g
Coll trust 4s of 1907
cons
18
20 H
104 H
76 X
companies
1st
21H
19 H
108
40h
6s with warr assented
1948
Alb A Suaq 1st guar. 3 Ha.
.1946
Alleghany Corp coll trust 5a.-.1944
Coll A copv 5s
........—1949
26
20
19h
76 H
98 ■
46
Ala Gt Sou 1st cons A 5s
21
59
20
104 H
44h
Adriatic Eleo Co extl 7s
20
d
108
42h
6s—.1961 J
20
1995 J
58
2000 m S
1950 J D
1957 M N
43
—.—1958 f
4Hs assented
Yokohama (City) extl
21
5
1st lien A ref 6s series A——1947 m N
1
F
j
A
M
f
17
...
Debenture gold 5s
1st Hen A ref 5s series B—
2
1978
1984
7s—1952
♦Vienna (City of) 6s.
.....1952
♦Warsaw (City) external 7s
1958
19H
Bklyn Un Gas 1st
44
1978 J
22
25h
67 h
con v..
16H
28
46
3 Ha extl readjustment
Venetian Prov Mtge Bank
102
19h
20 H
20
22H
1964 M N
8H-4H-4fiG extl
19
20h
56
4-4H-4H% extl read)
61H
19
67
43 %
.
47 H
23
46
external conversion...
49
17
25H
3H-4-4H % (S bonds of *37)
"
55
26 H
.—...I960 MN
f 6s
61H
51H
50
102
48 H
22*£
External s f 5 Ha guar
1961 A o
♦Uruguay (Republic) extl 8s—1946 F a
3H-4-4Hs ($ bonds of *37)
external readjustment. ..1979 M
50 H
100
135
24
f 5 Ha
♦External 8 f 6s
51
Bklyn Union EI 1st
6Hs
♦
High
52
19
21
10
9M
21H
7h
60 k
6H
12
12
o
,
6H
9H
7H
j
9h
10h
10
9h
7h
614
7h
19
1
15
15
1971 J
Tokyo City 5s loan of 1912—.1952 M S
s
514
64 H
-
♦External
6h
59
9H
10 H
10
♦
Taiwan Elec Pow
g
11
62 H
A
1945 J d
—1946 J d
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl..
.......1962 m N
♦7s series B sec extl......
1962 MN
♦Silesia (Prov of) extl 7b
1958 j D
4Hs assented——
—1958 j D
♦Slleslan Landowners Assn 6s..1947 f A
Sydney (City) 8 f SHja.—-1955 f A
♦Sinking fund
30
30
8H
9H
9H
9H
*8%
§♦88 extl loan of 1921...
1936 j
♦8s external....
........1950 j
♦7s extl water loan
1956 m s
♦Secured s f 7s.....
♦Saxon State Mtge Inst 7fl
102h 105
101
106h
8K
8H
7H
1957 MN
♦6a extl dollar loan
18
14
Low
102
50 H
Belvldere Delaware
j""j
1968 J
....1940 A
8
12
35
♦24
7%
......1952 MN
f
♦6 Ha extl secured s
San Paulo (State of)—
lc3H
104 K
102 K
104
o
7
16
15K
H
....
1967 j D
...1952 a O
♦Saarbruecken (City) 6sSao Paulo (City of, Brazil)—
.
*14H
A
♦Roumanla (Kingdom of) 7a...1959 f
s
9h
o
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 A o
♦6s extl s f g
—.......1968 j d
♦7s extl loan of 1926.......1966 mn
♦8s extl secured
11H
♦
103
♦February 1937
46 K
31h
35k
10H
104
♦7s municipal loan
Rome (City) extl 6He
36h
32 h
35h
*IoH
...1947 f A
♦Rhlne-Maln-Danube 7s A
1950 m s
♦Rio de Janeiro (City of) 8a—1946 A
♦Extl sec 6 Ha
........1953 f
12
3314
33
No.
*101H
Ref A gen 5s series D
•
"Bo"
♦41H
32 %
50
9
'
♦34
f 7S..1941 A o
s
32
9h
30h
30h
64
High
Jan. 1
51h
Certificates of deposit........
7%
11
10h
10h
38h
40
10 x
10 H
9H
9H
it
25-year external 6s
100 h103
101
102
2
10
10
Since
ajea
Certificates of deposit
Ref A gen 6s series C
51
15
6H
N
Range
Asked
A
1948 A O
1948 A O
♦Certificates of deposit.......
Ref A gen 5s series A
....1995 J d
56
"48 H
D
1961
J
1966
Prague (Greater City) 7 He
1952 MN
♦Prussia (Free State) extl 6 Ha. 1951 MS
♦External
48h
55
♦Porto Alegre (City of) 8
♦Extl loan 7 He
Queensland (State) extl
Bait A Ohio 1st mtge g 4s.July
♦1st mtge g 5s
July
14
♦32
...1952 A
Baldwin Loco Works 5s stmpd.1940 m
101
1968
-
18h
56 h
62 h
26
1958
4 He assented
17 h
52 h
*"50
Bid
Low
High
Low
56 H
52K
7a..r.1947 A O
1950 J J
......
Price
102 H
1940 a O
♦External sink fund g 8b
4 Ha assented
Sale
Week Ended Feb. 10
51H
101"
...
(Rep of) gold 6a
No.
20
"55H
Range or
Friday's
N. Y. STOCK EXCHANGE
101H
♦Stamped
.....1963 MN
♦Pernambuco (State of) 7s
1947 m S
♦Peru (Rep of) external 7b
1959 M s
♦Nat Loan extl sf 6s let ser..l960 J d
♦Nat Loan extl e f 6s 2d eer..l961 A O
♦Poland
High
i
55K
62 H
1963 m N
A
aer
F A
m s
MN
A O
J D
Last
Since
Asked
<fe
bonds
Range
Jan. 1
Friday's
Bid
Low
♦Nuremburg (City) extl 6a
1952
Oriental Devel guar 6s——1953
Extl deb 5 Ha
1958
Oslo (City) s 14 He
1955
•Panama (Rep) extl 5 He
1953
j
Range or
Sale t
jo
849
Week's
Friday
4H
K
*7H
4K
4K
97
18
H
13
90
22
12K
10 K
1214
4H
5H
94 H
98K
97
100
16
22 H
21
84
8
11
24H
13 H
3
10
15
11H
11H
5H
10
9
4
4K
6
New York Bond Record—Continued—Page 3
850
Feb.
BONDS
Last
Price
135 So. La Salle St.
One Wall Street
*K. r. 1-741 4-
108%
Last
Range
N. Y. STOCK EXCHANGE
Sale
Friday's
Price
Bid
1956
J
%8-T
1969
J Chic Milwaukee A St Paul—
J
D
Chic L S A East let 4
~
20
♦Gen g 3 Hs series B. _May
♦Gen 4H» eerles C-.-May
1 1989
1 1989
♦Gen 4 Hs eerles E—-May 1 1989
♦Gen 4%s series F
May 1 1989
{♦Chic Milw St P A Pac 6a A..1975
♦Conv ad J 5a_Jan 1 2000
{♦Chic A No Weet gen g 3%s:_1987
♦General
4s
+
m~
m
m'm
-
.
..
O
..1987
1930
♦let ref g 5a
May 1 2037
♦1st A ref 4%s stpd-May 1 2037
♦let A ref 4He ser C-May 1 2037
♦Conv 4%s series A
1949
{{♦Chicago Railways 1st 6s stpd
Aug 1938 25% part paid . ....
{♦Chic R I A Pac Ry gen 4s - 1988
stamped
{♦Secured 6Hb--
16H
16%
7%
7%
*5%
4%
4H
J
7%
20
7%
4%.
34
7
47%
14%
57
18%
16%
7
8%
9%
6
8
3%
83%
25
3
4%
56
*72
*63
•
D
104%
J
■
91H
1902
F
D
109%
m
'mm
-
-
4*
m
104
5
100% 102%
87% 91%
88
90%
29
8
1
*.
305%
106%
14
108
108%
53
1
70%
85
56%
14
109 H
93%
105%
109%
HI
64
66%
*
«.
•.
~
1
21
97%
90
109
111
"82"" "§5%
86%
87%
15
86%
77%
78%
43
75
72%
74
16
70
103%
.1981
1st mtge 3%s series H...
1st mtge 3H8 series I...
Conv debs 3Ha
101
A
A
M
O
3
58
63
39
43%
289
102
40
101%
102
556
%'
110%
1*1*6%
1
107%
103%
108%
47
102%
103
103
H
48
104
S
i07H
106%
107%
.97
O
109 %
109
109%
19
107% 109%
109
34
107%
«
108
108%
110% '109%
*85%
*
L*
„
98%
44
.
15
719
111%
-
109%
105%
*108%
109%
105%
-
1
109
89
100
106%
106%
106%
105%
106%
106
J
♦Debenture 4s
1955
♦Debenture 4s
*17
103%
103%
106
2
122
11%
♦Consolidation Coal
s
f 6s
75
*10%
109%
106%
106% 106%
105
106%
105% 106%
19%
21%
102% 104%
—Snt
see page
'■
853.
a
—
88
MN
106%
107
105% 107%
2
106
107
74
^
„
*102%
—
i
H
*102%
—
—
-
_
-
44%
45%
15
43
47
21%
22
54
19
22%
20
20
35
18%
22
20
21%
.20
11
16%
21%
♦
MN
11%
11%
23
_
_
_
J
138
10%
11
11%
195
10%
14
45
O
12
45
4
42%
46%
40
45
11%
J
*42
40
MN
*85
14
94
.1938 M S
*50
M
74
101
8
100
-
D
103%
103%
D
62%
8
7%
7%
•7%
M
-2
98
28
*90%
O
100
100% 101%
102% 103
87%
90%
102% 104%
-
113
*37
62
70
105%
100% 101%
13
102%
98%
103%
J
1974
100
elOl %
7%
1st A ref 6s series A
74
104
8
102%
J
{♦Florida East Coast 1st 4 Hs..1959
105%
101%
101%
102%
1943 J
{♦Fla Cent A Pennin 5s__
'9
44
76
10.4%
.1942 M 8
30-year deb 0s series B._
1954 J
Firestone Tire A Rubber 3Hs. 1948 A
♦
76
101
.1942 (VI 8
40
40
63
16
62
64%
8
56
7
2
7
7%
•.
10
9%
.1952
♦Certificates of deposit
Fort St U P Co 1st g 4 Hs
*%
1941 J
J
101
Francisco Sugar coll trust 6b... 1950 MN
43%
Gas A El of Berg Co cons g 5s—1949 J
Gen Amer Investors deb 6s A..1952 F
Gen Cable 1st s f 6Hs A
..1947 J
D
J
100
..1945 J
J
*50%
1940 J
D
(Germany) 7s
1948
.....
'
r-l
...
.
-
—
1%
'
2
101
43%
2
40
101
101
43%
*122%
A
102%
55%
MN
Gen Motors Accept Corp deb 3s 1940 F
*50
102%
101 %
52%
55%
23
,
10
„
_
_
_
2
102% 105
ioo
104%
50
59
55%
62%
45
54
59%
A
106%
106%
106%
10
105% 107%
1951
A
107%
107%
107%
53
106
Gen Pub Serv deb 5Ha
-.1939
Gen Steel Cast 5Hs with warr.1949
J
101%
101%
4
J
5s Oct 1 '45
J
{{♦Ga Caro A Nor 1st ext 6s__1934
♦Good Hope 8teel A Ir sec 7s..1945
Goodrich (B F) cbDV deb 6s...1945
O
{♦Ga A Ala Ry 1st
cons
Grays Point Term 1st gu 5s...1947 J
Gt Cons El Pow (Japan) 7s
1944 F
1950 J
59%
D
59
*14
-
J
D
1st mtge 4 Hb
:
1950
Gotham 811k Hosiery deb 5s w w '40 M 8
Gouv A Oswegatchle 1st 5s
1942 J D
J
Grand R A I ext 1st gu g 4 H8..1941 J
61
48
15
15%
1
15%
40
40
3
40
100%
100
100%
54
100
100
100
100%
82
90
-
107%
100% 101%
57%
65%
,15%
16
15%
18
90%
-
-
..»
.
-
-
*46
14
85
45
101
99'
100%
84%
•wm
mm
mm
90%
m
m
m.
m
m.
-----
*105%
103% 104%
6
".73% "79""
54
100% 104%
D
A
"79"
*78%
79
*75
J
45
15
47
Great Northern 4Hs series A..1901
General 5Hs series B
1952
General 5s series C.J
9
Gen mtge 4s series H
Gen mtge 3Hs series I
80
1940
64%
«
...
72%
1940 A
12
Houston Oil sink fund 6Hs A. 1940
Hudson Coal 1st s f 6s ser A... 1962
45
52
cons g
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s
1944 A
85%
135
•
94
83%
1
68%
60
6%
74
*60
mm*
10
6
76%
m
-
-
>m
7%
mmmmmrnm
75%
9
69
75%
100
4
94%
108%
108%
4
102%
102%
3
*105'n
mm mm
88%
mm
"79%
94%
108%
102%
1 00%
65
mm
106
93%
95
107% 108%
102% 105%
.
105t7n 105*'»i
*30
101%
33%
119%
73%
119%
*30%
74%
33%
74%
101
102
8
118
7
67
76%
32
38%
--r--
11
58
32%
124%
124%
1
46%
46%
49%
87
13
13
13%
76
1949
A. 1957
78%
74%
5s...1937
ser
18
97%
1949 J
{{♦Housatonlc Ry
81%
86
4Hs.—1999 J
Hoe (R) A Co 1st mtge
93
85
74%
*70%
99%
79
84
1952 J
13%
94
88%
96
1st ref A Term M 5s stamped 1952 J
Gulf States Steel s f 4 Hs
1961 A
1980 A
2
16
84%
6%
10-year deb 4Hs
THackensack Water 1st 4s
♦Harpen MlDlng 6s
20
88%
80%
*54%
Gulf States Util 4s series C
95
80
96%
Greenbrier Ry 1st gu 4s_.
1940 MN
Gulf Mob A Nor 1st 5 Hs B...1950 A O
1st mtge 5s series C
i960 A O
Gulf A Ship Island RR—
cons g
94
104%
80
_
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
Hocking Val 1st
103
88%
^
.1967
13%
A
103%
94%
1973
General 4Hs series D_;
1976
Genera! 4 Ha series E
1977
General mtge 4s series G-...1946
10%
I--*.
«
For footnotes
85%
"26
106%
95
♦Adjustment Income 5s.Feb 1957
\f
106%
*50
10
*10%
1960
4
86
*50
10
13%
*10%
1956
♦Debenture 4s
24%
104%
*10%
1955
-
105
106%
D
107% 111%
109%
105%
106%
J
109
110% 110%
1958
1951 J
106% 108
-
*110
1956
deb 3 Ha
103
104%
102% 103%
106% 107
107
1951
non-conv deb 4s..1954
109% 110%
107% 110%
100%
1951
Wuertemberg 7s...1956
conv
105
O
1942
series
stamped
let A gen s f 0Hb™
103
♦Consolidated Hydro-Elec Works
of Upper
92% 102
107
s f 3%s A
1961
Consol Edison (N Y) deb 3%s.l946
3 Hs debentures
1948
{♦Consol Ry
92% 102
94
101%
J
Conn Rlv Pow
Consol Oil
.106% 106%
102% 103%
32
108%
110
1968
3 Ha debentures
3 Hb debentures.
2
43%
100%
-
89%
*80%
75%
D
Conn A Passump River 1st 4s..1943
103%
10%
'
*109
..1958
4Hs
-
60
100%
101
«
103%
100%
J
M N
1965 A
Conn Ry A L 1st A ref 4 Hs
4.
42
O
2%s debentures
1942 J
Commercial Invest Tr deb 3 Hs 1951 J
Commonwealth Edison Co—
lBt mtge g 4s series F
"
60.
Columbia G A E deb 5a.—May 1952 MN
Debenture 5s
Apr
15 1952 A O
guar
—
--
78 H
F
f 5s
♦Sinking fund deb 6%s
♦20-year s f deb 6s
72 H
A
103
106%
90
105% 105%
87 U
16 1901 J
111%
12%
2%
57%
*84"
*100
*103%
85%
*1
61
....
*76"
.1970
Jan
s
15-year 3Hfl deb.-
Colo A South 4Hs series A... .1980 MN
Stamped
107
*106
......
85%
{{♦Proof of claim filed by owner M N
55
56%
los":
*106%
Coal River Ry 1st gu 4s__.... .1945
Colo Fuel A Iron Co gen s f 6s. .1943
Debenture 5s..'
105
110
J
17%
.1977
Columbia A H V 1st extg 4s...1948
Columbus A Tol 1st ext 4s
1955
Columbus Ry Pow A Lt 4s^_._1905
Commercial Credit deb 3H8—.1951
5s Internationa
♦Gen Elec
J
O
*3
96
-
106% 107%
33
{{♦Proof of cipim filed by owner. MN
(Amended) 1st cons 2-4s
1982
.1973
♦5s Income mtge
4
17
77
77%
1
-
97%
*88
105%
T
70%
-
30
•
-
42
98% 101
14%
77
57%
*
*.
....
♦Certificates of deposit
Fonda Johns A Glov 4Hs
71
*77%
-
110%
111%
103
108%
107% 108%
05
*41%
.1972
f 4 Hs series C—
111
Ernesto Breda 7s...
1954 F A
Fairbanks Morse deb is......1956 J D
Federal Light A Traction 1st 5s 1942 M S
109%
110%
100%
105%
*.
A
1st
110%
111
112% 113
111% 112%
110% 111%
25
106
J
6%
3%
107%
105%
*12%
O
1967
{♦3d mtge 4Hb
4
«
103
A
CleVe Union Term gu 6Hs
1st s f series B guar
107%
.1953
6s of 1927
1st lien 68 stamped
O
.1950 F
107%
105 H
J
.1953
4s series D
1st lien
.1948 M N
Series D 3Hs guar
conv
15
O
GeU 4 Hb series A
.1977 F
Gen A ref mtge 4 Hb series B .1981
Cleve Short Line 1st gu 4 Hs— .1961
10%
3%
109
107
105% 107%
303
S
105%
26
105H
108%
Cleve-Cllffs Iron 1st mtge 4 Ha. .1950 M N
Cleve Elec Ilium 1st M 3%8-., .1965 J
J
.1942 J
5%
7%
40
A
.1975 A
♦Erie A Jersey let s f 6s
.1955 J
♦Geneesee River 1st s f 6s.. .1957 J
37
64
....
4%
25
99 H
D
4s prior.. .1996
♦Series B
79
64
Series A 4Ha guar
Series C 3 Hs guar
31
10
O
.1940
oons g
13%
.1990 M N
.1942 A
4%
....
98%
1st consol gen Hen g 4s
.1990
♦Conv 4s series A
..... .1953
70
69
.1942 A
MN
15%
14%
11
4
J
.1905 A
Series C 3Hs
3
*57
f—.
...
10%
6
4%
4%
8%
4%
.1965 A
21
J
sef B
.1941
6s stamped
29
J
Cleve A Pgh gen gu 4 Hs
Series B 3Hs guar
D
1965 J
Elgin Jollet A East 1st g 5s
El Paso A 8 W 1st 5s
79
.1977 J
J
113
111%
D
♦Ref A lmpt 5s of 1930
57
48
109%
*110%
D
.1940 J
......
A
O
1995 J
1951 J
♦Ref A imp.
43
103
D
.1940 M
4%
1995 J
Ed El 111 (N Y) 1st cons g 6s.. .1995 J
Electric Auto Lite conv 4s
.1952 F
15
■
14
Cln Wabash A M Dlv 1st 4s. .1991 J
St L Dlv 1st coll tr g 4s
Spr A Col Dlv 1st g 4s—
W W Val Dlv 1st g 4s
59
90%
88
4s—_1942 MN
Cln Ua Term 1st gu 5s ser C—1957 MN
1st mtge guar 3 Hs series D..1971 MN
J
Clearfield A Mah 1st gu 5a
1943 J
Ref A impt.4 Ha series E
54
♦Gen
54
109
70
15
con gu
Cleve Cln Chic A St L gen 4s_.. ,1993
General 5s series B
.1993
111
*40
60
16
107%
102%
91%
91
A
1967 J
4%
4%
111
65
9
,
105
102%
S
I960
—
A
*22
75%
5
106%
O
1st mtge 3 Hs
Cln Leb A Nor 1st
13
Gen A ref mtge 3Hs ser G...1906 M S
60
109
5s—1952 MN
Cincinnati Gas A Elec 3%s
12%
43
75%
•
65
104%
107 H
102 H
1943 A
cons
105% 106%
J
45
♦N Y A Erie RR ext 1st 4s.. .1947
O
J
1903 J
J
1963 J
—1951 M S
1st A ref M 4%s series D
2
22
♦
Chicago Union Station—
{♦Choc Okla A Gulf
5
12%
106
113
Dul MlssabeAIr Range Ry 3 Hsl962 A
{{♦Dul Sou Shore A Atl g 5s..1937 J
64%
105%
....
112%
Detroit Edison Co 4 Hs ser D..1901 F
Gen A ref M 4s ser F
1905 A
65
-
*
*62%
56
108
*3%
*23%
112%
111%
{♦Erie RR 1st
5%
7
•3
3%
108% 109%
11%
11%
Erie A Pitts g gu 3 Ha ser B... .1940
13
46%
Childs Co deb 5s.
51
J
{♦Des M A Ft Dodge 4s ctfB—1935 J
{♦Des Plains Val 1st gu 4 Hs—1947 M 8
9
26
54%
M
59 H
7%
6%
6%
46%
1952 J
2
105%
...
East TVaAGa Dlv 1st 5s.—. .1950 MN
6%
D
4s
109%
57%
57%
J
East Ry Minn Nor Dlv 1st 4s.. .1948 A
5%
■7 %
Dec 1 1960 M S
cod
4
109%
—
108 %
104% 104%
106% 107%
105% 106%
11
7
6
7
Chic T H A So'eastern let 58.-I960 J
Chic A West Indiana
O
8
O
Duquesne Light 1st M 3 Hs
6
6%
D
guaranteed....
39
MN
4s
33
7%
D
3Hs
42
11
'
14
47
105%
104% 106
31%
35%
36
38%
39
44%
34%
36
12%
14
50%
15%
3Hb
June 15 1951 J
Memphis Dlv 1st g 4s
1951 J
1st mtge 4s "Ties D
let mtge 3%» series E
38
42
♦Assented (subj to plan)
♦Ref A impt 6s ser B...Apr 1978 A
cons g
Dow Chemical deb 3s
8
Ch St L A New Orleans 5s.—.1951 J
1944 A
37%
*32
104
12
1930 J
...1936 J
6s.Aug 1955 F
{{♦Den A R G 1st
16%
19
74
5%
15
7
-
Guaranteed 4s.
1951
14%
16%
33 H
D
....
Penna tax
14%
9
*14%
{♦Refunding gold 4s.1
1934
♦Certificates of deposit
{♦Secured 4 Ha series A
1952 MS
♦Certificates of deposit-.
♦Conv g 4Hb
-I960 taN
6a
16
-
5
8%
*49
15%
AO
gu
as to
Detroit Term A Tunnel 4Hs—1961
13
35
32%
*107%
105%
Stamped
16
-
106
32%
109%
98% 100
107% 109%
*105%
1
.
18
J
5
-
107
105
J
15
-
98%
108%
104%
105%
'
♦Certificates of deposit
lnc
12
3%
103% 104%
103% 105
7
*108%
♦Detroit A Mac 1st lien g 5a
♦Second gold 4s
~
9
8%
A
Gold
28%
28%
108
65
108
J
16%
5
17%
mmmmmm
28%
2%
12%
13%
2
14%
*
D
J
07
15%
16%
M N
F
2%
13%
14%
14%
15%
^
26
8%
14%
-
28%
23%
211
*14%
m
-
D
J
2
22%
22%
22%
22%
10%
13%
*13%
14%
D
24
29.
mmmmmrnrn
-
MN
J
26 '
5
2%
13%
13 H
M N
J
26%
26
9%
M N
♦Gen 4%s stpd Fed lnc tax.. 1987 M N
♦Gen 6s stpd Fed lnc tax
1987 M N
58
26%
71
108%
J
1st mortgage 4 Ha
High
71
25
104%
104%
106
High
107% 109%
106% 10«%
107% 108%
19
J
1969 J
Den Gas A El 1st A ref a f 6s—1951 MN
1
3
108%
109%
D
1971
1969
{♦Consol gold 4 Hb
{♦Den A R G West gen
♦25
9H
2%
♦Stpd 48 non-p Fed lnc tax 1987 M N
♦4 Ha
Low
66%
26
-
mm*—mm
A
90
25%
25%
25%
mm.
26
1987 M N
.
No
Jan.
5
104
1943 MN
1st Aref 4Hs—
♦111
May 1 1989
♦Gen 4b series A
IS
Since
Low
No.
109%
108%
103%
98%
J
Del Power A Light 1st 4 Ha
Range
"S-e
High
*70
mm
or
Asked
&
Low
J
Chic Ind A Sou 60-year 4a.
7 Hs series A extended to 1940— J
J
6s series B extended to 1940
Dayton Pow A Lt 1st A ref 3 Hs I960 A
108%
109%
104%
D
Del A Hudson let A ref 4s
BONDS
10
1942 J
1952 J
Jan. 1
104%
103%
98%
1950 M N
f 4s
Cuba RR 1st 5a g___
Week's
'Friday
s
Cuba Nor Ry 1st 5Hs
Randolph 7711
9ell System Teletype -b Cgo. 543
T>lgby 4-5200
Week Ended Feb.
Crown Cork A Seal
108%
107%
109%
1970 M N
1960 MN
1946 J D
16-year deb 6s
1943 J D
Continental Oil conv 2Ha..—1948 J D
Crane Co s f deb 3 Hb
1951 F A
Since
Asked
High
108%
1st mtge 3Ha
Container Corp 1st 6s
Chicago, III.
Y.
&
107%
1st mtge 3 Hs
MUNICIPAL "BONDS
View York,
Bid
Low
Consumers Power 3Ha.May 1 1965 MN
1st mtge 3 Ha
May 1 1965 MN
1st mtge 3 Hs
1967 M N
Range
or
Friday's
Ef to
Week Ended Feb. 10
Bennett 'Bros. & Johnson
Range
Sale
N. Y. STOCK EXCHANGE
1939
11,
Week's
(.Friday
33%
101
119%
102%
31%
36%
124
124%
43%
49%
11%
13%
Volume
New York Bond Record—Continued—Page 4
148
3?•«
BONDS
Week Ended Feb. 10
Last
-8
N. Y. STOCK EXCHANGE
Bid
Low
Illinois Bell Telp 3Ha ser B..1970
Illinois Central 1st gold 4a
1st gold 3Hs.—
1951
1951
1951
1951
Extended 1st gold 3Hs
1st gold 3s sterling
Collateral trust gold 4a
Refunding 4s
Purchased lines 3
O
112
o
-
*
-
-
75
56
1955 MN
57
8354
85
----
56
57 H
10
55H
6054
59
21
56 H
62
50
----
*
47 H
52
50
69
4
62
71
McCrory Stores Corps!deb5s. 1951 MN
Maine Central RR 4s ser A...1945 J D
Gen mtge 4Hs series A
1960 J D
51 H
163
46
54
Manatl Sugar 4s s f
83 %
2
8354
83 H
63
63
63
63
1953 MN
54
66
53 H
65
54H
1955 MN
49 %
49
H
83 %
*62 H
Aug 1 1966 F A
Bridge gold 4s
titcbfleld Dlv 1st gold 3s
1950
1951
Loulsv Dlv A Term g 3 Ha—1953
Omaha Dlv 1st gold 3s
1951
90
*47 H
1
76
....
*.——
67H
60 %
00 H
60H
1963
.1940
..1948
55
A
««**
F
♦Ilseder Steel Corp 6s—
Ind Bloom A West 1st ext 4s—1940 A
-«•
-
•
60H
1952 J
.108
109 H
5954 63H
Ref s f 6s series A—
...
60
60 H
3
,
5954
37
3
35
60 J4
1
57 H
57 H
5754
3
66 H
42
84%
102
....
1554
*14
3
....
16
3H
25
*12
15
——
....
78H
77H
79 H
126
57H
53
57 %
30
Tm-w-»
98
9954
64
92 H
85
35
1955 M 8
Int Rys Cent Amer 1st 5s B... 1972 MN
1947 F A
1st lien & ref 6Hs—
91H
91H
.
,
*82 H
....
15
20
14
4
14H
72 54
49 H
97 H
90H
20
82
82
88 H
62
68 H
70%
4H
65 54
91%
95
64H
67
"
93
69 %
68
70 H
173
{♦Iowa Central Ry 1st A ref 4s. .1951 M 8
3H
3H
3H
1
52 H
,52 H
5454
8
95
4
95
1961
IM
Kanawha & Mich 1st gu g 4a—1990 A
D
—
^
~
-
8
O
*82
{(♦K C Ft S A M Ry ref g 4«—1936 A O
♦Certificates of deposit.....
gold 3s
1950
..—.Apr 1950
A
♦Ctfs
w w
J
stmp (par $925)
Plain
33H
32
30
70
32
66K
44
3
I05H
105 %
109
10554
36 H
♦
-
-
-
*
MN
♦
9
----
----
37
...
36 H
35
31%
71%
65
71H
10854 109 H
104 H 105 H
36
"96"
*96"
12
-
.....
-
—
1—
J
*
J
*.
90
----
90
1754
*60
AO
F
-
--
.
*164
A
95
20
1942 F
-
*
*
-
----
♦Montgomery Dlv 1st
♦Ref A lmpt 4Hs
1
80
79
5
103
9954
10254
-
98
4
....
80
100
104 H
10054
12
1354
45
80 H
83 H
123
49H
100 %
5054
100
13%
88 H
50%
49
49%
5
1997
H
10054
100
m
~
A O
45
5054
40
4554
5054
42
45
1
45
49
—
H
5
68 H
88
H
1354
8754
5
25H
14
3
,58
58
*58 %
61
84 H
*30 H
85
33
----
4
.
H
m
--
A
*25
75
m
J
m
20
20
2
m
mi
m.
m
17
16H
1754
17H
30
30 H
49
m
50
.
~86~" *90"
*40
18
48 H
20
18
18
-
......
.2003 MN
........
110H HI
99 H
96
8H
7
100
8H
H
*54
*35""
1
90 H
90 H
90 H
;
89 %
90 H
88
"94 H
"67
95 H
*73
80
73
"*i
13
13
"OOH "95H
73
12
*39
48 %
42
28%
14 H
14H
30
.13 H
13H
"oh
*26 54
6
"10
33
13
H
45
32
H
17 H
...
*T* "7%
054
20
2%
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OH
.6 54
38
5H
OH
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5H
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3H
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11
6
3H
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1H
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"51"
3%
3
.2%
6H
•
2H
3
*1%
5H'
5
0
9
4
6
3H
1H
7
67
5
8H
6H
65%
2%
68
45
55
4
50
18
41 %
28
26 H
30
23
27%
70
23%
14
56
12%
17H
18H
*1754„
H
27
2354
12H
12H
9
21
31H
23
24
H
45
28
*23"
52
41H
42
19 H
17H
21H
19%
4H
17H
16H
17 %
10%
20H
6H
"4 %
20*
1
48
5H
19H
4H
54
51H
37 H
•
32H
34
20
16 H
2154
20H
21%
19 H
4H
21%
20%
21%
20 H
*02 H
18
75
65
65
18
'
*1754
18 H
*17
3H
18
**13
•19
H
"*42
3H
17 H
20%
17H
"*43
18
18
3H
33
19 %
18.
18
54"
Lex A East 1st 50-yr 5s gu... .1965 A
Ligget A Myers Tobacco 7s... .1944 A
.1951 F
-
,
•
«
-
-
7
1654
23
16H
31
101
98,54
97 H
97
99
350
4
96H
96H
99
97
"70H
70 H
70%
2
70%
72 H
6 ,7 H
'7
9
-
---
24
1
.
40
50
49
•
18
17 54..
20
2
lOOH
50
*60 H
*82 H
82
60
5s
1951 F
Louisiana A Ark 1st 5s tot A..1969 J
128
A
124H
%
124
;
J
20%
1854
21
18
20 54
19H
22H
21H
•
57
58
101H
5254
Nat Steel 1st coll
s
1966 J
f 4s
75
Newark Consol Gas
17
104
*98 H 101H
{♦New England RR guar 5s...1945
♦Consol guar 4s.
...1945
New England Tel A Tel 5s A—1952
1st g 4Hs series B......
1961
N J Junction RR guar 1st 4s—1986
N J Pow A Light 1st 4Hs
1960
5
49
5654
91H
----
18
12854
12454
5
4
82 H
21
*8154 "83*"
80H
80
83H
82
1966 M S
108 H
10854
9
105H
10554
2
12854 129H
122 H 124 H
79
82 H
108
10854
105H 106
1940 J
A
J
O
2003 A O
A
O
100
99%
95
_
87
84 H
100
98
95
4
87
84
82
7
88
8454
80
%
3
15
100
31
99H100H
91
97 H
87
91H
84 54
87
79
82 H
69H
13
98
69%
10
33 H
,
56 H
53 H
97%
'
ook
•
46 H
104H 107 %
115H H5H
115 H
33 H
97H
42 %
107 %
72
33 H
29 H
*102
"l04H
.10554
104H.
10554
*10554
ial% *134
105%
•
m"% 105"
57
104 H
106 H
104 H 105H
♦H'
J
H
*H
54'
*H
*H
8
H
H
*H
J
H
.—
%
1%
1%
.
J
D
cons
1H
*1H
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•
.-r
1%
•
—
'
1H
%
*H
18
^
14
107% 109 H
*35
109 H
65
122 H
109
122 %
"2
H
109
6s...1948 J
D
J
J
23
23
1
J
J
23 H
23%
1
J
D
127
MN
126
F
1st A ref 6s series B
...1954 A
♦1st 5s series B
♦Certificates of deposit...
♦1st 6s series C—...———1956 F
♦1st 4Hs series D..........1956 A
2
108*"
1
109*"
67 H
*52*"
124*'
27 H
23H 27H
124 % 127
123% 126 H
23
69
4
2
107 % 109
70
65
51H
52
51
55 H
104
103 %
104
25
103
104 H
103 H
104 %
68
103
104 %
104 H
65H
66%
12
65H
33
33
3
#30H
*31
35
30
37
45
33
35
J
O
O
33
72 %
34
H
H
A
*33
34
31H
36
F
33
33
30
37 H
37H
31
37
33 H
35H
39 H
34H
A..........1954 O A
♦Certificates of deposit
126 H
122%
...
108H
1955
1953 J
{(♦N O Tex A Mex n-c lnc 5s.. 1935 A
127
H
A
NOANElstref Almp4H«A 1962
New Orl Pub Serv 1st 5s ser A—1952
♦1st 5Hs soles
Louisville A Nashville RR—
49
♦98
New Orl Great Nor 5s A—..—1983
----
52
106 H
A
J
54
50
H5H
D
67H
*75*"
.
44
"10054
i>
44 H
49,
■
12854 129H
12754 129H
108
11054
21
*67H
52 H
♦Assent warr A rets No 4 on '51
13
Louis A Jeff Bridge Co gu 4s.. 1945 M 8
2003 A O
,
(♦Assent warr A rets No 4 on *26
♦4a April 1914 coupon on—1951 A O
♦4a April 1914 coupon off.—1951 A O
112*" IIS"
81H
1st A ref 5a series B
53 H
49
100% 105
Nat RR of Mex prior Hen 4 He—
5
J
Unified gold 4s—
D
♦Assept warr A rets No 4 on '57
*4a April 1914 coupon on....1977 AO
O
New Orleans Term 1st gu 4s
1944 A O
107 H 108 %
79
*67 H
{♦Naugatuck RR 1st g 4s.....1954 MN
11454
129 H
128 H
11054
82 H
83
82
f 6s series B—... 1955 A
♦4s April 1914 coupon off
1977 A
♦Assent warr A rets Nd 5 on '77
2054
75
109 %
s
♦4Hs July 1914 coupon on—1957 J
♦4Hs July 1914 coupon off—1957 J
51H
2
128
J
Nat Gypsum 4 Ha a t debs....1950 MN
National Rys of Mexico—
J
♦4Hs Jan 1914 coupon on...1957 J
H
481
58
128H
Tower 1st A ref 3HS-1966
Nat Dairy Prod deb 354 w w__1951 MN
Nat Distillers Prod deb 4 Hs.—1945 MN
19
30
2154
128
82 %
105
,
104 %
Nassau Elec gu g 4s stpd.—.1951
Acme 4 Hs extended to
1946 J
3254.
30
4
A
M 8
50
105
22
28H
25H 34
5Q
53
102 H 105
108%
Nat
.
"26"" "26"
20
O
Guar ref gold 48—— .1949 M 8
4s stamped—........... .1949 M 8
18
22
108
.....1965
59 H
"16
114H
♦Long Dock Co 3Ha ext to... .1950 A O
H
103 H
.......
85
1854
-
D
*47 %
58
22
114H
128H
"ioi"
32
M S
'
27
53
57
mf -
w
20
29 H
84 H
20 H
*
-
18
25H
J
18
19
—
22
O
Liquid Carbonic 4s conv debs.. .1947 J D
Little Miami gen 4s series A.., .1962 MN
.1946 F A
Loews Inc s f deb 3HsLombard Elec 7s series A..... .1952 J
—
25
M S
25H
22'
.2003 MN
Leh Val Term Ry 1st gu g 5s.., .1941 A O
.1941 A O
5s assented
-
18
M S
22H
5454
21H
.2003 MN
......
—
„
....
♦4 Hs assented
♦General cons 5s
HI
8H
*H
6s—1947 F A
Nash Chatt A St L 4s ser A....1978 F
9
■
♦Lehigh Val (Pa) cons g 4s..., .2003 MN
♦4s assented............. .2003 MN
.2003 MN
♦General cons 4Hs-
For footnotes see page 853.
110 H
99 H
Mut Un Tel gtd 6s ext at 6%..1941 MN
,
-
g
Mountain States TAT 3Hs—1968 J D
Mutual Fuel Gas 1st gu g 5s—.1947 MN
68 H
67
9
48 H
2003
A
Constr M 5s series A.......1956 M N
Constr M 4 Ha series B—
1955 MN
----
^
48
C
111
17
Gen & ref a f 4 Hs series C—.1955 A
Gen A ref s f 5s series D.....1955 A
Morris A Essex 1st gu 3H
2000 J
46
43
■.31H
«
^
J
3%B soles E—...2003
102 % 104
104 H
Gen A ref
----
.
J
1st A ref 4s series D—
103 %
*1754
Montreal Tram 1st A ref 5s....1941 J
Gen A ref s f 6s series A.....1955 A
83 H
m
—
30H
Leh Val N Y 1st gu g 4Hs— .1940 J
4 Hs assented.............. .1940 J
1st A ref
87
54H
42.
103 H
108 54
Montana
1
1154
79%
24
•mi
5sr............1974
1st A ref 4 Hs soles
81H
103 H
1st mtge 4 Ha—.——-I960
10254
60
5054
•45
*41
Sec 6% notes extend to—..1943
Leh Val Harbor Term gu 5s—1954
Louisiana Gas A Elec 3 Ha
,
85
42
42
102 H 104
104 H'
68
Lorlllard (P) Co deb 7s
20
"85**
42
81H
101 % 101 %
82
83 H
82
i
.85
32 H
.
6S debentures..
96
96
76
101H
*64
unified 4s........ .1949
20
31H
81
82
Monongahela Ry 1st M 4s ser A '60 MN
Monongahela West Penn Pub Serv
100
10454
12 H
102
A
..1975
J
Lehigh C & Nay s f 4Hs A
1954
J
Cons sink fund 4Hs ser C...1954
Lehigh & New Eng RR 4s A...1965 A O
Lehigh A N Y 1st gu g 4s
1945 M S
Lehigh Val Coal 1st A ref s f 58.1944 F A
1st A ref s f 6s—
—.1954
1st A ref s f 5a— ..........1964
Long Island
35
20
....
1977'
(♦Secured,,5% notes........1938
Mohawk A Malone 1st gu g 4s. 1991
165
165
10454
...1941
5s
29 H
27
70
43 %
1
{Mobile A Ohio RRA-
100
3% to—1947
♦58 assented
*38 J
1938 J
"72*" *7§H
*96
*
♦1st mtge Income reg
1st A ret s f
32%
30 H
28
*101
gu
..—1981 F
♦Certificates of deposit
Lake Erie A Western RR—
Lake Sh A Mich So g 3Hs.
Lautaro Nitrate Co Ltd—
39 H
27
*81
(♦MoPac 3d 7s ext at 4%.July 1938 MN
104 %
99%
*
Coll & ref 5Hs series C.—1953 F
Coll A ref 5Hs series D—1960 F'
Coll tr 6s series A—...r——1942 F
......
107
67
43 54
29 %
*25H
94 54
96
107H 107H
----
-J---
80
J
J
Uniform ctfs of deposit
.1959 M 8
Laclede Gas Light ref A ext 5S.1939 A
gold 5s
g4s int
♦1st A ref g 5s series H——1980
♦Certificates of deposit...
{♦Kreuger A Toll secured 5s
6a 1937 extended at
29
A O
D
♦Certificates of deposit..—.
....1978 M N
♦Certificates bf deposit.—
♦Conv gold 5Ha
.1949 MN
----
*60
J
-
2d
106
71H
41H
27 H
31H
30 H
*18H
92 H
Kinney (Q<R) 5 Ha ext to.....1941 J D
Koppers Co 4s series A
..1951 MN
J
Kresge Foundation coll tr 4s—1945 J
3Hs collateral trust notes...1947 F A
Coll tr 6s series BJ
con
♦1st A ret 5s series I.
MrS "*96r"
J
107*"
110
*68 H
♦1st A ret 6s series G
36
17H
20
23
70% 73 H
104 H 105 H
106
106
"43 %
MN
J J
{♦Mo Pac 1st & ref 5s ser A——1965 F A
♦Certificates of deposit.......
♦General 4s.——..—
...1975 M S
♦1st A ref 5s series F.—1977 M S
6754
108 %
—1961 J
4 Ha unguaranteed.........1961
Kings County EI L A P 6s
1997
Kings County Elev 1st g 4a...1949
Kings Co Lighting 1st 5s_
1954
1st A ref 6 Ha—
..—1954
33
65 H
65H
stmp (par $645)..1943
1943
♦Ctfs with warr (par $925)—1943
Keith (B F) Corp 1st 6s
..1946
Kentucky Central gold 4s.—1987
Kentucky A Ind Term 4H8...1961
Stamped——.—*
.......1961
w w
7
96 H
82 H
79
3254
68 H
08%
95
t
33
O
Kansas City Term 1st 4s
1960 J
Kansas Gas A Electric 4 Ha
1980 J P
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----
99 H
86
110
72%
105 H
t
J
J
(♦1st cons 5s gu as to int...1938 J
J
♦1st A ref 6s series A—.....1946 J
J
♦25-year 5Ha
...1949 M S
♦1st A ref 5 Hs series B—.1978 J
J
{♦ Mo-Ill RR 1st 5s series A...1959 J J
Mo Kan A Tex 1st gold 4s—1990 J P
M-K-T RR pr lien 5s ser A....1962 J
J
40-year 4s series B
—1962 J
J
Prior lien 4Hs series D
1978 J
J
♦Cum adjust 5s ser A...4Jan 1967 A O
9954
94 H
62
95 H
90
James Frankl A Clear 1st 4s.. 1959 J
Jones A Laughlln Steel 454sA
—
85
72 H
...1939
{{♦M St P A SS M
(♦1st cons 6s
79 H
60 H
63 54
3 54
-
J
: 1955 F
High
97 H
82 H
*18
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{♦Mil Spar A N W 1st gu 4s
1947 M S
{♦Milw A State Line 1st 3Hs—1941 J
J
{♦Minn A St Louis 5s ctfs..—.1934 M N
♦1st A ref gold 4s..........1949 M 8
♦Ref A ext 50-yr 5s ser A...1962 Q F
*
Low
20
66 H
4Hs_. 1952
♦Con ext 4Hs
Jan. 1
110
*104 H
1939 J
{♦Mil A No 1st ext 4Ha...
H
3
-15
No.
*82 H
1951 M
1st gold 3Ha.
......1952
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.1979
{♦Mid of N J 1st ext 6s..,.—
1940
83 H '89H
101H 102 H
A
Int Telep A Teleg deb g
Debenture 5s——
Jack Lans A Sag 3 Ha
39 H
61H
61
83%
*101H
1977
A O
Q J
MN
M S
A O
F A
M S
M S
■* P
City Air Line 4s.........1940 J
61
36 H
1977
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Michigan Central Detroit A Bay
10H
59
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9H
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^lst g 68 series C
—.
1944 A
Interna t Hydro El deb 6a
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J
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1956 J
,
32
32
1956 J
—
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104 54 105
47
....
62
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2
60
Interlake Iron conv deb 4s..... 1947 A O
Int Agrlc Corp 5s stamped.... 1942 MN
Marlon Steam Shovel s f 6s
1947
Market St Ry 7s ser A...April 1940
Mead Corp 1st 6s with warr—1945
Metrop Ed 1st 4 Ha series D...1968
53
96 %
109
60
—.....
{♦Int-Grt Nor 1st 6s ser A
....
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....
-----
95 H
109 H
J
{Interboro Rap Tran 1st 5s
1966 J
Certificates of deposit—.—
(♦10-year 6s
1932 AO
{♦10-year conv 7% notes...l932 M S
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14
10 H
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96
17
79
10 H
I0H
......
J
A
21
95
'
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1948 J
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50H
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-
39H
1950 J
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57 H
52
54H
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1
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110
.Feb 1 1957 M N
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.......2013 J D
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1953 M 8
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Lines) 4s._.1939 M N
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1959 MN
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1941 J
J
g 3 Ha.—1951
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Ref & lmpt 58
H
....
-----
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Western Lines 1st g 4s
1951
111 Cent and Chic St L A N O—
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1963
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....
63
63
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Gold 3 Ha
1951
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68
fiQoa
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1945 M S
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J
Atl Knox A Cln Dlv 4s
.1956 MN
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33
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Cairo
♦
Since
Asked
A
Low
87
Range
Friday's
Bid
Louisville A Nashville {Contended)
Paducah A Mem Dlv 4s
1946 F A
St Louis Dlv 2d gold 3a
1980 M 8
11254
84H
57
J
Range or
Sale
Price
High
111
----
-
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40-year 454 s-
,
18
Low
Last
STOCK EXCHANGE
Week Ended Feb. 10
----
91
-
N.Y
*84
s
1952 A O
-1952 J
No.
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*84
J
BONDS
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Jan. 1
11154
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IVI
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A
Week's
Friday
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Friday's
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Price
Sft.
851
Week's
Friday
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yt
K
N. Y. STOCK EXCHANGE
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«
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&
J
2013
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1952
Y Cent A Hud River 3 Ha -.1997
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1942
Ref A lmpt 4 Ha ser A
2013
Lake Shore coll gold 3 *$8— 1998
A
C
Ref A lmpt 6« serlee
Mich Cent coll
1998
gold ZHa
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78
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76
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110
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81
83
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79
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1953
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1963
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1951
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notes
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E
1966
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1950
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17
A
Gen mtge 3)48 series H_
1967 M S
Gen mtge ZHa series I
u.—1967 M S
{{♦R I Ark A Louis 1st 4)48—1934 MS
45)4
*123
1962 M S
Gen mtge 5s serlee E
♦{Rlv A G Div 1st g 4s
*101)4
♦Paullsta Rr 1st s f 7s
.1942 M 8
Penn Co gu ZHa coll tr ser B...1941 F A
Guar 3 Ha trust ctfs C
D
.1942 J
For footnotes see page 853.
9
104)4
8
.1963 F
15
16)4
35
18
J
O
2* year 4s
J
{♦Rio Grande West 1st gold 4s. 1939
♦1st con,;A coll trust 4s A
1949 A O
Roch G A E 4Ha series D
-.1977 M S
35
104)4 105)4
112)4 113
112)4 114
4
.1944 A
.1944 J
107
3
.1968 M
Guar 3 Ha trust ctfs D
Guar 4s ser E trust ctfs
13
18
103)4 104)4
13)4
13)4
104)4
45
"21
*70
A
45
116)4
57)4
*103)4
*10)4
J
D
115
79
debentures—--.1952 M S
♦Rio Grande June 1st gu 63—1939
115
Pacific Tel A Tel 3)4s ser B...1966 A
Ref mtge 3)4s series C
.1966 J
Paducah A 111 1st s f g 4 Ha
.1955 J
.1949 M
108
conv
Rlchm Term Ry 1st gen 5s
1952
♦Rlma Steel 1st s f 7s
..—1955
101)4 103)4
109
.1938 J
.1947 M
107)4
106
116)4
104)4
4s_..1938 F
Pictures deb 6s—..1955 J
106"
114)4
1st A ref mtge ZHa ser H—..1961 J
1st A ref mtge 3 Ha ser I
.1966 J
Panhandle Eastern Pipe L 4s...1952 M
113
5)4
24
132
108)4
J
Pacific Coast Co 1st g 5s——...1946 J
Paclflo Gas A El 4s series G__..1964 J
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
.1955 F
107)4
103
4
114)4
116)4
104)4
.1962
63)4
113)4
105)4
112
110)4
69)4
69
'loin
D
.1961
...
106)4
105)4
J
D
Ore-Wash RR A Nav 4s
Otis Steel 1st mtge A 4 Hs
1
63
113
103)4 104)4
68
63 H
110)4
61)4
61)4
6)4
107)4
my,
.1946
5s.
2
J
♦Cons mtge 6s of 1928—1—. 1953 F
♦Cons mtge 6s of 1930
1955 A
Richfield Oil Corp—
5
J
cons
39
59
108
con g 4s....1946 J
Pat A Passaic G A E
55
•
100
*4)4
.1966
Paris-Orleans RR ext 5 Ha
Parmelee Trans deb 6s
6
109
66
102)4
Gen mtge 4Ha series C
1956
Revere Cop A Br 1st mtge
4)4s. 1956
88
55
.1972
3)4 s conv debentures
*4)4
94)4
116)4 117
112 H 114)4
52
56)4
5
6)4
S
53 H
60
53)4
5
Ore Short Line 1st cons g 5s_...1946
Guar stpd cons 5s._
.1946
g
3
11
14
D
D
M
84
57
108
.1967 M S
{♦Pac RR of Mo 1st ext
{♦2d ext gold 5s
54
*104)4
J
46
65 H
*
Ontario Transmission 1st 5s....1945 MN
Oregon RR A Nav
D
79)4
63)4
*105
.1965 M N
Ontario Power N F lBt g 5s
116)4
114
53
59
50
5,5)4
J
1st mtge 3)4s
Oklahoma Gad A Elec 3 Ha
4s debentures
Paramount
"§3"
.1943 M S
♦Stamped
1st mtge 4s
"53
65)4
Republic Steel Corp 4 Ha ser B.1961 F A
Purch money 1st M conv 5 Ha '54 M N
64
"64)4
J
{♦Og A L Cham 1st
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
116)4
113)4
47
*53
J
116)4
87
50
*42
1945
O
O
1945
.1949
.1953
.1957
..I960
1963
1964
1970
1975
Gen A ref 4 Ha series B
1945
1997 Q J
Gen lien ry A Id g 3s Jan
2047 Q F
J
Ref A lmpt 4 Ha series A
2047
Ref A lmpt 6s series B
J
2047
J
Ref A lmpt 5s series C—
*2047
J
Ref A lmpt 5s series D
2047
Northern States Power 3)4s.—1957 F A
84)4
1942|M N
;
1st 5s 1935 extended to...
97)4
95
ior" 107*
107
C 4 Ha guar
Porto Rico Am Tob
109
108
8
Apr '33 to Oct '38 coups..
North Pacific prior lien 4s
77 H
A
D
1st 4 Ha series D
—1977 J D
Port Gen Elec 1st 4)4s*——..I960 M S
75
3)4
103)4 103 H
♦Oct 1938 A sub coupons
64
1st gen 6s series C
110)4 111)4
103)4 104)4
103)4 103)4
S
82
1st gen 6s series B
63
105)4 108)4
North Cent gen A ref 5s.-—-1974 M
Gen A ref 4)4s series A
1974 M
8 OH
*1948 M S
1952 MN
Pitts Y A Ash 1st 4s ser A
102)4 103)4
108)4 110
A
Aug 15 1963 F
80)4
97
A3
•
Nov 15 1969 M N
Deb 5Hb series B
Deb 5s series C
95)4
O
A
N
Series E ZHa guar gold
A
Series F 4s guar gold
D
Series G 4s guar...
N
Series H cons guar 4s
A
Series I cons 4 Ha
A
Series J cons guar 4 Ha
N
Gen mtge 5s series A
D
Gen mtge 6s series B
O
Gen 4 Ha series C
J
Pitts Va A Char 1st 4s guar—1943 M N
Pitts A W Va 1st 4 Ha ser A- -1958 J
D
1st mtge 4 Ha series B.„—.1959 A O
1st mtge 4 Ha series C„
1960 A O
11
102)4
63
38
101
43
109)4
{{♦Norfolk A South 1st g 6s—1941 MN
Norf A W Ry 1st cons g 4s.-.-1996 O A
92)4
1940
1942
Series
9)4
7)4
3)4
50
no"
73
O
21
10)4
109
1952
Series D 4s guar
.57)4
77
I
97)4
103)4
92
94)4
93
J
Pitts C C C A St L 4)48 A
Series B 4 Ha guar
17)4
"99"
81
41
94 H
J
1937
Pitts Coke A Iron conv 4)4s A.
8)4
14 H
103
103
15)4
24
12)4
15)4
16
15)4
*11
110)4
41
86)4
94)4
94)4
QQ
1949 M S
♦Conv deb 6s
{{♦Philippine Ry 1st s f 4s
Phillips Petrol conv 3s
Pirelli Co (Italy) conv 7s
88)4
118)4
99)4
103)4 106)4
106)4
{♦Phlla A Reading C AI ref 6S.1973
*11)4
10)4
11H
—
J
S
O
N
72)4
*50
115 H
94
1967
Phlla Electric 1st A ref 3)4s„.
37
84)4
1981
60
10
60
111)4
94 H
1977
50
85 H
85
-1974 F A
General 5s series B
General g 4 Ha series C.
110
109)4 111)4
"26
106
98%
1943 MN
Phi la Bait A Wash 1st g 4s
59
61
118)4
93
104)4 106 H
107)4 108)4
D
Phelps Dodge conv 3Hb deb.. 1952 J
60
*64)4
88
14
115
86)4
1980 M 8
66
93
*111)4
High
96)4
O
l8tg4)4s series C
*59
111)4
93
105)4 107)4
97)4
93)4
O
116)4 117)4
17)4
1
111 %
111)4
1956 J
59
108)4
Low
A
1st 4s series B
99)4 100
12
"l04
"86)4
A 5s—. 1956 J
69
N Y A Putnam 1st con gu
{{♦N Y Susq A West lBt ref 5s 1937 i
{♦2d gold 4 Hs—
-1937 F
♦General gold 6s
1940 F
♦Terminal 1st gold 5s
1943 Ml
N Y Telep 1st A gen s f 4)4s—1939 M
Ref mtge 3)48 ser B
1967 J
N Y Trap Rock 1st 6s
1946 J
6s stamped
1946
{{♦N Y Westch A Bost 1st 4)48 '46 J
Niagara Falls Power 3)48—
1966 M
Nlag Lock A O Pow 1st 6s A-1955 A
Niagara Share (Mo) deb 6)4s_1950 IVI
Nord Ry ext sink fund 6)4s—_ 1950 A
{{♦ Norfolk south 1st A ref 58.1961 F
105
97)4
108)4
♦
Income 4s
-.April 1990 Apr
Peoria A Pekln Un 1st 5 Ha... 1974 F A
59
4
A
D
123H 126
17
*100)4
1942 A O
N Y Queens El Lt A Pow
8
16
105 H
97
1947 M S
Pere Marquette 1st ser
NO
Jan. 1
117)4
98)4
105 H
.1943 A
Refunding gold 5s
Since
o
*94
"105)4
117)4
F
J
Peoria A Eastern 1st cons 4s—. 1940 A
107 H 108)4
10
50 H
deb 3)48—
Peop Gas LAC 1st cons 6s
64)4
52)4
12
A
1973 MN
North Amer Co deb 5s
49
52)4
124)4
RR 6 Ha '42 M N
58 1943 J
J
N Y A Long Branch gen 4s
1941 M
{♦N Y A N E (Boat Term) 4s—1939 A O
{♦N Y N H A H n-c deb 4s
1947 IVI S
♦Non-conv debenture 3)48—1947 Ml S
♦Non-conv debenture 3)48.-1964 A O
♦Non-conv debenture 4s.—-1955 J
J
♦Non-conv debenture 4s
1956 IVI N
♦Conv debenture 3 Ha
-.1956 J J
♦Conv debenture 6s
1948 1
J
♦Collateral trust 6s
1940 A O
♦Debenture 4s
1967 IVI N
♦1st A ref 4)48 ser of 1927 —1967 J
D
{♦Harlem R A Pt Ches 1st 4s 1954 Ml N
4s
"is
D__
Gen mtge 4%a series E
105)4
106)4
108)4
124)4
♦N YLEA W Dock A Imp
♦General
"51
84)4
Conv
108U
♦N Y L E A W Coal A
{♦N Y Providence A Boston 4s
78)4
104
106
D
Lake 5s— 1946 M N
gold ZHa
2000 M N
4s ser A
1973 M N
{♦N Y Ont A West ref g 4s
32
General 4)48 serlee
13
N Y Lack A West
4Ha series B
105)4
4
55)4
77)4
108
♦N Y A Greenwood
N Y A Harlem
75)4
84)4
48
73)4
108
108"
1st lien A ref 3 Ha ser
N
7
51
N Y Edison ZHa ser D
N
<
105 H
*106)4
50%
1947
—
52
75)4
4s collateral trust
N
62)4
1960
-.1965
96)4
106
§
OJCQ
105
97
A
81 %
J
High
95)4
106
4 Ha series B
1981 J
Pennsylvania PAL 1st 4 Ha—1981 A O
Pennsylvania RR cons g 4s
1943 MN
N Y Chle A St Louis—
♦Ref 5Ha
M S
J
65)4
69)4
MN
Bid
Low
High
110
66
77 H
A
Low
"83
64
65)4
No.
Friday's
<fc
Asked
Sale
Price
1939
Range
Range or
Last
EXCHANGE
Week Ended Feb. 10
Jan. 1
111
♦109
F
Asked
High
Low
4 Ha.1945
1998
10-year ZHa sec s f
1946
Rel A lmpt 4 He serlee A
2013
Newport A C Bdge gen gu
N Y Cent IIIt 4e series A
N. Y. STOCK
Since
Friday's
Bid
BONDS
Range
Range or
Sale
Price
11,
Week's
Friday |
Week's
Friday
N
Feb.
New York Bond Record—Continued—Page 5
852
*29)4
J
20
20
20)4
J
13
13
14
14
13)4
14)4
14
"i2
19
35)4
23)4
6
12
15)4
34
J
9
Volume
New York Bond Record—Concluded—Page 6
148
853
1
Week's
Friday
BONDS
N.
Y.
Last
STOCK EXCHANGE
dk
Asked
Low
[
No.
High
N. Y. STOCK EXCHANGE
Week Ended Feb. 10
Low
i
7%
—
—
98%
"7"
9"
1966 M S
{{♦Wabash RR 1st gold 5s
♦2d gold 5s
—
2
7%
*96%
—
1939 M N
1939 F a
St Paul Minn A Man—
1940
1972
t Pacific ext gu 4a (large)
St Paul Ud Dep 6a guar
8 A A Ar Pass 1st gu g
4s
San Diego Conaol G A E
117
1943
1965
4s
116%
60 H
60%
110%
..
Santa Fe Pres A Pben 1st 5s—1942
♦Guar
a
f8%s aeries B
1946
A
1989 m
{{♦Seaboard Air Line 1st g 4a..l950 A
{♦Gold 4b stamped
♦Adjustment 6s
{♦.Refunding 4a
1950
Oct 1949
1959
cons
31
13%
18
5H
6H
1945
6s series A
m"
i
5%
5%
7%
7%
7H
7H
♦Certificates of deposit
{{♦Atl A Blrm lstgu4a
1933
{♦Seaboard All Fla 6s A ctfs—1935
m"
F
\ ~~~3%
104 %
i
104%
Shell UdIod Oil deb 3 Ha
1951
ShiDyetsu El Pow 1st 6 He
1952
59
♦Silesia Elec Corp 6Hs
1946
1941
Simmons Co deb 4s._
1952
—II—
i
SHesian-Am Corp coll tr 7s.
)
Soeony-Vacuum Oil 3Hs
South A North Ala RR gu
South Bell Tel & Tel 3He
1st mtge & ref 4s
Southern Colo Power 6s A
102%
1947
Southern Kraft Corp 4Hs
1946
169
7%
19
11
7%
O
9%
D
85
5
Wash Water Power
5
Westchester Ltg 6s stpd gtd
103% 105
55
59%
4
66
78%
107%
38
99
115
____
8
110%
39
102%
102
24
M
.1946
M
54
50
88%
90
32
39%
40
3
83
82%
83%
87%
104%
89
21
104%
19%
j
19%
19%
15
17H
2361 J
j
53
53
5
49H
2361 J
j
46%
46%
2
45 H
48
1966 M s
*104%
1949 M s
109%
Wheeling A L E Ry 4a
ser
D
J
58%
58%
60%
60
58%
87%
87
88%
36
84%
89%
Winston-Salem S B
64
71%
50%
66
54
68
71
71%
-
.1951
———
75
66
----
66%
17
111%
.1968
107%
So'western Gas A EI 4s ser D.. .1960
111%
13
105%
107%
So'western Bell Tel 3 Ha ser B_, .1964
1st A ref 3a series C._
74%
*70
105%
,20
12
—
13%
14
33
105%
104%
105%
56
2Ha
104
103%
104
82
103
13
77
107
107%
Swift & Co l8tM3H8—
107.
V
.1947 J
TenD Elec Pow 1st 6s ser A
33
,107%
*125
—
deb 6a B... .1944
126
102%
100
98%
102%
101
554
cons
114%
114
Gen .refund
105%
105
106%
4%s_-. .1939
A
—
.1944 F
gold 5s..—
.1953 J
s f g 4s
:
Texarkana A Ft S gu 5Ha A... .1950 F
.1951 J
Texas Corp deb 3Ha—
85%
106%
...
Texas A N O con
Texas
85
,
106%
2000 J
! 115%
...
115%
84%
83%
1979 A
83
83
83%
83%
97%
♦AdJ income 6s
42
10%
|
Jan 1960
;
{{♦Third Ave RR 1st g 5s
1937
Tide Water Asso Oil 3 Ha
n%
'*106%
1952
17
23
81
------
♦Guar
sec s
4
96%
47
263
1
87
25
85
116
96%
mmmmmm
108%
55
104 H 105 H
A Trac.
109
30
13
22
115%
.
.*.
20
115% 116%
107% 109%
37
Exchange bond Issues which
60
8
71%
----
'49
----
1
29
*112
115%
receivership,,or reorganized under
such companies.
{ Companies reported as being in bankruptcy,
*
z
No sales transacted during current week.
Friday's bid and asked price.
Bonds selling flat.
-
.
Deferred delivery sales transacted
during the current week and not Included in
the yearly range:
'
;
No sales.
mmmm
<vt;
•*-
j*
the
at
m'
York
New
,
75
83%
69
72%
109% 110
24%
30
111% 117%
105%
91
44%
4
38
50
44
44
4
43%
44%
88%
2
38
wb
.
Stock Exchange,
Daily, Weekly and Yearly
Stocks,
Railroad &
Total
Mlscell.
State,
Municipal &
United
Number of
Slates
Bond
Shares
Week Ended
Bonds
For'n Bonds
Bonds
Feb.10.
1939
8
68%
31
67%
67%
68%
105
88%
96%
97%
1959
611,530
546,720
444,638
4,373,000
4,275,000
776,000
173,000
3,896,000
869,000
102,000
$3,219,000
6,857,000
5,209,000
5,538,000
5,224,000
4,867,000
3,699,998
— .
-$387,000
— .
$24,999,000
$4,725,000
$1,190,000
$30,914,000
570,040
Tuesday
Wednesday
_...
Thursday—
Friday....
....
Total
$110,000
1,047,000
182,000
784,000
320,000
862,000
303,000
101
A
106%
1957 MN
{♦Vera Cruz A P 1st gu 4Hs—-1934 J
J
{♦July coupon off
Va Elec A Pow 3 Ha ser B
1988 M
Va Iron Coal A Coke 1st g 53—1949 M
106%
*106
"
'
Sales at
Week Ended Feb.
«
1938
1939
1938
1939
J
J
A
O
30,820,512
3,699,998
3,498,641
30,704,918
$1,190,000
4,725,000
24,999,000
$2,401,000
4,731,000
$10,032,000
25,145,000
28,030,000
170,110,000
$21,051,000
29,103,000
175,383,000
$30,914,000
$32,277,000
$208,172,000
$225,537,000
Stocks—No. of shares,
,
t
Stocks
v**
Government
—
State and foreign
Railroad and industrial
Stock and Bond Averages
88%
90
138
93
97
154
94%
98
66
69%
65%
69%
9
2
106%
Below
daily closing averages of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
106% 106%
1
%
the
stocks and bonds listed on
as
101
99
are
106% 106%
-----
%
Bonds
Stocks
%
10
J
S
I to Feb. lO
Jan.
10
'New York Stock
^ «Exchange
Total.
97
%
%
J
S
.
104% 105%
98
101
101
O
5S.1941
4a series A
1955
Vanadium Corp of Am conv
Sales
$2,722,000
5,628,000
4,105,000
486,160
1,040,910
50
50%
67%
44%
88%
95%
96%
67%
mmmmmrn
1947
'
108% 109%
43%
44
1951
A—1947
United Stockyards 4H8 w w—1951
Utah Lt A Trac 1st A ref 6s
1944
Utah Power A Light 1st 6s
1944
V..
'
*
105%
105%
mmrnmrnfm
C
have
1939 at 105,
Section 77 of the Bankruptcy Act, or securities assumed by
111% 114%
107%
114
116%
13
•
,,
106
76
78
69%
•
,
a
\
Hackensack Water 4s 1952, April 26,
Monday.
13
9%
2
10,8%
114%
107%
116%
77
atmp.*1942, Feb. 8 at 102%.
5s
•
♦Sink fund deb 6 Ha ser
26
85
108% 109%
109%
108%
J
1st cons 5s
■
76%
97%
29
♦Un Steel Works Corp 6 Ha A—1951
7H
5
....
week and not Included in the yearly
t The following is a list of the New York Stock
been called in their entirety:
"
97%
*109%
2003
1958
26
m\Jrn.m
96
71
5a
9
*7%
Cash sale: only transaction during current week,
Saturday
95
S
Va A Southwest 1st gu
21
5
8
cons g
1961
exchange rate of $4.8484.
109
21
23
O
Cons s f 4s series B
108
—
mmmm,
97
M
Vandalia
2
Deferred delivery sale; only
transaction 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
124
97%
M
{§ Utll Pow A Light 6 Ha
{♦Debenture 6s
-
124
—
97
A
f 6 Ha series
-
— —
96%
United Cigar-Whelan Sta
J
-
m
13
105%
~98~" "98"
—
79%
United Drug Co (Del) 6s.
U N J RR A Canal gen 4s.
s
~98"
30
78
♦Sec
54%
108%
106%
116
34-year 3 Ha deb—r
1970 A O
35-ygar 3Hs debenture
1971 M N
United Biscuit of Am deb 68—1950 A O
6s_—1952
1953
1944
{{♦United Rys St L 1st g 4s—-1934
U S Pipe A Fdy conv deb 3H8-1946
U S Steel Corp 3Ha debs
1948
63
124%
113%
June 2008
1st lien A ref 5s
"98"
107%
4s—1947
—June 2008,
Union Pac RR 1st A Id gr
1st lien A ref 4a—
——
"108"
-
105
88%
62
87
108%
12%
,115%
107%
113%
m+**?r —
1952
3 Ha debentures
W
11H
8H
5H
5H
4H
6%
106 H .108 %
107% 108%
.
5%
108%
108%
*4%,
Cash sales transacted during the current
68%
*18
Union Oil of Calif 6s series A—1942
6
105%
43
7%
11%
87%
90
106
106%
53
*68
108%
*5
8H
•
M n
38%
14
mm mmm
f 7a.——1945
Union Electric (Mo) 3Ha
1962
{{♦Union Elev Ry (Chic) 6s—1945
10%
104 H HO
♦
85%
98%
90
*108
a
.
9H
16
10%
97
85%
,81%
58%
*123
1952
f 7s
tJjigawa Elec Power
9%
*7%
9%
110
110
----
m
107%
85
82
12
40
90
*59%
-1949
Tri-CoDt Corp 5a cony deb A-.1953
♦Tyrol Hydro-Eleo Pow 7 Ha—1955
±
-
106
------
Trenton G A El 1st g 5s
-
106%
Transactions
Toronto Ham A Buff 1st g 4a—1946
m
108%
114" 116%
11
,
106%
•
101H 102 H
97 H
94 %
63
96%
*110%
W-
108
88
79
57%
------
;
m
108%
Federal Lt.
100% 108%
106%
58
——1953
Tol A Ohio Cent ref A imp 3%s 1960
Tol St Louis A West 1st 4s
1950
Tol W V A Ohio 4s series C
1942
J
^
108
Tokyo Elec Light Co Ltd—
1st 6s dollar series
96
22
O
r
113% 114%
103
106%
69
42%
11%
90
1960
102
----
98%
Tex Pac Mo Pac Ter 5Ha A... 1964 M S
Third Ave Ry 1st ref 4a
7
115%
84%
84%
84%
1977 A
Gen A ref 5s series C
12
range:
.104
'
84%
1980 J
Gen A ref 5s series B__
Gen A ref 5s series D
64
88
16%
94% 101
102% 102%
6
107%
♦
.1943 J
gold 5a
A Pacific 1st gold 5s
J
1949 j
1st mtge a f 48 ser C
125% 126%
102
103
----
102%
114%
Term Assn of St L 1st g
13%
1
81%
*101
Tenn Coal Iron A RR gen 5s... .1951
1
9%
d
e
107%
.1950
80
80%
17
95
101%
101
96
109% 109M
97
93 H
101% 101H
6
■10H
j
{♦Wor A Conn East 1st 4Hs_.1943 J
Youngstown Sheet A Tube—
Conv deb 4s..
1948 M s
84%
104%
deb 6s.. .1945
Studebaker Corp conv
-
1
1961 J
104% 105
104% 106%
.1953
'
—
1968 A
106% 108%
105%
Staley (A E) Mfg 1st M 4s.... .1946
Standard Oil N J deb 3s
j
1st,4a.—.-I960
Wisconsin Elec Power 3Hs
Wisconsin Public Service 4s
110% 112
.1961
♦{Spokane Internal 1st g 6s... .1955
-
-
63
,
104% 105%
108
-
9%
mmmm
74
.1996
—
-
109%
101%
101%
O
«.
94%
-
-
9%
•
76%
72
66
71%
.1956
-
{♦Sup A Dul dlv A term 1st 4s '36 MN
♦Certificates of deposit
74
St Louis Div 1st g 4s
1947 A
mmmmm
-
♦Certificates of deposit.
60
26
a
19
'
~80~~ "85%
137
71
Devel A gen 6 Ha
1st
Conv deb 3Ha
.1955
Mem Dlv 1st g 5s
Tenn Cop & Cbem
RR 1st consol 4s
{♦Wis Cent 60-yr 1st gen 4s
56
18H
8
64%
21%
55 H
Wilson A Co 1st M 4s aeriea A. 1955 j
"82% "150
89
23 H
23 H
18H
10
65
55%
64%
53%
20
18%
83 %
82 H
104H 105H
10
57
46%
69
79
43
88
106 H 107
74
138
"81%
10
....
62%
50
69
106%
59
50%
53%
111H 111%
111%
106%
104%
19%
d
"82"
6
120%
120%
*110%,
1940 M N
I
11
60%
1966 F
.1956
7
108%
8
I960 M
{{♦Wllkes-Barre A East gu 6s. 1942 J
.1956
124%
107
106%
*
101H 101H
123 H 124H
105H 108 H
119% 120H
5
58,
White Sew Mach deb 6s
.1994
-
-
-
66
Wheeling Steel 4 Ha series A
i,
106 H 107 H
107
107 H
5
-
mm»m
101%
45
56
A
90
m
123%
108
46
-
-
107%
107%
*107%
101%
-
90
39 H
27
56%
Devel A gen 6s...j
-
95 H
86
19%
52%
Devel A gen 4s series
*
'
80
89 H
62%
46%
Southern Ry 1st eons g 6s
50
66 H
75
192
61
47
...
59 H
77
95%
-
107 H
18%
66
1st 4s stamped.
11
62
*
13
9H
106
7
59
64
48
12
60%
105
67
14
9H
60
52%
52%
65
18
60%
55%
65
41
West Shore 1st 4s guar
102
1
61
-
107%
_
8
52%
.1955
17
17
40 H
-
D
54%
4s
17
17
1951 j
«
_
50%
50%
So Pac RR 1st ref guar
—
1950 MN
25-year gold 5e_
30-year 6s.
51
'
-
93
^
_
8
55%
..1950
—
106%
*25
J
ser A...1946
Western UdIod g 4Hs.—
10^
101
53
-
mmmmmrn
O
50%
San Fran Term 1st 4a
-
89%
o
1977 j
Gold 4 Ha
-
-
♦Westphalia Un El Power 6s—1953 J
100% 102%
90%
93
38
-
j
1943 A
109% 110%
10
-
timrn*.
D
1952 a
♦5s assented
103% 108%
106
ser
Gold 4 Ha
Gold 4 Ha—
A—1077
1968
1969
1981
10-year secured 3 H a——
1946
-
95%
D
1950 j
D
-.1967 j
E.1963 M S
mtge,3Ha
{♦Western Pac 1st 6s
m
J
57%
69%
1st 4 Ha (Oregon Lines)
-
10
9%
A
1939 j
West N Y A Pa gen gold 4s
115
35
f 5s
Western Maryland 1st 4a
1st A ref 6Ha series A..,
103% 105
106% 107%
107%
107%
„
S
1st mtge 3Ha series I..
1966 J
West Va Pulp A Paper 4 Ha.-.1952 j
21%
81
97%
13
s
West Penn Power 1st 6s
75%
21%
---.
■m
O
Washington Cent 1st gold 4s..1948 Q M
Wash Term 1st gu 3 Ha
1945 F a
1st 40-year guar 4s
1945 F a
10%
17
5
93
9
-
106
O
M
1941
3%
31
20
52
12%
....
16%
98%
101%
52 h
13
8H
1939 M s
Registered
101%
9H
9
A
Southern Natural Gas—
1st mtge pipe line 4 Ha
1951
So Pac coll 4s (Cent Pac coll)-.1949
2
9%
Warren RR 1st ref gu g 3Ha—2000 F
105
92
9%
9
6%
5
109%
101%
1965
11
9%
„m—--«
5
2
------
9%
O
8
-----
107
9%
9%
S
1978 A
5%
80%
107%
—
44
M
1941
Certificates of deposit...
{♦Warren Bros Co deb 6s
mmmm
*114
—...
1962
..1961
Southern Calif Gas 4%s
19%
4
107%
107H
1950
5s..1963
50
22%
3
69
97%
28 H
25 H
*15%
*38%
Warner Bros Pict deb 6s
104%
Skelly Oil deb 4s——-1951
25
50
*17
18
80%
m
23
13
j
1
104%
59%
*62
25%
o
19
Gen
♦Siemens A Halske deb 6Hs—1951
24
25
High
105% 107 H
42 H
49 H
1941 a
17%
5
*3
1935 F
♦Series B certificates
23
1
Low
*50%
13
40
3%
33
1939 J
4a
g
♦Ref A gen 4Hs series C
116% 116%
-
17
3%
41
J
18
4
8%
No.
44%
j
31
9
*14
Hioh
106%
42%
43
Jan. 1
1941 j
Walker (Hiram) GAW deb 4 Ha 1946 j
Walworth Co 1st M 4s
1955 A
6s debentures
1955 A
---
Since
Asked
106%
106%
{♦Wabash Ry ref A gen 5 Ha A.1976 M S
♦Ref A gen 5s series B;
1976 V A
31%
Bonds Sold
&
30
28
5%
3%
A
29'
14%
3%
6%
13%
F
15
1
W--
-
116%
*16
—4.—
2
29
116%
>
-
1
15%
29
i
A
---
15%
15
♦Certificates of deposit
♦1st
112
{♦Des Moines Dlv 1st
Range
or
Friday's
Bid
1954 J
♦Omaha Dlv 1st g 3 Ha
♦Toledo A Chic Dlv g 4s
58%
68%
110% 112%
109% 110
15%
19
24
*28
29
i
A
♦Stamped
Scioto V A N E 1st gu 4s
6
60%
15%
J
98%
115% 117
"~4
111
*109%
-.1946 J
{♦Schulco Co guar 6%a
♦Stamped
117
♦1st lien g term 4s
♦Det A Chic Ext 1st 6s
98
tm
Range
Sale
Price
Low
Virginian Ry 3Ha series A
14
*6%
Last
Inter st P|ierod
High
)
{♦St Paul E Gr Trk 1st 4 Ha—1947
{♦St Paul A K C Sh L gu 4%s..l941
sq&o
BONDS
Since
§1
Friday's
Bid
Price
St Paul A Duluth let cod g 4a..1968
Range
Jan. 1
Range or
Sale
Week Ended Feb. 10
Week's
Friday
"l09% 109""
mmmm
72"
109% "35
*30
41
72
72
*58
62
----
1
107% 109%
27%
35
72
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
62
20
Indus¬
72
60
10
30
Date
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
Feb.10.
143.68
29.31
24.78
107.59
93.78
51.70
107.67
90.19
9.
143.99
30.00
24.67
48.37
107.59
93.95
61.92
107.57
90.26
'107.68
94.00
51.92
107.66
90.37
Feb.
48.30
Feb.
'
-
h
8.
145.43
30.66
25.29
'48.96
Febf,
7.
144.10
29.64
24.92
48.44
107.70
94.10
62.14
107.52
90.39
25.52
48.89
107.75
94.07
52.25
107.66
90.53
24.60
48.72
107.70
94.02
52-64
107.44
90.46
Feb.
6.
145.03
30.25
Feb.
4.
145.07
30.38
New York Curb
854
Exchange—Weekly and Yearly Record
Feb.
11,
1939
the only transactions of the week and when selling outside
No account Is taken of such sales In computing the range for the year.
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are
In a footnote In the week in which they occur.
of the regular weekly range are shown
furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Feb, 4,1938) and ending the present Friday (Feb. 10, 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.
In the following extensive list we
week
Last
Par
Week's Range
Sale
of Prices
Low
High
Price
Acme wire vie com...20
Mfg class A. *
—*
Agfa Ansco Corp com——1
Aero Supply
Class B
24
18 X
100
1,900
4
100
Feb
Jan
25
27
27
•
X
8%
90%
Feb
86
Feb
IX
Jan
IX
Jan
7% 1st preferred..—100
2d preferred——....
Feb
common...*
Conv preferred
-*
2
2%
700
2
Jan
88
80
90%
74
"*670
86
18
X
Jan
64 X
Jan
A lies A Fisher Inc com...*
IX
Alliance Invest com
1
Jan
700
,
S3
conv
25
6% preference..
.100
Aluminum Goods Mfg...*
Aluminum Industries com*
18
115
114% 117
113
112
1,000
1,000
-14 %
113
14%
American Airlines Ino..lO
20 H
131
Jan
113
Feb
15
Jan
Jan
Jan
Brill Corp class B
Class A...
100
32 %
31 %
32
$2 preferred
IX
10X
30
36
113 %
.
4%
112%
4%
Amer Maracalbo Co—1
Amer Meter Co.........*
Jan
Feb
8
Feb
British Amer Tobacco—
*1%
Associated Elec
28%
Jan
Jan
600
4%
24
27
Feb
$5 1st preferred:— ..*
Bunker Hill & Sullivan 2.50
27%
10%
Jan
15%
Jan
18
Jan
50
22%
27
29
Jan
.
Jan
15
Jan
60
Jan
X
24%
Jan
Jan
29
Jan
55
Feb
67
Jan
Canadian
Jan
Jan
9
Jan
6%
Feb
Capital City Products.—*
Carlb Syndicate.....—25c
23,800
X
Jan
1
Feb
.500
11%
Jan
"12%
12%
13
2
-
16%
100
32
2%
25
16%
32
;
2%
1%
6%
1
0% preferred xw—25
Warrants
Aviation A Trans Corp__.l
Class B
Axton-Flsher TobaccoClass A common
.10
Babcock A Wilcox Co....*
Baldwin Locomotive—
Parch warrants for com.
6%
Barium Stainless Steel... 1
Barlow A Seellg Mfg A...5
IX
88%
89%
150
85
Feb
89%
Jan
3%
Feb
83
79
83
130
Jah
83
Feb
Carrier Corp common.—1
Carter (J W) Co common. 1
16%
16%
17%
7,8
16%
Jan
21%
Jan
2%
400
.
Jan
Jan
14
Jan
no
Jan
Jan
Jan
Jan
Catalin Corp of Amer
Feb
Jan
100
Jan
1,300
4%
Jan
$7 div preferred-—*
1st preferred
*
8
Jan
8X
Feb
Cent Hud G A E com.—*
X
X
5%
Jan
Jan
Jan
Jan
Jan
Feb
Feb
.1
Basic Dolomite Ino oom..l
Bath Iron Works Corp
1
"lx
3%
4
„
85
50
2X
1,600
8X
1%
16%
150
19
"l*3% *13%
5%
m
com
preferred
preferred—
Centrifugal
IX
7%
Jan
Jan
200
4
Jan
4%
Jan
25
16
Jan
16%
Feb
25
15
Feb
15
Feb
Jan
Jan'
1%
Jan
2%
Jan
4
Jan
Cities Service common..10
Jan
Jan
45
Jan
.29%
Jan
*9
6
Jan
Jan
22%
Jan
6%
Jan
Feb
Jan
700
X
1X
7%
1%
Jan
Preferred B—
Jan
150
$6
preferred
9
Jan
Feb
0%
Jan
Jan
8%
Jan
Cleveland Elec Ilium....*
Cleveland Tractor com...*
Jan
2
Jan
""*10
42
Jan
50
Jan
Jan
39
Jan
5
Jan
29%
Berkey A Gay Furniture. 1
Purchase warrants.....
Blckfords Ino com
*
29%
Jan
Colon Development ord
0% conv preferred
Colorado Fuel A Iron
Jan
7%
Jan
26%
Jan
36%
Jan
1%
8X
Feb
1%
Feb
Jan
'izx
869.
13%
150
Jan
100
Jan
94
k
5,600,
*xi
Jan
'if
375
3%
Jan
4%
10
13
Jan
.
Jan
•
400
3%
0%
5%
Jan
5%
Feb
Jan
.3%
200
Jan
Feb
Jan
4%
4%
15
'
83
;
4%
4%
Jan
Jan
Jan
8%,
.
.
Jan
130
Jan
7
Feb
*i«
Jan
15
.Jan
62
200
Jan
5%
Jan
121%
850
225
49%
Jan
12,900
1,500
6%
44%
4%
goo
V3%
Feb
Jan
75%
Feb
Jan
8
Jan
*xo
54%
9%
50%
*1«.
53
4
15
>%
Jan
Jan
200
7
,46
46
50
75%
',7
"53"
""""so
15
122
66
Jan
«Jan
X
58
9%
Feb
Jan
50%
Jan
;
4%:
Jan
Jan
41
"75"
*84*" ""*125
81
75
125
6
200
Jan
46
Jan
55
Jan
84
Feb
53 %
Feb
100
1
1
1
20
500
Jan
81
5%
Jan
7
4%
Jan
4%
16
Jan
Jan
Jan
"x#
20
Feb
Jan
Jan
*36% "37%
"950
34 %
Jan
1%
3%
37%
5%
100
4%
1 %
Jan
6%
Jan
1%
Jan
1,400
2%
Jan
3
Feb
2%
*37%
5%
2%
Jan
Jan
Jan
Jan
Feb
7%
Jan
7%
Jan
2%
2%
800
2%
Feb
4
Jan
6%
warr
Colt's Patent Fire Arms.25
Columbia Gas A Eleo—
Jan
121
Jan
Columbia OU A Gas
Jan
18
Jan
7%
800
6%
Jan
9
27
Jan
29%
Feb
X
Jan
Jan
*i«
Jan
%
%
Jan
13%
Feb
88
89
Jan
Conv 6% preferred.. 100
1
69
Warrants--...-.—.
Commonw Dlstrlbut
Community PAL $6 pref *
Community Pub 8ervlce 26
Community Water Serv—l
69
3%
71
3%
84
Jan
94%
Jan
575
4%
55%
Jan
71
Feb
7,400
3%
11
hi
%
Jan
700
Columbia Pictures Corp.
Commonwealth A Southern
13
Feb
9%
Jan
300
122
72
2%
Jan
500
13%
Feb
93
Jan
£1
10%
168%
200
X
%
$2.50 conv pref......
see page
28 X
7%
85
1%
Cohn A Rosenberger Inc.*
13
5%
164
"jan
"96*
Cockshutt Plow Co com..*
Jan
Feb
120
10
Jan
%
Cllnchfleld Coal Corp. .100
Club Alum Utensil Co
*
168% 168%
Jan
14%
Jan
Clayton A Lambert Mfg..*
Jan
1.400
55
Jan
4%
4%
4
Jan
6X
24.100
Jan
Feb
13%
200
,
19%
6%
1
23
•5%
5
Clark Controller Co
1
Claude Neon Lights Ino—1
Jan
7%
11
90%
600
500
13
5%
300
4X
9
4%
11
11
*
16
*
it
City Auto Stamping
*
City A Suburban Homes 10
1,400
1,500
4,200
Jan
Feb
.
1%
.
*
7
39
ex
28%
1%
100
1%
"3%
*
Preferred BB
IX
8%
200
Jan
*
Cities Serv P A L $7 pref. *
19
11X
m
30%
IX
4%
Feb
800
.
Jan
* Jan
200
-
92
*!«
Pipe..—_.j*
Cherry-Burrell common..5
Chesebrough Mfg..25
Qhlcago Flexible Shaft Co p
Chicago Rivet A Mach
4
Chief Consol Mining..
1
Childs Co preferred—i.100
41X
24 X
2,000
9%
Strip Co.............6
Charts Corp
10
500
11
Jan
Jan
Chamberlln Metal Weather
Jan
,
90%
1%
Conv preferred.
,..100
Conv pref opt ser *29.100
Jan
400
-
Jan
.100
93
,
9
...100
Jan
-
450
11
IX
1
2,300
42
1
com
1
Bell Tel of Canada.....100
Bell Tel of Pa 6%% pf.100
Benson A Hedges com.
Conv pref
Jan
3%
31%
.
7X
42
l
Rights.....
Bellanoa Aircraft
20
Feb
Jan
10
20
%
Jan
%
100
com..
$1.60 conv pref
Beech Aircraft Corp
Jan
7%
22%
*42*
Jan
•23%
.i
92
1
2
8
Jan
Jan
84
22
.
19%
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 60c
Cent States E^c com....1
h»
Jan
Jan
Feb
Jan
1,000
1%
8X
5%
6
Jan
,
48
'84
Cent N Y Pow 5% pref.100
Cent Ohio Steel Prod
Jan
Jan
6i#
Baumanu (L)
Co com..
7% 1st preferred....100
Jan
25%
%
2%
8%
60
Jan
Celanese Corp of America
Jan
Jan
%
5,200
Jan
15
Jan
11 %
Jan
#u
"Celluloid Corp common. 15
Jan
2X
"6~,3o6
5%
23%
3%
6
0
7% 1st partlo pref—100
Jan
.
6%
■
24%
500
4,000
Casco Products
.*
Castle (A M) common.. 10
Jan
7x«
3
Jan
3%
7%
88
7%
10
IX
4%
89%
900
m
21%
7%
27
Carolina P4LI7 pref—.*
$6 preferred...
*
Preferred...—...—*
7% preferred........30
Jan
Jan
Feb
Jan
1%
Baldwin Rubber Co com.l
Bardstown Distill Ino
Jan
4%
24%
.
1%
200
29%
Jan
1
Jan
Feb
Jan
3X
44
8
0%
%
IX
24%
X
22%
26,
50
300
ZX
42 X
Jan
100
21%
42 X
1%
200
90 X
3%
Jan
Jan
7x#
7%
3%
2%
25%
6%
3X
Feb
2,700
*
;
'
15
Jan
2%
100
7i#
4,100
1,200
1,400
16 X
15
33
25%
X
25
w w
Jan
Jan
Carnegie Metals com.—.1
200
4
17%
30
Jan
7%
5
Feb
zx
8%
Avery (B F)
3%
ZX
400
..5
Automatio Voting Mach.. *
Feb
Feb
1,300
6%
0%
Cent Maine Pow 7% pt 100
Automatic Products
Jan
3%
16%
200
T"I6o
%
2%
7X
Jan
'
7
21
Jan
2%
%
Jan
Carnation Co common.—*
8X
Atlas Corp warrants....
Atlas Plywood Corp.....*
Austin Silver Mines.
1
Jan
%•
400
%
Feb
.4%
1.39
Jan
2
%
Feb
4%
....
Jan
75%
2%
5%
X
Jan
15%
2%
27
7,300
2,100
X
Jan
107
Jan
86
Atlantic Goast Fisheries..*
Atlantic Coast Line Co..50
For footnotes
105%
Jan
Assoc Tel A Tel class A..*
Atlanta Gas Lt 0% pref 100
Corp
150
Jan
Assoc I-sundries of Amer.*
Common v t c........*
7% 1st pref vto
Beaunit Mills Ino
106% 106%
Jan
Jan
16%
10
.
2 T%
20%
67
200
"7
4%
Jan
200
1;400
Carman A Co class A....*
3%
7x
0%
Jan
30%
22%
29%
22%
22
Marconi—....1
7%
108%
%
2X
7%
17
Jan
,28%
22
non-voting.........*
4%
1,400
2X
B
400
4,500
*3~"
Jan.
K
.
400
7i«
%
2%
Jan
13
29%
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
Jan
2X
110
110
Jan
1,500
Camden Fire Ins Assoc...5
Jan
"
12%
X
Jan
6
5%
Calamba Sugar Estate..20
1ZX
7,300
3%
ix
3%
Jan
4%
Am dep 5 % % pref shs £1
66
,8%
6H
1 "
75 X
Jan
V
4
Cables A Wireless Ltd—
5,700
8
Jan
2
Cable Elec Prods v t c—*
Jan
100
Jan
Jan
Burry Biscuit Corp—12 %c
Jan,
17%
'
Jan
7%
23%
2%
Burma Corp Am dep rets..
Jan
27
Jan
3
l
Option warrants
—60
pref 26
Jan
16X
$5 preferred..........*
Bell Aircraft
Jan
200
3%
IX
£1
-
0% preferred
Buckeye Pipe Line
Buff Nlag A East Pr
17%
17 Si
100
20
Jan
Bruce (E L) Co com—...5
Jan
Jan
Common.. ...........I
,
Feb
Feb
4%
25%
Jan
"""160
23% Feb
Jan
6%
21%
...*
Brown Rubber Co com...!
116
Jan
25
preferred'—..
il*.
Jan
50
$0
Jan
38%
Jan
4%
25 X
27%
27
55
Feb
15
Class A pref.
—*
Brown FormanDlstlllery.l
Industries
Amer deposit rots
Assoc Gas A Eleo—
Class A.
6%
X
Arkansas P A L $7 pref..*
Art Metal Works com...5
Ashland Oil A Ref Co
1
16%
6%
Jan
X
Adgostura Wupperman—I
Apex Eleo Mfg Co com...*
Appalachian El Pow pref *
{Arcuturus Radio Tube..l
10
23%
16%
Feb
27
23%
50
400
23%
Jan
10%
25
23%
16%
7
£1
Am dep rets ord reg—lOs
5Brown Co 0% pref—100
31 %
75
"u"
..*
Preferred......*
Amer dep rets reg.
,
Brown Fence A Wire com.l
2lX
,
Feb
100
Feb
Jan
100
Jan
22%
22%
Feb
2%
.
'22%
22%
33
Jan
1%
Jan
Jan
.
33
112%
5%
American Thread pref...5
Arkansas Nat Gas com...*
Common class A....'..*
22%
21
—*
Jan
426
65
Arner Seal-Kap com.....2
Anchor Post Fence.
9%
Jan
.
23,100
»x«
•
Ana Superpower Corp com*
1st $0 preferred.......*
$0 series preferred- ....*
27
27
British Celanese Ltd—
Jan
.2%
27
Am dep rets ord bearer£l
Jan
26
27
Amer Potash A Chemical.*
American Republics....10
Jan
27
"
27
Jan
Jan
"izx *u~~
...100
30
Jan
Jan
8X
common 100
25
Jan
Jan
Jan
22
zm
15 X '
Jan
Jan
26 X
1,5%
100
%
1%
4%
Jan
Feb
21%
1,525
preferred———25
.
200
Jan
British Amer OU coupon..*
1,100
1,000
■
%
1%
3%,
200
Jan
Jan
Feb
Invest of 111 com...*
Mfg Co
"166
1%
3%
Jan
,
7%
75
9%
tl3H
1614
Jan
Jan
Jan
Feb
200
5%
74
11%
70
2,500
27%
0%
32
Jan
Feb
Jan
30
23*
24%
IX
10 K
32
9%
Jan
.
Jan
Jan
22%
Jan
Jan
Jan
Jan
Feb
23%
Jan
Jan
24%
5%
9%
9%
12%
Jan
30
Feb
2%
Jan
7%
400
3%
Jan
3%
7%
300
6
3
Brlllo Mfg Co common.—*
Class A—
.*
1
1%
$2.50 preferred.......1
Preferred.
1,100
7,500
4,400
18
Jan
Jan
Jan
07
Amer Hard Rubber Co.„50
Amer
4% • 4%
8%
9
8%
9%
10% a;ll%
Jan
3%
Jan
23
"ix
25 X
Amer Laundry Mac'y—20
Amer Lt A Trao com
25
200
British Col Power cl A
.....1
Amer
21%
Jan
Jan
Jan
33
25
11
3%
1%
ZX
150
IK
Jan
""466
60 X
33
1X
24
22 X
Jan
1,500
70
67
Jan
Jan
1%
"23" """166
"23"
Jan
Feb
Feb
Jan
Jan
18
Registered
1%
9
3%
6%
2%
,.1%
-.100
Jan
20%
*
preferred
39
10
400
5%'
Jan
8
,
800
%
Amer Centrifugal Corp..l
Am Cities Power A Lt—
Corp 10c
7%
Jan
Jan
Jan
36
20%
1 %
600
*
...
Jan
7%
2,400
8
8
Jan
"
17%
Jan
.
1%
400
Bright Star EleC class B—*
141
Common class B_...10c
Amer Fork & Hpe com..*
Amer Gas A Eleo com...*
1,100
2%
21
5%
110
8%
17
.......100
Jan
American Capital^— •
Class A common....10c
Amer Cyanamid class A. 10
Class B n-v_...
...10
Amer Foreign Pow warr—.
200
22
2%
Bridgeport Gas Light Co.*
Bridgeport Machine-
Jan
Jan
8
Jan
10
2%
22
10 X
118
-
12%
1,400
7%
3%
7%
3%
9
108
*"T% "7% """400
$3 preferred..........*
$5.60 prior pref
*
"7%
9
Preferred
,
37
•
150
109% 110
20%
21X
1%
2%
High
Jan
900
14%
19%
1%
38
13%
13%
1%
19%
1%
Breeze Corp..
...
1
Brewster Aeronautical—1
Jan
67
Amer Box Board Co com.l
.....*
Jan
Jan
107 H
American Book Co....100
$6 preferred
American General
18X
110% ' Jan
14%
Jan
700
14%
3%
American Beverage com..I
Class A
Jan
"l20" ,£25"" """850
100
Class A with warrants.25
Class B
1
Jan
7X
Jan
18
50
18
Aluminum Ltd common.*
6% preferred....
%
Jan
7X
14
"r3% "~3%
Brazilian Tr Lt & Pow
pref.........*
10
Aluminum Co common..*
Jan
% ' Jan
Allied Internat Invest com*
Allied Products com
Class A conv com
Jan
2%
Jan
Jan
preferred.—......'*
13
Jan
Jan
Jan
X
61X
Ala Power $7 pref.—— *
11
Feb
16
100
Low
Shares
200
Bowman-Blltmore com...*
Jan
8
100
Price
Bourjols Inc..
6X
500
10
Jan
Jan
300
9
H
Bliss (E W)
71
' 7
8
Alabama Gt Southern..50
Week
Blauner's common—.—*
Jan
02%
0%
10
Jan
6
common.....1
Bliss A Laughlin com
5
Blue Ridge Corp com
1
$3 opt conv pref..
*
Blumenthal (8) A Co..—*
Bohack (H C) Co com
♦
7% 1st preferred—100
Borne Serymser Co.....26
Air Associates Ino com—1
Warrants...*.
Jan
for
of Prices
Low
High
Birdsboro Steel Foundry
A Machine Co com....*
30 %
Jan
Atosworth Mfg common.5
Air Investors
Jan
27X
20X
Par
(Continued)
High
Jan
5%
5
5
•
25
18%
18 %
18%
Low
Week's Range
Sale
STOCKS
Shares
Range Since Jan. 1, 1939
I'OSt
Range Since Jan. 1,1939
for
Week
27
27
Sales
Friday
Hale*
Friday
STOCKS
10,400
Jan
Jan
'»
4%
14
Jan
Jan
Jan
Jan
*it
Jan
%
200
%
31
33
225
29 %
Jan
33
27
28%
1,000
26%
Jan
28%
Jan
%
700
%
Jan
%
Jan
X
*28%
% 1
%
Feb
Feb
Volume
New York Curb Exchange—Continued—Page 2
148
Friday
Sales
Friday
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Price
Range Since Jan.
15%
15
700
16
Jan
16
Jan
37
Jan
Common
Jan
37
1
Con\
Conn Gaa & Coke Secur..*
S3 preferred
Consol Biscuit Co
-*
1
Consol Copper Mines
5%
6
7 54
Consol G E L P Bait com *
74%
7%
7%
Jan
150
54
Jan
60
5%
5%
100
5
Jan
6
Jan
20
92
Jan
92
93
Jan
1
1
Consol Retail Stores
100
preferred
92
Consol Royalty Oil
.10
Consol Steel Corp com...*
9
8%
7%
~i%
4%
Jan
5 54
Jan
27k
100
24%
Jan
2754
Feb
400
2
78
100
74
Feb
1
900
2 34
Jan
2%
0
78
Feb
2%
m%
Jan
Preferred,
Jan
Jan
?i#
1%
47
*
34
Jan
100
34
34
Feb
34
1534
52 34
Feb
Jan
034
Jan
31
Jan
3534
Feb
*
_.*
86
8934
500
7934
Jan
8934
Feb
Jan
534
"266
29 34
70
15
"50 M
.
Jan
954
Jan
Feb
Godchaux Sugars class A
Class B.
Jan
154
Feb
Jan
1734
Feb
Jan
34
Jan
10
Jan
200
14 34
51
Jan
Jan
734
Jan
1534 ' Jan
1234
300
Jan
1734
2634
Non-vot
*
stock
com
7% 1st preferred
434
2034
Feb
534
Jan
33
Feb
Jan
Feb
26
Jan
154
Jan
2
Jan
10 34
300
834
Jan
11
9834
*i6
90
94%
Feb
9834
1,400
34
254
Jan
Jan
18
Jan
1934
Jan
205£
Jan
Jan
34
34
1%
1%
"
8234
8234
Jan
Jan
8234
Jan
Gulf * Oil
Jan
3834
Corp
25
$0 preferred....
11
Jan
Jan
8534
Feb
6934
150
Hall
Jan
Haloid Co
Lamp Co
..*
254
1634
Jan
234
Jan
Y,000
Jan
34
3634
100
34
Jan
2234
34
Jan
Feb
*3034
36
Jan
3134
24
Jan
26 34
Feb
Hartford Elec Light:
16%
14
Jan
1654
Feb
Hartford Rayon vt c
Co
1
Jan
5
Jan
Hat Corp of Am cl B com.l
7%
Feb
934
Jan
Hazel tine
Jan
230
Jan
Corp
Hearn Dept Store com...6
20
9554
10354
Jan
10134
Feb
Jan
10734
Jan
"~234 """234 "254
"""366
254
Jan
12
Jan
834
134
134
800
Jan
12%
Jan
Jan
60
Jan
0% conv preferred...60
Hecla Mining Co
25c
64
Jan
66
Jan
800
,1%
1%
b7
66
75
Jan
2054
Jan
64
"""154"
Feb
6734
Jan
Preferred
prior preferred.100
preferred
..100
""806
434
Jan
554
Jan
6%
100
634
Jan
7
Jan
Hoe
Jan,
Holllnger Consol G M_..6
Holophane Co common.
1
12
2,300
%'
1%
300
21%
23K
425
10%
10 K
12%
1,500
Eastern Malleable Iron..25
"i'% "i% ""306
•
16%
16%
25
16%
1634
16%
125
300
3
3
Easy Washing Mach B
*
Economy Grocery Stores
Edison Bros Stores
2
16 K
16%
100
'
1
1%
IK
50
16%
16%
1
10
Jap
1454
Jan
400
Jan
Jan
Jan
Jpn
Horn
Horn A Hardart...
%
1534
Feb
Jan
1934
Jan
16
Jan
1934
Jan
134
'
6%
1634
Humble OH A Ref
17
Jan
Jan
Jan
1%
•
1234
Jan
65
Feb
6034
Jan
7234
Feb
300
2%
Jan
334
Jan
2%'
Jan
3
Jan
Common
Jan
53%
„
150
24
Jan
2934
Jan
400
4
Jan
534
Jan
Illinois Iowa Power Co
2%
2%
4,000
134
6734
Jan
254
Feb
Feb
Illinois
134
Jan
234
Jan
Illuminating Shares A..
Jan
1034
Jan
Imperial
Jan
134
Jan
'
73
80
400
10
1334
Jan
Jan
Jan
»80
Dlv arrear ctls
50
"3554" "Jan
JL134
"1134
""56
"1654 ""Jan
3754
Chera
Jari
20
Jan
Empire Dlst El 6% pf 100
Empire Gar; A Fuel Co—
Jan
5634
Feb
6954
Jan
Jan
12
lit
Jan
634
Jan
Jan
9
Jan
9
Jab
800
154
Jan
234"
50
2354
1,900
.
834
2
234
250
4
2254
434
25
5134
Feb
61
Jan
52
Feb
62
Jan
534
634
1634
1054
2254
Feb
6254
Feb
7% preferred100
Indpls P A L 634% pf-100
8%
...100
preferred-
55
58
T58~
"57'
"Si"
54
7% "•
•
91,8
7%
"18
'
7%
7%
100
,
%
2134
754
«
1,300
7%
34
2,300
.
18
Feb
2134
Feb
1034
Jan
54
Jan
Jan
8%
Jan
Feb
20
Jan
20
Feb
,
Jan
Falstaff
11
1214
21%
5%
21%
6
5%
5%
10,100
954
Jan
1
Brewing
12%
7.
7
Metallurgical...*
Fedders Mfg Co
Ferro Enamel
Flat Amer dep
5
Corp
rights
Fldello Brewery
17%
17
58
9%
100
76%
Florida P A L $7 pref
*
68%
Ford Hotels Co Inc
1234
Jan
Feb
Feb
1654
Jan
Jan
"ioo
1554
Feb
1634
'"6 34 "6 34
"ioo
2954
0 34
Jan
Jan
3034
8
Jan
9
Jan
10434
Jan
1
Jan
58%
10
76%
71%
"...
10534
i0534 107"
Class B
'
34
..*
*i#
1
7% preferred
100
Insurance Co of No Am. 10
8 34
Jan
2234
Feb
Jan
6
Feb
100
554
Feb
7
Jan
Jan
Jan
1934
934
3H
Pref
6434
63
550
Jan
134
134
•
20%
100 frcs
1%
3%
21%
22
A stock
Fox (Peter) Brew Co
1
Jan
Jan
Jan
Jan
Jan
Jan
10
67
Jan
Jan
44
Jan
Jan
2034
34
Jan
34
1,100
334
Feb
454
Jan
1,300
6,600
334
24%
4 54
Jan
27 34
Jan
Jan
100
2534
334
Jan
Jan
27
Jan
834
Jan
9
754
34
Jan
1,600
16
334
"3 34 "3
1
For footnotes see page 888.
3%
4
Jan
Internat Metal Indus cl A *
Paper A Pow warr
*
i
Jan
Internat
70
58
Jan
6234
Jan
International Petroleum
1,800
9
Jan
12
Jan
50
73
Jan
80
Jan
International Products
*
62 34
Jan
7154
Feb
Internat Radio Corp
934
Jan
334
2654
2654
334
334
Jan
Internat Safety Razor B.*
3 34
334
2634
2654
3 34
2654
1
1,400
*18
i\
Jan
Jan
„
*
Registered
334
1954
Jan
Jan
Class A
1,500
Jan
23
Jan
Class B
334
—*
1
525
2034
Feb
23
Jan
preferred
$3.50 prior pref
_.*
..*
100
154
Jan
Jan
334
Feb
800
a
Franklin Rayon Corp
Jan
Jan
34
2034
purch warrants.
Intl Industries Inc
Ford Motor of France—
1%
'
Jan
63
2134
18
50
93 .50 series
1034
3%
2034
Jan
Jan
Jan
108
Internat Hydro Elec—
Jan
1634
,
7
Feb
954
6354
International Cigar Mach *
Jarj
1,200
Jan
1034
1234
500
3
34
700
154
13
434
Jan
Jan
Jan
91.75
54
5
12
12
30
36
300
50
36
34
Jan
Jan
J an
Jan
100
3454
b«
1
334
Interstate Home Equip—1
454
Vitamin
54
12
Feb
Jan
he
Jan
2,000
234
Jan
434
Feb
600
454
Jan
554
Jan
Warrants series of 1940—
International
954
Jan
Jan
11
Jan
Jan
International Utility—
ordreg—-£1
Amer dep rets
Feb
17
Jan
Industrial Finance—
Jan
9
Ford Motor of Can cl A..*
B
7
Jan
Jan
*
434
Ford Motor Co Ltd—
Class
Feb
7
16
*
1934
*
Am dep rets
Feb
100
Ter, Ilium Oil—
Non-voting class A
200
l",700
l
(Phlla).lO
Flsk Rubber Corp
1
preferred
Indian
400
.
934
17
.1
Fire Association
50
Feb
"ie"
""iff
10
734
Fanny Farmer Candy coml
Fansteel
*i8
Jan
warrants
1
Jan
634
554
£1
Vtc common
European Electric Corp—
Falrchlld Aviation
Jan
Feb
7,500
-
Eureka Pipe Line com..60
Option
Britain A Ireland
Indiana Pipe Line
"350
100
Empire Power part stock. *
Emsco Derrick A Equip..5
Equity Corp common.,.10c
Esquire-Coronet
1
Jan
%
Imperial Tobacco 01 Great
125
57
100
preferred
Jan
434
25!
4,500
'
Indiana Service 0% pf.100
7%
Jan
4
25
Jan
Jan
Jan
Jan
1,100
25
354
1854
16
25 "
4
Imperial Tobacco of Can.5
»
"il 34 ""Feb
Feb
354
8 54
4
'
53
...
Jan
6454
1,400
1,700
66
.
20
134
Jan
3954"
1134
6454
4
Indus._£1
Elgin Nat Watch Co..-.15
300
1%
2454
Zinc
Imperial Oil (Can) coup—*
Registered
.*
1%
...1
Jan
3 7 54
534
*
5% conv preferred....60
Electric Shareholding—
1
Jan
£00
37 54
8
4%
27
1,300
734
2454
7% pref stamped. .,.100
28%
2%
Jan
Jan
"466
1
434
3
2%
834
1434
"1134 "Jan
7% pref unstamped ..100
Hydro Electric Securities.*
Hydrade Food Prod
6
Hygrade Bylvanla Corp—*
2%
•
fHuylers of Del Inc—
l
8,600
.12%
1454
1434
Corp 5
Hussmahn-Llgonler Co
.*
Jan
Jan
10
754
Hummel-Ross Fibre
Jan
Jan
734
3834
46
"65"
Jan
Jan
24
,.5
Feb
2,300
16 conv pref w w
*
Elec Shovel Coal 14 pre!—*
Jan
Jan
Jan
100
Hubbell (Harvey) Inc
3 54
89,900
U%
preferred
*
1634
72%
1
354
Co com*
(AC) Go common.. 1
Jan
65
*
100
A Co cl A..*
Jan
2%
15
■
60
warrants.......
Jan
334
Hormel (Geo A) A
Jan
10
Jan
"
66%
,
Jan
Horder's Inc..
Jan
954
21
70%
"2%
334
1634
734
'
Holt (Henry)
63
Elec Power Assoc com.... 1
100
900
.
200
(R) A Co class A...10
Jan
134'
2534
1234
154
954
UK
400
8 54
4
25
w
w
5%
9
6%
4
-7 54
.1654 «17
8
Heyden Chemical...
10
Hires (Chas E) Co cl A..:*
uk
2134
Feb
Hewitt Rubber common..6
Jan
2
East Gas A Fuel Assoc—
4 34 %
Jan
29
854
6%
IK
4
700
2
Jan
Jan
Jan
1
2,000
554
-
754
4%
*
'"900
Jan
Jan
31
434
29
*
Class A
Jan
"I34'
1'34
UK
~"i% ""134
554
?9
Helena Rubensteln.
,
Heller Co common..
1%
""134
Jan
Jan
63
134
334
9
60
1534
"66
~
Jan
40
20
54
4
ml
Jan
734
200
134
600
100
Jan
36
3,200
25
400
10%
Feb
10654 107 34
6
24
10
10%
Feb
"1954
'
6
"
Gypsum Lime A Alabast.*
25
4%
8k
Jan
39
300
10134 10134
Jan
200
k
127
Jan
37
39
634
34
*
Jan
Harvard Brewing
Duro-Teet
100
Jan
120
750
734
1754
18 34
Gull States Util 95.60 pref
Jan
26%
7%
Jan
Jan
Hartman Tobacco Co...
4
Feb
Feb
Jan
50
126
126
.....
1
834
Jan
»i»
254
7
Grocery Sts Prod com..25c
Grumman Aircraft Engr.l
14%
154
234
234
"
Jan
954
2,500
1034
1054
6
Guardian Investors..
'Jan
Jan
10
Greenfield Tap A Die...
26
Jan
Jan
27
250
'""34"
100
400
154
.
5
*
Gt Northern Paper.....25
13%
20%
16%
Jan
33
Gray Teleph Pay Station.*
Great Atl A Pao Tea—
Jan
"734 " Jan
26
Grand Rapids Varnish
Jan
500
Jan
6
334
V t c agreement extend. *
7
1%
Jan
Jan
1,100
$3 preieried
Jan
70
434
434
9434
534
300
Jan
7
34
1754
10
'4~6O6
.
65
Jan
Feb
454
Gorham Mig Co—
Jan
Feb
Jan
31
97 preferred
Jan
109543 Feb
Feb
108
Jan
28
434
t
Goldfleld Consol Mines.. 1
Gorham Inc class A
*
Jan
434
100
6% preferred.
034% preferred
Jan
100
6
254
634
1%
100
c
Jan
28
65
~~5~
*
j...
Feb
40
Diirham Hosiery cl B com *
Electrol Inc v t
Jan
"56
Glen Alden Coal
1,200
10
Electrographlc Corp
Jan
70
Jan
35 34
Jan
'
"66*
Common....
*«4
Jan
4134
35
3
Jan
434
24
IK
k
20%
"24"
Dubillef Condenser Corp. 1
Option
Jan
Jan
Jan
54
5234
40
44
1
Jan
x30
Elec P A L 2d pref A
Jan
Gilchrist Co
46%
*
_„l
Jan
66
44
95 preferred
Gilbert (A C) common..
Jan
300
.
A..
34
"566
""34 ""~34
Jan
Jan
Jan
Feb
934
Feb
15
4
Corp
Class
Jan
5234
""%
Jan
9534
034
com
93 preferred
2354
3%
...
.*
11
50
6
,
Jan
25
Dominion Steel A Coal B 25
preferred
Gen Water G A E
Jan
200
15
4k
..*
200
Jan
1734
1334
42 34
9954
Feb
£1
preferred
1254
Jan
9954
Georgia Power 90 pre!
14
50
"~~5% ""5% "1%
Dobeckmun Co common.!
16
1234
1634
500
4234
1234
100
Jan
6%
15
1
14%
Dlvoo-Twln Truck com.
$5
1734
Feb
654
Distilled Liquors Corp...5
Elec Bond A Share com..6
1734
2
4934
Jan
10954
6%
10
Elsler Electric Corp
Jan
J an
Jan
800
Jan
49
109
Diamond Shoe Corp com.*
Eastern States Corp
*
$7 preferred series A
*
$6 preferred series B_._*
Jan
134
50 34
134
4
3%
48 %
Detroit Paper Prod
-.1
Detroit Steel Products...*
1
88
50&
1 %
1,500
1
Common.
Feb
1254
88 34
Jan
Feb
10
3%
6% pref w w
20
Detroit Gray Iron Fdy.— l
Det Mich Stove Co com..l
Corp com
_.l
Duval Texas Sulphur....*
Eagle Plcher Lead
__10
3634
Jan
14
934
500
1%
17
>
*
preferred...!
Jan
12%
200
234
'"806
9%
IK
17
Dejay
7%
34
..*
preferred A
6 34
,
35
Duke Power Co...
25
15
34
1%
*
Driver Harris Co
ed
Jan
*i8
700
*
—10
.
3 6 34
General Telephone com .20
93 conv preferred...
*
2134
3,400
7%
2%
9%
6% preferred
Cuban Tobacco com v t c. *
Draper
36 34
44
—
254
25
Dominion Textile Co.
Feb
plioO
6
'"IOO
6
22%
21%
0%
Crown Cork Internat A..*
Dominion Bridge Co.
6%
i»i»
300
Crown Drug Co com...26c
Distillers Co Ltd...
Feb
2234
Jan
Ad~v
534
1
Crowley, Mllner A Co.— *
Crown Cent Petrol (Md).5
com
18
Jan
Warrants
Gen Pub Serv $6 pref...
Gen Rayon Co A stock
Jan
Jan
1754
*
Gen Outdoor
100
Co
Detroit Gasket & Mfg
96 preferred
Jan
'
1534
350
..
Jan
18
100
2 2 34
Gen Gas A El 6 % pref B
*
General Investment c6m.l
Jan
Jan
18
19 34
Amer dep rets ord reg.£l
Gen Flreprooflng com
*
10
9
17
*
6534
Jan
Jan
1734
2234
100
Jan
4%
»i«
654
A conv preferred
18 34
12
General Tire A Rubber¬
22%
Stores
1
Dennlson Mfg 7% pre! 100
Derby Oil A Ref Corp com *
preferred
Jan
27k
*
1
6%
General Alloys Co
Gen Electric Co Ltd—
Jan
4k
£1
com
934
15%
...6
A
Jan
7
Jan
*
834
100
600
Jan
11
Jan
Jan
834
17
200
1
stock
conv
5234
9
7%
6% conv preferred... .60
634% preferred.....100
Darby Petroleum com...5
Davenport Hosiery Mills.*
Dayton Rubber Mfg com. *
Feb
7
78
Cuneo Frees inc
Jan
8734
""■ioo
$6 preferred A
*
Coeden Petroleum com—1
Preferred
654
Jan
84
2
Courtaulds Ltd
Jan
225
1
Crocker Wheeler Elec
Feb
4%
200
"Ik "s"'
$4 preferred
Cooper Bessemer com
Creole Petroleum
Jan
154
Jan
5%
87%
Cook Paint & Varnish...*
Common
,,
1 %
100
5%
86
*
*
.*
$3 prior preference—...*
Copper Range Co..
*
Coppefweld Steel com..10
Corroon A Reynolds—
*.
1%
Cont G A E 7% prior pf 100
Continental Oil of Mex
1
Cont Roll A Steel Fdy
92
1%
Feb
100
11
Gatlneau Power Co com.*
11654
134
Consol Mlo A Smelt Ltd.5
De Vllblse Co
High
17 34
7%
4% conv preferred... 100
Gamewell Co $6 conv pf..*
Jan
2,000
Class
Low
Shares
11
1
Feb
74Vs
Jan
%
71
1,200
1%
55k
Decca Records
High
1734
15
Feb
Jan
Jan
116^4
74%
%
54%
Crystal Oil Ref com
Low
1
partic pref
Fruehauf Trailer Co
Fuller (Geo A) Co com
Jan
Jan
72
Croft Brewing
Week
of Prices
Price
634
834
Jan
6%
9,000
100
6% pref class A
Consol Gas Utilities
8%
Sale
Par
High
Low
Shares
Froedtert Grain A Malt—
1946
c ext to
Range Since Jan. 1, 1939
for
'
(1Continued)
Compo Shoe Mach—
V t
Week's Range
Last
STOCKS
1, 1939
Week
Par
855
Sales
434
434
New York Curb
856
Friday
STOCKS
Last
Week's Range
Sale
(<Continued)
Par
of Prices
High
Low
Price
Interstate Power 17 pref—
Investors Royalty
4%
%
15%
19%
%
3%
1
Iron Fireman Mlg v * e..
Irvlng Air Chute
1
Italian
Superpower
Jacobs (F L) Co
19%
%
A—
Exchange—Continued—Page
Sales
Range Since Jan. 1, 1939
for
6
Jan
Jan
Nat Auto Fibre
com
7i«
Jan
com
Jan
National Candy Co
21 %
Jan
National City Lines com
100
Jan
18
18%
Jan
Jan
%
Jan
200
preferred
100
2,200
3%
Jan
%
4%
Jan
4%
Jan
100
1%
Jan
1%
Jan
National Fuel Gas
78%
25
07%
Jan
78%
Feb
Nat Mfg A Stores com..
National Oil Products
78
Jan
85
Feb
Feb
100
preferred
100
93
95
Jones A Laughlln Steel .100
Julian A Kokenge com..
Kansas G & E 7% pref.100
30
314*
85
83
85
40
90
5%
5%
Emll) Go
39
Jan
Jan
Nat Service common
Jan
116
Jan
Kobacker Stores Inc..
6%
8%
Feb
105%
%
50
51
1%
2%
1%
Jan
National
Feb
51
Feb
500
1%
Feb
Jan
1%
3,200
2%
1%
2%
8
14
14%
70%
70%
Jan
8
"~25
Jan
154*
Jan
10
Jan
12
5%
Feb
73
Jan
46 %
46%
Foundry A Mach.l
48
2%
Lane Bryant 7% pref.. 100
preferred.
Oil
2%
65
11%
Jan
12
Jan
200
5%
Jan
7
Jan
1,600
45%
300
65
2%
40
57
4
4
Lion Oil
3%
Jan
50%
Jan
%
he
800
r6
4
—
"556
18%
700
174*
1%
200
"l3% "14%
18
1
preferred
Lit Brothers
im
27%
12%
12
.26
1%
Loblaw Groceterias cl A..4
Class
B
30
100
26
Loudon Paoklng
4
Louisiana Land A Explor.l
Louisiana PALJ6 prel..4
Lucky Tiger Comb G M.10
25
7%
6%
7%
1
Sugar opt
Mangel Stores..
$5
%
4
Memphis Nat Gas
N Y Water Serv 0%
8%
Jan
9%
Jan
17
2%
1
Jan
200
26
Jan
1%
30%
350
19%
Jan
Jan
900
1%
6%
Jan
7%
Jan
Jan
92%
Jan
A L $7 pref..4
com
4
"86."
Feb
27
5%
Jan
Jan
N1 pissing Mines..,
%
1%
Jan
Noma
Jan
200
he
Jan
Jan
%
Feb
30
Jan
Feb
Feb
5%
3%
3%
Jan
5
Jan
400
2
Feb
2
Feb
6%
5%
Jan
7%
Jan
Nor Ind Pub Her
17%
400
154*
Jan
18%
Jan
Feb
53%
Feb
100
1%
Feb
600
14%
Feb
775
125
1,800
25
2%
17
Jan
8%
Jan
86
25
25
26%
5%
700
4%
Ohio Oil 0% pref......100
Ohio Power 6% pref...100
86
Feb
Jan
J an
6%
%■
77
Jan
Jan
Jan
27
Jan
Jan
100
Jan
1024*
11
9%
Jan
100
4
Jan
13%
4%
100
18
Jan
22%
9%
11,500
Jan
300
4
8%
87
%
50
he
■
$3
"57"
5%
preferred
Jan
Pacific Ltg $0 pref
%
Jan
Pacific P A L 7% pref...100
Pacific P'lbllc Serv
4
1%
Jan
7
Jan
2%
Jan
8
.
Jan
7u
Jan
%
Jan
2%
Jan
2%
Jan
300
4,600
5%
Jan
%
Jan
4%
"i«
Jan
7
Jan
Jan
•
*8%
Feb
4
14
97%
13%
97%
14
12
Jan
50
93
Jan
Jan
Jan
1 %
*400
Feb
l%"
Jan
8%
Jan
8%
Jan
1 %
"m "8%
38
40 %
115% 115%
4
3%
750
Jan
1%
Jan
Jan
41 %
Jan
37
115
Jan
115%
Feb
3%
Feb
3%
300
3%
Feb
13%
5%
400
11%
Jan
900
4%
Feb
5%
Jan
21%
2%
2%
800
2
Jan
3%
1%
Mock. Jud, Voehrlnger—
Common
52.60
1%
100
1%
5%
Feb
1%
Feb
13
1%
600
Molybdenum Corp
1
Monarch Machine Tool..4
5%
5
85
.
90
20
Monogram Pictures com.l
1
10
Montgomery
Ward A..
Montreal Lt Ht A Pow.
161"
30 K
Moody Investors part pf.4
tMoore (Tom) Distillery.1
Mtge Bank of Col Am shs..
J-i
"316
304*
50
161
Jan
4%
29 1.
24
$2.80 preferred
4
For footnotes see page 869.
500
300
108
Pennroad Corp vtc
1
Penn Cent Airlines com.. 1
Jan
$0 preferred
Penn Salt Mfg Co
Jan
Pennsylvania Sugar
Jan
Pa Water A Power Co...
4
com
Peppered Mfg Co
9
11
40 %
100
1%
Jan
Penect Circle Co
Pharis Tire A Rubber
Philadelphia Co
26
Jan
28%
Jan
Jan
%
Jan
Jan
5%
Jan
Jan
4%
123%
8%
10%
Feb
112%
130 xlll%
Feb
114%
104%
Jan
30
.
"Too
9
Jan
8
11%
1,000
9%
Jan
12%
41
250
39
Jan
41%
100
50,
100
Feb
101%
300
1%
1%
Jan
Jan
5%
Jan
3%
8%
1%
Jan
32
32%
1,700
32
Jan
29%
1,250
28K
Jan
32%
29%
Jan
108%
74
79
*21*
78
*21*
180
68%
6%
15,200
"""50
14
'
Jan
6%
20
"Jan
21%
.99
14
.
79
Jan
6
Too
Jan
5%
100
Jan
7%
Ti", "Tari
,
Jan
16
Jan
11%
Feb
13
18
10%
200
Jan
•18
50
37%
Jah
394*
Feb
500
7%
29,
Jan
12
Feb
Jan
30%
Jan
Jan
53
Jan
1
53
f,
Jan
Jan
3 %
%
%
1%.
2
8%
9
103% 105%
8,100
Jan
5%
Jan
%
Feb
%
Feb
100
1%
400
'98%
200
1%
7%
Jan
Jan
2
.
9%
98
Jan
105%
92%
Jan
98%
98
98%
80
16
Jan
77%
600
74
Jan
78%
68
78%
71%
100
63
Jan
71%
27
27
27
155
Jan
167
16
•100
254*
Feb
8%
200
8%
Jan
7%
100
6%
Jan
19%
7%
29%
29%
25
29%
Feb
29%
30%
2%
"8%
8%
7%
1
Feb
Common
Jan
Conv $3 nref series A.. 10
1
Feb
Pierce Governor common.4
Jan
Pines Wluterfront Co
Jan
108
"~9%"
Feb
107
...4
Jan
30%
Jan
5%
2%
5%
5%
2,000
100
4%
22%
Jan
29
300
14
Jan
174*
Jan
2?*
24
"l6%
24
16
16%
2%
1,400
Jan
1
Pioneer Gold Mlnez Ltd..1
8
26
111%
Phoenix Securities—
9%
30
100
Phillips Packing Co
6%
5%
12
Jan
Feb
8%
common
Jan
Jan
27
21%
29%
32%
Phlla Elec Co SO pref
4
Phlla Eleo Pow 8% pref 25
Jan
16%
5
100
Jan
Jan
200
5%
12%
Jan
3%
78%
Jan
4%
200
Jan
103 %
20
30%
1*600
9%
Feb
9%
Jan
50
""5% "5%
11%
4%
15
2.50
%
11%
be
4
5%
163%
125
92
100
4
preferred....
Jan
Jan
85 4*
Jan
475
4
Jan
5%
Jan
.....
Penn Gas A Elec class A..4
Penn Mex Fuel Co
1
200
300
81%
88
1 %
3%
Penn Edison Co—
%
9%
11%
4
500
112% xlll % 113
11
25
5%
Jan
3,300
101H. 103
111%' 111 5^
107
Jan
be
100
30
23%
*29"
10%
26%
5%
18%
47
Jan
100
...
%
5%
Jan
Feb
'
4%
12%
15%
11%
12%
26%
Mountain City Cop com 6c
Mountain Producers
10
Mountain Sts Tel A Tel 100
17
90
15
11%
39%
29%
156
1%
64%
22%
43
120
85%
92
12
4
Jan
3%
4
Jan
5%;
Jan
100
39%
com
1%
Jan
Jan
40
he
Grocery A...4
.....
Jan
%
ParkerRburg Rig A Reel.. 1
Patchogue-PlymouthMllls4
Preferred
"62%"
Jan
60
"l"66
43
6%
Peninsular Telephone
1%
1,900
64%
43
shares.
Fa Pr A Lt $7 pref
14
6%
"1,20b "Ed" '
"18% ~18%
Paramount Motors Corp.l
Parker Pen Co
-—10
Penn Traffic Co
40
Jan
...*
$6
40%
Minnesota P A L 7% pf 100
Miss River Power pref.100
Murray Ohio Mfg. Co...4
Mlskegon Piston Ring.2%
15 4*
109
2
'5%
Page-Hershey Tubes com.4
Pantepec Oil of Venezuela-
Class B
300
98%
Jan
Jan
17
$1.30 1st preferred.....4
American
2,600
1318
8%
82
%
4
%
600
9%
87%
Jan
1%
——1
...
Securities
Jan
100
Jan
1,000
"59%
1%
,61.
50
Jan
2%
7%
7%
86
400
6%
*57"
1%
0% conv prior pref-.100
Oldetyme Distillers
1
%
7%
,
2,500
2.
0%
he
300
5%
8%
22%
Pender (D)
Mfg.4
60
6
Oklahoma Nat Gas com.15
Jan
Jan
Jan
35
Jan
4*
Mining Corp. of Canada.4
Nachman-Sprlngfllled
101% 101%
1%
1st pref—100
1st preferred..-.100
Ollstocks Ltd common...5
Jan
5%
Jan
he
Midwest Oil Co........10
Midwest Piping A Sup
4
com
110
^
5V*% 1st preferred.-.25
4
Montana Dakota Dtll
.
Ohio PS7%
17
Jan
4%
Jan
4
A
Jan
*78
Ohio Brass Co cl B com... 4
Ohio Edison $6 pref..
4
Paclitc Can Co common..4
Pacific G A E 6% 1st pf.25
Mldvale Co
Soc
107
10
Nor Sts Pow newel A
Feb'
,
Missouri Pub Serv com
10
87
100
Jan
Mid-West Abrasive...-60c
Muskogee Co
preferred
Northern Pipe Line
4
Jan
300
Jan
Jan
133
'
Feb
4%
27
13l«
25%
300
'
8%
0% pf.100
7%
Engineering..4
Novadel-Agene Corp
4
3$
5%
Jan
Jan
,
Nor European Oil cora.—l
100
Omar. Inc
7%
23%
*7%
150
8
-
11
4
preferred
2
Midland Steel Products—
M lnnesota Mining A
11
0% prior preferred
60
No Am Utility Securities.4
Nor Central Texas OH...5
10
Loan
$0
4
dlv shs
101%
24
109
109
North Amer Rayon cl A..4
Class B common......4
'
Monroe
.1
Jan
Overseas
lhe
20
A
Jan
7%
J an
.4%
Jan
5 %
2
16%
1,100
1,500
400
Middle States Petrol—
non-cum
7%
20
5%
.♦
Mldlaud Oil Corp—
52 conv pref
18%
23%
4%
%
4
27
Jan
1
Electric
Common
1 %
t o.
80
Jan
1%
Feb
7i«
t c.
Jap
,Jan
*
200
2
1%
v
1%
1%
20
100
v
8
13%
62%
1%
70%
500
1%
Feb
2,500
Middle West Corp com..6
Jan
Jan
#-.5
Jan
4*
2
13
67%
110
Jan
54
200
HundredCorp B 1
19%
1%
Class A
72
Nor Amer Lt A Power-
,
he
Class B
"*650
common..#—5
1
1%
Michigan Bumper Corp__l
Michigan Gas A OH
1
Michigan Steel Tube-.2.60
Michigan Sugar Co
4
$2
Class B
Jan
.1
Preferred
"Too
Niagara Share—
Jan
Corp..,..25c
preferred
7%
.".100
%
preferred-.16
Metropolitan Edison—
MexIco-OMo Oil
36%
Jan
•
Jan
57%
1%
733*
Class B opt warrants..—
pref
"n
64
Partlclpat
Feb
12
104%
6%
11
7
Class A opt warrants....
1st
700
%
27
5%
5%
%<
Jan
5% 2d preferred. ——100
200
A pref erred ...100
Mesabl Iron Co
$0
6%
Feb
Class A preferred....100
NIles-Bement Pond
-4
86
78%
56%
57
10
Jan
Nineteen
4
36%
100
"7%
4
Jan
19%
Jan
Jan
Jan
1,000
"57"
1%
47%
Jan
SO
13
67%
%
Jan
400
36%
13
65%
14
107
Jan
5
200
%
36%
67
20
Jan
3%
86
5
%
6
1
*2%
2%
14%
16
125% 129
4%
Merrltt Chapman A Scott 4
Warrants
Metal Textile
27%
1%
Jan
15%
1
Participating preierred.4
64*%
.
....1
34
Mercantile Stores
Merchants A Mfg cl A
Feb
200
Jan
78%
4%>
Northwest
14%
128%
%
%
5
pf.100
53%
'17%
Jan
1%
Niagara Hhdson Power-
2,000
700
Founders shares
Jan
6%
6
com
preferred
.*
N Y Shipbuilding Corp—
New York Transit Co
4
Mead Johnson A Co
SO
Jan
Jan
100
_
McCord Rad A Mfg B...4
McWilliams Dredging...4
*
Feb
Jan
2
1
Jan
13%
400
42%
pref..100
5%
.1
1%
300
%
Y Merchandise.10
36 %
McColl-Frontenac Oil—
Memphis P
%
*
%
3%
Massey Harris common..4
6% preferred
N
N Y Pr A Lt 7%
Jan
4
Master Electric Co
Jan
Jan
1
2
4
May Hosiery Mills Ino—
$4 preferred
12
22
Feb
26
14*
19%
1,500
14
—
Jan
30
4
t c
1%
102
Warrants
1 %
%
Jan
1%
1%
1%
N Y A Honduras Rosarlo 10
Jan
Communica'ns ord reg £1
v
Jan
Jan
13
1
Marconi Intl Marine
Mass Utll Assoc
15
20%
22
preferred
«4
Manlschewitz (B) com...4
Margay Oil Corp
Jan
Jan
24
conv
Marlon Steam Shovel
Jan
N Y City Omnibus
Jan
,30%
1
Jan
Jan
7%
2
"266
\
114*
300
N Y Auction Co com...
"166
"l«
warr
Mapes Consol Mfg Co
Jan
I!"
"3l"
5
Manatl
%
31%
®16
Ludlow Valve Mfg. Co...4
common
Feb
Jan
19,700
27%
1%
60%
12%
5%
7%
2%
1%
200
New Process Co
Jan
30%
1%
30%
Jan
7%
14
Newmont Mining Corp. 10
Jan
Jan
250
9
.1%
100
Majestic Radio A Tel
Jan
3%
Common
4
Lynch Corp
8%
Jan
12%
12%
9
he
Jan
49
75
26
Jan
92%
30%
12%
28%
4
Common
New Idea Inc common...4
New Jersey Zinc
25
New Mex A Ariz Land.—l
24
1
7% preferred
0% pref class B
Jan
22
6
Lone Star Gas Corp
Long island Lighting—
New England Tel A Tel 100
New Haven Clock Co....4
5
5%
Jan
ht
4%
4
100
Feb
65
"l
12
7%
100
preferred
Jan
V/s
_4
Locke Steel Chain
Lockheed Aircraft
6%
Jan
22
4
common
preferred
New Engl Pow Assoc
Jan
3%
Jan
8%
2%
%
2,300
Inc .1
Refining
Llpton (Tnos J) class A
0%
3%
Develop...26
Le Tourneau tR G)
Line Material Co
5
4
100
Feb
Jan
100
700
Nestle Le Mur Co cl A...4
400
6%
79%
Nelson
7%
11%
33
Jan
5
11%
1st preferred
;
.*
(Herman) Corp...5
Neptune Meter class A..
70
Jan
70
4
Jan
Lefcourt Realty common. 1
Conv
Jan
30
be
"%
12%
600
6
300
4%■
Nebraska Pow 7% pref.100
Nehl Corp common
Jan
3%
1
Nebel (Oscar) Co com....4
Jan
Jan
Jan
2,750
"55% *56*"
1%
Jan
6%
13%
12
he
Nevada Calif Elec com.100
Lackawanna RR (N J) 100
Lake Shores Mines Ltd..l
Leonard
79%
5
Nat Union Radio Corp...l
Co
1%
13
200
33
Transit.... 12.50
3%
Jan
Jan
4%
5%
520
4%
Navarro Oil
Jan
43
7i«
9%
5,400
75
Nat Tunnel A Mines
%
6%
13 %
33
„
1
10
14%
4% conv 1st pref
100
Kress (S H) special prel.10
Kreuger Brewing Co
1
Lehigh Coal A Nav
Feb
58
400
*
100
-
78%
National Sugar Refining.
National Tea 5 4*% pref.10
Jan
38
50
Jan
Jan
Jan
13
—
Jan
1%
2%
com
Koppere Co 6% pref
Kresge Dept Stores
Jan
Jan
56
50%
„
Conv part preferred..
National Steel Car Ltd...4
6
Jan
33%
Natl Refining new com... 4
Nat Rubber Macb—...
26
105
Klelncrt (I B) Rubber ColO
Knott Corp common
1
Lakey
95
Jan
600
Kingston Products._i.—1
Klrby Petroleum
1
Klrkl'd Lake G M Co Ltd 1
Klein (D
Jan
Jan
900
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltd 7% pi B 1Q0
6% preferred D
100
150
5%
13
41*
86%
26%
7%
-
41
%
10
6%
116
Kennedy's Inc
6
Ken-Rad Tube A Lamp A *
100
9%
12%
Jan
100
Jan
Jan
300
9%
11%
13
9%
Feb
%
9%
50
24
1,000
High
Jan
7%
40
National P&LI6 pref...4
preferred
7%
pref
800
11%
4
conv
Low
8%
he
4
S3
8%
Range Since Jan. 1, 1939
for
Week
Shares
9%
National Container (Del)
1%
6%
High
11%
78%
3%
8%
4
1%
1
Jeannette Glass Co
Range
of Prices
Low
1
1,300
15%
Week's
Price
1
Nat Bellas Hess
5%
%
15%
Jersey Central Pow A Lt—
6H%
Par
1939
Sales
Sale
High
4
100
Lost
(Continued)
Low
280
20
STOCKS
Week
Shares
Feb. 11.
3
Friday
2%
2%
2%
6%
Jan
35
Volume
New York Curb Exchange—Continued—Page 4
148
STOCKS
last
Par
PUney-Bowes
Week's Range
Sale
(Continued)
Price
of Prices
High
Low
Meter
x6%
150
42%
12
500
10%
55
57 X
150
54%
Jan
1~300
7%
100
200
Zct)
6%
Metallurgical 10
Plate Glass..26
Pleasant Valley Wine Co.l
Plough Inc
*
T6o'% 102"
102
X
X
Jan
7X
South New Engl Tel... 100
Southern Pipe Line
10
Southern Union Gas.
4
10
43
Feb
12%
Jan
Jan
Southland Royalty Co
8
Jan
South Penn Oil
Jan
108%
Jan
%
Jan
9%
Jan
Jan
Jan
8
Feb
8
Feb
Jan
2%
Jan
Jan
Stahl-M eyer Inc
26c
Potrero Sugar common—6
X
X
500
7n
Jan
6
4%
4%
1,500
3%
Jan
64%
•ie
4%
Preferred A
19%
19 x
100
1
2X
2X
400
Prentice-Hall Inc
4
"9% "io~"
"366
com
Prosperity Co class B
"466
"e'% "e%
Jan
Jan
7%
Jan
7
Jan
99%
Jan
4
55 X
preferred->—4
Public Service of Okla—
31
29X
31
9,600
44%
26%
Jan
Jan
6% prior lien pref—.lOO
93
Jan
7% prior lien pref-,-100
101
Jan
16
108%
Feb
390
4
4
Puget Sound Pulp A Tim. 4
Pyle-National Co com—5
40 X
18
19 %
4
6% preferred
100
Quebec Power Co
4
Ry A Light Secur com—4
Railway a Utli Invest A..1
Raymond Concrete Pile-
com
95%
Jan
Starrett (The) Corp v t 0.1
%
Jan
Jan
49%
Feb
Jan
22
Feb
Jan
Jan
Sterling
Jan
5
Jan
Jan
12
Jan
Jan
116
40
154
' Feb
158%
Jan
Stetson (J B) Co com
17%
Jan
Stlnnes
10
Jan
11
Jan
Stroock (S) Co-
Feb
Sullivan Machinery.:
19
*18
100
""166
4
Feb
,
•j
t
20%
200
ex
Jan
3 X
200
2%
Jan
5
Jan
29%
Feb
Jan
5
X
Jan
Jan
X
Feb
"""506
"lx "3"
7
Jan
Jan
%
11%
:
Jan
Feb
Jan
%
5
Feb
4%
2%,
Jan
33%
4
Jan
:
Jan
Jan
23%
Jan
Jan
Jan
2%
12%
Jan
9
Feb
12
Jan
Jan
"16%
""350
18%
2,800
6%
100
104%
""260
1%
104"
15
100
65
8%
8%
100
310
4%
16%
10%
2X
Ryan Consol Petrol
-4
Ryerson A Hay nee com__l
62
50
___5
preferred...-—100
2%
""600
%
200
62
25
3%
3X
100
2X
3%
4~300
''"'2X
United Corp com 1
Bchlff Co common..
11%
4
Scovlll Mfg...
Scranton Elec $6 pref
22 X
22 X
26
Jan
Jan
3%
Jan
Jan
2
Feb
2%
Jan
3%
Jan
4%
Jan
Jan
11%
Jan
4%
Feb
1,100
Jan
5%
Tobacco Allied Stocks....4
Tobacco
25
26
pref—
IX
Jan
Jan
%
Corp
Todd Shipyards
62
Jan
71
Jan
Toledo Edison 6% pref.
Feb
Jan
Jan
Jan
10
Jan
5%
12%
40%
2%
%
Jan
41%
55%
3%
,
Feb
3
Jan
Jan
Jan
Feb
Jan
X
64
Jan
4%
Jan
"2% "Jan
IX
400
1%
Feb
1%
Jan
100
1
Jan
1
Jan
100
9%
Jan
1,300
21 %
20
Jan
11%
25%
Jan
Jan
1X
Securities Corp general
Seeman Bros Inc
j
IX
4
"32
32
150
1,600
2,900
IX
100
32
100
21"
9%
Trans
l3ia
1,200
Selberling Rubber com—4
ex
5%
ex
1,500
4 %
Jan
Tublze Cbatlllon
Inc.
13X
13%
13
8
61
64
15.60 prior stock.,...tb
Allotment certificates...
'8
64
63%
63X
63X
100
»
300
100
Class A
dlv.
80c
preferred-
—
Ulen A CO ser A pref
.1
4
Jan
Jan
Union
7%
Mining..5
Shawlnlgan Wat A Pow.,4
Sherwin-Williams com. .25
,
"107%
7X
600
4%
5%
2,300
7%
600
ex
21%
107
21
108%
112% 113
6% cum pref ser AAA 100
Sherwin-Williams of Can
100
450
30
Line stamped
59%
60%
1%
Jan
•
Un Cigar-Wheian
Feb
United
**i«
Jan
Jan
6%
13%
Jan
Feb
Corp
6%
21%
*
100
1st
Lt
Feb
$6
Jan
United
Jan
63%
Jan
Jan
Jan
Jan
%
Jan
A.4
—
.
preferred.
.*
Milk Products...4
1st
,21%
Jan
112%
4%
34%
35
Jan
5%
Jan
900
4%
Feb
5%
Jan
33%
Feb
•36%
400
X
Jan
ht
Jan
%
Jan
'6i»
Feb
19%
3,400
Jan
22%
Jan
99
2,150
18%
69%
83
Jan
99
Feb
94
Jan
101%
3%
12%
200
150
12
14%
3%
12%
60
600
ht
11%
"66""
"""50
4%
300
50
79%
10%
preferred.,
Class
Jan
Jain
Jan
1%
Jan
2 %
4%
Jan
U16
300
%
Jan
5%
tin
Jan
""800
9%
Jan
12%
Jan
36
Jan
30%
200
28%
Feb
400
2%
Jan
3 %
Jan
7%
200
6%
Jan
7%
Jan
Feb
5%
Jan
Jan
3
•
900
13
12
Feb
3%
1,100
3%
Jan
3 %
1
IX
600
1%
Jan
1 %
1
4%
5%
1,000
4%
Jan
South Coast Corp com... 1
2%
2%
200
2%
Jan
5%
2%
J an
Jan
Jan
Jan
"Tan
13%
2%
Jan
"Too
2%
4%
Jan
"4% "4%
Jan
4%
Jan
1 %
Jan
...
"T
"T%"
"2%
2%
%
3%
89
85
6,400
-
1,000
11,200
2,400
1
Jan
X
2%
Jan
76%
Jan
,
Jan
41%
28%
Jan
Jan
27%
Jan
1%
Jan
"30%
29%
20%
30
3
9,300
U 8 Radiator
Jan
Jan
82
Jan
3
2%
600
Jan
2 %
34%
15,400
Jan
27%
2f>%
Jan
34 %
Jan
50
Feb
21
Feb
21
Jan
70
Feb
Jan
Jan
X
10%
1%
78
7'8
"4%
Jan
10%
,
200
•
nlO
Jan
Jan
conv
5%
Jan
Feb
242
■»ii
Jan
Jan
United Wall Paper
Jan
1%
78
Feb
85%
Jan
230
42
Jan
43%
Feb
3 %
Jan
4%
Jan
4%
Feb
X
Jan
62%
Jan
•IX
43
200
Universal Corp v t c
—
4
1%
Jan
Jan
30
J an
13
Jan
16%
Jan
21%
300
21
Feb
24%
Jan
3 %
Jan
4%
Jan
2
Jan
2%
Jan
%
Jan
%
Jan
Jan
5%
Jan
110
*ii
Feb
Jan
2T66
%
2%
Feb
2%
Jan
14%
Jan
14%
Jan
3%
Feb
12%
Jan
14
Feb
Jan
7
Jan
300
4
4
10
3i»
%
"2% "2X
...
.....
"
"606
4
6
15%
4
Utah Pow A Lt 17 pref.
Jan
Jan
Jan
100
1
5
H
14
8
Insurance
6%
68
21
2
10
Universal
Feb
1,700
28%
...4
Universal Consol Oil
Jan
1,575
•
1st pref
10%
1%
4
Universal Producus Co
Jan
Feb
80%
4
U S stores Corp com
Utah-Idaho Sugar
42
.
14
1
com
Jan
Jan
Feb
"j#
%
'80
237
1
20
$1 % conv pref..
Feb
Jan
Feb
2%
2%
100
13,
82
li
29%
1%
89
5%
ie
2%
2%
10
43%
28
Jan
Jan
»ie,
3%
69%
13
82
"2%
Universal Pictures com—1
Edison—
Feb
T'eb
J2%
Jan
IX
13
i,3(>()
1 %
$7
"l %"lan
"l2% "13%
300
I
US Plywood
Jan
Jan
Jan
Jan
8
/
31
3
l!
Jan
3%
%
350
3%
84%
Jan
Jan
300
United Stores v t c
For footnotes see page 869.
Jan
111
1,200
United Verde Exten...60c
2e
Jan
103
Jan
2,100
4
42
80
Jan
1,100
12%
13%
14
with warr
U 8 Rubber Reclaiming
100
Feb
%
Singer Mfg Co Ltd—
Jan
"73%"
62%
Jan
Jan
15
2
Int'l Securities..4
1st pre'
219
700
Jan
62%
com.25
Preferred.:
Jan
Jan
27%
Feb
4%
,4%
7
1
Feb
213
27%
60
Feb
10
B
Shoe Mach
»>•
40
Southern Colo Pow cl A. 25
Feb
4%
U S and
United
13%
215
500
60
4%
dep
Feb
215
200
Jap
3%
5%
Jan
Jan
Jan
2
3%
4%
Jan
3%
84%
'■
Jan
42%
Feb
29%
15% ' Jan
25
3
43%
Jan
15
Jan
'
4
Jan
3%
Feb
Feb
12%
'
Jan
101%
United Specialties com... 1
2%
29
Jan
800
4%
Jan
Jan
Jan
43
Feb
14
Feb
25
25
'40%
Feb
1%
5% original preferred .25
Feb
Jan
2
zx
Jan
40%
Hi
114
Jan
200
Boss Mfg com.
.....
United Shipyards cl A...1
2
1
43%
United Profit Sharing.,25c
2%
Mfg. Co
40%
100
rctA ord reg,.
United N J RR A Canal 100
Am
Jan
2
Sonotone Corp
2%
38%
Jan
Molasses Co—
Jan
Jan
2%
Solar
"T66
—...4
preferred.
9>
2
Organ....
Smith (H) Paper Mills..
"46"
1%
"30%
*
9%
5%
2X
Skinner
Feb
Jan
40
8
\
Common class B_
Simplicity Pattern com
Singer Mfg Co
Sioux City G A E 7% pf 100
Jan
9,100
2%
Ti.T "11%
U S Lines pref
£1
2
Jan
IX
4%
pref. 100
A Pow com
Jan
Simmons H'ware A Paint.4
Amer dep rets ord reg.
Jan
%
Option warrants
United
9%
64
1
U S Playing Card
100
9%
100%
pref non-voting.4
S7
Jan
pref...
2,900
Jan
Jan
he
United Gas Corp com
Jan
Slmmons-Boardman Pub—
1
Feb
1
9%
107%
Sts.-10c
U 8 Foil Co class B...
12%
6%
Feb
Feb
100
Jan
102
100
12%
Jan
X
8%
50
400
warrants
1
Jan
4
$3 cum A part pref
Jan
1%
32
Jan
-Jan
7
4%
14
26
5
9
78
United Chemicals com—4
Shreveport El Dorado Pipe
Sllex Co common
6%
Traction Co...-50
Union
Jan
Jan
%
%
4X
Jan
com,.4
Investment
Feb
Jan
7
Sentry Safety Control.
Seversky Aircraft Corp._.l
4
15
Union Gas of Canada....4
22%
$3
Seton Leather common
Jan
-4
10
Series B pref
United
1
4
3%
.
21
£1
Serrick Corp (The)
1,500
4%
1
1
Tung-Sol Lamp Works
Unexcelled Mfg'Co
Belfrldge Prcv Stores—
Amer dep rets reg
3%
4%
J
United G A E 7%
200
;
1
stock..6—1
Feb
*
Corp—
Jan
Selected Industries Inc—
.•
3
Ul6
13%
Jan
Jan
%
100
Jan
~~66~
60
Tri-Contlnental warrants
27
Jan
%
4
Jan
Jan
2%
2
1
10
Jan
1%
Segal Lock A Hardware. .1
Selby Shoe Co
6%
Screen-
Plct
Lux
Common
Transweatern Oil Co
Feb
1%
31 %
ni«
4
7 %
Jan
100
7% preferred A
100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
4%
Jan
*
Jan
Jan
5%
6
13
4
100
Jan
Jan
IX
30
Def registered 5s.......
43
Feb
11
Jan
Jan
3
1
Ordinary reg
Jan
3%
27
9X
10
4
3%
Secur Tr—
Union Premier Foods Sts. 1
Warrants
400
300
101
Prod Exports..:4
Tobacco
Scrahton Spring Brook
Scuilin Steel Co com.'.
"T%"
19
-.1
Jan
Jan
2%
2%
17
4
Jan
3ib
Constr4
Jan
13
59%
common.
®ib
Jan
100
12%
Jan
11X
22%
9%
31 %
•
"3%
1
1
6
Savoy Oil Co
Feb
5%
34%
5
Jan
50
Feb
8%
1
Jan
40%
2
11%
14
Feb
37%
100
3%
"46"
40
Texon OH A Land Co
56
59%
13%
IX
%
Jan
33%
95%
300
58
Jan
Jan
2
Tastyeast Ino class A...1
Taylor Distilling Co
1
Trunz Pork Stores
1
Jan
%
1,400
29%
2%
Texas P A L 7% pref... 100
20
Salt Dome OH Co
1
%
28
8%
Tenn El Pow 7% 1st pf.100
pref A
St Regis Paper com
Jan
Feb
9
Jan
%
Jan
X
.
104%
6%
Thew Shovel Co com.'
Feb
nx
Jan
20
X
Jan
1%
1X.
5%
—
102
3%
Jan
9 %
900
21 %
3
15
100
•
Jan
Feb
•5%'.
104
400
100
6 %
7%
Jan
400
4%
Feb
28
Fe.b
14
IX
50
18%
500
"i"
102
12
2X
65
Jan
4
15
Taggart Corp com..
1
Tampa Electric Co com..4
41
4
2%
Jan
17%
6%
10%
3%
Feb
*i«
11%
%
600
200
Swan Finch OU Corp
Tlshman Realty A
12
1
2,900
1
37%
2
19
£1
Safety Car Heat A Lt—
8t Lawrence Corp Ltd---4
preferred
21 %
318
102%
15
Russeks Fifth Ave.,
Rustless Iron A Steel-—l
7%
100
100
2
28
28
4
13,30 A part..
Class B com.
Tilp Roofing Inc.
Royal Typewriter..
B
5% % prefseriesC
22%
6%
'■
Feb
Jan
%
pref...—20
Calif
Feb
1
102
Rossla International. — -.4
preferred
104%
Technicolor Inc common.4
Gas Co-
Royallte OH Co Ltd..---4
6%
17%
Superior Port Cement
10%
IX
Southern
Jan
4
Feb
5,800
2
conv
15%
Jan
19
6%
4
1%
""106
1
$3
Corp
—
5%% conv pref.
60
Superior Oil Co iCallD)..25
ht
6
Denn
(Hugo)
Sunray
Jan
nx
Root Petroleum Co
Shattuck
200
18
18%
...1
Jan
40%
X
Roosevelt Field Inc
*
Jan
17%
'12%
-.1
Oil...
21
Jan
nx
X
Rome Cable Corp com.—I
Convertible
3%
...'
Jan
'
-1
Am dep rets ord reg—
Common
Inc
Drug Co
17%
.
100
.—100
Service
Feb
"9"
5
50
118
Rolls Royce Ltd—
Water
2%
2
4
Jan
"lT
60c
Radiator
5%
113
29%
ex
1
Dry Goods.—'—4
lace
200
22%
6% 1st preferred
-50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
.1
150
4
Roeser A Pendleton Inc.
Scranton
2%
16%
Sterchl Bros Stores..4
14
Voting trust ctfs
-.1
RochesterGAE16% pf C100
Samson
3
4
34%
"lx "lx
Reynolds Investing
7%
Steel Co of Can Ltd
40%
Reliance Elec A Eng'g_..6
conv
Feb
Phos
Wholesale
Sunray
common.4
Relter-Foster OH
12
2%
phate & Acid Wks Inc 20
Jan
101
1,225
400
Jan
%
100
2%
2%
1
17
4
pref
5
116
"II"
Jan
2%
Lead—..1
116
116
—4
Reed Roller Bit Co
conv
Sliver
Standard Steel Spring
Standard Tube cl B
3,675
Jan
Jan
Feb
Jan
Standard Products C0....I
115
19
Red Bank Oil Co
12.60
19
1
22
4%
4
60c
preferred
conv
Feb
34
Feb
5
Common
11.20
19
4
Feb
11
Quaker Oats common
6% pref D,
50
2%
1
49 X
Pyrene Manufacturing..10
Rio Grande Valley
19
Stein (A) A Co common.."
preferred---—
Richmond
100
55%
Jan
3n
preferred
Rice Stlx
Jan
4
Standard
|Pub Util Secur 17 pt pf.,4
Reeves (Daniel)
preferred
Standard Pow A Lt
31
Puget Sound P A L-^-
Raytheon Mfg
5%
Standard
51X
conv
32
Preferred
Feb
Jan
500
Common class B
108%
Feb
34
Standard OH (Ohio) com 26
Jan
5%
.12
6%
34%
preferred..20
conv
5%
94%
55
$3
f 1.60
Feb
Public Service of Indiana—
$5
.
Feb
'•Jan
Jan
Jan
19
10
%
6%
6% 1st preferred-,.. 100
7% 1st preferred
100
$6
preferred
Jan
Public Service of Colorado-
$7 prior preferred
...
Standard Invest 15% pref4
Standard OU (Ky)
10
Standard Oil (Neb)
25
'
4
preferred
Jan
Jan
1%
reg—_£1
7
4
$6
Feb
3%
Feb
33%
25
4%
"366
"1% "lx
4
Prudential Investors
10
.....
700
Dredging Corp—
Common..!
;
1
Jan
Jan
he
♦
Providence Gas
2%
39%
.....
Jan
1%
Standard
Jan
Jan
9
26c
Corp...
21
Jan
2
39%
Pressed Metals of Am new 1
Producers
Jap
19%
Feb
150
11 %
"466
5
,*
Standard Brewing Co
4
Standard Cap & Seal com.l
Feb
Conv
4
High
Jan
148
3%
1%
...?5
Am dep rets ord
Canada.—4
6% 1st preferred
100
Premier Gold Mining
20
150
Spanish A Gen Corp—
Power Corp of
Pratt A Lambert Co
Low
Shares
""l% "1%
Am dep rets ord bearer £1
Spencer Shoe Co
4
Jan
Jan
High
150
Range Since Jan. 1, 1939
for
Week
of Prices
Low
Price
Southwest Pa Pipe Line. 10
%
8%
Polaris Mining Co
Powdrell A Alexander
Sale
Par
2
1
A Lake Erie.50
Forgings
Pneumatic Scale com
Jan
Jan
900
43
11%
60
Week's Rar.ge
Last
{Continued)
High
Low
43
6%
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Week
Shares
Postage
Pitts Bees 4 LEER
aTOCKS
Range Since Jan. 1, 1939
for
857
Sales
Friday
Sa.es
Friday
%
%
56%
%
59
Jan
%
Jan
400
425
49
Jan
Jan
Jan
4%
16%
>»u
59
Jan
Feb
Jan
Feb
Week's Range
for
Sale
Par
of Prices
Loto
High
Week
Price
Low
Shares
Utility Equities Corp.,.
1K
51A
$5.60 priority stock..
UtUlty A Ind Corp com..5
preferred.....—7
7% preferred...—-.100
Valspar Corp oom
1
$4 conv pref
6
Van Norman Mach Tool-6
Venezuela Mex OU Co..10
Venezuelan Petroleum...1
100
K
Jan
Feb
2,000
2,900
1 V%
Jan
1J4
K
H
Jan
K
Jan
Jan
12 A
Jan
16
Jan
Eastern Gas A Fori 4s. 1956
64 K
IK
Jan
Jan
Jan
Edison EI 111 (Boet) 3 An 65
30
Jan
111K
78 K
600
2
»i»
8K
4K
6K
Jan
600
5A
Va Pub Berv 7% pref..100
100
Vogt Manufacturing.....*
Waco Aircraft Co—
*
6K
*
7H
8K
7
7A
5A
5A
100
It,
44
•
1,800
Jan
El Paso Elec 5s A
Jan
Empire Dlst EI 5s—1952
K
8K
Jan
7K
Jan
Jan
3K
3K
1.25
2%
2H
1,000
"i'u "iji
5A
Jan
K
Feb
Jan
1A
Jan
Jan
Jan
10 A
3K
r"~3o6
Jan
Jan
IK
8A
5K
Jan
Jan
5
Jan
2K
3K
4K
Banks 6s- 6s
stpd—1961
Jan
40
100
91K
Florida Power A Lt 5S.1954
98%
,
Jan
General Pub Serv 5s..1953
85K
50 A
Feb
Georgia Power ref 5s..1967
Jan
Jan
Jan
10
Jan
5K
5K
Jan
6
Feb
Glen Alden Coal 4s—.1965
Feb
6K
Jan
Gobel (Adolf)
*700
2K
7K
Jan
Feb
3
Jan
10
84 K
Jan
91K
Jan
Feb
2A
Feb
looo
Jan
100
2K
5K
5K
Jan
8K
-0K
L?66
13 H
100
5K
88
~~6H "T"
6
6
'iik "hk
0% preferred...——£1
Wright Hargreaves Ltd—*
Yukon-Pacltto Mining Co.5
K
x8A
X8H
8K
IK
IK
Jan
101
Jan
Jan
50K"
108
Jan
Feb
Jan
86 K
Feb
6,000
10iK
Feb
104 K
Feb
5,000
10J«m
Feb
101K
Jan
76,000
89 K
Jan
94
Jan
95K
Jan
99 H
Feb
Jan
98K
Feb
104K
1st A ret 6s
1950
100 K
1st A ref 6s.......1968
98K
94K
103 K 105
100 K 103
102 K
1967
98 K 101A
93
09 A
94 A
105 K 105 H
108 K 108 A
Aluminium Ltd debt 5al948
Amer O A El debt 5s..2028
Am Pow A Lt deb 6a—2016
92 K
89 K
92
.....
Amer Radiator 4Kb—1947
K
87
90 A
106 K
93 K
92
1960
34
Registered.....
Debenture 6s...—.1968
Guardian Investors 5s. 1948
47 K
Jan
HaU Print 0s stpd....1947
98 K
Jan
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
m
Jan
'
Jan
103
Feb
Jan
Feb
Jan
101K
99 K
94 K
106K
Feb
109K
Jan
6 Kb series B
1953
102
93K
Feb
5s series C——.1951
91
92
Feb
Indiana Hydro Elec 6s 1958
Indiana A Mleh Eleo 6s '56
.
87
Jan
Jan
81K
105K
108 K
85K
Jan
Feb
Feb
Jan
1st A ref 5s ser C
SfdebSKs
Jan
118K
102K
Jan
122
Feb
Jan
104
Feb
101A
Jan
104 A
Jan
Jan
♦Indianapolis Gas 5* A 1952
International Power See—
78
41K
1955
•
Birmingham Elec 4Hsl968
Birmingham Gas 5b
1956
-
«
*<
rn
m
-
1,000
104
Jan
105 K
Jan
Jan
"
7^000
......
85
.
"Feb
Jan
7,000
26,000
105
116K
Jan
110K
122H
Jan
Jan
Feb
.Jan
123 K
126
Jan
86
93K 253,000
79 K
19,000
87 K
9,000
Feb
147
«,
Jan
148K
93 K
Feb
Jan
79K
87 A
69
A
81
Jan
103
Cent Ohio Lt A Pr 5s—1960
Cent Power 5s ser D..1957
103
Cent Pow A Lt 1st 58.1956
101
Cent States Elec 5s...1948
40
5Ks ex-warrants... 1964
Cent States P A L 6 Ha *63
37 H
"
Chicago A IlUnois Midland
Ry 4Kb A—
1956
Chlo Jet Ry A Union Stock
Feb
100K
Jab
Jan
102
Feb
Jan
92
Feb
87 K
Jan
20.000
98 K
102
17,000
100 A
89 K
02
5s series D
...1956
4Kb series F..—...1958
Iowa-Neb LAP 5s
1957
5s series B
1961
87
42,000
1,000
Jan
107
Jan
110K
Feb
Jan
110K
62 K
Feb
54
Jan
60 K
Feb
19,000
70 K
Feb
83K
Jan
17,000
45K
Jan
46
Jan
53
Jan
Jan
60K
Jan
47.
88
56
43A
43,0p0
90 K
82 A
101H
101A
106K
104K
80 A
100A
101K
106 A
104 K
51
44,000
84
140,000
101K 19,000
9,000
101A
107
30,000
105
2,000
,
.
>1,000
77
40
H
41
% "2*666
42
40
1947
105 X
1961
105A
103K
Jan
1947 ——t-
Feb
115
Jan
6 Ks series D...
5 K< series F.
101K
Jan
103 K
Feb
5s series I
83
Jan
■87 K
Feb
'Lake Sup Dist Pow 3 K* '66
99
Jan
101
Jan
Jan
43
Eeb
Lehigh Pow SecUr 6s..2026
♦Leonard Tietz 7 K*—1946
Lexington UtiUties 5s. 1952
Llbby McN A Libby 6s '42
Long Island Ltg 0s.-.1945
lio"
35
Louisiana Pow A Lt 5s 1957
106 K
98K
Jan
Feb
;61
38K
Jan
43
A
Jan
82
Jan
Feb
77
Jan
90 K
84
Jan
98K
Jan
98
Jan
Jan
107.
Jan
Feb
101K
101A
105
105 K
104K
Jan
Feb
Jan
Jan
47
Jan
52 K
Jan
Jan
80
Jan
39 H
Feb
43 K
Jan
38
Jan
42
Feb
105A
105K
Jan
106
,Jan
Jan
3.000
103K
Jan
106 K
104 K
Jan
Feb
5,000
119K
102K
Jan
Jan
120 K
Jan
103
Jan
13,000
.
2,000
90
Jan
96 K
.1948
...1955
103 %
Jan
1969
104
92,000
11,000
100 K
35,000
93
94
05 A
102 K
99,000
90
Jan
96
102
103
Jan
Jan
.
99
Jan
Feb
Feb
94
95
96 A
63
120
120
113 A
39K
Jan
42,000
105K 106 A
Jan
Jan
17,000
105H 105K
4 Hs series C
102K 102 A
Jan
52 K
80
51
5s series B
Kentucky UtUlties Co—
1st mtge 5s ser H
1961
65K
K
.
Jan
Jersey Central Pow A Lt—
Kansas Power 5s
102 K
80,000
88."
'
1942
Jan
24,000"
100 K 102 A
61
41K
*60 A
<
49
Gas—
5s stamped..
Feb
32
"
55
i"566
Feb
60,000
03
Jan
106 K
6,000
32,000
35,000
Italian Superpower 08.1963
104
.
86
100
Jan
103
Jan
110
110K
18,000
96,000
107
Jan
110K
22 A
Feb
95K
103
"95"
v
K
Jan
105
Jan
.100K
22 K
30
$24
102
Jan
100 U 101
*7*655
99 A
Jan
3,000
17,000
102 A
Jan
104
•40,000
105K
Jan
*93 K
93 A
95
105K 106 K
91
Jan
Jan
104 %
50
104
49
104K
K
73
-
*.• „
a
«
^
12,000
"*74K
74K
73 K
73 K
76K 45.8,000
95,000
76
74
74
75
'
101K 101'ie
Jan
Jan
K
Jan
Marlon Res Pow 4 Kb! 1954
McCord Bad A Mfg
Jan
71K*
6SK
73
Jan
Jan
.
,
73K
:
80
Jan
76 A
Feb
Jan
•Feb
Feb
68
Jan
76
Feb
Jan
75
Feb
101K
37,000
4,000
Feb
101 »i«
Jan
Gas
"6 s stamped;
1943
Memphis Comml Appeal—
Deb 4Kb...
1952
Memphis PAL5sA—1948
Mengel Go conv 4KB.1947
Metropolitan Ed 4s E.1971
4s series G_
102*u'102K
"81K
5Ks.
81A
80 A
Community P 8 5s— .1
Conn Lt A Pr 7s A—J
Consol Gas El Lt A Pc
1966
95
j22
98 H
90
95 K
Feb
92
Jan
95 K
98 K
Jan
Feb
88 K
Jan
90
2,000
98K 141,000
1,000
16.000
107K 108K
108 H 109
18,000
108
108K
96 A
95
.
90
106 A
Jan
108 K
107A
Jan
109
93 K
60
Jan
98 K
Jan
62
Jan
Feb
Jan
83 K
Feb
Middle States Pet 6Ks '45
Midland Valley RR 6s 1943
80 K
72 A
Jan
Feb
MUw Gas Light 4K*—1967
100
100
100 K
100K
75
Jan
Feb
MlnnPAL4Ks
1978
100
100
101
25,000
98 A
99
Jan
80
83H
81K
7,000
25,000
Jan
101
104 A
104
104 A
39,000
103 K
Jan
105
95 K 252,000
97
226,000
82 A
88 A
Jan
95 K
Feb
Jan
97
Feb
83 K 226,000
81K
76,000
100K 100K
15,000
100 H
Jan
102**»i Jan
101
Jan
1st A ref 6s
..1955
61
Mississippi Power 5s..1955
94
95 K
1957
109 K
Jan
111
Feb
Miss River Pow 1st 6s.1951
101K
Jan
102
Jan
126
126K
"9,606
Jan
128 K
Jan
60K
Jan
63 A
Jan
90 K
87 K
91K 570,000
99 K 100
5,000
81K
Jan
91K
Feb
96
Jan
65 K
95
6 KB
1944
(♦Munson SS 6 Kb ctfsl937
63
K
100
Jan
65 K
1,000
61
Jan
68 K
Jan
95 K
23,000
95
Jan
97
Jan
1
96
A
61
90 K
94
97 K
61
8,000
Jan
Jan
Feb
Jan
Jan
Montana Dakota Power—
125
10,000
$101K 102 K
18,000
For footnotes see page 809.
95 H
68
95 K
Jan
62
65 A
Jan
Feb
63
05 A
Jan
104K
72 A
Conaol Gas Utll Co—
99K
28 A
Jan
102sn
Missouri Pub Serv 6s. 1960
126 A
Jan
90
$44
.
*
28 A
12,000
110K 111
..
Jan
103 A
"
$103K 104 K
Miss Power A Lt 5s
.
Jan
106K
83 A 597,000
80
$130K 135
(BMt) 3Ks ser N
1
Consul Gas (Bait City)-
Feb
fi
♦7s without warr'ts.1941
55 A
6«K
.
-
104K
Jan
70 A
72 K'
2,000
73
80
Jan
44 A
12,000
J73K
78
104
8,00a
50
Jan
Jan
101
104K 104 K
l6I"
Jan
"
Mans held Mid A Smelt—
1927
Feb
2,000
1942
Jan
Jan
86
Jan
Feb
110K 110K
62 K
60
59 K
60 K
76K 79K
46
Isarco Hydro Eleo 7s. 1952
101
5,000
103
103% 26,000
101
103
246,000
113K 114
4,000
103
103
15,000
86
87K 47,000
99 A 101
190,000
74,000
39K 43
37
39 K 206,000
Jan
106 K 106 A
110A
1952
102K
103K
59
Feb
104K 104 K
1
61A
Feb
91
Kansas Eleo Pow3 Ks. 1966
Kansas Gas A Eleo 6s.2022
'
Carolina Pr A Lt 5s... 1956
Cedar Rapids M A P 5s '63
98 A
Jan
Jan
Interstate Public Service—
Iowa Pow A Lt 4Kb—1958
Iowa Pub Serv 6s
1957
:
92K
85 A
147K
103
Jan
„Jan
46,000
♦.803*
95K
85K
77 K
121K 122K
124
124K
103
Jan
63
104 A 123,000
66,000
97K
98K 262,000
89
91
05.000
Jan
1O0K
76
98 A
105A
104 K
101K
Feb
Jan
79
Jan
36K
40 K
Feb
90K
Jan
101K
35
96 K
93 A
63 A
105
-Feb
109 K
120 A
U45
-
Jan
'21656
35
JacksonvUIe
1998
K
Jan
Jan
59 K
Bell Telep of Canada—•
1st M 5s series B...1967
6s series C
...1960
63 A
37
70,000
101 '
109 K
Jan
Jan
Isotta Frascblnl 7s
109 K
122 K
60
30
I
101
Jan
2,000
49 K
Jan
Jan
62^
50K
Jan
Jan
97
109K
49 K
72 K
23
Jan
$47K
10 2 A
104 A
Jan
Jan
Jan
Jan
7s series E—.1957
Jan
Jan
94 A
103K
100K
101K
7s series F.........1952
Jan
Feb
Jan
40.
Jan
40
98 K
1,000
109
Jan
Avery A Sons (B F)—
1955
11,000
18K
34
6,000
15,000
6,000
Feb
7,000
30
43
47
97
Jan
42
Jan
24
Feb
Debenture 6«--
40 K
40
27 K
Jan
Jan
13,000
47 K
100
31
29 K
53
109
40
2,000
Jan
52 A
Jan
"2I060
%
1st lien A ref 6s—.1963
1957
108H
Jan
101A
Indiana Servloe 5s——1950
Interstate Power 5s
Jan
Jan
50 K
87
Jan
101K
Jan
Feb
100 A
loeK
A
Jan
89
103 K
102
OVA
Jan
.
72 K
72
Jan
'47
106 A 101A
Jan
C.
Jan
87
,Jan
108 A
4,000
103
Feb
Feb
Jan
60
47K
103K
88
54 Hi
"2*666
103 K 103 K
tlOlK 102 K
May 1957
1957
68
54,t)00
74 K
76K
103K 104
105 K 105K
Baldwin Looom Works—
♦Convertible 6s.*..1950
98K
$10,
Indiana Electric Corp—
6s series A.........1647
5s
Feb
Feb
58,
100 A
100
63,000
85
1956
Feb
$61
62 A
105»«105i»si
.....1949
98
35
$91K
-
62
Jan
35K
6s without warrantsl947
43
109
105.
06
90 jK
101K
65
Jan
19,000
97
Jan
35
6s with warrants—.1947
47K
,
t..~*
f 01 Northern UtU 08—1957
111 Pr A Lt 1st 6s ser A. 1953
1st A ref 5 Kb ser B.1954
Jan
Jan
Jan
40,000
$19
103 K
1943
6H> ex-warrants
75
87
89
-
♦Hungarian Ital Bk 7 Hs'63
■
Jan
95 K
65
$108K 109 K
$57K 53 K
A St Ry 5Ks
...1938
Heller (W E) 4a w w —1946
Houston Gulf Gas 68—1943
40*656
68 A
62
68
47 K
Feb
75
77
90 K
L1K 560,000
Grocery Store Prod 6a. 1945
Guantanamo A West 6s '58
Feb
33
Atlanta Gas Lt 4KS-.1965
Atlantic City Elec 3 He '64
Jan
Feb
Gt Nor Pow 5s stpd—1950
8K
35
-
K„ Jan
Jan
14 K
33K
*•
81
2,000
47,000
31K" 32
31K
32K
33K
36
r,
*31K
70,000
97 A
86 K
Jan
6 Hs series
1949
Feb
61
10?
103 K 104
102 A 103 K 102,000
50
64K 169,000
1948
93
$24K
105
Ark-Loulslana Gas 4S.1951
53 H
7,000
84 K
"68 A
8,000
6,000
3,000
6,000
120^ 120K
102 %
Jan
94 A
80 K
1,01 H
50,000
Appalae Power Deb 6s 2024
Arkansas Pr A Lt 5s..1956
90
9
6s series B
101
Associated Eleo 4Kb.-1953
Associated Cas A El Co—
105
Jan
Hygrade Food 6s A...1949
Amer Seating 6s stp—1946
101A
Jan
84
10
Jan
$45,000
99,000
109,000
292,000
957,000
5,000
70,000
224,000
106K 106K
95
104
88 K
,
Feb
104K
Jan
2,000
Grand Trunk West 48-1950
Sold
6s ser A stamped...
Cont'l Gas A El 6s...
110
Jan
99 A
51,00o
Jan
Bonds
1st A ref 5s..—...1046
1st A ret 6s...
1951
Service
Jan
107 K
104
21,000
89
Alabama Power Co—
U Cities
Jan
Jan
Feb
87
$58
Jan
900
BONDS
I ♦Chic Ry* 5s ctffl
111K
80 A
Jan
98 K
$73
Houston Lt A Pr 3 Kb.1966
Broad River Pow 5s..1954
Canada Northern Pr 5s '53
Canadian Pao Ry 6s..1942
Jan
82K
93 K
4Ks—1941
Jan
4,200
IK
.
,»
Bethlehem Steel 6s
Jan
73
93
Georgia Pow A Lt 5s—1978
♦Geefurel 0*
1953
14
50
~7~H "7Vi
88
Petroleum..—.1
1st M 6s series A
66 A
86
98
104 K
•General Rayon 6s A. 1948
Jan
15
15
5K
Woolworth (P W) Ltd—
Amer dep rets..
...6c
Conv deb 5Ha..
1977
Assoc TAT deb 6 K*. A'56
Jan
107 A
104 K 104 %
"93*"
8K
Weyenberg Shoe Mfg.—.1
Williams (BOA Co
*
Williams OU-O-Mat Ht—*
Wilson-Jones Co..—i—•
WULson Products Ino——1
Wisconsin P A L 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube com
2
Conv deb 5s
Jan
Feb
60 K
110
402.000
91K
97 A
97
Jan
*
Conv deb 4Kb O
Conv deb 4Kb
Feb
IK
IK
Jan
Feb
25
$15
1A
Feb
9
Vot tr otfB oom..--—*
Registered
OA
Jan
Jan
10
23,000
103 A 104 A
10i»n 101*«
Gen Wat Wks A El 5s. 1943
15
Westmoreland Coal Co—*
4Kb.
Jan
Jan
48
3,000
60,000
A 101
100
104 K
T Firestone Cot Mills 5*1948
♦First Bohemian GWbs7s'57
Florida Power 4s ser 01966
4A
Jan
3K
Jan
90
Jan
1
600
2K
Jan
86
*
1
Western Tab A Stat—
1st A ref
80 A 260,000
110
1.000
$25
48 "
UQ7K 107 H
83 K
86 K
Gary Electric A Gas—
5s ex-warr stamped. 1944
Gatlneau Power 1st Ss.1956
General Bronze 6s
1940
Western Maryland Ry—
Woodley
5,000
110
Gen Pub UtU 0Ka A.1956
100
West Texas Utll $6 pre!
Westmoreland Inc
111 K
7o"66O
104K 104 K
100 A
Federal Wat Serv 5 An 1954
4K
-.1
Wayne Knitting Mills—6
Welsbsum Broe-Brower_.l
WeUington OU Co.*
1
7% 1st preferred
20,000
75 K
6Ks series A....—.1953
Erie Lighting 5s
1967
8
Feb
Walker Mining Co
Western Air Express
4.000
IK
IK
65 K
7K
7K
K
Finland Residential Mtge
5K
Class B
Went worth Mfg
8K
111
1950
Jan
Jan
Wahl Co common——..*'
Waltt A Bond class A.—.*
West Va Coal A Coke
12,000
Jan
108K
Eroole Marelll Eleo Mfg—
27
,
Jan
200
Wagner Baking v t o
8K
Jan
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 5s '66
»i*
Jan
..
♦0Hs
47 K
Jan
300
9,00
9
Jan
Jan
Detroit Internet Bridge—
7H
Jan
K
2K
Jan
6K
400
23
m
A
6H
22 A
38 A
22 H
,
K
3,000
A
tX
63 A
Aug 1 1962
♦Certificates of deposit
♦Deb 7s
Aug 1 1962
♦Certificates of deposit
High
105 K
104A
106K
1
107K 108
107 A
6,000
8K
Jan
Jan
Denver Gas A Elec 58.1949
53 A
*i«
Low
S
8K
2K
Jan
200
High
104 K 104 K
Delaware EI Pow 5 Kb.1959
28 A
23
Low
Price
Jan
13K
1A
Par
High
Feb
Jan
Range Since Jan. 1, 1939
Week
175
K
13 K
13K
for
of Prices
IK
500
VA
1H
H
lUtil Pow A Lt common..1
Class B.
—1
Week's Range
Sale
Jan
Feb
IK
52 H
H
H
Last
IK
IA
49 K
1
Utah Radio Products
BONDS
(Continued)
Rangs Since Jan. 1,1939
Last
Sales
Friday
Bales
Friday
STOCKS
(Concluded)
Conv
Feb. 11, 1939
New York Curb Exchange—Continued—Page 5
858
■
Nassau A Suffolk Ltg 6s *45
109
"80 A
109 K
19,000
79
80 K
18,000
101K 101K
3H
3K
78K
81
1,000
10,000
9,000
108 A
73 A
Jan
109 K
Jan
Jan
80 K
Feb
100
Jan
101K
Feb
2
Jan
3K
Feb
77
Jan
81
Feb
New York Curb Exchange—Concluded—Page 6
Volume 148
Sales
Friday
BONDS
Last
Wert's
{Continued)
Sale
of Prices
Low
High
Par
Price
Nat Pow A Lt 68 A
20*26
Deb 6s series B
2030
98%
|*Nat Pub Serv 6s ctfB 1978
Nebraska Power 4%«.198l
"no %
6s series A
2022
Netaner Bros Realty 6s '48
Nevada-Calif Elee 68.1956
1Q48
Conv deb 6sIIZIIIIl950
New Eng Power 3%«.196l
102 %" 103 %
102 %
97%
109% 110 %
117% 117%
96%
97%
78%
80%
117 %
~~79~
"59%
1118% 119%
57%
61
14,000
5,000
98%
Feb
Jan
Feb
♦United Industrial 6 %b '41
Jan
117% Feb
96
Jan
97%
Jan
77%
Jan
82
Jan
Jan
118%
Feb
61
Feb
60
Feb
60%
Feb
107%
91
Jan
109
Feb
N Y P A L Corp 1st 4%s'67
N Y State E A G 4%s 1980
40,000
28,000
99%
Feb
100%
Jan
4%s
1944
Va Pub Serv 5%s A..1946
94%
92
Jan
Jan
1st ref 5s series B...1950
90%
15,000
102%
Feb
Feb
107
Jan
108
Jan
99
Jan
101%
Jan
105
104%
Jan
105%
Jan
112%
Jan
113
Jan
Jan
54
Feb
6.00C
107% 107%
107%
101%
105
Nippon El Pow 0%s„1953
%55%
4,000
—
50
58
98%
98%
99%
38,000
96%
Jan
99%
Feb
51%
51%
54
19,000
47
Jan
54
Feb
No Indiana G A E 6s..1952
107% 107%
2,000
107%
Jan
108%
1966
Ogden Gas 5s
106%
West Penn Elee 5s_..2030
Wast Penn Traction 6s '60
West Texas Utll 6s A 1957
24,000
105%
Feb
107
Jan
18,000
105%
Jan
Jan
1,000
Okla Power A Water 6s *48
94
37,000
98
Jan
101
108
Jan
108%
Jan
FOREIGN
105
Jan
106%
Jan
100%
Jan
Jan
1941
84 %
Park Lexington
I960
Deb 5%s series B—1959
~~93%
100
99%
Penn Water A Pow 6s. 1940
4 %« series B
1968
1981
4s series D
Coal
Feb
4s series A
Feb
Jan
91%
Jan
Jan
94
89,000
87
Jan
95%
91%
Feb
Feb
2,000
82
Jan
88%
Jan
31 %
Feb
108%
Jan
105%
Jan
Jan
Jan
107
104
Jan
105
Jan
Jan
110%
Jan
112
Jan
101
Jan
102%
Feb
53
Jan
'61
Jan
Jan
92%
19%
107%
2,000
1.04%
Jan
105%
106
1,000
106
Jan
105%
Jan
106%
106%
Jan
Jan
100%
102%
Jan
Jan
103
Feb
104%
Jan
106% 106%
Stamped 5s.
..1947
102%
104% 104%
3,000
59,000
94
20,000
90
Jan
94
Jan
92%
94%
49,000
89
Jjan
94%
Feb
25%
3,000
GOVERNMENT
2,000
Jan
♦20-year 7s
92%
Feb
*24
Agricultural Mtge Bk (Coll
♦20-year 7s....Apri,194(!
♦7s ctfs of dep. Apr
Jan
113%
76
Jan
32"
Jan
■
Jan
Feb
♦6s ctfs of dep...Apr
Feb
Antioquia
(Dept
Feb
28%
Jan
32
28
32
26
Jan
26 %
J an
*24
33
24%
Jan
24%
Jan
*24
32
8%
Jan
10%
Feb
18
Feb
18
Feb
13%
10
Jan
20,
11%
Jan
12
22
Jan
22%
22
Jan
24
Feb
100
Jan
25%
♦7s ctfs of dep. Jan '47
♦6s ctfs of dep..*Aug '47
85%
34%
25%
*24
*25%
'46
Jan 1947
113%
Jan
.
29,000
93
94
113%
92
103
'48
.
of) Co¬
lumbia—
91
Jan
94%
Jan
-98
Jan
♦7s
ser
A ctfs of dep. 1945
Jan
101%
99%
Jan
97
Feb
♦7s
ser
♦7s
ser
10%
10%,
10%
B ctfs of dep. 1945
*7
17
C ctfs of dep. 1945
♦7s ser D ctfs of dep. 1945
*7
17
105
Feb
*7
♦7s 1st ser ctfs of dep.'57
*6
16
Feb
♦7s 2d ser ctfs of dep_'57
*6
16
1,000
105%
Jan
106%
Feb
♦7s 3d
dep.'57
*6
16
104
20,000
103%
Jan
105
Jan
♦Baden 7s.
..—1951
18
18
106%
106% 107%
14,000
106%
Feb
108%
Jan
♦Bogota (City) 8s ctfs.1945
Bogota (see Mtge Bank of)
*8
17
94 %
93%
94%
96
95%
112% 113
91%
93%
Jan
Jan
54,000
♦Caldas 7%s ctfs of dep.*46
♦Cauca Valley 7s—1948
22,000
111%
Jan
1,000
17
Feb
103
,
80
*79
48
46
107% 107%
33,000
Jan
94%
96%
113
Jan
"78%
Jan
44%
Jan
51
Jan
77665
1,000
•
*40
.
*103
20%
20%
77
Feb
♦6s ctfs of dep..July '61
*15
Jan
108
Jan
109%
Jan
41 %
Jan
♦6s ctfs of dep..Oct '61
Cundlnamarca (Dept of)
6%s ctfs of dep.... 195^
*15
Jan
Jan
47T006
3,000
107
1,000
108%
100%
3,000
26,000
Jan
102%
Jan
Danish
25%
Feb
20%
Feb
107
"83%
107
81%
77%
76%
1,000
87% 157,000
*17
22
17
"
Jan
20
22
16%
Feb
18%.
Jan
80
Feb
*16%
*11
t8%
12%
11%
11%
11%„
Jan
Jan
Jan
10
Feb
'184%
134% 134%
4,000
Jan
Jan
107%
Jan
Jan
Feb
17%
Feb
134%
Feb
Jan
25
Jan
30%
' Jan
31%
Jan
101%
Jan
102%
Feb
60
Jan
105%
55Z666
104
Jan
17,000
103%
Jan
Jan
65
Jan
88
18
♦Secured 6s
18
...1947
7s...
18
16%
1958
♦Medelltn 7s stamped. 195]
12
2,000
2,000
16%
6%
10
9,000
18
18
9
79
Feb
Jan
12%
Jan
Feb
Feb
Jan
79
Feb
Jan
*
Mtge Bk of Bogota 78.1947
♦Issue of May 1927—
*24
32
♦7s ctfs of dep. May'47
♦Issue of Oct 1927
...
*25%
28
*24
32
*25%
32
14%
♦7s ctfs of dep. Oct '47
♦Mtge Bk of Chile 6S.1931
Jan
Jan
Jan
Jan
79
*8-
*77
stamped.1951
16%
12%
*8
♦7sctfsofdep
1951
♦6%s ctfs of dep.... 1954
♦Mendoza 4s
35
14%
14%
25%
25%
Jan
25%
Jan
*14% "Feb
2,000
Jan
25%
16
Jan
Jan
96
Mtge Bank of Columbia—
"i05%""Jan
105%
105%
Feb
♦78 ctfs of dep
1946
♦7s ctfs of dep
1947
*24
*24
9,000
104%
81
10.000
76%
Jan
81
Feb
89%
58,000
83
Jan
89%
Feb
♦Parana
Feb
♦Rio
94%
Jan
lQ4%
Feb
Sou Calif Edison Ltd—
32
*24
♦6%s ctfs of dep. —1947
Mtge Bk of Denmark 5s '72
99% 104% 552,000
104%
.*33
1952
86%
"79
Sou Carolina Pow 6s. 1957
External 0%s
79
1st 4 Hs series D
1970
Sheridan Wyo Coal 6s 1947
35
169" "Jan
* Feb
16%
19,000
105
Feb
24
*10,7
105%
80
134
104% 105%
104% 105%
1948
1968
Jan
Feb
♦Hanover (City) 7s... 1639
108%
16,000
Feb
♦Hanover (Prov) 0%s.l949
♦Lima (City) Peru 6%s *58
Jan
60
Jan
Feb
"Jan
102% 102%
16%
82
108%
"mti
Jan
Jan
87%- Feb
16,000
~30"
96%
Jan
$21
108% 108%
17%
17%
*29
Jan
Jan
Jan
151
♦Maranhao
3,000
92%
88
2,000
.4,000
Jan
80
,Feb
28%
93
92%
75%
70%
.
'
91%
72
41,000
'It,*""**
4,000
18
*8
93
1955
25
106%
87,000
63 %
32
*23
6%s
♦German Con Munio 7s '47
.82
80
Jan
28%
18%
16%
Feb
10,000
79%
*22%
5s......
...1953
Danzig Port A Waterways
147
Jan
27
27
Jan
"20%
,14%
,20
Jan
64
149%
148
149
*8
24
19,
43
♦7%s ctfs of dep. —1946
Cent Bk of German State A
.
23
Jan
39%-
1,000
18
*8
♦Prov Banks 6s B—1951
17%
72%
107% 107%
108% 108%
72%
'ioi%
"'*8
*12
1948
♦6s series A
1952
Columbia (Republic of)—
99
77
*17%
♦7s ctfs of dep.
Feb
107%
Jan
1,000
ser ctfs of
Feb
Jan
106
95%
99
Jan
Feb
77
~
22
99
♦Schulte Real Est 08-1951
Southeast P A L 6s.-.2025
Feb
90
105
103
*19
1st 4 %8 series B
Jan
75
106
108%
♦Saxon Pub Wks 6s...1937
Serve! Inc 5s.
Jan
Jan
105
Jan
5%s series A
Shawtnlgan WAP 4%s '67
58
Jan
Queens Boro Gas A Eleo—
8crlpp (E W) Co 5HS.1943
Scull In Steel 3s
..1951
102%
Jan
1st A ret 4%s ser D.196C
San Joaquin L A P 8s B *52
'
46,000
20,000
,5,000
101% 102% 140,000
58%
13,000
56%
Jan
1950
,...1952
♦Ruhr Gas Corp 0%s,.1953
♦Ruhr Housing 0%8__1958
Safe Harbor Water 4 %s *79
#*8t L Gas A Coke 68.1947
83
112
91%
1966
1st A ref 5s ser C
70%
3,000
12,000
31% 275,000
1,000
107% 107%
106
106%
29,000
105
105
30,000
113%
Jan
Pub Serv of Oklahoma—
Puget Sound P A L 5 Ms '49
6,000
27%
Jan
Public Service ol N J—
6% perpetual certificates
91%
88
106%
Potrero 8ug 7s stmpd.l«47
'69
89%
85%
100%
Potomac Edison 5s E.1966
PowerCorp(Can)4%sB
113%
2,000
♦Pomeranian Elee 6s..1963
♦Prussian Electric 6fl_. 1954
Jan
53,000
60
1961
Feb
112
112% 112%
74%
75
89%
90
93%
94
93%
95%
23,000
6s.. 1949
4%s series P..i
89
103% 105
Pittsburgh Steel 6s...1948
Portland Gas A Coke 6s '40
Jan
Jan
Feb
111,000
105%
78%
107
89
108% 108%
106% 106%
103% 104
1961
Pittsburgh
Feb
100
Pblla Elee Pow 5%s._1972
Phlia Rapid Transit 6s 1962
Pledm't Hydro El 6%s
81
Jan
Peoples Ga«L A Coke—
4s series B
Feb
101
1954
D
76%
104%
Penn Pub 8erv 6s C„1947
5s series
19,000
6,000
91%
Penn Ohio Edison—
6s series A
Feb
101%
94113% 113% "(MIOO
81%
85% 218.000
*34%
35%
140Z666
92%
94
10,000
99% 100
99%
99% 28,000
113%
Pacific Pow A Ltg 58—1955
1971
Jan
78%
41,000
3,000
*93
Pacific Ltg A Pow 5s..1942
1979
27
27
Jan
104%
95%
103
113% 113%
Pacific Invest 5s ser A.1948
1st 5s—
Jan
Feb
70%
AND MUNICIPALITIES—
Jan
Jan
Pacific Gas A Eleo Co-—
Penn Electric 4s F
Jan
26%
23%
78%
Jan
5,000
95%
93%
102% 102%
Pacific Coast Power 6s '40
3s_
1964
Penn Cent L A P 4 %s_1977
Jan
Jan
Jan
52
Feb
21,000
102% 103 %1 YOTOOtT
~io~5%
103
1st 6s series B
52%
117%
28,000
"27%
*23%
74%
112
^♦York Rys Co 5s..„1937
103%
104%
106%
104%
105%
Jan
26,000
100%■ 100%
108% 108%
105% 105%
"io d%
1946
6s conv debs
Wash Ry A Elee 4s... 1951
Wash Water Power 6s 1960
105% 105%
—1945
Okla Nat Gas 4 %s—.1951
29%
105% 106
"I6i%
N'wcstern Eleo 6s stmpd'45
N'western Pub Serv 5s 1957
88
1954
105% 106%
104% 104%
105%
1969
1970
deb
Wise Pow A Lt 4s
1966
Yadkin River Power 5s '41
Northern Indiana P 8—
series D
94
.1946
♦5s Income
Jan
1956
Nor Cont'l Utll 5%s„1948
4t4s series E
75
West Newspaper Un 6s *44
West United G A E 6%s'55
Wheeling Elee Co 5s—1941
Wiso-Mlnn Lt A Pow 5s '44
No Amer Lt A Power—
5s
6s
Jan
Waldorf-Astoria Hotel—
*112%
6s series C
112%
90
81%
Jan
Jan
47
*
6s series A
..1973
Utah Pow A Lt 6s A—2022
104%
45%
116%
4,000
■
Feb
81 %
1954
6 Hs series A
1952
8,000
2,000
49%
85
89
Feb
Jan
High
81
78%
106% 107
"77%
5%S
1959
Un Lt A Rys (Del) 5%s '52
United Lt A Rys (Me)—
6s series A
47%
47
*23%
1945
97%
Jan
81
81 %
N Y A Westch'r Ltg 4a 2004
Debenture 5s
f 6s
B
95%
97
104% 104%
♦1st
United Lt A Pow 6s. —1975
6%S
1974
Jan
New York Penn A Ohio—
♦Ext 4%s stamped. 1950
Low
$
High
47
Jan
95
Low
Range Since Jan. 1, 1939
for
Week
116% 116%
49%
93
38,000
100% 101% 111,000
N Y Central Elee 5%s 1950
Price
United Elee N J 4s...J949
United El Serv 7s
1956
115%
Range
of Prices
Conv 6s 4th stamp.1950
36%
110%
Jan
Jan
95% 141,000
95
Jan
Feb
Jan
97% 164>000
92
Week's
Uien Co—
92%
Jan
1,000
Sale
35
107%
54%
95%
99% 100%
92
Feb
54
94
100%
103%
55
108% 108%
*
Jan
98
Last
Par
26,000
60% 101,000
96%
BONDS
High
Low
150',000
60
57%
Sales
Friday
1939
(Concluded)
Range Since Jan. 1,
118%
7,000
64,000
58%
"~94%
1942
93,000
58%
Debenture 5%s
.1954
New Orleans Pub Serv¬
♦Income 6s series A.1949
I
59%
New Eng Pow Assn 58.1948
es stamped
for
Week
98% 103,000
35
2,000
35
New Amsterdam Gas 6s *48
N E Gas A El Assn 6s 1947
Range
859
•
1949
1961
(State)
*92%
*9%
*7%
X%
%
*46
13%
13%
7s...1958
de Janeiro 0%s«.1959
♦Russian Govt 0 %s
1919
Jan
♦5%a
.—1921
♦Santa Fe 7s stamped.1945
110.
Jan
♦Santiago 7s
112%
105%
Feb
.'46%
%
32
32
.
92
9310%
8%
Jan
Jan
(Jan
Jan
Jan
9%
7%
*13% "Feb
14%
14%
5%
%
S
%
%
1,000
%
%
Jan
Feb
Jan
Jan
Jan
$04% 104%
36,000
104
Jan
Ref M ,3 Mb.May 1 I960
Ref M 3He B.July 1 '60
"HO
110
40,000
108%
Jan
104%
110%
108%
Jan
lu%
109% 109%
111% 112%
2,000
1st A ref mtge
8,000
111
Jan
103% 105
46
44%
102% 102%
103% 103%
43,000
20,000
103%
44%
Feb
Feb
4,000
102%
Feb
103%
3,000
103%
Jan
104
Jan
35,000
,83
104%
Jan
92
Feb
1945
Debenture 3%s
4sr—1960
8ou Counties Gas 4%s 1968
Sou Indiana Ry 4s.
1951
S'western Assoc Tel 6s 1961
"46
102%
S'western Lt A Pow 6s 1957
So'west Pow A Lt 6s..2022
So'west Pub Serv 6s__ 1945
■
88
'j105%
110%
Q9
Jan
♦7s
55%
13%
13%
"sZooo
2,000
13%
Feb
Jan
Jan
Jan
Jan
Jan
105%
Feb
Jan
65%
Feb
Feb'
105% 105%
4,000
65%
55,000
58
66
74,000
57%
Jan
65
121,000
57%
57%
Jan
65
Jan
67
Feb
60
Jan
65%
Feb
the rule sales not Included In year's range,
87
Jan
92
Feb
range,
Standard Gas A Elec¬
ts
(stpd)
Conv 6s (stpd)
Debenture 6s
.1948
1948
—1951
Debenture 6s. Deo 11966
63%
63%
63%
63
64%
62%
63%
62%
64
07
65%
91
92
6s
gold debs
1957
Standard Investg 5%a 1939
"92
Standard Pow A Lt 68.1957
64
17,000
8,000
66
Feb
62
37
37
96
Tern! Hydro-El 6%s-1953
46
Texas Eleo Service 6s. 1960
99%
Texas Power A Lt 5s_. 1956
104%
6s
2022
series A
Tide Water Power 5s..1979
99%
104
"92%
*103%
89%
5%s'52
55%
54%
x
a
Deferred delivery sales not Included In year's range,
r Cash sales not Included
Jan
66%
Feb
♦ Friday's bid and asked price.
Jan
35
Jan
♦
63
19.000
58
Jan
63
Feb
37
2,000
37
Feb
88%
Jan
100%
Feb
44
Jan
53 %
Jan
97%
Jan
100% 429,000
48
3,000
50
Jan
?The following Is
a
list of the New York Curb bond Issues
Cities Service Gas Pipeline 6s, 1943, Feb. 28, at
Cities Service Gas 5%s, 1942, Feb. 28, at 101.
99%
Feb
104%
Jan
Firestone Cotton Mills 5s, 1948,
Jan
Illinois Northern Utll. 5s, 1957,
Jan
103 %
92%
Feb
e
Jan
57%
Feb
92%
4IZ666
57%
44,000
50%
week.
which have been called
In their entirety:
Jan
86 %
No sales were transacted during current
Bonds being traded flat.
Jan
103
n U nder
In years
•
S Reported In receivership.
99%
99% 116,000
104% 106,000
.....
'
Ex-dividend
57
102.
March 1 at 101.
April 1 at 105.
Cash sales transacted during the current
week and not Included In weekly
yearly range:
Tleta (L) see Leonard
Twin City Rap Tr
No par value,
27%
66% 140,000
30
Stlnnes
Tennessee Elee Pow 5s 1956
♦
13,000
62%
30
♦Starrett Corp Inc 6s. 1950
(Hugo) Corp—
2d stamped 4s.
.1940
2d stamped 4s
1946
69,000
No sales.
V
Under-the-rule sales transacted during the current
weekly
No
z
or
week and not Included In
yearly range:
sales.
Deferred delivery sales transacted
during the current week and not Included
In weekly or yearly range:
No sales.
Abbreviations
Used
Above—"'cod", certificates of deposit: "cons," consolidated:
"cum," cumulative:-"conv,'' convertlble;. "M," mortgage; "n-v," non-voting stock;
"v t c," voting trust certificates; "w 1," when Issued; "w w." with warrants: "x-w "
without warrants.
Financial
860
Chronicle
Other Stock Exchanges
Sales
Friday
Range Since Jan. 1,1939
Last
Stocks (Concluded)
Closing bid and asked quotations, Friday, Feb. 10
Week's Range
Sale
Estate Securities Exchange
New York Real
Week
of Prices
Low
High Shares
Price
Par
2
Ask
Bid
Un isied Bonds
Ask
Bid
B'way 38th St Bldg 7s 1945
500 Fifth Ave Inc—
18%
51
29
(unstamped)..
6 %s 1949
«...
Harriman Bldg 6s.—1951
Lefcourt Manh Bldg 5s '48
50,,
6%s stamped.....
24
Bldg Corp—
5%s 1963 w-v t c
Marcy, The 6s
.1940
Nat'l Tower Bldg 6%sl944
165 Broadway Bldg 5%s'51
58
10 East 40th St Bldg 5e *53
80
11 West 42d St Bldg—
0%s unstamped....1945
40 Wall St Corp 6s
1958
45 E 30th St Bldg 6%s 1937
61 Fifth Ave Apt Bldg—
6s 1943 (stamped)—..
.
—
42
43%
.
15
38
145
6%
Jan
3%
24%
412
82
82
51,000
83%
84
2,750
Jan
7
Jan
24
Feb
3%
24%
81%
Jan
84
Jan
83
Jan
87
Jan
2% w Feb
105
Jan
Feb
Bends—
Eastern Mass St Ry—
Lincoln
36
6%
2
Jan
...
28
24
High
1%
2%
24
*
Warren (S D) Co
6 Hs unstamped...
Bryant Park Bldg—-
2%
...*
Warren Bros
Bowker Bldg 6s .....1937
Low
50
24
—*
Waldorf System..
2
6%
Venezuela Holding Corp.. 1
Unlisted Bonds
for
%s—1948
5s—<,
..1948
Series A 4
71
72
•
Series B,
...
...
••
55
48
•
CHICAGO
•
SECURITIES
Listed and Unlisted
Baltimore Stock
Feb. 4 to Feb. 10,
Exchange
Paal RDavls &€o.
both inclusive, compiled from official sales lists
Members Principal Exchanges
Sales
Friday
Last
Bale
Par
Stocks-
Week's Range
Week
of Prices
Low
High Shares
Low
,
High
10 S. La Salle
.25
1st
Jan
1.50
Jan
2.10
17%
126
Jan
22%
Jan
Jan
74
Feb
117
Jan
Jan
14%
122%
Chicago Stock Exchange
Jan
10
115%
Jan
150
12%
Jan
Jan
Feb. 4 to Feb. 10, both inclusive, compiled from official sales lists
'
Last
Fidelity & Deposit
20
Fidelity & Guar Fire.... 10
Mar Tex Oil—. —1
14
14
Week's Range
Sale
118% 121
32%
32%
106
63
32%
Jan
35%
1.10
360
1.00
Jan
1.40
Jan
31%
14%
25%
31%
15%
15
27%
Jan
Common (new)-.....-*
13
Jan
,35%
16
Jan
41
Jan
25%
120
25
Jan
25%
Feb
2.00
2.00
2
1.00
Jan
2.00
Feb
Advanced Alum
36
36
5
35%
Jan
37
Jan
Aetna Ball Bear com
,910
11%
Jan
14%
,Jaa
100
1.15
Jan
1.25
Jan
95
83%
Jan
85
Feb
73
Jan
Feb
j an
77%
13%
22%
Feb
13%
19
of Prices
High Shares
Acme Steel Co com...—25
Adams Oil A Gas com
*
"T.05
Martin (Glen L) Co com.. 1
Merch A Miners Transp..*
7%pf25
Mt Vern-W Mills com.. 100
100
117
Jan
Par
Stocks-
Price
Low
13%' 14
1.16
1.15
84% 85
North Amer Oil Co com—1
Northern Central Ry...60
Penna Water
"77""
77
13%»
13%
13
"21%
& Pow com.*
21%
21%'
1,630
Seaboard Comm'l com..10
V S Fidelity A
Guar—2
58
5
77
Castlngs.5
23% $14,500 .20
26%
3,000
22%
1,000 101
102% 102%
'22%
26
Allls-Chalmers
Finance Co of Amer 4% '42
99%
4%
-.—.1947
Interstate"Co—
101% 101%
102% 102%
1949
5%--:...
99%
Read Drug A Chem 5^s'45
96
3,000
Jan
101%
102%
1,000
1,000
Feb
Feb
856
149%
Jan
158%
Feb
5
Jan
Last
of Prices
3%
Backstay Welt Co com...*
Barlow A Seellg Mfg A com 5
Baetian-JBlesslng Co com.*
Belden Mfg Co com.....10
Week
American Pneumatic Ser
Common...—-.-.....*
.6%
non-cum
156%
Assoc Gas A El Co el A.—1
Albany.w—-100
Boston Edison Co.,
Boston
J,-
*.
200
155% 158
3%
7%
7%
8
"11%
11%
9%
54%
6% conv pref——30
Feb
Jan
1%
Jan
Jan
Feb
Cent 111 Pub Ser $6 pref—*
Central 111 Seo—
\
Jan
158
Jan
50
52
Jan
54%
Jan
18
75
17%
Feb
19
Jan
"8
641 zl27
6%
40
6
Jan
480
1%
Jan
10
1%
Jan
2
2%
2%
2%
12
12%
20
20
2%
...
Brown-Durrell Co 00m...»
Feb
...25
260
Copper Range.——.25
East Boston Co.
—10
East Gas A Fuel Assn—
....
4%
27c
,
Jan
20
Jan
23
1%
J^n
JaD
50
4%
300
Jan
27o
Feb
1%
Jan
4%
220
27c
6%
234
Jan
8%
5%
,
,
Jan
Jan
27c
jan
*
1%
""10%
45
12
175
1%' jar
20%. Jar
Jan
9%
'66
130
60
Jar
15
Feb
1%
22%
1%
22
10%
:
Common.
170
16%
16%
25
3%
*
*
4%
3%
50
4%
4%
22
22
3%
Jan
1%
„
1
30
20
Gillette Safety Razor
*
Hathaway Bakeries pref..*
—.1
....
6
A---,.
.
21H
6
380
7
7%
147
20
»
(Boston)..25
21%
105
14
10
100
4%
"
2
"
Mergenthaler Linotype..*
Narragansett Racing Assn
Inc
20%
3%
3%
1%
Cherry Burrell Corp com. 5
Chicago Corp common.—*
New Eng G A EI Aasn pfd *
New England Tel A Tel 100
21
100
275
"
Jan
M-
-
««
"Jan
57
-»
4
Stone A Webster
1%
21%
6%
22
16
Jan
Feb
Feb
Jan
9%
Feb
4%
17%
Feb
5%
Jan
400
Jan
20
Jan
750
25
Jan
32
Jan
7%
19%
Jan
21
22
400
19
68%
70%
950
66%
%
50
%
6%
Jan
1%
Jan
■
.
:
%
6
200
6%
Feb
7%
Jan
-100
21%
Jan
23%
17%
3%
Jan
300
6
50
1%
1%
50% 52
102% 102%
1%
3,100
130
410
20
4
200
15%
15
150
75
1%
Chic Rivet A Mach cap—4
8
8%
73%
8%
74
10
(New) common...
-
91
52c
50
29c
21
1,017
14
14
15
60
1%
1%
400
98
50
10%
307
14%
16%
1,910
23
23%
490
9%
14%
-
.
,,w
29c
12%
»
«.
1%
Jan
62
10
"800
8
50
9.
1,050
830
8%
700
21%
Feb
Jan
14
Feb
Jan
Jan
2%
1
35%
Jan
Feb
14%
Feb
Jan
75
Feb
7%
Jan
5
Jan
66%
7
Jan
26%
150
100
5%
293
8
Jan
%
6%
Jan
Jan
Feb
9%
Feb
8%
%
%
6%\ 8%
13% 13%
29% 32%
Jan
8%
9%
84
Jan
13,000
Jjrn
Consolidated Oil Corp.--*
Consumers Co com B v t c *
8%
10
,
Jan
5
Jan
Dexter Co (The) com
Jan
2
Jan
1
65
Jan
3
Jan
19
Feb
Jan
27%
Feb
Jan
15%
6%
Jan
9%
1%
Jan
Jan
,
Jan"
Jan
'
Jan
Jan
65
12%
Jan
7%
16%
376
29%
Feb
37%
Jan
.Jan
66
Feb
Jan
16
Jan
17%
11%
20%
Feb
,
66
14%
15%
50
13
14%
19%
90
55
,
25Q
14%
15%
11%" 11%
100
13%
Jan
10
Jan
18%
_»
340
15%
4%
Jan
50
Jan
Jan
Jan
Dixie-Vortex Co—
Jan
21%
Jan
no
Jan
58
Feb
5
4%
4%
30
33%
33%
100
*
11
11
100
*
Elec Household Util cap. 5
Elgin Natl Watch Co.—15
8
8
50
Class A..
4%
.*
Dodge Mfg Corp
com
19%
3%
19%
37%
550
20
3%
Feb
5
Jan
33%
10%
Feb
35
Jan
Jan
12%
Jan
7%
Jan
8%
Jan
3
Jan
3%
Jan
200
19%
Jan
21
Jan
37
Jan
Jan
Fairbanks Morse com.—.*
35%
Jan
43%
Feb
FitzS A Conn DAD com.*
14
14
100
12
Jan
14%
Jan
1%
Jan
200
10
Jan
13
1.00
Jan
12%
2%
12%
Jan
Fox (P) Brewing com
Fuller Mfg Co com
2%
13%
300
2
Jan
5
1
13
55%
2%
39%
Jan
1%
Jan
General Amer Trans port. 5
Jan
80c
Jan
General Finance
com
l
Jan
29c
Feb
General Foods
11%
18%
Feb
14%
24%
Jan
Jan
Jan
General Motors Corp.. .10
Gen Outdoor Advert com
14
Feb
16
Jan
Gillette Safety Razor
Jan
Jan
Goldblatt Bros Inc com..*
Jan
Jan
Goodyear T A Rub com
Gossard Co (H W) com
Jan
Great Lakes DAD com..*
13%
Jan
1%
10%
17%
23
Feb
25%
Jan
com
com'
*
46%
5%
7%
85%
Jan
Hall Printing Co
42%
81
41%
Jan
43
Jan
65c
65c
1,450
74c
Jan
Heileman Brew Co G cap.l
Hlbb Rnen Bart com...25
56%
70
12%
50%
2%
40%
48%
6%
7%
700
2%
60
2%
Jan
Jan
Jan
Jan
40%
Feb
Jan
51
Jan
5%
Feb
6%
Jan
150
7
Jan
8%
13%
37%
Jan
Jan
33%
354
200
11%
29%
Jan
250
10%
Jan
11
1,250
24%
9%
6H
34%
Jan
27
Feb
11%
'
9%
35%
Jan
Jan
36%
10%
26%
z35%
14
43%
12
7%
Jan
Jan
123
31%
"""7%
Jan
Jan
520
10%
25%
9%
7%
35%
2%
1,750
26
io
Feb
150
12
*
78%
37%
12
*
665
.Tan
40
*
80%
65c
Jan
15%
Jan
34%
14%
Jan
Jan
4%
Jan
14%
50
Feb
16
Jan
»
Jan
V4
52
Jan
3%
15
5%
78%
43%
'
Jan
Feb"
6
103%
Jan
13%
Tl%
Jan
13%
1%
9%
Jan
%
•
Jan
1,950
76
8%.
45'
100
27%
Dayton Rubber Mfg com.*
Deep Rock Oil conv pref.'*
20
24c
Jan
5%
27%
—1
.14%
51c
Feb
27%
13
com
Jan
90c
70%
2%
18%
8
65c
Jan
30
Jan
%
Jan
150
'6%
55
Jan
Jan
9
Jan
3
Cudahy Packing pref-.100
Cunningham Drug St. .2%
105
Jan
22%
23%
Jan
19
Jan
15
Jan
3
7
4%
.
18
Jan
2
13
Club Aluminum Uteh Co.*
6%
15
1
.
Jan
•
""68%
Crane Co com......^—25
60
11%
19%
For foptnotes see page 863.
7%
1,100
V t c pref part shares..50
Container Corp of Amer_20
Jan
52c
*
Utah Metal A Tunnel On. 1
1.100
100
8%
22%
8%
x22
Jan
2
29c
——*
United Shoe Mach Corp.25
Preferred
.25
Jan
22
8%
.
Feb
Feb
4,821
Jan
22%.
Feb
24
Jan
74c
Jan
3,100
2%
.1%.
4%
63c
Jan
Feb
26%
250
2%
Jan
467
57
Jan
6%
29%
66
New capital....
25
Compressed, Ind Gases cap*
Jan
60
Jan
Feb
200
Jan
136
10
*
Jan
250
Chic Flexible Shaft com..5
Jan
3%
1%
18%
Reece Button H Mach—10
Shawmut Assn TC
13%.
11%
Feb
150
206
5
35%
14%
Feb
Jan
%
*
Torrlngton Co (The)
Jan
1,150
*?%
3%
22%
1
50
Reece Fold Mach Co
Feb
7%
11%
9%
4%
7%
8%
1%
20%
•
Feb
%
"
RR
4
Jan
10
Commonwealth Edison—
20%
63c
.25
Pennsylvania
Jan
7,
1,850
15%
3
*
—
Jan
325
%
100
Old Dominion Co
8%
15%
Gardner Denver Co com..*
Pacific Mills Co
2%*
%
Jan
Coleman L'p A Stove com*
12%
67
1,300
21%
110
109
109%
ta.
...2.50
Old Colony RR
(Ctfs of deposit)
Jan
35%
14%
Preferred...
Common
Nat'l Tunnel A Mines Co.*
North Butte
4%
2
20%
1
New River 6% cum pref 100
N YNHAHRR
100
,
Jan
%
6%
2%
22
—.*
Deere A Co com..
c.l
Jan
190
132
22
Cent States Pow, A Lt. pf.*
Chain Belt Co com
Jan
1%
25
Me Cent-
v t
Jan
100
%
27%
6%
1%
10
14
m.
Jan
14
125
1%
Jan
Jan
20
100
16
,
•21
Employers Group
4%
1,606
21
16
Economy Grocery Stores.*
Common
Jan
26%
6%
4%
preferred..—.—.—.—*
Prior lien preferred—..*
Consol Biscuit
Mass Utilities Assoc
3%
19
preferred..*
Chic Yellow Cab Co Inc..*
,
100
*
Georgian Inc cl A pref..20
Gilchrist Co—
*
Feb
9%
4%
19%
1
Convertible
Chrysler Corp common..5
Cities Service Co—
-
Preferred
3%
1%
•
62
1st preferred..
100
Preferred B......—. 100
Common.
150
Central S W—
«ian
'
4%% prior pref..—.100
6% preferred
100
Eastern Mass St Ry-*-
Adjustment
11
6
7%
Jan
7%
3%
7%
8%
12
9%
Chicago Elec Mfg A.....*
6%
4%
27c
'
Jan
.
Jan
2%
2%' Jan
Feb
2%
Feb
12%
44
1%
1%,
36
8
Castle A Co (A M) com. 10
%
.
54%
*
Loew's Theat
Jan
6%
"~2%
—
25%
26%
s—10
Feb
1%
2
Boston Per Prop Trust...*
Boston A Providence.. 100
Calumet A Hecla
Butler Brothers--
60c
Common
Class A 1st pref.....100
Class B 1st pref
100
Jan
Jan
4%
19
(New) common
5
Brown Fence A Wire com.l
Jan
,
.
1
33%
9%
Bliss A Laughlin Inc com.5
82%
149%
38
834
136%
Berghoff Brewing Co.. .,.1
Bihks Mfg Co cap..
Jah
53%
134
135%
Eastern 88 Lines—
1%-
89%
136%
86%
.
26
Jan
6%
%, Feb
50
3%
2%
4%
Class A
Bruce Co (E L) com—6
Burd Piston Ring com—1
High
17%
100
Prior preferred
—100
CI A 1st pref std—^100
'
32c
2,202
%
89%
%
»
Elevated...... 100"
Common...
Low
600
1%
'
»
".87%
Boston Herald Traveler..*
Boston A Maine-—
60c
1%
100
Amer Tel A Tel
Boston A
65c
55c
60
pref
High Shares-
Low
Price
Par
875
.
Jan
Borg Warner Corp—
for
•Sale
"
Stocks—
,
300
1,700
Aviation A Trans C cap.l
Range Sinte Jan. 1, 1939
Week's Range,
8%
13
34
Feb
Sales.
Friday
Jah
13
Feb
both inclusive, compiled from official sales lists
•
8%
47%
63%
34
Bendix Aviation com....5
Feb. 4 to Feb. 10,*
Jan
Jan
Jan
7
Exchange
Jan
Jan
Belmont Radios Corp...
Boston Stock
3
Feb
2%
%
Feb
Jan
Jan
500
59
Automatic Washer com..3
Feb
9%
39%-
Aviation Corp (Del)..,—3
102%
43
30
Jan
101%
Feb
Feb
150
Jan
Feb
58%
38%
7%
255
Associates Invest Co com. *
Feb
Jan
100
43 %
63
102%
99%
Jan
55%
7%
2%
63%
11%
41%
'
Armour A Co common—5
Asbestos Mfg Co com
A
Jan
Jan
387
75
,
155% 158%
5
5%
Mfg Co—.*
Amer Pub Sexy pref
100
Amer Tel A Tel Co cap. 100
24%
27%
Jan
Jan
High
2%
7%
11%
.1
Jan
Bonds-
Low
58%
57%
38%
7%
2%
8
Athey Truss Wheel cap— .4
Automatic Products com_5
Bait Transit 4s flat...1975
A 6s flat
1975
Range Since Jan. 1,1939
Abbott Laboratories-
Allied Laboratories com. .*
13 %
New Amsterd'm Casualty 6
for
Week
Jan
1.00
120 %
Monon W PennP S
Preferred
Sales
Friday
■
———.I
Preferred
Jan
65c
St., CHICAGO
Jan
31%
Jan
71
97
74
116% 116%
100
preferred..'-
5%
Eastern Sugar Asftn—
19
73
74
22%,
Jan
35c
130
1.60
18%
■
Consol Gas E L A Pow—*
Jan
25
211
50c
1.55
—*
common.*
pre! vtc—
Black A Decker
20%
63
25%
45C
Bait Transit Co com v t c. *
620
21%
20%
Arundel Corp
Atlantic Cat Line (Conn) 50
Municipal Dept. CGO. 521
Trading Dept. CGO. 405-406
.
Price
Bell System Teletype"
Range Since Jan. 1, X939
for
.
100
3,850
30
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
37
Jan
Volume
Financial
148
Week's Range
Sale
Stocks
(Concluded)
Week's Range
for
Sale
of Prices
Low
High
Week
Week
of Prices
High
Range Since Jan. 1, 1939
Last
Range Since Jan. 1, 1939
for
Stocks
High
Low
Shares
Low
Price
Par
Sales
Friday
Sales
Friday
Last
861
Chronicle
Par
(Concluded)
Price
1
High
Low
Shares
13
260
11%
Jan
13
Feb
Chumeold
10%
24
Feb
Jan
Cincinnati Ball Crank com*
1%
408
Jan
103%
Jan
14%
105% 106
136
13%
Cin Gas & Elec pref
.100
Houdaille-Hershey cl B__*
24%
17%
Feb
24%
200
35
24
11%
1%
106%
Jan
12
Jan
*
Hormel & Co (Geo) com A*
272
Feb
100
CNO&TP
Feb
11%
272
272
11%
272
4
Hubbell (Harvey) Inccom_5
.100
112
112
109%
Jan
112
Feb
1%
.100
12
600
Horders Inc
com
Hupp Motors
1%
5%
5%
100
5%
17%
267
14%
1%
150
*
20
84%
85%
International Harvest com*
56%
Interstate Pow 56 pref
*
1
4%
100
Keriyn Oil com A
Kingsbury Breweries cap.l
La Salle Ext Unlv com
2%
2%
100
....
Cumul pref
*
Printing
Jan
Jan
Jan
85
Jan
%
550
2%
100
2
Jan
10
30
Jan
Carbonic
-
*
50
22
Loudon Packing com
Marshall Field
*
McCord Rad & Mfg A.
McQuay-Norris Mfg
Feb
3%
Jan
25
Jan
100
6%
Jan
8
Jan
428
5%
Jan
6%
Jan
30
29%
MMM.
%
1.300
14%
5,350
18%
Jan
Jan
1%
%
14%
*
Class A
,
Jan
5%
MM
4%
4%
2,600
28%
28%
130
26%
Jan
28%
M'M
3%
100
3%
Jan
4%
7%
7%
8%
22,750
7
■
Jan
8%
%
%
450
%
Jan
%
3%
100
3%
Jan
,.4%
%
%
170
1%
%
%
30
Jan
1
2
Jan
Jan
M
M
M
M
M
M
M
» M
*
MM
•
140 7
200
19
150
20
2%
Feb
2%
51%
31%
Jan
50%
799
44%
Jan
31
31
31%
100
30%
Jan
1*
8%
23%
8
15%
«MMMMM<
Omnibus Corp v
Oshkosh B'Gosh
conv
100
;
8%
15%
21
Jan
26
20%
15
99
Jan
100
75
18
Jan
19
Jan
Manischewltz
10
10
20
10
Feb
10
Feb
55%
56%
682
53%
Jan
56%
Feb
216% 216%
4
216%
Feb
216%
F'eb
9%
61
9
Feb
30%
41
1%
510
2
7
Jan
8%
17%
Feb
*
Procter & Gamble..
pref*
50
100
8% preferred
Rapid
*
13
Jan
18
Feb
40%
Jan
47%
17%
Feb
r:i.7«
17%
17%
150
MM
28%
14%
28%
14%
200
30
30
15
MM
MM
*
U S Printing
G1LLIS
to
Feb. 10, both
Sale
Par
Stocks-
*
L
1
-MM*. —
Quaker Oats Co common.*
.100
Feb
M
M
Jan
"116
_
*
18%
11%
Jan
24%
Jan
Dow Chemical
Jan
40%
27%
Feb
Jan
3%
262
443
34
420
25%
Jan
Feb
Jan
16%
Jan
Jan
%
Jan
Jan
50
%
150
%
Rollins Hos Mills com
1
Sangamo Electric
* ft>;
M M
M
2
800
1%
Jan
152
1%
23
150
8%
50
8%
66%
8%
72
370
2%
3
350
2%
2
310
13%
,.
40
40
*
100
32
32
25
40 V
40
101
33
33
33%
54
32%
Jan
*
15
15
Hanna (M A) $5 cum
Jan
60
Feb
60
Jan
Monarch Machine Tool..*
20
20
20
Jan
21
Jan
Jan
Murray Ohio Mfg
Feb
9%
Jan
Jan
National Acme
Fseb
13%
Feb
Jan
5%
Feb
Jan
241
Jan
•
Refining.,—...25
National
Nestle Le' MUr A
National Refg pr pref
Jan
Jan
Ohio Brass B........
Jan
28
Jan
Otis Steel
10%
18%
18%
18%
550
18%
Jan
19%
Jan
Richman Bros
Trane Co (The) common.2
13%
-13%
13%
250
13
Jan
15%
Jan
...'
*
82%
85%
317
90%
Jan
10%
11
441
9%
Jan
13%
73
99%
Feb
112%
Jan
Jan
TTpson-Walton
23%
%
%
500
1%
650
6,5
%
9
26
Jan
75
1%
Jan
%
Jan
Feb
Feb
43
Jan
Feb
48
Feb
Jan
26
Jan
Jan
11%
12%
75
12%
Jan
12%
33%
32
Feb
35
Jan
65 *
59
66
1,988
322
50
Jan
66
Feb
35
35
25
34
Jan
35
Feb
4
4
Van Dorn Iron Wks.-.i...*
3%
'
ft
•
4%
Jan
235
3%
4
4
-.1
—1
Troxel Mfg
%
Jap
1%
25
48
Vlchek Tool*
Jan
2%
Jan
65
100
Jan
32
Stouffer Corp A.
1%
25
,
1%
.
32
*
—._*
•
'
500
4
23%
Seiberlg Rub 8% cm pf.100
1%
1,821
43
*
27
1%
13%
%
___*
Jan
Jan
"?s~~
-MMM-.M
10
65
1%
*
"16%
Utah Radio Products com '*
110
20,
9%
5%
4%
65
Preferred—100
National Tile..,..!..,
29%
12%
8%
Jan
,
9%
13%
9%
13%
1
International...,.15
Swift A Co
.1
26
82%
15%
,
'
3
15%
10
99% 101%
Jan
Feb
15
13
26
M M
Jan
Jan
181
688
MM
14%
14
60
27%
10%
M
"17%
60
26%
M
15%
MetroPavBrick7%cmpfl00
Jan
M—
Jan
Feb
Medusa Ptld Cement
Jan
MMPM M
294
Jan
Jan
Feb
M-
Jan
Feb
101
Jan
3%
MM
Jan
"
17%
17%
Feb
36
16%
2%
M
Jan
*
13%
M
100
McKee (AG) B
Jan
Tr cap_5
10
Jan
Jan
U 8 Gypsum Co com...20
40%
Jan
Jan
Union Qarb & Carbon cap *
Jan
Feb
1%
8
39
14
*3%
26%
SO
11
11%
50
33
55
100
507
Jan
75
100
8%
Jan
32
14
200
28
Feb
42%
11
3%
8%
31%
1
14
2%
13%
5
178
21%
31%
42%
11
3%
Swift
Feb
*
2%
Sunstrand Mach Tool com5
21 %
Leland Electric...,,.
13%
M
Feb
81
101
1
25
21%
pref *
Jaeger Machine
*
Kelley laid Lime & Tr
*
pref..... 20
com. *
Jan
Feb
'
—
—
Jan
23%
Feb
74%
Jan
.
31%
Jan
118%
9%
Jan
12%
13
Goodyear Tire & Rubber, *
Jan
13
Feb
23%
Feb
| Jan
113%
22%
Feb
116
93
23%
Jan
11%
Jan
25
Jan
70%
MM
""2%
17
30
•
GreatLakesTowlng preflOO
Jan
.
2%
Jan
24%
24
^
•
1
11
Jan
113%
M M «.
Schwitzer Cummins cap. .1
Sears Roebuck & Co com.*
Jan
90
30
116
Jan
157
10%
116%
154%
11
680
Jan
Jan
Jan
Feb
20
10%
19%
11%
50
83
Feb
I
Jan
60
Feb
83
56%
Jan
11
900
Feb
113%
21%
32%
Greif Bros Cooperage.
Halle Bros pref.
7%
10%
Jan
5
23%
Goodrich (BE)..
Jan
Jftn
10
1H6
116
pref100
Eaton Mfg
8%
113% 113%
58
_.--.*
*
Feb
14%
117%
12
152
_
8
60
Commercial Bookbinding,*
116
......
83
58
Cliffs Corp v t
40%
11%
M.
150
Jan
6%
175
83
—100
Preferred-
7%
Jan
12%
High
Low
8
175
10%
Jan
%
for
Shares
7%
10%
15%
20%
'~
Brewing Corp of Amer
City Ioe&Fuel
I
31
3%
%
11%
lists
Range Since Jan. 1,1939
8%
8
100
*
*
Feb
12%
MMM
_
Feb
13%
18%
'
Reliance Mfg Co com...10
100
4
Jan
4%
Jan
3%
220
3%
Jan
4%
Jan
5
Feb
5%
Jan
50
•ft
Jan
,
"
-.5
Common
MM
Walgreen Co common.... *
MM MM
^
_
17%
20,%
Western Un Teleg com. 100
WLscon Bankshares com..*
Feb
1
Jan
Jan
%
Feb
Jan
18%
Jan
21%
130
20%
Jan
305
98%
Jan
Jan
24%
119%
5%
,Jan
Jan
Jr (Del)..*
50
4%
77%
•
78%
259
77%
Jan
79%
Jan
1%
50
1%
Jan
2,
Feb
18%
1,750
15%
Jan
22%
Jan
1 *35,000
108%
Jan
"~1%
1%
Zenith Radio Corpcom..*
17%
17%
.
•
110%
;"
Watling, Lerchen fit Co.
Jftn
4%
Yates Amer Mach cap...5
'
1%
1%
16%
4%
MM
Commonw Edison 3 %s '58
Feb
500
%
108% 113
W'house El & Mfg com..50
%
Jan
460
%
■
"17%
%
,18
1%
Convertible preferred..7
*
Wahl Co com
Members
New York Stock Exchange
New York Curb Associate
Detroit Stock Exchange
Chicago Stock Exchange
lit
Feb-
Telephone: Randolph 5530
,
Detroit Stock
Feb.
4 to Feb.
Week's Range
Last
Sale
BUILDING, CINCINNATI, O.
Allen Electric com
Teletype: OIN 68
Telephone: Main 4884
Auto
City Brew com
Baldwin Rubber com
of Prices
High
Low
Price
Par
Stocks
New York Stock Exchange
1%
Chrysler Corp corn
5
75
Continental Motors com.. 1
3
3
95c
91c
Detroit Edison com
100
115%
Det Gray Iron com
official sales lists
Sales
Friday
Range Since Jan. 1, 1939
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Feb
40c
Jan
Jan
7%
Jan
22%
Jan
31%
2%
1%
82%
835
*
Det& Cleve Navcom...l0
10, both inclusive, compiled from
36c
6%
7%
7%
2%
1%
5
25
2%
350
2
Jan
1%
600
1%
Jan
1%
1,790
68
Jan
3%
195
3
Jan
4
9/>C
900
80c
Jan
99c
115%
1%
1%
248
73%
76
115
Jan
800
1,586
40c
24%
High
Feb
36c
2%
Low
1%
110
1
Brown McLaren
Cincinnati Stock Exchange
Week
1%
1
Range Since Jan. 1, 1930
Shares
1%
12%c
Burry Biscuit com
for
I
Briggs Mfgcom
official sales lists
Sales
Friday
Members
DIXIE TERMINAL
Exchange
10, both inclusive, compiled from
W. D. GRADISON & CO.
Cincinnati Stock Exchange
DETROIT
Buhl Building
V
110%111
Cincinnati Listed and Unlisted Securities
Feb. 4 to Feb.
74
Week
of Prices
High
Low
Price
30
Jan
37%
Car.....-.]
Bonds—
Feb
Sales
10
50
(Wm)
Jan
73
Cleveland
Week'8 Range
50
400
Wrigiey
1%
inclusive, compiled from official sales
Cleveland Cliffs Iron pref. *
%
Utility & Ind Corp—
Feb
Cleveland Stock Exchange
Feb. 4
Cleveland Electric 111 $4—*
3%
United Air Lines
F'eb
1
A. T. & T. OLEV. 565 & 560
Telephone: OHhrry 5050
Jan
27%
Stewart-Warner.
Jan
30%
l<g| RUSSELL co.
Union Commerce Building,
Feb
%
Standard Oil of Ind..
11
Jan
27%
Members Cleveland Stock Exchange
28%
15%
3%
Standard Gas & Elec
Feb
Ohio Listed and Unlisted Securities
Jan
26%
Standard Dredge com
73
73
100
Wurlitzer pref
Jan
Pines Winterfront com...]
com..
1
15%
Pictorial Paper Pkge.coin_5
Serrick Corp cl B com
30%
_
27%14%
50
20%
M M T
M
M
100
Co
9%
10
U S Playing Card
'
120
250
Perfect Circle (The) Co..*
Preferred
56%
..
1,942
24%
Jan
18
15
Convertible
Jan
14%
100
47%
Penn Elec Switch conv A10
Spiegel Inc
M
....
Jan
950
25
16
Peabody Coal 6% pref. 100
Steel
24%
Feb
19
Last
43%
Parker Pen Co com.__._10
Pressed
Ireb
100
23%
Friday
I
"
100
..HJO
t ccom__*
.....
Jan
90
19
Apex Electric Mfg pref
Poor & Co class B
101%
Feb
100
Jan
Jan
Northwest Util—
Potter Co (The) com
Jan
90
1
19
23%
Jan
1
650
1
1
— —
M-
"24%.
cap
100
10
90
90
100
Feb
48
Noblitt-Sparks Ind,com__5
Pennsylvania RR cap
Feb
Jan
50
48%
Northwest Bancorp com..*
Northwest Eng Co com..*
Peoples G Lt&Coke
Feb
8%
Feb
8
Feb
8%
22
Jan
2%
2%
—<*M
%
8%
8%
19
.
% Feb
3
2%
JL
M
National Battery Co pref.*
Prior lien pref
Jan
40%
17
34%
128
:
Feb
7%
•
-M-MM — m
__*
7% preferred
8%
*
Jan
3
.
Montgomery Ward—
Nat Rep Inv pref
18
Jan
Jan
10
22
17
40%
Jan
*
—
Jan
1
Common..
JJan
100% 100%
Jan
3%
:
*
com
Feb
27%
50
Little Miami guar
Jan
3%
„
__._*
Monroe Chemical Co
10%
Jan
Lunkenheimer__i
Kroger
'
pref
Jan
■25%
Jan
Mi. MM
MMM
5
com
10
55
Jan
112
Jan
'
conv
Feb
Feb
Jan
Util—
Minneapolis Brew
110
Jan
10%
Feb
3%
7% prior lien.
.100
7% preferred A.....100
Modine Mfg com
Jan
150
8%
8%
*
Jan
MMM
_._*
Miller & Hart
85
10%
17
.100
1st preferred
Jan
MM'MM*M
Convertible preferred..*
Midland
35
27
40%
Kemper-Thomas spe pref.*
Jan
4%
MIckelberry's Food Pr com 1
Common
5
'
*.
Kahn__
Jan
8
.
Feb
1
Middle West Corp cap
Midland United Co—
Jan
Jan
30
Jan
6%
Jan
*
common
5
84
27
«.
-
*
Hobart A.
Mer & Mfrs Sec—
Prior preferred-
M
1
Hilton-Davis
5
10%
M
«
Jan
14
112
110
*
Gibson Art
90
Jan
2%
Jan
Jan
Formica Insulation
Jan
Jan
13
10%
10%
.100
3
88
5
5
*
Jan
52
13%
*
Jan
125
90
13%
MMMMM
Jan
Jan
27
20
27
27
Jan
70
7%
7%
7%
27
*
%
12%
-
"13%
20
Jan
1%
%
11%
100
1%
1%
..-M-
'
-
Jan
16%
„
Jan
31
18
100
60
Jan
5%
29
230
17%
Jan
4%
50
4%
18
17
_*
_
com.
Feb
6
29%
*
com
Jan
2%
Jan
2%
Jan
%
•
31
7
'18
*
Manhattan-Dearborn com*
Jan
%
Jan
Feb
Feb
3%
25
4%
-
*
com
Jan
35
Jan
3%
4
Liquid
Jan
7
*
com
Jan
4%
6%
5%
com...*
$3.50..:
Jan
25
*
.....10
Libby..*
Libby McNeill &
i
41
Jan
5%
69%
3
3
______
4
26
29
31
31
Jan
80
%
•mmmmm
5
Jan
Early & Daniel pref
100
85
3%
3%
Crosley Radio
Jan
4
180
35
83
MM
M
"
Cohen (Dan)
3%
33%
34
M
5
Jan
M
952
2%
2%
88%
Cincinnati Un Stock Yd..*
Jan
1%
1%
2%
1
11
11
..50
Cincinnati Street Ry
Cincinnati Telephone- -.50
94%
60%
2%
21%
39%
500
5%
Jan
Preferred
Jan
Jan
250
•
4%
5%
Le Roi Co com
Jan
52%
100
41
'
l
Kellogg Switchboard com.*
Kentucky Util jr cum pf_50
Katz Drug Co com
Leath & Co com
Jan
22%
Jan
500
23%
41
41
Joslyn Mfg & Sup com...5
79%
90
3
23
Lawbeck 6% cum pref.
2%
Jan
271
58%
3
Jarvls (VV B) Co cap
19%
42
20
*
6% preferred
Feb
6%
20%
Jan
t c
v
11%
Jan
16%
1
Steel Co cap
Lion Oil Ref Co
Jan
10
com
Inilep Pneum Tool
Preferred
11
100
com
Illinois Central RR
Lincoln
Jan
Jan
Illinois Brick Co
Inland
~~~i%
12%
*
112
800
1%
Jan
Jan
118
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1%
Feb
Aluminum Industries.
Amor Laundry Mach
.
Champ Paper & FibreProferred
Price
*
_
*
-
„
«
100
For footnotes see page 863.
m
W
M
16%
16%
29
25%
26%
58
23%
100
3%
100
,
35
27
90%
1%
1%
1%
425
1%
Jan
2
Jan
1
2
2
2
800
1%
Jan
2%
Jan
Durham
*
1
1
250
1
F'eb
1%
Jan
Det-Mich Stove com
High
Low
3%
16%
3%
..20
Shares
1
Det Paper Prod com
Par
Stocks—
Jam
Jan
Jan
17%
Jan
Ex-Cell-O
Jan
28
Jan
Frankenrnuth Brew com.. 1
Jan
Fniehanf Trailer
Fob
3%
100%
21%
Aircraft com — 3
.1
-
M
M
M
M
M
21%
765
18%
Jan
23%
Jan
1%
1%
350
1%
Feb
1%
Jan
200
JO%
Feb
10%
11
12
Jan
Financial
862
JjOW
236
2%
46%
"§56
2H
"§34
...I
Graham-Paige com
1
Hall Lamp com..
*
Hoover Bail A Bear com .10
Goebel Brewing com..
IX
2X
1136
*
...
10c
'22 36
2%
100
175
21c
20e
Jan
325
7
50
Jan
Jan
Jan
Jan
Jan
8%
Jan
Jan
Continental OU Co
22 X
Jan
1 %
Feb
Jan
Jan
3%
J an
100
Jan
24%
Jan
14,000
19c
Feb
30c
Jan
75c
Jan
80c
Jan
7%
Jan
com..;.—..*
ID
40c
Jan
50c
Jan
2%
2%
IX
15%
330
2X
Jan
2 36
Jan
1%
Jan
Packard Motor Car com*
*
Parke Davis com...
Parker Rust-Proof corn 2.50
Parker Wolverine com.'..*
Penin Metal Prod com.-.l
Prudential Investing com.l
Reo Motor com
...6
156
2
Rlckel (H W) com
■
Scotten-Dillon com.....10
.....
1%
1%
8%
24%
2
Standard Tube B com.... 1
Stearns (Fred'k) pref..
98
100
Tirnken-Det Axle com.- .10
98
'
15 X
.....
Jan
1036
Jan
12
2
236
Feb
Jan
Jan
Jan
Feb
736
1,150
2636
5J4
Jan
3056
734
2654
.Ol20
24
Jan
2736
1154
340
1036
Jan
1234
4034
3936
•
136
alO
1134
40
1,053
2636
636
2554
■
236
2636
2654
1134
4134
General Foods Corp.—.*
Goodrich (B F) Co.—r—*
Feb
Jan
4134
4036
<*354
3736
Jan
4434
Jan
0372
3756
Jan
4036
Feb
1856
Jan
Jan
Jan
Jan
2154
Int Nickel
,Co of Can—..*
Tel & Tel Corp.....1*
Kennecott Copper Corp..*
5134
2036
5136
0286
52
allO
4056
Jan
2454
5536
Intl
..834
834
854
al06
834
Jan
856
Jan
3734
3636
3834
,4936
al50
34
Jan
Jan
O90
4636
Jan
4336
5256
5036
220
<»4636
Jan
5054
2236
Jan
21
Jan
Jan
Loew's Inc.
*
4836
4856
Jan
Montgomery Ward A Co.*
4
Jan
4%
Jan
New York Central RR—*
4936
1854
4856
1856
1856
320
1736
Jan
425
40
Jan
Jan
42 %
Feb
1834
2436
1856
1,885
1436
Jan
1936
Jan
Jan
Nor American Aviation—1
Northl American Co.....*
1734
18
2434
2554
0271
2236
Jan
2456
Jan
Jan
Feb
Feb
8%
Feb
Packard Motor Car Co—*
434
Jan
Jan
2%
1%
Jan
Feb
Paramount Pictures Inc—1
1136
436
1354
Radio Corp of Amer:.—.*
7
7
Jan
Jan
234
2134
2134
Jan
25%
Jan
Jan
Radio-Keith-Orpheum
*
RepubUc Steel Corp.—..*
234
Jan
1%
3%
Seaboard Oil Co of Del—*
2036
Jan
2%
Jan
Sears Roebuck A Co—...*
7136
1234
2056
7156
1256
1754
%
15X
7X
IX
1%
1%
616
245
775
151
459
.
100
3
24%
576
2
1,345
'
10
.
98
.226
1,967
.....
Southern Ry Co
Standard Brands, Inc...
Standard Oil Co (N J)—.25
Jan
Jan
55c
Jan
8%,
Jan
4%.
Jan
2%
IX
Jan
4
Feb
Jan
2%
Feb
1
Jan
1 %
Jan
354
200
Universal Cooler A...—*
3%
8%
4
392
.
7,350
325
1
Socony-Vacuum OU Co—15
Jan
Jan
1
2%
Feb
1856
3%
Jan
43c
■
100
Jan
.
13 X
236
.
654
310
Jan
Feb
200
1
1,520
12
2
2634
634
d^el)."5
'
15%
136,
836
12
Jan
8%
55c
Warner Aircraft com.l... .1
Feb
1%
15%
55c
254
Feb
Jan
Tivoll Brewing com
W*
136
Jan
13
600
Tom Moore
B.
a76
.
OX
1,020
325
3
United Specialties.:
136
4736
136
836
a50
340
.
3
1
Dlst com—1
Jan
'
7%
4%
82%
17X
8%.
1%
1%
1%
3%
25
2X
8X
IX
Jan
Jan
7%
Electric Power A Light.—*
General Electric Co—...*
2%
23%
7
IX
31
200
12
Curtiss-Wright Corp..... 1
A.'..
5
100
7X
4X
82%
17%
2854
Jan
4456
2356
2556
4256
Jan
4456
136
754
Commonwealth A South.*
Jan
105
15%
2656
2656
035
2654
44%
IX
Columbia Gas A Elee Corp*
Solvents.--.*
76c
200
,
2634
2654
Commercial
2%
Jan
2634
Borg-Warner Corp...—.5
Caterpillar Tractor Co—*
Claude Neon Lights,
1
Jan
78c
156
Jan
7
42c
5
..10
Jap
7
7X
Murray Corp com
8%
Aviation Corp (The) (Del) 3
Bendix Aviation Corp
5
76c
Motor Wheel com..,
Jan
AtlanticRefg Co (The)..25
2156
42c
Mid-West Abrasive com50e
654
alO
al50
736
M ich Sugar pref.......
Jan
5
22
Prod.2.50
Mich Steel Tube
2254
5
22
Feb
Jan
1
200-
Jan
5
5
60c
1,775
Jan
Feb
Jan
Jan
17
High
3836
536
26
369
30
30
Low
Shares
22
1%
20,X
1,800
1,748
Price
Par
30
Jan
16
Jan
Jan
Week
Anaconda Copper...—.50
Armour A Co (111)
6
Jan
1%
2%
12%
Feb
Jan
Feb
14%
12X
6%
875
75c
McClanahan Ref com ...1
Mich Sugar
11X
2
2236
IX
2X
28%
.
Jan
Jan
for
of Prices
Low
High
Jan
7%
2%
50 X
2%
Jan
IX
2%
245
70c
2
—
444
280
IX
21X
IX
254
.2354
70c
1
1
Kresge (8 S) com...... 10
La Salle.......
>—*
Lakey Fdy A Mach com. .1
Mahon (R C) A pref..—*
McClanahan Oil com
1
Hurd Lock A Mfg com
Kingston Prod com
700
IX
7X
Jan
4356
2%
2,956
234
1336
HoudaUIe-Hershey B
223
Stocks 0Concluded)
High
5X
2X
n%
14%
14 X
7%
14H
Hoskiiw Mfg com......
Hudson Motor Car corn..*
710
2%
48%
2%
6
Low
Week's Range
Sale
Shares
636
6
3
General Finance com
1
Genera] Motors com.—,10
Gar Wood Ind com--
Range Since Jan. 1. 1939
Last
Range Since Jan. 1,1939
for
Week
of Prices
High
Sale
Price
Par
Range
Week's
Last
1939
Sales
Friday
Sales
Friday
Stock* (Concluded)
Feb. .11,
Chronicle
,
4
Jan
2%
Feb
Jan
Jan
Jan
Jan
075
4456
041
1254
150
8436
,090
O50
0250
a278
534
536
.
61
'
634
11134 11136
o20
Jan
4736
1336
9056
Jan
4054
Jan
Jan
354
5136
Feb
Jan
Jan
69
Jan
•
60
Jan
856
Jan
-
'
Jan
Jan
.9956
Jan
Jan
Jan
..
Jan
654
12036
Jan
536'
325
Jan
1956
Jan
55
5834
Warner Bros Pictures....5
170
354
4436
Jan
=
Jan
1234
8256
3434
254
4254
354
4356
5756
:
.
Jan
4334
.4354
Jan
656
1854
United States Rubber Co 10
U S Steel Corp.....
734
1656
320
3856 ,3934
•
Jan
u95
1254
8454
.
Jan
Jan
Jan'
450
3854
Jan
1356
2334
Feb
69541236
4356
1254
Jan
7436
1954
025
0228
736
Jan
25
.2154
o30
7156
1254
4836
'734
1836
8454
11134
8
021
5
Westlnehouse El A Mfg. 50
Jan
Feb
5034
Union Carbide A Carbon.*
354
562
.
Jan
636
234
2056
7
United Aircraft Corp
United Corp (The) (Del)
■
1834
7-36
1836
.4336
Texas Corp (The)......25
Tide Water Assoc Oil Co 10
o50
1856
Jan
1836
078
4956
736
.4936
Studebaker Corp..
...1
Swift A Cq
,.—.—25
Jan
10
205
756
234
2134
7
7
4
o90
436
1136
1136
1754
....
'
Jan
Members
New
Lot
Established 1874
Chicago Board of Trade
York Stock Exchange
San Francisco Stock Exchange
Angeles Stock Exchango
& Townsend
DeHaven
.
Los Angeles
623 W. 6th St.
Teletype L.A. 290
Members
New York Stock Exchange
Philadelphia Stock Exchange
Los
Feb. 4
to
New;York Curb Exchange
Angeles Stock Exchange
Last
Price
for
of Prices
Week
454
Barnhari-Morrow Cona-.l
30c
Berkey A Gay Furn Co...l
6734c
Bolsa-Chlca OU A com.. 10
234
75c
B
Common.,.
..10
Broadway Dept Stores.A.¬
Byron Jackson Co—
Low
High Shares
Douglas Aircraft Co.....*
.
Philadelphia Stock Exchange
High
70c
234
234
75c
7
7
16
1654
1656
1534
7656
«222
856
7054
10
10
10
60c
60c
Globe-Grain A Mllllng.r25
Goodyear Tire A Rubber.*
32
Hancock Oil Co A com...*
42
1
7
1%
2854
2%
6734c
Jan
Jan
385
Jan
60%
Jan
Lehigh Coal A Nav
9%
Jan
Lehigh Valley
5%
Jan
Nat'l Power A Light.—.*
Jan
Jan
2%
Jan
34 34
Jan
Jan
234
Jan
117
...50
Jan
7% preferred
Scott Paper
........
'.
4X
Feb
50c
600
50o
Jan
50c
Jan
Transit Inv Corp
4,695
3%
Feb
5%
Jan
Union Traction
50c
SOg
50c
1,000
50o
Jan
55c
Jan
75c
75 c
75c
100
75o
Jan
85c
Jan
United Corp com
Preferred
25c
1,300
25c
Feb
25c
Feb
11
11
165
1054
2954
865
28 %
Jan
Jan
29'34
28
30
840
Pacific Lighting Corp com *
Pacifio Western OU Corp 10
4434
4456
1034
334
-
,
Jan
42
Jan
a20
10
........
3 H
30o
934
354
1,223
8%
Jan
1034
3%
Feb
5%
Jan
Feb
3%
7,980
46,437
7%
Jan
37c
Feb
55c
•
39
39
39-
451
29 %
Security Co units ben int.*
Sontag Chaih Stores Co..*
2834
28
2834
110
26
854
2434
2934
2734
3254
854
2434
854
150
8%
70c
Fab
Jan
13
3734
97
13
1254
11536
■8
Jan
Jan
Jan
154
14,514
3
Jan
4
Feb
Feb
Jan
4536
34
•
54'
236
234
3136
1156
11156
Feb
Jan
-
4854
3534
IX
Jan
Jan
Jan
Jan
Jan
3
Jan
336
Feb
3734
Feb
Jan
13
Feb,
Jan
116
Jan
Jan
Jan
.
•Jan
11434 11536
8
834
300
155
756
Jan
836
Jan
636
S1.000
554
Jan
734
Jan
„
636
compiled from official sales lists
Friday
Jan
Last
Week's
28 34
Sale
Feb
854
Jan
Feb
of Prices
Low
High
Stocks—
Par
2756
815
27 X
926
32%
27 34
33
Jan
3256
1734
Jan
Armstrong Cork Co
495
15%
Jan
Jan
2154
2834
Jan
Jan
Blaw-Knox Co
27
Feb
43
Jan
Feb
754
1954
1554
Jan
Jan
Price
Allegheny Ludlurn Steel. _*
Arkansas Natural G pfd 100
Columbia Gas A Electric.*
29
<*420
40
300
1834
1854
1,984
Universal Consol Oil
13%
Jan
.....
Sales
Range
Range Since Jan. 1, 1939
for
Week
Shares
Low
High
14
14
14
100
Jan
Devonian Oil Co
4
4
4
a70
4
Feb
5
Jan
354
354
100
4
Jan
5
Jan
936
2334c
936
aso
9%
Jan
25c
2,400
21o
Jan
10,000
1,000
lo
7o
10
lc
lc
134c
1
9c
9c
9c
Jan
Lone Star Gas Co
Jan
5c
Jan
a75
70
304
10c
Jan
Natl Flreprooflng Corp
Jan
1256
50c
4,440
45c
Jan
60c
856
1,680
636
Jan
2536
1656
5
2436
Jan
15
Feb
14
150
1136
936
Jan
1054
1.00
3,043
690
1,163
70
70
30
9
6
*
14 %
Jan
42
Jan
5354
Jan
15834
14914
Jan
936
95c
......
.
*
9
655
90c
70
Jan
856
2654
Jan
Feb
Jan
Jan
Jan
Jan
Feb
-Jan
18
.
Jan
14
1136
Feb
Jan
Jan
1.00
Feb
Feb
7236
Jan
Jan
934
Jan
Jan
534
Jan
Jan
3
Jan
Feb
2
Jan
Feb
10834
Jan
<1854
Jan
H-
Plymouth OU Co
Shamrock Oil A Gas
«•
±
-
10154
5
1
111
Jan
936
30
2036
Jan
2236
800
2>6
Jan
454
980
350
436
236
156
156
10034 10154
.
..
'
.
736
736
2136.
736
Pittsburgh Screw A Bolt..*
Jan,
Feb
856
456
234
156
10034
654
236
454
Pittsburgh Plate Glass..25
16
1336
48
1256
14
Mountain Fuel Supply.. 10
Jan
Unlisted—
44% 4636
15536 15834
115
x51
Jan
30e
Pittsburgh Brewing Co
10c
Jan
15
10
5
pref...100
Fort Pitt Brewing.
1
Koppers G A Coke pref 100
Jan
4536
1536
1054
1336
25J6
Follansbee Bros
Jan
556
75
10
8
Duquesne Brewing Co
354
185
Jan
8
1336
..10
10
654
20
45c
*
WeUlngton Oil Co of Pel—1
25
1036
656
z51
*
.—...*
Carnegie Metals Co
1
Copperweld Steel
2356
2736
654
5636
1736
2234
Byers (A M) corn
WeberShwcaseAFlx 1st pf *
Jan
2434
11934
3054
Feb
1834
863,
934
Jan
Feb
25
For footnotes see page
105
Feb
25
Union Oil of Calif
1556
10
158
39
29 J4
3,992
1554
2
Jan
Jan
Pittsburgh Stock Exchange
Jan
Jan
Jan
654
4434
330
36
Feb. 4 to Feb. 10, both inclusive,
Jan
634
15034
,
254
354
3636
Elec A Peoples tr ctfs 4s *45
2834
634
Amer Rad A Std Sanitary.*
Jan
Bonds—
23
39%
6X
18X
Amer Smelting A Refg.__*
Amer Tel A Tel Co... .100
304
.356
3
*
530
1,499
40
Gold
35
1,135
54
*
:
2936
25
Superior Oil Co (The)...25
Transamerlca Corp
2
Cardinal
4736
Jan
Safeway Stores Inc......*
Calumet Gold Mines
1,000
236
.
Jan
850
536
836
354
534
936
2334c
156
208
Jan
656
10
Jan
Feb
Jan
Jan
934
354
Black Mountain Consol 10c
136.
1836
11636
2936
154
534
834
'
Feb
Jan
Ryan Aeronautical Co...1
Rights
Mining—
Alaska-Juneau Gold
Jan
35
*
Westmoreland Inc...
Feb
Richfield Oil Corp com'...*
Roberts Public Markets..2
17
Jan
334
4736
United Gas Impt com
*
Preferred
i
—-•_. 1 *
X
25c
28
454
,736
136
pref—...
—50
Jan
25'c
25c
2936
2734
3256
1636
2736
3934
124
3,914
1,303
—
Jan
2%
25c
37c
Jan
293
,
Tacony-Palmyra Bridge.. *
12%
100
334
60c
Feb
354
154
136
1954 21
11834 119
3036 3054
50
29%
28 %
200
l
...1
•
27%
al45
.
44H
1034
43%
1034
334
1034
:
Jan
12354
436
8
'
'
25o
Jan
Jan
Jan
454
-_..*
456
25c
51
Jan
Jan
567
454
Jan
Jan
254
50
336<
-
50c
2954
Southern Pacific Co... 100
Standard Oil Co of Calif—*
"4254
"§036
J an
Feb
11
6% preferred B
25
534% preferred C
25
6% preferred A......25
1,108
356
..*
Phila Elec Ppw pref. —
25
Phil a Rapid Transit. .•. 50
2954
So Calif Edison Co Ltd..25
4836
"
4636
12354 .12334
134
Pacific Finance Corp comlO
com.
4836
.10
.1934
Pacific Gas A Eleo com..25
Pacifio Indemnity Co.—10
Republic Petroleum
Rice Ranch Oil Co
General Motors..
1
1%
3%
Jan
Feb
Jan
Pennsylvania RR
50
PhUa Elec of Pa $5 pref... *
7
307
3054
454
636, Jan
518
354
434
Jan
130
3036
50c
.
12134
.836
634
8434
148
2934
Pennroad Corp vt c
Feb
,
Jan
129
2934
Jan
Jan
2%
Jan
-436
6634
2836
Feb
1.40
2%,
26
Feb
.2034
166
42
Jan
Feb
7
626
15834
Jan
76
454
Jan
95c
2%.
1,100
Jan
Jan
085
234
434
14954
1536
11936
73%
38
a50
30
.874
20
7334
.......
Jan
Jkh
Chrysler Corp
5
Electric Stor Battery*. *100
Jan
39
100
12
854
634
636
Horn A Hard (Fhila) com.*
Jan
30%
High
low
240
12034 121
—:.*
336
434
1
Pacific DistUlers Inc
234
734
154.
234
Los Angeles Investment. 10
•_]
1,539
3,400
1.30
2934
Lockheed Aircraft Corp—1
Los Ang Industries Inc...2
Oceanic Oil Co.. J
42
234
Budd Wheel Co.
1034
5
100
121""
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co.—..*
Jan
Jan
Jan
Range Since Jan. 1,1939
for
Week
Shares
1036
1134
15536 15834
1834
1834
1036
15636
.
10
79X
10 X
54
8X
<*275
1.20
Jan
^_
Jan
43
of Prices
High
Low
Price
100
...
Feb
Feb
60c
360
40 X
9X
Barber Co
*
Jan
Jan
9%
7X
400
534
Jan
Jan
Jan
American Tel A Tel
83%
-
Jan
63 %
1,158
4736
834
18 54
17 X
22
Par
American Stores....
Jan
Jan
Sale
Stocks—•
Jan
Jan
Jan
,
Jan
sales lists
Sales
Jan
8
17%
8%
1,610
33
.
Feb
67%
*
200
'31%
234
734
154
Hupp Motor Car Corp...1
.
380
4736
754
■534
1.25
Holly Development Co...l
Holly OU Co...—i„. ..1
Hudson Motor Car Co—.*
6234c
380"
4734
754
534
Gladdlng-McBean A Co..*
8
Feb
Friday
Week's Range
Last
Jan
75c
15%
1,217
736
75o
2%
15
140
186
Jan
Feb
Feb
15 34
40
Feb. 10, both inclusive, compiled from official
Feb
7
150
854
7054
30o
75c
100
1534
7336
Jan
to
Jan
55c
100
16
5%
2
100
1
Jan
15c
.300
75c
'
380
10
3 %'
1,200
200
6734c
736
Exeter Oil Co A com....: J
Farmers A MerchB NatllOO
Menasco Mfg Co....—..1
Mt Diablo OU Mng A D.. 1
-
7336
836
7054
Electrical Prods Corp
Emsco Derrick A Equip..5
Mascot Oil Co..
30c
1656
-5
com
30c
1534
Consolidated Oil Corp...*
General Motors
t
820
.,6
7
-*
Chrysler Corp
454
10
Calif Packing Corp com..*
Central Investment... 100
30 Broad Street
Range Since Jan. 1,1939
Week's Range
Low "
Feb. 4
Bandini Petroleum Co.—1
NEW YORK
1613 Walnut Street
Sales
Sale
Par
Stocks—
PHILADELPHIA
sales lists
Feb. 10, both Inclusive, compiled from official
Friday
,
iAssocfhte)
2136
254
3
150
12
3
Jan
Jan
Feb
Volume
Financial
148
Last
Stocks (Concluded)
Week's Range
of Prices
Low
High
Par
31 J*
1
Range Since Jan.
26 34
26 H
29 34
x 107%
11234
*
Galland Merz Laundry
Jan
Jan
General Motors com^
Jan
31H
Jan
99 34
Jan
11834
Jan
General Paint Corp com
Preferred
of Prices
Low
High
Low
40
610
9
High
Jan
934
Jan
Jan
5034
Jan
Jan
834
43
834
Jan
4634
4834
1,455
734
734
734
360
634
212
28 X
Jan
31
Feb
110
7X
Feb
634
Jan
934
734
4134
Feb
*
*
31
*
Golden State Co Ltd
*
31
3034
734
7
734
7
734
7
1,904
40
Jan
*
1934
19
1934
445
1734
Jan
1
1.15
1.15
1.35
1,500
1.00
*
2334
2334
2334
170
22 34
19
19
19
683
1534
1134
1134
LOUIS
Jan
Jan
2334
Feb
Jan
19
Feb
Jan
Jan
*
1134
905
834
Jan
1134
£0
4134
41
4134
30
3834
,Jan
41
Jan
10
41
41
1134
590
40
Jan
28 34
2834
2934
555
24 34
Jan
4134
3134
Jan
1,372
2534
Jan
3734
Jan
55c
1,021
55c
Jan
67c
Jan
1434
1434
Jan
534
Jan
934
Jan
Menasco Mfg Co com.
N. Y. Curb Exchange (Associate)
1334
1334
1334
510
1234
Jan
14
14
475
12
Jan
New York Cotton Exchange
St. Louis Stock Exchange
N American Oil Cons
N. Y. Coffee A Sugar Exchange
St. Louis Merchants Exchange
O'Connor
734
3,413
Jan
Jan
'
11
395
10
Jan
11
30
30
30
30
Jan
30
Jan
934
2534
934
2534
1034
Feb
1134
Jan
2534
80
934
2334
Jan
2634
18c
10
1034
30
534 %p!100
Occidental Petroleum
334
4,289
834
8
834
Occidental insurance Co 10
Teletype: St. L 193
434
334
334
Jan
Jan
1034
*
No Amer Invest
55c
55c
14
1
Natomas Co.
31
29
30 34
National Auto Fibres com 1
Chicago Stock Exchange
Chicago Board of Trade
Telephone: CHestnut 6370
Feb
Magnavox Co Ltd_—234
Magnin & Co (I) com
*
March Calcul Machine
5
STREETS
"
•
Jan
1934
1.40
LeTourneau (R G) Inc.—1
Lockheed Aircraft Corp__l
MEMBERS
New York Stock Exchange
Jan
Preferred
B
INVESTMENT SECURITIES
ST.
400
Leslie Salt Co
1877
AND OLIVE
4134
Langendorf Utd Bah A..*
FRANCIS, BRO. & CO.
FOURTH
4034
Honolulu Oil Corp cap
ESTABLISHED
4134
Holly Development
Tulsa. Okla.
Alton, 111.
Hancock Oil of Calif A...*
Hawaiian Pine Co Ltd
Jan
2X
Jan
134
90
134
IVh
1
Pennroad Corp vtc
Feb
25
Jan
2134
47 34
Gladding McBean A Co
Unlisted—
Range Since Jan. 1,1939
for
Week
Shares
25
8
834
10
Range
24
25
Gen Metals Corp cap. .2 34
40C
Week's
Price
*
24
73
_
Par
Jan
25c
492
Westinghouse El & Mfg.50 *10734
W estlnghouse Air Brak e.
26 X
25
200
Jan
33 34
Jan
100
35c
Feb
30 34
25 H
30c
180
Stocks (Concluded)
High
Low
Shares
3234
25
*
Victor Brewing Co
1, 1939
Week
Foundry...5
Vanadium All Steel
Last
Sale
for
Sale
Price
Sales
Friday
Sales
Friday
United Eng &
863
Chronicle
18c
18c
400
18c
Feb
19c
1
1,725
Moffatt AA__ .*
534
534
534
Paauhau Sugar Plant.-.15
534
534
534
20
Jan
Jan
F'eh
534'
Feb
Feb
534
634
130
Jan
634
2.40
Feb
Jan
Pacific Coast Aggregates lO
Feb.
official sales lists
10, both inclusive, compiled from
4 to Feb.
Sales
Friday
Last
Sale
1
of Prices
Low
High
Price
Par
Stocks—
Week's
Range
Range Since Jan. 1, 1939
for
2.20
2.20
2.20
925
2,15
Jan
Pacific Gas A Elec com..25
St. Louis Stock Exchange
2934
2934
30
2,968
30
Feb
32
3234
2,470
2834
3134
Jan
3234
Feb
3234
Jan
2934
698
4434
4434
10634 10734
6% lstpref
25
634% 1st pref
Pacific Light Corp com
$6 dividend
Pacific Pub Service
Week
4434
10634
*
634
*
'
2134
Boyd-Welsh Inc com
234
*
Brown Shoe com
*
F'eh
675
2134
20
50
121
Jan
14734
Jan
147
148
20
5934
Jan
Feb
50
Feb
1.75
Jan
2.80
Feb
Feb
634
Jan
..*
53
53
53
255
53
50
50
50
10
50
2.80
2.80
2.80
40
3314
Feb
160
17 X
Feb
20
Jan
Philippine L D Tel pref. 100
Plg'n Whistle pref
•
Puget Spund P & T com.
*
Feb
354
Jan
*
5
434
5
200
434
Feb
9
Jan
854
8
Feb
9 X
Jan
R E A RCo Ltdcom..„—*
7
7
7
135
7
7
Rayonler Inc
Johnson-S-S Shoe com.—*
1234
1334
334
1234
Feb
20
20
150
20
Jan
Rheem Mfg Co
1
Richfield Oil Corp com...*
13
13
1334
595
13
Jan
Feb
934
1,618
834
Jan
Jan
Roos Bros
15
125
1334
Jan
7
Jan
Ryan Aeronautical Co...]
534
7,430
534
Feb
55c
12,246
36c
Feb
1334
100
Jarl
Jan
31X
Feb
65
18
834
285
16X
m
Feb
834
48 X
65
46
Jan
52
6
634
556
6
Feb
Jan
834
Jan
com
12
12
25
12
Feb
12
Feb
50
30
50
Feb
50
Feb
85
10
85
Feb
85
Feb
30
47
Jan
49
Feb
Signal Oil & Gas A
31X
14X
Jan
35
Feb
Soundvlew
Feb
15
Feb
6
Feb
7
Jan
50
954
Feb
9X
Feb
30
49
-r
187
15
19
6
6
125
9 X-
-
35
15
35
49
33 34
49
-
954
i- -
6
11
106
Feb
30
30
30
100
29
Jan
32
Jan
1934
Jan
2634
25
Super Mold Corp cap
25
Feb
Trans amerlca
1L
415
Jan
Tread well-Yukon Corp
Union Oil Co of Calif
955
Rlce-Stix Dry Gds com..*
90
19
19 X
434
434
"
r'«
•
100
2
234
11
1.01
120
634
120
6
6
-.1
com._l0
6
<
28'34
•
1.00
Union Sugar com.
Universal Consol Oil
90
Feb
Victor Equip Co com
1934
Feb
534
Jan
2
Feb
Wells Fargo Bk A U T.100
234
Feb
Western Pipe A Steel Co. 10
Feb
»
Jan
634 June
Feb
Jan
28
634'
3134
Jan
Jan
Jan
Bonds—
2834
—
29
2834
1934
29
..26
1434
on
Jan
634
1334
Jan
1934
834
Feb
15
646
Jan
1554
Jan
Jan
Feb
Jan
300
2534
2554
2534
170
25
Jan
35
285
F'eh
300
Jan
19
Jan
1634
Jan
285
286
286
1634
Jan
2734
115
1634
1634
Feb
200
1634
1534
1634
1534
Argonaut Mining Co
_
1634
14934
Feb
38c
Jan
50c
Jan
10
Jan
11
Jan
Jan
Jan
F"eb
328
15534 158
46c
1034
1034
.
1,600
48c
265
11
6
634
234
234
234
609
634
234
2634
2634
2634
512
2634
Jan
734
334
2834
72
72
72
30
72
Feb
72
450
'
Columbia River Packers.
_
"
1
1
6
*
7
3634
6
Jan
Jan
734
Jan
350
3534
Jan
3734
Feb
445
11
Feb
1234
Jan
50
22
1234
25
.634
26c
30c
2.05
2.10
Corp com..*
3634
Feb
7
Jan
Jan
934
Jan
687
26c
Jan
37c
Jan
1,110
2.00
Jan
Jan
3634
Feb
2-50
4034
16c
*
3634
25
Jan
8
220
834
834
2.10
Jan
634
570
6 34
834
26c
Kenn Copper
Feb
934
295
Ftalo Pet Corp Of Am com.l
Italo Pet of Amer pref
1
Internatl Tel A Tel com—
6
Feb
834
1134
634
Mines..1
Idaho-Maryland
Jan
Jan
834
37
-
25
20
134
200
25
1134
6
Hawaiian Sugar Co
Jan
Jan
7
834
7
3634
Jan
4
1,170
834
Corp...? .1
EleC Bond & Share Co
1
534
Jan
H
100
6
*
Consolidated Oil Corp...*
Dominguez Oil Co..
Jan
158
Jan
6
5
Cal OrePwr8% pref'27.100
Claude Neon Lights com.l
offices in San Francisco and Los Angeles
Jan
9
120
834
20
Anglo N at Corp A com
3034
York
4
334
834
46c
Jan
Oortlandt 7-4150
Jan
Jan
334
15634
2434
Members New York Stock Exchange
334
834
334
American Tel A Tel Co. 100
Feb
Schwabacher & Co.
200
834
14
834
Am Rad A St Sntry,
Curtlss-Wrteht
Private Wire to own
55c
Jan
Unlisted—
30
Coast Stock Exchanges, which are
Eastern Standard Time (2 P. M. Saturdays)
111 Broadway, New
Jan
1834
1
Waialua Agricultural
Jan
Pacific
>
40c
6
Preferred-
Bancamerlca Blair Corp__l
Bendlx Aviation Corp...5
until 5:30 P. M.
834
834
10
2434
J7,000
7,000
Jan
1.75..
Jan
5J4
135
160
Amer Toll. Bridge (Del)__l
com—15
634
1,655
Feb
6
35
6
28 X
40c
1834
Feb
•
2
1.00
1.00
Scullin Steel warrants
2
234
-
40c
1834
Jan
2
-
40c
105
'
434 June
215
5
634
1834
Feb
Feb
18
21
742
12,089
634
2
1
Feb
10
Jan
90
141
80
25
Corp
101
Jan
734
103
10
90
10
Feb
3
Jan
2834
2334
634
Standard Oil Co of Calif..*
Jan
11
'
Feb
734
15
28
1,658
1,083
2934
10
Jan
2334
1734
20
105
2834
Jan
Jan
1634
Feb
834
Jan
210
Feb
105
Jan
Jan
Jan
3334
2154
3254
Feb
934
96
Jan
94
32 34
10X
11X
Feb
9334
3234
28 X
ION -Feb
Jan
9334
1634
9334
So Cal Gas pref ser A....25
Southern Pacific Co
100
18X
101
1634
32
115
1634
1634
6
100
50
5
Jan
Feb
150
101
Jan
106
11
1034
72c
1334
60
1834
Jan
Jan
Jan
734
106
__*
com
Preferred
Jan
Feb
15
Jan
1234
Jan
106
28 X
101
19 X
1334
Jan
Jan
1734
2334
1434
1034
106
1634
2834
'
*
Equip com*
*
Pulp
.100
11
101
53c
53c
1334
com
534 % preferred
1834
11
634
534
Rights
Shell Union Oil
15
15
28 34
*
20
Mo PortI Cement com..25
Nat Bear'g Metals pref. 100
Nat Candy com..
.*
1st pref erred.
00
2d preferred
-100
McQuay-Norris com
Midwest Pipe com
St L Pub Serv pref A
■i»4
.
8,34-
834
l
-
85
*
l
com
Preferred
50
.
Knapp Monarch com
Laclede Steel com.:—-.20
Stix Baer A Fuller
1234
20
834
2834
164
7
7
Jan
25
Feb
710
48
*
*
Sterling Alum com
10
3134
1634
7
12
Jan
Feb
Parafflne Co's
Jan
Feb
149
148
234
Jan
125
124
3034
Jan
734
2134
125
Feb
com
Jan
109
Jan
2X
1634
Hyde Park Brew com—10
International Shoe com..*
solicited
634
3
29 X
50
Orders
594
*
8X
8
com.*
50
Huttig SAD pref—100
open
Feb
100
834
Hussmann-Ligonler
Pref ser 1936-
t4s C-Ds
10634
361
6
tUnited Rys 4s
Jan
260
3
7
31H
Hamilton-Brown Shoe com*
Wagner Electric
44>4
834
8
1
5
Dr Pepper com.
-*
Ely A Walker D G com.25
Falstaff Brew com
1
Griesedjeck-W Brew com. *
St L Bank Bldg
Feb
834
Columbia Brew com
National Oats Co com
Feb
528
3
Collins Morris com
...
21
2934
100
Preferred
5
1734
Century Electric Co—.10
Chic A Sou Air L pref—10
Key Co com
Feb
28
Feb
27
Feb
33
17 34
1734
■
108
234
33
1
Burkart Mfg com
198
28
28
28
*
com
654
634
Jan
124
Pac Tel & Tel com.....100
American Inv
2934
2934
*
com
1st preferred
High
Low
Shares
25
*
2834
4134
3634
140 ;
Jan
Jan
1
14c
12c
14c
2,200
12c
Feb
Mountain City Cop per.. 5 c
534
534
534
250
434
Jan
634
15
Jan
1834
10
2034
Jan
2134
F'eb
30
1834
Jan
2434
Feb
M J A M M Cons
San
Feb. 4 to Feb.
Francisco Stock
.North American Aviation 1
Oabu Sugar Ltd cap
20
10, both inclusive, compiled from
official sales lists
18
1734
2134
2434
2134
2434
2134
Onomea Sugar Co
Exchange
Last
Week's Range
Sale
Par
Stocks—
Price
Gold....10
Anglo Calif Nat Bank—20
Associated Ins Fund Inc. 10
•
Diesel Engine. .5
Byron Jackson Co
*
:
Feb
10
950
20c
Feb
27c
Jan
9?4
9 34
200
9
Jan
1034
Jan
454
100
7
434
634
Jan
954
.
Jna
'
4X
7
'
•
.
.
210
6
Jan
•
7
Jan
15
15
1634
505
15
Feb
1734
Jan
16 54
1634
1634
520
16
Jan
1834
3 34
200
28c
30c
1,360
49 H
4934
4934
Calif Water Serv pref.. 100
31c
Carson Hill Gold Mln cap. 1
Caterpillar Tractor com..*
Caterpillar Tractor pref 100
334
334
Feb
11
Feb
Jan
25
Jan
2434
2434
2734
2734
2734
370
2734
Jan
2934
2934
815
28J4
Jan
2934
Jan
3334
3334
3334
150
32
*
Jan
3334
Feb
634
Feb
Inc;..'. *
634
634
634
145
United Aircraft Corp cap
United States Steel com..*
3834
3734
3834
268
35
58 34
5834
5934
642
5534
534
534
130
Brands
'
Warner Bros Pictures.. —5
5-34
2734
634.
Jan
Feb
Jan
3854
Jan
Jan
6934
Jan
Jan
s
5
634
Jan
d Deferred delivery,
dividend,
•No par value.
a Oddlotfsales.
6 Ex-stock
r Cash sale-r-Not Included In range for year,
x
.
Ex-dlvidend.
y
Ex-rights.
Feb
334
Jan
1234
Jan
13
Jan
25c
Jan
35c
Jan
30
49
Jan
50
Jan
100
98
Jan
102
Jan
Ky., has published an exhaustive
securities,
200
30c
Jan
34c
Jan
which reviews the debt of the
cities and
4234
105
Jan
4734
Jan
other taxing divisions.
Jan
334
Jan
334
Jan
12
10
13
13
13
100
44
105 54
334
4
1
10
31c
31c
44
10534 10534
3J4
3J4
10
t In default.
1234
12
44
Listed.
11
12
Central Eureka Mining.. 1
Preferred
Jan
11
23 34
•
Jan
28c
Calif Art Tile A
Jan
4
100
278
325
434
Jan
20
com—*
*
Calif Cotton Mills com. 100
Calif-Engels Mining Co.25
Calif Packing Corp pref. 60
Calamba Sugar com
11
2434
t
Calaveras Cement
434
Jan
2934
25
com.
534% preferred.
6% preferred
"■
Jan
,
•
25
So Calif Edison
Standard
125
20c
7
.
934
434'
9X
Atlas Imp
High
9%
20c
Alaska-Juneau
f-
Low
-
11
434
434
1J
20
—
2434
26
So Cal Gas Co 6% pref. 25
Range Since Jan. 1, 1939
.for
Week
Shares
20c
9%
Anglo Amer Mln Corp— 1
of Prices
High
Low
.20
Packard. Motor Co com.
Pioneer Mill Co.
Sales
Friday
587
18
Jan
30
434
2,175
4
1,935
10
100
135
334
107
CURRENT
—The Bankers Bond Co., Inc.,
Kentucky Home Life Building,
Jan
—Alex,
Brown
&
Sons,
of the New York and
Jr. is now
representative in York, Pa.
Jan
Baltimore Stock Exchanges, announce
Jan
associated with the organization as
Clorox Chemical Co
37
37
37
Cons Aircraft Corp
2134
2134
2134
220
1934
Jan
2434
17
17
17 34
570
17
Jan
19
Jan
that Garrett P. Snyder
Jan
Consol Chem Ind A
Louisville,
of Baltimore, members
Jan
434
37
NOTICES
booklet on Kentucky municipal
State, counties, school districts,
434
Jan
35
Jan
10
com__l
*
Creameries of Am vtc— 1
Crown Zellerbach com.—5
Preferred
*
200
4
Jan
434
Jan
1334
1334
1334
501
12
Jan
1434
Jan
89
8834
8934
330
8534
Jan
91
Jan
4
4
4
2.10
Jan
2.75
Jan
40
1334
Jan
17
Feb
334
Feb
4>4
Jan
Jan
Jan
1534
3634
Jan
8534
Feb
2.75
2.75
2.75
17
1634
17
Emporium Capwell Corp. *
Preferred (ww)
50
Fireman's Fund Ins Co..25
15
15
15
195
14
36 X
3634
3634
140
3534
83 X
8334
8334
480
81
334
334
3 34
1,2.50
'
Jan
Harry S. O'Neill,
New York
Satterfield.
Bank Bldg., St. Louis, have
stock of Scullin Steel Co.
Tenenbaum, Inc., Boatmen's
prepared an analysis of the common
—George W. Miller and
sistant
formerly with F. S.
of the bond department of the
of Hewitt and
Feb
Fruit com... 10
Corp pref—
Doernbecher Mfg Co..._*
Stock Exchange firm
—Peltason,
155
Di Giorgio
Di Giorg Fruit
£.
—Announcement is made that
Moeeley & Co., Is now in charge
Harold J. Kennedy have been
& Co., Inc.
appointed as¬
Vice-Presidents of Colyer, Robinson
>—Henry Uhlig has become
associated with Jackson & Courtis.
,
Feb.
Chronicle
Financial
864
11. 1939
Canadian Markets
LISTED AND UNLISTED
Provincial and
Montreal Stock
Municipal Issues
Closing bid and asked quotations, Friday, Feb* 10
Bid
Province of Alberta--
60#
-Jan
6s
62
59
Oct
6b
/57#
11948
4 #s
1 1956
Prov of British Columbia—
fig—
July 12 1949
4#s
Oct
11963
.
Province of Ontario—
Ask
6s
68—,
100
4s
100#
99
97#
Bid
1 1942
—.Sept 15 1943
May
11959
-June
11962
4#s
15 1965
Jan
88
110# 111#
87
4
v
#8
11958
May
4#e
105
2 1950
116
1 1961
,
115#
-
——
Is
77#
80#
103
93
15 1944
July
1 1944
Deo
6s
113
80#
103#
94#
Jan
170
100
Feb
10
55
Feb
55
Feb
60
11966
4Kb... ....Feb
4KB-. ...July
11967
1 1969
6s..... ....July
Oct'
6B-....
6s..
—
.
1 1969
1 1970
...Feb
114#
6#s
15
118# 119
118# 119
■
•
11962
12#
Jan
50
48#
Jan
17#
3#
17#
30
16
Jan
3#
25
4
Jan
4#
qq
qq
pref-'—100
3#
"127
50
St Lawrence Paper pref.100
Shawlnlgan W & Power—*
13
36
.....
37
20# -21#
11# 11#
"73"
*
99
Jan
104#
Jan
2#
10#
30#
Jan
4#
Jan
15#
Jan
42
20
Jan
22
Jan
11#
Jan
12
Jan
Jan
77
Jan
Jan
73#
Jan
680
327
2.725
62
73
74
381
68
70
70
Preferred;...--—25
United Steel Corp--——*
97
Jan
Jkn
Jan
10
3#
12
Southern Canada Power—*
Steel Co of Canada
5
Jan
Jan
955
105# 105#
A preferred......
71#
5#
75
68
105#
Jan
Jan
Jan
Jan
370
4
Jan
7
3
3
115
2#
Jan
3
Jan
50
50
8
£0
Jan
52
Jan
Western Grocers Ltd.....*
Weston Ltd
60
50
11
10
50
Jan
50
Jan
85
Winnipeg Electric A.....*
B
——*
165
170
5#
Viau Biscuit.—.—*
Preferred
—100
123 H 124
110#
99
Feb
1,812
"1#
St Lawrence Corp..——.*
Ask
109
Feb
101
Jan
62
Holland Paper
Jan
60
Jan
10
52
Saguenay Power pref .. .100
3s
Feb
98
"62~"
99
Grand Trunk Pacific By—
4s
—Jan
1 1962
60
.100
99# 100#
93# 94 #
11946
11#
16#
12#
19#
57#
17#
11960
-July
3
42
101
11
11
Feb
611
60
10*
—100
1 1964
Canadian Northern By—
117# 118#
115# 116#
115# 116#
115# 116#
Jan
55
11946
Bid
26
55
Sept
Ask
568
Jan
Jan
Feb
Dec
114
Bid
114
28#
Quebec Power——*
Regent Knitting......—*
Ask
Dominion Government Guaranteed Bonds
Canadian National By
Sept
1 1961
4KB...
4KB... ....June 15 19661
Jan
160
—July
4#s
4#s
Jan
71
22#
81#
28#
Jan
3,796
100
5% preferred-".-
6s
61
Jan
80#
Jan
5
Price Bros ft Co Ltd—r—*
Canadian Pacific By—
perpetual debentures.
Sept 15 1942
4Kb
Jan
20
-..-100
Ottawa L H ft Power—100
Railway Bonds
§8.
41#
48#
140
26
27
Ottawa Car Mfg
Bid
783
44
79
Ask
295
57
100
Preferred.
Bid
45#
20#
79
"£5"
Power Corp of Canada.—*
Canadian Pacific By-
Jan
170
78
1 1951
Jan
Feb
#
45#
170
76
16 1946
Jan
42
100
77
Nov
Oct
73
Jan
60
55
Ontario Steel Prods pref 100
5#a—
4 #8
108#
Jan
40
2.125
Jan
—100
Preferred
Prov of Saskatchewan—
5s...—June 15 1943
108
High
55#
69#
40
71
42#
45
♦
Ogllvle Flour Mills
Low
,85
20
~56
Niagara Wire Weaving.—♦
Noranda Mines Ltd.....*
110#
56
71
National Steel Car Corp..*
110# 112
107# 107#
Range Since Jan. 1,1930
Shares
41#
42#
*
25
National Breweries
---
105# 107
56
Telegraph—.40
Montreal Tramways.-.100
Preferred
Mar
Feb
4s
Week
Montreal
107# 109
114
for
of Prices
Low
High
Price
Par
Stocks (Concluded)
115#
121# 123
Week's Range
Sale
Province of Quebeo—
87
85
.Dec
90
85
Aug
J 1941
June 16 1964
2 1969
Prov of New Brunswick—
4 #8-—-Apr
16 1960
4 #8
Apr 16 1961
Province of Nova Scotia—
4 Us
Sept 16 1952
6s
Mar
1 1960
4 Us
6s
Sales
Last
Ask
Province of Manitoba—
fis-—
Exchange
Friday
99#
11
Preferred———————
•
■*
24
11
Feb
11
175
361
1.65
Feb
2
170
7#
Zellers Ltd. pref-,-————
Jan
5
1.75
Jan
2
7#
Feb
9
Jan
Jan
24
Feb'
80
7#
24
23
50
Feb
U,
Jan
Jan
Banks—
Montreal Stock
Feb. 4 to Feb. 10, both
Exchange
inclusive; compiled from official sales lists
Week's Range
Bale
Stocks—
Par
Acme Glove
of Prices
High
Low
Works——'*
Agnew-Surpass Shoe...--*
Preferred
—-
-—100
Price
5
2
pref—60 "*30
Amal Elec Corp
-.100
Preferred
Algoma Steel Corp---—*
Bathurst Power ft Paper A*
30
7K
15
British ColPower Corp a.*
23#
B
'
Canada Cement.;-—-—*
75
(new).*
oO
Canadian Bronze——.—*
Canadian Car A Foundry-*
,
Preferred
—-25
Canadian Celaneee——-*
'
Canadian Pacific By— --25
Consol Mining ft
Dominion Glass pref—100
Dominion Steel ft Goal B 25
Dom Tar ft Chemical—Dominion Textile'---——*
60
Jan
115
Feb. 10, both
Stocks—
Jan
8
1.16
16
420
6K
Jan
8#
1.00
Jan
1.50
5
15
Jan
15
166
Jan
170
753
116
Jan
15#
Jan
16#
Jan
Brit Amer OH Co Ltd——*
Jan
80'
'
Jan
Canada ft Dom Sug (new)*
248
85
Jan
99
Jan
180
15
Jan
16
Jan
Canada Malting Co Ltd.
Can Nor Pow 7% cm pf 100
223
Jan
Jan
36#
Jan
39
Jan
7k
10
37
Jan
9#
Jan
Jan
18
Jan
12#
6K
2#
2K
13
820
10#
6K
ik
Jan
14
'Jan
10
Preferred—
Cndn Dredge & Dock Co.*
Cndn Industries Ltd B—
,
Jan
34
6K
54
950
2#
180
fi,#
1,996
.7#
56#
.
24
"*28#
Jan
Feb
Jan
Jan
•
7%
cum
pref....
cum
8K
Jan
Jan
Commercial Alcohols——*
Preferred
——5
6#
16
Jan
20
Jan
Consol Paper Corp Ltd—*
5#
29
Jan
37
Jan
15
Jan
Cub Aircraft——.
Dominion Stores Ltd
*
25
150
Donnacona Paper A—
*
1,342
5
395
55
17#
Jan
156
' Feb
B
Jan
7
60
Jan
1.48#
Jan
Falrchlld
Jan
5#
Jan
Fleet Aircraft Ltd.
6
Jan
10
Jan
41
Jan
32
6
Jan
7
Feb
.80
11
Jan
12
Feb
7
11#
5c
5
5c
Feb
15c
Jan
855
1.50
Jan
2#
Jan
6#
745
4#
Jan
5#
Jan
,e#
5,240
2#
6#
525
Jan
4#
5
280
4#
4#
7
7
4#
4#
4#
655
JW
9#
530
5#
6
4#
——
Aircraft Ltd—5
_*
12K
Jan
15
Jan
Ford Motor of Can A.—.*
21
21
30
Jan
31#
Jan
Fraser Companies Ltd—
10
6
Jan
Jan
13#
13#
13#
13#
14#
10
10
105
9
Jan
38
13
13
234
11#
Jan
«9l
91
318
88
Jan
91
•*'
Gurd (Charles)-.-
6#
5#
Hamilton Bridge.—..-.
2#
5
6
742
5#
Jan
,
Intl Utilities Corp B
Feb
Lake St John P ft P:—•—*
Lake Sulphite Pulp Co—.*
Jan
.
Jan
8
Jan
MacLaren Pow ft Paper.
Jan
82
Jan
Feb
58
Jan
Massey-Har 5% cum pf 100
McColl-Fron 6% cm pf. 100
Jan
6
Jan
5#
14 #
.
18
85
Melchers Distillers Ltd pf *
Mitchell (Bobt) Co Ltd—*
5#
29 #
70
Jah
6
Jan
15
30
Jan
32
Jan
Montreal Isld Power Co—*
14#
2,325
14
Jan
15
Jan
12
12
12
180
10
Jan
13
Jan
94
95
10
94
Jan
96
Jan
Po werof Can6 % cm 1st pflOO
Hudson Bay Mining....
33
33
35
6#
Imperial Oil Ltd.
...*
Imperial Tobacco of Can "
16#
16#
16#
15#
17
16k
£1
7#
30
Intl Nickel of Canada
51K
*
25
Intl Bronze Powders
Preferred—--
*
5
12
Laura Secord—......3
11#
Jan
17
Jan
11#
Jah
Jan
38
Jah
17#
38
5
•
25
65o
Jan
,70c
Jan
Jan
107
18
Jan
2.25
265
2
Jan
13#
45#
235
Jan
15
160
40
Jan
60#
Jan
83
89
321
81
Feb
93
Jan
50
6
f Jan
6#
14
1.50
75
1.50
7
100
15
12
12
11#
Jan
50c
"Jan
Jan
100
100# 103
6#
6#
4#
4#
101
12
30
101
20
.
3#
6#
Jan
Jan
Jan
Jan
16#
Jan
1.50
Feb
104
Jan
Feb
12
Feb
Jan
105
Jan
t
Jan
Feb
3,083
185
15k
7k
16#
Feb
Provincial Transport Co—*
Quebeo Tel ft Pow Corp A*
Reliance Grain Co Ltd
*
4
7#
107
108
56
106
Jan
108
Jan
31#
56#
Sou Can Pow 6% cm pf 100
Standard Clay ProductslOO
Walkervtlle Brewery
*
108"
Jan
Jan
Jan
Jan
4
50
Feb
30
100
100
100
2
100
Feb
100
Feb
(H) Walk-Gooder ft Worts*
$ 1 cum pref—..—*
"47#
25
4
,
52 k
4,657
46k
Jan
19#
140
19
Feb
20
Jan
40
26
Jan
Jan
26K
29%
1,533
25
3k
100
3
Jan
26#
27#
3#
74
Feb
Jan
.
4#
1.30
1.35
505
87
Feb
Jan
Feb
7#
4#
4#
Jan
Jan
Jan
110
1.00
47#
48#
496
43#
Jan
51
Jan
20
215
19#
Jan
20#
Jan
35c
Jan
Jan
6#
4#
20
Jan
1.40
Jan
Mines—
75
96
77
Jan
50c
9
14
Jan
17
Jan
Alder mac Copper
Alexandria Gold
Jan
14#
!. 1
le
lc
500
lc
Jan
12
12
10
12
Jan
12#
Jan
l#c
Jan
Ashley Gold Mining
1
9c
9c
1,500
3,200
7c
Jan
9c
Feb
12K
12%
215
11#
Jan
13#
4lC
Corp...*
Jan
Beaufor Gold
1
4
Jan
4
Jan
Big Missouri Mines...
1
62
Feb
62
Feb
*26#
795
5
Jan
Jan
Bulolo Gold Dredging
5
Cndn Malartic Gold.....*
Jan
Canitol-Rouyn Gold
*"r3c
Jan
90
17
50
*
Jan
Jan
35#
175
5#
.6 #
100
.»
20
Jan
10#
23#
Jan
4
...
Jan
Jan
6
Jan
8
Jan
62
MoColl-Frontenac Oil.
4"
.
Jan
4
Mont L H ft P Consol
,70c
18
Jan
8
Jan
16
62
Montreal Cottons pref
Feb
Jan
635
12
103
*
*
1,175
14
100
MacKinnon Steel pref--100
Massey-Harrls-
Jan
14#
-
Lindsay (C W)
6#
Jan
31
26
74
Preferred
...-100
Lake of the Woods...—*
Lang ft Sons (John A)...*
Jan
3#
30
570
19#
3
6#
Jan
3,610
26
19#
*26#
Internat Pet Co Ltd--..
International Power
50 #
7k
30k
7#
3#
1.75
14
1.50
94
Preferred.
70c
,18
6#
Page-Hersey Tubes Ltd—*
Paton Mfg Co—
*
Indust Accept Corp—-
Jan
4
'
Jna
13#
44#
2.00
*
14 #
4k
1
1
66
5k
164
67
3#
Jan
66#
362
6#
78
57
Jan
6
5#
29#
100
Preferred
Holllnger Gold Mines—5
Howard Smith Paper.—*
Preferred
100
6k
78
4#
2
100
38
Gatineau Power.——-*
11#
13#
Voting trust ctfs—
*
Freiman (A J) 6% cm pflOO'
*57
Jan
1,85
110
Goodyear T pref lnc '27-50
Jan
5c
5
712
245
Jan
Jan
Feb
Feb
30
6
'
3K
174#
1.05
25
31
2#
225
Feb
125
6
3
Jan
»?*#
?5c
Jan
Jan
200
13#
Bights-—:
General Steel Wares.——*
General SteelWares pref 100
Jan
,1.80
Feb
8#
31
Preferred— —100
Jan
112
1.05
English Electric A—i—.
English Electric B
*
Foundation Co of Canada *
13 #
35
Jan
i20
1
31
9#
21#
_..
Jan
1.70
EaKootenayPw7 % cmpIlOO
Jan
Jan
32#
21#
5
13#
,
Jan
Jan
Jan
1.48
4#
10
200
Jan
Feb
Jan
Jan
5
Jan
28
107
10
225
Jan
4#
23#
12#
28#
.
23
2
.12#
Jan
Jan
Claude Neon Gen Adv.—*
Jan
26
Jan
Jan
19#
20#
11#"
15
61#
Jan
Jan
135
165
7
Jan
m
Feb
21#
20#
8#
Jan
4,787
Jan
3#
Jan
31
185
16
28#
1.30
1.05
1.05
736
155
ii
5%
58
59#
1.50
1.50
112#
Jan
11
95
173# 173#
Jan
.
Jan
75
225
Jan
Jan
1.50
20#
100
pref
Feb
4#
20#
716
88
Jan
4,
Jan
25
28#
34#
21#
135
2,815
110
Jan
Feb
3
90
4#
2#
21#
"21#
47
6
High
Jan
1.50
Catelli Food Prods Ltd—
5%
'8*
23#
25
110
Can VIckers Ltd.—*—*
Jan
3#
2#
6#
1.35
4
90
1,075
3.025
28#
34#
34#
110
13#
.
627
26#
3#
4#
22
11
22#
215
9#
5, '
4#
Jan
'
7% cum pref.
—.100
Cndn Marconi Co...
.1
106
1.35
21#
125
155
58
Jan
4#
230
19
'35
'
Jan
2
1,636
"
24
18#
33k
16
45
2#
Low
1.90
200
3#
Can Breweries Ltd——*
.583
2#
10 K
Jan
9#
2K
7#
778
m
Range Since Jan. 1,1939
liOlO
2,809
4
26
British Columbia Packers *
Feb
17#
103
26#
Brewers ft Dists of Vane—5
Jan
2#
4
Corp-—*
Beld-Corticelli7% cm pflOO
Jan
J,an
Jan
2
75
2#
15#
Beauharnois Pow
9#
25#
2#
Jan
14#
5
Price
Sales
Week's Range
for
Week
of Prices
Low
mah Shares
2#
5
Asbestos Corp Ltd———*
(New)
Feb
7K
22#
Par
15K
2#
5
Jan
inclusive, compiled from official sales lists
Acacia Sugar Ref Co
Jan
684
Jan
5K
Jan
6% cum pref——100
Jan
12#
16
190
Abitibi Pow 4 Paper Co—*
Jan
100
10
29#
"io
Jan
Feb
Jan
14
113k
25
760
-100
Preferred
Dryden Paper
Electrolux Corp———1
n
1,360
33#
Dominion Coal pref—25
Jan
to
Jan
16#
32 #
Distillers Seagrams.——
Dominion Bridge.
176
Sale
15
*64
43.8
Last
2#
Feb. 4
98
7k
Smelting 6
189
Jan
Jan
31
Crown Cork & Seal Co—*
188
188**
Friday
nvs
Cockshutt Plow
Feb
Jan
32#
5#
310
107
30
2,293
37
ClassB.—
Jan
Jan
Jan
16#
9
Alcohol—*
301
167#
Montreal Curb Market
Jan
15
75
2K
Cndn Foreign invest
Canadian Indus
25
Jan
'
135
5,092
8
Preferred
Jan
310
10
15
2#
Canada Steamship
222
Feb
97
.8
97#
15K
Preferred———100
High
Jan
m
23 k
2#
■
23#
2%
"le#
Can North Power Corp.-.*
8
178
Jan
5
30
16
■
-m----
Building Products A (new)*
Calgary Power———100
25
75
<
Jan
Jan
30
167k 170
169#
172
208
5
uk
1.16
Grain*
Preferred---.--—---100
Jan
,74
228
9k
107. *
2#
100
115
11#
7k
Bawjf (N)
9#
Low
'
115
16k
115
"llH
Bell Telephone—- -—-100
Brazilian Tr Lt ft Power.*
25
"
16K
167
164#
174
214
305
100
——
54
173
208,
167#
Week
30
16 k
Boyal—
Range Since Jan, 1,1939
Shares
10
107
2%
107
167
173
208
..100
Nova Scotia--——100
for
5
9K
9#
107
Alberta Pacific Grain A—*
Associated Breweries.:—*
! Montreal
Sales
Friday
Last
Canadlenne——.—100
C6mmerce_—.———100
,5#
5k
100
*30#
30
6#
6%t
100
30 k
2,867
10
4,465
5k
100
29#
7#
Feb
7
Feb
101
Jan
Jan
31
Jan
•
No r»r value.
1
12c
41c
11c 12 #c
1,400
25c
25c
600
28#
26#
343
1.00
1.00
1,300
2#e
3#c
18,400
10c
25c
Jan
14c
Jan
Jan
Feb
31c
25
Jan
28
97c
Jan
1.00
Jan
2#c
Jan
3#c
Feb
Jan
Jan
Volume
Financial
148
865
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Week's Range
Last
Sale
Stocks (Concluded)
Low
Price
Par
High
Cartler-Malartic Gold
1
5c
4c
Central Cadillac Gold
1
21c
Central Manitoba
1
Central Patricia Gold
1
2~59
ConsChlbougamauGldflds 1
Dome Mines Ltd
*
Duparquet Mining Co
1
2,000
18%c
23c
15,700
2%c
2%c
2.59
2.59
24c
23c
24c
31%
31%
31%
1,500
1,014
6%c
7c
7,500
Feb
4c
6c
Jan
Par
Calgary & Edmonton
*
16c
Jan
25c
Feb
Calmont
3,000
2%C
Feb
5c
Jan
Canada Cement
150
2.30
Jan
2.75
Jan
22c
Jan
29c
Jan
Canada
31%
Jan
33 %
'5c
Jan
Francoeur Gold
97%
*
9
9%
362
7%
Jan
——*
63
63
25
58
Jan
65
Jan
21
21
15
17%
Jan
25
Jan
40
41
75
37
Jan
45
Jan
Jan
5.75
Jan
20c
20c
1,600
20c
Jan
23C
Jan
Canada Wire A
7%c
8c
4,500
7%C
Feb
10c
Jan
Canada Wire B
4%c
5c
3,600
8c
Jan
Canadian Bakeries
Jan
9%c
1.45
Jan
Feb
Canadian
Jan
5034
Jan
Preferred
141
142
2%
*
21
pref. 100
Kirkland Gold Rand
-1
1
1.34
1.45
700
Lake Shore Mines
1
47 %
47%
48%
941
Macaasa Mines
1
5.50
5.40
5.60
3,800
4.75
Jan
5.80
Jan
Cndn Bk of Commerce. 100
M clnty re-Porcupine
5
53
52%
54%
496
52)4
Jan
55%
Jan
Canadian Can A
1.25
1.25
100
1.12
Jan
1.31
Jan
2.95
1,800
2.37
Jan
3.35
Jan
4.35
2,505
3.90
Jan
4.80
Jan
Canadian Dredge
10c
13c
8,700
10c
Jan
16c
Jan
2.35
2.35
200
2.25
Jan
2.60
Jan
1.55
1.65
900
1.46
Jan
1.85
Jan
Canadian
Malartic...
~
Canadian
Oil
1.85
10,900
1.45
Jan
1.85
Feb
5.30
700
4.95
Jan
5.50
Jan
2.60
2.62
600
2.60
Feb
2.60
Feb
13%
13%
250
13
1.68
13%
Placer Development
1
Preston-East Dome
1.72
400
1
60c
4c
San Antonio Gold--..—1
60c
4%c
1.30
3c
Sherritt-Gordon
1
1.15
1.15
3%c
1.20
Slscoe Gold Mines Ltd—1
1.40
1.37
1.50
64c
64c
65c
96c
1
88c
14%
Jan
Canadian
Jan
1.72
Jon
60c
Feb
6c
Jan
Feb
Jan
Jan
1.30
.4*0
2
Jan
2%
80
2
Feb
2%
2%
Feb
1.00
.5,425
85c
Jan
1.03
Jan
£0c
100
37c
Jan
14c
3.876
6.30
Jan
8.10
Jan
Cons
13c
12c
16c
42,950
7c
Jan
23c
Jan
8.70
1,805
12c
Feb
18 He
Jan
*
11
1,000
8.00
Jan
8.75
Feb
40c
50c
2.25
2.30
2.58
Jan 15% c
1.39
Jan
84c
Feb
55o
Jan
21 %c
26c
3,400
Jan
315
5%
8%
Jan
1.75
7%
1.75
Jan
Jan
36c
7%
1.75
200
1.75
Jan
1.95
Jan
1.42
"1.42
1.47
4,760
1.29
Jan
1.60
Jan
15%
16
22c
120
14%
Jan
16%
Jan
1,800
2,207
22c
Jan
27c
Jan
46%
Jan
61
Jan
Jan
182
Jan
*
Jan
Jan
Jan
Dome Mines
Jan
Jan
Dominion Bank.
1.51
~~22c
22c
54
181
31c
30
Jan
65c
Jan
Jan
Jan
Jan
lie
13c
8,050
11c
Jan
16c
Jan
18
18%
455
31
Jan
Jan
20%
31%
13%
30%
33%
Jan
Jan
207%
Feb
15%
2%c
Feb
17
Jan
3%c
Feb
428
45
Jan
53%
Jan
105
29
Feb
1.499
207%
10
16
3c
3%c
49
"29"
50
41
45
1,125
200
900
35c
Feb
5.5c
Jan
Dom
300
2.00
Jan
3.70
Jan
Dominion Steel Coal B.„25
Okalta Oils
*
39 %
175
1.02
Jan
1.72
Jan
Dominion
45
35 J*
Jan
44 %
Jan
Dominion
Tar....._....*
Feb
30
3,471
8%
Jan
12%
Jan
6%
195
5
Jan
5%
5%
116
5%
Feb
6%
8%c
Jan
Feb
30
9%
"5 %
75
Feb
1
"6 He
6 %C
7 %C
14,400
Jan
8%c
Feb
*
8%c
7%c
8%c
9,800
7c
Jan
12 %c
Jan
1
2.45
2.44
2.57
24,570
2.13
Jan
2.80
Jan
*
14
14
10
14
.Feb
16%
Jan
......100
Preferred
.
105
105
6
105
Feb
&•
_
_
73
.100
1
Oil
East Malartic
^
Eastern Steel
.
Preferred
-..
■
35
75
73
Feb
5%c
1
2%
2%
'250
2%
Jan
2%
Jan
1.90
2.10
12,760
1.60
Jan
2.37
Jan
30
—
30
50
31
Feb
31
Jan
6
5
6
Jan
86
6
Jan
7%
.8 "
Jan
Feb
6.00
Jan
22
Jan
6
*
English Electric B
Equitable Life.........25
6%
r
7%
.*
.....1
5.00
5.00
5.25
1,358
4,55
21H
21%
"21%
1,595
19
Faulkenham Lake Gold.,1
6c
5%c
0%c
1
5Hc
5c
6c
..1
16c
12c
16c
5.50Q
6,000
29,600
9%c
9%c
Falconbridge
Fanny Farmer
,
Canada Permanent Building, 320 Bay St., TORONTO
Federal-Klrkland
Fernland Gold
Firestone
Toronto Stock
"9%
21
Ford A
10, both inclusive, compiled from official sales lists
Feb. 4 to Feb.
.Foundation
Sales
Friday
Week's Range
Last
Sale
Par
Stocks
*
Abltibi
6%
2%
preferred...... lido
Acme Gas & Oil..—.
Alton Mines
,
"100
Aldermac
Arntfleld Gold—-—
Astoria-Quebec
......
Jan
Jan
3,000
6>%c
Jan
Feb
21%
9%c.
3%e
51
2%c
1%
Feb
2%
v
20
20
20
Feb
24
Jan
Jan
52c
Jan
14%
Jan
17c
Jan
1%
**
-
„
40C
43c
12 %C
15c
200
\9%
Jan
16,425
12%c
Jan
1.20
1.20
1.28
*
3.25
3.05
3.25
2,820
1
14c
12C
14c
1,0,300
8C
9%c
7,900
*
«•
67%c
Bagamac Mines—_r. ...l
Cbnp..<s— ..a
27 %c
'
Jan
Jan
Jan
1.52
Jan
3.25
Feb
1.05
7,410
„
Jan
3.00
Jan
10 %c
Jan
14c
Jan
7%c
Jan
10%c
5%c
Jan
Jan
>2,900
4c
61c
70c 225,000
41c
Jan
72c
Jan
17c
20c
10c
Jan
23c
Jan
25c
Jan
38c ? Jan
4%C
—
Augite-Porcupine Gold ...i
34c
13,950
11
11
U
1%
20
._*
...i
2%
17%
7%c
...1
Ashley Gold—
Jan
2%c 185,000
41c
—
13%
1,535
Jan
4%c
Jan
Bank of Montreal
Bank of Toronto
Barkers Bread
....
pref
*
Bear Exploration
_
_
■
~"~20c
~20%c
*
1.30
Beatty Bros 1st pref.. .100
*
Beauharnols
100%
Bell Tel Co of Canada. 100
170
Bidgood Kirkland
Big Missouri
3% /
22c
...1
—1
Blue Ribbon
*
Bunker Hill....
22
239
Jan
248
Feb
25
25
16
20
Jan
25
Jan
20c
22c
12,100
20c
Jan
30c
Jan
7%
25
6%
Jan
8%
Jan
20c % 24 %c
18,400
18c
Jan
32c
Jan
1.36
3,970
1.18
Jan
1.40
Jan
100% 100%
5
99%
Jan
1.30
3%
167
22c
260
3%
471
170
24c
19.135
25c
1,850
20
7%
40
30
28
17c
20c
8
10
3,744
9%
Jan
Jan
21c
Jan
25c
Feb
101
3%
170
Jan
Feb
Feb
30c
Jan
30c
Jan
Jan
7%
Jan
Jan
32%
Jan
13c Jan
22c
Feb
9% Jan
11.75
7%
25
2,130
22
2%
165
32,500
11%
22
9%
21
Jan
7%
Jan
22
Jan
Feb
9%
Jan
4%
"22%
4%
60
4%
Feb
4%
Jan
21%
22%
3,467
20%
Jan
23%
Jan
11c Man
12c
12c
1,200
64c
73,000
45c
fJan
21 %c
75c
Jan
54c
20c
22c
2,900
19c
Jan
33c
Jan
1
60%
60%
25
60c
Feb
65c
Jan
14
14%
944
13%
Jan
3
3%
6,000
2%c Man
16%
590
Jan
14%
Jan
7%c
11% ' Feb
15%
3%c
16%
11%'c
12%
*
""l
...
56c
14%
B uffalo-Ankerite
Building Products
246
*
British Dominion Oil..
Brown Oil
Buffalo-Canadian
245
10%
—5
Brew & Dist
British American Oil...
Preferred
"Jan
18c
*
Traction
Broulan-Porcupine
220
10%
Mines
Brantford Cordage pref. 25
Brazil
Jan
22
1
Bob jo Mines.
Bralorne
"207
7%
30
50
pref
29
25c
*
Biltmore
211
7%
*
<fc Rad._ 1
BeattieGold..
"
246
..50
Base Metals
Bathurst Power A
39,825
8,750
210
.100
.100
.
27%c 30%c
..*
(new).*
*
Burlington Steel
3
16%
16
8c
11%
8 %q
11%
'
4,100
10
Jan
Jan
Jan
Jan
Jan
Jan
'
7%C
5c
Jan
8%c
Jan
10c
Jan
10c
Feb
500
9%c
Feb
l^c
Jan
10%
23%
Jan
Jan
Jan
9%
195
8%
Jan
3,189
20
Jan
12c
900
10c
Jan
19c
600
18%c
Jan
14 %c
25c
12%
13%
380
11
Jan
13%
90
13%,
88%
2%
5%
Jan
Jan
91
1
Glenora
96
6%
6%e
92,100
4c
3c
1,600
2%c
6,700
2lc
23c 24%c
6 He
118
3
21c 21 %c
Gillies Lake Gold....
91
6%
5c
3c
*
...
God's Lake:
1
...
Gold Eagle
1
Goodyear Tire
Preferred
,
3%
Jan
Jan
Jan
Feb
Jan
7%
Jan
Jan
10% c
Jan
3%c
Jan
Jan
Jan
30c
Jan
7,700
20c
Jan
28c
Jan
7c
.....
Goldale Mines
9c
7,700
7c
Feb
13%c
74%
'58
54
71.%
Jan
75
Jan
62
55
Jan
58
Jan
74
Jan
Jan
*
.....50
57%
56%
.1
..._1
3c
l.OOO
Feb
4c
Ti%c
10c
12c
94,000
8c
Jan
13%c
Jan
5c
5%c
1.500
4%c
Jan
7c
Jan
5%
70
5
Jan
7
Feb
17,
Graham-Bousquet
Granada Mines
Grandoro.
Great Lakes Paper voting.
'
3c
*
*
5%
218
13
12
3c
12
Jan
Jan
Jan
*
12%
-.1
50c
50c
52c
8,300
44c
Jan
64c
Gypsuth Lime & Alabas.,.*
5%
5%
6
1,085
4%
Jan
6%
Jan
2.500
l%c
Feb
3%c
Jan
4,583
4%c
Feb
7c
Jan
Voting pref......
Gunnar Gold
2%C
1
2%
2%
100
2%
Jan
3%
...J
.......
1.62
1.56
1,70
42,400
1.33
Jan
1,95
9c
5,300
l".49
8%c
1.46
1.54
22c
5,600
6,000
13%
375
Harding Carpet.
Hard
.
1%C
4%c
Halcrow Swayze1
Halliwell
18c
Bankfield
Jan
Jan
2%
General Steel Wares
6%c
*
Anglo Huronlan......
1%
1,485
*
..100
Preferred
Jan
5c
21%
9%
21
,
19c
.....
Gatlneau Power....
Rights
High
15%
Atom Gold Mines.... —1
Anglo-Can Hold Dev.
2%
Low
2%c
Copper—.
Algoma Steel
V 2%
Range Since Jan. 1, 1939
for
Week
Shares
15%
*
Alberta Pacific Grain:
.
6%c.
2%c
*
Ltd.—I —1
Preferred...
of Prices
High
Low
Price
■
12c
Petroleum.25c
Francoeur
1
,
..25c
Pete...
Fleet Aircraft
Exchange
Jan
2%
Eldorado
English Electric A...
Canadian Commodity Exchange
107
1.95
Easy Washing
Toronto Stock Exchange, Montreal Curb Market,
Jan
-
10%
29
10
Stores
35c
Dorval Siscoe
Memberai
Jan
5%
35c
1.15
McCarthy
29%
60c '
3%C
...*
Scot Invest pref...50
35c
Mara &
Jan
Jan
25
pref
1.13
•
27
32c
Dominion Foundry
CANADIAN STOCKS
Jan
19
17,900
205
Dominion Exploration..
75c
Statistical Information gladly furnished on
22
38c
31%
_*
Jan
East Crest
Jan
35c
100
—
Feb
2.75
19%
12c
1
(new)
Coal
178
40
19%
30
*
35c
193
182
19%
18
37c
Jan
56%
36c
Dominion
1.93
„
54
181
Davies Petroleums Ltd---*
39
Feb
Jan
Home Oil Co—
35c
70c
25c
Distillers Seagrams.
38c
15,460
Feb
Jan
Mines..
1.10
700
40c
100
19c
100
46e
14,700
Jan
Petroleum—
Denlson Nickel
Oil-
40c
Jan
70c
'
Davies
50c
Jan
9c
"~7%
Crows Nest Coal
Ltd
2.75
Jan
*
8.60
11
1,000
Jan
6c
50c
!
8.75
11
2,100
2.24
5,400
42c
Gas..i.... 100
1
22C
6,020
8c
1.09
Bakeries
Cosmos
2.20
2.70
500
....
Consumers
21c
Jan
2.52
7 He
18,100
50,110
Chtbougamau. —1
Smelters
l
5
31c
1.22
Feb
2.39
43c
Consol
12c
2.13
3%
Jan
84c
Jan
31c
1.22
Jan
2.20
1.35
Consolidated
13c
Anglo-Canadian Oil——*
100
450
43C
Jan
31c
9c
Jan
3%
2.29
65c
29c
37c
500
3
6%
Jan
1.25
Jan
4,605
Jan
Jan
4%
1,805
43c
Jan
7.50
5%
20
124
84c
4.55
7.15
1.25
5
Jan
1.26
Commoll
Jan
.
135
110
Feb
14
109
1,017
17H
Jan
*
Chromium Mining...
Jan
—5
Coniarum Mines..-.-..
1
?Towagmac Exploration. 1
— _
*
Jan
245
2%
Jan
>_*
Chesterville-Larder Lake.l
Jan
Conlagas.
4.25
RoyaliteOil Co....
23%
55c
Cockshutt Plow...
8,300
._*
Feb
Commonwealth Pete
26 G
DaLhousle Oil Co
19
20
Chemical Research—— 1
Jan
23c
70c
Jan
Jan
1
*
Calgary & Edmonton
.*
Calmont Oil Ltd..—... 1
Jan
35
500
Feb
Feb
Sylvanite Gold—-—.—1
*
34%
6%
12%
•
3H
93c
J an
Brown Oil Corp
Jan
32%
"~5%
3.55
Jan
3.15
Anaconda oil Co.
Jan
29%
31
138
8c
Jan
80c
Jan
81c
300
v
Feb
7%
18
109
1.00
47c
2,950
Wright Bar greaves
18%
Jan
220
1,015
Jan
2.58
1.67
Jan
89c
Wood Cad
Jan
Jan
18%
...1
1.44
Jan
1.24
65c
97c 307,207
Rights
17%
98c
Central Porcupine
4.40
_
Jan
1.80
2.20
Central Patricia
Jan
85c
Walte-Amulet
178
Wineries.......*
Feb
4.35
Thompson Cad-
Jan
Cariboo Gold......
1.00
3,400
..*
Jan
3c
1,500
6,130
1
Teck-Hughes Gold-.-
169%
2
25
1.30
2,600
3c
Sullivan Consolidated
Jan
103
19
*
60c
40
1
Stadacona (new)
23
32%
100
40
4,500
Shawkey Gold
Sladen Mai
Jan
*
Preferred
1.35
600
4c
1130
Quebec Gold Mining——1
Reward Mining—.
1
Feb
*
C P R
2". 62
Pioneer Gold of B C—-.-1
1.30
19%
2
1.63
Jan
150
B_.
5.25
Jan
370
Cndn Indus Alcohol A_.
1.75
Gold
15
25
i.
4.30
1
Perron
"n%
20
B
pan Car & Foundry..—*
Jan
1.55
1.40
"21H
*
146
21%
21%
172 H 175
18
18%
7
7%
15
16%
Breweries
Preferred.
Preferred
Pickle Crow Gd M Ltd—1
Jan
Jan
50
5.00
1~58
70%
2%
10%
150
*
Jan
Jan
5.25
Pend-Orellle M & M Co.. 1
Feb
25
Jan
5.00
Pato Consol Gd Dredging 1
15%
66
160
68
2
5.00
10c
Jan
140%
Canada Steamships
_1
32
17
Canada Permanent—.100
Jan
Klrkland Lake Gold
Pandora Cad
25
242
Jan
2.35
Pamour-Porcupine
34%
■15%
2%
2.80
Jan
2.80
Jan
Feb
142 H
Jan
1.60
1.25
Jan
Jan
96
2%
2.14
2,770
2.80
Jan
67
68
1
65c
97 H
96
Canadian Packers
McKenzle-Red Lake Goldl
Jan
Feb
9%
98%
34%
16%
Canada Northern Power.-*
4,800
O'Brien Gold
Jan
34c
7%
147
Jan
2.10
.
2.80
42c
Jan
2.57
'
High
Jan
8%
8c
1.92
1.20
Low
1.90
4,260
9,000
34%
15H
2.45
47
2.25
TVs
___*
Malting
Shares
38c
100
Preferred
High
2.10
8
*
1.92
—
Low
.1
Oils
2.45
Consol Gold (New)
Week
2.10
-*
--*
Falconbridge Nickel
Range Since Jan. 1,1939
for
of Prices
Price
1
Eldorado Gold M Ltd
J-M
5c
Stocks (Continued)
High
Low
Shares
Week's Range
Sale
..1
East Malartic Mines
Sales
Last
Range Since Jan. 1, 1939
for
Week
of Prices
Exchange
Friday
Sales
Friday
Rock......
HargalOils..
Hedley-Mascot Mines
Higbwood-Sarcee
1
*
17c
13
Hinde & Dauch
5c
8
Jan
1.30
15%c
Jan
Jan
10
Jan
Jan
Jan
Jan
1.58
Feb
35o
Jan
13
Jan
15
Jan
Jan
15
Jan
Hollinger Consolidated...5
14%
14%
14%
Home Oil Co...
2.30
2.23
2.58
2,410
26.100
13%
1.98
Jan
3.75
Jan
19c
19c
20c
5,000
17c
Jan
26 %c
Jan
27c
26c
28c
3,500
1.315
24c
Jan
30 %c
Jan
35%
70%
Jan
*
Homestead Oil
1
Howey Gold
33%
Hudson Bay Mln & 8m..*
100
Imperial Bank
69
.100
Huron & Erie
208
..*
5
Imperial Oil
Imperial Tobacco
35
66
69
12
202% 208
45
30%
Jan
66
Feb
202%
Feb
215
Jan
Jan
3.316
15%
Jan
16%
Jan
855
13%
Jan
16%
Feb
16 H
16%
16%
16%
15%
6%
6%
25
5,290
4,395
46%
Jan
Jan
56%
27%
Jan
24%
8,300
11.101
7,800
7,572
26 %c
Jan
34c
Jan
8c
Jan
Jan
Jan
International Metals A...*
5
Jan
7
Jan
International Nickel
*
"51H
50%
52%
International Pete
*
26%
26%
26%
Jack Waite
1
28c
28c
30c
Jacola Mines
1
9c
9%c
Jelllcoe Cons
...1
9%c
9Hc
9c
10c
1
*
7%c
7%c
8%c
12
12
Jan
12
1
U
1.90
2.03
79.829
1.60
Jan
2.08
65c
65c
500
65c
Feb
65c
Feb
45c
Jan
65c
Feb
1.15
Jan
1.45
Feb
7%c Jan
46%
Jan
8%o
50%
Jan
J M Consolidated
Kelvlnator
Kerr-Addison
,*
25
Kerr Lake
1
Kirkland-Hudson
1
65c
Kirkland Lake
1
1.44
1.34
14,200
1.45 120,150
Laguna Gold
1
7%c
7%c
4.350
'..1
47%
47%
1,721
Lake Shore
♦
No par value.
55c
65c
8%o
Jan
ll%c
13%c
7c
Jan
11c
10
Jan
Jan
Feb
Jan
Jan
Financial
866
Chronicle
Feb.
11, 1939
Canadian Markets—Listed and Unlisted
Toronto
Stock
£ales
Last
Par
of Prices
Low
High
Week
Price
Lake Sulphite
2
300
2,100
2Hc
6.25
5,820
5.55
52c 144,700
35c
6.00
1
Laura Secord (new),—--.3
Lava Cap Gold
—1
46 He
46 He
12%
12%
1
""hi
,
Low
5.75
Lamaque Gold Mines—
Lapa Cadillac
Shares
12%
66c
2
Feb
Jan
Jan
6.80
Jan
Jan
54c
Jan
13H
Jan
11H
Jan
B
Feb
3Hc
500
5Hc
3,500
3Hc
5Hc
Feb
5Hc
1.70
1.70
48
1.60
Feb
1.80
Jan
*
1.70
1.70
36
1.70
Feb
2.00
Jan
12Hc
12c
16Hc
12,600
12a
Feb
19c
Jan
8.65
—
Feb
85c
Jan
Wood-Cadillac
6Hc
6,725
15.800
66c
6c
5c
Jan
8Hc
Jan
8.50
.870
18,581
8.00
Jan
8.70
Jan
6c
8c
4,000
6a
Feb
Wright Hargreaves—
77c
12,500
71c
Jan
85c
Jan
Ymlr Yangkee Girl
3.25
3.35
8,810
2.95
Jan
3.60
23 %
24
1,899
22
Jan
24 H
Jan
21%
22
Feb
23
180
21H
Mac ansa Mines
5.45
5.35
5.60
5,835
4.75
Jan
5.90
Jan
MacLeod Cockshutt—..1
2.80
2.74
2.90
2.27
Jan
3.20
47c
61c
56 XC
55c
60c
26,850
43c
Jar.
64C
1 He
18,000
1C
Feb
1HC
*
Toronto Stock
Jan
lc
...1
,
J.n
51c
10,675
18,650
Jan
Mad sen Red Lake..
1
Malartic Gold
1
Manitoba A Eastern—*
....
Maple Leal Gardens
4
*
*
1
*
Maple Leal Milling
Maralgo Mines.Massey Harris......
5
;_.100
...
McWatters Gold...
*
1
-
1
Jan
Jan
7H
Price
Brett-Trethewey
5H
of Prices
Low
High
6%
280
6H
1,644
90
54
*
5)5
Jan
Canada Bud
60
Jan
Canada Vinegars
*
Feb
7
Jan
Canadian Marconi
1
V—.
83
Feb
93
Jan
Coast Copper.
50H
Jan
55
Jan
Consolidated Paper...
Jan
1.32
Jan
Crown Dominion
9c
Jan
13C
Jan
Dalhousie Oil.
1.00
1.00
1.05
*
394
5,000
Jan
Dellavllland pre!
2,512
1.65
Jan
2.05
Jan
Dominion Bridge
2Hc
Feb
2Hc
Jan
Foothills
32c
Feb
4.8c
Jan
Hamilton Bridge prel. .100
1.38
1,000
1,000
11,140
Jan
Honey Dew
38 H
5?3
1.32
37H
*10 He
32c
165
49c
1.18
35H
158
76
Jan
Jan
Jan
Jan
75c
1.45
41
4
Jan
12
Jan
14
Jan
Jan
1.05
Feb
90c
1,300
110
Jan
2H
5%
6H
3,265
4H
Jan
7H
Jan
2c
50
2c
Feb
2c
Feb
50c
55c
2,735
40c
Jan
75c
Jan
2
•
70
70
30
70
Feb
70
34 H
260
28
Jan
37 H
Jan
70c
..
70c
700
Jan
1.45
Jan
70c
30
30
^,»
15
60c
30
Jan
National Brewing
lHc
*
6
100
Prelerred
129
National Sewerplpe
Naybob Gold.
-l
.*
Newbec Mines
New Golden Rose
5
1.70
Noranda Mines
Jan
Normetal
Jan
6
Jan
129
50
,
11H
50
Feb
11H
Feb
Jan
Jan
6H
llHc
Malroblc........
700
25c
Feb
65c
Jan
1,500
lie
Feb
13Hc
Jan
1
129
Feb
8,133
5Hc
Jan
9c
Jan
600
16 He
Feb
25c
Jan
635
1.65
Jan
4,059
70 H
3 He
60c
6,600
Jan
1.75
81H
Jan
Jan
Jan
50c
1 He
1,500
1»
3c
Jan
1.53
1.67
5.850
1.40
Jan
1.95
Jan
He
Jan
LHC
Jan
Robb-Montbray
6c
70c
3,000
120
120
Jan
115
Jan
2%
2H
100
2
Jan
3
20 H
21 H
,320
20
Jan
22
10c
10c
100
•
*
11c
5
8Hc 14 He
41 H
740
50c
50:
10c
Feb
Jan
Jan
Jan
Feb
41H
Feb
Feb
50c
38 H
14Hc
Jan
35
10c
Feb
7c
5
120
Feb
38
53,500
38 H
38 H
*
Waterloo Mlg A
38
38
Temiskamlng Mines.. -..1
100
United Fuel prel
10
1.05
Jan
Feb
Jan
Feb
Jan
1H
1H
*
6Hc 6%c
16Hc 10 He
1.70
1.70
/ '' X
1 He
1.60
Stop A Shop
Supertest ord
Jan
Jan
Jan
Jan
1 He
*
51HC
lc
31
1
1
Shawlnlgan
Jan
61H
Jan
...1
Rogers-Majestic
31c
16,500
8,310
Jan
He
Robt Simpson prel.l. .100
74,200
6c
Jan
2H
Jan
41H
55c
29 H
500
Jan
195
80 H
'He
30 H
2 He
163
2 He
Jan
13H
Jan
Jan
51c
2,500
30
Pend Oreille...
49
4Hc
1.00
♦
*
Pawnee-Klrkland
190
78 H
Jan
30c
Montreal L H A P
Jan
6
36c
35
11c llHc
25c
...
Klrkland-To wnsi te
Jan
42
428
*
*
40
20
„
192
79H
5 He
1
Norgold Mines
2Hc
57
192
38c
1
Nlplsslng
192
20c
Jan
25
HH
—100
Jan
lHc
61
129
55
*
National Steel Car
NatlonalTrust
14c
3,000
42
42
—
National Grocers.
67,000
2c
Feb
Jan
170 H
Oil Selections
16c 17Hc
.---1
Murphy..
Jan
33 H
70
..
*
2
Jan
4%
2c
.100
67c
4H
2
5H
.
1.80
Feb
3Hc
25
14
*
11,000
4H
13H
*
1.12
160
High
Jan
lHc
40
4H
13 H
5
1,948
12,750
2Hc
1.32
Low
Shares
3 He 146,300
2Hc
3Hc
Jan
40
•
Feb
,
1.29
57c
Range Since Jan. 1, 1939'
for
Week
,
Jan
7c
4
1.75
100
Morris-Kirkland
1.65
Jan
2Hc
32C
38
...
A.
Jan
Feb
2Hc
32c
-.1
Moneta^Porcuplne
Moore Corp
Par
Stocks—
Week's Range
Sale
3%
Jan
Sales
Last
.
1.25
9c
Exchange—Curb Section
Friday
Jan
55c
9HC 10 He
57c
-
Jan
8Hc
10, both inclusive, compiled from official sales list*
1.75
M Into Gold
Model Oils
Feb.
4 He
45H
1.19
10c
*
Mining Corp.".
to
300
1,500
1,135
52%
r..1
Feb. 4
5H
83
87
*1*25
McVittie-Graham
Jan
Jan
1.45
5%
--.6
McKenzle Red Lake
39c
24
5%
5H
45
6H
Mclntyre Mines
4
43 %
5H
McColl Frontenac-.
Prelerred
1.25
1.25
100
Prelerred..
J an
Jan
23 %
*
Loblaw A
Jan
He
Winnipeg Electric A
73c
1
Little Long Lac,
Feb
4Hc
1,500
He
*
3.25
—
Leitch Gold
High
He
He
3Hc
Wlitsey-Coghlari.
B
Low
Shares
*
Whitewater
Jan
Week
*
---1
22
Lebel Oro
Range Since Jan. 1, 1939
for
of Prices
Low
High
Price
Par
White Eagle-—-—
Jan
3H
3Hc
1,446
78c
Stocks (Concluded)
High
Week's Range
Sale
2Hc
Lamaque Contact
Sales
Last
Range Since Jan. 1, 1939
2%
2 He
2H
2%c
.
Exchange
Friday'
for
Sale
Stocks (Continued)
Week's Range
Stock
Toronto
Exchange
Friday
Jan
"lo'c
47c
45c
Jan
50c
Feb
North Star
*
75c
75c
10
75c
Feb
1.00
Jan
O'Brien
1
*2*70
2.70
2.95
3,015
2.40
Jan
3.35
Jan
Okalta Oil
-♦
1.11
1.10
1.20
3,400
1.01
Jan
1.73
Jan
Olga Gas
-
*
1H<'
1%C
lHc
6,200
lHc
Feb
2Hc
Jan
1
38c
38c
43c
9,512
36c
Jan
53c
Jan
Northern Canada
Gold
Omega Gold
Ontario Loan_
-.60
Orange Crush pre!
Oils..:
*
—*
Pacalta
108
"e"
Jan
4H
635
Jan
6
Feb
6c
4,700
Jan
12C
Jan
Jan
104 H
Jan
95
4.20
4.20
4.35
10,438
3.85
Jan
4.75
Jan
10c
10c
lie
3,500
7c
Jan
16c
Jan
7c
7%c
4,400
7Hc
Feb
6e
4Hc
6c
12,500
6Hc
4Hc
Jan
1
Jan
7c
Jan
...1
50c
50c
55c
15,993
48c
Jan
61c
Jan
Gold
J
Powell
1
1,75,
1.62
1.83
22,145
1.45
Jan
1
5.20
5.20
5.30
3,814
4.70
Jan
5.60
Jan
1
2.60
2.60
2.70
6,300
2.45
Jan
2.70
Jan
-.-.1
*
2.02
2.15
12,400
1.85
Jan
2.45
Jan
101
10H
Jan
12H
Rouyn
Corp
1,000
18c
Jan
24 c
Jan
500
2.00
Jan
2.40
Jan
1.19
Jan
1.75
Feb
,
1.99
11
11
25c
Prairie Royalties.,
Premier......
2.05
2.20
1.60
1.58
1.72
81,205
*
Prospectors Airways
19 He
2:05
1
Preston E Dome
19c
-.1
50c
50c
50c
1,000
60c
60c
.'...I
Quebec Mining
Closing bid and asked quotations, Friday, Feb. 10
Bid
Relnhardt Brew
i
Gold
Long Lac
1
1
Ronda Gold Mines
2H
57 H
Manitoba Power 5H8.1951
78
Beauharnols Pr Corp 5s *73
104
Bell Tel Co ol Can 6s. 1955
109H UOH
5H8 series B
1952
Maple Leaf Milling—
2Hs to '38-6 Hs to '49
Brown Co 1st
...1
St Lawrence Corp
i
Sand River Gold
40
2%
2H
Jan
2H
Jan
Minn A Ont Paper 68.1945
/33H
55
Montreal Island Pr 5H« '57
Montreal L H A P (550
104
par value) 3s
1939
1950
3Hs
1973
Montreal Tramway 5s 1941
50 H
49H
103H 104H
100H 101
97 H
97
Calgary Power Co 6s..1960
Canada Bread 6s
102 H 103H
107
1941
Canada North Pow 5s. 1953
103
103H
Canadian Inter Pap 6s 1949
Canadian Lt A Pow 5s 1949
99
99H
Canadian Vlckers Co 6a '47
Cedar Rapids M A P 5a *53
100
"
99
Corp—
5Hb ex-stock
47
91H
72
41
99
96
Gatlneau Power 58—1956
33c
Jan
llHc
Jan
Gt Lakes Pap Co 1st 5s '55
Int Pr A Pap ol Nfld 5a '68
Jan
31c
Jan
28
180
Jan
190
30
Jan
44
10
104
Jan
14c 16 He
Jan
H
Jan
Jan
lOHc
Jan
15Hc
30
3H
Feb
4H
43, §00
1.18
Jan
1.43
14c
3Hc
5,600
2,600
92c
r
'
.
►
103
-
90
United Securs Ltd
5Hs '52
Winnipeg Elec 4H8—-1960
•'
>
60
102
92
62
•
-
-
50 H
4-5s series A
1965
62 H
63H
102 H 103H
4-5s Beries B
1965
43 H
44 H
50
Feb
16c
*
<
United Grain Grow 58.1948
•
90
-.1951
105H
102
Jan
1.43
6s
85
►
1961
MacI aren-Que Pr 5 Ha *61
Feb
3%
3c
*1*38
105
74,100
3H
1.32
15c
V5XC
5Ha
.1966
Smith H Pa Mills 4Hs *51
Lake St John Pr A Pap Co
84
deb
4Hs series B
101H
Jan
18c
290
105H 106H
conv
Shawlnlgan W A P 4Hb '67 '104H 104H
104H 105
22c
188
97
2nd
43
98
Jan 11950
7Hc
39
39H
105 H 105 H
97**
95
100
Price Brothers 1st 58—1957
73
Fraser Co 6s
3,470
185
96
4a. —1957
93H
East Kootenay Pow 7a 1942
Eastern Dairies 6s—.1949
4,500
19,000
102H 104
102H
Saguenay Power 4Hs A *66
46
Dom Gaa A Elec 0Hs_1945
Donnacona Paper Co—
4s-_.
1956
27c
Jan
Power Corp. of Can 4Hs*69
5s.
Dec 1 1957
Provincial Pap Ltd 5Hs '47
1901
29c
.
100"
114H 115H
34 H
105
-
3Hs
Consol Pap
9Hc
1
Shawkey Gold
Jan
*
42 H
49
8c
*
San Antonio...
65c
Jan
43
42
—1958
Burns A Co 5s
27c
Saguenay Power prel-.lOO
St Anthony
Jan
58c
42
-
1946
5Hs
22c
~39~~
Royalite OIL.
Jan
60c
Ask
78
84
22c
1100
Bank
50c
Feb
Bid
57
82
8Xc
28c
"
8
1,800
"
*
Reno
■■
1.83
Ask
Abltibl P A Pap ctls 5s 1953
Alberta Pac Grain 6s. -1940
Jan
Gold
Pioneer
Royal
112
Cons
Pickle Crow
Roche
1,045
7c
99 H 101
Feb
108
Gold...
Paymaster
Power
10
6
6HC
101
1
Partanen-M alartlc
Paulore
Perron
5H
6 He
Page-Hersey
i*
Pamour Porcupine.;..-..*
Pandora-Cadll lac
11
108-
Industrial and Public Utility Bonds
..1
Jan
Jan
3c
17c
4Hc
*
No par value.
/Flat price.
Jan
1.00
96c
1.01
6,600
Jan
1.01
1.18
1.15
1.25
16.801
1.00
Jan
1.45
Jan
Slgman Mines, Quebec... 1
6.15
NOTICES
Feb
.1
Nominal.
CURRENT
Jan
50c
n
Sheep Creek......
Sherritt-Gordon
.
.
*
Simpsons A
6.25
4,973
5 25
Jan
6.40
Jan
&
2 He
154
2c
Jan
4%
410
2Hc
4%
Feb
Feb
D.
10
5
10
Jan
1.2
Jan
3
15
3
Feb
222
82
Jan
4H
"
B
Prelerred..
100
Sladen Malartic,
;
Lake
South End Pete
83 H
83 H
..1
i
Slscoe Gold.
1.38
1.36
1.50
1
1
65c
65c
70c
9c 10 H
10c
_*
....
Stadacona..
*
6c
"*98c
Standard Paving pref--l00
Standard Steel pre!
*
Steel ol Canada
*
Prelerred
1
12 He
Jan
Jan
Jan
Bothen
will
head
a
new
tax
and the underwriting of issues of school districts and municipalities in Cook
County.
He
was
formerly with Enyart, Van Camp & Co.
been oh La Salle Street since 1913 and
was
Jan
80c
Jan
Jan
13c
Jan
Byllesby & Co. and Paine, Webber & Co.
11 He
Jan
of
98c
Mr. Hosely has
previously associated with H. M.
Feb
5c
2,000
98c 376,567
38
72 H
73H
71H
20
48c
-
Jan
Jan
He is
Chicago.
—The
12th
Feb
_25
Feb
75
38
Feb
38
Feb
ciation of Wall Street, Inc. will be held on
68
Jan
77 H
Jan
67
Jan
73
Jan
Savarin; 120 Broadway, New York City.'
Jan
11c
Jan
9c
32,300
7Hc
23c
2,000
20c
2.60
610
2.10
Co.,
graduate of the University
banquet and entertainment of The Cashiers Asso¬
25
.
a
"
annual
5
410
,
2.40
12c
1.67
52c
20 He
8c
*2*40
3H
90
Mr.
department of the firm specializing in City of Chicago warrants
0Hc
4d
71H
1
Sudbury Contact
Jan
Jan
President, announced."
Banning,
warrant
12,825
25
7 He
%
1.26
Both en
20,100
38
73M
Straw Lake Beach....,..*
Sudbury Basin
70c
11,870
25
26
Sturgeon River Gold
84
H.
and Matt E. Hoselyt both formerly with Sadler
Co., of Chicago, have become associated with Banning & Co., Inc.; John
6.00
3
*
Sllverwoods prelerred
2HC
4H
10
Sllverwoods
Slave
—Arthur
Thursday, Feb. 16, at the Cafe
John Wall of H. M. Byllesby &
Inc., who is 2nd Vice-President in Charge of Social Activities,
an¬
Jan 24 He
Jan
3.00
Jan
nounced that plans are complete and that a record number of members have
Jan
applied for tickets.
Jan
14 He
Feb
Jan
1.01
13c
5,100
10c
Sullivan
1
85c
85c
2,055
80c
SupersllkA
*
3H
3H
40
2H
Jan
Sylvanite Gold
1
3.45
3.40
3.50
4,825
3.10
Jan
3.55
Jan
Tamblyns
*
12
12
12
5
11H
Jan
12
Jan
Teck
*
4.40
4.25
4.50
8,325
4.20
Jan
4.75
Jan
—The New York Stock Exchange firm of A. M. Kidder &
Co., 1 Wall
St., New York City, is distributing a circular which discusses Canadian gold
1.10
1.15
2,600
1.05
Jan
1.30
Jan
mining stocks
Jan
for the revaluation of the Bank of
Hughes
Texas Canadian
*
Tip Top Tailors prel._.100
Toburn
105
2.00
14
14
*42H
42 H
43
32c
32c
1,000
1.38
1.48
6,200
*
Prelerred..,
60
Towagmac.
TJchi Gold.
Gas
5
11
105
Feb
1.90
%
28c
1.25
2.30
Jan
Jan
14
42
107
Jan
16H
Jan
Jan
43
Jan
Jan
40c
Election of officers for the ensuing year will take place at the
meeting.
Noel Brown of Shields & Co. is Chairman of the
E.
Jan
Jan
1.65
regular Nominating
Committee.
as
investments in the light of the Bill presented to Parliament
England's gold holdings.
also has available for distribution
a
industrial, mining and oil stocks,
as
•—Stuart R.
Jan
a
well
Amulet
Walkers
*
12H
5H
13H
4,841
5H
1,030
Jan
Conference, Inc., to fill the
5.45
5.75
1,918
5.05
Jan
5.80
Jan
7.05
7.50
6.20
Hallowell to the Governing Committee.
41,086
Jan
8.25
Jan
of New
*
48
19H
20
1
Westflank OU
47
20
Prelerred
Wendtgo
47 H
Jan
13H
7
Jan
756
42
Jan
51H
Jan
19
Jan
Jan
20 H
15c
Jan
12o
5c
Jan
15c
4Hc
4Hc
4 He
10,500
1,000
11
100
Jan
470
14c
HH
278
10H
90
90
95
110
90
:
Prelerred-
4
8Hc
Jan
Jan
Jan
12H
Jan
Feb
94 H
Jan
as
Canadian commodities.
Reed, of Jackson & Curtis, New York, has been appointed
13 Committee of the Investment Bankers
member of the District No.
13 X
5H
11H
The company
Canadian commission and tax card for
7.40
*
Ventures
Westons
200
Jan
Jan
5.50
United Steel
Walte
25
2.10
1.40
Toronto Elevator
Union
105
2.00
4
vacancy created
by the election of N. Penrose
District No. 13 embraces the States
York, New Jersey and Connecticut.
—Hoit, Rose & Troster, 74 Trinity Place, New York City, announce the
an Aviation Department to deal in aviation and aviation
ac¬
opening of
cessories stock and
bonds
firm also
the association with them of Henry W. Stahl.
announces
under the management
of Harry
Orloff.
The
Volume
Financial
148
Quotations
Bid
o3s
1 1977
Jan
Over-the-Counter Securities-Friday Feb. 10
on
New York
City Bonds
99
99 H
a3MsMar
a4Ms Apr 15 1972—w.—
117M 118M
105M H!6M
1 1954
a4Ms June 1 1974
118
107
o4Ma Feb 15 1976
118M 119M
118M 119M
102 M
1 1960
105
105M
•4Mb Jan
1 1977
o3 Mb Jan 15 1976
105
105M
o4Ms Nov
15
o4s
May 1 1957
110M
111M
a 4Mb
o4fl
Nov
111
111
a4a
May 1 1959
111 M
112
1 1981
04 Ma May 1 1957
o4Ms Nov 1 1957
113 M
114M
o4MsMar
114.M
115
o4 Ms June
1 1958
.
May 1 1977—__
1 1980
Oct
a4s
FISCAL FUND,
117
116
1 1966
a4Ms Apr
106
a3 Ms Nov
o4s
Ask
Bid
Ask
101 %
o3^s July 1 1975—
«3Ms May 1 1954
867
Chronicle
M
119
119M
*78
120M
Tranacontinent Shares Corporation, Sponsor
120M 121M
Mar
116M
ui*A
117
118
1 1963..
118M
1J9M
1 1965
inc.
Insurance Stock Series
Bank Stack Series
119M 120M
o4Xb Sept
1 1960
121M
1 1962....
115M 116M
1 1967
a4Ms Dec 15 1971
120 M
o4Mb Mar
121M
122M
a4Ms Mar
1 1904—
115M 116 M
o4 Ms Deo
124
125
BOSTON
JERSEY CITY
LOS ANGELES
114M 115M
—
04 Ms July
1 1979
New York Bank Stocks
Par
Bid
Ask
Par
Bid
A«*
Bank of Manhattan Co.10
52.10
_
3a 1981
less
1
World War Bonus—
62.15
38 1974
less
1
4Mb April 1940 to 1949Hlghway Improvement—
Canal a Highway—
31
33
Penn
10
10
12
157
163
50
47
54
710
750
100
143
140 M
Barge C T 4Mb Jan 1 1945.
Avenue
Exchange
Peoples National
Public National
13 M
25
28
29 M
1705
Sterling Nat Bank A Tr 25
21
23
Merchants
103
Trade
15
18
Bank
.100
97
Bank
12 M
116
4s Mar A
____
143
Jan 1964—
Can A High Imp 4Mb 1965
13.55
135 M
Highway Imp 4Mb Sept '63
Canal Imp 4Mb
25 U
100
M
11M
First National of N Y—100 1665
61.50
Sept 1958 to '67
Canal Imp 4s JAJ '60 to '67
Barge C T 4s Jan '42 A '46.
62 35
5b Jan a Mar 1964 to '71
46
24
75
12M
National Safety Bank_12M
Commercial National.. 100
Ask
42
National City
Fifth
Bid
Ask
National Bronx Bank...50
45
Chase
Bid
17 H
40
Bensonhurst National. ..50
New York State Bonds
16M
Bank of Yorktown._66 2-3
135M
113
NEW YORK BANK, TRUST CO.
Port of New York
Bid
Gen A ret 4s Mar 1 1975.
105M 106 M
Gen A ret 3d ser 3 Ms '76
104
99 M
120
102 M
107M
Broadway, New York
108 M
J-
,.
System
,
.
New York Trust
United States insular Bonds
Par
Bank of New York
Bid
Philippine Government—
Bid
Ask
100
4s 1946
101 M
4Mb Oct
1959
111 M 112M
4Mb July
1952
1UM
112 M
6s
Apr
1955—
101
103
5a
Feb
1952
114
117
5 Mb Aug
1941
109 M
110 U
5s-
Ask
Bankers
63.50
3.00
122M
—
U S Panama 3s June 11961
124M
100
Ask
Par
119
July 1952
117
5s
July 1948 opt 1243.
111M 112M
7
5
73
200
215
.100
251
256
-25
27
30
Manufacturers.
6M
78
Central Hanover.......20
87
Chemical Bank A Trust. 10
43 M
45 M
Clinton Trust....50
54
60
110
109 M
Conversion 3s 1947
112
111M
Colonial Trust..
-20
38M
40 M
8M
13M
51M
52 M
13
14
Bid
Bid
Ask
—10
1
Ask
106 M 107
4a 1946 opt 1944-
105M 105M
5M
6M
90
80
—.100
100 1550
United States—..
1600
Companies
111M 111M
3s
93
Title Guarantee A Tr„.20
Insurance
3 MB 1955 opt 1945.. .MAN
105M 105M
53 M
90
15M
20
51M
-25
U nder writers
105M 105M
1550
-20
New York.;——
10M
Empire..
3s 1956 opt
10M
.100 1500
Preferred
25
Corn Exch Bk A Tr
3s 1955 opt
9M
..10
90
Continental Bank A Tr.10
Federal Land Bank Bonds
Ask
.100
Guaranty
Irving
Kings County.
Lawyers
50 M
...
U S conversion 3s 1946
Bid
Fulton..—....
48 H
100
Brooklyn
Companies
1
380
370
10
—
County..
Bronx
Bid
Govt of Puerto Rloo—
4 Ms
116M 118
Hawaii 4Mb Oct 1956.
Honolulu
Tel. BArclay 7-3500
Philadelphia
Teletype N Y-l-1248 and 1-1249
111
110
MAS
1942 1960
...
Bell
•
•
Wilmington
Inland Terminal 4Mb ser D
1939-1941
MAS 60.50 to 1.25%
100 M
George Washington Bridge
4MB ser B 1940-53.MAN
Laird, Bissell & Meeds
l
105
101 M
1977
Ask
Holland Tunnel 4Mb ser E
1939-1941
-MAS 60.25 to 0.90%
112
111
1942-1960
MA8
107M 108 M
Gen A ret 2d ser 3Ms '65
Gen Are! 8Mb
and INSURANCE STOCKS
Bid
Ask
Port of New York—
Gen A ret 4th ser 3s 1976
Authority Bonds
1945—-JAJ
1946
JAJ
1956 opt 1946
MAN
JAJ
Bid
Par
l
Aetna Cas A Surety.. -.10
Atlanta 3s
99 M
—
Bid
100 M
Montgomery 3s.._
Ask
18M
28 M
Ins Co of North Amer... 10
62 M
64
73 M
37 M
40
10M
11 %
76 M
Jersey Insurance of N Y
10
22 M
24
Knickerbocker..
5
Equitable.. ...6
24 H
26 M
Lincoln Fire
6
..10
6H
—
-
101
American,of Newark-. -2M
13M
14 H
100
American Re-Insurance. 10
39 H
41H
Merch Fire Assur
100M
American Reserve
..10
27
101
American Surety... — -25
54
100
100M
Automobile
Oregon-Washington 6s
/45
Chicago 4Mb and 5s
Dallas 3s_
North Carolina 3s
34 M
101
Chicago 4Mb
Fort Wayne 4Mb
100
—
Fremont 4Mb
82
,h—
5s.
.83 M
...
101
118
—.5
20
22
New Amsterdam Cas....2
13
-.10
25
26 M
New Brunswick
..10
32 M
34M
22
New Hampshire Fire
10
45 M
47
27 H
New York Fire
City of New York—_ -10
20 M
26
33
Connecticut Gen Life. -10
.5
Continental Casualty
39
41M
...
Northern
—
-
4Mb
—
-
....
-
_____
St Louis 5s—
100
90
100 M
'
Fire..
—
.
101H
13
Employers Re-Insurance 10
82
5s
84
Excess
M
5
Federal
99 M
100M
Union of Detroit 4Mb—--5s
100
100M
91
Virginian 5s
100
101
92
Virginia-Carolina 3s
...
99
100 M
93
—
-2M
Eagle Fire
/12
Southern Minnesota 5s
Southwest
101
89
mi
San Antonio 3s
99
5s
National Union Fire....20
Carolina
96
....—^
Fidelity A Dep of Md. -20
-10
Fire Assn of Phlla
..
,
National Liberty
90
-IH
2H
49 M
51M
59
Fireman's Fd of San Fr.25
Firemen's of Newark. —5
83
28
M
29
125
129
—26
113
116
...10
M
Providence-Washington .10
32 M
Republic (Texas)
(Paul) Fire
45
Atlanta
..100
Dallas
Denver
mm
125
—
A
14
26
68
71
25M
27
65
75
Globe A Rutgers Fire.
25
-100
.100
74
5M
Virginia..
Virginia-Carolina
1M
5
100
77"
2
15
preferred..
4M
224
5M
28
Surety
...10
Security New Haven....10
Springfield Fire A Mar..25
—
Halifax
-10
...
10M
Stuyvesant
5
Sun Life Assurance:.—100
23
24 M
Travelers
29 H
1
Great Amer Indemnity
Hanover
85
3
_—.6
31H
U 8 Fidelity A Guar
9M
30
32
123
3M
4M
420
427
444
Westchester
21 H
22 M
50
52
10
60
63
33M
35 M
Co..2
U 8 Guarantee
32 M
2.50
Fire
;i
454
U S Fire
55M
30 M
73 M
/
30
4
75 M
54 H
5
-10
Home
5M
7
100
Hartford Steamboiler. -10
Hartford Fire
6
229
120
1
...5
Great American
85
San Antonio.—.
2d
25M
4
Seaboard
20
Potomac
2M
12M
23 M
100
42
1
5
27M
23 M
Seaboard Fire A Marine..6
Globe A Republic
70
1M
44 M
14
60
Fremont
42 M
...100
Carolina
Pennsylvania
Lincoln
--.6
Glens Falls Fire
„
10M
25 H
St Paul Fire A Marine...25
.10
37
3M
Rosala
26 H
Ask
100
First Carollnas.
Rhode Island
23 M
25
100
New York
North
45
117
42 H
21H
Bid
.100
...
Moines...
39
100
Atlantic
Des
m
41
34M
'
9
Y).2
—10
10
—6
Georgia Home.-.--.. -.10
Par
22
20M
Accident
General Reinsurance Corp 6
Ask
80
76.
5
Preferred
Reinsurance Corp (N
'
98
27M
25M
National .25
Phoenix
Gibraltar Fire A Marine. 10
Bid
18M
'
95
12.50
...2.50
Northwestern
Revere
Joint Stock Land Bank Stocks
14M
.
10
8%
123
17
5
River
8M
7M
86
...5
North
2
Pacific Fire
8
6M
43 M
42M
119
122,
57H
Franklin Fire
Par
60 M
603
,
101
Iowa of Sioux City 4Mb.-.
58 M
6
693
108.M
Phoenix
58.
85M
6
28 %
27
Bankers A Shippers— -25
.100
Boston
100
99
Lincoln 4Mb
10
10 M
Baltimore American.. -2M
Potomac 3s
101
...
National Fire
7
10
107
98
Lafayette 5s
34 M
Camden
100
3s
32M
-10
4
P9M 100M
104 M 106 M
Illinois Midwest 5s....—
46 M
9M
Merchants (Providence)—5
100 M
84
43
Merch A Mfrs Fire New'k 6
Pacific Coast of Portland 5s
102
M
61 :■
56 M
Pennsylvania 3 Ms..
102
58M
28 M
National Casualty
101 M 102 M
Fletcher 3Ms
n—
3M
5
com
2%
4M
»
M
50
6M
100M 101
First Texas of Houston 5s.
.
100 M
99M 100 M
—
—
101M
99 M
-
First Trust of
New York 5s.---
34
101
.....—-
Denver 5s
First Carollnas 5s
34
/31M
/4M
Central Illinois 5s...:
Greensboro
101
100M
101
2
Maryland Casualty.
8
100
New Orleans 5s
100
/31
/31
3s
4Mb...
—
1
Mass Bonding A Ins_.12M
American Home..
Ohio-Pennsylvania 5s
Atlantic
Burlington SB
3
2
17M
100
-
Ask
Bid
Homestead Fire........10
-10
—
American Alliance
Asifc
.
Security.....10
46M
29 M
44 M
Agricultural
American
bid
Home Fire
108
-.10
Aetna —__wr.—
Aetna Life
Joint Stock Land Bank Bonds
Par
Ask
104
Federal Intermediate Credit Bank Debentures
Bid
Ask
|
1%
1%
1%
1%
1%
1%
Bid
A1M% due Feb 15 '39 6.25%
due—..Mar 15 1939,6.25%
A 1M% due Apr 15 '39 6.25%
due
—May 15 1939l6.25%
due
June 16193916.25%
due
July 15 1939'6.25%
t
•
1
1
1
1
I
1
1
1
t
1
»
•
1
1
1
1
6
1% due
1% due
1% due
1% due
1% due
1%% due
Aug 15 1939
Sept 15 1939 6
Oct. 16 1939 6
Nov
11939 6
Dec
1 1939 6
Jan. 21940 6
.30%
.30%
.35%
.35%
.35%
.35%
Ask
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Arundel Bond
Corp 2-5s '53
'53
Arundel Deb Corp 3-6s
Bid
A Trust
100
Par
Ask
54
Debenture
1953
3-6s
Cont'l Inv Bd Corp 2-52
215
First
National..
.100
71M
73M
223
217
A 8k
293
303
100
515
68
SAN
Mortgage Bond Co of Md
Inc 2-6s
1953
31M
page
mm, mm
33M
Corp (all
2-5s
...1953
53
48 M
88 M
mmmm
1953
62 M
mrn
m
mm
mm
-
'
Potomac Deb Corp
55 M
3-6s '53
49 M
52 M
54
57
Potomac Franklin Deb Co
3-6s
1953
90
Maryland Deben¬
ture Corp 3-6s
1953
Potomac Realty Atlantic
Deb Corp 3-6s
1953
Potomac
series B a C
scries A a D
...
Corp 2-5s *53
Nat Deben Corp 3-6S.1953
Nat Cons Bd
For footnotes see
2-5s'56
Central Funding
M
96
3-6s
Nat Bondholders part ctfs
FRAN CISCO—
Bk of Amer N T A 8 A 12
mmmm
1954
Potomac Cons Deb Corp—
—
530
Northern Trust Co
80
Issues)
89
'53
DebCorp3-6s '53
Interstate Deb Corp
Harris Trust A Savings. 100
208
1954
Potomac Bond
Continental Illinois Natl
Bank A Trust.—.33 1-3
Series A 3-6s
56
Associated Mtge Cos Ino—
Empire Properties Corp—
2-3s
1945
Bid
Ask
Nat Union Mtge Corp—
Series B 2-5s
m m m m
...
Chicago A San Francisco Banks
Par
mm mm
55M
Cont'l Inv
American National Bank
Bid
Ask
87
/25
/25
rnmmrn
94
53
88 M
mLmrnm
Realty Bond A Mortgage
deb 3-6s
1963
60
52
55
Unified Deben Corp 5s
49
rnmmrn
1965
56
mmmm
52
Financial
868
Feb.
Chronicle
1939
11,
Quotations on Over-the-Counter Securities—Friday Feb. 10 —Continued
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
6s
-
Atlantic Coast Line 4s
3o$epb ttlalkers Sons
Baltimore A Ohio 4%s—
Boston A Albany 4%s
York Sloth Extboogt
Mjrmhtn
Boston A Maine 5s
4k
120 Broadway
Tel. RE ctor
NEW YORK
2-6600
<-
Cambria A Clearfield 4s
,
Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans 5s
Chicago Stock Yards 5s
3%s
Louisville Dlv. A Terminal
Kansas Oklahoma A Gulf 5s..............
Asked
Bid
Memphis Union Station 5s
New London Northern 4s
10ft
(Illinois Central)
..100
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)........ ..100
...50
Beech Creek (New York Central)
Boston A Albany (New York Central).....
6.00
Alabama A Vlcksburg
72
New York Philadelphia A
-
Norfolk 4s
6.00
52
67
2.00
27%
29%
— ....—
Norwich A Worcester 4%s
Pennsylvania A New York Canal 5s
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 56
8.75
86%
88%
8.50
22
25
45
Canada Southern (New York
2.85
49
5.00
82%
85%
Providence A Worcester
5.00
66
70
._i
'
Portland Terminal 4s.
Carolina Cllncbfleld A Ohio com (L A
Terre Haute A Pecoria 5s
Central)
N-A C L)._ —100
Cleve Clnn Chicago A St Louis pref (N Y Central) -.100
Cleveland A Pittsburgh (Pennsylvania)
Toledo Terminal 4ks
44
47
67%
—
33%
56%
83%
37%
41 %
44
80
176%
143
6.82
63
6.00
m «# -
128
239
—
—
—
244
58
62
57%
60%
5.00
61
64
3.50
27%
29%
3.00
(Perm-Reading)
55%
5.00
60
52%
6.00
Preferred
Bid
Par
54%
58
Arkansas Pr A Lt 7% pref *
Gas &
Associated
88 k
Electric
Original preferred
*
.
2%
—
*'
3k
5
_*
16.60 preferred
6k
Par
West
25
115
76 k
116k
5k
6k
24k
26k
Mountain States Power—
Birmingham Elec 17 pref. *
77 %
79k
7% preferred
...100
Nassau A Suf Ltg 7% pf 100
22 k
112
Nebraska Pow 7% pref. 100 *109
Newark Consol Gas
143 k 147
100
21%
6% preferred
88 %
84
89%
79%
...»
91k
82
91
7% preferred
...100
preferred.
100
$6
Cent Pr A Lt 7% pref.. 100
91 %
5
Consol Elec A Gas $6 pref *
Consol Traction (N J). 100
Consumers Power $6
New Eng G A E 5k% Pf-*
New Eng Pub Serv Co—
pref*
49^
102
81
,
92 k
6k
53 k
103
87k
100
7% preferred
Dallas Pr A Lt 7% pref. 100
115k
Derby Gas A El $7 pref..*
34 k
89
Essex Hudson Gas
100
Federal Water Serv
,38"
208
preferred
7% cum preferred
*
cum
$6 preferred
*
100
7% preferred
Natural
107k 109k
5k% Pf 50
100
*
68k
$7 preferred
*
Ohio Power 6% pref
112
100
Ohio Pub Serv 6% pf„ 100 xlOO
101k
100 *106% 108k
Queens Borough G A E—
6k
56 k
94
96
115
116k
6% preferred..
Republic Natural Gas
.100
1
22
3 00
100 £100
Sioux City G A E $7 pf. 100
Southern Calif Edison—
91k
95
28k
29k
94 k
95k
7% preferred...
100
95k
96 k
62
65
Texas Pow A
27
7 % preferred....... 100
29k
31
Toledo Edison 7 % pf ,A_ 100 xl07k 109k
Union Elec Co of Mo—
29
31
$5 preferred
United Gas A El (Conn)
85
87
72 k
76k
7% preferred
100
Utah Pow A Lt $7 pref...*
78
84
Virginian Ry
Utilities Associates—
5%
partlc pref..50
Memphis Pr A Lt $7 pref. *
conv
Mississippi Power $6 pref
...
*
3 50
64.50
3.50
65 25
4 25
4.65
3k» Dec 1 1936-1944i.„
65.40
4.50
N YN H AHartf
Canadian National 4ka..
62 80
"2.00
Northern Pacific 4ka..
62 21
62.80
2.00
Pennsylvania RR 4k8-..
61 75
Canadian Pacific 4%s
62.76
2.00
5s
66.25
4.50
4s series E due
....
N
4%s__.
1.60
62 25
A
July 1937-49
1.00
4 2",
Pere Marquette
64.80
4 25
Reading Co 4ka
66.00
5.00
66 00
6s
100
101k
112 k 113k
80 k
56
.
5ka
65.00
Sept
1
1939
4 0
Fed ! Home Loan Banks
97
100
61 50
5s.
I.CO
3 75
Southern P"dflc4%s—.
Is
July
2s
Federal
1939
Dec
28..
1940
Apr
Natl.
2s May 16
Mtge Assn
63 00
Texas Pacific 4s
63.00
58..a
62.00
1 Oj
64.25
3.00
Union Pacific 4ks
61.25
0.50
63.50
2.50
Virginia Ry4ks
61
Wabash Ry 4ks
63.50
-
5s
2.50
3.50
64.60
3.60
63.75
:
64.50
2 75
5S
I
5k8
—
Public
For footnotes see page 869.
'mmmm
95
mm mm
.
mmmm
62.00
1 25
65.00
4 00
65 00
4 00
Utility Bonds
Bid
Ask
Bid
41%
Amer Utility Serv 6s. 1964
Appalachian Elec Power
1st mtge 4s
.1963
s
f debenture
4k8--1948
Associated Electric 5s. 1961
42%
Havana Elec Ry 5s... 1952
77
78%
Idaho Power 3%s
1967
108% 108%
106% 107
56
.56%
Mortgage 3%s—.1968
Inland Gas Corp Oks.1938
Kan City Pub Serv 4s, 1957
Kan Pow A Lt 1st 4ks '65
27
27%
28%
30%
28%
Lehigh Valley Transit 5s'60
Lexington Water Pow 5s '68
1978
1978
33%
30%
34%
Mich Consol Gas 4s 1963..
56
57k
Missouri Pr A Lt 3%s.l966
Mtn States Pow 1st 68.193*
60%
62
3%s
1978
Income deb 3%s...1978
deb
Conv deb
1973
4%s——1973
.1973
Conv deb 6s
5%s._T._l973
54
66
8-year 8s with warr.1940
94
96"
94
8s without warrants.1940
j
Lone Star Gas 3k« -.1953
Narragansett Elec 3ks "66
N Y, Pa A N J Util 6s 1956
Sink
4ks—1958
fund lnc 4s...1983
4s
orth
29%
30 k
v
...1965
American Co—
3%s
24
26%
.1949
/52
108%
54
'26k
27k
110% 110%
49%
48%
76%
78%
107% 108%
97%
98%
105% 106%
97
99
108% 108%
67k
69
96% •97%
103
103%
1954
102
102%
1949
103
103%
North Boston Ltg Prop's—
Secured notes 3 % s
1947
31
25
4ks-5ks..-1986
28
30k
Ohio Power 3%s 1968
Ohio Pub Service 4s.. 1962
30
31
Old Dominion par 6e..l95l
31
.
Peoples Light A Power
3-6s
1st lien
1968
108
4s
Sink fund lnc 5k8..1983
3ks
...
3%s
28k
29
1983
Ask
N Y State Elec A Gas Core
96
Assoc Gas A Elec Co—
Cons ref deb
,
/38k
108% 109%
Indianapolis Pow A Lt—
108% 109k
106
106%
105% 106
107% 108%
65%
66%
-
1961
Portland Elec Power 6s *50
78%
/20
79%
21
94
95
76%
77%
1st A ref 6s
2037
146
147%
81%
83
1st A ref 8s
...2037
212
220
Central G A E 6k8
1946
1st lien coll trust 68.1946
I
Central Illinois Pub Serv—
1968
ser
G *60
99% 100
107% 107%
/1%
2k
1941
100.19 100.21
Cities Service deb 5s..1963
72%
73%
k%
Jan 15 1942
Reynolds Invest'g 5s 1948
100.15 100.17
Commonwealth
57
Edison—
1958-1939
3ks
59
110k
4a serial revenue.. 1942 ft
1.90
3.40
111k
less
less
k
l
100.31 101.1
1st mtge 3 %s
1968
Pub Serv of Northern B1—
1st mtge 3ka
.1968
ab Util Cons 5ks
194*
Republic Service coll 5s *51
St Joseph
107
81
107%
83
69%
Ry Lt Heat A Pow
4k8
110% 110%
110k 111
..1947
103
105
San Antonio Pub Serv—
1962
92%
94
1st mtge 4e__
1963
Sioux City Q A E 4s. .1966
Consol E A G 68 A...1962
46%
45%
47k
Sou Cities Util 5s A.. 1958
45%
46%
46k
Tel Bond A Share 5s.. 1958
69%
70%
Texas Public Serv 5s- .1961
Toledo Edison 3 ks.._1968
90%
92
106% 107
Utica Gas A El Co 5s. 1957
123
Western Pub Serv 5ks '60
Wisconsin G A E 3%8.1966
108
Wis Mich
108
5s
Trlborough Bridge—
Public Serv Elec A Gas—
_
Cons Cities Lt Pow A Trac
lk% notes Feb 1 1944
mm mm
94
96
Western Maryland 4%s.
Western Pacific 5s
5ks
100.20 100.22
June 1 1939
1.00
60
93
2 75
63.75
5s
Maine Central 5s........
1
107
U S Housing Authority—
Iks...
2.25
4%S-
less
Corp—
Home Owners' Loan Corp
2.25
1.00
2.00
1st mtge 3ks
Cent Maine Pr 4s
4s serial revenue..1968 ft
Iks Jan 3 1944_opt '40
2 00
63.00
5s
2 00
61.50
Central Public Utility—
Income 5k8 with stk *52
4s 8 f revenue '77. A AO
0O
1
63 00
63.00
less
1 1943
1943.opt'39
2 00
62 75
1 75
5s
Southern Ry 4k8
1.00
61 75
3.75
64 50
...
Cent Ark Pub Serv 5s. 1948
106
way Authority 3ka 68
3ks revenue
1944 6 2 20
3k« revenue
1949 ft 2 .60
Nov 1
100
97%
5ka
4 0
66 00
—
A Electrlo
Ask
New York City Park¬
H% notes July 20 1041
99
97
64.50
Sink fund lnc 4-5S..1986
Reconstruction Finance
Ike
2.00
......
4%s
4 00
65.00
Denver A R G West 4%s.
Sink fund lnc 5s
83
57 k
148
k % notes Nov 2 1939.
Federal Farm Mtge Corp
2.50
2.00
St Louis Southwestern 5s.
8 f lnc 5k8-6ks—1986
143
Bid
Commodity Credit Corp
2.00
62.60
St Loula-San Fran 4s
Blackstone Valley Gas
River Bridge 7s...1953
62.50
62 60
5s
92
89
Sink fund lnc 4ks—1983
Miscellaneous Bonds
Bear-Mountain-Hudson
2.00
63 00
4%s
Sink fund lno 5-6S..1986
100
1 00
2.60
5 00
Dec 1 1937-50
S f lno
..*
$7 preferred
1 00
2ka series G non-call
61.50
Chicago R I A Pacific—
Trustees' ctfs 3%s
1.50
•
61.50
64 80
—
4 25
65 25
Jan
Chesapeake A Ohio—
Conv
25k
LJ 7% pf. 100
64.50
4.65
65.60
Income deb 4ka
Conv deb 4s
pf. 100
Tenn Elec Pow 6%
00
YChlcA8tL4%B-T5s
5ft
ft5.50
A Maine 4%s
Income deb
4k
102
25
6% pref series B
1
61
Income deb 4s.
'3k
Rochester Gas A Elec—...
6% preferred D
4ka..
5s
5s
Boston
Assoc Gas A Elec Corp—
24
Long Island Ltg 6% pr.100
Mass
Ask
Bid
2 00
113k
103k 104k
54 k
7% %
55
70 k
107k 109k
77 k
79k
4
Interstate Power $7 pref.*i
39
1990
62.75
104k 106k
101k 103
108k 110k
Penn Pow A Lt $7 pref...*
Jamaica Water Supply—
preferred
50
Jer Cent P A L 7% pf.,100
Kan Gas A El 7% pref. 100
Kings Co Ltg 7% pref. 100
(Del) 7% pref.
(Minn) 6% pref..
Okla G A E 7% pref.. 100
Pacific Pr A Lt 7% pf.. 100
25
70
51
Ask
51k ,52 k
32 k
23
60
37
Equipment Bonds
Power—
30
107k 110
111k 114
Gas.. *
105
New York Central
Ska
29k
208
100
4 25
Missouri Pacific 4ka
101k 103
28
Idaho Power—
Interstate
20
30 k
.
108
Long Island 4ks
19k
100
States
94
89
106%
Internat Great Nor 4%s..
38k
Northern
102%
Hocking Valley 5s
96k
N American Co
mmmm
80
74
Illinois Central 4%s
28 k
$6 cum preferred
$6.50 oum preferred...*
$7 cum preferred
...*
Hudson County Gas... 100
13k
95k
7% preferred..
Corp—
11
37 k
Ohio Edison $6 pref
Continental Gas & El—
37
..*
$6
84%
4.25
Great Northern 4ks.
35
New Orl Pub Serv $7 pf..*
New York Power A Light—
$7 prior lien pref
Central Maine Power—
72
ft4.80
Erie RR4ka—
6k
$1.60 preferred
..26
Carolina Pr A Lt $7 pref..*
69
102%
115
64.80
5s
4ks...
As k
74 k
5%
"8k
Buffalo Niagara A Electern
88
Baltimore A Ohio 4ks....
Penn
Pub Serv 7% pref
Bid
Atlantic City El 6% pref.*
17 preferred
«•»
96
83
Atlantic Coast Line 4ks..
Chic Mtlw A St Paul 4ks.
Mississippi P A L $6 pref.*
Miss Rlv Pow 6% pref. 100
Missouri Kan Pipe Line..6
Monongahela
m
94%
64 00
5s
Utility Stocks
88 k
100
99%
100
New Orl Tex A Mex 4%a
5s
Ask
87 %
87
m.m
1.50
5s._
Alabama Power $7 pref..*
mm
96
ft 2.25
Chicago A Nor West 4%b
Pubiic
•
*
5s. i
6.00
Utlca Chenango A Susquehanna
69
94
110
Cent RR New Jersey 4%s.
mmmm
•
10.00
Canal (Pennsylvania).. -.100
(DLAW)
-.100
Valley (Delaware Lackawanna A Western)
Vlcksburg Sbreveport A Pacific (Illinois Central). ..100
-
67%
128
3.00
Tunnel RR St Louis (Terminal RR)...
~
■
63%
6.00
United New Jersey RR A
mmmm
'mmmm
172
mmmm
-
West Jersey A Seashore
——
63
99
—.....
—
Bid
-
7.00
100
—
mmmm
106
68%
1951
1940
..1954
—
Railroad
87
3.00
...
(Penn.) pref.. -.100
Pgh Ygtn A Ashtabula pref (Penn)..
Warren RR of N J (Del Lack A Western)
107%
105
42
1.50
..50
Pittsburgh Fort Wayne A Chicago
A Hudson)...,
St Louis Bridge 1st pref (Terminal RR)
45
42%
1946
4s..
United New Jersey Railroad A Canal 3k«
58%
4.00
Rensselaer A Saratoga (Delaware
102
35%
5j00
100
Northern Central
..
82
100
1957
—
Washlngto
County Ry 3ks
West Virginia A Pittsburgh 4s
800
650
4.50
(Pennsylvania)
Western)
Pittsburgh Bessemer A Lake Erie (U S 8teel)
76
1967
,
—...
Vermont Valley 4ks
48
3.875
50
Oswego A Syracuse (Del Lack A
Preferred
158
45%
50.00
(D L A W)—
60%
154
9.00
—
72
70
1939
1941
1947
1961
1947
.1942
Toronto Hamilton A Buffalo
4.00
Michigan Central (New York Central)
...
Toledo Peoria A Western 4s
47
5.50
pref (N Y Central)
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A Western)...
preferred.
78%
44
2.00
New York Lackawanna A Western
76
2.00
Delaware (Pennsylvania)
Second
;
4s........J
3.50
j
Morris A Essex (Del Lack A Western).
t
99
97
1940
2000
1948
1947
—.—.—
New York A Harlem 3%s
123
68%
118%
10.50
Boston A Providence (New Haven)...
Fort Wayne A Jackson
73
32
26
1953
1950
...........1978
...1959
-
Indiana Illinois A Iowa 4s
Dividend
Par in Dollars
stock
m
71
Illinois Central—
(Guarantor in Parentheses)
Betterment
51
50
1951
1962
1945
Florida Southern 4s
98kJS
30
1995
Connecting Railway of Philadelphia 4s
Duluth Missabe A Iron Range 1st 3ka
Guaranteed Railroad Stocks
i.
35
97%
1939
1939
1943
1940
1944
—..1955
—
1956
1951
—
1961
Cleveland Terminal A Valley 4s
34
/32
/32
1945
1945
Ska
Akron Canton and Youngs town
6s
series
B
1962
Cresoent Public Service—
Coll lno 6s (w-s)
1954
Cumberl'd Co PAL 3%s'66
Dallas Pow A Lt 3ka. 1967
Dallas Ry A Term 6s. 1951
Federated Util 6ka.. 1957
47%
49
104% 105k
109%
63
64k
74 k
73%
Pow
3%s._1961
105%
102k 103
105
88
«.
90
■
Volume
Quotations
WK
MAINTAIN
ACTIVE
on
TRADING
Over-the-Counter Securities—Friday Feb. 10—Continued
MARKETS
Investment Trust
Real Estate Bonds and Title Co. Mortgage
UNLISTED
IN
Rlttenhouse Plaza
GOODBODY Sl CO.
Main Ofllce
New York
Tel
1957
1st mtge 4s
70%
73
/33
35
1966
18
Admlnls'd Fund 2nd Inc. *
12.42
Affiliated Fund Inc_..l%
13.21
3.74
26 %
3.37
Amer Business Shares
4.14
1947
42 H
45%
3%s with stock....1950
34 H
36
29 H
39
.55
5%
Assoc. Stand Oil Shares..2
5
5H
Bankers
♦C1&88 A--
5%
...
—
Basic Industry Shares..10
Boston Fund Inc
Y Series B-3__.
AiSeries K-I
^Series K-2
^ Series 8-2
...
15.69
16.87
15.86
12.47
13.84
4.75
5.32
10c
5.50
20.97
22.55
11.26
12.30
Mass Investors Trust
.17
24.72
1
14 %
15%<
Canadian Inv Fund Ltd-.l
3.95
4.30
22.91
24.63
Common
10.10
10.92
Voting shares
3.50
3.81
7%
8%
Inactive Exchanges
6.08
i
lq
Maryland Fund Inc
British Type Invest A...1
Bullock Fund Ltd—
Century Shares Trust—
1
Chemical Fund.
1
Commonwealth Invest
^Continental Shares
pflOO
Corporate Trust Shares._1
1
26.44! Mutual Invest Fund
Accumulative Beriea—.1
1
1
5.73
6.10
12.81
13.80
7.63
8.15
Automobile
Foreign Unlisted Dollar Bonds
5.67
9.92
10.72
Bank stock
1.15
♦8% preferred
5.22
Aviation
24 %
100
Agriculture
2.77.
♦Crum A Forstef com...10
7.73
8.37
'
Building supplies
26 H
7.99
8.65
Electrical equipment...
7.63
8.26
Insurance stock
♦Crum A. Forster Insurance
9.37
10.13
...
.1946
.1946
10
31
100
111
.......
8.11
8,77
.....
Machinery..
33
9.42
8.18
8.85
7.81
8.45
Steel
8.15
8.82
Metals
4.76
16.23
Delaware Fund
8.71
Oils
Railroad equipment
♦7% preferred
Cumulative Trust Shares. •
17.55
1.45
No Amer Bond Trust ctfs.
52 %
2.94
Deposited Bank Shs ser A1
Deposited lnsur Shs A
1
No Amer Tr Shares 1953.*
2.31
2.63
Deposited lnsur Shs ser B:
Diversified Trustee Shares
Series
1956...........1
1
3.70
1
5.70
6.40
Plymouth Fund Ino... 10c
*2.47
.44
.50
1.27
1.38
♦Putnam (Geo) Fund
14.36
15.36
17.69
19.00
Equit Inv Corp (Mass)..6
Equity Corp 53 conv pref 1
Fidelity Fund Ino
'
29.72
26 %
29%
Quarterly Inc Shares.. 10c
6% deb series A..:
Representative TrustShslO
Republic Invest Fund.25ci
10.74
ment Fund series A-l—_
.28
.31
19.39
20.87
Selected Amer Shares..2%
9.25
10.09
First Mutual Trust Fund..
7.17
7.94
Selected Income Shares...
4.24
Bank stock series—10c
2.40
2.66
Spencer Trask Fund
Insurance stk series. 10c
3.27
3.63
Standard
8erlea 1968
Eaton A Howard Manage,
29.70
Fiscal Fund Inc—
*
Utilities, Inc.60c
fixed Trust Shares A—10
9.57
♦State St Invest Corp...
10
7.51
Super Corp of Am Tr ShsA
B
6.67
7.35
Foreign Bd Associates Inc.
Foundation Trust Shs A.l
4.20
Fundamental Invest Inc.2
19.09
5.10
6.63
Fundamental Tr Shares A2
4.52
B
»
B
•
11.76
10.43
"".75
15.71
16.68
.61
.66
75
77
O
D
3
9.97
32.99
Investors Trust. •
4.92
5.36
5.36
5.84
4.73
5.16
Aviation shares...—..
8.02
8.72
Trusteed Amer Bank Shs B
.56
.62
Building shares.—
7.18
7.81
Trusteed Industry Shares.
.93
1.03
Chemical shares.......
6.50
7.07
Food shares.
4.20
4.58
Investing shares
3.53
3.85
Merchandise shares....
General
Trustee Stand Invest Shs—
Series C.........
1
1
2.44
Trustee Stand Oil Shs A.l
5.63
.1
Series B
5.74
6.46
7.03
4.83
RR equipment
4.41
4.81
6.27
6.82
♦Bancamerica-Blali
5.18
5.64
♦Central Nat Corp cl A.
♦Huron Holding Corp—1
.20
.50
Investors..*
♦Independence Trust She-
17.04
18.32
shares...
—
Incorporated
2.63
Voting shares
Wellington Fund...
.1
14%
Inveatm't Banking Corp
Cor pi
10
2%
Bank Group shares
1.05
1.3)
■18%
Alden Apt 1st mtge 3s.1957
/35
4s—1958
.
10
Beacon Hotel inc
B'way Barclay
Inc 2s.. 1956
/22%
38
Lefcourt State 1st lshld...
11%
Lewis Morris Apt
33
35%
.1948
70%
72%
Loew's
Income
fio
12
43
-1951
55%
—
*
—
58%
69%
71%
94%
96%
1952
41
44
48%
51%
1947
51
1st 5e (L I)
1951
62%
1st A gen 3s whs
34
36%
29%
27
33%
29%
6
3%s
1950
Dorset 1st A fixed 2s__1957
7%
Hotel units
Equit Off Bldg deb 5s. 1952
Deb 5s 1952 legended—
50 Bway Bldg
1st 3s inc *46
37%
40%
39%
26
...
Metropolitan Chain Prop—
1948
6s
1946
2s
26%
28
8%
5%s series BK
/49%
5%s series C-2
/32%
51%
34%
mn
/40
42
32%
41
Film Center Bldg 1st 4s "43
42
45%
45%
42
44
5%s series F-l
69%
5%s series Q
40 WaU St Corp 6s
1400
1st
6s
1958
1939
/65%
Co—
—
6%s 8tamped--1948
1944
1949
Graybar Bldg1st lshld 6s'46
Hard man Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
Hotel St George 4a—1950
Lefcourt Manhattan Bldg
2%-4s (w-s)
1st 5e—
.1948
42%
40
1
36%
39%
15
Ollcrom Corp vt c
37
53%
7%
Park Avenue—
2d
1951
mtge 6s
42%
71
73%
1941
/20
29%
31
165 Bway Bldg 1st 5%n '51
51
50
52%
48%
50%
5%s stamped.—..1961
Realty Assoc Sec Corp—
5fl Income
1943
60
/•
—
P
1947
4s.
15
/19%
2l"
Protestant Church
f\2H
13%
'—1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6a "36
....
.'1959
1945
Panama City 0 Ha
64
Panama
55
Poland 3s
'50
...1953
.
/18
/30
/34%
/25
5% scrip...
1956
..1936-1937
Alegre 7s
1968
Coupons
21
Porto
/16
/16
East Prussian Pow 6s. 1953
1941
6s
58
1933
P
m
f!7
/20
7s.
7s Income.
...1945
Saarbruecken M Bk 6s.'47
Salvador 7%
1957
7s ctfs of deposit. 1967
/IS
/9%
/8 %
8%
/6
4s scrip
8s
n
/I6%
1948
8s ctfs of deposlt.1948
French Nat Mall SS 6s '52
117% 118%
/40
/18
Santa Fe 7s stamped. 1942
mmm
/16
m
tmm
'
Santa Catharina (Brazil)—
bank 6 %s
1948
...1946
Funding 3s.
German scrip
——,
German Dawes coupons:
Apr 15 '35 to Apr 15 '38.
German Young coupons:
Dec 1 '35 stamped
—
1954
Graf (Austria) 8s
61
Sao Paulo (Brazil) 6s..1943
Saxon Pub Works 78—1945
/21
Conversion Office
/3'1
6
1951
8
w
State Mtge
Bk Jugoslavia
1956
—
60
65
1950
60
65
Oct 1932 to April 1935
5s.
2d series 5s.,
Coupons—
PH
1937
/73
/51
1946
/17
St<nnes 7s unstamped. 1936
19 H
Oct 1935 to April
/17
Stettin Pub Utll 7s
1936
7s unstamped
...1046
Certificates 4s—1948
/56
/35
J22
J22
/48
1955
170
Tollma 7s
1947
.»
...
/80
ffi8
Toho Electric 7s
—
17%
119
/475
6%s
/6
fl 2
13%
64
118
Saxon State Mtge 0s..1947
Siem A Halske deb 6S.2930
32
/5
...
fl2
/10%
p
Santander (Colom) 78.1048
1938
Agricultural 6s
—1947
8%.....
Building A Land-
German
122
July 1933 to Dec 1933—
July 1934 to Dec 1930..
Jan 1937 to Dec 1937
Great Britain
A
Certificates 4s
Ireland—
1960-1990
1948
Guatemala 8s
Hanover Hara Water
Hamburg Electric 6s
.
IO0%
35
Wks
1957
fl 7
1953
68
65
1938
/60
--
f!7
75
/13H
UX
7% gold ruble
1943
Uruguay conversion scrip—
Unterelbe Electric 6a.. 1953
99%
/30
W 55
91.15
1947
1945
117
/16%
Union of Soviet Soc Repub
Vesten Elec Ry 7s
*
Wurtemberg 7° to
23%
53
35
...
117
—
No
par
value,
a
Interchangeable,
b Basis price,
d Coupon,
e Ex-Interest.
/Flat price,
n Nominal quotation,
to i When Issued,
w-e With stock,
z Exdlvldend.' y Now selling on New York Curb Exchange,
s Ex-Uquidatlng dividend
Now
listed
on
New
York
Stock
Exchange.
1
«...
i
/47
/15%
/6 0
f!7
Rio de Janeiro 0%
19
/18
1941
R C Church Welfare 7s '46
..1967
/9%
/17
fl 8
7% '30
Rom Catb Church 0 %s *40
/9
f20
38%
/35
(Ger¬
many) 7s
Rhine Westpb Elec
6s..
/17
118 H
/18%
7%s Income.....1966
.1967
02
/17%
1946
1952
7s to
W
1945
Duisburg 7% to
58
Oldenburg-Free State—
"...1949
5s
P
m
-
Prudence Co—
103 E 57th St 1st 6«-
1962
Oberpfals Elec 7s
Haiti 6a
39%
3%
stamped—1937
funding 6s. '61
Costa Rica Pac Ry 7 %s '49
4s
Broadway Bldg—
Fuller Bldg deb 6s
1st
N Y Title A Mtge
14%
/95
/95
f7 %
f51
/51
/19%
/25%
1946
..
!21
(A A B) 6 %S. 1946-1947
(C A D) 0%s. 1948-1949
Nat Central Savings Bk of
Mtge 7s
1948
North German Lloyd 6s '47
f20
713
Jan 1938 to Dec 1938...
/6%
30
8%
1953
Budapest 7s
Jan 1934 to June 1934..
Majestic Corp—
4s with stock stmp_.1956
/18
Nassau Landbank 6 %s *38
Nat Bank Panama—
23
German defaulted coupons:
70%
N Y Athletic Club—
6%s (stamped 4e)..1949
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
42 Bway 1st
101
68%
N Y
600 Fifth Avenue—
/7%
/13%
/1%
14%
City Savings Bank
June 1 '35 to June '3899
1945
S f deb 5s
29
37%
n 3%
/21
16
Dec 1934 stamped
Metropol Playhouseslno—
Eastern Ambassador
/17 %
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
65
%H
65
German
Court A Remsen 8t Off Bid
1st
60
1946
Munic Bk Hessen 7s to '45
117
m
fl 12
German Central Bank
1963
Corp
Ludwlg Baumann—
Colonade Construction—
...1948
37%
m
/18%
/18%
1957
Montevideo scrip
German Atl Cable 78.-1945
London Terrace Apta—
46
1st 4s (w-e)
-
1st 5s (Bklyn)
1957
Chanin Bldg 1st mtge 4s '45
Chesebrough Bldg 1st 6s '48
-
-...1947
5%s w-e
Theatre Rlty
1st 6s
Brooklyn Fox Corp—
3s
-
Maonhelm A Palat 78.1041
Meridionals Eleo 7s
>9
/50
Frankfurt 7s to
Lincoln Building—
Broadway Motors Bldg4-6s-...„.
f
Lexington Hotel units
1944
1st leasehold 3s
—.1948
Water 7s
■
-
/45
J17
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
/13
Farmer, Natl Mtge 7s.'63
Ask
Bldg—
1st 4s
24
B'way A 41st Street—
52%
/43
/18
Leipzig O'land Pr 6%s '46
1968
6%s
Bid
Ask
1943
63
/09
Land M Bk Warsaw 8s '41
6
19"
/14
European Mortgage A In¬
vestment 7%S-_...1960
and Title Co. Mortgage Certificates
Bid
1934
Electric Pr (Ger'y) 6%s
1.44
Real Estate Bonds
Nov 1935 to May 1937
Koholyt 6%s
63
3%
/16%
Duesseldorf 7s to.....1945
3
1.15
Insurance Group Shares.
3%
/33 "
Dortmund Mun Util 8si2'48
32
10c
Pomeroy Inc eom
"
14.98
♦Schoelkopf. Hutton A
Institutional securities Ltd
3%
Jugoslavia 2d series 5s. 1956
Coupons—
Nov 1932 to May 1936
National Hungarian A Ind
Costa Rica
2
p
Ji)2
fb2
Hungary 7 %s
Cundlnamarca 0 %8
17%
14%
German Central Bk
Cordoba 7s
29
*
♦Class B
♦First Boston Corp.
13.64
1947
7s assented
5.26
Tobacco shares
(Brazil) 8s
Chilean Nitrate 5s
.99
5.27
Mining shares
....
Madgeburg 6s
2.02
B
/4%
/17
/18%
15%
Central Agric Bank—
Colombia 4s
Petroleum shares
Steel shares
1953
0%s
Buenos Aires scrip
Chile Govt 6s assented
5.26
U 8 El Lt A Pr Shares A..
/14
/14 %
/13%
/3%
/3%
/3%
Central German Power
2.50
Series D
Group SecuritiesAgricultural shares
Automobile shares...
change Bank 7s....1936
Jugoslavia 5s funding. 1956
/17
Munich 7s to
Burmelster A Wain 6s. 1940
p
p
Hungarian Discount A Ex¬
Coal Ind Corp—
Brown
see
30.68
Corp
Hungarian Bank
1962
7%s
Ceara
10.84
*
General Capital
British
(Colombia) 7%s '40
Call (Colombia) 7s.-.1947
Callao (Peru) 7%s
1944
Cauca Valley 7%s
1946
6.78
1.
1940
Brandenburg Elec 6s. .1963
Brazil funding 5s..1931-51
Brazil funding scrip
Bremen (Germany) 7s. 1935
6s
1
1940
Caldas
6.78
Supervised Shares
1958
,1969
.,
Hungarian Ital Bk 7%s '32
/25%
/25%
/22
%
3.56
3.74
—...
1945
...
103%
2.42
AA...
4.50
17.64
9.93
1945
Cities 7s to
Bogota (Colombia) 6%s '47
6s
.68
Investors
Sovereign
99
1945
Cons
Palatlnlte
Bavarian
7s
25c
D
Bavaria 6%s to
7s
8.60
C
Dividend Shares
,s'36-~4O~40-48
Barranquma
Ask
96
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Bolivia" (Repubilo)" 8s 1194 7
2.73
1939
Hansa SS 6s
/15%
m
Bank of Colombia 7% .1947
7g
1948
gg
2.78
\
Series 1966
Bid
Ask
Bid
Anhalt 7s to
Antloqula 8s
_
♦Common B share
Tel. HAnover 2-5422
1.47
1
2.77
Series ACC mod..
& CO., INC.
S%., N. Y.
3.35
1.32
New England Fund
2.30
Series A A mod
25c
National Investors Corp.l
2.30
Series AA
BRAUNL
52 William
Nation Wide Securities-
N Y Stocks Ino—
2.39
19%
72
1948
1st mtge 4s
12.17
14.33
Broad St Invest Co lnc__5
.32
17%
Westinghouse Bldg—
1957
Foreign Stocks, Bonds and Coupons
16.32
10.96
Series S-3
6%
3.53
14.89
Series 8-4
Corp
Invest
Nat
Corp—
1951
24.20
15.65
w-fl
11.48
14.20
17
1950
1st 4%s
29.01
22.08
3s
Wall A Beaver St
3s with stock
10 76
Series B-2
3.75
5
Ask
26.45
Series B-l
Am Insurance Stock Corp*
Bid
%
Keystone Custodian Funds
28
.49
Amer Gen Equities Iuc 25c
1
55
Walbrldge Bldg (Buffalo)—
616 Madison Ave—
Investors Fund C__
58
52%
1st 5%s
60 Park Place (Newark)—
Investing Companies
♦Amerex Holding Corp..*
52%
20
1st 3%s
Par
39%
Trinity Bldgs Corp—
1956
61 Broadway Bldg—r'
Ask
1958
Textile Bldg—
Sherneth Corp—
2s with stock
Teletype JCY 1518
Bid
69
1st 3s
1st 4s (w-s)
Private Wire System Connecting Branch Offices In leading Cities
Par
Ask
1955
1939
2 Park Ave Bldg 1st 4s 1946
42
Savoy Plaza Corp—
3.6s with stock
Tel. Journal Sq. 2-4400
City
39
Roxy Theatre—
921 Bergen Avenue
REctor 2-5485
1955
and Commodity Exchangee
Jersey City Office
Broadway
Bid
Syracuse Hotel (Syracuse)
(Pbila)
2 Ha
Certificates
Ask
Bid
Issues
Membert N.Y. Stock Exchange and other Principal Stock
115
869
Chronicle
Financial
148
48%
Quotations per 100 gold rouble bond, equivalent to
♦
Quotation not furnished by sponser or Issuer.
77.4234 grams of pure gold.
Financial
870
Chronicle
n>
Quotations on Over-the-Counter Securities—Friday
Industrial Stocks and
Far
Alabama
Par
2%
Mills Inc——*
1%
—*
34%
11%
12
100
pref
Corp..26
pref
*
Pa the Film 7%
Qulncy—100
10
com.—*
$1 cum preferred
—*
Crowell Publishing com—*
Dennison Mfg class A—10
Dentist's Supply com—.10
Devoe & Raynolds B com *
Dictaphone Corp..—.-.-*
Dixon (Jos) Crucible—.100
Domestic Finance cum pf.*
Douglas (W L) Shoe—
Conv prior pref
45
Con version... 1
Petroleum
28
26%
Chic Burl A
19%
Petroleum Heat A Power.*
17%
64
Pilgrim
38
Pollak
17
19
Remington Arms com
*
Scovlll Manufacturing—2/
22.
Singer Manufacturing—100
212
%
6"
4%
Singer Mfg Ltd
47
.1
Exploration
3%
Skenandoa Rayon
6%
8%
Solar Aircraft
*
30
--*
Foundation Co For shs—•
American shares
•
Garlock Packing com
*
Gen Fire Extinguisher—*
Preferred.
FohB Oil Co....
Gen Machinery Corp com*
1
*
Good Humor Corp—
Graton A
Knight com
100
Preferred
Great Lakes SS Co com..*
Great Northern Paper..26
6
pref.
1
Harrlsburg Steel Corp
Interstate Bakeries $ 6
Klldun Mining Corp
19
17
12%
3%
1
20
standard Screw
23%
216
4%
5%
30%
Stanley Works Inc
-.25
Stromberg-Cariaon Tel Mfg
36%
5%
6%
59
Sylvania Indus Corp
16%
17%
27
31
Taylor Wharton Iron A
29%
31
28
31
*
•
Time Inc
4
3%
6
4%
30%
77
1%
A
22
Veeder-Root Inc com
15%
4%
Warren
4%
40
n%
13%
19
.
,
♦
com..6
7% preferred
—.100
West Va Pulp A Pap com.*
105
«
100
—1962
17%
35
40
28%
30%
Wilcox A Glbbs com
53 cum preferred
6
100%
H Ho o
20
CO
44
*
York Ice Machinery
100
preferred
7%
%
4%
39%
American Tobacco 48.1951
17
Am Wire Fabrics 7s.. 1942
101%
95
5s..
Joplln W WCo6s
102%
105%
1967
5%
*
100
11%
12%
51
*
6
$3 conv preferred—... *
Merck Co Inc common. .1
100
8% preferred
26%
33%
"1%
9%
29%
1st mtge 5s
Crucible
1%
10%
28
29
115
118
/15%
1948
73
62
29
32
N Y Shipbuilding 5S..1946
...—*
104
107
Scovill Mfg 6%s_ —..1945
107%
Type com...*
preferred...
100
Witberbee Sherman 6s 1963
50%
17
Preferred..—
6%
*
New Britain Machine
2%
22%
3%
19%
24%
/16%
.
18%
99
1962
ist 5s
conv
w
Borland Shoe Stores
*
105% 109%
7% preferred
100
B/G Foods Inc common *
Bohack (H C) common...*
21
100
H) Co Inc..*
100
7% preferred
—
Diamond Shoe pref
Plshman (M
Kress (SH) 6% pref...
7% preferred.
1%
2%
.'
—
Bid
Ask
67
...100
10%
168
171
Pac A Atl Telegraph
120
122
Peninsular Telep com
50
Emp A Bay State Tel.. 100
Franklin Telegraph
100
40
Preferred A
Rochester
14
*
preferred
Int Ocean Telegraph—100
59
123
126
17
30%
100
112
Sou New Eng Telep... 100
13%
148% 151%
Wisconsin Telep 7% pf.100
117
25
65
Mtn States Tel A Tel..100
15
28
110% 112%
Telephone—
So A Atl Telegraph
97% 100%
25
*
100
...
56.50 1st pref
25
Corp—
75
Sugar Stocks
*•
-2%
5
6%% preferred. ....100
Murphy (G C) $5 pref .100
17
22
109
99
—
United Cigar- Whelan Stores
12
,
26%
28%
|
Ask
Savannah Sug Ref com... 1
Cuoan Atlantic Sugar. .7%
4%j
Eastern Sugar Assoc. __..l
*
15 oreferred......
Bid
Par
Preferred
.....
13%'
.1
:
Par
Bid
Ask
110
Reeves (Daniel) pref.-.100
7%
Ask
Bid
.
Miller (I) Sons common..4
w
3
23
11%
'
/
Kobacker Stores
87
——100
10
Canada—.100
56
Par
7%
par
New York Mutual Tel. 100
Bell Telep of Pa pref.—100
Bell Telepof
Gen Telep Allied
Bid
•
Ask
105
101
113% 116%
100
Cuban Telep 7% pref.-100
54""
Chain Store Stocks
Par
Bid
Par
Am Dlst Teleg (N J) com.*
Preferred
104%
Income 5s..l962
103% 105%
■
Woodward Iron¬
2d
105
Telephone arid Telegraph Stocks
76
61
.--*
Nat Paper A
105%
1949
101%
1950
17
McKesson A Rob 5%s 1950
Nat Radiator 5s..... 1946
Casket
1960
6s series A
New Jersey Water 6s.
79%
104*
101%
fis series C
99%
/76%
12%
National
..1956
fig series B_.
105%
99
99
1937
1938
Kelsey Hayes Wheel Co—
deb 6s
102%
Wichita Water—
'
105%
98%
-1948
Conv.
100%
1st mtge 5%s._
102
6%s.
95
10%
7% preferred..
100
Muskegon Piston Ring.2 %
97%
1950
iog"
97%
America
of
Deep Rock Oil 7s
Haytlan Corp 8s
Mock Judson & Voehrlnger
100 \ 106
Steel
4%S
—.1951
107
—-
,92
Crown Cork A Seal 4 %s '48
35%
101
...I960
Westmoreland Water fit '62
1940
1st conv a f 6s
99
5s series B
Cont'l Roll A Steel Fdy—
2%
3%
estern N Y Water Co—
110%
Chicago Stock Yds 6s.l961
49%
Macfadden Pub common.•
103% 105
Va Water Serv 48—1961
105%
43
99
Corp—1
103%
1949
6s series A
100
103
90
Preferred
105
101 % 100%
104% 106%
29
Marlin Rockwell
101%
1960
...
105% 107
1966
Bonds—
8%
15
McKesson & Robblns
1960
6s series B
—
Indianapolis W W Seci
48
Worcester Salt
26%
-
101 %
22
100
..1955
1st mtge 6s
5s series A..
11%
75~"
70
102
7
8
60
WJR The Goodwill Sta—6
86?~
82
1967
1st A ref 5s A
Indianapolis Water
1st mtge 3%s
102%
80
Water Service 6s. 1961
l-l
1%
19%
Lawrence Portl Cement 100
$5 preferred..—
101
1958
cranton-Sprlng Brook
101%
99
97%
King Seeley Corp com... 1
Landers Frary A Clark..26
Long Bell Lumber.......
106%
...
13%
94%
•
Wickwire Spencer Steel..*
.
101
1
4%s
—
.11%
...<1—100
5%
%
66
69%
100
'
3%
7%
105%
16
%
7%
107
-
64%
46%
West Dairies Inc com v t e 1
26%
—
61
5%
14%
6%
40
106
44
43%
4%
37%
5%
25%
100
102
102
Huntington Water-
53 conv preferred—
Preferred
99
103%
109
hlla Suburb Wat 4s—1965
series B
5
5s series A
(Northam)—
Welch Grape Juice
20%
4%
42
*
1948
Greenwich Water A Gas—
VA
%
18
100% 102%
1948
Prior lien 6s
85
United Artists Tbeat com. •
14%
3%
3%
38
133
28%
1st eonsol 4s
1st consol 6s...
101
1946
—..1946
Connellsvllle Water 6s 1939
-
99%
100%
1960
...1948
1st A ref 5s
-T-
103
6s series A
United Piece Dye Works.*
Preferred
100
69%
66
*
Tubize Chatlllon cum pf.10
98%
4%8—1966
eoria Water Works Co—
102
Community Water Service
7%
2%
1%
129
*
Trlco Products Corp
3%
2%
6%
*
Tennessee Products
1st coil trust
104%
1954
1967
6s series B
93
106%
(Chattanooga)
City Water
1st 6s series C
Steel common...:
33%
27%
—
103"
88
105
1941
6s.
86"
81
101
105%
1961
5%s series A
98%
106
...
City of New Castle Water
32%
38%
29%.
1%
%
..1964
6s—1967
1961
Chester Wat Serv 4%s *68
Citizens Wat Co (Wash)—<
5s..—
1961
8%
96
100
100%
104%
Calif Water Service 4s
56
27%
A
Butler Water Co
3%
6%
Corp—*
5 %a series
3%
13%
4%'
4%
———
2%
5s series B
91
91
1951
105
196
196
6s series C
10
8
Manufacturing—.*
5%s
Birmingham Water Wks-
50
2%
15%
35
Columbia Baking
Draper Corp
.20
59
Chilton Co common
Fairchild Eng & Alrpl—. 1
Federal Bake Shops
*
9%
8%
12%
13%
100
103
1951
100
60
18
•
Pan Amer Match
25
Amer Malte Products.—*
American Mfg. 5% pref 100
Andlan National Corp.—*
Art Metai Construction .10
Bankers Indus Service A-*
Burdines Inc common
1
Hardware
American
50
6
6s series B
87
95 %
102%
100
Preferred 6%%
Pharmacal
89% *94
101
100
Ohio Match Co
Ask
Bid
Ask
Bid
Ask
tforwlcn
6% conv pref
10
American Hard Rubber—
cum
Bid
Mew Haven Clock—
38
American Arch
American Cynamid—
8%
Water Bonds
Bonds
Ask
Bid
Feb. 10—Concluded
5%|
14%!
West Indies Sugar Corp..l
32
34%
*
3%l
4%
For footnotes see page 869.
General
Corporation and Investment News
RAILROAD—PUBLIC
For mechanical
NOTE
reasons
However, they
FILING
OF
REGISTRATION
SECURITIES
to
UTILITY—INDUSTRIAL—MISCELLANEOUS
It is not
are
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
STATEMENTS
UNDER
the
Securities
Act -of
1933.
involved is approximately $2,884,200.
The
total
*
Mutual
filed
Management Co. (2-3932, Form A-l) of Jersey City, N. J. has
registration statement covering 139 agency plans for periodic invest¬
to be offered at an average of $1,800 each.
The proceeds will be
a
ment
used
for investment
underwriter named.
aggregating-$250,000
'The sum of $18,750 will be payable
as the maximum creation fee.
Proceeds will be used for
Registrant is sponsor.
Filed Feb. 4, 1939.
investment purposes.
Theiollowingadditional registrationstatements (Nos. 3932
3938) have been filed with the Securities and Exchange
Commission under
tions of trust
to the sponsor
ACT
Mutual Investment Fund trust certificates
No
Herbert J. Lyall is President of the company.
Filed
in
Feb. 2,1939.
Income Foundation Fund, Inc. (2-3933, Form C-l) of Baltimore Md
a registration statement covering 3,000
(estimated number) of
Fund of North America, Inc. (2-3937, Form C-l),
registration statement covering 200 Independent Fund declara¬
agreement, accumulative type, 100 of which iare with
ii)surance and 100, without.
Proceeds to be used for investment ,
Regis¬
trant is sponsor.
Filed Feb. 7, 1939, .'
' '
Independence
has filed
tions
a
of trust apd
Pressed Metals of America, Inc. (2-3938, Form A-2); of Port Huron,
Mich., has filed a registration statement covering 40,000 shares of $1 par
be offered publicly at $12.50 a share, or at the market,
and 10,000 shares common stock, $1 par, optioned to the underwriters at
the same price.
Proceeds of the offer.ng will be used for payment of debt,
buildings, machinery and equipment.
A. W. Porter, Inc., named under¬
writer.
John VV. Leighton is President of the company.
Filed Feb. 7,
common stock to
1939.
has filed
agreements the aggregate amount of. which is not to exceed $1,000 000
Proceeds to be used for investment.
Registrant is sponsor.
David W
Barton is President of the company.
Filed Feb. 3,1939.
The last
trust
Greenwich Gas Co. (2-3934, Form A-2) of Greenwich, Conn, has filed
registration statement covering 10,000 shares of $1.25 cumulative partici¬
pating preferred stock, no par value.
According to a preliminary prospectus, F. L. Putnam & Co.
Inc. of
Boston, principal underwriter, will exchange with the company $200 000
first mortgage 4% bonds, due Nov. 1, 1956, of the company for 8,000
shares of the preferred stock.
The underwriter also has agreed to purchase
from the company the remaining 2.000 shares of preferred at a price of
$20 per share.
The preferred will be offered publicly through the under¬
writer at $25 per share, the prospectus stated.
Proceeds from the 2 000
shares will be applied to payment of notes and accounts payable.
Eben F.
Putnam is President of the company.
Filed Feb. 4, 1939.
in
our
previous list of registration statements
was
given
issue of Feb. 4, page 720.
a
Independence Fund of
of New
North America,
Inc.
(2-3935,
Form
C-l),
York, N. Y., has filed a registration statement covering 32,000
First Mutual Trust Fund.
The shares will be offered publicly
shares in
at the
a
market price.
depositor^
1939.
Feb. 4,
H.
J.
v
Proceeds to be used for investment.
Simonson Jr.
is
President of the
Sponsored by
company.
«»
Alliance Realty
1936
1935
$89,796
61,626
$66,957
55,765
$70,007
63,840
$50,180
Net profit.
Income from other
$28,170
$11,192
$6,167
def$7,173
(incl. interest)
in v.
...
Total income..
Gen. corp. exps. & taxes
on
loans
16,221
xl25,185
99,317
97,099
$44,391
$136,378
21,100
$105,484
34,699
20,989
$89,926
34,524
19,984
$80,423
$49,796
$35,037
34,854
30.725
27,945
Depreciation
Interest
57,353
380
■
j
,
-
Filed
,
Fiind of North America, Inc. (2-3936, Form C-l)
registration statement covering 250 Independence Fund declara¬
1937
1938
operations
Int. charges on mtges.__
Net earnings1 __loss$ 14,277
Independence
has filed a
Co .—Earnings—
Years End. Dec. 31—
Net inc. from real estate
estate.
Volume
Financial
148
Condensed Balance
Sheet Dec.
31,
1938
Income Account for Calendar Years
%
Assets—N. Y. City real estate—at cost (less mortgages thereon to which
the company is not a
party, of $1,398,228); $693,770; securities and ad¬
vances
representing N. Y. City real estate investments and bonds and
mortgages on N. Y, City real estate (less reserve of $1,608,127) $2,429,021;
cash,
$152,977; accounts receivable, $344; investment
office furniture and fixtures, $1; total, $2,583,843.
$1,500;
in bonds,
Liabilities—6%
cumul.
preferred
stock
24,000
shares,
$2,400,000;
common stock (par $5), $660,000: accounts
payable, $3,171; accrued interest
payable, $12,742; teferred credit (sale of real estate), $13,657; deficit,
$505,727; total $2,583,843.—V. 146, p. 2522.
Insurance
Agricultural
Chairman, &c.—
Co.
Watertown—New
of
Samuel A. Upham, a director of the company since
of the Board,
succeeding W. Edmund
Chairman
Jacob F. Amos succeeds Mr.
Upham
as a
Alaska Juneau Gold Mining
on stocks
Interest earned on bonds
Int. received on intermediate credits.
Interest earned on accounts received.
Miscellaneous
Gross earnings
x Net Profit.'
1937
Operating
$406,000
$409,000
'123,300
156,600
$466,000
251,200
$419*000
200,400
but before depre¬
company
as
Dec., 1938
Jan., 1938
415,390
11,514
98c
70c
28c
390,530
11,728
$1.06
72c
396,940
11,600
$1.03
66c
37c
Total operating expenses per ton
Total operating profit per ton
—V. 148, P. 271.
34c
"
Excess
of income
over
an
operating
stock, payable April 1 to nolders of record March 4. Dividend on
50 cents was paid on Dec. 24, last, this latter being the first dividend paid
Accts.
1937
482,301
Liabilities—
Accts.,
dlvs.
Parttc.
99,721
Notes pay. to
other
"
308,667
308,667
Cost of sales.
—
___
Depreciation Ac amortization.
Selling, administrative & general
Bad & doubtful accounts
expenses..
Total
—
..
—
.—29,167,539 22,264,319
American Water Works & Electric Co.,
27,286
$1,113,350
39,193
125,636
a
$3,710,772
$1,278,179
___
2,128,920
$4,110,951
29,167,539 22,264,319
Total...
d Accounts and dividends receivable only.—V. 147, p. 2521.
Output>•„
______
.....
undlst. profits &
1937
8,364
Profit from operations
Dividends from subs, not consolidated
Other income (dividends, interest, &c)__
'
Corp
Pref.stock ($1 par)
2,816,844
3,487,254
•
Income —_.r.-defl639005
1938
...
of
cost
Surplus arising fr.
..—$19,042,148 $28,345,831
14,255,635
20,357,671
1,329,099
1,443,222
i_
2,335,701
2,806,879
_•—
apprec.
272,774Dr8,128,615
of
——7>r8l4.89501.485,305
182,249
192,005
Corn.stk.( 10c. par)
157,309
161,721
Capital surplus—.25,797,954 26,629,331
Inv. In First York
Co.—Earnings—
x
—___
367,175
215,653
Inv.in First York
1
Consolidated Income Account for Calendar Years
Net Sales—______—
(
and-;
(net)
Excess
100%
...
Corp
exps.
other contingents
Unrealized
Fifty Pine
—
2,250,000
legal, acct'g and
39,320
33,860
__
receivable
owned
145,778
bks. 4,800,000
Res.for taxes, extr.
in interme¬
In
and
xps.
and
—
3,310
facets, pay.,
accrd.,
d85,518
82,907
securs—24,759,491 18,531,668
diate credits
Accts.
•
95,780
not reed..
pur.,
Other
110,164
Int. received...
Gen. mkt.
$
Accts. pay. for sec. '
receivable
—not delivered.
1937
193S
1938
385,195
Assets—
Cash in banks—__
by the Michigan corporation.—V. 147, p. 3602.
American Brake Shoe & Foundry
$269,480
Consolidated Balance Sheet Dec. 31
St. Corp.,
common
$543,730
ex¬
of
under contract..
interim dividend of 12 M cents per share on the
$478,927
5,800
giving effect to
security transactions or
to certain exps.) carried to surplus.
Corp. (Mich.)—Interim Dividend—•
Directors have declared
21,159
'
(without
penses
Inv.
Allied Products
11
$2,096,334
593,352
938,093
Provision for Federal taxes
follows;
Jan., 1939
m
Tons mined and trammed to mill
Est. gold production, fine ounces
Total revenue per ton
2,552
$1,304,111
480,420
331,232
13,532
expenses
for securities sold
for January, 1939, compare
8,667
1,654
$661,588
357,948
28,360
on debentures
Taxes refunded to debentures holders
and taxes paid at source
—
ciation, depletion, and Federal taxes."
Operating statistics of the
246,631
10,844
Interest
1936
____
_
1936
$1,836,307
9,260
2,473
income
_
1938
After operating expenses and development charges,
x
$657,370
1,745
Total—.
Co.—Earnings—
1939
1937
$1,284,530
1938
Income—Cash dividends
results
Month of January—
^
1907, has been made
Machold, resigned.
member of the board.—V. 146,
[Including American Securities Co.—wholly-owned subsidiary]
899.
p.
871
Chronicle
V
*
\
Inc.—Weekly
•"
,(
Output of electric energy of the electric properties of American Water
238,630
Works and Electric Co. for the week ended Feb. 4, 1939, totaled 46,095,000
161,549
kwh., an increase of 17.3% over the output of 39,300,000 kwh. for the
corresponding week of 1938.
Comparative table of weekly output of electric energy for the. last five
„
1
Total income
Net. loss
from sale
revaluation
or
of marketable
securities & other security investments.
thereof transferred to reserve for
years follows:
13,256
349,384
Crl3,256
Cr349,384
$1,278,179
$4,110,951
167,000
129,153
571,000
:_
Amount
con.
U. S. & foreign income taxes—estimated
Net income-——
Preferred dividends
__i
—
—
_i
Common dividends
Earnings
i_r>,
shkre of
per
$3,410,799
329,834
2,527,626
$1,080,719
286,823
769,092
...
$1.03
common
.
$4.01
x American
Brake Shoe & Foundry Co. of Calif., not consolidated in
1937 because less than 95% controlled, became wholly owne*) in 1938 and
is therefore included in the 1938 figures.
\
1938
Cash
on
Notes &
or
290,237
Flood loss and expense..
Loss oh fixed assets, sold
Reserves—'.
Conv.
102.577
3,870,976
4,007,291
x
!__■•
1,117,570
5,463,300
—
($100 par).
12,544,800
6,340.834
Capital surplus..;
tsurplus!;. 4,429,074
Earned
.
Profit
6,569,434
4,612,906
220,700
113,950
15.484
129,410
2,008,575
1,913,567
12,631
349,294
455,979
23,947
47.485
'
undistributed
—
„
;
______
1,350,995
Loss
383,796
after
come
Fed.
in-
$1,854,902prf$l,929983prr$2,740598
taxes..$4,911,502
1,532,860
Preferred dividends —1,149,645
Total
x
——
31,203,526 32,680,738
—
I
31,203,526
Total
.
1937 because less than 95%
Deficit.
Foundry Co. of Calif., not consolidated
—V.
controlled, became wholly owned in 1938
147, p. 2521.
Calendar Years—
—
Earnings per share
z
—
$.3,297,495
x437,300
$7.54
1936 "
.
$3,619,078
$3,032,228
x437,500
440,000
$6.89
.
$8.27
1935
$2,642,327
y445,000
x
Telephone &; Telegraph Co.^—Gain in Phones
gain of 65,600"telephones in service in the principal tele¬
phone subsidiaries of the American Telephone and Telegraph Co. included
System during the month of January, 1939;
The gain for these
companies in January, 1938 was 31,400 —V. 148, p. 430.
Corp.—Report for 1938—
On the basis of taking the capital
—
$991,835
343,031
$1,425,017
339,454
Res. for doubtful acc'ts.
42,000
Res. for social secur. tax
154,854
161,340
«—103,000
loss$238,152
373,393
Res. for Fed. & State tax
Net profit for year
capital stock
Earnings per share
preference in liquidation of $50 per share and accrued dividends, $9.41 per
stock.
The corporation has borrowed various amounts from banks during the
year, the amount outstanding on Dec. 31, 1938, being $4,800,000.
The real estate investments of The Equity Corp., holder of approximately
52.13% of the outstanding stock of this corporation, and of First York
share common
both companies, have been concentrated in Real
Delaware corporation organized for that purpose.
The Equity Corp. sold to the new company at cost plus interest at 6% per
annum its investment in Lexington-88th St., Inc. (a New York corporation,
formerly named Real Estate Equities, Inc.).
First York Corp. purchased
75% of the stock of Real Estate Equities. Inc. (Del.) for $75,000, the
remaining 25% being purchased by Todd & Brown, Inc., for $25,000.
At
the time of purchase of the stock, Todd & Brown, Inc., agreed to provide
investigation and supervision service for the real estate properties without
charge except for out-of-pocket employee payroll expenses plus an allowance
for overhead applicable to such payroll.
First York Corp. had at Dec. 31,
1938, an aggregate investment of $355,189 in Real Estate Equities, Inc.
(Del.), consisting of $75,000 in the stock, $274,500 in advances and $5,689
'
,
13"5"6O5
$719,524
$574,077
267,616
291,945
97,315
$3.52
97,315
'
97,315
$5.90
$7.39
Comparative Balance Sheet Nov. 30
1938
1937
v
Accounts payable-
192,641
7,059,741
92,311
243,715
120,053
1938
Assets—
Plant
x
1937
fixed
S
Liabilities—
$
and
7,189,650
Reserve for taxes.
Cash & debts rec._
2,085,338
2,771,121
Social secur. taxes
Inventories
3,929,531
4,859,249
1,975
123,258
1,975
125,661
_13.199.843
14,947,655
assets
...
in liquidation—
Prepaid accounts
Total.
—
.
_
withheld—
6,575
3,723
Notes payable
Mach.&stk. taken
Corp., a subsidiary of
Estate Equities, Inc., a
*
119,000
4^,038
158,000
$342,464
loss$766,399
48,658
97,315
Nil
Dividends
stock of First York Corp. as set forth
the net assets
31. 1938, were equivalent to approximately the amounts shown
below for the respective securities of American General Corp.:
$131.44 per share convertible preferred stock, and, after deducting
1,250,709
422,631
160,000
Net oper. profit
Depreciation——
Dec.
advances.
$676,117
$1.04
1936
*
1935
1937
—_____$10,698,698 $19,425,412 $17,729,489 $15,321,594
16,304,472
14,070.885
10,936,850
18,433,578
in the consolidated balance sheet of American General Corp.,
in accrued interest on
$0.59
'
Arlington Mills—Earnings—
30—''
1938
Shares
at
$425,107
$0.48
Years End. Nov.
in the Bell
American General
1938—6 Mos,—1937
$317,667
$0-33
On
Sales.
.
a
$230,189
549,546 shares common stock (no par),
y After charges but
before provision for surtax on undistributed earnings.—Y. 147, p. 3004.
x
Cost of sales.
Company has notified the New York Stock Exchange of the election of
Sinclair Tousey Allen as a Director, succeeding Norman W. Waseman,
resigned.—V. 145, p. 1026. ■
was
Co.—Earnings-
1938—3 Mos.—1937
$5.94
American News Co.—New Director—■
American
,
Net profit
Earnings per share.___
y
x After
deducting treasury stock.
y Includes shares held in treasury.
After all charges, including income taxes.—Y. 147, P. 2673.
There
147, p. 1027.
Period End.. Dec. 31—
Earnings—'
1937
1938
Net profit
Shs. com. stock (no par)
z
(& Subs.)
$3,004,547sur $397,l£3sur$2740,598
•
;
$4,911,502
Archer-Daniels-Midland
and is therefore included in the 1938 consolidation.—V.
American Chicle Co.
______
32,680,738
Represented by 769,092 no par shares.
Note—American Brake Shoe &
in
146,610
63,805
17,539
'
income taxes
on
29,166
1,735
Provision for deprec
profits
$5,367,266
270,722
13,760
2,122,542
Add. to reserve for Fed.
Surtax
,
.
22,809
395,619
44,133
42,785
11,524
2,177,570
scrapped
or
13,20),490
386,680
—...
$5,103,899
68,370
Interest charges.—____
Pensions
—j
Insur. & other pre¬
paid items
$718,114
other
before
charges & deprec_loss$2,565,385
1,139,396
5,463,300
Common stock..12,544,800
—
pref., 5X<%
cum.
cost
....
Land, bldgs. and
equip.—less de'■
preciatlon..
12;485,985
Patents & goodwill 1,337,876
$4,445,492
$4,739,273
658,407 *
627,993
Prov.for doubtful accts.
5,506,386
less.
257,082
,530,916
2,724,646
.
for Calendar Years
$172,101
546,013
Profit from oper'ns Joss$3,020,914
Other income and credits
455,529
1,272,666
119,411
Invest's—at
Consolidated Income Account
1938
1037
1936
1935
Sales, less disc., returns_$42,038,076 $75,061,505 $71,022,579 $70,317,232
Cost of sales ,excl. of dep. J
f •>
Selling, gen. and admin.>45,058,990] 72,030,895
63,442,259 62,756,882
expenses.
—' J
[ 2,858,510
3,134,828
2,821,077
540,179
current.'.:
..
(& Subs.)—Earnings—•
$
%
.
Notes paya'e—not
263,883
252,870
'
•
American Woolen Co.
167,188
2,442,164
—
—V. 148. p. 722.
600,582
...^ 4,302,029
(less res.)
—
Accounts payable.
acc'ts re-
Other assets.'.
—
Notes payable..._
(at
market.
Inventories._
t
21
Accrued accounts.
5,139,674
6.005,535
— .—
secur's
Quoted
ceiv.
Liabilities—
$
deposit &
on
hand
Mark,
1937
1938
1937
$
14
Jan.
—
,
Consolidated Balance Sheet Dec. 31
Assets—
1939
1938
' 1937
1936
1935»
-—*45,715,000 40,233,000 49,494,000 44,401,000 37,637,000
-44,973,000 40,743,000 50,441,000 43,821,000 38,469,000
Jah. 28
46,455,000 39,727.000 50,683,000 43,089,000 39,285,000
Feb.
4—-—46,094,000 39,300,000 52,042,000 44,163,000 38,450,000
Week Ended—
Jan.
1,500,000
2.350,000
45,983
12,184,181
91.038
Payroll.
y
11,317,278
Net worth
13,199,843 14,947.655
Total...
x After
depreciation of $7,211,836 in 1938 and
Represented by 97,315 shares.—V. 146, p. 2355.
y
"
$6,929,625 in 1937.
Arkansas Louisiana Gas Co.—Loses Rate Case Appeal—
Feb. 6 handed down a decision, reversing
upheld this company in a rate dispute
The U. 8. Supreme Court on
the action of lower courts which had
Texas.
Circuit Court decision that a franchise promise
by the gas company to make rates correspond with charges in Texarkana,
Arkansas, was not enforceable.
'
'.
The lower court held tnat a Texas city council is endowed with ratewith tne city of Texarkana,
The city had appealed a
.
fixing power and cannot by contract bind
,
.
.
„
itself not to exercise those powers.
Feb.
Chronicle
Financial
872
lower its rates in the Texas city when it was
the contiguous Arkansas community, as was
The lower court approved this action.
Supreme Court reversed the action.—V. 145, p. 2217.
The gas company did not
forced to lower charges in
Liabilities—
J
$
Assets—
U. 8. Govt, secure.
Artloom
*
Corp.—Accumulated Dividend—
have declared a dividend of $1.75 per share on
704,113
2,153,260
2,884,254
15,229
Notes rec.,
of
Electric Co.—FPC Halts Hearing—
sub
289,435
20, receive bids for the sale to it of sufficient sinking
'' '
Total
f
stock. 8,761,725
surplus
828,098
827.698
Earned surplus
4,024,927
3,915,548
Paid-in
65,908
_
24,617,729 24,922,500
Total.
$11,000 U. 8. Government
bonds
(book value $10,735) de¬
c Represents
fund
(262,828 in 1937) no par
shares.—Y. 148, p. 723.
Bangor Hydro-Electric Co.—Earnings—
1,
.
—1
accrued
Taxes
Depreciation
,
$194,242
12,528
.—
$2,220,992
698,182
368,184
162,889
345,050
159,104
$89,633
31,500
$2,232,773
63,522
30,000
11,087
$195,899
63,504
—
Operating expenses
1939—12 Mos.—1938
' 1939—Month—1938
Period Ended Jan. 31—
Gross earnings
$1,003,519
306,380
$973,960
288,111
$685,849
down 1.6% or 72,999,529
was
4,677,775,876 units
Net
a year
Fixed
ago.
$88,366
operating revenue
.
25,440
Dividend
on
January,
Dividend
$65,622
25,483
21,722
'
Surplus.
--'
*
•
Weekly Output Up 11.9 %—
pref. stockStock-
Balance
For the week ended Feb. 3, Associated Gas & Electric System reports net
This is an increase of 11.9% or
10,112,534 units above production of 85,238,402 units reported a year ago
Gross output, including sales to other utilities, amounted to 99,861,215
units—V
148, p. 722.
—
$18,418
742,878
$697,139
305,794
260,659
$15,722
on com.
24,010
$62,926
25,483
21,722
charges
7,417,800 cu. ft. to 2,467,745.
600 cu. ft.
For the 12 months ended Jan. ,31, sendout was up 2.0% to
23,194,368,200 cu. ft.
This is 445,115,100 cu ft above production for
$130,686
Gas sendout for January was up 0.3%, or
19J8.
but unissued
stock.
After reserve for
.
& Electric System reports an
10.9% in net electric output over that of January a year ago.
Production was up 40,979,561 units (kwh.) from 375,421,969 units to
.416,401,530 units.
This is the best comparative showing for any month
output
c55,303
9,860,900
8,760,925
doubtful accounts and notes of $190,912, in 1938 and
$111,815 in 1937.
f 30,012 shares preferred and 13,688 (14,682 in 1937)
shares common stock,
g After reserve for depreciation and obsolescence
of $8,031,578 in 1938 and $7,561,643 in 1937. ' H Represented by 262,851
e
10.9% Increase in January Electric Output—
For the 12 months ended Jan. 31,
381,626
Install, paid on stk.
24.617,729 24,922.500
-
common
For the month of January, Associated Gas
units, to 4,604,776,347 units in comparison with
236", 638
and
b Includes
increase of
bIpco June of 1937
65,377
empl's
posited as guarantee under Pennsylvania Compensation Law.
subscriptions by employees to 2,027 shares of authorized
G and D to exhaust the sum of
•
♦*
awards to
7.475,328
4,053,069
46,641
and that witnesses have
$22,569 at lowest prices offered.
57,164
Res.for stk. bonus
h Common
959,803
291,842
7,264,509
equipment
Goodwill, pats:, &c 4,053,110
Tenders
income debentures due 1986, series A, B,
39,138
57,164
stock
5% cum. conv. pf.
stock (par $100) 9,860,900
3,317,176
Deferred charges.
The Public National Bank & Trust Co. of New York, will until 12 o'clock
Feb.
884,171
g Plant prop's
agreed to testify any time they are called, it now seems advisable to recess
these hearings until the books have been examined sufficiently to determine
a future course, and I move we recess to a subsequent date to be determined
by the Commission."
noon,
2,998
stock, 3.247,181
"
books of the so-called Hopson companies are
•
"In view of the fact that
239.561
52,276
subscr. by compl
b Mlscell. Invest.,
.
who said:
41,726
4,227
solidated* sub—
f Co.'s cap.
Frank A.
Hampton, examiner, recessed indefinitely the 3-week-old
hearing at the request of Lambert MacAllister, counsel for the Commission,
to be made available to commission accountants,
36,251
—
Securities of uncon¬
8 pending further study of books of its service
companies.
226,895
accrued.
Res. for conting..
<fcc._
receivable,
The Federal Power Commission suddenly halted its investigation of the
Feb,
Fed. inc. tax accr.
Curr. acct. due fr.
Indefinite Recess Taken for Study of Books—
Associated system
275.059
payable
Div. accr. on pref.
empl's.
unconsol.
&
165.772
18,633
notes
Misc. notes & accts
Gas
444.203
701,196
receivable, trade 2,083,090
Inventories
2,523,748
cost.,
&
Accts.
$
403.344
Accts.
Social security tax
marketable
secure, at
e
New Directors—
Corporation has notified the New York Stock Exchange of the election
Sidney J. Allen and Frederick McGraw as directors.—V. 147, p. 3150.
Associated
275,000
55,000
at par
Other
account of
accumulations on the 7 % cum. pref. stock, payable March 1 to holders
of record Feb. 15.
Similar payments were made in preceding quarters.
Accruals after the current payments will amount to $5.25 per share.—
V. 147, p. 3150.
Directors
1937
$
—
Accrued liabilities.
2,701,575
3,391,757
Cash
1938
1937
1938
called for in the Texas franchise.
The
1939
11,
Consolidated Balance Sheet Dec .31
305,794
228,077
$151,978
—V. 148, p. 273.
.
electric output of 95,350,936 units (kwh )
Barnsdall Oil
Reduced to 33^%
Co.—$1,250,000 Loan
,
Cost—
''
Atlantic
Gulf
West
&
Indies
Subs.)—Earnings—
Steamship
Lines
(&
The company borrowed $1,250,000 last year from the Chase National
interest, issuing three notes; $400,000 due.on Jan. 27, 1942
$300,000 due on Feb. 8. 1942, and $550,000 due on Feb. 16, 1942.
As of
Dec. 31 last the bank reduced the interest rate to 314%The company's indebtedness of this nature amounted to $5,000,000 on
Dec. 31 last, against $3,750,000 a year earlier.
Proceeds were used to
pay off current maturing-indebtedness.
■ •
The company aiso reported that Barnsdall Midway Oil Co., a subsidiary,
had been dissolved on Dec. 16 last and assets and liabilities transferred to
Barnsdall Oil Co.—V. 146, p. 3003; V. 147, p. 883,2860.
Bank at 4%
s
_
•
Period End. Dec. 31—
1938—Month—1937
1938—12 Mos.—1937
Operating revenues
$1,920,623
$2,055,208 $23,986,166 $26,247,177
Oper. exps. (inch depr.).
1,709,816
1,872,812
23,064,437
24,546,048
Net oper, revenue.
Taxes
•
9,323
Gross income
Interest, rentals, &c
Net income-
—
—
Atlantic Ice
x$45,751
'-<• 107,496
$522,049
,.1,364,105
$1,002,937
1,315,934
x$153,247
x$842,056
1938
Gross revenue
Income
$620,928
$541,597
413,326
468,064
455,840
402,669
$138,928
$132,960
$165,089
3,354
523
$136,313
74,039
$165,612
73,565
$139,871
74,729
$62,275
$92,047
$65,142
55,07^1
-57,480
57,725
$4,794
$34,322
k 14,189
14,189
$0.06
stock
*
'
<
rights will expire at 3 o'clock p. m., Eastern Standard Time,
March 2.
Any subscription certificates w;hich may be issued are to be mailed as soon
as practicable after the record date, each stockholder and warrant holder
receiving with the subscription certificates a prospectus relating to the
rights and shares,—V. 148, p. 573.
*
Bell
$12,598
Nil
•
•
Telephone Co. of Pa.—Earnings1938—Month—1937
1938—12 Mos.—1937
$6,060,268
$5,929,641 $68,912,313 $69,018,646
25,020
24,783
353,792
213,097
Period End. Dec, 31—
•
Ipter-company sales eliminated.
.
'
' 52,544
14,189
Nil
holders of
purchase common
6 adopted a plan for the issuance to
A registration statement under the Federal Securities Act covering the
proposal rights and said stock was filed on Jan. 20, 1939, and became effec-*
tive on Feb. 9. Directors have fixed Feb. 15, (at the close of business) as the
record date to determine the stockholders and warrant holders who may be
entitled to the issuance of said rights. On the basis of such record date, such
943
4142,130
'
72,089
$14,970
Balance..-
outstanding
Earnings per share
■
Feb.
stock and to holders of outstanding warrants to
exercise of the warrants.
$70,041
Balance
Depreciation.......—.
,
$601,023
;
$143,448
Total income
Interest & amortization-
Buffalo, N. Y.—Rights to Stock-
(to be evidenced by transferable subscription certificates)
to subscribe at $21 per share for 40,000 shares of common stock on the basis
of one new share for each 5.25 shares held of record or purchasable on
r
"
Corp.,
stock, of rights
of
refrigerators—
x
The directors on
1935
1936
loss$l,318
Net income from sale
common
Bell, Aircraft
common
1937
'
,
holders—
.
$556,774
Federal taxes........
Shares of
(Ludwig) Baumann—New President—
Sylvan L. Froellch has been elected President of this company, succeed¬
ing the late Martin Wortmann. Mr. Frqelich has been a member of the
Ludwig Baumann organization for 27 years.—Y. 148, p. 724.
Mfg. Co .—Earnings—
'
_
x$312,998
...
Operating exps., maint.
and, taxes,
including
;
753,384
$947,745
55,192
Indicates loss.—V. 148, p. 431.
Calendar Years—
x
456,160
$465,568
56,481
$4,217
...*
236,636
x$54,240
8,488
$211,264
207,047
Other income.-
x
$1,701,129
$201,483
9,781
Operating income
.
$921,729
$182,396'
$2,10,806
•'
Operating revenues
14,1*89
Nil
Uncollectible oper. tev„
■
-
Operating revenues
Operating expenses
Condensed Balance Sheet Dec. 31, 1938
Assets— Fixed capital, $2,965,588; cash, $15,645; notes receivable, $1,~
i^:r,?:ccouxlt8 receivable (less reserve of $10,100), $75,566; investments,
x$6,035,248
4,109,224
'$5,904,858 x$68558,521 $68,805,549
47,176,685
4,249,322 47,183,481
$1,926,024
589,257
$1,655,536 $21,375,040 $21,628,864
5,881,846
5,775,837
423,503
$1,336,767
865,304
$1,232,033 $15,493,194 $15,853,027
10,050,891
10,386,201
785,077
Net oper. revenues..,-
$18,800; inventories (ice in storage), .$3,524; materials and supplies, $10.691; prepayments, $9,580; deferred items, $277; total, $3,100,815.
Liabilities—Common capital stock (14.189) shares), $361,030;
preferred
capital stock (4,591 shares), $458,750; first mortgage 20-year bonds, $947,500; mortgages (purchase money mortgages), $69,338; serial notes, $20,437;
notes payable, $56,700; accounts payable, $34,545; acsued items
$67,442;
Operating taxes
,
Net operating incoipe.
Net
income-—r——
Includes possible refund of $39,000
the 12 months' period.—V. 148, p. 273.
x
for the month and $334,000 for
\
elfa ooe/°5 ^ePr®c^Gonj?517,637l earned-surplus, $498,102; capital-surplus,
$69,334; totai, $3,100,815,—V. 146, p. 1062.
Blue Ridge
Aviation Securities Corp. of New England-—To Dissolve
Stockholders at
special meeting held Feb. 8 voted to dissolve the
poration.—V. 141, p. 738.
«
'
a
cor¬
,
Baldwin Locomotive Works—Trustee—
"William L. Batt of Philadelphia has been appointed
succeed Charles E. Brinley, resigned.—V.
Atlas Powder Co. (&
Calendar Years—
Salt* (net)..—
148,
p.
a
voting trustee to
$15,001,530
of sales, delivery,
&c.. expenses
13,828,566
Based on Dec. 31, 1938 prices for investments, as noted in the balance
sheet, the net assets of the corporation on that date amounted to $34,450,631, equivalent to $85.09 per share of preference stock outstanding, and,
after allowing for such preference stock at, the amount to which it is entitled
in liquidation ($55 per share and accrued dividends), to $1.61 per share of
common stock outstanding.
The net unrealized appreciation (excess of
market value over book value) of investments at Dec. 31,1938 was $1,322,-
363.
572.
yl937
zl936
$17,385,515 $15,895,300
During the month of November, 1938, Central States Electric Corp. and
acquired all of the common stock of
Tri-Continental Corp., Selected In¬
dustries, Inc., and Electric Shareholdings Corp. At that time Earle Bailie
and Francis F. Randolph resigned as directors,
and since then C. A.
Johnston and Richard Wagner have been elected in their stead.
American Cities Power & Light Corp.
this corporation which was held by
Subs.)—Earnings—
1938
.
Corp.—'Report—
xl935
$13,086,966
Cost
15,872,119
14,337,282
11,938,715
$1,513,396
135,554
$1,558,018
113,797
$1,148,251
207,261
Cash dividends
Income Account for Calendar Years
Net oper. profit
Other income (net)
$1,172,964
36.540
1938
$1,128,926
$1,209,504
196,448
$1,648,949
215,077
$1,671,816
241,735
$1,355,513
194,344
Security rec. as div
Optional stock div. (tax¬
able)
Net income
Preferred divs. (6%)-..
Common dividends
$1,013,056
342,985
560,692
$1,433,871
342,985
936,176
$1,430,080
$1,161,170
457,890
Miscell. income
873,246
499,927
f Surplus outstanding..
Com.
$109,379
$154,710
$173,834
$203,353
248,666
$4.21
1937
1935
1936
$2,074,379
19,641
249,966
Gross income
Federal taxes
It
-...
shs.
Includes
249,163
248,145
$4.40
$2.81
wholly-owned subsidiary companies, all of which were dis¬
solved in 1936. y The 1937 figures include Atlas de Mexico, S. A., for nine
months ended Dec. 31, 1937.
z The 1936 figures relate to Atlas Powder
Co. only.
x
22,000
219,564
7,793
271,243
938
361,599
4,297
$1,327,928
414,893
22,900
Taxes
$2,343,376
489,048
22,300
$2,116,744
518,884
$890,135
$1,832,028
$1,582,359
$933,999
1,226,499
Expenses.
Earns, per sh. on com.$2.69
*
199",001
Interest
383,000
1,273,149
1,123,422
1,294,674
748,948
1,739,539
15,500
$1,268,885
323,785
11,100
Net cash income carr'd
to oper.
Divs.
Divs.
on
on
surplus
opt.
$3
conv.
common stock-
1,801,562
Volume
Financial
148
Consolidated Capital
$11,125,294
reserve
for contingencies created prior
75,000
1
Total
Excess of
1
$11,200,294
($25 per share) of 8,300 shares
of optional $3 convertible preference stock retired
Ry.—Earnings—
Boston Elevated
Surplus Account for the Year Ended Dec. 31,1938
Balance, Dec. 31, 1937
Restoration of portion of
to Dec. 31. 1932
873
Chronicle
cost over stated value
Month
329,374
6,100
$74,257
Miscellaneous items
Account {Subsequent to Dec. 31, 1932) as of
Dec. 31. 1938
Net income for the year ended Dec. 31, 1938
adjust, of
invest, owned at Dec. 31,1938 and $5,405 adjustment relating
to 1938 resales, for commissions, taxes, &c. on 1935 reinstate¬
sales of securities based
of Dec.
on average
book values (re¬
666,100
r.
Excess of payment ($89,974) for prior year item over
pro vised in reserve for contingencies
-
'
Dividends
on
—
1937
$1,374,933
' 591 ;405
$1,357,434
603,742
Broadway Motors Building Corp.—Tenders—
due Feb. 1, 1948 to exhaust
amount
Feb. 15 receive bids for the
6% sinking fund gold bonds
the sum of $40,000.—V. 145, p. 3497.
Brown Fence & Wire Co.— Common Dividend—Sates—
on Feb. 3 declared a dividend of 10 cents per share on the
4,319
Directors
'
/
.
Net earnings
—V. 147, p. 4049.
The Bankers Trust Co. of N. Y. will until
sale to it of sufficient first mortgage leasehold
31, 1932 and cost of subsequent pur¬
chases) _4._
^
Earnings for the Month of December
1938
2,867
as
6,094
Ltd.—Earnings—
Columbia Power Corp.,
British
$6,325,920
»
.
_______
on
$5,648
—V. 148, p. 273.
Gross earnings
ments).
valuations
of service
taxes (after deducting $26,025
year
Total.
Net loss
Excess of receipts over cost
$5,432,918
890,135
Balance, Dec. 31, 1937
Adjust, of prior
329,374
$11,088,333
Balance, Dec. 31, 1938.—
Consolidated Earned Surplus
235,645
235,804
rentals
bonds
on
103,259
103,259
Rent for leased roads
Interest
$2,344,611
1,539,377
125,214
$2,378,461
1,491,810
137,857
Federal, State and municipal tax accruals
Subway, tunnel and rapid transit line
111 ,962
1937
1938
of December—
Total receipts
Total operating expenses
optional $3 convertible pref. stock, paid in cash—
$5,655,501
i ,226,499
payable Feb. 28 to holders of record Feb. 15.
common stock
Like amount
paid on Nov. 30 last, this latter being the first distribution made on
shares since Feb. 28, 1938, when a regular quarterly dividend of
was
these
Balance, Dec. 31, 1938
-
-
$4,429,002
—
-~
Notfr—The indicated net unrealized appreciation of
shown in the annexed balance sheet at Dec. 31, 1938, was
investments,
15 cents per share was paid.
Sales for the month of January, 1939, were
as
$1,322,363. The
net unrealized depreciation at Dec. 31, 1937 (after deducting $1,238,477
adjustment of investment costs) was $5,666,742.
The above statement includes the consolidated surplus changes of Blue
Ridge Corp. and its wholly owned subsidiary, Rector Holding Corp. for t
period from Jan. 1, 1938 to date of liquidation of such subsidiary, Nov. 3,
14.1%.—V. 148, p. 273.
Buckeye Steel Castings Co.- —Earnings—
1938.
1938
§
Divs. rec'le & int.
Notes
133,086
,191,151
1,490,452
,
4.830,300
payable
5,000,000
5,332,667
4,858
_
69,013
sees,
purchased.
t^x
&
Inventory
x
Federal taxes, &c
com. stk. (no par)__
1936
1935
71,141
365,457
$0.19
200,077
Earnings per share
—V. 148, p. 273.
.
178,328
298,354
$0.53
.
208,242
Com. stock, no par
99,217
(238,056 shs.)..
1,000,000
94,247
Surplus....
2,380,560
1,190,280
1,682,101
29,109
.....$0,098,621 $7,086,226 k
After reserve for
1,190,280
1,241,698
.$6,098,621. $7,086,220
Total.
depreciation of $3,701,754 in 1938 and
$3,536,722 in
$1,038,945
1937
54,892
372,845
$0.15
Shs.
.....
Deferred charges.
x
$1,281,834
592,655
2,602,219
...
Patents..
Total
$1,211,354
574,298
equipment.
Investments
330,731
,
2,467,886
99,217
95,400
25,528
Real estate, plant
and
$294,313
211,405
reserves..
prior cum.
pref'd stock.... 1,000,000
6% cum. preferred
stock
2,380,560
174,349
73,006
1937
■
eral income tax.
Sundry
of raw
mat'l8 & supplies
1938
$74,677
Fed¬
6 Yi %
Inventory
.Black & Decker Mfg. Co.- -Earnings,
1,948,774
for
Reserve
of steel
castings prod...
607,287 (619,737 in 1937) shares reserved for conversion of prefer¬
ence stock; 1,142,914 shares for dividends on preference stock (maximum
annual requirement, 50,608 (51,557 in 1937) shares), and 228,301 shares for
exercise of warrants (to purchase at any time shares of common stock at
$20 per share), c 404,858 (413,158 in 1937) shares, no par value, at stated
value of $25 per share,
d At average cost (except $1,736,213 representing
part qf one investment acquired prior to Dec. 31, 1932 which is carried at
amount based on market quotation on that date).—-Y. 148, p. 125.
'
are
3 Mos. End. Dec. 31—
1938
Net sales, i
$1,137,330
Net profit after deprec.,
114,837
U. S. Govt, secur.
a Provision for
Federal, State and City taxes only,
b Represented by
shares of $1 par value.
Of the authorized 12,500,000 $1 par value shares,
there
Nil
$2.85
Accounts payable.
$920,575
357,301
2,216,556
$699,676
Cash
Accounts recelv
38,233,791 41,208,783
Total.
."
Liabilities—
1937
1938
Assets—
£>r26,205
...
$383,414 def$370,991
>,
^
$3.52
NJ1
Balance Sheet Dec. 31
1,207,047
General reserve
41,268,7831
Surplus...
Earns, per sh. on 238,056
shs. com. (no par)
1.15,517,335 16,558,212
Treasury stock
38,233.791
$487,944
62,225
141,642
353,934
Common dividends
264,665
Preference stocklO.121,450 10,328,950
Common stock. 7,489,483
7,489,483
Surplus'
Total..'
$882,220 loss$167,134
62,225
62,225
141,636
141,632
294,945
$1,045,744
def$439,701
pref. dividend
6% pref. dividend
a64,275
cont__
b
262,614
for
Prov.
c
Prior
brokers for
to
184,447
330,731
loss$235,834
62,225
141,642
Net profit
to
banks.'
Due
182,839
a
44,952
expenses
accrued.....i..
$11,777
178,911
$1,329,281
165,032
Income tax
30,390
$1,559,314
loss$70,802
Depreciation-
ft.
1935
1936
deprecia'n
and income tax
$
$
Liabilities—
Accts. pay. & accr.
Investments.__• _d36,610,253 36,247,332
Cash.
1937.
1938
1937
§
Profits before
1937
1938
Years End. Dec. 31—
Balance Sheet Dec. 31
■*"
$220,036.29, as compared
1938, an increase of 35.7%.
Sales for the
first seven months of the fiscal year ending June 30,, 193, were $1,817,621.94,
as compared with $1,592,295.51 for the similar period last year, a gain of
with $162,106.24 for January,
.
1937—V. 146, p. 904.
Bullock Fund,
298,354
$0.60
,
Ltd.—■Annual Report—
Net asset value per share was
$15.89 on Dec. 31, 1938, compared with
$12.69 a year earlier.
Total assets,
were $2,380,495 at the end of 1938,
Income Account
with securities at market quotations,
against $1,812,710 on Dec. 31, 1937.
Years Ended Dec. 31
»
1937
1938
Boston &
Albany RR.—Abandonment Asked—
Income—Cash
r
The company and its lessee, the New York Central, have asked the Inter¬
Commerce Commission for authority to abandon 10.8 miles of the
former's branch road from Ludlow to Bondsville, Mass.—V. 147, p. 883.
Net cash
dividends
$100,935
$50,145
... —
rights
1,320
13,315
-r.r. ——
$51,465
$114,250
proceeds from sales of stock divs. &
state
Total----
—
.
-
'■
Expenses
xl5,672
21,333
$34,393
— —
$92,917
Broad Street Investing Corp.—Earnings—
Income Account for
Cash divs.
on
Interest.".
LW
r
Calendar Years
$324,094
3 i,85l
284
$244,697
62,575
$324,379
72,319
,J
x
1935
1936
1937
,1938
$212,846
stocks.
y
$162,474
Net income
After deducting
—
a
—
y Incl. pro¬
profits and losses from
$700 provision for Federal income tax.
ceeds from sales of stock divs. and rights, but excl.
of investments.
•
Balance Sheet Dec. Zl, IQSS
$99,594
1,426
sales
_
,
Total income..
Gen.exps.,int.,taxes, &c.
$162,474
5x,102
$2,076,088; csh in banks, $266,501;
Assets—Investments at average cost,
$101,020
24,983
$2,695; amount due on subscriptions to capital
(collected in January, 1939), $3,158; deferred charges, $953; total,
$2,349,396.
Liabilities—Payable for capital stock surrendered for liquidation (shares
retired prior to Dec. 31, 1938), $2,949; accoqnts payable and accrued
cash dividends receivable,
,
stock
x
Excludes special
$252,060
257,295
$182,122
177,653
Operating profit
Dividends
$lli,372
xlll,203
Statement
expenses,
of Surplus Dec. 31/1938
Capital surplus: Balance, Dec. 31, 1937
Excess of
$76,037
71,149
dividend of $66,073.
$3,038; provision for
Federal, State and miscellaneous taxes,
payable upon receipt of stock for a predecessor corporation
exchange, $3,698; capital stock ($1 par), $149,073; capital surplus,
$1,671,961; earned surplus, $515,083; total, $2,349,396.—V. 147, p. 884.
$3 ,593; dividends
....
$7,019,958
for
proceeds of capital stock sold over par value thereof
(after giving effect to allocations to the ordinary distribu¬
of issuance.
....
tion account), less cost
Calaveras Cement Co.—To
1,119,945
Pay $1 .Dividend—-
dividend of $1 per share on account of accu¬
7% cum. pref. stock, par $100, payable Feb. 18 to holders
of record Feb. 9.
Like amount was paid on Nov. 1 last.
Dividends of
$2 per share were paid on Sept. 30. June 30, and on March 31, 1937.—
V. 147, p. 2676.
•
Directors have declared a
$8,139,903
Total
Excess
of cost
of
capital stock repurchased over par value
allocations to the ordinary
thereof (after giving effect to
distribution account).
Expenses
unaer
in
mulations on the
connection
1,125,891
with registration
.
of capital stock
Callahan Zinc-Lead
2,861
Securities Act of 1933, as amended—
At
Balance..
Ordinary
$7,011,150
a......
distribution
account
from
Jan.
1,
1936: Balance,
$4,747
Dec. 31, 1937
Net incopie, as per statement..
Total.....
:
,
._r
182,122
'
.^
_
allocated to this account in respect of sales and
repurchases of capital stock
Ordinary dividends on capital stock
$186,869
Net amount
165
177,653
$9,052
$7,020,202
Investment'profit and loss and special distribution accounts
from Jan. 1, 1936: Balance, Dec. 31, 1937 (deficit)
Net loss
on
sales of investments.*
$683,788
Deficit....
$6,336,414
Surplus, Dec. 31, 1938
*
483,933
199,855
The "average cost" method was
followed in determining cost Of securi¬
ties, sold.
This method and the amount shown are not applicable for
Federal income tax purposes.
The unrealized depreciation of investments on Dec. 31, 1938, was $316,-
683, or $1,671,213 less than on Dec. 31,
1937.
Balance Sheet Dec. 31, 1938
Assets—Cash in banks, $182,220; investments in U. S. Government se¬
$154,500; investments in other securities—at cost, $7,427,831; interest and dividends receivable, $12,212; special deposits for
dividends (contra), $51,855; total, $7,828,618.
Liabilities—Dividends payable, $51,855; due for capital stock repurchased
curities—at cost,
for retirement, $14,509; reserves for expenses, taxes, &c., $25,190; capital
stock, $5 par value, $1,400,650; Surplus, $6,336,414; total, $7,828,618.—
V. 147, p. 3757.
a
special meeting of the
Co--New Director—
board of directors held Feb. 9, Julian B.
the vacancy caused by the resignation
Beaty was elected a director to fill
of William M. Yeaman of Yakima,
Washington.t-V., 147, p. 3006.
'
Campbell Transportation
S.'K.
Co.—Equip. Trusts Offered—
Cunningham & Co., Inc., Pittsburgh,
Hinsch & Co., Inc.,
Cincinnati
are
and Charles A.
offering $550,000 serial
4% equipment trust certificates at prices ranging from 96%
and divs. to 103% and divs., according to maturity, or at
an average price of 99.7418%.
Dated Jan. 1, 1939; due Jan. 1, 1940 to 1951, ihcl.
Principal and semi¬
annual dividend coupons (J-J) payable at office of the Colonial Trust Co. of
Pittsburgh, trustee, in such coin or currency of the United States of America
as at the time of payment is legal tender for public and private debts.
Coupon certificates in denom. of $1,000; registerable as to the principal.
Red. at option of company on first day of any calendar month on at least 30
days' notice at a premium of 2lA% on all certificates so called more than
one year in advance of their due date, or at a premium of 1 % on all certif¬
icates so called one year or less prior to their due date, plus accrued div. in
each case to date of retirement.
Company assumes payment of Penna.
personal property tax up to eight mills when held by a resident in the State
of Penna., making these certificates free of said tax to the holder.
Company was Incorp. in Delaware May 11, 1931.
Company is engaged
In the transportation of freight in barge load lots on the Allegheny, Monongahela, Ohio and Mississippi Rivers, and the navigable tributaries thereof,
and also on the inter-coastal canal to Houston, Texas.
Starting in March,
1931 with one towboat and no barges, the equipment In use has been in¬
creased to six towboats and 78 barges, and the volume of business has
Increased from $257,417 in 1933 to approximately $1,350,000 in 1938. The
net earnings, after depreciation but before income tax, in the same period
have increased from
The estimated net
$46,472 to over $290,000.
proceeds to be received by the company
of these certificates/after
deducting estimated expenses,
from the sale
will be $519,645
Financial
874
The net proceeds, together with other cash
exclusive of accrued interest.
available, will be applied
Canadian Pacific
follows;
as
—
1939
Equipment trust certificates
Common stock (par $100)---
replacement of $3,417,000 5% debentures which were redeemed.
Net Assets—The net assets of the corporation on Dee. 31, 1938, were
equal to $96.80 per share of preferred stock and $14,16 per share of class A
stock.
This compares with $82.02 and $9.69 per share, respectively, as
of Dec. 31, 1937.
$500,000
500,000
Summary of Earnings
10 Mos.End
-Years Ended Dec. 31
—
.
.
•
'Gross
1935
1936
Income
Oct.
1937
'
31, '38
$1,063,522
718,389
71,235
$895,331
681,769
53,436
$1,153,847
Depreciation—,.—
$559,481
-408,126
29,439
Net operating profit—
Other income—net-
$121,916
1,121
$160,125
888
$188,665
1.625
$273,896
1,104
Profit before Int., &c_
Int., debt disc't & exp-A
Prdv, for Fed. & Stat<
income taxes—est'd—
$123,038
6,104
$161,014
31,934
$190,290
36,886
$275,001
33,364
operating income.
Total oper. charges——
891,999
73,183
Account
1937
292,741
Int.
—
$193,582
32,076
,
$327,991
34,088
5% gold debs—
on
$405,690
66,430
30,499
27,809
38,160
Canada Dry
$98,054
$123,575
$101,271
Compensation (management company)
28,039
Taxes
x7,997
12,119
13,105
15,992
15,193
18,690
27,672
23,521
——38,480
-----
1938
$4,506,488
3,920,461
4,199,199
$331,573
82,368
$307,289
67,122
•
Net operating income——,
Other income- * -
$249,205
5,432
-
—
———j——
.......
x
PrQV, for est, Federal & Canadian income taxes-
...
~
,
urn*
,
.
—
'■
-
■
$3,094,195
Provision for
'
$195,459
$205,230
Years End. Oct, 31—
Profit from operation
x Government taxes.
Profit..-..—:.,
$3,440,877
2,571,432
305,518
101,337
100,142
$2,931,271
2,404,255
368,659
89,250
—
_
$552,772
94,252
currencies-—.—
Int. & divs. reeeiv.
370,950
71,491
,92,006
$69,107
48,004
$555,790
99,416
$117,111
30,181
$504,941
Dr08,833
$456,373
Dr33,507
$86,929
$436,107
$422,867
-
$463,784
-
$209,078
12,814
v
312,iOl
•
intl
-
"
Surplus.—.——..
a
1938
Assets—
a
.
1937
$
$285,973
Mktble. secure..
Receivables (net).
Inventories......
109,811
296,020
■
Prepaid
$
,
Payables..—.'
460,250
Taxes due & accrd.
738,534
c
35,934
Surplus-
244,891
5.923,868
415,296
Mln.lnt. (sub.)...
c
22,255
Capital surplus...'
Total..„......10,531,212
9,362,058
720,107
1,279,425
Total——..'...10,531,212.
.
common
627,555
9,362,058
••
At
Co., Ltd.-—44-Cent Pref.
,f,
..
Income Account for the Year
10 146
»
—
h
_
Total income
———
a
.....
,
.....
....
fori
....
......
Ordinary shares...
504
$279,704
303,230
160
Managers' commission
Interest.
°C(liDai7 shares (par $1), $1,000; surplus, $5,845,473; total,
$8,050,443.—V. 148, p. 274.
Net inc. to
curr
.
surp.
2,212
622
944*
1,046
1,305
277
1,393
$2,232
$10,947
54,691
$26,735
x
1938
i
-
Investments
$2,543
Liabilities—
1937
$24,864
,
to Dec. 31,1937*
...
289,268
311,979
82
interest..
1937
$42,898
$2,065
8,006
14.268
14,268
98,775
Res. for 1 yre.' divs.
pref. stock
Preferred stock-
Common stock
Capital surplus.._
Deficit from
$68,515
1938
Notes payable
Reserve tor taxes.
(at
Rys.—Earnings—
$4,377,154
Jan. 1 to
Balance Sheet Dec. 31
Assets—
Cash...
cost)
$4,445,669
424
1,068
""*562
Includes interest income $324 for the period Jan. 1
Prepaid
—
Oct. 1 to
to
362
Earnings of the System for the 10-Day Period Ended Jan. 31
1939
1938
Increase
Gross revenues...
—V. 148r p. 574.
1
Dec, 31,_'38 Dec. 31, ^37 Dec. SI,'37
$13,883
$6,500
x$32,008
164
—552
.
Miscellaneous expense.-
x
$3,435
290
—
—
expenses
$610; directors*
shares (per $1),
Jan.
Oct. 1 to
Dec. 31,.'38
Dividends income.
Taxes.
Liabilities—Payable for securities purchased, $11,084; accrued
_
Earnings for Stated Periods
Period—>
Assets—Investments, stocks and bonds, $6,770,664; cash on deposit,
$1,231,542; Interest accrued and dividends declared, $43,336; tax refund
receivable from the U. S. Government, $2,560; prepaid
expenses, $2,341;
totd<L $8,050,443.
and accounts payable, $987; provision for income taxes,
and management compensation payable, $36,647; special
Corp.—Report—
prices and as a result the net asset value of preferred stock at Jan. 28, 1939
was approximately $104.46 per share, ahd the value per share of the common stock was approximately 10 cents,
2 .938
Balance Sheet Dec. 31, 1938
Canadian National
Chain Store Investment
The net asset value per share of preferred stock increased from $98.14
bf Dec. 31, 1937 to $112.47 as of Dec. 31, 1938.
At the latter date the
common stock had a net asset value of approximately 27 cents per share.
Since the turn of the year a substantial decline has occurred in security
13 992
...
Net income for the period
Dividends paid—Special shares.
Edison, Inc.-—Interest'Payment-?—
meeting held Jan. 31, 1939, the board of directors voted to declare
interest payable March 1, 1939 for each
—$296,633
...
Expenses
;
......>
U. S. and Canadian income and profits taxes paid and provided
"
;
as
————.$285,984
*
_
'
1939, $15 with respect to each $1,000 principal amount of 15-year collateral
thereon, thus
making the total amount, or interest to be payable March 1„ 1939 the sum
of $25 witn respect to each $1,000 principal amount of said bonds, or at the
annual rate of 5%.—V. 147, p. 2861.
.
Ending Dec. 31, 1938
Income: Cash dividends and bond interest..
Interest on cash deposits
__i
Premium on U. S. fimds—————
Coi—Accum. Dividend—•
trust bonds of the company with respect to fixed'interest
%
Ltd.—Earnings—*
-$5,335,262 $5,367,751
Total...
$1,000 principal amount of 15-year collateral trust bonds of this company,
such payment representing the maximum amount of income interest to whicn
the bondholders are entitled on such date, namely, income interest at the
rate of 2% per annum.
In addition to such Income interest there will also be payable March 1,
Directors have declared a dividend of 44 cents per share on the preferred
stock, payable on account of accumulations on April 11 to holders of record
March 24.
Like amount was paid on Jan. 10 last; a dividend of 43 cents
was paid on Oct. 10
last, and dividends of 44 cents were paid on July 11,
April 11, and on Jan. 10,1938.—V. 147, p. 3905.
1
-
quotations as at Dec. 31,1937, amunted
and pay the sum of $10 as income
.
*
.-$5,335,262 $5,367,751
Central States
Dividend—«.
Canadian Investment Fund,
—
,
1,276,932
no-par shares pref. stock and 674,667,
stock.—V, 148, p. 125.
& Foundry
2,400
3,110,277
Company has filed an amendment with the Securities and Exchange Com¬
)«^J*r,«ciRepresente^ by 163,428
Car
3,094.195
mission stating that the First Boston Corp. and Coffin & Burr, Inc., will
be the principal underwriters for its issue of $4,500,000 first and general
mortgage bonds, series J, 3H%, due 1,968. Both will underwrite $2,250,000
each.—V. 147, p. 3906.
■
Canadian
2,400
...
143,405
Central Maine Power Co.—Underwriters—
a kQuoted market value
$333,236 in 1938 and $813,792 in 1937.
b After
deduction of depreciation reserve of $5,082,865 in 1938 and $4,292,513 in
(673,861 in, 1937) shares
stock...
18,603
434,000
holders of record at the close of business Feb. 20,1939, leaving arrearages of
■
1,300" 000
278,627
4,918,154
1,071,113
Capital stock... 4,918;961
Distrlb, cap. surp.
——
Investments, based on market
$21.50 per share.—V. 147, p. 3906.
14,540
34,600
50,448 Mtge. payable..—
223,767 5)6 series A debs.. 1,200,000
7,129,417
361,239
Class A stock
73,580
A dividend of $1 per share on the $6 and 6% preferred stock was declared
Feb. 7 by the Board of directors, payable March 15, 1939, to stock¬
199,501
(sec.).,..
2,715
434,000
143,405
purchased...
Pref. cum. stock..
10,718
on
Sundry current iiabilitles
1,600,000
35,934
Central Illinois Public Service
,
200,000
632,717
251,091
81,624
expenses..
...
844,277
-
b Fixed assets....
Other investments
$
Bank loans
1,543,499
'
254,815
1,794,551
Invest. In & ad vs.
toafftl.cos—
1937
1938
Liabilities—
$
368,655
—■
36,208
$3,678,658, or $130,254 less than cost.b Represented by 240,000
(no par) shares,
c Shares $1 par value." d Investment, based on market
quotations as at Dec. 31, 1938, amounted to $5,557,840 (or $527,321 in
excess of cost) after deducting provision of $126,000 for Federal income tax
on the unrealized appreciation! of investments, based upon the cost of such
investments for tax purposes.
No deduction has been made for liability,
if any, with respect to Federal excess profits tax.—V. 147, P. 2525.
Consolidated Balance Sheet Oct. 31
Cash
1,600,000
to
$166,184
$86,929
x Not including income taxes.,
iVo^e-^-Dividends were paid in the amount oif $326,826 in 1938,
in 1937, $244,883 in 1936 and $243-,910 in 1935.
.
30, 1941.......
b Class B
dividends
Drl ,408
.
$23,132
54.300
Total
.
Applic. to minority
1937
$22,339
for expenses.
Res.
36,208
curities sold
Special deposit for
$647,024
.
-
1938
taxes, &c_
Bk. loan due Sept.
Divs. payable
Due for securities
6,101
18,086
Ipvest. at cost.::.d4,718,417 a3,808,912
Receivable for se¬
$167,592
-
22,674
V. 8.
in
Govt, securities
$221,892
142,083
Invested
31
Liabilities—
1937
1938
$235,144 $1,425,136
—
_
Deppslts In foreign
2,302,031
-
appreciation of investments
Balance Sheet Dec.
$2,953,550
468,547
—
unrealized
Assets—
1935
$1,122,656
Provisions for depreciat'n
Bank & other interest--
.
—-
———! 12,795,043
on Dec. 31, 1938.
$527,321, this compares-with unrelaized depreciation on Dec. 31, 1937, of $130,254
Cash
1936
31,1938.....
after deducting provision for Federal income tax was
Earnings
1937
1938
$291,602
Cr7,551
.
——,———
Surplus, Dec. 31, 1938—
Note—The
deduction from cost of goods, not "other incom e,"
The above figures,
taken from the books of the corporation and its subsidiaries, reflect these
.reclassifications and are subject to audit at the end of the year.—Y, 147,
p. 3757,
as a
Breweries, Ltd, (& Subs.)
Reserve for year ended Dec.
,
Note—At Sept, 30, 1938, "discounts allowed" were reclassified as a
deduction from sales not "income deductions"; also "discounts received"
Canadian
required by Charter:,
reserve as
Balances, Dec.31,1937.———
Net Income (before provision for Federal tax on
undistributed profit in 1937) ——————-
.$2,677,654
——432,623
Net income, as per statement..
—— —
.
110,278
Net profit on sales of securities, $4,641; less Federal inc.tax, $800 *
3,841
Dividends oh $3 cumulative preferred stock—
—
Dr130,200
$244,898
11,097
38,342
.
of Surplus Dec. 31,1938
Capital surplus, balance, Dec. 31,1937.—
Income and profit and loss account from Jan. 1, 1936:
Balance, Dec. 31, 1937—.—.——
—
4,731
$254,637
4,823
44.583 v
—
Income deductions.;.—.
$219,970
$110,243
Alter deducting $1,509 prior year's over-accrual of cgital stock tax.
$232,595
.$110,278
Note—Profit on sale of securities amounted to $3,840 in 1938, $72,218 in
1937, $472,577 in 1936 and $307,802 in 1935.
$240,167
.
36,577
1
Statement
profit from operations.
j-----Provision for depreciation..-.-
Gross Income.
5% debs, called for
Balance, surplus.—-
1937
,14,649
"
exp.
red. March 9,1936---'
$4,252,035
-—
&
disct.
1,273
•
———
Unamort.
on
and general and administrative expenses--
.
$193,693
Ginger Ale, Inc. (& Subs.)-^-^amin^s-
3 Months Ended Dec. 31—
Gross sales, less returns and allowances
Cost of goods sold, advertising, selling, distributing
,
262,946
$371,262
-170.281
——-
Other expenses—
Net profit-——, —
—V. 148, P. 433.
$35,250
Amortization of discount
and expenses on debs-
47,943
29,828
.
1935
$108,316,
1936
$38,196
366,894
Cash divs; on stocks—
Total income
for Calendar Years
1938
$30,024
163,558
Calendar Years^-
Interest earned..—-
.
18,878
$194,000
period of three years, with interest continued at the rate of 2 % per annum.
Bank loans were taken out in the amount of $2,500,000 in 1936 in partial
Outstanding
$500,000
1,000,000
—
Decrease
$3,292,000.
Bank Loans—The bank loan. In the
amount of $1,600,000, which
matured on Sept. 30, 1938, was renewed under its original terms for a
1938
jAlZtlflOTiZ€&
1938
$3,098,000
—.
Capital Administration Co., Ltd.-—Annual Report-
„
Funded Debt and Capital Stock as of Oct. 31*
Ry,—Earnings—
Traffic earnings
—V. 148, p. 725.
95,130
barges.
•
53,218
For payment of unpaid balances on mortgages held by the American
Bridge Co, on 10 steel cargo barges.
————
—
124,077
_
1939
11,
Earnings for the 10-Day Period Ended Jan. 31
For payment of a note to John W« Hubbard for purchase of towboat$249,155
For payment of a note dated Oct. 31,1938 to Marietta Mfg. Co, on
purchase of 10 standard steel hopper coal barges
; For reimbursement to free working capital account of company for
moneys used in the purchase of three welded steel petroleum
Feb.
Chronicle
98,7-75
10,000
10,000
107,653
537,453
secur¬
ity transactions.
Current surplus
376,670
def950
2,195
$291,811
$336,934
Canadian Oil Cos., Ltd.—New president, See.—
John Irwin, formerly President of McColl-iFrontenac, Ltd., will become
President of this company at the next annual meeting.
F. H. Littlefield,
present President, will become Chairman of the Board.—V. 148, p. 725.
Total
...
$291,811
$336,924
.'Total—
x Investments carried on books at cost at which originally purchased by
predecessor corporation or this corporation.—V. 147, p. 3007.
Volume
Cessna
Financial
148
Aircraft
Wichita, Kan.—Stock Offered—
Co., Searl-Merrick Co., and Eldred,
Potter & Co., Los Angeles, Calif., are offering by prospectus
dated Jan. 20, 1939, 91,530 shares of capital stock (par $1).
Paul J.
Marache
875
Chronicle
Co.,
&
Cessna Aircraft Co.
At
Stock offered at the market.
registration statement in respect of 450,000 shares of capital stock
(par $1) has been filed with the Securities and Exchange Commission,
together with a copy of a prospectus dated Aug.' 18, 1937.
Of the 450,000
shares 200,000 shares were issued and outstanding at effective date of
registration statement, 150,000 shares were, at said date, proposed to be
presently offered to the public, 50,000 shares were covered by option agree¬
ments in
Market
Prospectus
A
Bequest
on
LANCASTER & NORVIN GREENE, Inc.
30 Broad St., N. Y.
HAnover 2-0077
,
Teletype NY 1-1786
favor of the
underwriters, and 50,000 shares were reserved for
options to officers and employees.
Of the 150,000 shares offered to public,
58,470 shares have been sold since effective date of registration statement,
leaving 91,530 shares still unsold and now offered.
None of the options
have been exercised.
is engaged in the development, manufacture and
commercial, private and military training purposes.
year the company has developed, but not yet completed,
a new twin motored
five-place low wing monoplane.
This new model,
known as the T-50, is expected to be placed in production during the early
part of 1939 and made available for both commercial and military training
Business—Company
sale of airplanes for
During the past
purposes.
The company was organized in 1927.
During the period 1927-1930 about
300 planes were built and sold.
Manufacturing was suspended during the
of 1931-1934.
In 1935, 10 planes were built and sold,
1936, 34 planes, and in 1937, 43 planes.
Up to Nov. 30, 1938, 26 planes
were produced and sold, and a substantial back-log of orders was on hand.
Company owns in fee 80 acres of land at Wichita, Kan., on which are
located its landing field and factory.
The land, buildings and equipment
depression
years
This compares with a net profit of
x
$806,298 or $2.33
per
share for 1935.
Comparative Balance Sheet
Assets—
Dec. 31, '38 Jan. 1 ,'38
.$1,288,028
$601,410
Cash...
Liabilities—
Jan. 1
Dec. 31, '38
,'38
Accounts payable.
$563,780
$360,438
1,143,092
1,435,096
Sec'd Indebtedness
50,000
50,000
Due customers.
415,657
439,125
128,023
922,281
202,594
Acer, taxes & payr.
313,037
333,562
661,088
Sundry payables..
2,426
1,786
Inventories,
1,951,758
Other assets
46,263
2,221,663
57,290
155,523
1,730,905
611,181
667,962
Capital stock
Paid-in surplus—
177,427
1,730,905
341,281
271,023
Earned
1,069,964
2,108,710
1,069,963
1,976,824
U. S. Govt bonds.
Paper supplies and
postage stamps.
Accts. & notes rec.
Capital
assets
Deferred charges..
Reserves
...
x
surplus—
in
are subject to
mortgages in the aggregate principal amount of $36,000.
The five separate buildings of modern brick and steel construction contain
nearly 50,000 square feet of floor space, deemed sufficient for the com¬
pany's reasonable requirements. •
Capitalization—Capital stock ($1 par)
•
Outstanding
Authorized
x258,470 shs.
n..500,000 shs.
Not including: 91,530 shares offered to the public by this prospectus:
50,000 shares reserved under option for officers and employees; 50,000
shares reserved under option for underwriters.
x
Total...
x
$6,431,907 $6,118,126
Total..
$6,431,907 $6,118,126
Represented by shares of $5 par.—V. 148, p. 575.
Chicago Rapid Transit Co .—Reorganization—
Colonel A. A. Sprague, trustee for the company, filed Feb. 6 a plan for
reorganizing the elevated lines in the Federal District Court at Chicago.
His plan assumes consolidation of that property with the Chicago Surface
Lines in a new company to operate all local transportation.
Colonel Sprague's proposals agree substantially with one worked out
by Walter A. Shaw, traction adviser to Judge James H. Wilkerson.
The
Sprague plan supplements the Shaw plan by setting forth the proposed
treatment of elevated line securities in the merger.
,.
Purpose—Net proceeds (estimated $137,295) will be used to pay indebted¬
provide for the purchase of machinery, equipment, supplies, raw
material, and other items, and for additional working capital.
Directors—Dwane L. Wallace (Pres.), Dwight S. Wallace (Sec.-Treas.),
William R. Snook (V.-Pres.), and Tom Salter, Wichita. Kan.
Underwriters-^-On Dec, 12, 1938, the company entered into an agreement
with Paul J. MaracheJ& Co., Searl-Merrick Co. and Eldred, Potter & Co.,
as
underwriters, whereby the underwriters agreed to purchase from the
company the shares offered by this prospectus.
The agreement provides
that the first 10,000 shares be purchased by the underwriters at $1.50 per
share, net to the company, on or before Feb. 1', 1939; that an additional
10,000 shares be purchased at the same price on or before July 1, 1939;
and that the balance therefo be
purchased at the same price on or before
Feb. 1, 1940.
The commitment of the underwriters to purchase the first
10,000 shares is a firm commitment without right of cancellation, but the
underwriters have the right to cancel their commitment with regard to the
remainder of the shares in the event economic or market conditions which
may exist at the time make it inadvisable, in the underwriters' sole discre¬
ness,
tion, to continue to offer the shares
to the
Statement of Profit and Loss, Jan.
Sales...
Cost of goods sold
1
Selling and general
expense
public.
1, 1938, to Nov. 30, 1938
$185,609
....
157,214
,
4
,
,
Total income.
Deductions
21,721
$6,674
1,398
Net profit on operations.
Miscellaneous income
;
$8,073
6,534
...
...
$1,539
Net income.
Balance Sheet Nov. 30,1938
■
"
Assets—
.
Liabilities—
,
t
$17,000
8,000
payable.......—1,081
payable.....
...
4,619
Current assets: Cash
$9,482
Notes payable
Notes receivable
14,898
Mortgage instalment
19,291
Contracts
Accounts
receivable
i...
Accrued interest
281
Accounts
—
54,245
Inventory....
Other assets
1
Accrued interest
20,420
Taxes payable
.
V
1.
Fixed assets.155,315
—
!-
1
Capital stock.
78,285
1,224
Prepaid insurance
—258,470
37,152
Capital surplus.
Earned deficit
capitalization of the new company as
series A, $72,718,350; first mortgage
5% income bonds, series B, $7,002,290: preferred stock ($50 par), $98,285,067; common stock (no par), $2,685,519.
Of the securities the Rapid Transit group would receive: first mortgage
5% income bonds, series B, $7,002,290; preferred stock ($50 shs.), $35,463,602; common, stock, $1,105,8021
For each $1,000 bond in the Union Elevated Ry. first mortgage, Union
Consolidated Elevated Ry. fjrst mortgage and Northwestern Elevated Ry.
first mortgage, securities holders would get the following: new first mort¬
gage 5% income bonds, series B, $220; new preferred stock ($50 shs.),
$780; new common stock (no par), 2.5 shares.
The following securities in the new company would be allocated for
each $1,000 bond of the Metropolitan West Side Elevated Ry. first mort¬
gage, and the same company's extension mortgage; new first mortgage 5%
income bonds, series B, $150; new preferred stock ($50 shs.), $850 or 17,
shares; new common stock (no par), two shares.
For each $1,000 bond of the Chicago Rapid Transit Co. 1st & ref. mtge.
issues, the following securities would be given: new first mortgage 5%
income bonds, series B, $100; new preferred stock ($50 shs.). $684 or 13.68
shares; new common stock (no par), 9.8 shares in the 6M% series or 9.5
shares in the 6% series.
.
For each $100 of general claims, including Chicago Rapid Transit adjust¬
ment debentures and notes of indebtedness, 2.3 shares of new common
stock would be allotted.
Each share of prior preferred stock would receive
one share of new common stock and each share of old common stock would
receive .0314 share of new common
The directors have declared a dividend of $1.50 per
......
-
— .
3,263
$353,446
Total..
...
Carman & Co.,
Cincinnati & Suburban Bell
x!938
Calendar Years—
on
Jan. 30, declared a
of dividends
arrears
Chicago Corp.—To Pa'y 75-Cent Preference
Dividend—
Directors have declared a dividend of 75 cents per share on account
on
the preference stock, payable March 1 to holders
accumulations
record Feb. 15.
1,1938 and regular quarterly dividends of 75 cents per share were
distributed.—V. 148, p. 434.
of
^
$7,745,846
788,193
916,820
382,843
!—$10,320,669 $10,102,721
revenues._
23,677
18,713
$9,455,025
14,473
$8,892,116
14,177
.$10,296,991 $10,084,008
1,736,860
1,694,894
1,540,698
1,574,907
Traffic expenses
1,614,760
1,520,218
s.
461,342
Commercial expenses—.
475,675
107,108
70,444
Operating rents
845,412
Gen. & miscell. expenses
809,483
Taxes
~
'
1,475,407
1,327.512
$9,440,552
1,621,966
1,618,033
1,559,364
435,313
100,713
816,429
1,161.621
$8,877,938
1,451,764
1,585,178
1,509,683
419,602
100,627
791,277
1,058,637
$2,227,111
111,847
$1,961,170
97,152
60,275
$2,338,958
56,568
$2,058,322
52,826
$2,455,186
2,473,956
$2,282,390
2,473,956
$2,005,495
2,473,956
y$18,770
y$191,565
y$468,461
Total oper. revenues,
Current maintenance
Depreciation expense
.
"
358,076
of
Net operating income,
previously
Net non-oper. income,,
Income
Dec. 28, '35
x Net profit
$1,683,763
$1,120,947
$1,107,179
$732,535
Shares capital stock
179,917
179,907
179,907
179,882
^Earnings per share
$9.36
$6.23
,"
.$6.15
$4.07
x After depreciation, interest and Federal incojme taxes.—V. 147, p. 3758.
Dec. 31, '38 Dec. 25, *37
1935
1936
$8,155,361
1,001,686
423,709
revenues
•
Chicago Flexible Shaft Co. (& Subs.)—Earnings-—
v
^
928,412
455,268
Toll service
revenues--
1 and June
Dividends of 50 cents were paid on Dec. 1, Sept.
Years EndM—
Telephone Co.- -Earnings
xl937
$8,677,326
Uncoil, oper.
dividend of $1 per share on account of
on company's class A stock,
payable
March 1, to holders of record Feb, 15. See also V. 147, p. 3006.
Directors
accumulated
"•
$8,936,988
Local service
Total-——
Inc.—Accumulated Dividend—7- '
during 1934; $4 during
576.
$1 extra) were paid during 1936; $5 during 1935; $6
1933, and $4.25 per share during 1932.—v. 148, p.
$353,446
'•
-V. 145, p. 2385,
share on the common
stock, payable March 20 to holders of record March 10.' This compares
with $2 paid on Dec. 20 and on Sept. 22 last; $1.50 paid on June 23 and on
March 31, 1938; $2.50 paid on DeC. 20, 1937; a dividend of $2 paid on
Sept. 25, 1937, and dividends of $1.50 per share werei previously dis¬
tributed each three months.
Dividends of $7 per share ($6 regular and
Miscellaneous revenues.
Total......'...
stock.—V. 146, p. 1706.
Chicago Towel Co.—$1.50 Dividend—
28,000
Fixed liabilities..
Intangible assets......!
360
2,025
Judge Wilkerson set Feb. 16 for filing objections to the plan and Feb. 23
for hearing them.
Colonel Sprague's plan calls for
follows: first mortgage 5% bonds,
Dec. 26,'36
—
available
for
fixed charges
$2,450,315
65,146
$2,675,960
62,819
•
•
2,515,461
$2,738,780
58,662 "
Interest
Net inc. avail, for divs $2,680,118
on com. stock2,473,956
Dividend
,
$206,162
Balance, surplus
Shs. com. stk. outstand-
Chicago Mail Order CoEarningsJan, 2, *37
$27,101,896
20,648,434
22,517,568
22,755,437
$3,425,547
14,003
71,826
55,000
$3,889,217
$4,346,458
20,980
74,802
3,011,783
3,150,995
sold, incl. publicity, oc-
x
Consolidating
Depreciation and amortization
Taxes other than Federal taxes
Selling,
general
and
11,553
74,435
46,500
73,500
administrative
Provision for doubtful accounts.
3.092,857
10,500
$272,935
92.351
$605,734
88,380
$1,073,820
127,999
$365,286
Other income.
$694,114
$1,201,820
Investment In con¬
Prem.
trolled
Provision
for
provision
Miscell. phys. prop
Cash
Working
funds...
Federal social security
—
146,854
—
120,298
1,527,862
8,851
120,298
capital
on
72,756
175,184
1,980,566
& adv. paym'ts.
8,712
x$991,601
1,807,744
273,636
265,172
Acc'ts payable and
552,378
Taxes accrued....
661,462
1,186,632
Dividend
declared
615,740
615,740
Deferred
credits..
37,330
35,302
Mat'is & supplies.
484,668
1,105,283
505,415
Acc'ts receivable..
691,594
680,374
47,794
35,134
Deprec. reserve
13,630
10,093
Other reserves
Surplus..
210,218
$518,929
1,977,165
1,570,075
depos.
other curr. llab.
351,254
72,756
1,364,276
Notes..
Customers'
Prepayments
Other def. debits..
for
$218,432
1,976.824
(none)
16,000
$
stock—27,488,400 27,488,400
stock..-
32,937
13.000
Temporary cash in¬
taxes,
capital stock tax, normal
income tax & undistributed profits
tax
32,937
cos
investments
1937
$
Liabilities—
Common
vestments.
income before
Federal taxes
Net
1938
^
Telephone plant-.44,282,727 43,177,882
Other
Deficit.
31
1937
§
1
y
Balance Sheet Dec.
1938
jfL 33Ct3
_
549,768
$4.46
Co. arising out of
Cincinnati & Suburban Bell Telephone Co.
x
Maintenance and repairs
,
549,768
549,768
'
'
$4.15
$3.65
revenues, expenses and income of the Citizens Telephone
its operations under lease of Kentucky properties of the
—
Dec. 31, '38 Jan. 1, '38
$24,073,981 $26,406,785
Years Ended—
saies less returns
Gross
Cost of goods
'
549,768
$4.87
ing (par $50)
Earnings per share
Total
x
47,574,617 47,672,695
Total
Consolidating assets and liabilities of the
996,735
12,587,120 13,005,374
11,946
18,884
3,275,318
3,051,876
..47,574,617 47,672,695
Citizens Telephone Co.—
V. 148, p. 434.
$2,195,255
declared.
Earnings per share on 346,181
capital stock (par $5).
$2,496,095
86,546
519,272
$2,799,345
822,180
$2,108,710
Dividends
$1,976,824
$1,977,165
$0.63
$1.50
$2.86
shs.
Cincinnati Union Terminal
Co.—•Proposes
Refundinp—,
The company made application Feb. 9 to the Interstate Commerce Com¬
mission for authority to issue $12,000,000 series E first mbrtgage bonds to
replace an equal amount of first mortgage 5%
redeemed May 1 at 105 and interest.
gold bonds, series C, to be
these subsidiary companies,
The proposed issue would mature on Feb. 1, 1969, and bear interest at
3 M %, or such lower rate as may be approved by the directors.
It is proposed to set up a sinking fund for the new bonds by delivering
to the trustees of the sinking fund twice annually an amount equal to
Transmission Corp. to Columbia Gas & Electric Corp.
These three companies will thereby become 100% owned direct subsidiary
companies of Columbia Gas & Electric Corp. and Atlantic Seaboard Corp.
will cease to be a holding company.
guaranteed by the Baltimore & Ohio, Chesapeake &
Cincinnati, Newport & Covington Ry., owned of all the stock of the
Licking Iiiver Bridge Co., which has no assets and is to be dissolved.
Fayette County Gas Co., owner of all the stock of the Fayette Gas Fuel
Co., which has no assets and will also be dissolved.
Manufacturers Light & Heat Co., which owns all the stock of Sewickley
Gas Co., with no assets and also to be dissolved.
United Fuel Gas Co., which owns approximately 71-6% of the outstanding
stock of Big Marsh Oil Co., will transfer this stock to Columbia Gas in
for ZXA% Bonds Asked—
75 investment houses, banks and insurance companies
to submit bids Feb. 14 on $12,000,000 33^%
bonds.
departure for the
Competitive bidding for this issue represents a new
company,
although
Most
a
few other terminal loans have been arranged in that
trust certificate financing is done through
partial liquidation of its indebtedness.
Eastern Pipeline Co. will sell its phvsical assets to Home Gas Co. and
then will be dissolved.
Application for the necessary authorization has
been made to the P. 8. Commission of New York, the application stated,
and hearings have been held, but no order has as yet been entered. '
Under the plan, three inactive subsidiary companies of Columbia Gas &
Electric which are not public utility companies will be dissolved.
These
companies are Shenango Gas Co., Consumers Natural Gas Co. and Liberty
Light & Power Co.
The company stated that specific applications will be filed for authoriza¬
tion to take each of the specified steps which under the Holding Company
Act require SEC authorization.
Submitting its proposed plan of .integration, the company said:
"It is
the contention of Columbia Gas & Electric Corp., that Columbia system
has been brought to a high degree of corporate simplification and integration
and is at the present time in substantial compliance with the requirements
of Section II (B) of the act.
However, Columbia Gas & Electric Corp., in
furtherance of the policy of simplification embodied in the act, proposes to
make the following changes in its system, subject to the approval of the
commission and all other necessary public authorities."
None of the proposed changes, the application stated, will require stock¬
holders' action by any company of which any stock is owned outside
Columbia system, or require, the dissolution or merger of any company
having outside stockholders.
The changes will not affect the amounts of
puolicly held securities of Columbia Gas or any of its subsidiary companies,
nor will they result in any changes in rates charged for services or in the
policy of the companies with respect to depreciation, the application stated.
The corporation's plan as filed with the'commission points out that
through a program of simplification a total of 79 subsidiaries have been
eliminated from the Columbia Gas & Electric system between 1926 and 1938.
equipment
competitive bidding.
,
The finance committee of the company,
,
'
^
which is controlled by seven
railroads, consists of Willard Place of New York Central; George Pabst
of Pennsylvania, and George Shriver of Baltimore & Ohio.
This com¬
mittee made the decision to market the bonds in this manner.
'
Heretofore, Morgan Stanley & Co., Inc., and Kuhn, Loeb & Co. had
the underwriting of Cincinnati Union Terminal bonds.
These
headed
houses in the past have not participated in competitive
occasional municipal issues, and they do not plan to
coming bonds, it is said.—V.
bidding except for
bid for the forth¬
148, p. 727.
Cleveland Railway Co.—■Earnings1935
1936
$13,654,494 $14,900,113 $15,803,229 $14,146,348
1.854,410
3,304,0104.020,102
3,560,150
Operating revenue.
Net
1937
1938
Calendar Years—
oper?revenue
PTJ$>>2,67
&66.178
Cr53,281
<^>88,648
yl,423,444
x3,550,391
3,832,906
3,403,734
206,199
224,301
238,378
213,339
Non-operating revenue,
Interest and taxes
Sinking fund deduction,
$290,946 def$417,401
$37,466
$19,344
x
Includes $954,792 accrued interest on capital stock, but not paid,
Includes $80,000 reduction of excess accruals of Federal income tax for
Balance, surplus,.,.,
y
previous year,.
B^nce
Dec. 31.
Sheet
Inci. franch's_$33,375,134
Co104,500 Funded debt
Accounts payable..
(4,320
shares, at cost),-—
253,163 Payrolls, Int. & sundry
crued items
Cash....
I
2,544,948
Taxes, other than income
U. S. Treas. bonds, deposited
105,000 Taxes, "Federal incomein escrow.....
4,125,000
Inv. in Elec. Depot
Common capital stock
Notes
&
76,533
lncl. accrued int. receivable
489,437
Miscell. deferred charges
.11.
Capital reduc'n sink, fund as¬
Unadjusted debits
Sink. fund require. for funded
debt, pay. within ,1 year..
Undeclared & unpaid dlvs—
18,847
608,827
Unamort. bond disc. & exp..
Deficit
2,258,762
(contra)
465,497
...
....$38,740,753
Total..
2526.
Coca-Cola International
Calendar Years—
Divs.rec.Coca-Cola Co..
CorpEarnings—
1938
1937
-
Z935
1936
$6,856,202
,
$7,597,837
$7,564,946
$4,206,737
161
109
934
308
$7 565,107
8,978
$7,597,946
yl69,202
1
8,722
$6,857,136
x291,853
16,201
$4,207,046
152,550
3,260
$7 363,846
7,364,770
$7,420,022
7,432,057
$6,549,082
6,393,667
$4,051,236
4,206,737
$12,035 sur$155,415
$155,501
Otherincome
Total
Taxes
yl92,283
;
Expenses.
—f...
Net income
Dividends paid.
„
_
..
»
$924
Includes $11,698 for Federal surtas.
y
Includes $827, Delaware fran¬
chise tax.
Balance Sheet Dec. 31
a
1937
1938
Cash in bank. .:
$ 193,709
$171,552
3,882,200
3,898,160
..
CO..
c
Common stock..$3)882,2C0 $3,898,160
d Class A stock...
Reserve
for
Cocoa-Cola Co^
958,940
'941,510
941,510
958,940
191,456
Columbia Oil's stock interest in
2,253
Surplus
terms of the consent decree.
the
Columbia
—V. 148. P. 576.
Trust
Investment
.
3,1?7
less 1, has been sold.—V. 147, p. 727.
Commonwealth Edison Co. (&
Represented
b Represented
c Represented
d Represented
a
Columbia
March 7
on
by
by
by
by
Total..
1..$5,017,419 $5,028,652
1,552,880 (1,559,264 in 1937) no par shares.
188,3024191,788 in 1937) no par shares.
194,110 (194,908 in 1937) no par shares.
94,151 (95,894 in 1937) no par ?hares.—V. 147, p. 3009.
Gas
&
Electric
Corp.—Stockholders to
Creating Special Capital Surplus—.
Vote
Corporation has mailed notice and proxies covering the special meeting
of stockholders called for March 7.
At this meeting the stockholders will take action upon therecommendation
of the directors to reduce the capital represented by the shares of common
stock
from
$194,349,006 to $12,304,282, without reducing the number
of shares, and create a special capital surplus of $182,044,724.
Under the Delaware law this proposal must be approved by the holders
of a majority of the shares of the 5 % cum. preference stock and the common
stock.
The order of the Securities and Exchange Commission contains
a condition that this proposal shall also be
approved by the holders of a
majority of the shares of the cum. 6% pref. stock, series A, and of the
cum. pref. stock, 5% series, present and voting at the meeting, and by the
holders of a majority of the shares of the 5 % cum. preference stock present
and voting at the meeting.
All stockholders will, therefore, be entitled
to vote at this
meeting.
The proxy statement issued with the notice of the meeting is a printed
of 25 pages, containing complete information
in great detail
and numerous financial reports.
document
Unless the proposal is approved, it is the belief of the board of directors,
advice of counsel to the corproation, that no dividends on any class
of stock may be declared, except with the permission of the SEC, until
the amount of any required reductions in the book values of the assets
upon
of
the
corporation has been finally determined and enough surplus has
to absorb any such reductions.
Such permission was
for the dividends on the pref. and preference stocks paid on
May 15, Aug. 15, and Nov. 15, 1938, and payable on Feb. 15, 1939, but
the application of the corporation for permission to pay dividends on the
common stock during the year 1938 was denied.
The proxy statement informs the stockholders that the management
of the corporation feels that this proposal is in the best interest of the
been
accumulated
obtained
of all classes, and accordingly
See also V. 148, p. 576.
stockholders
approval.
Asks SEC to Authorize
in
strongly
recommends
its
Integration Plan—
The corporation, in furtherance of the policy of simplification embodied
the Utility Act, on Feb. 7 filed an application with the Securities and
Exchange Commission for approval of a plan of integration.
Upon consummation of the proposed plan, the application states,
Columoia Gas & Electric Corp. will own directly 100% of the outstanding
voting stocks of 31 subsidiary companies; more than 95%, but less than
100%, of the outstanding Voting stocks of I subsidiary companies; and 50%
or more,
but less than 95%, of the outstanding voting stocks of 2 other
subsidiary companies which are not public utility companies. „None of
Sold—
;
■
»
•
Subs.)—Earnings—
1938
Calendar Years—
.$5,017,419 $5,028,652
s
Cop.—Stock
A block of 10,000 shares of common stock offered after the
close of the market Feb. 7 by Lazard Freres & Co. at 55Vi
"
Total.,
Panhandle Eastern under the
*
corporations, Philip Gossler, George Howard.
Charles A. Munroe, Edward Reynolds Jr., Thomas Weymouth, Thomas
B. Gregory, Burt Bay and John Hillman Jr. are named as defendants.
Besides
168,375'
Fed.
normal Inc. tax.
b Class A stock of
1937
1938
Liabilities—
<
Common stock of
Coca-Cola
.
Commercial
„
Assets—
Violation Charged to Corporation by Mokan—
Charging that the corporation and its affiliate, the Columbia Oil &
Corp., "are continuing to violate" the anti-trust laws of the
United States through domination of the Panhandle Eastern Pipe Line Co.,
the Missouri-Kansas Pipe Line Co. filed Feb. 6 a motion in the U, S.
District Court in Wilmington, Del., and a petition requesting that the
Columbia corporations be required to divest themselves of their controlling
Interest in Panhandle Eastern in compliance with the terms of a consent
decree obtained by t,he Department of Justice against the Columbia com¬
panies in January, 1936.
•
In the petition accompanying its motion seeking leave to intervene in
the Government's proceedings against Columbia Gas and Columbia Oil,
Missouri-Kansas Pipe Line (Mokan) asserted that "notwithstanding the
provisions of the decree, and in violation thereof," the Columbia companies
"have continued and are continuing their conspiracy and plan to eliminate
Panhandle Eastern from competition in the natural gas industry within the
States of Indiana, Michigan and Ohio."
The Department of Justice, on Dec. 21, last, filed a supplemental com¬
plaint against Columbia Gas and Columbia Oil in Wilmington court in
which it called upon the Columbia interests to formulate and submit to the
court for approval a suitable plan designed to carry out £ divestment
program eliminating Columbia Gas from Panhandle Eastern.
Columbia Gas at present owns $21,000,000 of debentures and 400,000
shares of preferred stock of Columbia Oil.
The, latter, in addition to a
preferred stock interest, also owns 404,000 shares of common stbck of
Panhandle Eastern.
Mokan owns, as its principal asset, the balance of
outstanding Panhandle common stock, or 324,326 shares.
Gano Dunn is
Gasoline
trustee for
Balance,deficit..
x
2,825,496
Capital reduc'n sinking fund
.$38,740,753
Total
121,875
,
465,497
trustee (contra)
-V. 147, p.
106,715
tion and contracts.
130,005
255,757
P.
Prepaid Insurance & taxes...
sets held by
887,787
87,108
25,798
Prov. for settlement of litiga¬
313,104
Inventories.
Other assets-.;.
.
443,699
Unredeemed tickets & passes
receivable,
accts.
84,140
.
acr
......
— ,.
'
193$
Common stock (par $100),,.$31,826,400
Road & equip.,
of Columbia Gas &
Under the proposed plan, the following subsidiaries
cease to control any other companies:
Electric will
have received invitations
manner.
owns
and Virginia Gas
terminal.
of about
a holding company, will sell the stocks and indebtedness
of Amere Gas Utilities Co., Virginia Gas Distribution Corp.
Corp., which is
which it
Ohio, Cincinnati New Orleans & Texas Pacific, Cleveland Cincinnati Chi¬
& St. Louis, Louisville & Nashville, Norfolk & Western and Penn¬
sylvania, which own all the common stock of the applicant and use its
Bids
the application stated, will own or control any
The plan filed proposes changes in the company's system as follows:
Atlantic Seaboard Corp., the only subsidiary of Columbia Gas & Electric
cago
A list
1939
11,
other company.
5-16ths of 1% of the aggregate principal amount of the bonds, plus cash
equal to the semi-annual instalment of interest on the bonds previously
acquired by the fund.
This, it is stated, will result in annual sinking fund
payments of $75,000 plus interest.
The bonds are to be subject to redemp¬
tion on Feb. 1, 1940, or later.
The bonds will be
Feb.
Chronicle
Financial
876
1937
.
1936
Gross earnings...1
.$139,545,175 $140,120,883
Net after Fed. taxes, dejprec., &c.
38,580,687
37,759,608
Consol. net income (adjusted)...
19,897.462
19,048,778'
$130,744,241
34,432,184
14,745,102
Weekly Output—
The electricity
output of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended Feb. 4, 1939, was 143,292,000
kilowatt-hours, compared with 131,958,000 kilowatt-hours in the corre¬
sponding period last year, an increase of 8.6%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
company
:
Kilowatt-Hour
Week Ended—
Feb.
........
Jan. 28...
Jan. 21...
.
Jan. 14
—V.
148,
„
p.
728.
.....
143,292,000
147,932,000
146,453,000
146,221,000
Per Cent
Output
1938
1939
4
Increase
8.6
.
131,958,000
133,938,000 /
133,171,000
135,506,000
,
10.4
10.0
7.9
,
Commercial Credit Co.—Annual Report—
The 27th consolidated annual report of the cc. for
the
gross volume of all receivables acquired was
pared with $933,854,331 for 1937, when the volume
any previous year, in the history of the company.
In accordance with the terms of its offer of Oct. 10,
1938 shows
ended Dec. 31,
$524,345,719, com¬
was the largest of
year
1938, the company
acquired 6o,443 shares, or 90.65% of the outstanding common stock of
Manufacturers' Finance Co., Baltimore, at $1 per share; 50,005 shares,
or 85.71%
of its outstanding $1.75 to S2.5C second preferred stock, at $1
per share, and 70,483 shares, or 83.21% of its outstanding 7% preferred
stock at $7 per share, in each case as an initial payment.
The aggregate
amount of these initial payments, if all stockholders had accepted the
offer, substantially represented the value of the cash and prime accounts
receivable less all indebtedness and certain expenses in connection with the
transaction.
Additional payments are contingent upon realization of
proceeds from liquidation of certain assets, less certain agreed deductions.
The gross volume of receivables acquired by Manufacturers' Finance Co.
during 1938 was $34,553,072.
Its outstandings include a large amount of
slow and doubtful assets, the realizable value of which cannot now be
determined, but for which more than ample reserves have been set up.
These assets are to be liquidated in accordance with the terms of the agree¬
ment with the assenting stockholders under which their stock was acquired.
Manufacturers' Finance Co. was organized in Dec., 1909, by A. E.
Duncan, and was the first company in the East to purchase open accounts
receivable from manufacturers and wholesalers on the so-called "non-notifi¬
cation" plan.
Mr. Duncan retired as its President about May 1, 1912,
and immediately organized Commercial Credit Co.
Net income from operations of Gleaner Harvester
Corp., Independence,
Mo., after charging off losses and providing ample reserves for doubtful
items and for all Federal and other taxes Creturns filed on calendar year
basis), for its fiscal year ended Sept. 30, 1938, was $923,077. or $3.08 per
share on 300,000 shares of common stock outstanding Sept. 30, 1938, as
certified to by its public accountants.
This compares with $693,346, or
Volume
Representatives of the TVA, municipalities and utility executives will
meet soon to draft the formal contracts and final agreements which will be
submitted to State and Federal agencies for such proceedings as may be
required by statute.
per share (prior to surtax on its undistributed profits, filed on calendar
basis) for its fiscal year ended 8ept. 30, 1937 on 259,486 shares of
stock outstanding Sept. 30,1937.
The Gleaner Harvester Corp. financial statement continues to show
the corporation to be in good financial condition, with very small liabilities,
the larger part of which is for Federal and other taxes, ana it has no obliga¬
tions to the company or to any of its subsidiaries.
On Dec. 31, 1938, the company and its subsidiaries, with a total of 3,864
employees, were operating through 256 local offices throughout the United
States and Canada, including 51 separate local offices of American Credit
Indemnity Co. of New York.
$2.67
year
common
Summary of Consolidated Operations
Board of the TVA and the Commonwealth & Southern
Corp. for the purchase from the Commonwealth & Southern Corp. of the
electric properties now owned by the Tennessee Electric Power Co. for
approximately $80,000,000 is correct.
"It is hoped that all preliminary matter may be worked out to the end
that a formal agreement may be entered into the latter part of next week.
"The outstanding bonds and preferred stock of the Tennessee Electric
been arrived at by the
for Calendar Years
Gross earnings
$
notes & debs, retired
on
Gross income
26,843,335
12,816,762
....
0912,636 Crl,345,657
7,339,776
0353,817
3,781,605
1,941,880
1,353,550
2,916.610
credit
717
Res. for surtax on undist. profits.
4,844
2,409,569
145,803
8,306
8,997,363
due to filing consol. return)...
13,593,119
12,005,779
7,800,133
039.880
CY41,828
Cr56,065
"
Net income for minority int
Net income
on
reserve
accts. returned to
closed bank
earned surp.
518,279
7,364,011
of secs.
518,753
8,982,790
202,351
2,459~360
359,825
84,275
23,039
2,258,288
13,789,352
2,055,252
11,734,101
4,080,929
of period 17,125,520
stk. out.
$4.60
16,047,641
$7.09
13,789,352
11,734,101
$6.07
$5.60
•
1938
1937
$
Motor
Bal. for
77,068,360
__..__z27,245,019
28,496,576
30,365,062
60,740,756
33,893,956
138,684
740,537
130,151
779,746
Repossessions in co.'s possession,
at depreciated value:
Motor cars (U. 0. & Canada) __
Other than motor cars
...
22,191,367
725,331
a82,936
& notes receivable, bl,079,973
Assets, now current, &c_.......
16,662,274
36,948,482
29,626,535
subject to specific conting. res.
Customers' liab. on foreign drafts
78,598
527,629
.!
Corp
Invest, sec. held by Am.
$1,776,195
$1,573,772
87,686
5,471
97,943
408
107,416
2,671
income
$1,838,446
&c—•
189,958
$1,958,145
175,986
$1,874,547
$1,683,861
133,129
144,094
$1,648,488
1,646,357
$1,782,159
1,646,356
$1,741,418
$1,539,766
1,647,752
1,645,705
$2,131
CV26,208
2,134,441
$135,802
8,006
2,006,645
$2,162,780
$2,134,441
com.
surplus
Balance to surplus
Net direct chgs. to surp.
,
,
Assets'
3,131
Accounts payable.
225,620
590,269
Misc. curr. llabil—
132,228
14,576
Taxes accrued....
721,579
414,935
378,224
132,600
1,274,028
1,290,728
25,040
Interest accrued..
601,782.
26,054
Misc. accr. llablls.
171
144
229,935
Misc. unadj. cred..
44,466
349,258
Reserves
4,925,883
5,024,587
Earned surplus...
2,162,780
2,1.34,441
Miscell.
invest'ts.
Misc. special
4,775,710
funds
Unamortized
370,111
......
debt
Work in progress..
1,276,966
1,923,312
491,057
4
Miscell.
■
-
suspense.
—V„
credit balance
Contingent
Margin
(Textile Co)
reserves:
3,300,308
2,164,215
4.470,478
4,907,592
6,054,633
4,458,951
3,473,231
6,268,433
4,862,866
5,283,987
3,766,356
2,800,252
3,479,596
5,226,991
1,158,911
8,837.915
1,122,607
<15,121,209
917,725
12,369,094
5,972,570
158,500
44,668
45,235
74,228
12,194,800
18,419,920
17,672,458
17,125,520
12,194,800
12,269,900
18,419,940
18,407,440
17,901,982
13,789,352
due cust'rs only when
partic. loss reserve—
f6r possible losses
of
N. Y.—Insurance reserve, Ac.
Deferred inc. & chgs. (unearned).
Minority pref. & com. stocks and
surplus (subs. cos.)_
Convertible preferred stock.'
4X% cum. conv. pref. stock
y
35,000,000
30,000,000
6.684,920
—
receivables are collected
Amer.
Credit
4,693,487
6,176,507
6,123,729
35,000,000
Capital surplus.
...
Earned surplus,
...
2,594,628
i—_—...
19,371,800
Par $10
17,964,494
16,047,641
11,734,101
———*-224.484,557 343,678,698 272,533,344 166,559,626
z
letters of credit,
deducting
reserves,
Commonwealth & Southern
TVA Ruling
Corp.—Supreme Court in
Holds That Utilities Have
No Legal Standing to
Action—Constitutionality of Act Not Passed On—W. L.
Wilkie Appeals to Congress for Final Clarifiaction of TVA'
Policy—See last week's "Chronicle," pages 663 and 664.
TVA Will Pay $80,000,000 for C. & ft. Tennessee Power—
Accord Based on Federal Valuation Concession Applies to All
Bring
State of Tennessee—Ends Long Fued—
The Tennessee Valley Authority announced Feb. 4 that it had reached the
basis for an agreement under which the TVA and local public agencies will
acquire all Tennessee electrical properties of the Commonwealth & Southern
Electrical Holdings in
Corp. for a price of $78,600,000.
The directors announced this agreement,
.
.
climaxing months of efforts to
Feb. 4 at the Norms,
adjust relations with private utilities, after a meeting
Tenn., home of David Lilienthal, a director.
It was explained the contemplated purchases would
•■
not include the
transportation properties of Commonwealth & Southern Corp.
The major operating unit of the holding company in Tennessee is the
Tennessee Electric Power Co. and the major cities expected to be effected
immediately are Nashville and Chattanooga.
The directors' announcement stated that the price agreed upon, plus
accounts payable, cash and other considerations, would yield Tennessee
Electric Power about $80,000,000 for its electric properties.
It was announced that negotiations would be continued for pprchase of
Commonwealth & Southern properties in Mississippi and Alabama, other
States in the TVA territory.
'«
water, ice or
*
$844,459
$0.86
147, p. 3759.
$0.83
$892,574
$0.93
.
'
*
Noonan has reserved decision on a motion of the
company, Floyd L. Carlisle and other officers and directors to dismiss the
stockholders' accounting suit on insufficient grounds.
In the alternative,
the defendants asked the court to direct the plaintiffs to file an amended
complaint.
\
—
•
Supreme Court Justice
,
Consolidated
electric
Edison
Co.
of New York announces production of the
plants of its system for the
week ended Feb. 5, amounting to 148,-
compared with 134,600,000 kilowatt hours for the
corresponding week of 1938, an Increase of 10.6%.—V. 148, p. 728.
900,000 kilowatt hours,
Consolidated Electric&Gas Co.—Foreign Units Exempted
11,669,320
4,530,166
Motor lien wholesale notes and advances,
a Customers' liability
b Includes accounts in process of liquidation of $525,862
c Assets, non-current, of Manufacturers' Finance Co.
held for liquidation $2,407,301 less reserves for abnormal loss, $2,160,551.
d Con¬
tingent liability on letters of credit.—-V. 147, P. 2526.
y
on
after
$369,481
depreciation, Federal taxes, &c.—V.
After
x
1938—12 Mos.—1937
1938—3 Mos.—1937
profit..—i—$342,554
share on com. ";
$0.75
Earn. per.
Weekly Output—
'
Total
Net
Reserved—
Indemnity Co,
(par $100)
Common stock
x
Consolidated Edison Co. of New York, Inc.—Decision
30,000,000
—...
Dealers'
Reserve
78*598
29,593,759 29,944,022
Total
2360.
p.
Consolidated Cigar Corp. (& Subs.)—Earnings-
94,653.288
130,151
30,000,000
20,175
60,814
29,593,759-29,944,022
146,
Period End. Dec. 31—
138,684
25,142
5
4
d82,936
137,062
130^850
5,486
45,070
disct. & expense
3,309,772
4,386,281
2%% debentures, due 1942...—
3X% debentures, due 1951——.
Manufacturers and selling agents
45,700
230,237
Sinking fund
59,950,906 171,786,656 142,142,273
accts.
Federal and, other taxes
,4,931,000
215,171
146,476
531,025
2,019
549,747
16,385
1,579,000
Sundry
4,888,000
Bonds.
Int. & divs. receiv.
Mat'ls A supplies.
Manufacturers'
sold
payable, incl. all
17,000
3,111
4
Conting. liab. on for'n drafts
16,569,775
17,000
Premium on stocks
31,952
Liabilities—
notes
$
$
Com .stk. ($25 par) 16,569,775
7,061
1,308,585
Finance Co
Liabilities—
$
$
''
57,088
..224,484,557 343,678,697 272,533,345 166,559,626
Coll* trust
$2,002,521
•
—.
Unsecured short-term notes
$2,006,645
Figures for 1936 include the operations for the 6 months ended June 30
Electric Co., Thomaston Electric Light Co. as an investment
organization, and of all subsidiaries except East Hartiand Improvement
Co.
Figures for 1935 are on a comparable basis except that the operations
of Bolton Electric Co. and Thomaston Electric Light Co. as an investment
organization are excluded.
<
"
Condensed Balance Sheet Dec. 31
1938
1937
1938 1937
145,112
16,690
4,304,291
Total
$93,665 def$105,938
89,541
18.719
2,002,521
2,127,179
of Bolton
Total
•
*
10,801
39,504
apd
Furniture and fixtures
„
stk. divs.
capital...-.25,519,948 25,158,330
1,458.062
Cash!
..:—
811,525
946,898
Notes & accts. rec.
962,763
Credit
interest
prepaid, Ac..
charges,
197,087
—
—
......
Indemnity Co. of N. Y
discount
$1,864,987
87,741
3,877
Prepayments.
Sundry marketable securitiesSecurities held by Credit Alli¬
Deferred
$1,746,828
Fixed
C246.750
Investments:
ance
606,499
671,285
Surplus as of Dec. 31.
notes.
Opeh accts. notes & factoring rec.
Assets of Credit Alliance Corp.,
Sundry accts.
686,000
819,694
Common stock dividends
$
18,282,279
—
acceptances....
921,024
Surplus as of Jan. 1
1935
$
27,747,372
28,077,827 23,529,530
91,403,475 155,015,564 143,998,158
lien retail time sales notes. 41,797,691
57,795,609 32.121,518
lien wholesale notes and
„
Cash......
Indus,
710,000
Int. chgs., amort.,
7,653,172
1936
$
,
.
Motor lien retail time sales
736,000
891,511
3,557,067'
.
Operating income
Gross corp.
Consolidated Balance Sheet Dec. 31
• ■
$6,447,534
3,595,976
Other Income
and
Earned surp. bal. close
Assets—
$6,921,802
3,639,912
$6,931,406
Dividend revenue
374,424
1,077,880
bal. begin, of period 16,047,641
Net inc. per sh. on com.
$7,100,404
3,604,393
Retire, reserve accrual.
289,680
10,123,657
54,035
Earned surp.
$6,644,621
531,706
531,772
*
Furniture and fixtures written off
Net profit.
$6,921,802
„
Taxes
pref..stock
4)i% cum. conv. pref. stock
Transf. to res. for deprec.
$7,100,404
Operating expenses
670,068
—
6% Class A convertible
conv.
$6,931,406
Total
Value of free electricity
Total oper. revenue._
6H A 7% 1st preferred.
Common
1935
$5,668,530
976,091
<57,010
Commercial Credit Co.—
5^%
1936
$5,948,047
973,755
and gas
Commercial Credit Tr. pref—
.
1937
$6,133,573
960,831
sales
Gas
Dividends-
8% class B preferred
1938
$5,916,623
1,014,783
Calendar Years—
4,178
•
.
Connecticut Power Co.-*-Earnings—
Electric sales
Net inc. for minor, int. undistrib.
of
Commonwealth & Southern Corp.
99% of which is owned by
728.
(no par)
—V. 148, p.
087,392
422,984
pr*
1
Co.'s preferred stocks outstanding consist
$13,619,600 of 6% preferred $8,123,200 of 7% preferred and$2,123,90C[of
7.2% preferred, a total of $23,766,700.
'
Ki
The funded debt outstanding in the hands of the public is about $48,000,000.
The common stock is outstanding in the amount of 425,000 shares
1,338,064
14,860,327
Upon liquidation of
preferred stocks will be retired at par.
properties of the Tennessee Electric
approximately $72,000,000.
to
these bonds and
Tennessee Electric Power
17,477,707
26,551,747
11,386,067
34,666,853
amount
company,
water, ice and transportation
Power Co. will be retained."
The
1,571,615
charges..!.
Res. lor Fed. inc. taxes (less
Excess
that
57,088
3,399,790
Oper. exps. (excl. int.,& discount)
Net loss in excess ol reserve
Interest and discount
Power Co.
525,999,303
17.339,592
340,838
78,175
...
Cr59,939
700,218
638,951
'
Sundry income...
Discount
$
1935
$
1936
$
524,345,720 933,854,332 789,508,418
26,204,384
33,996,634 26,210.909
purchased
Gross receivables
1937
by President Willkie—
Statement
Wendell L. Willkie, President, Issued the following statement Feb. 4:
"The statement made at Norris, Tenn., that a tentative agreement has
[Company and Subsidiaries]
1938
877
Chronicle
Financial
148
The Securities and
Exchange Commission has issued
ah order exempting
provisions of the Public Utility
include: Islands "Gas, & Electric
Co., Compagnie D'Eclairge Electrique des Villes de Port-au-Prince et du
Caphaitien, Compania Electrica de Santo Domingo, O. Por A., Sociedad
Anonina Industrial del Este, Gas Y Electrlcidad, S. A., Manila Gas Corp.,
Union Electrica de Canarias, S. A., Tranvias de Las Palmas, S. A., and
foreign subsidiaries of the company, from
Holding Company Act.
The subsidiaries
Coke Co.
•
the exemptions despite the fact that consider¬
of one of the companies is publicly held in the
United States.
However, the regulatory powers of the Commission with
respect to further investment of funds in foreign enterprises by United
States investors and jurisdiction over other matters which may affect
investors in the United States were retained.
With the exception of the following, all of the securities of the above
named companies are held either within the Consolidated Electric & Gas Co.
Porto Rico Gas &
The Commission allowed
able amount of securities
foreign investors: $1,161,000 of Islands Gas & Electric
of the total outstanding) are held by
United States; $2,500,000 of 6% property purchase
obligations and $6,602 equipment notes of the company are held by two
system or are held by
Co. 5Y%%
522
bonds due 1953 (being 42%
investors in the
United States.
granting the exemptions set
investors in the
The order
tension of the
its expiration date at Dec. 31,
for an order granting an ex¬
companies may apply
exemption.—V. 147, P. 2680.
1940, at which time the
Consolidated Retail Stores, Inc.—Sales—
Month
1939
of January—
$639,424
Sales
—V. 148, p.
Continental Baking Corp.
kq
Period Ended—
Net profit after
and taxes
on
yy>/zT<? Tended
Dec. 26, '36 Dec. 28, '35
$4,493,803
4,409,900
$4,150,683
4,209,450
$3,502,486
3,207.200
$1,900,789
1,603,534
Merger—
annual meeting on March 7 'will vote on the pro¬
plan outlined in last week's "Chronicle," page 728.—V.
Stockholders at their
posed merger
148, p. 728.
(& Subs.)—Earnings—
WppJcQ
Dec. 31. '38 Dec. 25, '37
charges
Preferred dividends
To Vote
1938
$610,342
275.
Financial
878
Continental Casualty
Directors have declared
a
Chronicle
Co.—Stock Dividend—
stock dividend of one share of $5 par common
stock for each seven shares held payable as soon as possible after Feb. 15.
—V. 147, p. 3157.
Continental Steel Corp.
Devoe & Raynolds
$790,672
57,133
.
$991,890
83,548
$861,300
80,448
$1,075,438
56,956
$941,749
65,572
11,299,278
11,424,399
10,674,744
9,237,987
$92,835
165,148
146,146
$931,967
128,325
118,958
75,000
$1,044,533
$778,643
112,302
81,777
54,500
$609,683
$707,210
37,930
.62",580
62,580
270,000
Prov. for Fed. inc. taxBalance in res. for con¬
10,063
6,361
11,445
276
12,290
1,389
717
1st,pref. dividends--
6,305
1,705
7,558,
Surplus—
2,540
141,320
ofproperties
ment
.
i
Balance earned surplus
Previous earned surplus.
7,969,
176,240
1,781,237
168,121
200,561
on
$2,032,236
88,499
150,434
37,453
10,293
•
200,561
$2.32
-
$2,111,492
200,576
200,648
$2.78
.
135,000
$4.05
'163,000
Nil
Consolidated Balance Sheet Nov. 30
1938
Assets—'
1937
200,648
$1.60
Inventories
— —
865,373 7% cum. pref. stk.
132,572 Acer, int. ondeb..
1,940,375 15-yr. 414% sink'g
894,000
42,500
894,000
344,953
fund
1938
'
Total
—
197,394
99,295
——————:——————.....
I————:.'
Loss of Coos
——*
Net loss
—V. 147, p. 3011.
•
Bullion
$556,096
Ltd.—January Output—
production
Dominion
Approval
common
January, 1939 were $614,68* as compared to. $681,32? for
1938, a decrease of.$66,639 or 9.8%.
These figures cover 79
operation in January, 1939 as compared to 90 in January, 1938.
After eliminating sales fdr the 11 stores in'January, 1938, the same number
of stores showed a decrease of $9,667 or 1.55%.
The 11 stores not in operation in January, 1939 include the. 10 stores
formerly in operation in Oklahoma City and 1 in St. Joseph, Mo-.
The
store formerly operating in St. Joseph, Mo. has been moved to Salina,
KanS. and is expected to be opened about Feb 24.
In addition to the new
location in Salina, Kans., the company has recently signed leases for a
store in Bartlesville and 1 in Duncan, Okla.
These 2 stores are expected
Sales tor
January totaled $601,430,
in
Foundries
&
Steel,
Consolidated Income Account for Years
•
Dominion
See Stop
Stores, Ltd.—Acquisition—
Duncan Electric
Feb. 28,
Distribution expense.
1936
3,103,163
—.
3,707,935
3,295,748
—
b4,954,995'
See
Interest on notes payable
and sundry obligations
Repairs and maintenance
Rents paid............
Net profit for year...
Previous surplus.......
a
261,115
3,900,947
b8,782,673
See
See
a
226,441
a
184,123
......
......
95,448
$163,015
1,624
$350,836
3,164
84,428
$291,189
4,666
59,238
$164,640
2,657
29,888
—
263,243
227,283
.$2:07
$1.78
$1.04
$1.05M
1
Deductions from net income
,
Net profit after taxes:..
2,422,945
775,493
—
,
Surplus end of year-
Shares
com.
stock
-
9,384,076
1,705,000
—
1938
Assezs—
3,004,362
$4.25
1,001,454
"•
1937
$
$9.42
2,662,090
Liabilities—
19,723.046
2,750,380
Preferred stock.
d Notes & accts
1,001,454
$3.91
receivable
56,975,841
22,315,901
147,428
Pension fund inv
512,968
Cash
4,225,229
Deposits in closed
Inventories—
banks...
1
55,873,913
23,903,010
147,428
713,096
4,181,599
90,102
20,000
Notes and accts.
Deferred charges
Total.
c
reserve
d After
payable.
540,050
Empl.savs., dep.
Accts.
payable.
807,979
2,137,570
Notes pay. banks
8,400,000
Accrued taxes..
4,452,933
540,050
828,158
3,688,573
7,850,000
8,097,811
Res. for group life
pensat'ns
and
5,418.367
Res. for contlng.
2,990,462
22,104,714
5,028,956
2,141,569
18,850,872
-
Operating expenses—'—:
Net earnings
.Ltd.—-Earnings—
1938—Month—1937
$45,337
$46,119
15,756
17,610
$27,727.
$30,363
1938—9 Mos.—1937
$423,553
$417,909
138,059
$285,494-
"130,038
$287,871
—V. 147, p. 4053.
(E. I.) du Pont de Nemours & Co.—Annual Report—
Pierre S. du Pont, Chairman, and L.
to the stockholders, state in part:
Income—'Consolidated net income
du Pont, President, in their remarks
$50,190,827, or 7.7 times, the
amount required for dividends on the outstanding debenture stock.
After
providing for dividends on the debenture stock, income was 19.4 times the
amount required for dividends on the outstanding preferred stock—$4.50
ci
was
shsiro
Surplus—Consolidated surplus was increased $6,000,000 through revalua¬
tion of the investment in 10,000,000 shares of General Motors Corp. com¬
mon stock from $18.45 a share to $19.05 a share.
In accordance with a
practice followed since 1925 the amount at which this investment is carried
m the accounts is adjusted annually to an amount closely corresponding
to the equity indicated by the consolidated balance sheet of General Motors
Corp. at Dec. 31 of the preceding year.
The net amount so added to sur¬
plus from 1925 to 1938 inclusive, is $132,878,242,
I
Operating Review
Sales Volume—Sales to customers and other operating revenues of the
Total..
and its wholly owned subsidiary companies were approximately
$235,000,000.
This figure is not entirely comparably with that reported
for 1937. because of a change in the manner or conducting the tetraethyl
lead business.
Effective Jan. 1, 1938, company and Ethyl Gasoline Corp,
entered into a manufacturing agreement under which company now .operates
company
107,931,155 198,105,069
for depreciation of $23,853,901 in 1938 and $22,526,722
reserves for cash discounts, returns and
allowances, and
possible losses in'collection of $13,864,172 in 1938 and $13,539,180 in 1937.
Gross earnings
cumulative.
86,825
615,670
...'..^107,931,155 108,105,069'
After
in 1937.
East' Kootenay Power Co.,
Including company's equity in undivided profits or losses of controlled
companies not wholly owned, earnings on the common stock were $41,847,363, equivalent to $3.79 a share, "exclusive of shares held in treasury.
In
1937 earnings on the common stock were $80,420,790, equivalent to $7.29
Surplus
54,853
600,165
,
31,000,000
of officers
and employees
1938
30,079,080
pensions
agent.
%
$1.02
$0.42>f
31,000,000
in8.accld.com.
Cash depos., with
rec.
$
1937
"
gCommon stock 30,079,080
Divs.
f Co's. stk. owned
escrow
1938
$
'c Property A eqpt 20,436,678
e
'
Period Ended Dec. 31—
4 Cost of manufacture, distribution/collection and administrative and
general expenses, including provision for possible losses in collection of
receivables for deeline in market values of inventories, "and for contin¬
gencies, &c.
b Including approximately $630,000 ($1,980,000 in 1937) for
surtaxes on undistributed profits.
c Includes
cash dividends of $2,002,908 and dividend in common (at
rate of two shares for each common share held) of
200% aggregating
$9,979,080,
Consolidated Balance Sheet Oct. 31
Investments
.
.$22,104.714 $18,850,872 $21,682,634 $13,784,528
3,004,362
$2.43
.
$132,094
•
$46,951: taxes payable, $58,692; common stock, $307,800; preference stock,
$134,900; paid In surplus, $75,610; earned surplus, $321,823; total, $961,425
—V. 148, p. 730.
out-
standing (no par)—.
Earnings per share.
—-
Assets—Cash on hand and in bank, $108,199; Govt., Ac., marketable
securities—cost, $160,143; notes and accounts receivable, $155,226; in¬
ventory on hand, .$252,225; plant and equipment, $279,919; patents, $1;
preferred stock in treasury, $4,200; deferred and prepaid items, $1,512;
total, $961,425.
'
Liabilities^Accounts payable, $15,647; • salaries and wages payable,
$6,105,452
$15,489,528
—
Balance Sheet as at Dec. 8,
159,920'
3,358,193
131,946
Gross surplus..—....$28,320,803 $36,619,110 $25,385,834
Preferred dividends
2,160,200
5,786,250
3,703,200
Common dividends
4,055,889 cl 1,981,988
$1,042,910
727,133
98,436.
54,324
$286,723
4,465
Total.
2,450,168
$9,469,931 $14,936,476 $11,601,30618,850,872
21,682,634 13,784,528
9 Mos. End•
Dec. 3, *38
89,809
Netprofit
.....$16,443,722 $25,566,913 $17,204,885 $14,398,276
Depreciation-..-.—.
1,757,681
1,621,323
1,518,509
1,444,327
and other taxes
$1,466,800
945,455
139,172
Earned per share: Common after pref.
dividends...--—
Dividends paid
—1———
......
Prov. for Federal income
Adminis. & gen. exps
p
$346,599
4,237
...
Income from operations————
Additions to income.
———.
Federal income tax-—.
:
'37 Feb. 28, '38
$1,491,980
915,560
140,01 i
Administration expense
1935
profit."—*——$13,340,559 $21,858,978 $13",909,137 $11,948,108
Other income
Year End.
Year End.
*
Cost of sales
1937
;
Mfg. Co.—Earnings—
'
<
Ended Oct. 31
-
& Shop Stores, Ltd., below.—V. 148., p. 277.
Period—
—$79,233,797 $100399,710 $71,527,016Cost and expenses.... 65i893,238
78,540,732
57,617,879
■
t
Subject to granting of supplementary letters patent being issued, com¬
for one new common-share
at a price of $15 for each 10 shares presently held.—V. 148, p. 579,
Net sales...
Gross
Ltd.—rStock Split-Up—
pany will offer to stockholders right to subscribe
Deere & Co. (& Subs.)—Earnings—
a
$602,529 in
given by stockholders of this company at a special meeting
200,000 common shares into 400,000
shares of no par value and also an increase in the capital to 600,000
Net sales
,
against
was
shares
operation about March 15.—V. 148, p. 276.
1938
.-.11,158,575 11,235,011
held Feb. 9 for sub-division of current
January,
in
—
of ore for Average recovery
of $11.65 per ton.
In December 50,000 tons were treated and average
recovery was $12.05 per ton.—V. 148, p. 579.
stores in
to
Total
In January company milled total of 51,600 tons
Crown Drug Co.—Sales—
.
11,158,575 11,235,011
December and $640,622 in January, 1938.
\
:
— —
.
30,256
$403,186
.
Dome Mines,
$30,538;
22,150
473,150
......
—
Dewey & Almy Chemical Co.—Initial Preferred Dividend
Bay Land Co. for the nine mos. ended
Sept. 30,1937
107,704
186,405
2,722,351
.
Directors have declared an initial dividend of $1.25 per share on the new
$5 cumulative convertible preferred stock, payable March 15 to holders of
record March 1.—V. 147, p. 3608.
210,515
$388,078
15,108
disposal of capital assets
disposal of invest, in Coos Bay Land Co—
on
on
1937
$465,481
80,720
Cr8,037
212,821
loss$14,017
77,371
..........................
Loss from operations.........:
Loss
Loss
1,900,000
a
Represented by 123,000 (95,0(30 in 1937) shares of no par value,
b Ee^
presented by 40,000 shares of no par value,
c After depreciation,of
2,246,015 in 1938 and $3,164,254 in 1937.
d Include? $100,000 due May 31,
1939.—V. 147, P. 3608.
Coos Bay Lumber Co.—Earnings—
Depreciation
Depletion—
.—
Income tax:.—
Surplus.
578.
.
.551,472
634,835
Federal
Res. for conting..
The New York Curb Exchange has approved the listing application
of company to substitute 431,714 shares of common stock (par $5) in lieu
of 215,857 shares of common stock (par $10) presently listed.—V* 148,
,
Ac*
—2,416,161
for
Prov.
1,333,333
debenturesd2-,000,000
Accts. payable,
Notes payable
Copper weld Steel Co.—^-Listing—
Years Ended Dec. 31—
$
3,539,745
4,230,586
Prepaid exps., Ac.
1937
%
:
3,837,746
1,333,333
343,466
_
Liabilities—
a Cl. A com. stock
b Cl. B com. stock
2,034,527
2,902,196
receivable-
1938
.
I
J
202,299
_
Accts.
I
$
3,518,852
$
Plant, equip., Ac 3.878,557
Investments
176,985
Cash—
I... 1,725,603
Notes receivable.
97,242
Including premiumt paid on debentures retired,
y Amount of prior
year's provision for Indiana gross income tax on receipts from interstate
sales restored to surplus.—V. 147, p. 3157.
Profit from operations:
Interest paid or accrued (net).—
Interest on unpaid 1934 property taxes
135,000
$2.88
Balance in reserve for contingencies transferred to offset bristle and
other raw material losses (net) after deducting $182,179 loss on bristle
attributable to extraordinary conditions arising out of war in China..
x
P.
$119,501
135,000 "
$4.49
x
$1,781,237
,
$336,701
$108,353
common
outstanding (no par)Earnings per share
—-
/
12,065
$3.20
Balance earned surplus $2,370,448
438,750
df$560,813
c
Shares common stock..
Earnings per share
$410,609
1,621,627
$2,595,790
173,139
300,866
$2,776,583
pref. stock
Dividends on com. stock
Loss on major dismantle¬
ments, &c
.
$736,227
$814,553
-
—-
Shs. class A & B
2,192
76,760
$632,865
2,111,492
y32,227
Miscellaneous credit....
Dividends
2,725
121,838
62,580
284,000
—
Common dividends
Prov. for Fed. inc. taxes
$530,064
78,011
62,552
270,000
520
_—__
2d pref. dividends
613
"
ment Co.
129,551
110,402
97,370
x4,226
tingencies, &c. (net)—
Net Income for year- _loss$214,233
loans...
1935
"
Operating profit
Deprec. of plant & equip
Disc., int. A sundry chgs
$529,104
32,102
■'
,
on
1936
excl. of depreciation—
¥
Interest
1937
$12,356,366 $11,719,277 $10,016,630
-
$486,727
42,377
$847,805
54,378
Total income..
Interest on funded debt-
Co., Inc.—Earnings-
Consolidated Income Account (Including Subsidiary Companies)
12 Mos.End 12 Mos.End. 12 Mos.End. 6 Mos.End.
Dec. 31, '38 Dec. 31,'37 Dec. 31,'36 Dec. 31/36
$9,767,520
$12,801,105 $19,723,904 $18,539,795
Cost of sales
10,311,425
16,758,294
15,784,358
8,336,062
702,992
Adm., sell. & gen. exps.
1,233,807
1,510,176
1,402,240
Prov. for depreciation
241,738
465,201
463,544
491,895
...
1939
for possible
reserve
Years End. Nov. 30—
1938
Net sales
$11,392,113
Cost of sales and exps.,
Period—
Other income
After
(& Subs.)—-Earnings—
Net sales
.
Feb. 11,
losses of $8,160,405 In 1938 and $8,138,316 in
1937.
t Represented by 7,000 preferred shares and 3,546 common shares.
g Represented by 3,007,908 no par shares.—V. 147. P. 1923.
e
Volume
Financial
148
its
tetraethyl lead plant at Deepwater Point, N. J., and the tetraethyl lead
plant of Ethyl Gasoline Corp. at Baton Rouge, La., for account of the latter
corporation.
Prior to 1938 company manufactured tetraethyl lead under
license from Ethyl Gasoline Corp., which
purchased its requirements from
company.
Excluding sales of tetraethyl lead to Ethyl Gasoline Corp. in
1937, and excluding operating revenue received in 1938 under the manu¬
facturing agreement, the company's sales and other operating revenues for
1938 were about 17% less than for 1937.
Of this decrease about 14% was
due to decrease in physical volume, and about 3% to lower sales prices.
In addition to sales to customers, there were
many intra-company billings
for products manufactured by a department or division of the company
and transferred to another for use in the manufacture of its products.
These
intra-company billings
aggregated approximately
$21,000,0bu.
Therefore, it might be considered that the total volume of business was
approximately $256,000,000.
The per cent increase or decrease, by quarterly periods, in the com¬
pany's sales and other operating revenues in 1938 as compared with 1937,
and the volume quarterly as
per cent of the total for each year, both after
excluding tetraethyl lead figures as, described above, are shown in the
following table:
•
•
'
"
As Per Cent of
Chronicle
by 76,535 different stockholders at the end of 1938,
with 73,154 at the end of 1937.
1938
First
1938
29% decrease
22%
100%
15,222,225
14,473,364
4,769,673
6,648,858
52,965,490
44,004,389
4,746,320
40,716,925
22,497,720
8,636,163
56,193,577
99,298,360
101,716,199
71,850 808
5,950,000 dll.210,000 dli,775,000
52,750
56,417/
56,750
6,458 646
Prov.
outstanding bonds—
on
36,672,635
56J50
arising
liabil.
previous years..
Net income.
'b Adjustment resulting
.
50,190,827' 88,031,943
89,884,449
244,772,477 226,236,595 196,312,228
from
re-
».
•
'
valuation of interest in General
Motors Corp
.
3,250,000
62 085 410
1781729,397
-
,
—CV6,000,000 Cr8,500,000 CV14000.000 CV5,000,000
•
•
Drl,250,000
Transfer to cap. stk. acct., &c..e_
Total..
Dividends
debenture stock
on
preferred stock.
Dividends
on common
In
a
fully equal to the best natural product in general properties and
considerably surpass it in durability.
The exceptional strength and elastic¬
ity of nylon when drawn into fine filaments, and its similarity to natural
silk in appearance and utility, are expected to create z, demand for it in
the field of women's hosiery and sewing thread.
Other commercial appli¬
cations of the basic material are being studied.
Construction of a plant to produce nylon yarn, estimated to cost over
$8,000,000, was recently begun at Seaford, Del.
In addition, over $2,000,000 will be expended at Belle, W. Va., for construction of plant facilities
to manufacture the intermediate materials.
The new Seaford plant can hardly be brought into production before
1940, and it may then be some time before this new industry can take its
place among the lines which regularly contribute profits in an important
.
11,032,724
$7.29
$3.79
of
value
Pont
du
11,049,470
11,050,399
'
$7.56
$5.04
share of General Motors Corp
com¬
company's investment in General Motors
a
General
Motors
Corp.
valued,
were
Dec. 31, 1935, 1936 and 1937, respectively.
These
31, 1938, at $19.05 a share,
d Includes provision of
at
Dec.
$1,267,125 ($2,148,000 in 1936) for surtax on undistributed" profits,
e Transfer to
capital stock account in connection with Issue and sale of 500,000 shares preferred
stock ($4.50 cumulative) for $48,750,000.
Consolidated Balance Sheet Dec. "HI
'
•
.
[Including Wholly-Owned Subsidiary Companies]
,
1938
1937
<£
A oo^/o—.
hot
receivablefor
executives'
bonus
to
31,485,867
381,889
2,428,577
'
5,816,773
1,723,365
2,856,219
..356,333,251 354,399,421 317,807,884
2 30,076,287
29,995,523
29,943,125
1,779,226
1,897,381
1,489,938
plan
Deferred charges—
..
—
1,810,244
293!596!6l8
30,014,351
1,379,876
.—.610,543,555 804,107,836 721,230,126 666,728,991
*
6,237,074
Accounts payable.
Dividends payable on
deb. stock.
pref. stock.
6,230,021
1,639,422
562,500
19,551,106
1,639,397
562,500
f Accrued liabilities
14,000,281
Miscell. accts. payable, adv., &c_
5,368,325
Dividends payable on
,
37,521,122
for
under
Patents, goodwill, &c
Total
38,139,973
'
acquired
employees
Plants and property
Liabilities
29,827,478
under
plan...
stock
awards
9,970,783
176^000,000 162[6o6",666
common
stock sold to employees
Common
50,547,571
2,830,095
■«
wholly-owned & iniscell. invests 40,818,511
Notes
$
26,036,925
40,299,163
20,828,361
44,571,517
8,487,547
commonstock.al90,500,000 184,500,000
in affiliated cos.
Investment
1935
$
65,844,572
19,365,829
63,472,896
2,394,979
58,636,044
—
General Motors
1936
©
45,489.017
92,228,572
Accounts and notes receivable... 20,898,195
Inventories
51,512,586
Misc. accts. rec. advances, &c
2,564,427
•Marketable securities
d22,109,135
Cash
"Acele" acetate rayon at
are
' b The
stock.
shares
and
Commercial application of nylon to date has been confined to the pro¬
of "Exton" bristles for use in toothbrush manufacture.
These
11,044,594
l-55th of
common stock was adjusted on the books of the company in 1935 to $162 000,000 in 1936 to $176,000,000, in 1937 to $184,500,000, and in 1938 to $190,500,000
which closely correspond to its net asset value as shown by the balance sheet's of
flass manufacture, at Arlington,Richmond, Va., and Old Hickory, Tenn.;
N. J.; propionic and acetic acids at Belle,
V. Va.; viscose rayon yarn at
duction
com.
(par $20)
div. of $3.45 and
a
67,402,497 a42,944,993
Corp.
per
•
1935
68,950,975
256,251,529 244,772,477 226,236,595 196,312,229
of shares
Stock outstanding
materials con¬
■
number
Average
35,904,214
Btock..!..
Amount earned per share
mon
Waynesboro, Va.; and neoprene, ethyl chloride
dyestuffs at Deepwater-Point, N. J.
Transfer to Deepwater Point, N. J., of the dyestuffs and organic chemicals
manufacturing operations formerly conducted at the Carrollville, Wis.,
plant, acquired from The Newport Co. in 1931, was completed during the
year.
.
"
Nylon—Nylon is an entirely new synthetic protein product, having great
strength, toughness, and elasticity.
It is made from such basic raw mate¬
rials as coal, air and water.
This development is protected through the
recent issuance of basic patents on the product and the processes of its
.300,963,304 321,518.539 300,196,678 245,814,808
6,557,561
6,557,586
6,557,586
6 557 586
2,250,000
1,237,500
Profit and loss surplus..
increase
manufacture.
on
Dividends
about 11%
This
conting.
Surplus at beginning of year
by the company, although lower in 1938 than in 1928, increased
were
for
out of oper. of
dollar of sales, although about 17% lower than
higher than in 1928 and about 78% higher than
is due mainly to increased physical volume of
sales; increased volume of intermediate materials manufactured by the
company for use in its finished products; development of new products and
new uses for its older products through research; and improvements in
methods and equipment.
>'
At the end of the 10-year period the number of employees had increased
approximately 7,700, a gain of about 19%.
•
Plant Extension and Betterment—The company's policy of extending and
bettering its manufacturing facilities is long standing.
Such expenditures
for the years 1920 to 1931, inclusive, averaged about 12% of the investment
in plants and properties.
From 1932 to 1937 the average was about 9%
and in 1938 about 6%.
'
In
1938 approximately $21,000,000 was expended, of which about
$13;000,000 provided additional capacities, and about $8,000,000 was for
renewal and betterment of equipment and facilities.
Proportionate ex¬
penditures for construction are contemplated for 1939.
The additional capacities constructed in 1938 are principally for the
manufacture of "ButaCite," a new resin used primarily in laminated safety
,
16,805,179
55,976,867
Interest
the 1932 low.
bristles
18,287,817
Provision for Federal taxes
about 23% from 1932 to 1938.
Taxes of all kinds paid by the company, expressed in cents per dollar
of sales, increased about 77% from 1928 to 1938, and about 112% from
1932.
55,190,288
36,795,283
14,628,621
Total Income
■,
1937,
...
68,187,715
a
The weighted average market price of the principal raw
Operating profits
72,282,046
Income from mlscell. secur., &c__
100%
in 1932,
in
55,083,100
Inc. from Invest, in Gen. Motors.
weighted average basis, the sales prices of the com"
pany's products were about 2% lower than the 1937 average.
Wage rates,
generally, remained unchanged from 1937 in which year they had been
increased about 17% above the rates for 1936.
The Weighted average
market price of the more important raw materials used in the manufacture
of the company'8 products was about 18% lower than in 1937.
Taxes
Were about 10% lower than in 1937, when expressed in cents per dollar of
sales.
However, various fixed elements of the cost of doing business were
not materially reduced in total, and were therefore higher per dollar of sales.
The average hourly compensation paid to the company's wage workers
in 1938 was about 46% greater than in 1928, and about 72% greater than
in
$
Income from operations.,
28%
25%
21%
For the year..
1935
$
lescence of plants & equipment.
26%
22%
27%
29%
1936
$
oper. rev
Income from operations——
Prov. for depreciation and obso¬
1937
—34% decrease
10% decrease
14% increase
__
_
Fourth Quarter
Sales Prices—On
1937
17% decrease
quarter,
Second Quarter
Quarter
Third
sumed
(net) and other
235,409,426 286,043,075 260,333,220
Cost of goods sold & oper. chges.. 147,349,624 174,744,472 1 55,521,419
Selling, general and admin. exps_ 32,976,702
39,016,557
36,624,086
—Year'sTotal—
vs.
compared
1937
$
Sales
•
.1938
as
Consolidated Income Account for Calendar Years
"
.
879
owned
.
5,875,869
7,687,036
5,127,"481
1,639,425
1,639,422
...
,
......
20,246,799
2,734,210
13,456~52S
4,984,414
1,985,151
2,341,245
Provision for awards to employees
5,130,387
8,805,446
1,055,000
under bonus plan—....
Bonds of subsidiary
gl,055,000
companies in
hands of public..'.
gl,135,000
1,135,000
Debenture stock issued
109,294,800 109,294,800 109,294,800 109,294,800
b Common stock
.221,315,240 221,315,240 221,315,240 221,315,240
h Preferred stock
...50,000,000
50,000,000
. «
Res. for deprec. & obsolescence..109,681,565 104,968,541
95,818,127
85,585,479
Reserve for insur., bad debts, &c.
6,812,555
8,036,240
9,413,634
8,850,484
Obligation to trustee under penv
sion plan..J
23,194,902 22,001,174 20,724,847
19,685,952
c Surplus appllc. to company....256,251,529 244,772,477 226,236,595
196,312,228
„
_r
.
,
way.
.
difficult to exchange foreign collections for dollars.
Constant specialized
attention has been given to this problem, and no foreign exchange loss of
consequence
occurred.
■
-.
Employees and Payrolls—At the end of the year approximately 47,000
employees, including about 2,300 engaged in construction work, were on
the rolls of the company and its controlled companies, a decrease of about
10% from the end of 1937.
For the entire year the average number was
approximately 47,400, a decrease of about 18% from the 1937 average. This
decrease was due almost entirely to lower volume of business.
Total wages and salaries paid by the company and its controlled com¬
panies was approximately "$90,700,000, a decrease of about 16% from the
total-paid in 1937.
General Motors Investment—Company's investment in common stock of
General Motors Corp. totals 10,000,000 shares.
Prior to December 29,
1938
156,250 of these shares were owned directly, and 9,843,750 shares
were owned indirectly through
General Motors Securities Co.
On that
date company surrendered to General Motors Securities Co. its entire
holdings of General Motors Securities Co. common stock, receiving in
exchange the 9,843,750 shares of General Motors Corp. common stock (plus
a small amount of cash), with the result that the 10,000,000 shares are now
directly held by company.
These shares constitute 22.99% of the issued
common stock of General Motors Corp. and are equivakent to approxi¬
mately 9-10ths of a share for each share of the common stock of company
outstanding at the end of the year.
The change from indirect to direct ownership of the bulk of company s
investment in General Motors Corp. common stock will result in saving
the Federal income tax on dividends from General Motors Corp. common
stock which General Motors Securities Co. heretofore was obliged to pay.
The change also terminates company's voting power with respect to about
1,800,000 shares of General Motors Corp. common stock owned by General
Motors Securities Co. but applicable to the class A stock of that company,
none
of which was owned by company.
Oumership of du Pont Company—The number of
1938, as compared with Dec. 31, 1937, was as
stockgolders on Dec. 31,
follows^^
59,750
13,384
8,101
•Common stock
Debenture stock—_—
Preferred stock
Total—
"
There
are a
.—A.
1
81,235
77,792
holds more than
With these duplications eliminated the" company was
carried at
$19.05
a
Building Program—
Company will expend more than $10,000,000 during the coming year to
plants for making nylon yarn, according to a statement issued on
Feb. 2 by Lammot du Pont, President.
Nylon, a recently developed syn-
construct
product, having a close.similarity to natural silk, but stronger and
elastic, was announced by du Pont last October,
a nylon yarn plant, estimated to cost more than $8,000,000 recently was begun at Seaford, Del.
In addition, $2,000,000 or more
will be expended at Belle, W. Va., for plant facilities to manufacture the
tehtic
more
,
Construction of
intermediate materials.
*
Since the announcement
of the development of nylon last fall, there has
in the textile and allied industries as to the
been considerable conjecture
potential market for the new material as well as the effect on the materials
it possibly might displace. In this respect, Mr. du Pont states that "in view
of the strong popular-interest in the development of nylon, and attendant
favorable publicity, it is timely to caution the company's stockholders
against premature expectations.
The new Seaford plant can hardly be
brought into production before 1940, and it may then be some time before
this new industry can take its place among the lines which regularly con¬
tribute profits in an important way."
Nylon, an entirely new synthetic protein product, having great strength,
toughness and elasticity, is produced from coal, air, water and other basic
raw materials.
To date, commercial application of the product has been
confined to the production of bristles for use in tooth-brush manufacture.
—V. 148, p. 730.
Eastern States
Corp.—Earnings—
Calendar Years—
Income—divs. received.
Other
Net
"&
transfer fees
expenses
loss
1938
1937
1936
$11,163
2,300
4,361
$17,423
3,805
7,449
$15,916
9,094
8,202
7,871
$4,591
$2,034
1935
$9,443
4,550
2,992
4.812
4,006
4.325
x$l,318
$1,881
Exclusive of profit on sale of securities in 1936.
1938 the corporation's investments had a market
$3,456,442, as compared with a value of $3,400,829 at the end
At the close of the year
—-
number of instances in which a stockholder
•onejclass of stock.
common stock—10,000,000 shares
Represented by common shares of $20 par value (in 1938 includes 18,600 [44,337
in 1937, 20,458 in 1936 and 17,823 in 1935] shares in treasury held for awards to
employees under bonus plan).
cE, I, du Pont de Nemours & Co.'s equity in
surplus of controlled companies not consolidated has Increased since acquisition by a
net amount Of $3,149,528 in 1938, $2,685,431 in 1937, $2,501,498 in 1936 and $2,270,621 in 1935.
d The quoted market value on Dec, 81* 1938, was $22,266,031.
f Including provision for Federal and other taxes of $8,822,369 in 1938, $13,971,526
in 1937, $15,074,914 in 1936, and $8,369,669 in 1935.
g Assumed on liquidation
of a subsidiary company,
h Represented by 500,000 no par shares. ■
Registrar
56,577
13,358
7,857
Motors Corp.
1938, $18.45 a share in 1937, $17.60 a share in 1936 and $16.20 in 1935.
b
x
<•
General
.
Foreign Business—Net earnings of the company's foreign affiliates, as a
whole, were less th'hn in 1937.
•
Export sales, which accounted for about 4% of the company's total
dollar sales, decreased about 10% from 1937.
This decrease Was in line
with general business conditions prevailing in export markets.
'Unsettled conditions continued in many foreign countries, making It
..810,543,555 804,107,836 721,230,126 666,728,999
Total.....—
a
share in
value of
of 1937.
Financial
880
Balance Sheet Dec. 31
1938
Inves'ts
a
1938
$
1937
$
$
Liabilities—
Accrued taxes, Ac.
cost
at
co.'s
or
1,076
A
Ser.
b
dlv.
$7
3,900,000
18,517,594 18,517,594
1,439,015
1,439,038
deposit..
851
4,838
B
Ser.
c
$6
6,000.000
dlv,
pref. stock
Other Investrn'ts
3,900,000
6,000,000
pref. stock.
Co., 1.000,000
shs. corn. stk.
A
on
1,904
1,409
payable.
Accounts
val'n:
Regis Paper
St.
Trustees Seek to Pay
1937
$
A S8€lS—
on
Common stock.
6.313,305
6,313,305
Capital surplus—
Cash
1,000,000
2,741,670
2,746,261
d
Earned
19,957,460 19,961,470
Total
Valuations
a
total
of
surplus
1,000.000
19,957,460 19,961.470
Total.
based
Investments
Feb.
Chronicle
on
quotations
market
were
'
$3,456,442 at Dec. 31, 1938, and $3,400,829 at Dec. 31, 1937, or $16r
500,167 and $16,555,803 less than the related book values at those dates,
b Represented by 40,000 no-par shares,
c Represented by 60,000 no-par
shares,
d Represented by 5/2,132 no-par shares.—V. 146, p. 3184.
11, 1939
Interest—Sinking Fund—
petition seeking authority to pay interest and sinking fund instalments
A extended bonds of New York, Lake Erie & Western Coal &
series
RR., was filed in Federal Court Cleveland Feb. 3. by trustees.
Interest instalment of $20,763 on $755,000 principal amount of Series A
bonds, fell due May 1 and Nov. 1, 1938, while sinking fund
payment
amounting to $12,637 became due March 1, 1938.
None of these payments
has been made, petition states.
The trustees' petition seeks authority to: (1) pay sinking fund instalment
of $12,637; (2) pay Series A interest instalments of $20,763 each, and (3)
provide for setting aside sum of $52,250 on making each interest payment
on Series A bonds, this sum being equal to like Interest payment on Series B
bonds which are pledged under Erie's first consolidated mortgage.
The
petition further provides that these sums so set aside shall be earmarked
for purposes of capital expenditures and when such expenditures are made,
the trustees shall be entitled to a credit for a like amount of interest payable
City Bank Farmers Trust Co. as
to
trustee.—V. 148, p. 730.
Fajardo Sugar Co.—Smaller Dividend—1
Directors have declared a dividend of 50 cents per share on the common
Eastern Steamship
Lines, Inc. (& Subs.)—Earnings—
1938—Month—1937
Period Ended Dec. 31—
1938—12 Mos.—1937
$489,349
638,532
$9,295,563
8,703,660
$9,646,708
9,269,057
Operating income..def$47,940 def$149,183
1,787
2,831
$591,903
$377,651
14,966
55,293
50,893
656,900
$197,245
$50,031
Growers ^Vssoci cti/ion*
y
Dividends of $1 per share were paid on Dec. 1, Sept. 1, June 1 and March
13,716
$101,446
stock, par $20, payable March 1 to holders of record Feb. 15. This amount
includes dividend declared by one of company's affiliates, Fajardo Sugar
Operating revenues
Operating expenses.. .
$575,316
623,256
'
.
.
Other income.....
Other expenses
Deficit
—
of
*
Inc.—Weekly Input—
Ebasco Services,
For the week ended Feb.
2, 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.,
aacompared with the corresponding week during 1938, was as follows:
v
1938 '
Operating Subsidiaries of—
1939
American Power & Light Co—107,890,000
Electric Power &
48,491,000
75,651,000
—V. 148, p.
730.
.
.
8.6
8.4
1939
1938
$1,183,319
•
.
EI Paso Electric Co. (&
Subs.)—Earnings—
1938
12 Months Ended Dec. 31—
Operating revenues
—:
x Balance after operation
maintenance & taxes...
y Balance for dividends and surplus
,
x
6.1
6,342,000
$1,316,791
-
127.
-
Inc.—Sales-
Month of January—
Sales......
—V. 148, p.
'rm
Pet.
'■
.
Edison Brothers Stores,
ITVCTCCLSC
4,158,000
101,702,000
Light Corp... 52,649,000
Light Co
81,993,000
National Power &
"
Amount
6,188,000
.
Includes non-operating income, net.
y
1937
$3,196,172
$3,132,946
1,249,315
1,216,898
433,857
401,471
After appropriations for retire¬
Electric Shareholdings
$6
cum.
con v.
pref. stock
(optional stock dividend series), payable on March 1, to holders of record
Feb. 17, as follows: '
In common stock of the corporation at the rate of 44-lOOOths of one
share of common stock for each share of $6 cum. conv. pref. stock (op¬
tional stock dividend series) so held; or
At the option of the holder by notice to the corporation on or before
Feb. 27, in cash at the rate of $1.50 for each share of $6 cum. conv. pref.
stock (optional stock dividend series) so held.
On the basis of current
quotations, the market value of the dividend in Stock Is less than the
optional cash rate of $1.50 per share.—V. 148, p. 730.
Parent Company
Total
1937
$3,220,546
2,962,557
$2,976,522
The directors of the corporation Feb. 10 announced the election of E. A.
as President of the company.
Mr. Nicholas has been associated
Nicholas
Fiscal Fund, Inc.—Dividend—
The
-
companies, measured by cumulative dividends on preferred stocks of such
companies not earned within the year, less minority interest and inter¬
company eliminations (1938, $549,762; 1937, $349,789). Such amounts are
not a claim against Engineers Public Service Co. or its other subsidiaries,
y Includes non-operating income, net.
March
Stock
Reduction Plan—
Stockholders at their annual meeting on April
to reduce common
stock
as
17" will vote
V. 147, p. 3761.
1939
■ -
Commerce
Commission
Feb.
1.
hpldings of common and first and second preferred stocks.
holdings of the C. & O. in the Erie are approximately 984,800 shares
for its present
total of approximately 1,511,067 shares, 151,405 shares
of first preferred out of approximately 479,044 shares and 60,195 shares of
second preferred out of a total of 158,570 shares.
Annual interest and divided charges, including fixed and contingent
a
interest, rent for leased roads, and dividends on preferred stock, would
amount to $5,625,458 before payments of common stock dividends under
the debtor plan, compared with $4,151,990 under the,modified plan sub¬
mitted by the C. & O.
The plan should also permit, Mr. Wyer said, the merger or consolidation
of the New York, Susquehanna & Western with the new company on any
basis which might be approved by the reorganization managers and the ICC.
The board of directors under the C. & O.'s modified plan would be con¬
trolled by representatives of the common stockholders.
70% of the entire
Period End. Dec. 31—
1938—12 Mos.—1937
1938—3 Mos.—1937
1
$4,276
624,955
Avge. fare per irev. pass.
—V. 147, p. 3159.
$21,086
584,566
$0.0941
,
Co.—Earnings—
Years Ended Dec. 31—
1937'
1938
x
Total operating revenues...
$2,276,569
Operating expenses
1,056,830
.....
Maintenance..
prof$24,149
2/529,879
$875
,
2,359,367
$0.0915
$0.1928
$0,094,
Florida Public Service
160,062
182,834
...
$2,160,284
1,136,356
168,492
112,656
198,492
194,878
„•
Operating income...
$681,965
...
25,233
y
on
Interest
1st mtge. bonds
on
j.
5% serial debentures
809 prior preferred stock and the issue of $74,449,279 second preferred stock
proposed by the debtor would be eliminated and there would be sub¬
24,124
Crl,938
$293,128
$305,621
'
z
Balance.
Preliminary, subject to annual audit and such sundry book adjustments,
;
,—ji..
closing for fiscal year ended Dec. 31,
1938.
y A total of $3,000,000 of these debentures were issued early in
1938 in exchange for a like principal amount of 7%* convertible income
debentures
which
retired and canceled,
have been
z
Before interest
on
convertible income debentures, owned by parent company .-t-V. 147, p. 3014
(Geo. A.) Fuller Co .—Initial Preferred Dividend^
Directors have declared
an
initial dividend of $3
per
share
the $3
on
convertible preferred stock, payable March 1 to holders of record Feb. 16.
Dividends are Dayable on
this class of stock only if earned.—V. 146, p. 1876.
General Electric Co.—Contract—
The U. S. Bureau of Reclamation announced that this company had been
awarded
a
contract totaling
$2,490,999 for furnishing and installing four
generators at the Shasta Dam power plant on the Central Valley project in
California/The General Electric bid was the lowest of three bids submitted,
the Bureau said.—V. 148, p. 278.
General Motors Corp.
Earnings
the minds of officials of the company, Mr. Wyer said.
Under the modified plan suggested by the C. & O., the issue of $38,059,-
...
24,196
Crl23
,
x
bonds because of the provision providing for the purchase of stock
through warrants.
To preserve the O. & O.'s equity, these warrants would
in
150,000
_i_.£
(& Subs.)—Earnings—
x
sound business investment
23,519
$567,807
240,Q00
if any, as may be necessary incident to
of the common stock while the remaining
would represent the preferred participating stock.
5%
,
Other interest
Interest charged to construction
$544,288
-
$707,198
240,000
Gross income
Mr. Wyer told the commission that the C. & O. was opposed to the plan
submitted by the committee representing the first & refunding mortgage
a
-1938
<
,
Rev. fare pass, carried..
board would be representtives
have to be exercised which would not be
/
$197,734
36
$207,086
39
Net loss..
Interest
The amendments to the debtor's plan, submitted by William Wyer,
consulting engineer of the C. & O., would make available for common
a larger amount than was provided in the plan filed by the
debtor.
This would benefit the C. & O., since under the debtor's proposed
allocation of new securities, the C. & O. would receive only common stock
30%
.
Fitchburg & Leominster Street Ry.—Earnings—-
stock dividends
Present
January—
operation
—V. 148, p. 127.
proposal
outlined in last week's "Chronicle", page 730.
Suggested modifications in the Erie plan of reorganization, designed to
insure continued control of the Erie by the Chesapeake & Ohio, were sub¬
of common out of
..
•
•
,
Other income
Interstate
on
payable
on
Suggests Modifications to ICC—
the
The dividends j^re
(M. H.) Fishman Co., Inc.—Sales—v
Erie RR.—C. &. 0. Seeks Plan to Insure Control Over Erie—
to
of 2H'%
stock distribution
Provision for taxes..,
—V. 148, p. 730.
mitted
a
15 to holders of beneficial shares of both series of record Feb. 23.
Provosion for retirements
'
on
of directors have declared
board
bank stock series and insurance stock series.
After allowing for loss in investment in common stocks of subsidiary
Vote
director of the company.
a
with radio and television since the earliest days of radio.
2,741,670
Combined Subsidiary Companies—
Operating revenues
—..--$52,715,815 $52,456,910
y Balance after operations, maintenance and taxes. 22,098,^66
21,616,195
Consolidated Earnings—
x Balance applic. to stocks of Engineers Public
"
,
Service Co*
3,872,957
3,768,777
To
Vice-President and
Stores in
Only—
revenues
Balance for dividends and surplus
x
.
Sales...
1938
N,ew
After 12 years of experimental work in the television field, corporation
on Feb.
10 announced plans to raise new capital which will enable it to
proceed immediately with the acquisition of facilities for manufacture of
television equipment on a commercial scale.
The company filed Feb. 10
with the Securities and Exchange Commission in Washington a registra¬
tion statement with respect to 600,000 shares of its common stock.
E. H.
Rollins & Sons, Inc. will head a group of underwriters whowill be named in
amendments to the registration statement to be filed later.
In carrying out its program, the "company announces that it expects to
acquire the business and assets of Capehart Inc. of Fort Wayne^ Ind.,
whose plants and equipment will provide facilities for the production of
special radio, television and allied electrical apparatus.
It also contem¬
plates the acquisition of the radio plant of General Household Utilities
Co. of Marion, Ind.
*
The company has recently acquired all of the assets of Farnsworth
Television, Inc., which was successor to Crocker Research Laboratories,
an unincorporated association formed in San
Francisco in 1926.
These
predecessors of the present company were formed primarily for the purpose
of conducting research in the television field under the direction of Philo T.
Farnsworth, and for the development of his inventions relating to electronic
television.
The company is continuing such research and development and
with the acquisition of new facilities will be equipped to exploit com¬
mercially its inventions and patents, as well as to license others to use such
inventions.
Philo T. Farnsworth, who is credited with discovering the principle now
generally accepted as the basis of television, will devote his exclusive
services to the corporation as Director of Research in addition to serving'
Month of
Engineers Public Service Co.—Earnings—
■
4054.
E. A. Nicholas Elected President—
at the close of business on
12 Months Ended Dec. 31—
p.
Capital for Manufacturing—Plans to Register 600,000 Shares
of Common Stock—
Corp.—Optional Dividend—
Directors have declared a dividend on the
147,
Farnsworth Television & Radio Corp .—To Raise
as
148, p. 277.
ment reserve.—V.
Inc.—Successor—
Farnsworth Television & Radio Corp.—rV.
8ee
covers
years above have been adjusted to account for settlements
mail contracts canceled by the Government.—V. 148, p. 127.
ocean
Farnsworth Television,
658,588
both
for
147, p. 2865.
quarters.—V
$267,221
.
operations, after depreciation, interest,
rentals and local taxes, but before Federal income tax, capital stock tax,
capital gains or losses and other non-operating adjustments.
All figures
statement
above
The
1, 1938, and dividends of 50 cents were paid in each of the three preceding
Calendar Years—
y
1938
Net profit.
...$102,320,000
zShs.com. stk. outst... 42,921,603
per
1937
1936
1935
$196436,598 $238482,425 $167226,510
42,783,554
42,872,394
42,864,961
$4.38
$5.35
$3-69
$2.17
share
of profits and losses of subsidiary
companies not consolidated, and after depreciation, Federal and foreign
income taxes and other deductions,
y Preliminary,
z Average number
of shares outstanding.
x
Includes
company's
proportion
as
stituted
a $83,039,809 issue of preferred participating stock.
proposed issue of $71,492,000 of general mortgage series A con¬
bonds under the debtor's plan would be increased
to $100,961,361.
The total capitalization of the Erie under the proposed changes by the
C. & O. would be the same as proposed by the debtor, $432,342,710.
The ICC has set March 20 as the deadline for filing of briefs in the pro¬
ceeding.
•
■
■,
The
vertible income 4 H%
,
January Car Sales—The company on Feb. 8 released the
following statement:
January sales
of General Motors cars and trucks from all sources of
152,746 compared with 94,267 in January a year ago.'
manufacture totaled
Sales
in
December
were
187,909.
"
Sales to dealers in the United States
with 56.938 in
January
a
year ago.
■
■
"
totaled 116,964 in January compared
Sales in December were 150,005.
Volume
Financial
148
January com¬
Sales in Decemoer were 118,888.
Sales to consumers in the United States totaled 88,865 in
pared with 63,069 in January a year ago.
Total Sales of General Motors Cars and Trucks from All Sources
1939
January
February
94,267
94,449
109,555
109,659
104,115
101.908
187.909
March.
166,939
195,136
160,444
1,307,749
2,116,897
f_
June
....
July
August.
Septemoer
October
December
.
.
;
_
238,377
216,654
203.139
226,681
90,030
55,431
36,335
123.835
....
November.
188,010
82,317
200,256
...
_
Georgia & Florida RR.—Earnings—
Week End. Jan. 31
Jan.
1938
1939
1939
*
Operating
—V. 148,
p.
$25,188
$26,300
revenues
152,746
_
Sales to Dealers in United Slates
Operating
xl938
$1,129,331
666,411
75,299
127,330
3,176
;
expenses-
Maintenance
______
78,525
71,676
72,596
61,826
34,752
16,469
April.
May..;...,..
x.
July.
August.
September
.
October
162,418
194,695
187,119
186,146
177,436
99,775
4,669
92,890
69.334
153,184
99,014
1,680,024
1,682,594
on
9,791
CY14
63,069
62,831
100,022
_
March
198,146
103,534
92,598
76,071
April......
May
...
June.
1937
92,998
51,600
196,095
1938
88,865
«.
178,521
153,866
78,758-
.
■
•
163,818
64,925
40,796
156,322
88,564
68.896
July...
August
September.
107,216
117,387
89,682
131,387
jt
November.
118,888
December.
Buick January
44,274
155,552
173,472
1,720,213
1,594,215
1,00.1,770
88,865
Total—
1936
102,034
96,134
181,782
200,117
194,628
189,756
163,459
133,804
85,201
■'
October
Sales—
January retail sales of the Buick division of General Motors broke all
of the company, according to W. F.
Hufstader, general sales manager.
.<
Retail deliveries by dealers, in the United States totaled 12,977 units,
compared with the previous high of 11,285 cars established in January, 1926.
Sales last month, compare with 9,439 units in January, 1938, a gain of
37.5%, and 10,523 in 1937, the next best January.
records for that month in the history
-
i
Pay IB-Cent Dividend—
■
"
:
.
Net loss
Calendar Years—
Gotham Silk Hosiery
Gross operating income.
Sell., admin. & gen. exp.
1935
$1,193,707
720,347
$2,008,815
855,685
$1,032,499
854,716
Operating income..
_i
--
Total income..
Deprec. & amortization.
Maintepance and repairs
Capital stock taxes
Prov. for N. Y.
State
franchise
7,936,169
Deficit.
1
...
$473,360
72,766
$235,827
304,502
52,534
$1,279,182
375,102
98,306
$587,629
298,565
55,378
.,219,692
10.300
292,103
41,395
14,709
.
y29,275
b Patents,
•
$645,150
138,228
■
„
$698,934
138,228
320,865
138,228
321,030
321,030
$265,149 sur$239,841
321,030
321,030
$1.74
$0.17
$351,838 sur$185,892
321,030
321,030
Nil
$1.58
I—.
Inv, in affil.,
&c,,
1937
%
$
Liabilities—
$
2,093,024
4,278,601
2,051,201
499,879
1,054,82.7
e
Preferred stock..
2,303,860
2,303,800
c
2,019,647
Common stock..
6,420,600
6,420,600
Acc'ts
993,852
Profit
on
sale of
accr.
93,394
Net profit
Preferred dividends
Divs.
563,341
Paid-in
483,556
Earned
183,500
payable...
surplus .i
surplus
..
34,557
(36,670
$405,651
299,244
$423,309
$79,119
395,104
$0.40
$106,407
395,108
189,826
$47,971
395,101
$0.13
$423,809
;
395,112
$0.59
$0.54
Liabilities—»
1937
.1938
Property acc't.,.$4,100,464
$4,218,292
1
1
8,250
8,500
724.675
Marketable securs.
Cash.
830,013
-
______
Acc'ts receivable..
Inventories
h,090,524
296,394
238,509
Other assets......
1,124,707
Gold debentures.. 1,823,000
Accounts payable.
c
a
_
_
After depreciation
...
1,124,707
1,931,000
51,454
156,816
149,315
201,555
31,000
47,005'
reserve
1,557,886
Treasury stock.. Z>rl71,353
Total..
.$7,491,017 $7,436,924
..
1937
$2,720,400
stock.
b Common
4 Surplus.....
i
1938
Preferred stock__.$2,720,400
970,066' Accrued
interest,
824,123
payroll, &c_
j.
350,666 Income tax (est.).
235,263 Dividends payable
1,032,199
20,800
,
47,607
29,589
1,498,997
Drl36,945
..$7,491,017 $7,436,924
of $4,910,471 In 19*38 and $4,644,012 in 1937.
b Rep¬
by 449,882 (no par) shares (including treasury stock),
c Rep¬
resented by 154,781 (54,778 in 1937) shares of common stock and 344 shares
of preferred stock in 1938 only,
d Includes accumulated earnings less
dividends, &c., of $1,419,110 ($1,371,139 In 1937) and surplus remaining
from reacquisition of own shares at discount of $138,776 ($127,858 in 19371
—V. 147, p. 891.
'
• .... \
resented
(W. T.) Grant Co.—-SalesPeriod End. Jan. 31—
i
Sales
Prepaid Item
55,241
,
12,401,601
The company reports a net
V.
Co.—Dividend Increased—
& Western RR.—Interest■—•
Payment of $50 per $1,000 debenture will be made on Feb. 14 on class
presentation of debentures for stamping.—V. 147, p. 732.
A debentures on
(H. L.) Green Co.—Sales—
Period End. Jan. 31—
in
operation..
1939—Month—1938
.
..
.
....
11,800,229 12,401,601
market value,of $410,318 in 1938 and
The estimated market value Dec. 31,1938 was $296,872.
$3,411,339 in 1938 and $3,215,035 in 1937.
c Rep¬
resented by 321,030 no-par shares, after deducting 3,970 shares reacquired
and held in treasury at $79,400.
d After reserve for depreciation of
$3,26.5,251 in 1938 and $3,196,799 in 1937.
e Represented by shares of
$100 par.—V. 147, P. 3160.
After reserves for shrinkage In
Utilities Corp.—May Reduce Slock—
will vote on a proposed
from 3,500,000 shares to 2,000,000
shares, and approve the policy of purchasing shares of preferred stock for
retirement at such times and on such terms as the board of directors shall
Stockholders at their annual meeting on March 1
280.
r
General Refractories Co.—Acquisition—
Company has purchased the Portsmouth Refractories Co. of Portsmouth,
of this department.—V. >147, p. 2090.
—V.
148, p. 280.
Gulf Oil
.
Corp.—New Vice-President, &c.—
J. E. Nelson, for many years Treasurer of the corporation,
Vice-President.
W. V. llartmann, Vice-President, has
director.—V. 148, p. 128.
Gulf States Utilities
said the business was pur¬
financing and that the Portsmouth
Floyd L. Greene, President of this company
will eventually be dissolved and the plants
General Refractories Co.—V. 147, p. 2866.
company
operated as units of
Corp.—New Director—
Company announced the election of Fritz B.
board of directors and executive committee.—V.
,
Corp.—Gain in Phones—1
gain of 817 company-owned
.18% as compared with a gain
telepnones for the month of January, 1938 or .20%.
Corporation reports for its subsidiaries a
telephones for the month of January, 1939 or
of Baton Rouge Electric
Generating Corp. properties
The
1937
$10,667,899 $10,026,186
4,621,579
4,210,324
1,842,669
After appropriations for retire¬
'
only; includes, operations for the entire
y
,
Note—For comparative purposes
period
,
2,120,944
Balance for dividends and surplus
x Includes non-operating income, net.
To
Ernst as a member of the
148, p. 128.
1938
1.2 Months Ended Dec. 31—
Operating revenues
x Balance after oper., maintenance and taxes.
y
has been elected
been elected a
Co.—Earnings—
ment reserve.
Ohio, as of Jan. 26.
...
with SEC—
Guantanamo Sugar Co.—Directorate Reduced—
Stockholders on Feb. 8 voted to amend the certificate of incorporation
to reduce the directors from njne to seven.
The proposition was considered
at the regular annual meeting last month, but voting was postponed because
the necessary two-thirds of the outstanding stock was not represented.
reduction in authorized common stock
decide.—V. 147, p. 3610.
1939—12 Mos.—1938
$1,998,350 $11,789,829 $32,398,266 $33,468,752
136
133
See list given on first page
.
Dec.' 31,
loss of $6,138 for the year ended
Greenwich Gas Co.—Registers
Total.
■■
.
147, p. 3015.
Green Bay
—V. 148, p.
b After amortization of
General Steel Castings
v
•
stock, par $25, payable March 1 to holders of record Feb. 20.
Previously
regular quarterly dividends of 25 cents per share were distributed.
In
addition, an extra dividend of 63 cents was paid on Dec. 1, last.
See also
Sales..
$550,352 in 1937.
chased without the need of any outside
,
Towing Co.—Earnings—
1938.—V. 145, p. 114.
43,675
Total..-I..-.--. 11,800,229
'
General Telephone
:
Great Lakes
7
1,514,065
46,827
General Realty &
1939—Month—1938
1939—12 Mos.—1938
$5,531,184
$5,328,143 $97,516,536 $99,059,920
—V. 148, p. 582.
on
$351,159
272,040
__
Pats. & goodwill._
132,800
of 901
34,301
$237,797
Cril',650
Consolidated Balance Sheet Dec. 31
Stores
132,800
a
16,205
Subsidiary company.
x
1,737,751
1,732,155
estate
rec.
Drl8,556
2b"800
Surplus.---*
com. stk. (no par)__
Earnings per share.
114,815
1,737,751
1,193,984
.Off. & empl. invest.
real
Dr22,059
X3L000
Shs.
127,071
16,143
expenses._
State taxes..
978,943
96,437
a Mkt. sec. at cost
280,723
Inventories
1,585,570
and advances
2*5,274
$901,582
347,708
141,733
'
securs..
Prov. for inc. taxes, est.
Prov. for Fed. and
,
Contr. work unblll.
Mortgage
Cr34,320
Amort, of disct. & exp
payable and
887,664
companies
$412,141
CY490
$274,072
Great Northern Paper
4,154,398
Cash..
$439,923
Cr906
Net oper. profit
on
debentures
..
Directors have declared a dividend of 50 cents per share on the common
1937
1938
goodwill
Acc'ts receivable-.
$393,112
$702,037
333,557
94,408
purchased for retirem't
172,552
$194,109
yl60,623
St
•>
112,296
1935
,
1938
<•"?/»/o
$909,249
357,031
99,748
1936
Discount
Balance Sheet Dec. SI
A
$820,729
327,870
Profit after oper. chgs.
Depreciation
Federal surtax not assessable.
d Plant, fixts., &c.
$944,739
43,157
Interest
'
y
7.108,018
$948,555
39,305
Sundry deduct, (net)
$1,146,926
114,269
(est.)
„Si
8,267,476
$923,989
103,260
$1,821,894
674,968
$1,153,130
126,052
Net profit
u.....loss$133,352
Divs. on pref. stock
138,228
Divs, on com. stock
80,258
Earnings per share.....
8,249,555
$840,757
138,720
Profit
12,143
Shs. com. stk. ontstand-
$8,052,757
_
$177,783
58,044
tax
Fed. & State taxes
$9,216,031
advertising,
selling, &c
Total...
Other income.
1937
),173,544
1938
Contingent
1936
1937
1938
Co., Inc. (& Subs.)—-Earnings-
$8,776,926
Net sales—
Deferred charges..
Signal Co.—Earnings—
,
i
___
Preliminary—subject to annual audit and such sundry book adjust¬
for fiscal year ended
x
ments, if any, as may be necessary incident to closing
Dec. 31, 1938.—V. 147, p. 3015.
a
dividend of 75 cents per share on the
common stock par $10 payable March 13 to holders of record Feb.
16.
Like amount was paid on Dec. 12, last and compares with 25 cents paid on
Sept. 12, June 13 and on March 12, 1938; $1.50 paid on Dec. 13, 1937;
$1 paid on Sept, 13 and on June 12, 1937; 25 cents paid on March 12, 1937,
and a year-end dividend of $1.50 paid on Dec. 12, 1936.—V. 148, p. 581.
The directors on Feb. 6 declared a
General Railway
$44,895
Amortization of debt discount and expense
Interest charged to construction. -
Assess—
To
$140,379
157,570
18,877
9,791
CY965
$25,985
—
long-term debt.
Other interest
Cost of sales,
,
1939
$135,546
4,833
_
Gross income
Interest
197,065
Sales to Consumers in United States
January
February.
73,973
182,607
518
88,458
$162,389
160,458
18,139
'
Federal income taxes.
Calendar Years—
116,964
Total
1937
$1,086,321
605,219
156,041
108,232
935,163
...
December
136,370
159,573
150,005
;
November.
131,134
116,762
49,674
216,606
199,532
180,085
162,390
187,869
157,000
58,181
76,142
$80,388
$158,099
4,290
Provision for retirements
Other income
56,938
63,771
116.964
....
June.
31
1938
1936
1937
70,901
1938
1939
March.
to Jan.
Georgia Power & Light Co.—Earnings—
Years Ended Dec. 31—*
Total operating revenues
Operating income
January
February.
1
$82,025
732.
Other taxes
Total
total of 460,474
a
2,037,690
...
April.,..
May.
subsidiary companies now have in operation
company owned telephones.—V. 148, n. 279.
1936
158,572
144,874
196,721
229,467
222,603
217,931
204,693
121,943
19,288
90,764
191,720
239,114
...
__
The
of Manufacture
1937
103,668
74,567
260,965
1938
152,746
881
Chronicle
,
,
,
Co. (except bus) and Louisiana Steam
acquired Aug. 25, 1938.
Refund Bonds—
Commission announced Feb. 3, that the
filed a declaration (File 43-181) under the Holding Company
Securities and Exchange
company had
Act covering
the issuance of a $4,000,000 3% unsecured note, payable to
Chase National Bank of New York as follows $300,000 on Nov. 15, 1939,
a like amount on July 15 and Nov. 15 of each year thereafter to and incl.
$400,000 on Oct. 1, 1945.
proceeds from the sale of the note together with $659,675 of the
be used as follows; $3,184,675 to the re-
July 15, 1945. and
The
company's general funds are to
Financial
882
Chronicle
Hartford Electric Light
Co.—Earnings—
1938
1937
1936
1935
$6,688,573
770,525
111,938
$6,732,616
895,415
$5,983,531
1,217,530
116,339
$6,311,894
1,117,520
117,361
$7,571,036
$7,744,370
$7,546,775
$7,340,613
$7,571,036
28,065
$7,405,978
27,347
$7,546,775
45,880
$7,340,613
70,089
$7,599,101
3,434,925
613,705
$7,433,325
3,581,226
281,724
996,000
$7,592,655
3,704,972
569,412
924,000
$7,410,702
3,619,572
510,636
900,000
$2,574,374
$2,394,270
$2,380,493
161,418
195,361
160,167
166,714
$2,542,690
a69,569
2,303,309
$2,769,736
a71,122
2,338,861
$2,554,437
3,303
137,051
136,860
13,406
$2,547,208
4,508
2,303,303
184,944
Years-—
Sales of electric current:
Local sales
Other electrical corps.
Street
railways
Total
Customers
139,552
holders of which waived immediate payment.
The bondholders in due course will receive
338,392
dividends—
Net sales elec. current
Misc. oper. revenues
Totaloper. revenues..
Oper. expenses & maint.
Retirem t res've accrual.
Taxes
1,169,200
Net oper. income....
Inc. from other sources
$2,381,271.
Total income
Miscell. interest, &c
Common stock divs
Approp. to retire, reserve
Adj. for prev. periods, &c
700
Flood loss.
2,303,303
146,265
3,948
from Empire Trust Co.,
certificates of interest
bond certificates in their hands
that mortgage they will receive
payments of principal and interest. The purchase money mortgage provides
for interest at 1% per annum for the first year with annual increases of
H % per annum for each succeeding year until the interest rate reaches 3 %
per annum.
The total number of bonds deposited with the committee
was $536,200.
Each depositing bondholder will receive certificates showing
such proportionate interest in the new purchase money mortgage as the
amount of his bonds bears to such total of $536,200, subject to the ap¬
plication of so much of the principal and interest received on the mortgage
as may be necessary for the payment of the blance of creditors' claims and
allowances to which we have referred above.—V. 136, p. 2434; V. 148, p. 280,
the trustee under the
for year
$32,061
Includes
def$19,706
$209,485
cl0,076,989
Net
income,.
c9,039,769
7,352,834
b7,115,829
$7,827,059
17,835
$8,474,080
15,967
$7,303,794
$5,424,458
62,774
$7,844,894
Operating expenses
$48,058
portion of debenture bond interest; balance charged to con¬
$8,490,048
293,207
1,344,076
$7,339,843
266,463
1,412,949
:
463,000
.
Other income credits...
Comparative Balance Sheet Dec. Zl
1938
1937
$
$
sA. 3SCt3
1938
29,378,430
866,787
2,483,279
741.958
732,461
992,215
1,121,984
8,576
5,574
Cash......
Notes & accts.
rec.
Mat'ls & supplies.
Misc. curr. assets.
Conn.
Power
x
2,038,064
Co.
3,500,000
208,853
166,730
22,801
23,192
Prov.
llabll..
53,811
819,938
53,849
719,709
r7,603,329
7,261,576
11,444
11,494
115,000
res've..
Contributions
117,026
117,026
370,202
343,338
Miscei. unadj.cred.
Miscell.
.36,904,899
36,424,720)
150,386
1
reserve...
Federal surtax on undis¬
tributed profits
of sub. company
4,570
4.700
3,469
2,308
$6,382,156
$5,268,285
$4,203,926
1,031,600
1,005,012
2,372,602
Total
Balance, surplus.$1,676,731
716,781
per share.....
$7.34
$1,917,146
717,025
$1 746,000
601,674
$826,312
590,674
$7.65
$7.04
$5.32
899,782
,
3,572,275
36,904,899 36,424,720
Com. shares outstanding
Ry.—Earnings—
b Including
recoveries
Earnings for the Period Jan. 1 to Jan. 29
'
1939
Gross
295,000
13,055
income...$6,160,913
5% pref. stock divs..—
900 000
Partic. preference divs..
Common dividends..
3,584,182
Net
3,565:228
Earnings
Havana Electric
371,500
290,000
2,206
2,909
......
$5 487,233
201,860
771,083
261,658
1.142,725
"
,
™
earns.
Represented by shares„of $25 par.—V. 146, p. 1076.
x
for contingencies."
charges
Minority interest against
853
3,604,336
Surplus.
Total
...
36,049
for
line extensions..
...
<.
Dominion tax
Other
curr.
Retirem't
192,061
stock.
com.
3,430,000
Misc.
Hartford El. Light
Suspense
Federal &
30-yr. 3% debens.
2,038,064
196,896
Gross income
.Interest paid
Consumers' deps..
Accr'd taxes, &c..
Miscellaneous
$
Capital stock...21,000,000 21,000,000
Notes & accts .pay.
Co.
stock....
.1937
$
Liabilities—
capital..;,..31,585,673
(& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1938
1937
1936
1935
Gross income from oper.$17,9o4,048 $17,513,849 $14,656,628 $12,540,287
struction.
Fixed
money mortgage,
Household Finance Corp,
6,394
117,322
—
purchase
new
in that mortgage which will operate as new
and on which eventually under the terms of
Total added to surplus
a
1939
11,
subject to the new first mortgage.
The amount of the purchase money
mortgage is subject to reduction to the extent of $50,000 if the new owner
of the property anticipates the payment of principal beyond the payments
called for by the terms of the mortgage.
When the receiver has concluded pending proceedings for the recovery of
taxes paid in excess of what is claimed to be a fair assessed valuation of the
property and his account has hereafter been settled additional moneys from
the funds now in his hands and from recovery of taxes which may be obtained
will be received.
The balance of cash remaining in the committee's hands
and such additional cash as may be received will be applied on account of
allowances made by the court in the extensive litigation leading up to and
in the reorganization of the bond issue and creditors' claims as fixed the
demption at 102M of $3,107,000 of the company's 4J4% debentures due
Oct. 1, 1946, and $1,475,000 to discharge indebtedness to Ethyl Gasoline
Corp.—V. 148, p. 733.
Calendar
Feb.
revenues
*
'
$153,997
for losses on instalment botes receivable, less
previously written off, $550,792;
c Includes
pro¬
instalment notes receivable, 1938, $1,604,286; 1937,
provision
not^s
on
visions for losses
1938
$150,842
2,490,685.
on
$808,945.
—V. 148, p. 438.
Summary of Consolidated Surplus for Years Ended Dec. 31
Hecla
Mining Co.—10-Cent Dividend—
Directors have declared a dividend of 10 cents per share on the common
stock, par 25 cents,, payable March 15 to holders of record Feb. 15.
This
compares with 15 cents paid on Dee. 28, last; 5 cents paid on Sept. 15, last;
10 cents paid on March 15, 1938; dividends of 25 cents paid on each of the
three preceding Quarters; a dividend of 20 cents paid on March 15, 1937,
and on Dec. 18, 1936, and regular quarterly dividends of 15 cents per share'
were paid on Aug.
15, 1936, and each three months prior thereto.—V.
147, p. 3309.
.
■
.
Calendar Years—
1938
Sales.
Sell,, gen. & adm.
1937
exp._
Excess of par
1936
1935
$3,363,535
2,461,176
614,903
$129,315
103,573
Total income
Interest paid
$450,606
.198,868
$710,500
181,644
$649,474
$892,144
22,162
71,893
111,066,
bl01,409
$385,666
16,838
68,129
116,025
26,160
c$585,614
$158,513
45,861
89,915
185,442
d4,998
106,953
84,312
184,378
b25,297
118,968
loss$20Q,282
$189,863
Depreciation
Other deductions
Res. for Fed. inc. taxes.
Miscellaneous taxes....
46,654
1937
$297,382
$188,740
and
•
stated value of 100,444 shares of
.
5% pref. stock and 90,399.6 shares of common
issued under exchange plan over par
shares of partic. preference
value of 200,888
stock received in exchange
2,259.990
red. of 11,813 shs. partic. pref. stock..
on
309,146
sale of 5% pref.
stock and in connection with exchange plan
and retirement of partic. preference stock:
Other recapitalization and financing expenses.
:•
Total.
,on
—
.
512,513
———
100.298
$3,181,947
_
Less prem. rec. on sale of 5,315.85 shs. com. stk„
$287,455
98,211
$232,887
z
...
oi
1938
,
recapitalization
stock
.
Gross profit
Other income
resulting from
related new financing:
Underwriting commissions
,$4,280,041
2,794,147
.775,394
$3,515,660
$4,821,356
2,613,996.
3,344,442
772,349
1,026,308
Cost of sales...;
'
year
charges
Prem.
[Corporation and 100% Owned Subsidiaries]
■
t.
Net
.
,
(A.) Hollander & Son, Inc. (& Subs.)—Earnings—(
Capital Surplus—
.
Balance at beginning of the
162,429
Remainder—net charge resulting from recap¬
italization and related
new
financing
.
Balance before transfer to earned surplus....
Amount charged to earned surplus.
$3,019,518
—™
$297,382 a$2,830,77*
—
—
Remainder—.
'
2,830,77*
$297,382
Premium received
on
sale of 20,000 shares of com.'
stock; under present stock purchase plan.;
Adjust*, of min, int. in surplus in connection with
purchase of additional capital stock of sub. co__
317,000
—
Net profit—
—
Preferred dividends.._.
Common dividends;
719
211",875
•
697",914
.
93,263
Deficit
.'
Com. shs. outs. ($5 par).
Earnings
After
a
$200,282
209,700
share
per
$22,011
209,700
$0.91
Nil
allowing for dividends
B.
on
J.
$112,300
cl86,025
$3.14
Goodman,
Inc.,
sur$64,531
186,525
a$0,84
preferred stock,
b This item represents normal Federal income taxes
only, in that this company was not subject to either excess-profits tax or
undistributed profits,
c Giving effect to subscription for 26,575
common shares as of Dec. 28,
1936, the above net profit is .equal to $2.75
a share on 212,600 shares,
d Federal income taxes of subsidiaries.
.
1938
1037
Liabilities—
Land, buildings,
d Treas. stk.
Common stock..$1,132,875 $1,132,875
Capital surplus.,
845,475
845,475
1,775,738
1,544,153
#460,000
e6,757
Balance at end of the year
Earned Surplus—
Balance
at
beginning of the
Net income.:
Notespay. (banks)
900,000
$287,207
139,610
Acer', taxes
f21,475
139,610
788
365,609
1,452,566
91,193
1,998,053
14,375
Federal taxes.:
20,000
Res.forconting...
Res.for royalties.
94,500
...
——
.
a
Deficit.
— ™
on
1937
S
S
Notes
_n._a9,364,327
7,981,655
b Instalment notes
946
487
Loans to empl. and
off.
stk
139,375
263,753
16,
the
proceeds
of which
together with
part of the
cash received from
the
purchaser
new
were used to pay off the arrears of taxes on the
property.
The
first mortgage carries interest at
5% and provides for amortization of
2% of the principal annually; it
runs for 10 years.
In addition to the cash received from the
purchaser on the clsoing in the
$52,000, all of which was used or is being reserved for the pay¬
amount of
ment
of
tax
arrears,
[brokerage commissions charges payable under the
foreclosure judgment including $25,710 to creditors and
payments to the
Bank of Manhattan Co.# as trustee for the benefit of
non-depositing bond¬
holders.
a
purchase money
mortgage
of $246,593
was
received
which
is
216,540
1,916,701
941,781
941,942
60,045
54,179
Canadian
exch. fluctuat'ns
35,931
(unreal, apprec.)
43,800
72,974
Res. for conting..
500,000
500,000
541,755
Min. int. in sub. co
Elysee, N. Y. City—Reorganization—
by the N. Y. Supreme Court,
1938.
Closing was completed on Jan. 6, 1939.
In connection
closing the purchaser obtained a new first mortgage of $180,000,
243,720
1,595,243
30,155
of Central
29,561
25,290
5% pref. stock
18,000,000 18,000,000
d Common stock..17,919,525 17,925,625
Capital surplus—_
287,207
297,382
Earned
Total.
$
Inc.
payable
for
1937
.
19,865,000
493,976
Office equipment
& improvements
The bondholders' committee in a letter to the holders of
deposit receipts
Hanover Bank & Trust Co. for the 1st
mtge. 6% serial gold
bonds, state that the property was sold to the Elysee Hotel Corp., assignee
of Phil-Quain Operating
Corp.,,pursuant to the contract of sale approved
in the plan of reorganization
approved
Dom.
&
& cap.stk.taxes.
Res.
Other rec'bles. &c.
c
Fed.
Miscell. liabilities.
.own¬
ership plan
147, p. 421.
Notes
Divs.
pursuant to
former
$
banks. 16,890,000
pay.
em pi.
pay.
officers & others
55,060.073 57,893.291
Accounts rec. &c.
(par $5) before deducting shares in treasury amounting to 16,875 shares,
d Represented by 16,875 shares of A.
Hollander & Son, Inc., stock,
e In¬
cludes $1,759 Federal income taxes withheld at source,
f Accrued social
security taxes,
g Accrued unemployment and old age benefit taxes.—V.
•
1938'
Liabilities—
hand and
in banks
After depreciation of $952,001 in 1938 and
$875,912 in 1937.
b Good¬
will, &c., of B. J. Goodman, Inc., only,
c Represented by 226,575 shares
$6,901,239
*
Assets—■
...$4,545,235 $5,188,225
3,565,228
$8,577,970
Consolidated Balance Sheet Dec. 31
Cash
Total
...
1
1938
75,721
$4,545,235 $5,188,225!
3,584,182
_•
——,
Balanfce at end of the year...
4,521
a
Nov.
con ting
...
_____
receivable
with the
$297,382
$7,569,652
6,382,156
245,220
.
t——
...
Common stock—
&c.
Inventories......
Hotel
6,091
Total...
$13,062,152 $14,197,028
Transfer o deficit in the capital surplus account—
2,830,778
Dividends, cash—5% preferred stock
900,000
899,783
1,300,000
g9,819
94,500
895
Total
$19,976
56,901,239
6,160,913
'
'
year,——
Other credit—Amt. transf. from res. for
25,297
465,212
310,584
Prepayments
$10,175
Total.
-
443,465
(cost)
recelvcable—.
13.885
Prem.
Earned surplus
Deposits.
accts.
1937
460,000
j
Cash
Notes,
1938
c
machinery, &c_.$1,632,549 $1,663,232
b Goodwill, formu¬
lae, &c.
Investments,
6,365
3,810
Expenses in connection with sale of common stock.
on purchases and sales of treas. stock—net_
$317,358
Consolidated Balance Sheet Dec. 31
-
Assets—
a
$297,382
guaranteed
surtax on
.
358
Total
^
.65,088,852 66,716,872
surplus.._
Total.
8,577,970
6,901.239
65,088,852 66,716,872
a
Includes $941 781 deposited for payment of dividends on Jan. 14
1939.
b After reserves for losses of $4,112,827 in 1938 and $3,198,804
1937.
c After reserves for depreciation
and amortization of $409,242
in
in
1938 and
less
608
$387,884 in 1937.
shares in
treasury
in
in treasury in 1937.—V. 147, p.
Howard
d Represented by 717,389 no-par shares,
and 717,389 no-par shares, less 364
1938
3160.
Aircraft
Corp.—Stock Offered—Public offering
of 400,(X)0 shares of common
stock at $3 per share was made Feb. 6 by Pistell, Wright
& Co., Ltd., New York.
by
means
of
a
prospectus
Volume
883
Chronicle
Financial
148
Comparative Balance Sheet Dec. 31
estimated at $1,000,000, will
for increasing in¬
demonstrators, demonstration
and sales promotion; design, engineering and construction of its first cargo
plane; cost of additional patterns, dies, jigs, machinery and equipment;
repayment of notes payable to certain stockholders, and for working capital
and general corporate purposes.
The corporation was formed in December, 1936, and has been engaged
in the manufacture on a limited scale of three standard models of high wing
The net proceeds from the sale of this stock,
be used by the corporation, according to the prospectus,
of materials and
ventory
work in
1938
trolled
on
Sinking
a
director and cheif executive officer
1,078,149
356,010
1,008,524
250,000
210.279
sion
5,621,465
7,977,017
3,299,156
731,023
5,127,359
fund.....
7,201,145
de¬
posits and ad¬
222,229
2,256,298
27,117
7,783,756
funds.
19,576
45,000,000
to
trustee of pen¬
4,921,211
vance
1 ,675,730
1,612,191
3 ,510,833
4,818,863
9 ,874,834
billing.
Accounts pay. &
Temporary cash
Investments
sold
Customers'
4,554,455
19,576
45 ,000,000
....
debt
Notes
x
150,000,000
capital
stock.
1,008,185
250,000
fund
Working
Prem. on
991,440
356,010
cos
$
150 000,000
Capital stock
Funded
deposits
__
Notes receivable
16,305
other cur. llab.
liabll.
Accrued
Mat'l & supplies
Deferred debits.
with military equipment at a cruising speed in excess of
150 miles per hour.
It is planned to embody therein an umlsual feature
permitting the loading of bulky cargo, such as small trucks or tanks, and
this feature, among others is expected to give it both commercial and
military application, the prospectus states.
Preliminary investigation
indicates a market for a plane of this design.
Preliminary engineering work
has been done on other types of planes, including a plane for purely military
use and a twin-motored
plane for feeder airline and private use, but the
corporation does not intend to add such types to its line unless and until the
market therefor is reasonably assured.
Capitalization of the corporation consists only of common stock of $1
par value, of which 600,000 shares are authorized.
Of the 500,000 shares
registered with the Securities and Exchange Commission, 100,000 shares
are reserved against the exercise of purchase warrants proposed to be issued,
and the remainder constitute the present offering.
Associated with Mr. Howard in the management of the corporation are
3,439,596
619,333
credits
1 ,937,585
Deprec. reserve.
Unappropriated
101 ,914,119
10,634,809
302,807
96,372,281
surplus._____
Acc'ts receivable
are
The corporation
freight
J
Cash and special
convertible into seaplanes.
is now engaged in the engineering and designing of a
cargo carrying plane with tricycle landing gear which it intends to build in
the immediate future.
This plane is designed to carry either four tons of
models
current
Liabilities—
con¬
Other investm'ts
design developed by Ben O. Howard, President,
of the corporation, and also Research
Pilot and Flight Engineer for United Air Lines.
Howard planes have been
sold to private owners and to the Civil Aeronautics Authority for use of the
air line inspection service.
They have a long cruising range due to the large
useful loads they are able to carry.
Although designed for a seating capacity
of four persons, all three models are licensed to carry five persons.
All
monoplanes based
$
Telephone pl't. .317,936,304 312,304,575
Miscell. physical
property
Invests, in
1937
1938
1937
$
Assets—
process;
20 ,624,296
21,572,434
notdue_-..-_
Deferred
or 40 men
Total..339,684,334 337,534,108
Demand notes held by trustee as an investment of pension trust funds
presently required to meet pension payments.—-V. 148, p. 280.
Total.:
x
not
..339,684.334 337,534,1081
Independence Fund of North America, Inc.—-Registers
'
•"
; V
with SEC—
See list given on first page
of this department—V. 147, p. 3914.
Indiana. Associated Telephone Corp.—Earnings—1938—12 Mos.—1937
1938—Month—1937
Period End. Dec. 31—
$1,524,457
1,536
$1,315,938
Operating revenues
Operating expenses
...
$126,620
67,966
$122,686
72,882
$1,522,921
799,841
$1,315,313
716,719
Net oper. revenues:__
DeWeese, Vice-President and General Manager, who was formerly
President of Stinson Aircraft Corp., and Walter 1. Brownweli, formerly
Aeronautics Development Engineer of the Bureau of Air Commerce, De¬
partment of Commerce, as Chief Engineer.—V. 148, p. 439.
B.
$126,797
177
$122,686
Uncollectivle oper. rev._
$58,654
$49,804
$723,080
$598,594
50
187,325
$410,628
277,823
Operating revenues.
____
625
D.
Howe Sound
Rent for lease of operat¬
Co.—Earnings—-
r[Including interest in subsidiary companies]
1938
1937
1936
1935
Total oper. revenue
$15,266,658 $19,693,739 $13,227,666 $12,294,650
Operating exps., &c
11,160,386
12,765,835
9,309,714
8,583,832
Taxes
1,314,598
1,819,380
1,063,543
1,103,876
Depreciation
638,013
355,480
335,424
265,216
18,681
19,613
$30,141
17,778
$501,617
353,982
50,
—
Operating taxes
641
1,733
219,730
$39,923
30,357
ing property.
Calendar Years—
$2,153,662
1,658,269
...j.
...
'$2,518,984
2,297,886
$1,910,298
$221,098
$422,872
473,791
$10.03
473,791
$5.32
473,791
Surplus........
standing ($5 par)....
Earnings per share
$4.55
$4.94
Interstate Department Stores, Inc.—Sales-—
1939—Month—1938
1939—12 Mos.—1938j
Sales.$1,441,961
$1,220,448 $23,728,877 $26,970,817
—V.. 148, p. 281.
Consolidated Balance Sheet Dec. 31
1937
1938
Assets—
V $
$
Prop., plant and
Period End. Jan. 31—
•
1938
1937
'
«
$
Liabilities—
<
,
b
,
2,368,955
Capital stock.._ 2,368,955
1,057,475
Reserves-1
13 ,700,286
13,084,477
664,960
590,860
49,963
47,133
investments..-.
255,576
245,827
U. S. & for'n taxes
Due from smelters
701,159
494,527
Earned surplus
Metals
121,505
25,536
1 ,984,928
Cash
3 ,588)755
Deferred charges..,
37,344
1,078,036
Iowa Southern Utilities Co.—Receiver ship
2,584,256
equipment
Inventories
Accts. & notes rec.
hand.,.
on
....
PayrollB, vouchers,
&C-...
Misc.
Flre insurance fund
Govt, bonds, &C-.
404,908
llab...
796,628
District of Iowa in Des Moines to vacate the
18,200
State Court appointing a temporary receiver without notice to the company
was heard Feb. 3.
* At the conclusion of the argument the Federal Court
16,311,835 15,999,290
announced its decision to terminate the
431,483
431,483
Capital surplus^..
Jewel Tea Co.,
.......
J
.21,104,476 21,164,019
After
deducting
$6,335,712 in 1937.
P. 439.
a
Total
21,119,641
20,611,808
17,986,540
353,960
378,354
373,157
16,414,286
367,414
$2,252,932
$2,287,279
$2,403,010
$2,022,798
271,441
244,551
241,695
190,106
income.$2,524,373
Fled. & all other taxes—
1,100,£15
$2,531,830
$2,644,705
$2,212,904
991,909
850,605
Depreciation
and
148,
Operating profit
_
Total
Miscell. deductions
x87,801
-
676,717
*
'
583.
$1,423,959
1,340,026
$1,452,120
1,244,315
$1,794,101
1,718,413
$1,536,186
1,061,814
$83,933
2,618,479
$207,805
2,410,674
$75,688
2,334,986
$474,372
1,860,613
Total surplus ........
"$2,702,412
$2,618,479
275,432
274,523
$5.17
$5.29
$2,410,674
273,080
,„•/
$6.57
$2,334,986
Common»shs. outst'g...
Net income
.
Income Fouridation
See list given on first page
Insull
Fund, Inc.—Registers with SEC—
of this department.—V. 147, p. 3764.
y
Previous surplus.
Dividend would amount to
Illinois Bell Telephone
..
__
Provision
17,153,372
10,662,163
Traffic expenses.
16,646,895
Commercial expenses...
7,632,793
Operating rents906,172
Exec. & legal departm'ts
459,217
...
'
16,675,267
11,450,150
16,389,870
7,145,340
927,323
435,821
11,101,125
13,981,474
6,668,532
937,822
461,844
.
2,550,136
Goodwill
1
Inventories...:.. 2,196,419
x
L'd, bldgs., &c~
........
Accts!
rec.
(net)..
219,948
.
Marketable secure. 2,530,617
,
3,100,819
and
Jewel
12,683,127
6,803,972
1,048,039
628,457
672,691
3,252,206
985,248
35,482
490,124
,
;
received
z
1,225,303
Net oper.
income
Net non-oper. income..-
22,357
6,983
adjustments..
71,434
77,652
1,100.094,
Surety deposits-.-.
490,124
484,041
Res. for conting..
285,000
285,000
&
1,391,259
5,967
1,165,340
121,'556
149,674
Res.
assumptions
for
1,224,196
•
757,126
864,468
14,111,020 al2,933,970
auto,
ac¬
cident and other
...
self ins'd
Res.
for
.10,347,804 10,016,235
1,135,563
1,112,398
962,384
12,384,900
1,614,857
7,008,240
$12,843,782 $15,098,244 $14,484,594 $13,791,539
35,029
61,762
208,961
535,326
208,577
194,84.9
356,458
2,702,412
losses.
228,883
altera'ns,
Impt. & (level
under
Taxes
517,841
Sundry accruals..
Surplus
Other
general expenses
(less
"exps.
charged
construction").
371,005
574,316
484,041
9,265
Total.
license contract.
236,117
394,696
Lease
charges-), 1,011,979
Common stk. for
employees
...
59,923
215,642
Federal, State and
Employee's sickness, ac¬
cident, death, & other
benefits
payable-
550,578
.
Pro v. for emplotee's ser-
Services
Accounts
60,801
49.648
—
Cash............
91,326
acceptances
1,84(^,675
1,010,622
627,422
905,502
Letters of credit &
bonus....
Loans to empl'ees-
386,853
4,935,462
stock. 4,935,462
other taxes......
deposits
empl." trust
fund assets
Common
Accrued wages and.
68,018
policies..
Misc. investments
13.809,635
13,062,730
2,512,161
2,874,335
952,207
: -
261,798
$
Liabilities—
y
Value of life insur.
'
vicepens...
2,551,756
•
4
2,063,441
Jan. 1, '38
$
Dec.31,'38
Dec.31,'38 Jan. 1, '38
$
'$
Assets—
Deferred
Accounting and treasury
$5.66
Comparative Balance Sheet
15,128,097
u
271,222
to
,
$87,489,839 $81,371,162 $76,134,796
Depreciation expense...
departments
.
_
reduce marketable securities to basis of cost, .or market
'whichever is lower less profits (net) on sale of securities.
y After adjustments arising from sale of common stock jfco employees of
$36,780 in 1938; $56,63.0 in 1937; $53,451 in 1936 and $20,517 in 1935,
z Consolidated figures.,
"
x
1935
$58,971,338
16,018,370
1,407,271
Total.._-_-..$87,418,943 $87,677,539 $81,567,702 $76,396,980
Uncoil, oper. revenues..
232,273
187,700
196,539
262,184
Current maintenance
...
Co.—Earnings—
1938
1937
1936
Local service revenues..$66,111,445 $66,119,348 $61,983,617
Toll service revenues-.." 19,083,887
19,648,680
17,986,904
Miscellaneous revenues2,223,611
1,909,511. 1,597,180
Years—
Total oper. revenues..$87,186,670
..
..
Earns, per sh. on com.
$2,305,700.
Report stated that there was $3,082,326 on hand in the
corporation's equity estate and another $2,000,000 available for disburse¬
ment in the bankruptcy suit against the corporation.
If the court approves,
an order will be entered authorizing payments to start Feb. 28, 1939.—
V. 148, p. 734.
• r
Calendar
Com. divs. (cash)
Balance, surplus.
Utility Investment, Inc.—Dividend—
$57,644,000, series>A and B debentures.
....
*
Special Chancery Master Garfield Charles has recommended to Federal
Judge. James H. Wilkerson that a 4 % liquidating dividend be paid to holders
of
__
O ther income
Hudson & Manhattan RR.r^~ Inter est Payment—
Directors have authorized payment of M of 1 % on the adjustment bonds
on April 1.
On Oct. 1, last, a payment of
of 1% was made.—V. 148,
page
-
«
Jan. 1,'38 zJan. 2,'37 zDec. 28,'35
$23,726,533 $23,277,441 $20,762,707 $18,804,498
Dec. 31, *38
Costs and expenses
.........21.104,476„21,164,019
for depreciation of $6,969,197 in 1938
b Represented by shares of $5 par value.-—V,
reserve
receivership.—V>. 148, p. 129.
Inc.—Earnings—
Years Ended—
20,414
Net sales...
Total
Terminated—
of company in the U, S. District Court for the Southern
order recently made in the
The application
471,427
18,200
511,620
__
curr.
4,070,990
-
10-Cent Dividend—•
share on the common
March 20 to holders of record Feb. 28. Dividend of 15 cents
was paid on Dec. 20, last; 10 cents paid on Sept. 20 and on June 20, last, and
previously regular quarterly dividends of 15 cents per share were distributed.
—V. 147, P. 3611, 2534...
Directors have declared a dividend of 10 cents per
stock payable
Shares capital stock out¬
a
148, p. 128.
International Mining Corp.—To Pay
$2,341,726
1,918,854
473,791
...
$4,753,044
2,842,746
$495,393
income...
Dividends
—V.
_ ..
______
Net
Net income.
2,618,479
Total..-.-..--10,347,804 10,016,235.
x After deduction
of $1,606,371 for depreciation on Dec. 31, 1938 and
$1,469,639 on Jan. 1, 1938.
y Represented by 280,000 shares of no par
value,
z 4,567 shares on Dec. 31, 1938 and 6,066 shares on Jan. 1, 1938 of
which 376 shares on Dec. 31, 1938 and 589 shares on Jan. 1, 1938, are under
contract for sale to employees.—V. 148, p. 441.
Power & Light Co.—May Increase
Kansas City
Debt—
at their annual meeting on March 27 will consider and
resolution to authorize and consent to an increase of the bonded
indebtedness of the company to such amount, not exceeding $75,000,000,
Stockholders
act upon a
available
Income
fixed
for
$12,878,812
charges.
1,575,000
267,333
Bond interest.
interest....
Other
Amort,
of
discount
$15,160,007 $14,693,555 $14,326,865
1,575,000
1,575,000
2,530,230
377.461
356,889
Url85,138
on
112,788
funded debt
$13,207,545 $12,761,667
12,000,000
13,125,000
12,000,000
Bal. avail, for divs...$l 1,036,479
Divs.
on com.
stock
Bal. carried to
surpLdef$963,521
$82,545
$761,667
$8.81
$8.51
$11,868,985
9,000,000
$2,868,985
Earns, per. sh. on 1,500.-
ooocom.shs.(par $100)
,$7.36
a The company does
not consider that any liability exists
Federal surtax on undistributed earnings in 1937.
$7.91
in respect of
as
the board of directors may
determine.-—V. 147, p. 4058.
(S. S.) Kresge Co.—Sales—
Month of
Sales
1939
January—
$9,262,994
-
1938
$9,021,744
Company operated 738 stores in January, of which 680 were American
and 58 Canadian.
Last year company had 735 stores in operation, of which
680 were American and 55
Canadian.
Declares Two Common Dividends—
.Directors have declared two dividends of 30 cents per share each on the
common stock; one payable March 13 and the other June 13 to holders of
record March 3 antf June 2, respectively.
Regular quarterly dividend of
30 cents was paid on Dec, 12, last.—V. 148, p. 281.
•
Financial
884
Dividend
Key West Electric Co*—Earnings—
Includes non-operating Income—net.
tirement
reserve.— V.
$151,107
79,167
67,637
148, p. 281.
1938
Sales
.....
...
1936
1937
1935
234
.
235
234
239
$82,187,173 $87,871,478 $86,767,531 $78,479,130
Cost of mdse. sold, oper.
and rent.... 76,963,410
80,127,965
2,371,349
2,117,593
2,097,713
Federal normal taxes...
800,000
1,175,000
71,682,778
1,921,297
78,918,774
Deprec. & amortization.
1,225,000
expenses
Prov, for surtax on un¬
distributed Income..^
...—
Boss on sale of Invest...
Interest-..*.-.
.—..
200,000
21,306
1,494
.....
,
-
$4,210,706
1,641,689
$3,929,319
1,862,385
Net profit....*...,
Previous surplus—.
$5,856,447
13,007,860
$5,852,395
12,274,009.
$5,791,704
11,851,151
$3,668,216
14,669,084
$263,994
1,355
$78,180
$119,124
$197,423
$265,350
13,824
12,575
1,175
38,502
1,780
708
43,301
2,592
2,352
$107,015
$154,361
$225,803
720
581
(net)—Cr
$64,494
income—.....
Years End. Dec. 31—
Operating profit——.
Depreciation.
2,825
Debenture interest.
Ltd.—Earnings-
$1,000,984
138,691
310,893
176,375
274,104
310,893
176,375
.
•
1935
1936
$792,532
249,694
.273,209
144,627
1937
1938
$582,121
Bond interest..—
..
$196,284
1,138
Lake St. John Power & Paper Co.,
10,089
$4,210,147
1,646,299
..
310
—V. 144, p. 411.
7,155
Net Income...., ....* $2,050,920
Other income
1,617,296
.....
$118,814
55
Miscell. income deduc'nl
Net
„
$78,125
Gross income
Other interest
1938—9 Mos.—1937
$1,894,774 $1,968,213
1,698,489
1,704,218
1938—3 Mos.—1937
$650,500
$677,839
572,375
559,025
Int. on notes payable to
Utilities Pow. & Lt—
935,647
100,000
208,181
.
19,466
Laclede Power & Light Co.-—Income Statement—
Period Ended Sept. 30—
Operating revenues
Oper, expenses and taxes
Net operating incomei
Other income (net)—..
(S. H.) Kress & Co, (& Subs.)—Earnings—
Calendar Year—
Stores operated........
1939
11
1937
_
36,184
22,798
After appropriations for re¬
y
Feb.
after the current payment will amount to $7 per share.
arrearages
—V, 147, P. 2689.
1938
$179,580
12 Months Ended Dec. 31—
Operating revenues
....—
—
x Balance after operation, maintenance and taxes.
y Balance for dividends and surplus.............
x
Chronicle
$537,578
219,078
306,215
183,430
100,838
Postponed interest—...
Prov. for Fed. & Prov.
Total
Divs.
surplus.......$18,337,300 $18,864,307 $18,126,405 $17,642,855
stock.
3,762,861
3,762,922
4,115,695
2,352,163
taxes
.
'41,932
Profit..
pref. 6% cum.stock..
Divs. on 6 % special pref.
Miscell. deduction.....
432,309
587,956
414,893
432,301
1,176,121
344,707
*1,495,854
x
x$43,837
x Writo-downs in building and equipment accounts for obsolescence and
eliminations and provision for additional deprecation applicable to prior
years,
y Issued or reserved for exchange of old stock, excluding 5,900
(5.748 In 1937) shares held in company's treasury. The common stock was
Assets—
Liabilities—
$
•
Assets—
oblige*.
1,981,650
Cash......
39,332
Deferred charges..
1938
1
1
32,574
.12,201,191 14,106,465
61,739
•106,731
advances
$
$
Accrued
350,821
383,870
.
expenses
1, ,907,320
2,549,374
14 ,142,131 14,669,084
Treasury stock_Z>r2 ,030,578 Z>r2027418
^(current)......'
secure.
25,070
583,986
yl75,000
x
Total....
Represented by 100,000 no par shares,
y
192,681
7L145
10,365,266 15,326,285
Arising from reorganzation.
—V. 147, P. 117.
Lane
25,070
506,416
595,271
Lancaster Corp. (DeL)r—Successor
latter company below;
Woods
to
.74,180,718 75,873,4041
Total.........74,180,718 75,873,404
Represented by 2,357,574 shares,
Sales—
;
\
.
gales for the month of January were $5,055,466, a decrease of $103,124,
2%.—V. 148, p. 585.
Kreuger & Toll Co.—Payment to Be Made Feb. 15—
Holders of certificates
Bryant, Inc.—Sales—
of deposit
representing company's 5%,secured
sinking fund gold debentures deposited with the Kreuger & Toll 5% secured
debenture holders' protective committee (the Murphy committee, of which
Otis A. Glazebrook is Chairman) are being notified by the committee of a
distribution to be made on Feb. 27", 1939, of $43.80 wi,th respect to each
certificate of deposit representing a $1,000 debenture, and $21.90 with
respect to each certificate representing a $500 debenture.
This distribution will represent the full amount received from the final
distribution made by the American trustee in bankruptcy of Kreuger &
Toll Oo. on Jan. 31, 1939, approximately $28-84 pear $1,000 debenture and
$14.42 per $500 debenture, and the full amount received from the dis¬
tribution to be made by Kreutoll Realization Co., Ltd., on Feb. 15, 1939,
after deducting the tax required to be withheld and paid by Kreutoll
Realization Co., Ltd., to the Dominion of Canada. , The distribution to
be made by Kreutoll Realization Co,, Ltd., includes the full amount to
be received by it from the fifth distribution to be made by the Marine,
Midland Trust Co. of New York on Feb. 15, 1939, $8.50 per $1,000 de¬
benture and $4.25 per $500 debenture.
'
'
*
The distribution will be made to. holders of registered certificates t>f deposit
of record on Feb. 20,1939, by check to be mailed Feb. 27, 1939.
Payment
of this distribution will be received by holders of bearer certificates of
deposit on. and after Feb. 27 upon presentation at Guaranty Trust Co. of
New York, 140 Broadway, New York.
For the" convenience of foreign
holders of bearer certificates of deposit, arrangements have also been
made so that payment of the amount of this distribution may be received
by holders of r'London" .bearer, certificates at the office of Guaranty Trust
Co, of New York, London» England, and by holders of bearer certificates
bearing the letters "EU" and "UNB" at the office of Swiss Bank Corp.,
Basle, Switzerland, of Skandinaviska Banker, A.B., Stockholm, Sweden,
or of Stockholm Enskilda Bank, A.B., Stockholm, in each case less' any
taxes which may be payable or withboldable by the paying agent in the
country of payment In connection therewith.
'
The Marine Midland Trust Co. of New York/ as successor trustee,
announced Feb. 10 that funds will be available on and after Feb. 15, 1939,
to make the following distributions to holders of 5% secured sinking fund
gold debentures of Kreuger & Toll Co.:
(a) Out of funds held by the
debenture trustee:
$8.50 on account of each $1,000 debenture and. $4.25
on account bf each $500 debenture; and (b) out of funds received from the
second American, bankruptcy dividend:
$28.84 on account of each $1,000
debenture and $14.42 on account of each $500 debenture.
The latter dis¬
tribution is payable only on debentures with respect to which there is no
allowed proof of claim on file in the American bankruptcy of Kreuger &
,
Sales..
Stores in
23
(R. G.) Le Tourneau, Inc.—25^Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 1 to holders of record Feb. 151
Dividend of 50 cents
was paid on Dec. 1, last, and previously regular quarterly dividends of 25
cents per
share were distributed.—V, 147, p. 3766.
Lerner'Stores Corp .—Sales—
Period End. Jan. 31—
Sales
'
,
•
1939—12 Mos.—1938
$1,993,624 $37,976,789 $39,527,655
1939—Month—1938
$2,040,293
—V. 148, p. 282.
•
<
(Thomas'J.) Lipton, Inc.—New President—
Robert
Smallwood
B.
has
been
made
President and director of this
company to succeed Sir Geo. Schuster.—V.
147,
p.
2397.
Liquid (Jarbonic Corp .—Earnings—"
3 Months Ended Dec. 31—
Netsaies...
1937
$3,376,044
20,927
18,070
.....
Other income..-z——....
Loss.......
Interest
Depreciation
1936
1938
$2,561,508
Loss after expenses..
.
;
12,041
$2,925,282
prof247,20(2
....
$2,857prof$259,243
:
...
34,583
179,504
5,079
75,260
...
__
Federal & Canadian income taxes—.
Other taxes, &c
...
Net loss, ...
—V. 147, p. 3613.
35,000
171,531
2,817
64,433
-
$297,283
Loblaw Groceterias,
$14,538 prof$64,093
IncReorganization Plan Voted—
Stockholders, on Feb. 3 approved reorganization of concern's capital
structure, involving, issuance of 400,000 shares of new $6 par common
stock.
Exchange will be on the basis of 10 shares of new common for each
share of old
preferred and
one
share of new common for three shares of-old
736.
common.—V. 148, p.
'<
(P. )Lorillard Co.—Earnings—
"
«
Consolidated Income Account for Calendar Years
1938
Gross
gen
& adm.,expense..
Operating profit.
Depreciation
—
Profit
1936
1935
>.
67,866,793
$6,pl7,287
435,736.
:
Profit-
.
.
.
.1
Bond interest
.....
Federal taxes, &c.
Minority interest.
Spec, charge due to flood
income
Preferred
...
dividends.:..
Surplus
*
$4,913,274
425,632
$5,186,647
422,660
349,354
$4,487,642
$4,763,987
136,840
$4,086,139
394,157
58,228
$4,435,493
$5,664,115
704,087
931,949
14,779
$4,545,870
709,962
487,588
11,003
1,059,280
$4,900,827
747,289
628,008
7,680
$4,480,296
821,961
$4,013,300
686,000
$2,278,036
$3,517,850
686,000
2,808,246
$3,053,709
686,000
2,246,890
$23,603
15,550,445
$120,819
14,658,647
2,621,652
Common dividends
Not
T available
71,049,311 •61,941,648
•
$5,581,551
Other income- —x82,564
Net
1937
sales.::———$73,884,080 $75,962,585 $67,127,6951
Costo of goods sold, sell.,
686,000
2,246,610
$706,248 def$654,574
Previous surplus
13,685,860
Miscell. reserve no longer
—
14,232,337
594,043
10,582
130,758
required
Total
_
Stores in operation
—V. 148, p. 281.
1939
1938
$17,169,987 $17,965,634
3,990
4,109
Lake-of-the-Woods Milling Co., Ltd.—Accum.
Div.—
dividend of $1.75 per share on account of ac¬
cumulations on the 7% cumul. pref. stock ,par $100, payable March 1 to
holders of record Feb. 15.
Like amount was paid in previous quarters.
a
-.$14,392,108 $13,708,521
Excess cost over par val.
of 5% and 7% bonds.
22,458
22,661
Excess cost over par val.
of sub. cos.' stk. pur..
1,250
$14,574,048 $14,779,466
Profit & loss surplus..$14,368,399 $13,685,860
Kroger Grocery & Baking Co.-—SalesFour Weeks Ended Jan. 28
Sales
1938
$961,012
operation
^-V. 148, p. 441.
Toll Co.
Payment of these distributions, less any taxes required to be paid or
withheld in the country of payment, will be made to debenture holders at
the office of the trustee. 120 Broadway, New York, or until May 15, 1939,
at the option of the debenture holder, at the office of Stockholm^ Enskilda
Bank, A.B., Sweden; Skandinaviska Banken, A.B., Stockholm; Societe
de Banque Suisse, Basle, Switzerland; Guaranty Trust Co. of New York,
London, England, or Hope & Co., Amsterdam, Holland.
In view of the fact that the distribution referred to in (a) above represents
the entire balance of funds in the hands of the trustee less only certain
reserves for expenses, it is expected that this will be the final distribution
to be made by it.
The distribution referred to in (b) above will be the
final dividend payable by the American bankruptcy trustee.
Debenture
holders are cautioned, however, to retain their debentures in order to
receive any further dividends from the Swedish bankruptcy and from the
bankrupt Estate of Ivar Kreuger.—V. 148, p. 735,
•
*■
22
—1
—t
,
Directors have declared
*
1939
$918,387
Month of January—
b After
or
74,302
2,051,134
Brothers Corp.—See
8,815,318
no par, including treasury stock,
depreciation of $7,790,918 in 1938 and $7,323,699 in 1937. c After
depreciation of $4,266,141 in 1938 and $3,722,475 in 1937.
d Treasury
stock at cost: 191,077 shs. of special prer. (1937, 191,065)
and 5,900
(5,748 in 1937) shares common stock.
a
108,000
,
dep. in escrow..
Deferred charges—
Total
16,365,206 15,326,285|.
(The)
3,400,414
......
it,334,237
Cash
41,932
pref.
Capital surplus...
&C_...........
d
331,821
taxes....
Earned surplus
Total
Surplus.
500,000
287,328
325,000
Conting. reserve..
Deprec. reserve.. 2,189,825
689,694
Depletion reserves
9 119,761
U. S. Govt.securs.
U. S. Govt,
1.80Q.000
stock...
9,119,701
a
Common stock.48 ,511,253 48,511,253
Accounts payable. 1 ,492,600'
1,450,908
Fed. tax reserve.. 1 ,038,165.
1,600,440
Sundry debtors...
to landlords
1,800,000
.
.—
pref.
special
stock
improvements. .11,010,272 10,851,783
blclg8.32,21O,501 31,320,703
Loans A
3,527,500
1937
Liabilities—
$
0,296,571 6%
6,385,555
Land and
Inventories
3,527,500
.
500,000
25,000 x Common stock..
79,179
1,370,072 Accounts payable.
537,902 Interest
331,821
1,196,500
34,382 Bank loam
Prov. for Fed. A
24,802
Inventories......
.*
.
Div. pay. on
1937
leasehold A other
Goodwill, Ac
Debentures.
Prov.
$
b Fiirn. & fixtures.
5,652,600
478,039
Dep. tax guarantee'
contract'!
8
$
Bonds.-—.—u... 5,652,600
Preferred stock...
1,307,800
Accts. A bills rec_.
1937.
1938
1937"
'
$
-.12
5,919,047 12,880,290
Fixed assets
Condensed Balance Sheet Dec. 31
1938
x$271,983
Balance Sheet Dec. 31
split 2-for-l in May, 1936,
.
$103,001
Indicates loss.
1938
Earned surplus
i$14,l42,131 $14,669,C84 $13,007,860 $12,274,009
Shs. common stock out¬
standing (no par)
y2,351,674 y2,351,826 y2,351,826
1,175,913
Earns, per so. on com..
$1.37
$2.30
-$2.31
$4,63
c
22,000
$197,680
........
on common
Stock div. paid in special
$14,232,337 $14,550,445
Shs. com. outs, (par $10)
Earns, per sh. on com—
x
Includes
$44,599
miscellaneous interest.
1,871,877
$1.78
interest "from
1,871,862
$0.85
United
341,711
...
"
States
1,871,844
$1.51
227,771
1,250
1,871,805
$1.26
Treasury1 notes asd
Volume
Financial
148
Chronicle
1938
Liabilities—
$
d
chln'y & fixtures 6,703,267
Leaf
tobac.,
mfd.
stk. &oper. sup. 38 909,512
Sub
.empl .acc'ts
Tr'marks,
brands
'
Ac
1
Cash......
9,800,000
Common stock_.18,718,770
18,718,620
4,289
4,139
stockholders'
Oper.
Acer, taxes & exp.
3 ,584,718
7,813,914
b Acc'ts & notes rec 4 ,389,623
3,548.991
Misc.
1,465,764
780
bonds
227,492
228,848
Deferred charges..
191,210
on
Total.....
After
Oper. profits for
1—1
from transportation
Net operating revenue
.
.........
i
$714,674
funded debt
on
unfunded debt
$3,912,699
Surplus for the Year Ending Dec. 31, 1938
—
Asset?—
24,283
....
...
.....
Prepaid lnsur. and taxes.....
Other unadjusted debits—.
Other credits. _.L
I...... .$50,532,905
securities
,
'
1,779,646
923,208
1,104,683
—
1,991,181
Totalx
1938
$2,475,637
A ssetth***
200
Call loans.
bks.104,030,804
—
22,381,997
98,474,125
..
,
Due
fr.
1936
1937
Notes of RFC
600,000
$0.68
$954,660
578,000
$1.65
$1,105,201
600,000
$1.84
-
After all charges including taxes.—V. 147, p. 3462.
61,847,064
rPeriod End. Jan. ai—
*—V.J148,
:.
p.
442,-
;
■
.■
2,272,093
•1,104,683
1936
$29,499
$•28,470
$20,140
$27,379
38,425
34,600
Government securities
1,978,320
Total income
$2,007,820.
Operating expenses107,527
Prov. for Federal taxesz60,000
Net profit.
Dividends paid
2,501,934
2,652,046
$2,530,404
"119,298
*53,000
$2,710,612
100,097
x72,000
$2,349,162
92,698
3,600
Balance, surplus.
$1,840,293
al,867,569
$2,358,107
a2,305,754
$2,538,515
y2,515,318
$2,252,863
2,151,167
def$27,276
.—
$52,353
$23,197
$101,696
x Includes $21,000 for Federal surtax,
y Including dividends of $95,481
applicable to Employees' Service Corp.
z Includes $12,000 ($18,500 in
1937) for capital stock and franchise taxes,
a Includes dividends of $55,116 ($69,229 in 1937) applicable to subsidiary companies.
Balance Sheet
as
at Dec. 31
1938
$
Assets—
S
1938
$
Liabilities—
700,338
Div. payable
Cash in banks—
Marine Midland
I
(.Holding Company Only)
1937
banks
Other banks....
10,559
1,654,852
10,559
1,559,819
1,540,000
2,973
securities
$
583,615
Res. for taxes, &c.
233,643
224,075
272,795
272,795
Cap.stk. (par $5).29.180,765 29, 180,765
Capital surplus...25,598,603 26 870,361
General reserves..
1,600,000
5,812
U. 8. Treas. Govt.
Accrued Interest
1937
a'Cap. stk. of eonfc-
stlt. banks, trust
cos. & affiliates.51,354,201 52,531,861
Cap. stk. of Empl's
Service Corp— 1,423,560
} Total
r
a'Valued
1,423,560
...55,986,145 57,131,612
on
Total
—
.55,986,145 57,131,612
the basis of book value of net tangible assets as at
Dec. 31,
1938, as shown by accounts submitted by responsible officials of the re¬
spective companies, $52,447,815, ($53,580,060 in 1937).
Less amount
applicable to minority interests, $1,093,614 in 1938 and $1,048,199 in 1937.
Trucks, Inc.—Orders—
Mathieson Alkali
Works, Inc.—Meeting Date Changed—
V Meeting of directors has been changed from the fourth Wednesday of
each month to the third Wednesday of each month qf 9.15 a. m.—V. 148,
p.
2,287,182"
.
Total.......512,829,777 511,189,393
certain reserves to write-down assets.—V. 147, p. 3768
Company on Feb. 9 announced receipt of order for 50 buses from the
Rochester Transit Corp., Rochester, N, Y.—V. 148, p. 736.
1935
Profit from sale of U. S.
Div. from constit. banks,
trust cos. & sec. affil—
After applying
Mack
1937
1,785,400
MacLaren-Quebec Power Co.-—Financing Program—•
{Holding Company Only)
1938
Interest
resources.
Company has filed an application with the Provincial Electricity Board
(Montreal, Canada) for permission to carry out financing in connection
with the refunding of the company's 1st mtge. bonds.
Company plans
to issue $18,000,000 of 20-year 4% bonds which will refund the present
issue of two series of blA% due in 1961 and 1964 of a similar amount.
This issue will be offered to the public.—V. 146, p. 2698.
•
Corp.—Report—
Operating Statement—Years Ended Dec. 31
•
1,776,673
923,208
x
'v-
•
of
18,780,334
,2,390,968
•;
1
letters
credit
Other liabilities.
Total—512,829,777 511,189,393
Co.—Officers—
V
19,374,767
equipment.
Accrued Interest
1939—Month—1938
1939—rl2 Mos —1938
$1,284,557
$1,208,789 $22,280,565 $22,615,287
3313./
Marine Midland
1,007,989
371,693
taxes,
Deposits.^._...453,819,504 451,530,132
ters of credit.
1
,
and
for
accepts. & let¬
Company has advised the New York Stock Exchange of the election of the
following officers: Joseph A. Bergmann, Vice-President in Charge of Sales;
Lascelles A. Geddes, Secretary, and Arthur J. Motr, Treasurer.—V. 147,
p.
28.550,810
:
Cust's' liabil. on"
Corp.—Sales—
MacAndrews & Forbes
2,329,942
1,045,843
Reserves
63,506,535
151,573,255
27,694,681
Other
McLellan Stores
2,490,462
Interest, &cn.
Liab. on accept,
Banks and bldgs.
$609,691
581,038
$1.05
1,056,989
1,000,000
securities
&
890,860
Prov.
x
_.
Mortgages
•
2,310,000
8,801,664
pref. stock...
Other bonds and
1935
28,345,147
2,255,000
695,404'
notes
9,681,488
bks.
„
Publishing Co., Inc. (& Subs.)—Earnings
profits. 27,245,204
and
undi¬
27,301,177
Marine
Midland
24,237,500
..
36,016,089
Loans and dlsct. 127,381,783
share—...
vided
84,472,695
$
$
24,387,500
—
Surplus &
Cap.
securities
1937
1938
Liabilities—
Capital..
98,793^043
24,103,834
State and munic.
Net earnings.$410,922
and Liabilities Dec. 31
1937
S
Cash & with
Roy F. Coppedge, formerly executive Vice-President of the corporation,
was, on Feb. 9, elected President to succeed Charles T Green, who resigned.
Mr. Green was elected Chairman of the Advisory Committee.
'
Charles C. Stretch, who has been Controller and Asfeitant to the Presi¬
dent, was made Vice-President and Controller, Robert W. Jameson was
elected Chairman of the board of directors.—V. 148, p. 282.
Shares common stock...
Total —.—510,057,653 509,008,114
510,057,653 509,008,114
U. 8. Govt. sees.
1938
2,329,942
1,470,011
After applying certain reserves to write-down assets.
Condensed Combined Statement of Resources
&c.—
Calendar Years—
2,490,462
1,400,577
...
depos.268,135,994 256,391,765
Time deposits —176,829,962 186,760,946
Divs. payable—
679,743
566,252
.
•;
1939
$2,535,118
,
v
202
...
New President,
credit
Other liabilities
Demand
1938
....
Stores in operation
._
and
affiliates
Liab.on accepts,
and letters of
2,272,093
1,791,224
Other assets
1,048,199
con¬
bks.,
trust cos.
on
Acer. int. rec'le.
1,301,321
(Of constituent banks and trust companies, but excluding affiliates)
•
_
stituent
2,390,968
1,145,026
in
stock and
surplus of
18,815,635
,
ters of credit.
McCrory Stores Corp.—Sales—
Month of January—
cap.
accepts. & let¬
.....$50,532,905
,
Minority int.
19,405,268
2,310,000
778,551
taxes;
interest, &c__
other real est.
2,255,000
1,093,614
65,358,143
127,708,787 151,915,743
28,559,641' 27,701,735
Mortgages
Cust's' liabil.
for
Prov.
63,326,926
.
$
29,180,765
26,870,361
1,247,907
pref. stock...
Reserves
27,301,177
Bank bldgs. and
a Includes $25,900
deposited as collateral for an indemnity bond with the
Huntington Land & Improvement Co.
b Represented by 200,000 no
par shares.—V. 148, p. 282.
;
;
• .
' ,
•
,
.
...
1937
.
$
29,180,765
25,598,603
Capital notes &
3,547
'
Total........
Capital, surpl us.
x
124,577
tokens.,..:...
24,103,834
86,072,695
1,000,000
36,016,089
Loans & disct's.
.
Corporate surplus..........
Sales..
$25,598,603
Liabilities—
Cap .stk. (par $5)
Other bonds and
$2,000,000
...
Unredeemed
x
..
"1938
$
sees.100,014,125
pal securities.
.....—
.......
1937
State & munici¬
8,954,400
17,280,832
186,194 Funded debt..
89.931 Loans and notes payable
62,698
666,685
580,035 Audited accts. & wages pay..
55,604
83,464 Matured interest unpaid,...
99,815
112,107 Accrued interest...........
*
*
159,283
241,235 Tax liability _*
Other current liabilities
4,898
Accrued depreciation
19,129,383
Materials and supplies......
Other assets.
per
..$27,411,057
1,812,453
— — — —
-
101,571,152
Notes of RFC.,.
V
b Common stock..
1938
Assets"
S
Cash & with bks.107,550,999
Call loans—... 22,381,997
$115,020
•
Preferred ($100 par)
991,014
....
Special deposit.
.'
Loans, notes & aects. rec'le—.
Earnings
3,153,859
Cr63,346
Cr85,290
(Marine Midland Corp. & constituent banks, trust companies & affiliates)
Liabilities—
Road and equipment.......$48,248,925
x
3,545,918
*
.
$141,095
.......
McGraw-Hill
$26,870,361
— —
Balance at Dec. 31, 1938—.
433
•"
Balance Sheet Dec. 31,1938
Sales
$4,361,193
Total.
U. S. Govt.
.Net loss
Total.
$4,055,888
—$30,416,279
625
equipment retired
...
$3,545,918
Dividends paid and accrued by Marine Midland Corp
822,201
Interest
1,200
848,481
6,087
..
__
Includes $135,159 part of the trading profit in securities.
Proportion thereof applicable to minority interests
$732,522
on
Cash.....
Dr68,735
Consolidated Balance Sheet as at Dec. 31
Gross income
a
4,015,754
Dr78,246
Appropriations to general reserves from surplus and undivided
profits of constituent banks, trust companies and affiliates..
Miscellaneous surplus credits, net.
,
$705,793
26,729
.....
Miscellaneous rents
•
4,552,970
Dr81,664
Together
$1,580,431
874,638
$702,491
12,183
....I
road and
x4,281,379
Dr84,153
1,231
Interest
on
3,768,098
to
...
108,746
$1,630,266
927,775
.....
Taxes
Loss
$34,318
Operating profits of the holding company and its constituent
banks, trust companies and affiliates
$12,189,129 $12,395,171
9,159,326
9,500,105
1,399,536
1,314,635
...
.-
$113,532
Balance at Dec. 31, 1937.----.
1,259
*.
Operating income
Non-operating income
96,298
$143,827
Statement of Consolidated Capital
117,119
Revenue from other rail and coach operations..
Operating revenue
Operating expenses
Depreciation....
172,097
year,
carried to surplus
x
1937
$12,285,194
1938
..$12,070,751
revenue
revenue
34,600
172,298
Total——56,842,234 56.013,234
Log Angeles Railway Corp .—Earnings—
Other
38,425
167,527
$138,027
for the year
of earns, applic.
for
Years Ended Dec. 31—
Passenger
$27,379
minority interests
56.013,2341
56.842.234
reserve
$20,140
Corp.
Shs.
depreciation of $3,721,947 in 1938 and $3,511,802
in
1937.
b After
reserves,
e Includes
drafts
payable,
d Par value
$100.
ePar value $10.—Y. 147, p. 3461.
a
$28,470
Oper. profits of constit.
bks., tr. cos. & affils.
357,447
C386.424
surplus—14,368,399 13,685,860
155,033
Earned
1935
$29,499
Net loss..
Acc'ts payable
780
1936
& Fed. taxes
exp.
of Marine Mid.
1,267,203
Acer. int.
investments
1937
income of Marine
Midland Corp
Profit from sale of U. S.
Govt, securities
54,016
equity in sub. co
51,795
Gold bonds......11,819,450 11,896,950
762
.co
affiliates)
1938
Int.
9,800,000
Min.
3,064,312
Statement—Year Ended Dec. 31
(Marine Midland Corp. & its constituent banks, trust companies &
S
7%
stock,
Com. stk.div. scrip
34,920,261
3 063,122
Pref.
cumulative
6,509,179
e
U. S. Govt, bonds.
1937
1938
1937
Assets—
Real estate, ma-
a
885
Consolidated Operating
Consolidated Balance Sheet Dec. 31
737.
;
: ' '
Ry.-—Earnings—
Mos.—1937
1938—"l2 Mos.—1937
v..';*
Middlesex & Boston Street
>
Period End.
Dec.il—
Net loss
1938—3
$4,798
Rey. far pa6s. carried._.>
2,296,086
Ave. far per rev. pass'ger '
$0.0937
—V. 147, P. 1199.
<■
$27,490
'
-
.
2,221,226
$0,0932
$177,946
8,474,518
$0.0944
$187,869.
8,695,323
$0.0945
.
,
Missouri-Kansas-Texas RR.—RFC Loan—
The company
has drawn down a loan of $1,772,000 from the Reconstruc¬
secured note dated Dec. 30,1938 and maturing
tion Finance Corp., giving a
Dec. 30, 1941.
Proceeds of the loan, according to a report to the Securities
and Exchange Commission, will assist the company in meeting interest,
rental and equipment trust obligations through March 31, 1939.
Security for the loan is $10,500,000 5% prior lien, series E, gold bonds.
tax,
The Interstate Commerce
to the
Commission had approved
a
loan of $2,824,000
"Katy."—V. 148, p. 588.
Missouri
Acts Under
Pacific
RR.—Committee
Headed
by
Stedman
Tightened Rules—
tightening the restrictions under which
the committee for the first and refunding 5% bonds, headed by John W.
Stedman, Vice-President of the Prudential Insurance Co., operates, were
disclosed in a statement Issued Feb. 2 by the New York Stock Exchange.
The statement disclosed that the Interstate Commerce Commission
granted permission on Dec. 1 to the committee to continue to act, on
condition that it amended its deposit agreement.
The original agreement
expired Julv 21 last.
The amended agreement requires that no holder of
bonds may become party to the agreement without the deposit of his bonds
unless the Commission gives approval.
The original agreement has been
amended to delete provisions under which the committee could impose
penalties with respect to deposits after a time limit fixed by the committee.
There was ended also a restriction on the right of depositors to prosecute
independently a right of action in respect of bonds deposited with the*
Drastic changes with a view to
committee.
■
Financial
886
appointments of new members to the committee are sub¬
Henceforth,
Henceforth, also,
of the Commission.
ject to the approval
Feb.
Chronicle
1939
11,
places and accordingly have arranged with the underwriters for two
extension to deal with these special cases.—V. 147, p. 1496, 4061.
no member
committee may become pecuniarily interested in any property or
matters which may be <J«alt with by the agreement of any plan of reorgani¬
weeks*
of the
National Tea Co.—Sales—
which the committee may adopt, except in
zation of the bankrupt railroad
a
amounted to $4,162,899, as compared with $4,619,163 for the
four weeks in 1938, a decrease of 9.88%.
plan.
location.—V.
148,
of the
deposited bonds or coupons should be made b ythe committee without
notice to depositors.
This ruling aimed to eliminate the right
of the committee to dispose of any other property it held.
The Commission has limited the amounts which the committee may
borrow to pay expenses incurred since July 21 and has fixed the amounts
for which deposited bonds may be pledged in respect to expenses to % of
1% of their face amount, unless further authorization by the Commission
is forthcoming.
The Commission also limited the amount of expenses
after July "21 which might be "charged against deposited bonds to \i of 1%,
unless further authority were accorded.
The agreement has been amended to provide that a committee member
30 days'
a
Neisner
Month
737.
"
Dividend Date
of 25
on
-Earnings—
1938
Years Ended Dec. 31—
operating revenues.
Operating expenses
Maintenance
425,859
...
.
_
Federal income taxes
.
,
Operating income
Other Income
Montgomery Ward & Co.—Sales—
Period End. Jan. 31—
1939—Month-^mS
1939—12 MPs.—1938
Sales
i$24,768,545 $21,840,243$432,813,501$432,539,796
_
148,
_
_
Interest
284.
399,130
(—t- $1,777,482
1st mtge. bonds
on
180,832
$2,085,657
626,400
41,719
45,419
— -
...
Gross income
_
_
p.
$1,686,527
503,000
186,602
___-_
1
Other taxes.
preferred class B shares payable June 1 to holders of record May 10.—V.
148, p. 588.
1
—Y.
$4,500,961
1,409,759
318,694
500,000
193,493
392,487
$4,334,553
1,368,364
254,078
...
*
Provision for retirements
the $4.50
637,025
....
Other interest
29,547
45,419
—,
Amortization of debt discount and expense
Motor Wheel
Corp.-—Dividend Doubled—
on
Feb,
7
declared
,
Cr633
Cr422
$1,066,123
Interest charged to construction—
dividend of 40 cents per share on the
common stock, payable March 10 to holders of record Feb. 17.
This com¬
pares with a dividend of 20 cents paid on Dec. 10 and March 10, 1938, and
previously regular quarterly dividend sof 40 cents per share were dis¬
tributed.—V. 147* p. 3020.
'
Directors
1937
X
$1,596,650
Total
__
initial dividend of $2.09 per share
quarterly
cents
New Jersey Power & Light Co.-
/
Monsanto Chemical Co.—Initial Preferred Dividendj—
an
Changed—
per share recently declared on the common stock
payable March 15, from Feb. 15 to Feb. 28.—V. 148, p. 132.
.
Directors have declared
$1,128,399
$1,246,053
Directors have revised the holders of record date of the regular
and the St.
p.
1938
1939
of January—
dividend
The depositaries of the committee are the Guaranty
Louis Union Trust Co. of St. Louis, Mo.—V. 148,
Trust Co.
444.
p.
Brothers, Inc.—Sales—
Sales.....
depositary shall be liable for his or its own negligence, as well as for
wilful misconduct.
corresponding
The number of stores in operation decreased from 1,157 in 1938 to 1,103
at Jan. 28, 1939, resulting in a decrease of 5.46% in average sales per
The Commission ruled that, except pursuant to a plan of reorganization
that had become operative, no sale, delivery, exchange or other disposal
or
weeks (less one day) ended Jan. 28,1939,
Sales of the company for the four
respect to interests acquired before July 21 and except that a member may
act in certain specified capacities in contemplation of or in connection with
a
/
203,565
$1,372,541
203,565
-Y.—....
$862,558
$1,168,976
Balance of income.
Dividends
on
Balance.
preferred stock.
_______
,
Preliminary—subject to annual audit and such sundry book adjust¬
incident to closing for fiscal year ended
x
'
(G. C.) Murphy Co.—Sales-—
Month of January—»
Sales
1939
„
ments, if any, as may be necessary
Dec. il, 1938.—V. 147, p. 2871.
1938
$2,684,535
$2,490,097
31, last, there were in operation 201 stores as compared with
ago.—V. 148, p. 284.
•
_
_
_
_
_
New York Central RR.—New Director—
As of Jan.
20C
a year
of William E. Levis as
Mutual Management
See list given on
first
page
National Aviation
Co.—Registers with SEC—
in
31, 1938,
.
.
,
"
,
'38 Dec. 31/37
$610,129
$398,743
June 30,
Dec. 31, '38
.
.
$796,749
.
Securities:
Market value (active market)
Estimated value (inactive market)
search Corp. at co8t__
and
50,000
50,000
.33,614
14,541
$9,025,372
150,615
reserves
000 Bonds
$6,095,394
Allowance for Federal incomei
Approved—
Corp.—Sale of $14,000-
/
the New York P. S. Com¬
The corporation was authorized Feb. 3 by
mission to sell $14,000,000 of its first mortgage
4% bonds maturing in 1965.
the bonds must be sold before June 1
at a price "to realize proceeds of not less than 95% of par to the company.''
From the revenue obtained, $8,458,500 would go to the refunding by
redemption of underlying mortgage bonds of constituent companies, $3,460,000 to the payment of a 4H % note, $1,200,000 to the payment of a 4%
note and $881,500 to the cost of construction projects already authorized.
At the same time the company was permitted to increase from $100,009
to $150,000 its "evidence of indebtedness" for borrowings under a customerfinance plan for the construction of rural electric line extensions.—V.
148, p. 739.
'
The Commission stipulated that
13,151
$6,262,183
•
have asked the Interstate
27 a hearing now scheduled
for Feb. 27, in connection with the road's reorganization. They asked also
that the time for filing amended or revised plans of reorganization be moved
up for 30 days from Feb. 17.—V. 148, p. 590.
$6,108,545
V
$8,874,757
Less:
21,781
$6,276,725
50,000
6,427
Total assets.
Less: Liabilities
4,078,925
61,877
1,485,385
.*
440*828
1,483,625
Other assets.
a
4,056,228
45,939
1,492,646
6,247,741
_____
Investment in airports at cost...
Investment in National Aviation Re¬
RR.—■-Delay Asked
*
New York State Electric & Gas
.
Corporation's assets, liabilities, and indicated liquidating value as of
Dec, 31, 1938, June 30, 1938 and Dec. 31, 1937 are shown in the following
comparative table:
•
Cash
Reorganization—
on
The company and principal security holders
Commerce Commission to postpone until March
corporation as of Dec. 31,
1938 was $17.46 per share and includes the market value as of that date of
securities having an active market, the value of other securities as estimated.
by the management, and investments in controlled corporations at cost.
This figure is after deducting 25c. per share for a dividend declared ,by
corporation in 1938 and payable in 1939, and after deducting estimated
Federal income taxes on unrealized appreciation of $1.12 per share, based
tax cost of securities held Dec.
Hearing
a
New Haven & Hartford
New York
of this department.—Y, 146, p. 605.
Corp.—Annual Report—
The indicated liquidating value of the stock of
on
York Stock Exchange of the election
director.—V. 148, p. 739.
The railroad has notified the New
,
.
.
New York Transit
Co.—Earnings—
"
1936
1935
1938
1937
"$170,448
$207,567
118,351
15,895
123,974
15,308
$193,802 1
129,970
14,889
$36,201
7,140'
$68,285
7,815
$48,943
8,981
$66,555
8,853
$76,099
27,114
$57,924
23,702
$75,406
Calendar Years—
Operating revenues
Operating expenses. uY _
Depreciation.
_
,
$199;36I
118,199
14,607
-
taxes
computed on unrealised ap¬
preciation, based on tax cost of se¬
curities held
$8,338,695
477,274.6
.
Shares outstanding.
Indicated liquidating value
a
Net oper. revenue.
536,061
-
•
Not included in
t
per
-
b$l7.46
share.
54,804
r
$6,207,378
477,274.6
c$12.97
Non-oper. revenue
$6,095,394
477,274.6
,
b After deducting $1.12
liquidating value,
d$l2»70
per
'
for Calendar Years
1938
Profit from sale of securs. loss$34,956
Int. & divs*. rec'd, &c...
194,353
/
.
1937
$62,128
143,711
■
1936
$902,669
132,188
Profit
Loss
on
•__
_____
corp. exps.
invest, in
*■
.
owned subsidiaries
1935
$314,755
120,934
$1,034,857
90,316
$435,689
58,396
81,850
yl4,426
38,535
______
income tax—
Prov. for Fed. surtax on
income
Dividends
651
$52,723
$15,592.
25,000
....— —
$48,985
100,000
$34,048
35,000
30,000
S9.4C8
*
Deficit
$51,015
$952
sur$22,723
.....
Y
Shares
of capital stock
outstanding (par $5)
cap.stk.
100,000
_ _
Assets—
a
•
'
1938
.
Sheet
Dec.
100,000
$349,866
128,000
122,650
b
100,000
$0.52
1938
stock
duction
-
$500,000
Capital stock...
Capital
•.
$0.34
31
Liabilities—
1937
$349,741
Plant..
'
$0.49
$0.16
Balance
U. 8. Govt, bonds.
100,000
'
Earns .per sb .on
1
1937
$500,000
re¬
155
account
Municipal bonds'..
56,650
56;650
Cash.
56,712
78.486
Accounts
Acqts. receivable..
Mat'ls & supplies.
14,444
14,369
Divs.mat'd unpaid
10,020
Accrued
177
13,834
2,308
taxes.—
5,351
462
1,406
Int. receivable....
1,074
1.08C
Other defd credits
314
359
Work, fund ad vs..
13,660
15,007
Reserve for carrier
28,634
33,983
Surplus.,.121,433
130,761
$657,755
$683,399
in
8,534
payable-
insurance..
prems.
paid
advance...1.
291
1,271
28.6500
Carrier insur. fund
See
x65,8l6
z
.
1,976
34.000
Total
a
z4,688
profits-
■
8,152
New York
Net profit for year...
$23,129
119,319
paid
$131,186
"
$854,538
477,352
$324,331
Include® $42,387 for taxes other than Federal income taxes,
y New
York & Suburban Air Lines, Inc.
z Provision for surtax on undistributed
x
profits for year ended Dec. 31.1937 (no normal tax payable).
Invest, (at cost).-85,873,180
Cash
1937
$6,203,465
.
Accruals.
$3,829
$3,133
27,468
10,018
796,750
398,743
Res. lor Fed. taxes
6,428
33,614
Operating revenues
Uncollectible oper. rev..
1938—Month—1937
1938—12; Mas.—1937
$18,069,582 $17,821,034 $205975,293 $207166,660
64,397
71,678
1,045,837
870,197
.$18,005,185 $17,749,356 $204929,456 $206296,463
12,004,543
12,454,537 140,062,684 140,643,740
.
1937
1938
Liabilities—
Telephone Co.—Earnings—-
Period End. Dec. 31—
Operating revenues
Operating expenses._.
Balance Sheet Dec. 31
1938
Assets-
Total,.,.
$683,399
$657,755
After,deducting depreciation of $634,683 in 1938 andl$622,518 in 1937',
147, p. 1497,
,
b far value $5.—V.
'
Dividends
22,034
wholly-
Est. Fed.
undistributed
$205,838
69,964
$159,397
70,452
.
174
'
Net
.,
Ins.
Managem't &
$43,341
27,749
revenue—
share
appreciation, based
on tax cost of securities held Dec. 31," 1938 and after deducting 25c. per
share for dividend declared in 1938, payable in 1939.
c After deducting
11c. per share to cover estimated Federal income takes on unrealized appre¬
ciation, based on tax cost of securities held June 30, 1938.
d No tax pro¬
vision was necessary as at Dec. 31, 1937.
During the year corporation participated in the organization of ChandlerEvans Corp. of Detroit, Mich., and on Dec. 31, 1.938, owned 50% of the
then outstanding common stock of that corporation together with warrants
to purchase 16,000 additional shares at $4 per share, expiring July 29,
1943.
Chandler-Evans Corp. has developed andYs manufacturing aircraft
carburetors and aircraft and automotive fuel pumps.
It has already re¬
ceived suostantial orders from the two major aircraft engine producers.
to cover estimated Federal income taxes on unrealized
Income Account
Total
Local, State & Fed. taxes
Miscell. income charges.
$6,000,642
3,391,859
$5,294,819 $64,866,772 $65,652,723
2,294,781
32,597,453
29,311,615
income- $2,608,783
$3,000,038 $32,269,319 $36,341,108
3,153,461
29,377,181
34,415,352
Net oper. revenues-
Operating taxes
.
Divs. declared pay.
Prep'd & def. chgs.
Capital stock
Surplus.
Deficit
Total.__...__.$6,676,357
$5,635,823'
Total
Net operating
(earned)..
119,319
2,386,373
2,386,373
z4,139,369
Jan.14, 1939...
x
6.041,689
yl,805,391
.$6,676,357 $6,735,823
*
Represented by 477,275 (477,352 in 1936) no par shares,
y Stock¬
on March 7,
1938 authorized transfer of "Deficit" into "Paid-in
surplus," effective Jan. 1, 1938.
z Includes $4,236,299 paid-in surplus;
$22,389 earned surplus since Jan. 1, 1938 total $4,258,687 less dividends
declared $119,319 balance (as above), $4,139,369.—V. 147, p. 4061.
.
Net income
3,233,839
Gain in Phones—
The station gain in January for this company was 6,380, compared with
increase of 3,235 in January, 1938; an increase of 12,699 in January,
an
1937;
a
gain of 6,440 in January, 1936, and
a
loss of 487 in January, 1935..
x
Labor
holders
National Steel Car
Corp.—Subscription Offering—
Subscriptions to the recent offering have been completed for over 45,000
shares, leaving a balance of less than 500 shares, or less than 1% of the
total offering, to be taken up.
The offering was made to shareholders
on the basis of 3H new shares for every 10 held at $35 a share with sub¬
scription rights expiring on Jan. 25.
Company has been advised that the
uncompleted subscriptions belong to shareholders absent and at distant
new
Controversy—
In connection with the
Relations
Board
on
charges filed
on
Feb. 8 with the National Labor
Organizations,
behalf of the Telephone Employees'
the company made the following statement;
"In order that work might proceed harmoniously in buildings under con¬
struction or in process of alteration in New York City, on which members
of the building trades are employed, there has been followed, for a period
of
over
36 years, a
division of work practice which, on such jobs, gives
certain
telephone work to electrical contractors employing members of
Local No. 3 of the International Brotherhood of Electrical Workers.
4
|
"The charges filed today in behalf of the Telephone Employees' Organi¬
zations with the National
or
Relations Board
arose out
of a demand
Chronicle
Financial
Volume 148
from the executive committee of the Employees' Organizations that
division of work no longer be followed.
this
Outboard, Marine & Mfg. Co. (& Subs.)3 Months Ended Dec. 31—
Net sales.*..,
Cost of products sold plus shipping, selling, general
■and administrative expenses
Provision for depreciation of plant and equipment.
"As to the charges themselves, the company has never
discouraged mem¬
bership by its employees in the Telephone Employees' Organizations and
has, at no time, discriminated against any of its employees who are members
-
p.
$2,656,055
$2,807,974
.....
4
$104,022
8,389
$62,936
11,348
$51,587
..
—
*
444.
Net loss before income taxes.
Newmarket Mfg. Co.—75-Cent Dividend-—
1,708
$53,296
$96,236
.................
-V. 148, p. 287.
a dividend of 75 cents per share on the capital
value, payable Feb. 15 to holders of record Feb. 10.
This
compares with 50 cents paid on Dec. 15 and Feb. 15, 1938; $1 paid on
Nov, 35, 1937; $2 on Aug. 16 and on May 15, 1937; $1.50 paid on Feb. 15,
1937, and a regular, quarterly dividend of $1 per share, distributed on
Nov. 16, 1936.—V. 147, p. 3769.
no par
Noranda Mines, Ltd.—-$1 Dividend—
28,453
.
Directors have declared
stock,
710,337
28,915
...
_,
1938
„
660,767
Net loss from operations.
Other income
(J.'J.) Newberry Co,— Sales1939
1937
$626,285
Net loss. ..........—$95,633
Interest paid, exchangeon U.S. funds, &c—......
602
organizations. The company has never refused to bargain collec¬
tively with these organizations and has, in fact, bargained collectively with
them since their formation."—V. 148, p. 739.
Month of January—
Earnings—
1938
$635,230
.....
of such
Sales—...
—V. 148,
887
Pacific Telephone & Telegraph
Co*—Earnings-—
1938—Monto—1937
1938—12 Mos.—1937"
$5,904,113
$5,741,311 $68,626,090 $67,257,866
12,600
14,7)00
262,800
252,598
Period End. Dec. 31—
Operating revenues
Uncollectible oper. rev
Operating revenues... $5,891,513
Operating expenses.....
4,115,542
The directors have declared a dividend of $1 per share on the no par
stock, payable March 15 to holders of record Feb. 22.
This com¬
$5,726,611 $68,363,290 $67,005,268
4,357,043
48,575,900
47,437,792
Net oper. revenues.
Rent from lease of oper.
>
$1,369,568 $19,787,390 $19,567,476
common
paid on Dec. 23,
pares with $2 paid.on Dec. 22 and on June 27, 1938; $1.50
1937; $1.75 on June 30,1937, and on Dec. 22, 1936; $1.25 paid on June 23,
1936, and $1 per share paid in December and June of 1935 and 1934.
During 1933 a total of $1.50 per share was disbursed; in 1932, $1,10; 1931,
50 cents, and in 1930, $2.50 per share.—V. 147, p. 3316.
the
,
Maintenance
...
Federal income taxes.———.
Other taxes...
........i.
Operating income.
Other income.
Gross
...........
.....
Interest on long-term debt:
Other interest—■
Balance of income—. $314,281
$237,641
x Preliminary, subject to annual audit and such sundry book adjustments,
if any, as may be necessary incident to closing for fiscal year ended Dec. 31,
1938.—V. 148, p. 741.
,
'<
,
Northern States Power Co. (Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended Feb. 4,1939 totaled 26,147,025 kilowatt-hours, an increase of 1.2%,
compared with the corresponding week last year.—V. 148, p. 741,
Norwich Pharmacal Co.r— Stock Increase Voted—
Stockholders
on Feb. 3 approved an increase of the authorized and Out¬
standing shares of capital stock from 400,000 to 800,000 and the decrease
of the par value of the shares frpm $5 to $2.50.
Plans
Public
Distribution of Shares—
made available for public distribution.
,
W.flM.
J.
<
A registration statement,
and
Jan.
1939,
1,
payable Q.-J.
estimated at $1,218,620, after deducting expenses
These proceeds, together with proceeds from the
are
.
.
'
aOutstanding
$5,2QO,OO0
bl7,446 shs.
Authorized
'*
24,000 shs.
53,000 shs.
Upon completion of present financing,
b Not including 5,700 shares
which the company has reacquired and holds in its treasury and of which
it is legally free to dispose at any time.
c Authorized capital stock is
$10,000:000* Out of such total the company, at Nov. 30, 1938; had auth¬
orized tne issuance of 60,000 shs, of common stock and 25,000 shs. of 6% ■
cumulative preferred stock.
On Jan. 14, 1939 company authorized the
issuance of an additional 3 ,000 shares of common stock and of 24,000 shares
of $2.50 preferred stock, and fixed as the stated capital for such shares of
$2.5Q preferred stock, the consideration ($1,230,000) to be received therefor.
«
'
.
Out of the balance of such total authorized capital stock the company may
■
hereafter authorize,'from tiipe to time, the issuance of additional
or without nominal or par value and of any class or series now
ized or hereafter created, having an aggregate par value or stated
with
record Feb. 24.
Regular dividend of 50 cents was paid on the smaller
amount of stock previously outstanding on Dec. 15, last.—V. 148, p. 59,1.
not greater
than such balance,
Telephone Co.—Earnings—
1938—Month-1937
Operating revenues
Uncollectible oper. rev..
Years Ended Dec. 31-
-—
,
'
'
$61,450
63,824
1938—12 Mos.—-1937
$740,672
$729,055
1,782
2,165
$60,314
185
$62,450
1,000
—
:
.
$60,129
43,184
$726,890
$738,890
518,940
-
"
$219,950
$16,945
Cr288
; 7 ,902
73,818
$260,473
72,734
$7,914
■>:
$9,043
$146,132
$187,739
,
1937
$2,321,037
948,974
452,312
$705,265
1,481
$633,273
$676*954
Dr8,728
$706,746
272,251
$633,508
Int., &c., deductions...
$434,495
$421,633
Operating revenues-v. $2,049,519
Operating expenses.
—
882 ,943
Depreciation 1 ^ ■*.
......
394,060
General & Federal taxes
67,250
a
—
Net earnings—.
Other income.
.........
Net
Net oper. income—
11 Mos.End.
—
1936
$2,144,868
880,760
444,538
i86,296
1935
.
,
Nov. 30, '38
v
,242,796,
,
$2,175,881
908,201
437,229
221,966
466,417
$7,626
Net oper. revenues—.
—V.
capital
-
Net income——
tend. Dee, 31—.
Operating taxes——
shares,
author¬
Earnings for Stated Periods
Ohio Associated
Operating revenues.
Operating expenses.
shares of
...
Directors oh Feb. 3 declared an initial dividend of 25 cents per share on
the new common stock now outstanding payable March . 10 to holders of
Period
Transfer
National
a
,
,
\
New Shares—
Hawkins
7i
.——Indeterminate
6% cumulative Preferred stock (par $100). — ,
c
$2.50 preferred stock (cumulative), no par——
c
Common stock, par value $50 per Sh^re-..**. '
.
c
•
-
Exchange Commission.
>
The company, whose business was established in 1885, is one of the, lead¬
ing manufacturers in the country of pharmaceutical products.
Its labora¬
tories and manufacturing plants are in Norwich, New York and it has
offices or warehouses in New York City, Chicago, Kansas City, Houston,
San Francisco, Pbrtland, Oregon and Fort Erie, Ont.
on
from
.
in preparation* is expected to be filed shortly with the Securities
Initial Dividend
dividends
Capitalization—
Frank L,. McCartney, President of the company, has announced that a
is to be
.
First mortgage, 4% series 1965—-
stockholders' agreement has been entered into with/Fv Eberstadt & Co.,
Inc. of New York under which a block of the company's outstanding shares
now
&c.>—
and
-d
central office building and equipment at JohnstoWn.
- ■
Business—Company was incorporated as Mutual Telephone on Feb. 1,
1897 for a term of 99 years in Pennsylvania, for the purpose of constructing,
maintaining and operating telephone lines and exchanges and supplying
telephone service in the City of Erie and in Millcreek Township, County of
Erie, Pa. By virtue of an amendment to the charter dated Jan. 26,1921,
and through the acquisition of the properties and franchises of various other
companies, the area of operation of the company has been extended until
at present it serves approximately 343 communities and surrounding terri¬
tories in Pennsylvania, grouped in five general areas."
On July 31, 1930,
the corporate name of the company was changed to Pennsylvania Telephone
Corp.
Its principal executive offices are located at 20 East Tenth Street,
Erie, Pa,1
The company'is engaged in the business of providing, without com¬
petition, telephone service to the abovementioned 343 communities and their
environs.
It is estimated by the company that the total population of the
areas served is in excess of 500,000.
"
Company owns toll lines and provides toll service between various of itsown exchanges, and, «ia some cases, between its exchanges and exchanges
of other telephone companies.
Toll service to other points in and out of
Pennsylvania is provided through toll connections with the'Bell Tele¬
phone Co. of Pa., American Telephone & Telegraph Co.* and certain inde¬
pendent companies. /
°
188,369
38,788
19,680
•
743.
new
$484,478
.
P*.
owing to
General Telephone Corp. in the amount of $1,350,000.
This indebtedness
was incurred in order that the company might have sufficient funds to pay
for property acquired on Feb. 5, 1938, from the Bell Telephone Co. of Pa.
and to construct additions and betterments to its property, especially the.
947,973
97,580
160,000
42,888
127,419
$557,259
187,825
35,472
19,680
1st mtge. bonds
cumulative
Purpose—Proceeds
$438,486
45,992
Income..——.————
Vice-President
sale to General Telephone Corp., the company's parent, of 3,000
common stock at $50 a share, will be used to discharge 5% notes
$1,814,347
.......... ...
elected
has been oversubscribed.
to
estimated at $11,380.
$512,533
44,726
—.
.......
Provision for retirements.
been
Pennsylvania personal property taxes, now aggregating 8 mills.
agent, First National Bank of Erie, Erie, Pa.
Registrar: Marine
Bank of Erie, Erie, Pa.
.
1937
$1,892,328
951,725
64,514
160,000
65,300
138,257
...
has
Red., as a whole or in part, at the option of company, at any time, upon
not less than 30 days notice, at $55 a share and accrued divs.
Exempt from
Co,—Earnings...
Baker
Entitled
Company has deposited funds with the City-Bank-Farmers Trust Co.
to redeem at par and accnjed interest to August 1, 1939, its 20-year col¬
lateral trust 6% bonds.
Holders may present bonds at any time before
Aug. 1, 1939 and receive interest.—V. 148, p. 445.
expenses.....
C.
The issue
741.
Northeastern Water & Electric Co.—To Redeem Bonds-
Operating
$680,953 $10,304,119 $10,792,906
1,392,698
17,832,072
18.859,833
Pennsylvania Telephone" CorpT—Preferred Stock Offered
—-Bonbright & Co., Inc.; Paine, Webber & Co., and Mitchnm
Tully & Co. offered Feb. 8 24,000 shares of $2.5,0 pref. stock
(no par) at $53.25 per share plus accrued div. from Jan. 1.
North American Edison Co.—Dissolved—
*
8.775,460
Parker-Wolverine Co.—New Secretary,
M.
Central Hanover Bank & Trust Co. has been appointed trustee of the
North American'Co. debentures dated Feb. 1, 1939.
Initial issue, $70,-
xl938
890
9,484,136
Secretary of this company.—V, 148.
North American Co.—Trustee—
Northern Pennsylvania Power
865
688,708
$911,113
1,561,475
.
approved by the Court on March 3,
1938.
Shortly thereafter, reorganization managers were instructed by the
Court to draw up a reorganization agreement.-—V. 148, p. 740.
Years Ended Dec, 31—
Total operating revenues.
93
864,949
Net oper. income.—..
Net income—V. 148, p. 287.
<
The actual plan of reorganization was
The company was dissolved on Feb. 8,1939.—V. 148, p.
91
Operating taxes.....
Norfolk Southern RR.—March 14 Set for Hearing—
Federal Judge L. B. Way at Norfolk has set March 14 for a hearing on
the reorganization agreement for the road.
000,000.—V. 148, p. 740.
$1,775,971
property
earnings.—.—-■
<
235
.
211,874
..
$608,484
Dr2,712
210,817
$605,771
204,532
$457,408
$401,239
$668,225
•
,
148, p. 133.
Ohio Bell
Telephone Co.
Period End. Dec. 31—
Earnings—
1938—Month—1937
a
1938—12 Mos.—1937
$3,565,286 $41,876,651
$42,001,791
206,930
81,651
Operating revenues...
Uncollectible oper. rev.
$3,648*430
Operating revenues
Operating expenses.
$3,647,170
2,252,114
$3,551,604 $41,669,721 $41,920,140
2,361,472
26,665,119
26,426,692
$1,395,056
Operating taxes—483,348
$1,190,132 $15,004,602 $15,493,448
412,831
x4,702,951
5,695,692
13,682
1,260
_ .
After
deducting provision for uncollectible accounts.
of 6% cumula¬
preferred stock outstanding with the public and of the 24,000 shares of
stock offered in the aggregate, to $164,676.
Control-—On Nov. 30, 1938 General Telephone Corp.(N. Y.), owned
49,998 shares of the common stock which represented 99.99% of the voting
The annual dividend requirements of the 17,446 shares
tive
$2.50 preferred
stock outstanding.
Underwriters
Net oper. revenues...
Net oper. income
Net income....
$777,301 $10,301,651
820,450
9,986,033
$911,708
908,656
—.
$9,797,756
9,800,141
Abnormal changes in amounts for 1938 due to entries included in con¬
nection with refunds to subscribers for reductions in rates for years 1925 to
x
Corp. of Calif. (& Subs.)—Earnings-
Calendar Years—
x
Net earnings...
x
1937
1938
.
$1,050,125
$1,580,649
After all charges including Federal taxes.—V.
1936
1935^
$1,830,414
147,
p.
Sales of the company for the month of January, 1939 were $16,523,144
compared with $15,262,999 for Jan,, 1938,
This is an increase of $1,260,144or 8.26%.—V. 148, p. 287.
.........
....
....
12,000
9,000
3,000
,j
Month of
1939
January—
Sales...
—V. 148, p. 287.
—
......
.........
$1,773,220
1938
$1,751,650
$1,598,977
2698,
(J. C.) Penney Co.—Sales—
as
Underwritten
Bonbright & Co., Inc., New York...........
Paine, Webber & Co., New York—
Mitchum, Tully & Co., Los Angeles
—V. 148, p. 593.
Peoples Drug Stores, Inc.—-Sales-
1931, inclusive.—V. 148, p. 445.
Pacific Finance
Shs, Severally
Name and Address—
Peoples Gas Light 8c Coke Co.—Seeks $2,500,000—
Company has applied to the Illinois Comm erce Comm ission for permission
to borrow $2,500,000 from two Chicago banks.
<
This loan and funds now held by the company would be used to retire
short-term notes outstanding. Notes or the company maturing in 1940-42
and bearing interest at m% and 2% would be sold to the First National
888
Financial
Chronicle
Feb.
certainties arising out of foreign exchange regulations as they affect the
American shares.—V. 146, p. 3676.
WE DEAL IN
City of Philadelphia Bonds
Pennsylvania Turnpike Revenue 3%s, 1968
Carolina Power & Light 1st & Ref. 6s, 1956
Plaza
Operating Co —Earnings—
1938
1937
1936
316,938
a67,775
$3,262,601
2,527,955
301,695
a49,470
$3,168,776
2,481,518
298,053
13,430
$365,066
11,352
$383,480
17,737
$375,775
13,917
$376,418
249,333
$401,218
204,651
17,593
$389,692
216,720
11,282
$115,803
307,519
$178,974
307,519
$172,972
307,519
$191,715
$128,545
$134,546
Years Ended Dec. 31—
Florida Power 1st 4s, 1966
Oper. revs. & gross sales (after deduc.
Pennsylvania Railroad Serial Secured 4s
for doubtful accounts)
$2,897,157
Oper. exps. & cost of goods sold—__
2,147,378
prov.
Real estate taxes
YARNALL a CO.
Taxes other than real estate
A. T. & T. Teletype—Phla 22
Walnut St.
1628
Net oper.
»
Philadelphia
The notes to be retired
Net prof, before int. chgs. & deprec
on mortgages
p.
4064.
Years Ended Dec .31 —
193 8
$7,345,078
3,222,262
533,022
1,095,557
1937
1936
$6,416,008
1935
$6,510,313
2,809,328
468,526
r 1,054,519
2,576,143
483,092
1,099,662
Net loss!
.
$6,094,676
2,302,369
464,336
1,055,780
$2,494,237
107,465
1,934,316
$2,257,110
107,465
1,934,316
$2,177,940
107,465
1,719,392
$452,456
$215,329
$351,083
——
Including Federal and State social security taxes of $47,860 in 1938
$37,309 in 1937.
a
and
Balance Sheet Dec. 31
$789,799
k.
149,533
Marketable secur.
&
Accounts
stock
429,848
$5.55
standing (no par)....
429,848
$5.00
429,848
$4.81
429,848
$5.08
Unamort.
Peoples Gas & Fuel Corp.—Initial Dividend—
Directors have declared
stock, payable March 1 to holders of record Feb. 20.—V.
2401.
■
'
'
.
;
.
.
Petroleum Corp. of America—Annual
14,721,633
59th St., N. Y..
3,156
15,756
13,162
9,319
••
Report—
and
was
Income Account
Cash dividends
1937.
Total
$1,748,225
$2,725,199
Registrar & transf. fees.
11,188
17,944
58,512
Other oper. expenses
8,194
52,224
*
40,579
excess
prop, tax
Divs. paid in cash
i.
»
$1,602,001
1,598,373
Balance
3,149
51,204
97,034
17,311
'
$2,538,520
2,534,709
9,951
45,246
$24,528
5,239,082
$3,811
$10,326
5,311,009
5,263,609
$5,314,820
37,073
$5,311,009'
SEC officials as the proper
'
warrants resulted in an increase Of
,
10-Gent Dividend—
tributed.—V. 147, p. 1046.
Pressed Metals of
-
approximately $75,000 in the provision
1937.
•
'
60% Assent to Postal's Plan—
Directors have declared a dividend of 10 cents per share on the common
stock, payable March 15 to holders of record March 1.
This will be the
first dividend paid since Sept. 15, 1937 when 20 cents per share was dis¬
This item represents the management's valuation as at Ajpril 8, 1937,
of $4 per warrant for 109,125 warrants for the
purchase of Richfield Oil
Corp. common stock received as underwriting compensation, less the cor¬
poration's proportionate share of syndicate expenses.
The receipt of the
for
Telegraph & Cable Corp.—Hearing Feb. 23—
Powdrell & Alexander, Inc.—To Pay
-
$5,263,609
x
Federal taxes
of the company.
Inter¬
effective
received
by the management, it was announced Feb. 2. An adjourned special meet¬
ing of shareholders to vote on the plan will be held on Feb. 14. Less than
one-half of 1 % of the stock has been registered in opposition to the plan
taus far, the company announced.—V. 14$, p. 744.
$695,371
670,843
capital stock
for
Vice-President
national Telephone & Telegraph Corp. approving agreements to be
under the terms of the plan for reorganization of Postal have been
on
Total surplus
First
bers of the Lehman group are to confer with
method of procedure under the new rule.
/
$1,810,326
1,800,000
$5,318,448
due
been
Proxies representing slightly more than 60% of the stock of the
$3,628
on amts.
previously
Federal Judge Alfred C. Coxe has adjourned to Feb. 23 a scheduled
hearing in the reorganization proceedings of the corporation. George Sharp,
attorney for the Lehman Bondholders Committee, stated that under the
new proxy rules of the Securities and Exchange Commission, a proxy state¬
ment will be required to accompany the, solicitation of acceptances to
Postal's reorganization plan, which has been approved by the court. Mem¬
29,023
5,314,820
Int. coll.
Postal
2,322
$761,011
10,444
„
'
had
„
h income taxi
Prov. for
253
$1,905,294
11,591
11,914
Prov. for normal Federal
meeting of directors of this company August P. Loring Jr.
recent
Loring
—V. 147, P. 3772.
$758,689
yl8,00l
Cap. stk.,
fran¬
chise, &c. taxes—...
a
elected President, succeeding B. Preston Clark, who died on Jan. 11.
......
.
&c
State
Mr.
1935
$1,905,041
...
Fed. transfer tax & other
expenses,
was
1936
$2,324,020
x401,179
Interest
$1,748,105
1.
■„
121
....
Underwriting compens'n
At
for Calendar Years
1938
15,301,992
1,958,042
Plymouth Cordage Co.—New President-—
1,982,100 shares outstanding at the end of 1937.
W
Total_____ ....14,982,243
15,301,992
Total..14,982,243
34,483
3.413,817
a After
depreciation of $4,973,146 in 1938 and $4,678,227 in 1937.
b3% to May 1, 1938, and 4% thereafter, due May 1, 1941, subject to
amortization based on income,
c Arising from reduction in par value of
common stock from $100 per share to $1 per share,
d Par $1.
e includes
$175,000 current.—V. 147, p. 3320.
portion
of the corporation's holdings of Consolidated Oil
distributed to stockholders during the year, the corpora¬
tion states, for comparative purposes, that the net asset value per share of
its capital stock, plus the Dec. 31 market value of one-fifth of a share of
Consolidated Oil common stock distributed to stockholders on Sept. 26,
was $14.88.
This compares with a net asset value of $14.56 per share on
a
stock
9,830
2,500,000
3,413,817
2,149,757
Surplus.
Deficit
reserves.
Because
common
6,800,000
6,800,000
breakage
9,487
6% cum. pref. stk.
(par $100)..... 2,500,000
Common stock
34',483
c
Net asset value per share on
1,963,200 shares outstanding in the hands
of the public at Dec. 31, 1938, taking the value of the
corporation's securi¬
ties at current prices at that date, was $13.08, after deducting all liabilities
4,255,000
Res. for plate glass
Other def. Charges
145,
17,959
payable._..e4,105,000
Hotel & 22 West
26,472
alterations
room
30,115
21,604
b lstmtge.on Plaza
balance
of cost of Persian
initial dividend of 20 cents per share on the
an
37,722
in
received
Notes
25,000
4% debs..
34,072
and
taxes-;
Rents
advance, &c^_
Fixed assets..1.14,426,714
19,601
Prepaid Insurance.
—V. 147, p. 3024.
common
150,509
179,436
S
164,758
45,372
.
Accrued wages
131,490
208,737
a
1937
$
164,515
Accounts payable.
Accrued interest.
N. Y. World's Fair
Earns.per sh.on com.stk.
p.
4,850
notes
(net).
Inventories.
out-.
194,019
4,850
Cash
receivable
com.
Liabilities—
$
$
•
.
1938
1937
1938
$2,272,190
85,385
1,397,006
Balance, surplus
-
__
'
Assets—
Net income
Preferred dividends
Common divs. ($3)--.--
—-
Net profit before depreciation.*
Depreciation
Pennsylvania Water & Power Co. (& Subs.)—Earns.—
Gross inc. (allsources)..
Exp., maint., taxes, &c_
Renewals & replacem'ts
Interest, &c
notes
on
part of a loan of $7,500,000 obtained by the
are
1936.—V. 147,
V
Interest
Interest
„
company in
prof, before deprec
Other income
Bank and Harris Trust & Savings Bank. The company is paying interest
of from 2M% to 3% on outstanding notes.
Shares
1939
11,
America, Inc.—Registers with SEC—
See list given on first page of this department.—V. 148, p. 594.
*
"
,
Balance Sheet Dec. 31
1938
•
Assets—
1937
8
$
Cash.'.i.1,935,924
Divs.
receivable..
1938
•
Liabilities—
The New
$
243,117
Prov. for taxes and
40,750
32,521
Public Service Corp. of New
1937
accrued expenses
Secure, owned.__a29,364,014 36,650,571
Other investments
52,510
65,133
Jersey—Acquisition—
Jersey State Board of Utility Commissioners approved acquisir
Bus Lines, Inc., by the Public Service Interstate Trans¬
tion of Jersey
03,397
portation Co.
130,352
'
v.
The board denied a report of the Interstate Commerce Commission
stating that tha Jersey Bus Lines, Inc., paid $189,000 for 35 intrastate
c
Capital stock...10,000,000 10,000,000
Surplus..........21,692,017 27,063,871
c Treasury stock..
X>r370,474 Z>rl94,653
motor
carrier
,
franchises
with
the
,
authorization
and
of
approval
State
regulatory authorities.
.
Total..
The board said an examination of tha testimony
before the Interstate Commerce Commission failed to disclose any testimony
Total.......'..31,384,969 36,999,571
to
The aggregate value of the corporation's
securities
a
at
31,384,969 30,999,5711
at current prices
was $23,726,702.
b Represented by 2,000,000 shares
Represented by 36,800 (17,900 in 1937) shares capital stock.
147, p. 3468.
Dec.
—V.
justify the statement.—V. 148,
p.
447.
>
.
3l, 1938,
($5 par).
Puget Sound Power & Light Co. (& Subs.)—Earnings
c
12 Months Ended Ded. 31-—
1938 ",[■
1937
Operating revenues
$15,793,069 $16,718,034
x Balance after
operation, maintenance and taxes.
6,839,681
7,112,780
y Balance for dividends and surplus
1,527,723
1,771,607
■
,
Philadelphia Electric Co .—Rates Ordered
Seymour J. Phillips, son of the founder of this corporation, has been
1924, having been advertising manager and subsequently sales manager.
He became Secretary in 1928 and will be succeeded in this
post by Leon J.
p.
Month of January—
Gross.
________
1644.
xj^et after
x
expenses
Before depreciation,
1939
$153,000
88,000
C., Ltd.—Earnings—
1938
$170,500
88,800
__
x
Includes non-operating income-net.
ment reserve.—V.
.
1937
$175,000
98,000
Dec. 31 '38
depletion and taxes.—V. 148,
p.
Maintenance & repairs.
_
Deprec. of pl't& equip..
Sell., gen. & adm. exps.
1
287.
Pittsburgh Coal Co.—New Vice-President—
Ernest F. Rumpf has been elected a Vice-President. He will be respon¬
sible for the organization of budgetary control in company administration.
—V. 148, p. 743.
Pirelli Co. of
The
hold
Committee
Italy—May Delist Stock—
on
Stock
List of the New York
Jan. 2 '37
Dec. 28 *35
„
$1,124,180
$1,506,190
$354,677
13,886
10,121
98,276
9,046
144,747
18,538
123,761
$2,052,496
276,811
31,496
361,294
$1,232,578
$1,659,983
328,866
31,496
278,923
$496,977
335,853
31,496
140.487
31,102
86,418
211,932
$683,252
220,686
$934,279
244,165
$1,170,963
771,476
$462,567
462,886
$690,114 ioss$251,583
771,476
771,476
debs, retired
Int.on debs.& other debt
Prov. for Fed. inc. tax..
100.664
310,013
31,496
176,715
Prov. for Fed. surtax on
undistributed profits.
Divs.
on
sub.
co.
pf. stk_
Common dividends.
Deficit
Earns, per sh. on 771,476
shs. com. stk. (no par)
x
Stock Exchange will
hearing on Feb. 24, 1939, to consider the advisability of recom¬
mending that application be submitted to the Securities and Exchange
Commission to strike Pirelli Co. of Italy American shares representing
capitalistock (series A) from listing and registration on the Exchange be¬
cause of the small number of American shares outstanding and the
upa
*38
$1,382,895
on
through sinking fundInt., uisct. & sund. rcts.
overdrafts.—V. 145, p.2240.
f
r
Jan. 1
$15,407,354 $14,323,390 $11,802,694
749,074
690,008
629,007
1,200,794
1,181,063
1,205,429
1,124,858
il,841,789, 12,353,037
10,921,763
9,694,150
790,235
$1,937,946
Discount
Pioneer Mill Co., Ltd.—To Issue Bonds—
agency
After appropriations for retire¬
Purity Bakeries Corp. (& Subs.)—-Earnings-
Total income
1936
$270,000
194,500
Stockholders have approved the issuance of $1,500,000 4Yi% mortgage
bonds.
Proceeds will be used to refund the company's present debt, in¬
cluding
y
148, p. 288.
Years Ended—
,
elected President and executive general manager of the
company, it was
announced on Feb. 8.
A. S. Phillips, formerly President, becomes Chair¬
man of the Board.
The new President has been with the corporation since
Pioneer Gold Mines of B.
_
Gross oper. profit.____x$15,770,763
Phillips-Jones Corp.-—New President—-
Robinson.—V. 147,
*
Reduced—•"
Pennsylvania Public Utility .Commission has ordered this company, sub¬
sidiary of United Gas Improvement Co., to file a new tariff effective as of
March 1, which will reduce gross
operating revenue; and a saving to con-,
sumers, of $1,650,000 annually.
This is the second rate reduction ordered by the State
body. The first
cut was in October, 1937, effective Nov.
1, 1937, and amounted to $3,107,000 a year.—V. 147, p. 3167.
sur $399,487
$319
$81,362
$1.52
$0.60
$0.89
After deducting cost of materials,
penses in the amount of $20,708,749.
For the 12 weeks ended Dec. 31,
lossS 10,859
240,724
$1,023,059
Nil
supplies, production labor and
ex¬
1938, consolidated net income was
$371,237 after all charges and minority interests, equivalent to 48 cents per
share, comparing with $46,792, or 6 cents per share, earned in the corre¬
sponding 12 weeks of 1937 (being $49,938 as reported for 1937, less appro¬
priate proportion of $31,101 surtax on undistributed profits).
Volume
Financial
148
Chronicle
Consolidated General Balance Sheet
Dec. 31 '38
Assets—
x
1 '38
Jan.
$
Dec. 31
Liabilities—
$
Prop., plant and
equipment
15,059,761
Contractual
16,303,119
Prop, to beacq'd In
to
yr. 1939 in terms
of
5%
<
contract
147,500
Closed retail plants
Goodwill, &c
147,500
obllg
95,000
6,000,000
To
1,918,130
mlna'n
elect
1,038,448
1,186,588
of
324.301
328,457
35,832
30,844
Prov. for Fed. tax.
361,294
a324,249
933,335
1,303,692
Conting. res've...
100,000
400,000
b Funds
328.457
323,051
Mln. stkhldrs.' int,
372,716
150,954
Capital surplus
segregated
.
3,330,748
4,282,929
court that Theodore I.
6,987,052
trustee of Reo.
Treasury stock.-. Z>r419,743
Z>r419,743
Earned
deps. with
State authorities
135,397
106,760
z
He said that the conference of attorneys agreed
3,328,806
In stk. of subs..
gold debentures-
other points in the agreement reached by counsel included the withdrawal
of the several answers filed in objection to the company's petition for
reorganization under the Chandler Act.
4,370,110
6,552,426
20-yr. 5% sink.fd.
Statut.
surplus...
Invest
341,346
3,677
Bal. due fr. empl's
Prepaid
937,581
|
i....31,769,140 32,480,436
Total .........31,769,140 32,480,436
of $9,474,126 on Dec. 31, 1938, and
$9,091,395 on Jan. 1, 1938.
y Represented by 805,045 shares of no par
value,
z Represented by 33,569 shares at stated value,
a Includes $85,009
surtax on undistributed profits,
b Funds segregated pending determina¬
tion of windfall tax liability.—V. 148, p. 744.
x
After
reserve
for depreciation
Another director is to be elected by plant employees to represent labor.
If carried through, this latter proposal would give labor what is believed
1936
$751,622
553,198
$782,217
553,198
$198,424
314,242
$229,019
236,788
$382,062
$512,666
$465,807
$351,535
$465,807
553,198
$1.41
$351,535
450,000
10,000
400,000
Net revenue.
Divs. on common stock.
$793,022
553,198
Surplus
Surplus from prev.
"
_
automobile industry.
Company
has
Temporary Trustee—
Feb. 9,
accepted Feb. 6 by Federal Judge Arthur F. Lederle at Detroit.
Mr.
Brandt had requested to be relieved of his duties in view of the objections
raised by his appointment.
The Court asked Mr. Brandt to file an
accounting and said a new trustee would be appointed.
A motion to dismiss the company's petition for reorganization under the
Chandler Act, filed by a creditor, was overruled by Judge Lederle.
The
creditor, S. Karpen & Bros. Co., had challenged the validity of the petition
on the grounds that it had failed to establish that the Court had jurisdiction
and that it failed to state that the company had tinder consideration a
plan of reorganization.
•
$40,520
311,015
578,973
Depreciation
Contingent reserve
Brandt Resigns as
$593,718
553,198
512,051
bonds & debs
on
the
The resignation of A. J. Brandt as temporary trustee, effective
$2,730,611
1,115,361
608,532
350,000
63,000
J937
$2,983,009
1,252,414
Int.
directorship in
was
1935
$2,928,410
1,135,662
608,531
350,000
52,000
1938
$3,120,668
1,355,595
sources.
expense.
first
agreement with the UAW, and it is considered likely that some union
official will be named.
$239,824
142,238
Calendar Years—
its
an
Capital expenditures during the year, chiefly in connection with exten¬
sions to the company's existing distribution system, amounted to $343,889.
The report reveals that kilowatt-hour sales by the company during the
year to small power users and for domestic purposes increased to 88,575,682 from 76,269,766 in the preceding year.
Oper. & maint.
be
to
Quebec Power Co.—1938 Report—
Gross inc. fr. all
attorneys
stockholders
deferred charges
Total
opinion from the bench that the
creditors,
and the Securities and Exchange Commission were: Hugo
Lundberg, General Manager of Lansing Municipal Power & Light plant;
James Vankeuren, President, Capitol Building & Loan Co.; C. W. Otto,
Secretary Lansing Chamber of Commerce; Ray Potter, President of Lansing
National Bank; Otto Seyferth, President West Michigan Steel Foundry
Co.; E. C. Smith, attorney for a group of stockholders which filed a receiver¬
ship petition in Ingham County Circuit Court on Dec. 13, and Mr. Stone.
6,308
&
expenses
-
Judge Lederle expressed the informa
348,925
900,752
-
-
to recommend to the
Fry, former State Treasurer, be appointed permanent
company could again be operated successfully and thanked the
for their cooperation in expediting the procedure in the casr .
The new directors agreed upon by counsel for the company
Mtge. receivable &
sundry
entirely new board suitable to all parties of interest in the reorgani¬
was reported to Federal Judge Arthur F. Lederle.
Ferris D. Stone, attorney for a creditors committee representing more
than $250,000 in claims against the company, reported to the court that
323,051
Sund.tr .accts., &c,
Inventories
fall tax 1 lability
an
zation, it
wind¬
Cust. accts. rec'le.
325,305
promote harmony" in this company's reorganization proceedings
of the present board of directors have agreed to resign and to
members
Res. pending deter-
10,578,268
2.869,490
New Directorate—
147,500
5,800,000
acquire prop.
debentures
expenses
10,116,576
$
10,066.203
Accts. pay. <& accr.
200,000
Cash
porary trusteeship.
Dividends shortly forthcoming on its deposits in
closed banks, together with proceeds from the sale of securities, would be
sufficient alone to pay off every dollar of current indebtedness, he said.
1 '38
Jan.
'38
$
Common stock.. 10,066,203
y
889
Mr. Campbell also asserted that Reo would soon be relieved of its tem¬
.
Trusteeship Continuance Asked—Mr. Brandt in a report filed Feb. 6
approximately $423,000 in current
debts, and that $99,000 would pay 756 of the creditors.
He recommended
continuance of the trusteeship until the new board of directors and the
new "management - can
arrange
financing.
Company's cash has been
increased to approximately $150,000 from $36,000 on Dec. 17, the date of
the receivership, he reported, and commitments of $736,000 had been
reduced to $442,000.—V. 148, p. 744.
stated that company owed 851 creditors
year-
Total surplus
Transf.
to
bond
disc.,
premium and expense-
226,182
(no par)
$382,062
553,198
$286,484
553,198
Earns, per sh. on com..
$1.43
$1.36
Profit & loss surplusi
x
Shs.
x
com. outst.
Reynolds Investing Co., Inc.—To Be Investigated—
Puder of Newark, accountants, to make a
$1.07
operations and financial condition of the company.
Subject to deduction for income tax.
filed
Balance Sheet Dec. 31
<V
the Court in reorganization of the company.
The list of debenture holders and other creditors was ordered
1937
1938
1937
1938
N. J., Feb. 3 directed Puder &
"complete examination" of the
He acted on a petition
by James D. Carpenter Jr. and John Gerdes, serving as trustees for
Federal Judge Guy L. Fake at Newark,
553,198
28,988,678 28,865,810
impounded
safe in the office of Deputy Court
there was outstanding $3,446,900 of debentures.
There are approximately 2,400 holders of common
stock, 250 holders of preferred stock and about 800 holders of debentures.
The trustees' petition read in part:
"In the opinion of your trustees it is desirable and highly important
that a complete investigation be made of the operation of the business
of the debtor by its board of directors since the company was organized,
particularly in view of the fact that at the end of December, 1937, and,the
beginning of 1938, management and control of the company was sold in
such manner that the directors who Ayere in office in 1937 received approxi¬
mately $882,000 for their stock and the consideration in fact came from
the property and assets of the corporation."—V. 148, p. 744.
a,Subject to income tax deduction,
b 553,198 scares of no par value,
Including temporary investments,
d After deducting $2,045,450 bond
discount, premium and expense written off in accordance with by-law
No. 19 approved at sp@ctial general meeting of shareholders, Dec. 28,
1937.—-V. 148, p. 744.
>
Company has notified the New York Htock Exchange of the election of
as Vice-Presidfents, and R. S. Reynolds Jr.
as Treasurer.—V. 147, p. 2875.
'
' ■
'
Cash...
Liabilities—
$
$
Assets—
b Capital stoc k
143,670
314,334
$
...
$
772,500
Bonds
receivable-
435,994
418,082
Consumers'
Store & supplies._
292,369
240,996
Accounts payable.
154,170.
Properties, &c...lr 20,052,218
Invest, in sub. Co. 7,069,882
20,092,137
Accrued interest.
206,836
64,037
81,540
37,800
37,700
c
Call loans
Accts.
Prepaid
Other
564,000
charges.
.
investments
-
Dividends
7,079,184
depos.
98,928
^
payable
Clerk
94,079
176,968
•
215,285
138,299
138,299
3,984,382
3,803,695
382,062
286,483
Deprec. and other
reserves
Surplus.
a
Adv. to Quebec Ry
.......
158,043
Lt. & Power Co.
Tbtal
by Judge Fake and
11,349,500d 11,349,500
12,674,500 12,801,500
28,988,678 28,§65,810
Total.....
.
Relief dept. & pensions.
All other gen. & misc.exp.
$8,652
$235,719
250
1,200
66,455
1938—12 Mos.—1937
4,645
Corp.—Earnings—
1938
12 Months Ended Dec. 31—
$399,877
3,000
85,439
Taxes assign, to oper...
.
f
$1,332,048
117,664
5,000
809,507
$9,925
100
3,106
a
The trustees said
Rochester Gas & Electric
$1,154,379
120,649
5,000
793.011
Net tel. & cable op. rev.
Uncollectible oper. revs.
placed in
.
„
1938—Month—1937
$90,577
$107,539
10,040
9,838
415
'
CY280
70,197
89,329
Teleg. & cable oper. revs.
Deprec'n & amortization
was
Jaeckel.
C. D. Kuck and H. A. Leander
Corp. of America—Earningp—
Period End. Dec. 31—
E.
Reynolds Metals Co.—New Officers—
c
Radiomarine
Charles
„
1936
1937
Gross sales....
.$15,872,759 $15,620,699 $14,722,949
Net after operation, taxes and reserves
3,642,602
4,462,311
4,372,547
Surplus after all charges
preferred dividends
V. 147, P. 3321.
Rochester Transit
including
•
<
777,787
1,661,339
1,372,284
Corp.—Interest Payment—
Benjamin E. Tilton, President of this corporation, announced that the
board of directors had directed the payment of interest for the six months
$6,719
84
[,757
$6,803
57
$3,932
income...$6,746
—V. 148, p. 134.
$3,932
Operating income
Non-oper. income
'
Gross
...
income.......1
Deduc'ns fr. gross inc...
Reliance Steel
period Sept. .1, 1938 to March 1, 1939 on the secured notes, series A, of the
company, at the rate of 2M % lor such six months period, and on the secured
$317,117
$170,224
notes, series B. likewise at the rate of 2 K% for such six months period.
Such interest is payable on March 1, 1939, but is payable only to holders of
1,739
.
„
Net
$311,438
5,679,
$168,064
2,160
175
(
$168,485
$317,117
record of secured notes.—V. 148, p. 595.
Rolls Royce of America,
See Springfield
Corp.—Earnings—
*
.
Roses, 5, 10 & 25 Cent Stores, Inc.- -Sales—
*
Ended Dec. 31, 1938
Earnings for 3 Months
Net sales (less discounts).
Cost of goods sold (less discounts)
Warehouse, selling, adminis. & gen. exps., incl. deprec
Inc.—Bond Payment—
Manufacturing Corp. below.—V. 145, p. 619.
Month of
.....$1,829,375
1,392,945
362,872
.v-—
i.'.
—
1938
1939
January—
Sales-....
—V. 148, P.
•$283,646
.—
$300,839"
595,
...
Royal Dut^h Co .—Former President Dead—
1
Profit..
......1'.
Other income.....
$73,558
.......—
5,805
...
retired in 1937 from direction of this company
a heart attack, at St. Moritz,
Switzerland on Feb. 4.
He was 72
old.
■' ■
1
.!" .■ "
Mr. Deterding built Royal Dutch into one of the world's largest com¬
panies and accumulated a personal fortune estimated at more than $150,000,000.
Royal Dutch at the time of his retirement included about 200
separate upits and employed about 40,000 workers.—V. 148, p. 289.
Sir Henri Deterding, who
died of
years
Total profits
Interest paidi.—
$79,364
..
—
} 2,365
T_-.——--—,—
:
Sundry deductions
2,660
13,836
*
Estimated provision for Federal income taxes..
Net Drofit
$60,503
11,541
$0.20
—
Preferred dividends
Earnings per share
on
1
241,650 shares common stock (par $2)
Balance Sheet Dec. 31,1938
Assets—
Notes <fe accepts. & accts. rec._
Inventory of merchandise
Other assets
Liabilities—
-
Cash on hand & demand deps.
....
Fixed assets
Accounts payable—trade...
$192,426
x741,494
& local, &c
1,433,507
...
....
Deferred charges
$420,451
Accrued: Taxes, Federal, State
Notes
22,471
y477,495
70,268
one
pay.
bank,
79,iW
due within
Amount due employee—comm.
Long-term
debt_r._
Conv. pref. stock (par $25)...
755,025
Common stock (par $2)
483,300
Com.
stock
subscribed for by
2,685
employees
Capital surplus
x
After reserve
for
716,382
Earned surplus
Total................
95,824
$2,937,6601
doubtful
accounts
of $41,292.
y
After reserve for
Reo Motor Car Co.—New President—
as
President and general manager of
this company was announced on Feb. 4 by Thomas Campbell, Chairman.
Mr. Matheson was also named a director, as were Arthur J. Morris, and
Col. E.J. Hall.
Asylum,
Chicago,
III.—Bonds
1939; due semi-annually from Aug. 15, 1939 through
Principal and interest (F. & A.) payable at St. Louis
Bonds in coupon form, $500 and $1,000
denoms.
Any or all bonds may be prepaid at the option of maker, or any
interest date prior to
maturity, at 100 and interest on 30 days' prior
notice by publication.
The Community of the Daughters of Charity of St. Vincent de Paul
was founded in Paris in 1633 for the practice of works of charity among the
Feb.
15,
Feb.
15,
1946.
poor.
1809.
The first foundation in the United States was made in the year
The Order is represented in 24 States of the United States, and in
country of Europe, except Sweden and Russia.
In the United States,
the Community is divided into two Provinces, the Central House of the
Eastern Province, being located at Emmitsburg, Md., and the Central
House of the Western, or St. Louis Province, located at Marillac Seminary,
St. Louis County, Mo.
The St. Louis Province includes 939 sisters and conducts 22 hospitals
and other institutions, such as insane asylums, orphanages and schools.
Their activities embrace tbe Archdioceses of Chicago, Milwaujkee, New
every
$2,937,660
Total
depreciation of $89.414.—V. 148, p. 744.
Election of Charles W. Matheson
Infant
Union Trust Co., St. Louis, Mo.
309,290
....
Vincent's
St.
Offered—Dempsey-Tegeler & Co., St. Louis, are offering
$350,000 1st mtge. 3% serial bonds.
(Price on application.)
Principal and interest guaranteed by the Corporation
Daughters of Charity of St. Vincent de Paul (St. Louis
Province), Normandy, St. Louis County, Mo.
Dated
75,000
year
.
Orleans, St. Louis and San Francisco, and the Diocese of Dallas, Daven¬
port, Denver, El Paso, Galveston,
Indianapolis, Kansas City, Los Angeles,
Financial
890
San Diego, Mobile, Monterey-Fresno, Nashville, Natchez, Peoria,
Joseph, Salt Lake City, Springfield (111.), Puerto Rico and China.
in
of $1,000,000.
excess
Corp.—Earnings—
Safe Harbor Water Power
1938
Miscell.
1937
$2,878,957
$2,500,000
1936
$2,000,000
1,770
Calendar Years—•
Rev. from power sales..
656
1,337
37
$2,001,337
347,775
57,676
156,979
124,165
945,000
55,478
$1 ,800,037
323,003
45,391
147,152
95,177
945,000
55,506
revenue
Total gross revenue..
/
\
458,640
Renew. & replace, exps.
$2,500,656
459,4001
$2,880,727
147,606
283,939
940,125
38,463
22,155
Operating
expenses—
Maintenance expenses
_
funded debt
Amort, of dt. disc;. & exp.
Taxes assumed on int..
Miscell. deduct
Int.
on
143.896
188,062
943,553
54,975
18,689
11,
1939
assets of $7,454,627 and current liabilities, including $850,000 bank notes
payable, of $2,028,394 on Dec. 31, 1937.
Inventories were $3,509,658
against $4,035,241.
Total assets as of Dec. 31, 1938, amounted to $10,108,900 compared with
$10,459,947 on Dec. 31,1937. Earned surplus on Dec. 31. last, was $1,610,183 and capital surplus totaled $583,638, compared with $1,669,464 and
$584,663, respectively, on Dec. 31, 1937.
Serial debentures outstanding on
Dec. 31, 1938, were $1,400,000 as against $1,575,000 on Dec. 31, 1937.
—V. 148, p. 745.
St.
together with the improvements erected thereon, is valued
The property,
Feb.
Chronicle
1935
$1,800,000
Solar Aircraft Co.—Stock
Offered—Eldred, Potter & Co.,
Angeles, Calif., are offering 25,000 shares of capital
stock (par $1).
Stock offered at the market.
Capitalization—Company has an authorized capital stock of300,OC0 share*
Los
stock (par $1), of which 192,350 shares were outstanding as of
1938.
These outstanding shares were held by approximately
4.3C3 shares now authorized but unissued are reserved
of capital
Dec.
27,
841 stockholders.
534
against subscription by officers and employees of the company at $2 net
per share.
The 25,000 shares offered by this prospectus are from
the authorized
but unissued capital stock of the company.
'
"
.
to res, for renewals, replacements.
Divs, on common stock.
Approp.
Net surplus
'
0142,663
214,512
20,552
588,070
Dr27C,200
$292,816
adjust
$188,808
201,938
$11,103
1938
Assets'
$197,846
.
$214,512
1938
liabilities—
in the manufacture of
Cash
14,099
10,650
267,030
231,654
116,702
126.427
113,063
112,303
Special deposits...
Accts.
620.755
750,850
........
receivable.
Restricted funds..
'
Mat'ls & supplies.
Cap. stk. subscr..
1st mtge. sink. fd.
805,275
805,275
gold bds;, 4)4%
series due 1979.20 ,837,000 20,950,000
Accounts payable.
34,440
64,666
72,296
funded debt....
bonds
78,139
1,269,438
43,489
1,162,534
Taxes accrued. .L.
296,376
Other def.'credits.
220,537
219,463
Int.
*
Unamort. debt discount & expenses
int.
accr. on
Other
Res.
78,562
6,352
capital.
11,455
781,603
633,291
llabil.
accr.
for
1.010
10,650
on
Underwriting—Company has entered into
renewals
& replacements.
14,305
firm commitment to purchase from company the shares offered at a net price
to the company of $2.75 in cash per share, and to take up and pay for 8,000
of said shares on or before Jan. 10, 1939, and to take up and pay for the
12,382
110,702
126.427
292,816
11,102
annunitles.
for restricted
funds...
Earned
Total.........31,897,995 31,460,4501
surplus...
No
Comparative Income Account
?8 Weeks Ended—
•
•
Nov. 12, '38 Nov. 13, '37
Sales, less discounts allowed
$372,355
$218,152
Manufacturing costs.
261,039
157,728
Selling expense-_,j
14.597 \
^8,330
28,516
Administrative expenses.
41,318
...V.31.897,995 31.460,450
,
Represented by 98,011 shares (no par) of non-voting class A comlmon
stock and 196,024 shares (no par) of voting class B common stock.—V.
148, p, 134.
x
..
Savannah Electric & Power
Qo.—Earnings—
'
1938
"
Operating revenues
'
x
Balance after operation, maintenance and taxes.
Balance for dividends and surplus........
Includes
non-operating
retirement reserve.—-V. 148,
Income-net.
p. 289.
y
992,251
370,832
After
982,965
353,845
.
Period End. Jan. 28—
Net income---
'
Shell Union Oil
y
z
1938
'
1937
.
Assets-
1935*
&
Halske
A.G.—Debenture
Holders
to
z
Due
,
Skelly Oil Co.—Notes Called—
Company has called for redemption on March 15, 1939 all of its out¬
standing serial notes, consisting of $600,000 principal amount due Jan. 1,
1940 and $600,000 principal amount due Jan. 1, 1941.
Upon presentation,
on and after March 15 at the New York office of Dillon, Read & Co., paying
agent, payment will be made at 100 and accrued interest in the case of
serial notes maturing in .1940 and lf)0H arid accrued interest in the case of.
serial notes maturirig in 1941.—V. 147, p. 2876.
(L. C.) Smith & Corona Typewriters, Inc. (& Subs.)
Depreciation, depletion and amortization.
Other income.
1938
$3,471,719
3,175,834
37,754
1937
$3,414,800
3,063,587
40,797
$258,131
—
$310,416
21,264
.
15,609
$273,740
Interest, &c.
45,693
Profit
$331,680
57,994
$228,047
17,203
1,358
$273,686
Federal income tax__
Canadian income tax.
Preferred dividends.
$209,486
19,534
$200,613
19,534
69,070
-■
Common dividends.
69,059
*71,060
2,013
Shares
common
Earnings
per
stock
share
276,237
$0.70
$112,009
276,193
$0.65
Includes,provision of $26,121 surtax on undistributed profits.
as of Dec. 31, 1938, including $564,480 cash, amounted to
$7,d76,71'9 and current liabilities, including $950,000 notes payable to
banks,_were $1,917,536.
This compares with cash of $455,604, current
x
Current assets
None
486
6,000
Total
4,569.
6,943
Operating
113,898
6,355
2,262
65,195
19,592
3,000
79,643
Premium
15,8(14
reserves
stock
$71,493
10,986
10,854
—
174,220
129,640
60,350
8,816
54,982
15.780
8,816
30,403
$346,001
$277,972
capi¬
on
tal stock
,
Capital surplus...
Earned
*
($1
par)......
75,569
$346,001
_r
$20,215
Taxes payable.'.-.
Capital
95,806
12'38 Apr.30 *38
payable,
Accrued liabilities.
«
>7,746
Intangible assets..
surplus
79,643
$277,972
Total.,
.....
-V. 147, P. 3775.,
Sonotone
Corp.—Options Extended—
Corporation has extended for five years an option covering 30,000 shares
Thq price, which originally was $2 a share, has been
reduced to $1.50.
The stock is quoted around $1.50 a share on the New
York Curb Exchange. The option is held by Dean Babbitt, President, and
was to have expired on Jan. 31, next. '
Dr. Herman Scheibler, research engineer, who had an option on 7,500
shares at $2 a share, which expired on Dec. 31, has been given a renewal
until Dec. 31, 1939, and the.price has been reduced to $1.50 a share.
No
application has been filed with the Curb to add the 37,500 shares to the
list, the Curb announced.—V. 147, p. 3621.
of unissued stock.
Socony-Vacuum Oil Co., Inc.—25-Cent Dividend-1—
.
The directors have declared a dividend of 25 cents per share on the
capital stock, par $15, payable March 15 to holders of record Feb. 20. Like
amount was paid Sept. 15 and Mar. 15, 1938 and compares with a special
dividend of 30 cents paid on Dec. 15, 1937; 25 cents paid on Sept. 15 and
March 15, 1937, and on Dec. 15 and Sept. 15, 1936; 20 cents paid on
March 1641936/and 15 cents per share distributed ori'Sept. 16 and March 15,
1935.
During 1934 four quarterly dividends of 15 cents per share were
distributed.—-V. 148, p. 135.
Southern Pacific Co.—Asks $8,000,000 RFC Loan—
-
The company has applied to the Interstate Commerce Commission for
approval of a lorin of $8,000,000 from the Reconstruction Finance Cor¬
poration, payable within three years with interest at not more than 4%.
The proceeds are to be used in meeting maturing equipment obligations of
$3,878,000 and interest on funded debt of $4,122,000 which becomes due
between April 28 and June 30.
The company estimated net income for 1939 at $6,110,000. in contrast
with an estimated net loss of $6,698,500 for 1938. in both instances after all
fixed charges.
The estimate is based on the presumption that freight
revenues will increase
10%, passenger revenues 5% and that operating
expenses will increase only 2 %.
The applicant now owes the RFC $14,000,000 on four notes maturing
on May 1, 1941, and $20,000,000 of bank loans payable on Nov.
1, 1939,
the bank loans being as follows;
The Guaranty Trust Co. of New York,
$10,000,000; First National Bank, New York, $4,000,000; Chemical Bank &
Trust Co., New York, and the Union Trust Co. of Pittsburgh, each $2,000,000; the Weils Fargo Bank & Trust Co., San Francisco, Anglo-California
National Bank, San Francisco, Bank of California National Association
and Farmers & Merchants National Bank, Los Angeles, each $500,000.
As collateral for the $8,000,000 loan from the RFC the applicant offered
securities with a market value of $10,835,000 as of Feb. 3.—V. 148, p. 597.
Southern Bell Telephone & Telegraph
On
$120,893
'
342
_
'
Cost of sales and exp
t
Insur., taxes, Ac
Fixed assets (net).
Invest, and loans.
Nov.
trade..
officers
stock, employees
Inventories
Get
5$On the basis of the proposed reduction in annual interest to 3 }i %, it is
explained that assenting debenture holders will, upon deposit, receive in
dollars on each $1,000 debenture the sum of $178.75 representing unpaid
interest from Sept, 1, 1933, to Sept. 1, 1938, plus a bonus payment of $20,
equal to 2% of principal value, or a total of $198.75.
Beginning with
interest due March 1, 1939, semi-annual interest on the assented debentures
Will be paid at the rate of $16.25 per coupon, or 3 U.% annually.
The offer, which is open to acceptance by American bondholders until
Feb. 28, applies to the debentures still outstanding.
A proposal for reduc¬
tion in interest to a fixed 4 H % annual rate on Siemens & Halske participat¬
ing debentures is also open until Feb. 28.
*
Chemical Bank & Trust Co. is the depositary for both issues of debentures
in the United States.—V. 148, p. 745.
'
'
3 Months Ended Dec. 31—
Accounts
8,062
Subscribers to cap.
25-year debentures of Siemens & Halske and SiemensSchuckertwerke, German electrical manufacturers, who have received no
dollar interest payments on their obligations since 1933, will be entitled to
receive $198.75 on each $1,000 debenture under the latest offer of these
companies, according to an announcement issued Feb. 7 through the com¬
panies' representative in the United States^
,
Although various qfferes have been made by German corporate borrowers
to service their external obligations in the form of "blocked" reichsmarks,
scrip, &c., this is the first offer since, the German moratorium decree in
1933 to make dollar interest'payments free from German foreign exchange
Sales
from
Apr.30 '38
$5,423
20,981
Notes receivable-,..
On
Holders of 6 H %
,
$19,710
Liabilities—
$43,960
and employees._
Payment of $198.75—
restrictions,
NOV. 12 '38
Accts. receivable..
$6,812,835
$0.37
x Includes
profit on sale of investments,
y After all charges,
13,070,625 common shares,
a Estimated.—V, 147, p. 3470.
-
Comparative Balance Sheet
Cash.....
1936
•
....
Dividends paid during period
.
Corp. (& Subs.)—Earnings—
Net income.__...«:_a$l 1,000;000 $20,668,880 x$22494,364
Earnings per share
$0.70
$1.44
$1.57
Siemens
•
.
;;
Earned income to surplus.
1939—52 Weeks—1938
.
Years End. Dec. 31—
•
$23,405
3.694
for
,
Provision for Federal income taxes
1939—4 Weeks—1938
$25,298
1,893
$41,996
13,172
.
.$31,496,864 $29,634,^6 $534741,427 $572874,101
Sales
$56,082
4,042
$55,400
_,
Gross corporate income.
Non-operating expense-______
Sears, Roebuck & Co.—Sales—
—V, 148, p. 745.
-
$23,576
1,721
$52,040
10,043
Jm
^ -
$2,170,943
appropriations
„
682
O perating profit
Non-operating income
1937
$2,232,355
y
x
--
.
12 Months Ended Dec. 31—
or before the expiration of 180 days thereafter.
right is reserved to the underwriter to cancel said commitment.
balance of said shares on
...
Total
agreement with the under¬
entered into a
an
writer, Eldred, Potter & Co., whereby the underwriter has
Res. for retirement
Res.
f
Products Co. (Calif.) which is in
the experimental stage of producing an automotive air cleaner.
As of Dec. 10, 1938 the company had on hand a total of $67,961 in un¬
filled orders, sufficient to carry operations at a normal rate for two months.
Purpose of Issue—It is contemplated that the net proceeds from the sale
of the 25,000 shares of capital stock ($68,750) will be used by the com¬
pany to purchase additional machinery and equipment and to carry addi¬
tional inventories and accounts receivable, and to increase cash working
206,782
36,000
3,120
10,779
debt...;......
Matured
.
approximately a one-sixth interest in, but does not
operate, manage or control, Industrial
Matured long- term
27,040
■
The company has
147,017
805,275
securities-
Other defd charges
parts.
52,275
205,824
payable
93,600
of bonds.......
•
8,194,725
805,275
stock...
Sink. fund for red.
Invest,
$
,194,725
Divs.
Subscrlp. to capital
1937
$
Capital stock...
x
,
Business—Company's manufacturing plant and principal office is located
1212 West Juniper St., San Diego, Calif.
Company is chiefly engaged
airplane parts, principally exhaust manifolds for air¬
planes.
The major portion of the company's sales are made to airplane
and airplane engine manufacturers and to air lines for maintenance pur¬
poses.
Solar manifold customers include most of the prominent companies.
As pf Dec. 20, 1938 the company had 146 employees (52 of whom are
stockholders) ana occupied, in its manufacturing plant in San Diego, Calif.,
approximately 48,295 square feet of floor space in its building on long
term lease from the City of San Diego, Calif."
Besides its main product of exhaust manifolds, the company enjoys a
subsidiary income from the manufacture of fuel and oil tanks, struts, fittings,
fairings, miscellaneous stampings, tube bends and other small manufactured
176,233
1937
S
r
capital..28,359,783 28,255,508
,
.
,
at
249,929
Z>r81,000
Balance Sheet Dec. 31
Fixed
.
,
'
26,915
823,298
Total surplus Dec. 31-
$314,263
$692,079
197,846
$989,263
• 11,103
Net income.........
Previous surplus.
July
15,
1937,
the
company
filed
a
Co.—Financing
certificate of
increase in
the
authorized amount of its capital stock from 1,250,000 to 1,400,000 shares
of the same class and of the par value of $100 each.
On Dec. 31, 1938, the
issued and sold to the American Telephone & Telegraph Co.
150,010 shares at par, or $15,001,000, and payment in like amount was
on its note indebtedness to the American Telephone & Telegraph
Co.
The total authorized share capital is now $140,000,000, all of which
company
made
is issued and
outstanding.
"
Volume
Financial
148
Income Account
;
$40,164,499 $37,202,888 $34,806,343
19,741,082
17,792,682
15,711,149
2,726,741
2,464,989
2,236,489
2,898,821
revenues.
Liabilities—
Telephone plant..? 1,553,301 84,271,338
Other investments
141,660
149,607
271,175
Depreciation
expenses
Operating rents
Gen. & misc. expenses:
Exec. & legal depts
260,984
1,764,332
287,766
1,480,061
535,205
559,607
490,835
481,677
907,942
883,573
799,099
495,673
442,920
737,217
501,544
356,985
charged
170,632
17,031
.41,599
Taxes
352,328
7,894,583
131,993
y7,326,083
96,003
6,505,800
8,995,809
$13,072,290 $13,035,475 $12,477,855 $10,832,360
173,228
284,334
289,502
176,453
Net oper. income
Net non-oper. income
Income avail, for fixed
$13,248,743 $13,208,704 $12,762,189 $11,121,862
2,100,003
3,057,472
3,094,511
1,462,499
160,996
159,380
965,678
1,499,463
charges.
Bond interest
Other interest
adv'ce
537,962
538,551
&c_.
1 179,324
1 ,270,139
1,223,583
1,652,900
112,451
20,357
billing & pay'ts.
pay.,
credits..
Deprec. reserve...20 913,142 20,190,445
75,582
Insurance reserve.
69,629
3,548,670
Surplus.
3, 336,227
Southern Pipe Line
Bal. avail, for divs....$10,1,80,317
Divs. on common stock.
9,999,920
$9,987,848
9,999,920
22,621
$9,400,017
9,062,427
$7,722,234
7,499,940
Co,—-15-Cent Dividend—
a dividend of 15 cents per share on the capital
$10, payable March 1 to holders of record Feb.
15.
Like
amount was paid on Sept. 1 and on March 1, 1938 and compares with 25
cents paid pn Sept. 1, 1937: 20 cents paid on March 1, 1937: 10 cents paid
on Sept. 1,1936; 15 cents paid on March 2,1936, Sept. 3,1935 and March 1,
1935, and on Sept. 1, 1934: 10 cents paid on March 1, 1934, Sept. 1, 1933,
and March 1, 1933; 15 cents per share paid on Dec. 1 and Sept. 1, 1932;
35 cents on June 1, 1932, and 50 cents per share distributed each quarter
from March 2, 1931, to and incl. March 1, 1932.—V. 146, p. 3523.
The directors have declared
stock,
122,776
21,345
122,699
138,314
16,860
103,558
...
.
par
Ry.—Earnings—
Years Ended Dec. 31—
Gross operating revenues.
Total operating expenses
Taxes—
—
—
.
,*.*
;
— .
—
Surplus
stk. outstanding (par $100)
Earned per share
$180,397
— —
Shs. cap.
'
def$12,072
$222,295
$337,589
1,249,990
$7.99
1,249,990
$7.52
-
.
,
1,400,000
$7.27
1,249,990
$6.18
Includes $6,982 surtax on undistributed profits,
z Does not include
taxes charged to construction of $186,731 in 1938, $143,538 in 1937, $39,038
in 1936 and $7,291 in 1935-
1938
•
* 1937
1936
$89,419,110 $98,435,414 $96,274,498
63,592,999
71,811,204
67,416,701
7,369,019
7,069,947
5,892,304
—$18,457,092 $19,654,263 $22,965,493
4,113,526
4,442,017
3,667,221
-
«
93,655,414 89,066,381
Total
pension trust fund.
—Y. 148, p. 597.
Southern
2,§05
expense
Other fixed charges
..........93,655,414 89,066,381
To trustee of
a
Amortiz. of debt disct. &
— .
2,100,000
1 ,100,000
a2,579,753
Cust. dep.,
Deferred
con¬
struction—Cr
•
186,395
Amer.
from
Tel. & Tel. Co..
Notes sold
Accts.
445,720
490,359
cense contract
•
1,923,974
545,231
li¬
under
Other general expenses
z
2,039,173
Adv.
40,000
892,617
Other def'd debits.
Total
benefits.
Expenses
1,000,000
3^s,
-.16 000,000 16,000,000
3k( % debs., 1968. 8 ,000,000
40,000
807,974
Prepayments.
deb.
due 1966
acci¬
sickness,
rec'd
763,441
funds
Mat'l & supplies..
Accts. receivable..
dent, death & other
Services
1,302,888
30 yr.
44,087
769,084
136,539
1 000,000
1st mtge. 5s
78,972
488,019
279,849
1,358,169
538,035
:
281,896
1,699,342
581,989
Aqctg. & treas. depts.
Prov. for empl. service
pensions
Working
136,539
Prem. on cap. stk.
con¬
cos
Misc. phys. prop..
Cash
$
$
stock...40 ,000,000 40,000,000
Common
Accrued liabilities.
Commercial expenses..-.
Empl.
$62,391,224 $57,290,776 $52,526,408
11,270.041
9,712,876
8,472,029
9,692,618
9,377,133
9,554,605
10,221,960
8.792,978
8,197,116
4,552,599
4,057,658
3,612,409
1.689,750
1,627,057
1,580,361
11,094,041
9,625,486
10,828,394
4,751,831
1,710,231
expense
227.573
169,783
241,098
Total oper. revenues..$64,264,739
Current maintenance
Traffic
trolled
$64,535,914 $62,632,323 $57,460,560 $52,753,981
ota]__
1937
1938
1937
Assefs—
Investm'ts in
1
Uncoil. oper. revenues..
'
1938
1935
1936
1937
Local service revenues..$41,952,350
Toll service revenues... 19,684,743
MiscellAueous
Comparative Balance Sheet Dec. 31
for Calendar Years
1938
•
891
Chronicle
Operating income.
Equip. & joint facility rents
_
-
.$14,343,566 $15,112,246 $19,298,272
1,883,510
2.381,780
2,012.424
Net operating income.
Other income
.
y
.$16,227,076 $17,494,026 $21,310,696
16,724,848
16,688,105
17,005,770
Total income
Interest and rents.
.
Comparative Balance Sheet Dec. 31•
1938
$
%
Assets—
Liabilities—
Common
Other investm'ts
1,527,761
1,530,066
Advances
Misc. phys. prop
1,457,117
Cash&spec. dep.
Working funds.
3,271,510
108,503
1,551,542
4,970,259
2,320,313
105,232
2,900,003
Notes
85,535
74,173
6,595,020
776,520
6,101,334
Notes receivable
Accts. receivable
Prepayments
Disc,
on
...
Oth. def.
661,197
2.511,080
363,362
2,407,933
fund, dt
290,318
debit?.
stock.140,000,000
124,999,000
45,000,000
45,000.000
16,498,025
from
A.T.&T.Co.
of pension
given
fd.
2,500
1,956,317
1,856,803
4,344,430"
liabilities
Mat'd bonds not
for payment..
Accr'd
not
44,350
4,388',788
credits
Deferred
& misc. res...
317,570
Deprec. reserve.
Surplus
61,538,605
—V. 148. p. 134.
2,742,105
Total.
Period End. Dec. 31—
*
.280,966,741 273,244,14
1938—12 Mos.—1937
$1,238,471 $1,182 ,787,
$106,538
$106,803
250
150
2,700
1,600
$106,288
58,039
Operating revenues.
Operating expenses...
$106,653
$1,235,771
$1,533,109
$1,507,278 $19,073,690 $19,677,121
$1,630,369
$1,470,825 $17,247,682 $17,965,458
$49,535
11,558
$497,442
$495,412
118,656
income—
_
$37,977
$378,786
$395,984
cents
distributed.—V. 147, p. 3322.
Month of January—
Total
Uncollec. oper. revenues
—-
\
14£, p. 290.
Standard Brands, Inc.
(& Subs.)—Earnings—
$18,091,993 $17,975,338 $16,800,233 $15,687,402
55,000,
39,000
26,000
32,043
oper:revenues..$18,036,993 $17,936,338 $16,774,233 $15,655:359
4,270,651
3,560,875
3,331,090
3,045,326
Depreciation expense...
3,164,344
3,172,283
3,095,024
3,038,371
Traffic expenses
2.717,125
2,731,609
2.492,609
2,324,367
Commercial expenses—.
1,415,800
1,405,179
1,342,245
1,274,909
Operating rents
180,919
196,568
204,516
207,305
Gen. & misc. expenses:
Executive department
Accounting & treasury
departments......
empl,
pensions
'
173,746
" 178,336
160,030
153,148
Period End.
Cost of
562,926
under
_■
.
license contract
—.
—
'
80,419,389
69,994,139
18,694,500
—
19,482,549
$9,540,631
goods sold
$9,330,152 $38,293,815 $42,097,731
Gross
536,112
483,254
455,998
194,515
201,583
195,057
254,725
252,743
235,238
130,989
284,196
107,727
254,130
115,910
253,517
'•
and death benefits—
Other
general expenses
Expenses charged
to
construction (Cr)—
Operating taxes
Net operating income.
Net non-oper. income..
1,501,469
139,224
1,442,901
*1,034,014
57,899
994,456
$3,320,338
107,644
$4,042,579
60,218
$3,889,615
26,723
$3,419,233
34,234
64,416
Other interest
It el ease of prem. on longterm debt
$4,102,797
756,333
80,146
570,000
152,228
$3,916,338
599,223
243,745
$3,453,467
550,000
456,620
Divs.
on common
$2,340,294 $10,715,274 $12,254,028
387,805
529,987
124,370
.
1,606,164
1,834,807
$9,889,234
—
225,000
225,666
1,581 ;178
stock.
2,529,622
407,167
[Includes certain foreign subsidiaries as of Oct. 31 or
1938
$280,569
400,000
$8.45
$573,370
400,000
$7.68
.
$0.72,97
209,465
637,500
10,117,949
1,636,050
%
Liabilities—
19,845,637 18,119,128
Govt, and
municipal bonds 1,139,311
Accts. receivable 5,744,574
Accrued
Total gen. ins.
L'd,
bldgs.,
fd.
735,167
1,239,269
634,023
$
payrolls,
1,426,595
1,120,582
1,690,631
Income taxes
2,142,371
Pref. div. payable.
225,000
225,000
Reserves
415,141
297.304
Gen. ins. fd. acct.:
raa-
Approp. surp.set
aside
eq.-28.178.196 27,977,769
1,225,269
969,566
meet
d $4.50 cum .pf
1
goodwill—
to
1
78,188,035 77,647,2151
1,239,269
.stk20,000,000 20,000,000
contingencies
Deferred charges..
Total
1937
2,448,972
Accr'd Fed. & for.
chin'y & equip.,
Incl. deliv.
2,605,012
taxes and exps..
—...
5,804,164
$
Accounts payable-
21,319,880 22,903,296
Inventories
Nov. 30]
1938
1937
$
S.
U.
b Common
stock..25,296,216 25,296,216
Surplus
26.529,440 24,877,501
Total
78,188,035 77,647.215
depreciation of $20,949,720 in 1938 and $21,555,134
b Represented by 12,648,108 no par shares at stated value of
share including 1,064 (1,259 in 1937) shares reserved for unexchanged
common stocks of companies acquired,
c After reserves of $894,485 in
1938 and $830,396 in 1937.
d Represented by 200,000 no par shares,
e After
deducting $22,987,694 book value of goodwill, trade-marks, &c.
—V. 147. p. 3471.
a
400,000
9O6",666
6,956,790
1,717,591
*
435,590
Assets—
$2,446,848
2,400,000
$46,848
400,000
Earnings per share*.
$6.48
$6.12
x The premium of $1,000,000 paid on retirement of debentures Is a charge
against surplus.
This item is deductible an the determination Of taxable in¬
come, leaving no balance subject to the surtax on undistributed profits.
surplus._def$206,083
Shs. outstand. (par $100)
1
Includes
e
$3,073,370
2,500,000
$0.6184
$0.1281
$0.1852
J
provision for doubtful Receivables,
y Based on 12,648,108
shares in hands of public,
z Included in cost and other accounts before ar¬
riving at net income for the period.
Consolidated Balance Sheet Dec. 31
x
and
$3,380,569
3,100,000
.
$8,721,305
Depreciation
CV2.414
$2,593,917
stock.
2,800,000
I
369,990
Trade marks, pats.
Bal. avail, for divs...
U. ||, [il ,1*11 I II I.
$1,845,934
Net income per share
of common stock
'
on $7 cum, pf.stk.
Divs.on $4.50 cum.pf.stk
a
$3,427,983
charges
—>
I
y
Sundry sees. & Inv.
Bond interest
■
509,662
Divs.
c
Income available for
30,368,888
28,120.777
$2,224,201 $10,173,038 $11,728,843
116,093
542,236
525,185
$2,567,297
income taxes:—
Net inc. for the period
V
—
— .
Cash
150,685
'
-
v.
Prov, for Fed. & foreign
145,059
239,368
•
-
$2,999,385
105,722
incopie.S3,105#108
28,148
Income charges
220,659
210,448
7,105,951
6,541,246
r
Net profit from opers.
Other income credits...
Empl's' sickness, acc't
to
<
1938-^3 Mos.—1937
1938—12 Mos.—1937
——$28,235,132 $28,812,701 $108,287,954 $122,517,121
Dec. 31—
Selling, adminis. and
general expenses.....
x
z
service
rec'd
carr.
for similar
•
■
Total
on common
1938
$1,720,410
>
(Operations in foreign countries of certain subsidiaries included
periods ended Oct. 31 or Nov. 30)
Current maintenance...
Bai.
1939
$2,202,150
*
Sales
—V.
'
1938
1937
;
1936
!
1935'
Local service revenues..$12,665,284 $12,536,409 $11,801,921 $11,236,428
Toll service revenues...
4,698,093
4,724,716
4,334,113
3.826,932
Miscellaneous revenues.
728,615
714,212
664,198
624,041
Divs.
Dividend—
share on the common
payable March 10 to holders of record Feb. 21.
Dividends of 30
were paid on Dec. 9 and Sept. 9, last and previously regular quarterly
'
Southern New England Telephone Co .—Report—
fixed
.
Spiegel, Inc.—Sales—
Calendar Years—
Services
...
Directors have declared a dividend of 20 cents per
stock
Gross profit.
Prov. for
■,
Spencer Kellogg & Sons, Inc.-—Smaller
Gross sales
148, P. 135.
—
—Y. 148, p. 746.
99,428
$33,707
Net operating income.
—V.
...
Net oper: income
Net
685,775
$48,249
14,542
Net oper. revenues.
$2,372,222 $30,796,402 $30,428,502
864,944
11,722,712 10,751,381
$1,181,187
738,329
57,118
1
Operating taxes
$2,530,079
996,970
Net oper. revenues.—
Telephone Co.—Earnings-
1038—Month-—1937
•
$7,323,298 $87,484,339 $86,099,456
4,951,076
56,687,937 55,670,954
dividends of 4f) cents per share were
Southwestern Associated
Uncollectible oper. rev..
Operating revenues.... $7,485,881
Operating expenses
4,955,802
Uncollectible oper. rev..
2:721.719
"
Operating revenues
$7,351,836 $87,863,253 $86,409,542
28,538
378,914
310,086
59,653,927
273,244,141
280,966,741
Total...
344,700
1938—12 Mos.—1937
$7,517,463
31,582
1,481,775
3,391,778
Co .—Earnings—•
1938—Month—1937
Period'End. Dec. 31—
liabilities
due.:..-.
'
Operating taxes.
presented
yet
$3,480,917
...
Southwestern Bell Telephone
3,884,042
Accts.pay.&oth,
curr.
.
Operating revenues
estate....
payra'ts.
Gross earnings (est.)
4,342,000
4,109,421
in
Cust's' depos. &
adv.
1939
—V. 148, p. 746.
of real
purch.
Jan. 1 to Jan. 31—
' 1938
1939
1938
$2,951,945 $10,558,762
$9,190,618
Week of Jan.-
25,599,025
Bonds...
„
$4,304,926
$805,921
loss$497,772
—
—Fourth
Notes sold to tr.
Mat'l & suppl's.
.
$
$
Telep. plant.. ..261,291,493 251,639,173
Inv.in contr.co.
836,717
836,717
Net income.
1937
1938
1937
After reserve for
in
1937.
$2
per
Financial Chronicle
892
1939
11,
facturerg when due.
c Including collateral merchandise acquired,
d After
reserves,
e After reserve for depreciation of $38,629 in 1938 and $28,370
Springfield Manufacturing Corp#—Bond Payment—
The New York Trust Co. is notifying holders of Rolls-Royce of America,
assigned accounts receivable.—
In
1937.
f Payable at various dates for
V. 147, p. 3925.
Inc.
(now named Springfield Manufacturing Corp.), i» liquidation, 7%
sinking fund gold bonds due Sept. 1, 1937, that it, as trustee under the
trust agreement dated Sept. 1. 1922, of Rolls-Royce of America, Inc.,
pursuant to which agreement said bonds were issued, has received from the
trustee in bankruptcy of said corporation a third and partial liquidating
dividend of 2%, amounting to $32,588.36, out of which funds it, as trustee
under said trust agreement, will presently pay to holders of said bonds the
sum of $26 with respect to each $1,000 principal amount of bonds outstand¬
ing with Sept. 1,1931, and all subsequent interest coupons attached. Such
Talon, Inc.—Interim Dividend—
)er
share on the
stock, payable March 15 to holders of record Feb. 18.
Dividend of
Directors have declared an Interim dividend of 40 cents
common
quarterly divs. of
80 cents was paid "on Dec. 20, last and previously regular
40 cents per share were distributed.—V. 147, p. 3471.
Electric
Tennessee
paymedt when made will constitute
a credit on the principal of said bonds,
the semi-annual interest coupons appertaining thereto which matured
on
Feb.
Co ,—TVA
Power
Purchase
to
Properties for $80,000,000—
Sept. 1, 1931, to March 1, 1935, inclusive, ana on the accrued interest
said bonds from March 1. 1935, to July 8. 1935.
Payment will be made to the holders of said bonds at the principal office
See Commonwealth & Southern Corp. above.—V. 148, p. 599.
on
of the trustee, 100
Texamerica Oil
Broadway, New York City.—V, 145, p. 622.
tors and based largely on specific proposals filed on Dec. 19 at the request
of Wertheim & Co. and others, provides for payment in full, in cash, of
all administration expenses, taxes, priority claims and creditors' claims, as
Texas Power &
Authority for the sale of Its electric faculties in 16 counties in Texas at a
price of $5,000,000. The sale must be consummated by Sept. 1, 1939,
according to the terms laid down by the Authority, which will receive the
funds for the purchase from the Reconstruction Finance Corporation.
The property involved in the sale constitutes approximately ,10% of
Texas Power & Light's customers and one-tenth of its kilowatt sales volume.
—V. 148; p. 747.
It is estimated that about $840,000 in cash will be required, this to
be obtained through an offering to stockholders of rights for the purchase
stock of the Axton-Fisher Tobacco
Co, at $18.50 a share, on the basis of one share for each share of Standard
comgmon stock, or $803,810; and the underwriting of this offering on the
basis of 75 cents a share on 80,610 Axton-Fisher shares owned by Standard;
net proceeds to be $760,986, giving effect to delivery of 953.19 Axton-Fisher
of 48,449.17 shares of class B,common
shares to the underwriters.
Thrift Stores, Ltd.
Company has available in cash and marketable securities about $53,550,
and will receive $50,200 in cash in part satisfaction of its claim against
Standard Commercial Export & Finance Corp.
Giving effect to these
$97,764
18,289
Operating loss.
Depreciation.
$68,384
on
$16,442
16.358
prof$13,878
16,945
14,929
•
ton St. warehouse.
Loss
8,284
------
fixed assets dis¬
4,566
posed Of--:.
Indem. paid for canell. of
V
——
executive officer's con¬
13,500
tract..^......
>
....—
------
$134,120
$93,613
$1,052
$32,801
16,709
6.300
4,000
...—...
$134,120
Previous surplus.......
defl 1,300
$93,613
86,034
$1,052
87,086
$59,810
150,089
$145,420
$7,579
3,721
sur$86,034
sur$90,279
3,194
$145,420
$11,300
sur$86,034
sur$87,086
Net loss....
1st pref. dividend..
2d pref. dividend......
Ordinary dividend.
Net loss..
Balance, deficit—
Income tax & adjustm't
appurtenant
to the 119,768 shares and others he may acquire to the underwriters for a
total price of $25,000.
-f
Other parts of the general settlement include claims of Standard Com-.
mercial Export & Finance Corp.—V. 147, p, 3621.
Standard Gas & Electric
(& Subs.)—Earnings-—
Mar. 26,'38 Mar. 27,'37 Mar. 28,'36 Mar. 31,'35
Years Ended—
transactions the company will have $36,207.64 Axton-Fisher class B shares,
to be distributed as a part liquidating dividend at the rate of one share for
each 12 of Standard.
Standard will ,continue to own all of its assets other than the 80,610
class B common shares of Axton-Fisher on consummation of the plan,
and ail its debts and reorganization expenses will, have been provided for,
according to terms outlined in the plan.
The underwri era have acquired the claim of Fenner & Beane against
Standard for $107,403, and have received 17,000 shares of common stock
of Standard, which collateralized the claim.
If the plan is consummated
the underwriters, under an agreement with
Fry Kehaya, President of
Standard, after receiving subscription rights and the partial liquidating
dividend app irtenant to the 17,000 shares, will release the claim of $107,403
and deliver the 17,000 shares of common to Standard.
The underwriters have agreed to lend $239,536 to Mr. Kehaya on the
security of 9,980 2-3 shares of Axton-Fisher class B stock, which will permit
Mr. Kehaya to obtain release from certain of his creditors of 119,768 shares
of the common stock of Standard; at least such number of Axton-Fisher
shares will be received by Mr. Kehaya on his Standard holdings.
In the
event he acquires additional Axton-Fisher class B shares they are to be sold
He also will sell all subscription rights
Light Co.—rTo Sell Plants—
The company, a subsidiary of the American Power & Light Co., formally
announced Feb. 3 that it had contracted with the Lower Colorado River
,
defined in the plan.
to the underwriters.
Corp,—Larger Dividend—
Company paid a dividend of 8 1-3 cents per share on the common stock
Feb. 1 to holders of record Jan. 27.
Dividends of 7H cents per share
were previously distributed.—V. 147, p. 1646.
on
Standard Commercial Tobacco Co., Inc.—-Reorg. Plan
A plan for reorganization of the company adopted by the board of direc¬
Defldt--------.----
Consolidated Balance Sheet March 26,1938
1
Assets—Cash, $51,174; Inventory of merchandise, $562,085; accounts
receivable (less reserve for doubtful accounts), $44,545; prepaid expenses,
$30,352; deferred expenses, $2,658; fixed assets (net), $161,304; goodwill,
Co.—Weekly Output—
$39,000: total, $891,118.
Electrie output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Feb. 4, 1939, totaled 111,-
Liabilities—Payable to Royal Bank of Canada, $86,822; accounts payable
and accrued charges. $366,891; provision for accrued taxes; $22,229; note
140,077 kilowatt-hours,
sponding week last year.
payable,
increase of 8.5%
an
$97,847; 6H% first cumulative convertible preferred stock,
$342,750; 7% sqcond cumulative convertible preferred stock, $120,000;
deficit, $145,420; total, $891,118.—V. 145, p. 1754,
compared with the corre¬
.
.
Court Slashes Expense Bill o/ S1,254,550 to
$360,250—
Tishman Realty & Construction Co., Inc.
Federal Judge John P. Nields on Feb. 2 cut a $1,254,550 fee and expense
bill down to $360,250 in the reorganization case of the company. Son e law¬
Consolidated
asking large fees were barred from any allowances; Special masters
received only $40,000.
"The corporation went Into reorganization top-heavy," Judge Nields
said in his opinion, "and top-heavy It came out."
The company is one of the largest public utility holding companies in the
United States, serving more than 1.600 communities in 20 States. It went
into reorganization in 1935.—V. 148, p. 746.
yers
-
Feb. 9 approved the sale of the company's 33 stores in
Toronto to Dominion Stores, Ltd.
The stores will be closed on Feb. 11.
On Feb. 14 30 of them will reopen as Dominion Stores.
The Stop & Shop company was unable to meet interest on its bonds in
1938.
on
Under the sale terms the Dominion Stores will pay 3 % to the holders
of the
6% Stop & Shop bonds.
—Y. 148, p. 449.
Iricome: Commissions..
Bad debts recovered.:
......
Miscellaneous
Profit on operations of buildings
•
*1938
xl937
,
$2,004,575
1,677,829
$2,078,043
accounts.
662,917
$1,354,601
103,094
68,218
193,007
1,346,470.
1935
"
706,431
refinancing expense..
Organiza'n exps. of subs;
20,000
written off
2,506
78*666
Prov. for Fed. inc. tax..
Prov. for Federal normal
tax and surtax.......
92,000
Net profit....
loss$338,677
Bal, at begin, of period..
851,912
$446,565
739,419
$569,625
526,951
>,
$513,235
$1,185,985
$1,096,577-
'81,427
i..
82,500
Discount
on
Divs.
$481,952
254,419
$736,371
on
.
_
86,707
133,682
3,000
43,908
..
-
Divs. on common stock.
Prov. for parfcic. div. on
101,912
20,800
215,034
251,573
20,032
Bal. at close of period.
$216,774
$851,912
$739,419
$526,951
1938
$
1937
$
Inactive
Dividends payable
73,406
74,532
26,756
15,776
mfrs.'
80,389
105,486
Office furniture.
23,216
68,034
18,215
58,046
Deferred charges..
64,343
59,040
a
16,992,709 16,362,581
_$296,635
.
..
'
*
.
Consolidated Balance Sheet Sept. 30,1938
on
hand and
In
a
.
banks, $211,495; accounts and notes
re
reserve for doubtful accounts, $36,134; real estate, buildings
and leaseholds (net), $4,713,708; mortgage receivable, $6,000; mortgage
ceivable, less
company, $12,300; investment in and advances
to partly-owned company, at cost, $89,575; Investment in Tishman Prop¬
erties, Inc., $1; security
deposit on leasehold,.$5,000; deposits with mort¬
$14,447; pre-paid interest and real estate taxes, $14,429; deferred
operating charges, $92,515; total, $5,195,606.
Liabilities—Accounts payable, $70,181; accrued interest on 10-year 3%
notes, $17,625; accrued interest on mortgages payable and accrued real
estate taxes (to Sept, 30, 193,8). $540,940; rents received in advance and
rent deposits payable, $66,871; deferred account payable, $50,000; 10-year
3% notes, $2,350,000; capital stock (no par, 400,000 shares), $400,000;
capital surplus $1,699,989; total, $5,195*606.—V. 145,p.3984.
gagees,
Income
-
1938
•'
$3,114,447
2,761,469
A..—
Operating expenses..—
Operating income
—
provision therefor.
Federal deposit insurance
Federal Social Security and State Unemployment
....
Insurance taxes
Federal capital stock and State franchise taxes
Depreciation
on
company's office buildings
Accrued taxes.
...
of credit & guar.
_
... -
__
17,335
$667,833.
299,517
18,277
38,636
13,690
135,702
23,247
78,195
15,209
158.C61
58,700
19,200
86.620
285,031
'
.
2,853.975,
$253,179 prof.$26,571
Toledo & Ohio Central Ry.—Bonds Authorized—
on
Jan. 24 authorized the com¬
issue not exceeding $2,067,000 of refunding and improvement
mortgage bonds, series A to be delivered at par to the New York Central
RR. in reimbursement for a like amount of advances made by that com¬
pany
for capital
purposes.
Authority was granted to the New York Central RR. to assume obliga¬
tion and liability as guarantor under a guaranty agreement dated June, 1
114,283
1935, and a proposed supplement thereto, in respect of the payment of the
principal of the principal of and interest on the aforesaid bonds, and as
a lease dated Jan. 1,1922, and supplement thereto dated June
30,1938.
Commissioner Porter, dissenting, states:
"As a reason for not creating a sinking fund to retire all or a portion
of the proposed bonds of the Toledo & Ohio Central Ry. at or before maturity
the applicants represent that a program of debt reduction for the New York
Central System is more effective than the usual sinking-fund provisions
would be.
The applicants show for the period indicated in the report a
very substantial reduction in the amount of debt of the New York Central
ana its lessor companies.
The New York,,Central is to be commended for
achieving such results.
However, this program of debt reduction cannot
be fully effective if a part of the debt retired is subsequently made the basis
22,366
5K % partio. pref.
stock ($50 par). 1,461,750
Com. stk. ($9 par) 3,198,510
Capital surplus...
275,105
Operating surplus.
216,774
Total
$352,978
,
Interest and expenses of obligation to RFC *
Interest on deposits-—r:
.__T—
1937
$3,521,808
6,550,000
3,600,640
138,306
1,500,000
3,234,510
282,620
851,912
16,992,709 16,362,581
Assigned by manufacturers, &c., and trade acceptances purchased,
reserve for doubtful accounts and discounts,
b Chargeable to manu-
after
-$311,635
15,000
-
6,454,832
5,236,268
26,941
Accepts, under let's
537,959
accounts
Total
$
Acer, rent & exps.
Long-term notes..
d Security invest's
e
1937
423,231
1,657,696
reo.13,422,414 12,078,610
22,366
138,307
b Accepts. & guar,
c
$
2,166,791
2,431,147
Accts.¬es
1938
Liabilities—
Notes pay. to bks.
f Credit balances..
Advances to mfrs.
a
:
(Not including Tishman ^Properties, Inc,)
Assets—Cash
The Interstate Commerce Commission
Cash in banks and
hand
.
pany to
Consolidated Balance Sheet Dec. 31
on
—
The balance sheet for Dec. 31,1938. was published In V. 148, p. 449.
Consolidated statement.
Assets—r
.
Net loss before non-operating losses
preferred stock
x
l.
......
Title losses and
.84,798
3,450
...
class A stock:
In class B stock.
.
-
class B stock:
In cash.
.
10-year $% notes purchased.
on
Years Ended Dec. zi—
68,286
preference stock.
In cash.
I
In class B stock.
.
Title Guarantee & Trust Co.—Earnings-
175,000
DiVs. On 5H % particip.
Divs.
-
-i
•,
.
Prov, for registration &
Total surplus
226,419
70,810
367,552
—
receivable of wholly-owned
1936
$1,707,774
860,055
Prov. for reserve against
inactive
manufactur¬
ers'
.$353,146
Z
on
Operating loss.
Special credit.
x
"
-
34,405
17,752
251,887
....
_
x
•
I $49,102
1
......
_
Net loss, carried to capital surplus
(James) Talcott, Inc.—EarningsExpenses.
•
Interest of 2h % will be paid on banklonas.
698.
•.
_
10-year 3% notes....,
Provision for depreciation. * .
stock, par $10, both payable Feb. 28 to holders of record Feb.. 18.—Y. 148,
-
1938
Total income
General and corporate expense...
Interest
Directors have declared ah extra'dividend of 12H cents per share in
addition to the regular quarterly dividend of like amount on the common
Calendar YearsGross income
_
_
Storkline Furniture Corp.—'Extra Dividend—
P.
(& Subs.)—~-
Year Ended Sept. 30,
(Not including Tishman Properties, Inc.)
,
•
Earnings for
"
......
Stop & Shop Stores, Ltd.—Stores Sold—
Bondholders
'
lessee under
Volume
Financial
148
for the refunding of an equal amount thereof, thus nullifying to that extent
the amount of debt previously retired.
In view of the previous representa¬
tions made to
us in regard to its debt reduction program, the New York
Central should not have issued to it Toledo & Central bonds based upon
the
refunding of retired bonds of the latter company, since such repre¬
were accepted by us in lieu of requiring the creation of sinking
sentations
funds for proposed issues of bonds.
With the uncertainty as to the future
of our railroads, every effort possible should be made to reduce debt.
This
cannot be
accomplished if every time a bond issue is fully paid a new one
is authorized to take its place."—V. 148, p. 153.
Toledo Light & Power Co. (&
Years Ended Sept. 30—
Other income
$4,759,257
118,423
$4,566,989
89,261
$4,792,929
3,073,394
781,115
81,015
$4,877,679
2,949,037
327,672
756,000
$4,656,251
$857,405
expenses and taxes
Net operating earnings
1936
$9,961,013
5,394,024
233,487
Gross operating revenues
Operating
Subs.)—Earnings—
1938
1937
$10,343,624 $10,533,922
5,784,183
5,774,665
$844,970
403,381
1,046,546
$658,068
403,381
1,373,591
$4,559,442
a
..
Gross income
Interest and other charges
Provision for Federal income taxes...
Provision for depreciation
Net income.
Dividends on preferred stock..
Dividends on common stock
...
403,381
523,273
Consolidated Balance Sheet
1938
S
$
Property awaiting
sale, &c_
Investments
.....
Due from affil. cos.
Disct. & exps...
a
Cash
b Accts.
&
Com. stk.
1,226,510
...
with affil. Cos.__
Inventories
27,458
825,973
current)
Accts.
17,553
4,852", 926
Pr. & Lt. Co...
4,450,230
340,000
1,580,000
190,238
97,859
97,306
Equip,
2,207
2,716
prepaid accounts 4,922,142
3,298,908
oblig.
due
affil. company..
18,130
39,624
Accrued interest..
329,701
572,916
Accrued
953,539
988,955
taxes....
pref.
100,891
stock...
Deferred
Reserves.
Capital surplus...
$1,396,389
511,563
Earned surplus.._
.88,025,274 85,290,927
142,537
2,510,725
______
3,250,831
a On original issue of
preferred stock of subsidiary company,
reserve.—V. 147, p. 135.
V
Earnings
x
per
2,510,725
1,770,499
5,226,439
b After
qpafiiaH
■
1936
1935
$55,350
128,000
$0.67-
>,$0.49
$0.43
147,
213,509
135,609
12,389
373,820
75,627
$1,752,767
908,550
607,330
$2,312,820
1,364,226
1,214,659
$1,439,633
1,564,752
$343,620 sur$236,887
$266,065
$125,119
debs"I
on
y 46,138
Net income.
Preferred dividends
Common dividends.*..
$555,180
898,800
p.
2405.
Balance, deficit
Statement of
Surplus Dec. 31, 1938
Valley Distillers Corp.—Promoters Indicted—
balance, Dec. 31, 1937
Net income
555,180
;
Net profit on sales of securities
on
Tri-Continental Corp.—Annual Report—
the report for the quarter ended Sept. 30,
Union Securities Corp. utilizes the facilities
of J. & W. Beligman & Co
brokerage, securities clearance, safekeeping
and for similar purposes.
Union Securities Corp. did not take over any
assets, security positions or commitments of J. & W. Seligman & Co.
Union Securities Cbrp. began business on Oct. 5, 1938, with a paid-in
capital of $1,000,000 and additional subscribed capital of $4,000,000 subject
to call at any time within five years, divided equally between Tri-Con¬
tinental Corp. and Selected Industrie^, Inc.
In the period from Oct. 5
to Dec. 31, 1938, Union Securities Corp. has been organized, has begun
to operate, and has participated in most of the relatively few public under-,
writings which have been undertaken as well as conducting an active
business in municipal bonds.
The profit from operations for the period
amounted to $59,109.
After charging thereto organization and preliminary
expenses of $12,942 and Federal income taxes of $9,800, net profit amounted
to $36,367.
Electric
Shareholdings Corp.-—The
ownership by your corporation
customary
charges,
,
for
of a substantial minority interest in Blue
for some time, a potential problem in con¬
nection with the Public Utility Holding Company Act, involving possible
restrictions on freedom of action arising from the application of restrictive
and
Selected
Industries
3,627,397
---$2 6,939,604
Surplus, Dec. 31, 1938-—--JVoter-The unrealized depreciation of
$6,531,295,
or
Inc.
This
was
due to the fact that Central States Elec¬
tric Corp., American Cities Power & Light Corp. and Electric Shareholdings
Corp. owned a majority of the common stock of Blue Ridge Corp., and that
these three companies, and related interests, each owned large amounts of
the common stock of the North American Co., American Cities Power &
Light Corp.
also held
a
substantial block of the common stock of Tri-
Continental Corp.
a
A satisfactory solution of this problem was effected, in Nov., 1938, by
transaction in which Central States Electric Corp. and American Cities
Corp. and Selected Industries
Inc., a total of 1,243,000 shares of Electric Shareholdings Corp. common
stock in exchange for a total of 1,864,500 shares of Blue Ridge common
stock, of which 252,339 shares were purchased from Electric Shareholdings
at market for cash.
American Cities sold to Electric Shareholdings its
holdings of Tri-Continental common stock in exchange for Blue Ridge
common
stock.
Tri-Continental Corp., Selected Industries Inc. and
Electric Shareholdings Corp. now hold no common stock of Blue Ridge
Corp., and Tri-Continental and Selected Industries own approximately
60% and 18%, respectively, of Electric Shareholdings common stock.
Thus a minority interest in Blue Ridge Corp. has been exchanged for a
controlling interest in Electric Shareholdings Corp.
Freedom from the
Power & Light Corp. sold to Tri-Continental
problem presented by the Public Utility Holding Company Act, direct con¬
trol over a substantial investment, as well as reasons of general policy,
made directors view this transaction as most desirable and advantageous.
investments on Dec. 31, 1938
1938
Dividends
6,784,976
$
340,184
349,409
178,173
467,200
142,468
8,000,000
8,000,000
106,175
2,460,000
2,460,000
pref .stk, 3,687,500
3,752,500
Due for sees .loaned
19,829
U.
$
payable
and int. accrued
Deposit in foreign
currencies.
against cash
!
sec. purch.
2,487,950
.
Due for
S.
Bank
1,626,805
Invest, at cost.._c41,047,341 34,456,492
Rec. for sees. sold.
250,690
105,099
loan
expenses,
taxes, &c
175,327
176,635
5%
340,184
349,409
a
fees rec., &c
due
Sept. 30, 1,9411.
Res. for
Int. and divs. and
Spec, deps- for divs
1937
1938
Liabilities—
$
,
700,607
Short-term notes.
„
1937
$
Cash
in
was
$3,326,583 less than on Dec. 31, 1937.
conv.
$6
cum.
_
_■
-
debs
b Common stock.
161,308
2,429,318
2,429,318
.26,939,604 26,618,187
Total....*....44,140,954 44,380,390
Total..........44,140,934 44,380,390
(no par) shares,
b Repre¬
There are reserved unissued a
the conversion of convertible
1, 1953 at $12.50 per share, for
the exercise of warrants or options to subscribe to common stock, 1,230,544
shares at any time at $18.46 per share, 59,280 shares on or before March 1,
1939 at $24 per share,
c Investments, based on market quotations as at
Dec. 31, 1938, were $36,142,850 or $6,531,296 less than cost.—Y. 148*
a
Represented by 147,500 (150,100 in 1937)
sented by 2,429,318 shares of no par value.
total of 1,486,624 shares as follows: For
debentures 196,800 shares on or before Jan.
P,
599.
.
.
•
.
.
,
Twin
City Rapid Transit Co. (& Subs.)—Earnings—
Calendar Years—
•
1938
1937
'•
1936
1935
$8,385,405
$9,026,619
$9,216,607
59,308
51,886
45,741
$8,444,713
Way and structures.___
955,049
Equipment.
785,704
Power—
'
747,873
Conducting transporta'n
2,558,240
Traffic
37,962
Motor bus expenses—
711,529
General & miscell. (net)
652,799
$9,078,505
963,618
777,491
771,112
2,501,712
41,047
654,693
714,033
$9,262,349
974,532
749,330
840,727
2,391,207
44,139
640,940
774.1761
$8,636,907
926,514
677,453
817,832
2,284,010
43,531
606,657
713,547
$2,654,797
1,192,771
$2,847,296
1,049,014
$2,567,362.
901,311
Rev. from transportat'n
Other revenue..
<
—
*
-
-
Net oper. revenue
$1,995,556
1,046,244
Taxes
$949,312
18,109
Operating income
Non-oper. income
Int.
on
funded debti
Miscellaneous
>
.
Net income..
Dividends
on
■
40,714
,$1,798,282
51,592
,$1,462,026
29,081
83,075
$1,491,107
953,057
78,089
'
$1,666,050
78,100
$1,849,874
1,115,251
"
$1,744,151
I,144,340
127,735
"
$472,076
'
85,137
>
,
$459,961
.210,000
220,000
$1.13
loss$43,842
pref. stock
Shs.com.outst. (no par).
Earns, per sh. on com—
$8,596,193
_
$967,421
928,188
Gross income
Ridge Corp. had presented,
provisions of that Act.
898,800
$6 cumulative preferred stock
Total oper. revenue.-
"
1938, stockholders were advised of your corporation's participation in the
formation of Union Securities Corp.
at
$4,526,197
•
.
833,270
'
-—..
/
Dividends
$23,312,207
$3,137,747
-
Surplus..
Hardie employed a scheme to
defraud investors in Detroit, Mich., New York City, and Allentown, Pa.,
in connection with the sale of the stock of Trenton Valley Distillers, which
operated a whiskey distillery at Trenton, Mich., near Detroit....
The defendants, it was charged, falsely represented that the company
Would earn close to $1 per share on its $1 par stock, thereby causing the
price of the stock on the Detroit over-the-counter market to jump from
85 cents a share to over $4 a share during the first three months of 1936;
that they misrepresented the amount of sales contracts the company had on
hand and the cash position of the company when it had a cash deficit.
The indictment further charged that the defendants falsely asserted that
the sales and delivery of whiskey to Kentucky from the company was so
great as to reverse the normal flow of whiskey from Kentucky to Michigan,
when, in fact, only a few hundred barrels were shipped by the company to a
single Kentucky distillery.—V. 146, p. 610.
Union Securities Corp.—In
/
—
1
Act of 1933 and the mail fraud statute.
The indictment charged that Low and
•
,
„
Total
Income and profit and loss account from Jan. 1,1936
Govt, securities.
Earle Bailie, Chairman, says in part:
,
Capital surplus balance, Dec. 31, 1937
..$23,480,440
over stated value ($25 per share) of 2,600 shares
preferred stock retired
168,233
Invest,
The Department of Justice and the Securities and Exchange Commission
reported Feb. 3 that Harry Low, former President of the corporation,
and Walter H. Hardie were indicted Feb. 3 by the Federal Grand Jury,
sitting in the Southern Division of the Eastern District of Michigan, at
Detroit, for violation, during 1936, of the fraud provisions of the Securities
.
■
xThe service fees, being payments by others, for the reorganization's
Investment services, in practical effect are a credit against expenses of
operation so that the net expense of operating Tri-Continental Corp.
was $171,813 in 1938, $10,913 in 1937. $24,070 in 1936 and $105,907 in 1935.
y After deducting $14,500 prior year's over-accrual of capital stock tax.
Balance Sheet Dec. 31
$66,621
134,150
depreciation, &c.—V.
297,550
97,525
3 187
■
.
5% gold"
Taxes........
Int.
Assets—
$90,195
134,150
Nil
share.:
After Federal taxes,
Trenton
1937
.
$2,296 94o
3891474
283",508
Expenses.
Transue & Williams Steel Forging Corp.—EarningsYears Ended Dec. 31—
1938
x Net profit
loss$194,636
Shs. cap. stock (nopar).
134,150
$3,186,063
524,125
i
.*88,025,274 85,290,927
Total
$2,638,181
490,339
Fees for invest, service
x
5,584,367
Spec. surp. reserve
.Total
100,845
138,969
8,002,072
liabilities
....
$514,802
1,489,386
283,567
...
Curr. account with
Divs. pay. on
1935
$215,779
2,455,037
500,055
15,192
Excess of cost
35,928
currently
charges and
1936
$112,819
2,032,801
479,427
13,134
Miscellaneous income
273,205
Wages & sals. pay.
35,436
receivable
(personnel)
Def'd
118,353
Notes pay. to bks.
Accounts payable*
(not
1937
$106,418
950,221
339,750
7,849,093
Due to Cities Serv.
3,276
1,020,976
1938
3,000,000
note pay-
sec.
Equip. oblig. 6%.
b Notes, accts. and
int. receiv.
7,849,093
.
Due to affil. cos._
J
6,723,025
stock.16,136,400 16,136,400
342,063
Minority int...
279,289
Funded debt.....36,500,000 27,500,000
1,833,984
Income Account for Calendar Years
Interest received
Divs. (exc. stock divs.).
HAT*
6,723,025
($100
par).:
accounts
■
Prior year's expenses un-
Preferred
4%
1,463,716
$
Toledo Edison Co.:
notes
receivable
Current
$
period
These
partial
replacement of senior securities redeemed or retired, and in 1937 were paid
down by $2,000,000, reducing them to the present amount outstanding.
Net Assets—Net assets of the corporation on Dec. 31, 1938 were equal
$3,535.86 per $1,000 of bank loans and debentures, $179.83 per share of
preferred stock and $4.84 per share of common stock outstanding.
This
compares with $3,193.31, $152.84 and $o.26, respectively, as of Dec. 31,
1937.
,
Pf.stk.($100par)
'5,917,348 12,805,083
1,154,681
1,154,681
1,408,622
1,408,621
1,242,360
804,512
on Sept. 30,
1938, were renewed under their original terms for a
of three years, with interest continued at the rate of 2 % per annum.
bank loans were taken out in the amount of $10,000,000 in 1936 in
x
1937
Liabilities—
Tol.Lt. & Pr.Co.:
&c._69,816,702 62,922,732
companies and a wider diversification of investments.
Bank Loans—The bankloans, in the amount of $8,000,000, which matured
Total income.
1938
rts.,
prop,
franchises,
Electric Shareholdings Corp. and its wholly owned subsidiary had gross
assets of $17,460,026 as at Dec. 31,
1938.
Of this amount, 51.76% is
represented by holdings of 392,952 shares of the common stock of the
North American Co., or less than 5% of the total amount outstanding.
A
diversified group of securities of industrial companies has been added to
the portfolio of Electric Shareholdings Corp. and it is the intention of the
present management to proceed, as and when desirable opportunities afford,
toward a further reduction in the holdings of securities of public utility
Sept. 30
1937
Assets—
Plant,
2,905,305
341,777
751,100
893
Chronicle
220,000
Nil
$649,487
420,000
220,000
$1.04
220",600
$1.19
Consolidated Balance Sheet Dec. 31
1938
S
A-88Ct8~****
Road &
$
equipm't.56,765,394 57,702,680
56,400
12,800
Dep. with trustee
Misc. phys, prop..
z
Other investm'ts.
5,681
417,115
5,770
mtge. prop, sold
Cash
Loans & notes rec.
1,027
1,027
Audited accts. and
1,188,504
2,581
Misc. accts. pay..
Acer, interest (not
not
2,986
3,489
62,077
43,363
Mat'ls & supplies.
787,918
760,258
108,683
108,248
19,099
42,773
...
due)..
Tax liability
56,400
68,959
92,073
1,140,217
274,098
5,412
and damages
Reserve for depre¬
16,586,738 16,768,513
173,499
Unadjusted credits
174,317
x Capital
8,717,977
surplus. 8,718,724
ciation
Disct. and exp. on
893,784
973,117
Profit and loss.
Total...
12,800
243,666
payable..
37,595
15,281
89,436
993,408
presented.-
wages
Res've for injuries
Injuries and dam¬
fund. dt. amort.
Mortgage bonds. .16,874,900 17,189,800
Secured dlv. notes
Misc. accts. receiv.
fund
%
Common stock.. 11,000,000 II,000,000
3,000,000
3,000,000
733,241
Interest receivable
Deferred assets
Liabilities—
y
1937
Preferred stock...
1,679,472
1,872
_
Deposits in lieu of
ages reserve
-
1938
$
1937
60,757,910 61,621,455
Total
3,011,044
3,134,505
60,757,910 61,621.455
x Created
by reduction in capital,
y 220,000 shares no par.
z For
seemed dividend notes first lien and refunding 5M% series B bonds.—Y.
147,
p.
2707.
Financial
894
Tri-State
3542,186
2,150
Net
$6,343,880
4,518,800
$6,193,086
$144,474
54.069
$69,913
35,836
$1,825,080
601,782
$1,410,718
534,874
$90,405
51,217
operating revs...
$514,023
444,110
$34,077
$1,223,298
492,448
$875,844
285,710
operating income.
Net income
......
def!8,626
Co.—Earnings—
_
$6,365,176
21,296.
$540,036
395,562
Operating taxes........
$515,808
1,785
Total interest
...
....
Income from miscellaneous investments -
--
Total income
General
Directors have declared
United
Corp.—Defends Plan to Use Funds in Investment
Intervenors.
The objections were made by a group of banks and insurance companies,
centering in Philadelphia, which own preference stock of the corporation.
The proposed program calls for investment of current funds in high grade
common and preferred stocks of enterprises outside the public utility field.
"The record shows," the brief said, "beyond any question that the
„
corporation's current funds at the present time, after making
allowance for all necessary expenses and taxes and for dividends paid on
Jan. 18, 1939, are sufficient to permit the use of sums not In excess of
amount of the
$8,000,000 for investment in accordance with the proposed program."
In reply to a contention of intervenors that funds not required for operat¬
expenses should be used to pay dividends on the preferred stock now in
arrears, the brief stated that the management intends to devote its net
earnings subsequent to June 30, last, to payment of preference dividends
as rapidly as such earnings accrued in sufficient amounts.
"Its judgment
at this time," the brief added, "is against seeking authority under section
12 (O) of the Holding Company Act to pay such dividends out of other than
earned surplus.'V
The intervenors* contention that the corporation should limit its holdings
to securities now held apparently misconceives the problems confronting the
corporation as a registered holding company and runs counter to the purpose
of the Holding Company Act, the brief maintained.
"The contention,'r the brief also said, "that the proposed program would
embark the cprporation upon a speculative journey is, we submit, wholly
gratuitous and without the slightest support on the record or from reliable
authority." '
•
The brief said that basically, however, Whether' or not the program
represents a change in the corporation's investment policy is quite irrelevant
to the proceeding.—V. 148, p. 599.
ing
1937
1936
0
———
—
23,251,764
23,251,760
def$l,023,894
——
Provision for Federal taxes in 1937
$1,072,710
includes
$370,959 of income taxes,
claimed in "the
$525,940
48,190
Weekly Output—
$525,940
48,190
50,103
$574,129
Other dividends, declared in the respective years,
31, are not included.
The above figures are
preliminary, being subject
auditors.
$624,232
receivable subsequent
<
.
to verification by the
■
Week Ended—
Feb. 4; *39 Jan. 28, !39
Electric output Of system (kwh.)-.-i101,486,048 102.328,066
—V. 148, p. 748.,
•
Consolidated Earnings for Year Ended
—
$20,473,517 $23,435,466 $26,540,156 $22,471,253
Depreciation -—1—*-" 7,493,505
9,236,653
.8,834,777
8,750,463
Income taxes--.—
bl ,688,804
2,168,589
b2,142,961
1,687,045
Interest.
105,262
215,948
234,027
327,709
Loss on foreign exchange
286,751
61,379
519,806
Loss on property sold or
abandoned
146,663
476,932
1,090,015
827,008
—-
89,355,891
JulyZl, 1938
—*
——
•
$254,613
151,616
8,291
——
.
Feb. 5, '38
United Grain Growers Ltd. (& Subs.)—Earnings—-
Profit for the year before charges
—
Interest on bonds.——
—————————
Directors'fees
*!i
x Total amount paid as counsel and legal fees
1935 *
$18,914,158 $21,944,762 $24,753,727 $21,145,178
1,559,359
1,309,289
1,786,428
1,326,075
foreign exchange
181,415
'
Total income-
—
to Dec.
Operating income
Lther income*
Gain on
n
—
.
United Fruit Co, (& Subs.)—Earnings—
"
.$26,053,950 $28,150,550
3,826,080
3,826,086
-
—————
Connecticut Light & Power Co. common
Commonwealth & Southern Corp. preferred---*.Kansas City Gas Co. first preferred
*
,
1938
stock
Gas & Heating
Co., the charges for which were made to the contingent treserve in 1937
and to surplus in a prior year.
Based upon these deductions claimed,
no provision for undistributed profits tax was made for the year 1937.
b Includes advances, without interest, in amount of $90,011 in 1938
and $75,000 in 1937, to Connecticut Gas & Coke Securities Co., in con¬
nection with U. G. I. Oo.'s indemnification agreement with Hoppers
Co. of Del. in respect to that company's guarantee of preferred dividends
of Connecticut Gas & Coke Securities Co.
As of Dec. 31, 1938, the total
of such advances amounted to $230,011.
Notes—The above figures do not include non-recurring income; nor
do they include amounts of $2,467,346 in 1938 and $3,187,728 in 1937,
debited to the contingent reserve.
'
The general practice of the company with respect to dividends is to record
them as income when received,
where, in the past, certain dividends,
at the end of the calendar year, had been recorded as receivable, that
.practice has been continued, but it has not been extended.
The income
from dividends, as shown in the income statement, therefore, Includes
dividends receivable which were collected immediately after Jan. 1 of the
subsequent years, as follows:
'
1938
1937
Maintaining its proposed program for investing $8,000,000 in equities of
pther companies was sound, the corporation has filed a brief with the
Securities and Exchange Commission in answer to objections of a group of
>
469,604
credited to surplus.
This credit resulted from eductions
1937 income tax return, for loss in investment in Nashville
Program-—
Calendar Years—
on common
Balance to surplus
preferred stock, payable Feb. 15 to holders of record Jan. 31.—V. 148,
459,210
*578,443
—
——
...
a
1.325,190
718,680
404,824
'
■
Dividends
initial dividend of $1.25 per share on the
326,011
———L—$26,193,127 $28,265,940
137,936
114,218
Net Income balance!
Dividends on $5 dividend preferred stock
„
an
-
—.$26,055,191 $28,151,722
appropriated to special fund reserve——
1,241
1,172
Net income—*.
£ Union Electric Co. of Missouri—-Initial Preferred Div.—
$5
State taxes.--
Net operating income—
b Other deductions from income
Income
1,172
1,183,394
1.377,486
———
Provision for Pennsylvania
210.455 shares of new no par capital stock offered to stockholders
and employees by the corporation, 189,830 shares or approximately 90%"
had been subscribed for at the close of business Feb. 3 when rights expired,
according to a statement by Alexander Calder, President of the company.
Subscription rights were issued to stockholders on Jan. 21.
Of the 189,830 shares subscribed for, 159,627 shares were taken by the
company's stockholders, and 30,203 shares by employees.
The balance of the new issue will be taken by a group °f underwriters,
headed by E, H. Rollins <fc Sons, Inc.
and Blyth & Co.» Inc.—V 148,
P. 748.
EB
m
$244,583
12,024
211,296
Provision for Federal taxes
Of the
.
.
-—$29,020,128 $31,098,387
-
—
-
expenses.
7,033,79u
1.241
Salaries, traveling exps., office rentals, supplies, &c
Corp.—90% of Stock Issue Sub¬
scribed for by Stockholders and Employees—
& Paper
Bag
$183,010
126
-- -—-
Income from special fund
—
Other income--————————————
~
1937
$22,623,414
$28,624,455 $29,657,213
134,194
137,676
48,816
106,907
Total dividends
Interest—Subsidiary companies..——
Other companies
4,782,368
:V. 148,J?. 135._
Union
11, 1939
12 Months Ended Dec. 31—
1938
Dividends—Subsidiary companies$22,576,026
Other companies----.---———
6,048,428
1938—12 Mos.—1937
$6,222,055
28,969
1938—Month--' 1937
Operating revenues.—
Operating expenses
Net
United Gas Improvement
Telephone & Telegraph Co.—Earnings—
Period End. Dec. 31—
Operating revenues
Uncollectible oper. rev. »
Feb.
Chronicle
——.
—
.Annual meeting expense
—*
—
Provision for depreciation on printing plant, miscell.
equip., &cProportion" of bond discounts and expenses written ofr
Profit arising from redemption of company's bonds during year *
29,558
16,730
33,251
19,878
12,497,
-
--
-
--
Net income—..
_
--
—
Dividends-Surplus
.—$10,272,747 $11,817,128 $14,176,995 $10,359,222
9,413,940
11,610,388
12,350,484
• 8,717,987
$858,807
35,643,921
$206,740
35,437,180
$1,826,511
3,5.360.668
Bal. of reval. res., i?c—d4,253,895
-----
Profit for the year.
$7,787
296,602
*——
Surplus; balance at credit July 31, 1937—:
-
-
Total surplus
$304,389
Provision for Dominion and Provincial taxation—4,000
Earned surplus July 31; 1938
xL And salaries
------
$3,00,389
Of executive officers represented by directors of the parent
company actively engaged In the management.
Note—No depreciation has been provided on country nad terminal
elevator buildings and machinery for the year ended July 31,1,938.
—„
——
Previous surplus-
Total..'
-
-
.
-—-
$1,641,235
34,082,287
Consolidated Balance Sheet July 31,1938
-..-$4Q,756,623 $35,643,920 $37,187,179 $35,723,522
.
Loss result g from scrap-
"
ping of narrow gauge,
equipment in Cuba...
Amount
transferred
to
.*
1
■
reserve for insurance—
Res. for abnormal prop.
losses
Miscell.
.
.,.
*•
•
' "
•
.
362,854
——
1,750,000
—
*
—
"" r
4,000,000"
e2,325,000
—
deduction..—
.
—
——..
Surplus————$34,431,622 $35,643,920 $35,437,180 $35,360,668
Shares capital stock out-
standing (no par)
per share
— .
.
,
c2,896,600
Earnings
$3.54
c2,896,600, a2,906,000
$4.08
$4.88
.
Assete—-Oash, $804,977; accounts and bills receivable, $303,431; Provin¬
for relief purposes, $35,061:
cial Government accounts re sales of feed, &c.,
•
a2,906,000
,
$3.57
a Excluding 19,000 shares held In
treasury:
b Includes $180 for undis¬
tributed profits tax for 1936 and $353 for 1937.
c Excluding 28,400 shs.
held in treasury,
d Balance of revaluation reserve on mail ships not re¬
quired restored to surpxus.
e Additional Income tax assessments and pro¬
vision for contingent claims for further additional income and other
taxes.
inventories, $940,542; memberships, $63,676; mortgages and agreements or
sale, $28,632; other securities (at book values), $2#660; bond discounts and
expenses, $188,889; deferred and prepaid expenses, $52,707; bonds pur¬
chased in anticipation of sinking fund requirements, $209,222; country and
terminal elevators, sites, warehouse, printing plant, machinery, office and
other equipment (after reserves for depreciation of $4,472,576). $6,455;755;
publication establishment account, $93,276; total, $9,178,827.
Liabilities—Accounts payable and accrued liabilities, $i,008,887; bond
interest accrued, $18,828; shareholders' dividends of prior years unclaimed,
$14,681; property, corporation and other taxes, $28,066; first,mortgage
sinking fund bonds,$2,886,000; capital stock (par $25), $3,189,371; general
reserve, $1,710,282: capital surplus, $22,329.? earned surplus, $300,389;
total, $9,178,827.—V. 143, p. 4018.
'
United Investors Realty
Income from securities owned
Renta 1 income from
Consolidated Balance
1938
Sheet Dec, 31
1937
1938
$
Liabilities—
$
b Fixed assets.*
96,835,927
95,086,479
a
Insurance fund,
11,750,000
960,473
11,750,000
960,473
1937
$
"
Assets—
$
Accts. payable &
d Co.'s own stk.
Other stocks and
bonds
Cash
—
U. S. Govt. sees.
Other
e
4,993,350
590,818
578,710
1,321,421
22,729,834
13,147,550
1,377,198
27,894,757
17,162,253
market'le
securities
5,484,415
Divs. payable..
Deferred income
reserve.
182,608
5,396.346
3,344,998
Mortgage interest
Property operating
.
—
—* *— — -
—
— — —
expenses
General and administrative expensesFranchise and capital stock taxes
Provision for depreciation
on current income
571,080
962,737
884,236
11,750,000
Net loss
Earned surplus. Oct. 1,1937
2,472,056
1,844,488
35,643,920
Adjustment of prior year's taxes.
* —
$17,860
201,169
$219,029
50,215
53,401
97,469
16,107
1,691
13,968
2,509
2,173,198
7,094,500
11,750,000
2,636,402
Surplus
-
.
540,432
4,663,797
Notes & accts.
Other reserves.
Total income
Real estate taxes
.•*
*—
properties- — *
2,896,597
other deposits
cTJ.S. Govt, loan
Insur'ce
5,841,292
and
Tax reserve..3,876,904
169,826
receivable
accrued llab__
Customers*
4,045,255
Secs.ofaffil.cos.
Leasehold
Capital stock. 118,499,671 118,499,671
Corp. (&. Subs.)-r—Earnings—
Earnings for the Year Ended Sept. 30,1938
5,328.380
34,431,622
Provision for taxes
*
$16,331
426
Dr66
$15,972
7,980
Class A dividends.
Sugar and other
products..:
Merchandise
1,640.096
8,499,914
Mat'ls & suppl's
Deferred assets
_
Deferred charges
Transit items...
Total
9,089,176
4,249,122
Deficit, Sept. 30,1938
1,942,479
Assets—Cash
4,064,111
5,947
183,770,758 186,774,4431
Total
183,770,758 186.774,443
a Represented
by 2,925,000 no par shares (incl. 28,400 shares held in
treasury), b After reserves for depreciation of $150,163,538 ($151,219,574
in 1937) .and revaluation' of $15,310,163 ($21,505,736 in 1937).
c For
construction of mail ships., d 28 ,400 sharks having a market value of $1,860,200 ($1,618,800 in 1937).
e After reserves of $132,462 ($126,386 in 1937).
V. 147,, p. 3777.
-<
$23,951
Consolidated Balance Sheet Sept. 30,1938
6,094,795
7,381,082
hand and
deposit, $43,424: investments at cost, $207,847; accounts receivable, $1,731; accrued interest receivable,
$2,985;
real estate properties at cost (less reserve for depreciation, $24,970),
$l,56y,043; furniture and fixtures—depreciated value, $159; deferred
charges, $10,838; total, $1,836,027.
Liabilities—Collateral loan due Oct. 10, 1938, $40,000; accounts payable,
$27,633; deferred credits—prepaid rents and tenants* deposits. $3,053;
first mortgages payable, $1,408,330; reserve for taxes on current income,
$2,509; class A stock ($1 par), $79,636-5 class B stock (1,000 shares of no
par value), $5,000; capital surplus—paid in, in cash, $283,726; donated
surplus—paid in, in cash, $10,091;, deficit, $23,951; total, $1,836,027.
—V. 145, p. 3513.
on
on
„
Volume
United
_T
Financial
148
Paperboard
Co.,
Inc.
Cost and expenses
sinking fund until the new issue of debentures is less than $9,000,000
Thereafter, 40% of such proceeds would be paid into the sinking fund.
The sinking fund also would receive 25% of all net earnings available for
(& Subs.)—Earnings—
Earnings for 6 Months Ended Nov. 26. 1938
,
Net sales
$1,052,563
1,022,018
,
Operating profit
Other income
_
__
_
Total income.,.
Other deductions
purchase of securities of subsidiaries and affiliates of the old company also
would be paid into the sinking fund.
[Other proposed plans of reorganization which are pending before the
$45,659
10,320
35,583
Depreciation
Federal income taxes.
SEC include
130
Utilities
$21.50
of 3,500
Sons of
Fidelity & Guaranty Co.—Stock Sold—
shares of
common
stock
Harriman Ripley &
Baltimore.—V. 147, p. 4070.
per
share
Hearings
by
privately at
and Alex. Brown &
Inc.
Co.,
Years End. Dec. 31—
'
&
States
Corp .-^-Annual
Foreign Securities
Report—
On Dec. 31, 1938, net assets had an indicated value of approximately
$38,413,586, which is equivalent to approximately $183 per share of first
preferred stock.
In making this calculation, the investments in the second
preferred and common stocks of United States & International Securities
Corp. and in the second preferred stock of German Credit & Investment
Corp. were included at indicated values based on market quotations of
underlying assets, the investment in the 15,000 shares of the corporation's
own common stock at the nominal value of $1, securities without quoted
market prices at cost of $709,962, and all other securities on the basis of
$2,328,390
1,179,094
608,137
$2,354,550
322,637
327,520
327,520
$184,189
$240,854
$213,639
$353,192
67,527
33,202
26,751
12,899
$251,716
—
$274,056
$240,390
$366,091
Total income
Gen.
&
corp.
of
exps.
$2,020,689
163,777
31,228
$1,694,841
157,791
21,656
119,559
131,493
173,847
140,974
374,726
142,832
415,878
141,471
426,037
152,267
d437,356
15,720
25,645
23,872
34,904
22,973
19,721
$460,152
$535,633
$413,555
parent co. and subs._
Interest charges—
1935
$1,132,474
136,017
33,803
$1,394,002
Mtges. & debentures
Note payable
•
.
&
140,013
sec.
during
rec.
125,072
xCrl8,968
Cap. stock & other taxes
71,422
161,386
29,500
Other expenses.
Prov. for Fed. inc. taxes
Pro v. for Fed. surtax on
xCrl08,497
31,506
159,910
'
59,000
profits,
34,243
124,190
40.000
59,359
123,617
25,500
.
107.000
48,000
$2,091,846
1,260,000
$2,110,125
1,260,000
------
$1,290,675
1st preferred dividends.,
1,260,000
Profit for year.......
$30,675
■
—
$1,126,393
1,260,000
1937
Inventories
'
.
1938
Liabilities—
Sinking fund deposit....:
Invests^ in and advances to subs, not consolidated:
2,006,247
$
164,325
Reserve for taxes &
Securities, at cost.31,456,129 31,778,475
accrued expenses
receiv.,
ac-
d Inv.
in
U.
S.
but not receiv..
v
crued int., &c_.
103,052"
&
a
Int. Sec: Corp..
1
1
'
1st
b 2d
e
c
97,500
67,500
50,000
reserve
Common stock.
.
^
4,950,000
y
Total..
Utah Ry.—Earnings—
Net from railway
Net after rents
20,584
__
Net from railway.Net after rents..
147,
p.
22,049
27,680
13,895
$129,006
64,615
'
50,385
682,581
76,070
1,243,853
266,046
1,088,209
*307,660
1,060,182
354,072
140,423
191,221
198,865
-
-
'
Gross from rail way...
—V.
$122,097
29,942
a
def50,031
■
4071.
.
Utilities Power & Light
Corp.—-Plan Filed by Atlas Corp.
plan of reorganization for the corporation contemplating eventual
and eliminating
the interest of existing class A, class B and common stockholders except for
A
•
new
conversion of the corporation into an investment company
conditional
right to purchase new common stock, has been filed by Atlas
with the Securities and Exchange Commission.
The plan supersedes the previous plan of reorganization for the corpora¬
tion filed by Atlas Corp.
•
The new plan provides that the assets of the present corporation, which is
operating under trustees in Section 77-B proceedings under the Bank¬
ruptcy Act, shall be transferred to a new company at a value to be deter¬
mined or approved by the SEC and the court or, failing such action, at a
value of $48,000,000, less any cash distributions to security holders.
The
directors of the new company would be authorized to set up a reserve of
$3,000,000 for revaluation of assets.
Under the proposed plan, holders of the existing 5% and 5H% deben¬
tures and other creditors ranking equally with them would receive 40%
of their capital Claims in new 4H% five-year debentures, 30% in new 5%
cumulative ($50 par) preferred stock, and the balance, including allowed
accrued interest, in new no-par common shares, taken at a value of $6 a
a
Corp.
of note
'
.
\
s
.
"
Holders of the present preferred stock would
for each share of preferred.
*
receive five shares 6f new
common
-
The plan also proposes an offering of 2,000,000 new common shares.
This stock would be offered first, at $6 a share, to holders of the new pre¬
ferred stock and payment could
be made either in cash
I
or
.
-
.
"•
•
by surrender of
preferred stock at par.
Any remaining new stock In this block of 2,000,000 shares would then be
offered pro rata to holders of new common stock at $6.50 a share, payaole
new
Any remaining stock would then be offered pro rata, first, to
present class A stockholders at $7.50 a share, and, finally, to present class
B and common stockholders at $8 a share.
In the event that the principal amount of new debentures exceed 25%
of the value of assets of the new company, cash proceeds from sale of the
new common stock would be devoted to
purchase of new debentures for
retirement; when the debentures represent less than 25% of the assets, the
$63,128
147,121
$70,021
145,464
—
Trinity Bldgs.
10,000
10,000
!'
2,324
150,000
1,509
3,000,000
175,000
e3,345,500
175,000
1,000
338,000
...
Rents receivable in advance
—
Notes payable (secured by pledge of inter-co. mtge.
of
$4,000,000 on Whitehall Bldg.)..
Note
"
payable
15-year sinking fund 6% gold debs, of G. A. F.
Realty Corp., dated Jan. 1, 1929 (guar, by
parent company as to prin. at maturity, interest
and sinking fund payments)
6% sinking fund debentures due Jan. 1, 1944, of
U. 8. Realty & Improvement Co
j;
1st mtge. 20-yr. 5M% gold loan of Trinity Bldgs.
Corp. of N. Y., dated' June 1, 1919 (guar, by
parent co. as to prin., int. & sink, fund paym'ts)
6% ist mtge. of Lawyers Bldg. Corp., due $10,000 semi-annually to Sept. 1,19384% 1st mtge. of Lawyers Bldg. Corp. due Sept. 1,
-
1943Reserves
Total.
x
;---
1,288,500.
.
1,139,500
1,168,500
3,710,500
3,710,500
670,000
•
510,568
509,453
-------
-
Capital stock
1,211,500
670,000
1-
-
-
Deficit-.-
.
share.
'
—
6% deb. notes, due Feb. 1, 1938, of United States
Realty & Improvement Co
—
$100,517
33,677.
From J an. 1—
$123,798
,
Corp. of N. Y
—
——
Mortgage payments due within one year
Payments due within one year account of principal
1935
1936
.
46,7971
•
...—$26,561,697 $27,529,081
Accrued taxes, interest and wages
Note payable 4% due Jan: 30, 1939
...v
1937
1938
.
—1
—------
Accounts payable
Represented by 210,000'no par shares,
b Represented by 50,000 no
par shares,
c Represented by 1,000,000 no par shares,
d 94,100 shares
2d pref. and 1,987,653 shares common stock,
e Set up out of $5,000,000
paid in cash by subscribers to 2d pref. stock,
f Operating surplus (including
results of security transact ins) arrived at as follows: Balance at Dec. 31,
1937, $6,667*589; profit for year, $1,290,675; total, $7,958,263; less divi¬
dends In 1st pref. stock, $1,260,000; balance at Dec. 31, 1938, $6,698,263.
Notes—Securities, at cost, -include 15,000 shares common stock of the
corporation; Under option to the President until March 1, 1939, at $25 per
share.—V. 148, p. 600.
a
December—
Gross from railway
—-.1
/
Liabilities—
Total.........33,947,722 33,949,048
33,947,722 33,949,0481
838,620
24,673,454
12,031
63,626
9,864
7,746
6,667,589
-
Total...
684,847
24,295,756
—
Prepaid expenses, &c_
Deferred charges
984,459
175
c817,460
d325,001
—
Real estate, buildings and equipment.-—
Office furniture and fixtures
100,000
984,459
6,698,263
Oper. surplus,..
175
786,493
fl75,001
...
bonds
50,000
4,950,000
100,000
pref. stock.,
Capital surplus...
f
-
,
197,000
pref. stock. .21,000,000 21,000,000
General
Accounts, notes and accrued interest receivable.
George A. Fuller Co...
Plaza Operating Co.
Mortgages rec., invest, in and advances to other
real estate cos., and invests, in other stocks and
Securities purchase
2,388,540
"
x
1937
$
.
bl937
$709,061
67,404
12,383
zl938
$490,757
63,039
11,086
Cash.....
Comparative Balance Sheet Dec. 31
1938
1
Consolidated Balance Sheet Dec. 31
Assets—
$850,125 def$133,607
$831,846
Assets—
Diva,
se¬
a Exclusive of George A. Fuller Co. and subsidiaries and of Plaza Oper¬
ating Co.
b Exclusive of George A. Fuller Co. and subsidiaries; of Plaza
Operating Co. and subsidiaries, and of Savoy-Plaza Corp., a subsidiary in
bankruptcy.
The accounts of G. A. F. Realty Corp. have not heen in¬
cluded for the year 1935.
c Includes depreciation on office furniture and
fixtures of $1,127 in 1938; $1,572 in 1937; $1,753 in 1936; $1,960 in 1935.
d Including $158,878 interest on G. A. F. Realty Corp. debentures guaran¬
teed by parent company,
e Exclusive of Plaza Operating Co.
Cash and securities received in settlement of Reichsmark balances.
Cash
social
32,476
.
Operating profit.
x
482,269
■
State
&
curity taxes
.
1938
undistributed
Fed.
.
vestments
166,413
State franchise & Federal
$1,302,294
$1,874,288
$2,215,694
Net realized profit on inCash
.
$424,093
1936
$1,231,654
162,349
—
1,043,003
630,834
interest
capital stock taxes
—_
bl935
$2,244,596
1,083,535
597,570
securities, &c
on
c
1937
Other income
Total income.
Subs.)—
al936
al937
_
operations
v
Other income
for Calendar Years
1938
Cash di vs. received
Int. rec'd and accrued.,
el938
Net oper. Inc. from
real estate & hotel
market quotations.
Income Account
14.]—V.
the three plans will begin on Feb.
on
Oper. revs, (after deduct,
provision for doubtful
accounts)
r-ii $1,917,642
Operating expenses. ill
821,140
Real estate taxes
598,826
Dprec. on office & hotel
buildings, as provided
by company
1
313,487
sold
been
has
_
United
1937, by the trustees of the
June 6,
on
United States Realty & Improvement Co. (&
United States
block
Corp.
291.
148, p.
—V. 147, p. 2708.
A
originally filed
one
Public Utilities Securities Corp. and of Webster Securities Corp., and one
on
Feb. 21, 1938, by Associated Investing Corp. and Associated
filed
U74
Net loss
dividends.
common
Cash received from the old company which exceeds by more than $2,000,000 assumed cm-rent liabilities, reorganization expenses and outlay for
$30,545
15,114
_
895
Chronicle
g18,000,000 a18,000,000
-------
2,083,066
-
'
—-
—
$26,561,697 $27,529,081
—
After reserve for doubtful accounts of
2,049,245
$93,852 in 1938 and $92,036 in
After reserve for depreciation of $2,940,568 in 1938 and $2,666,097
in 1937.
x Exclusive of Plaza Operating Co.
a Represented by 9O0.0O0 no
par shares, of which 63,000 shares (at cost of which $472,287 was charged
to surplus in prior years) are held in treasury,
b Exclusive of George A.
Fuller Co. and subsidiaries and of Plaza Operating Co.
c Including 11,000
shares prior preferred stock having a book value of $770,000 deposited as
1937.
y
collateral
to
note
payable of $325,000.
d Including 4% note of Plaza
April 30, 1939, deposited as collateral to
Operating Co. for $325*000, due
payable of $325,000 and $475,000 and including $62,500 mortgage on
26 West 58th Street in 1936.
• Also $688,000 principal amount of SavoyPlaza, Inc. income bonds, due Oct; 1, 1956, and voting trust certificates'
representing 8,256 shares of Savoy-Plaza, Inc., class A common stock,
f Consists of note receivable—Plaza Operating Co. 4%, due April 30, 1939
(deposited as collateral to note payable of $175,000) $175,000 and noninterest bearing demand note in principal amount of $3,930,000, 25,000
shares of preferred stock, par value $100 each, and 34,483 shares of common
stock, par value $1 each—stated at nominal value $1.
g Represented by
900,000 no par shares.—V. 148, p. 748.
note
Virginia Electric & Power Co.—Earnings—
in cash.
1938
12 Months Ended Dec. 31—
x
Balance after operation, maintenance
y
x
*937
non-operating income—net.
reserves.—V. 148, p. 600.
Includes
y
7,492,293
7,188,442
3,484,297
& taxes—
Balance for dividends and surplus
tirement
.
—$18,177,597 $17,777,381
Operating revenues
3,394,516
After approbations for re¬
cash proceeds would be used to purchase new preferred stock for retirement.
The plan provides that the new company should commence its
an investment
company by selling assets "as expeditiously
conversion
into
as reason¬
Precedence would
that are not readily
capable of being incorporated into any feasible integration program for the
system. Eventually it is contemplated that the new company would cease
to be a holding company or an affiliate of any public utility holding company
able diligence and prudent business judgment permit."
be given, however, to the sale of interests in utility units
operating company.
also contemplates retirement of the funded debt of the new
company by the time this program of conversion into an investment company
is not more than half completed.
Sinking fund provisions for the new debentures, which are redeemable
at any time at par and accrued interest, would require that 75% of the net
proceeds from sales of assets received from the old company be paid into the
or
The plan
Utility & Industrial Corp.Calendar Years—
1938
Income—Interest
$30,263
Cash dividends
31.185
Profit on sale of secur— loss470,670
Total Income
Interest
Taxes
Other
Net
expenses
loss
1937
1936
1935
$23,968
47,323
63,449
$28,431
53,378
$125,292
6,022
11,273
4,757
36,940
$134,740
$81,809
9,360
110,054
13,885
5,083
31,£24
13,762
3,945
30,048
$459,759 prof$66,300
prof$74,488
$76,000
loss$409,222
1.464
10,073
Regist. and transfer exps
-Earnings—
3,775
35,225'
$37,173
58,388
29,731
Financial
896
—
Appropriation of capital surplus representing the excess of par
value over the cost of 19,981 shares convertible preferred stock
acquired during the year (par $139,867—cost. $26,867)
113,000
(Incl. Ward Baking Corp. which was
$4,114,591
Loss
484,936
1935, net
sale of investments acquired prior to April 2,
on
$3,742,655
Note—Unrealized depreciation in the valuation of investments (repre¬
senting the excess of the aggregate ledger values, expressed at cost or less,
over the valuations based on market quotations or estimated)
decreased
during the year 1938 in an amount of $1,138,317.
Such excess, at Dec. 31,
Balance, end of year
1938, amounted to $10,818,883.
1939
11,
1938
merged with Ward Baking Co.
Dec. 5, 1938)
on
Earned surplus at Dec. 25,1937
Net profit for te weeks ended Dec.
$4,227,591
Total
of Consolidated Earned Surplus Dec. 31,
Statement
Ended Dec. 31. 1938
Analysis of Investment Reserve Year
Balance, beginning of year..,
Feb.
Chronicle
$4,829,000
831,565
31,1938
Total.
$5,660,566
-
81,581
Federal capital stock tax of Ward Baking Corp. for prior years.
Reduction in consolidated goodwill resulting from merger of
Ward Baking Corp. into Ward Baking Co. as explained in let¬
ter to
approved by
stockholders, dated Oct. 15, 1938, and as
3,927.659
board of directors
Expenses in connection with merger of Ward Baking Corp.
into Ward Baking Co
Dividends on preferred stock of Ward Baking Corp. until
merger, and thereafter of Ward Baking Co., $2.50 per share. .
78,887
640,020
Balance Sheet Dec. 31
f
262,436
6,531
10,794
5,000
Accte. receivable..
Acer. Income rec_.
payable....
Accounts payableAccrd.
coll.
appeal bd.
2.160
'
177,948
178,891
4,114,591
9,719,262
Total operating revenues
1938
$8,389,062
*
.....—....—-----—
Federal income taxes
Other taxes
—
402,541
1,007,967
138,004
810,858
$2,791,13*
Operating income(net)..
53,87c
Other income
...
—
38,948
171,418
Cr8,789
and expense.
Interest charged to construction
....
Amortization of debt discount
$683,078
454,248
—
preferred stock
on
Balance.
$2,845,011
1,748,581
211,775
Interest on 1st mtge. bonds.
Interest on sinking fund debentures—.....
Other interest
Balance of income..
.$3,019,744
73,513
$228,830
-
'
219,714
56,811
170,630
Cr9,541
$929,382
605,754
$323,628
3474.
Walgreen Co.—Sales—
1481
p.
pany
with the 1937 profit of $701,409
apd 1936 profit of $681,780.
Last year company paid full dividends on the 4,299 shares of $7 prior
preferred and 34,120 shares of $6 preferred stock.
Directors declared a
full year's dividends on the prior preferred, payable quarterly at a meeting
in December, 1937 (also at that time declaring a $2 dividend on the class B
common, the first on the issue since the reorganization of 1923), and then
declared a full year's dividends on the preferred, payable quarterly, at a
meeting in January, 1938.—V. 145, p. 4131.
Ward Baking
Co.—Annual Report—■
$500,(XML, Cash in banks and on hand at the year end amounted to
«2,930,078, an increase of $119,823 over the amount in banks and on hand
to
at Dec. 25,1937.
53 Wks.End.
52 Weeks Ended
25 '37 Dec. 26 '36 Dec. 28
$2,260,321
c237,990
Interest
$2,665,244
$3,573,586
a266,699
a229,667
$2,498,311
24,222
Total income
bonds
—
eDec.S 1'38 Dec.
Period Ended—
Net earnings
Other income
$2,931,943
123,610
$3,803,253
215,797
'35
$2,180,381
a225,317
a
7% pref. stock
A.
260,938
212,161
25,600,800 25,600,800
82,975
82,975
Com. stk., cl. B.
100
100
932,419
4,829,000
b After
....29,103,586 34,320,944
Total
...29,103,586 34,320,944
For future deliveries,
for depreciation of $17,680,213
reserve
1937.
<: Amounts received
in suspense,
d 82,975 shs.
5CO.OOO no par shares.—V. 147, P.. 3625;
Dec. 31, 1938, and $17,146,965 on Dec. 25,
from bendors with respect to processing taxes
of no par value,
c
Washington Properties, Inc.—Earnings—
,
Year Ended
6 Months Ended
Period—
Oct. 31 '38
-
Gross income from all
Oct. 31 '38
April 30 '38
$1,195,819
845,469
69,016
96,500
71,451
103,503
Avail, surplus income for period
■
$184,834
on 20-year 7% gen. mtge. inc. bonds-rPaid Aug. 1, 1938
$2,579,404
1,780,190
$1,383,586
934,721
#273.911
Operating
Interest
sources..-
expenses
underlying
on
amortiz. of disct.
on
trusts
and
1st trust note-
Other deductions
;
'
140,467
200,003
$458,744
Int.
Payable Feb. 1, 1939
;
:
$257,638
200,957
i__
$458,595
Total.
$150
Forward to next fiscal period
Balance Sheet Oct. 31, 1938
Liabilities—>
Assets—
Cash...
Accts.
$230,736
76,409
Inventories
20,729
36,071
19,679
Prepaid real estate, Ac. taxes
Prepaid insurance
Prepaid sundry expenses
Bal. of originally estimated
distribution of funds
Funds held by Central Han¬
trade creditors,
$73,842
70,492
Interest payable Feb. 1,1939
200,957
Curtailments of principal..
First trusts payable
40,006
y
6,313
2,602,850
-
7% general mtge. Inc. bonds. 10,305,500
Accrued
244,467
Int.
on
mtge.
gen.
bonds
948,106
;.
Capital stock.
1,640
furnishings
264,456
150
Available surplus Income
13,352,720
32,292
Unamortized discount & exp.
x42,516
Deficit.
Bank & Trust Co
building^,
pay.,
contractors, &c
Accrued accounts...
>
and equipment
x
$14,019,9571
________
$14,019,957
Total.....
Represented by 42,516 no par shares,
y Due within one year, of firs®
by Washington Properties, Inc.—V. 146, p. 382 o
trust note payable created
Waterloo
(Ont.) Mfg. Co., Ltd.—Reorganization—
A.
T. Thorn, President, in
shares, states in part:
Owing to general business
a
letter to the holders of class A and class B
conditions, coupled with the extraordinary
misfortunes of the agricultural industry in Western Cahada, company has
sustained severe and continuous operating losses since 1930.
As at Dec. 31,
1937, liabilities (which rank ahead of dividends on the shares) amounted
to $1,292,738 and the capital has been impaired to the extent of $1,596,611
deficit.
While the completed figures for 1938 are not yet available the
company has sustained a further loss during that period.
It is therefore
obvious that even under much improved conditions it would be impossible
at any early date to resume payments of dividends, the arrears of which
Nov. T, 1938, amount to $8 per share, or $654,720 in the aggregate.
The present unsatisfactory condition of the company's finances and
capital structure must be radically altered if the company is to continue
in business, and for some time directors have been discussing with the se¬
cured creditors various proposals for re-organization which might create a
more satisfactory structure.
■
Aproposal of compromise or arrangement has now been evolved.
In
effect it provides among other things that the present Class "A" shares
,
will be canceled
new
common
and the shareholders will receive from the company one
each three class "A" shares now held by them.
share for
The
present Class "B" shares will be canceled and the holders of such
shares (including the majority of directors) will receive nothing from the
company
in exchange.
■
v
Directors have arranged that if the shareholders agree to the proposed
arrangement the secured creditors will release $270,000 of
their indebtedness and accept in lieu thereof 6,000 new common shares
compromise
or
(no par) and 30,000 new 6% convertible pref. shares ($10 par) upon which
dividends will accrue prior to Jan. 1, 1941 unless earned.
After the compromise or arrangement becomes effective there will be
outstanding only the 30,000 new pref. shares and 6,000 new common shares,
and the 27,280 new common shares which will be issued to the present
Class "A" shareholders in exchange for their present shares.
Depreciation
Federal taxes
1,446,414
196,110
1.366,439
b300,967
1,342,393
b406,126
Pro-Forma Consolidated Balance Sheet Dec. 31,
217,180
6,684
995,131
170,877
profit
Surplus
$831,565
d640,020
$1,140,926
1,088,034
$1,838,936
1,792,056
$1,015,826
512,016
$191,545
$52,892
$46,880
$503,810
Earns, per sh. on 82,975
shs. of cl. A com. stock
(no par)
Liabilities—
Assets-
Cash.
$2,050
Notes & accounts rec.,
(net)
_
801,663
410,298
.
Inventory
Supplies & prepaid expenses..
a
Ward Bkg.Corp.pf.divs.
1937
[After giving effect to proposed financing and capital changes]
$2,405,698
purch.
for sinking fund
5,719
8,662
Amount owing
172
Equity in life Insurance
Fixed assets
b Bank loans overdraft
Accts.
$987,680
payable & accru. exps-.
Prov. for Provincial corp taxes
Reserve for contingencies
Preferred shares,
34,758
300
.50,000
(par $10)
300.000
Com. shs. (33,280 no par)
299,898
444,072
(net)
$1,672,636'
Total
$1,672,636
Total
a For shares
of company purchased pursuant to by-law No.
authorizes the purchase of shares for the benefit of employees,
Nil
Nil
Includes $87,702 in 1937; $80,350 in 1936 and
$0.56
Nil
$72,118 in 1935 of divs.
Co., Ltd., which is approximately $3,000
$18,000in 1936 and $8,500 in 1935 less than the proportion of 1937,
1936 and 1935, profits applicable to the shares owned,
b Including $29,660 in 1937 and $12,524 in 1936 surtax on undistributed profits.
c Includes $84,065 of dividends on stock of the British Arkady Co., Ltd..
which is approximately $20,000 more than the proportion of estimated
profits for 1938 applicable to the shares owned,
d Dividends on preferred
stock of Ward Baking Corp. until merger, and thereafter of Ward Baking
Co.
e Includes Ward Baking Corp. which was merged with Ward Baking
Co. on Dec. 5, 1938.
a
Res. for contings..
d Com. stk., cl.
712", 678
no
Consolidated Income Account for Stated Periods
on
39,044
731,279
on
On Dec. 5, 1938, the Ward Baking Corp. was merged into the Ward
Baking Co. pursuant to the vote of a large percentage of each class of stock¬
holders:
This plan of merger was proposed to effect substantial annual
tax savings.
Pursuant to authorization by the board of directors, all ex¬
penses in connection with the merger are chargeable directly to the earned
surplus account.
The estimated expenses aggregating $78,887 have been
so charged.
These expenses consist principally of printing, postage, proxy
solicitation and legal expenses, filing and stock listing fees, and taxes.
After providing for depreciation and estimated Federal taxes, the com¬
pany's earnings for the year 1938 amounted to $831,565, or $3.25 per
preferred share, as compared with $1,140,926, or $4.46 per preferred share,
for the prior year.
During 1938, dividends of $2.50 per share were paid
on the 7% preferred stock. '
"
During the year, the company's bank loans were reduced from $1,500,000
Net
1,083
500
payable..
Rec'd fr. vendors
c
7,595,000 11,522,659
Total..
Total
on
on
notes
Misc. accr'd liabil.
681,850
292.
lost money last year in comparison
Prem.
123,849
Accrued interest on
27,067
and
on
Land,
tentative results for 1938, directors of this company have
voted that it would not be feasible to pay dividends on,any of the company's
stock issues for 1939.
While no official statement was made, the supposi¬
tion is that due to extended shut-down and curtailment in 1938, the com¬
Based
199,468
Earned surplus...
Walt ham Watch Co.—Omits Dividends—
-
271,245
e
over
-
1939—Mortth—19^8
1939—4 Mos.—-1938
$5,646,625
$5,506,940 $24,771,771 $24,337,507
Sales..
300,967
_
Accrued taxes
patents,
copyrights
709,085
196,110
107,497
534,661
„
trade-marks
$3,093,257
1,726.260
Preliminary, subject to annual audit and such sundry book adjust¬
ments, if any, as may be necessary incident to closing for fiscal year ended
Dec. 31, 1938.
Note—Dividends on preferred stock due Jan. 1, 1939, have not been paid.
—V.
20,983
212,497
_
Due fr. guests & tenants, &c_
-
Period End. Jan. 31—
1,501", 843
980,875
414,602
122,351
Est'd Fed'i taxes.
Prop, and plant.16,180,705 17,096,149
Goodwill,
1,500,000
500,000
—
Salesmen's deposits
...
Deferred charges.
to
Accounts payable.
11,187
1937
$8,111,119
3,170,278
418,917
645,672
126,698
729,809
x
—'V. 147, p.
b
^
3,238,554
Provision for retirements.
Dividends
673,624
mat'l
on
Invest'ts (at cpst)
Subs,)—Earnings—
■
i
Advs.
Cash in closed bks.
Total..
Operating expenses
income
637,599
purch. contract.
a
$
$
payable
banks
2,810,255
Accts. ree'le (net).
140,788
Inventories
Years Ended Dec. 31—
Gross
Notes
2,930,078
hand
on
3,742,655
reserve...
9,579,395
Earned surplus..„def318,971
Virginia Public Service Co, (&
Maintenance
Liabilities—
Assets—
Cash In banks and
yCapital stock...
14,490,343
Dec. 31 '38 Dec. 25 '37
Dec. 31 '38 Dec. 25*37
10,873
...13,198,796 14,490.343
x Valuation of investment based on market quotations or, in the absence
of market quotations, at fair value in the opinion of the directors, was
$2,293,461, or $10,818,883 less than the aggregate ledger value.
y Convertible preferred stock of $7 par value (div. cumulative at $1.50
per share per annum redeemable at and in liquidation entitled to $30 per
share), authorized, 699,081 shares, issued and outstanding, 653,400 (673,381
in 1937) shares; common stock, of $5 par—authorized, 5,000,000 shares
(of which 699,081 shares are reserved for conversion of convertible pre¬
ferred stock); issued, 2,000,919 shares, including 1,000,000 shares deposited
under escrow agreements for holders of option warrants; net outstanding.
1,000,919 shares; and option warrants outstanding granting the holders
thereof the right to purchase 1,000,000 shares of common stock on or before
Feb. 1, 1944, at $17.50 per share.—V. 147, p. 121Q.
,
13,198,796
Total
$932,419
Consolidated Balance Sheet
939
15,609
for stock¬
holders' liabil
Invest,
in connect, with
stkhold. liabil-.
54,855
54,855
Invest.—at cost_xl3,112,344 14,155,712
Deferred charges..
1,284
1,546
$
325,000
__
taxes
Reserve
Cash depos. as
under
Notes
Earned surplus at Dec. 31,1938
1937
I
Liabilities—
$
23,781
Cash in bank.....
1938
1937
1938
Assets—
29 which
b Secured
by $1,000,000 of 6% 1st mtge. bonds of the company, assignment of book
debts, pledge under Sec. 88, etc.—V. 148, p. 749.
stock of the British Arkady
in 1937;
Wilkes-Barre & Eastern RR.—Abandonment—
The Interstate
Commerce
Commission
on
Jan.
17
issued
a
certificate
permitting abandonment by Joseph P. Jennings, Trustee, of that portion
extending in a general southeasterly direction from
S us con to Stroudsburg, approximately 54.004 miles, all in Luzerne, Lackawana and Monroe Counties, Pa.
The entire capital stock of the company is owned by the New York, Sus¬
quehanna & Western RR.
The latter is a subsidiary of the Erie RR.
—V. 146, P. 2875.
of the line of railroad
Volume
148
Financial
(L. E.) Waterman Co.Assets—
1938
1937
Liabilities—
Cash
$97,616
$129,892
Receivables
726,969
774,563
Mdse. & supplies..
1,106,149
Securities
1,227,089
656,358
656,422
2,581,828
Real estate, <fec._.
Chronicle
Balance Sheet Oct. 31—
2,616,363
Prepaid items
14,728
58,816
165,332
Reserves
26,638
234,000
andhSept. 1, last, and compares with 18% cents paid on June 1, last, and
on Dec. 1,
1937; 37% cents paid on Sept. 1 and on June 1, 1937; 56% cents
on March 1, 1937; 75 cents paid on Dec. 1, 1936;
56% cents per share
on Sept. 1, 1936, and 37% cents paid on June
1,1936.—V, 148, p.292.
59,329
234,000
4,490,486
4,757,968
Capital stock
Surplus
a dividend of 37 % cents per share on account
accumulations on the $1.50 series A pref. stock, no par value, payable
March 1 to holders of record Feb. 10.
Like amount was paid on Dec. 1,
or
$445,464
$326,008
paid
paid
5,796
Life Insurance
Accumulated Dividend—
The directors have declared
1937
1938
Accts. & notes pay.
Due to subs
86,636
Total_i
West Virginia Pulp & Paper Co. (& Subs.)—Earnings—
$5,242,464 $5,496,761
Total
$5,242,464 $5,496,761
Consolidated Profit and Loss Statement Year Ended Dec. 31, 1938
-V. 146, p. 3208.
Gross sales.
Years End. Nov. 30—
Gross profit from sales..
1938
1937
1936
$4,843,180
2,867,404
al63,313
$4,108,324
2,417,371
al57.698
$2,367,635
1,556.828
147,131
$941,467
455,678
$1,812,463
388,072
$1,533,255
157,659
$663,676
154,634
$1,397,145
68,309
$2,200,536
159.219
$1,690,914
75,423
$818,310
69,654
$1,328,836
$2,041,317
$1,615,491
Profit from operation.
Other income credits
w
Gross Income
Income charges
Div. on pref. stock of
b Wayne Co
:
c404,243
17,080
231,235
$1,065,205
$1,637,073
$1,325,279
868.770
bl44,788
$486,011
$768,303
$1,180,491
Net profit
Including charge for property abandoned,
b Has been taken up in
as of Nov. 80, 1936,
though not declared until Dec. 1, 1936.
c Including surtax on undistributed
profits, approximately $28,000 in 1938
and $86,000 in 1937. •
a
the accounts
Consolidated Balance Sheet Nov. 30
Assets—
1938
Cash
a
1937
$1 ,204,276
Liabilities-r-
$142,692
$260,556
Accrued accounts.
764.507
1,017,979
571,501
635,436
Notes pay. to bks.
f500,000
£600,000
Res. for unrealized
1,213
18,811
221,693
215,725
89~801
92,223
2 .096,161
b Inventories
Divs. pay. on com¬
Instalm't contracts
mon
(non-curr.)_
rec.
Investments
9,618
; 9,801
Hydril Co. of Pa,
Deposits
:
170,833
180,833
d Plant property..
,453.903
1,403,751
1
1
c
Acct.
from
receiv.
stock
15,136
Western Union & Telegraph Co., Inc.—Proxies Asked
81,532
100,173
Res. for conting's.
—.,-$6,874,860 $7,091,915
Total
289,658
289,658
1,995,827
2,869,468
surplus.
1,995,827
2,406,337
^..$6,874.860 $7,091,915
After
a
reserves of $151,564 in
1938 and $160,576 in 1937.
b After
for obsolescence, &c., of $41,836 in 1938 and $43,265 in 1937.
d After reserves for depreciation of $1,162,357 in
reserves
c
50,000
Excess of bk. val.
Com. stk. ($1 par)
Earned
At cost less reserves,
1938 and $1,120,660 in 1937.
e Of net assets of S. F. Bowser & Co. (Lon¬
don), Ltd., over amounts paid and payable within one year,
f Payable
currently (paid Dec. 10,1938).
g Non-current payable.—V. 148, p. 600
'
V
v
.
'
"f
*
1
West Indies Sugar
Years End. Sept. 30—
Corp. (& Subs.)- ■—Earnings—
1938
$6,253,042
886,116
$7,982,316
1,078,720
Interest received
Profit
on
—
stores &
209,059
170,136
$7,956,160
of the total
own
Chairman. 21 shares.
Eight out or
of 1 to 21 shares each, whiie 16
only 100 shares each or less, "according to records," he
$9,270,094
$7,309,294
company lost more than twice as much in 1938 as
1932, although it did $9,00o,000 more business in 1938 than in
it did in
1932, Mr. Flatto charged that "the Federal Social Security net was passed
in 1935 and although the management must have realized its responsibilities
under this law to the employees and stockholders, there were granted
,
during 1936 and 1937 increases in salary of $4,425,000 ($4.40 a share), which
in addition to the enormous pensions of $2,100,000 ($2.05 a share) paid
during 1937, more than offset whatever possibilities there were of earnings
for the stockholders."
•
Mr. Flatto complained that the performance of Western Union stock
has been "one of the worst showings of any security on the New York Stock
Exchange."
At the next annual meeting, Mr. Flatto wrote, he will seek a change in
directorate in size and membership, consolidation and reorganization of man
power in every department and, among other things, revision of the com-
dany's pension plan.
.
12 Months Ended Dec. 31—
s
1938
1937"
Gross revenues, including dividends and interest-.$93,241,467 $102076,711
Maintenance:
Repairs and reserved for deprec— 20,081,786
18,159,467
.
operating
incl.
76,197,485
$2,502,498
4,140,377
$7,719,759
4,393,990
$3,325,769
—
Balance-..,
Interest on funded debt.
$6,967,662
rents of leased
I—,.
70,657,183
loss$l,637,879
expenses,
lines and taxes....
—
-
——
-
Net income....
Note—No deduction is made for surtax on undistributed profits imposed
by the Revenue Act of 1936.—V. 148, p. 749.
6,838,303
Operating profit
1M
.
■
7,381.098
6,062,331
6,177,313
$1,117,857
$1,888,997
$1,246,963
$790,350
1,344
interest
491
550,983
613.602
668,614
2,779
657,159
359,095
,3591190
359,551
6,000
15,000
24,000
$186,779
$909,714
Company declared a 5% profit-sharing bonus for its workers for January,
compared wth a bonus of 4% in December and 3% in November.
The bonus payment is based on the company's average monthly net
profits for the three preceding months.
The increase in payments reflects
an upturn in profits since last autumn.—V. 148, p. 750.
360.000
*21,000
Prov. for depreciation.
Int.on 1st mtge.(collat.)
_
,
Westinghouse Electric & Mfg. Co.—Bonus—
■
other than
int.
owned 100 shares; Newcomb Carlton,
the 21 directors are owners of record
222,147
■
bond
—
" 194,032
Expenses of producing,
manufacturing, &c-
Miscell.
,
$5,747,621
986,133
11,761
other
miscellaneous income-
Total income
intends to obtain proxies from all stockholders.
In his letter Mr. Flatto cited salaries paid to top executives together with
their ownership of stock. As of Jan. l,he alleged, Roy B. White, President,
Other
1935
1936
1937
Raw sugar produced.--- $7,036,923
Molasses produced.---725,205
-
Declaring that the
unearned
Capital surplus
Management—
Arthur C. Flatto, President of Flatto Ribbon Corp., New York City,
Feb. 3 launched a proxy fight in an effort to bring about sweeping
changes in the management of tnis company.
Mr. Flatto said he was the owner of 350 shares of Western Union stock
and $6,000
principal amount of the company's bonds. In a letter addressed
to 1,000 of the 32,000 stockholders he said that, if supported
by them he
on
stated.
finance chgs.,&c.
e
paid expenses-
for
Curb
to
for'n
net curr, assets.
Res.
Def'd chgs. & pre¬
144.796
„
of
apprec.
Patents
Total
1937
1938
$691,111
2,403,387
1,667,419
Accounts payable.
.271,899
Accts. receivable
$451,276
-V. 148, p. 292.
...—
$496,526
_
on securities sold based on average cost
(net).
Provision for loss on miscellaneous investments
Provision for Federal income taxes.
,
Surplus
$1,034,728
444,750
32,244
2,638
24,045
7,344
72,432
Losses
$496,526
579,194
$761,384
273,344
Income before other charges, &c
Divs.
on cap. stock of
Wayne Pump Co
-
Interest on first mortgage bonds
Amortization of bond discount and expense
Other interest paid
_
_
c263,63l
$26,123,119
20,109,012
2,552,149
•
2,007,876
692,698
Income from operations
Other income
49,242
78,308
124,579
41,897
Int. on deb. bonds
Fed. & for. Inc. taxes...
962,19^
-
-------
$748,655
,
-
Net sales
Cost of goods sold
Depreciation and depletion
Selling, administrative and general expenses
Provision for bad and doubtful accounts
1935
$3,591,486
2,489,900
al60,119
exps_._
Prov.for depreciation..
$27,085,313
Discounts, freight allowances, &c._*
Wayne Pump Co. (& Subs.)—Earnings—
Selling & admin.
897
gold bonds, 6% conv.
■
series due 1947
Prov.
for
U.
-
Net operating profit--
;
x
Wheeling Steel Corp.—Acquisition—
This corporation has
Govt.
S.
income tax
$202,455 loss$253,588
Including excess profits and undistributed profits taxes.
unchanged under the direction of J.
p. 3625.
•
■
Liabilities—
3,033,321
Cash
1,863,811
Short-term invests.
500,000
Res .for
on
32,944
future sales32,056
1,227,866
liquidation
1,327,502
125,725
Molasses on hand-
,
1,010,473
—-
animals
136,142
prof.tax
—
47,257
55,189
5,986,500
—
389,163
382,398
&
1,051,256
,
561,940
.other live stock-
Sug.Corp.pf .div.
Pref,
stock
3,002.716
Investments
127,312
4,000,000
4,000,000
Com. stk. (par $1)
822,944
822,944
Capital surplus--.16,985,389 16,985,389
Oper.surplus——
417,674
213,026
in
61,110
58,540
563,859
634,486
41,628
50,322
...
- —
• -—
sale of real estate not used in operations.
Legal and other expenses
28,993,900 28,839,8311
Net loss
x
Total
28,993,900 28,839,831
Western Auto Supply Co.—Sales—
January—
1939
$2,361,000
—
1938
$1,907,000
148, p. 292.
Western Maryland
—
Ry.—Earnings—
Week Ended Jan. 31
Jan.
1
to Jan. 31
1939
Gross earnings
—V. 148, p. 749.
1938
1939
1938
$455,177
$405,567
$1,399,447
$1,189,937
Western Public Service Co.
.
-.,
^
....
$11,699
17,476
10,099
5,301
3,193
—...
(& Subs.)—Earnings—
Includes non-operating income—net.
tirement reserve.
$24,370
—
-
In connection with registration
of contemplated issue of preferred stock
(financing plan abandoned).
Balance Sheet Aug. 31, 1938
Assets—Cash, $33,110; accounts receivable, less reserve, $19,949; in¬
ventories, $69,477; land, $19,200; buildings, machinery and equipment
(after reserves for depreciation $155,513), $297,877; patents, $1; prepaid and
deferred expenses, $7,806; sundry investments and claims, less reserves,
$602; total, $448,021.
Liabilities—Accounts payable, $7,458; accrued liabilities. $6,733; 1st
mortgage notes payable to bank, instalments due in 1939, $20,000; 1st
mtge. notes payable to bank, $80,000; common ($1 par) stock, $195,479;
paid-in surplus, $37,258; earned surplus, $101,093; total, $448,021.—V
146, p. 2067.
Woods Brothers
Corp.—Reorganization Completed—
announced Feb. 2, that the
provided for in the plan of
reorganization dated May 2, 1938, as amended. For each $1,000 old bond
with April 1, 1933 and subsequent coupons attached, bondholders will
The bondholders' reorganization committee
cash and new securities are ready for exchange as
12 Months Ended Dec. 31—
1938
Operating revenues
$2,216,351
x Balance after operation, maintenance and taxes773,687
y Balance for dividends and surplus
196,566
x
---$103,649
_y—
Sundry (net) deductions
1937.—V. 148, p. 450.
—V.
—
Operating profit-...
After reserve for depreciation of $9,536,014 in 1938 and $9,131,104 in
Month of
Sales.
762,315
sold..
Selling and engineering expensesAdministrative and general expenses
on
..
—$865,964
—
Interest
with trustee
x
.
trust
Deferred charges.-
Total...
3326.
Gross profit
x
&C.19.189.616 20,070,591
equipment,
p.
Net sales
Cost of goods
Loss
Prop., plant and
Deposit
147,
Winters & Crampton Corp.—Earnings—
Earnings for Year Ended Aug. 31,1938
Bara¬
36,223
3,009,270
47,004
28,293
...
Admin, cane
x
V.
5,986,500
,
Accts. receiv. from
Colonos
a write-down of $1,231,499.14, which will be charged, $149,208.70
to earned surplus, and $1,082,290.44 to
capital sun>lus, and reducing earned
surplus to zero and capital surplus to $63,687.01 as of Jan. 1, 1938.-—
sulting in
hona Bug. Corp.
Mat'ls, suppl.,&c.,
in stores
258,244
106,143
Res. for Barahona
Sugar on hand & in
Work
238,831
accrued
1947
147,
Stockholders at a special meeting on Feb. 14 will consider a proposal to
revalue certain fixed assets of the company as of Jan. 1, 1938, by a write¬
down of the net book investment of $4,155,720.68 to $2,924,221.54, re¬
1st mtge.(coll.) 6s,
•
.
$
U.S.Govt.
& Cuba
82,479
49,941
(less reserve)
depos.
for
wages, rents, &c.
receivable
Accts.
Res.
1937
,
$
Gen. accts. pay...
105,395
Accept, rec
Margin
1938
1937
ii
H. McDonald, President.—V.
(H. F.) Wilcox Oil & Gas Co.—To Revalue Assets—
Consolidated Balance Sheet Sept. 30
1938
A iiatfc
purchased the Atlas Supply Co., distributor of oil
country supplies with headquarters in Muskogee, Okla.
It is said that no
change in policy is contemplated.
The Atlas organization' will remain
y
1937
r9C6iv6»
$2,185,782
$1,000 in new 3%% 10-year collateral trust
sinking fund bonds, series A,
721,685
dated Jan. 1, 1939, and,
150,213
$197.50 in cash, representing $180 as provided for in the plan and, in
addition, $17.50 Which is being distributed pursuant to an order of the
Court and which is the equivalent of six months' interest on the new 3% %
After appropriations for
re¬
'
"
...
,
Financial
898
bonds for the period July 1,1938 to Dec.
31,1938. For each coupon due on
Wright-Hargreaves Mines, Ltd.—Extra
after April 1, 1933 that is missing $15 will be deducted from the amount
of cash distributed, unless the exchange agent receives satisfactory proof
or
Jan. 2
_
The name of the new parent company is The Lancaster Corp. Woods Bros.
Construction Co., the principal subsidiary of the debtor, has become a
organized in
—-—- —
.
/
Month of January-*Sales
—V,
1939
148, p. 749.
•
1938
$19,652,594 $19,156,917
—
..
1938—3 Mos.—1937
Period End. Dec. 31-rNet profit..
—
Rev. fare pass, carried..
Ave. fare per rev. pass.,
$8,338
5,489,111.
$0.C961
loss$6,862
5,401,654
$0.0966
;
396,623
$0.68
$3.91
<
After all reserves and normal Federal and State
Operating expense
.
_ .
---
3,741,895
$501,518
—47,351
—
46,488
$445,763
$548,006
—-
—.
-
—
amortization of
Consolidated net profit
'
-
316,559
——
301,000
$88,705
100,983
—
—
Dividends declared and paid--
37,638
21,274
profits taxes—-
Depreciation of equipment and
intangibles.
—
8,439
19,224
.
Federal income and undistributed
.
1937
$4,243,413
^
—$3,843,112
———3,444,700
$398,412
Cab operating profit
Other income
Total income
Interest
Consolidated (& Subs.)—
,1938
« ,_ .
$200,928
135,604
Consolidated Balance Sheet Oct. 31,1938
Assets—Cash, $57,880;.accounts and notes receivable, $29,301; material®
$21,570; due from officers, $2,804; fixed assets (net), $793,4191
and supplies,
franchise costs, goodwill and other, $1,802,773; prepaid expenses, $31,040;
deferred expense on lease contract, $11X09; commission on capital stock,
$225,000; returnable deposits with insurance companies and others, $24,750:
securities deposited as collateral on garage lease (market value $10,829)
at cost, $25,747; cash value, officersrlife insurance policy, $9,875; total,
$3,035,167.
Liabilities—Accounts payable,, $76,934; accrued liabilities, $96,202; botes
payable, $3,750; instalments on equipment purchase contracts dUe within
one year, $181,066; deferred' credits,
$19,518; mortgage payable on real
estate, $32,000; reserve for contingencies, $25,927; class A-l common stock
(27,661 shs,), $1,383,050; class A-2 common stock (6,000 shs.), $300,000:
class B common stock (20,000 shs.), $1,000,000; deficit, $83,279; total,
$3,035,167.—V. 147, p. 2553.
»
Yukon-Pacific Mining Co.—EarningsPeriod End. Dec. 31—
1938—122Mt>*.—1937
1938—3 Mo*.—1937
.
depletion
$73,000
30,000
$310,000
58,000
$446,000
125,000
$1,294,000
218,000
$43,000
$252,000
$321,000
$1,076,000
1.3 cents
7.2 cents
9.2 cents
30,8 cents
Depreciation & depletion
1938—12 Mos.—1937
$70,467
$178,159
20,674,390
"$0.0966
22,252,365
$0.0972'
Net income.
Per sh. Yukon-Pac. Min.
Co. stock-
—V. 147, p. 31)32.
3364.
—V. 146, p.
398,023
$0.89
,
Yellow & Checker Cab Co.
&
Worcester Street Ry.—Earnings-—
396,623
$0.38
Net inc.. before deprec.
„
$1,619,813
$341,657
$377,706
398,023
Years Ended Oct. 31—
Revenue from cab operations
'
.
^fS-^Mo*.—1937
$174,374
income taxes.
During the first six months Of its present fiscal year the company paid a
total of $750,000 on its bank indebtedness. A further reduction was made
in the third quarter by the payment of an additional $250,000, or a total
reduction of $1,000,000 on its bank Indebtedness since April 1, 1938.—V.
147, p. 3926.
x
-
(F/W.) Woolworth Co.—Sales—
1938—3 Mo*.—1937
Earnings per share--
*
April 1,1940.—V. 147, p. 3327.
dividend of 10 cents per share
Jan. 15, 1938, and on Feb. 1,
(Rudolph)'Wurlitzer Co.-—Earnings—Loans Reduced—
Period End. Dec. 31—
Net profit
- —
Shares common stock—x
Delaware
—
also paid a special interim
the common stock on Jan, 16, 1939, on
1937.—V. 147, P. 3926.
^liquidated and their assets have been transferred to the new parent company.
In compliance with the plan of reorganization all of the capital stock of the
construction company and the securities company, together with notes of
the two companies in the amounts of $600,000 (subordinated to the interests
of surety companies) and $50,000 respectively, are pledged under the terms
on Jan. 19, 1939, is as follows:
*
10-year 3 H % collateral trust sinking fund bonds, due Jan. 1, '49:
Series A—exchanged for old bonds.v.,—
—;
$1,706,500
Series B—exchanged for bank debt
710,000
Common stock (no par)
—
—
—61,690
shs.
All the common stock is held in trust under a stock trust agreement dated
Jan. 26,1939. The participation certificates representing shares in the stock
trust will be exchanged for preferred stock of and general claims against the
debtor.
The initial trustees under the stock trust agreement have been
designated in the manner specified in the plan and their names are:
(a) As represantatives or the creditors of the debtor—Franklin G. Floete,
President'of The Lancaster Corp.; Edwin M. Stark, Chairman of the
bondholders' reorganization committee and reorganization manager: R. R.
Reeder Jr., partner of McKinsey, Wellington Ac Co., Consulting Manage¬
ment Engineers, Chicago, 111.; Lowry Swepey, President of Lowry Sweney,
Inc.., investment bankers, Columbus, O.; Paul F. Good, attorney of Lincoln,
Neb., appointed by the Court.
'
(b) As representatives of the preferred stockholders of the debtor—Mark
W. Woods, President of the debtor, Woods Brothers Corp.; Ira D, Beynon,
counsel for the protective committee of the preferred stockholders.
The operations of the debtor for the year ended Dec. 31,1938 were more
satisfactory than for the preceding year. The consolidated loss from oper¬
ations for 1938, as taken from a statement prepared by the debtor, was
$65,644 after all charges, but before Federal taxes, as compared on a compa¬
rable basis, with a loss of $143,936 for 1937, Steps are being taken for the
preparation by certified public accountants of a balance sheet of The Lan¬
caster Corp. as of the date that it began operations.
The new series A bonds are registered as to principal at the office of the
trustee, Omaha National Bank, Omaha, Neb., and have bearer coupons at¬
tached. Int. at the fixed annual rate of 3 % % is payab lesemi-annually JulyJan. each year commencing July 1, 1939. The new indenture provides for
annual payments to a sinking fund to be used to retire series A bonds and
for the pro-rata reduction of series B bonds, such payments being due 90
days after the close of each fiscal year. At the present time the companys
fiscal year ends Dec. 31, so that the first sinking fund payment date would be
1934.
The'company
on
wholly owned subsidiary of The Lancaster Corp. and will continue to be
engaged in the construction and engineering business. All the other sub¬
sidiaries of the debtor, except Woods Brothers Securities Co., have been
of the new indenture with Omaha National Bank, as trustee.
The capitalization of The Lancaster Corp., which was
Dividend—♦
dividend of five cents per share
of 10 cents per share on the
common stock, no par value, both payable April 1, to holders of record
Feb. 15.
Like amounts were distributed in each of the 20 preceding quar¬
ters, prior to which the company made quarterly distribution of five cents
Tier share, and in addition paid an extra dividend of five cents per share on
The directors on Feb. 4 declared an extra
loss, theft or destruction of the missing coupons and satisfactory
indemnity.
In order to obtain the cash and new bonds, old bonds should be sent
directly to the exchange agent, The First Trust Co., Lincoln, Neb., together
,
1939
11,
in addition to the regular quarterly dividend
of the
with transmittal form.
Feb.
Chronicle
■
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE-GRAIN
PROVISIONS—RUBBER—'HIDES—DRY GOODS—WOOL—ETC.
On the 9th inst. futures closed 9 tp 3 points net
commercial epitome
"
Friday Nighty Feb. 10, 1939
.
Coffee—On the 4th inst. futures closed unchanged to 2
on the Santos contract, with sales totaling
8 lots.
The Rio contract clpsed 8 points lower, with the
points higher
exception of spot March which was unchanged.
Sales in
the Rio contract totaled
only 4Tots.
News from the out¬
side,
was
featureless;
Havre
of the
was,
2
points lower.
In spita
sluggishness that prevailed during most of the session,
the undertone was steady.
On the 6th inst. futures closed
1 point higher to 1 point lower in the Santos
contract, with
sales totaling 15 lots.
The Rio contract closed 1 point
lower to unchanged, compared with
previous finals.
Trading
was confined
largely to the. December delivery in the Santos
contract. *
In the Rio contract March liquidation was the
feature, with demand from the short, element taking care of
thesei offeringsi to a large extent.
In Brazil the spot price of
Rio 7s was 100 reis lower at 13.200
milreis per 10 kilos.'
Havre advanced A to
IA francs. Brazil's clearances last
week were 290,000
bags, of which 179,000 were for the
•United States, 92,000 for
Europe and 19,000 for all other
destinations.
On the 7th inst. futures closed 3
points to 1
point lower in the Santos contract, with sales totaling only
5 lots.
The Rio contract closed 2
points off to unchanged,
with sales of only 3 lots.
The coffee market today was an
exceedingly quiet affair, with trading virtually at a stand8
I.
What little trading there was in Santos was confined
#
Jhe March and December positions.
The Rio sales were
The dullness of futures was a reflection
of the extremely dull conditions
prevailing in the actual
market and an absolute lack of interest in
foreign quarters.
The Havre market closed
Ad. to 1 franc higher.
Brazilian
in
March at 4.26c.
prices were unchanged.
On the 8th inst. futures closed 1 to
2 points net higher in the Santos
contract, with sales totaling
39 lots.
The Rio contract closed 2 to 7
points net lower,
totaling 9 lots.
Trading consisted largely of
switching for the account of commission houses and operators
with
in
sales
advance of first March notice
day.
lotsiS.re.1ill.tha<; form.
at 13
milreis per
lower.
-
In Brazil Rio 7s
10 kilos.
Eighteen of the 39
were 200 reis lower
Havre closed Ad, to 1 franc
lower in
The
Bales
totaling 10 contracts. Trading in coffee futures continued
slow and prices were virtually static.
During early afternoon;Santos contracts were 2 points lower to 1 point higher.
Rio contracts were 1 to 3 points higher.
Havre futures
were A to 1 franc higher.
Prices of actual coffees were un¬
changed.
Cost and freight offers from Brazil were about
the samb as yesterday, with Santos 4s at 6.70 to 7.05c.
Mild coffees were steady.
Manizales were offered at ll^c.,
but
less was belieyed acceptable.
Today futures closed
4 to 2 points net lower in the Santos contract, with sales
totaling 124 contracts. The Rio contract closed 1 point off,
with a sale of "only 2 contracts.
Trading in coffee futures
was featured by heavy switching from Mar. Sant03 into later
positions at widening differences. Mar .-Dec. was done at a
spread of 26 pointls and later at 27 points'.
During early
afternoon the market stood 1 to 4 points lower.
In Rios
Sept. sold at 4.23c., up 1 point. Havre futures closed A
to 1 franc lower
A light business in actuals was reported
done yesterday, but prices this morning showed no. appre¬
ciable change.
Cost and freight offers from Brazil were
unchanged, Santos 4s being offered at 6.70 to 7.10c. Mani¬
zales were available at ll^j to llMc. and native Ugandas
at 4.55c., virtually the cheapest coffee on offer.
Rio coffee prices closed as follows:
the Santos contract, with sales totaling 53 contracts.
Rio contract closed 3 points to 1 point down, with
,
March.
May
July
-
-4.27 September--—4.26 December
4.25
4.23
— _———
—
Santos coffee
March--.-May-------
-
-
prices closed
as
.4.23
follows:
6.141 September----6.26 (December--
-———-6.35
6.41
6.31]
July
Cocoa—On the 4th iust. futures closed 2 to 3
points net
The opening range was unchanged to 4 points Det
The market was fairly active, showing transactions
of 129 lots or 1,729 tons.
Commission houses with foreign
connections were reported as
fairly substantial buyers.
London actuals were I Ad. higher, while the Terminal Cocoa
Market was lAd. to 3d. lower, with transactions totaling
170 tons.
Local closing: March, 4.54; May, 4.66; July,
4.78; Sept., 4.89; Oct., 4.95; Dec., 5.06. On the 6th inst*
higher.
higher.
f
,
Volume
Financial
148
futures closed 1 point higher to 2 points lower.
The opening
1 to 5 points up.
Transactions for the session
totaled 688 lots, or 9,219 tons.
London actuals were iyd.
up, while the Terminal Cocoa Market came through 1 yd. to
3d. higher, with 890 tons traded. Most of the buying during
the early session on the local Exchange came from Wall Street
range
was
Pressure
sources.
was
rather pronounced during
the latter
part of the session, being largely the result of hedging opera¬
tions and
liquidation of March delivery.
There was
a
slight
rally at the close on some fresh demand from Wall Street and
trade purchasing.
Local closing: March, 4.53; May, 4.66;
July, 4.79; Sept., 4.90; Oct., 4.95; Dec., 5.04.
On the -7th
inst. futures closed 10 to 7 points net lower.
The opening
range was 4 to 5 points off.
Transactions totaled 273 lots,
or 3,658 tons.
London actuals ruled 3d. lower while the
Terminal Cocoa Market recorded prices as 4Kd. to 6d.
easier, with only 650 tons traded.
The market's heaviness
on the local Exchange today was attributed largely to hedge
selling of Accra and Sanchez cocoa. Coupled with this was
rather heavy liquidation in the March position, coming
largely from Wall Street sources. There was also some trade
selling in the distant deliveries. Local closing: March, 4.45;
May, 4.58; June, 4.64; July, 4.70; Sept., 4.81; Oct., 4.85;
Dec., 4.96.
On the 8th inst. futures closed unchanged to 2
points higher.
The opening range was 2 to 3 points up.
Transactions totaled only 199 lots, or 2,667 tons.
London
actuals came through l^d. to 3d. lower, while the Terminal
Cocoa Market was IVid. lower with 450 tons traded.
Trad¬
the local exchange was mixed. Hedge selling, Wall
liquidation, trade profit taking and dealer and manu¬
buying were the principal features in today's
session.
The market held steady during most of the day,
though activity was light.
Local closing: March, 4.46;
May, 4.58; July, 4.70; Oct., 4.87; Dec., 4.97,
On the 9th inst. futures closed 11 to 12 points net lower.
Transactions totaled 417 contracts.
News that official esti¬
mates of the Gold Coast cocoa crop have been raised, caused
nervousness in market circles both here and in London, with
the result that prices declined.
Here the market was 8 to
10 points lower during the early afternoon.
Trading was
fairly active, with transactions totaling 250 lots to early
afternoon.
Warehouse stocks decreased 2,500 bags.
They
now total 1,008,541 bags against 574,662 bags a year ago.
Local closing: Mar., 4.34; May, 4.48; July, 4.59; Sept.,
4.70; Oct., 4.75; Dec,, 4.86.
Today futures closed 1 point
up to 2 points off.
Sales totaled 287 contracts.
Cocoa
futures were under a little further pressure of hedge selling
and Wall Street liquidation with the result that prices this
afternoon were off 2 to 3 points.
Sales to that time totaled
225 lots. Warehouse stocks decreased 2,100 bags.
They now
total 1,006,499 bags • against 569,118 bags a year ago.
Manufacturers were the best buyers of futures today. The ■
market "continued to feel the disappointment created by
news that the official estimate of the Gold Coast crop had
been raised 10,000 tons to 260,000 tons for the main crop.
Local closing: Mar., 4.35; May, 4.48; Juty, 4.59; Sept., 4.71;
Oct., 4.73; Dec., 4.86.
ing
on
Street
facturer
Sugar—On the 4th inst. futures closed unchanged to 1
point lower. Transactions totaled only 68 lots. There was
hedgingreported, and this was countered largely
by short covering and some new buying.. On the whole the
market was a dull affair, with the undertone holding fairly
steady. In the market for raws American was reported to
have bought late on Friday 10,000 bags of Puerto Ricos,
loading Feb. 17* at 2.75c., delivered, a price which is 2 points
under the last sale, and establishes a new spot. Additional
interest at the same basis was reported with sellers asking
2.77c. and more.
The world sugar contract was unchanged
to 1 point, higher, with transactions totaling 337 lots.
In the
London market today raws were offered at 6s. 2yd.: un¬
changed from the previous day, while futures there closed
unchanged to yd. higher. On the 6th inst. futures closed
3 points higher to 1 point lower.
Transactions totaled 283
lots. Trading stepped up quite a bit in today's session, and
while there was a fairly good undertone to the market, there
was no real aggressiveness shown on the upward side.
Un¬
certainty still "prevails, and with almost a total lack of in¬
centive jto operate either way, the market generally continues
in its relatively narrow and quiet state.
In the market for
raws trading was restricted.
Buyers would pay 2.75c., but
the offerings were held at 2.77c. and 2.80c. The world sugar
contract closed unchanged to y2 point up, with 80 lots traded.
considerable
:
In the London market sellers of raws afloat were
2 Yd.,
but other offerings were quoted at 6s. 3d.
reduced
13^d.
Futures there closed
asking 6s.
Refined
was
yd. to Id. higher.
On the 7th inst. futures closed 1 to 4
points net higher. The
largely responsible for today's firmness in futures was
the better market for duty-free sugar on the prospect of a
big demand soon for refined sugar. Transactions in futures
totaled 202 lots, or 10,100 tons.
There was rather heavy
buying of the March delivery. So far this month about
23,000 tons of March are reported to have been traded and
the bulk of it is believed to be new buying. Today's sales
factors
were
104 lots.
In the market for
raws
an
operator was re¬
paying 2.77c. for 2,000 tons of Philippines. The
world sugar contract closed y point higher to 1 point lower.
ported
as
Transactions totaled 187 lots.
Sellers in the London market
asking 5s. 9d., equal to 1.13J^c. f.o.b. Cuba, with
freight at 16s. On the 8th inst. futures closed 1 point higher
to 1 point lower, with the exception of January. 1940, which
were
899
Chronicle
down 3
points. That position is outside the present
Transactions totaled 278 lots.
There were some
fairly good gains registered in the early trading, but these
were later erased as a result of new hedge selling.
In the
was
quota.
market for
2.75c.
for
refiners
raws
were
not interested at better than
No Cubas were offered. Offerings
comprised 3,000 tons of Philippines, second half March
arrival, at 2.78c. The world sugar contract closed unchanged
to y point lower, with sales totaling 168 lots.
In London
raws were held at 6s. 2yd., equal to 1.12l/2 f.o.b. Cuba,
with freight at 15s. 9d., after sales of 30,000 tons of preferentials had been effected.
Futures there were unchanged to
yd. higher.
On the 9th inst. futures closed 2 to 3 points net lower in
the
duty-frees.
domestic
with sales totaling 554
contract,
contracts.
The favorable sentiment which
developed when it became
delegation from Cuba was enroute to the
United States to discuss the Cuban reciprocity treaty,
waned today with the result that prices were lower in the
sugar futures market.
Domestic prices were 1 to 2 points
under last night during early afternoon.
Switching of May
into January, 1940 at 5 points difference was a feature of
the trading.
About 20,000 tons were switched.
The raw
sugar market had • an easier tone but no trades were re¬
ported. The refined sugar market was unsettled on account
of price cutting in the South.
In the world sugar market
prices were 1 to 2 points lower in sympathy with London
where futures were '% to 1 yd. lower on sales of 3,000 tons.
London raw prices were unchanged.
Today futures closed
1 point up to 1 point off in the domestic contract, with sales
of 238 contracts. The world sugar contract closed unchanged
to 1 point off, with sales of 255 contracts.
After losses of
1 to 2 points at the opening, domestic sugar futures turned
steady. During early afternoon the market was unchanged,
with September sailing at, 1.92c.
In the raw market follow¬
ing sales of 9,000 tons or possibly more at 2.75c. yesterday,
sellers were offering sugar as low as 2.75c. although some
asked 2.80c.
Prices in the refined sugar market were un¬
changed. Local refiners so far have not met the price re¬
ductions in the South except where they were in direct com¬
petition.
In the world sugar market contracts were un¬
changed to y point higher this afternoon, with September
selling at 1.11 yc., up y,"point. • London futuies were
irregular, with the tone barely steady.
Raws there were
offered at about 1.12yc. a pound f.o.b. Cuba.
known
that
Prices
a
were
as
follows:
March
1.78
—„
July—._
Java
September.
...1.92
89
...
1.86 January.............
1.89
Exports of Sugar in December Above Year Ago,
According to B. W. Dyer & Co
Exports of sugar from Java during the month of}Decem¬
ber, 1930 amounted to 108,954 long tons, according to B.
W. Dyer & Co,, New York; sugar economists and brokers,
an increase of 33,137 tons
compared with the same month
a year ago.
The firm's announcement further said:
■
During the first nine months of the crop year (running from April, 1938
to March
1939) exports
were
876,128 tons compared with 838,413 tons dur¬
ing the corresponding period of 1937, an increase of 37,715 tons.
Production during the 1938 campaign amounted to
pared to 1,392,151 tons produced during 1937,
Sugar stocks in Java
tive figure for
Canadian
on
Jan.
1, 1939
1938 being 546,030 tons.
were
a
1,372,905 tons com¬
decrease
or
19,246 tons.
557,903 tons,, the compara¬
•
,
.
"
[
Consumption of Refined Sugar in 1938 In"
creased 2.4% Above Previous Year
Consumption of refined sugar in the Dominion of Canada
during 1938 totaled 469,646 long tons as against 458,748
tons in the previous year, an increase of 10,898 tons or ap¬
proximately 2.4%, according to advices received by Lamborn & Co., Inc., New York.
The firm added:
'
Of the
1938
consumption, approximately 53,800 tons,or 11.5%, were
beet sugars produced ip
cane
sugars
British
which
came
possessions.
the Dominion, while the remainder
supplied approximately
were
imported
principally from the British West Indies and other
Of the
sugars
consumed in
67,800 tons,
or
14.8%
primarily from the sources mentioned above.
,
1937,
home production
while the balance came
,
■
Lard—On the 4th inst. futures closed 2 to 5 points net
light, with prices moving within very
some scattered selling, which gave
the market a rather heavy appearance during most of the
short session.
There was nothing in the news to serve as an
incentive either way.
Liverpool lard futures were easy,
with prices ending 6d. lower on the spot and May deliveries,
and 9d. lower on the distant July and September deliveries.
Chicago hog prices today were steady at Friday's finals.
Western receipts totaled 12,000 head, as against 12,900 head
for the same day a year ago.
On the 6th inst. futures closed
17 to 22 points net lower.
Values suffered a rather severe
break today due to heavy liquidations, which in turn was
influenced by the easiness in hogs and the reactionary trend
of grains.
The opening range was 2 to 7 points lower, the
market plunging later to levels 17 to 22 points below previous
finals.
There was virtually no rallying power in evidence.
Liverpool lard futures were unchanged to 3d. higher, with
the spot position off 6d.
In spite of the lighter hog receipts
at Chicago, hog prices there declined 5c. to 15c.
The late
top price was $8.10.
Sales generally ranged from $7.35 to
$8.
Western hog receipts totaled 67,900 head, against
72,600 head for the same day a year ago.
On the 7th inst.
futures closed 5 to 7 points net lower.
The opening range
was 7 to 10 points off from the previous finals.
The market
lower.Trading
narrow
limits.
was
There Was
Financial
900
ruled
heavy during most of the sessions, due to scattered
liquidation.
Maximum declines for the day were 12 to 17
points.
Towards the close there was some support, coming
largely from short covering, and almost half the early losses
were recovered.
Export shipments of lard from the Port
of New York were quite heavy and totaled 222,900 pounds,
destined for London, Hamburg and Southampton.
Liver¬
pool lard futures were 6d. to 3d. lower.
Chicago hog prices
were mostly 20c. lower, with the top price $7.90, and sales
generally ranging from $7.25 to $7.85.
Western hog markets
are beginning to decline gradually and receipts for the West¬
ern run today totaled 56,900
head, against 74,500 head for
the same day a year ago.
On the 8th inst. futures closed 2
to 5 points net higher. .During the early session prices
advanced 7 to 10 points above previous finals.
In the later
session some of these gains were reduced as a result of some
rather persistent selling.
However, net gains were shown
at the close.
Shipments of American lard from the Port of
New York continue fairly heavy.
Export clearances as
reported today totaled 951,000 pounds, destined for London
and Liverpool.
Liverpool lard future? were 6d. to 3d.
lower.
Chicago hog prices on the close were 15c. to 25c.
higher, the late top price being $8.10.
Sales ranged from
$7.50 to $8.
Western hog marketings totaled 37,500 head,
against 46,100 head for the same day a year ago.
On the 9th inst. futures closed 5 to 10 points net lower.
The bearish action of the grain and hog markets influenced
considerable selling of lard futures and prices suffered maxi¬
mum declines of 10 to 12 points.
In the later trading prices
recovered somewhat, though closing only a trifle above the
lows of the day.
Liverpool lard futures were 3d. higher.
European demand for American lard continues fairly active
and further sales were reported to England on Wednesday
and today.
Shipments of lard as reported today from the
Port of New York were light and totaled 49,500, destined
for Southampton.
Chicago hog prices were 10 to 15c. lower
the top price being $8.05.
Sales were reported throughout
the day at prices ranging from $7.40 to $8.10., Western hog
marketings totaled 45,900 head against 45,700 head for the
same day a year ago.
Today futures closed 5 to 7 points
net lower.
Clearer weather and the promise of heavier re¬
ceipts influenced some liquidation and operations on the
short side, and as a result prices eased..
,
DAILY CLOSING PRICES
OF LARD FUTURES IN CHICAGO
Sat.
Mon.
Tues.
January-
6.57
6.37
March--
6.72
6.55
May
July
6.92
7.02
6,72
6.85
6.30
,6.47
6.65
6.80
— —
Wed.
Thurs.
Fri.
6.37
6.30
6,25
6.50
6.45
6.40
6.70
6.60
6.85
6.75
6.55
6.70
Chronicle
Feb. 11,
1939
amounted to 89,957 tons, a decrease of 1,025 tons from the
preceding week. Local closing: Feb., 15.80; March, 15.85;
May, 15.75; July, 15.75; Sept., 15.75; Dec., 15.75. On the
7th inst. futures closed 19 to 24 points net lower.
Trans¬
actions totaled 4,380 tons, including 100 tons which were
exchanged for physicals in the outside market. Spot standard
No. 1 ribbed smoked sheets in the trade dropped 34c. to
15%c. The market's heaviness* today was largely a reflec¬
tion of the weakness displayed in the London rubber market.
During the first hour in the local market there was some
rather heavy switching on the part of commission houses,
the switching of March into forward months being the feature.
There was some factory buying in evidence, mostly in the
December delivery.
The actual market was quiet. Local
closing: March; 15.63; May, 15.53; July, 15.51; Sept., 15.51;
Dec., 15.56. On the 8th inst. futures closed 3 points higher
to 3 points lower.
The opening range was 6 to 14 points net
lower.
Transactions totaled 1,950 tons, of which 110 tons
were exchanged for physicals in the outside market.
Spot
standard No. 1 ribbed smoked sheets in the actual trade
remained unchanged at 15%c. Trading on the local exchange
was made up largely of commission house and trade switch¬
ing. rEarly in the day the trade sold the May position, while
facto ies proved buyers on the floor during most of the ses¬
sion.
The outside markets were virtually at a standstill.
Local closing: Feb., 15.60; March, 15.64; May, 15.55;
July,
15.54; Sept., 15.52; Dec., 15.53.
On the 9th inst. futures closed 23 to 18 points net lower.
Transactions totaled 320 contracts.
Crude rubber futures
opened 5 to 14 points lower, after which the market turned
steady but failed to regain much of th3 ground lost. During
early afternoon prices were as much as 11 points lower. Com¬
mission houses
was
traced
were
to
credited with buying and
some
demand
Akron
factories, while dealers were on the
selling side. The market seems to be/feeling the weight of
uncertainty over the Feb. 14 meeting of the International
committee.
Local closing: Mar., 15.41; May, 15.32;
July,
15.31; Sept., 15.34; Dec., 15.35.
Today futures closed 6 to
10 points net higher, with sales totaling 237 contracts.
Rubber futures were fairly steady with a substantial turn¬
over.
The market opened 2 to 13 points higher in
sympathy
with better London quotations, but softened after the for¬
eign market sold off. During early afternoon Mar. stood at
15.40c., off 1 point, while May at 15.55 was 1 point higher.
The turnover to that time was 1,470 tons. The international
committee will meet in London next
Tuesday to fix quotas
for the second quarter.
London closed 1-16 to 3-32d. lower.
It was estimated that United Kingdom stocks had decreased
950 tons this week.
Singapore also closed lower.
Local
,
Pork—-'(Export), mess, $23.75 per barrel (per 200 pounds)
family (40-50 pieces to barrel),,, $20.25 per barrel.
Beef
(export), steady.
Family (export), $22 per barrel (200
pounds), nominal. Cut meats: pickled hams: picnic, loose,
c. a. f.—4 to 6 lbs., 14,34c.; 6 to 8
lbs.,—1234c.; 8 to 10 lbs.,
12c.
Skinned, loose, c. a. f.—14 to 16 lbs.,—18c.; 18 to 20
lbs., 1734c. Bellies: clear, f. o, b. New York—6 to 8 lbs.,
16%c.; 8 to 10 lbs., 16He.; 10 to 12 lbs., 15%c.
Bellies:
clear, dry salted, boxed, N. Y.—16 to 18 lbs., 11 He.; 18 to
20 lbs., 11 He.; 20 to 25 lbs., ll%c.; 25 to 30 lbs., ll%c.
Butter: creamery, firsts to higher than extra and
premium
marks—2334 to 2634c.
Cheese: State, held '37, 20 to 22c.;
held '38, 16 to 17c.
Eggs: mixed colors, cheeks to special
packs—15 to 19 34c i '
closing: Mar., 15.47; May, 15.40; July, 15.40; Sept., 15.34;
Dec., 15.45.
Hides—On the 4th inst. futures closed 3 to 7
points net
higher, this
range covering both contracts.
Transactions
1,880,000 pounds.
The opening range was 3 to 5
points up on the old contract, while the new contract opened
1 to 10 points higher.
The market was a dull affair at most,
with prices moving within a
very narrow range. Certificated
totaled
stocks of hides in warehouses licensed
by the Commodity
Exchange increased by 8,463 hides to a total of 927,291 hides.
Local closing: New contract: March,
10.93; June, 11.31;
Sept., 11.65. Old contract: March, 9.98; June, 10.41; Sept.*
10.66.
On the 6th inst. futures closed 9 to
12 points net
the old contract and 7 points net higher on the new
contract.
The opening range was 2 to 19 points net
higher,
this range covering both contracts.
The market was fairly
active, with the volume totaling 200,000 pounds in the old
contract, while the new contract showed transactions of
8,120,000 pounds. The spot market was quiet and without
feature, there being no news of any consequence concerning
higher
Oils—Linseed oil is reported very firm at 7.9c. in tanks
are stated to have been made a few
whereas sales at 7.7c.
days
Quotations: Chinawood: nearby, tanks—14.2c.
ago.
Coconut: crude, tanks, nearby—.03 bid; Pacific Coast,
.02% to .02%. Corn: Crude, West, tanks, nearby—.06 bid.
bid.
Olive:denatured, drums, carlots, shipment—83 to 86; spot—
Soy bean: crude, tanks, West—-.04% to. .04%;
87 to 88.*
L. C. L.
N. Y.—6.8 bid.
Edible: cocoanut, 76 degrees—
.0834 offer.
Lard:^prime, ex. winter—9c. offer.
Cod:
crude, Norwegian, light filtered—28%c. offer.Turpentine:
31 to 33c.
Rosins: $3.95 to $8.15.
Cottonseed Oil sales,
including switches, 360 contracts.
Crude, S. E. 5%c @ 5%c.
February-March-
Prices closed
'6.40®
h
I June
6.41® 6.43) July
6.41 @
August..--.
"6.58@
n
jSeptember
—
—
April
May
as
6.68®
6.67®
6.67@
6.73®
n
___-
n
Rubber—On the 4th inst. futures closed 2 to 7
points net
higher
3 to
the
months, while the distant deliveries were
5 points net higher.
Transactions totaled 610 tons, of
on
near
which 80 tons
market.
were
exchanged for physicals in the actual
Spot standard No. 1 ribbed smoked sheets in the
trade moved up 1-16c. to 15 15-16c.
Factories were con¬
spicuous buyers in the September and December positions,
while commission houses were
purchasers in the month of
May. The market on the outside was generally dull. Local
closing: Feb., 15.87; March, 15.92; May, 15.82; July, 15.83;
Sept., 15.80; Dec., 15.82. On the 6th inst. futures closed
5 to 8 points net lower.
Transactions totaled 1,740 tons, of
which 370 tons
were
exchanged for physical rubber in the
was came
chiefly from commis¬
factory connections. Local traders were
reported playing both sides of the market. Spot standard
trade.
What demand there
sion houses with
No. 1 ribbed smoked sheets in the actual
market declined
to 15%c.
The outside market was generally quiet.
Stocks of crude rubber in England for the week
ended Feb. 4
1-16c.
this division.
Certificated
stocks
of
hides in
warehouses
licensed
by the Commodity Exchange increased by 7,463
hides to a total of 934,754 hides.
Local closing: New con¬
tract: March, 11.00; June, 11.38;
Sept., 11.72; Dec., 12.04.
Old contract: March, 10.10; Jun£, 10.50;
Sept., 10.75. On
the 7th inst. futures closed 13 to 21
points net lower, this
covering both contracts.
This market's weakness
range
today
follows:
on
was
attributed largely to the weakness displayed in
the securities market.
Another adverse influence was the
decline of 34c. in the price of light native cow
hides, which
sold at 10c., a drop of 34c. in the West.
The old contract
opened from 5 to 9 points decline and the new contract from
2 to 1 point net lower.
The market ruled heavy during most'
liquidation at times rather persistent.
However, there was a little support rendered in the late
of the session, with
session
and the market steadied somewhat.
Certificated
stocks of hides in warehouses licensed
by the exchange in¬
creased by 11,500 hides to a total of 946,254 hides.
In the
Middle West it
reported that 4,000 light native cow
10c., against 1034c. previously quoted,
while 3,000 butt brands were reported sold at 934d.,
against
10c.
previously asked.
Local
closing: New contract:
March, 10.81; June, 11.21; Sept., 11.55.
Old contract:
March, 9.89. On the 8th inst. futures closed 15 to 22 points
net higher.
The market was fairly active, with the under¬
tone strong during most of the session.
Argentine markets
were also reported as
firmer, and in the case of frigorifieo
steers business was reported at higher prices.
However, the
tone of the Western spot hide market was
reported as barely
steady. The opening on the local exchange was as follows:
The old contract ranged from 9 points lower to 3
points
hides
were
was
sold at
Volume
Financial
148
Chronicle
901
higher, while the
end of the market.
the
yen,
Futures at the Yokohama and Kobe
markets ruled 14 to 23 yen higher. Grade D closed at 939
new contract was from 5 to 8 points up.
Transactions in the local market totaled 240,000 pounds on
old contract, while sales of the new contract totaled
9,200,000 pounds.
In the Argentine it was reported that
4,000 frigorifico steer hides had been sold at 11 Hp. a pound,
representing a gain of l-16c. a pound over the last previous
price.
Local closing: New contract: March, 11.03; June,
11.40; Sept., 11.76.
Old contract: March, 10.08.
On the 9th inst. futures closed 17 to 14 points net lower.
was the feature of the trading in raw hide futures.
The market had a steady undertone at the price level of 5 to
Switching
8
points under previous finals.
10.86; June,
11.26;
futures closed 1 point up in the old contract, with sales of 2
contracts.
The new contract closed 2 to 4 points net higher,
with
sales
of
declined under
199
Prices
contracts.
of
raw
hide
and 40 bales in the No. 2 contract. Futures at Yokohama
ruled 2 yen lower to 4 yen
higher, while Kobe was 1 yen
better to 7 yen easier. Grade D closed 20 yen
higher at 950
futures
lead of the new June contract, which
low ground for the season. Later Sept.
also sold at a new low price.
Commission houses liquidated
and stop loss orders were touched off.
During early after¬
noon June stood at 11.19c. and
Sept. at 11.53c., off 7 to 8
points respectively.
Sales, all in the new contract, totaled
5,560,000 pounds to that time.
It was estimated that spot
hide sales this week had totaled 56,000
pieces. Local closing:
old contract: Mar., 9.95.
New contract: Mar., 10.88; June,
11.28; Sept., 11.65.
dropped in to
the
yen
soft.
The
decline
in
rates
failed
to
while
Grain:
Pacific Coast
Lakes to Scandinavia
No.
in
Grain
3s. 3d,
these contracts very inactive.
News from Japan that the
market there had backed away from the 950 yen maximum
at which the Government was
preparing to offer silk out of
its silk, caused prices of raw silk futures to sell off as much
as 4c. this
morning, but an improvement then took place.
During early afternoon the market was 1 to 1 H points lower
excepting on the No.- 2 contract, which was unchanged.
The price of crack double extra silk in the New York
spot
Coal—A rather unhealthy situation prevails in the anthra¬
cite markets, observers state.
As a result of the instability
of prices, retailers are buying anthracite
sparingly, not
knowing what the future contains.
Independent operators
are reported to be
selling coal from 40 to 90c. below the
circular quotation.
Until a more stable basis is established,
no real improvement in demand is
expected.
Current de¬
market
by the major
largely responsible for this slow-
ing
up of demand.- According to figures furnished by the
Association of American Railroads, the shipments of anthra¬
cite into eastern New York and New England for the week
ended Jan. 21, have amounted to 1,991 cars, as compared
with 2,261 cars during the same week in 1938,
a
Wool—The wool markets
are reported to be more active
This firmness is attributed largely to the
^strength displayed in the territory States and Texas where
growers ask prices fully up to Boston parity.
It is reported
that Texas wools are now at the high point of
recovery, the
recent sag having disappeared entirely. Prices on fall
wool
range from 56-58c., scoured basis; eight-months, 62-63c.—
average 12 months,
67-69c.; choice 12-months, 71~73c.
Texa's unsold wool stocks are estimated at around
'2,000,000
pounds and mohair, 3,000,000 pounds. It is reported that
heavy mill buying during the past five weeks has reduced
very considerably the supply of the better class wools and
the selection now available is much poorer' than at the close
of the year.
It is rumored that even at this early date
and prices firmer.
lc. lower at $2.05
was
a pound, while in Yokohama
7H yen lower at 937H yen a bale. Yoko¬
hama Bourse prices were 1 to 5 yen lower.
Local closing:
Old Contract: Feb., 1.98.
No. 1 Contract: Mar., 1.93;
May, 1.89; July, 1.84; Sept., 1.77H-' No. 2 June, 1.84HToday futures closed H to 3Hc., net higher-, with sales
totaling 52 contracts, the bulk of. which were in the No. 1
contract.
The market in raw silk futures was irregular in
mixed trading, pending news regarding sales of Government
silk in Japan.
During early afternoon Feb. old contracts
sold at $1.99, up lc., while Aug. No. 1 stood at $1.82, up
2c.
Sales to that time aggregated 320 bales.
In the uptown
spot silk market crack double extra silk remained unchanged
at $2.05 a pound.
The Yokohama. Bourse closed 3 yen
lower to 6 yen higher.
Grade D silk in the outside market
declined 2H yen to 935 yen a hale.
Local closing: Old
Contract:
Feb., 1.99.
No. 1 Contract: Mar., 1.93H;
June, 1.88; July, 1.86; Aug., 1.83; Sept., 1.81. No. 2 Con¬
tract: April, 1.95.
Grade D silk
line companies, whereas at this time of the
year the demand
for coal by retail operators should be good. - The
disruption
showing
approximately 13,500 tons.
as was
were
On the 9th inst. futures closed 2 to 5c. net lower—in the
No. 1 contract, with 33 contracts traded.
The old contract
was
lc. off,*;while the No. 2 contract was 2 He. off, with
_
decrease of 270 cars, or
Short covering was quite noticeable,
profit-taking and trade "Switching.
reported easier. Futures at Yoko¬
hama ruled 3 to 10 yen
off, while Kobe was 2 yen lower to
7 yen higher.
Grade D dropped 5 yen to 945 yen in both
markets. Spot sales in the
primary centers totaled 200 bales,
while futures transactions totaled
14,000 bales.
Closing:
Old contract—Feb., 1.99.
Contract No. 1—March, 1.96;
May, 1.92; July, 1.87H; Sept., 1.82H» Contract No. 2—•
March, 1.98H; July, 1.82.
to
of the price schedule is held
In to¬
commission house
Primary markets
„
-
totaled
1 contract and 50 bales in the No. 2 contract.
over a year.
also
or
mand for wholesale anthracite is reported slow
transactions
day's session the market for futures touched new highs.
February sold at $2 per pound, the first to reach that level
Shanghai Feb. loading.
Great
Denmark, May, 25c.;,option Fin¬
land, 26c.
Trip: Trip across, delivery north of Hatteras,
Mar., $1.45.
Round trip West Indies trade, Feb., $1.05.
Trip across, delivery north of Hatteras, Feb., $1.40, re¬
delivery U. K.—Continent.
Scrap:
Atlantic range to
Genoa, Feb., $5.05.
Atlantic to Japan, Feb. loading.
Sugar:
San Domingo to U, K.—Continent, Mar., 15s.
Cuba to U. K.—Continent, Feb.-Mar., 15s. 9d.
Cuba
to U. K.—Continent,
Feb.-Mar., 16s.
Cuba to U. K.—•
Continent, Mar., 15s. 6d. (three ports). Time: Trip down,
delivery Gulf, redelivery South Africa and Feb.—early
.Mar., 5s. lHd.
Trip across, delivery New York, Feb.,
23d., redelivery U. K.—Continent, $1.60.
x
futures
Contract
stimulate
amount
of business.
Charters included.
Booked: Seven loads, Baltimore to Dublin, Feb.,
any
in both primary markets.
Spot /sales totaled 125 bales,
15,000.
Local closing:
No. 1—March, 1.94; May, 1.91H; June, 1.88;
July, 1.863^. Old contract—Feb., 1.97.
On the 8th inst.
futures closed unchanged to 2c. higher. The
opening range
was lc. lower to
He. higher. Transactions totaled 820 bales,
of which 120 bales were in the old
contract, 650 bales in the
new
Ocean Freights—The market for charter^ was moder¬
ately active the past week, though the underione has been
rather
transactions
ing the lack of any appreciable demand. Offerings for most
of the positions on the board were scarce. The
day's trading
was made
up of Japanese short covering, profit-taking and
trade selling.
Transactions totaled 490 bales, including 20
bales in the old contract, 430 bales in the No* 1 contract
Today
Sept., 11.61.
yen
while futures
showed a reluctance to follow the local advance.
However,
March No. 2 finished 3p£c. higher for the day notwithstand-
The trade heard of substan¬
tial sales of spot hides to tanners at
steady to somewhat
lower prices.
In futures the turnover to early afternoon
totaled 3,320,000 pounds, all in the new contract.
Local
closing: Mar.,
in both markets.
Spot sales amounted to
equaled 10,550 bales.
Local closing: Old contract—Feb., 1.97.
Contract No. 1—
March, 1.93May, 1.92; July, 1.88; Aug., 1.84; Sept.,
1.82Contract No. 2—March, 1.95; May, 1.90; July, 1.82;
Sept., 1.78. On the 7th inst. futures closed ll^c. lower to
3^c. up. This market's strong upward trend was checked
by the reactionary character of the primary markets, which
10
up
125 bales
J
was
COTTON
,
,
Friday flight, Feb. 10, 1939
,
The Movement of the Crop,
v
grams
indicated by
as
our
tele¬
For the week
from the South tonight, is given below.
ending this evening the total receipts have reached 29,078
'
interest is shown in
contracting for early shorn fine wools
which will begin to come off the sheeps' backs as the second
quarter of the year opens.
The outlook for increased wool
consumption is considered good. The weekly use of apparel
wool foreign and domestic, scoured basis for Dec. was
put
by the Department of Commerce at 5,938,000 pounds, as
against 5,878,000 pounds in Nov., an incrrase of about 1%.
bales, against 35,546 bales last week and 37,387 bales the
previous week, making the total receipts since Aug. 1, 1938,
3,008,464 bales, against 6,202,679 bales for the same period
of
1937-38,
showing
a
decrease
Mon.
Sat.
Receipts at-
304
Houston
2,193
1,043
Galveston
567
previous final
Quo¬
Transactions totaled 910 bales, which includea 90
the old contract, 800 bales on the No. 1 contract
and 20 bales on the No. 2 contract.
There was a relative
Mobile
Tues.
Total
Fri.
176
8,512
7,217
386
1,330
590
43
445
l",705
1.816
1,667
2", 172
"974
309
873
935
9,216
2,267
395
127
19
20
112
Charleston
of
1,769
4,798
2,530
3
531
15
19
3
2
....
Lake Charles
offerings in the market, and this together with un¬
usually strong primary markets served to send prices on the
local exchange to new highs.
Japanese interests were con¬
spicuous on the buying side. Demand from a substantial
short interest also played its
part. Profit-taking and im¬
porter selling in the distant deliveries were on the supplying
Thurs.
1938,
3
...
Savannah
tations.
lack of
Wed.
1,
"882
New Orleans
bales
on
Aug.
445
Corpus Christi..
Silk—On the 6th inst. futures closed 3c. to 8c. net
higher.
The opening range was 2c. to 5c. above
since
3,194,215 bales.
3
3
~
"o
Wilmington
"l4
2
416
Norfolk
191
180
49
Baltimore
Total this week
2,347
5,183
6,446
3,215
3,873
450
416
8,014
29,078
16
week's total receipts, the
total since Aug. 1, 1938, and the stocks tonight, compared
The following table shows the
with last year:
V
902
Financial
1937-38
1938-39
week
Since Aug
This
Since Aug
1, 1938
This
Week
1, 1937
Week
10
Galveston
Houston
„
.
9C 1,767
8,512
7.217
16,678
692,351
49,160
9", 216
New Orleans—
Mobile
21,115 1,699,344
32,565 1,652.450
605
389,873
8,944
51444 1,741,967
180,586
2444
10
70,362
37
3,591
1,194
118,886
1,723
177,396
37
77,833
563
19,587
1,055
47,104
935,132
278,542
445
Corpus Christ!.
Beaumont
2,267
Pensacola, &c_.
9,549
1,872
30,898
15,618
38,569
10,636
12,146
Jacksonville—
1939
1938
696,903
792,140
57,329
31.849
659,112
65,211
5,349
898,673
917,300
58,816
14.730
829,341
65,921
11,280
531
Charleston
19
1.868
Lake Charles.
3
_
2
Wilmington
450
Norfolk
New York
Boston
149,764
36,746
7,736
16,487
28,478
3,092
150,656
72,982
25,069
21,363
30,455
100
Savannah
100
2.C58
1,250
,3.663
1,025
—
Baltimore.
416
....
15,546
446
14,756
29,078 3,008,464 112,608 6,202,679 2,552,650 3,104,466
Totals........
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1937-38
1938-39
Receipts at—
1936-37
1935-36
1933-34
1934-35,
~
Galveston
Houston.
New
8.512
7.217
9,216
&c_
Orleans.
Mobile
21,115
32,565
51,114
2,144
1.194
2,267
Savannah
Brunswick
.531
Charleston
19
6,538
5,962
35,228
4,047
2.395
11,719
17,514
23,458
4,372
"2",308
"i",148
1,543
3,261
1,547
354
688
64
315
13,176
8,673
13,096
1,445
859
1,255
"
27,637
24,208
18,227
1,675
1,018
"
1,723
'
2
563
450
1,055
834
526
564
562
"""864
Wilmington
1,135
154
"2",950
"l",475
"6",544
29,078
112,608
57,820
63,630
40,895
84,994
._
Norfolk
-
N'pt News,&c
All others
Total this wk_
Since Aug.
1. 3,008.464 6,202,679 5,375,132 5,868,975 3,564,588 6,096,544
The exports for the week
ending this evening reach a total
79,058 bales, of which 10,711 were to Great Britain,
5,582 to France, 10,793 to Germany, 8,742 to Italy, 8,179
to Japan, 444 to China, and 34,607 to other destinations.
In the corresponding week last year total
exports were
77,542 bales. For the season to date aggregate exports have
been 2,300,329 bales, against 4,018,054 bales in the same
period of the previous season.
Below are the exports for
of
the week.
Week Ended
Exported to—
Feb. 10, 1939
Exports from—
Great
Ger¬
Britain
France
Galveston.:.
Houston.
3,961
2,718
New Orleans
Mobile,
Italy
many
1,394
1,083
3,532
China
Japan
1,702
444
3,847
Other
Total
11,330
22,249
5,127
4,173
22,632
1,921
i
2,867
515
36,976
8,021
"130
5,909
139
Norfolk
139
74
Los Angeles
"686
....
San Francisco
74
3", 105
l"988
3,346
Total..
2,344
5,690
10,711
Total 1936
10,793
8,742
8,179
444
27,230
18,157
Total 1937-..—
5,582
8,984
20,342
8,937
14,679
9,631
2,230
10,014
63,231
From
34,607
79,058
100
7,598
77,542
928
8,835 123,354
Exported to—
Aug. 1 1938 to
Feb. 10, 1939
Great
Exports Jr om—
Britain
Ger¬
France
Italy
many
Japan
China
195,413
140,118
21,671
12,410 153,441
24,795 138,630
Other
54,558
89,429
102,441
Houston
90,540
70,432
94,058
25,391
60,252
54,851
2,214
27,542
12,606
Corpus Christ!
Brownsville
.
-
'
Beaumont
173
63,270
80,798
"24,376
1,240
•*
—
i*
1,965
—
37", 965
40,706
5,057
6,730
Mobile
1,111
5,073
767
7,475
Savannah....
6,443
Charleston
m
2,707
.
—
tr
5,935
«.
h.
61
571
"no
Gulf port
150
331
Boston..
56
Los Angeles..
San Francisco
Total
Total
•»
8,721
2,689
3,984
....
333,913 214,038
36,841 747,253 4018,054
19,403 476,074 3631,438
has
never
all the cotton destined to the Dominion
the Canadian border
been
our
Canada, the
comes overland
week to week,
are
practice
reason
to
include In
the
being that virtually
and it is impossible to give
while reports from the customs
always very slow in oomlng to hand.
In view,
numerous
say that for the month of
11,990
the exports were
were
64,101
674,802 364,283 258,886
483,622 221.358 1019,056
returns concerning the same from
been
167,138
1,111
47,987 462,888 2300,329
NOTE—Exports io Canada—It
have
3", 281
1,416
570,496
above table reports ol cotton shipments to
however, of the
7,198
2,889
29
122J80
51,580
Inquiries we are receiving regarding the matter, we will
September the exports to the Dominion the present season
bales.
In
the
10,169 bales.
27,721 bales exported
as
corresponding
month
of
the
preceding
season
For
the two months ended Sept. 30,
1938, there
against 16,348 bales for the two months of 1937.
In addition to above
exports,
our
give us the following amounts of
cleared, at the ports named:
telegrams tonight also
cotton
on
Feb. 10 at—
shipboard, not
Galveston
Houston
New Orleans.
3,100
2,817
6,647
_
.
Leaving
Ger¬
France
1,200
1,730
1,453
Other
Coast¬
many
Foreign
wise
3,000
900
Savannah
27,100
16,308
5,543
3,000
109
5,433
Stock
Total
37,400
21,864
19,076
Charleston
"429
Mobile
"903
150
Norfolk
Other ports
F Total 1939--
f
r
Total 1938.
Total 1937.
.
"
_
12,993
19,944
10,499
4,533
7,341
3,900
12,362
10,211
4,864
49,854
73,383
66,239
in
the
of
any
doldrums.
have
On the 4th inst. prices closed 3
points
The market was not particularly
lower.
moved within
narrow
support from trade
limits.
higher to 1 point
active and prices
The market received its chief
buying, and although business
was not
substantial, it was sufficient to send some deliveries to new
high levels for the movement.
Business as a whole was
primarily for trade account, with speculative interest re¬
stricted by the absence of any new
development that would
serve
to clarify the Washington farm
legislative outlook.
Foreign interest was limited, although there was some light
Continental selling reported.
The Bombay market was
closed. A little commission house
selling appeared in May
on the advance.
Complaints are being received from spot
cotton firms that the effects of the
lending program are •
proving detrimental to business in that both foreign and
domestic buying of spot cotton is
being restricted. Average
price of middling at the 10 designated spot markets was 8.57c.
On the 6th inst. prices closed 1
point net lower in all positions.
The opening range was 1 to 3
points net higher, and this in
the face of
disappointing Liverpool cables. Offerings were
rather libera] in the March and
May positions, but these
contracts were more than taken care of
by demand from
foreign and domestic sources, this buying being largely
price fixing. After this demand had been filled, however,'
prices sagged. At one time values showed net losses of 4 to
5 points for current
crop deliveries and 2 to 3 points for new
crop positions.
Some spot house selling in the July delivery
developed during the morning. Toward the close trade price
fixing through brokers with cooperative connections caused
prices to rally 3 or 4 points from the lows in old
crop positions. "
In the absence of definite
Washington farm bill developments,
and with textile markets
quiet, trading was relatively light.
Sales in leading Southern
spot markets amounted to 6,643
bales, compared with 19,106 for the same day last year.
Quotations were unchanged to 2 points lower, with basis
middling prices ranging from 8.18c. up to 9.01c. On the
7th inst. prices closed 3 to 6
points net decline. The market
Jn a depressed state
during most of the session, with
liquidation coining from foreign and domestic sources. How¬
was
ever,
price
trade
buying orders
movement
was
within
a
More
point
Other buyers, however, were
generally cautious
in view of the continued uncertain
outlook for cotton legis¬
lation at the present session of
Congress. A fair part of the
early business consisted of the transferring of mill
long
accounts from May to October at
somewhat narrower differ¬
ences.
Reports that Secretary of Agriculture Henry A.
Wallace was to confer
today with Senators Smith and Bankwere uncovered as
narrow
range.
March eased
a
below 8.40c.
head in
effort to eliminate differences
an
between them
as
the type of cotton bill to be
enacted, caused a dis¬
position among not a few traders to adopt a
waiting attitude.
Southern spot markets were
generally 3 to 6 points lower.
Average price of middling at the 10 designated spot markets
8.52c.
was
On the 8th inst. prices closed 2
points off to 4
eoints
The owning
igher. up.
The market was range was unchanged to 4 points
narrow and devoid of
any inter¬
esting feature. Outside speculative interest remained small
on the
buying and selling side was attrib¬
largely to trade or mill account. There was some Bom¬
bay buying of forward deliveries during the early
trading.
A
fair part of the
day's business consisted of exchanging
between months as the old
crops lost some of their premium
over later months.
The most pronounced
change was in the1.
May-October spread which at the close today was 58
points
as
compared with 65 points a day earlier. Reports to the
Cotton Exchange Service from nine
principal cotton-growing
States placed fertilizer tax
tag sales in January at 327,000,
tons, compared wi5h 309,000 in
January a year ago. South¬
ern spot markets were
unchanged to 5 points lower
with
middling quotations ranging from 8.08c.
1,482
8,542 79,822 2,472,828
9,204 122,234 2,982,232
9,884 101,697 2,040,127
today,
8.91c.,
months.
Cotton prices again displayed mixed
changes to¬
moderate volume of business.
Shortly before the
end of the
trading period the list was 12 points below to 2
points above yesterday's closing levels.
At noon the mar¬
day in
a
6
was
points lower to 3
on
points higher.
the opening,
Trading
was
with initial prices regis¬
tering a decline of 1 point to an advance of 2
points from
last quotations of the
preceding day.
Heavy selling of the
May option during the early dealings
659,503
770,276
640,036
149,764
36,746
63,729
28,748
124,026
up to
and averaged 8.49c. at the 10
designated spot markets.
On the 9th inst.
prices closed 4 to 9 points net lower in
the near deliveries and 3 to 1
points down on the distant
ket
Shipboard Not Cleared for—
Great
Britain
developments
less
or
uncertainty concerning legislation at Wash¬
played their part in depressing values and
discouraging a live, healthy, active trade.
ington
slightly irregular
On
more
Easiness of other markets, both commodities and securities,
1,019
'
1,936
spectacular
and business both
W.
14,762
no
being
uted
6,201
2,696
,
i*
m
1939
and the general
7,932
"
'
18,979
were
markets
4,991
'
331,262 339,745
on
the
155
■
"600
.....
""47
90
1937-38 1283,166 652,823
1936-37' 814,916 597,009
districts
kind,
500
•"
—
11,
moderately active, with the price trend generally
There
457
""33
3,820
29
.
16,184
1,166
66
New York
1,042
8,125
....
100
468
714
Philadelphia
"285
1,489
4,725
-
Norfolk
39,695
885
6;516
'
_
111
7,288
«•*.
—
144
214
-
260
w
36",345
'
.
1,039
340,015
34,644
M.
967
Pensadola, &c.
50,812
866
75,056
179
—
67",202
10,303
25,658
Jacksonville..
639,371
243,143
54,637
7,210
....
11,587
....
76,225
Orleans.
Lake Charles.
670,962
■
M
New
Total
Total
was
lower.
concerns
Galveston
Feb.
Speculation in cotton for future delivery during the past
Stock
Receipts to
Feb.
Chronicle
to
Southern
On
each
mill
interests.
The
was
generally credited
selling
was of the same
experienced during the past week.
point decline Bombay, Liverpool and trade shorts
character
as
has
been
absorbed most
of the contracts.
Leading spot houses con¬
buy the March and May positions.
Today prices closed 5 to 1 points up on the near months
and unchanged to 5
points down on the distant deliveries.
tinued to
Prices for cotton futures again
displayed a \slightly irregu¬
today in a moderate volume Of sales. A short time
lar tone
Volume
before
Financial
148
the
close
of
business
active
showed an
closing
market
positions
advance of 2 points to a decline of 1 point from the
levels of the previous day.
Around mid-day the
4
was
points higher to 1 point lower.
Futures were firmer
opening, with initial prices 2 to 6 points above
yesterday's last quotations in fairly active dealings.
The
feature of trading was the continued liquidation bf the near
Range for future prices at New York for week ending
Feb. 10, 1939, and since trading began on each option:
Option for—
contracts by mill interests.
Brokers with Bombay connec¬
tions also sold the near deliveries, but, on the other hand,
bought the distant options. Price-fixing by the trades was
clearly in evidence in the near positions. The market con¬
tinues to display a waiting attitude pending news from
Washington on cotton legislation.
Sat.
9.05
Wed. Thurs.
8.99
8.95
Tues.
9.06
Middling upland...
Mon.
9.01
Inch
inch
Longer
9
8.17 Feb.
4
9
7.89 Feb.
6
7.42 Feb.
9
7.61 Feb.
6
7.44 Feb.
7.49 Feb.
Dec. 1939
Jan.
1940—
9
7.62 Feb.
4
6
7.64 Feb.
6
8poited—
8.20 Nov. 21 1938
9.05 July
8.12 Oct.
22 1938
3 1938
8.07 Sept. 30 1938
8.01 Oct. 24 1938
7.26 Jan.
7.29 Jan.
Volume of Sales for Future
Dec. 30 1938
26 1939
7.71
27 1939
7.54 Feb.
6 1939
Delivery-—The Commodity
Exchange Administration of the United States Department
of
Agriculture makes public each day the volume of sales
for future,
delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.- The
figures
are
given in bales of 500 lb.
Feb. 3
Feb. 4
gross
weight.
Feb. 7
Feb. 6
Feb. 9
Feb. 8
Open
Contracts
New York
March
Longer
Feb. 9
374,100
35,900
14,500
700
400
900
801,200
513,400
65,800
11,500
14,700
20,100
7,500
4,000
20,600
24,700
10,900
5,200
6,700
12,000
13,400
4,700
3,000
2,200
1,600
— .,
700
900
15,900
4,800
July
October
January (1940)---
'
48,100
49,600
4,000
16,000
34,000
13,600
11,600
2,600
12,800
18,800
17,000
(1939)
December
Whue—
9.25 July
7 1938
8.37 Aug. 23 1938
9.27 July
7 1938
8.34 May 25 1938
7.81 May 31 1938
8.11 Oct.
41938
7.60 Deo.
6 1938
8.12 Oct.
3 1938
7.30 Jan. 24 1939
7.26 Jan. 10 1939
Nov. 1939—
1 In. dk
inch
6
7.68 Feb.
1939—
Aug. 1939—
Sept. 1939-Oct. 1939—
Frl.
9.00
16-16
H
inch
8.47 Feb.
June 1939
May1 in. dk
9
7.97 Feb.
May 1939—
Staple—-The
table below gives the premiums and discounts for grade and
staple in relation to the base grade, Middling
established
for deliveries on contract on Feb. 17, 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 K-inch cotton at the 10 markets on Feb. 9.
16-16
8.31 Feb.
Apr. 1939—
Premiums and Discounts for Grade and
H
8.74 June 28 1938
8.18 June
Mar. 1939—
July
3 1938
7.77 May 31 1938
Feb. 1939—
The official quotation for middling upland cotton in the
New York market each day for the past week has been :
Feb. 4 to Feb. 10—
Range Since Beginning of Option
Range for Week
.
the
on
903
Chronicle
ii
.62 on
.80 on
.94
on
Good Mid--—.
.09 on
.25 on
.37
St. Good Mid-
.66 on
.74 on
.88
on
St. Mid-
.06 off
.10 on
.22 on
August (1939),
Good Mid——
.60 on
.68
on
.82 on
Mid-
.65 off
.61 off
38 oft
.34
.61
on
.66 on
Mid---
Basis
.17
on
.31
•St. Low Mid— 1,38 off 132 off 1.27 off
♦Low Mid
2.10 off 2.08 Off 2.06 off
6,400
September------—
St. Mid--
586,600
Mid. Fair--
—
on
on
—
——
—
on
.67 off
.41 off
.29 off
St. Low Mid
Low Mid— 1.29 off 1.22 off 1.18 off
Tinged—
Good Mid——
.48 off
37 oft
St. Mid-.--—.
.71 off
.61 oft
3,000
Total all futures
56,000
33,200
Feb. 1
•Mid—-— 1.47 off 1.42 off 1.37 off
•St Low Mid— 2.14 off 2.12 oft 2.12 off
62,800
.62 oft
•Good Ord..i. 2.60 Off 2.67 off 2.66 off
Bztra White—
.60 on
.68 on
Good Mid.
.82 on
100
—
Feb. 2
74,900
78,200 154,400 2,355,700
.27 off
•St. Good Ord- 2.00 Off 1.06 off 1.95 off
Inactive months—1
.
St. Mid
—
.34
51
on
Even
Mid
on
.17 on
•Low Mid-
.66 on
.31
on
Open
2.80 off 2.79 off 2.79 Oft
Vet. Stained—
March
»
.67 off
.41 off
St. Low Mid.29 off
Low Mid—— ,1.29 off 1.22 off 1.18 off
•St. Good Ord- 2.00 off 1.96 off 1.95 off
•St. Mid
1.61 off 1.67 off 1.65 off
•Mid.
2.27 off 2.25 off 2.23 off
•Good Ord.— 2.60 off 2.57 Off 2.56 Off
Good Mid--
December
—-
1931
12.65c.
—
—.—
1925
—
—
1926
6.15c.
6.55c. 1924
—15.75c".
-20.10c.
—18.45c.
—14.15c.
—20.85c.
—24.55c.
-
.
-.
—33.85C.
-.
1922
1921
1920
1919
1918
.46 off
.36 off
March
.68 off
.68 Off
1917
1916
Market and Sales
...28.00c. 11915
—17.40c. 1914
—13.85c.
—37.75c.
—25.15c.
-.31.50c.
1913
...
closed
on same
cable and
8.65c.
-i....
...12.55c.
1912
1911
as
figures
14.35c.
—
......
—12,15c. 1908
...
...11.70c.
Stock at
Nominal
Nominal-,-..:
-
are
■
-'x
'
"
,m'
are
Feb.
200
4,850
brought down to Thursday evening.
200
1*566
i",555
"
well
Manchester.,
_
1037
790,000
1,034,000 1,184,000
223,000
261,000
283,000
332,000
14,000
15,000
897,000
206,000
278,000
21,000
49,000
14,000
9,000
Y5",666
-Safes-
-
———
-
Stock at Bremen--
—
,
107,000
56,000
20j000
9,00C
—
—
680,000
1936
.
606,000
93,000
699,000
12,000
10,000
250,000
206,000
16,000
69,000
♦76,000
♦11,000
5,000
542,000
633,000
-
-—,
.
-
74*755
2,200
123,431
at
'
Egypt, Brazil,&c.,afl't for Europe 103,000
Stock in Alexandria, Egypt
447,000
Stock in Bombay, India.----.-915,000
Stock in U. S. ports
-.—2,552,650
Stock in U. S. kterior towns—3,212,973
17. 8. exports
5,730
today-,.— *———
1,864,000 1,439,000 1,332,000
118,000
219,000
186,000
278,000
310,000
284,000
102,000
155,000
123,000
369,000
385,000
316,000
748,000
968,000
548,000
3,104,466 2,141,824 2,431,043
2,075,215 1,952,548 2,158,658
.
.
24,603
Of the
395,000
338,000
Thursday
Friday
Manchester stock-----
Feb. 9
Feb. 10
Bremen stock-' ----------------
154,000
224,000
206,000
64,000
307,000
62,000
207,000
278,000
(1939)
Range—
8.44/t
8.43/1
8.397t
8.3771
8.33/1
Range..
8.43- 8.46
8.421 8.47
8.39- 8.42
8.38- 8.44
8.31- 8.38
8.36- 8.41
Closing.
8:46
8.45
8.41- 8.42
8.39
8.35
8.30/1
8.2671
8.22/1
8.17H
Range..
8.14- 8.17
8.12- 8.18
8.09-8.11
8.06- 8.12
7.97- 8.06
7.98- 8.06
Closing.
8.17
8.16.
8.10
8.06
8.00
8.02
4,396
,
.fH'RRR
£29,000
320 ,000
66 ,000
150 ,000
250 ,000
323,000
62,000
206,000
190,000
60,000
284,000
U. S. port stock
2,552,650 3,104,466 2,141 £24 2,431,043
Ui S. interior stock
3,212,973 2,575,215 1,952 ,548 2,158,658
4,396
U. S. exports today.--—5,730
24,603 ,19 ,270
23 ,000
310 ,000
_
8,40
8.3171/
19,270
supply.———9,2Q5,353 9,183,284 7,589,642 7,383,097
Above, totals of American and other descriptions are as follows:
Total visible
Havre stock.-----------------Other Continental stock—1——■■
American afloat for Europe------
Feb. 8
as
-To make
1039
1938
927.000 1,005,000
1,C7,0G0
179,000
.
Liverpool stock----.—--—Safes
Feb.!
1,050
6,850
405,000
6,65,0
Foreign stocks
Total Continental stocks—.—-. ,605,000
700
200
Wednesday
3,800
Total European stocks
——1,639,000
India cotton afloat for Europe—
123,000
American cotton afloat for Europe 207,000
*350
700
highest, lowest and closing prices
New York for the past week have been as follows:
Tuesday
11,250
follows.
as
Stock at Rotterdam——
Total
Futures—The
Monday
Feb. 6
.
t>
:
loo
2,200
48,731
Since Aug. 1
Feb. 4
»■
this week's returns, and consequently all foreign
Stock at" Trieste-
Contr'ct
Spot
Steady— .....
Steady
Steady.—
Steady
Steady
Steady.—
Totalweek.
Saturday
tm
Supply of Cotton tonight, as made up by
Stock at Havre
SALES
"J
Nominal-
10,250
4,400
Stock at Venice and Mestre-
Closed
—r
'io5
«•
Total Great Britain
'
Market
Closed
Nominal.--Nominal^—
133,900
8,660
"loo
50
Stock at Barcelona
Spot Market
Nominal
1,850
50
Feb. 10—
Stock at Liverpool-
days.
Futures '
—
1,900
300
telegraph, is
Stock at Genoa-
Saturday:
Monday ,
Tuesday
WednesdayThursday
Friday
1,250
100
only.
New York
glance how the market for spot and futures
a
2,200
100
82,950
90,50080,900
the total show the complete figures for tonight (Friday) We
add the item of exports from the United States, for Friday
1910...—15.25c.
1909
9.85c.
—15.55c.
afloat
—13.05c.
—10.65c.
...
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at
4,050
——
The Visible
...
at
300
May—.———--——
...
-.
2,250
250
1.35 off t 28 off 1.24 off
.
.
Contracts,
2,150
1,200
450
1,000
Total all futures.
—10.90c, 1923
...
—.—
1936
1935
1934
1933
1932
9.00c.
8.79c. 1930
8.81c. 1929
.—13.17c. 1928
—11.80c. 1927
1,350
900
900
400
79 off
New York Quotations for 32 Years
1938
1937
900
4,200
750
L
.59 off
—
*No$ deliverable on future oontract.
1939
2,800
1,750
-
January (1940)
Mid
•Mid.
3.600
450
1,400
—
1,650
500
(1939)
October
Gray—
St
Feb. 7
Feb. 6
Feb. 7
May
July—
.95 oil
Good Mid-.-.. 1.10 off 1.03 off
Feb. 4
Feb. 3
New Orleans
Closing.
Mar.—
—
Total American.-6,858,353
April"*
7,362,284 5^232,642
Range-
Closing.
'
8.21/1
May—
-
—-
June—■
8.0171
8.01»
7.9671
7.93ti
7.8571
Range-
7.84- 7.88
7.83- 7.89
7.80- 7.83
7.79- 7.83
7.68-
Closing.
7.88
7.87
7.83 n
7.80
7.71- 7.72
Closing.
7.87/1
July—
-—
—
7.79
7.69- 7.76
7.72
Aug.—
Bremen stock----------------
Ha
™estwkf---.
-
Continental stock————
afloat for Europe
—
Egypt. Brazil,&c., afloat—StocE: in Alexandria, Egypt
Stock in Bombay, India.-------
InSSi
Total East India, &C—..
Range—
7.59 n
7.587*
7.5571
7.58/1
7.55/1
7.54/1
7.49 n
7.48»
7.4571
7.48/1
7.45/1
7.44/1
Range..
7.48- 7.50
7.46- 7.51
7.44- 7.49
7.46- 7.49
7.42- 7.49
7.42- 7.48
Closing.
7,49
7.48
7.45
7.48
7.45
7.43- 7.45
.
Sept.—
Range..
Closing.
Oct.—
—
Nov.—•
Range-
Closing.
7.4871
7.48/t
7,4571
Ranges-
7.49- 7.52
7.47- 7.52
7.45- 7.50
7.48- 7.61
Closing.
7.49- 7.50
7.48
7,45
7.49
7.46/1
7.45/1
7.44- 7.52
7.48 ■—-
7.46- 7.50
—
—
7.53- 7.53
7.49- 7.52
7:50/1
7.48/1
Jan. (1940)
RangeClosing
Total American
7.61- 7,51
7.49- 7.54
7.49- 7.49
7.61 n
7.50/t
7.4771
Nominal.
7.51- 7.51
7.51>i
7.46
46,000
69,000
77,000
35,000
123,000
103,0C0
447,000
915,000
Figures for Jan. 24;
347.000
50,000
37,000
25,000
25,000
118,000
102,000
369,000
748,OoO
470,000
41,000
45,000
33,000
41,000
219,000
155,000
385,000
968,000
...2,347,000 1,821,000 2,357,000 1,664,000
.—6,808,353 7,362,284 5,232.642 5,719,097
Total visible supply—9,205,353
5.07d.
..fiddling uplands, Liverpool—9.00c.
Middling uplands. New York—jyUQCUmg Upianu«.
iw.a
8.27d.
Egypt, good Sakel, Liverpool3.97d.
Broach, fine, Liverpool—----5.62d.
Peruvian Tanguis, g d fair. L pool
4.02d.
C.P.Oomra No.l staple, s fine.Liv
*
7A9n
Dec.—
n
Manchester stock—-——-—
Other
Range..
Closing
632.000
9,183A284 7,589A642 7,383A097
6.21d.
5.62d.
7i0d.
8.81c.
9.45d.
13.17c.
11.02d.
5.88d.
4.30d.
6.27d.
4.42d.
11.80c.
9.53d.
5.41d.
9.55d.
5.90d.
later figures not available.
Continental imports for past
week have been 87,000 bales.
figures for 1939 show a decrease from last
week of 41,960 bales, a gain of
22,069 over 1938, an
increase
of 1,615,711 bales over 1937, and a gain of
The above
1,822,256 bales over 1936.
Financial
904
At
the movement—that is,
Towns
Interior
the
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, ancf the same items for the
corresponding period of the previous year—is set out in
detail below:
Chronicle
Feb.
11, 1939
thing connected with cotton in Egypt and make recommendations to safe¬
guard the interest of the growers and to expand the demand for Egyptian
cotton.
H
It was reported that the Minister of Finance declared that on no account
would the Government enter the cotton market as a purchaser.
Quotations for Middling Cotton at Other Markets—
are the closing
quotations for middling cotton at
Southern and other principal cotton markets for each day
Below
Movement to Feb.
Movement to Feb. 10, 1939
Stocks
Ship-
Receipts
Towns
Eufaula
747
10,363
245
8,613
1,522
1,034
1,14.5
90,151
759
45,384
68,199
1,258
51,740
78,490
167,146
238
182
84,948
43,573
130.642
760
164,552
1
38,944
40
52,100
1,139
51,548
589
—
Montgom'y
471
166
Ark.,Blythev.
Forest
City
729
1,540
6,332
58,992
3;051
01,514
—
59
38,696
96
48,441
274
64,671
19,310
102,203
181
35,984
140,868
358
35,765
1,136
1,081
2,398
1,424
4,582
....
Rock
174
Newport--.
171
Bluff.
885
Walnut Rge
29
Little
Pine
'
31
Ga., Albany—
270
59.882
862
42,482
128,210
182
234
18,166
41,632
2,377
'
2,628
44,133
180
39,855
131,140
48,499
12,727
26
140,652
45,272
173,224
61,395
16,547
1,250
7,319
43,131
530
155.145
4,551
2,179
.
178
Athens.
490
30,694
225
Atlanta....
1,000
3,184
102,126
99,762
7,100
4,000
11
26,245
Augusta
—
ColumbusMacon
—,
3,096
*
-
130,715
153,072
33,900
2,659
36,593
896
360
.
346
186
63,795
857
1,312
1,451
6,696
17,444
48,540
74,455
118,281
6,713
27
3,691
154
3,182
4,990
504,254
95,497
2061,590
45,185
17,317
13,364
108,061
92,578
15,657
a7,561
41,591
88,416
9,614
3,477
75,390
196,052
32,845
28
85,532
869
86,421
404
902
122,641
2,864
6,565
20
26,226
Greenwood.
686
190,472
Jackson
126
31,603
5,245
67,471
42,005
112,078
40,669
16,243
22,668
49,925
3,462
78
3,228
2,842
2,156
61,047
286,332
62
.....
Natchez
...
11
City
^
5,233
«
1,100
446
4,057
.
68
389
503
34,450
35,609
581
50
21,824
69,606
76,288
34,000
106,039
29,453
11,950
21,421
1,493
6.554
»
533
6,348
«.
-
«r
38,831
2,350
,
'
337,093
3,151
66,660
39,019 1650,112
7
21,944
292
S. C., Gr'vUle
Tenn., Mem's
Texas, Abilene
4
12
1
Marcos
«.
m,-*
Texarkana.
.——
48
*
3,320
19
658
44,400
980
13
53,860
1
Rpbstown..
.
'
63,080
6,471
13,224
27,077
47
Paris——
6,763
834,439 .70,163
254
13,544
82
4,631
1
14,367
43,494
311
Dallas—...
75,010
30
15,301
31
Austin
Brenham
Waco
'
•
600
*
15 towns *.
San
512
27,458
45,128
113,707
*>
Mo., St, Louis
N.C., Gr'boro
Oklahoma—
180
4,975
,
7,533
348
...
Vicksburg—
Yazoo
16,588
265
3,839
125
20
La., Shrevep't
Rome
99,844
27,494
86,104
37,430
17,760
37,599
154,186
140,806
148,338
23,400
42,891
16,477
144,889
230,058
37,378
282,183
400
Miss., Clarksd
Columbusw-
.
32,457
42,205
26,873
28,339
236
4
Helena
,
62,285
115,938
2,781
1,526
,
Jonesboro..
■
Hope
Closing Quotations for Middling Cotton onWeek Ended
43,945
1,487
1,484
Selma.
■
11
68,065
12,548
250
Ala., Blrm'am
of the week:
Feb.
Week
67,075
1,015
56,773
8.941
Stocks
ments
Season
Week
10
Week
11, 1938
Ship¬
Feb.
TrlG'Tlpo
Season
Week
Receipts
298
43,843
10
■
1,260
289
2.679
a2
36,009
23,702
112
-
•
,,
193
■
-
»
»
-
408
84,436
679,209
175
8,824
1,663
*35
2,716
1,561
37,661
555
26,127
12
a315
307
20,691
516
*
57.978 1080.587
Includes the combined totals Of 15 towns In Oklahoma,
above totals show
decreased during the week
that
the
2575.215
San Antonio.
a
interior
stocks
have
33,559 bales and are tonight
637,758 bales more than at the same period last year. The
receipts of all the towns have been 70,029 bales less than
the
week last year.
same
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1; as made up from
telegraphic
reports Friday night.
The results for the week and
Aug. 1 in the last two years are as follows:
1938-39Feb. 10——
Week
.
Since
Aug. 1
>
since
-1937-38—
Since
Shipped-—
Via St. Louis-.-..---...-
Week
New Orleans...
8.69,
8.67
Mobile
8.32
8.31
SavannahNorfolk—.
8.91
8.85
8.96
8.85
8.85
8.85
MontgomeryAugusta
Memphis
-
8.50
8.50
8.45
9.01
8.95
8.40
8.91
Little Rock....
Dallas.
9.02
8.40
8.44
8.30
8.20
8.40
S.43
8.30
Fort Worth
8.20
8.35
8.38
8.25
8.12
8.12
—
'
-
Houston..-.
....
5,245
113,509
115,571
2,364
5,919
104,480
59
3,920
118,546
86,216
2,374
3,729
103,584
Via other routes,
434,897,
17,677
8.18
8.18
-
16,355
&c—r—
Total gross overland
......29,839
Deduct Shipments-rrOverland to N. Y., Boston, &c...
416
Between interior towns.———
187
Inland, &c.. from South...8,650
291,512
—
15,857
5,982
269,673
deducted..——' 9,253
6,713
1,750
•
776,740
_
30,209
917,373
Saturday
Monday
Tuesday
Feb. 4
Feb. 6
Feb. 7
Leaving total net overland
*
20,586
485,228
7,033
w
•
"
\
i
——1938-39
23,176
Takings'
a year ago
•
Week
•
Aug. 1
Receipts at ports to Feb. 10-.—. 29,078
.
Since
„
3,008,464
Net overland to Feb. 10
20,586'
485,228
Southern consumption to Feb. 10.120,000
3,268,000
Interior stocks in excess
Excess of Southern mill takb
....
over
.
6,761,692
1,260,050
490,231
8.51
8.47
8.52
8.16
8.10
8.14
7.99
7965-797a
7945- 795a
7.91
7.84
7.82
7.59
7.57
7.61.
7.59
during week.
Week-
Aug. 1
112,608
23,176
85,000
6,202,679
220,784
22,825
9,912",255
....
744,576
2,965,000
,1.823,884
477,540
October
_
.
December.
7.56
Jan.(1940)
February
—
7.59 ;
7.54
7605- 762a
7625- 764c
7606- 762a
755b-
7595-, 761a
7616-763a
7596- 760a
7596- 760a
7636- 765a
76l6-763a
7616-763a
*
830.964
7645- 767a
Quiet.
Qidet.
Steady.
Quiet.
Steady.
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
'
Steady.
Loans
CCC
of
Aggregated
12,213,679
25,357
1935—Feb. 15
Bales
Since Aug. 1—
——154,662 1936—
..142,498 1935
126,361 1934
845,501
on
Corporation announced on Feb. 3 that "Advices* of Cotton
through Feb. 2 showed loans disbursed
by the Corporation and lending agencies of $191,239,027.89
on 4,171,628 bales of cotton.
The loans average 8.81 cents
per pound.
Figures showing the number of bales on which loans have
been made by States are given below:
Loans" received by it
State-—
Bales
303,628
State—*•.
Alabama
......
Arizona..—
..Arkansas....
California J
—
...
...*
North Carolina.....
Georgia
12,005
181,996
48,931
307,097
282,693
Texas.........—...,
646,380
109; 137
Virginia.
——
Mississippi........—
Missouri
...
...
—
Louisiana
38,373
—
—
'679,682 Oklahoma..."...
139,999 South Carolina
163,850 Tennessee...
.....—
—
Bales
New Mexico
j.—56,069
-
.1,201,645
143
...
Telegraphs-Telegraphic advices to
Returns by
us
this
evening indicate that the eastern half of the cotton belt
is wet and the western half dry.
■
r
.
Rain
Texas—Galveston
Inches
dry
--
dry
...——.■
Abilene,
—ThermometerLow
Mean
57
42
10
37
64
28
55
82
54
78
30
62
46
78
62
50
74
55
32
78 '
61
84
38
Hijh
0.29
—,
——
Austin
Rainfall
Days
2
i
Brownsville
Dallas
Dei Rio.
—
.....
dry*"
-
3
-im¬
—!—.—
-
— ...—
Shreveport
—-—-
.....—
...——
...—.
...
.....-—-—
4
2
4
4
4
1
V
.
Tampa.
———...—-
G eorgia—Savannah
Atlanta.
_—
...
Augusta...——-—.-.—-
3
3
52
54
?!
22
72
.78
76
0.72
1.50
0.48
0.98
1.76
1.76
0.10
0.28
2.84
55
30
38
74
0:10
46
36
84
66
1.30
1
3
3
24
74
70
0.01
0.70,
1
2
4
3
,i
Birmingham
—Montgomery.—i—Florida—Jacksonville
Miami
1
5
.—
Mississippi—Meridian
Vicksburg
Alabama—Mobile
2
2
7
Orleans.——
68
74
0.08
0.68
0.28
0.54
0.26
1
.....——
Houston
Palestine
0.02
0.24
1
2
....—'
El Paso..
Pensacola
dry
J
——
............—-
44
26
34
32'
55
34
37
82
80
72
70
78
82
58
39
•48
49
61
57
58,
51
57
57
32
•
36
56
82
70
84
£6
0.28
1.88
80,
2.34
1.58
2.76
70
32
74
38
32
47
66
44
62
51
56
54
Raleigh
W ixmington
2.89
4
4.26
4
....
1.56
4.15
76
71
66
68
74
74
74
26
47
2.38
1.72
68
32
70
22
50
46
2
4
4
North Carolina—Asheville
Charlotte
—
Bales
11,370,176
10,887,151
7,197,454
0.63
1.96
The membership is comprised of certain members of the Cabinet, rep¬
resentatives of the cotton growers and cotton merchants and spinners, and
total 38 members, the report stated.
The duties will be to consider every¬
•
59
47
28
36
38
52
56
42
53
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:
Feb. 10,1939
New Orleans
Memphis
Nashville
Shreveport.
Vicksburg
...
Above zero of gauge-
.Above zero of gauge.
.Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
Feb. 11, 1938
Feet
Cotton
Advisory Council Established in Egypt—A
advisory council, designed to deal with all matters in
connection with cotton in Egypt was recently established in
Egypt, according to a report to the Department of Com¬
merce by the office of the American Commercial Attache at
Cairo.
The Commerce Department's announcement, made
public Feb. 8, further said:
,
69
77
53
75
72
5
Macon.....
South Carolina—Charleston
5
cotton
$191,239,028
4,171,628 Bales Through Feb. 2—The'Commodity Credit
Decrease,
1936—Feb. 14
7556-757a
Tone—
Spot-——
Options
Movement into sight in previous years:
Week—
1937—Feb. 12—
767a
.
March.—.
—
.
7.53
7585- 759a
7616- 763a
——
4
5
243,609
8,511",973
Total in sight Feb. 10
North. spinn's* takings to Feb. 10. 29,770
——
November
—-—-
.136,105
Feb. 10
September
.
consumption to Jan. 1..
Came Into sight
Friday
Feb. 9
■
'
.169,664
.*33,559
Thursday
June.....
744,576
——*-1937-38—
Since
Wednesday
\ Feb. 8
*-
July
August...
172,797
•
'
.
8.54
Louisiana—-New
o.
closing quotations
8.19- 8.20
7*
aggregate net overland exhibits
*
8.02
8.26
—
San AntOnio
Oklahoma—Oklahoma City...
Arkansas—Fort Smith
Little Rock
In Sight and Spinners'
8.02
8.08
8.57
S.59
8.27
March....
May.
The foregoing shows the week's net overland movement
this year has been 20,586 bales, against 23,176 bales for
the week last year, and that for the season to date the
'
8.35
8.87
8.35
8.32
8.15
8.04
8.04
Feb. (1939)
port Arthur
of 259,348 bales.
8.86
April
14,544
5,789
152,464
decrease from
8.62
8.17
8.85
.
Including movement by rail to Canada.
a
8.35
8.20
8.08
•
Amarillo
446.
179
6,408
* ■*
«
8.35
New Orleans Contract Market-*—1The
Corpus Christi—
Total to be
8184
8.25
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
602,924
...
1
Friday
8.23
8.57
8.15
8.80
8.80
8.35
8.85
8.35
8.30
8.15
Aug, 1
ViaMounds, &c..--- 3,950
;
191
157
Via Virginia points...
— -.3,941
Via Rock Island..
Via Lopisville
:
8.29
8.61
8.21
18,076
91.537 3212.973 128.007 5567.332 150.832
The
Wed'day Thursday
8.83
8.64
8.25
8.87
8.39
—
Cotton
Total, 56 towns
Tuesday
8.40
Galveston
824
al29
Saturday Monday
Feb. 10
Feet
7.9
29.3
47.8
11.8
9.3
19.9
12.9
19.6
26.2
26.6
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
Financial
Volume 148
Manchester Market—Our report received by cable to
night from Manchester states that the market in both yarns
and cloths is steady.
Stocks of both goods and yarns are
decreasing. We give prices today below and leave those for
previous weeks of this and last year for comparison:
weekly movement from the plantations of that part of the
crop which winally reaches the market through the outports.
Week
Receipts at Ports
1938
1937
Receipts from Plantations
Stocks at Interior Towns
1936
1938
1937
1936
1936
1937
1938
905
Chronicle
Nov.
1936
1937
—
10.
92.125 245,688 264,096 3510,308 2387,570 2342,886 141.936 406.335 305,198
125,867 195.034 251,440 3518,088 2469,694 2373,757 33,637 267,158 282,311
25.
88,143 160.560 217,563 3524,821 2501,559 2397.188
94,876 202,425 240,994
18.
32s Cop
Twist
Dec.
2.
80,957 169,362 211,898 3508,828
77 815 165.50" 133.018 3496 222 2610.850 2327.953
39.901 199,284 106,109
23
54 236 139.333 119.319 3448.226
30.873
30.
44,595 141.563 117,505 3434,970 2658,348 2250,247
1939
1937
1938
2663,852 2253.715
Upl'ds
1939
1938
10—
31,339 147,067 112,749
18—
25-
7l938
1939
1937
1937
d.
10k@12k
9 10k@10
lk
4.63
@93
5.08
10k@12
9 10k@10
6 22
10k@12
9 10k@10
lk
lk
4.55
@93
8H® 9H
9
3
5.14
9 10 k
k
4.65
k
ik
4.81
9
96,101 3400,270 2619,799 2180,501
7,896
9-
8k@ 9k
8 10k@
9
lk
4.97
13
38 827 121.714
61.240 3369 048
16-
8k@ 9k
8 10k@
9
lk
5.16
37,387 116,840
43,19
120,581:
82,643 3329,120 2829,639 2090,671
61,831 321*1,719 2628,795 2046,413
7.6C5 128.497
Nil
133.463
23 351
20.
30.702
23-
8k@ 9k
30-
8H@ 9H
lk
lk
iok@nk
17,573
9
9
5 24
5,798 119,744
8 10k@
8 10k@
5.25
10k@llH
35,r46 104,958
29.078 112,608
54,826 3246,532 2598.040 2001,896
Nil
74,203
10,309
57,820 3212/73 2575,215 1952.548
Nil
135.433
8,472
27.
d.
s.
5.05
10k@llk
I0k@11k
i0k@iik
2142.612
d.
s.
@93
8H® W
8H® 9H
8H@ 9k
22613.01"
Upl'ds
4.64
Dec.
Jan.
42,596 125,265
Middi'g
to Finest
d.
d.
s.
Cotton
Shirt¬
ings, Common
Nov.
82.567
162.762
32s Cop
Twist
Middi'g
to Finest
65 20'
64,534 169,711 143,595 3471,589 2640.423 2290.467
Lbs.
8k
ings, Common
73.964 213,711 181.327
230.448
94,354
254,908 2366,617
9.
16.
Cotton
Lbs. Shirt¬
8k
86.716
26,355
@9
9
@10
!0k@10
9 10k@10
4 70
ik
ik
4 88
lk
I0k@10
9 10k@10
4.97
4.84
Feb.
3..
10.
Jan.
World's Supply and Takings of
Cotton-—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
or
from which statistics
out of
amounts gone
'
6-
5.30
9 10k@10
10k @12
8k@ 9H
8k@ 9H
8 10k@
13.r
5 19
iok@nk
9
10k@10
k
5.02
20-
8k @ 9k
8
9
@
9
6.18
iok@iik
9 10k@10
ik
4.93
27
8k@
9k
8
9
@
9
5.10
iok@iik
9 10 k
@10
ik
4.82
3—
8% @ 9k
8
9
@9
5.13
10k@llk
9
9
@10
4.93
10—
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1938, are 4,392,943 bale®;
in 1937-38 were 8,018,061 bales, and in 1936-37 were 6,132,341 bales.
('2) That, although the receipts at the outports
the past week were 29,078 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 33,559 bales during the week.
19 38
19 39
8*4® 9 H
8
9
@9
5.07
10k@llk
9
9
@10
5.02
9
10k@ 9
8
lk
lk
Feb.
Shipping News—Shipments in detail:
Bales
GALVESTON—To Copenhagen, Feb. 7, Tampa, 454
454
*
3.503
3,503
9Q
To Hamburg, Feb. 6, Schwanheim, 29
*
To Gdynia, Feb. 7, Tampa, 2,085; Feb. 4, Hedrun, 6,940
9,025
To Gothenburg, Feb. 7, Tampa, 1,052:
1,052
195
To Buena Ventura, Feb. 3, American Prass, 195J—....
232
To Cartagena, Feb. 3, American Press, 232
To Ghent, Feb. 4, Arica,372
372
200
To Havre, Feb. 4, Arica, 20C
To Dunkirk, Feb. 4, Arica, 1,194
1,194
To Japan, Feb. 2, Kongo Maru, 3,847
3.847
444
To China, Feb. 2, Kongo Maru, 444
To Genoa, Feb. 8, Ida Zo, 1,596
1,596
;
106
To Naples, Feb. 8, Ida Zo, 1G6___.__
165
»HOUSTON—To Antwerp, Feb. 8, Edam, 165_
.1.343
To Rotterdam, Feb. 8, Edam, 1,343
To Enschede. Feb. 8, Edam, 14
1.4
To Barcelona, Feb. 8, Gardenia, 13,500
13,500
50
To Tallin, Feb. 8, Edam, 50
—
75
To Riga, Feb. 8, Edam, 75
71
To Reval, Feb. 8, Edam
71
1,522
To Copenhagen, Feb. 7, Stureholm, 926; Feb. 6, Tampa, 596—
256
To Oslo, Feb. 7, Stureholm, 2562.848
To Gdynia, Feb. 7, Stureholm, 733; Feb. 6, Tampa, 2,115
v
To Gothenburg, Feb. 7, Stureholm, 1,137; Feb. 6, Tampa,
2,585
1,448
—
To Bremen, Feb. 4, Schwanheim, 4,514
4.514
613
To Hamburg, Feb. 4. Schwanheim, 613
-1,373
To Genoa, Feb. 4. Effingham, 1,373
1.460
To Trieste, Feb. 4, Effingham, 1,460
1,340
To Venice, Feb. 4, Effingham, 1,340
...
1,446
To Liverpool, Feb. 3, West Chatala, 1,446
2.515
To Manchester, Feb. 3, West Chatala, 2,515—
203
To Ghent, Feb. 3, Vermont, 203
LA
677
To Havre, Feb. 3, Vermont, 677
406
To Dunkirk, Feb. 3. Vermont, 406
*
.—
—
15
NEW ORLEANS—To Colon, Feb. 3, Tolsa, 15- ——
1,569
To Bremen, Feb. 3, Wasgenwald, 1,569
—
352
To Hamburg, Feb. 3, Wasgenwald, 352—
'
1,012
To Liverpool, Feb. 2, Aquarius, 1,012
1.631
To Manchester, Feb. 2, Aquarius ,1,631
—
2,867
To Genoa, Feb. 1, Ida Zo, 2,867
;
75
To London, Feb. 2, Syros, 75
—
500
To Melbourne, Feb. 5, Patrick Henry, 500
:
139
MOBILE—To Bremen, Jan. 31, Wasgenwald, 139—
—-----74
NORFOLK—To Hamburg, Feb. 10, Lehigh, 74
3,346
SAN FRANCISCO—To Great Britain, (?), 3,346.. — -—
2,344
To Japan, (?),1,348; (?),1,096
30
LOS ANGELES—To Canada, Jan. 31, Rosebank, 3-0—«...
—2.825
To Havre, Jan. 31, Tarauger, 2,425; San Jose, 400—
----236
To Liverpool, (?), Pacific Pioneer, 236
450
To Manchester, (?), Pacific Pioneer, 450
—
100
To Antwerp, (?), San Jose, 100
. i—280
To Dunkirk, (?), San Jose, 280
—• --To Japan, {?), President Cleveland, 1,345; Rio de Janeiro,
150; N ordvest, 493
1.988
To Bremen, Feb. 6, Schwanheim,
..
__
Cotton Takings,
Week and Season
9,182,831
9,247,313
supply Feb. 3Visible supply Aug. 1
American in sight to Feb. 10-:Bombay receipts to Feb. 9
Other India ship'ts to Feb. 9.
Alexandria receipts to Feb. 8.
Other supply to Feb. 8 *b
Season
Week
Season
Week
Visible
Total
1937-38
1938-39
__
136405
73.000
26,000
8,511,973
1,039,000
18,000
14,000
1,104,8tQ
266,000
4.339", 022
243,609 12,213,679
1,016,000
82,000
282,000
18,000
40,000
1,452,000
269,000
20,000
9,514,418 19,136,714
9,586,440 19,571,901
9,205,353
9.205,353
9,183,284
309,065
223,065
86,000
9,931,361
7,117,761
7,858",941
supply---'
356,000
Deduct—
-
-
-
Visible supply Feb.
10
-
9,183,284
—
Total takings to Feb. 10.a_._
Of which American
Of which other
*
a
403,156 10,388,617
7,268,817
253,156
150,000
3,119,800
2,813,600
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
1938-39 and 2,965,000 bales in 1937-38
—takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 6,663,361 bales in 1938-39 and 7,423,617 bales in
1937-38, of which 3,849,976 bales 4,303,817 bales American,
b Estimated.
Southern mills, 3,268,000 bales in
India Cotton Movement from All Ports—The
receipts
and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
of Indian cotton at Bombay
-
-
—
,
,
1936-37
1937-38
1938-39
Feb. 9
Week
Since
Since
Since
Receipts-
Week
Aug. 1
Week
Aug. 1
■'
Aug. 1
82,000 1,016,000 114.000 1,616,000
73,000 1.039.00C
Since August 1
For the Week
Exports
From—
Conti¬
Great
Britain
nent
China
Great
Conti¬
Japan &
Britain
nent
China
Jap'n&
Total
_
Total
-
Total
79.068
-
Bombay—
1938-39..
1,000
1937-38-.
4,000
1936-37..
3,000
8,000
5,000
14,000
10^666
81,000
27,000
122,000
600,000
749,000
18,000
18,000
124.000
308,000
450,000
94,000
330,000
173,000
799,000 1005,000
14,000
•Other India-
1938-39..
;
8,000
26,000
125,000
231,000
366,000
18,000
18,000
-90,000
192,000
282,000
48,000
67,000
180,000
308,000
488,000
18,000
1937-38__
19",000
1936-37_-
Liverpool
1938-39..
1936-37..
19,000
4,000
22,000
5,000 40,000
14,000 36,000
81,000 161,000
16,000
18,000
58,000
152,000
363,000
600.000 1105,000
108,000
316,000
308,000
213,000
481,000
799,000 1493,000
732,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
9,000 bales.
Exports from all India ports record an increase
of 4,000 bales during the week, ana since Aug. 1 show an
increase of 373,000 bales.
Alexandria
ceive
weekly
dria, Egypt.
a
and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
Receipts
The following are the receipts and shipments
and for the corresponding week of the
for the past week
previous two years:
High
Stand-
ard
1937-38
1936-37
90,000
5,527,980
200,000
7,296,670
ard
d.45o.
.60c.
Piraeus
.85o.
1.00
.60c.
Flume
d.45c.
.60o.
Salonloa
.850.
1.00
d.85c.
1.00
Barcelona.
*
*
Venice
.61c.
Japan
Shanghai
♦
•
•
*
Naples
.75c.
.9oc.
Antwerp
.46c.
.61c.
Havre
.45c.
«.60e.-
Rotterdam .46c.
Copenhagen.66c.
d.65c.
.60c.
Bombay x
Oslo
.56o.
.71c.
Bremen
,46c.
.61o«
Stockholm
.6lc«
.76c.'
Hamburg
.46c.-
d.55c.
Leghorn
d.56c.
Gothenb'g .56o.
.710.
.600.;
.60c.
.61o.
Genoa
•No
quotation.
x
Jan. 20
Forwarded
—
Total stocks
Of which American
Total imports
Of which American
Amount afloat
:
•
210,000
7,903,963
Jan:20
have the follow¬
&c., at that port:
Feb. 3
Feb. 10
44,000
44,000
69,000
39,000
1,077,000 1,066,000 1,029,000 1,034,000
462,000
456,000
480,000
468,000
32,000
52,000
32,000
32,000
10,000
124,000
41,000
of the Liverpool
tone
.710.
d Direct steamer.
Only small lots,
Liverpool—By cable from Liverpool we
ing statement of the week's imports, stocks,
The
1938-39
,
6,000
124,000
46,000
13,000
126,000
43,000
14,000
137,000
41,000
market for spots and futures
the past week and the daily
spot cotton have been as follows:
each day of
Feb. 8
Stand-
Density
ard
Trieste
Of which American
Alexandria, Egypt
High
Stand-
Density
.60c.
Manohe8ter.45c.
1937-38..
•
High
Density
.45c.
-
Total all—
,
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Cotton
closing prices of
_
Receipts 0cantars)This week____.
Since Aug.
1
Saturday
Monday
Tuesday
12:15
Moderate
Quiet.
Quiet.
P. M.
Wednesday
Thursday.
Market,
This
Week
Exports (bales)To Liverpool
To Manchester, &c
To Continent and India
.
To America
.
This
Since
Aug.
1
Week
This
Since
Aug.
1
8,000 83,662
89,590
9,000
12,000 366,527
14,190
1,000
116,696
106,287
8,000 439,012
16.225
30,000 553,969
8,000 678,220
Week
Since
Aug.
1
9,000 139,487
125,167
429,984
27,282
2l",666
Mid.Upl'ds
Futures
Market
opened
Total exports
5.15d.
Quiet;
un¬
changed.
5.14d.
5.12d.
Quiet.
5.14d.
Quiet.
5.09d.
Quiet;
Q't but st'y Q't but st'y
unch. to 1 unch. to 1
1 pt.
1 to 2 pts.
pt. decline. pt. decline.
decline.
advance.
Steady;
Quiet
5.07d,
Quiet at
1 to 2 pts.
decline
30,000 721,920
Note—A cantar Is 99 lbs.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ended Feb. 8 were
•90,000 cantars and the foreign shipments 30,000 bales.
Friday
demand.
Spot
Market,
4
P.M.
Q't but st'y Q't but st'y Q't but st'y Q't but st'y Barley st'y
3 to 4 pts. unch. to 1 1 to 6 pts.
1 pt.
unch. to 1
decline
decline.
pt. advance
advance.
pt. advance
Steady at
1 to 2 pts.
decline
Financial
906
Prices of futures at Liverpool for each day are given below:
Chronicle
On the 9th inst. prices
Tuea.
Mon.
Thurs.
Wed.
Frl.
11, 1919
closed 1 to l^c. net lower.
the
in
materialize
winter
domestic
wheat
belt,
dropped
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Feb.10
d.
d.
New contract—
d.
d.
d.
d.
d.
d.
d.
d.
d.
March 1939
4.79
4.79
4.80
4.77
4.76
4.79
4.77
4.74
4.71
4.72
4.70
May——
July--..
4.74
4.75
4.75
4.73
4.72
4.74
4.73
4.70
4.68
4.68
4.66
4.65
4.65
4.64
4.63
4.61
4.59
4.53
4.54
4.53
4.51
4.51
4.50
4.64
—
October...-.-..
4.53
December———
4.54
January 1940—
4.54
March
4.57
4.54
mm
July.....
mm
4.60
4.62
4.63
4.51
4.51
mm
~
4.52
-
4.52
—
--
mm.
4.52
—
4.52
mm
4.54
4.55
—
——
--
4.57
mm
4.57
4.48
mm
4.52
4,56
..
4.59
4.50
4.51
mm
4.53
4.53
—
4.58
m
4.60
-
4.52
4.55
4.51
4.54
mm-* m
4.57
4.59
4.58
4.61
4,60
-
4.55
4.58
mm
mm'
4.59
May...
4.55
mm
mm
4.58
4.56
mm*-
4,57
mmm-
Mod¬
liquidation caused by failure of subzero weather to
erate
Sat.
Feb. 4
Feb.
prices as much as lMc. today.
The decline was held to
about lc. mid-way in the session, but later prices sagged
further, with both May and July selling at 67^c., down
1 to l%c., and July at 68^4c., down l*4c.
Other domestic
markets were off as much as lc.
Forecasts of rising tem¬
peratures, together with reports of snow and rain over¬
night and prospects for additional precipitation in practi¬
cally all north central States tonight and possibly Friday,
prompted
selling.
scattered
Temperatures in
the
South¬
today ranged from 2 to 38 above zero and snow was
falling in parts of the area.
west
BREADSTUFFS
Flour-—The
downward
cently has had
action
of
the grain
market
depressing effect on flour' values.
a
re¬
Mills
Wheat
%c. higher.
Today prices closed unchanged to
Friday Night, Feb. 10,1939
prices held about stead^ much of the time today, aided by
buying attributed to mills.
After an early show of firm¬
ness
tha.t held values up as much as %c. at times, the mar¬
the session to %c. .below yesterday's
ket declined late in
reported that in spite of the reduction, in prices demand in
finish.
general continues spotty, with consumers replenishing their
tributed to the downturn in wheat.
Independent
weakness
by higher
advance
the corn
in
market
con¬
Strength was given the
openings in
other
supplies on a very small scale, mostly for nearby require¬
moderate
ments.
markets and by Liverpool, which steadied somewhat after
\
>
Wheat—On the 4th instlower.
V
'
■
prices closed, unchanged to Mc.
The wheat market ruled
short session,, influenced
heavy during most qf the
largely by the lower than expected
Liverpool quotations, weakness in corn and forecasts for
precipitation in the domestic Southwest .
American Pacific hard winter wheat
were
Two
cargoes
of
reported sold to
opening lower than due.
Trade continued at a slow
Rotterdam wheat futures closed M to M
off, and Buenos Aires
Colder and generally "fair
belt, with
rising temperatures forecast fpr practically all north cen:
tral States tomorrow.
Open interest in wheat totaled
87,381,000 bushels.
■
buying credited to local shorts.
weather
reported from the winter wheat
was
DAILY CLOSING PRICES OF WHEAT IN
was
unchanged.
The Liverpool wheat
Sat.
No. 2 red
DAILY
Sat. Moil.
.''68% '
mand for cash wheat
slow de¬
and'expectations of large world ship¬
On .the 6th inst. prices closed Mb* to Mc.
ments next week.
net lower.
on a
This market ruled
heavy during most of the
ses¬
narrow
final quotations.
with the range
a
Price fluctuations were
shade lower than previous
The downturn here, reflecting lower
quo¬
tations in other world markets, was restricted somewhat
the
bullish statistics
on
the visible
United States, which was
over
supply of wheat in the
reported as showing
a
the European political situation, world wheat
prices took their customary downward
due unchanged to
course.
Liverpool,
Mc. lower, closed %a. to Mc. down;
Rotterdam, Mc. to lMc. off, and Buenos Aires
changed. 'Some attention
of
attracted to
was
a
was
un¬
Department'
Agriculture's estimate that world wheat production in
1938-1939, exclusive of China and Russia, would be 4,354,000,000 bushels,
and
five-year
a
compared with 3,686,000,000 last
as
average
of 3,549,000,000 bushels.
7th inst. prices closed Mc. to Mc. net lower*.
year
On the
There
was a
maximum .decline during
midday of Mc.' Further declines/
by support from commission houses and
checked
were
A demand for
Northwest interests;
was
wheat from outside mills
reported, shippers estimating sales at 87,000 bushels.
There
was
little overnight export business in American grains.
Kansas
City wheat closed unchanged to .Mc. lower; Minne¬
apolis unchanged to Mc -down, and Winnipeg unchanged.
Trading on the Chicago Board was more active than for sev¬
eral, days. Scattered selling in the early session was induced
by lower than due Liverpool quotations and a weaker tone
,
in
.
other
overseas
markets.
At
their
maximum
decline
wheat prices on the Chicago Board today were, the lowest
since last December.
B. W. Snow, crop expert, said that the
fundamental factor in the low range of wheat prices during
the current crop season was the heavy increase in world sur¬
plus stocks.
World carryover on June 30 now is estimated
possible 1,230,000,000 bushels, Compared with 595,-;
000,000 a year ago. On the 8th inst. prices closed Mc. to
at
a
Mc. net higher.
The market received considerable stimulus
from bullish weather reports
There
rather
was a
cover
area.
which lifted prices
sharply, the gains being held throughout the later
session.
area
from the winter wheat
scampering of shorts to
Sub-zero weather reports from the winter wheat
where the
snow, were
soil is without the protective covering of
hardly conducive to operations
side of the market.
weather
was
A
Kansas
headed for that
on
the downward
City report said sub-zero
area
in two years expected tomorrow.
with lowest temperatures
Crop experts said wheat,
especially that which is shallow-rooted, might be harmed.
The Government's
weekly weather and
crop summary
that the soil in western Kansas and in Nebraska is
subject to blowing of high winds.
favorable crop
alternate
condition in the
noted
dry and
It also .mentioned
a
less
southern Ohio Valley due to
freezing and thawing;
DAILY CLOSING PRICES
October-.—
—
Low
arid
.—
Fri.
67%
67%
67%, 67%
< 68%
68%
When Made
Sept. 8,1938
Sept. 7. 1938
Oct.
6,1938
Dec, 29,1938
FUTURES IN WINNIPEG
Mon.
62%
63%
63%
CHICAGO
Thurs.
68%
68%
69%
62%
May.———. 62%
July.;
62%
September..-- 67%
0# WHEAT
——
——
68%
68%
68%
Season's
March...
Sat.
May—.
July— —
86%
Wed.
TueS.
62%
63
63%
62%
63
63%
Thurs.
62%
63%
63%
Fri.
61%
62
62%
62%
62%
63%
decrease of
With securities stronger and sentiment
3,215,000 bushels.
improved
by
When Made
July 23, 1938
July 23, 1938
Jan.
4, 1939
4. 1939
September*... 72%, Jan.
IN
„
Frl.
:•
69%
— -.
High and
March-—..— 73%
May
......
74%
July..-.—..- 71
86%
Wed.
Tues.
68%
68%
— -.
Season's
sion, with trading relatively light.
extremely
March-——...
——•;
May————
—.—
68%
July..
———————
68%.
September-....
———69%
Thurs.
87%
PRICES OF WHEAT FUTURES
CLOSING
.
Mc. to %<s. off, prices easing
87%
87%
NEW YORK
Wed.
Tues.
Mon.
87%
-
<
market dlosed
pace,
through commission houses offset by
with scattered selling
Vladivostok, Eastern Russia, but foreign inquiry generally
continued light.
domestic
4th
Corn—On the
inst.
Mc. to Mc. net
prices closed
The maximum decline for the session was Mc., which
lower.
brought the grain to the lowest levels since late last Decem¬
ber. The factors operating against corn values were weak¬
ness at Buenos Aires and lack of export demand.
Selling of
corn
on
the Chicago Board followed commission house
offerings, but "there was some deihand at, 50c. for May con¬
tracts. The Liverpool corn futures market, which reported
some pressure from nearby Argentine parcels, closed
Mc.
lower and Buenos Aires finished Mc. to J%e. down. On the
6th inst. prices closed Mc. to Mc. net lower. Trading was
comparatively light,- with further liquidation of the May
delivery causing a maximum decline or Mc. at 49 Mc. in that
Weakness in .Buenos Aires, which closed lc. to
1Mb. lower, was a bearish influence. There was little pres¬
sure on the market, however.
On the 7th inst. prices closed
unchanged to Mc. down.' This market was helped consider¬
ably by the strength displayed in the Buenos Aires market,
which latter closed Mc. to lMc. net higher, this latter firm¬
ness being due to sharp reductions in estimates ©f the Argen¬
tine corn crop. The corn market on the Chicago Board held
fairly well up to midday, when prices eased about Me., to
new lows since early last November.
On the 8th inst. prices
closed Me. to Me* net higher. The bullish weather reports
contract.
also aided eofn values.
The
severe
cold weather that is indi¬
increased feeding qf livestock-! On
these cold weather advices prices gained as much as Mc.
A moderate increase of offerings reduced the gain. Bookings
cated
of
means
course
better than 67,000 bushels and
receipts were 49 cars.
futures, which closed yesterday Mc. to
1Mb. up, today were lower, and closed; Mc. to 1Mb. off.
Liverpool reported demand for actual corn was quiet.
On the 9th inst. prices closed 1, to l%c. net lower.
Corn
prices also were affected by weather reports and by weak¬
ness at Buenos Aires, where prices were down as much as
l%c. at times on top of yesterday's % to l%c. lower close.
The market on the Chicago Board reached now lows.
To¬
day prices closed % to Me. net lower.
Corn climbed as
much as Mc. at times in a mixed and light commission
house trade.
The advance took place here despite con¬
were
Buenos Aires
corn
weakness at
tinued
Buenos
Aires,
and
Liverpool
reports
of lack of demand for the actual
corn
on
Thursday reached
a
grain. Open interest in
total of 69,534,000.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Mon.
Sat.
No. 2 yellow—
——
DAILY
PRICES
CLOSING
64%
CORN
OF
Sat.
March.
•
*
—
——
Season's High and When
March..—*.. 56
"July
"May.———.. 60%
July.
July...
55%
Sept.
September
56%
Jan.
...
63%
Wed.
Thurs.
64%
Fri.
62%
FUTURES IN CHICAGO
Tues.
Wed. Thurs. Fri.
■
-
49%
49%
50%
51%
51%
Mode :
28, 1938
23, 1938
24,1938
4,1939
62%
Mon.
51
May....
July.—
September
Tues.
63%
Season's
March.
-
49%
50%
51
49%
50%
51%
Low, and
46
-47%
48%
50
—*
May
July
September
48%
49%
50%
When
Oct.
Oct.
Oct.
Feb.
48%
49%
50
Made
15, 1938
18,1938
18.1938
9,1939
Volume
Financial
148
907
Chronicle
Oats—On the 4th inst.
prices closed unchanged to Yc
Trading was extremely light, with undertone barely
steady. On the 6th inst. prices closed unchanged to Yc.
lower. There was little activity in this market, trading being
largely of a routine character. On the 7th inst. prices closed
unchanged to Yc. lower. This market was a dull routine
affair. On the 8th inst. prices closed unchanged on all de¬
liveries. Trading was very light, with no interesting feature.
On the 9th inst. prices closed Y$ to _%c. net lower.
Trad¬
ing was light, but the undertone was heavy, in sympathy
lower.
with
of
heaviness
the
and
wheat
prices closed Ya to %c. net lower.
the
markets.
corn
Trading
Today
Mon.
DAILY
28%
—
27
PRICES
CLOSING
OF
FUTURES
OATS
Sat.
166,000
115,000
33,000
67,000
53,000
2,000
16,000
58,000
106,000
29,000
New Orl'n8*
24,000
140,000
210,000
bush 56 lbs bush 48 lbs
19,000
Galveston..
5,000
11,000
2,000
"1,000
663,000
20*660
132,000
Boston
27,000
361,000
Halifax
25,000
St.
John.W.
Total wk '39
lYbob
99~666
"i~o66
ib~66o
311,000
1,536,000
391,000
71,000
4,000
99,000
1,523,000
8,096,000
4,334,000
328,000
86,000
249,000
Since Jan. 1
1939
296,000
1,295,000
531,000
74,000
199,000
117,000
1,415,000
-
;■
.—,
1938
9,901,000
7,150,000
315,000
696,000
1,329,000
*
Made
statement:
'
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Wheat
Bushels
Barrels
Bushels
Bushels
Bushels
.
Fri.
Thurs.
28%
28%
29%
28%
____
Rye—On the 4th inst. prices closed unchanged to Me. off.
grain received very little attention in today's session,
with prices slightly easier in sympathy with the heaviness of
wheat and corn markets. On the 6th inst. prices closed %c.
This
New York
168,000
Boston
327,000
Me. net lower. The reaction in this market was largely
sympathy with the heaviness of wheat and corn. On the
7th inst. prices closed Me. to Me. net lower.
The late
600,000
710,000
15,000
lY.obb
~2b~666
2,000
Orleans
New
market to
own had a depressing effect on rye holders.
The
market proved sensitive to the slightest pressure and
prices naturally eased. On the 8th inst. prices closed Ye- toMc. net higher. Trading was light, but the undertone was
«. — — «, -
126,000
Baltimorf.
Galveston
St.
132,000
2,000
650,000
John, West
25,000
Total week
1939..
1938
Same week
'
2,051,000
109,953
101,280
930,000
1,788,000 3,051,000
■-
27,000
The destination of these exports
July 1, 1938, is
below:
as
99",000
ib"66o
Halifax
to
corn
47,953
77,000
94,000
in
and the failure of the
seaboard ports for the week
are shown in the annexed
.
Philadelphia.
heaviness of wheat
'
The exports from the several
ended Saturday, Feb. 4, 1939,
WINNIPEG
IN
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
on
26%
Sept. 6, 1939
Oct. 18, 1938
Feb. 10, 1939
29%
28%
29%
28%
—
October
When
—.
29%
27 %
27%
28
26%
26%
Wed.
Tues.
Mon.
29%
May
July
26%
— —
...
York.
Philadelphia
Fri.
Thurs.
28%
27%
26%
28%
Season's Low and
When Made
23%
Jan.
4,1939 May
24%
Jan.
3, 1939 July
26%
Jan.
4, 1939 September
High and
30%
29%
29%
New
Barley
Rye
Baltimore..
CHICAGO
IN
Wed.
Tues.
28%
27%
26%
'27%
_
Season's
May
July
September
Oats
bush 32 lbs
Since Jan. 1
FUTURES
OATS
OF
Sat.
May
July.
September
Corn
bush 56 lbs
Week 1938.
PRICES
CLOSING
Wheat
bush 60 lbs
light, with
was
undertone easy.
DAILY
Flour
bbls 196 lbs
Receipts at-
•
12,000
99,000
3i"bpb
102,000
for the week and since
.
hold its
rye
Floxtr
Wheat
Corn
Exports for Week
and Since
Week
Since
Week
Since
Week
July 1 to—
Feb. A,
Since
July 1,
1938
Feb. A,
July 1,.
Feb. 4,
July 1,
1939
1939
1938
1939
1938
Barrels
Barrels
Bushels
Bushels
Bushels
-
firm.
Con¬
Yi to %c. net lower.
On the 9th inst. prices closed
short selling were influenced by
the bearish weather developments and the heavier markets
siderable liquidation and
and
wheat
in
attributed
very
unchanged com¬
This steadiness of rye was
to short covering, though trading was
prices closed
Today
corn.
with'last night's finals.
pared
largely
light.
;
CLOSING
DAILY
PRICES
RYE
OF
Mon.
Sat.
May.__._-i
July...—
September
Season's
—_
.
High
53%
49%
49%
May—
July
September
DAILY
and
CLOSING
FUTURES
46%
"46%
49%
CHICAGO
IN
Wed.
Tues.
Fri.
Thurs.
45%
45%
45%
45%
46%
45%
-—46%
46%
44%
44%
45%
46%
45%
46%
When
Season's Low and
When Made
41%
July 25, 1938 May
Jan.
4,1939 July—. 44%
45
Jan.
3,1939 September.
7, 1938
7, 1938
Dec. 23, 1939
RYE FUTURES IN WINNIPEG
Mon, Tues.
Wed. Thurs. Fri.
Sat.
DAILY
44%
—
42%
43%
43
43%
»
CLOSING PRICES OF BARLEY
Sat.
,
May—
July
Tues.
Wed.
Thurs.
37%
37%
37%
36%
—
.
----
FUTURES IN WINNIPEG
Mon.
37%
—
—
42%
43
-—
42%
43%.
—_
Fri.
37%
37%
— —
—-
October..
____
'
'
'
*
Closing quotations
858,500
L000
8",840
170,309
Total 1939— 109,953
3,334,556
2,051,000
101,280
3,215,476
1,788,000
Brit. No. Am. Col.
Other
visible
The
Rye flour patents
3.65@
■
Seminola, bbl., Nos. l-3--5.i5@5.50
2.55
Oats good..
Corn Hour
63%
53%
—50-65
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at * Western lake and river ports
930,000 60,043,000
83,321,000 3,051,000 22,122,000
comprising the
stocks
in
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bostpn
59"666
221,000
Philadelphia
334,000
Baltimore-_•
333,000
813,000
722,000
New Orleans..
247,000
1,517,000
5,223,000
5,407,000
1,907,000
204.000
Wichita...
Hutchinson
1,000
2,000
24,000
66,000
4,577,000
New York
...
Galveston
Fort
_—
Worth
....
St. Joseph..
.—
—
L
8,000
76,000
1*5*6*660
*3*4*660
1,000
761,000
2,000
10,000
"8, boo
''
V
229,000
3,217,000
518,000
385,000
7,073,000
75,000
1,146,000
324,000
113,000
1,793,000
654,000
...
i4~666
1,000
31,000
100,000
1,567,000
23,946,000
4,110,000
—
1,930,000
1,447,000
15,000
128,000
315,000
....
28,000
43,000
13,000
106,000
502,000
86,000
2,643~ 666
656",000
77,000
316,000
626,000
15,000
1,613"000
4,183,000
4,695,000
3,435,000
1,859,000
5,327,000
3,959,000
~Y,bbo
"aooo
"2~, 000
140^666
8,258,000
—
338,000
260,000
—
2,891,000
532,000
473,000
863,000
538,000
20,000
——
Chicago
—-
...
Detroit...
12,355,000
1,639,000
1,789,000
5,328,000
1,291,000
1,109,000
11,891,000
10,378,000
afloat..—.
,
92"666
356,000
7,962,000
.Peoria.
"
*
554,000
—
Kansas City...
"
40%
93,930,000
STOCKS
GRAIN
tL
:
5,421,000
afloat..—.
999,000
439,000
4,1939.. 97,533,000 47,868,000 14,730,000
Total Feb.
460,000
.232,000
Buffalo
Wheat, New York—t
.Oats, New York—
No. 2 red, c.i.f., domestic._ 86% '
No. 2 white.
Manitoba No. l.f.o.b.N. Y. 72% (Rye, United States c.i.f.
Barley, New York—
Corn, New York—
40 lbs. feeding
No. 2 yellow, all rail
62% I
Chicago, cash
100,000
Wheat
afloat...'
GRAIN
~~2,000
-
Bushels
United States—-
(new) Nos.
4.50@5.00
455,000 25,481,000
5,000
30,000
1,0*4*7*666
supply of grain,
Minneapolis
1.2-0.3-0.2—
475,000 34,455,000
266,000
.
at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 4, were as follows:
Duluth
3.25
Coarse
53,098,000
39,489,000
granary
Milwaukee-
1.55
—
Barley goods—
691,001
51,000
countries..
Indianapolis
,
Fancy pearl
for the week ended last
42,250
St. Louis
FLOUR
Spring pat. high protein__4.95 15.05
Spring patents
4.65 14.75
Clears, first spring
4.10 14.30
Hard winter straights._—4.45 14.55
Hard winter patents
4.50 14.60
Hard winter clears
Nom.
West Indies
Sioux City
follows:
were as
9,000
Omaha
rt
"
'
1,350,000
388,750
Made
Nov.
_—
PRICES OF
488,040
17,500
Kingdom.
Sept.
—
May
July
October
26,790
14,573
1,377^57
Continent
So. & Cent. Amer.
United
Total 1938
,
.
Bushels
Total Jan. 28, 1939
—
8,079,000 10,247.000
8,186,000 10,368,000
100,748,000. 47,944,000 14,965,000
Wheal—New York, 637,000 bushels;
New York afloat, 18,000; Buffalo, 467,000; Buffalo afloat, 2,945,000; Erie, 1,066,000;
Albany, 851,000; Boston, 134,000; Philadelphia, 112,000; Baltimore, 16,000; total,
6,246,000 bushels, against 2,883,000 bushels In 1938.
...
Note—Bonded grain not Included above:
'Corn
Wheal
Bushels
28,636,000
Williams&Pt. Arthur 39,938,000
Canadian—
Bushels
Ft.
Other Can. & other elev.
Oats
Rye
Barley
Bushels
Bushels
,
Bushels
1,244,000
81,801,600
561,000
950,000
5,054,000
824,000
6,790,000
—
.
100,000
908,000
1,092,000
8,858,000
Lake, bay, river & seab'd
2,100,000
6,565,000
8,910,000
2,087,000
6,785,000
Saturday and since Aug. 1 for each
4,1939.-150,375,000
—153,324,000
Total Feb.
of the last three years:
'Total Jan. 28, 1939
.
——
Summary—
Receipts at-
Flour
Oats
Corn
Wheat
Rye
Barley
lbs bush
56
lbs
bush 32 lbs
—
bush 56 lbs bush 48 lbs
Chicago..
210,000
176,000
822,000
290,000
9,000
257,000
Total Feb,
Minneapolis
123,000
929,000
248,000
156,000
112,000
640,000
Total Jan,
183,000
173,000
28,000
16,000
18,000
8,000
5,000
404,000
700,000
152,000
2,000
40,000
10,000
38,000
15,000
41,000
45,000
3,000
17,000
Duluth.—
Milwaukee-
20"000
132,000
Toledo
74~, 000
113,000
Indianapolis
19,000
283,000
166,000
St. Louis
..
City
29,000
342,000
724,000
196,000
207,000
47,868,000 23,688,000 10,179,000 16,812,000
10,273,000 17,243,000
The world's
shipment of wheat and corn,
as
furnished bv
Broomhall to the New York Produce Exchange, for the
2,000
ended Feb. 3, and since
shown in the following:
week
July 1, 1938, and July 1, 1937, are
137,000
47,000
41,000
98"666
"s'bob
41,000
408,000
Corn
Wheat
50,000
288,000
13,000
118,000
Joseph.
Wichita
4, 1939.-247,908,000
28, 1939.-254,072,000 47,944,000 23,875,000
40,000
280,000
16,000
Omaha
St.
197,000
56,000
Peoria
Kansas
133,000
8,079,000 10,247,000
2,100,000
6,565,000
97,533,000 47,868,000 14,730,000
—150,375,000
——
8,858,000
American
Canadian
60
bbls. 196 lbs bush
Buffalo
Total wk '39
Same wk '38
558,000
438,000
480,000
3,000,000
3,229,000
1,771,000
176,000
5,522,000
1,210,000
243,000
1,455,000
2,733,000
968,000
164,000
Since
Since
Week
Since
Since
Feb. 3,
July 1,
July 1,
Feb. 3,
1939
July 1,
July 1,
1938
1938
1937
Bushels
Er ports
41,000
2,106,000
'
Week
1939
Sioux City.
Bushels
Bushels
Bushels
Bushels
1937
1,453,000
1,658,000
956,000
Bushels
5,861,000 148,919,000 116,324,000
62,066,000
70,679,000
1,608,000
1,110,000
Black Sea.
Same wk '37
Argentlna.
3,769,000
40,159,000
31,378,000
1,614,000
68,214,000 18,820,000 66,457,000
76,860,000 21,285,000 67,924,000
Australia
1,983,000
54,514,000
7,344,000
1938—
12,051,000 228,579,000 172,407,000
1937
10,325,000 213,085,000 168,355,000
11,608,000 158,580,000 102,846,000
1936
Other
23,352,000
14,088,000
No. Amer.
_
India
countries
Total receipts of flour and grain at the
the week ended Saturday, Feb. 4, 1939,
22,554,000
3,144,000
9,902,000
91,825,000 176,669,000
62.766,000
52,968,000
11,496,000
52,002,000 11,725,000 62,849,000
Since Aug. 1
seaboard ports for
follow:
Total..
520,000
13,741.000 344.967.000 288,320.000
309,000
532,000
29,637,000
62,031,000
3.565.000 194,130.000 264,398,000
Financial
908
The 1938-39 wheat crop
blowing, with high winds.
Also, in Nebraska the topsoil is again dry,
but general conditions continue fair.
In the northwestern Great Plains
snows were favorable while in Rocky Mountain sections wheat fields are
protected from the cold weather by an adequate snow blanket.
In the
Pacific Northwest conditions continue mostly favorable.
to
Russia and China, is
compared with 3,686,-
substantial
A
all
North
the
and
occurred
in
New
bushels
showed
the
Among
where
the
increase
of
of
greatest
Italy,
percentage
350,000,000
bushels
The United States
almost
215,000,000
countries
Danube
the
In
20%,
by
while
the
same
wheat
the
greatest
Italian
the
as
last
of
crop
year.
The
compared
with
In
1938-39.
the
about
11%.
of
increase
In
India
in
crop
the
estimated
71%
Loans
estimated at
is
surplus
important
estimated
is
crop
the
1937-38
of
CCC
a
producing
at
an
160,000,000
"
corn
loan
the
ments
increase
Feb.
an
of
bushels,
the
State—
$17,552
$9,535.81
Nebraska
.16,836,422.08 29,547,361
1,819,632.02
3,193,476
Indiana
Ohio
.37,719,941.82 66,183,166
Illinois-
Pennsylvania..
.
Iowa.
Kansas.
.
-
Kentucky
Minnesota
.
1,425,697.04
2,522,657
51,080.89
94,877
5,859,657.65 10,288,879
South
are as
Amount
Missouri
.
Dakota.
Wisconsin
these
1,134.87
1,798,406.24
29,930.16
goods
factor
was
lines.
came
Report for the
Week Ended
Feb.
some
a
more
Business in silk goods continued
irregular trend, with further active interest in sheer fab¬
rics
Bushels
being shown, whereas
ing in
rayon yarns was
mills scored
1,991
3,199,052
52,509
a
crepes
even
as
over
last year, ii is felt that
the demand for weaving
a
Trad¬
operations of weaving
With January shipments
moderate increase.
mild upturn in
a
remained neglected.
fairly active
showing the expected sharp gain
8—The
moderately.
meichants in general continued their
previous waiting attitude.
follows:
several muslin sheet
orders for forward delivery were placed, notably
in the rural sections,
its
A further stimulating
on
in wash goods also expanded
Interest
While
into the market.;
the extension of discounts
quickly be reflected in
Weather
..
reduc¬
A fair volume of initial orders od
tion of }^c. from last year.
$2,622,043.99 $4,603,449
6,587,731.10 11,611,523
323,240.78
566,901
.
.
an
crop,
$75,084,454.45
The loans by States
Bushels
Amount
State—
Colorado
'•
impetus by the opening of outing flannels for fall at
Australian
was
declined 8.1% and in Newark establish¬
Trading in the wholesale dry goods markets received
2
aggregate
correspond¬
The sales volume in New York
5.6%.
of
bushels,
Depart¬
according to
10%, while the Minneapolis district
gain of 12%.
a
and Brooklyn stores
decline of 23%.
Through
program
131,883,393 bushels.
on
extreme loss of
able to show
Aggregated
$75,084,454 on 131,883,393 Bushels—On Feb, 3 the Com¬
modity Credit Corporation announced that, through Feb. 2,
loans made by the Corporation and lending agencies under
the 1938-39
sales for the week ended Jan. 28,
store
ing week of 1938, with the Philadelphia district registering
an
country
316,000,000
However,
crop.
bushels, shows
bushels,
being assembled by stores should
the Federal Reserve Board, were 1% below the
297,-
Spanish
reduction of about 3%.
402,000,000
at
the
over
at 145,000,000
Corn
crop
most
Hemisphere,
of
placed
,
Turkish
The
21%.
Argentina,
Southern
increase
is
a
now
at
European surplus producing region,
bushels, an increase of about 30%
North African countries, however, the
amounted to only 113,000,000 bushels,
The
important stimulus for consumer interest.
ment
quick
a
the better assort¬
prove an
per¬
estimated
crop,
469,000,000
to
as
merchandise
the principal
Basin,
amounted
crop
crop
The German
approximately
was
conditions, inasmuch
ment in weather
estimated at 96,000,000 bushels, declined by about 13%.
crop,
the
increased
bushels,
bushels
000,000
encouraging
more
ments of
producing
34%.
of
increase
an
somewhat
the better is anticipated with the first real improve¬
turn, for
increase
a
Notwithstanding the present lull in trading,
note.
centage increase occurred in France, where the crop of 345,000,000 bushels
represented
carried
from rural sections
Spain
was
parts of the country
of 931,000,000
crop
York, Friday Night, Feb. 10, 1939.
by unfavorable weather conditions
prevailing in
and by the uncertain outlook in the
foreign situation, retail trade again had a spotty appearance.
This was particularly true of urban districts, whereas reports
many
6%.
European
important
Australia,
except
The
crop
preceding year.
an
Beset
year's harvest is reported from practi¬
countries
countries.
African
the
last
over
producing
Canada,
that of
double
Increase
important
DRY GOODS TRADE
THE
to a statement issued
Service of the United
The average crop for
the 43 countries covered by the estimate was 3,549,000,000
bushels annually during the five years 1925-26 to 1929-30.
In an announcement made available by the Department of
Agriculture it was also noted:
cally
1939
11,
elsewhere there is little change; the soil is very dry in the west and subject
in 43 countries, including all im¬
producing countries except
estimated at 4,354,000,000 bushels,
000,000 bushels last year, according
Feb. 4 by the Foreign Agricultural
States Department of Agriculture.
Feb.
Kansas the outlook shows some improvement In the southeast, but
In
Crop of 43 Countries for 1938-39 Estimated at
4,354,000,000 Bushels, Reports United States De¬
partment of Agriculture—Compares with 3,686,000,000 in Previous Year
Wheat
portant
Chronicle
further shrinkage of
yarns
yarn
will
stocks in
producers' hands.
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
Domestic
markets
weather for the week ended Feb. 8, follows:
Cotton
continued
in
total sales remained
During the first part of the week an extensive depression moved from1
Rocky Mountain area to the south-central Great Plains and
across the western Great .Lakes.
It was attended
the central
Goods—Trading in the
its previous
cloths
substantially below current production.
While the movement of finished
thence northeastward
gray
desultory fashion, and
goods continued fairly satis¬
by widespread precipitation in Northern States and succeeded by much
weather in interior districts.
A second depression moved north¬
factory and indications accumulated pointing to the need of
eastward across the Southeastern States about the middle of the week and
replenishment orders by converters, it
colder
precipitation was again general from the Ohio VaUey southward and eastWard, with numerous heavy falls.
Again the latter part of the week pre¬
cipitation was general over the southern and eastern portions of the country.
Moderate temperatures were the rule, except that severly cold weather per¬
certainty
the Government cotton
the chief obstacle to
sisted in the Northwest and over most of the western half of the country.
'
over
structions ruled
for the week as a whole averaged near normal in the
Ohio and middle Mississippi Valleys, but was mostly above normal elsewhere
a
The temperature
from
curred
to
and in the Great Basin of the West; considerable areas had weekly mean
active
discussion.
so
and over extensive northwestern and western areas.
In
weather wa? more widespread than during any week of the
The lbwest temperature reported was —24 degrees at
far.
Devils Lake, N. Dak., though farther north The Pas, Manitoba, Canada,
reported a low of —46 degrees.
In the West subzero extended as far
south as the northern portions of New Mexico and Arizona.
;
More or less precipitation occurred in practically ail sections of the
country.
There was but little in the Great Plains from Nebraska south¬
ward to northern Texas, but in most other sections the weekly totals were
substantial.
Heavy rains occurred in the Ohio Valley, the central and
lower Mississippi Valley, most of the Atlantic area and in Pacific coast
sections.
Some of the larger amounts were; Shreveport, La., 4.4 inches;
Knoxvilie, Tenn., 4.2 inches; Memphis, Tenn., 3.5 inches, and Cario, 111.,
3.2 inches.« Along the Pacific coast the amounts ranged from about 1 inch
in southern Californis to 4 inches in western Washington.
Considerable
snow occurred in the western mountains,
'
Following the almost continuously mild weather since the beginning of
winter, the reaction to abnormally low temperatures in the Northwest
and most of the West was hard on livestock and necessitated much heavier
feeding;
but
no
much
of the
range
is
snow
covered.
Considerable shrinkage,
In most western sections, through
extensive livestock loss is reported.
extensive snowfall the mountain snow storage has increased materially, im¬
proving the outlook for irrigation water supplies.
is
No extensive damage
reported from the far Southwestern freezes, although heavy heating was
in California orange groves; no material damage is reported in
necessary
protected orchards.
East of the Great Plains outside seasonal work on farms was
largely at
Due to recent heavy rains
additional moisture has been
helpful in most Southern States where winter-truck crops are making
good progress.
There was no damaging cold weather in southern winter
trucking areas.
Because of abnormally heavy January precipitation the
moisture situation in the southern Great Plains, south of Kansas, has ima
standstill
fields
are
because
saturated
of widespread
over
large
wetness.
areas,
but
Eroved materially. In fact, some sections,record. Also, recent snows in
ad the heaviest January precipitation of
especially western Oklahoma,
the northern and northwestern Plains will prove
Small
beneficial.
Grains—From parts of the southern Ohio Valley reports
come
of less favorable condition of winter wheat on heavy soils because of alter¬
nate thawing and freezing.
Otherwise, in the eastern belt wheat is main¬
taining fair to good condition.
In the Southwest, especially from Okla¬
homa southward, the wheat crop is steadily improving, although improve¬
ment is rather slow in most places and general condition continies poor in
some sections, especially eastern and southern Oklahoma; plants ate under¬
sized in the dry areas of Texas.
Prices
on some con¬
on
the market, and
the effect that curtailment
Business
in
refrained
rumors re¬
measures
are
under
fine
,
Northeast
winter
revival Of trading.
un-
which proved
goods turned quiet
although prices held steady.
The previous activity in voiles
also subsided, chiefly owing to the fact that the requirements
of curtain manufacturers have been filled for the time being
by the recent active purchases.
Closing prices in print
cloths were as follows: 39-inch 80s, 6c.; 39-inch 72-76s,
5% to 5>8C.; 39-inch 68-72s, 5c.; 38H-inch 64-60s, 4^c.;
383^-inch 60-48s, 3Mc.
temperatures subnormal by 9 degrees to 15 degrees.
The northwestern
cold was outstanding because it was the first generally poid week in that
area since November, as nearly every
week since that month has been
abnormally warm.
The line of freezing weather as reported from first-order stations did not
extend farther south than extreme southeastern Virginia, northern Georgia,
central Mississippi and northern Louisiana, while in the Ohio Valley the
minima were around 15 degrees.
Subzero was reported in the interior of
the
the existing
shade easier, but generally mills
pressing their goods
east of,the Great Plains.
On the other hand, an extremely cold week was ex¬
perienced in the northern Great Plains, much of the Rocky Mountain area,
fact subzero
a
was
program
Woolen
Goods—Trading in men's wear fabrics gave indi¬
expansion as a leading producer announced
a yard on tropical worsteds.
Prices of
other goods also showed a firmer trend.
While new orders
were
light,., chiefly owing to the sold-up condition of most
mills, shipments continued very heavy.
Spme further pur¬
chases of fall goods at higher quotations were reported,
although formal openings are not expected to take place
until the middle of next month.
Reports from retail cloth¬
ing centers made a somewhat less satisfactory showing,
with adverse weather conditions interfering with the flow of
merchandise in consuming channels.
Business in women's
wear goods remained active and the backlog of unfilled orders
was reported to have increased
to over 15,000,000 yards.
Interest again centered in boucles, tweeds and shetlands and
reports were current that mills were compelled to refuse the
acceptance of additional orders for early deliveries because
of their sold-up condition.
cations of further
another advance of 5c.
1
.
Foreign Dry Goods—Trading in linens
was
spotty with
disturbed supply conditions, owing to foreign political dislo¬
cations exerting a retarding influence on business.
Little
demand existed in dress goods and suitings, but interest in
household items continued
fairly satisfactory.
Business in
burlap took on a somewhat excited character as the confirjna-^
tion of the huge British sandbag order and rumors of proposed
sandbag purchases by the French Government were reflected
in sharp price advances in the Calcutta market.
Domesti¬
cally lightweights were quoted at 4.30c., heavies at 5.80c.
^
Volume
Financial
148
Chronicle
State and City
909
Department
The grand total of issues announced for sale in
January
comparatively small in relation to the record for several
preceding months in 1938.
Moreover, in view of the favor¬
able character of market conditions, most of the issues
proved
possible of sale. In reporting herewith the abortive offer¬
ings last month, involving an aggregate principal amount of
$1,934,500, the page number of the "Chronicle" is given for
was
Specialists in
Illinois & Missouri Bonds
reference purposes:
Stifet, Nicolaus & CoJnc.
Page
762
309
Founded 1890
105 W. Adams St.
DIRECT
CHICAGO
WIRE
ST.
Hopklnton, Iowa
mation district Issue)
314 N. Broadway
LOUIS
not exc.
615
While long-term
financing by States and municipalities
during the month of January resulted in the issuance of bonds
in the
La., bonds
were
sold
as
follows:
$2,000,000
New York, as 2Ms. 3Ms and 3Ms, at par, a net interest cost
3-01 %
Reoffered to yield from 1.25% to 2.90%,
according to interrst rate and maturity.
The other $1,500,000
of financing constituted the public award of that amount of
sewerage, water and drainage bonds to Lehman Bros, of New
York and associates on a bid of 100.13 for 2s and 2Ms, a net
cost of about 2.18%.
These obligations, due annually from
1941 to 1961 incl., were reoffered to yield from 1% to 2.30%,
according to rate and maturity.
of about
•
"
-
3,000,000 California (State of) 2M% veteran's welfare bonds, due
serially from 1940 to 1954 incl., taken at public auction by
Halsey, Stuart & Co., Inc.", New York, and associates, at
105.016, a basis of about 2.07%.
Reoffered to yield from
0.30% to 2.30%, according to maturity,
2,800,000 Providence,
R.
I., unemployment relief and municipal
building, bonds were awarded to a syndicate headed by Smith,
Barney & Co., New York, as 2s, at 101.459, a basis of about
>1.85%'.
They mature serially from 1940 to 1959 incl., and in
the reoffering the yield basis ranged from 0.25% to
2%.
2,000,000 New Jersey (State of) highway impt. bonds, due annually
•.
from 1941 to 1974 incl., were sold to a
group managed by
Shields & Co,, New York, a,s 2Ms, at 103.31, a basis of about
2.04%.
Reoffered to yield from 0.40% to 2.10%, according
to maturity.
1,654,000 Trenton, N. J., funding and refunding bonds
were awarded to
syndicate headed by Graham, Parsons & Co., New York,
2Ms, at 100.41, a basis of about 2.71%.
They mature
serially from 1940 to 1968 incl., and were reoffered for general
subscription from a yield basis of 0.70% to a price of 99.75 for
the last maturing bonds.
a
as
1,525,100 Charleston, W. Va., bonds were purchased as 2Ms and 2Ms,
at a slight price above par, or a net interest cost of about
2.36%, by a group managed by Phelps, Fenn & Co., Inc..
New York.
Due annually from 1940 to 1972 incl.,
Reoffered
from a yield of 0.75% to a price of 96,
according to coupon rate
and date of maturity.
1,300,000 St. Louis, Mo., bonds awarded to Northern Trust Co.,
Chicago, and associates, at 102.56, a basis of about 1.82%.
Due from 1954 to 1958 incl., and reoffered to
yield from
1.70% to 1.80%.
1,053,000 Fort Worth Independent School District, Tex., school
refunding bonds bearing 3% interest were sold as follows:
$750,000 to local banks and $303,000 to the State .Board of
'
Education.
»
11,000 No bids
reoffered for sale
was
on
Feb
28
'
cost
estate taxes in
The City of
adequately reflects the
extent
Long-term Canadian municipal issues brought out in
January totaled $75,657,500.
This figure includes the sale
by the Dominion Government of $20,000,000 \lA% notes to
a group of New York
City banks.
Another large operation
was the offering in Canada of
$50,000,000 government-guar¬
anteed Canadian National Ry. bonds.
The issue was made
of 2 J4% and 3% bonds (lue in seven and 20 years, respec¬
tively.
The Province of New Brunswick also made a sizable
up
contribution to the month's total, having borrowed
$4,500,*
000 on 3\i% bonds to mature on
Aug. 1, 1949.
The Cana¬
dian Government placed two issues of
Treasury bills aggre¬
gating $55,000,000.
"
.
-
^
None of the United
States Possessions
appeared in the
capital market in the United States during January.
Below we furnish a comparison of all the various forms of
municipal obligations sold in January during the last five
•
'
years:
January
1939
1938
1937
1936
1935
$
$
$
$
$
0
Perm, loans
(U.S.). 103,256,854 47,888,417 207,228,381
89,523.614 97,172,419
90,168,112 186,428,161
75,207,641 173,965,568 141,812,000
Canad'n l'ns (temp.)
55,000,000 50,000,000 55,000,000 25,000,000
500,000
"*
Temp, loans (U.S.)
Canad'n l'ns
(perm.):
Placed in Canada.
55,657,500 al09,151,900
20,000,000
Placed in U. S
Bds. U. 8. Posses'ns.
Total
66,016,500
549,914
48,000,000
85,000,000
34,172" 600
None
433,000
324,082.466 393,468,478 478,452,522 337,039,096
274,090,019
*
Includes temporary securities issued by New York
City—$45,000,000 in 1939,
$42,500,000 in 1938, $40,600,000 in 1937, $54,838,000 in 1936, $33,000,000 in 1935.
a Includes Issue of $50,000,000 underwritten In
London, 'England.
The number of municipalities in the United States
emitting
permanent bonds and the number, of separate issues made
during January, 1939, were 312 and 352, respectively. "This
contrasts with 260 and 308 in January, 1938.
V
For
comparative
purposes
we
add
the
following table
showing the aggregate of long-term bonds put out in the
United States for January for a series of years.
It will be
observed that the 1937 January output was the
largest
record:
$103 ,256,854
1923........ $96 995,609
1907...
$10,160,146
1906....-
1 8,307,582
47 ,888,417
1922
1937
207 ,228,381
1921
1936
89 ,523,614
1920
1935
97 ,172,419
1934........
55 ,071,204
35 ,834,606
1938....
1933...:....
138 ,248,064
1932.
50 ,648,907
1931
1930..
109 ,842,814
108 587,190
87 050,550
1905
8,436,253
1904.........
23,843,801'
1919..
83 629,891
25 090,625
1903...I..!.
1918
24 060,118
1902
15,141,796
10,915,845
1917.
40 973,081
50 176,099
1901.
34 303,088
84 ,603,094
1899
....
1916...
1915i
_
1914........
9.240,864"
1900....
20,374,320
6,075,957
1898
8,147,893
1913....
30 ,414,439
1897
10,405,776
1912...
1896...
1911
25 265,749
78 ,510,274
1895
10,332,101
70 ,366,623
1910
16 ,319,478
1894
7,072,267
135 ,536,122
1909
29 ,318,403
1893
5,438.577
99 ,625,470
—
100 ,343,627
206 ,877,975
1929
1908
10 942,068
_
75 ,710,723
....
1928
....
1927
1926
-
1925.
1924
The following is a detailed
issues brought out in January:
Name
Page
617 AfftonSan. Sewer Dist., Mo
154 Akron, Ohio
153 Allamuchy Twp. S. D., N. J
Maturity
3M
1942-1959
...4-4M
Amount
$41,000
3
3
1940-1954
1940-1973
4
1943
770 Amarillo, Texas
1939-1968
100
3.00
105.32
2.62
3,000
7-80,000
100
4.00
100.087
100
5.00
15,000
4M
464 Anamosa, Iowa (2 issues)
464 Angola, Ind
3
5
2M
619 Arnold. Pa
3
1941-1954
3M
1940-1949
1940-1966
6,000
22,550
2M
...1M
1941-1959
1940-1942
137,500
15,000
Mich
r512,000
40,000
17,161
151 Atkins, Iowa
18,000
100,000
100.33
102.08
2.76
100.50
3.46
101.26
2.10
12,000
312 Aurora Twp., Ohio
Barre, Vt
3.47
195,000
620 Anacortes, Wash
308 Austell 8. D., Ga.
Basis
36,000
763 Alexis 8. D. 215, 111
765 Bay City,
Price
100.33
629,289
620 Alexandria, Va
464 Anamosa, Iowa
6,507.721
list of the municipal bond
Rate
466 Albany S. D., Minn
156
on
•
1939....
-
1,750,000 Oxnard Harbor District, Calif., harbor facility bonds were
purchased by an account headed by R. H. Moulton & Co.,
Los Angeles, as 3Ms and 3Ms, at 100.01, a basis of about
3.38%.
The bonds mature from 1943 to 1977 incl., and the
reoffering schedule was based on a yield of 2% on the earliest
maturity to a price of 99.50 on the last maturing bonds.
Issue
of this demand.
•
,
not exc. 5%
a
sold
29,000 Bids rejected
'
general level of interest
16,700,000 Port of New York Authority, N. Y.? 3M% general and
refunding bonds were placed privately with several insurance
Subllc belt railroadCo., New Orleans, purchased privately by
refunding bonds and Darby & Co., Inc.,
FeWman, Harris &
Wanette, Okla
15,000 Not
•
New York accounted for $45,000,000 of the
output.
Loans
of that character continue to constitute one of the
few ave¬
nues of investment
by banks and other institutions and the
.
3,500,000 New Orleans.
■
6%
borrowing in anticipation of collection of real
subsequent months, aggregated $90,168,112.
$30,800,000 New York, N. Y., various pew capital obligations, consisting
of $10,000,000 3% 40-year corporate stock and $20,800,000
3M% serial bonds, due annually from 1940 to 1979 incl., were
awarded to a syndicate headed by the National City Bank of
New York at a: price of 100.80, a net interest cost of about
3.08%.
In the reoffering, the 40-year stock was priced at 98
and accrued interest and the serial loans from a yield of 0.50%
to a price of 101.75, according to maturity,
3,775,000 Perth Amboy, N. J., 4% and 4M% various refunding bonds
were taken by B. J. Van Ingen & Co., Inc., New York, at a
price of 91.655, a net interest cost pf about 4.72%.
They
mature yearly from 1940 to 1964 incl.
'
x
Sales of notes and other evidences of
temporary debt dur¬
ing the month of January, the bulk of which represented
follows:
5,000,000 Mississippi (State of) highway bonds, bearing interest rates
of 2M%, 2M% and 3% and due semi-annually from 1950 to
1961 incl., purchased by R. W. Pressprich & Co. of New York
and associates at 100.002, a net interest cost of about 3.075%.
Reoffered from a yield of 2.80% to a price of 93, depending on
interest rate and date of maturity.
"
x
not exc.
Interest rate to be named by bidder,
x
accomplished.
These included New York City's issue of
$30,800,000, award of which was not made until the final
day of the month, and loans of $5,000,000 by the State of
Mississippi and $2,000,000 by the State of New Jersey.
While the trend of developments in European political affairs
had a decidedly unsettling effect on the stock markets, the
municipal market, generally speaking, displayed but slight
uneasiness.
This was strongly demonstrated in the out¬
come of the various sales which were
completed during the
height of the tension which obtained in investment markets.
A feature of the month's financing was announcement by the
Port of New York Authority of the private sale of $16,700,000
334% general and refunding bonds to a group of insurance
companies and other fiduciaries.
Issues of $1,000,000 or more sold during January were as
companies and other fiduciaries in connection with the refund¬
ing of George Washington Bridge serial 4Ms, first callable
Nov. 1, 1939.
New bonds mature Aug. 15, 1977 and ar0
callable prior thereto under various conditions.
75,000 Not sold
10,000 Bids rejected
22,000 Sale postponed
56,000 Offering canceled
x
•
—V. 148, p. 617.
the activity in this field was concentrated in the final week
of the period, when a number of the larger flotations were
7,500 Offering canceled
1,500,000 Offering canceled
St. John Baptist Parish S. D. No. 1,
La
...not exc. 6%
619
aggregate principal amount of $103,256,854, much of
•
Okobojl, Iowa
Peekskill, N. Y_._.._.
Ponchatoula, La
309
59,000 No bids
3%
x
....
North Belle Vernon S. D., Pa
468
JANUARY
Report
$150,000 No bids
not exc. 4%
464
IN
Amount
not exc. 5%
_.
466 aMontana (State of)
620
Nixon, Texas
313
MUNICIPAL BOND SALES
'
•
Name
►
Int. Rate
Burton Township, Mich
not exc. 6%
Contra Costa County, Calif, (recla¬
765
Financial
910
Hale
469 Beaverton, Or
...~3
155 Believue, Pa
2
308 Benton, 111
6
464 Benton, Ky
4
314 Blackweil 8, D., Tex
4
314 Bloomlngton Wis.
3
770 Bonduel, Wis
2H
309 Boone Co., Ky
3)4
763 Bomevtlle Co, 8. D. No. 1, Idaho 2)4
313 Booth 8. D. No. 14, 8. Dak
616 BrainerdS. D., Minn
3
308 Brazil School Town, Ind
—2%
Maturity
1941-1951
1943-1952
Name
page
Amount
Dr$34,000
50,000
15,000
43,000
10,000
7,000
20,000
£55.000
...
1940-1964
1939-1968
1940-1953
1942-1957
1940-1962
1944-1958
rl50,000
20,000
170,000
15,000
200,000
130,000
40,000
160,000
_
1942-1952
1940-1954
2H.
1942-1958
312 Bridgevllle 8. D., Pa
2%
1942-1961
465 Brockton, Mass....
1)4
1940-1949
314 Burlington, Wis
2
30,000
312 Butler, Pa
2
1940-1953
273,000
150 California (State of)--,
—2%
1940-1954
3,000,000
764 Cambridge, Mass.
1
1940-1944
50,000
312 Canton, N. C
-3)4-354 1941-1955 r95,000
151 Canyon Co. 8. D. No. 16, Idaho_.4
15,000
766 Cedar Bluffs, Neb
3)4
1944-1945
r7,500
618 Cedarvllle, Ohio..
3
.1940-1949
3,500
156 Bremerton, Wash
-
.....
312 Brentwood 8. D., Pa,...
Chronicle
Basis
Name
152 Maiden. Mass
101.21
100
1.86
5.00
100
103.71
101.25
4.00
770 Marlnetta,
2.46
466 Marcelius Jwp. 8. D. 9, Mich
2.62
469 Marion Co. 8. D. 78, Ore
2.45
466 Marks,
156 Marlin,
768 Chagrin Falls
8. D., Ohio..—
(3issues)
190,000
1,525,100
36,000
58,000
36,750
99,000
55,000
35,000
2)4-2)4 1940-1972
1941-1957
Chelmsford, Mass.
*.
1 )4
1940-1949
Chisango I. 8, D., Minn. (2iss.)—3
1941-1968
310
765
i^-2)4
Mich.
—
768 Claiborne 8. D., Ohio.
—3
-3)4
4)4
-.5
3)4
-2)4
3
769 Clarion, Pa—•
614 Clark County, Ky.
468 Clayton,
763
N, C
Clinton, Iowa:
618 College Corner 8. D., Ohio
768
Coldwater, Ohio—
468
Conneaut,
313
Coraopolls,
614
Corbin, Ky
312
Coshocton, Ohio
-
Ohio.—.
■768 CoojCo. 8. D. No. 9, Ore
-
Pa
.
314 Covington 8, D., Va.—
311
Neb......
764 Crawford County, Iowa
Cozad,
617 Crete,
-
—
Neb—
3)4-3)4
2
3)4
-2)4
2)4
4)4
....2)4
—3
,
1941-1955
1945-1949
8,000
1940-1959
1941-1945
1943-1947
1941-1950
1940-1963
1940-1949
1949-1952
' 1940-1953
1940-1949
30,000
7,210
165,000
20,000
220,000
15,000
£150,000
186,000
rl24,000
22,980
1-20
—2)4
3
2)4
1940-1949
-
....
Ind—.1)4
......3
Dixon, Mo
4
Dolton, 111..
—4)4
Douglas County, Wis
3)4
Dublin, Ga
-4
Dubois, Pa
—.2
614 Delaware County,
310
308
770
463
313
308
470
155
466
467
614
767
308
619
613
55,000
115,000
4,000
Baton
Parish S,
Rouge
No. 68, La
—
East Brunswick Twp., N. J
1941-1948
100,000
1952-1956
1946-1950
r39,000
50,000
*
1940-1959
1939-1955
D.
.3)4-3)4
2.31
464
2.22
767 Massena, N. Y
764 Medford, Mass
4
2.07
0.88
—3)4
East St. Louis, 111...
-3
Ector County, Texas
3)4
Erath Co. 8. D., Tex. (2 Issues)— ...
Export 8. D., Pa
.3)4
Fairfax, Minn......
3
Fanwood, N. J
'.—
2
Farmersburg, Iowa
-—3)4
Finiey, N. Dak.——4
Forest, 111
—4
Forest Hills, Pa
2)4
Fort Collins, Colo...
2)4
1940-1969
........
........
620 Mineola, Texas (3 issues)........ ..
616 Mississippi (State of)
2)4-3
3.38
100
3.00
762 Monroe County, Ark
4
616 Monroe Port Commission, Mich..3)4
2.36
766
100.41
2.46
1.29
.
1939-1948
£-20
3
2)4-3)4
618
617
765
614
614
466
.—3)4
....3)4
— .
-
18,000
...
..
........
5,000
15,000
........
3)4
-
617 Hayti,
— .
:
-.4)4
Mo...
.'
.
Hollywood, Fla
.....—
3)4
2-3)4 1940-1953
.3-3)4,1940-1949
1—1)4
1941-1942,
Independent Twp. 8. D.,N. J....3)4
.2)4
1940-1959
1939-1963
465
153
613
309
464
152
465
768
613
150
2.16
100"
4.50
....
101.63
2.82
2.48
102
2.85*
2.12
100.26
100
3.00
1.17
100.70
113.33
100.68
1.92
/
823,000
10,000
85,000
20,000
100.90
100
105.95
105.95
90,000
r23,000
....
2.73
175,000
£34,000
103.59
100
100.05
£40,000
100
2.16
2.25
'
5)4
2)4
1940-1958
1940-1949
135,000
250,000
(2 issues)
...4
1940-1949
Jefferson Co., Ala...... —.3
1945-1951
Jerseyvllle, 111...
.'——...4
1940-1958
Kansas City, Mo
2)4-2)41941-1975
Kenosha Co., Wis..
2)4-31940-1949
Lafayette, La
4)4
1940-1964
La Faurche D. D. No. 2, La
4)4-51942-1959
Lakewood Twp., N. J
4)4
1950-1952
Larimer Co. 8. D. No. 5, Colo
2)4
1942-1956
Lawrenceburg, Ky
2)4
1940-1954
Lee Co., Iowa
-j
2
1946-1948
Leitchfield,
Ky
-4
1940-1962
Lewis County, Ky
3)4
1940-1958
17,000
3.14
1.50
100.67
—
2)4
4
41,000
50,000
825,000
500,000
r59,635
30.000
r215,000
rl48,000
40,000
56,000
1940-1955
2.12
100.14
100.06
100.05
100.03
:
100.17
100.15
101.56
»
£75,000
875,000
40,000
20,000
80,000
31,000
30,000
50,000
614 Sutherland,
614 Sutherland,
465 Thibodaux,
615 Thibodaux.
....
465
Lynn, Mass
2
1940-1969
465
Lynn, Mass.—
McKeesport S. D., Pa
1)4
1940-1944
50,000
100.21
2)4
2
Maben Line Con. 8. D., Miss
5)4
Macon Sep. 8. D., Miss
3)4
Madison County, Ind.......—1)4
Mahoning County, Ohio..
2
1941-1962
1939-1953
700,000
38,500
18,000
10,000
10,000
100,000
101.71
100
100
2.09
2.00
100.42
U8
154
...
1940-1945
1939-1940
2.88
....
4.00
100.13
2.18
100
100.30
100.80
1.49
3.01
"
2.20
3.08
....
1.59'
100.79
1.91
23,000
£8,000
20,000
100.50
100.15
100.39
49,000
15,000
"
3.98
1.89
—
100.01
100.06
100.03
3.38
....
4.99
30,000
100
1.37
91.65
100
4.00
.
100.50
3.69
r7,221
100.18
4.48
ll,OO0
100.09
2.48
15,000
100
5.50
53,213
113.46
40,000
85,000
103,000
5,000
2,800,000
120,000
65,000
110,000
........
1940-1958
15 yrs.
.......
....
101.14
101.38
1.77.
1.86
100.26
101.45
95
1.85
....
—....
....»—
40,000
1940-1942
1944
1941-1950
5-10 yrs.
1941-1950
5,000
26,000
100.10
....
35,000
100.42
100.57
£25,000
100.40
50,000
101.21
3.91
2.30
1,300,000
100.18
100.63
102.56
2.23
2.11
1.82
214,000
102.87
3.68
•
160,000
137,000
£50,000
1939-1958
1.41
2.91
4
6.50
460,000
•.
£650,000
1955-1964
1941-1958
54,500
97.30
101.04
4.33
4.62
55,000
5,000
179,000
r21,000'
20,000
:..
1940-1958
....
1939-1958
20 yrs.
1945-1954
1941-1959
1942-1968
1943-1960
1943-1952
1940-1960
1939-1958
1941-1968
1940-1958
50,000
,
33,000
252,000
150,000
....
....
......
100.01
"•
.
100.25
100
82
102.20
100.11
2.45
.....
2.00
_J__
2.04
4.24
100.16
90,000,102.35
35,000 .*
100,000 ' 100.25
165,000
2.99
2.52
1.72
rl07,000
10,500
528,000
£16.000
2.73
100.18
100.51
100.43
.—
....
2.52
32,000
1940-1949
26,290
106.78
1941-1959
22,000
102.61
3.74
1940-1953
22,000
100.54
2.17
40,000
100.09
1.23
6,000
:
£26,000
——
156,500
28,000
....'
100.15
1940-1963
1940-1949
10,000
2.50
100
100.11
20,000
....
3.50
-
....
15,000
1940-1968
1940-1968
r500,000
100.41
2.71
1,154,000
14,000
Verdigris Twp. S. D., Okla
Vermillion County, Ind.
N. J
Verona, N. J
Vlllisca, Iowa
464 Vincennes. Ind..
Verona,
1941-1966
£500,000
1947-1957
51,000
100
100.88
2)4
1940-1947
15,000
100.62
2
2)4
2)4
2)4
1940-1948
35,000
140,500
100.20
1.95
100.21
2.21
r83,000
3,000
rl8,500
rl0,500
100.21
2.21
101.69
2.63
100.52
2.44
r4.000
100.65
2.40
1940-1948
1940-1954
2)4
1956
1949
1945-1948
2)4
767 Vineland, N. J
1940-1949
1940-1944
75,000
100.16
14,000
100 50
1944-1951
r60,000
310 Virginia, Minn
1)4
312 Waldport, Ore
4
618 Wanaque, N. J
4H
614 Warsaw Sch. City, Ind..;
--.,2)4
616 Washington Co. S, D. 69, Minn.
(2 issues).
....
T.
2.35
1,500
2)4
,2H
309 Vincennes Twp., Ind
5.25
2.21
100.01
100
.2%
Ventura County, Calif.
309 Vincennes Twp., Ind
100.21
3.07
2.04
93,500
30,000
—.1)4
—2)4
2)4
—4
4)4-4)4
311 Union 8. D., Mo
3)4
107.45
103.31
100.38
2)4
618 Tucumcari, N. Mex.
3.58
....
3)4
151 Troy 8. D., Idaho
—-
3.00
_
100.72-
764 Taylor County, Iowa
767 Trenton, N. J
613
619
308
618
618
152
100
100
2.73
1.79
3.72
3.00
......
2.75
rl6,700,000
470 TImberlake Ind. 8. D. 2, 8. Dak
3.49
2.98
3.39
2.84
100
5,500
La
La
312 Ticonderoga, N. Y
3.07
102
101.07
3,500
2.48
—
....
100.002
100.58
2)4
—2)4
Iowa
Iowa
767 Trenton, N. J
100.11
103.08
100.04
100.23
100.79
104.52
101.30
102
101.25
100.16
3
4
2)4
620 Sun Prairie 8. D. 2, Wis.
2)4
4,500
150,000
619 Summit Twp. 8. D., Pa
617 Sunflower County, Minn—
2.68
Lynchburg. Ohio
49,000
,
4
1.98
101.44
106.21
48,193
1,750,000
1940-1948
1941-1959
1939-1943
1940-1959
1941-1958
1940-1949
1939-1945
1953
1940-1963
2.49
2.79
•
'
,
1)4
1.93
....
125,000
10 yrs.
1941-1960
616 Stoneham, Mass.:.——
464 Storm Lake,'Iowa
2.09
100.58'
1945-1954
150,000
1940-1954
125,000
1940-1949 *
14,000
1941-1951
1,500,000
1942-1966 r2,000,000
1941-1949
25,000
1940-1979 30,800,000
1939-1948
£41,000
1940-1959
480,700
1940-1950
20,000
"1-20 yrs.
r80,000
763 Springfield Twp. 8. D., Ind.:.—2)4
......
£50,000'
31,000
1939-1965
1941-1960
1941-1960
.3.19,;
....
100.87
.. —.—
-
......
20,000
9,000
rl8,000
85,000
180,000
1,500
1,500
138,650
2,000,000
,
—
100.26
100.11
6,000
1941-1955
1941-1974
—
1.87
1.93
100.64
198,000
——
_
2.39
2.63
40,000
£178,000
—
3
Roosevelt Co., Mont..
1-4
■
Rostraver Twp. S. D., Pa....—.2)4
Royal Oak Twp., Mich...
4
'1942-1963
Rutherford, N. J
2)4
1940-1960
St. Charles, Mo
..—....2.14 1943-1959
St. Louis, Mo
—2
1954-1958
763 St. Petersburg, Fla
4
153 Saline Co. MO—.—— —
—4 ■
307 Sglt River Project Agric. & Impt.
Dist., Ariz
A
767 Sampson Co., N.C
..........4)4
764 Sanborn Ind. 8. D., Iowa
—3
466 Sandstone, Minn..
463 San Diego Co., Calif...
2-2)4
617 Sardis 8. D., Miss.
—4
310 Sauk Centre, Minn......
1)4
154 Scarsdale, N, Y.
—
2
465 Science Hill, Ky.....:...
...4
764 Scott Co., Iowa
-2)4
620 Seattle, Wash......_ —
..AH
612 Selma, Ala.....—
.3
313 Shaler Twp., Pa.
...—2)4
617 Shelby, Miss. (2 issues)-. —
—
464 Sioux City, Iowa..
1)4'
620 Sonora Ind. 8. D., Texas..
.3)4
313Bouth Langhorne, Pa
2)4
310 South St. Paul, Minn....
2)4^-2)4
466 Spaulding, Nebw
—4
314 Spencer, Va.
4
614 Spencer County, Ind
.3)4
470 Springfield, Tenn—.i
4
......
Lucas County, Iowa
310
310
617
....
618
763
616
4.00
614
310
153
2.43
100.57
101.08
McPherson, Kan
153
308
618 Rocky River, Ohio...
4.00
18,000
2,500
1941-1945
1941-1952
467
'
68,000
,.
2)4
615
153
769
469
463
766
2.27
37,000
5,000.000
67,000
175,000
51,000
1950-1961
22 yrs.
1941-1960
25 yrs.
1940-1958 '
7,000
59,000
'33,000
—,--5)4
.—.—.6
—3)4
Port of New York Authority, N. Y.3)4
Prince Georges Co., Md
l—2
Princeton 8. D,, N. J
—2
Polk Co. 8. D. No. 21, Ore
3
Providence, R. I. (2 issues)..
2
Pueblo Co. Jr. College Dist., Cdlo.3)4
Raytown 8. D., Mo
.2%
Richland Co. H. 8. D, 77, 111
3%
Robinson, 111
-.3
Rochester, Minn
2
Rock Island 8. D. No. 41, 111
1)4
2.01
100.15
100.54
100.05
3.47
4.45
100.20
75,000' 100.22
59,000
615 Ponchatouia„La
469 Portland, Ore
768 Port Clinton, Ohio
1.94
42,500
291,000
10 yrs.
1942-1944
1940-1958
1949
613 Pocateiio, Idaho
2.10
100.40
100.53
100.57
102.37
r755,000
240,000
617 Phillips Co. 8. D. No. 2, Mont...4
462 Phoenix, Ariz.........
3)4
762 Pinal Co. S. D. No. 21, Ariz
3)4
765 Pleasant Ridge, Mich
4)4
467
101.29
100
1,000,000
r3,775,000
644
4.50
3.67
75,000
1940-1964
313
100.16
100
101.18
35,000
1940-1944
151
1940-1963
1940-1950
1939-1948
1948-1950
1939-1953
313
*
.....
......
71,250
1-2)4
-
—
....
......
9,000
766 Perth Amboy, N. J. (4 issues)..4-4)4
613 Pensacola, Fla—
„
3.39
4.61
95.25
14,000
3)4
307 Los Angeles County, Calif
3
462 Los Angeles County. Calif
3)4
462 Los Angeles Co., Calif. (2 issues)-.4
464 Louisa County, Iowa....
2)4
150 Louisville 8. D., Colo...
3)4
614
1
3.36
2.90
100.07 '
r9,000
r93,000
rl54,000
769 North East, Pa
r
3)4
466 North Platte, S, D., Neb—2)4-3
613 Norwalk, Conn.......
2
1940-1959
469 Nyssa, Ore
4
1940-1958
156 Oakesdale, Wash..
4
1940-1953
764 Osceola S. D., Iowa....
2
1940-1945
154 Oxford, Ohio (2 Lssues)....'
3)4-4
1940-1962
150 Oxnard Harbor Dist., Calif.—3)4-3)4
1943-1977
464 Page Co., Iowa..
:2)4
1941
614 Paragon, Ind
—5
"1939-1948
614 Pearl City S. D., 111...---.
3)4
1940-1957
....
100.80
35,000
186,000
—
.350
101.57
100.14
—
Liberty Twp. 8. D., Ohio
Little Rock, Ark..
Los Angeles County, Calif
463 New Meadows 8. D„ Ida
4
465 New Orleans, La
—.2-2)4
615 New Orleans, La
2)4-3)4
310 New Prague, Minn..
2)4
767 New York, N. X. (7 issues)..—3-3)4
617 Norfolk, Neb..
..—2)4
764 Northampton, Mass. (2 issues)...1)4
2.17
100.83
.
764 Jeanerette, La.
764
100 "
100.44
1)4'
—
614 Jackson Co., Iowa...
465 Jackson Parish Con. S.D., La
463 Jacksonville, Fla..
314
5,000
23,000
1939-1958,
1940-1958
1939-1942
—2)4
766 Irvington, N. J
763
100
3.00
'......—
" 30,000
' £22,000
7,500
11,500
614 Howard Co., Iowa......
153 Howell Co., Mo--462 Humboldt Co., Calif
617
766 New Jersey (State of)—.——.2)4
619 New Kensington, Pa
—2)4
463 New London, Conn.....
.1)4
353,000
309 Horse Cave, Ky...—.3)4
765 Houghton, Ml'ch
4
307
245,000
,
_.
311 Holbrook, Neb.....
766
3:36
2.72
10,000
102,000
2-2)4 1940-1959
2%
1940-1953
770 HiMsboro, Texas...
153 Holbrook, Neb...
615 Iberia Parish, La....._T
464, Ida Co., Iowa
.'
r6,000
....
-
-
466 Hibbing, Minn. (2 issues).
620 Hill Co., Texas —
613
,
....
,
1939-1958
1939-1957
.......-4)4
1955-1957
(2 Issues)...3)4
1942-1979
Hanover Twp. 8. D., Pa
4
1940-1942
Harlan, Iowa-..-..-.
2)4
1941-1953
Harmony Twp., N. Dak..
..4 ,1940-1944
Harrison, N. J..
2)4
1940-1965
Harrisville, Mich
J
A
1941-1960
Harrisburg, 111.....
3)4
1940-1958
Harrlsburg, 111.
:..5
1939-1948
Hartford, Mich
1939-1943
464 Hays 8. D., Kan...
......
101
100.13
....
—
2-20 yrs.
-4
Ohio..--
769 Mumford, Tenn.l
——
6
468 Nekorna, N. Dak
....—...
—
308 New Albany Sch. City, Ind
4
4.24
180,000
101.09
.316
200,000
100.12 J '
r50,000
13,500
......
25,000
100.81
3.39
35,000
25,000
100.60
1.89
£13,000
101
7,000 —
13,000
100
4.00
70,000
100.88
2.42
r65,000
100
2.50
r750,000
r303,000
20,000
100.12
*
23,000
£150,000 ' 100
4.00
£37,000
104
3.04
617 HaddonTwp., N. J:
155 Hamilton Co., Tenn.
763
100.12
—
100.139
100
105.58
100.18
2,000
1940-1949
1940-1951
768 Mount Vernon 8. D., Ohio——
....
619 Gilpin Twp. 8. D., Pa.
613 Glendale, Ariz
769
2.64
....
20,000
1939-1947
1948
....
....
620
768 Goshen Twp. 8. D.,
152 Guttenberg, Iowa
104.36
£22,500
.
.
3.19
1.99
2.75
100,000
1940-1959
1940-1964,
770 MoundsvUle, W. Va
—4
154 Mount Morris, N. Y......
3
—
.—
1947-1955
1940-1958
——
Franklin County, Ida
Galesville, Wis.—....—
769 Gallatin, Tenn
yrs.
1940-1958
156 Fort Worth Ind. 8. D., Tex....-3
156 Fort Worth Ind. 8. D„ Tex
101.05
Moorestown Twp. 8. D.y N. J— .2%
1.91
100.50
250,000
1940-1^59
766 Moorestown Twp,, N, J
3
764 Mount Angel, Ore
.—.,—•—3)4
•" 764 Mount Ayr, Iowa
— —
....
-
463
466 Montana (State of).........-—4
....
1942-1954
.....2
Basis
100.79
7,000
1956
616 Michigan (State of).....i.-.307 Middletown, Conn
.........2
613 Middletown, Del.
2
Price
$197,000
1940-1948
1940-1958
1940-1949
1940-1954
1942-1956
1939-1967
2.40
-.3
314 Memphis, Tenn
766 Memphis 8. D., Mo
467 Mercer County, N. J
Amount
1939-1960
2%
1.90
2
-
1.83
19,000'...
Minn—
Mason City 8. D., Iowa
2.64
1.39
.
70,000
rl25,000
3)4
Miss
5
Texas (2 Issues).
3)4
County, Fla...
...—4)4
County 8. D. 1, Ore
2%
101.60
8,000
1940-1949
Wis
100.29
101.13
100.59
100.90
101.13
105.01 "
100.37
100.10
37,000
—
765 East Chain Con. 8. D.,
467 East Rutherford, N. J
314
6,000
38,000
1940-1944
1-10 yrs.
Detroit Lakes, Minn
309 East
153
100,000
3,500
1945
1955-1956
-
Dayton, Ohio.
617 De Kalb County, Mo
153
yrs.
1943-1958
DanveraH. 8. D. 430,111...
618
13,000
6,390
1942-1955
1940-1968
1942-1964
1941-1950
1940-1944
1850-1951
769 Marion
„
2)4
770 Cudahy, Wis......——.
763 Dakota City, Iowa
614
1940-1967
—3#
2
2)4
3
2
613 Marion
-
466 Charlevoix,
Maturity
1939-1958
155 Manor 8. D., Pa...
615 Mansfield, Mass...
769 Mansfield 8. D„ Pa_...
2.95
100.58
Rale
.-2
Page
....
470 Charleston, W. Va.
Feb. u, 1939
Price
100.26
1940-1960
10,000
60,000
68,000
100
101.25
1.69
....
4.50
n...
....
Volume
Financial
148
Page
Nairn
Rale
Maturity
Amount
Price
312
Washington Pub. S. D., N. C
3X
1948
r$10,000
100.60
151
Washington Twp. 8ch. Twp., Ind AX
1940-1945
4,872
5,000
631.000
10,000
63,000
100,000
6,800
12,700
25,000
105,000
42,000
38,900
550,000
41,250
28,500
35,000
dl75,000
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN JANUARY
Basis
3.17
101.02
617 Webb City, Mo
467
618
312
312
3X
Weehawken Twp., N. J. (2 issues) 3«
Wells County, N. Dak
5
Wells Co. 8. D. 40, N. Dak_
4
Wellston, Ohio
3H
1940-1979
1940-1941
1940-1959
1940-1958
309 West Branch, Iowa
464 West Lafayette Sch.
2X
311
West New York,
1947-1948
5X
City, Ind
770 Westmoreland San. Dist., Wis
1940-1949
769
4X
West Orange. N. J
2X
West Union Village S. D„ Ohio.._3^
West Warwick, R. 1
2%
Wharton Ind. S. D., Tex
2-2X
Whiteland Twp. 8. D., Pa
2X
470
Williamson County, Tenn
154
619
469
470
N. J
—
1941-1969
1939-1958
1940-1954
1940-1948
AX
Ky__3
1945-1959
2X
1944-1959
0.75
1940
764 Winchester Pub. Sch. Corpk,
617 Wolfeboro, N. H___
464 Woodbury County,
1940-1954
1940-1964
Iowa
765 Wright 8. D. 35,
Minn..
464 Wyandotte Twp., Kan
163 Wykoff 8. D. 104, Minn..
153 Yellowstone Co. 8. D. 24,
.
—
1943-1969
1941-1948
101T5~
100
5.00
100
3*50
lbl~02"
2*12
__
2X-3
4
4
95
6.52
100
4.60
620
100.21
2.47
770
101.32
3.38
156 Richelieu,
100.20
3X
Basis
2.87
1.36
104.65
101.03
98.83
$16,000
3.38
3.37
4.10
2.73
100.19
2.63
100
2.50
Que
3
3X
4
99.15
99.28
3.50
101.06
3.90
*
,
0.66
100.33
January.$75,657,500
Temporary loan; not included in total for month
2.20
100.13
10,000
18 months rl,000,000
1949 <Z4,500,000
1-25 yrs.
67,000
___4
Manitoba (Province of)
New Brunswick (Province of)
Total long-term Canadian debentures sold in
100.125
News Items
Awards Offered by University in Field of Taxation
and Public Expenditures—Ten. graduate fellowships in
(312 municipalities,
issues)
$103,256,854
the field of taxation and
Amount
(Nov.).
Price
are
again being
$1,200 for single persons to $1,800 for married men.
Ap¬
plication forms may be had by writing to the Committee on
Selection, Department of Government Management, Uni¬
versity of Denver.
Applications must be received not later
than March 15, 1939, for the class beginning in September,
following items included in our totals for the previous
months, in 1938, should be eliminated from the same.
We
give the page number of the issue of our paper in which
reasons for these eliminations may be found.
1939.
Basis
10,000
'
r$110.000
(Dec.)..
464 Paxton, 111. (Dec.)
public expenditures
offered by the University of Denver under a grant from the
Alfred P. Sloan Foundation.
Yearly stipends range from
The
Maturity
Canada (Dominion of)
1941 20,000,000
*25,000,000
*30,000,000
7-20 yrs. 50,000,000
1-15 yrs.
19,000
20 yrs.
30,000
1939-1968
16,500
770 Charlotteville Twp., Ont
314 Granby,
Que
and during the earlier year and to mature in the later year.
k Not including $90,168,112 temporary loans or
funds obtained by States and
municipalities from agencies of the Federal Government,
r Refunding bohds.
rSSL
Rate
Price
100.50
99.75
Amount
1940-1945
IX
620 Grand Mere, Que..
314 Laretteville, Que
100.59
Mont__3M
Name
Maturity
3
of)
314 Canada (Dominion of)
314 Canada (Dominion of)
102.36
d Subject to call in
Page
Rate
Canada (Dominion
770
Total bond sales for January
covering 352 separate
Name
620
3.41
46,750
.3X
4
Page
156 Bowmanvllle, Ont
60,500
130,000
5,000
10,000
d315,000
15,000
155 Wormleysburg, Pa
911
Chronicle
766 Baker,
Mont.
763 Fairbury, 111.
Kentucky— Municipal Review Published—As a departure
from their customary procedure of„ periodically publishing
60,000
We have also learned of the following sales which
in various months in 1938 and were not previously
in
our
Amount
Maturity
1939-1948
Rate
..._2
...4}$
4
151 BartonvUle, 111. (Sept.)
3X
470 Bastrop, Texas...
4
152 Battle Creek S. D., Mich
IX
464 Bedford Sch. City, Ind
3
150 Belle Glade, Fla....
...4
613 Bingham Co. S. D. 9, Ida.i_._.3-3>$
466 Bloomfield, N. J
._3M
155 Brownsville, Tenn...
3X
614 Bulter, County, Kan
--2X
154 Caledonia 8. D. 5, N. Y_._.
IX
155 Chattanooga, Tenn. (4issues) 3M-4
309 Chestertown,
Md
-..-*._3
Name
(Nov.)...
309 Abilene, Kan.
1939-1948
16,000
61,000
1939-1957
1940-1954
d32,000
79,000
1940-1941
100.32
100.07
100.25
3.95
30,000
101.78
2,500
100.07
30,000
500,000
25,000
10,000
1,850,000
100.87
1940-1958
.
—
Fayette Co. H. 8. Corp., Ky
151
Floyd County, Iowa
151
1940-1958
1941-1956
Y........
1941-1948
10,000
4
4
Humboldt,
313
765
152
1
Ohio.......—
Mich
—
464 Palco,
Pine Grove 8, D., Ga
Ripley,
Ripley,
Tenn..'.
156
Ripon,
.-..-6
r—3X
J__j.
Tenn
156
3X-3X
-2X
Wis
765
Rochester, Mich.
151
(Nov.)
St. Charles, Ida
613
San Gabriel, Calif.
464
100.96
1.84
(Nov.)
Shawnee County, Kan..,
100
Nebraska—Municipal Data Prepared—Statistical informa¬
subdivisions is presented in a
prepared by the Wachob-Bender Corp. of Omaha.
Statements of assessed valuations, bonded debts and lqvies
as of Jan. 1, 1939, of each municipality and school district
is listed in the county in which it is located.
,
«
4*66
100
3.75
101.84
2.77
,
1939-1953
20,000
100.21
2.22
22,000
100.37
2.18
85,000
100*"*
3*25
12,500
103..10
2.73
42,000
19,000
101.20
2.34
101
2.90
1940-1944
42,900
100.17
2.45
30,000
130,000
2,750
100.68
3.38
3,500
100.21
3.17
135,000,
101.11
3.41"
145,760
100
2.40
200,000
40,000
105.77
1.86
1941-1949
100.05
1.89
12,000
100.25
1942-1964
1942-1943
100
...AX
6
3X
IX
3X
3
21,000
6,000
100.16
100
102*44*
20,000
1939-1958
1939-1948
1940-1963
1940-1955
1939-1958
1941-1958
13,326
4;000
10,000
l"02"52"
3*49
16,000
100
6.00
110,000
100.02
137,500
100.40
2.43
of any
,
provided said city has a population as shown by the last Federal census
next proceeding said investment of not less than 30 000 inhabitants and was
incorporated as a city at least 25 years prior to the making of said invest¬
ment, and has not, within 25 years preceding said investment, defaulted for
more than 120 days in the payment of any part either of principal or interest
of any bond, note, or other evidence of indebtedness.
Provided, further,
that obligations issued by a city having a population of less than 45,000
inhabitants as shown by said census or by a school district or county shall
not be an authorized investment for the moneys of savings banks unless
the city, school district or county has power to levy taxes ,on the taxable
101.12
48,000
1939-1948
98.12
200,000
3.68
3.64
real property therein
of rate or amount.
for the payment of such obligations without
above-men¬
imposed by
particular sub-section had been enacted in 1938.
That
100
6.00
230,000
100
3.50
15,000
100.15
that
30,000
100.11
is not the case,
5,000
100.11
18,000
101.34
20,000
100
4.50
1,050,000
-. — —
since municipalities in that category wera not
308
Spring Garden Twp., 111. (May)..4X
155
Toledo City 8. D., Ohio.
3X
1943-1962
308
Tolono S. D. 59, 111. (Oct.)
.2-2X
...2X
616 Warren Twp. 8. D. 7, Mich. (Oct.)3H
619 Washington Co. 8, D. 29, Ore
3X
314 Washington Toll Bridge Author¬
ity, Wash.,
.4
1940-1949
1954-1969
1940-1944
1943-1947
<150,000
<1175,000
100.50
2.39
100.27
2.47
40,000
100.59
3.27
2,500
103.53
2.70
30 yrs.
<15,500,000
1940-1965
100,000
1939-1943
1941-1958
17.000
100
4.00
tained in
25,000
100
5.00
Morris S. Tremaine of New
1940-1958
34.000
100.03
4.99
619 Silverton, Ore.....
151
.2X
Spencer Sch. Town, Ind.
Ida.
Wallace,
156
Warren County, Va
616
Waterford Twp., Mich. (Sept.)—5
466
United States—Senate Committee
4
T.S
769
Wickiup W. D., Ore
766
Webster Groves San. 8.
5
of
the result would-be a net loss of revenue to the various
governments, according to Professor Harley L. Lutz,
Princeton University.
The Professor's findings, con¬
1938.
These
(not including
total sales
temporary
loans) for that month $141,241,610.
or
RFC and PWA
a
241-page survey, were
presented by Comptroller
York State to a special Senate
committee on Feb. 7.
The
otherwise indicated) are for
additional issues will make the
All of the above sales (unless
December,
Hears Protests Against
Exempt Securities—If the proposal to tax the
income from State and municipal bonds is enacted by Con¬
Elimination of
local
D., Sub.
Dist. 17. Mo. (Aug.)..
unless their obliga¬
gress
92
Waterford & Independence Twps.
S. D. 9, Mich
eligible investments prior to that time
tions were in the unlimited tax class.
12.000
i_
(Nov.)
151
limitation
Contrary to our purpose, it appeared in the
tioned article on the subject that the limitations
24,500
1939-1971
1940-1954
1955-1957
1939-1957
1941-1950
619 Silverton, Ore
Regarding
Obligations excluding however non-negotiable warrants of any city
school district or county coterminous with or which includes such
situated in any other of the States of the United States the obligations
of which State are an authorized investment for the moneys of savings banks
4.00
18,000
8,395
>
(b)
or
1.97
33,000
York
city
3*75
1939-1959
1941-1946
State—Correction
Unlimited Tax
Provision on Municipal Bonds as Legal Investments—It has
been brought to our attention that in an article appearing
in the Dec. 31 issue of the "Chronicle," on page 4082, dealing
with the' Change in the State Banking Law which went into
effect on Jan. 1, 1939, in regard to eligible investments for
savings banks and trust funds, a false, construction could be
placed on the wording of a sentence in the.second paragraph,
In referring to a sub-section of Division 5 of the Banking Law,
we had reference to sub-Section (b), which reads as follows:
New
1940-1950
1940-1946
'
of Dillon Read & Co., author of several books on
tion of Nebraska municipal
7,000"
1943-1947
."
Fowler Jr.,
his latest being "Revenue Bonds," will discuss the general subject.
John Dawson of Thomson, Wood & Hoffman, Esqs., well known
booklet
101.19
1939-1958
.
156
3.61
1940-1956
_.
—.—
Iowa
—..
614 Porter County, Ind., (Aug.) — ...4
"153 Ramsey Co. 8. D.* 18, Minn.
4. ,
Polk County,
618 RarltanTwp., N,
3.32
102.42*
1939-1958
3
Ind.—......3X
Kan
PatokaSch. Twp.,
151
101.98
1940-1958
4
Fla
151
152
<111,900
__
3X
3X
—..._3J4
Missoula County, Mont..'
...2.40
Monroe County, Wis.....j.
2X
Moscow, Ida
.........—2-4 X
Montgomery, Pa...
...—4
Moose Lake, Minn
3X
Nevada, Iowa.........——..t-2"
463 Palatka,
4.25
1940-1958
3
"768.Lawrence Twp. 8. D.,Ohio..
464 McHenry Co., 111". (Sept.)..
155 Malheur Co. 8: D. 18, Ore
Menominee,
100
1940-1964
<
Lansing Twp. S..D. 3, Mich——2X
151
20 yrs.
F.
municipal law firm, willjpresent the legal aspects concerning sucl? issues.
The third speaker, Mr. Laveine R. Ayers, Vice-President of B. J. Van
Ingen & Co., Inc., will confine his remarks to a specific issue of revenue
bonds on which he is very familiar.
2.52
12,000
Jefferson Twp.,
154 Manchester,
Mr.
102.60
<143,000
1943-1949
John
finance
1940-1959
....——3
765
153
1941-1964
1941-1963
1940-1950
Tenn
Pa
12:15 p. m.
"
4.00
25,000
308
314
12,900
18,000
D., Ohio (Sept.)
Ind. (Aug.)
2X
Lakeland Sch. Town, Ind. (Nov.).3
153
42,000
<1302,000
1941-1963
3X
Greenwich, Ohio (Nov.).
AX
Halls, Tenn
.
4
Harcourt, Iowa (Oct.)
3
Hastings S.D.,N.Dak.(Nov.) 2X-3X
Hensley Twp., Ind
2X„
Hensley Twp., Ind.
2X
619 Jefferson,
464
84,000
Glasgow, Mont
768 Hiram 8.
314
1943-1949
3X
-2
3X
151 Frankfort, III. (July)
151
12,000
220,000
7,500
127,500
1941-1962
,
Municipal Forum to Discuss Revenue Bonds—A
general discussion on revenue bonds will take place at the
next luncheon meeting of the Municipal Forum of New York
to be held at the Lawyers Club, Thursday, Feb. 16, at
352,960
1941-1952
Texas.
769 Fox Chapel Authority, Pa.
764
1939-1942
100
on
130,000
Falls County,
152
469
1939-1943
(Jan. 1938)....4
Dayton, Ohio (Nov.).
...3
Dougherty Con. 8. D. 2, Okla.— ..
Dover 8. D., Ohio (Nov.)
2%
Earlville, 111. (June).;
—AX.
Effingham S. D., Ill (Aug.).....3^
in the pamphlet.
(The official advertisement of the publication of this pamphlet appears
page II of this issue.)
1.74
263,000
bond accounts at the close of business Jan. 1, 1939,
also appears
2.14
19,800
Dakota Co., Neb.
470
768
revenue
4*45
140,000
20,000
1940-1948
470
95.02
1939-1948
1940-1949
Fort Covington, N.
100
1940-1944
1942-1959
4
766
103.36
3*50
Cleveland, Ohio..
311
3.27
1*25
3.64
Concord Twp. S. D., Ohio (Aug.).3
766 Cumberland Co., N. J. (June)
4
308
100
100
Clarksville Civil Town, Ind.
308
4.00
100.31
100.77
768
768
102.008
144,000
1939-1962
618
312
100
15,000
464
768
pamphlet entitled "Kentucky Municipal Securities,"
bid and asked prices of various revenue and
"holding company" bonds, and for the first time have in¬
cluded a Kentucky municipal bond review-for the year.
An
illuminating statement showing the status of Kentucky bridge
a
the approximate
81,700
28,000
1939-1946
1943-1962
3 H J/1945-1949
3 X-
-
in
Basis
26,500
Alameda, Ida
614 Angle S. D„ La. (Aug.)
768 Clackamas Co. 8. D. 64, Ore
Price
$35,000
151
quotation sheets, the Bankers Bond Co., Inc., Ken¬
tucky Home Life Bldg., Louisville, have listed in addition
to February quotations of State and municipal obligations
tables:
Page
311
bond
occurred
recorded
New York
Comptroller was the first witness to appear
before the
special Senate committee on tax exempt securities in opposition to the
Administration's proposal for enactment of a statute prohibiting future
issues of Federal, State and local government tax exempts.
Mr. Tremaine told the committee that enactment of the proposal to tax
future State bonds would be a serious financial burden.
912
Financial
Chronicle
Feb. 11,
1939
"No
proposal In modern times has been so fraught with danger to the
American fiscal system or to the fundamental American principal of de¬
centralized powers.
Certainly, no legislator either State of Federal, who
can truly claim to represent the constituents who elected him can
possibly
ARKANSAS
W
favor a statute of such serious consequence," Mr. Tremaine said.
Mayor Fiorello H. La Guardia of New York advocated overhauling of the
country's entire tax system.
"We should combine and pool our collections with proportionate refunds
where duplication exists," he said.
La Guardia said that New York City is preparing
and "such a tax will hit us right between the eyes."
Professor
Lutz
estimates
that
Federal
taxation
for
of
a
compared to $1,773,278 in December and $2,019,380 in January, 1938.
Sales tax collections at $519,335 represented a record high and Commis¬
sioner Z. M. McCarroll said the increase reflected Christmas sales and
and
local
procedure.
Gross income for credit to highway fund
totaled $1,251,274 and included motor vehicle license at $375,089 and gaso¬
line tax at $876,184.
Gross income in January, 1938, totaled $1,241,702
and included motor vehicle license at
se¬
and bridge tolls at $42,418.
Legislature.
curities
would cost the States and municipalities a minimum of $113,000,000 annually in increased interest (assuming the entire local debt were
issued as taxable).
The Federal revenue from such taxes is estimated at an
average of $95,000,000, Mr. Lutz adds.
"If taxation of securities
STATE FISCAL PLAN APPROVED
now
$17,000,000 from that
of
source as
debt is
$113,000,000, then reciprocity would cost the States
$96,000,000.
a
securities, the total apparent Federal gain would be $204,000,000.
But
offset against this would be a Federal loss of $157,000,000 in added interest
cost due to Federal taxation of Federal
interest, plus a Federal loss of $30,000,000 due to State tax on Federal interest, a total Federal loss of $187,000,000 wiping out nearly all the total apparent gain of $204,000,000."
Taxes Found Lower Here Than Abroad—It
.
Feb. 6 in
was
72 to
revealed
on
pamphlet published on that date, that American
taxes take a smaller proportion of the average man's income
than the levies imposed in the larger European
countries,
even though taxes in this
country are much higher than was
the case just a few years back!
These findings were brought
out by the Public Affairs Committee, 8 West 40th
St.,
N. Y. City.
a
The
Pamphlet, "Our Taxes—and What They Buy," by Maxwell 8.
Stewart, is based on studies by the Twentieth Century Fund, the National
the Tax Policy League, and other research
14.
"Under the proposal $4,000,000 would be appropriated for the purchase
The bonds could be used as collateral for bank loans, the bor¬
of bonds.
net loss
"The Federal Government would not fare much better.
If it should
derive the averaged figure of $95,000,000 from the taxation of State in¬
terest, and also gain $109,000,000 by removing the exemption of Federal
.
rowed money then to be invested in additional bonds."
The above bill is expected to pass the Arkansas Senate next week,
it becomes
law, we believe the market should react
a
INDEPENDENCE COUNTY (P. O.
$13,000,000,000
were collected during the fiscal year 1937-38 in Federal
This total, however, was less than 20% of America's national
income in those years.
In contrast, England collected a full 20%, France
25%, and Germany 33% of their respective national incomes.
After stating that Federal taxation has increased
by at least 10-fold since
1900, the pamphlet shows in some detail where this additional money has
'ederal and local, it points out that "before the
fone. As illustrations of the new load assumedday of the motor car,
by the Government,
comparatively little was spent in building and maintaining highways.
Today it is one of our major expenses.
Education also costs much more
than in earlier years
Unemployment has become a great na¬
tional problem only within the last 10 years."
,
Bond
,
.
.
Proposals and Negotiations
ALABAMA
HOMEWOOD, Ala.—BOND TENDERS INVITED—It is announced
by the First National Bank of Birmingham, as sinking fund agent and
depositary of the city, that the city has directed it to notify holders of
improvement refunding 3%-5%, second series bonds, dated Jan. 1, 1938,
dup Jan. 1, 1968, that the city will receive sealed tenders of said bonds at
the above bank until March 9 at noon, and will at such time
purchase
sufficient bonds of said series to exhaust a sinking fund deposit of $10,000.
JEFFERSON COUNTY
(P.
O.
Birmingham), Ala.—ADDITIONAL
INFORMATION—In connection with the sale of the $41,000 3% school
warrants to King, Mohr & Co. of Montgomery, at a price of 100.14, as
noted here on Jan. 14—Y. 148, p. 307—the foliowing details have now been
received: Dated Feb. 1, 1939.
Denom. $1,000.
Due Feb. 1 as follows:
$2,000 in 1945. $5,000 in 1946 to 1948, $4,000 in 1949 and 1950 and $16,000
in 1951.
Prin. and int. (F-A) payable at the office of the Custodian of
School Moneys or at the Chemical Bank & Trust Co., New York.
Legality
to be
approved by Storey, Thorndike, Palmer & Dodge of Boston. • ,
CITY, Ala.—BOND TENDERS INVITED—It is stated by
.
PHENIX
J, S.,Bird, City Clerk, that the city has
which
to
retire
tenders until
bonds
noon
on
on hand the sum of $7,500 with
of the issues described as follows and will
accept
Feb. 28 from the holders of $15,000 4y2 % refunding
to match a Works
sufficient number of said bonds offered at the
lowest price to exhaust funds
hand for this purpose, and in determining the lowest tender or
on
no
tenders,
account shall be
taken of the interest requirements or rates of interest
payable, but such determination of the lowest tender shall be based solely
upon the price at which said bonds are tendered.
Mr. Bird also announces that the city has the sum of
$4,000 in a special
sinking1 fund for that purpose derived from the levy and collection of the
special 5-mill tax authorized by law for said purpose, for the retirement of
bonds hereinafter described, and the city will receive tenders until March
10,
at noon,, by the holders of the following bonds:
Refunding public improve¬
ment 5% J-J series A, B, C, D, E, G and 7, dated Jan.
1, 1936, numbered
from 1 to 399, due and, payable on Jan.
1, 1956; Alabama-Girard 5% re¬
funding bonds dated Dec. 1, 1935, due and payable on Dec. 1, 1955.
The
Progress Administration grant.
ROCK, Ark.—BOND SALE—It is stated by Mayor R. E.
Overman that the $27,000 4% semiannual sewer bonds offered for sale
on Feb. 1—V. 148, p. 762—were purchased by Cherry, Villareal & Co. of
Little Rock, paying a price of 103.51.
Due in 1965 and 1966.
MADISON COUNTY
(P. O. Huntsville), Ark.—MATURITY—It is
reported by the County Clerk that the $50,000 4% semi-annual court
at par by the Public Works Administration, as noted
here—Y. 148, p. 762—are due on Dec. 1 as follows: $1,000, 1941 to 1950;
$2,000, 1951 to 1964, and $3,000, 1965 to 1968.
now
house bonds purchased
NEWPORT LEVEE DISTRICT (P. O. Newport), Ark.—BONDS SOLD
—It is reported that $65,000 6% semi-annual right-of-way bonds were
purchased by a local investor.
'
.
CALIFORNIA
CALIFORNIA, State of—WARRANTS OFFERED—Bids were received
11:30 a. m. on Feb. 10 by Harry B. Rliey, State Controller, for the
purchase of a $3,595,884 issue of registered general fund warrants, proceeds
until
of which will
be used to
replenish the revolving funds from which
State
feneral fund isexpenses are paid. The issue will be dated and30. War¬
delivered
'eb. 15 and
expected to be called for retirement about Aug.
rants
outstanding prior to this offering will total $53,083,151.
OTHER
WARRANTS OFFERED—We
also
are
informed
by the
said
State Comptroller that he offered for sale at 11:30 a. m. on Feb. 9, a $3,000,000 issue of registered unemployment relief warrants.
Dated Feb. 11,
1939.
Due on or about Aug. 30, 1939,
,
ORANGE COUNTY WATER WORKS DISTRICT NO. 6
Santa Ana), Calif.—BONDS SOLD—It is reported by B. J.
County Clerk, that a $5,700 issue of 6% semi-annual water works
bonds was offered on Feb. 7 and was purchased by G. W. Bond &
Santa
Ana, the only bid received.
SAN DIEGO COUNTY
—It
is
(P. O.
Smith,
system
Son of
.
(P. O. San Diego), Calif.—BOND OFFERING
20 by the County
Due in 1947
reported that bids will be received until Feb.
Clerk for the purchase of a $200,000 issue of county bonds.
and 1948.
\ »..■
v \
'■ *
,
SAN
FRANCISCO,
Calif—REPORT
GOLDEN GATE BRIDGE
cisco-Oakland
ON
OAKLAND
BAY
AND
TRAFFIC—From the opening of the San Fran¬
Bay Bridge in November, 1936, up to Jan. 1, 1939, a total
of 19,061,189 vehicles crossed the span, paying $10,301,451 in tolls, reports
the current "Business
Outlook" of the Wells Fargo Bank, San Francisco.
Revenue in 1938 of $4,528,253 was 7.5% below that of 1937.
On Jan. 15,
1939, interurban electric train service was inaugurated, on regular schedules
between San Francisco and East^Bay points, superseding the commuters'ferry service.
It is estimated that 25,000 to 30,000 commuters will use the
bridge twice each working day, saving an average of 15 minutes per trip
over ferry boat time.
On the Golden Gate Bridge, connecting San Fran¬
cisco with the north coast country, automotive traffic since its opening in
May, 1937, aggregated 5,982,537 vehicles, paying $2,870,786 in fares.
SAN FRANCISCO
(City and County), Calif.—BOND SALE—The
$650,000 issue of registered airport bonds offered for sale on Feb. 6—
V. 148, p. 762—was awarded to a syndicate composed of Lehman Bros.,
Phelps, Fenn & Co., both of New York, and Sargent, Taylor & Co. or
San Francisco, as 1.70s, paying a price of 100.29, a basis of about 1.65%.
Dated Jan. 1, 1938.' Due $65,000 from 1940 to 1949 incl.
CONNECTICUT
NEW BRITAIN,
Conn.—PLANS BOND ISSUES—The city is seeking
authority from the State General Assembly to issue $200,000 sewer; $250,000 street paving; $100,000 street widening; $60,000 tuberculosis rest home;
$150,000 street extension, and $275,000 police and fire headquarters bonds.
FLORIDA
BONDS
Clyde C. Pierce Corporation
tenders must be less than the call price of said bonds.
Mr. Bird also announces that he will receive sealed tenders until
10 at noon for the sale to the city of series 7 refunding
Barnett National Bank
March
public improvement
JACKSONVILLE-
-
First
National
Bank
Building
-
Branch Office:
5% bonds dated Jan. 1, 1936, due and payable Jan. 1, 1956 at the Central
Hanover Bank & Trust Co., in New York
City.
Bonds of said issue in
sufficient amount to retire $2,000 principal amount of series
7 of said bonds
of said date.
The tenders shall be delivered to the
City Clerk in person or
shall be mailed to him and shall not be
opened until 30 days from publica¬
tion, at which time the holders of bonds offering them at lowest tender to
the city will be accepted in sufficient amounts to retire
bonds in this par¬
ticular series of bonds above mentioned.
Batesville), Ark.—BOND ELEC¬
LITTLE
bonds, dated July 1, 1935; $125,000 5% water works bonds, dated Nov. 1,
1925, maturing on Nov. 1, 1955, and the holders of $180,000 4M% water
works refunding bonds, dated July 1, 1935,
maturing on July 1, 1955 (which
tenders shall be at less than par).
From said tenders the city shall purchase
a
and if
favorably.
TION—It is reported that an election will be held on March 14 in order to
on the proposed issuance of $40,000 in court house construction bonds
organizations.
local taxes.
very
vote
Industrial Conference Board,
The United States leads the world in the size of its tax bill—more than
BY HOUSE—The following news
"Action on Governor Carl E. Bailey's legislative program in the House
virtually was completed today by passage of a bill providing for investment
of a portion of the State's cash balances in Arkansas bonds.
The cash balance investment measure was described in debate as a plan
Which the administration hoped would lead to early refinancing of the
$142,000,000 highway bond debt at lower interest rates.
The bill passed
against their loss of $113,000,000.
"State taxation of Federal interest, would cost the Federal Government
$30,000,000 annually in higher interest costs as compared with a yield to
the States of $17,000,000 from that source.
"Furthermore, if the net gain to the States from a tax on Federal interest
is $17,000,000, and if the loss to the States from higher interest on their
own
$372,461, gasoline tax at $826,803
were lifted by a 1938 Act of the
Bridge tolls
item, taken from the St. Louis "Globe-Democrat" of Feb. 2, was sent to us
by the Scherck, Richter Co. of St. Louis:
exempt were made reciprocal," the Professor
says, "so that the States could tax interest on Federal securities, the con¬
clusion is reached that the States could not collect, on the 1937 basis, more
than
more
efficient collection
big bond issue,
State
ARKANSAS, State of—REVENUES SHOW RECENT INCREASE—
Department of Revenue reports January collections at $2,142,984,
The State
Building
-
S.
T.
FLORIDA
-
TAMPA
V
Pierce, Resident
Manager
FLORIDA
FLORIDA,
State
TENDERS RECEIVED—In connection
of—BOND
with the call for tenders of sealed offerings of matured or unmatured original
refunding road and bridge or highway bonds, time warrants, certifi¬
cates of indebtedness, and (or) negotiable notes of various counties and
special road and bridge districts, noted in our issue of Jan. 21, it is reported
by W. V. Knott, State Treasurer, that bonds were offered by 19 parties.
or
ARIZONA BONDS
MARION
ST.
T.
PHOENIX, ARIZONA
O.
Ocala),
Fla.—BONDS OFFERED
L.
PETERSBURG, Fla.—PWA LOAN CANCELED—It is stated by
Crossland,
Director of Finance,
that the sale of the $214,000
gas
plant revenue certificates to H. C. Speer & Sons Co., and A. C. Allyn 9c
Co., both of Chicago, jointly, as 4s, at 102.827, a basis of about 3.68%,
as reported in our issue of Feb. 4—V. 148, p. 763—cancels the loan in that
amount approved by the Public Works Administration in September.
ARIZONA
Other bids received for the said certificates
are
now
informed
by M. M. Smith, City Clerk, that the $18,000 sewer improvement bonds
purchased by Refsnes, Ely, Beck & Co. of Phoenix, as 3Ms, as noted here
on Jan. 28—V.
148, p. 613—were sold for a premium of $48, equal to
100.266.
Coupon bonds, dated Nov. 1, 1938.
Denom. $1,000.
Due
$1,000 from Nov. 1, 1939 to 1956, incl.
Interest payable M-N.
Basis
of about 3.72%,
(P.
FOR
semi-annual road refunding,
by R. E. Crummer & Co. of
Orlando, as noted here—V. 148, p. 613—were reoffered for public sub¬
scription at a price to yield 4.20%.
Dated Feb. 1, 1939. Due on Feb. 1,
1956, without option of prior redemption.
REFSNES, ELY, BECK & CO
GLENDALE, Ariz.—BOND SALE DETAILS—We
COUNTY
INVESTMENT—The $154,000 4M% coupon
series F bonds that were purchased on Jan. 23
Markets in all Municipal Issues
were as
follows:
Names
of Other Bidders—
Securities Corp.;
Morgan & Co
Baynard Brothers
Equitable
Price Bid
D.
E.
Arries
&
Co.,
—
John Nuveen & Co
________
(
_____
and
Kuhn
101.87
100.825
101.647
Iveedy-Wheeler & Co., and Kennedy, Spence & Co
101.620
Welch-Davis & Co., and Dee & Co_
101.275
Volume
Financial
148
informed by Marshall
Morton, City Manager, that he will receive sealed bids until 11 a. m.
(Central Standard Time) on Feb. 20 for the purchase of a 5232,000 issue
of 3% coupon refunding bonds.
Denom. $1,000.
Dated Jan. 1, 1939.
Due on Jan. 1 as follows:
$8,000, 1940 to 1949; $7,000, 1950 to 1957.
and $8,000, 1958 to 1969, all inclusive.
Prin. and int. (J-J) payable in
Columbus.
Coupon bonds with registration privileges; direct and general
obligations of the city; bonds not optional before maturity.
The bonds
COLUMBUS, Ga.—BOND OFFERING—We
are
have been printed and will be furnished by the city.
These bonds now offered for sale are part of a total
authorized issue of
$250,000, and are to be issued pursuant to ordinance of the city adopted
under authority of the provisions of Chapter 87-5 of the Code of Georgia
of 1933.
The bonds have been regularly validated by order of court,
and the purchaser will be furnished without charge,
with favorable legal
opinion jrom Storey, Thorndike, Palmer & Dodge of Boston.
These bonds are to be issued to refund a series of bonds of the city
maturing Jan. 1, 1939.
Said old bonds, in an amount equal to the amount
of new bonds, are now ready for presentation, so the new bonds will be
ready for delivery to the successful bidder, or the bidders' authorized agent,
a few days after acceptance of the bid, said delivery, to be in the presence
of the Commission of the City in Columbus, and at the time of delivery
of said new bonds a like amount of said old bonds will be paid, canceled
and destroyed.
Bids shall be unconditional, and for the total of $232,000 of bonds.
Each bid must be accompanied by certified check payable to the city,
in the sum of $5,000.
.
JONES
COUNTY
(P. O. Anamosa), Iowa—BONDS SOLD—It Is
reported that $16,500 funding bonds were purchased recently by the WhitePhillips Corp. of Davenport, as 2s.
MALLARD, Iowa—BOND SALE—The $5,000 issue of town hall bonds
offered for sale on Feb. 6—V. 148, p. 614—was purchased by
& Co. of Burlington, paying par for 4s, according to the
MOUNT AYR, Iowa—PRICE PAID—It is now reported by the Town
Clerk that the $40,000 water works bonds purchased by the Security State
Bank of Mount Ayr, as noted here—V. 148, p. 764—were sold as 2Ms, at
a
price of 100.01.
PLYMOUTH
COUNTY
(P. O. LeMars),
FALLS, Idaho—BONDS SOLD—It is stated by the City Clerk
the City Treasurer.
"
Iowa—BOND AND WAR¬
Supervisors
RANT EXCHANGE—It is reported that the County Board of
has accepted a proposal
advanced by the First National Bank of Le Mars
to exchange $12,000 poor fund warrants for a like amount of 2% funding
bonds which will mature $3,000 from 1940 to 1943 incl.
SANBORN INDEPENDENT SCHOOL DISTRICT (P. O. Sanborn)
Iowa—BOND SALE DETAILS—In connection with the sale of the $55,000
building bonds to the Iowa-Des Moines National Bank &
noted in our issue of Feb. 4—V. 148, p. 764—it
reported that the bonds are described as follows: Denom. $1,000.
Dated Feb. 1,1939. Due on Nov. 1 as follows: $1,000,1941 to 1943; $2,000
1944; $3,000, 1945 to 1950, and $4,000 in 1951 to 1958, all incl.
These
bonds were sold at a price of 100.68, giving a basis of about 2.94%.
3% semi-ann.
Trust Co. of Des Moines, as
Is
now
—It is
•that $52,907.11 4% semi-ann. Local Improvement District No. 18 bonds
have been purchased by a local investor at par.
Dated Feb. 1, 1939.
Due from Feb. 1, 1940 to 1949.
Prin. and int. payable at the office of
W. D. Hanna
Town Olerk.
Due from 1941 to 1950; optional in 1945.
TAYLOR COUNTY (P. O.
IDAHO
IDAHO
Dated Jan. 1, 1939. Due on
Jrice 1 in100.21, a basis of about 2.98%.
>ec. of
1948 and 1949.
GEORGIA
¥
913
Chronicle
Bedford). Iowa—BOND SALE DETAILS
Clerk that the $15,000 funding bonds
reported by the County
now
Eurchased148, p. 764—were sold at par, of Davenport, as lMs, as noted
by the White-Phillips Corp. and mature on Jan. 1 as follows:
ere—V.
$2,000 in 1944; $6,000, 1945; $4,000, 1946, and $3,000 in 1947.
THORNTON, Iowa—BONDS SOLD—It is stated by the Town Treasurer
a $12,500 issue of water works bonds was offered for sale on Feb. 6
was awarded to Paine, Webber & Co. of Chicago, as 3Ms, paying a
price of 100.528, a basis of about 3.44%.
Dated March 1 1939.,
Due
on March 1 as follows: $500 in 1940 to 1944; $1,000 in 1946, 1948, 1950,
that
and
JEROME COUNTY COMMON SCHOOL DISTRICT NO. 21
(P. O.
Hazleton), Idaho—BOND SALE DETAILS—It is now reported that the
$11,000 building bonds sold on Dec. 10, as noted here—V. 147, p. 3943—
were purchased by R. N. D. Childs of Boise, as 3 Ms, paying a price of
100.045, a basis of about 3.24%.
Dated Jan. 1, 1939.
Due on Jan. 1 as
follows:
$500 from 1940 to 1947, and $1,000, 1948 to 1954, all incl.
1952 and 1954 to 1959.
KANSAS
PARIS, Idaho—BONDS SOLD TO PWA—A $36,700 issue of 4% semi¬
annual water system bonds has been purchased at par by the Public Works
Administration.
Dated Oct. 1, 1938.
Due Oct; 1, as follows:' $1,300 in
1940, $1,400 in 1941 and 1942, $1,500 in 1943, $1,600 in 1944 and 1945,
$1,700 in 1946, $1,800 in 1947 and 1948, $1,900 in 1949, $2,000 in 1950,
$2,100 in 1951, $2,200 in 1952 and 1953, $2,300 in 1954, $2,400 in 1955 and
$2,500 in 1956 to 1958.
....
YORK COMMON SCHOOL DISTRICT NO. 38 (P. O. Idaho
bids were received until 8 p.
m.
on
ILLINOIS
PALCO, Kan .—ADDITIONAL INFORMATION—In connection with
or the $18,000 water bonds to Estes & Co. of Topeka, noted in
the sale
148, p. 464—it is now reported by the City Clerk
the rate of interest was changed
3% to 4%, and the bonds were sold at a price of par. . Dated Sept. 1,
1938.
Due from 1939 to 1958.
our
WICHITA, Kan.—BOND SALE—The $190,143.25
refunding bonds offered for sale on Feb. 6—V.
Blyth & Co., Inc. of New York, paying a
basis of about 1.53%.
Dated Feb. 1, 1939.
Due on
$19,143.25 in 1940 and $19,000 in-1941 to 1949 incl.
ann.
CHICAGO, 111.—BIDS ASKED ON LONG-TERM WATER CERTIFI¬
B. Upham, City Comptroller, will receive sealed bids until
a. m. on Feb. 15, for the purchase of $2,300,000 coupon certificates of
Other bids were officially
indebtedness, divided as follows:
to
water works system
1939 and due Feb. 15 as follows:
exceed 3% interest
Dated Feb.
15,
certificates.
$100,000 in
Rate of interest to be expressed
1958 and $1,500,000 in 1959.
issue of Jan. 21—V.
that in order to effect a satisfactory sale
from
awarded to
CATES—R.
$1,600,000 not
(P. O. Hays) Kan.—BOND SALE DE¬
TAILS—It is now stated by the Superintendent of Schools that the $102,000
high school bonds sold recently—V. 148, p. 464—were purchased at par
by the Columbian Securities Corp. of Topeka, and mature as follows:
$1,000 on Feb. 1. and $3,000, Aug. 1, 1940; $4,000, Aug. 1, 1941 to 1943;
$5,000, Aug. 1,1944; $6,000, Aug. 1,1945 and 1946; $7,000, Aug. 1,1947 to
1949, and $8,000 on Aug. 1 in 1950 to 1955.
Falls),
Idaho—BONDS OFFERED—Sealed
Feb. 10 by Ida D. Hughes, Clerk of the Board of Trustees, for the purchase
of a $4,000 issue of not to exceed 6% coupon semi-annual building bonds.
Dated Jan. 1, 1939.
Due $100 on July 1, 1939, and on Jan. and July 1,
1940 to 1959, inclusive.
11
HAYS SCHOOL DISTRICT
in a multiple of M of 1%.
Interest F-A 15.
700,000 3% water works system certificates.
Dated Aug. 1, 1938 and
due Aug. 1, 1954.
Interest F-A 1.
Name of
Bidder—
as
Premium
.
,
'
Par, accrued interest, plus a
Harris Trust & Savings Bank,
premium of $23.99 per 1,000.
City National Bank & Trust Co., Kansas
City,
and the Small-Wilbourn
Co.,
Wichita
-
Par, accrued interest, plus a
-----'
Principal and
payable at City Treasurer's office or at office of City's
fiscal agent in the City of New York.
They will be registerable as to prin¬
cipal in the City Comptroller's office.
Both principal and interest payable
solely from revenue derived from operation of the water works system.
A
certified check for 2% of the amount of the offering, payable to order of the
City Comptroller, is required.
Legal opinion of Chapman & Cutler of
Chicago, and engraved certificates will be furnished by the city.
All of the certificates will be issued in denoms. of $1,000.
& Co., Kansas City, and
Mercantile-Commerce
Bank &
Trust
Stern Brothers
Co., St. Louis,
optional
on or
1,, 1946.
Principal and interest (J-J) payable at
Legality approved by Chapman & Cutler
after Jan.
of Chicago.
'•
The issue was sold at a
,
on
March 21.
Barney &
Co.,
Kansas.--;
-
.
Lazard, Freres & Co., New York, N. Y.,
and Callender, Burke & MacDonald,
Kansas City, Mo
SUMNER, III.—BONDS SOLD—A. S. Huyck & Co. and Paine, Webber
.
,
premium of $19.47 per 1,000,
Bernheimer Co.,
Kansas City,
Mo.;
Rhodes-Seltsam
Co.,
Topeka,
Kan., and Sullivan-Brooks Co., Wichita,
Kan
$5,000 judgment funding bonds offered Feb. 4
to McNurlen & Huncilman of Indian¬
apolis as 3Ms, at 100.42, a basis of about 3.17%.Dated Feb. 1, 1939
and due $500 on Jan. 1 from 1941 to 1949 incl. Bryan R. Slade & Co. of
Evansvilie, second high bidder, offered to pay 100.57 for 3 Ms-
CITY, Ind.—BOND SALE—The
$30,000 unlimited school bonds offered Feb. 8—V. 148, p. ;763—were
awarded to the Fletcher Trust Co., Indianapolis, as 2Ms» at par plus a
premium of $411, equal to 101.37, a basis of about 2.08%.
Dated Feb. 1,
1939 and due $2,000 on July 1 from 1941 to 1955 incl.
The following is a
list of the unsuccessful bids, each of which specified a 2M % interest rate:
SCHOOL
CRAWFORDSVILLE
•»
.
,
'
•
'
'.
Bartlett, Knight & Co—
Reffensperger, Hughes & Co.--8. Huych & Co. and John Nuveen & Co
Indianapolis Bond & Share Corp-
-
—
A.
Kenneth S. Johnson
Harris Trust & Savings Bank, Chicago
The First National Bank,
—
Crawfordsville
Albert McGann Securities Co., Inc.
City Securities Corp
COUNTY
Premium
$342.00
268.55
254.10
254.00
189.80
141.00
130.00
120.30
87.00
33.00
McNurlen & Huncilman
HOWARD
,
Mo.,
Valley Trust Co., St. Louis,
and Boatmen's National Bank,
St. Louis. Mo
--------
Harriman Ripley &
'
Par, accrued interest,
*
plus a
premium of $16.85 per 1,000
-
Par, accrued interest, plus a
Co., Inc., Chicago, 111.
"
.
Wichita, Kan.
Halsey, Stuart & Co.,
inc., Chicago, 111.
,
premium of $16.59per 1,000.
plus a
premiumof $14.58per 1,000.
Par, accrued interest,
Par, accrued interest, plus a
premiumof $11.99 per 1,000.
awarded
614—were
.
■
Mississippi
Ind.—BOND SALI}—The
Bidder-—,
.
interest, plus a
premium of $19.02 per 1,000.
,
ANDERSON TOWNSHIP SCHOOL TOWNSHIP (P. O. Newburg),
"
Par, accrued
The Ranson-Davidson Co.,
INDIANA
p.
,
(
'
».
148,
,
Par, accrued interest, plus a
■
.
..
& Co., both of Chicago, jointly, purchased the $65,000 bonds, including
$55,000 water revenue and $10,000 sewer general obligations, which were
authorized at an election on Jan. 18.
'
—Y.
•
0
'
Par, accrued interest, plus a
premium of $20.10 per 1,000.
1
;
Baum,
price of 101.25, a basis of about 3.30%.
FULTON, 111.—BOND SALE—An issue of $38,000 water improvement
bonds ,has been sold subject to approval or the loan by the voters at an
election
;Par, accrued interest, plus a
premium of $22.78 per 1,000.
Chicago, 111., and
Lathrop-Hawk-IIerrick Co., Wichita,
$1,000 in 1953 and $4,000 from 1954 and 1959, incl.;
the District Treasurer's office.
«
'
plus a
premium of $22.86 per 1,000.
Par, accrued interest,
-
The Northern Trust Co.,. Chicago
Smith
PLAINJES PARK DISTRICT, III.—BOND SALE—An issue o
$25,000 3M % park bonds was sold to A.S. Huyck & Co. and C.W. McNear
& Co., both of Chicago, jointly.
Dated Jan. 1, 1939.
Denom. $1,000follows:
----•
DES
as
premium of $23.79 per 1,000.
.
semi-annual interest
Due Jan. 1
<
follows:
Inc., Topeka, and
Chicago
Snyder & Co.,
Estes,
reported
issue, of 2% semi148, p. 6i4—was
price of 102.458, a
Feb. 1 as follows:
Kokomo), Ind.—NOTE OFFERING—
Raymon Gilbert, County Auditor, will receive sealed bids until 10 a. m. on
Feb. 15, for the purchase of $105,000 not to exceed 6% interet tax anticipa¬
tion notes.
Dated Feb. 15, 1939.
Denom. $5,000.
Payable May 15, 1939
at the County Treasurer's office.
A certified check for 3% of the notes,
payable to order of the Board of County Commissioners, must accompany
each proposal.
(P.
O.
Ind.—BOND SALE—The $4,000 4% park improvement
Feb. 7—V. 148, p. 464—were awarded to the First State
a price of 101, a basis of about 3.78%.
Dated Jan. 31,
1939, and due $400 on Aug. 1 from 1940 to 1949, inclusive.
KENTUCKY
CHRISTIAN COUNTY
(P. O. Hopkin.ville), Ky.—
The $22,000 issue of 4% semi-ann. school building bonds offered for
on Feb. 7—V. 148, p. 764—was awarded jointly to the Bankers Bond
sale
Co.,
of Louisville, according to the County Treasurer.
$1,000 from Dec. 1, 1940 to 1961 incl.
.
and Almstedt Bros., both
Due
ELSMERE (P. O. Erlanger),
Ky.—BONDS NOT SOLD—It is stated by
the City Attorney that the $55,000 4 M %
and sewage plant bonds offered on Feb.
as no bids were received.
He states that
for
a
change in the collection
set-tip.
coupon
semi-annual sewer system
7—v., 148, p. 764—were not Bold
the issue is being held in abeyance
Dated March 1, 1939.
Due from
1942 to 1961.
ERLANGER,
Ky.—BOND OFFERING—It is stated by Ervin L.
Bramlage, Town Attorney, that the town will offer for sale on Feb. 15
at 8 p. m. an issue of $135,000 4M% semi-annual sanitary sewer revenue
bonds
Denom. $1,000.
Due $2,000 in 1943 and 1944, $3,000 in 1945
and 1946, $4,000 in 1947 and 1948, $.5,000 in 1949 and 1950, $7,000 in 1951,
$10,000 in 1952 to 1955, $12,000 in 1956, and $16,000 in 1957 to 1959.
Any or all of the bonds are callable at 103% of the principal sum on any
interest payment date from and after Jan. 10, 1948.
The sewer system,
when completed, will serve 634 residences and 31 business houses.
A rental
of $1.50 per month will be charged against all residences for the use of the
system, and a rental ranging from $1.50 per month to $2.50 per month
will be charged business houses for the use of the sewer system.
This
money will be placed in a fund to be known as the Sewer Revenue Bond
and Interest Redemption Fund.
PORTER,
bonds
LOUISIANA
offered
Bank of Porter at
SHOALS SCHOOL TOWN,
school bonds was sold on Feb.
Ind.—BOND SALE—An issue of $6,500
6 to the Martin County Bank
of Shoals.
IOWA
HARRISON COUNTY (P. O. Logan), Iowa—BOND SALE—The
$23,000 issue of refunding bonds offered for sale on Feb:7—V. 148, p. 464—
was awarded to Vieth,
Duncan & Wood of Davenport, as 3s, paying a
INDEPENDENCE, La.—BONDS NOT SOLD—It is stated by the
Town Clerk that the $32,000 issue of not to exceed 6% semi-ann. city
hall and water bonds offered on Feb. 8—V. 148, P. 465—was not sold as no
bids were received. Dated Feb. 1. 1939. Due from Feb. 1, 1940 to 1957.
KENT WOOD, La.—BOND
SALE—The $20,000 issue of sewerage, water
offered for sale on Feb. 7—V. 148, p. 615—was purchased
Hickman, Inc. of Vicksburg, and Max T. Allen & Co. of
Hazlehurst, as 5s, according to report.
Dated Feb. 1, 1939. Due on
Feb. 1 in 1940 to 1949,
and street bonds
jointly by J. G.
914
Financial
MADISON
SCHOOL DISTRICT NO. 2 (P. O. Tallulah),
La.—BOND OFFERING—It Is reported that sealed bids will be received
until 10 a. m. on March 2, by James R. Linton, Secretary of the Parish
School Board, for the purchase of a $ J 5,000 issue of 4% semi-annual school
bonds.
Dated Sept, 1, 1938.
Denom, $1,000.
Due Sept. 1 as follows:
$7,000 in 1947 and $8,000 in 1948. The right is reserved to sell all or any part
of the bonds.
A certified transcript of the approving opinion of Chapman
& Cutler of Chicago will be furnished the purchaser without cost.
Enclose
a certified check for $250. payable to A. T. Palmer, President Parish School
PARISH
Board.
(These
the bonds that
are
were
originally scheduled for sale
on
Feb. 2,
Chronicle
to the
as
5Hs.
Due from Dec. 1, 1940 to 1963 incl.
PONCHATOULA, La.—PURCIIASEIi—It is now reported that the
$15,000 public improvement bonds sold as 5Ms at par, as noted here on
Jan. 28—V. 148, p. 615-—were purchased by the Ernest M. Loeb Co. of
New Orleans.
Due from Aug. 1, 1941 to 1952.
POINTE COUPEE PARISH SCHOOL DISTRICT NO. 4 (P. O. New
Roads) La .—BOND SALE—The $30,000 issue of school bonds offered for
sale on Feb. 8—V. 148, p. 465—was purchased jointly by Dane & Weil, and
Brown, Corrigan Sc. Co., both of New Orleans, as 5H»< paying a price of
100.026, a basis of,about 5.245,%. Due from May 1, 1939 to 1958 incl.
No other
bid
.
FRANKFORT, Mich.—BONS SOLD—'The $21,000
sewerage disposal
bonds offered Nov. 7—V. 147, p. 3896—were
Securities Co., Chicago.
Dated Oct. 1,
1938 and due Oct. 1 as follows:
$1,000 from 1942 to 1950, incl. and $2,000
from 1951 to 1956, inclusive.
awarded at
offered
par
revenue
to the Channer
ROUGE, Mich.—BOND SALE—The $340,000 refunding bonds
Feb.
Kenower &
7—V. 148, p. 765—were awarded to a syndicate composed
of Michigan Corp.; McDonald, Moore & Hayes, Shannon,
Co.; Crouse & Co., all of Detroit, and Ballman & Main of
Chicago, at
a
First
of the
price of 100.049 for $242,000 3H» and $98,000 3s, a net
interest cost of about 3.126%.
Dated Feb. 15, 1939 and due Feb. 15 as
follows: $242,000 3^8, $20,000 in 1940; $21,000, 1941 to 1943 incl.; $22,000,
1944 to 1946 incl.; $23,000, 1947 to 1949 Incl.; $24,000 in 1950; $98,000 3s,
$24,000 in 1951 and 1952, and $25,000 in 1953 and 1954. Second high bid
of 100.052 for $149,000 3s and $191,000 3Hs, or a net cost of 3.189%, was
on behalf of Watling,
Lerchen & Hayes, Gray, McFawn & Petter;
Stranahan, Harris & Co., Inc.; Braun, Bosworth & Co., and Martin, Smith
made
& Co.
MINNESOTA
EAST CHAIN CONSOLIDATED
1
(P. O. Opelousas), La.
—BOND OFFERING—It is stated by W. B. Prescott, Secretary of the
Parish School Board, that he will receive sealed bids until 10 a. m. on
March 16, for the purchase of a $75,000 issue of school bonds.
Interest
rate is not to exceed 6%, payable semi-annually.
Dated March 1, 1939.
Denom. $1,000.
Due $1,000 in 1940 and 1941, $2,000 in 1942 to 1950,
$3,000 in 1951 to 1955, $4,000 in 1956 to 1960, and $5,000 in 1961 to 1964.
Prin. and int. payable at the office of the Treasurer, Parish School Board.
The district is in the First, Third, Fourth and Fifth Police Jury Wards of
the Parish.
Enclose a certified check for 1% of the amount of bid.
HELENA
PARISH SCHOOL DISTRICT NO. 3 (P, O. GreensLa.—BONDS SOLD—It is reported that $15,000 6% semi-ann*
school bonds have been purchased by Couturier & Derbes of New Orleans. Ji
burg)
DISTRICT, Me.-
follows;
$2,000, 1945 to 1953, and $1,000 in 1954.
building bonds offered for sale on Feb. 6—V. 148, p. 616—was
of St. Paul, and associates, as 2Ms, paying a
premium of $2,201, equal to 101.455* a basis of about 2.09%.
Dated
Feb. 1, 1939.
Due from Feb. 1, 1942 to 1954.
coupon
awarded to Kalman & Co.
McKINLEY, Minn .—CERTIFICATE SALE—The $5,000 issue of cer¬
148, p. 466—was
purchased by the First National Bank of Gilbert, at 6%, reports the Village
Clerk. No other bid was received. Due on July 15, 1939.
tificates of indebtedness offered for, sale on Jan. 24—V.
MISSISSIPPI
2H% water main bonds offered Feb. 6^—V. 148, p. 615—were awarded
the First Boston Corp. and Harriman Ripley & Co., Inc., both of New
York, in joint account, at a price of 101.599, a basis of about 2.15%.
Dated
1, 1939 and due Feb.
1, 1959,
Estabrook & Co. and Arthur Perry
jointly, submitted the next highest bid, offering 100.069.
& Co.,
BONDS PUBLICLY OFFERED—The successful
bonds at a price to yield 2.10%.
bidders re-offered
the
RUMFORD, Me.—NOTE SALE—An Issue of $225,000 tax anticipation
Feb. 7 to the Philip H. Morton Co. of Auburn at 0 90%.
1939.
MASSACHUSETTS
ATTLEBORO,
COPIAH COUNTY (P. O.
•
St. Louis.
GREENVILLE, Miss.—BONDS SOLD—It is reported that $31,000 3%
funding bonds have been purchased by the First National Bank of
Memphis, paying a price of 100.16. Dated Dec. 1 1938. Due in nine years.
SCOTT COUNTY (P. O. Forest) Miss.—BONDS SOLD—It is stated
by the Clerk of the Board of Supervisors that $49,000 3%% semi-ann.
funding bonds have been purchased by Walton & Jones of Jackson. Dated
Jan. 1, 1939.'
v
Ma an.—NOTE
SALE—The
$200,000
notes
offered
Second National Bank of Boston at 0.13%
1939, and due $100,000 each on Nov. 8 and
Nov. 22,1939.
The New England Trust Co. of Boston, next highest bidder,
named a rate of 0.157%,
Feb.
9
were
discount.
awarded
Dated
the
to
Feb.
MISSOURI
9,
Markets in all State,
4
BRAINTREE, Mass.—NOTE OFFERING—Town Treasurer will receive
sealed bids until 11 a. m. on Feb.
Due Nov* 24 and Dec. 8, 1939.
7
BONDS
County & Town Issues
13 for the purchase of $150,000 notes,
•
.
CAMBRIDGE, Mass.—BOND SALE—The $200,000
struction bonds offered Feb.
were
SCHERCH, RICHTER COMPANY
coupon sewer con¬
awarded to Lazard Freres & Co. and
Kidder, Peabody^ & Co^,
about
Hazlehurst); Miss.—BONDS SOLD—It is
stated by the Clerk of the Chancery Court that an issue of $143,000 4%
semi-annual general obligation bonds have been purchased at par by Lewis
& Co. of Jackson.
Denom. $1,000.
Dated Jan. 1, 1939.
Due from
Jan. 1, 1940 to 1960 incl.
Legal approval oy Charles & Trauernicht of
semi-ann.
'
notes was sold on
Due Oct. 6,
(P. O. Fair¬
reported by the District
KANDIYOHI
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO. 47 (P. O. Willmar), Minn.—BOND. SALE—The $151,250 issue of
■BOND SALE— The $500,000
to
Feb.
now
Clerk that the $19,000 building bonds purchased by the State of Minnesota,
as noted here—V. 148, p. 765—were sold as 3s: and mature on Nov. 1 as
MAINE
PORTLAND WATER
SCHOOL DISTRICT
mont) Minn.—BOND SALE DETAILS—It is
PORT BARRE SCHOOL DISTRICT NO.
ST.
as
plant and system
received, reports the Secretary of the Parish School
was
Board.
city
RIVER
noted here at the time, have been sold to Walton & Jones of New Orleans,
11, 1939
computed from the dollar price.
The city reserves the right
on
bonds purchased, which are delivered subsequent to Feb. 28, 1939,
to pay accrued interest up to that date only.
BONDS PURCHASED—Mr. Daley reports that city bonds were bought
in at an average yield of 4.14 %.
the offering of whicu was postponed—V. 148, p. 615.)
MELVILLE, La .—BONDS SOLD—It is now reported that the $2.5,000
public improvement bonds offered for sale without success on Nov. 22. as
Feb.
■-
LANDRETH
-
BUILDING, ST. LOUIS, MO.
J
follows:
Prin. and int.
(F-A) payable at the National Shawmut Bank of Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
Halsey, Stuart & Co., Inc., second high bidder, offered 102.129 for 2Ms.
MISSOURI
WRIGHT SCHOOL DISTRICT NO. 35 (P. O. Clayton) Mo.—BONDS
NATICK, Mass.—NOTE SALE—The Merchants National Bank of
Boston was awarded on F^b. 6 an issue of $100,000 notes at 0.24% discount.
Due Nov. 17, 1939.
The Second National Bank of Boston, next highest
SOLD—It is
bidder, named
(This notice corrects the sale report given under the caption of "Wright
School District No. 35, Minn." in our issue of Feb. 4—V. 148, p. 765.).
rate of
a
0.249%.
NORTHAMPTON, Mass.—NOTE SALE— The $150,000
Revenue
antici-
stated by the Secretary of the Board of Education that $10,000
3H% semi-ann. school building bonds have been purchased by the Mis¬
sissippi Valley Trust Co. of St. Louis, paying a price of 100.53.
£ation notes ofof Boston at 0.115%. * Interest to follow./ awarded to R.
1939 offered Feb. 6—V. 148,^p. 765—were Dated Feb. 8,
Day & Co.
MONTANA
i.
1939 and due Nov. 16, 1939.
The second National Bank of Boston', next
highest bidder, named a rate of 0.12%.
QUINCY, Mass.—NOTE SALE—The $500,000 notes offered Feb. 8—'
V. 148, p. 765—were awarded to the Second National Bank of Boston at
Dated Feb. 8, 1939 and due $250,000 each on Nov. 15
and Dec. 15, 1939.
The National Shawmut Bank of Boston, second high
bidder, named a rate of 0.16%.
0.135% discount.
SOMERVILLE, Mass.—BOND OFFERING- John J. Donahue, City
Treasurer, will receive sealed bids Until 11a.m. on Feb. 14 for the purchase
of
$100,000 coupon sewer construction bonds. Dated Jan 1,1939
Denom.
$1,000. Due Jan. 1 as follows: $4,000 from 1940 to 1949 incl. and $3,000
from 1950 to 1969 incl.
Bidder to name the rate of interest in multiples of
H of 1%.
Principal and interest (J-J) payable at the National Shawmut
Bank of Boston, which will supervise the engraving of the bonds and
certify
as to their genuineness.
Legality to be approved by Storey, Thorndike,
Palmer & Dodge of Boston.
Financial Statement
1938 assessed valuation----.,1938 taxrate
of Jan. 31,1939
,
$114,554,800.00
43 90
-
J^nIoca,ted-----
1937 tax levy
„
-
18,295.18
- —
„---
Uncollected
1938 tax levy
4,911,651.09
-
—-_.J_
------
5,086,381.19
219,239.16
— _
,
_
5,090,034.00
1,518,945.26
4,245,000.00
163,000.00
—-
Uncollected
--•
Total bonded debt, excluding this issue and tax title loans.
Water debt (included in above).
_1.'
Cash on hand—
...
,
Tax titles heldLoans against tax titles.
773,133.64
410,998.01
378,162i03
WALTHAM, Mass.—NOTE SALE— The $200,000 notes offered Feb. 7
awarded to Jackson & Curtis of Boston at 0.26% discount.
Dated
Feb. 7, 1939 and di e Nov. 1, 1939.
Legality approved by Storey, Thorn¬
were
dike, Palmer & Dodge of Boston.
The Waltham National Bank, second
high bidder, named a rate of 0.277%.
MICHIGAN
DETROIT,
OFFERINGS OF BONDS—John N.
City Controller, will receive sealed offerings until 10 a. m. on
(to remain firm until 1 p. m. on Feb. 24) for the following noncallable series F refunding bonds in the amount of about
$387,000:
21
Bond Nos.
(Inclusive)
Rate
Date of
Maturity
1, 1943
547-605
4
Feb.
Reg.
Reg.
4
Feb.
4
Feb.
11085--11427---
621-46
4
Feb.
6089-6123
6309-6408
6409-6473
4
June
4
June
4
June
*
Feb.
8—V.
were
received.
1:
1,
1,
1,
1,
1943
1943
1943
1940
1940
1941
Bond Nos.
(Inclusive)
Reg. 11400.*.
6499- 6733..
24329-24349..
39329-39390.39391-39463..
39464-39536..
39537-39578..
Date
Rate
4
as
•
,
,
*
,
NEBRASKA
COLUMBUS, Neb.—BONDS OFFERED—It is reported that bids
were
received until 8 p. m. on Feb. 10, by Joseph F. Stanzel, City Clerk, for the
purchase of an issue of $110,000 refunding, general obligation bonds,
Dated June 1. 1939.
Due June 1 as follows;
$3,000 in 1940 and 1941,
$10,000 in 1942 to 1951 and $4,000 in 1952, optional June 1, 1944.
The
bonds are issued for the purpose of canceling $97,000 in city hall bonds,
optional June 1,1939 and $13,000 in refunding bonds, optional May 1,1939.
FREMONT, Neb.—BONDS SOLD—It is stated by the City Clerk that
$200,000 issue of refunding bonds was offered for sale on Feb. 7 and was
Savings Bank of Chicago, as 2s, paying a
price of 101.125, a basis of about 1.75%.
Dated March 1, 1939.
Due
March 1, as follows:
$10,000 in 1940, $11,000 in 1941 and 1942, $12,000
in 1943 and 1944, $13,000 in 1945, $23,000 in 1946, $31,000 in 1947, $32,000
in 1948, $33,000 In 1949 and $12,000 in 1950, bonds maturing from 1945
to 1950, callable on March 1, 1944.
awarded to the Harris Trust &
LAUREL, Neb.—BONDS SOLD—It is reported that $8,500 auditorium
bonds approved by the voters at an election held on Dec. 2, have been sold
to the Wachob-,Bender Corp, of Omaha.
.
WAHOO, Neb.—BOND OFFERING—It is stated by E. J. Erickson,
City Clerk, that he will receive sealed and auction bids until 7:30 p. m. on
Feb. 17, for the purchase of a $45,000 issue of refunding water, general
obligation bonds.
Dated April 1, 1939.
Due on April 1 as follows: $2,000,
1940 to 1953, and $17,000 in 1954; optional five years after date of issue.
A certified check for 2% of the amount of the issue is required.
YORK, Neb.—BONDS SOLD—It is reported that $50,000 2H% semi¬
bonds were purchased on Feb. 2 by the First Trust Co. of
Lincoln, paying a price of 100.72, a basis of about 2.35%.
Due April 1,
as follows: $.3,000 in 1947 and 1948, $8,000 in 1949 to 1951, and
$10,000 in
1952 and 19.53, optional on any interest payment date after 5 years.
annual refunding
NEW
4
3H
3
3
of
HAMPSHIRE
CONCORD, N. H.—NOTE SALE—The $400,000
notes
revenue
anticipation
offered
Feb. 8 were awarded to Ballou, Adams & Whittemore of
0.187% discount.
Dated Feb. 10, 1939 and payable in instal¬
of $100,000 each on Dec. 4, Dec. 7, Dec. 11 and Dec. 14, 1939.
Boston at
ments
Maturrlu
June
1,
June 1.
Oct. 1.
Oct.
1,
Oct.
3
Oct.
3
Oct.
1,
i:
1941
1941
1939
1959
1960
1961
1962
$15,000 only.
All offerings shall be"4nTwrlting and shall be sealed and shalUshow the
bond numbers, the rate of interest, date of maturity, the dollar value and
the yield.
Offerings will be accepted on the basis of the
76G—was purchased by the State Board of Land
3%&, according to the District Clerk.
No other bids
148, p.
Commissioners
Mich.—REQUESTS
Daley,
Feb.
on
a
as
1936 tax levy-v-.,*—V,
CARBON COUNTY SCHOOL DISTRICT NO. 2 (P. O. Bridger),
Mont.—BOND SALE—The $8,000 issue of school bonds offered for sale
highest net yield
MANCHESTER, N.
offered
Feb. 8—V.
Boston which bid
a
H.—NOTE SALE— The issue of $500,000
notes
148, p. 766—was awarded to Arthur Perry & Co. of
discount rate of 0.23% for the block of $300,000 matur¬
ing July 19, 1939, and 0.36% in the case of the remaining $200,000, due to
on
Dec. 16, 1939.
E. H. Rollins & Sons, Inc. of Boston, next
highest bidder, named a rate of 0.415% for the entire offering.
mature
MERRIMACK COUNTY (P. O. Concord), N. H.—NOTE SALE—The
$300,000 tax anticipation notes of 1939 offered Feb. 9 were awarded to the
Second
Rational Bank of Boston at 0.193% discount.
Dated Feb. 13, 1939
Legal
and payable Dec. 20,1939 at the National Shawmut Bank of Boston.
opinion of Storey, Thorndike, Palmer & Dodge of Boston.
Volume
Financial
148
NEW
W
Chronicle
1935, and
JERSEY
ELIZABETH, N. J.—BOND OFFERING—Patrick F. McGann, City
Comptroller, will
receive
sealed bids until 11
purchase of $582,200 bonds
a.
m.
The survey also indicated that the city had a cash balance in its treasury
end of each of the past four years and that the amount of expendi¬
March 3 for the
on
to Include $544,000 for city hall purposes
at the
and
tures
provided for in the budget for 1938 was more than 6% less than the
budget for 1932.
The city's relief expenditures are on a pay-as-you-go
basis, having been for several years financed by means of special excise
$38,200 for general improvements.
HILLSIDE
TOWNSHIP
Hillside), N. J.—BONDS SOLD—
The State Sinking Fund Commission purchased as 4 Ms the $153,000 refund¬
ing bonds which were approved by the State Funding Commission last
(P.
O.
No bonds for this purpose have been issued since 1933.
taxes.
The bonds were sold at par,
bear 4 34 % interest, and mature Dec. 1 as
follows:
$3,000. 1946; $6,000, 1947; $7,000, 1948; $8,000, 1949 and 1950;
$15,000, 1951; $22,000, 1952; $24,000 in 1953, and $30,000 in 1954 and 1955.
uncollected was $100,270,620 or 21.22%, in 1935, $74,015,451 or
15.77%, in 1936, $52,649,000 or 11.61%, in 1937, $47,035,080 or 10.22%
1938, $49,070,064 or 10%.
The progress made in cleaning up back
taxes is illustrated by the following figures
showing the amount of the
various years' levies on real estate which remained uncollected on Dec.
31,
1938.
Of the 1937 levy, 5.79% remained to be collected, of the 1936
levy,
4.68%, of the 1935 levy, 3.82%, of the 1934 levy 2.93% and of the 1933
levy, 2.28%.
The total amounts remaining outstanding for these years
follows:
1937, $26,656,135: 1936, $21,215,512:1935, $17,950,184; in 1934,
$13,832,216; 1933, $10,256,971.
amount
and in
OCEANPORT,
N.
3.—bond
offering—William
P.
Fleekner
Borough Clerk, will receive sealed bids until 8 p. m. on Feb. 16. for the
Surchase Dated Feb. 15, 1939. 6% interestfor $500, others $1,000 each.
onds.
of $45,500 not to exceed One bond coupon or registered refunding
Due Feb. 15 as follows:
$3,000 from 1942 to 1955, incl. and $3,500, in 1956.
Bidder to name a single rate of interest, expressed in a multiple of
of 1 %.
Principal and interest (FA) payable at the Long Branch Banking Co.,
SYNDICATE
ANNOUNCES
RE SALE
OF
ENTIRE
$30,800,000
OFFERING—The National City Bank of New York, head of the banking
group
.
which
was
awarded
on
Jan. 31
porate stock and serial bonds—V.
J.—
148,
153—was awarded to John L, Griggs as 234s, at a price of 101, a basis
about 2.39%.
Dated Jan. 1, 1939 and due $1,000 on Jan. 1 from 1940
1959, incl.
H. B. Boland & Co. of New York, second high bidder,
OLD TAPPAN SCHOOL DISTRICT (P. O. Westwood), N.
BOND SALE—The issue of $20,000 school bonds offered Feb. 0—V.
p.
of
to
TEMPORARY FINANCING DURING JANUARY—Short-term bor¬
rowing by the city during the month of January involved sale of the follow¬
ing: $35,000,000 0.30% revenue bills, due April 17, 1939, and $10,000,000
0.30% special revenue bills, due April 24,1939.
NEW YORK (State of) BORROWS $100,000,000 ON NOTES AT RECORD
Andrews,
3.—BOND OFFERING—Nehemiah
N.
LOW INTEREST COST—Morris 8. Tremaine, State Comptroller, sold by
allotment on Feb. 6 an issue of $100,000,000 notes bearing interest
at rate
of $0.20, dated Feb. 7, 1939 and due on June'28, 1939.
Mr. Tremaine
City Clerk, will receive sealed bids until 8 p. m. on March 6, for the pur¬
chase of $30,000 not to exceed 5% interest coupon or registered emergency
relief bonds.
Dated Feb. 1, 1939.
Denom. $1,000.
Due Feb. 1 as follows:
$4,000 from 1940 to 1946, incl. and $2,000 in 1947.
Bidder to name a
single rate of interest, expressed in a multiple of H or l-10th of 1%. Prin¬
cipal and interest (F-A) payable at the Mainland National Bank, Pleasantville:
The amount required to be obtained at the sale of the bonds is
$30,000.
A certified check for $600, payable to order of the city, must
accompany each proposal.
Legal opinion of Dillon, Vandewater & Moore
of New York City will be furnished the successful bidder.
Bonds are
payable from unlimited ad valorem taxes.
pointed out that the rate was the lowest at which the State has ever bor¬
rowed in the public market and compares with the previous minimum of
0.25% which was achieved on several similar short-term operations in
1938.
The Comptroller stated that the large bumber of banks and other
institutions which
participated in the issue "eagerly" confirmed their
allotments.
Feb. 1, 1939.
Denom. $1,000.
Due Feb. 1 as follows;
$10,000 from 1940
to 1945, incl. and $15,000 -rom 1946 to 1969, incl.
Bidder to name a
single rate of,interest, expressed in a multiple of 34 of 1%.
The price for
which the bonds may be sold cannot exceed $421,000.
Principal and interest
,(F-A) payable at the Rahway National Bank. Rahway.
A certified check
for $8,400, payable to order of the city, is required.
Legal opinion of Reed,
successful
•
SOUTH AMBOY, N. J.—BOND SALE—The $75,000 coupon or regis¬
tered sewage disposal plant bonds offered Feb. 7—V. 148, p. 766—were
awarded to H. B. Boland & Co. of New York as 3.2Qsf at par plus $83.78
premiuni, equal to 100.11,
and due Feb. 1
as
a
Speyer & Co., and Stone & Webster and Blodget, Inc.
Other bids:
$800,000—Bank of New York; Bronx County Trust Co.; National Com¬
Bidder—
Premium
Int. Rate
.
South Amboy Trust Co
3 34 %
3.70%
434%
Boenning & Co,
M. M. Freeman & Co..
_
Dated Feb. 1, 1939
basis of about 3.19%.
follows: $2 ,000 from 1940 to 1942 incl. and $3,000 from
1943 to 1965 incl.
„
mercial Bank & Trust Co.; Liberty Bank, Buffalo; Sterling National
& Trust Co.; Trust Co. of North America; Bacon, Stevenson & Co.;
$283.60
514.00
562.50
'
& Co.
O. Teaneck), N. 3f—BOND SALE—Tne
$82,000 coupon or registered bonds offered Feb. 7 and comprising a series of
improvement issues, description of which appeared in V. 148, p. 766, were
awarded to Julius A. Rippel, Inc., of Newark, as 2 34». at a price of 100.426,
a basis of about 2.42%.
The bonds mature annually on Jan. 1 as follows:
$3,000, 1940; $12,000, 1941; $10,000 in-1942 and 1943; $9,000, 1944 and
1945; $6,000, 1946 to 1948 incl.; $5,000 in 1949 and $3,000 in 1950 and
1951. Reoffered to yield from 1 % to 2.60%, according to maturity. Other
bids:
.
Bidder—
»
.
.
'
'
Palisades Trust & Guaranty Co. of Englewood
H. B. Boland & Co.
.i.vi........
234%
'
234%
Bergen County National Bank & Trust Co., Bergenfield...
1
Campbell, Phelps & Co., Inc
Minsch, Monell & Co._
H. L. Allen &iCo
....
100.14
-
2%%
2H%
3%
— ---
-
NEW
"100.31
100.26
100.18
2H%
234%
2 34 %
-
■
„
100.06
100.77
100.39
100.76
PORT
an
par.
Next in line was the
Port Chester, which bid a rate
for alike purpose,
maturity.
Other bids:
Bidder—
NEW
YORK
Other bids:
Int. Rate
Rate Bid
0-75%
0.75%
100.0049
A. G. Becker & Co
Foster & Co
Halsey, Stuart & Co., Inc—1
Marine Trust Co. of Buffalo and R. D. White &
Francis I. DuPont & Co
.
100.018^
0.80%
Co.
Manufacturers & Traders Trust Co. of Buafflo
—
Other bids:
0.80%
0.90%
0.90%
0.90%
100.02
„
National City Bank of New York, et
.
^
100.039
„
0.75%
$3.92
—
0.80%
Co_.
0.80%
49.60
24.00
Francis I. DuPont & Co
0.90%
480.00
Glenny, Roth & Doolittle
Manufacturers & Traders Trust Co
0.90%
0.90%
0.90%
03.76
Halsey, Stuart & Co., Inc
Marine Trust Co. of Buffalo and R. D. White <fe
Tilney & Co
Erickson, Perkins & Co
1.50%
MORAVIA, N. Y.—BOND SALE—An issue of $3,500 park
on Jan. 9 at 4s, at a price of 104, a basis of about 3.04%.
Aug. 1 from 1940 to 1946, inclusive.
sold
Y—NEW DEBT SURVEY
Rate Bid
Int. Rate
0.75%
al___
—
Halsey, Stuart & Co., Inc., et al
100.005
100.058
4.0.80%
...
100.05
100-2299
0.80%
0.80%
..0.80%
Bank of the Manhattan Co
.......
0.80%,
George B. Gibbons & Co., Inc., et al_.i...—.-..I..' 0.90%
Dick & Merle-Smith
100.039
,,100.027
...
York, et al
Harriman Ripley & Co., Inc., et al
— L..
First National Bank of New York, et al
Kean, Taylor & Co
Shields & Co. and Ladenburg, Thalmann & Co
Goldman, Sachs & Co., et al_
C. F. Childs & Co. and Sherwood & Relchard
Smith, Barney & Co., et al
;
.
Salomon Bros. & Hutzler and R. W. Pressprich & Co.
Bankers Trust Co, of New
NORTH
J99'9£9
Premium
Foster & Co
31.20
16.00
Par
bonds was
Due $500
ILLUSTRATES SOUND
FISCAL STATUS—A steady decline in the ratio,, of New York City s
uncollected taxes at the end of each of the past six years, a relatively stable
funded debt over the past four years, a cut of 38% in temporary debt since
<
.
0.90%
0.90%
0.90%
.»
100.18
100.113
100.09
100.089
100.06
..
0.90%
100.02
100.012
1M-002
100.26
0.90%
0.90%
0.90%
1%
1%
1%
J
100.15 J
100.031
Int. Rale
Bidder—
NEW YORK, N.
•
'
A. G. Becker & Co
Bidder—
on
'
Lehman Bros., et al
N.
Tilney & Co
'
"Chemical Bank & Trust Co
*
Y.—Bond SALE—'The $80,000 series of 1939 debt
equalization bonds offered Feb. 7—V. 148, p. 767—were awarded to Smith,
Barney & Co. of New York as 0.75s, at a price of 100.031, a basis of about
0.74%. Dated Feb. 1, 1939 and due $20,000 on Feb. 1 from 1940 to 1943,
inclusive.
••
•
-
,
»
ELMIRA,
of 0.41%, plus $2 premium.
N. Y.—BOND SALE-rThe $1,340,000 general revenue
bonds offered Feb. 6—V. 148, p. 767—were awarded to a syndicate com¬
posed of Phelps, Fenn & Co.; Union Securities Corp.,; Eastman, Dillon &
Co.; Francis I. DuPont & Co. and Campbell, Phelps & Co., Inc., all of
New York, as 0.75s, at a price of 100.05, a basis of about 0.74%.
Dated
Feb. 15, 1939 and due $335,000 on Feb. 15 from 1940 to 1943 inc .
Reoffering was made at prices tp yield from 0.20% to 0.85%, according to
" *
'
> '
»
'
Works Administration loan of $120,000
authorized in June.
F. B.
0.40%,
Mutual Trust Co. of Westchester County,
ROCHESTER,
connection with the above sale
that the above purchasers were
issue of $160,000 on Jan. 28, at
option to purchase the balance if and when issued. The bonds
1, 1940 to 1967.
Y.—CERTIFICATE SALE—The $176,000 re¬
at
,
with
N.
.
premium of $1.
Dated Feb. 10, 1939 and due Aug. 10, 1939.
Eyre & Co. of New York, second high bidder, named a rate of
ADDITIONAL INFORMATION—In
The above sale cancels the Public
CHESTER,
.
funding certificates of indebtedness offered Feb. 6—V. 148, p. 767—were
awarded to R. D. White & Co. of "New York at 0.40% interest, plus a
it was reported later by the City Clerk
awarded $146,000 of the total authorized
mature Nov.
.
MEXICO
GALLUP, N. Mex.—BONDS SOLD—A $74,000 issue of 4% semiannual
bonds has been purchased jointly by A. 8. Huyck &
Co., and C. W. McNear & Co.. both of Chicaeo.
Denom, $1,000. Dated
Nov. .1, 1938.
Due Nov. 1 as follows:
$3,000 in 1940 to 1943, $4,000 in
1944 to 1950, $5,000 in 1951 to 1956, and $4,000 in 1957-.
Prip, and int.
payable at the Continental Illinois National Bank & Trust Co. of Chicago.
V. Legality to be approved by Chapman & Cutler of Chicago.
This issue of
bonds (the total issue is $160,000) is authorized by Chapter,, 57 of the
Session Laws of 1933, as amended.
The proceeds in conjunction with a
Federal grant will be used for the purpose of acquiring the source of supply
which has heretofore been privately owned, and for the construction of
extensions,
and improvements
to the municipally owned system
as
augmented.
'
v"
water works revenue
par,
South
Weeks
Darby & Co.; Dominick & Dominick; Equitable Securities Corp.;
Ernst & Co.; First of Michigan Corp.; Glore, Forgan & Co.; Hannahs,
Ballin & Lee; Harris Trust Co. & Savings Bank; Heidelbach, Ichelheimer
& Co.; Hemphill' Noyes & Co., and Lee, Higginson Corp.
$200,000-i-Brown Brothers, Harriman & Co.; Fiduciary Trust Co. of
New York; Fulton Trust Co. of New York; United States Trust Co. of
New York; Dick & Merle-Smith; Francis I. du Pont & Co.; Eldredge &
Co., Inc.; Harvey Fisk & Sons, Inc.; Hallgarten & Co.; MacKenzie & Co.,
Inc.; Robert C,.Mayer & Co., Inc.; Mellon Securities Corp.; Morse Bros.
& Co., Inc.; Paine, Webber & Co.; Ritter & Co.; L. F. Rothschild<& Co,;
Shields & Co.; Stern, Lauer & Co.; Swart, Duntze & Cq., Inc., and White,
Weld & Co.
Mr. Trpmaine explained that the taxes against which the notes were
issued will be collected before the due date and the receipts will be segre¬
gated to meet the obligations when due, in accordance with a provision of
the constitution which expressly prohibits refunding or renewal of such
obligations.
& Harden;
Rate Bid
Int. Rate
I.
•
•
$400:000—Irving Trust Co.; Federation Bank & Trust Co.; Fifth Avenue
Bank of New York; First Trust Co,, Albany; Lawyers Trust Co.;
Shore Trust Co., Rockville Centre; A. C. Allwyn & Co., Inc.; Baker,
'
'
>
Bank
East¬
Dillon & Co.; Gertler & Co., Inc.; Geo. B, Gibbons & Co,, Inc.;
Kidder, Peabody & Co.; Merrill, Lynch & Co., Inc., and H. L. Schwamm
man,
TEANECK TOWNSHIP (P.
Campbell & Co
J. 8. Rippel & Co
,
proceeds of the issue will be used for the payment of current State
and the notes will be retired in cash at maturity from the receipt
of taxes already levied.
The allotments and amounts-were:
$3.000,000—Chase National Bank; National City Bank; Bank of the
Manhattan Co., Bankers Trust Co.; Central Hanover Bank & Trust Co.;
First National Bank; Guaranty Trust Co.; Manufacturers & Traders Trust
Co.; Buffalo Marine Trust Co., Buffalo; J. P. Morgan & Co.; Barr Brothers
& Co., Inc.; Lehman Brothers; Salomon Brothers & Hutzler.
$2,000,000—Chemical Bank & Trust Co.; Empire Trust Co.; Public
National Bank & Trust Co.; Bancamerica-Blair Corp.; C. J. Devine & Co.;
First Boston Corp.; Harriihan Ripley & Co.; R. W. Pressprich
& Co.,
and Smith Barney & Co.
•
r
$1,500,000—City Bank Farmers Trust Co.; Continental Bank & Trust
Co.; J. Henry Schroder Trust Co., and Phelps, Fenn & Co. •
$1,000,000-—Brooklyn Trust Co.: Kings County Trust
Co.; Manu¬
facturers
Trust
Co.;
National
Commercial
Bank
&
Trust
Co.,
Albany; New York Hanseatic Corp.; State Bank of Albany, Albany; Blyth
& Co.; C. F. Childs & Co.; Emanuel & Co.; Goldman, Sachs & Co.; Halsey,
Stuart & Co., Inc.; Ladenburg, Thalmann <& Co.; Lazard Freres & Co.;
RAHWAY, N. 3.—BOND OFFERING— Samuel R. Morton, City Clerk,
Hoyt, Washburn & Clay of New Yprk City will be furnished the
,
The
expenses,
will receive sealed bids until 8 p. m. on Feb. 14, for the purchase of $420,000
not to exceed 6% interest coupon or registered high school bonds.
Dated
bidder.
a total of $30,800,000 long term cor¬
148, p. 767, announced on the morning
o£Feb. 8 that the entire offering had been sold and the books closed.
offered 100.77 for 3s.
PLEAS ANT VILLE,
The city's
excellent tax collection record is indicated by steady improvement in collec¬
tions in each year since 1933.
In that year $118,759,214 or 26.42% of
the total real estate levy remained uncollected.
At the end of 1934 the
December.
Long Branch. The sum required to be obtained at the sale of the bonds is
$45,500.
A certified check for 2% of the bonds offered, payable to order
of the borough, is required.
Legal opinion of Hawkins. Delafield & Long¬
fellow of New York City will be furnished the successful bidder.
,
915
reduction in the proportion of the budget required for deb
service in each of the past four years are indictaed in a
comprehensive survey
or the city s credit
position issued Feb. 6 by Harriman Ripley & Co., Inc.
a
CAROLINA
BURLINGTON, N. C.—NOTES SOLD—It is reported by the
that $25,000 revenue notes have
Trust Co. of Winston-Salem, at
Jan. 24,1939.
CHINA
City Clerk
been purchased by the Wachovia
1Y%, Plus a premium of $1.33.
Bank &
Dated
Due on May 24, 1939.
GROVE,
N.
C.—BOND SALE—The $25,000 issue
of public
offered for sale on Feb. 7—V. 148, p. 618-—was awarded
Horner & Mason of Lynchburg, paying a premium of $29.29, equal
to 100.117, a net interest cost of about 3.61%, on the bonds as follows:
$15 000 as 3^s, maturing on June 1:
$1,000, 1940 to 1950, and $2,000 in
1951 and 1952; the remaining $10,000 as 3 Hs, maturing $2,000 from June 1,
1953 to 1957.
improvement bonds
to Scott,
HICKORY, N. C.—NOTES SOLD—It is stated by the
City Manager
$50,000 bond anticipation notes were purchased on Jan. 31 by the
Security National Bank of Raleigh, at 6%, plus a premium of $201.40.
Dated Feb. 1,1939. Due on March 2, 1939.
that
IREDELL COUNTY (P. O. Statesville) N. C.—BOND OFFERING—
are informed by W. El Easter ling, Secretary of the Local Government
We
Financial
916
Chronicle
Commission, that he will receive sealed bids until 11 a. m. on Feb. 14, at
his office in Raleigh, for the purchase of a $69,000 issue of coupon refunding
bridge and road bonds. Interest rate is not to exceed 6%, payable M-S.
Denom. $1,000. Dated March 1, 1939. Due March 1, as follows: $20,000
in 1953 to 1955 and $9,000 in 1956.
Bidders are requested to name the
Interest rate or rates in multiples of H of 1 %. Each bid may name one rate
Oct. 1, 1940;
A-O.
Bonds
and
purchase the bonds at the lowest interest
PIQUA, Ohio—BONDS SOLD—The Sinking Fund Trustees purchased
as follows: $15,000 bonds for Storm Sewer Districts Nos. 1
due $7,000
$29,000 bonds
March 7, at place of purchaser's choice.
The bonds are registerable as to
principal Only. The approving opinion of Masslich Sc Mitchell, of New York,
will be furnished. Enclose a certified check for $1*380.
and 2; $14,000 special sasessment sidewalk and gutter bonds,
on
Sept. 1 in 1941 and 1942.
PLEASANT TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Harrisburg), Ohio—BONDS SOLD—The $33,000 school addition bonds
authorized at the primary election last August were sold to Walter, Woody Sc
Heimerdinger of Cincinnati.
RURAL HILL SANITARY DISTRICT (P. O. Rural Hill) N. C.—
BONDS SOLD TO PWA—It is reported that $40,000 4% semi-ann. water
and sewer bonds have been purchased at par by the Public Works Adminis¬
Due $1,000 from 1940 to 1957, and $2,000.
PLEAS ANTVILLE
1958 to 1968.
N.
C.—BOND SALE—The following issues
Dempsey of Cleve¬
PEMBERVILLE SCHOOL DISTRICT, Ohio—BONDS SOLD—'The
$44,000 building bonds issue authorized at tbe primary election last August
was sold to Brauth, Bosworth Sc Co. of Toledo.
interest will be entertained. Bids are required on forms to be furnished by
the above Secretary.
Prin. and interest payable in lawful money in New
York City.
General obligations; unlimited tax.
Delivery on or about
WINSTONrSALEM,
Interest
reported to be payable from unlimited ad valorem taxes
terest J-D.
such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities. No bid of less than par and accrued
cost to the county,
Dated Aug. 1,„1938.
are
be approved as to legality by Squire, Sanders Sc
NEW BOSTON, Ohio—BOND SALE DETAILS—The $35,000 street
improvement bonds sold to Pohl & Co., Cincinnati—V. 148, p. 312—were
issued as 4s, at par plus $155 premium, equal to 100.459, a basis of about
3.93%.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows:
$3,000 from 1940 to 1944, incl., and $4,000 from 1945 to 1949, incl.
In¬
part of the bonds (having the earliest maturities) and another rate
for the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.' The bonds will be
tration.
1939
11,
$5,000 April 1 and Oct. 1 from 1941 to 1959 Incl.
land.
for
awarded to the bidder offering to
will
Feb.
SCHOOL
SALE
Ohio—BOND
DISTRICT,
Woody
PleasantDempsey
DETAILS—The .$25,000 4% school bonds sold last year to Walter,
of
& Heimerdinger of Cincinnati—V. 147, p. 3802—are payable in
ville and have been approved as to legality by Squire, Sanders &
coupon semi-ann. refunding bonds aggregating $375,000, offered for sale
on,Feb. 7—V. 148, p. 468—were awarded jointly to the First Boston Corp.,
B. J. Van Ingen Sc Co., both of New York, and Kirchofer and Arnold,
Inc. of Baleigh, as 2)^s, paying a price of 100.039,.a basis of about 2.495%:
of Cleveland.
PORT CLINTON, Ohio—BOND SALE DETAILS—The $40,000
water works
$40,000 water bonds.
Due on Jan .1 as follows: $2,000, 1949 to 1956
and $3,000 from 1957 to 1964.
151,000 school bonds.
Due on Jan. 1 as follows: $8,000, 1949 to 1954:.
$1Q,000. 1955 to 1962; $11,000, 1963 and $12,000 In 1964.
184,000 general bonds.
Due on Jan. 1 as follows: $10,000, 1949 to 1958,
and $14,000, 1959 to 1964.
mortgage revenue bonds purchased by Ryan, Sutherland
768—were sola at a price of 100.03, a basis of
of Toledo—V. 148, p.
3M%
Sc Co.
about
3.247%.
PROCTORVILLE,
mitted for the $2,300
Ohio—BONtiS NOT SOLD—No bids were sub¬
6% funding bonds offered Feb. 4—V. 148, p. 468.
$300 in 1940 and $500 in
Dated Nov, 1, 1938 and. due Oct. 1 as follows:
1942, 1944, 1946 and 1948.
BONDS OFFERED FOR INVESTMENT—'The successful bidders rethe above bonds for public subscription at prices to yield from
2.20% to 2.50% according to maturity.
offered
ST.
MARYS, Ohio—BOND OFFERING—The City Auditor will re¬
on Feb. 24, for the purchase of $27,000 not to
improvement bonds. Dated Jan. 1,1939. Denom.
$1,000. Due Nov. 1 as follows: $1,000 from 1940 to 1942, incl. and $2,000
from 1943 to 1954, incl.
Rate of interest to be expressed in a multiple of
M of 1 %. Bonds were authorized at the general election last November and
the approving legal opinion of Peck, Shaffer, Williams Sc Gorman of Cin*cinnatf will be furnished tbe successful bidder.
A certified check for $270,
ceive sealed bids until noon
exceed 4% interest park
NORTH
DAKOTA
WOLF CREEK SCHOOL DISTRICT NO. 18 (P. O. Roll a), N. Dak.
—CERTIFICATE SALE—The $1,000 certificates of indebtedness offered
for sale on Jan. 25—V. 148, p. 468—-were purchased by a local investor,
as 6s at. par.
Dated Jan. 25, 1939.
Due on July 25, 1940.
payable to order of the city, is required.
STAUNTON TOWNSHIP SCHOOL DISTRICT (P. O.Troy), Ohio—
BOND SALE DETAILS—The $8,500 3M% school bonds purchased by
Katz
OHIO
COLUMBUS
CINCINNATI
District Clerk.
•XENIA
CITY
SCHOOL
DISTRICT, Ohio—BOND SALE—The
$55,000 building bonds offered Feb. 8—V. 148, p. 469—were awarded to
Mitchell, HerTiCk Sc Co. of Cleveland as 2He, at a price of 100.62, a basis
of about 2.43 %. Dated Nov. 1,1938 and due Dec. 1 as follows: $3 ,000 from
1940 to 1954 incl. and $2,000 from 1955 to 1959 Incl.
The Banc Ohio Se¬
curities Co., Columbus, second high bidder, offered a price of 101.15 for
2MS. .'•■■■■•
1
SPRINGFIELD
OHIO
BROWN-ZALESKI
RURAL
SCHOOL
DISTRICT,
Ohio—BOND
Other bids:
SALE DETAILS—The $35,000 school bonds purchased last year by the
State. Teachers' Retirement System—V, 147, p. 2281.—were sold as 3s, at a
price of 100.14, Due $700
FALLS
CHAGRIN
on
DISTRICT,
Ohio—BOND
'
.
,
-
Bidder—
G. Parr & Co., Columbus.
SALE
,
First. Cleveland Corp., Cleveland
W< E. Kershner
DETAILS—^The $190,000 school bonds purchased by the State Teachers'
Retirement System—v. 148, p. 768—were sold as 3Ms, at par plus a pre¬
Pohl Sc Co., Inc., Cincinnati.
Dated Nov. 1,. 1938. The last bond, No.
.42, is for $5,500, all of the others being in amount of $4,500 each. Due up to
Sept. 1., 1960 incl. Interest M-S.
.
i
— *
*
*
Ohio—BOND
*
Prerhium
$635.00
621.50
151.50
337.00
2H%
75.00
390.50
243.00
627.00
188.88
77.00
3%
*——*
2H%
2%%
2%%
2 H%
2% %
—*
Ryan, Sutherland & Co., Toledo
Stranahan, Harris Sc Co., Toledo
—
Fox.Elnhorn Sc Co., Cincinnati**
*
*—'
Provident Savings Bank & Trust Co., Cincinnati—!
-
t
'f
*
.
Int. Rate
2%%
3%
2%%
——,—*—
—
mium of $2,850, equal to .101.50.
CLAIBORNE SCHOOL DISTRICT (P. O. Rich wood)
;
.
Banc,Ohio Securities Co., Columbus
Assel, Goetz & Moerlein, Inc., Cincinnati--*
May 10 and Nov. 10 from 1940 to 1964 incl.
SCHOOL
in 1951
TIFFIN RURAL SCHOOL DISTRICT, Ohio—BONDS SOLD—An
issue of $42,000 stadium bends was sold locally, according ot Earl Kern,
700 CUYAHOGA BUILDING, CLEVELAND
AKRON
O'Brien* of Cincinnati—V. 147, p. 4088—were sola at par and
1 as follows: $500, 1940 to 1942, incl.; $1,000, 1943; $500,
1944 to 1946, incl.; $1,000. 1947; $500, 1948 to 1950, incl.; $1,000
and $500 in 1952 and 1953.
MITCHELL, HERRICK & CO.
CANTON
Sc
mature Nov.
MUNICIPALS
-
*
SALE DETAILS—The $99,000 school bonds reported sold in —V. 148, p.
768—were purchased as 2Hs by Stranahan, Harris & Co. of Toledo.
COLUMBUS, Ohio—BOND SALE-r-The $435,000 coupon. No. 4,
refunding bonds offered Feb. 9—V. 148, p. 618—were awarded to Fullerton Sc Co., Columbus, and Braun, Bosworth & Co., Toledo, jointly, as 2s,
at par plus a premium of $5,830, equal to 101.34, a basis of about 1.82%:
Dated March 1, 1939 and due Sept. 1 as follows:
$32,000 In 1940 and
$31,000 from 1941 to 1953, incl.
Other bids:
Bidder—
First Boston Corp.,
Int. Rate
Blyth & Co., Inc.; Paine, Webber & Co. and Merrill,
Tutben & Co—
*:
Eldredge & Co., et al—
——*•
Harriman Ripley Sc Co., Inc.; Northern Trust Co.
of Chicago and Wells-Dickey Co,,,,*
Halsey, Stuart&.Co.', Inc
;
Harris Trust Sc Savings Bank of Chicago.,,.,,,
Municipal Bonds Since 1892
Rate Bid
2%
...
R. J. EDWARDS, Inc.
100.65
Oklahoma
■■■•
%%
100.576
2%
100.517
2%
2% " '
2M%
.100.33
100.086
,101.059
OKLAHOMA
construction bonds have been sold to the J. E. Piersol Bond Co. of Oklahoma
City,
Bidder—
Int. Rate
First Cleveland Corp.
Paine, Webber & Co;
Ryan, Sutherland & Co..
*„.*.'
*—1.
*
.
*—.
Co
——*
*
i.—_
*.*.*.
.
—
Stranahan, Harris & Co
.•—
—
—
2%
*329.00
192,39
169.00
140 00
2H%
*
CUSTER
.
CITY, Okla.—BOND SALE—The $7,500 issue of
maturing $1,000 from 1944 to 1948, and $2,500 as
DURANT, Okla;—BONDS SOLD—It is
reported'thafc
'
$50,000 city hall
bonds approved by the voters at the general election in November, have'
been purchased jointly by the First National Bank of Durant, and the
Durant National Bank.
62 55
SUPPLY, Okla.—BONDS SOLD TO PWA—Jt is Stated by the Town
Clerk that the $12,500 water system bonds offered for sale without success
last October, have been purchased by the Public Works Administration,
628.00
300 00
266.00
2M%
2M%
261.00
220.24
as
4s at par.
VERDEN, Okla.—BONDS SOLD—It Is stated by the Town Clerk that
$2,500 water bonds approved by the voters at an election held on Sept. 15,
have been purchased by the National Bank of Verden, as 5s.
Ohio—BOND SALE DETAILS—The $12,000 4M%
LIBERTY TOWNSHIP RURAL SCHOOL DISTRICT (P.
O.
Ru¬
dolph), Ohio—BOND SALE DETAILS—The $31,000 bonds sold to Ryan,
Sutherland & Co. of Toledo as 2Ms, at 100.117—V. 148, p. 768—mature
$1,000 each six months with the first payment on March 1, 1940.
LONDON EXEMPTED SCHOOL DISTRICT, Ohio—BONDS SOLD—
the primary election last
August were sold locally.
The $28,000 grade school bonds authorized at
.
MARYSVILLE,
purchased by
$5,000 as 5s,
4Ms, due $1,000 in 1949
and 1950, and $500 In 1951.
purchased by Johnson, Kase & Co. of Cleveland—V.
148, p. 768—were sold at a price of 95, a basis of about 5% .
sewerage system
sewer ex-
tension bonds offered for sale on Feb. 7—V. 148, p. 768-—was
C. Edgar Honnold, of Oklahoma City,, divided as follows:
water revenue bonds
,
.
531.00
,
2M%
....
■
' 99.11
.
2M%
2M%
**•—,—*
Assel, Goetz Sc Moerlein, Inc.Braun, Bosworth & Co
Hayden, Miller & Co.
Saunders, Stiver & Co
GREENWICH,
331.70
.
.
2%
2%
2%
2%
Weil, Roth & Irving Co.—
Prudden& Co.
$341.00
2%"
2%
—
Merrill, Turben & Co——J
Johnson, Kase & Co..
Middendorf &
2%
—
——^—
Charles A. Hinsch & Co
Premium
V '
*
t
'
J
'
ATOKA, Okla.—BONDS SOLD—It is- stated by C. A. Bloom/City
Manager, that the following bonds aggregating $9,990, have been sold to
the Liberty National Bank of Oklahoma City: $4,995 sewer, and $4,995
water bonds.
1
approved by Squire, Sanders Sc Dempsey
ERIE COUNTY
(P.
O.
Sandusky), "Ohio—OTHER BIDS—The
$58,300 courthouse improvement bonds awarded to the BancOhio Securities
Co., Columbus, as 2s, at par plus $351 premium, equal to 100.60, a basis
of about 1.88%—'V. 148, p. 768—were also bid for as follows:
Allen), Qkla.~*BONDS
$4,900
SOLD—It is stated by the Clerk of the Board of Education that
,
as
>
Long Distance 787
ALLEN SCHOOL DISTRICT NO. 1 (P. O.
BONDS ARE UNLIMITED TA X OBLIGATIONS—In a special notice
Issued several days prior to the sale, the city announced that the bonds,
were "all authorized prior to Jan. 1,' 1931, and are entitled to unlimited
taxes
under the Hudson Decision.
Bond legislation will include the
"holder in due course" clause
of Cleveland."
City, Oklahoma
AT'&T Ok Cy 19
Ohio—BOND
SALE
CORRECTION—The
$27,500
bonds awarded last October to Weil, Roth & Irving Co. of
issued as 3Ms, not 5s as earlier reported.
OREGON
CLACKAMAS COUNTY SCHOOL DISTRICT NO. 64 (P. O. CUckamas), Ore.—BOND SALE POSTPONED—It is started by Mary E. Talbert,
District Clerk, that the sale of the $2,500 school bonds, which had been
scheduled for Jan. 20, as noted here—V. 148, p. 469—was postponed to
Feb. 20 due to an error in
COQUILLE,
advertising.
Ore.—BOND OFFERING— Sealed bids will be received
until 5 p. m. on Feb. 20, by F. G. Leslie, City Recorder, for the purchase of
$1,315.57 6% semi-annual street improvement. Series 0-2 bonds j
Dated
March 1, 1939.
Ashland), Ohio—BONDS SOLD—The BancOhio Securities Co. of Colum¬
bus purchased the $55,000 building bond issue which was authorized at the
election last September.
ECHO, Ore.—BOND OFFERING—It is stated by W. H. Crary, City
Recorder, that he will receive sealed bids until 5 p m. on Feb. 20, for the
purchase of $3,700 not to exceed 5% semi-annual general bonds.
Denom.
$500, one for $200.
Dated Feb. 1, 1939.
Due on Feb. 1 as follows,
$500 In 1940 to 1946, and $200 in 1947.
A certified check for $200 is re¬
quired wiht bid.
MOUNT VERNON CITY SCHOOL .DISTRICT, Ohio—BOND SALE
DETAILS—The $198,000 school building bonds sold to "Hawley, Huller
& Co, of Cleveland—V. 148, p. 768-*-bear
2M% internet, are dated Oct, 1,
1938, In $1,000 denoms. and mature as follows: $4,000, Apr1! 1 and $5,000,
GERVAIS, Ore.!— WARRANT OFFERING—It is reported that sealed
bids will be received until 5 p. m. on Feb. 13, by B. B. Earner, City
Recorder,for the purchase of $2,000 not to exceed 6% semi-annual warrants.
Dated March 1, 1939.
Cincinnati
t
were
MONTGOMERY TOWNSHIP RURAL SCHOOL DISTRICT
_
(P. O.
Volume
Financial
148
917
Chronicle
¥
LA GRANDE, Ore.—BOND OFFERING— It is
reported that sealed bids
will be received until 7:30 p. m. on Feb. 23, by J. E. Stearns, City
Recorder-Treasurer, for the purchase of an issue of $120,000 not to exceed
from
Harrisburg to Pittsburgh, a distance of 162 miles is guaranteed by
funds provided oy the Federal Government, George S. Munson, member
of the law firm of Townsend, Elliott & Munson of Philadelphia, asserted
Feb. 8.
Mr. Munson's statement which completely clears up the legal status of
the vast project was made in behalf of holders of $10,000,000 of the turn-
3%
semi-annual refunding improvement bonds.
Dated March 1, 1939.
$1,000 and $500.
Due March 1, as follows:
$8,500 in 1940 and
1941, $9,000 in 1942 and 1943, $9,500 in 1944, $10,000 in 1945 and 1946,
$10,500 in 1947 and 1948, $11,000 in 1949, $11,500 in 1950 and $12,000 in
1951.
The approving opinion of Teal,
Winfree, McCulloch, Shuler &
Kelley, of Portland, will be furnished. Enclose a certified check for $5,000.
Denom.
Sikea bonds in all sections of this country. He said theinbonds are secured
y
trust indenture which "is considered
model
Washington for
a
financing great public improvements which
"In
LANE COUNTY SCHOOL DISTRICT NO. 177 (P. O. Springfield),
Ore.— WARRANTS OFFERED—Sealed bids were received until 8 p. m. on
Feb. 10, by Mrs. J. S. Carr, District Clerk, for the purchase of a
ssue of not to exceed
6% semi-annual warrants.
$3,800
by the purchaser's attorney.
MULTNOMAH
COUNTY
JOINT
SCHOOL
DISTRICT
NO.
42
(P. O. Porrland), Ore.—BOND OFFERING—It is reported that sealed
17, by Elida Barrell, District
Clerk, for the purchase of an $8,000 issue of school bonds.
Interest rate is
not to exceed
6%, payable M-S.
Dated March 1, 1939.
Due $1,000
March 1. 1941 to 1948.
Prin. and int. payable at the fiscal agency of the
State in New York City, or at the County Treasurer's office as designated
by the purchaser.
The approving opinion of Teal, Winfree, McCulloch
Shuler & Kelley of Portland, will be furnished.
Enclose a certified check
for $200.
,
bids will be received until 8 p. m. on Feb.
several
PRAIRIE CITY, Ore.—BONDS NOT SOLD—It is stated by the City
Recorder that the $20,000 5% semi-annual hospital bonds offered on
Jan. 9—V. 147, p. 4089—were not sold.
<
year
WEST SALEM (P. O. Salem), Ore—BOND SALE—The $50,000 issue
43^8, Dec. 1, 1946
2.80
JOHNSON & McLEAN
Incorporated
PENNSYLVANIA
A. T. T. Teletype—PITR
289
PENNSYLVANIA
ALLEGHENY
COUNTY
O. Pittsburgh), Pa
(P.
SALE—
The
$6,000,000 coupon bonds offered Feb. 9—V. 148, p. 619—were
to a syndicate composed of Halsey, Stuart & Co., Inc.; Bancamerica-Blair Corp.; Ladenburg, Thalmann & Co.; Hallgarten & Co., all
of New York; Stroud & Co., Inc., Philadelphia; Glover & MacGregor,
Inc., Pittsburgh; First of Michigan Corp.; G. M.-P. Murphy &
Co.;
H. C. Wainwright & Co., all of New York; Walter Stokes & Co., Phila¬
delphia; Sherwood <fc Reichard, New York; S. K. Cunningham & Co.,
Inc. and Phillips, Schmertz & Co., both of Pittsburgh, and Sheridan,
Bogan Co., Philadelphia.
The successful banking group paid a price of
awarded
102.180 for 2)4s, a basis of about 2.06%.
They
following purposes:
,
are
'
being issued for the
,
$3,000*000 road bonds, series 45.
2,000,000 bridge bonds, series 27.
600,000 park bonds, series 8.
400,000 tunnel improvement bonds, series 6.
of
The entire $6,000,000 bonds are dated Feb. 1, 1939 and mature annually
Feb. 1 as follows:
$210,000 from 1940 to 1949, incl.; $205,000 from
Stuart & Co., Inc. and asso¬
from 0.30% to 2.20%, accord¬
maturity.
Formal notice appears on page 11.
The bonds are
payable from unlimited ad valorem taxes which may be levied on all of the
county's taxable property.
'
BONDS PUBLICLY OFFERED—Halsey,
-
other bids, all of which specified
submitted at the sale, as follows:
Bidder—
an
interest
Seriod in excess ofsponsor of the bill,legislation, according to Representative
oseph Ominsky, five years. Such
would force the city council to seek a
Rate Bid
-
Lazard Freres & Co.; Eastman, Dillon & Co.; Hemphill,
Noyes &
Co., and B. J. Van Ingen & Co., Inc., et al___
Chase National Bank of New York; Chemical Bank & Trust Co.;
First Boston Corp., and Blyth & Co.. Inc., et al
National City Bank of New York; Harriman Ripley
101.70
out' of its financial difficulties.
LIGHTING COMMITTEE REJECTS TERMS FOR
"sounder way
101.709
National Bank of Pittsburgh; Bankers
and Smith, Barney & Co., et al_
—
101.599
Mellon
101.539
Pa.—BOND OFFERING— George W. Kistler, City
Clerk, will receive sealed bids until 10 a. m, on Feb. 28, for the purchase of
$450,000 1)4, 1M, 2, 2lA, 2)4, 2%, 3, 3% or 3)4% coupon, l^egisterable as
to principal, funding and improvement bonds.
Dated March 1, 1939.
Due $30,000 on Sept. 1 from 1940 to 1954, incl.
Bidder to name a single
rate of interest, payable M-S.
A certified check for 2% of the bonds bid
for, payable to order of the City Treasurer, is required.
Bonds will be sold
subject to favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia.
v
'
- r ,
ALLENTOWN,
.
BEN
AVON
HEIGHTS
O.
(P.
Bellevue), Pa .—BOND SALE—The
issue of $6,000 coupon bonds offered Jan. 9—V. 147, p. 4089—was awarded
to Glover & MacGregor of Pittsburgh as 2)49, at a price of 101.73, a basis of
about 2.06%. Dated Dec. 1, 1938 and due Dec. 1, 1948.
CLEARFIELD
SCHOOL
DISTRICT,
Pa .—BOND
OFFERING—
E.,Clair Davis, Secretary of the Board of Education, will receive sealed bids
purchase of $80,000 2, 2M, 2)4, 2%, 3.
3H or 3)4% coupon, registerable as to principal, refunding bonds.
Dated
March 1, 1939.
Denom. $1,000.
Due March 1 as follows: $5,000 from
until 4 p. m. on March 6 for the
1940 to 1949 incl. and $6,000 from 1950 to 1954 incl.
Bidder to name a
single rate of interest, payable M-S.
A certified check for 2% of the bonds
bid for, payable to order of the District Treasurer, is required.
Bonds will
be sold subject to favorable legal opinion of Townsend, Elliott & Munson
of Philadelphia.
CORAOPOLIS, Pa.—BOND SALE DETAILS—'The $20,000 2% equip¬
ment bonds awarded to the Union Trust Co. of Pittsburgh—V. 148, p. 313—
were sold at a price of 100.025, a basis of about 1.995%.
ELIZABETHVILLE
DISTRICT, Pa.—BOND SALE DE¬
the Capital Bank & Trust
181fr—were sold as 3s, at a price of 100.31, a
SCHOOL
TAILS—The $26,500 school bonds awarded to
Co. of Harrisburg—V. 147, p.
basis of about 2.97%.
Secretary, announces that 4%%
Nos. 71 to 300 incl., due April 1
CALD-C. A. Sapper, District
operating revenue bonds, series of 1934,
from 1940 to 1944 incl., have been called
for payment on April 1, 1939 at a price of 102 and accrued
with all unmatured coupons attached should be presented
at the First National Bank, Erie, on or
interest. Bonds
for redemption
after the aforementioned call date.
MANOR, Pa.—BOND SALE—The $15,000 street Improvement bonds
awarded to the Manor National Bank
3s, at a price of 100.42, a basis of about 2.94%.
Dated Dec. 1, 1938
and due Dec. 1 as follows: $1,000, 1940 to 1949 incl.; $2,000, 1950 and
$1,000 from 1951 to 1953 incl.
Callable at any time by giving notice pro¬
offered Feb. 6—V. 148, p. 469—were
as
vided for in bond ordinance.
COMMISSION (P. O. Harrisburg),
HIGHWAY PROJECT CLARIFIED-—
self-liquidating $60,000,000 super highway
PENNSYLVANIA TURNPIKE
Pa.—LEGAL STATUS OF VAST
,
Co.
as
the terms established by the Philadelphia Gas Works
condition to its acceptance of a 15-year lease for operation of the
to
a
approve
municipal gas plant.
Following expiration or the old lease on Jan. 1, 1938,
^the city accepted a new 10-year lease, approval of which has not as yet
been given by the State Utility Commission.
Recently, however, the
city decided on a plan for solving its financial difficulties by offering for
sale to the highest bidder the annual rental fee of $4,215,000 received from
the gas company.
With this idea in mind, the operating utility was re¬
quested to accept a new lease for a period of 15 yeras.
The lighting com¬
mittee now has decided that the conditions sought by the company on the
basis of the extended lease should not be accepted by the city.
OF GAS PLANT RENTALS—Pursuant
City Council passed feb. 9, it is announced that proposals
Feb. 24, at the office of William W.
Felton, Clerk of Council, providing for a loan of $50,000,000 to the city
in consideration of the assignment therefor, for a period to be named by
the bidder, of the annual rental fee of $4,200,000 to be received by the
city from operators of the municipal gas plant.
Proposals will be received
subject to such conditions as1 the bidder may specify and the rental fee in
question will be "due under subsisting agreements and the proposed
amendment thereof between the United Gas Improvement Co. and (or)
the Philadelphia Gas Works Co. and the City of Philadelphia."
The neces¬
sity for the proposed action is required by "financial conditions are now
now existing" and to protect the/'interest Of the city, its inhabitants and
taxpayers against loss and injury."
The resolution passed by City Council
provides that any proposal submitted hereunder may be withdrawn or
modified by any bidder prior to final acceptance and that such withdrawal
or modification shall not in any way effect the right of City Council to
consider the modified proposal or other proposal which may have been
ASKS BIDS ON ASSIGNMENT
to resolution of
wdll be received on or before noon on
submitted."
TOWNSHIP
PLAINS
(P. O. Plains), Pa.—
registered school bonds offered
SCHOOL DISTRICT
BONDS SOLD—The $28,000 4% coupon or
147, p. 2576—were awarded to the Public School Employees
par.
Dated Oct. 15, 1938 and due $2,000 on Oct. 15 from 1939 to
Oct. 25—V.
Board at
1952 incl.
SHARON HILL, Pa .—BONDS SOLD—An issue of $41,000 3%
was sold last November to Burr & Co. of Philadelphia at a
bonds
ERIE SCHOOL DISTRICT, Pa .—BOND
Completion of Pennsylvania's
refused
^
Trust Co. of New York,
—
EXTENISON OF
Feb. 3
GAS PLANT LEASE—The City Council's lighting committee on
-
& Co., Inc.;
Kidder, Peabody & Co., and Estabrook & Co., et al
Mellon Securities Corp.; Union Trust Co. of Pittsburgh;
,
PHILADELPHIA, Pa .—BILL
WOULD PROHIBIT GAS PLANT
provisions of a bill introduced in the Pennsylvania
House of Representatives on Feb. 6, the City of Philadelphia would be
prohibited from negotiating a proposed loan of $50,000,000 against the
rentals derived from a lease of the municipal gas works.
An effort ,is cur¬
rently under way for the city to borrqw funds in that manner in order to
bridge a prospective large budgetary deficit for 1939 and to liquidate an
accumulated deficit of over $33,000,000.
The bill referred to would forbid
first-class cities from entering into leases, contracts or other agreements for a
ing to
were
-
.
ex-officio member
LOAN—Under the
ciates re-offered the bonds at prices to yield
OTHER BIDS—Several
Commission."
the
,
of Highways which will
and supervise construction of the turnpike, is an
approve
1950 to 1959, incl. and $185,000 from 1960 to 1969, Inclusive.
2)i%,
On the basis of toll schedules
by the traffic engineers, it is estimated that all of the turn¬
property subject to ad valorem taxation. '
"The Secretary of the Pennsylvania Department
on
rate of
One of these accounts will contain sufficient funds
pike bonds will be retired by 1954, 14 years before maturity.
"There will be 11 toll gates along the route.
Tolls for passenger cars
will be $1.25, for motor trucks from $1.50 to $6, according to weight, and
$4 for buses.
When the bonds are retired, the turnpike will become a unit
of the State highway system and will be operated free of tolls.
"Proceeds or the bonds are safeguarded by the trust indenture to insure
completion of the project some time in 1941, while revenues are equally
safeguarded to insure proper maintenance and operation of the turnpike as
well as payment of the principal and interest of the bonds.
The indenture
provides for issuance of additional bonds if necessary to complete the turn¬
pike, although the additional bonds must have the approval of the RFC.
"Issuance of bonds for improvements to the highway must also be
approved by holders of 75% of the amount outstanding.
For instance, if
traffic should become so heavy as to cause congestion at any of the nine
tunnels penetrating the Allegheny Mountains, revenues would justify
completion of parallel tunnels.
"The trust indenture, executed between the Pennsylvania Turnpike
Commission and the Fidelity-Philadelphia Trust Co., in Philadelphia, as
trustee for the bondholders, provides that proceeds of the bonds and the
grant are to remain in custody of the rutstee in a construction fund.
Pay¬
ments from this fund can be made only on requisitions of the Commission,
accompanied by certificates of the Commission Chairman, the consulting
engineers and engineers of the PWA and RFC.
Revenues of the turnpike
which are subject to similar restrictions as the construction fund, must be
deposited daily in the name of the trustee.*
"Because of the concise law under which the turnpike is being constructed,
there is no opportunity for misapplication of any proceeds of the bonds or of
the grant.
The Turnpike Commission also, is required by law to adopt an
annual budget as further evidence of economical operation of the highway.
On the completion of the turnpike, money remaining in the construction
fund must be paid into the sinking fund for the bonds.
"The turnpike will have four traffic lanes except through the tunnels,
which will be picturesque and will accommodate two wide lanes of traffic.
In fact, the entire project will be ultra-modern, including the financing,
which is being done under the most equitable and safest plan whereby
patrons of the publicly owned utility will pay for its cost without any
additional burden being placed on owners of homes, farms, or any other
$8,000 UNIONTOWN, PA.
Telephone—Atlantic 8333
funds.
of operation for repairs to the roadway.
recommended
6—V. 148, p. 618—
awarded to Ferris & Hardgove of Portland, paying par for the bonds
as 4%s and 5s, subject to approval of the project by the Works Progress
Administration within one week.
Dated Feb. 1, 1939.
Due from Feb. 1,
1942 to 1955.
PITTSBURGH
reserve
to pay interest on the bonds for a period of two years as an insurance against
lean years.
The other will be a maintenance fund beginning in the fifth
was
at
self-liquidating in character.
torneys, respresenting the Public Works Administration and the Reconstruc¬
Finance Corporation, participated in framing the trust indenture."
Mr. Munsou said.
In connection with bis statement assuring completion
of the super-highway, Mr. Munson said "six contracts have been awarded
for construction of approximately 50 miles of this streamlined roadway."
Discussing the trust indenture, Mr. Munson said:
"The Pennsylvania turnpike is being financed by a PWA grant of $26,100,000 and purchase of an original issue of $35,000,000 in bonds by the
RFC.
On Oct. 26, last, $10,000,000 of the oonds were delivered to the
RFC. and resold to a banking syndicate.
(For details see "Chronicle" of
Oct. 15, 1938, page 2432).
They are issued as Commonwealth of Penn¬
sylvania Turnpike revenue bonds, dated Aug. 1, 1938, and near interest
at the rate of 3%%, payaole semi-annually on Feb. 1, and Aug. 1.
The
bonds are free from taxation in this State and will mature on Aug. 1, 1958.
"As set forth on the face of the bonds, they neither constitute a debt of
the Commonwealth nor a pledge of its faith and credit.
The indenture
states that this Commonwealth is not obligated to redeem the bonds or pay
the interest, except from tolls, as the highway will be operated on a 'payas-you-ride' basis.
The Turnpike Commission is required by law to adopt
a schedule of tolls sufficient to operate and maintain the highway as well as
ANGEL. Ore.— WARRANT SALE NOT CONSUMMATED—It
Is now reported by the City Recorder that the sale of the $2,500 interestbearing warrants to Tripp & McCleary of Portland, as 3Ms, noted here on
Feb. 4—Y. 148, p. 769—was not,consummated as the sale was not approved
School District
are
members of four law firms, a host of Government at¬
tion
MT.
of street improvement bonds offered for sale on Feb.
addition to
funding
price of
101.039.
UPPER
BURRELL TOWNSHIP SCHOOL
DISTRICT (P. O. New
Kensington, R. D. 2), Pa.—BONDS SOLD—r-The $19,000 school
unsuccessfully offered last Sept. 26, have since been sold to the State
School Employees' Retirement Fund.
Dated Oct. 15,1938 and due
on Oct. 15 from 1940 to 1958 incl..
bonds
Public
$1,000
WASHINGTON, Pa.—BOND OFFERING—John Griffiths, City Clerk,
1 p. m. on Feb. 15 for the purchase of $100,000
4% interest coupon funding, street and sewer improvement
bonds, series of 1939. Dated March 1,1939. Denom. $1,000. Due March 1
as follows:
$5,000 from 1940 to 1943, incl. and $10,000 from 1944 to 1951,
incl.
Bidder to name a single rate of interest, expressed in a multiple of
X of L%.
Principal and interest (M-S) payable at the City Treasurer's
office.
Of the proceeds $75,000 will be used for funding purposes and the
remaining $25,000 for street and sewer improvements,
sale of the bonds is
will receive sealed bids until
not to exceed
'
918
Financial Chronicle
subject to approval of proceedings by the Pennsylvania Department o f
Internal Affairs.
A certified check for $1,000, payable to order of the
City Treasurer, is required.
Legal opinion of Burgwin, Scully & Churchill
of Pittsburgh will be furnished the successful bidder.
Feb. 11. 1939
SALT LAKE COUNTY (P. O.
Salt Lake City). Utah—BOND SALE
DETAILS—In connection with the sale of the $1,000,000 tax anticipation
bonds to Edward L. Burton & Co. of Salt Lake City, at an interest cost of
as noted here—V. 148, p. 470—it is stated by the County Clerk
as follows:
$200,000 on Feb. 1,1939; $200,000
April 1; $200,000 on June 1; $200,000 on Aug. 1, and $200,000 on Oct. 1,
1939; the last amount to be optional with the county.
Denominations:
$25,000; $50,000 and $200,000. Due on Dec. 31,1939.
0.50%,
that the bonds will be issued
RHODE
on
ISLAND
PROVIDENCE, R. I.—BOND SALE—An Issue of $300,000 bonds was
Due $30,000
sold to the Employees' Retirement System as 2a, at par.
on Dec, 1 from 1939 to 1948, inclusive.
SOUTH
$17,000
CAROLINA
HOPEWELL, VA., Imp. 6s
BOWMAN, S. C.—BONDS NOT SOLD—It Is now reported by the City
Clerk that the $20,000 issue of water works bonds offered on Oct. 28—
V. 147, p. 2737—was not sold.
Due
GEORGETOWN, S. C.—BOND TENDERS INVITED—It Is stated
by Lida Scurry, City Clerk and Treasurer, that in accordance with provisions
of indenture relating to issue of refunding bonds of the city, the city Council
will receive tenders for the purchase of obligations of the city consisting of
refunding bonds, notes and paving certificates in the aggregate sum of
Richmond, Va.
Phone
A. T.-T. TeL Rich. Va. 83
3 9137
Council in accordance with the terms
of said indenture which require that no tenders be considered in excess of
the pat value of the obligation.
SOUTH
JERAULD COUNTY (P. O. Wessington Springs), S. Dak.—BOND
SALE DEFERRED—It is statedbv the County Auditor that the $335,000
not to exceed 4% semi-annual funding bonds scheduled for award on
Feb. 7—V. 147, p. 3804—were not sold as final action was put off, pending
the outcome of proposed legislation concerning permanent school fund loans.
Redfiefd), S. Dak.—BONDS OFFERED—
Both sealed and auction bids were received until 2 p. m. on Feb. 10, by
J. D. Fargo, County Auditor, for the purchase of an issue of $120,000 not
to exceed 4% semi-annual coupon funding bonds.
Dated March 1, 1939.
Denom. $1,000.
Due $15,000 Jan. 1, 1941 to 1948, all bonds maturing
1, 1944, being subject to redemption and prepayment at "the
option of the county on July 1, 1944, or any interest payment date there¬
after. Jan.
after.
.
The bonds will be made payable at any suitable bank or trust
company designated by the successful bidder.
' ■'*
TENNESSEE
ANDERSON COUNTY (P. O. Clinton), Tenn.—BOND SALE DE¬
TAILS—It is stated by the Clerk of the Chancery Court that the $45,000
refunding bonds purchased jointly by Booker & Davidson, and the FidelityBankers Trust Co., both of Knoxville, as noted here last October, were
sold as 4s, for a price of 100.11, and mature on Oct. 1 as follows: $10,000,
1954 to 1956, and $15,000 in 1957, giving a basis of about 3.99%•
CUMBERLAND COUNTY (P. O. Crossville), Tenn.—BONDS SOLD
—It is stated by the Clerk of the County Court that $100,000 county bonds
Were sold recently to C. H. Little & Co. of Jackson.
FRANKLIN COUNTY
(P. O.. Winchester), Tenn.—BONDS SOLD—
It is reported that $50,000 2% % semi-annual school bonds were purchased
Feb. 6 by Webster & Gioson of Nashville, at par.
Dated Jan. 1, 1939.
Due on Jan. 1 as follows: $4,000, 1940 to 195i, and $2,000 in 1952.
on
TRIC SYSTEM—In response to our inquiry on the
was sent to us on Feb. 4 by D. C. Miller, City
subject, the following
Comptroller:
"The City of Memphis and the Memphis Power & Light Co.
could not
agree on a purchase price by the city of their properties and the city,
through its Board of Light and Water Commissioners, is now constructing
an electric distributing system to
compete with the local utilities.
The
said board has expended some $3;500,00j to date and expects to spend about
$9,000,000 on this project."
'
.
SULLIVAN COUNTY (P. O. BlountviHeV Tenn.—BONDS
WASHINGTON
QUINCY, Wash .—BOND OFFERING—We are informed by Ralph A.
Spanjer, Town Clerk, that he will receive sealed bids until 5 p. m. (to be
opened at 8 p. m.) on Feb. 27 for the purchase of a $6,000 issue of coupon
Interest rate is not to exceed 6%, payable
J-J.
Denom. $500.
Due $500 Jan. 1, 1941 to 1952, optional after six
years.
Prin. and int. payable at the Town Treasurer's office.
These
special water revenue bonds.
bonds were authorized at the election held
,
TEXAS
COMANCHE COUNTY (P. O.-Conmnche), Texas—
It is stated by the County Judge that $75,000 court house bonds
by the voters at an election held Feb. have been sold.
W. Hoffman, Chairman of the Bpard of Commissioners,
that under and pursuant to certain terms Of the Plan of Composition con¬
firmed on Jan. 16, by the Hon. T. Whitfield Davidson, Judge„of the United
States District Court for the Northern District of Texas, in re, City of
Eastland, Texas, in municipal bankruptcy, under which terms the city may
purchase bonds and warrants by the use of certain moneys now in the'' Bona
Retirement Fund," he will receive seated tenders up to March 1, at 1Q a. m.,'
"of tax supported bonds and warrants.
Preference will be given to tenders made at the lpwest prices; however,
he city cannot accept any tender in excess of 22 cents flat on the dollar,
bond or warrant holder making a tender will be. notified within five
whether his tender is accepted or not, and will be given instruc¬
tions as to presentation of the securities offered.
ny
ays as to
ECTOR COUNTY (P.
6. Odessa), Texas—BOND SALE DETAILS—
."We are now informed by the County Judge that the $50,000 refunding
bonds sold on Dec. 19, as noted here recently—V. 148, p. 470—were pur¬
chased by Donald O.'Neil & Co. of Dallas .paying par on the bonds divided
as follows:
$25,000 as 3s, maturing $5,000 from 1940 to 1944; the re¬
maining $25,000 as 3Ms, due $5,000 from 1945 to 1949.
These bonds are
optional after 1944.
"Denom, $1,000.
HILL COUNTY (P. O. Hillsboro), Texas—BOND SALE DETAILS—
with the award of the $90,000 roaa improvement bonds to
Dillingham & McGlung. of Houston, at a price of 100.26, for $22,500 as"
2s, and $67,500 as 2Ms. as reported here on'Jan. 28—V. 148, p. 620—we
are now informed by the ex-County Judge that the bonds are coupon in
form, dated Feb. 1, 1939, and they mature $4,5Q0 yearly From Feb. 1,
„
Denom. $1,000., Interest payable A-O 10.
MARSHALL, Texas—HIGH BID—At the offering
on
Feb.
7 of the
f200,000 school&bonds—V. 148, p. 770—the highest bidpremium, equal by
was submitted to
liller, Moore
Brown of Dallas, an offer or $2,228
101.114, on the bonds divided as follows: $101,500 maturing Feb. 15, $500
1943 to 1945, $2,000 in 1946 to 1953,
$2,500 in 1954 to 1960, $3,000 in 1961 and 1962, $22,000 in 1963 and
1964, $12,000 in 1965, as 3s, $76,000 maturing Feb. 15, $10,000 in 1965,
$22,000 in 1966 to 1968, as 3Ms, and $22,500 maturing Feb. 5, 1969, as 3s.
The award was scheduled to be made on Feb. 9, in the evening.
in 1941, $1,000 in 1942, &1.500 in
TEXARKANA, Texas—BOND TENDERS INVITED—It is stated by
G. D. Barrett, City Secretary, that the city will be interested in receiving
tenders up to par for its 1941 maturities on its bonded indebtedness.
UTAH
CITY, Utah—BONDS SOLD—We
2.50% to 3.50% for the 1941-1944 maturities and'at
mately 3.62 tq 4% calculated to the respective maturities.
WEST VIRGINIA
MOUNDSVILLE, W. Va.—PRICE PAID—It is now reported that the
$178,000 4% semi-annual street paving revenue bonds sold to McGregor,
Irvine & Co. of Wheeling, as noted here—V. 148, p. 770—were purchased
at
a price of 91.89; a basis of about 5.62%.
1949, inclusive.
Due from July 1, 1940 to
WISCONSIN
BALDWIN, Wis.—BOND SALE—The $7,509 issue of 3% coupon semi¬
annual refunding bonds offered for sale on'Feb. 6—V. 148, p. 770—:was
awarded to Paine, Webber & Co. of Chicago, according to the Village
Clerk.
Dated Feb. 1; 1939.
Due $500 from Feb. 1, 1940 to 1954, Incl.
The bonds were awarded at a price of 101.169, a basis of about 2.84%.
GREEN BAY, Wis.—BOND SALE—The $44,000 Issue of coupon voca¬
on
Feb. fr—V.
148,
p.
470—was awarded
to the Marshall &
IlsleyBank of Milwaukee, as 2 Ms, paying a premium
102.786, a basis of about 0.97%.
Due on Jan. 15-,as
follows: $13,000 in 1940 to 1942, and $5,000 in 1943.
of $1,226, equal to
The other bids
are
officially reported
Bidder—'
as
follows:
*
Premium
John Nuveen & Co., Chicago*
-*$1,191.00
Heronymus, Ballschmieder & Co., Sheboygan.—1,153.80
Halsey, Stuart & Co., Inc.. Chicago
1,139.60
Harriman Ripley & Co., Chicago*.
1,086.00
*'*.**.**>*
*
*
——*..*.
National Bank of Chicago
Northwestern National Bank & Trust Co.,
First
—-
*
1J.
Minneapolis
r
Bartlett, Knight & Co.. Chicago
Securities CO. of Milwaukee
Paine, Webber & Co., Chicago....*.***.*
Kellogg Citizens National Bank
R» W. Pressprich & Co., Chicago
*i—........
T. E. Joiner & Co., Chicago
:
Channer Securities Co., Chicago.*
—*—*
informed by Mary
988.00
*
947.70
.....
.......
—
,»*_*.,
....
923.45.
903.40
787.00
558.80
KIMBERLY, Wis.—BOND SALE—'The $85,000 issue of coupon (sewer¬
disposal and water works improvement bonds offered for sale at public
on Feb. 7—V. 148, p. 770—was awarded'jointly to the Securities
age
Co. of
a
Milwaukee, and the Milwaukee Co. as 2 Ms, paying a price of 102.42.
2.27%
Due from March 1, 1944 to 1955 incl.
"
basis of about
.
MILLTOWN,
Wis.—BOND
OFFERING—it
is
"reported
that
both
sealed and oral bids will be received until 8 p. m. on Feb. 15 by BIrger
Voss, Village Clerk, for the purchase of a $14,000 issue of 3M% sewerage
plant, semi-annual general obligation bonds.
Denom., $1,000.
Dated
March 1, 1939.
Due $1,000 from March 1, 1941 to 1954 incl.
The
approving opinion of Fletcher,
Minneapolis will be furnished.
D'orsey,
Barker,
Colman
&
Berber
of
MILWAUKEE COUNTY (P. O. Milwaukee), Wis .—BOND CALLS—
It is stated by C. M. Sommers, County Treasurer, that the County Board
has authorized calling for payment on March 1, at the County Treas¬
urer's office, or at the Chase National Bank, N. Y. City, fiscal agent for
the county, the $3,000,000 relief bonds of 1938. " Issue of July 1, 1938.
Interest
ceases
on
In addition to
date called.
calling the 1938 relief bonds, the County Board also author¬
ized the County Treasurer to accept for immediate payment with interest
to
maturity the 1939 Instalments of the following bonds:
Relief Bonds—
April 1932
4M%
Oct. 1932
——5%
Sept. 1936
...2%
..
—
$500,000
50,000
125,000
Metropolitan Sewerage Area—
April 1, 1922
5%
$338,000
April 1, 1924
4M%
373,600
Mar. 18, 1925
4M%
266,000
May 15, 1926
„
Institution Building—
4%
23,000
4M%
4M%
Aoril 15, 1927
May 28, 1928
April 1, 1934
4M%
April
May 1934
4%
4%
1, 1935
110,000
127,000
91,000
40,000
20,000
Dated Sept.
SALT LAKE CITY, Utah—BOND REFUNDING OFFER ACCEPTED
are Informed by Ethel MacDonald, City Recorder, that the city has
just accepted the offer of Gordon Snow, and F-. «T. Boise & Co., Co., both
of Salt Lake City, to replace * $206,000 5% water bonds and $50,000 5%
sewer bonds that were due to mature on Feb. 1,1940, with
2M% refunding
bonds maturing on Dec. 1 as follows:
$25,000, 1945 to 1952, and $26,000
n 1953 to 1958, all inclusive.,
,
1,017.00
1,001.50
1,000.00
*
15, 1938.
—We
...
*
...
F. Smith, City Auditor, that in the latter part of 1938 the city sold a $30,000
issue of 2H % semi-ann. library building bonds to W. G. Goodart & Co. of
Salt Lak, City, at a price of 101.00, a basis of about 2.65%*
Due $10,000 in 1948 to 1950.
price of 103.41 for
approxL
a
the 1945-1959 maturities, to yield 3.50% to the first call date or
...
are now
certified
BONDS OFFERED FOR INVESTMENT—The successful bidder' reoffered the aoove bonds for public subscription at prices to .yield from"
_
OGDEN, Utah—BONDS SOLD—It is stated by the City Clerk that
$30,000 refunding bonds were sold recently to a local bank.
PROVO
a
auction
,
In connection
J.940 to-1959 incl.
Enclose
and others:
tional school bonds offered for sale
EASTLAND, Texas—BOND AND WARRANT TENDERS INVITED
Dec. 6.
SEATTLE, Wash.—BOND SALE—Ot the total issue of $3,500,000
emergency funding bonds offered for sale on Feb. 6—V. 148, p. 470—the
city sold in all $3,290,000 to a syndicate headed, by the Bancamerica-Blair
Corp., as 4Ms, paying a price of 100.11, a net basis of about 4.22% on,
the bonds divided as follows:
$116,000 in 1941, $121,000 in 1942, $126,000
in 1943, $132,000 in 1944, $137,000 in 1945, $143,000 in 1946, $149,000 in
1047, $155,000 in 1948, $162,000 in 1949, $169,000 in 1950, $176,000 in
1951, $183,000 in 1952, $191,000 in 1953, $199,000 in 1954, $208,000 in
1955, $217,000 in 1956, $226,000 in 1957, $235,000 in 1958 and $245,000 in
1959, optional March 1, 1944.
■*.
Connected with the above firm in the purchase were:
A. C. Allyri & Co.;
E. H. Rollins & Sons; C. W. McNear & Co., all of Chicago; B. J. Van
Ingen & Co. of New York; Dean Witter & Co. of Seattle; Stranahan, Harris
& Co.; Inc. of Toledo; Ballman & Main, of Chicago; Drumheller, Ehrlichmann Co.; Seattle-First National Bank: Pacific National Bank; Peoples
National Bank of Washington; National Bank of Commerce, all of Seattle,
approved
—It is stated by O.
on
check for 5% of the amount bid.
SOLD—
It is reported that $12,500 school improvement bonds were sold recently
2 Ms.
as.
High-
land Springs), Va.—BONDS SOLD—It is reported that $39,000 refunding
nave t>eeh sold to Frederick E. Nolting, Inc., of Richmond.
bonds
MEMPHIS, Tenn.—CITY CC1NSTRUCTINO COMPETITIVE ELEC¬
m
letter
_
VIRGINIA
HENRICO COUNTY SANITARY DISTRICT NO,, 2 (P. O.
DAKOTA
BROOKINGS
COUNTY
INDEPENDENT SCHOOL
DISTRICT
NO. 20 (P. O. Sinai), S. Dakj—BONDS SOLD—It is stated by the Clerk
of the Board of Education that $8,500 remodeling and gymnasium bonds
have been sold to the First -State Bank of Sinai.
SPINK COUNTY (P. O.
1, 1947, at 3.60% Basis
F. W. CRAIGIE & COMPANY
$17,000.
Awards will be made by the City
Dec.
$2,063,600
SHEBOYGAN
FALLS
COMMON
SCHOOL
DISTRICT
NO.
6
(P. O. Sheboygan Falls), Wis.—BONDS OFFERED—Sealed bids were
a. m. on Feb. 11 by Arthur S. Klemme, District Clerk,
for the purchase of a $9,000 issue of 3% school bonds.
Denom. $1,000
received until 10
and $500.
Dated Feb. 1 ,* 1939.
Due on Feb. .1 as follows:
$500 in 1940
1942 to 1949, all inclusive.
Prin. and int. (F-A)
and 1941,»and $t,000,
payable at the office of the District Treasurer.
,
,
@FedFRASER