The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
■US.
ADM.
UBKARX
FEB 20 1939
financial
Thf
ommfrria
COPYRIGHTED IN 1939 BY WILLIAM B.
DANA
COMPANY, NEW YORK.
VOL, 148. '""ed^s%Zy:iaCm-
BROOKLYN
nmtcle
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW
YORK,
NEW YORK, FEBRUARY 18,
1939"
William
NEW YORK, UN DER TH E AOT OF MARCH 3,
NO. 3843.
Spruce Sta.„ N.Y.City
cor.
TRUST
1879.
THE CHASE
COMPANY
NATIONAL
Chartered 1866
OF
BANK
THE CITY OF NEW YORK
George V. McLaughlin
The
President
NEW YORK
ditionally
BROOKLYN
For
Member Federal Deposit Insurance
,
Corporation
,
chase
large
banks
New.
and
it
years
a
'
of
tra-
bankers' bank.
a
many
served
is
and
York
has
number
bankers
as
correspondent
depository.
reserve
;
Member Federal Deposit Insurance
Corporation
FUNDAMENTAL
Canadian
INVESTORS
Securities
INC.
Harriman
DIRECT PRIVATE WIRE TO
TORONTO
Ripley & Co.
Incorporated
Prospectus
•
available from
local dealers
'
Underwriters of capital issues
and
The
in
dealers
ment
U.
S.
Govern¬
Bonds, Municipal Bonds
and other investment securities.
FIRST BOSTON
CORPORATION
63 Wall
NEW
YORK
Hallgarten & Co.
-
Boston
CHICAGO
PHILADELPHIA
EMtablithed 18S0
BOSTON
,
AND OTHER
Street, New York
Philadelphia
PRINCIPAL CITIES
Formerly Brown
NEW
Chicago
Representatives in other leading Cities
SAN FRANCISCO
Harriman & Co., Inc.
YORK
London
Chicago
I
City of
The
Philadelphia
New^lbrkTrust
Commonwealth of
BEAR, STEARNS & CO.
Pennsylvania
W
ONE WALL STREET
Bonds
NEW YORK
Capital Funds
.
>$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
IOO
ST. & MADISON
40TH
HOMER & CO., INC.
40
BROADWAY
FIFTH
Exchange Place, New York
AVE. & 57TH
AVE.
ST.
Service
to
Banks and
Dealers since
NEW YORK
1888
HORNBLOWER
European Representative's Office:
8
Carl M. Loeb, Rhoades & Co.
,
61
&
40 Wall Street
LONDON, E. C. 4 /•
NEW YORK
BROADWAY
NEW YORK
*
Members
,
London
Paris
WEEKS
Established 1888
KING WILLIAM STREET
/
New
Cleveland,
York, Boston, Chicago,
Philadelphia and
Detroit Stock Exchanges
Amsterdam
Member of the Federal Deposit Insurance Corporation
Volume
148
Financial
Chronicle
v
Notices
NEW YORK AND
PHILADELPHIA,
February 17, 1939."
Mr.
HENRY C. ALEXANDER, heretofore
a
member of the firm of Messrs. Davis
Polk
Ward well
Gardiner
&
Reed,
and
Messrs.
L
C.
RAYMOND
ATKIN
and
WILLIAM
A.
MITCHELL,
who
have
heretofore held procuration for J. P.
Morgan
&
Co.,
have
this
day
been
admitted
as
partners.
J. P.
MORGAN
&
CO.
New York
DREXEL
&
CO.
Philadelphia
Dividends
D ividend Notice
1938
adds, another chapter o!
story of the Sun Life of Canada
a long and
outstanding record of progress in the
service of Life Assurance.
achievement
to the
•..
The Board
of Directors today
With over One Million
policy¬
holders co-operating as partners# the Sun
Life of
Canada—a great international
declared the regular quar¬
terly dividend of $1.37^ per
share on the 5%% Cumulative
Convertible
Preferred
Stock
institution—ensures
of
this
Corporation payable April
1, 1939 to stockholders of record
March 10, 1939. Checks will be
economic welfare for
many countries.
mailed.
S. W.
and children in
men# women
Benefits Paid during 1938
DUHIG,
Vice-Pres. and Treas.
Since
February 14, 1939
•
M
•
•••••§♦♦•••«•
•
•
$
•
•
•
873,271,553
I
capital $2,000,000)
Surplus and Contingency Reserve
New Assurances
during 1938
•
•
•
•
•
•
UNION
25,500,799
•••••»
193,134,981
2,905,380,286
The Sun Life of Canada has
maintained
in the JJnited States for
over
OIL
forty
CORPORATION
are
OF
$309,2%,0%.97*
ILLINOIS
...
The board of directors of
Oklahoma Gas and
Electric Company at a
meeting held on Febru¬
8, 1939, declared a quarterly dividend of
ary
organization
Its representatives
of the Sun Life of Canada in the United States are
net liabilities are
fully covered by assets held in trust,
to
all
policyholders.
POLICY
ISSUED
per share on the
Preferred Stock of the
Company, for the quarter ending February
28,
1939, payable by check March 15,
1939, to stock¬
holders of record as of the
close of business
February 28, 1939.
a
At t„he same
meeting a dividend of one
three-fourths per cent (1% %) per share
ending
Cent
18 7 I
de¬
Cumulative Pre¬
Company, for the quarter
28, 1939, payable by check
February
March
the
Per
•
.
and
was
clared on the Seven
ferred Stock of the
,
copy upon request.
FIRST
one
and one-half per cent
(1H%)
Six Per Cent Cumulative
The
active
ready to give counsel
plans of Life Assurance.
The Annual Report will be mailed
Others may obtain a
"
CHICAGO
all standard
on
The total liabilities
OFFICE
OKLAHOMA GAS & ELECTRIC
COMPANY
an
years.
trained and experienced advisors,
and guidance
847,770,754
•
Total Assurances in fcrce
SHELL
83,400,004
1,205,707,349
Organization
Assets December 31, 1938
Liabilities (including
15, 1939, to stockholders of record as of
of business
February 28, 1939.
W. R. EMERSON, Treasurer.
close
ASSURANCE COMPANY OF CANADA
The United Gas and
Electric Corporation
One
HEAD OFFICE
Exchange Place, Jersey City, New
Jersey
February 1,5, 1939
The
Board
of
Directors this day
dividend of one and
declared
SIXTY
EIGHT
MONTREAL
YEARS
OF
PUBLIC
SERVICE
a
quarterly
three-quarters
percent (1H%) on the Preferred
Stock of the
Corporation, payable March 15, 1939 to
stock¬
holders of record March
1, 1939.
J.
••>...
tf
■I
A.
l|
The current quarterly
I L
of $1.25 a share on $5 Dividend
Preferred Stock and a dividend of
■lyj
25 cents
Stock
——■————
tive
McKENNA, Treasurer.
a
have
share
been
on
dividend
Common
declared,"
Offer to Holders of Certain
pay-
.able March 31, 1939, to
respec¬
holders of
record
February
28,
1939.,
Hungarian Municipal, Ecclesiastical and
THE UNITED GAS IMPROVEMENT CO.
,
1. W,
MORRIS, Treasurer
January 24, 1939
«
TEXAS GULF SULPHUR
COMPANY
The
Board of Directors has
declared a
dividend of 50 cents
per share on the Com¬
pany's
capital
stock,
payable
March
1939, to stockholders of record at
of business March 1, 1939.
H.
F.
J.
15,
the close
KNOBLOCH, Treasurer.
KANSAS CITY POWER &
LIGHT COMPANY
First Preferred, Series B
Dividend
Kansas
No. 49
City, Missouri
February 15, 1939
regular quarterly dividend of
$1.50 pe1"
share on the First
Preferred, Series "B", Stock of
the Kansas City Power &
Light Company has
been declared payable
April
The
1,
1939,
to
stock¬
holders of record at the close of
business March 14.
1939.
All persons holding stock of
the company are
requested to transfer on or before March
14, 1939,
such stock to the
persons who are entitled to
re¬
ceive the dividend.
H. C.
DAVIS, Assistant Secretary.
For other dividends
Private Long-Term Bonded Debts
■
Phi.qdefphia, Pa.
see
pages iii
The
Cash
Office
of
that
Foreign Credits
at
Budapest, Hungary,
hereby
announces
pursuant to the Offer of the Cash
Office, published on July 23, 1937, it will
redeem coupons of the
maturity, and with respect to the issue, hereinbelow
specified,
during the period stated, at the rate of
$8.75 per coupon detached from a
$1,000
bond.
Such payment will be made
through its Central Paying Agents in New
York,
SCHRODER TRUST
COMPANY, 46 William Street, New York, N- Y.
This Offer does not
apply to coupons attached to the
security below mentioned
which shall have been
stamped and registered as
being in Hungarian ownership
under the Decree of the
Hungarian Cabinet Council, No.
300/1936 M. E. and is
made only to persons
resident outside of the
Kingdom of Hungary or firms or cor¬
porations situated outside
Hungary, excluding branches thereof in
Hungary.
Coupons presented in
acceptance
of
this
Offer
must
be
transmitted
to
SCHRODER TRUST
COMPANY, as Central Paying Agents of the Cash
Office of
Foreign Credits, together with a form of
letter of transmittal which
is obtainable
from such
Paying Agents.
Name
CITY
SAVINGS
of
Issue
Coupon Date
BANK
CO., LTD. BUDA¬
7%
Twenty-Five
Year
Sinking
Fund Secured Gold Bonds
"Series A of
1928" Dollar Issue
Offer
Expires
PEST,
February 15, 1939.
,
February 15,
1939
August 14, 1939
Feb.
Financial Chronicle
18,
1939
«
VI
This is under
no
solicitation
■
••
NEW ISSUE
circumstances to
•
of these securities for sale, or as an offer to buy, or as a
securities. The offer is made only by means of the Prospectus.
be construed as an offering
of an offer to buy, any of such
•
■
•
:
150,000 Shares
GENERAL SHOE
CORPORATION
Common
Stock
..
(Par Value $ 1,00 per Share)
'
Price $15.25 per
'
.
share
Copies 'of the Prospectus are obtainablejrom the 1undersign
•
,
CO.
SMITH, BARNEY &
KIDDER, PEABODY &
LEE HIGGINSON
CO.
HEMPHILL, NOYES & CO.
HAYDEN, STONE & CO.
'
February 16,1939
,
'
—Alfred L. Curtiss, President of New
made of
York State Safe Deposit Association, has
the consolidation of two of the oldest
announced the
appointment of the
stock and bond brokerage firms in
following members to serve as Chairmen
Louisville, Ky., W. L. Lyons & Co.,
of the Standing Committees of the Asso¬
established 1878, and Henning Chambers
ciation for the year 1939:
& Co., established 1905, members of
George F. Parton,, President, The
the New York Stock Exchange and
Standard Safe Deposit Co., as Chairman
other principal exchanges, to operate
of the Finance Committee and the Rates
under the name of W. L. Lyons & Co.
and Adequate Return Committee; Her¬
This will become effective March 2.
bert T. Magruder, Assistant Vice-Presi¬
jEEenning Chambers, senior member of
has been
Bank & Trust
the firm now bearing his name, will
Legislation and
become a special partner in W.
L.
Safe
Deposit Decisions and Practice
Lyons & Co.
Other present members
Committee; John
A. Elbe, Cashier,
of the Chambers firm, as well as a
dent, Central Hanover
Co., as Chairman of the
employees will also
become associated with the Lyons firm.
number
of
their
CURRENT NOTICES
CURRENT NOTICES
CURRENT NOTICES
—Announcement
CORPORATION
Lincoln Savings
Bank of Brooklyn, as
Commit¬
and Randall W. Freer, Secretary
Chairman of
the Membership
tee;
and General Manager,
—At the twelfth
The Cashiers
annual banquet of
Association of Wall Street,
Inc., held Thursday, Feb. 16th, at
Cafe
Savarin, Thomas P. Keely
the
of
Anderson and M. Leslie
Denning of A. G. Becker & Co.; Inc.
were reelected President and First VicePresident, respectively, for the fiscal
year 1939.
Thomas B. MacDonald of
Blyth & Co., Inc., formerly Treasurer of
Green, Ellis &
Association, was ^elected Second
Vice-President; Robert T. Craig of A. C.
Allyn & Co., Inc., was elected Trea¬
the
surer,
and John Grinwis of Schoellkopf,
&
Pomeroy, - was
reelected
Hutton,
Secretary.
The Board of Directors of
ciation
for
1939,
in
the Asso¬
addition to the
officers, is composed of Joseph Hughes of
Central Hanover Bancamerica-Blair Corporation; John T.
Deposit Co., as Chairman of the
Wall, H. M. Byllesby & Co., Inc.;
nounce that I. Munro Blanchard is now Dinner Meetings,
Program and Hos¬
George Steinrich, Bayles, Softye & Co.,
associated with them in their New York
pitality Committee.
'
Inc.; E. G. Johnson, Hanson & Hanson;
office.
Mr. Blanchard was formerly a
—Ralph G. Randall has become Ralph Jones, E. H. Rollins & Sons, Inc.;
partner of Wood, White & Co.
associated with the trading department Joseph Costa, L. F. Rothschild & Co.;
—Coincident with the resignation of
of E. A. Pierce & Co., 105 West Adams Leo P. Deignan, White, Weld & Co.
Kenneth Spear as President of Van
Harold E. Winston of Cities Service
St., Chicago.
This department will be
Deventer, Spear & Co., Inc., announce¬
under the supervision of Chris J. New- Co. is chairman of the Nominating Com¬
ment is made of the change in firm
mittee for 1940 elections, which also
part and Mr. Randall who will specialize
name to Van Deventer Brothers, Inc.,
in
serving
institutions, banks and includes: F. W. Q. Birtwell of Stone &
and of the election of Ludlow Van
Webster and Blodget, Inc., and Gilbert
dealers.
Deventer as President, and Philip Van
—J. F. Reilly & Co. announce that H. Heath of Moore, Leonard & Lynch.
Deventer as Vice-President and Treas¬
Keller and Arthur W.
urer.
Offices of the firm are at 24 Donald M.
—J. Lewis Henry, Vice-President of
both formerly with G. L. F. J. Young & Co., New York, is now
Commerce St., Newark, and 61 Broad¬ Coates,
Ohrstrom & Co., Inc., have become
way, New York.
making his headquarters in their Phila¬
associated with them in their Trading
—Hettleman & Co., 52 Wall St., New
delphia office with George J. OurYork City, members New York Stock Department, specializing in utility and backer, Vice-President.
water company securities.
Exchange, have prepared an analysis of
—Lancaster & Norvin Greene, Inc.,
—Allen & Co. have had a direct
the common stock of W. T. Grant Co.
30 Broad
St., New York City, has
—K. A. Heidinger,,formerly Director private wire wire installed to the offices
prepared an analysis of Solar Aircraft
of Wallace and Fowler, Inc., Buffalo,
of Sales of the First
New England
Co. ;
'
New Yo^k.
Corp., has been elected a Vice-President.
—H. C.
of
Wainwright & Co., members
the New York Stock Exchange an¬
Safe
Tin'
iminmria
No. 3843.
FEBRUARY 18, 1939
Vol. 148
CONTENTS
...
Editorials
The Financial Situation
page
919
...
The Federal Communications Commission.^
931
Ponder These Truths, Mr.
932
Ickes..
Comment and Review
Gross and Net Earnings
December.
of United States Railroads in
.
....
r
_
_.
_
933
_
Cleveland Stock Exchange
Record of Prices for 1938
Cincinnati Stock Exchange
Record of Prices for 1938-. 936
Detroit Stock Exchange
Columbus
High
and
937
939
Record of Prices for 1938
Low Prices.
The Business Man's Bookshelf..
Week
936
^
...
940
the European Stock Exchanges...
923
Foreign Political and Economic Situation..
924
928 & 975
on
Foreign Exchange Rates and Comment
Course of the Bond Market
939
.
Indications of Business Activity..
Week
on
the New York Stock Exchange.....
Week
on
the New York Curb Exchange
...
News
/
955
Current Events and Discussions...,
Bank and Trust
General
Items.-J"
Company
973
1016
—.. 1052
Corporation and Investment News
.....
Dry Goods Trade.
State and
940
922
974
-.-..-..1053
Municipal Department.!
Stocks and Bonds
........981 & 983
Foreign Stock Exchange Quotations
Bonds Called and Sinking
Fund Notices
Dividends Declared
977
.
...——.j-—.—.
New York Stock
977
977
Auction Sales
Exchange—Stock Quotations........ 984
New York Stock
Exchange—Bond Quotations....984 & 994
New York Curb
Exchange—Stock Quotations......-.1000
New York Curb
Exchange—Bond Quotations
1004
and Bond Quotations
—1006
Canadian Markets—Stock and Bond Quotations...^..1010
Other Exchanges—Stock
Over-the-Counter Securities—Stock & Bond Quotations.1013
Reports
Foreign Bank Statements.
Course of Bank Clearings
....
— --
.....
...955 & 981
Federal Reserve Bank Statements
General
927
975
Corporation and Investment News....
...1016
Commodities
The Commercial Markets
and the Crops.!
1042
Cotton.
Breadstuf fs
Published Every Saturday
—
—
Morning by the William B. Dana
Herbert D. Seibert, Chairman of the Board
and Editor; WUllam Dana
1045
1050
Company, 25 Spruce Street, New York City.
Seibert, President and Treasurer; William D. Riggs,
Business
Street (Telephone
William B. Dana Company.
Subscriptions in
$10.76 for 6 months.
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative. 208 South La; Salle
8tate 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London. E C.
Copyright 1939 by
Entered as second-class matter June 23, 1879, at the poet office at New York, N. Y., under the Act of March 3, *£79.
United States and Possessions, $18.00 per year, $10.00 for 6 months; In Dominion of Canada, $19.60 per year,
South and Central America, Spain, Mexico and Cuba, $21.60 per year, $11.75 for6 months: Great Britain.
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 tor 6 months.
Transient
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates
for foreign subscriptions and advertisements must be made in New York funds.
Continental Europe
display advertising nwtter, -45 cents
of exchange, remittances
Feb.
Chronicle
Financial
VIII
18,
1939
iiiii.i..»««i...».i.i««t«..«iM»in«i«i»ii»««ii«ii»i«ii««ii»«|t||||||||i||||t|HH»|||||t|||||||||H||»|H||tit||H|||MIIIII1ll»IHItllitllllllHllltlHHHMHIIHHinH»HHIIIIIIIIlHI»HllimillUllll»HlimiHmHI»»»W»»l
mum,
1938
1835
<•.Another
T>irectors
BARNES*
CHARLES B.
for NEW
Attorney and Trustee, Boston
ENGLAND MUTUAL
ROBERT D.
BREWER
President, Merchants National
Bank of Boston
New Life Insurance
.
.
.
T
$159,495,000
.
$2,853,000 more than in 1937, the previous peak year.
Insurance in Force
VICTOR M. CUTTER
$1,539,232,000
....
67 millions more than ever before; 38% gain in ten years.
JEFFERSON COOLIDGE*
Chairman, Old Colony Trust
Company, Boston
Director of various
companies
JAMES DEAN*
.
Chairman, Boston Safe Deposit
Company
& Trust
WM. ARTHUR DUPEE*
Treasurer, Provident Institution
for Savings, Boston.
Company reports, for the fourth consecutive year, more
jl new insurance taken out than in any year since it was chartered
rpHE
over
a
century ago.
ALLAN FORBES
President, State Street Trust
Company, Boston
Payments to policyholders were 38 million
dollars. Since the first
policy
was
issued, members have received
674 millions, of which 195 millions were dividends.
REGINALD FOSTER
Vice-President and Counsel
„
n
GEORGE WILLARD SMITH*
President
oj the Company
PHILIP STOCKTON
95™
,
ANNUAL
y"
■4
• •
First National Bank of Boston
STATEMENT
DECEMBER 31,1938
,
Assets (Increase $33,402,376)
Chairman, Exec. Committee,
V-
:
.
.
Liabilities (Including $9,550,060 for
.
$435,723,679
.
418,342,635
.
.
RATIO
*
of
1938 ASSETS
★
Gov't Bonds
.16.9%
Canadian Bonds
$17,381,044
....
(Increase #2,085,818)
State &
■;
Surplus and Contingency Funds
Copy of full Annual Report sent
of Finance Committee
*
.
.
Member
•
dividends)
...
1939
•
1.3
Railroad Bonds,
,
,
Public
on request
City Bonds. 5.3
15.3
Utility Bonds 18.1
Industrial
Bonds...
Stocks.•;......
.
Real Estate
7.6
Cash..
........
.
.
3.3
Miscellaneous...... 4.9
Life Insurance Company of boston
"President
3.0
Mortgages.......... 10.0
Policy Loans
11.7
New England Mutual
George WillArd Smith,
2.6
100
*
-
GROWTH
of
%
ASSETS
1918.........$89,166,000
•,
1923
Agencies in- Major Cities from Coast to Coast
*
,
..140,327,000
219,028,000
1928
1933......... 288,335,000
435,723,000
1938,...
★
First Mutual Life Insurance Company Chartered
in
America—
1835
*
diiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiJiiwiiiifiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiitiiiiiiiiiiiiiiiHiiiiiiiiiiiiiiiiiiH
The
€<
Consistent
Advertising
Expandit" Binder
Keeps
your
Periodicals
ORDERLY
is
economy and cuts the co»t of selling, making lower prices
better services possible without sacrifice of seller's profit#.
CHRONICLE can carry your message to the World's
an
or
In sizes up to 13x8 H
Tha
most
Let
Price
influential class of people at a moderate cost.
us
help
you
solve
your
publicity problem$ in
inches
$2.00 each
Plus postage
Prices for larger sizes
a
consistent
on
application
manner.
The "EXPANDIT"
25
Spruce St.,
»
Binder
New York City
The Financial Situation
IT HAS been asserted in these columns suggestions that needs of these statutes. In to be done, most
provisions to be done, or ought others the is to
that, despite loose on several
occasions
recent
heard here and there among politicians,
and amateur, to
that it would be
a
professional
arrange
for
gradual rather than
a
of
activities in
mistake
political opponents
the
Administration
From
to
positive
"We
that
such
not
nothing policy
either
of
faced
Congress
ticians
This
dom and
'
*'
•
on
'
'
too
'
^
"
'
before
sity
could
"What
has been found
the
of
true
budget
of
is
course,
budget.
Administration
funds
and
what
We
turn
must
national
"Our
"reduce
must
The
position
a
pose,
do
to
,
expenditures, and then
later
It
for
cannot
and
without
itself
of
interests
New
"A
sub¬
was,
true
as
and
think
we
discern
able to
a
so-called
the
for the
favorable
state
of
and
of ' silver
there
operations,
recognized by
have
all' who
teeth
eye
as
silver
nothing
silver
sop
to
As
lobby.
of these
result
more
subsidy to
producers—a
mind.
the
their
cut
less than a
nor
they
From the first
been
have
a
operations
created
which
owners
the Treasury
state of mind
would enable all
and management
to
against
(at
silver
which
fictitious rates of
value) in full face amount
highly
apd in the manufacture and sale of
firmly convinced that the realiza¬
objective should be the primary
are
today reports
$1,601,000,000 in silver
certificates outstanding,
is
carried.
In
addition,
tion of this
ever
we are
barrier
growing
stands
in
the
way—whatever
of
fear
cer¬
down
on
so
that
our
industrial
processes
reports
1,000,000,000 ounces
silver
bullion
against
which certificates have not
the part of those who administer
the affairs of government, ought to be broken
action
general fund
over
have been created, either as a
or
as
a result
of affirmative
may
of
result
the
of government, industry and labor.
purpose
Whatever
however,
regarding sil¬
to
scarcely be two opin¬
can
ions.
manufactured products.
realization of the fact.
There are,
be
industry
prises,
pro¬
it
as
related
and economic
political
"We
today
oppor¬
face the future with confi¬
dence, willing to risk in expenditure of funds
for
the development
of industrial enter¬
of
All this remains
grams.
a
financiers and the
number
a
Deal
Fund,
wide discretion¬
purchases
require that pri¬
a
should
committing
regarding
other
operations
should be removed.
stantially reduce expendi¬
tures
As
ver.
lack of confidence and distrust in
governmental, social and economic procedure
systematically,
constructively,
the
for
powers
ary
so.
of
creation
Fear,
profligacy.
content
and grant
basis for such procedure must be found in
the
effectively indict the
President
gold
of the Stabilization
the part of the owners of industry,
invest,, build and construct.
The
on
risk,
to
to
powers
zation
"Obviously, the next step must be the es¬
will and pur¬
of reckless
extraor¬
quite
change
of the
dollar, afford the authori¬
the
tablishment of credit and the
hardly vote
can
continuation
1933.
12,
May
ap¬
provisions give the
dinary
private in¬
to create work opportunities
millions who are unemployed.
op¬
Amendment
President
be
increase in
an
must
proposed
appropriations.
These
That involves expansion
productivity.
Such action
be considered as the primary step neces¬
tunity
or
to
industry be accorded the widest
vate
.
of the
the Nation.
serve
and
,
so-called
the
of
proved
It should and must
sary
it
facilities
should
as
expiration of
provisions
Thomas
are
dustry for the solution."
such
demands
it
as
the
of
-
or
Government.
A
Congress must either grant
the
business, generally,
that
date
1939,
30,
Gold Reserve Act of 1934
consumption of manufactured
For that reason we cannot accept
the reasoning of those who maintain that we
must be prepared to maintain constantly an
army
of unemployed as the wards of the
necessity.
a
inevitable
June
certain
Congress
1937,
27,
the
approved
Act
an
Jan.
goods.
of
sort,
done
be
can
duction
particularly
some
goods and
enlarged only
the Nation has reached the maximum in pro¬
a
This
obstruction.
mere
By
of
and
the problems which, at
the moment, call for consideration and a
proper
solution.
We do not believe that
position either of neglect
or
the
to
done, therefore,
the
take
Silver!
employed.
re¬
in
not,
and file.
production may be increased and millions
more
working
men
and
women
may
be
oppo¬
nature of the case,
only by
Congress but by the rank
of
neces¬
garding which the
sition
worthy of special
attention—not
and
are
Congress
well
conclusion
leads
"This
A
issues of
many
sale
the
increased
be
can
that private industry and
should be stimulated so
by citation
that there
are
fixed
foresight but also
of the fact
Several of the items
able.
through the application of a sound economic
policy whereby there is placed in the hands
of the masses of the people a buying power
which will enable them to buy, use and con¬
sume
the manufactured goods and service
which private industry is prepared to supply.
ground of political wis¬
and especially
convinced
for
market
service
general position has
only
firmly
are
"The
tac¬
generally is tenable.
been defended not
the
Federa¬
•question is rather formid¬
unemployment.
of
or
anti-Administration
American
supply relief wages to unemployed, can
only serve as temporary measures and cannot
and do not provide a permanent solution for
the part
on
the
take the following passages:
we
in
provisions
to
do-
a
Tuesday by the
on
The
question.
the
of
list
that various
forms of government spending, either in the
distribution of relief or in the development
and maintenance of work projects designed
time, the situation by
which the country is
of
Council
tion of Labor
this
at
program
statement issued
a
Executive
formulate and espouse any
is
Excellent Analysis
An
for the
sudden eliminathe
a
of the powers or
tion
the effect
Of
issued.
been
course,
may
'
tain
function in
highly important
matters
may
concerning which
Congress
signally
can
by simply
to
do
This is
conspicuously true
of
a
number
re¬
more
than
one
occasion in the past
rent
at
large.
powers
the
most
June 30 next.
constructive
In
a
action
number of instances,
within the power of
Congress is simply to refuse to alter the expiration
power
to purchase silver,
Silver Purchase
the
since
*
Act
of
1934
continues
in
would
the
right
be
to the President which by their own terms
on
President without
the
effect, but at least it
measures
granting extraordinary
expire
expiration of the provisions
cited here would not leave
we
obliged to disagree with the Ameri¬
Federation
of
Labor,
but
we
most
heartily commend this analysis of the cur¬
situation to the attention of both the
Government in Washington and the people
anything.
of
and unemployment
have felt
can
fusing
proper way
thus be overcome."
On
serve
the country
a
a
start
in
direction if the silver manipulation powers granted
the President in the Gold Reserve Act and the
so-called Thomas Amendment were to be allowed
to expire as scheduled.
The position of the Admin-
Financial
920
*1*
istration
is
not
clear in this
particularly
the
matter,
but it may
be well doubted if the President would
be
perturbed if this white
greatly
taken off his hands.
effort made
no
of expiration
At any rate
elephant
do is
can
granted
powers
were
there should be
to
The least
the extraordinary
reduce
to
minimum, and insist upon
a
periodic statements of the operation of the fund—
if necessary
of the
of these provisions which have already
with
reasonable delay in publication
a
figures.
The RFC
greatly extended.
The
The
18, 1939
other, we should choose the latter.
Congress
by Congress again to defer the date
been too often and too
Feb.
Chronicle
'
But there
Dollar!
public interest wpuld be well served in exist-
,
other
are
also scheduled
to
provisions of law which
expire
on
June 30, next.
are
One of
'
ing circumstances if the
tinker with the
ther to
power
permitted to die its scheduled death. As matters
gold content of the dollar
but he
former
weight.
So long
this
as
now
did not
its functions as,
rumors
of
course,
disturbing sort concerning his probable
a
whether
not
or
he
has
the
matter of the
put
We have
of the
accumulated
now
in
another
mere
faces
now
paying $35
So long as we
for it, and
an ounce
long
so
—particularly those prices which control
to control the cost
of
The
to
as
powers
It may
all, of the world's annual production, and there is
will
little
that
Sooner
or
situation, but that
The
possibility—however
reduction in
the
remote—of
or ever
to
has
undoubtedly
The President in the
were
lation, which
policies.
Such
it is
now
which" should
fall of 1937 actually
\
.
lending, but
•'
Another
year
un¬
ordered its
permit
now
the
lending
expire at the middle of this
the President to alter the
scheduled to do.
it should
entirely from the President's hands by
authorization to
gold content of the dollar, to expire June 30 nexl
as
taken
Congress,
protection
by simply permitting the legis¬
empowers
is, of
It would be well if the matter
lending resumed.'
related
when
come
fortunately in February of last
wholly unpredictable and inconsistent in its
apd
is
knows.
field, and begin the long and arduous task of liquid¬
ation.
gold content of the dollar by an
afforded
paper
no one
The Corporation
further " ordered the Corporation to cease
a
are now
The Cor¬
inject itself into the investment banking
Administration, which has time and again shown
monetary
will be worth,
be taken.
later
itself
would be
June 30, next.
heavily involved in the railroad situation.
time
cease
some¬
should not leave ourselves open
we
of the Corporation
on
be taken for granted that large losses must
or
course,
event be done by Congressional,
any
At least
the
future.
later/almost certainly, something will
thing ought in
action.
sooner
prices
near
adjust themselves ip the calculably
have to be done about the
to
evidence
result of its activities in
Precisely how much fhis
$1,220,000,000.
very
a
of December 31, 1938, reported out¬
actually worth,
moment
financing
standing loans in the amount of slightly less than
un¬
ability continue to absorb the larger part, if not
the
As
expire
adjusted to this higher price, we shall in all prob¬
at
instrument for
Corporation's notes it held.
poration,
tend
producing gold—remain
an
fields, Congress found it expedient last
lending
scheduled
prices
or
altering
so
to have the Treasury cancel about $2,700,000,-
year
000 of the
persist
as
guilty of
government agencies and providing funds
these latter
$14,800,000,000
some
been
Not only has it made loans,
as
for relief purposes.
powers can
it
as
no
has
organization.
various
yellow metal, and it is still flowing toward
in substantial amounts.
us
course,
expiration of Presidential
end to the real gold question
an
us.
Of
was
for all practical purposes, to create
but it has been used
slightest intention of
taking action in the matter.
con¬
institution which
originate with the New Deal, but which
ent Administration
resides in
him, there will be uncertainty and recurrent
Corporation to
an
ing the Hoover Administration, although the pres¬
centum of its
power
Here is
unfortunately permitted to come into existence dur¬
substantially,
very
further reduce it to 50 per
can
tinue to lend money.
to increase
power
important one, is that which author¬
an
izes the Reconstruction Finance
gold value of the dollar be
stand,, the President is without
the
them, and
of the President fur¬
The
CCC
Government
year.
/
affected" by
agency
ap¬
,
proach ing expiration is the Commodity Credit .Cor¬
Stabilization Operations
•
;
Then
If
.
the
Stabilization
Fund
poration.
and
nothing is done meanwhile the
its
program.
extraordinary
pires
on
stands.
In this
the life of the agency ex¬
case
June 30, according to the law
It is unfortunate that the
as
it
now
Corporation has
of the President and the Secretary of the
Treasury in this connection will automatically ex¬
agricultural commodities, especially cotton, that it
pire
does not appear
powers
on
such
June 30 next.
The entire theory upon which
funds undertake to manage currencies is fal¬
lacious, in
our
judgment.
be abolished the better.
abnormal
situation
The
sooner
fact
tinue
to
that
other
operate,
highly
existing today in the foreign
exchange markets of the world, and
the
they can,all
Were it not for the
countries
were
it not for
have, and will
similar funds, the best
course
Congress could adopt would be to permit that
tion of the Gold Reserve Act of 1934 to
have
done
with
it.
Even
as
the
con¬
por¬
expire, and
situation
now
stands, it might be the part of wisdom to do
cisely that.
a
In any event, if the choice is between
continuation of the
hands
of
the
which these
pre¬
sweeping
Administration
operations
are
powers now
and
the
enshrouded,
in the
secrecy
on
the
hand, and simple abolition of the whole system
by
one
on
become
so
program
of the
involved in making loans to producers of
feasible simply to permit the entire
to die a natural death with the expiration
Corporation's existence.
cember 31 last amounted to
So
of this
sort
that
was
Congress to appropriate
plenish its capital.
to
it
the
States
June
gress
with full
public
Treasury.
30
clusions
It is
next
year
$94,285,000 to
re¬
selling its obligations
guarantee
of the United
The fate of the Corporation after
is
reached
now
opera¬
necessary last
some
De¬
on
than $368,000,900.
heavily had the Corporation lost in its
tions
for
Such loans
more
doubtless
dependent
upon
con¬
by the Administration and Con¬
concerning the general nature of the agricul¬
tural program
idle to suggest
for the future.
that,
concerned—or any
is to arrange
so
far
as
It may be perfectly
this Corporation is
other, like it—the
proper course
for its liquidation at the earliest
pos-
Volume 148
Financial
sible moment, but precisely such
course
a
is now
deposits with the regional institutions moved
Congres would leave the situation in
an
$20,693,000 to $10,457,424,000,
sides, the
on many
suggested,
out
while
com¬
is that the policy
answer
technically negative,
sub¬
in
is
distinctly positive sort and should with¬
a
question be supplemented liberally by construc¬
tive
action
wherever
indicated.
To
sit
still
and
variations
an
consisting of
increase of the
and
an
advance of
decrease of other deposits by $45,901,000 to
a
Discounts
to become
Treasury general account balance
foreign bank deposits by $58,125,000 to $266,340,000;
to
or
decline of member bank
a
by $319,122,000 to $1,250,417,000;
$233,476,000.
to the end of their existence
up
with the account
deposits by $310,653,000 to $8,707,191,000;
reserve
permit these New Deal agencies and contrivances
come
Total
$5,083,000 to $4,349,836,000.
on
a
unsatisfactory state, and probably give rise to
stance of
Federal Reserve notes in actual circula¬
negative attitude
objected that such
the part of
plaints
924,000.
tion advanced
greatly to be desired.
If it be
921
Chronicle
The
reserve
ratio remained at 84.1%.
by the regional banks fell $2,335,000 to
inactive, Congress of course must have reached the
$5,059,000.
conclusion that
$76,000 to $14,662,000, and commitments to make
five
a
good deal of the work of the past
six years
or
must
now
be undone
or
redone.
This, it is assumed, is the conclusion of the present
opposition in Congress.
*
such
advances fell
market
to
Industrial advances dropped
a
further
$12,880,000.
$25,000 to
holdings of bankers bills
were
Open
down $3,000
$553,000, while holdings of United States Treasury
securities
maintained at $2,564,015,000.
were
Federal Reserve Bank Statement
Business Failures in
T
TNITED
V
STATES
Treasury
financial
actions proved the chief influence in changes
recorded for the week to Feb. 15 in the official bank¬
In transference to the
ing statistics.
debt owed to it by the
of
open
market
Reconstruction Finance
Corp., the Treasury sold $310,000,000 notes of that
and the funds
agency,
were
siphoned back into the
Treasury general account with the, 12; Federal Re¬
serve
The general account advanced $319,-
Banks.
122,000
the
in
weekly period and member bank
balances
fell
$310,653,000.
With other
reserve
factors
making for the accumulation
credit
resources
occasioned
a
decline in the
member banks
000 to
drop, of
will
account
balance,
,
this
balances of
excess reserve
No great importance attaches
since the Treasury general
course,
fall
depletion of
or
in
legal requirements by $290,000,-
over
$3,170,000,000.
this
to
approximately
rapidly in coming weeks
spending-lending of the Administration
as
the
continues.
The currency trend is attracting some attention, for
increase of
an
is
$22,000,000 in the circulating medium
reported for the weekly period, and the total is
far
what
over
might be considered
surmised
that
currency
for safety,
hoarders
European
for there is
as
normal.
no
our
indication 6f
hoarding here, and the business trend hardly warrants
a
material
stocks of the country
another
to
Monetary gold
expansion at this time.
advanced
record
at
a
further $40,000,000,
$14,772,000,000,
Treasury reimbursed itself for
and
the
good part of this
a
gain by depositing gold certificates with the Federal
Reserve Banks.
These
•
changes
leave
the
credit picture substantially
any
indication of
modation.
The
«
general
unchanged.
banking
and
Nor is there
sizable demand for credit
a
accom¬
condition statement of the weekly
reporting member banks in New York City reflects
an
advance for the weekly period of $7,000,000 in
business
modest
loans
loans, to $1,358,000,000.
reflection
of
seasonal
This is only
influences.
a
Brokers
against security collateral advanced $24,000,-
000 to
$660,000,000, which is probably a matter of
dealer accumulation of Treasury
obligations in
paring for a March refunding operation.
dition statement
of the
combined, shows
an
12 Federal
pre¬
The con¬
Banks,
Reserve
increase of $26,995,000 in hold¬
ings of gold certificates, raising that fund to $12,006,218,000.
Although
a
slight decline in other cash
partially offset the increase, total
reserves
qf the
regional banks increased $22,857,000 to $12,453,-
ordinary seasonal rise
December
JANUARY business failures exhibited much more
than the
and
over
reached
since
the
greatest aggregate of any month
Monthly failures in 1938
January, 1938.
consistently
higher
decrease from the
sponding month of
in
decrease
that
The increase in
also lower than
was
failures
a
While
the
corre¬
earlier, the percentage
a ye?ir
amounted
month
was
of 13.3%.
year
were
corresponding
the
December, when there
previous
month's total
last
in
than
months of 1937 until
to
only 8.3%.
from December to January
last, amounting to 44.3%; was the sharpest for that
period since 19-15, when the increase amounted to
46.95%.
The
<
war
as
boom that developed in 1915 did
early
start
not
as
January, and the severe de¬
pression of 1914 was then still in force.
The rise in
January, 1938, failures over the preceding Decem¬
ber, of 36.5%, was previously the highest for that
period
since 1915; and the average December to
January rise in the 13 years,
24.8%.
/
■■
:
There'were
It is
taking
are
January
trans-
.
1926 to 1938, was
,'
■
:
;
,
/
*'1,263 failures in January, involving
$19,122,000 liabilities, which compares with 875 in;
December, involving $36,528,000.
of
liabilities in December
&
Robbins disaster
was
in that
The large amount
due to the McKesson
month.
.In
1938, 1,377 firms failed for $21,415,000.
trade
an
was
the only
increase
volved
in failures
over
The
January, 1938.
evenly from the previous year.
casualties
$6,803,000
Wholesale
division of industry that showed
others fell off about
Manufacturing
January,
as
numbered 218
compared
with
and
241
in¬
with
$8,553,000 liabilities in January, 1938. Wholesale
trade failures rose to 135 with $2,061,000 liabilities,
123
from
with
retail group,
$2,161,000
a
year
earlier.
In the-
802 firms failed for $7,731,000, in com¬
parison with 895 for $9,196,000 in January, 1938.
were 54 construction failures with $615,000
There
liabilities, compared with 60 involving $775,000 in
January, 1938.
Fifty-four commercial service or¬
ganizations failed for $1,912,000 as compared with
58 for
$730,000
a year ago.
In the various Federal Reserve
were
smaller in
month of 1938 in all
except Richmond, Minneapolis
Snd Dallas, where there were
were
land
districts, failures
January than in the corresponding
increases.
Decreases
only slight, however, in the New York, Cleve¬
and San Francisco districts; sharpest de¬
creases
were
in the Boston and St. Louis districts.,
and
tricts
the
Kansas
City, Dallas and San Francisco
districts.
ThelNew York Stock Market
mar¬
on
levels in evidence.
touched
lack of interest, for our markets are
traditionally volatile and often spring suddenly into
there
to say
was a
and investors
Monday
On
hammer
hardly
words but
kind
reassuring.
the
modest
Aside
from
some
interest
Monday of this week in
Following the
observance of Lincoln's
On Tuesday sales volume was again at
minimum, and equities at no time evinced any
of
desire
emerging from the lethargy that has ob¬
structed its
York Stock
issues
trading on Saturday last was in
extremely dull affair.
an
birthday.
a
scattered
in
custom, the Stock Exchange was closed on
usual
good inquiry.
Most industrial leaders listed on the New
shares;- on
managed to rise from fractions to one and
the main
markets, while
investment media reflected continued
104,630
Tuesday,
on
one-half points,
ever
toward better price
progress
made in the speculative
was
shares;
which
•
that
fact
levels
half-day session on Saturday last were
shares, and on Friday, 154,170 shares.
circumstances, is
Somewhat heartening, in these
.
Stock Exchange the sales at
New York
the
69,175
Nor is the foreign situation at all
ameliorative acts.
remained un¬
Wednesday, 117,895 shares; on Thursday, 158,205
softened
by
blows against business are
occasionally* by
Exchange
shares, and on Friday, 682,010 shares. On the New
Exchange the sales last Saturday were
being pursued by the quixotic Mr. Roosevelt,
whose
Stock
York Curb
for this aloofness
course
i
■
shares; Monday the Exchange was closed to
The country remains puzzled regarding the
part.
while 75
On the New York
■
322,070
observe
Lincoln's birthday; on Tuesday, 418,390 shares;
on Wednesday, 498,180 shares; on Thursday, 850,160
the
added
together, the figure would not come up to the total
for a single " active trading period.
Stock trans¬
actions on Tuesday and Wednesday were under the
500,000 share mark in each case, while dealings
Thursday and yesterday failed to approach the
1,000,000 share level.
The lact of a perceptible
business trend doubtless accounts
-
changed at 1%.
holiday, for Lincoln's birth then was
If the turnover on the New York Stock
Exchange for all the business sessions were
in
York
New
the
on
was a
celebrated.
■*>
stocks
122 stocks touched new high levels
stocks touched new low levels.
Call loans
and G6
quite apparent that traders
little reason for purchases or sales.
saw
the year
for
low levels.
new
88
Exchange
Curb Exchange
But it was
activity.
touched
stocks
levels
high
new
Stock
York
New
the
On
tendency toward improved price
It would probably be inaccurate
kets, with a modest
times.
States.
EXTREME the New York stock and bond this
dulness marked the trading
week
at
moved narrowly, with the
official controls obviously maintaining sterling and
French francs.
Holland guilders weakened at the
start of the'week, but showed greater firmness there¬
after.
Gold continued to flow toward the United
St. Louis,
Atlanta,
York,
New
were
1939
soft
were
18,
foreign exchanges
The
Those showing in¬
others.
in the
rose
creases
metals
Base
divisions.
tural
in half the dis¬
Liabilities decreased from last year
Feb.
Chronicle
Financial
922
progress
The drift of prices
of late.,
for
Exchange moved
orders, which possibly
more
were
Even the
continued to haunt the market on
the Tennessee Valley Authority area.
gains
other issues that
American
Zinc-Lead
were
a
Co.
Thursday,
Airplane
a
Late
is conducting
These
few
the
listed bond
its
suspended from
a
good demand
noted for high grade * investment securities.
States
ground, although business
financing.
rated
Best
were
were
bond
utility,
well
porate offerings were
spoculative
advanced
railroad
maintained,
available.
was.,
issues,
Inter borough
sharply.
local
and
City lines again
and
B.
M.
nothing
new.
Secondary railroad
Commodity
in¬
the
were
the
markets
and
in
opened
cue
from them.
yesterday
with
steel
other groups taking
Aviation stocks
were
hamp¬
purchase of American aircraft by foreign gov¬
By midday
upward trend of the general market was halted,
in
final
the
hour
prices eased to irregularly
General Electric closed yesterday at
dated
Edison
Co. of N. Y. at
Columbia Gas & Elec. at 8
pre¬
a
Gains for the day
40% against 40% on Friday of last week; Consoli¬
werfe
had
steel and aircraft
by the unfavorable attitude of Congress toward
lower levels.
bonds
liens
as
ernments, and subsequently weakened.
toward
good tone, especially in the grain and other agricub
ered
more
T.
market
The
setting the pace and
their
securities
progress
trading volume of recent sessions,
stocks, such
shares
as no new cor¬
traction
by, undertaking new legisla¬
Sales turnover was stepped up to
close.
large
as
quiet and firm, while the foreign dollar section
sented
armament
and
strengthen
ranged from fractions to within two points at the
United
Among the
in front, for reports of
unification of the New York
circulation.
restricted
Government to
issues; assumed the leadership.
buyers awaited the terms of the March
dustrial bonds
easily
was
own
defense
almost double the
Treasury issues continued to edge into higher
institutional
national
tion to that end.
and
market
our
regu¬
tedium of continued dulness.
In
of
desire
the
barely relieved the
highlights
The key to moderately higher
Thursday seemed to be contained in the
by England to hasten her rearmament program
investigatiop to de¬
an
on
coming from abroad of steps now being taken
news
and
Securities
shares, owing to a
termine whether the issue should be
listing.
prices
American aircraft, the
prices reflected no noteworthy change from
previous sessions.,
burst of activity occurred in Callahan
Exchange Commission announcement that the
agency
level of
sharp increase
advanced.
likewise
shares, accounted for by the increase in
ingot production and further commitments by
the French Government for
manu¬
in fair demand, and
might benefit from
armaments
Wednesday
was on
registered.
were
facturing securities then
latory
aviation
steel'
Wednesday, and
from a somewhat tardy tally in steel and
apart
lowly railroad shares attracted a few orders.
best
when
little, if any, improvement in quotations could
at the close.
Narrowness in trading
day was'toward irregularly lower levels,
be' discerned
predicated in part on the
attitude toward pri¬
The most active session of the week
on
buying
reasonable governmental
vate systems in
of
small
the
from
slightly
and
The utility
point or two.
a
up
benefited
section
the
.
of N. J. at
32% against 32%;
against 8; Public Service
35% against 35%; J. I. Case Threshing
Machine at 88
against 85; International Harvester
Volume
at
Financial
148
Chronicle
58% against 57%; Sears Roebuck & Co. at 72%
923
day of last week.
at Chicago closed
May oats
against 71; Montgomery Ward & Co. at 50% against
yesterday at 28%c.
49%; Wool worth at 48% against 17%, and Amer-
Friday of last week.
ican Tel. & Tel. at
157% against 156%.
Union closed yesterday at 21% against
The
Western
21%
on
Fri-
spot price
on
against 172%; E. I. du Pont de Nemours at 150
yesterday
against
in
New York
The spot price for rubber
against 15.41c. the close
Domestic copper closed
at
23%
on
Products
at
14%
yesterday at ll%c.
Texas Gulf Sulphur at 30% against 31;
here
against 9.00c. the close
Friday of last week.
Register
against 14 ; National Biscuit at 25% against 25% ;
Can at
16.15c.
as
as
was
Dairy
National
cotton
Friday of last week.
Cash
National
against 22%;
for
closed yesterday at 8.94c.
day of last week; Allied Chemical & Dye at 174 '
148%;
against 27%c, the close on
as
as
against ll%c. the close
on
Friday of last week.
In London the price of bar silver yesterday
Continental
39% against 38%; Eastman Kodak at 174%
.
20%
pence per ounce as
was
against 20 3/16 pence per
against 174; Standard "Brands at 6% against 7;
ounce
Westinghouse Elec. & Mfg. at 111% against 107;
silver in New York closed yesterday at 42%c.,v the
Lorillard at
close
23% against 22%; Canada " Dry at 18
against 17%; Schenley Distillers at 15% against
The
stocks moved into
steel
week.
against 58%
at 91
yesterday at 59%
London closed yesterday at $4.68 13/16
on
against $4.68% the close
as
and cable transfers
Friday of last week; Inland Steel
on
Friday of last week, and spot
Friday of last week,
on
transfers
higher ground this
United States Steel closed
on
In the matter»of the foreign' exchanges, , cable
15, and National Distillers at 26% against 25%.
•
the close
2.64%c.
as
on
Friday of last week,
against 2.64 13/16c. the close
of last week.
against 87%; Bethlehem Steel at 69% against
on
Paris closed yesterday at
■.
on
Friday
/
-
67%, and Youngstown Sheets Tube at 46 against
44%.
In the motor group, A.uburn Auto
yesterday at 3% against 3% bid
European Stock Markets
closed
Friday of last
on
"PVULL and uncertain conditions prevailed this
week; General Motors at 48% against 48; Chrysler
LJ
at
ropean
76% against 74%; Packard at 4% against 4, and
of succeeding sessions
canceled out,
in trading at London,
Paris and Berlin, leaving
Goodrich at
Gilt-edged funds in London suffered rather sharply
against 43%.
The railroad shares
gains this week.
for
Pennsylvania RR.
16% against 16%; Southern Railway at
18% agaiqst 18%, and Northern Pacific at 11%
against 11%. Among the oil stocks, Standard Oil
and the dangers of a general clash.
the' copper
at 21%
Anaconda
group,
yesterday at 28% against 28%
American
Smelting
against
Copper
on
strict business
closed
at
44%
still
lacking.
rency
reflect merely the
week
ending today
Iron
and
Steel
Steel
were
Institute
at
54.8%
against 53.4% last week, 52.7%
31.0% at this time last
trie power
year.
of
capacity
month ago, and
Production of elec-
for the week to Feb. 11
Edison Electric Institute at
hours
a
was
reported by
circulation in England and France, which
Dealings
on
<
the London Stock Exchange were ex-
tremely quiet last Monday, not only because of the
many
political uncertainties, but also because the
New York market was closed for the day.
operations for the
estimated by American
One of the
suggests that hoarding is on the decline.
with definite indications of a change in either
direction
were
most favorable incidents was a reduction of cur-
maintenance of business at levels attained late last
year,
Nor
the European markets.
tries of Europe especially encouraging. '
against 44%, and Phelps Dodge at 38%. against 38.
Trade and industrial reports
on
the trade reports in the foremost industrial coun-
22%.
Friday .of last
Refining
&
The extreme
dulness of the New York market also tended to re-
on
Friday of last week; Shell Union Oil at 13 against
Refining
To-
the Italian demands on France and the uneasy position in the
Far East, this incident drew attention more pointedly than ever to the perils of international affairs
18; Union Pacific at 95% against 95%; Southern
yesterday at 49 against 48%
figure of £460,600,600.
against the original
gether with the Spanish situation,
Pacific at
13, and Atlantic
time, owing to the London announcement on
Friday ofyear period will be increased to £800,006,000, as
on
against 34%; New York Central at 18% against
closed
a
Wednesday that rearmament borrowing for the five-
week; Atchison Topeka & Santa Fe at 34%
week;
whole,
quotations yesterday little changed for the week.
on
closed yesterday at 26% against 20
In
a
Friday of last week; B. F.
show fractional
J.
as
21% against 26%, and United States
Rubber at 46
N.
stock exchanges in the leading Eu-
In the rubber
33% against 31%
of
on
financial centers. The small gains and losses
Goodyear Tire & Rubber closed yesterday at
Hupp Motors at 1% against 1%.
group,
last
week
"
Gilt-
edged issues were maintained, and industrial stocks
also hovered around former levels, but oil, rubber,
cbpper
and
downward.
other
commodity
securities
drifted
The foreign section was irregular, with
Anglo-American favorites lower.
The tendency
on
2,268,387,000 kilowatt
Tuesday was downward, gilt-edged issues leading
against 2,287,248,000 kilowatt hours in the
the decline while a number of industrial stocks also
Commodity shares and in-
preceding week and 2,052,302,006 kilowatt hours in
showed small losses.
the
ternational issues were up and down by turns, with
corresponding week of 1938.
revenue
579,918
reports.
the
Car loadings of
freight for the week to Feb. 11 totaled
cars,
the Association of American Railroads
This
was
an
increase of 3,128 cars over
previous week and of 36,927
cars over
the similar
week of last year,
As
indicating the
net changes small.
slowly lower throughout that session, while armaments shares were the only bright spots in the
industrial list.
course
of the commodity mar-
No change in the situation oc-
curred on Wednesday, for gilt-edged stocks drifted
Oil and rubber shares improved in
the commodity section, and Anglo-American favor-
The full
kets, the May option for wheat in Chicago closed
ites were better among the internationals.
yesterday at 67%c. as against 67%c. the close
impact of the armaments borrowing program was
Friday of last week.
May
corn
at Chicago closed
yesterday at 48%c. against 48%c. the close
on
on
Fri-
apparent
heavily.
Thursday, when gilt-edged issues fell
Industrial stocks were firm, however, on
Feb.
Chronicle
Financial
924
18,
1939
and
worth while, for more probably could have been
accomplished by close attention to the particular
higher, while Anglo-American issues also developed
problems which Mr. Hull preferred to neglect in
the
assumption that the vast expenditures will aid
stocks
Gold-mining
industry.
strength.
In
cheerful
a
active
were
was
order to achieve the declaration of solidarity.
session yesterday gilt-
The
edged issues rallied, and some buying also Avas
numberless individual questions now are making a
noted in industrial and international securities.
mockery of the Lima statements.
The Paris Bourse started the week with
quiet
a
pi the crowding international political
cause
tain ties.
Rentes fell
question of the American official attitude on Latin-
securities likewise lost
This
bonds.
dollar
on
is
a
highly important matter involving some $1,300,000,-
International
Secretary Morgenthau was asked at a
000 bonds.
good deal of ground, de-<
a
defaults
American
uncer-
fractionally, but larger losses
registered in French equities.
were
gained this week for the
Some prominence was
session, in which prices drifted steadily lower be-
Monday whether he would
conference last
press
spite the modest trading.
Intimations that the in-
take such defaults on privately owned obligations
surgent regime would be
recognized in Spain and
into consideration, when the time comes to consider
some
of the dangers of that situation thus removed
those official extensions of financial aid upon which
were
not
the Administration plainly is bent.
realized, Tuesday, and fresh recessions deThe losses compared with those of the
veloped.
previous session and they left the market level far
under quotations prevalent last week.
Another session of
slowly declining prices
day, despite
was
for the carryover accommodation.
certain
few
a
and most French
international
finally developed
of
both
the
improved.
a
gard
suffici-
and
the
advance
international
of
Latin
regimes
American
for
any
other
American interest, including the repayment of loans
which Mr. Morgenthau may have under contempla-
good part of the previous
Rentes led
equities
American interest is not likely to increase the re-
upturn
Avas
obvious circumstances that
disregard by the Administration of one important
were un-
An
Thursday, and it
on
week.
French
joined
Rentes
of intergovernmental debts, and appeared to
one
be quite oblivious to the
equities lost ground, but
issues
ently vigorous to offset
losses
noted Wednes^
mid-month settlement at, %%
an easy
He preferred to restrict the matter
in the negative.
to
Mr. Morgen-
his record of blunders by replying
than added to
and
State
issues
tion.
The
better
.
realization
Department, fortunately, has,
of
such
a
inter-relationships, but
officials of that agency for the protection of
the
on
modest buying and still more diminutive
American interests prefer, for reasons of their own,
offerings.
Rentes improved in quiet trading yester-
to maintain silence on the question of Latin Amer-
day, but French equities and international issues
ican
remained dull.
on
;
Tbe Berlin Boerse resumed
it left off last
thing
in
on
Monday just where
Saturday, and failed to disclose
than
erous
income
a
discernible trend lacking.
section
drifted
equally pronounced
lower.
The
The fixed-
apathy
Flouted
*
-
was
day
The main .trend
downward, but dealings
was
small scale that the
on
were on
The Boerse again
idled
a
is
with the
our
diplomatic and trade relations
twenty Latin American- Republics, little
progress carl be noted in either sphere.
of
at
a
The lack
coherent program,
to which all departments
Washington might subscribe, probably has much
to do with this.
No less
important is the fact that
de-
others, the
in Washington
with impunity.
.
"bald
that, the
officials
There
must
full
bear its
indications last
were
confiscation" by Mexico of
foreign-owned oil lands would
private negotiations between Mex-
and
representatives of the oil
This might be
a
com-
reasonable procedure if
negotiators have the full and ample
,
now
;
••
devoting much effort and thought to im-
provement of
Department
arises
on
this
point, however, for the Mexican
authorities last week
*
Austrian
support.of the United States Government in their
efforts to protect their interests.
Some Question
yesterday, with
^LTHOUGII the Administration in Washington
**
State
the oil company
changes small and unimportant.
Latin America
and
they assuredly are, and in a manner for
responsibility.
panics.
changes had little significance,
be flouted
can
he committed to
Losses in prominent issues ranged from one to two
points.
week
lean
Thurs-
such
good deal has been said
sensible general policy
American and other
mostly fractional in the equities, while bonds "were
again somewhat easier.
the
share of
Wednesday, with variations
on
a
interests
which
another series of modest variations in either direc-
tion, with
of
States
Tuesday in
on
a
German
the
fosters the impression in Latin-America that United
more num-
gains.' Fixed-interest securities were"
Quiet dealings resulted
neglected.
lack
any-
about
On this question, as pn many
faults.
Small and irregular variations occurred
new.
leading issues, with losses somewhat
defaults, although
occasion
were
reported to be negotiat-
ing another barter deal whereunder the confiscated
oil would be exchanged for German machinery products.
Equally indicative of the contempt in which
the Mexicans hold the United States was a decree,
on
Monday, which expropriated some 50,000 acres
of American-owned sugar lands in the State of Sim
aloa, estimated to be worth $10,000,000.
Such
ac-
tions, which are far from isolated incidents, speak
eloquently of the weak and ineffectual policy of the
racial
State Department for the protection of American
that
interests in Latin-American spheres.
for
sympathy is about the only unifying factor
has any significance south of the Rio
Grande,
the
Latin American
countries
are
extraordin-
lations
seem
to occupy the
Political reDepartment almost ex-
arily diversified in their political views and their
clusively, for numerous additional military aides
stages of economic development.
were
Secretary Hull
found it difficult at Lima to obtain unanimous
sent to
a
declaration of
nized at the time
be
as
solidarity that
as-
was recog-
unimportant, unless it could
augmented by real unity, of thought and action,
Recent events
suggest that the Lima effort hardly
distributed this week among our Embassies
Republics. But Mr. Hull, like Mr.
in the American
Morgenthau, seems to forget that the sacrifice or
disregard of one American interest is not likely to
help
other American
Grande.
interests south of the Rio
-
Volume 148
The visit
Financial
being paid to Washington by the Bra-
zilian Foreign
has
Minister, Dr. Oswaldo Aranlia,
occasioned
lar
bond
defaults
in
made
was
fault
few indicative
The declaration
ments.
was
throws
the
at
Central and Eastern (Europe
statement, for it
plateau is known.
of
request
the conduct of the
an
In
balance
with
Austria.
methods
tine.
happened
to be distinctly unfavorable to the Argenthe
Over
trade
States, which
years
approximate balance of
an
prevails, and the Buenos Aires authorities
hardly
are
Granting all due
of that fact.
unaware
argument that foreign
validity to the Argentine
exchange difficulties made the import curtailment
it is still an odd circumstance that the
necessary,
move
directed
was
and at
to
Here again, it is not
also covet.
may
reasonable
Anti-Semitic legislation
chosen
.
..
,
,
coherent and
a
0
fxTDnnrinvm
the
pivot
England and France
Germany
bility 0f
diplomatic
European
on
side, and
one
insurgent regime will
ally under democratic
little information
the
was
or
Italy and
dent
a
progress,
"have gone
than
suggested, early in
for the controlled Italian
excoriations
Such
coincided
last
,
with
re-
ports that London and Paris were about to extend
full
recognition to General Franco.
But
apparently took place, in the next day
recognition for the insurgents
democratic
is not yet
regimes.
ing
talks
many,
and
to
guarded diplomatic dis-„,
the
charge
was
leveled
Daladier Government, Tuesday, that
in
are
an
progress
with Italy and Ger-
official denial failed to dispel the
Meanwhile, heavy additions to armaments
were
White
France
In
against the
a
delayed by the
the European "Big Four" regard-
among
secret
again
as
clear, but it is at least possible thalt the
Spain.
rumors.
change
two,
Precisely what this portends
surface indications reflect
cussions
was
a
or
announced, especially in England, where
Paper outlined
on
Wednesday
an
.
com-
intention
zone
of
the
and the possi-
dispute
on
this point
where
was
the Presi-
loyalist regime, Manuel Azana,
con-
his
own
government.
prolong the
war
to end
and what
agony
an
If 'appears that
speedily, rather
now
appears to
insurgent victory.
The
loyalist capital was moved back to Madrid, late
press
they
A
the inevitable end of
beyond the limits of elementary political
decency."
.
there by the inadequately
Senor Azana wishes the
What
scored Great Britain and France and declared
last stand
a
members of
week, that the democratic authorities might be
making
«
Spain having gained
feed both with foreign diplomats and with other
come eventu-
fascist influence.
available
'
.
sported Thursday, from Paris,
tug-of-war to determine whether General Francisco
Franco and his
,
in
*
equipped loyalists.
turning, for the time being,
the other, obviously are engagihg in
on
~
week to the Madrid-Valencia
.
which
on
affairs principally are
,
.
mand of all of Catalonia, attention turned this
<
;
ALL s*gns a»ain pointed this week to Spain as
/-Y
the
A Rumanian Legion is said
INSURGENT forces
■'
European Affairs
.
of
powerful
opanisn reace hrrorts
program.
:
#
one
the country.
iiU
.
general
r
is
Hungary's
be in process of formation in the CarpathoUkraine, as a unit for the eventual Nazification of
Washington blundered seriously, owing to the lack
of
please
to
to
un-
surmise that the Administration
befell Czechoslovakia and
as
efforts at repression.
Foreign Minister
possibly is gaining advantages in Washington that
Argentina
the Reich Nazis and
appease
powerful organization despite King Carol's bloody
solely against the United States,
time when the Brazilian
a
Extraordi-
neighbor, but Premier Bela Imredy, who fostered
such laws, found himself under the necessity of
resigning, Wednesday, because of the ironic fact
that a search of his family tree .had disclosed a
trace of Jewish blood., Count Paul Teleki was
named Premier the next day, and he renamed all
members of the Imredy regime. In Yugoslavia the
old internal strain, of Serbs and Croats again is
apparent, with foreign affairs also a prominent
issue. Rumania is the scene of plots and counterplots, with the fascist Iron Guard apparently a
justification for this drastic
United
the
obvious effort to
The Argentine
step the Argentine authorities pointed to the trade
last year
of
Hungary, especially, is in tur-
prevent such a fate
distinguished Brazilian
ing imports from the United States by 40%. from
the total for 1938.
arising in
the Czech
as
of the German march eastward.
way
that day an edict curtail-
on
are
consequence
nary concessions to Nazi ideas are being made in
A highly significant
Mr. Roosevelt.
published
a
moil, since that small country lies directly in the
reported Wednesday, which possibly
was
as
the fall of the "Bastion of Europe,"
But Mr. Morgenthau
doubt upon
some
is related to the visit of the
Government
continued to reflect the strains that
dol-
on
,
The path of German dominance down the Danube
realistic, in that connection,
negotiations in other spheres.
incident
on Germany.
specific relation to the Brazilian de-
1357,000,000 bonds.
on
which
such
925
ments clauses of the Versailles treaty restrictions
far
so
clarifying state-
or
by Mr. Morgenthau
one
neither helpful nor
was
Chronicle
week, and to that besieged city
Ministers made their way
suffered
losses
tremendous
Catalonian
defense,
many
by airplane.
in
the
the
of the
Despite the
collapse of 'thfe
Madrid
conferences
tempted many of the loyalist leaders to continue
the
Since this would necessitate
unequal fight.
communications, it
tliat
a
was
battle
naval
might, take place between the
sman fleets at the command of the opponents.
a
to
g0od deai of
bear
pressure
quite obviously
by-the"British and French
behalf of
an
immediate peace,
putedly taking the initiative.
ported for
Were
a
inclined
sea
thought early in the week
was
But
brought
Governments in
with the British
Although it
re-
was re-
time that Great Britain and France
to
grant prompt recognition to the
insurgent regime of General Francisco Franco, such
action
was
withheld from
order to hold it out
Franco
to
as
an
day to day, possibly in
inducement for General
accept reasonable
peace
terms,
spend £580,1)00,000 on arms in the coming fiscal
year,
and to increase the borrowing for the five-year
to £800,000,000.
Chancellar Hit-
defense program
ler launched
on
Tuesday the first 35,000-ton battle-
ship constructed since he tore into shreds the arma-
Reich Economy
D EFLECTIONS of various sorts were available
this week of that parlous economic situation
of Greater Germany which induced Chancellor Hit-
Financial
926
Ier to say
"export
publicly
or
Jan. 30 that the Reich must
on
The adverse trade balance of the
obviously is causing some reconsid-
die."
Reich for 1938
eration of the anti-Semitism
sioned
campaign, which
occa-
sharp drop in German exports during the
a
Chronicle
Feb: 18, 1939
to the number of about
250,000.
No provision ap-
to have been made for a further 200,000 more
aged Jews in Germany, but previous intimations
were that the emigrants might take care of those
pears
left in the Reich, at least to some extent.
Those
At the London meet-
who remain in the Reich, either temporarily or per-
ing of the Intergovernmental Committee on Refu-
manently, are to be given opportunities for a rea-
Jews
last Monday, a plan for settlement of German
in foreign countries was put forward which
was
cheering
sonable livelihood, it seems. The German assurthis point are said to be vague and uncertain, but nevertheless encouraging. Suggestions are
said to have been made by the Reich authorities for
the formation of a trust fund within the Reich by
the Jews there, with the money to be devoted to
closing months of last year.
gees,
in
implications,
humanitarian
its
although it suggests that German economic difficulties
are
Opinion in the British capital
growing.
German concessions
the
that
was
prompted
were
by a desire to prevent the spread of "Brown Bol-
shevism,"
lawless attacks on any and all prop-
or
erty, and by the alarming effect upon .German for-
eign trade of the extremes adopted late last year,
The
periodical,
economic
German
leading
the
ances on
travel costs inside Germany and outfitting for emigration.
The London Committee accepted these
suggestions provisionally, and moved on Tuesday
to place the problem in the hands of an international corporation, to be formed for the purpose of
exports plainly is related to the excesses,
facilitating the mass migration. This organization,
to which world Jewry presumably will be asked to
appeals were made to other countries to aid
subscribe, would be the counterpart of the trust
"Volkswirt," admitted last Saturday that the fall
of German
and
self-suffieiency movement in the Reich should not
Surveys made
immigration bars will be lowered here and there throughout
be taken too
the world to a degree that should make possible the
in
It was argued
expansion of German trade.
an
on
the basis of Chancellor Hitler's admission that the
Barter arrangements, how-
seriously.
fund operating within the Reich.
by the committee suggest, moreover, that
ever, seem
slow absorption of the emigres.
man
still to be the main reliance of the Gerauthorities.
Washington reports of last Mon-.
tunately, leaves something lacking, for no provision
that the Reich authorities are en-
has been made for "Aryan" malcontents and victims
day indicated
deavoring to arrange an exchange of German farm
of Nazi persecution.
machinery and wire products for American lard
and wheat held
by Mid-Western farmers' and pack-
ers' cooperative
a
organizations.
Within the Reich
shortage of labor is reported and all sorts of •"
expedients
are
being used to increase production
and the number of
tions
can
Different interpreta-
producers.
be placed on
the internal aspect of Ger-
affairs, but there is no refuting the fact that
man
foreign trade troubles are growing and
require
solution.
a
urgentlv
'
,
Far East
,
_
pAR EASTERN troubles thickened to such a degree this week as to suggest that the area soon
may supply the world with one of those threats Of
universal warfare which have been emanating so
plentifully from Europe in recent years. The SinoJapanese war Was continued, with the Chinese
engaged in widening guerrilla and other attacks on
the invaders, while the Japanese contented them¬
selves
German
Refugees
coast.
,
The plan, unfor-
with
tightening .the blockade of the China
The occupation of the island of
Hainan out-
PROGREgS at of that isharrowing humanitarian the struggle,significance the immediate incidents of
being made toward an stripped in for the Japanese by this action threatadjustment length
'
problem created by the official German Nazi anti-r
Semitism
and
expel
persons
all
the
desire of
of the
Reich leaders
the
Jewish
faith.
to
George
Rublee, American executive director of the Intergovernmental Committee
on
Refugees, presented
a
ened British and French communications in a manner that hardly can be ignored.
Representations
made by British and French plenipotentiaries
were
at Tokio, who were informed that the occupation
was a mere
matter of military necessity and .that
xeport in London, last Monday, outlining proposals
Japan has no intention of retaining the island after
made
the
by German authorities in the
lin conversations.
for
This program
Jews who
while
must
perforce remain in the Reich
awaiting their turn to find homes in
Representatives of
an
arrangement de-
signed to ameliorate the difficulties thrust
•German Semitics.
•considered his task
continued
Nations
His work will
by Sir Herbert Emerson, League of
plan, according to available summaries,
wage earners
period of three to five years, and when the
pioneers
are
be followed
established in
new
homes they
are
to
by their dependent wives and children
terminates.
If
Great
Britain
and
years
of broken Japanese promises and continual
encroachments on Chinese territory, it can only
mean
that the two countries cannot afford to push
the issue because of European difficulties,
No less significant than the Hainan incident is a
recrudescence of Russo-Japanese tension.
Before
attempting any coup the Japanese regularly feel
out the Russians along the
Manchukuo-Siberia fron-
tier, to see if they can rely upon continued quiescence
at Moscow.
True to form, a clash was re-
ported last week, just before Hainan was
occupied,
But the Japanese fever of conquest is not the only
Fishing rights
issue between Tokio and Moscow.
High Commissioner for Refugees.
The Reich
a
the
accomplished and presented his
provides for the emigration of 150,000
over
upon
Mr. Rublee made it clear that he
resignation along with his report.
be
more
nations, who constitute the committee, promptly
started to work out details of
conflict
provides not only " France accept such statements, after these many
right of gainful employment
hospitable parts of the world.
32
of his Ber-
orderly emigration of German refugees, but also
for restoration of the
for
course
in Soviet waters were granted to the Japanese in
old treaties which the Russians apparently do not
care
to renew.
The Tokio Diet was stimulated on
Tuesday to a prearranged debate, in which the Goveminent was
urged
to take "swift, appropriate
Volume
Financial
148
Bank of
action, not stopping at the use of force to protect
Diplomatic repre¬
Japanese rights and interests."
sentations
Ambassador
was
the
Thursday by the Japanese
made
were
ominousness
Additional
Moscow.
to
being withdrawn from many occupied
and
China
"The
to
intending
clash with Russia is holding the
precipitate a
of foreign
able otherwise to
small gain
a
of £119,186 in gold holdings,
military experts, who are un¬
explain the present situation and
said. Needless to
say, any such possibility also raises the companion
question of a German attack on Russia in Europe.
military moves," the dispatch
deposits fell off £2,875,000 while other deposits
Public
Of the latter amount £6,579,-
increased £6,587,659.
addition to bankers* accounts,
£7,957 to other accounts.
The proportion of
702
represented
and
deposit liabilities increased a little, the
to
reserves
an
before; last
the proportion was 33.6%.
year
ment securities rose
Other securities comprise dis¬
any
Present
banks.
Effect
Date
Established
3J4
Mar.
1 1936
Batavla
4
July
Oct.
Effect
Date
Established
Belgium
2H
27 1938
Aug. 15 1935
.7
2H
Mar. 11 1935
Italy
Japan
Dec.
2 1936
2M
4
Aug. 29 1935
4H
Nov. 28 1935
3H
4M
India
3
8
2
3
...
Hungary...
Bulgaria
Canada....
May
Apr.
18 1930
6 1936
3.65
Jan.
14 1937
3
5
Feb. 19,
Feb. 20,
1937
1936
1935
"
373,260,454
473,220.000 474,083,361 453,337,455 396*884,547
26,304,211
12,476,000 15,771,619 24,393,657 11,080,229
141,900,836 127,208,524 143,602*675 135,726,405
146,027,611
94,826,182
110,529,400 106,405,418 90,551,191 107,629,769
40,900,223
35,498,211 35,495,418 36,657,333 35,972,906
81,699,256
78,720,001
82,491,164 97,863,165 83,128,044
18,836,842
39,988,903 24,962,846 25,849,147 29,752,523
6,997,552
11,653,175
5,467,373
6,155,202
18,122,700
11,839,290
21,866,197 18,807,644 20,381,774 18,099,348
53,046,666 60,835,706 64,427,957 79,804,722
54,202,000
193,065,176
127,423,503 327,130,027 314,173,161 201,312,504
.
deposits
Other deposits
Bankers' accounts.
Other
accounts....
securities
Other,securities
Deo.
16 1930
4
Java
Colombia.
4
July
18 1933
5
Lithuania..
5
July
1 1938
5H
Morocco...
6H
May 28 1935
4H
Czechoslo¬
Public
Governm't
3
„
Circulation
4
Chile.—..
.
1938
Feb. 17,
Feb. 16,
1939
Rate
3.29
Holland
m
Below we
for several
COMPARATIVE STATEMENT
Feb. 15.
vious
Feb.17
1 1935
...
years:
Pre¬
Rate in
Rate
Argentina..
comparison of the different items
a
BANK OF ENGLAND'S
Country
vious
Feb.17
furnish
follows:
Pre¬
Rate in
Country
leading centers are
the
at
rates
shown in the table which
which fell off
£490,660 respectively.
and
£2,526,158
Govern¬
£4,855,000, but other securities
and advances, and securities
counts
THERE have been noofchanges during the week in
the discount rates
of the foreign central
from 33.7% a week
rising to 34.1%
percentage
decreased £3,016,818.
Central Banks
Discount Rates of Foreign
which
220,000 in comparison with £474,083,361 a year ago.
question whether Japan is seriously
attention
contraction
a
and
regions in
being concentrated in Manchukuo.
are
THE statement for the week ended Feb.circulation
15 shows
of £1,777,000 in note
are
"Times" that Japanese troops
York
England Statement
together brought about an increase of £1,896,000 in
reserves.
Notes in circulation now aggregate £473,-
to
given these incidents by a Shanghai report
New
927
Chronicle
4
Dlsct. & advances.
Securities
3
Jan.
1 1936
3)*
Norway
3H
Jan.
51938
Jan.
2 1937
5
Poland
4H
Dec.
17 1937
Reserve notes & coin
4
5
Danzig
4
Nov. 19 1936
3H
Portugal
Aug. 11 1937
4)4
Coin and bullion
Denmark..
4
3
June 30 1932
3H
Rumania
3H
May
5 1938
4X
Proportion of reserve
Eire
England...
2
June 30 1932
2H
South Africa
3H
May
15 1933
4H
Estonia
4H
Oct.
1 1935
5
Spain
5
July
15 1935
5
Finland
4
Dec.
3 1934
4H
Sweden
2H
Dec.
1 1933
3
2
vakia
Germany
Sept. 22 1932
4 1937
4
..
4 1939
Jan.
2
France
Jan.
6
Greece
V.
__
2\i
Switzerland
1H
Nov. 25 1936
5
Yugoslavia.
5
Feb.
1 1935
9-16% for three-months
bills, as against 9-16% on Friday of last week.
Money on call at London on Friday was H%- At
Paris the open market rate remains at 2J^% and in
second quarter of February
loss in note circulation
marks, which brought the
of 213,300,000
total outstanding down to
Notes in circulation a year ago
aggregated 4,776,872,000 marks and the year before
4,460,663,000 marks.
Reserves in foreign currency,
bills of exchange and checks, advances and other daily
maturing obligations recorded decreases of 200,000
marks, 36,800,000 marks, 600,000 marks and 35,400,000 marks respectively.
The Bank's gold hold¬
ings showed ho change, the total remaining at 70,-,
772,000 marks.
The proportion of gold and foreign
currency to note circulation is now at 1.04%, com¬
pared with 1.59% last year and 1.62% the previous
year.
Below we furnish the various items with com¬
parisons for back years:
ended Feb. 9 showed
circulation of 603,000,000
the total outstanding down to
111,252,618,925 francs.
Notes in circulation a year
totaled 92,573,961,685 francs and the year before
85,929,957,925 francs." French commercial bills dis¬
counted registered an increase of 46,000,000 francs
and creditor current accounts of 108,000,000 francs.
ago
gold holdings now total 87,265,829,349
compared with 55,806,337,654 francs last
francs,
Bank of Germany Statement
'HE statement for the
A loss of 90,000,000 francs appeared in ad¬
against securities, while the items of bills
year.
vances
abroad and temporary advances to State
The proportion of gold on
bought
remained unchanged.
liabilities rose to
hand to sight
it
with comparisons
BANK OF
62.72%;
a year ago
Following are the'■ different items
48.39%.
was
for previous years:
FRANCE'S COMPARATIVE
STATEMENT
Changes
for Week
Feb.
Gold holdings
abroad,
commerc'l
discounted.
Bills bought abr'd
Credit bals.
a
French
bills
b
.
Adv. against secure.
Note circulation^...
Credit current accts.
cTemp. advs.
out int. to
.
Feb. 12, 1937
Francs'
8,264,766,774 11,141,190,857 7,850,224,043
1,307,589,675
838,127,980
747,149,737
■.
—90,000,000 3,422,846,007 3,860,330,449 3,655,960,242
—603,000,000 111252,618925 92,573,961,685 85,929,957,925
+ 108,000,000 27,877,333,633 22,757,155,693 17,769,122,494
+46,000,000
No change
No change
20,627,440,991 31,903,974,773 19,772,095,857
62.72%
+ 0.22%
48.39%
55.31%
Figures as of Jan.
Includes bills
1938
Francs
.
26, 1939.
purchased in France,
•
Feb. 10,
+23,038 87,265,829,349 55,806,337,654 57,358,742,140
14,954,001
21.042,193
*15,157,887
with¬
State..
Propor'n of gold on
hand to sight liab.
9, 1939
Francs
Ftancs
a
REICHSBANK'S
2%
francs, which brought
The Bank's
Switzerland at 1%.
7,334,900,000 marks.
49.25%
2%
contraction in note
a
Friday of last week, and
a
41.65%
2%
'HE statement for the week
were
showed
40.10%
2%
Bank of France Statement
6H
IN bills Friday market discount rates 9-16% on
LONDON open 9-16%, as against for short
>
33.6%
2%
7
Foreign Money Rates
on
'
34.1%
to liabilities
Bank rate
COMPARATIVE STATEMENT
b Includes bills discounted abroad,
c In
of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
three entries on the Bank's books representing temporary advances to the State
were wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-interest bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold, .9 fine, per franc), under 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 8ept. 20, 1936, the value
was 49 mg. per franc; and before Sept. 26, 1936, there were 05.5 mg. of gold to
the process
Changes
for Week
A QQPt
Reichsmarks
,
checks.
Advances
Investments
Other assets
Liabilities—
4,460,663,000
-213,300,000 7,334,900,000 4,776,872,000
731,306,000
761,423,000
-35,400,000 1,028,500,000
364,957,000
340,758,000
*423,843,000
Notes in circulation
oblig.
liabilities
Propor'n of gold & for'n
curr.
*
to note
15, 1937
Reichsmarks
66,940,000
70,770,000
70,772.000
18,031,000
20,333,000
10,572,000
5,613,000
5,566,000
5,709,000
—200,000
6,725,100,000 4,942,822,000 4,409,768,000
—36,800,000
248,776,000
237,493,000
*202,793,000
46,117,000
52,326,000
43,100,000
—600,000
524,600,000
397,205,000
968,900,000
+ 60,100,000
878,673,000
815,848,000
*1657,072,000
Silver and other coin...
Oth. daily matur.
Reichsmarks
No change
Of which depos. abr'd
Other
15, 1939 Feb. 15, 1938
Reichsmarks
No change
Gold and bullion
Res've In for'n currency
Bills of exch. &
Feb.
Feb.
+ 0.02%
clrcula'n
Figures as of Feb. 7,
1939.
1.04%
1.59%
1.62%
he
franc.
New York Money
Market
NO RIPPLE of any or affected it the any sense
market kind disturbed in New York
money
during the week now
ending.
Rates were merely
928
held
Financial
from
over
hardly
New York
for all
previous weeks
business
any
Stock
and
months,
Call loans
done.
Exchange
1 y2%
on
the
loans.
or new
1%% for maturities to 90 days,
Feb.
Feb.
clusion since
the British fund has been acquiring
While
gold shipments to the United States continue,
ruling quotation all through the week for both
recourse
The
continues
The
quiet.
market
only
Rates continued nominal at
for
time
transactions
occasional renewals at rates
were
up
prime commercial
week.
Prime
paper
money
reported
to 90 days and
1%% for four to six months maturities.
for
new
previously reported.
1%%
has been
The market
moderate
a
decline.
Rates
are
unchanged at %@%% for all maturities.
to the Bank of
that there is
now
acquiring gold without
England.
the water
on
ment to New York
It is understood
engaged for ship¬
or
gold amounting to not less than
$60,000,000 of which
very large part seems to be
a
derived from Holland regardless of the port of ship¬
ment.
quiet this
very
is still in light supply and the
paper
demand has shown
a
to keep the dollar value of gold in London
the British fund has also been
renewals.
dollars, and has
sufficiently low to permit private arbitrage shipments.
was
and
are
the London gold market in such
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
loans
con¬
prepared to steady sterling by buying at $4.67%
and selling around $4.68.
For the past two weeks
way as
New York Money Rates
1939
that the British authorities
1
been operating in
for four to six months? datings.
18,
Observers here and abroad have reached the
and
continued at 1%
were
transactions, whether renewals
Time loans held to
and
was
Chronicle
'
Gold
'
.
shipments
New
to
York
have
'
-
decreased
materially in recent weeks, especially since Jan.. 6,
when
the
British
authorities
strengthen the gold
reserves
took
to
measures
of the British exchange
equalization
Acceptances
fund.
here appears
Bankers'
likely to continue until the total gold
THE market for strongerbankers' acceptance has
prime this week. The supply
stocks
of
exceed
$15,000,000,000.
the
been somewhat
of bills has
improved and the demand has increased.
There has been
no
change in rates.
Dealers' rates
bills up to
and including 90 days are %% bid
7-16% asked; for bills running for four months
9-16% bid and %% asked; for five and six months,
That
%% bid and 9-16% asked,
from
1
90
to
days.
The bill-buying rate of
is
The Federal Reserve Bank's
holdings of acceptances decreased from $556,000 to
of
In
reach
They
now
and
;
were
only
years
the' Monthly
Board
which
Review
the
of
published
was
extended analysis of the
an
perhaps
stand at $14,-
on
heavy flow
capital to the United States during the past five
the Board states its conclusion that only
years
limited
here
of
portion
the
a
$4,200,000,000 transported
during the period represented fugitive
money
subject to speedy withdraw! should the present trend
THERE have been no changes this week banks.
rediscount
Federal Reserve in the
rates of
the
following is the schedule of rates
the
influx
gold influx of the last five
in
Reserve
Feb. 10.
toward world unsettlement be reversed.
The
The
gold
.
Discount Rates of the Federal Reserve Banks
for
States
/
clearly shown
Federal
.%% for bills running
$553,000.
the
trade requirements
international
minor factor in the
a
and
the New York Reserve Bank is
United.
772,000,000.
as
reported by the Federal Reserve Bank of New York
for
Nevertheless
,
various
classes
Reserve banks:
of
.
in effect
the
different
Date
Previous
Feb. 17
Established
Rate
"
IX
New York
/
points out that the
capital movement of at least $4,200,000,000 and by
export balance of $2,100,000,000 in this country's
The net capital movement has
con¬
sisted of three main elements—repatriation of Ameri¬
Effect en
Boston
Board
$7,000,000,000 inflow of gold from abroad during
the five years ended with 1938 was caused
by a net
foreign trade.
FEDERAL RESERVE BANKS
Rate in
Federa lReserve Ban
Reserve
an
^
/
:
DISCOUNT RATES OF
now
at
paper
Federal
Sept.
1
2, 1937
Philadelphia.
IX
Aug. 27, 1937
Sept. 4, 1937
2
Cleveland
IX
May
11. 1935
IX
2
Atlanta
IX
Aug. 27, 1937
Aug. 21. 1937
Chicago
IX
St. Louis..
IX
IX
funds to the amount of
approximately $1,500,-
2
Richmond
can
000,000, net foreign purchases of American securities
2
....
Minneapolis
Kansas City.......
aggregating approximately $1,200,000,000, and
\x
of
$1,500,000,000
here.
2
Aug. 24, 1937
Sept. 3, 1937
IX
increase
2
Aug. 21, 1937
Sept. 2, 1937
IX
Dallas
San Francisco
IX
2
2
in
foreign
.
.
The
Board states that
a
considerable part of the
2
Aug. 31,1937
Sept. 3, 1937
$1,500,000,000 increase in foreign balances represents
2
.•
2
replenishment of working, balances for business
Course of
Sterling Exchange
poses
STERLING exchange sterling firm and steady.
continues almost
The fluctuations
in
as
was
customary
are
prior to
the
as narrow
World
War,
On
in
January,
that only a
the past
to
The range
this week has
1934.
The
Reserve Board points out
limited amount, probably not in
$1,500,000,000, of the vast
York market
closed.
pur¬
following the de facto stabilization of the dollar
Monday in ,observance of Lincoln's Birthday the New
was
an
balances
five
years
sums
of
excess
reaching, here, in
is idle in the banks and subject
quick withdrawal.
The major part is here for
been between $4.68 5-16 and $4.68 13-16 for bankers'
permanent investment, and the trend toward invest¬
sight bills, compared with
ment
and
$4.68 15-16
transfers
has
been
compared with
a
last
a range
week.
between
a range
of between $4.67%
The
for
range
$4.68%
cable
and
$4.68%,
of between $4.67% and $4.69
week ago.
It
would
that
neither
the
American
exchange equalization
casion
British
nor
the past week.
at this
season
fund
has had
.
,
situation
become
more
earning no interest might easily be
essential
or
more
profitable
uses
attracted into
at home.
On
oc¬
relations could swell to still greater proportions the
August is
,
European
the other hand, further unsettlement of international
actively in the market during
The general tendency of the pound
and until toward the end of
toward firmness.
the
the
intervene
to
by foreign capital is likely to increase.
stable, the great volume of idle funds in this country
more
seem
here
"Should
floating
stitute
balances
the most
already here.
These funds
con¬
unpredictable of the major factors
governing international
exchange and the flow of
gold to the United States."
*
.
•
Financial
Volume 148
The British rearmament program has
responsible
Great
for
been largely
trade
unfavorable
Britain's
balance with the United States.
Despite the Anglo-
American trade agreement, which is
expected to be of
much assistance to Great Britain, this adverse bal¬
ance seems
likely to increase.
On Feb. 15 the British
Government
the
announced
Exchequer that the nation's borrowing
costs of rearmament,
power
of
now
will
bor¬
to
During the,first 3-
£523,000,000.
£400,-
powers were
000,0.00, total defense expenditure was £1,173,000,-
000,
not taking into
defense.
account
complementary civil
.
balance of
a
imports
over
exports and reexports
during January of £31,494,860,
compared with
as
£30,244,938 in December and with £38,972,000 in
January, 1938.
In
of
market
with
England's
the'decision to write
gold
the
to
reserves
the
up
current
price, the apparent delay in giving effect to
decision arises-from the fact that the
this
bill
au¬
thorizing the amendment of the Currency and Bank¬
notes Act of
1928 has not yet
It has
become law.
passed its third and final stage in Parliament without
opposition and within the next week
revaluation should appear
or more
the gold
in the Bapk of England's
statement.
•
bills
against bills is lA%.
are
•
Call
Two- and three-months
9-16%, four-months bills
six months bills are
ranged during the week be¬
17-32% and
Paris, the London
on
and the price
discount of 7-16%.
a
following tables show the
London check
mean
market gold price,
open
paid for gold by the United States:
MEAN
LONDON CHECK RATE ON PARIS
Saturday, Feb. 11
____176.96
Monday, Feb. 13Tuesday, Feb. 14.
—
Wednesday, Feb, 15
176.99
Thursday,
Feb. 16_.»„._. 176.96
Friday,
Feb. 17.
176.98
176.94
__
.176.96
Saturday, Feb. 11
......
.148s. 5d.
11-16%.
19-32%, and
are
Gold
offer in the
on
Wednesday, Feb.. 15._.;48s. 4d.
Thursday,
Feb. 16.__ 148s. 4^d.
( Friday,
Feb. 17_„_148s. 4^d.
i
Monday, Feb. 13
148s. 4Md,
Tuesday, Feb. 14.....148s. 3^d.
PRICE PAID FOR GOLD
BY THE UNITED STATES
(FEDERAL RESERVE BANK)
Saturday, Feb. ll._...
$35.00
Monday, Feb. 13.
..Holiday
Tuesday, Feb. 14...
^.._$35.00
Wednesday, Feb. 15
Thursday,
Friday,
„_$35.00
Feb. 16...
Feb. 17.
35.00
35.00
Referring to day-to-day rates sterling exchange
Saturday last
from Friday's close.
up
on
steady in limited tradings slightly
was
Bankers' sight
was
$4.68*4
@$4.68%; cable transfers $4.68 9-16@$4.68 11-16.
Monday the New York market
observance of Lincoln's
pound
was
Birthday.
was
closed in
On Tuesday the
slightly firmer. The range was $4.68 11-16
for bankers' sight and $4.68%@
@$4.68 13-16
$4.68J^ for cable transfers.
quiet
was
$4.68 13-16.
and
$4.68 5-i6@$4.68*4 for bankers' sight
$4.68$4.68 9-16
Friday the pound
New York,
bankers'
was
On
transfers.
The range was $4.68 9-16@$4.68% for
Closing quotations
demand
bills at
cable
for
steady with trading limited in
sight and $4.68%@$4.68 13-16 for cable
transfers.
for
Wednesday the
Bankers' sight
On Thursday sterling continued steady.
The range was
for
On
and, steady,
$4.68 7-16@$4.68M; cable transfers $4.6834®
was
and
on
$4.68 13-16
Commercial sight
The London money market continues easy.
money
discount of
market
connection
Bank
rate
On
Preliminary figures of the British Board of Trade
show
The
£200,000,000
The defense white
period in which borrowing
year
new
shows that the defense estimate for 1939-40
amount
a
LONDON OPEN MARKET GOLD PRICE
and March 31 1942,
having already been borrowed.
paper
tween
,
will be that £600,000,000 will be bor¬
power
rowed between
exchange is steady and inclined to firm¬
Montreal funds
.
Sir John Simon said that the effect of the
rowing
Canadian
ness.
through the Chancellor of
£400,000,000 must be doubled to aid in meeting the
929
Chronicle
Friday
were
cable
for
$4.68^
transfers.
bills finished at $4.6834, 60-day.
$4.67M, 90-day bills at $4.6734? documents
payment
(60 days) at $4.67%, and seven-day
$4.68^.'
grain bills at
ment closed at
'Cotton and grain for
pay¬
$4.6834.
London market this week has been taken for unknown
believed to be partly by the British
exchange equalization fund and partly for shipment
destinations,
to
New
York
there
last
was
On Saturday
arbitrage account.
on
available
£392,000,
Monday,
on
Wednesday
£531,000,
on
Tuesday
£291,000,
on
£436,000,
on
Thursday
£587,000
and
on
r
£884,000.
Friday"
'
At the Port of New* York the
the week ended Feb. 15, as
Reserve Bank of New
York,
reported by the Federal
follows:
GOLD MOVEMENT AT NEW YORK, FEB. 9-FEB.
15, INCLUSIVE
None
2,594,000 from Canada
Decrease:
$10,506,000
of
gold
was
are
for
the week ended
On Thursday $19,174,000 df gold
England.
count decreased
trade
There
were
no
$2,240,000.
on
was
exports-of
gold held earmarked for foreign
some
is
apparently
improvement in
-
„
than, in November and December.
repatriated is estimated at around" 12,-
ac¬
On Friday $13,552,000
received from England.
There
were no
receipts of the
Government in December
5,862,000,000 francs,
francs*
revenue
compared
was
mates.
Friday that $193,000 of gold
at Ban
Francisco from Australia.
was
received
1937.
over
1937,
The
increased
revenues
were
ascribed
to
higher taxation and the advance in prices following
devaluation of the franc.
Banks acting
been
for the h rench exchange control have
heavy buyers of dollars in the past few weeks.
By broadening the dollar market in Paris, the French
between
on
1,081,-
December,
483,000,000 francs below Government esti¬
foreign account decreased $3,000,000.
ported
of
increase
francs, an increase of 9,627,000,000 francs
control is making possible
It was re¬
an
with
in 1938 amounted to 51,703,000,000
exports of the metal but gold held earmarked for
deficit
balance
there has 'been
smaller volume
but
from Australia.
received from
as
French exports.
Fiscal
Note—We have been notified that approximately $844,000 of gold was
the metal, but
The
shrinking
000,000
received at San Francisco, of which $679,000 came from China and $165,000
figures
mov¬
upward following the termination of labor dis¬
Fiscal
Net Change in Gold Earmarked for Foreign Account
above
Production is
of business interests in France.
ing
were
$21,135,000 total
The
ap¬
to be a notable return of confidence on the part
000,000,000 francs.
3,849,000 from Holland
Wednesday.
Foreign Exchange
terms
pears
The'amount"
$14,692,000 from England
;
Other
Capital continues to be repatriated although in
Exports
Import*
and
FRENCH francs sterling and dollars. There in
of both continue exceptionally steady
putes.
gold movement for
was as
Continental
New
York
and
direct financial movements
Paris,
dollar market is due to
avoiding
passage
The widening of the
the recently adopted policy
through London as formerly.
930
Financial Chronicle
'*
during the past few weeks.
finished
undertone of marked
This is due largely
ease
to the
cabinet crisis which
ing the resignation
developed
on
«—
of the Government of M. Spaak.
former Premier, was summoned
Formation of
cabinet.
EXCHANGE on the South American countries is
steady.
In
minis¬
a new
delayed by M. Jaspar's death, which
just after he had reported to the King on
ternational payments
Parity
b
France
e
New Dollar
Parity a.
This Week
Holland
-
16.85H to 16 893^
5.26^ to 5.26M
32.67
68.06
22.66}^ to 22.72*^
53.58
to 53.80
closed
on
sight bills
on
Czechoslovakia
last
18.92%; and
against
'
.
steady owing to the improvement in
sterling, to which these units are allied.
Holland
guilders
sight bills, against 31,24
the
continue
which
recession
Friday of
free market close
or
was
23.00@23.10,
at 5:90
quoted
at
(official),
5.19
Peru is
5.19.
against
nominally quoted at 20%, against 20%.
.
EXCHANGE on theof importance.countries units for
Far Eastern These presents
features
no new
the most part
...
reflect the greater Readiness of sterling.
27.33, against 27.33
yen
checks yesterday
Friday of last week.
on
were
Hong¬
kong closed at 29 3-16@29%, against 29.20@29 5-16;
Shanghai
16
The weakness in the
began at the end of January.
on
week; cable transfers at 31.25, against 31.24.
Closing quotations for
war
are
•
Friday at 31.25
Brazilian milreis are quoted
(official), against 5.90.,, Chilean exchange is
,—*——
EXCHANGE onmixedcountries neutral during the
presents the
trends. The Scandinavian
currencies
on
on
Poland at 18.91,
closed at 0.86, against 0.86.
Greek exchange
2.07.
the United States.
closed
paper pesos
The unofficial
on
Finland at 2.07, against
on
has
against 22.90@23.05.
Italian lire closed at
on
balance with respect to
for bankers'
40.13% for bankers'
0.73;
15 15-16@16%,
at
against
A
54,52,
Bombay
54.55;
against
at
35.03,
against
35.03; and Calcutta at 35.03,,11against 35.03.
"
'
'HE following table
large part of the fugitive capital is of Jewish origin.
Despite the movement of
the
banking and
money
guilders and
80%.
a
It is understood that
gold holdings
are
Swiss francs
vices
gold holdings of 1,461,300,-
are
one
quarter of the bank's
showing marked firmness.
indicate
dollar
transferring
fully
in Amsterdam.
easy
of
Swiss
that
balances
from
Switzerland by way of London.
New
banks
York
are
to
The movement is
are
unduly heavy, however, and the firmer rates
due largely to
are
shown for the
four years:
at
sight
on
Amsterdam finished
on
Friday
53.62, against 53.80 on Friday of last week; cable
transfers
at
closed at
transfers,
53.62,
against
53.80; and commercial
53.57, against 53.75.
Swiss francs
22.69% for checks and at 22.69% for cable
sight bills
at
against
22.67
and
22.67.
Copenhagen
of
corresponding dates in the previous
:
;
1939
1
England
127,423,503
France
295,815,490
3,007,350
c63.667,000
Germany b_
Spain
Italy
Netherlands
Nat. Belg..
Switzerland
..
—
Pre v. week.
a
a25,232,000
121,770,000
99,000,000
112,522,000
32.856,000
Denmark
Total week.
Bankers'
as
'
Banks of—
Norway
the thin market.
indicates the amounts of gold
exchange) in the principal European banks
Sweden
not
Banks
(converted into pounds sterling at par
£
Ad¬
>'■
s,
,
respective dates of most recent statements, reported
to us by special cable yesterday (Friday); comparisons
under earmark in New York.
London
from
con¬
ratio of gold to total sight liabilities
.Money is plentiful and
bullion
funds from Holland
situation in Amsterdam
ment for Feb. 13 showed
000
uneasy
The Bank of The Netherlands state¬
tinues sound.
of
1
Gold Bullion in European
European outlook.
capital respecting the
@
16.00
3-16; Manila at 49.85, against 49.85; Singapore at
■
guilder is due to continued apprehension of inter¬
national
as
important factor in creating Argentina's ad¬
Argentine
5.26% for bankers' sight bills and at 5.26% for cable
Bucharest at 0.73, against
an
verse
sight bills and 40.13% for cable transfers, in com¬
and 5.26%.' Exchange
closed at 3.43, against 3.42%;
shipped to Argentina,
The demand for American automobiles
1937.
been
2.64 13-16.
Antwerp belgas finished at
16.85% for bankersV sight bills and at 16.85% for
cable transfers, against 16.87% and 16.87%.
Final
transfers, against 5.26%
by approximately $16,000,000
compared with 39,494 in the corresponding period of
In
2.64%, against 2.64 13-16; cable transfers at 2.64%,
40.14.and 40.14.
the
During the first 11 months of 1938 a total of 39,064
against
parison with
pay
cover
For the United
such annual payments.
American automobiles was
the French center finished at
quotations for Berlin marks were
also
payment of 64,000,000 pesos to the United States.
Friday
against 177.00 on Friday of last week.
Argentina must
exports must
annually in order to cover Argentina's annual debt
,
parity as before devaluation of the European currencies
The London check rate on Paris
the
States, it was pointed out, purchases from Argentina
Oct. 3, 1936.
•
b Franc cut from gold and allowed to "float" on June 30, 1937.
c On May 5, 1938, the franc was devalued on a de facto basis of 179
francs to the pound, or 2.79 cents a franc.
New York
loans
on
must exceed sales to it
between Sept. 30 and
at 176.98
of those countries to which
2.642^ to 2.64 16-16
6.63
16.95
8.91
should be held down to the
In the
Argentine exports to that country.
amounts of
19.36
40-20
-
Switzerland (franc)
New dollar
Range
''
3.92
Italy
a
case
interest
13.90
5.26
(franc)
Belgium (belga)
value of
United States dollar:
Old Dollar
made it imperative that im¬
ports from each country
support to form a cabinet.
- .
The following table shows the relation of the leading
European currencies tat he
of Argentina, the finance ministry explained
Argentina's extremely adverse balance of in¬
that
had been unable to muster sufficient
Feb. 15 that he
half-page advertisement in the principal news¬
a
papers
try has. been
occurred
23.54%.
against 23.54% and
Feb. 9 follow¬
M. Henri Jaspar, a
to form a new
against
against 24.15 and 24.15; while checks on Norway
at 23.55 and cable transfers at 23.55,
conditions in Europe.
Belgian currency has shown an
at
20.92 and 20.92.
Checks on
Sweden closed at 24.14 and cable transfers at 24.14,
20.92%,
to
disturbed political
finished at 20.92% and cable transfers
checks
pegged to the dollar instead of
sterling, a change necessitated by the fact that the
pound was too subject to adverse reaction to the
keeping the franc
of
Feb. 18, 1939
6,555,000
8,222,000
1937
1936
£
£
£
1935
£
201,312,504
193,065,176
520,697,655
655,138,394
2,818,000
2,938,750
87,323,000
314,173,161
347,628,740
2,445,450
87,323,000
90,125,000
90.729,000
25,232,000
42,575,000
42,575,000
62,927,000
117,985,000
72,466,000
105,249,000
83,409,000
55,894,000
97,237,000
67,870,000
72,523,000
46,947,000
69,032,000
23,875,000
6,555,000
16,017,000
6,551,000
6,603,000
6,602,000
6,852,000
327,130,027
293,717,566
2,521,850
100,556,000
79,327,000
26,233,000
6,544,000
7,515,000
25,534,000
7,395,000
895,214,200 1,074,074,443 1,094,057,351 1,094,638,159 1,244,487,320
895.094,079 1,073,300,605 1,089,953,768 1,093,198,125 1,244,542,682
Amount held Dec. 31.
Bank»f
1938
1936, latest figures available,
b Gold holdings of the
gold held abroad, the amount of which Is now
Germany are exclusive of
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;
previously and subsequent to July 23, 1937, gold In the Bank was valued at 43 mg.
gold, .9 fine, per franc; before then and after Sept, 26, 1938, there were 49 mg. to
the franc; prior to Sept. 26,1936, 65.5 mg. gold, .9 fine, equaled one franc.
Taking
the pound
sterling at the rate at which the Bank of England values Its gold holdingt
Volume
Financial
148
(7.9881 gr. gold ll-12ths line equals £1 sterling), the sterling equivalent of 296
francs gold In the Bank of France Is now Just about £1; when there were 43 mg. gold
to the franc, the rate was about 190 francs to the
growing, though intangible, censorship over radio-
£1; when 49 mg., about 166 francs
expressed opinion
£1; when 65.6 mg., about 125 francs equaled £1.
per
931
Chronicle
on
political matters which, so far,
it has been unable to exercise
takes
The Federal Communications
the
Commission
The
nications Commission
the
of other matters Congress would do well
to devote
as
ter in
wise
much attention
certainly
into
the
and
summar
will
the communications issue far
run
possibly
even
FCC
been
has
The "peace-
As if this
head off any
commentators with
impersonal and colorless news reports.
were
not
enough, the Commission has
developed internal feuds, which further hamper its
barely
one
investigation for the last year
or
work.
ahead of
jump
It has been
two.
As
result, the general opinion of compe-.
a
the Commission has become
observers is that
tent
of the most unfortunate of the so-called "New
one
gradually produce news
anonymous,
reorganization this year.
The
air, other than those acceptable to the Govern¬
at-any-price" policy of the broadcasting companies
delays which will other¬
avoid the
order to
comments broadcasted, so
news
likely that news commentators on
ment, will soon be a thing of the past.
possible to the mat¬
as
interpretative
that it appears
long overdue, and despite
is
the press
preoccupied with broadcasting and politics, and
so
various
Deal, although the entire
carry
present Commission was Roosevelt-appointed when
waves,
it not only
combinations of the two, that
cannot
babies," but its difficulties cannot altogether
Deal
be
blamed
the
the
on
New
present low replaced the old Radio Act.
theless it
The
primary
mission
is
reason
the
number of
wave-bands for radio
available
brief
when
of
Secretary
tempted regulation was
In
Union is
of
criticism,
losing
according to its reports to
reports to the Treasury, in which, the
income
naturally
company
regulation has resulted in a welter
of it unfounded, but most of it
have been
For
allowance.
some
money
stockholders, and is losing even more according to
its
regulation.
fact, the broadcasting industry asked for it.
But the actual
condition.
Postal Telegraph, has been in receiv¬
ership under 77-B for some time, while Western
Hoover's at¬
upset in the courts, indi¬
Commerce
cated the essential need for Government
short-sightedness of the telegraph companies,
One company,
experience of chaos in the ether about 10 years
ago,
inattention of the FCC or
to the
telegraph business is in a very ill
the
broadcasting is limited, and a
1934, the telegraph business, as
step-child.
to the
for the existence of the Com¬
of ruling the air
but it has treated the second ward placed
Whether due
goals set for it.
that the
fact
a
function
out its
under its control in
Never¬
has, like most New Deal ventures, failed
to achieve the ambitious
This
the press.
broadcasting companies to get rid of anti-New
Deal
impending overhaul of the Federal Commu¬
over
particularly the form of a steady pressure on
one
takes
a
depreciation
larger
thing, the telegraph companies
ignoring the rapid progress in the com¬
extremely vague about the degree to which the Com¬
which
American
Telephone & Telegraph Corp; also, long-line phone
mission
service and
The Commission, in the first place, has
justified.
been overworked.
Far
result has been that there is no such
Licenses to broadcast,
of the air.
dom
thing
volving heavy investment,
the
While it has mixed
politics with broadcasting, and
failed to be of any
help to the telegraph business,
the better
Broadcast programs are
to their
subject to attack in two
Congressmen objecting to particular scripts,
and the
Congressmen voice these criticisms on the
floor of
Congress.
The result is such an extraordi¬
sensitivity on the part of broadcasting com¬
panies to the danger of giving offense to any hearer
all
more
that
radio
vapid.
More
are
becoming
and
more
important, however, is the pressure which
can
This
industry.
and does
appears
bring to bear
upon
particularly in
the
crowding of more and more unpaid Government
programs
on
ous
.
the
preposterous assertion that American Telephone
25% without impairing divi¬
dend
policy
or
jeopardizing service, by cutting down
straight-line depreciation charges which other
the
agencies of the Government are strenuously trying
to
get the power
Fortunately,
companies to adopt.
the Walker
the air,
so
that commercial and sus¬
even
though it was not brought out as a full Com¬
mission
report.
The investigators made the politi¬
cal blunder of not
permitting the company to reply
officially to the charges until months had
The
Administration
off
thorough-going
carry
time, much
as
taxpay¬
the steadily increasing burden of
the untaxed and Government-favored
portion of the
The broadcasting industry accepts this
a
to
the
but has been in poor
to make
only exacts
a
steadily in¬
creasing proportion of radio time, but exercises a
in
succeed
Power Commis¬
Communications
Dec. 27 the
loyalty, was
Commission,
health and apparently unable
much headway.
Congress apparently have
On
heading
investigation.
sion, a man of unquestioned New Deal
transferred
the FCC.
Government not
may
congressional
Chairman McNinch of the Federal
increasing burden as the price of getting along with
The
passed.
danger in the present situation is that an
asute
community.
report seems to have
political boomerang against the Commission,
a
burden of Government radio
must
well-run and
could reduce its rate
taining programs must carry a steadily increasing
ers
to the
telephone business has been the notori¬
Walker report of last spring, which included
been
•
the Administration
the
scripts
contribution
sole
prosperous
First, critics of all kinds are free to write
ways.
its
almost
part of valor and has aodpted, instead,
policy of Coueism and utter obsequiousness.
at
field
practice the industry has found discretion
in
nary
communicatiops
important
purview, that of the telephone industry,'
record of the FCC has been equally inglorious.
appeals to the courts,
The law permits
nate them.
a
third
the
In
Under its
months, at the end of which time the FCC, sitting
first as grand jury and then as court, can termi¬
but
The situation is some¬
analogous to that of the railroads.
what
though in¬
good only for six
are
improving air mail facilities are further
cutting into their business.
free¬
as
made by their chief competitor,
is being
important, the law is
broadcasting, and the actual
censor
can
more
arts, particularly in the teletype,
munication
His recommendations to
the official imprimatur.
President replied with a flat "no"
Chronicle
Financial
932
he sent
a
from the men of past centuries.
edge has certainly not more than kept pace with
increased magnitude and complexity, and under-
on
Jan. 24
recommendation to Congress for a reor-
a
standing, considering the enormous extent and vast
ganization.
Rumors
detail of the subjects with which it has to deal, is
that the team of Corcoran and Cohen
are
working hard to have a hand in the FCC reor-
is
Increased knowl-
conference question whether he was con-
reorganization of the FCC, but
to a press
sidering
Feb. 18, 1939
whit superior to that visible during any past
no
period in the history of civilization. In the current
reorganization was to have been elimination of
issue of a popular periodical, Harold L. Ickes, SecCivil Service requirements from the Commission's
retary of the Interior, with typical exuberance of
law department.
Competent observers profess to
expression, portrays certain incidents and aspects
see
political dynamite in the proposal to change' of contemporaneous governmental history and pracfrom the present seven-man Commission to a threetice, as observed from the inside of the executive
man
group.
The only technical man on the Commismechanism, with a resulting picture that, to those
sion is reportedly in disfavor with the Administrawho seek the essentials somewhat obscured beneath
tion, and the fresh appointment of three men of
a mass of superficial characterization and denunciathe calibre of recent lame-duck appointments would
tion, might seem to render the foregoing undeniably
be a further blow to the confidence which the public
truthful generalizations quite superfluous. In sumganization; and it is said that one step in this
could
,
he describes President Roosevelt as opposed,.
betrayed, frustrated, and defeated, at every hand,.
or at every hand in the matters he chooses for-
place in the renovated Commission.
mary,
Fortunately, although the President's recommena'bombshell
like
landed
dations
and
caught the
review and relation, by abhorrent forces within the
legislative and judicial departments of 1he Governrneht of the United States, while the operations of
appropriate congressional committees without any
definite program
of their own, Washington reports
in di cafe that these committees are
state
will
of
not going to be
While the situation is in
rushed off their feet.
these inimical branches are incessantly influenced,
a
flux, indications are that an investigation
get under way some time this spring and
a
thorough airing, not only of the political charges
but of the more
cation
pressing problems in the communis
It also looks as though
field, will follow.
the recommendations of the Walker
mately passed
will get very
One is
coming reorganization.
the law of
the
a more
of
power
purposes, so
/
writing into
a
definite policy statement
the
Government
to
limiting
influence
women no more
present orphan role of the telegraph indus-
try.
the
be
should
regulation
its
Either
from
the Commission
or
thing here under discussion.
should be given larger funds and
personnel to deal with it adequately.
it to an:
arouse
of the particular leadership that he applauds, but
that is another question not at all germane to any-
separated
regulation of broadcasting programs
worthy, can always
hysterical frenzy sufficing to defeat the wisest
efforts of the best and greatest of leaders. All'
may not agree with Mr. Ickes as to the qualities-
the
The other is a solution
political freedom of the air.
for the
more
\
,
compre-
hensions, so short-sighted and easily misled In its
mercurial and passionate in its prejudices, that at any time, and within a very little
time, corrupt, designing, and ignorant men, or
to Congress by the Commission,
on
changes stand out as of most importance in
Two
the
tends, is characteristically so weak in its
report, if ulti-
little attention.
manipulated, and controlled, to sinister and despicable ends, by low cunning and vicious intrigue on
the part of selfish and anti-social men. The American public, by whose consent the central government has its being and must always act, he con-
The
point here is
' that if the Secretary of the Interior accurately
,
re-
'
fates current
D
TU
J
rOTidet i
No
nese
T
human institution
better than its
the efforts of
torical
men
created
each
a
swift
J
succession
praiseworthy
as
an
of
failed./ Moreover, in that
ora-
govern-
case,
it has
failed oil account of intrinsic weakness in the elec-
•
Revolution, noted the facility with which idealists
'
#
system of
t°rate and therefore, unless that government can
' be made to rise' infinite,y above its S0llrce in the
by the French
x
.
is true,.
to create a new and '
better-nation out of the debris left
j
the American
excesses,
ment has
Thomas Carlyle, observing
working!
says
modified extensively in allowance for his
even
U
system can ever be any
or
well-disposed
...
I
li/l
s-U
1ruths, Mr. ickes
history, and if all that he
paper
constitutions,
assertion of lofty prin-
American people, it must always and forever fail.
~
t.
■
■
;
,
j)e
no
.
,
On his statement
the case
is
possibility of misunderstanding.
assertions
and
accusations
mi
hopeless.
are
There
can
Mr. Ickes's-
definite
and
con-
ciples and purposes—and each failing miserably in
crete, and his specifications sufficient, of course, to
practice because of inescapable defects in human
satisfy his
character
satisfied the mind of his chief, for it is unthinkable
and
deficiencies
From 1789 to 1939 is not
mankind's
history
or
a
in
human
capacity,
long period, relative to
development, and despite vast
changes in material conditions it has left the basic
characteristics, intellectual and moral,
very
much
as
they
were
ments, quite universally, have become
prising and
to
more
or
at its beginning.
humanity
Govern-
more
enter-
daring, rushing in unhesitatingly
attempt solutions of gigantic and extremely
that
any
own
mind.
-Probably, they have also
Cabinet minister could bring such
prehensive
and
character and
appalling
a com-
indictment against
common sense
the-
of the American people
without previously obtaining the consent and approval of the President.
The defeat, in the Seventy -
fifth
Administration's
Congress,
of the
measure-
which asked the lawmakers provisionally to abdi-
com-
cate their legislative control of the framework of
plicated problems, where angels might well fear to
the executive departments, and to delegate exten-
tread, but the human agents through whom they
sive
have to
dent, is selected, by Mr. Ickes, as an illustration
operate, and the men whose aspirations and
approval must condition everything that they undertake
or
achieve
are
very
little, if at all, different
powers,
and to
prove
legislative in character, to the Presihis thesis.
Regarding that defeat, he-
writes at great length, in part; as follows
:.
Volume
Financial
148
"America went berserk
as
result of which
a
irresponsible
After
vindictive
and
drunken
its
given
were
we
frenzy
"an assault
emotional debauch,
an
on
rule.
mob
.
.
Mr.
it
as
regarded its
it
blearly-eyed appearance
own
in the mirror-."
As
in
the
mass
demonstration
of
of
vexed
Secretary is
and
rejoiced unequivocally when it was finally beaten.
is characterized
own";
third,
a
once
."the leading hysteric of a
as
them
highly
about, but she
was
how."
to
reference
the
Supreme Court of the United States may
cringe;
has
which
December,
this reflects
prostration of the earlier
X^eriod. • When comparison is made with performances in reasonably good, and bad years since
the
World War, operating revenues of the railroads
of traffic
amount
indicate
which
revenues,
that
might
accurately
earnings
increase
of-
against that month
great
®
efforts
by
J
the
however, mc net
uuwcva, the net earnings for last Decerniur wri
much under the totals for all years
to
1929,
from
eight-year period
conditions, but none to match
inclusive.
included all sorts of
the straits that have been
that
as
o
were
1922
December,
Notwithstanding
managers
ber
and
therefore reflect a relatively sharp
for last
1937.
the
these common carriers,
offered
Expenses once again have been cut sharply,
net
be
This is true especially of the
regarded as normal."
gross
anything
under
That
common
since 1930 and
plainly indicate the need for the congressional
review
railroad
of
problems
which iioav seems to
have been started.
It is to
that
the poor gross revenues
attention
For last
needs
particularly
of the railroads
to
be
drawn.
December such revenues were only $317,-
795,866 against $299,827,816. in December, 1937, an
increase of
$17,968,050,
or
5.99%.
Month of December
inclusive, gross revof the carriers for the month of December
steadily were far above the figure for last Decern¬
ing than in the same month of 1937, but
much
easily, so
are so
enues
month of 1938 the carriers made a far better show-
remained
shown,
long period from 1918 to 1930,
In the final
only the extreme business
when those
that he
systematically, and so
enlargement of powers,
not greatly above the average for Decern-'
her throughout the great depression which started
in 1929 and still is in progress.
Throughout the
statistics for last
present.
now
Ave
further
enues are
remedial action evident from a
for
glance at the operating
mere
Mr. Ickes ought
ponder the inquiry as to how he can defend
regularly misdirected and mismanaged.
railroads of the Country by Congress,
the need
with
miasmic swamp of incapacity
iniquity of base intentions.
already held and exercised, as he believes
legislative attention at long last is being
given the
entrenched Administration.
of United States Railroads for the
Gross and Net Earnings
Some
and
any
darkness," contrived
of
cover
all of
admitted, for then how hopeless must be the
establishing and perpetuating a sound
Avell to
"puppets in the hands of cleverer and'
"under
Americans
confident of the future of their
democracy in such a
.
scrupulous men" who, with dire. and sinister
intentions,
more
more
of
task
successfully opposed
the rank and file of those who
less
strongly
to be
Kluxism,"
Associate Justice of
under which one
the bill were
too
Ickes
Mr.
episode,
the
methods,
made
many
than ever before, and
historic defeat of
Alas for
America, if this were not so. Alas for America, if
any substantial portion of Mr. Ickes's claims had
a
our
sweetly says, was a "witch's mess of Ku
a
are
.
.
moment,
country when they consider that
institutions are all
prepared to 'save' them any¬
'
*
what
...
present
adhere to these views
Deal,
not know any
"might
distinction,
accurately
the
At
scarcely
hysterical group"; and a fourth, a lady of sweet¬
As
knowing that they would be
responsibilities of leadership against it, and they
a
second in the counsels of the New
and
correspondingly gratefulto'those patriotic
prelate widely known,
than his
crass
ness
are
individuals who, well
petard," and goes "colicking within
horse"; another,
-went about
less than
delegation of legislative discretion or power.
They
"appealing to ignorance and prejudice
his wooden
more
be in any degree
by any fur¬
subjected to merciless attack, nevertheless accepted
"devilish
a
could
the risks incurred
ther
language, possesses a "swaggering shadow,"
chaste
reorganization
commensurate with
One of them, in his
kinder,
no
confidence that any gains effected by an
executive
precious measure, the permanently
this
the least possible, the personnel
Department was such as not to
encourage
public sentiment that contributed so largely to the
defeat
Executive
the
of
they array themselves
intelligence long after the event.
leaders
the
to
with
that the
particular time in the history of this
the
at
Nation when, to say
Thus, and with much more in similar vein, Mr.
to his remarkable
They believe
unwisely formulated and pressed for enact¬
was
ment
Ickes describes the results as
rodomontade.
Ickes's
reorganization measure was wisely defeated, that
ably found little to admire in itself the morning
after
misrepresentation."
Many Americans will disagree diametrically
.
America prob¬
...
miscegenated of passion and prejudice
and calculated
example of
an
933
Chronicle
„
her and on a number of occasions exceeded considerably the 1500,000,000 mark. Plainly it is an improved general business situation that the railroads
require more than anything else, and it is equally
plain that Administration policies in Washington
require changes and adjustments if that consummation is to be attained. Because of the stringent
economies progressively effected by the railroad
executives, net earnings for last Ddcqinber are $85,602,788 against $57,115,973 in that month of 1937,
an increase of $28,486,815, or 49.87%. We present
these figures in tabular form :
Month of December-
Mileage of 136 roads
•
W.s
Gross earnings,.—
Operating expenses
Ratio of expenses to earnings.
mn
233,889
19En^Inc:i+\^Pec'J7:l
235,051
—1,162
0.49%
+$17,968,050 4.33%
5.99%
—10,518,765
$317,795,866 $299,827,816
232,193,078
242,711,843
73.00%
80.95%
—-
$85,602,788 $57,115,973 +$28+86,815 49.87%
Although it is obvious that general business improvement must prove the principal answer to the
Net earnings
financial problems of the railroads, much can be
done in a legislative sense to better the particular
circumstances of the carriers, and Congress appears
to be in a mood to appreciate some of those matters,
A so-called omnibus railroad bill was introduced in
the House on Jan. 13 by Representative Lea of Cali-
fornia, and another measure was introduced on
by Representative Chandler of Tennessee for
These gross rev- \ Feb. 3
Financial
934
Chronicle
Feb. is, 1939
simplication of financial reorganization procedure.
York Central
The earlier bill also included
the
refinements
reor¬
on
and its leased
ganization, along with expansion of the Interstate
is
Commerce
Commission,
$1,236,901 in net.)
bearing
the regulatory body.
on
in progress
and
number
a
of
Hearings
points
now are
and all aspects of the railroad problem
being surveyed.
are
In order to show in
simplified form the
a
measure
activity in relation to its bearing
revenues
of the railroads
consideration,
the
during the month under
have
we
table below the
on
brought
together
in
the
figures indicative of activity in the
important industries, together with those per¬
more
taining to grain, cotton and livestock receipts and
freight
revenue
1938,
ber,
loadings for the month of Decem¬
car
with
compared
as
the
corresponding
month in
1937,1936,1932 and 1929. On examination
it will be
readily
of
increase
an
the Union
are
in
industry, the output of all the industries
ered
was
cov¬
greatly increased scale
a
a
A large increase is also
year ago.
the number of
freight.
loaded with
cars
revenue
On the other hand, cotton receipts at the
Southern
outports are very much less; receipts of
livestock
at
the
leading cattle markets
much
are
smaller, and receipts of the different farm products
the Western
at
tions of
primary markets
and
wheat
rye)
excep¬
reduced scale.
a
on
(with the
1938
December
1937
,
1936
1932
326,234
498,710
$389,439
slight ($152) increase in its
very
following table
roads
for
increases
we
In the
gross.
show all changes for the separate
in
amounts
of
excess
$100,000, whether
decreases, and in both gross and net:
or
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF
DECEMBER
New York Central_
.-
..
r
.
.
Increase
tp
$2,635,218 Wheeling & Lake Erie...
1,856,049 Lehigh Valley
al,794,222 Pittsburgh & Lake Erie.
Pennsylvania.
$235,161
212,759
190,349
172,711
1,204,023
Southern RyN Y New Haven & Hartf
1,090,823
Denver & Rio Gr West..
785,881
Alabama Great Southern
Wabash
N Y Chicago & 8t LouisElgin Joliet & Eastern--
742,441
625,879
599,458
Louisvill e & Nashville
596 ;011
Delaware Lack & West-
507,635
427,423
416,850
373,895
Delaware & Hudson.
364,754
Missouri Pacific
357,695
339,126
290,412
283,366
277,549
273,619
256,306
Colorado South (2 roads)
182,703
Chic St. P Minn & Omaha
135,381
124,297
Great Northern
—
Northern Pacific.
Reading.——
Erie (2 roads)
Baltimore & Ohio
Boston & Maine
;
Southern Pacific (2 roads)
Chic Mil St. P & Pac
Bessemer & Lake Erie—
Western Pacific
Nashville Chat & St Louis
149,358
139,334
122,992
112,404
N Y Ontario & WesternSt Louis San Fran
Total
106*922
(2 rds.)
101,973
100,831
.
(36 roads).--.$17,743,429
Decrease
$200,157
Yazoo & Mississippi Val.
Missouri Kansas Texas..
Texas Pacific
123,824
117,678
——
Total (7 roads)
$884,040
■
These figures cover the Operations of the New York Central and the
a
$209,451
$199,696
107,353
120,007
$81,219
ing Pittsburgh & Lake Erie, the result is
$316,368
PRINCIPAL
Constr. contr. awarded b
..
CHANGES
Bituminous-c.._-
36,230,000 37,122,000 45,756,000 31,522,000 47,046,000
4,471,000 4,759,000 4,947,000
5,141,000
7,377,000
Pa. anthraclte.d...
•
Freight Traffic:
ports (bales) .f
271,407
,
680,631
609,986
Pennsylvania.
Atch Top & Santa Fe
1,039,511
1,107,014
Chicago (cars)
6,999
City (cars)...
(cars)..
9,571
2,615
2,180
9,847
12,261
20,024
5,954
605,280
594,156
Southern Pacific
z22,892
z37,455
Z19.720
—
Z6.243
Z6.794
z5,234
z3,994
Z8,252
(2 roads)
(2 roadsK
Chicago & St Louis.
Elgin Joliet & Eastern—
Lehigh Valley
Barley (000 bushels)..
z7,208
z7,576
z5,578
z3,767
Z3,899
Delaware & Hudson
Rye (000 bushels)
z
1,648
z920
zl,587
z7l6
z5,342
St Louis San Fran
zl,908
zl,728
1,840
zl,837
zl,976
zl6,800
zl 1,998
zll,635
Z15.596
z24,779
zl3,303
z34,659
Corn (000 bushels)
Oats (000 bushels)
z
Erie
,
Maine Central
Alabama
Wabash
(2rds.)
486,661
460,664
416,477
366,398
362,281
3,115,037
546,080
2,836,915
Missouri Pacific
Steel ingot production.!.
3,143,169
1,473,021
4,424,367
861,034
2,903,012
Lumber (000 board feet):
Production.m
x681,067
x497,640
X764.215
X344.956 xl,127,561
Pittsburgh & Lake Erie.
Bessemer & Lake Erie...
Chicago & Northwestern
Chic R I & Pac (2 roads)
x725,271
X528.324
*790,337
*365.764
*968,657
x781,446
X599.801 xl,119,975
X406.680
x992,375
...
112,403
Great Southern
105,325
Total (47 roads)
—
$27,284,017
503,437
1,490,324
Orders received.m
113,700
517,938
2,210,728
Shipments _m
148,504
/
137,982
517,476
508,659
Western Pacific.
<...
Southwestern..
185,274
158,747
—•—
582,339
525,590
Pig iron production.k._
,
Louis
St
192,930
166,701
Nash Chat & St Louis—
N Y
Reading...
Iron & Steel (gross tons):
241,609
218,978
.
611,392
Louisville & Nashville—
Chic Mil St P & Pacific..
249,407
.
Denver & Rio Gr West—
765,978
744,828
8,485
"272,370
269,773
.
Pere
792,721
3,493
bushels).
Line.299,243
Marquette
Chesapeake & Ohio
Chic Burlington & Quincy
Central of New Jersey—
Dul Missabe & Ir Range.
N Y New Haven & Hartf
Pacific.
$319,413
314,619
Delaware Lack & West..
Boston & Maine
2,626
receipts: h
Atlantic Coast
1,145,792
956,100
860,377
1,723
Flour (000 barrels)...
Trunk Western..
Norfolk & Western
Northern
Western flour and grain
Increase
Grand
Cin N O & Texas Pacific
Wheeling & Lake Erie..
Baltimore & Ohio
MONTH
THE
1,179,084
3,659
2,889
2,036
FOR
DECEMBER
Union Pacific
Great Northern.
Livestock receipts: g
Includ¬
increase of $1,984,571.
an
EARNINGS
NET
Increase
a$3,820,424
3,089,881
1,570,630
1,444,481
New York Central—
Southern Ry
Car loadings, all (cars').. z2,949,097 z2,752,601 z3,363,571 z2,486,832
z4.137,016
Cotton receipts, South-
IN
OF
Coal (net tons):
Wheat (000
class somewhat
a
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
388,346
Building ($000):
.
of
The Atchi¬
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
trucks, &c.)_a.;.
Omaha
gains
Western,
by itself, reporting a gain in net of $1,570,630 after
a
1929
Production (passenger
Kansas
&
Topeka & Santa Fe stands in
son
Chic Burl & Quincy
Cin N O & Texas Pacific.
Automobiles (units):
em
and of $1,111,181
gross
Norfolk
Grand Trunk Western._
cars,
gross
Norfolk and Western-.--
with December
shown in
compared
as
and net earnings
$1,201,023 and $1,115,792, respectively.
Union Pacific
on
gross
$1,090,823 in
the
and
net,
Tnrrpn
coal
of
and
gross
$1,179,081 in net; the Southern-Ry., showing
increase of
an
in
Pacific, reporting $1,856,019 in
that, with the exception of the
seen
$1,981,571
Among other roads and systems
showing large gains in both
and
of trade
lines; when, however,
Pittsburgh & Lake Erie is included, the result
Decrease
Illinois Central
$233,987
168,594
135,903
...
Yazoo & Mississippi Val.
Missouri Kansas Texas.
_
Total (3 roads)...
347,995
$538,484
These figures cover the operations of the New York Central and th©
a
leased lines—Cleveland Cincinnati
Chicago & St. Louis, Michigan Central*
Note—Figures In above table Issued by:
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
United States Bureau of the Census.»
a
States
of
east
Rocky
Mountains),
d United States Bureau of Mines,
e
b E.
W.
National
c
Dodge Corp.
Bituminous
(figures for 37;
Coal
"
Association of American Railroads,
Steel
Institute,
National
m
Lumber
of reporting mills vartes in different years).
With
the
recording
railroads
gains
alike, it is
separate
are
in
consonance
collectively.
roads
and
roads
earnings in
creases.
with
Four weeks,
z
country
gross
and
Five weeks.
as
net
earnings
we
turn
case
above
Roth
the
results
shown
for
are
excess
in
of $100,000, and but
of the net
above that
in
$2,635,218 in
latter
earnings, 47 roads record
gross
$1,794,222 in
cover
de¬
great trunk lines—the Pennsyl¬
gross
(These figures
seven
$100,000 and only three roads
the
both
the
amount,
vania RR. and the New York Central—show
gains
to
able to show increases in
gross
and
net
alike,
the
and
an
Includ*
increase of $4,236,901.
former
$3,820,424 in net.
only the operations of the New
arranged in groups,
are
or
geo¬
graphical divisions; according to their location, the
character
of
ingly brpught out, in
the
returns
much
as
as
are
very
strik¬
all the three great
districts, the New England, the Southern and the
Western, together with all the various regions
com¬
prising these districts, with the single exception of
the
Southwestern
region in the Western district,
show increases in gross
earnings, while in the
of the net all the different
regions, show increases.
is
as
below.
As
case
districts, including their
Our summary by groups
previously explained,
we group
the
roads to conform with the classification of the ICO.
The boundaries of the different
groups
are
and regions
indicated in the footnote to the table
large
and $3,089,881 in net, and the
gross
the roads
favorable
whole
a
For the month under review 36
losses
report
increases
the
both
systems
while in the
*
(number
roads and systems that the exhibits
roads
gross
.
Association
surprise to find when
no
the
in
of
Manufacturers'
Pittsburgh & Lake Erie, the result is
When
f Com¬
piled from private telegraphic reports,
g Reported by major stock yard companies
h New York Produce Exchange,
k "Iron Age."
1 American Iron
in each city,
and
ng
Commission,
SUMMARY BY
District and Region
Month of
—Gross
December—
1938
New England region (10 roads)...
Great Lakes region (24 roads)...
$
Inc. (+) or Dec. (—)
%
13,547,843
12,454,182
+ 1,093,661
8.78
61,263,694
Central Eastern region (18 roads)..
Total (52 roads)
Earnings-
1937
$
Eastern District—
:
GROUPS
56,983,712
+ 4,279,982
7.51
62,992,963
58,102,278
+4,890,685
8.41
.137,804,500
127.540,172
+10,264,328
8.04
Volume
Financial
148
District
and
Dec.
or
(—)
%
$
$
$
®
/i DistrictSouther n JLSWU frC*——
Inc.{ + )
1937
IMS
1938
53,000
401,000
39,000
60,000
16,000
7.94
1937
11,000
850,000
30,000
47,000
17,000
62,103,417
68,234.251
+3,869,166
6.64
Total all-
31,516,632
57,713,034
+1,432,738
+2,708,180
—306,362
4.54
7,208,000
7,576,000
1,648,000
32,949,370
60,421,214
24,517,365
Central Western region (16 roads).
(21 roads)
Southwestern region
24,823,727
4.69
1.23
.117,887,949
114,053,393
+3,834,556
3.36
roads)...317,795,866
299,827,816
+17,968,050
5.99
Total (52 roads)
Total all districts (136
District and Region
Month of Dec.
-Net
—;
Earnings
1938
Inc.{+) orDec.i-
1937
$
—Mileage
$
6,976
26,355
24.759
3,688,660
15,399,790
17,269.196
2,289,425 +1,299,235
7,642,505 +7,757,285
10,884,266 +6,384,930
%
56.74
101.50
58.66
57,694
58,090
36,257,646
20,816,196 + 15,441,450
74.18
38,483
Pocahontas region..
6,057
38.702
6,042
12,097,295
8,861,646 +3,235,649
7,282,395 +1,357,425
36.51
44,540
44,744
20.737,115
16,144,041
+4,593,074
28.45
6,691,444
16,288,485
5,628,098
4,027,752
11,948,320
+2,663,692
+4,340,165
+1,448,434
66.13
36.32
34.65
1937
1938
Eastern District—
New England region.
6,796
Great Lakes region.. 26,287
Central Eastern reg'n 24,611
Total
$
District-
Southern region.
Total..
8,639,820
18.63
Western District—
region 45,833
45,958
Cent. West, region..
56,464
56,851
southwestern region.
29,358
29,408
28,608,027
20,155,736 +8,452,291
235,051
85,602,788
57,115,973 + 28,486,815
41.93
49.87
of the roads conforms to the classification of the Interstate
and the following indicates the confines of the different
all districts.233,889
NOTE—Our grouping
Commerce Commission,
and regions:
•
England Region—Comprises the New England States.
the section on the Canadian boundary
of Lake Michigan to Chicago, and
Pittsburgh to New York.
.
Great Lakes Region—Comprises
New England and the westerly shore
a
line from Chicago via
Central Eastern Region—Comprises the
IMS
1,908,000
16,800,000 22,892,000
6,243,000
1937
1,728,000 11,998,000 37,455,000
6,794,000
between
north of
section south of the Great Lakes
Reglor
to the cotton traffic over
Details of the port
in 1929.
111999303245780487
now
find that it, too, was on a greatly
we
follows:
'
COTTON
OF
AT
1938
1937
1936
85,679
196,169
184,741
88,851
197,599
150,309
4,560
2,284
4,978
110
829
2,146
Southern
DISTRICT
80,285
231,050
19,611
214,073
Month of
Region—Comprises the section east of the Mississippi River and south
point near Kenova, W. Va., and a line thence following the
boundary of Kentucky and the southern
boundary of Virginia to the Atlantic.
section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
Region—Comprises the
Pocahontas
DISTRICT
WESTERN
Central Western Region—Comprises the
west of a line from Chicago to Peoria
to the
section south of the Northwestern
and thence to St. Louis,
Region
and north of a line
El Paso and by the Mexican
boundary
Pacific.
(taking
them collectively) fell far below that of December,
1937, although even at that it was very much larger
than in the corresponding period of 1936.,
The
The
traffic
grain
over
Western roads
in
greater or less degree to all the different items with
the exception of wheat and of rye, the movement of
these two staples having been considerably heavier
than in December, 1937.
Total receipts of the five
cereals, wheat, corn, oats, barley and rye, at the
Western primary markets in the five weeks ended
Dec. 31, 1938, reached only 54,791,009 bushels as
against 64,743,000 bushels in the same five weeks of
the
previous year,
but comparing; with only
43,754,009 bushels in the similar period of 1936.
Carrying the comparison back to earlier years, we
find the grain movement in the corresponding five
shrinkage, in the month under review, extended
weeks of
1929 it
1932
was
only 37,376,000 bushels, but in
aggregated 76,931,000 bushels.
In the sub¬
of the Western
usual form:
joined table we give the details
grain movement in our
WESTERN FLOUR AND
Wheat
Flour
5 Weeks Ended
{Bush.)
{Bbls.)
Dec. 31
GRAIN RECEIPTS
Oats
Corn
{Bush.)
{Bush.)
Barley
{Bush.)
Rye
{Bush.)
Chicago—
544,000
966,000
5,819,000
1,921.000
1,330,000
735,000
5,859,000
1,720,000
971,000
3,918,000
2,786,000
966,000
3,288,000
602,000
3,037,000
1937.,....:.
Minneapolis—
940,000
899,000
5,001,000
936,000
3,060,000
424,000
2,082,000
2,253,000
465,000
379,000
276,000
1,027,000
3,743,000
1,278,000
847,000
1.480,000
119,000.
1937.
Dvluth—
1938
..
1937
•4
'*
«r
-a
-
-
-
-
Milwaukee—
1938.—
80,000
5,000
454,000
35,000
1937
61,000
76,000
340,000
86,000
2,111,000
39,000
39,000'
99,000
Toledo—
1938
1937
a.
—
—
»
~
511,000
—
331,000
—
338,000
817,000
451,000
82,000
1,472,000
3,918,000
1,082,000
848,000
1938
1937
6,958,000
—
1937
16,000
739,000
<*
St. Louis—
8.015,000
344,000
210.000
15,000
243,000
62,000
563,000
521,000
922,000
Peoria—
1938
215,000
165,000
1,986,000
232,000
1937
196,000
169,000
2,398,000
311,000
Kansas City—
1938...
84,000
5,089,000
1,541,000
51,000
3,651,000
3,052,000
330,000
324.000
1937
232,000
w.
St. Joseph—
356,000
238,000
767,000
1,309,000
11,000
953,000
21,000
'
tm
-
4*
1937
277,000
619,000
Wichita—»
1938
31,000
330,000
2,287,000
1937
69,000
79,000
564.000
900,000
1938
9,000
17,000
963,000
Indianapolis dc Omaha—
1938
119926867055734
Pensacola
Savannah..
■
155,000
111,000
-
-
278,355
7,991
1,151
5,641
151,740
156,643
16,493
1,908
6,174
17,997
3,455
8,775
5,971
9,107
.....
11,952
19,293
20,259
7,199
1,548
3,826
1,485
2,529
2,562
3,041
4,293
3,732
3,778
1,159
9,426
4,213
V
3,162
10,181
7,140
3,516
48
38
84
34
258
774
271,407
680,631
609,986
773,734
432.371
764,167
Charleston
477
Lake Charles
633
769
Wilmington
Norfolk
,
Total
Finally,
we
5,707
December com¬
earnings of the rail¬
add a summary of the
parisons of the gross and net
roads. of the country
for each back to and includ¬
ing 1909:
Mileage
Gross Earnings
Month
of
Year
December
Year
Given
1910
1911.....
»_
.
Inc.
'
Per
_
1916.
1920.....
493,099,550
504,818,559
523,041,764
525,411,672
466,526,003
495,574,485
468,182,822
377,473,702
288,239,790
19231....
1924
1925.....
1926
1927.....
1928
1929.....
245,751.231
248,057,612
257,199,427
295,880.873
371,673,127
1932.....
1936.....
Preced'g
—4.51
—9.94
246,807
+26.82
+ 8-31
248,437
216,811
+ 8.19
+ 2.61
247,988
232,774
233,899
+ 21.68
229,422
—22.87
225,666
229,369
228,687
238,561
238,072
243,322
225,619
235,920
+ 6.83
+ 7.03
+0.57
+ 12.68
+ 30.62
+ 20.66
225,177
235,682
234,146
241,180
243,242
247,673
215,669
247,271
232,399
233,814
228,134
224,784
236,121
235,555
235,875
512,312,354
—3.75
235,379
493,509,641
+ 11,308,918
+ 2.29
236,196
504,450,580
18,591,184
+ 2,943,972
—59,294,705
+ 27,178,944
+ 3.69
+ 0.56
—11.28
236,957
236,982
238,552
+ 5.80
240.337
237,711
239,286
—5.60
241,864
240,773
—19.46
242,677
—23.64
242,639
242,592
242,319
—42,454,535
+ 2,297,276
+ 12,107,100
+ 38,679,418
+ 75,867.735
—14.73
241,806
241,950
+ 0.93
240.338
238,570
240,950
+ 4.94
+ 15.04
237,074
238,436
+ 25.65
237,288
—71,666,679
+ 17.968.050
—19.29
236,191
235,052
4-5.99
233,889
522,467,600
525,820,708
468,395,541
495,950,821
468,694,537
377.499,123
288,205,766
245,760,336
245,092,327
257,201,455
295,805,392
371,494,494
317.796.866
1935......
Given
—,19,212,804
299,827,815
:
Year.
Cent
Dec.i—)
Preceding
Year
( + ) or
$217,724,459 $203,799,142 + $13,925,317
+ 15,067,962
229,379,163 214,311,201
+ 1,339,735
233,614,912 232,275,177
+29,681,242
263,768,603 234,087,361
266,224.678 —12,005,787
254,218,891
232,598,369 258,285,270 —25,686,901
+ 62.438,948
295,202,018 232,763,070
'262,171,169 242,064,235 + 20,106,934
+ 26,038,666
343,875,052 317,836,386
438,365.327 335,607,571 + 102,757,756
+ 11,510,209
451,991,330 440,481,121
+ 96,073,439
539,197,615 443,124,176
406,864,055 527,480,047 —120,615,992
+ 87,735,590
512,433,733 424,698,143
1909.....
299.827.8-16
+
—27,767,999
—91,220,835
—89,259,333
236,057
237,373
239,833
235,431
235,051
Net Earnings
Month
Year
Year
Given
Preceding
$67 ,014,765
of
$68,317,388
68 ,276,448
66,101,371
56,776,970
1
December
—
......- —
1912
1913.....J..'—
61
,225,377
81 ,701,974
>68 ,800,026
61 ,134,750
105 ,878,758
83 ,237,395
85 ,715,727
*
44
1918..—.
,738,149
38 ,536,432
51 ,322,679
67 849,188
.......
111
,942,758
106 ,248,158
124 ,480,894
134
...
,445,634
119 ,237,349
90
i
,351,147
138 ,293,445
106
,315,167
80 ,419,419
*47 ,141,248
1931..
57,,854,695
59 ,129,403
1
62,,187,963
70,,445,503
114,,829,753
57, 116,581
...
85, 602,788
72,932,360
82,622,271
68,274,222
61,186,558
86,302,108
103,520,028
85,767,019
44,919,752
37,517,854
44,250,090
76,738.092
108.687,310
106.482.164
124,090.958
134,504,698
118.520.165
89.849,024
138,501,238
105,987,347
79,982,841
*53,482,600
57,861,144
58,350,192
62,786,896
70,293,610
114,883.828
57.115,973
Per
Increase ( + ) or
Decrease
Cent
(—)
—«-l .91
—$1,302,623
+ 2,175,077
+ 4,448,407
+ 8,769,614
—13,822,245
—7,139,472
+ 3.29
+ 7.83
+ 12.02
—16.73
—10.46
'
+73 .04 •
+44,692,200
—3,064,713
—17,804,301
—41,028,870
—17.20
—3.55
—47.84
—6,383,320
—14.21
+ 13,804,825
+ 36.79
+ 23,599,098
+ 53.33
+ 35,204,666
+ 45.87
—2.24
—2,439,152
+ 17,998,730
+ 10,354,676
—15,267,349
—28,169,018
+48,444,421
—32,186,071
—25,567,928
—32,841,593
+ 4,372,095
+ 1,268,259
3,837,771
+ 7,658,607
+ 44,536,143
+
+ 16.90
+8.34
—11.35
—23.76
+ 53.91
—23.23
—24.12
—41.06
+ 8.17
+ 2.19
+ 6.58
+ 12.20
—57,767,247
+ 63.36
—50.28
+ 28.486.815
+49.87
1931 included in expenses $6,453,714 for
dismantled equipment.
1932, in giving comparative figures for
1931, this item has been omitted from the expenses of the latter year.
This wil
explain the wide difference in the 1931 totals in the respective comparisons!
*
*
•
>
265,365
119,635
85,245
10,997
2,193
5,230
.
6,069
-
178,519
53,831
5,704
26,345
■
-
^
1933
1934
1935
234,358
256,738
5,441
-
Brunswick..
1914......
1938
December
'
4,033
1,959
2,844
Moblile
1911..
1938
&c
Corpus Christi
Jacksonville.........
Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.,
Northwestern
from St. Louis to Kansas City and thence to
Galveston
New Orleans
of the Ohio River to a
eastern
FOR
1933 TO
Beaumont
SOUTHERN
SOUTHERN PORTS IN DECEMBER
1938, INCLUSIVE
YEARS,
Ports
Houston,
.
table which
;
SIX
River to its mouth.'
.
movement of the staple
past six years are given in the
for the
Louis and the Mississippi Rive,
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W. Va,,
and a line thence to the southwestern corner of Maryland and by the Potomac
Chicago through Peoria to St.
east of a line from
920,000
Southern
reduced
scale as compared with December, 1937, both as
regards the overland shipments of cotton and
receipts at the Southern outports. Gross shipments
overland in December, 1938, totaled only 171,207
bales against 212,121 bales in December, 1937, and
176,312 bales in the same period of 1936, but com¬
paring with only 65,166 bales, in 1932 and 150,261
Turning
roads,
RECEIPTS
"
DISTRICT
EASTERN
New
4,179,664
131.655 132,217
Total.
groups
Sioux City—
+2,448.782
+1,420,384
6.0
17,882,468
Northwestern region (15 roads)
Total
{bush.)
{btish.)
(bush.)
40,351,783
-
Total (32 roads)
Western District—
Northwestern
Corn
{bush.)
42,800,565
19,302,852
"VWIK/J
Southern region (28 roads)
Pocahontas region (4 roads)
Southern
Wheal
{bush.)
Rye
Barley
Oats.
Flour
(bbls.)
—Gross Earnings
Region
Month of December—
935
Chronicle
its return for
In its return for
The Chicago & Alton in
936
Financial
CLEVELAND
THE
In
the
table
following
Chronicle
Feb.
is, 1939
EXCHANGE
STOCK
complete record of the high and low prices for stocks made
on the Cleveland Stock
Exchange for each month of 1938.
The compilation is the work of the Cleveland
Exchange itself and is, of course, based on actual sales, and covers these and nothing else.
For record of previous years see "Financial Chronicle" of:
furnish
we
a
,
Feb.
19 1938
page
Feb.
20 1937
page
Feb.
22 1936
page
Feb.
16 1935
page
Feb.
MONTHLY
STOCKS
17 1934....
page
Feb.
18 1933
page
Feb.
20 1932....
page
Feb.
1142
1175
1185
1035
21 1931
page
RANGE
OF
High Low
High Low
Par $ per share $ per
Airway Eiec preferred
Akron Brass Mfg Co.-----American Coach
100
6
*
Apex Electric Mfg
5
6%
10%
10
—
1U2
6
534
10%
16%
10
5
page
25 1928
page
CLEVELAND STOCK
June
Mag
High Low
5
478
4%
6
5%.
10%
14%
8%
6
8%
5%
8
9
With proxy.
page
16 1929
Feb.
April
High Low
15 1930
B'eb.
High Low
15
5%
8
8
57g
A ugusl
9
9
9%
9%
8
share
13
8%
8%
117g
Preferred
*40*
'*8*
100
/-A-i—*
Cleveland Builders Realty.
12«4
11%
18%
2i4
64%
19%
2%
55
2%
pref.;,.
56
Cleveland Electric 111 pref—■_.* 107% 108
Cleveland Railway..
30
32
—100
29"
31%
113
*3*1
14%
General Tire & Rubber—
2%
70%
To'
11%
70
16
52
46
49%
95
96
11
12
1034
1134
14
17
16%
19
107% 109
83g
107g
41%
110
2%
557g
55
2%
62
110
110
13%
52
30% 31
113% 114
2%
113"
115
23
19
147g
22
19
26%
20
25%
153s
12
1434
11®4
20%
1734
21
17%
11
10
,10%
10%
10%
10%
12
12
1934
12%
115
9%
14
60
63
65*
6*8**
20%
2%
21%
21
21
20
21
1934
20
68
75
19%
60
70
25
26
85%
10%
1*1*6%
1*16%
116
15%
85
84
84
45%
35
30
30
17%
16
17
35
37%
36%
37
31%
37
31%
33%
92
92
9034
9034
88
88
6%
5
6
5
5
44%
20
38
42%
27
37%
16%
18
15
15
»..*
18%
15
17%
1434
6%
5
5%
3%
15
*
4%
Leland Electric...
8
8%
157g
6634
70
62
70
16
16%
16
16%
16
17%
2%
234
3
3
24
100
100
234
84
84
*28%
29%
*
31
28
16
*
... —
18%
15
3%
3%
.
5%
27
13
13
4
5%
16
15
34%
32%
34
36%
39
97%
36%
97%
5%
5%
18
18
14
28
25%
22%
14
3%
8%
3%
334
2.%
33g
12
*
Nestle LeMur A
60
"2%
...»
Corp A
,*
37
37%
38%
93
92
95
6
6
57g
6%
36
35%
15
15
17
16
17
25
26%
30
29
2034
18
20
2%
334
3
3
60
60
15
7
3%
16%
7
13
17
3
2*
3
34
%
84
29
29
28
29
31%
33
31
"2%
31%
3
3
45
45
45
2
•
2
2%
,
3%
50
2%
55
3%
1%
5
16%
4%
12
31
31
38%
38%
3%
11
12
4
50
3%
50
2%
50
3%
5
3334
35%
17%
1634
17
16
13%
14%
534
3%
434
16
16
13
13%
17
14%
32%
14%
24%
18%
2%
28
30
31
32
32
20
2%
18
20
16%
3
2%
17%
27g
60
60
3%
18%
2
.
12%
2%
40
51
16
5
16%
17
17
5
17
2%
2%
60%
3
4
11
17%
17%
*5*2"
11%
2%
37g
33%
15
60%
11
11
27g
2%
45
17g
2
3%
48
%
%
29
29
29
28%
24%
11
11
12%
24%
12%
3%
1%
1
4%
55
44
2%
%
29
28%
3%
50
2%
234 "
41%
2%
1
4%
52
\%
*
...
„
1%
%
%
29%
Ohio Confection A.....
7%
25
25
31%
7%
21
21
20
23
29
8
,
73g
7%
8
8
8
10
32%
10%
Otis Steel
Packer Corp
11
Sargent.!
*
....
Reliance E & C
111?
19
18
10%
18
..5
10
11%
31
36%
33
Seiberling Rubber.,
....*
1.
Preferred....
100
Stouffer A..
234
33%
,3%
16
16
10
30
35
9%
834
30
16
9
9%
10
16%
15
9
9%
3412
234
31%
2
2
19
12
32%
3%
24%
2
3%
15
25
20
•
14
34
12
33%
4
Thompson Products.,
3%
1
4
'
6%
"234
12
3
12%
23
2%
18
Western Res Inv Corp pref.. 100
White Motor
j>,
1
16%
1Q%
127g
35
3734
27
18
28
10
10
1534
17%
97g
10
9%
16
4
4%
*5%
38
20
60
60
334
384
3%
4%
4%
5
5
10%
9
934
9
9
8
10
634
5
5%
4%
45g
4
5%
9%
434
2%
134
3%
2
2%
1%
2%
2%
5
2%
7
2%
20
5%
23g
5
5
6%
5%
5%
5%
7%
1%
2
134
2
134
134
134
16%
17
15
16%
45
45
45
45
1%
18
50
,
19
50
17
1734
9%
5%
2%
25%
13
1334
1334
11
17
9
16%
14%
18%
14%
13
143g
11%
11%"
38
34%
3634
32
35
3%
29%
3%
35
34,
46
34
34
34
3%
23%
4
9%
10
1034
4
4
14
14
15
4%
11%
4
4
37g
4%
pref .;
27
5
2
234
2%
6
534
7
1%
1%
2
137g
13
16
14%
14%
55
60
63
63
4%
11%
4
334
2
13%
334,
11%
3%
3%
4
4%
50
35
26%
3%
11
50
55
5
' 5%
"1334 *1*4*%
.
"n % Ti"%
....
Youngstown S & T
5%
37
34
38%
6
234 ' 3%
"l% "*134
14
434
55
7%
2
16%
-
10
10
,36
10
4%
24
14%
.29
34%
33
'*3% *4"
4%
31
10
10
34
3%
33%
5%
134
"7"
2%
6%
2%
,18%
65«
2%
2
*6*
3
6„
Refining & Chem
Weinberger Drug Inc
334
4%
9
634
2
Tool.!...
4%
11
10
.
Warren
11
"
"*4*
*
Upson Walton.
10%
15%
39
4%
33%
*
r_l
1.
16%
13
12%
35
.
30%
......*
Troxel Mfg.
Union Metals Mfg
11%
9%
29
2534
31
29
13
2434
21
3%
17
9
10%
•
10%
1734
16
19%
9
*
.
Bros.
10
11
29
14%
Ohio Brass B
•
100
4
37%
5
5%
17
40%
97
100
100
17
8%
4
18
,4%
4
8%
4
45
60
2%
34
34
3
,
29
38%
3%
18%
65
15
13
17
30
17%
3
14
42%
17%
20
32%
12
6
16
6
35%
14
5%
32
15
52"
434
3%
100
National Tile........
5
14
8%-
25
2...
17
6
14%
2%
*2%
1
...
16%
13
5%
3%
12
15
12
25
24
2%
65
5%
32
15
35
*15% *1*5%
17
16
153g
23
334
30
14%
5%
".36% 3*8*
16
65
6%
14
8%
15
4%
17%
3
17
10
5
10
9*
25
16%
23g-
34
13
16
5
18
13
45"
28%
93
5%
"5%
*3*0*"
2334
37 tg
20%
42%
37
36%
97%
"30*
32
36
26%
14%
15
28
5%
8%
8
25%
3%
13%
16
97%
"l434 *16**
15%
8%
___*
Murray Ohio Mfg
*
Myers (F E) Bro..........2..,.*
15
5*
22%
36%
36
20%
45
15
1234
16%
6%
45
15
5%
33
50
21
33%
5%
10
65
■_*
Refining....!
86%
25%
317g
293g
45*
45
28%
3%
...100
Muller Drug. ..........
Monarch Machine Tool
86%
25
25
2634
27
8
10
26%
15
26
18
*
10%
*
Medusa Portland Cem
25
17%
1734
McKee, Arthur G..;
45
25%
35
42%
McKay Machine.*!......
25
1734
*
Kelley Is Lime & Tran
26
1734
Interlake Steamship
Jaeger Machine
Lamson & Sessions..
15
116% 116%
66
2
85
45
5
Hundred
9%
61
68
"*2% *2%
2%
45
39
*
Preferred
934
6%
18%
2%
25
*
National Acme.,
934
80
57g
6%
115
20
65
25%
...5
........
6%
13
114* 1*1*4% 115* 1*1*7%
114
70
*
Preferred
6%
66
1*1*5*"
' 113"
64
....
Brick...
71
6%
22
25
65
85%
SO
Metro Paving
7
*19* "l4* 20
20%
20
2%
2%
2%
6*5* 58
61%
51% *5*3" 60
64% *60"
112
112
110
113
10934 112
18
24
183g 20%
18% 23
19% 22
18
20% 19% 2334
14% 1834
19% 21%
10
11
11
1034 11% 10
1034 12%
57
11%
10%
13
6
734
110
20
28%
1534
61
2%
Hanna M A preferred
Harbauer Co..
Vlchek
9
11%
14
18
22
11
20%
20%
Towing—.....100
2..100
Preferred;
Van Doran
8%
*
Halle Brothers
Richman
834
8
70*
66
15%
2%
<.-*
Grief Bros A.
Paterson,
8
9%
6
96
63
14%
2%
2%
62
"111% 107% 109
22
1634
.......100
......
Preferred....
Nineteen
8%
9
8
5
B F Goodrich
Goodyear Tire
National
14%
67
2
Lakes
4%
8
10%
24
2..*
Fostoria..
Great
2%
109
18%
63
11%
65%
16
1034
15
Faultless Rubber
10
65%
44
57
1
Commercial Bookbinding.
3l"
Dow Chemical preferred...... 100 109
Electric Controller & Mfg
*
60
r
2%
12%
65%
18%
15
95
97%
11%
42
10
12%
20%
*
Cliffs Corp v t c...
Colonial Finance....
97%
1034
65%
1134
17
100
-.1
Preferred.
7.
7
10%
5%
Preferred
Iron
6
7
934
*4*6"
Clark Controller...
Cleveland Cliffs
8
8
934
1234
*80*"
.*
■
High
5 per share $ per share $ per share
16
*80*
-
City Ice.
December
High Low
High Low
To"
8
10
7
"*8% *8%
Brewing Corp of America
_
per
November
October
share I
per
1133
1084
1019
FOR 1938
September
share
100
■
Canfield Oil
page
High Low
....noo
Preferred
page
28 1925
High Low
6
9%
8%
page
27 1926
Feb.
High Low
High Low
9%
83g
26 1927
Feb.
Feb.
1035
959
1109
EXCHANGE
July
...
per share $ per share % per share % per share % per
'share $
534
10%
13%
6
6
■
5
•
ON
March
February
January
Low
PRICES
Feb.
1112
1095
1264
1297
100
*85*
*8*5"
No par value.
THE CINCINNATI STOCK EXCHANGE
In the
following we furnish a record of the monthly high and low prices in 1938
Exchange. ■ The tables include all stocks in which any dealings occurred during the
all based
actual sales.
on
'
-
the Cincinnati Stock
and the prices
'
"
.
on
year,
are
'
For record of prices for previous years see the "Financial Chronicle" of Feb.
19, 1938, page 1142; Feb. 20,
1937,
page
page 1176; Feb. 22, 1936, page 1187; Feb. 16, 1935, page 1037; Feb. 17, 1934, page 1113; Feb.
18, 1933,
1097; Feb. 20, 1932, page 1267; Feb. 21, 1931, page 1301,-and Feb..15, 1930, page 1040.
MONTHLY
RANGE OF
PRICES ON
CINCINNATI
STOCK
EXCHANGE
FOR
1938
M arch
February
April
June
May
July
October
August
September
November
December
High Low
High Low High Low
High Low
High Low
High Low High Low
High Low High Low High Low
High Low High
January
STOCKS
Aluminum
Low
$ per share $ per share $ per share $ per share $ per share $ per share $ per share $
per share $ per share $ per share $ per share $ per share
Industries
.
American Laundry
American Products
K Prior preferred.
'
16
...
3
_
Participating preferred..
Baldwin
18%
_
3
5%
15%
1%
3%
5
...
15
1%
334
3%
5%
17
47g
1%
3%
15
3%
16%
3%
16
4
16%
3%
16
3%
1734
5
I884
4%
17%
434
19%
434
16
434
18%
3%
17
334
1834
334
18
4
18%
4
4%
17
18
%
27g
5
5%
5
5%
....
"4% "5"
1%
4%
17
%
3%
7
47g
..
3%
5%
16%
3
3%
334
5%
5%
4
4%
3%
134
2
3
3
1%
2
3
3
80
80
.
3
3%
134
134
134
134
8%
8%
9
9
30
14
....
3
30
Preferred.
Burger Brewing-
14
.
_
1%
1%
1%
1%
K Preferred
1%
40
Carthage Mills
2%
40
..
A
B
Champion Paper & Fibre
► Preferred
Churngold.
Cin Advertising Products
Cincinnati Ball Crank pref
Cincinnati Gas preferred
C N O & T P
Preferred.
.
27
30
2834 3*1
104
10334 104
104%
7
7%
6%
7%
6%
7
6%
6%
2
*
98
7%
28%
10519
9
1934
23
9734100%
7%
6%
9%
2
20
19%
26
253g
30
24
25%
19%
23%
25
97
99%
94
95
95
98
9734
9734
95
98
95
9
9%
9
8%
634
2
90
94
2
*99* 1*00"
18%
834
9%
6%
" *2 "
9234 100%
2
977g 100%
300
-
18%
2
91%
97"
300
9434
2%
99%
8%
6%
1%
96%
236
112
112
1
To
115
no
no"
6%
.
10
99%
236
9
*91*
*98%
9%
7%
"I"
240
10
7
1%
91%
30%
100
11%
7%
"T%
98
29
32
98
100%
10%
7
1%
12
7%
134
25% 30%
99%10234
10% 12
7%
7%
1
1%
*96% 1*0*1* "
100% 102% 101% 104
1*08
ios
251
108*
108
1*08
108*
Financial Chronicle
Volume 148
937
MONTHLY RANGE OF PRICES ON CINCINNATI STOCK EXCHANGE FOR
1938—(Concluded).
June
March
May
November
December
April
October
January
February
July
August
September
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Loto
$ per share S per share $ per share $ per share % per share t per share < per share I per share $ per share $ per share $ per share $ per share
Cincinnati Post Term pref.,
Cincinnati
91%
Street-..
4%
...
Cincinnati Telephone
Cincinnati Tobacco Warehouse.
75
Cincinnati Union Stock Yard-
13"
^
5
80
4%
77l2
4VS
80
3%
4%
1
"13"
"IS" "13"
1%
78
135
3%
80 %
10
11
11
Tissue
Crystal
Dow
Drug.
Preferred..
...
....
Eagle Picher.—_
Early & Daniel..
.........
Preferred
....
'Formica Insulation.:
Foundation
514
9
6
6
0
5
3
3
3l2
08l2
334
08l2
10l2
1158
3%
103s
75s
22
914
20
22
"1084 *1212 10" Tei,
234
3%
81
89
14
10
16
14
24
.251;
7
;
24
Prior preferred
25
5
9%
11
12
20
834
10i2
'20
10018 100l8
934 10
..
j.
0
24
5
5
5
8l8
95S
75s
918
0
0
4
3
3i8
3
412
3i8
16" To"
24
24%
5%
26
ll........
;
20l2
5l4
914
5
7U
27
4
9
1134
-27
6
3l2
*§r2 "3%
9
0
984
10
To"
10
812
Ids
"3i2 ~~3%
1158
2312
2312
ToT2 '"914 To"
24
25
25
28
26
5%
1034
26%
1384
11%
26%
2684
110
914
28
5%
1438
27
110
12
11
13
2012
28
28
.
"16"
80
27
29%
7.
7
.
27%
29
7%
%
484
5
I8ia
2434
38
7%
32
26
30
30
30
*32
30
32
Kemper special preferred
Kelley-Koett preferred
Kroger...:
—
8
92
812
9
8
9i2
7
92
9812
90
32%
33%
33%
5
1712
97"
15
334
98%
49
45
97
100
-l
....
97"
%
...
%
1
10%
10
712
734
8
92
15%
"25"
25""
35
37
34
25
21%
31
8
8
93
93
93
16%
17%
8%
8%
8
834
9%
101% 101% 100
8%
91
91
17%
16%
203s
3%
92"
92
13%
14%
15
15
173g
20
%
10
%
'10"
17%
%
%
To"
25
10%
17%
'
%
92
"17% "l7%
%
%
10%
10%
10%
%
10%
19
2158
19
"98"
98"
97
*17"
3%
'62"
T9I4
19%
%
10
91
14%
4
91
89
T¥" '26"
2%
1%
"1% ""1% "1% "l%
"1% "2
"2
1%
1%
'""% ~T%
%
234
"2% "284
4
2%
45%
...
5% preferred-J
.-j
50%
211
2l2i2
46%
49%
..........
15
....
B
16
3%
212
"39%
213
212
117
—.
49%
15
14
2%
22%
3
25
20
143s
2%
I84
Rapid Electrotype
27
RJke-Kumler
20
20
Sabin RobJbins preferred
U. S. Playing Card.i_._L. 1
U. S. Printing
...
21%
23
22
3
2
2%
I84
6
7
5
49%
217
12
7
I
216
215
13
15
14
22
23
23%
66
10
70
"3"
"¥"
47%
2%
55%
2
2%
7
563s
54"
57%
'6384 59-"
216
2
4%
545s
216
534
"~5% "
.8%
71
9%
7%
72%
65%
6
8%
*22"
23%
2
18
2%
5
14
5%
7%
98*
98
24%
1%
23
26
5
184
6%
8
70
16%
98"
23
5%
5%
134
70
80
1%
13%
35s
18
.14
1%
100" 100*
1484
3%
14
17
17
14
17
15%
2
184
17
20
1%
2
12
8
2%
20
20
7
812
...
2%
3
7
3%
3%
45% 49% 4038 5158 50
216
210
216
215. 216
12
1%
18
23
.........
_•
98
%
10%
20"
%
10%
""% "T%
%
19
25
2%
"98"
2
Preferred.
Preferred.
205s
2%
3
4%
59
%
%
19
1%
3
54%
19
2
?
50%
216
117
143s
212
22l2
Western Bank
"4l"
213
213
*25"
2%
......
—
8% preferred......
138
%
—.
National Pumps....
Procter & Gamble.
80
%
%
10%
......
— .
834
100
05
Moores Coney A....
Nash Company.
21%
90
.
4
%
10
13%
"88"
25
10
61
—
...
Mead preferred
13%
20
.......
Magna vox
24
36
1312
47%
155s
——
Little Miami guaranteed........
24
32
31
6
125s
3%
96%
15
49
15
...
24%
33%
13l2
458
4%
18ia
2484
5
I~6%
1
96
........
...
B.:
"~8~ "8
7
100
"4% "4%
434
23
92
4%
16%
25
16%
90
8
92
...
......
•Special.......
Lunkenhelmer
26
32
16
1538
5
16%
24%
1538
2312
5
6
25
25
...
First preferred
l
24%
30
32
Tl*
7984
634
6%
"~478 "
412
16%
2312
7
14%
24%
3118
1438
27
77
26%
10
12%
25%
110
78
10
5%
—L
Kahn
.....
4%
5l2
4
6
28
32l2
3%
14U
17
31
Preferred
Wurlitzer.A
14l2
178
514
9
110
5
5
6
16
.......
Jaeger Machine:
Julian & Kokenge....
Waco Aircraft
90
014
14
614
12i2
%
22%
6
"I" ""5%
-__l———
Participating preferred
Randall A.
"~2%
85
..
Hilton-Davis
Preferred..
"2"
1414
*2§"
25
7
91%
3I8
90
12%
77
12
2i2
86S4
1
14l2
78
...
Manischewitz
3
314
83
80
104l2 105l2
5l2
8l2
6
1414
Goldsmith Sons..,
-
14
13
73s
6
lll2
...
Hatfield-Campbell
.
13
11
78S
7%
5% "4l2 "s"
101
101i2 101i2 101
9% IDs
914 12l2
2214 25
22% 25
105
110
3%
84
Investment, pref.
Gallaher Drug new preferred—
Gibson Art
Leonard
IO84
175
Fyr-Fyter A.
HobartA..
11
6%
014
8
914
3
7912
5i2
IO84
0i4
6
1012
38
85
135
9%
75s
712
4%
3
823s
104
12
11
Cohen (Dan)
Crosley
3
3%
80V 81i2
1%
1%
10434IO484 104
Cincinnati Union Term pref....
Coca Cola A_,
3
76
3%
3%
75
81
75
31
3%
33s
25
184
1%
1%
1
1%
5
5
1O0
31%
1%
6
6
5
5
4
5%
6
2584
30
100
18
3%
3%
14
14
'98%
'28%
1% v 2
.
18
*8
"5% "5% "5% "5% "6" "
10%
7%
70
884
834
9%
80
70
10%
8%
72
80
32%
1%
1
734
9
4%
17
6
5%
8
30
1%
6
16%
3
14%
3
3
15
10
14
27
29
104"%
32%
2
9
%
4%
1%
6%
9
5%
0
9
234
15
98% 104%
27%
9
*"e"
10
15%
3%
7%
72
"5% "5%
7%
75%
8
80
7
8
75
75
MONTHLY RANGE OF PRICES ON THE DETROIT STOCK EXCHANGE
following shows the range of prices for each month of 1938 for all securities dealt in during that
the Detroit Stock Exchange. The record is based entirely on actual sales, and is that of the Detroit
Stock Exchange itself, except that we have brought the figures for the different months together and, combined
them into a single statement.'
For record of previous years see "Financial Chronicle" of:
The table
period
on
Feb. 19, 1938
Feb. 20, 1937
Feb.
MONTHLY RANGE QF
January
Low
STOCKS
,
March
High Low
Apri\
High Low
High Low
18%
26
Burroughs Adding Mach
17
"12% 18" "17%
21%
2034
2034
24%
1934
22%
*
..12}£c
16
19»4
1%
16%
2%
1
....
__
"15% To"®! "20%
17%
14%
13%
20%
2%
18
3%
2
1834
3
18%
1%
15%
"1*6%
2%
16
1^8
734
2%
734
15%
1%
17%
1
15%
1%
7%
25%
1%
18
2%
7%
1%
17%
2%
25%
34
„
2
21%
3'
28
24%
31%
1%
18%
2534
"21"
37%
1%
20%
28
.
....
9
37
1
1%
18%
3%
16%
"22"
60%
15%
5934
74%
15
1%
1%
1%
1%
1%
1 1%
2
9
"22%
19%
29
29
28
2484
25%
28%
31%
2
1%
1734
23s
1%
I884
2%
784
784
28»4
25%
34%
1%
2734
37
2%
'25%
19
20%
18%
2%
3%
2%
9%
9%
7%
74%
7%
84%
7%
80%
8
88%
13
13%
14%
1%
15
1%
28
1%
19%
3%
19%
68
14%
T
9
1358
*
25%
9
3
,11%
Capital City Products—
•
25
30
27%
28
——.5
*
Brown-McLaren Mfg Co....
1
— ... —
Casco Products Corp
December
November
October
September
July
August,
High Low High Low High Low High Low High Low High Low High
June
May
High Low
...5
Bohn Aluminum & Brass
Bower Roller Bearing
Burry Biscuit Corp
789
777
*
Equipment
City Brewing com...
Baldwin Rubber common
com
Feb.
9, 1929—-page
Feb. 11, 1928--—page
$ per share I per share 8 per share
Par $ per share % per share $ per share %per share I per share $ per share % per share $ per share $ per share
1%
is4
1%
1%
1%
I84
1
95c
99c
88c
82c
1%
1%
95c
1%
1%
94c
1%
1%
1%
.1%
%
1%
1
35c
36c
40c
40c
33c
38o
42c
33c
42c
50c
54c
35c
40c
43c
37c
41c
40c
59c
53c
55c, 39c
%
84 5UC
*
7
7%
9%
7%
5
784
8%
5
8%
7%
7
7%
.8%
7%
6%
8
6%
5%
6%
9%
434
8
75s
8%
..1
•
Allen Elec &
Auto
BriggsMfg Co
1259
1108
8, 1930—page 878
PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 193$.
February
High Low
Feb.
Feb. 20, 1932....page
Feb. 14, 1931—-page
Feb. 16, 1935—page 1039
Feb. 17, 1934—page 1115
Feb. 18, 1933-.. .page 1100
1143
1178
22,1936—-page 1188
page
-page
Chamberlin Metal Weather Strip
Co
...5
Consolidated Paper common.. 10
common..
Consumers Steel Prod
1
48
62%
14%
14
50
14
59
15%
Crowley Milner &; Co com—
*
Cunningham Drug Stores...2.50
Diesel Wemracr Gilbert
10
Detroit &CIevNav com.
10
Detroit Edison
common...-.100
Detroit
Gray Iron Fdy
Detroit
Mich"Stove
Detroit Paper
il
.4%
15
94% 108
1%
2
2
Detroit Steel Products..
3%
2%
..3
*
11
_
*
Federal Screw Works common—*
1
Frankenmuth Brewing
Fruehauf Trailer Co common.. 1
.3
*
Gar Wood Industries com
A.
35s
16
8
3%
4%
1%
10
5%
13%
10%
4%
4%
1%
10%
7%
...1
General Finance Corp
10
com
Goebel Brewing Go com
Graham-Paige Motor com—
Grand Valley Brew com
Hall Lamp common
...
1
1
.1
*
*
10
Hoover Steel Ball common
334
29%
3
1%
%
2%
4%
38
3%
1%
69c
3%
90
15s
2%
2%
15
95
1%
.2%
3%
15
Houdaille-Henhey class A.
Class B—
Hudson Motor Car Co
16%
*884 Ti%
......I
.....1
10
12%
10
3%
234
2
2%
10»4
9%
3%
1%
1%
9
•
3%
1434
1534
1534
3
1234
9%
1%
1%
5%
3884
13
46%
13%
70c
1
1
.
1
40
13
75c
1%
234
284
2
"2
10%
"\2
11
2%
234
12
1%
1%
,
89
1%
1%
2%
1%
2%
10%
10
12~"
12»2
12
7%
14%
7%
12
14% 14%
14%
1%
1% 95c
104
1031? 101
I84
1%
2
2%
2%
2%
3%
2%
234t 3%
2%
3%
13% 14- ,13
13%
24
27
28%
15
1%
84%
91%
2.
2%
2 s
14
10%
2034
15
10%
3%
14%
1034
3%
"l% ~T%
4%
1%
15%
13%
4%
4%
2
9%
6%
734
11
0%
1%
1%
1%
12%
7%
784
3%
"l% "T% "I" "T%
1%
I84
1%
8%
0%
6
7%
0%
4%
0
4%
I84
7
5%
11%
11%
12
2%
2%
32%
3
29
12%
3%
12%
3%
31%
36%
5%
4%
3
1%
66c
234
2%
30
75c
3%
3584
3%
1%
70c
50c
60c
3
2
3%
1%
2%
2534
2%
10
11
7
*2
2%
51c
10%'
9%
%
3%
84
18%
15
9"
7%
52c
234
50c
17
16%
"10%
2%
834
60c
3
69c
™18%
6%
10%
10
I614
23
2%
26%
2*4
50c
88c
2
3%
.1%
7%
4%
5%
50c
I84
1
1%
1%
1%
1
1%
1%
1%
1%
2
384
384
3%
348
3%
1%
60c
2%
27
2%
2
2%
234
37
95c
1
70c
1
65c
50c
00c
2
8%
7%
7%
10
7%
64c
2%
16
7%
534
37c
1%
16
15%
15%
834
7%
51c
2%
7
5%
53c
40c
I84
40c
60c
49c
60c
17%
155s
16H
17
1%
55c
45c
15i»
7%
6%
•
"18%
234
37%
2%
53c
2%
234
7%
7%
15%
8%
15%
37C
75%
75c
85c
60c
85c
1584
90c
1%
3%
3
10%
784
98c
114% 112
114% 104% 114
101% 103
1%. 1'4
I84
2
I84
2
2
2
2%
2%
1%
2%
I84
2%
2
1%
2.
2%
284
2%
2%
2%
13
14
13'
10
13%
10%
•
„
30
30
30
30
5
6
14%
12%
15%
13
16%
19%
13
16
14%
13
14%
5
5%
4
5
5
3
3%
1%
1%
9%
23
"i% ""l"«4
9%
6%
24
24
3%
44%
3%
4234
2%
10
7%
24
11%
8%
5%
24
6%
23%
3%
23
\
1»4
1%
12
10
6%
8
20
19%
13%
484
21
14%
5%
1%
1%
12%
7%
11
46%
2%
1%
2384
53%
2%
1%
48%
2%
34c
38c
29c
11%
0%
1234
4%
I84
23%
3%
2434
15%
4%
2
12
6%
684
284
3%
50%
2%
1%
31
50
2%
7%
1%
51c
3%
7%
984
2%
1%
47c
234
3%
50
3
1%
2%
40
2%
3
49
284
1
1%
"2
"2%
234
1%
2%
7
,
3%
51%
2%
1%
40c
2%
9
16
17
10%
11%
7%
10%
16
13%
17
61c
66c
7«4
10
65c
8%
55c
2%
9%
64c
2%
3%
2%
284
9%
10
14%
1584
15
11%
16>s
17%
16
9%
9
1784
9%
85c
7
7
12%
1534
1534
15%
16%
14%
7%
T734
50c
2
62c
284
50c
2«4
3%
....
62e
2%
9%
80c
2%
65c
57c
65c
51c
57c
46c
54c
45c
59c
60c
65c
17
18»4
18
19%
18%
19%
17
19%
19%
22%
20%
22%
3%
2%
11«4
134
40c
2%
45c
*10% Tl%
33%
13%
8
1
2
7
7
3384
9
9%
17%
2%
3
48%
2%
31c
50c
23
6%
6%
14%
80c
1
2%
2%
1584
93
3%
23
6%
80c
78%, 8334
13% 14%
13
87c
2%
14%
14%
1%
95
24
24%
22%
6
1234
5
1
80
3
9
6%
6
74%
13%
64
20%
5
1%
15s
89%
I84
3
8%
5%
7634
12% 14
1% '. 1%
1%
1%
4%.
4%
24
1%
77
6%
2%
6
2%
22%
12%
17
2.50
*
1
Hurd Lock & Mfg Co com
12%
1%
93%
77
178
1%
6%
47%
14
13
1%
12%
87c
,
7%
11
_*
—-*
Hoskins Mfg Co com
13
30
—*
Class A
Kingston Products Corp
Kiasel Drug Co com
Kresge (S S) Co com.
14
5
4
Federal Motor Truck common.
1
1%
1%
3% i, 3%
1584
15%
*
Federal Mogul common—
Home Dairy class A
14
3%
____.4
Ex-Cello Corp.
Gemmer Mfg Co class
3%
*
—
13%
11%
15
—
45s
15%
"TO "l% ""l34 ""134
1
com.
Eaton Mfg Co common. —
Eureka Vacuum Cleaner
General Motors
""l% "T%
1
common...-5
Products.
Detroit Steel Corp
36
87c
1
Continental Motors common
s6%
6%
5334 *38%
13%
14%
6%
5
common
Chrysler Corp
7%
8
50c
62c
2
500
2%
60c
19
21%
Feb.
Chronicle
Financial
938
18,
1939
'
EXCHANGE FOR 1938—
RANGE OF PRICES ON DETROIT STOCK
MONTHLY
■
-jx*
December
November
October
September
July
August
June
March
May
April
February
High
Low
High Low
High Low
High Low
High Low High Low High Low High Low High
High Low High Low High Low
January
Low
$ per share $ per share $ per share
share $ per share $ per share $ per share % per share $ per share % per share
3%
3%
2%
27«
2h
278
2%
2%
2%
284
lh
3%
1%
2%
2's
1%
1%
% per share % per share $ ve
Mahon (R C) class
3%
*
A pref
2h
18%
1>4
19%
1«8
18
U4
1%
81c
17l2
li4
85c
1%
1%
1
1%
60c
90c
65c
Masco Screw Products
1
McAleer Mfg Co common
*
1
McClanahan Oil Co com..
— —
Mich Steel Tube Prod..
~6~
62c
*4
1%
i
.*
I8I4
12*2
5
5%
10
2.50
10
*
Peninsular Metal Prod.
1
2
Rustproof common..2.50
312
1
1%
684
13s
75c
4l2
484
3714
3U2
2%
2%
2l2
25s
lh
33s
334
35g
278
2.51s
2i2
4
21%
22
18is
90
90'
14
115s
12%
..*
105
107
3%
514
378
1
Union Investment Co...—---*
28c
42c
27c
76c
80c
60c
70c
65c
4%
6'8
5
"7"
5
23s
7%
lh
17s
lh
2%
3
3%
2%
3
4
20
33s
33s
4%
3%
4%
U%
I84
13s
r
80c
27$
2%
55c
45c
45c
22%
16%
21%
20
22%
15
10
12
14
14
14%
137$
8%
9%
1078
11
14%
7%
10%
9%
4%
9%
484
.
7
9%
12%
12%
57s
4%
5%
4
4l2
112
40%
39%
42
40%
42
40%
42
1578
16%
18
21%
19%
21
18
19
6%
9
10%
93s
1%
67s
2%
2%
73s
7%
178
634
"3"
"¥%
2%
24
2%
2%
2
378
2
3%
3
278
378
3
...
2%
24%
234
3
2.
1534
12%
100
12%
7%
9
3
2%
27s
2
2%
8%
77$
8%
7%
2
134
7%
134
7%
1%
2%
1%
7h
lh
lh
2
1%
2%
2%
2%
2%
3%
1
2%
3
3%
3%
3%
3%
278
25%
2%
3%
2%
3%
3%
25%
26%
25%
26%
25
3%
2%
3%
2
~
1434
3%
26
3%
16%
2%
25
3%
3
16%
16%
97
16
12
15%
14%
103
17%
16
4
4%
3%
234
4
3%
314
3%
4%
5%
3%
3%
4
3%
105% 105% 105% 105%
3
3%
234
3%
3%
4%
4%
4
3%
4%
3
3%
334
3%
5%
3
2%
3
lh
2%
1%
2
10%
23s
2
13s
88c
%
3%
%
1312
135s
212
2
U8
65c
25s
2
1%
212
95c
178
30c
17$
2%
4%
19%
5
25c
31c
25c
30c
658
Bh
4%
1%
2
234
M4
12
14%
15
15
16
16
23
23
21
21
20
80c
70c
2
70c
83c
2%
V*
25c
29c
22c
25c
2%
3
85c
2%
2%
484
334
4%
4
2%
67c
30c
634
2
2%
18c
18c
24c
6%
7%
2%
53c
80c
23s
3
18c
434
18
110
5%
21%
7%
2%
68c
2%
4
3%
4
4%
3%
4%
4
4%
18%
3%
27«
1%
1%
14%
4
3%
1%
17%
Us
6%
3
1%
1%
18
19
16
18.2
24
25
24%
24i
3t
4
2%
'2%
15c
18c
9
6%
1
2%
2%
2%
%
4
3%
75c
80c
63c
19c
22
18%
2%
18c
-
—
-
3%
80c
15,
8C
7%
-
22
23%
22%
lu
214
17$
12c
88
22
3%
27s
4
80%
5l2
16%
3%
*■
178
100
100
4
21
18%
5
80%
2
100
3
1%
2%
•
14
5h
2%
3%
2%
278
lh
2%
14%
22
2%
17$
2
2%
no
5%
1%
2%
75c
99c
65c
2i2
26
3
3%
1334
17%
11%
25s
2%
3
2%
2%
2%
4%
4
,
3%
4%
2%
100
16%
'
3
4%
234
3%
3%
.
16%
16%
100
4%
103
3%
3%
16
97
16%
13%
10%
9.
10
2%
4%
' 100
99
534
334
33s
15«4
lT
8
2%
3%
4%
100"
984
8%
2%
26
26
25
3%
23
25
2%
634
2
1%
2%
334
978
2%
8
2
8%
234
1%
1%
13s
2h
4i2
4%
$9
4%
212
8%
11
11
19
2%
73s
53s
11%
41
312
4
15%
7%
97$
10%
16%
3
3
14%
17
8
10
9
39%
384
2:3
45C
478
....
2
35c
20
1878
22h
12%
2%
1%
59c
1334
11
7%
3%
2%
1%
534
16
5i2
27$
2%
634
884
4%
3%
18
13%
96
4
2h
1%
19%
16
234
50c
8
2%
40h
96
6
43s
40c
1%
3%
2
2%
103" 103~
1
3%
17%
94
4i2
70c
55c
70c
"234 "3"
3%
45c
37
94
3
3%
1%
65c
30c
60C
50c
60c
7%
18
9%
2%
7%
3
16%
3
25s
1»1«
*
—
75c
To%
8%
3778
26
103
60c
33s
17%
'2M4
*
com
Preferred.
Young (L A) Spring & Wire
1
88c
~9~~
14%
20
2is
4
1
Brewing com
28c
36
4
I0h
1
Wayne Screw Prod common
23c
16%
,17$
16%
12l2
105l2
214
5^8
3%
4%
2
..*
Class B
Warner Aircraft Corp
90c
87c
30c
25c
————
*
*
33c
478
94
8I4
32c
60c
3%
484
6%
3%
2.584
414
3i2
_-.i.*
Walker & Co class A
1%
75c
36%
*
6%
1%
.
50c
65c
3%
80c
9%
20
1784
91
105
384
5l2
1
Universal Cooler class A
23%
55c
93 a
1
.10
common.-
Wolverine Tube Co
40c
534
34%
178
3i8
"Universal Product common....*
Wolverine
45c
22%
1%
1%
5%'
...100 105
Tivoli Brewing common
Class B
1%
1%
87c
1
3%
4%
36
6%
26
2
90
10%
25
314
20
90
100
United Specialties common
U S Graphite Co
1%
3%
3%
278
1%
4%
9%
15
214
312
378
2
37g
27
3%
10
478
lh
678
17s
27$
—
1
60c
65c
16%
638
34
2l2
714
17S
4
43s
2634
-.10
"314 "3%
143s
4%
18%
184
2%
6I4
45s
3714
HI4
lh
"934 ~10h
e7«
2'8
75c
6l2
934
314
3284
2%
22
314
13
16
418
8
5%
34
20%
12
3%
334
com.......*
Shirt Distributors
99c
1%
1%
28c
8%
11
2
.10
.1
...
1%
25
22
22
22
1%
50c
51c
60c
1
3%
5% cum part pref
Timken Axle common
U S Radiator
3
1%
13s
2%
Scotten Dillon common..
21
1
~8% "884 "Sh ~~8% ~8% "T
3%
4i2
2
*
Standard Tube class B
20
13s
"¥% "T
"5% "5"
57c
70c
314
.....5
& Co common
Preferred
578
55c
4%
7£c
1%
5%
*
1
Reo Motor common
Stearns (Frederick)
1%<
66c
1
10
Parker Wolverine Co
River Raisin Paper common
72c
314
234
lh
43s
3184
17l4
9%
Rlckel (H W)
40c
66c
1%.
Prudential Investing
73c
"5"
~~6~~
"~6~
7%
4
*
United
~
4%
Pfeiffer Brewing common
70c
21
1%
"
*
Parker
27c
85c
334
......
90c
44c
80c
2
1%
18*4
137g
7%
Parke Davis & Co
76c
27c
97c
1%
Packard Motor Co com—
87c
1%
75c
69c
3%
Muskegon Piston Ring
36c
68c
1
3%
Murray Corp common
30c
67c
97C
1
Motor Products Corp....
40c
67c
55c
common.50c
Motor Wheel common.
85c
65c
25c
5
4i2
Distillery Co
81c
80c
38c
10
Moore (Tom)
81c
1
26c
334
Preferred
21
19%
1%
85c
Us
42c
%
Micromatic Home Corp
23
1%
19
18
19
19
114
a4
Michigan Sugar common
Abrasive
17
19
37c
1
2.50
Michigan Silica Co com
214
2U
%
37c
1
McClanahan Refineries.-
Mid-West
lh
1
Lakey Fdy & Mach common
La Salle Wines & Champagne.
23%
88
17%
UNLISTED DEPARTMENT
American Radiator...
..._100 1435s 149
AmerTel &Tel Co..
18*8
157$
<'*16% 18%
17% 19
12% 16%
1434 1634
14% 16%
10% 15%
934 13
9% IOI4
11% 13
146% 149°8
146
142%149% 146% 150
130% 145
127i2127i2 126% 126% 127% 130% 128%144% 13934 144% 140
16
1578 16%
16% 18%
16% 17%
1734
15% 16%
167s 18
15% 167s
30
33%
19
32% 36% 30% 35%
29% 36% 28% 35%
277s 327s
18% 2034
28%
2
1
1%
1%
1
1
1%
2%
13s
1%
1%
1%
1%
1%
Ms
lh
1%
13s
1%
1®4
9
9%
8
9
8%
8%
8%
9%
9
•
9
878 10%
"8
8% 10
978 1034
9%
912
37
39%
36
40%
32
3578 39%
33% 3534
3578
3478 3578
25% 27
28% 33%
2%
2
2%
1%
1
1
80c
1%
2%
1%
1%
1%
1%
%
%
h
1%
U8
,
%
41
44%
42% 48%
39
427$ 51
4278 393s 43% 37% 43%
26% 34%
28% 3884
33% 35
115s
13
13034 140
25
Borden Co.........
5
Borg Warner Corp common
*
Commonw & Southern Corp
2478
U2
2478
Ms
2
..*
Consolidated Oil Co
9i2
General Foods Corp..:
.*
Hupp Motor Car Corp
;
1
Kennecott Copper Corp.......*
Kroger Groc& BakCorpL.^
*
Na8h-KeJvinator Corp
5
National Dairy Prod
*
1%
1«4
4218
4218
Us
„
14
125s
938
914
7
10l2
NY Central RR
.100
1534
10%
1512
T9I4
Purity Bakeries Corp..
,*
-.25
14
163s
14l2
157s
83s
Socony-Vacuuin Corp
•No
par
value,
8I4
Ex-dividend.
x
18%
,
11%
77S
914
r Sold
YEARLY
for cash,
1078
6I4
a
6%
8
12
14
8%
678
678
9%
13%
15%
16
10%
15
10%
i3%
1Q
8%
1484
10%
,
8%
14%
12%
7%
7
9%
11%
'16%
163s
213$
8
21%
19
20%
16%
17%
15%
17%
20%,
19%
878
11%
16%
7h
10%
9%
107$
13%
127$
11%
15%
8%
llh
127$
14%
12%
13
17%
12%
20%
1334
19%
17%
20%
17%
21%
17%
21%
1334
978
14%
13%
14%
12%
14%
15%
12%
11%
14
127$
1334
7%
14%
12%
13'%
778
12%
6%
14%
7%
1578
1034
15
17%
13%
8%
13%
14%
684
6%; 9
13% 13% xl3%
10%
1078 1378
15
10
15
14
13%
8%
..*
Standard Brands Inc
1514
978
13
I
,
8%
6%
17%
13
•
8%
7%
9%
7
6
7%
Deferred delivery.
RANGE OF
PRICES ON DETROIT STOCK EXCHANGE
In addition to the foregoing monthly record, we also show on this and succeeding page the high and low
prices for the calendar year. 1938 for every stock in which any dealings have taken place on the Detroit
Stock Exchange during the year, as well as the total volume of business during the year in each security.
The record of prices is that compiled by the Detroit Stock Exchange itself, but we have added in every case
the month when the high and low prices were reached.
HIGH
AND
LOW
PRICES
Corporations
28,501
Auto City
Brewing common
Baldwin Rubber common
38,198
102,420
.
Bohn Aluminum & Brass common
1.841
Bower Roller Bearing common.......
common.....
14,247
Capital City Product?
Casco Products
"
....
....
....
Chamberlin Metal Weather Strip common..-
Chrysler Corporation
common
.....
Consolidated Paper common
Consumers Steel Products
Continental Motors
Dei8el-Wemmer-Gilbert
Jan
4%
Mar
Dec
Nov
27 A
12 A
Mar
Hudson Motor
13 A
Mar
Aug
July
3 A
July
Oct
Oct
Aug
Nov
Nov
88 A
15 A
Feb
Dec
2,427
4%
wa
Jan
1,325
1,232
Detroit & Cleveland Navigation common
IA June
3 A
15 a
Detroit-Michigan Stove
78,804
3M
Jan
3A
July
Sept
Mahon (RC) class
Masco Screw Products
V2A
Aug
McAller Mfg common
22 A
July
92,745
81,292
common
Grand Valley Brewing common
II,895
Hall Lamp common
14,150
Home Dairy class A
478
common
Motor Wheel
Murray Corporation common
16,138
common
4A
Mar
6 A
June
5A
42
Oct
3A
Parke, Davis & Co common
133,702
58,251
Oct
31A
Mar
Parker Rust-Proof common
11,011
21 A
Oct
14A
June
Parker-Wolverine
24,251
12
Jan
6A
Apr
Mar
Peninsular Metal Products
Apr
3
Apr
1
Mar
Packard Motor
common
common
common
Sept
23
13
June
11H May
2
25 A
2A
June
Mar
Sept
Jan
70c
June
Feb
29c
Dec
2
Mar
7
Oct
Mar
July
IA
May
Standard Tube class B
2A
3A
Oct
1
4
Jan
2A
Mar
27,914
Scotten Dillon common
4A
Jan
2
Mar
Feb
22
7,148
153,530
common..
2,868
common
Preferred
Timken-Detroit Axle
May
4A
14,483
•
Paper common.
Stearns & Co
1A
July
28,970
common
River Raisin
Jan
8A
34,496
31
Apr
3A
38,246
Prudential Investing common
Reo Motor
H
Mar
108,351
common
Pfeiffer Brewing common
Rickel & Co common.
J^y
7A June
June
July
Nov
Mar
3A
8A
Dec
Mar
10^
Mar
Jan
11
Dec
June
12A
5A
IA
2 A
2,081
Muskegon Piston Ring
4
3 A
2 A
87c
Dec
154,612
Mar
Oct
70c
Nov
17
30c
Mar
10
8
Jan
Graham-Paige
5,419
common
May
2M
Goebel Brewing common
Preferred
June
Jan
Nov
May
16,085
Aug
4H
5
Jan
Oct
5A
53 A
Nov
H
Feb
4A
613
Dec
10 A
Feb
761
23,262
2
2A
9,849
238,962
Dec
5
6
common
2%
4A
Dec
common
500
14,780
15A
Class B
Sept
43,192
Mar
General Motors
Dec
60c
Micromatic Hone common....
Mar
General Finance
23c
Mid-West Abrasive
IA
Mar
60c
Jan
■>
Michigan Silica common
Motor Products
Dec
Dec
Jan
IA
55c
Dec
I'A May
Mar
Mar
Apr
196,367
20,132
Mar
9
Gemmer Mfg class A
...
Mar
2%
Nov
55c
77
Dec
July
Jan
60c
1H
17
6.260
McClanahan Refineries common
24 H
2
1H
Nov
18,861
McClanahan Oil common.,
Dec
25
IH
3,293
May
May
2,726
42,102
24,432
12 A
53,774
common
1
12
66,825
12,550
81,439
1,207
1,679
A preferred
70c
Dec
common
Mar
IA
1H
23 A
common
15A
Mar
5A
Apr
■Mar
Mar
Dec
9,379
Fruehauf Trailer
IA
Nov
Eaton Mfg common
Frankenmuth Brewing common
37c
40c
Nov
15 A
Gar Wood Industries
Jan
3%
Jan
common
Jan
Ya.
Mar
■1H
Aug
Federal Screw Works
Oct
3A
Mar
5A
22 K
16
Federal Motor Truck
85c
81,982
^.T
-
Mar
6
500
30
Federal Mogul common
Oct
July
10
10,095
1,190
Oct
17 H
73,939
94,406
51,193
8,383
6
105,353
Kresge (SS) common
Detroit Steel Corporation common
common
Sept
22 A
Lakey Foundry & Machine common....
LaSalle Wines & Champagne common.
Detroit Steei Products, common
Eureka Vacuum
14 A
Oct
17X
33 H
28,042
common
Michigan Sugar common..
Jan
Ex-Cell-O Corporation common
...
Michigan Steel Tube common
July
66,078
Kinsel Drug common
Mar
Nov
!
Kingston Products
:
Mar
i%
Detroit Paper Products common.
common..
11A
2 A
common
I....:..
B
Dec
7.842 114H
57,000
Houdaille-Hershey A
June
Mar
Aug
8,623
LZ
common
Nov
32,590
I
common
Mfg
2A
13
Detroit Gray Iron Foundry common
Detroit Edison
Oct
Hosklns
6A
Jan
Mar
36
154,174
Sept
Low
High
12A
13,050
Hoover Ball & Bearing common
May
11
8
Jan
1% June
7A June
9%
22,A
14,116
common
1
15 H
700
18,205
common
33c
1,125
I,365
No. Shs.
Hurd Lock & Mfg common
28
21A
17,530
-
common
common
Crowley, Milner common.
Cunningham Drug Stores
Jan
%
1938
1,285
A
9X
29
37H
2A
70,854
CALENDAR YEAR
Corporations
Nov
39,826
common..
common.
Low
High
FOR
IA
3 7,826
112,408
_
Brown McLaren Mfg common..
Burroughs Adding Machine common
Burry Biscuit common.
EXCHANGE
DETROIT STOCK
No. Shs.
Allen Electric & Equipment common...
Briggs Mfg
ON
27
4A
Tivoli Brewing common
Tom Moore Distillery common
4
83,165
IA
Apr
15A
June
July
19A
336 110
....
Jan
July
Jan
22
910 100
32,628
common
Preferred
Dec
Nov
90
SA
Dec 103
A
Mar
IA
Jan
2A
35c
Jan
Mar
Mar
June
Dec
Financial
Volume
148
HIGH
AND
LOW
No. Shs.
Corporations
Union Investment
DETROIT STOCK EXCHANGE
PRICES ON
United Shirt Distributors common
United Specialties, common
Jan
ok
Jan
5
18,426
Sept
18 K
Dec
18K
320
American Radiator
Dec
4
5K
454
common
4K
Aug
3K
Feb
9,153
5%
Jan
2 K
Dec
Commonwealth & Southern
50,120
3K
Jan
IK
Dec
Consolidated Oil
Apr
General Foods
Universal Cooler A
B
-
Universal Products
4,998
19
Nov
2,867
26,422
25
Nov
4
Oct
75,055
IK
Jan
13,617
o
K
Jan
K
Jan
common
Walker & Co class A
Class B
10K
20
Nov
9H Mar
Apr
15K June
Oct
18K May
common.
common
4
common
Jan
Hupp Motor Car
Apr
Krogei Grocery & Baking
June
,105
39 ,214
Kennecott Copper capital
Oct
19
,293 150
,209 18 H
36 K
8 ,823
25 ,224
2K
8 ,958
10K
Borg-Warner Corp common
Sept
IK
Nov 126 K
3
American Telephone & Telegraph
Borden Co capital
Dec
common
Wayne Screw Products
_
common
Wolverine Brewing common
Wolverine Tube common..
27,800
Nash-Kelvinator capital
!___
Total shares
Dec
12c
Oct
3K
May
88
36
Dec
80 K
Apr
Oct
13 K
Jan
23 J*
6,063
common
IK
9
5,618
Preferred
Young Spring & Wire
53c
common.
11 ,676
;
Oct
Purity Bakeries common
Socony Vacuum Oil Co capital..
14 ,803
26 K
May
Nov
13 K
May
Jan
6K
Apr
July
9K
common
May
K June
Oct
2H
21H
12K
16H
21K
National Dairy Products common
New York Central Railroad capital..
Mar
May
25 K
Nov
11K
Sept
10
Mar
51
,130
52 ,698
6 ,375
70 ,410
3 ,414
10 ,687
8
common
1
8
Oct
July
40 K
Standard Brands Inc
Warner Aircraft
Low
High
2
20 .114
Apr
2 K
3,290
United States Graphite common
U. S. Radiator common
No. Shs.
Corporations
UNLISTED DEPARTMENT
Sept
3 K
1938— (Concluded)
FOR CALENDAR YEAR
Low
HiolI
11,025
common
939
Chronicle
Dec
Oct
14 K
8K May
Dec
6
Jan
.
Mar
10K
Jan
16 H
3,767,351
Total shares
290,133
---T
Total shares— Listed and Unlisted dept., 1938 4,057,484
Consumers
'
.
TOTAL VOLUME
4,948,902
4,057,484
5,777,061
7,094,262
1934
3,492,962
Products
Corp.,
common
$1
stock,
par
value, admitted to
Co., common capital stock, $1 par value, admitted to
Durham Manufacturing
trading Dec. 31, 1938.
LaSalle Wines & Champagne, Inc., common stock, $2 par value,
trading Dec. 10, 1938.
1938
Brown-McLaren Manufacturing Co., common stock;
Steel
trading March 30, 1938.
1935
1936
DURING
LISTINGS
NEW
'
-1937
1938
Total shares...
YEARS
SHARES FOR FIVE
OF
$1 par value, admitted to
admitted t°
trading Dec. 9,
Michigan Silica Co., common stock, $1 par value, admitted to
1938.
trading May 12, 1938.
RANGE OF PRICES OF COLUMBUS
'
:
.
(OHIO) STOCKS AND BONDS
compilation, showing the rang®
Columbus Stocks and BoncL. It includes the principal securities
issues.
For record of previous years see "Financial Chronicle" of Feb. 19, 1938, page 1145; Feb. 2Q, 1937, page 1181; Feb. 22,
1936, page 1191; Feb. 16, 1935, page 1042; Feb. 17,1934, page 1118; Feb. 18, 1933, page 1103; Feb. 20, 1932, page 1263;
Feb. 21, 1931, page 1300; Feb. 15, 1930, page 1041; Feb. 16, 1929, page 966; Feb- 25, 1928, page 1112.
We
are
indebted to Stevenson, Vercoe & Lorenz of Columbus, Ohio, for the following
of prices during the calendar years, 1938 and 1937 of
traded in during the year, as also the active unlisted
RANGE
OF
preferred
preferred.
.
6K% preferred
----
__—
Dec
Columbus Coated Fabrics
Nov
Columbus & Southern Ohio Electric 6%
108
Dec
92
May
Dec
101
May
112
July
2K
60 K
Nov
59 K
—
July
Godman Shoe
Second
Gordon
common.
——
—
—
....
13
Oct
107
Dec
102
Aug
30
AUg
18
Dec
Oct
Dec
108
Dec
93
Apr
87
preferred
_____
—
* —
Dec
82
May
preferred
UK
83
Sept
Apr
i
Steam Shovel
—
Ohio Edison 6% preferred.--
preferred
...
July
Apr
Apr
Ohio Public Service 6%
Apr
Ohio Wax Paper
Ralston Steel Car preferred
Ralston Steel Car
►" Common
preferred.
— — __ —
82
Dec
91
Dec
30
Feb
75
Jan
55
Nov
5
—
Dec
Dec
--
_■
Smith Agricultural
Common
28
J
IK
Apr
June
.
'107
June
July
108 K
Chemical preferred
*
.
25
May
preferred
7%
Preferred
Common
>
As
bond
whole,
a
Even
prices
have fluctuated narrowly
closed almost unchanged- from a
in
movement
grade
and
the
better
interim.
week ago, with very little
of medium-
The entire section
bonds continues at the best prices for
1938-39j. while United
fractionally to new
High-grade
States Governments have advanced
highs.
railroad
bonds have' improved
fractionally.
Oregon Railroad & Navigation 4s, 1961, gained
while Chesapeake &
at
106.763,
merce
at
or on a
bidding, $12,000,000 Cincinnati
3%% bonds were'sold during the week for
3.03% basis, and subject to Interstate Com¬
Commission confirmation, the
bonds were re-offered
Accelerating optimism,toward current
107.38.
together with
earnings,
% at 105,
Ohio 4%s. 1992, advanced *4, closing
competitive
On
122%.
Union Terminal
this
railroad
contra-seasonal car. loadings gains
produced a favorable effect upon medium-grade and specu¬
lative rail issues this week.
1950, gained 2%
closing at
30%,
Texarkana & Fort Smith 5%s,
points at 88;
Boston & Maine 5s, 1967,
displayed a net gain of 1% points.
De¬
rails,
in sympathy
with
the stock market, scored
Feb
15
Dec
105
Dec
Jan
Feb
May
114
Oct
6K
Deo
25
UK
Oct
Feb
91
Oct
Jan
101
Oct
May
10
Dec
Mar
80
Dec
Mar
104
Jan
Feb
100
Oct
Dec
25
Aug
118
July
80
Jan
Sept
July
65
Dec
Sept
3
Dec
105
(old)-..-
May
102
June
30
—-—
——
—
;
—
-
preferred
—
although
some
larger changes.
1943,
July
were
54
6K
Oct
102K
Oct
90 K
Jan
15
24 K
Jan
of the more speculative issues
Among the latter, the Childs Co.
off 2% points at 76;
the United Drug 5s,
points at 73%, and the International
Mercantile Marine 6s, 1941, at 55% declined 2 points.
The
Remington Rand 4%s, 1956 (with warrants), were up 1%
points at 103, doubtless reflecting a slightly better stock
market.
Steel, oil and meat packing company obligations
have been mixed, with changes held to small fractions.
Amusement company and food company obligations have
been
up fractionally.
Changes in other sections of the
industrial classification have been of little significance.
1953,
were
off 1%
The foreigp bond market
side of further advances, as
ened.
An exceptional
has made little progress on the
speculative interest has slack¬
gain of 21 points has been registered
the Czechoslovak 8s, 1952.
Some other features of
strength have been Australian 5s, which crossed par, and
Province of Buenos Aires issues rallying up to 3 points.
by
Other
some
obligations have been spotty, with
in Brazilian issues, while higher
South American
softness
noticeable
prices have b^en offered for Antioquia 7s.
German bonds
been irregular, with weakness in some of the indus¬
trial issues.
Italian 7s firmed up, but the rest of the
have
Italian group
signs
-
faulted
Jan
May
—
Common (new)
5s,
June
4H
112
—
———
—
—-------
(new)
(old)
fractions,
speculative groups, on the average,
the more
Deo
18
112
—
preferred — —
Smith Agricultural Chemical
showed
week.
40
7K
17K
Common
The Course of the Bond Market
Aug
21K May
57
Aug
.
75
UK
109 K
101
103
32
Ohio Power preferred.--
Dec
108
Apr
Apr
92
•
Dec
38
7% preferred.
Ohio Wax Paper
—------—
-—
preferred
16
preferred.;
_•
—
Public Service 6% preferred.--'-. —
—
—-—
Ohio Finance common.----..-----.
115
Common
106K
108
preferred
New Idea, Inc
6%
102K
37 K
-—
Lone Star
7%
Apr
Nov
Feb
23
Jan
101
Dec
107
July
111K
108
Jeffrey Manufacturing preferred
Marion
6
80
Jaeger Machine
Dec
IK
Dec
Nov
Feb
14
Dec
12
15
preferred.
_
——
preferred..r-_
Oil
19
Ohio Power
'
Nov
preferred.
—
Jan
New Idea, Inc
Phio
Sept *
14
94
111
....
6K% preferred-------
19
-
Ohio Finance 6%
preferred
7
Feb
July
23 K
------——
107
—
Ohio Edison 6%
6 preferred
Capital City Products---
Nov
3K
Jaeger Machine
Jeffrey Manufacturing preferred.____.-___
Marion Steam Shovel preferred——
7%
Nov
Aug
88
2K
Y First preferred
Oil
107 K
Low
High
49
105
Buckeye Steel Castings common.
Sept
preferred..—*
Common
12K June
110
10 K
Godman Shoe convertible
Gordon
Jan
98
Columbus &.Southern Ohio Electric
6%
Jan
108 K
6K% preferred
6% preferred
Capital City Products
♦-
1
Nov
20
——
1937—STOCKS
Low
High
1938—STOCKS
Buckeye Steel Castings common
Columbus Coated Fabrics
(Ohio) STOCKS AND BONDS FOR YEARS 1938 AND 1937.
OF COLUMBUS
PRICES
continued soft. Japanese bonds showed some
in late dealings.
of heaviness
BONDS USED IN MOODY'S BOND
YIELD AVERAGES
RAILROADS
gains.
Utility bonds have been firm in price in a period in
dulness ruled, although
on
which
Thursday a moderate but broad
High grades have held in charac¬
teristic fashion, with new peaks established by Consolidated
Edison 3%s, 1956 ; Consumers Power 3%s, 1970; Louisville
Gas & Electric 3%s, 1966, and Safe Harbor Water Powel¬
advance was evidenced.
Good demand has been shown for New York
issues on reports to the effect that unification
ls, 1979.
traction
plans are being concluded.
in
the Tennessee Valley
Demand for bonds of companies
Authority
area
has
activity in Memphis Power & Light 5s, 1948,
continued,
being particu¬
larly marked on the announcement of purchase of the com¬
pany's property by the city.
The, industrial section of the
marked
by general
list
this
week
has been
Chicago Burl. & Qulncy 4s, 1958
1995
Atcb. Top. & S. Fe, Trans. 8. L. 4s,
1958
Chicago & Western Indiana 4s, 1952
1961
Chesapeake & Ohio 4 Kb, 1992
Great Northern 4Kb,
Chicago Union Station 3 Ks, 1963
Cincinnati Union Terminal 3Ks, 1971
Lake Shore <fe Mich. So. 3Ks, 1997
Lexington & Eastern 5s, 1965
New York Central & H. R. 3Ks, 1997
Hocking Valley 4Kb, 1999
Norfolk & Western 4s, 1996
Northern Pacific 4s,
1997
Pennsylvania 4Kb, 1984
Pennsylvania 4Kb, 1960
Union Pacific 4s, 2008
Pgh. Cine. Chic. & St. Louis 5b,
1975
Southern Pacific S. F. Term. 4s,
1950
Baa
Aa
1952
Chesapeake & Ohio "D" 3Ks, 1996
Atlantic Coast Line 4s,
Chicago Union Station 3 Kb, 1951
Chicago Burl. & Qulncy 4Kb,
Monongahela Ry. 4s, 1960
Great Northern 4Kb,
2000
Northern Central Ry. 4Kb, 1974
South & North Alabama 5s, 1963
Louisville & Nashville 3Ks,
New York Central 4s,
1998
Pennsylvania 4Kb, 1970
Reading "A" 4Kb, 1997
Texas & Pacific 5s. 1980
1953
Texas & Pacific 1st 5s, 2000
Union Pacific 3 Kb, 1971
Virginian Ry. 3Ks, 1966
1977
1976
Louisiana & Arkansas 5s, 1969
New York & Harlem 3Ks,
Terminal RR. of St. Louis 4s,
dulness, with changes largely held to
Aaa
Atch. Top. & Santa Fe gen. 4s,
.
"
Western
Maryland 4s, 1952
2003
Financial
940
Feb.
Chronicle
Aaa
A
Cincinnati Gas & £1, 3 Ms, 1966
Duquesne Light 3 Ms,1966
Illinois Bell Tel. 3Ms, 1970
New England Tel. & Tel.
Koppers Co. 4s, 1951
Liggett & Myers 5s, 1951
Socony-Vacuum 3 Ms, 1950
Standard Oil N. J. 3s, 1961
Arkansas Louisiana Gas 4s, 1951
Central Illinois Pub, Serv. 3Ms, 1968
Gulf States Utilities
Central Maine Power 3 Ms, 1966
Southwestern Bell Tel. 3s, 1968
West Penn Power 3 Ms, 1966
National Steel 4s,
1950
Lorillard Co. 5s, 1951
Swift & Co. 3 Ms, 1950
Baa
Anaconda Copper 4 Ms;
Crown Cork & Seal 4s, 1950
1951
Texas Corp. 3 Ms,
Commonwealth Edison 3 Ms, 1968
Connecticut River Pr. 3Ms, 1961
Iowa Neb.
Republic Steel 4 Ms, 1961
Crane Co. 3 Ms, 1951
Illinois Pr. & Lt. 5s, 1956
Brass 4 Ms, 1956
Cudahy Packing 3 Ms, 1955
Southern Calif. Edison 3 Ms,
Peoples Gas Lt. & Coke 4s, 1981
Wisconsin Pr. & Lt, 4s, 1966
Revere Copper &
Fairbanks Morse 4s, 1956
Lt, & Pr. 5s, 1957
Minnesota Pr. & Lt. 4 Ms, 1978
New Orleans Pub. Serv. 5s, 1955
Wheeling Steel 4Mb, 1966
Northern Indiana Pub. Serv, 4 Ms, 1970
Wilson & Co. 4s, 1955
1961
Inland Steel 3 Ms,
Note—Because of the limited number of suitable Issues,
Penn Central Lt. & Pr. 4Ms, 1977
Virginia El. & Pr. 3 Ms, 1968
McCrory Stores 5s, 1951
Bethlehem Steel 3Ms, 1966
Consol, Edison Co. N. Y. 3Ms, 1956
Detroit Edison 3 Ms, 1966
"
Louisville Gas & El. 3 Ms, 1966
Pacific Gas «& El. 3Ms, 1961
.
now
the Railroad Aaa group
temporarily consists of nine issues, the Industrial Aaa group of
the averages,
MOODY'S BOND YIELD AVERAGES
CBased on Average Yields)
{Based on Individual Closing Prices)
AU
V. 8.
AU 120
120 Domestic Corporate *
120 Domestic
1939
Govt.
Domes¬
by Ratings
Corporate by Groups *
Daily
Bonds
tic
Baa
RR.
119.69
114.30
101.23
83.87
89.99
119.69
114.30
101.23
83.87
89.84
109.05
113.48
15- 113.29
103.38
119.69. 114.30
101.23
101.23
83.73
89,84
109.05
Averages
Corp.
113.48
103.38
13-
119.69
103.38
io- 113.21
103.20
103.20
9— 113.18
119.92
119.69
119.92
Indue.
113.27
P.
113.10
89.69
83.73
,
109.05
113.48
Weekly—
Hlgb 1939 113.35
Low 1939 112.59
High 1938 112.81
Low 1938 109.58
1 Yr. Ago
Feb.17'38 110.29
2 Yrs.Ago
Feb.17'37 112.02
3.29
3.51
3.81
14
11
10
101.06
101.06
89.55
89.40
83.73
89.55
89.65
83.40
89,25
83.19
89.10
8a.06
88.80
82.79
100.53
88.51
3.29
Stock
108.85
113.48
113.68
113.48
113.48
113.48
108.85
108.66
108.66
108.66
108.46
3.81
-
9—
8—
3-—
.
3.82
4———
-
4.63
3.52
3,26
3.94
5.07
4.64
3.52
3.29
3.27
3.27
3.94
5.08
4.05
3.52
3.29
3.94
3.28
5.07
4.66
3.52
3.27
3.94
5.06
4.65
3.52
3.29
3.28
3.94
5.06
4.65
3.52
3.28
3.83
2.99
3.00
3.28
3.95
5.08
4.67
3.53
3.29
3.84
2.99
3.00
3.28
3.29
3.51
4.68
4.70
3.53
3.27
3.95
3.96
5.10
3.01
3.27
3.97
5.13
4.72
3,53
3.54
3.29
3.00
3.89
—
1-
3.01
3.84
3.84
2
113.08
3.28
5.05
3.00
3.82
0——
3.29
3.51
4.64
2.99
3.82
7
5.06
3.93
Exchan ge Clos ed
3.93
2.99
3.26
3.82
3.82
—
3.26
3.00
3.03
3.31
4.01
5.19
4.76
3.57
3.29
3.31
3.94
5.05
3.53
3.32
3.29
3.97
5.11
4.68
4.57
3.30
3.35
3.37
3.25
3.97
4.70
3.58
3.32
4.76
3.60
3.34
3.93
5.11
5.19
5.05
4.62
3.51
3.28
4.68
6.98/
6.11
4.23
3.76
3.99
5.17
4.73
3.61
3.36
5.92
5.00
4.07
3.57
4.54
4.06
3.80
3.51
3.28
Weekly-
112^86
89.55
107.88
108.06
113.48
20—
3.82
3.00
89.10
10$88
113.27
13—
3.85
3.01
88.80
112.86
0——
3186
113.68
High 1939
3.89
3.02
3.05
112.45
112.05
Low 1939
3.81
2.99
88.30
107.69
109.05
107.30
107.11
4.70
3.34
02.70
71.15
90.11
104.30
High 1938
Low 1938
—
1 Year Ago—
3.90
3.05
3.85
3.39
96.28
73.20
84.55
08.80
107.88
Feb. 17, 1938—
2 Years Ago—
4.21
,3.19
3.51
4.22
101.94
91.20
98.97
103.56
109.05
Feb. 17, 1937—
3.79
3.27
3.45
3.89
99.83
82:00
87.93
113.48
101.06
83.87
119.47
119.25
119.92
118.60
118.60
112.45
113.07
112.25
100.53
100.53
83.06
83.00
114.30
101.23
83.87
89.99
111.84
111.43
100.18
82.00
88.22
100.18
82.27
102.66
89.10
115.57
1Q9.05
113.89
110.24
1
3.30
3.51
4.63
113.48
113.07
102.48
103.38
101,94
101.76
4.63
5.00
108.85- 112.45
108.85 112.45
108.85 113.68
103.74
112,95
5.05
3.93
108.85
96.44
20— 113.18
13- 112.93
3.93
3.25
89.84
119.03
119.69
101.94
103.20
102.66
3.25
3.00
89.69
88.80
Jan. 27— 112.59
3.00
3.81
83.00
82.00
83.60
83.73
'
■
Indus.
U.
3.51
3.81
.83.87
113.89
4.62
10——
101.23
119.69
1
RR.
5.05
A
.
P.
Baa
3.93
Aa
3.25
3.00
15
*
101.06
102.84
2- 113.20
Aaa
3.81
Feb. 17
13—
114.09
114.09
113.89
113.89
102.84
4- 113.15
3- 113.16
103.20
103.02
102.84
6-
V.
109.05
Corporate by Groups
*
113.89 101.06
113.68 101.06
113.68- 100.88
113.68 100.88
113.89 100.70
103.20
103.20
0- 113.18
—
114.09
119.92
119.69
119.92
119.69
119.47
119.47
8- 113.15
7- 113.16
.
A
Aa
Exchan ge Clos ed
Stock
11— 113.23
.
Aaa
Corp.*
120 Domestic
by Ratings
tic
,
103.38
103,38
120 Domestic Corporate
120
Domes¬
1939
Daily
,
'Feb. 17— 113,30
16.. 113,35
14— 113.25
three Issues and
Proper adjustments have been made in
however, so that they remain comparable throughout.
the Industrial Aa group of five issues.
MOODY'S BOND PRICES
Averages
1956
1961
Jones & Laughlin Steel 4Ms,
Arkansas Pr. & Lt, 5s, 1956
Carolina Pr. & Lt. 5s, 1956
1960
1950
Armour & Co. (Del.) 4s, 1955
1951
Tenn. Coal Iron & RR. 5s,
Goodrich (B. F.) Co, 4Ms,
American Tel. & Tel. 3M®, 1961
Atlantic City Elec. 3Ms, 1964
1952
1961
Youngstown Sheet & Tube 4s,
Aa
Brown Shoe 3 Ms,
Baa
Aa
1965
1951
Shell Union Oil 3 Ms,
Tide Water Assoc. Oil 3 Ms,
4s, 1666
Lake Superior Dlst. Pr. 3 Ms, 1966
Montana Power 3Ms, 1966
Ohio Edison 3 Ms, 1972
Sioux City Gas & El. 4s, 1966
Southwestern Gas & El. 4s, 1960
Wisconsin Pub. Serv. 4s, 1961
4Ms, 1961
New York Edison 3 Ms, 1965
N. Y. & Queens El. Lt & Pr. 3 Ms, 1966
Pacific Tel. & Tel. "B" 3Ms, 1966
Philadelphia Electric 3Ms, 1967
1939
18.
INDUSTRIALS
PUBLIC UTILITIES
•
...
Jan.
27—
—
-
4.01
.
4.65
*
These prices are 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
level or the average movement of actual price quotations.
They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.- f
Changes in Import Duties Since Passage
of Tariff Act of 1930
By
United
States
/
Superintendent of
Commission.
Tariff
Documents,
.
.
Washing¬
$.45 Per Copy
ton.
on Feb., 6
entitled "Changes in
The United States Tariff Commission issued
a new
edition of the official pamphlet
Import Duties Since the Passage of the Tariff Act of 1930."
according to the Commission, will bring to¬
gether in one list all changes in import duties ,!hat have
been brought about by concessions granted in the trade
agreements thus far concluded under the Trade Agreements
Act and also ether tariff-changes brought about by executive
This edition,
legislative action.
The pamphlet also includes import
processing taxes which apply principally
to imported merchandise or products derived therefrom.
For the purpose of showing the history of tariff changes since
1930, certain interim changes in duties have been included,
even though such changes have since been superseded.
The
explanatory notes at the beginning of the new pamphlet
make helpful suggestions as to how to use this pamphlet in
conjunction with the Tariff Act of-1930 so as,to ascertain
readily the existing rate Of duty or tax on any imported
produet.
The Commission has a limited number of copies for disr
tribution at its Washington and New York offices.
It is
also on,sale by the Superintendent of Documents, Govern¬
ment Printing Office, Washington $ D. C., at 45 cents per
or
taxes and certain
Indications of Business
THE
OF1
STATE
TRADE—COMMERCIAL
EPITOME
Business
While
activity took
the
number
a
improvement is
of
items
for
turn for
the better this week.
not
marked,
there
\veek's
picture
presented
very
this
in
are
a
that
should do much to restore the confidence and optimism that
prevailed
some
few
weeks
ago.
Expert
economists, with few exceptions, strike
,
observers
an
trial
Activity
production volume
be, discouraging,"
Friday Night, Fel. 17, 1939.
and
optimistic note
''
*
copy.
was not
added:
business included
January
and
astonishing,
nor
should it
figures
"The preliminary
several encouraging
items.
National income has declined very slightly from December
levels, and farm cash income has advanced.
only
a
decline
small
in
in-factory
decrease
There has been
employment,
and little
payrolls."
These, with a number of
other encouraging factors, lead him to believe that the
business gains so far attained are likely to be held pretty
well, and that new advances may well be expected.
The
factory
notwithstanding the rather discouraging trend of business
"Journal
during the month of January.
is not adjusted for seasonal variations, showed an increase
for the week ended Feb. 11, following two successive de¬
It is pointed out that inven¬
tories generally are low, and a substantial increase in in¬
dustrial activity would force a rush for
of scrap iron
was
taken
usually
supplies.
Boosting
prices in Pittsburgh to their high for this year
as
a
precede
favorable omen,
an
expansion
in
for
higher
steel
mill
scrap
prices
operations.
"Failure of American business to continue its vigorous ad¬
vance
in January was not
alarming, and
new
advances may
clines.
expected
dent
soon," Colonel
and statistician
cently.
of the
Leonard P.
Ayres, Vice-Presi¬
Cleveland Trust Co.,
said
re¬
In view of the,record-breaking upward swing last
year, he said, "the January slump as measured by indus¬
Commerce"
The index
now
index
of
business
activity, which
stands at 85.4, as compared with a
revised figure of 84.9 for the
preceding week and 68.9 for
the
corresponding week of last year.
The largest gains
were registered last week by steel, production and car load¬
ings, this observer states. Concrete evidence of gradual im¬
provement
point
new
be
of
in
in
the
the
steel
high for the
steel
industry
operating rate
year,
includes
a
rise
of
55% of capacity, a
and strengthening of steel scrap
prices at Pittsburgh, "Iron Age" stated in its current
mary.
"An acceleration
of
automobile assemblies
time for spring car deliveries approaches is, a
tation.
For
some
one
to
major
sum¬
as
the
expec¬
weeks the automobile industry has been
Volume
programs
Railroad
weeks.
are
looked
buyingi
though
stimulus for such Government aid
furnished, continues to
tion
of
be
for
as
within
(1926=100)
the
be subsequently
Produc¬
power and light industry
Saturday totaled 2,268,387,000 kilo¬
watt hours, according to the report made public yesterday
by the Edison Electric Institute.
The output was slightly
below that for the preceding week, but was 10.5% ahead of
the similar week last year.
The New England area again
led the way in gains over last year, its output advancing
16.3% over that of the. similar week last year. Engineering
construction awards for the short week due to Lincoln's
electricity by the electric
for the week ended last
Feb. 11, 1939
volume
last
ended
totaled
Saturday
579,918
showed
or
1937.
in
week
similar
the
cars,
said
a
good
market
Freight Car Loadings in Week Ended Feb. 11»
6.8% Above Year Ago
cars,
spring
a
*
of
the
below the preceding
registered
mercury
as
Warroad,
at
and abnormal
low
Minn,
as
1,043
was
the
winds,
heavy
below the preceding week, and a decrease of 3,672 cars below
cars
corresponding week in 1938.
September.
the week of Feb.
'
in 1938.
The storm in New
lives in
that
State
last
■'
'
threats of rain.
Overnight at Boston, 8 to 18; Balti¬
more, 24 to 32; Pittsburgh, 16 to 26; 'Portland, Me., zero
to 18; Chicago, 24 to 30; Cincinnati, 28 to 38; Cleveland,
16 to 36 ; Detroit, 18 to 28; Charleston, 44 to 54; Milwaukee,
8 to 28; Savannah, 42 to 60; Dallas, 30 to 64 ; Kansas City,
*12 to 54 ; Salt Lake City, 8 to 30; Seattle, 38 to 46; Mon¬
treal, 6 below to 2 above, and Winnipeg, 10 below to 10
Sunday probably fair.
preceding week, but
in 1938.
:
>
7,215
of 0.4 Poiint Noted in "Annalist" Index of
Wholesale Commodity Prices During Week Ended
Decrease
11—At Lowest Level Since End of 1934
commodity prices last week dropped to the
lowest level since the end of 1934 on a wave
The "Annalist"
All
districts
in 1937.
corresponding week
with the corresponding week
Northwestern and Southwestern which reported decreases.
reported
decreases
compared
the corresponding week
with
\, '■
->
week
•
decrease of 656 cars below the
'
-v
'
rt
.
'
:
2,714,449
671,227
576.790
564,740
579,918
542,991
688,523
3,459.172
Week ended Feb. 11
Total.
1938
2,256,717
3.364.448
4.074,199
V;.
Week ended Feb .4
1937
1939
2,302,464
4 weeks in January.......
.
—i.-'—
week ended
of revenue
freight on their own lines, compared with 270,505 cars in the
preceding week and 255,025 ears in,the seven days ended
Feb. 12, 1938.
A comparative table follows:
The first 18 major railroads to report for the
Feb. 11; 1939; loaded a total of 272,707 cars
,
Loaded
'
'
'
'
.
•
'
'
grains were
Own Lines
Feb.11, Feb. A,
1939
1939
heavy with
corn
Feb.
Received from Connections
Weeks Ended—
12, Feb. 11,
1938
;
Feb. 4,
1,384
2,132
2,426
5,062
14,584
7,680
6,932
7,123
9,037
1,333
1,845
2,524
4,477
12,657
6,742
6,436
6,601
8,962
1,784
8,344
7,953
35,211
9,097
37,258
7,933
31,156
8,658
17,382
17,710
18,804
5,051
25,796
19,916
24,770
Chesapeake & Ohio Ry
22,031
19,642
Chicago Burlington & Qulncy RR.
14,254
Chicago Mllw. St. Paul & Pac. Ry
16,608
Chicago & North Western Ry
12,011
3,526
1,712
3,669
12,486
13,652
7,442
6,598
7,164
8,976
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR.
12,465
33,136
4,473
18,110
53,439
4,688
New York Central Lines..
4,690
34,056
__
4,479
St. Louis Ry
...
4,611
4,443
22,282
Southern Pacific Lines
21,534
4,863
4,735
Wabash Ry
Total
TOTAL
3,648
18,283
52,213
Missouri Pacific RR.
N. Y. Chicago &
12,259
3,432
1,550
12,492
16,502
12,905
3,568
1,810
3,797
12,978
29,246
3,624
16,684
AND
RECEIPTS
9,693
4,191
4,056
2.673
3,444
29,221
7,444
7,950
8,170
7,155
35,609
4,489
3,101
22,293
4,773
4,639
FROM
2,646
34,102
5,369
4,219
7,626
46,420
4,392
272.707 270.505 255,025 171,701
LOADINGS
12,
1938
Atchison Topeka & Santa Fe Ry.
18,374
14,028
'17,581
Feb.
1939
1939
Baltimore & Ohio RR.
.
4,656
3,455
7,212
174,701 155,86o
CONNECTIONS
(Number of Cars)
Weeks Ended—
Feb. 4, 1939
Feb. 12,1938
Chicago Rock Island A Pacific Ry.
Illinois Central System
21,126
28,182
21,364
28,106
27,723
St. Louis-San Francisco Ry.
11,529
11,134
11,973
60,837
60.604
61.955
Feb.
compared with the preceding week
Reporting
...
further said:
and wheat under fire.
Oats were
exceeded demand. Livestock prices lower
general decline. Eggs were
sharply higher reflecting a return to more normal winter weather and a
consequent reduction in supply.
The morte speculative commodities such
as
rubber, copper and cocoa moved irregularly.
Cottonseed oil again
as
on
Weeks Ended—
I
of liquidation.
than four points under a year ago.
this the "Annalist" on Feb. 13
FROM CONNECTIONS
REVENUE FREIGHT LOADED AND RECEIVED
(Number of Cars)
Weekly Index stood at 78.6 on Feb. 11, a
decline of 0.4 of a point as
Total
11, 1939
22,259
-■
arrivals
although hogs held up well in the face of the
new
cars, a
■
..
All districts reported increases compared
in 1938 except the
633 cars below the
.
preceding week, but an increase of 1,710 cars above the
Ry._
Pittsburgh & Lake Erie RR
a
cars
.
Coke loading amounted to
Pere Marquette
hit
■,
increase of 1,293 cars above the corresponding
Pennsylvania RR
weak
3,314
"
>;
in 1938.
an
Norfolk & Western Ry
above.
especially
'•.
6ars
below the correspond¬
Ore loading amounted to 8,429 cars, a decrease of
'Today it was cloudy and cold here, with
temperatures ranging from 14 to 37 degrees.
The forecast
was
for cloudy tonight and Saturday.
Warmer tonight.
The
.
.
loading, totaled 23,539 cars, a decrease of 1,999
below the preceding week, and a decrease of
England was described as a cyclonic dis¬
attendant, warm wave, thunder and light¬
ning.
As the rain drenched the six New England States,
melting ice and snow, drains were unable to carry off the
water, which flooded streets in many towns.
In the New
York City area today the weqther is .relatively mild, with
turbance, with
more
for
week
ing week in 1938.
residents believed in. danger were ordered from their homes.
and
below the correspond¬
11, totaled 6,965 cars, a decrease of 1,492 cars below the
Forest products
within a few feet of retaining wall tops,
the tides crept to
Feb.
decrease of 1,671 cars
preceding week, and a decrease of 1,067 cars below the corresponding
As
Wholesale
a
cars
tides brought momentary panic among thou¬
262
least
cars,
of 1,315
In the Western Districts alone, loading of live stock
ing week in 1938.
that
at
to 9,700
below the preceding week, and a decrease
rain
sands in Rhode Island who remembered, the hurricane
took
In the Western Districts alone, grain and grain
Live stock loading amounted
49 degrees below zero,
High
of 735
decrease of 3,447 cars below the cor¬
a
products loading for the week of Feb, 11, totaled 16,905 cars, a decreasq of
in a number of cities, but on the average
the
week, and
responding week in 1938.
to give New York City another unusual
Similar conditions were reported in parts
and South, but in the Middle West a cold
East
sent
wave
'
•
Grain and grain products loading totaled 28,809 cars, a decrease
cars
combined
day.
above
week, and an increase of 27,268 cars above the corresponding
week in 1938.
,
cold,
148,404
totaled
freight
preceding week, and an increase
week in 1938.
Coal loading amounted to 135,143 cars, an increase of"2,235 cars
the preceding
temperature, of 62 degrees at 1 p. m., followed by
few hours later, and,, then severe change to bitterly
winter's
13,225 cars above the
'
of 1,507 cars above the corresponding
mile-an-hour squall, accompanied by a pelting rain, then a
record
increase of 4,321
an
cars,
Loading of merchandise less than carload lot
cars, an increase of 2,266 cars above the
jncreases tended to outweigh losses, and the total for the
whole country was estimated higher by 3% to 6%."
There
were a number of outstanding features in. weather develop¬
ments of the past week.
Last Wednesday the weather in
the New York City area took a freakish twist.
Fog, a 65-
snow
218,679
above the preceding week, and an increase of
corresponding week in 1938.
Retail sales volume this week showed a decided
lasf year
The Association further announced:
Miscellaneous freight loading totaled
gain over that of the previous week, due principally to a
heavy turnover at stores all over the country on Lincoln's
birthday, Dun & Bradstreet, Inc., reported today.
Mon¬
day's total volume was the best for any single day thus
far this year.
"Freakish weather during the week made
the day-to-day showing of most cities fairly irregular," said
the agency in its weekly review.
"Volume was still lower
than
freight for the week ended Feb. 11
revenue
6.8% above the corresponding week in 1938, but a decrease
108,605 cars or 15.8% below the same week in 1937.
Loading of revenue freight for the week of Feb; 11 was an
increase of 3,128 cars or five tenths of one per cent above the
This was a
this
82.8
of
ening of operations prior to the start of the spring selling
Ward's
73.0
79.0
or
20,750 units from the like week of last year.
The report
said that manufacturers were experiencing the usual slack¬
indicated.
88.9
69.8
Preliminary.
Loading of
drop of 4,640 units from the preceding week, but a rise of
campaign.
86.7
69.5
.
.
59.5
totaled 579,918 cars, the Association of American Railroads
announced on Feb. 16.
This was an increase of 36,927 cars
according to tjie
Reports, Inc.
72.0
78.6
Revenue
from the loadings of
Automobile output this week
of Ward's Automotive
estimate
69.6
Combined
15.8%
normal decline to 79,860 units,
a
103.0
86.7
Miscellaneous
or
108,605
97.4
Chemicals
cars
down
91.4
97.4
69.6
0.6% over the loadings of the preceding
week; an increase of 36,937 cars, or 6.8% over the loadings
of the similar week a year ago.
The loadings, however,
were
84.0
Building materials
preceding week.
cars,
59.9
....I.*.........
...
according to the report made public today by the Associa¬
tion of American Railroads.
This constituted an increase
of 3,128
72.3
69.6
84.0
Metals
a
1938
78.4
69.5
Fuel
corresponding 1938
the
week
the
for
in
Feb. 9,
1939
76.2
*60.0
Food products..
Textiles
*
Feb. 4,
75.5
Farm products
6% decrease from
week, as reported
by "Engineering News-Record."
Construction awards for
the year to date, $454,673,000, are 30% higher than the
$360,826,000 reported for the initial seven-week period last
year.
Public construction for the current week is 21%
above the corresponding week last year.
Private awards
are 36% below a year ago.
Oar loadings of revenue freight
totaled $42,410,000,
birthday holiday
the
WHOLESALE
COMMODITY PRICES
next
lacking
still
may
promising prospect."
a
the
WEEKLY INDEX OF
•ANNALIST"
buying only fill-in lots, but later purchases for the spring
manufacturing
few
941
Financial Chronicle
148
low.
In the
following
we
undertake to show also the loadings
for separate roads and systems for the week ended Feb. 4,
*1939.
During this period 71 roads showed increases when
compared with the
same
week last year.
Financial
942
REVENUE FREIGHT LOADED AND RECEIVED FROM
.
CONNECTIONS {NUMBER OF CARS)—WEEK ENDED FEBRUARY 4
Total Revenue
from Connections
1939
1939
1937
1938
1937
1938
1939
1938
1938
1939
Southern District—{Concl.)
550
548
1,704
7,008
1,465
2,471
6,974
1,565
——*———
Bangor A Aroostook.........
Boston A Maine
Chicago Indianapolis A Louisv.
533
1.241
1,045
1,954
166
215
8,681
1,510
,
9,864
1,874
9,237
1,752
22
20
25
54
61
Central Vermont.............
1,063
Delaware A Hudson..
6,011
1,242
4,390
Delaware Lackawanna A West.
9,231
8,633
1,487
5,483
10,288
1,851
7,290
6,294
1,447
6,796
5,426
Detroit A Mackinac..........
250
209
320
107
113
3,442
1,724
3,702
11,932
7,189
1,861
1,253
2,809
11,769
Central Indiana..............
Detroit Toledo A Ironton..
1,780
2,507
....
240
179
271
.11,760
4,221
10,505
3,352
12,717
3,535
Detroit A Toledo Shore Line...
Erie
Grand Trunk Western........
151
148
.
1,576
7,642
2,933
2,739
1,591
.........
Montour........
New York Central Lines......
N. Y. N. H. A Hartford—...
New York Ontario A Western.
Louis....
Pittsburgh A Lake Erie.....
N. Y, Chicago A St.
Pere Marquette
432
380
484
Richmond Fred. A Potomac-
261
289
369
8,323
18,631
8,652
18,499
8,949
18,942
1,081
4,507
4,485
365
421
418
674
704
Southbound...
152
134
160
714
501
Total..——....———
91,937
92,947
90,913
64,070
60,023
12,259
2,304
17,581
3,485
12,939
2,353
17,129
3,862
9,037
2,402
9,491
2,287
6,870
2,804
Seaboard Air Line..
.....
Southern System———....
Tennessee Central
Winston-Salem
Northwestern District—
3,148
189
161
Duluth Missabe A I. R.......
557
797
29
27
Duluth South Shore A Atlantic.
389
426
739
252
291
....
5,767
4,176
8,230
5,932
4.630
Ft. Dodge Des Moines A South.
Great Northern..—.........
382
324
312
169
190
7,973
8,639
8,454
2,358
2,119
561
549
587
577
201
286
374
63
37,258
11,123
1,628
9,693
4,124
5,369
33,611
10,392
1,512
8,935
3,520
4,576
,387
546
27
14
364
413
147
188
643
803
1,506
Rutland....................
466
589
1,417
1,001
1,119
533
Wabash
4,863
Wheeling A Lake Erie—.....
3,112
4,849
2,326
5,513
4,041
8,170
3,084
131,152
119,455
157,180
149,101
135.069
394
364
493
872
650
24,770
1,354
23,493
1,075
31,482
2,696
14,584
1,135
13,301
764
7,953
2,481
,
Chicago
Chicago
Chicago
Chicago
A North Western—r.
Great Western
Milw. St. P. A PacificSt. P. Minn. A Omaha.
Elgin Jollet & Eastern
Green Bay A Western
Lake Superior A Ishpeming
—
Northern Pacific
—...
Buffalo Creek A Gauley.......
210
185
331
2
Cambria A Indiana.......--.
1,630
5,187
1,538
5,330
1,547
6,371
1,025
10,747
Central RR, of New Jersey....
6
17
10
..
9,986
4,837
8,000
272
148
1,237
919
66,700
67,044
76,958
38,545
37,007
17,710
2,237
17,864
'2,523
19,736
3,235
5,062
1,960
4,852
2,093
284
375
308
66
87
14,028
1,892
9,860
2,504
13,834
1,734
10,768
2,729
16,638
2,393
10,924
6,932
7,195
703
580
8,154
2,271
791
723
2,886
2,541
8,264
2,160
1,003
2,169
Spokane Portland A Seattle—
Total...
Central Western District—
A Santa Fe System.
....——
Bingham A Garfield—.....—
Chicago Burlington A Qulncy—
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
—
Colorado A Southern
3,391
1,029
4,071
1,234
1,066
2,237
52
48
331
25
21
158,
215
33
3
Fort Worth A Denver
long Island
531
459
696
821
803
49,739
12,381
6,910
1,131
66,440
15,273
15,402
2,604
1,329
29,601
13,432
1,323
Illinois Terminal.—.!
53,439
11,459
8,519
2,544
1,430
34,102
14,083
1,114
5~530
4" 699
Toledo Peoria A Western—
216
382
12,497
12,424
77,922
Union Pacific System..—.
Utah—
489
326
1,162
1,092
13,314
1,138
1,109
89,389
90,276.
100,665
53
84
3,781
112,492
Total.
Missouri-Illinois
Nevada
86,320
594
804
1,082
1,738
1,687
...
964
2,053
10
6
877
1,302
1,151
1,219
299
303
840
370
543
1,545
1,377
1,084
101
77
480
404
598
321
266
24
28
33
16,826
17,368
16,246
3~850
4~09l
338
1,039
6,260
1,108
5,538
....
......
Northern
627
•
City-
;
North Western Pacific
—...
Peoria A Pekin Union
Southern Pacific
147,298
105,921
Denver A Rio Grande WesternDenver A Salt Lake
-
223
2,883
2,712
.123
327
48
2,026
1,049
197
3,099
94
1,582
2,059
,2,738
81
297
Penn-Reading Seashore Lines..
Pennsylvania System
Reading Co...—............
Union (Pittsburgh).—.......
West Virginia Northern...
Western Maryland..
—
556
1,735
1,218
537
—
135
124
105
Cumberland A Pennsylvania...
Llgonler Valley
Cornwall—
7,123
2,620
1,229
Spokane International
Alton.....
909
1,463
5,379
8,346
1,428
1,470
4,355
8,011
Minneapolis A St. Louis—....
Minn. St. Paul A S. S. M—..
Atch. Top.
Bessemer A Lake Erie........
13,628
2,690
350
Alleghany DistrictAkron Canton A Youngstown..
Baltimore A Ohio...—......
939
875
3,954
4,035
13,271
15,023
2,182
19,505
4,158
1,044
Pittsburgh A West Virginia
Total..
Piedmont Northern...—
850
848
1,672
1,743
3,857
3,150
4,177
357
1,371
2,956
1,129
1,966
2,511
992
6,116
4,954
2,361
42,167
11,094
2,018
4,850
8,084
4,908
30,431
8,405
2,221
2,384
975
Mobile A Ohio
Nashville Chattanooga A St. L.
995
1,212
8,927
3,503
Pittsburgh A Shawmut
Pittsburgh Shawmut A North—
6,109
1,767
2,284
1,659
2,589
Norfolk Southern..........
7,008
148
1,666
8,541
2,856
3,775
1,719
33,136
9,062
1,655
4,473
4,538
4,690
Lehigh A Hudson River...
Lehigh A New England
Lehigh Valley
Maine Central...............
Monongahela
from Connections
Freight Loaded
Railroads
Eastern District-
Ann Arbor—
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
18. 1939
Feb.
Chronicle
,
(Pacific)
Western Pacific..—
...
8
5
1,474
1,388
43,706
43,555
Pocahontas District-
18,374
18,110
4,699
Virginian..
20,375
16,100
4,157
21,276
19,444
4,344
7,680
4,191
1,168
3,669
41,183
Chesapeake A Ohio.........
Norfolk A Western....... ... -
40,682
45,064
13,039
11,055
6,571
815
TTotal———.......
Southwestern District—'
Fort Smith A Western.
Gulf Coast Lines.
Southern District-
154
248
242
135
174
688
652
876
534
740
9,142
3,798
8,545
3,617
9,920
4,534
401
398
424
—-
1,121
1,206
1,420
1,320
1,031
4,813
2,745
1,182
2,113
1,190
556
4,872
2,588
1,021
1,792
Columbus A Greenville...—.
223
357
770
291
*185
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of AlaAtlanta Birmingham A Coast—
Atlantic Coast Line
Central of Georgia.—
.....
Charleston. A Western Carolina
Clinchfleld
.........
225
846
3,116
2,183
1,550
197
198
176
Kansas City Southern—.....
1,733
1,286
1,903
1,387
1,931
1,702
1,845
1,017
1,875
1,143
Louisiana A Arkansas
98
147
181
233
392
503
773
857
213
107
205
141
287
289
Missouri-Kansas-Texas Lines..
Missouri Pacific
3,960
13,656
4,123
15,854
2,524
252
3,648
12,507
...
—
156
157
412
1,100
1,190
930
922
24
37
46
84
82
757
855
946
1,608
1.415
8t. Louis Southwestern....—
449
Texas A New Orleans.—.—
Texas A Pacific.
—
Georgia
276
,
287
361
474
1,322
19,095
19,445
1,546
20,692
18,482
1,617
18,500
14,011
9,588
5,092
1,131
9,433
4.416
172
148
173
570
139
138
208
302
327
*
....
Illinois Central System........
Louisville A Nashville
...
97
243
50
82
32
46
36
53,149
32,499
35,681
16
48,415
76
4,007
2,509
3,129
3,903
201
43,937
86
3,860
2,455
3,028
3,610
2,486
6,698
47
7,953
91
6,'815
185
155
2,705
8,527
7,747
2,250
7,065
4,712
136
5,963
2,186
6,303
3,588
Quanah Acme A Pacific
St. Louis-San Francisco..
708
265
>
,
404
Georgia A Florida
Gulf Mobile A Northern.
413
661
Midland Valley......
Missouri A Arkansas......—-
1,323
409
381
Louisiana Arkansas A Texas...
Litchfield A Madison..
147
,
Galhsville Midland
224
International-Great Northern,—
Kansas Oklahoma A Gulf.—..
1,059
Durham A Southern
Florida East Coast..
463
1,721
2,638
1,071
1,726
242
3,297
1,997
-
........
304
1~333
171
126
3~432
Burlington-Rock Islands
Total
Macon Dublin A Savannah..-..
"
Mississippi Central
-
964
"
........
Wichita Falls A Southern
.....
Wetherfohl'M. W. A N. W—
,
Total.—1
3,906
.
Note—Previous year's figures revised.
Despite Fact that Business Activity Failed to Continue
Previous "Vigorous Advance" Co1. Ayers of Cleve¬
land Trust Co. Finds Encouraging Items in Pre¬
liminary Figures for January
Preliminary figures for January business are viewed by
Leonard P. Ayres, Vice-President of the Cleveland
Trust Company as including "several encouraging items"
despite the fact that business activity has failed to continue
the advance previously recorded.
At the same time Col.
Ayers expresses the belief that "gains so far attained are
likely to be pretty well held" and that new advances "may
be expected."
In the Company's Feb. 15 "Business Bul¬
letin" edited by him, Col.
Ayers presents his views as
The flow
of Federal expenditures
has been contributing to consumer-
purchasing power not far from a quarter of a billion dollars a month during
the past half year, and they may
reach their maximum next summer.
Taking into consideration all these diversp factors, it seems
believe that the business gains so far attained are
reasonable to
likely to be pretty well!
held, and that new advances may well be expected.
Col.
follows:
Moody's Commodity Index Advances
Moody's Commodity Index advanced from 142.5 a week
ago to 143.5 this Friday.
The principal individual change
was the increase in the price of rubber.
The movement of the index was as follows:
—143.2!:
Fri.,
Feb. 10
*
—142.5 Two weeks ago, Feb. 3>.
142.9
Sat.,
Feb. 11
——142.7 Month ago, Jan. 17.
149.7
Year ago, Feb. 17
Mon., Feb. 13——
H
w-152.9Tues., Feb. 14_ —
*143.2 1938 High-—Jan. 10
Low—June 1..,
—130.1
Wed.,
Feb. 15—
—143.5
Thurs., Feb. 16
—
143.6 1939 High—Jan. 7——- —144.4
—141.8Low—Jan. 26.
Fri.,
Feb. 17_
-143.5
H—Holiday.
4
„
—
Business activity as measured by, the volume of industrial production
has not continued in January the vigorous advance that got under way
last June.
This is not astonishing, nor should it be discouraging, for we
had from May through
December
seven
improvement, which is most unusual.
—
Since the Great
Depression got
under way In 1929 we have not experienced any other sequence of seven
consecutive months of business advance.
Retail Prices Showed First Advance Since
September, 1937, According to Fairchild Publica¬
January
The increase in the second half
tions Index
of 1938 Is perhaps the greatest advance in production that has ever been
recorded in
seven
...
—
consecutive months of business
months.
For the first time since
The exceptional duration and vigor of the advance may of themselves
partly explain the slight recession of activity that has developed in January.
Other factors probably include some over-production of automobiles, the
world-wide doubts and fears aroused by the successes of the Spanish in¬
Sept. 1, 1937, retail prices havethe Fairchild Publications retail
price index. The index on Feb. 1 (Jan. 3, 1931 equals 100)
shows a nominal gain of 0.2% as compared with the previ¬
advanced,
according
to
month, but shows
decline of 3.6% below the corre¬
surgents at Barcelona, and the questions about German policy resulting
ous
from the retirement of Dr. Schacht
sponding month a year ago.
Prices, however, show a de¬
cline of 7.7% below the 1937 high, and are 1.3% above the
as
ther factors within our own economy
of capital securities
for
new
ing items.
include the decline in
new
our
flotations
utility corporations.
figures for January business include several
National income has declined
very
levels, and farm cash income has advanced.
encourage-
slightly from December
There has been only a small
decrease in factory employment, and little decline in factory payrolls.
volume of department store sales
small
decrease in
the
cost
has held
of living.
up
staged
a
The
well, and there has been
a
Security prices which fell rather
sharply when uneasiness about the European situation
have since then
Fur¬
by corporations, and the disappointingly small budgets
expenditures announced by
The preliminary
President of the Reichsbank.
strong recovery.
was at its
height,
1936 low.
a
The advance in the index
was
due entirely to
the
gains in home furnishings.
The other groups remained
unchanged.
An announcement issued Feb. 14 by Fairchild
Publications, New York, also had the following to say:
As?
compared with
a
year
ago,
home
decline, with women's apparel following.
the
smallest
decrease,
also holds true
as
with
men's
furnishings showed the
Infants'
apparel
wear
following.
compared with the J937 high.
greatest
continued to show
This
comparison
It is interesting to noie„
however, that piece goods and women's apparel are below the 1936 low.
Volume
While
Financial
148
the
index
tively few.
fractionally
averaged
Items showing a change
changes "were
higher,
compara¬
blankets
during the month include
Chronicle
and
rope
943
binder
and
twine
twine
also
lower.
were
wholesale
Average
prices of clothing and hosiery and underwear were steady.
and comfortables, furs, furniture, floor coverings, musical instruments and
electrical household appliances.
The increase in home furnishings was
confined largely to furniture and floor coverings, with the gain in floor
and
coverings
tions
aggregating 1.1%.
nominal
The
under
lower showed only a
were
whose
about
in
the
index,
the
supervision
its
run
ment, may be
for
mained
decrease.
upturn
according
index
to
compiled,
is
and that
course,
is not
of
forerunner
a
recorded.
at
The tendency is against marking
prices
up
to
FAIRCHILD PUBLICATIONS RETAIL PRICE INDEX—(JAN. 3.
94.5%
of
Copyright 1939, Fairchlld News Service
1
Feb. 1,
May 1,
1933
Feb. 1,
1938
Nov. 1,
Dee. 1,
1938
1938
1939
69.4
92.4
89.0
88.9
88.9
of
lower
65.1
87.0
84.5
84.4
84.3
JB4.3
70.7
90.9
88.7
88.7
88.7
Women's apparel........
Infante' wear.....
71.8
92.9
89.4
89.2
89.0
.88.7
89.0
76.4
97.2
96.4
96.4
96.3
96.3
Home furnishings
7042
95.3
90.9
90.4
90.4
90.5
57.4
65.0
64.0
63.6
63.6
63.6
Woolens
69.2
86.4
85.0
!85.0
84.7
84.7
Cotton wash goods...
2,
-
-
1939
....... .
Piece goods;
1
silks.
68.6
109.6
104.5
104,6
104.5
99.9
93.8
92.1
91.9
72.9
109.0
104.0
103.9
103,6
flooring,
pine
oil
and chinawood
declined 0.2%
ma¬
and
rosin,
turpentine, sand,
hemlock lumber,
The brick and tile,
higher.
were
because
timbers,
spruce,
yellow pine lath
and structural steel subgroups were steady.
Declining prices for oils resulted in a decrease of 0.1% in the Chem¬
and drug group index.
The drugs and pharmaceuticals, fertilizer
materials/ and mixed fertilizer subgroups remained Unchanged.
housefurnishing goods
point
reached in
cases,
sheets,
decline.
over
window
cattle feed declined
Feb.
for
index
group
years.
0.6% to
declined
•-Weakening prices
and
shades
wholesale
Average
modities
two
refrigerators
prices
of
crude
for
pillow
for
responsible
were
rubber
dropped
table shows index numbers for the main
the
the lowest
cutlery,
1,2%
the
and
0.5%.
past five weeks
and
for Feb.
12,
of
groups
1938, Feb.
com¬
1937,
13,
15, 1936, and Feb. 16, 1935.
91.9
Blankets & comfortables
for
farm
Quicksilver advanced.
of building materials
icals
104.5
65.0
lower.
prices
for yellow
shingles,
Average wholesale prices of
average.
were
Prices
The following
Sheets.......
1926
cement,
The
Composite index
the
prices
gravel.
cedar
89.1
Piece goods.*.........—
Men's apparel
Jail.
Coke re¬
" *
wholesale
Average
red
1931=100)
Quota¬
natural gasoline were lower.
Oklahoma
firm.
and
any extent.
lighting materials group index to rise 0.3%.
chinery and pig tin
with slight: improve¬
firmness,
some
and
anthracite and
The index for the metals and metal products group remained unchanged
economist,
Zelomak,
W.
A.
It does indicate, however, that the declining trend
Bharply higher prices..
has
The items that
Advancing prices for Pennsylvania crude petroleum, fuel oil, gasoline,
kerosene, together with a minor advance in bituminous coal prices,
caused the fuel
103.2
Domestics:
11
(1926=100)
Hosiery
Aprons and house dresses
59.2
75.5
74.0
74.0
74.0
1930
75.5
107.5
104.1
104.1
104.6
104.6
Corsets and brassieres..
83.6
93.0
106.8
92.5
92.5
92.5
93.5
92.5
91.4
91.0
Jan.
Jan.
Feb.
Jan.
21
28
14
1939
1939
Feb.
12
1939
Feb.
13
Feb.
15
16
1938
1937
1936
1935
79.4
92.5
66.8
•4
1939
74.0
Furs
Feb.
Feb.
Commodity Groups
Women's apparel:
...
,
All
76.6
76.7
76.6
76.8
79.6
85.6
80.6
67.1
67.3
66.9
67.3
70.1
91.6
79.9
79 2
71.1
.—
products.
76.6
66.7
commodities....
Farm
73.2
86.6
84.0
83.1
.95.6 103.3
97-.0
86.7
86.6
85.4
85.1
85.0
85.0
Foods
71.0
71.2
71.3
71.3
76.5
87.8
86.7
86.7
86.7
86.7
Hides and leather productsTextile products
.*
92 .V
92.0
93.3
93.8
94.1
65.6
Hosiery...........*...
64.9
89.6
87.8
87.7
Underwear
69.6
92.7
91.1
91.1
Shirts and neckwear....
74.3
87.4
86.0
86.0
Hate and caps.
69.7
84.5
82.3
82.3
Clothing, incl. overalls..
70.1
94.5
90.0
Shoes.................
76.3
96.8
95.0
Underwear
69.2
...
Shoes.................
,
Men's apparel:
_
.
„
65.5
65.6
65.4
65.3
68.2
76.9
70.6
69.7
87.7
87.7
Fuel and lighting materials..
73.7
73.5
73.4
73.6
73.7
78.7
77.6
76.9
74.0
91.1
91.1
Metals and metal products.
94.6
94.5
94.6
94.5
94.6
96.2
90.5
86.0
85.1
86.1
86.1
Building
89.1
89.3
89.4
89.1
89.7
91.2
92.2
85.3
84.6
82.0
82.0
Chemicals and drugs..
76.1
76.2
76.3
76.4
78.9
87.0
79.9
80.4
90.0
90.0
90.0
86.7
87.2
<87.2
87.2
89.7
87.4
62,8
82.1
95.0
95.0
95.0
Housefurnishing goods—...
Miscellaneous...
......
76,1
87.2
72,8
72.9
73.0
73.0
73.1
74.6
75.9
68.0
70.2
Raw materials
70.3
70 A
70.7
70.4
70.8
73.4
88.2
78.9
*
Semi-manufactured articles..
74.6
74.7
74.7
74.8
75.0
76.2
84.0
74.5
*,
Finished products
All commodities other than
80.2
80.2
80.2
80.3
80.3
83.3
84.0
82,5
#
78.7
78.7
78.8
78^8
78.9
84.3
80.7
79.4
83.6
79.0
77.7
1
.
,
Infants' wear:
74.0
....
Underwear
Shoes—
100.7
100.4
100.4
100.4
100.4
74.3
Socks
95.0
94.2
94.2
94.2
94.2
80.9
Furniture
94.6
94.2
94.2
95.0
94.5
94.2
94.6
117.2
110.0
110.0
110.8
"112.0
60.6
.
101.7
79.9
...
Luggage._
94.5
96.0 '
69.4
...........
Floor coverings..
Musical Instruments
60.5
57.4
67.4
57.3
57.1
60.1
80.2
74.8
74.0
74.1
83.1
82.4
81.0
80.8
95.5
94.0
94.0"
94.0
■
farm products
81.7
farm products
'
i
All commodities other than
80.5
81.5
—
80.4
80.4
and foods*.
80.4
80.4
80.5
83.1
74.2
72.5
......
Eleo. household appliances
China..
materials
94.0
♦
Not computed.'
Wholesale Commodity Prices Declined Slightly During
Week Ended Feb, 11 According to National Fer¬
-
Wholesale
Commodity
Unchanged in Week
Ended Feb. 11 from Previous Week, According to
United States Department of Labor Index *
Prices
The Bureau of Labor Statistics' index number of whole¬
tilizer Association
„
The general level of wholesale commodity prices was some¬
what lower during the
week ended Feb. 11
as
recorded by
the index
sale commodity
prices remained unchanged at 76.6% of the
1926 average during the week ended Feb. 11, according to an
announcement made in Feb. 16
ment of Labor.
by the United States. Depart¬
Lower prices for agricultural commodities,
principally
livestock, poultry, and grains* paint materials
housefurnishings were counterbalanced largely
by
and
higher prices for certain processed foods, raw silk, and
petroleum products. The combined index of 813 price series
is 0.3% below a month ago and 3.8% below a year ago.
The Labor Department's announcement went on to say:
Six of the ten major
week.
and
Farm
drugs
Lower prices for
foods were largely responsible for the decline in the allWith 13 items in the
commodity index.
declining and only
group
The trend of farm product prices was also downward, with
1934.
since
food
the group average dropped below 70 for the first time
three advancing,
the cotton and grain indexes
making new lows for 1939. There was a moder¬
A small gain was registered by the textile
ate rise in the livestock average.
price average, reflecting
and
products
and
ciation's announcement dated Feb. 13, went on to say:
commodity gr6up classifications declined during the
representing the prices of miscellaneous commodities was off slightly as the
leather products and
and
compiled by the National Fertilizer Association.
Based on the 1926-28 average of 100% last week the index
dropped to 72.7 % (the lowest point reached in 1939) from
72.8% in the previous week. A year ago it stood at 76.6%.
The lowest point recorded in 1938 was 72.3%.
The Asso¬
housefurnishing
goods
0.6%,
decreased
hides
building materials dropped 0.2%, and chemicals
commodities
miscellaneous
fell
0.1%.
The
fuel
and
result
higher quotations for silk and burlap.
and cottonseed meal.
of declines in rubber
The index
The average
for all
commodities except farm products and foods showed a fractional rise for
lighting materials group advanced 0.3%.
Textile products increased 0.2%
and. foods rose 0.1%.
The metals and metal products group has re¬
the week.
mained
and
unchanged for the fourth consecutive week.
prices of raw materials and semi-manufactured commodities
Wholesale
declined
terials
prices
80.2.
Jt
lower
are
The
the
was
commodities
than
other
week.
farm
The level
of
products
for
the
0.1% and
19%
the
for
than
and
fofmer
3.2%
'
of
other
3.7% lower than
and
ago
decreases
Decreases
from
,
farm
foods"
group
year
a
a
is
products"
(Chicago),
poultry
prices
WEEKLY WHOLESALE
corn,
The latter
month ago and
rye,
Per Cent
12,
a
ago,
year
1.1%
to
Sharp declines
cows,
onions,
the
vegetable subgroup and a smaller advance in meats.
oleo,
oil,
tallow,
as
a
result
drop in
and
index
for
of
a
a
month
hides
manufactures,
such
were
reported in
drillings,
flannel,
muslin,
63.0
54.2
55.5
72.8
70.5
69.6
68.8
75.9
75.5
84.5
76.7
76.8
78.7
79.7
69.8
59.1
61.3
90,5
90.5
90.5
96.9
6.1
Building materials
1.3
and
potatoes.
lard,
-
84.0
84.0
84.2
81.5
Chemicals and drugs
92.4
92.4
92.7
95.3
.3
Fertilizer materials
71.4
71.4
71.8
72.4
.3
Fertilizers
78.2
•78.2
78.0
79.7
.3
Farm
95.1
95,1
95.3
97.9
72.7
72.8
72.8
76.6
machinery..
All groups combined.......
100.0
were
molasses,
prices of leather
harness, belting, gloves,
and "sheeting.
*
60.0
Higher prices for raw silk, silk yarns,
for
49.3
Metals.....................
and luggage.
worsted yarns, burlap, and raw
jute resulted in an advance of 0.2% in the textile products group in¬
dex.
The cotton goods subgroup declined 0.6% because of lower prices
as
66.9
47.5
Miscellaneous commodities...
leather
No changes
63.9
Textiles
Department Store Sales Declined by More-than-Seasonal Amount from December to January, Accord¬
ing
Wholesale prices of cotton
to
Board
of
Governors
of
Federal
Reserve
System
ago
and
64.2
47.5
7.1
Quotations
glucose,
Fuels
74.4
64.1
75.9
*
Livestock-..
a
17.3
67.1
70.8
Grains
•
52.6
65.9
47.2
Farm products--..#:..-----*.
23.0
.
52.1
60.6
8.2
The current food index 71.1%, is
and 2.9% below a year ago.
products group declined 0.2%
1.4% decrease in prices of hides and skins and a slight
the
prices of shoes.
leather
pork,
73.3
62.6
1938
49.6
Cottonseed oil.....
and vegetable oils.
0.3% below the level of
The
cured
mutton,
-
Fats and oils
reported for calves, sheep, cotton,
lamb,
70.4
12,
10.8
higher for cheese (New York), wheat flour, apples (New York), oranges,
fresh pork, and pepper.
Lower prices were reported for butter,
flour,
Foods
25.3
1938.
rye
70.3
.
Ago
Feb.
were
bacon,
oatmeal,
Year
Ago
Jan. 14,
1939
steers, hogs,
Average prices for foods in the wholesale markets of the country rose
0.1% during the week largely because of a sharp increase in the fruit
and
Month
Week
Feb. 4,
1939
69.7
Group
group
subgroup and
wheat,
seeds,
pearuts,
Preced'g
Week
Feb. 11,
1939
Total Index
York), and oranges.
Feb.
Latest
Each Group
Bears to the
eggs, apples (New
This week's farm products index, 66.7, is 0.9% be¬
low the corresponding week of January and 4.9% below the week ended
were
(1926-1928=100)
s
unchanged
0.3%. lower than it
ago.
and poultry
22 declines and
COMMODITY PRICE INDEX
Cotton..
livestock
lemons,
"all
were
remained
point reached since the latter, part of August.
Higher
preceding week, there
second
*
.
reported in market prices for barley,
live
the
com¬
and
grains caused the farm products group index to decline 0.6%
lowest
in
21 advances.
advances;
of finished products remained unchanged at
the level ,of a month ago and 3.7% below a.
respectively.
for
ma¬
group
"all
-for
month
a
shows
raw
'
indexes
last
ago,
Compiled by the National Fertilizer Association.
•
commodities
from
year
a
down 0.5% and 2.1%.
0.1% below
is
and
ago
by 0.7% and 4.2% and semi-manufactured
are
index
year ago.
month
a
for
modity prices
The
Compared with
0.1%.
"
•
Twenty-£ive price series included In the index declined during the week
11 advanced;-In the preceding week there were 33 declines and 16
Board of Governors
that "department store
sales declined in January by slightly more than the usual
seasonal amount, and the Board's adjusted index was 88%
of the 1923-1925 average as compared with 89 in the two
preceding months.'" The index is shown below for the last
three months and for January, 1938,
In
an
announcement issued Feb. 8, the
of the Federal Reserve System, states
INDEX
TREND OF BUSINESS IN HOTELS
DEPARTMENT STORE SALES
OF
Feb.
Chronicle
Financial
944
JANUARY,
WITH
(1923-1925 Average
1938
100)
=
jVop.,1938
1939 Dec., 1938
Jan.,
88
89
89
69
156
99
Occupancy
or
Decrease
(—)
Rate
Percentage
Percentage of increase (+)
90
Without seasonal
Room
Sales
Jan., 1938
Adjusted for seasonal variation
Percent¬
70
adjustment
age
Same
New York
—2
—8
76
78
—7
—5
45
47
+6
+2
+9
62
61
+ 1
-16
—15
68
73
—9
—5
—9
—1
57
64
Stores
—7
-11
—3
60
64
—5
—7
—8
—5
70
75
—1
All others.............
Cities
Reporting
—2
—2
—2
63
64
—1
64
66
.
Included
Total..
—2
--v
.
...
50
30
—9
Boston
Philadelphia
58
28
26
:
51
+6
18
Atlanta
..
Chicago
:
86
—
Dallas
.,
—.
San Francisco..
40
27
18
21
10
.
+1
c
103
551
.
Electric Output for Week Ended Feb.
Above a Year Ago
3% below the total reported for the preceding
21% above the total for the corresponding week
of last year.
-
11, 1939, 10.5%
SUMMARY BY FEDERAL
Institute, in its current weekly
DISTRICTS
RESERVE
No.
power
Week Ended—
of
Centers
Federal Reserve District
industry of the United States for the
week ended Feb. 11, 1939, was 2,268,387,000 kwh.
The
current week's output is 10.5% above the output of the
corresponding week of 1938, when production totaled 2,052,302,000 kwh.
The output for, the week ended Feb. 4,
1939, was estimated to be 2,287,248,000 kwh., an increase
of 9.8% over the like week a year ago.
light and
.
re¬
port, estimated that" production of electricity by the elec¬
tric
-
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted to
$7,178,000,000, compared with $7,425,000,000 the preceding
week and $5,865,000,000 the week ended Feb. 9 of last year.
These figures are as reported on Feb. 13, 1939 by the
Board of Governors of the Federal Reserve System.
.
.
reported by banks in
as
/
bad the same number of
January figures preliminary; In most cities the month
or
week and
257
business days this year and last year.
The Edison Electric
000,000,
36
—2
—
Total
*
21
+3
—1
........
Kansas City
individual accounts,
to
leading cities for the week ended Feb. 8, aggregated $7,788,-
17
+ 1
Minneapolis..
Debits
31
.
34
+3
St. Louis
21% Noted in Bank Debits
26
25
Increase of
10
—2
.
'
12
30
—5
—
Cleveland
Richmond
Feb. 8,
Incl.
Feb.
Feb. 1, 1939
1939
17
439,965,000
15
3,665,113,000
454,631,000
3,655,278,000
3—Philadelphia
18
4—Cleveland
25
379,608,000
471,592,000
42.1,349,000
500,366,000
5—Richmond.
24
6—Atlanta
26
263,216,000
231,454,000
7—Chicago
41
8—St. Louis
16
1—Boston..
2—New York
Week Ended
Week Ended
1939]
Feb. 4,-1939
Jan. 28, 1939
Feb. 11,
Regions
18
231,877,000
183,731,000
12—San Francisco
29
573,497,000
282,323,000
241,126,000
1,074,523,000
230,560,000
136,243,000
244,538,000
192,537,000
612,876,000
274
7,787,739,000
8.046,350.000
9-r-Minneapolis
Week Ended
,
137,309,000
28
11—Dallas
PREVIOUS YEAR
EndedM
Week
Major Geographic
FROM
17
10—Kansas City..
PERCENTAGE INCREASE
Jan. 21, 1939
'
"16.3
New England
14.9
17.2
Middle Atlantic...l._
10.1
12.7
.
.
12.7
9.0
11.9
*
0.8
0.9
6.7
5.9
6.3
1.8
3.3
4.8
7.4
7.5
7.7
7.6
10.5
9.8
9.2
,
Rocky Mountain
Pacific Coast
...
•
*
.
FOR
(THOUSANDS
WEEKS
RECENT
OF
8.6
1929
1939
Dec.
10...
Dec. 17...
Dec. 24.
_.
Dec. 31...
1938
2,202,200
2,085,186
1,998,135
+ 5.6
+ 5.9
+ 13.3
+ 6.1
All merchant
shipping of 100 gross tons each and upward is
included in the returns, which show that last year's launch-
1,718,002
1,806,225
1,840,863
1,860,021
1,<337,683
1,510,337
1,518,922
1,563,384
1,554,473
1,414,710
,by Lloyd's Register of Shipping, covering
all maritime countries, except Russia, for which
authentic records have been available for some time.
no
2,133,511
2,242,916
2,278,303
2,274,508
2,080,954
+ 6.2
ings aggregated, 3,033,593 gross tons.
This is the largest
annual output for the world since 1921, but the figure is
300,000 tons lower than the production in the last pre-war
year,
1913.
From the statement made available Feb. 1
the following is also taken:
1939
from
1938
Only two of the ten leading maritime countries launched less tonnage
7......
14
2,169,470
2,139,582
+ 1.4
Jan.
2,269,846
in
21
2,289,659
2,292,594
2,115,134
2,108,968
2,098,968
2,082,447
+ 7.3
Jan.
+ 8.6
decrease of 38,000 gross tons was reported, and
2,052,302
+ 10.5
Jan.
Jan.
28
Feb.
4
Feb.
18
Feb.
25.
Mar.
4
2,287,248
2,268,387
11......
Feb.
-
c--
+ 9.2
1938 than in
1937,
Lloyd's
says
Register.
The greatest gain was made by Great
tons.
+ 9.8
United
For the
there
2,031,412
was an
States
a
for Japan one of 10,000
Britain »and Ireland,
110,000 tons, followed by Italy's increase of 72,000 tons.
2,059,165
.
of
one
For Germany
advance of 45,000 tons; for Holland, one of 56,000 tons; for
France, 21,000 tons; for Denmark, 27,000 tons; for Norway, 13,000 tons
2.035,673
...
were
returns from
1937
2,152,643
2,196,106
of merchant vessels
gross tons more
ment issued Feb. 1
1932
1936
1938
2,285,523
2,318,550
2,332,978
2,362,947
2,120,555
3-_.
6,433,827.00
launched during 1938 than in the previous year, says a state¬
from
Dec.
176,711,000
561,830,000
Launched
Nearly 350,000
KILOWATT-HOURS)
Change
1937
1938
121,774,000
Shipbuilding
Vessels
Percent
Week Ended
193,028,000
210,869,000
Statistics for 1938—Merchant
Throughout World Increased
360,000 Tons Above 1937—Total of 3,033,593 Tons is
Largest Annual Output Since 1921
Lloyd's
"
Total United States.
DATA
209,424,000
861,385,000
1.2
1.4
7.7
...
2,738,105,000
334,726,000
414,313,000
238,470,000
11.4
9.8
West Central
Southern States
Total
-
997,236,000
213,141,000
9, 1938
373,192,000
.
7.2
11.9
10.1
Central Industrial. :
+2
Pacific Coast..
of
Ago—
January*
Federal Reserve Districts
New York.
—3
Texas
Number
of
from a Year
(—)
68
—15
Cleveland
Number
Last Year Dec.
64
—5
-
Philadelphia
Washington..
Detroit
P. C. Change
of
(+)
or
—6
Chicago
RESERVE DISTRICTS
Month
—5
—3
City
This
taurant
Total sales in January were 2 % less than in the correspond¬
ing month of 1938.
The largest decline were in the Middle
Atlantic area, according to the Board, which presented the
following compilation:
inc.
Month
Res¬
Rooms
Total
REPORT BY FEDERAL
1939
18,
IN JANUARY. 1939. COMPARED
and for
Sweden/ 5,000
tons.
•
How the amount of tonnage launched in Great Britain-and Ireland, the
United States, and all the other maritime countries taken as a group,
Trend of Business in Hotels According to
Horwath—Total
Sales in January
Horwath &
Down 3% from
Year Ago
table, the figures representing gross tons:
*
•
others, started the new year off without showing any
decisive change in the general trend, but in a position to
make substantial gains once the economic situation bright¬
The firm added:
still there was nothing
were
optimistic in the results of the first month.
sales in January were down 3%, rates 1% and occupancy
groups
2 points.
and the miscellaneous group, all others,
Restaurant
business
fell
was
off
a
little
showed the
less
less than that in
than
same rate
of decrease.
business, and
room
In only
place, Washington, was the occupancy higher this January than last.
Rates held pretty well in
■
The tonnage launched in the United
gross tons
New York City, Chicago and the all others group,
one
States, during 1938,
ton of merchant
Lloyd's Register points out launched
Britain and Ireland were launching only about four tons to every one
the United States.
in
Before the
war
those for Great Britain and
Ireland.
rates.
All of the contributing hotels of that city showed declines in room
and restaurant
sales,
and
lower rates.
Indeed the sharpness of the rate
to
indicate rate-cutting.
The next
largest
Coast district, which has had small one6
months.
drop
was
5%
in
the Pacific
of only 1 and 2% in the last few
■
an
Ireland.
Last year
about 830,000 tons less than Great Britain and
Of the total of 3,033,000 gross tons
decreases in some cases, with only slight declines in occupancy, would seem
only 24,000 gross tons less than
only about one-eighth that of Great Britain and
1938,
This lead, however,
But in 1936 the American production
Ireland, as compared with 680,000 tons
drop of 9% in
the American output was about
that of Great Britain and Ireland.
by the United States in 1921, and never regained, although in 1932
launchings in American shipyards were
was
for
the ratio was about seven to one; but
1919, just after the close of the war,
two and a half times
lost
the
In the previous year, 1937, however, Great
the United States launched
a
on
shipping for every five tons sent down the ways
Any improvement in occupancy should have an immediate effect on the
Cleveland reported the largest decreases in sales and
38,137 tons constructed
...
and that is why the total for the country was within 1% of that a year ago.
rates.
2,690,580
States during 1938 included 149,175
built on the Atlantic Coast, and
The United
was
A small majority of hotels had lower total sales than a year ago.
one
the
1,530,313
3,033,593
World total..
in Great Britain and Ireland.
beverage sales.
239,445
'
about
Four
920,822
'
1,801,967
i.J,
Other countries
year,
made better comparisons than in December, four made poorer ones,
decrease in food sales
201,251
Total
of that this
1937
1,030,375
United States
sharp declines, and while leaders
do not expect a repetition
1938
.
L
J
Great Britain and Ireland
Great Lakes.
During the first half of 1938 there
of this and other industries
'
'
.
'
;
•
many
ens."
V
•
,
In their monthly survey of the trend of business in hotels,
Horwath & Horwath state that "the hotel business, like
has
compared for the last two years is shown by Lloyd's Register in the following
in 1937.
.
•.
.
launched throughout the world in
aggregate of 1,655,049 tons was built under the supervision of
Lloyd's Register, and intended for
therefore, supervised about
55%
classification with that Society. Lloyd's,
of the entire world's merchant shipping
production last year.
The 1938 launchings total included 204,256
for other countries than
gross
tons
of ships built
those in which these vessels were constructed.
represents a gain of about 65% over
the
i937
This
total, which was 124,342 tons.
Volume
Financial
148
Tanker tonnage launched in 1938 showed
total for
1937, Lloyd's reports.
gross tons over the
a
gain of about 18%
1937 figure.
.
Lloyd's shows the comparison in launchings of tanker tonnage during
the last two years in the following gross tonnage table:
1938
231,069
144,556
Germany
216,176
United States
115,608
98,194
176,147
143,654
Holland
or
reported gains in
42,892
71,374
32,096
increases in employment, in most instances, were either more
Other countries
3,073
World total.
769,744
907,053
731,022
nage
about 80%
by Lloyd's
down the ways during
1938, there
Britain
Register in the
following
.
.
ton¬
gross
1938
1937'
154,872
Denmark.
119,495
465,602
388,281
Italy.
85,613
Germany
370,327
332,138
United States
25,839
21,600
61,481
Holland
133,193
France—
14,630
18,544
Japan
229,517
211,854
214,415
Sweden
163,123
159,481
Other countries
About
vessels
1930
60%
the
was
largest
ever
by 240,000 tons.
in
year
The
1937.
1,823,399 1,511,789
composed of motor
was
1938 production of motor
reported, exceeding the previous high figure of
During 1938, Lloyd's returns show, 151 steamers and
ing in size from 6,000 to 9,999
125 such in 1937.
up,
each), 39
gross tons
down the
ways
last
Sailing vessels and barges launched last
an
increase of 10,000 tons
entire output
Again last
each,
were
motor
vessels,
launched,
rang¬
against
as
In the larger sized types of vessels (10,000 gross tons and
were sent
and machine shops,
year, as
year aggregated
57,651
gross
Less than 2%
tons,
of the
of merchant vessels, however, is represented by these craft.
there was an increase in the launchings of vessels fitted
year
1938,
built
as
advance also; 250,736 gross tons of these being launched
some
compared with 234,768 tons in the preceding
the Isherwood system of longitudinal
on
1938 aggregated 228,642 tons,
as
framing, the launchings for
against 335,094 tons for 1937.
Great Britain and Ireland continued to hold their lead
ducers of merchant shipping during 1938; but there were a number of changes
in
the
1937
relative
Great
production ranking of the other maritime countries.
Britain and
Ireland led their nearest
about 470,000 gross tons; and now hold
a
displaced Japan), of about 550,000 tons.
Japan by about 40,000 tons.
was
10 years.
now
having
4.6%;
In
tons.
3.4%;
drugs,
during the past two
France is tenth, 7,000 tons behind.
is show by Lloyd's
Register in the
gross tonnage table:
1938
,
Britain
and
and ice,
'
were
0.3%.
Among
Of all the merchant
and lumber and building materials.
The employment gain
of 2.4%, or 1,600 workers, in metal mines continued
February, 1938. Bituminous coal mines
took
Quarries and oil wells curtailed employ¬
on
ment
2,300 additional workers.
slightly less than seasonally. Anthracite mines had 1,300 fewer men em¬
mid-December
In
rose
than
in
mid-Movember,
by 0.3% and 4.3%, respectively.
building
construction
again
seven
to reports received from
Decreases
workers.
54,564
26,544
gram
the Reconstruction Finance
Corporation,
Federal, State and local governments.
expanded, but this gain
Reemployed
in
,
Non-Agricultural
In¬
dustries Since July
was a
non-agricultural industries in December, Secretary, of Labor
Frances Perkins reported on Jan. 24.
from which
which
normally
declines
at
-
manufacturing industries,
November,
some
In addition to the
.ndustries,
other
Federal
workers who
industries."
are
emergency
agencies
or
hired only during peaks of
facturing industries.
years
are
440,COO
additional
Smaller increases in employment
persons
were
were
In building the decline
nounced than usual in December.
not
of 0.7%
which
in
Index
was
(192,3-25=5=100)
Manufacturing
normally declines by about 1 %.
1937.
manu¬
average
large.
(1929=100)
,
Dec.,
1937
+0.7
—3.6
52.8
—1.8
1938*
Change from—
Nov.,
1938
—6.3
86.6
b
+ 3.0
„
b
Dec.,
1937
+ 2.9
b
„
Wholesale.
+ 0.5
—3.3
+0.6
—2.5.
98.5
+ 13,0
—1.9
80.0
+ 11.5
—0.7
146.6
+ 38.5
+ 0.5
126.4
+ 35.5
+2.5
85.9
+ 4.4
—2.9
70.4
+ 4.6
—2.0
Telephone and telegraph..
Electric light and
power
74.1
—0.4
—5.0
93.1
+ 0.1
—1.6
and manufactured gas..
91.5
—0.5
—4.8.
98.4
—0.2
—3.9
69.2
—0.5
—5.0
69.3
+ 0,8
—3.6
Anthracite
50.1
—1.7
—18.3
42.1
Bituminous coal
89.1
+ 0.6
—10.4
80.2
+ 16.3
—1.3
—15.6
Metalliferous
„
62.7
+ 2.4
—10.9
54.4
+ 5.7
—16.5
Retail
merchandising.
chandising
75.8
Public utilities:
In quarries,
Electric railroad & motorbus oper. & maintenance
Mining:
were
much less pro¬
The small decline in
Quarrying
mining
&
—17.9
non-metallic
41.5
—6.5
—5.4
34.3
—8.0
+ 2.8
67.8
—0.8
—11.4
62.8
—0.9
—10.0
Hotels (year-round)
Laundries
91.9
—0.6
—3.1
C81.2
—0.1
—1.7
93.4
—0.3
—3.7
80.2
+ 1.1
Dyeing and cleaning
98.1
—4.3
—
1.1
68.6
—7.1
0.0
Crude petroleum producing
Services:
—1.1
Brokerage
b
+ 0.2
—9.9
b
+ 0.5
—13.1
Insurance-.
The Bureau of Labor Statistics' index of
a
—
%
Dec.,
Nov.,
91.1
a
Index
'
Trade:
1938, although in December employment
It shows
These indexes
Other than general mer¬
factory employment (91.1% of the 1923-25 average) is above that for any
month during the past year.
12-month
Payrolls
Change from—
90.2
Class I steam railroads
Class I railroads laid off nearly 18,000
were not
%
1938
factory employment continued the succession of
began in July,
The three-year
Information for the non-manufacturing industries for
Dec.,
anthracite mining was contraseasonal.
The rise
shown below.
are
adjusted for seasonal variation.
General
The seasonal reductions in employment in crude petroleum pro¬
ducing, utilities, hotels, and laundries
increases
1937
prior to 1929 is not available from the Bureau's records.
1938*
employed in
dyeing and cleaning works, and private building construction there
substantial seasonal recessions.
manu¬
and selected non-
Employment
reported in metal and bitu¬
minous-coal mining, wholesale trade, brokerage, and insu ranee.
workers.
December,
Industry
Miss Perkins continued:
gain of approximately 50,000 workers in manufacturing
approximately
I steam-rillroads,
where available, and percentage changes from
facturing industries and class I steam-railroads, and the
gtores between mid-November and mid-December to handle the holiday
trade.
1938 and
•
v
and payrolls for December, 1938 for all
1923-25 is used as a base in computing the indexes for the
this
"Since July almost 1,200,000 workers have been
and
the WPA program
by the Department of Labor,
Secretary Perkins's remarks are taken also had
the following to say:
"The most significant
reemployed in non-agricultural occupations. These figures do
not include employees on projects of the Works Progress
Administration
on
.
unusually large expansion in retail trade,"
certain temporary
con¬
the PWA pro¬
as
The announcement issued
features of the December gain were the continued increase
an
slightly
than offset by reductions in road
for 1929 is used as a base in computing the index numbers of the non-manu¬
further increase of 200,000 in employment in
factory employment,
by regular appropriations of the
The number engaged
work/both Federal and State.
average
,
or
Employment in public building
more
was
facturing industries combined, class
1,200,000
was
in December was smaller than in November, but much larger than at this
time last year.
According to Secretary of Labor Perkins—About
increase of 4,4%
These reports do not cover public construction projects financed
47,290
»
an
by the Public Works Administration, the Works Progress Administration,
France..*,..
the
79,000
employing
geographic division with the
esception of the east south central States, where
183,509
Employment in December Increased by 200,000 Workers
activity in
contractors
451,121
was
Payrolls decreased 5.6%,
years.
9,282
reported in each
were
struction financed from Federal funds increased
tons.
Year-
smaller-than-seasonal
a
6.1% in employment, the smallest curtailment reported between
November and December in the last
Indexes of employment
sh& said.
reported
21,918
41,993
gross
this
The customary winter decline in working
131,411
1938, the largest
in
forces in public utility companies led to the release of 3,700 workers.
161,008
launched during
payrolls
round hotels reduced their ctaffs less than usual for December.
93,503
vessels
but
16.3%.
Laundries and dyeing and cleaning plants reduced their forces seasonally
166,464
.
and
lines reporting employment
food products, dry goods and apparel, chemicals and drugs,
158,430
Statistics by "Lloyd's Register of Shipping covering the
fourth quarter of 1938, were referred to in these columns
Jan. 28, page 499:
'
"
season,
farm products ,4%; paper and
Italy.......
Norway...
Queen Elizabeth, built in Great Britain, of 85,000
in
were:
the wholesale
the upward movement of the last four months and brought the employment
reported.
1 Q'17
239.445
United States
added
groups
3.5%; automotive, 1%; electrical, 0.7%; furniture, 0.7%;
paper products,
Denmark
239,845
'
and
1.3%;
Among the important wholesale
Sweden
Holland--'
There
2.9%; automotive,
employment gain of 0.5%
920,822
201.251
Japan
wood
contra seasonal
435,606
..1,030,375
480,797
441,720
Ireland--.
Germany-;
following
1 OQQ
1937
a
sharing in the increase in employment
according
.
"
■
Great
leads third-place
launchings has compared in these Various countries
years
coal,
trade
time since February, 1938.
decline of
Norway.
reported in the following lines
were also
6,400 employees to payrolls, which showed the largest number employed
at any
ployed
Italy,
How the volume of
substantially larger gain than the usual December
Jewelry, 18.9%; apparel, 12.7%; furniture, 5.3%; hardware,
wholesale
sixth-place Sweden; which, in turn, leads Denmark by only 8,000
which ranked tenth in 1937, is now eighth, 39,000 tons in
tons over
a
Pronounced gains
26%.
Private
front of ninth-place
the
food, 0.9%.
margin of 35,000
a
of 13% between mid-November and
in employment brought the December employment index
of retail trade:
industry
(now fifth); Holland
The United States has
15,300; sawmills, 7,700; beet sugar,
(146.6% of the 1929 average) to the highest level shown during the past
by
Japan is about 200,000 tons ahead of fourth-
lead of 38,000 tons.
a
canning,
In the general merchandising group, composed of depart¬
decade, and represented
In
competitor, Japan,
Germany
were
the most pronounced employment increase in this month during the
gain of 38.5%
lead oyer Germany (which has
place Holland, which has passed the United States
Automobiles, 23,400; foundries
level above that of any month since
the largest pro¬
as
compared with 0.3% in the
ment, variety, and general merchandise stores and mail-order houses,
For vessels
year.
follows:
were as
In retail trade the employment gain
and
declines
combination of steam reciprocating engines and tur¬
as
returned to employment between
was
mid-December reflected the expansion necessary to handle holiday volume
Vessels fitted with
in
0.7%,
rose
The manufacturing industries in which the
3,600; and men's clothing, 2,400.
and groceries,
a
were
Among the manufacturing industries showing comparatively
With steam turbines, 470,874 gross tons, as against 385,980 tons in 1937.
bines showed
pronounced
declines
11,900; shoes, 9,4G0; woolen goods, 8,900; cotton goods,
large seasonal declines
compared to 29 in 1937.
the figure for 1937.
over
The
payrolls.
the
4,400; agricultural implements, 3,700; book and job printing, 3,300; and
increase of
...
of
most
The most pronounced gains were in the durable goods
most substantial number of workers
last
of all tonnage launched last
compared with 56%
as
63,161
102,022
World total
while
.
Ireland
vessels,
smaller than usual.
63 reported increased
contraseasonal,
were
industries, in which employment
steel, 3,200.
1937
and
employment and
or
November and December
the 1937 total.
over
,
1938
Great
seasonal
.
increase of 312,000 gross tons, or about 20%
table:
than
non-durable goods industries.
Comparisons in the volume of motor ship tonnage launched during the
last two years are shown
Forty-nine of the 87 manufacturing industries surveyed by the Bureau
Italy
Denmark
For motor vessels of all types sent
was an
The Bureau's index of
2.9% above the December,
11,000
43,335
represented motor tankers,
was
71,841
Out of the total tanker launchings for 1938, of 907,000 gross tons,
tons
November, 1937, and
62,371
54,301
75,741
83,369
pronounced than the
addition of $4,800,000
an
1937 level.
1937
1938
Sweden
Japan.
0.4% and represented
factory payrolls for December, 1938 (86.6% of the 1923-25 average) reached
the highest level since
1937
Ireland
Great Britain and
usual seasonal increase of
in weekly disbursements to factory wage earners.
.
.
The gain of 3.0% in factory payrolls was much more
the
over
The increase amounted to about 138,000
945
Chronicle
b
+ 0.2
+ 2.4
b
+ 1.4
—0.2
b
—6.1
—14.9
b
—5.6
—10.9
Building construction
reduction of 3-6% from December,
*
c
Preliminary,
a
Source:
Interstate Commerce Commission,
Cash payments only; value of board, room, and tips cannot
b Not available,
be computed.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLLS
Adjusted to Census Totals lor 1935.
Manufacturing Industries
1938
1937
1938
1988
1937
1938
1938
1937
98.4
96.9
93.1
83.0
91.6
89.6
85.3
81.0
77.4
68.2
84.0
79.8
77.6
74.6
67.2
48.3
1938
Textiles and their products
•
96.3
86.8
Fabrics
74.6
79.1
80.5
82.8
81.8
96.6
93.7
90.6
77.2
Cotton small wares
65.7
66.6
55.1
64.5
55.1
Dyeing A finishing textiles..
90.3
74.4
Hats
>.
82.6
89.5
76.9
49,7
47.9
£9.8
60.1
86.0
84.4
89.2
Plumbers' supplies.........
72.6
73.0
71.9
134.1
133.4
67.8
Stamped and enameled ware
and hot-water beating
apparatus and steam fittings
77.3
65.0
92.7
86.6
82.8
92.2
"75.9
70.1
76.8
115:3
114.6
107.6
119.4
118.6
99.4
146.5
145.5
137.0
163.8
165.0
136.8
77,8
Hosiery..
...
Knitted outerwear—....
50.4
78.2
69.2
72.9
68.6
89.5
93.2
79.6
Knitted underwear
60.5
54.9
65.5
Knit cloth.
142.8
136.3
133.5
134.8
69.1
70.6
56.5
53.3
54.0
61.3
61.0
71*4
70.9
68.4
62.5
01.4
51.4
159.9
154.8
149.6
127.5
119.4
102.7
63.1
61.7
63.3
51.5
48.6
47.7
...
Silk and rayon
goods.......
Woolen and worsted goods..
Wearing apparel......
—
Clothing, men's............
Clothing, women's..—
83.4
78.4
63.9
71.0
63.7
111.9
112.0
109.3
83.9
78.1
74.2
96.8
98.1
91.1
67.9
63.1
55.5
160.2
158.5
101.7
106.9
51.7
74.6
78.9
74.0
62.7
53.2
163.4
113.3
60.7
72.1
54.0
60.1
63.1
Corsets and allied garments.
99.7
98.5
99.4
101.9
99.8
89.5
83.8
work.
Tin cans and other tinware
Tools (not including edge tools,
machine tools, files, & saws)
84.6
92.9
85.5
87.5
05.3
Men's furnishings...—....
147.2
149.2
130.8
143.0
151.4
110.1
Millinery.
Shirts and collars..
58.0
55.1
61.8
44 1
40 4
43.5
116.0
104.1
80 2
Machinery, not Including trans¬
portation equipment.......
Agricultural Implements (lncl,
tractors)..............
Cash registers, adding machines
and calculating machines—..
80.9
87.4
81.5
75.8
....
179.9
186.3
180.2
117.7
110.8
104.4
84.8
85.5
70.0
62 A
61.0
87.7
83.3
85.9
63.2
54.4
56.6
Leather
158.3
88.7
85.3
84.0
76.9
87.8
84.7
119.8
123.3
119.6
120.6
122.4
120.5
143.6
144.6
143.5
138.1
139.7
138.6
223.0
256.7
77.0
164.6
91.8
.89.5
112.9
104.9
96.6
167.7
134.6
135.4
146.1
....
Leather and its manufactures
89.3
83.9
109.9
113.8
95,0
179,3
Baking.;
;
—...
Beverages...................
229.2
222.9
118.5
119.7
144.9
Butter...........
95.0
90.8
99.0
85.0
103.3
91.8
101.9
Canning and preserving......
Confectionery...............
91.0
90.6
Flour.
78.1
69.1
.......
Food and kindred products
.
Electrical machinery, apparatus
83.7
and supplies...............
104.7
83.2
80.4
82.6
Engines, turbines, water whTs
83.5
86.3
and windmills...
96.2
91.6
97.3
81.9
78.9
100.3
76.1
70.6
92.9
119.9
117.6
.157.6
120.1
110.8
171.3
Rhdios and phonographs......
117.6
........
118.8
109.7
106.9
66.8
64.2
71.4
66.6
61.3
127.9
128.9
130.6
130.3
130.9
117.9
96.6
91,»
103.4
100.1
95.9
814.9
888.4
883.2
799.0
816.8
101.9
110.5
110.5
107.6
01.5
Cars, electric A Steam railroad.
Locomotives................
27.8
26.3
25.4
23.1
17.4
16.9
48.8
13.7
12.8
53.5
Shipbuilding..... ...........
101.0
96.6
110.8
109.3
94.2
121.6
.........
49.4
87.7
78.2
77.6
74.8
73.8
75.3
70.6
70.1
60.3
00.7
60.3
102.1
100.7
100.2
111.8
110.0
114.6
221.6
264.9
166.6
219.9
274.2
141.7
82.3
86.6
89.4
72.7
75.4
65.2
59.6
59.8
60.0
62.1
01.9
62.4
73.2
09.1
70.1
67.6
65.6
57.8
58.5
108.1
107.0
109.4
107.4
103.3
105.9
104.3
105.2
100.9
109.8
110.0
97.7
103.0
65.6'
Cigars and cigarettes..*......
Paper and printing.............
Boxes, paper
—...
Paper and pulp....!*........
Printing and publishing:
Book and Job
105.9
100.8
103.8
101.4
107.8
97.1
89.1
100,3
107.9
107.1
109.3
113.0
109.4
113.5
and
*
106.2
112.6
113.0
118.3
120,1
119.1
122.4
118.1
118.9
123.7
133.8
133.6
139.1
111.3
111.6
117.0
115.9
114.6
117.2
116.9
117.2
124.8
130.2
128a
131.4
112.8
116.3
131.4
95.2
100.1
116.2
109.2
109.7
114.5
120.2
119.6
123.6
82.7
82.8
89.3
95.1
91.7
98.7
90.4
90.3
86.9
151.6
144.6
148.0
142.6
Brass, bronze A copper products
Clocks and watches and time-
100.2
100.6
101.4
99.1
99.8
86.7
Other than petroleum refining.
Chemicals....—..—
Chemicals
recording devices*..——
Jewelry—...............
Lighting equipment
.....
83.6
85.0
100.2
84:1
87.6
99.6
97.2
101.0
92.0
85.3
82.7
79.4
93.1
91.6
93.0
83.4
83.4
73.6
Silverware and plated ware...
66.9
66.6
65.7
68.3
66.1
58.0
Cottonseed—Oil, cake & meal
Druggists' preparations.....
Explosives...,.........—.
72.5
71.1
80.6
68.2
65.8
79.4
Paints and varnishes
64,1
66.3
64.9
5£.8
56.2
51.2
80.1
79.9
81.8
67.6
65.0
63.3
64.9
62.5
44.5
44.5
40.6
...
78.5
90.6
70.8
65.2
81.2
112.4
117.2
115.4
113:8
113.5
311.2
312.8
314.5
302.2
302.7
294.0
88.6
88.9
87.6
89.5.
83.5
82.4
85.6
89.1
85.2
77.3
64.0
Rayon and allied productsSoap.
Rubber products
....
Rubber boots and shoes
'
4—
Sawmills......*...........
50,7
51.6
44.4
46.4
40.4
Stone, clay, and glass products..
Brick, tile, and terra cotta
70.6
71.6
72.5
63.7
63.9
59.9
Kl
Ol
KO
OA
AO
Afi
QQ
A
97.6
82.6
112.4
63.4
68.6
64.9
60.6
60.3
75.3
130.7
111.8
Fertilizers-.—
Smelting and refining—Copper,
54,1
97.3
'>
•
petroleum refining
Petroleum refining....
Furniture...—..—.... —
58.7
103.9
95.5
Lumber and allied products.....
.
Newspapers and periodicals.
and allied products.
60.1
143.2
......
81.5
66.9
94.9
Lumber:
84.9
65.2
139.6
zinc
90.2
84.2
Aluminum manufactures....
Non-ferrotis metals A their prods.
82.4
90.1
......
Tobacco manufactures
91.0
846.4
.107.7
Aircraft.....................
253.4
82.4
86.0
<
Chewing and smoking tobacco
and snuff.....
...
64.2
Typewriters and parts........
Transportation equipment......
264.7
77.4
.......
Slaughtering and meat packing.
Sugar, beet..
Sugar refining, cane
....
94.2
106.6
Textile machinery and parts...
71.4
80.3
——
112.8
Foundry A machine-shop prods.
Machine tools....
Automobiles.....
"
Boots and shoes.............
83.7
172.1
work
lead and
81.7
97.3
62.2
Stoves
.
67.8
70.9
105.5
82.3
79.1
Structural & ornamental metal-
Tpp
73.8
83.0
109.3
fur-felt
75.5
Steam
75.9
,
71.0
83.8
44.6
.
84.8
78.5
112.4
Knit goods...—...—•
82.7
—
86.1
87.1
104.0
90.0
66.1
Forglngs, iron and steel.....
Hardware
———
...
——...——
Carpets and rugs...
Cotton goods....
92.1
91.1
tools..
-
Non-durable Goods
87.3
Cutlery (not including silver
and plated cutlery), and edge
1937
Dec.,
steel works, and
rolling mills
Dec.,
1938
Nov.,
Durable Goods
Bolts, nuts, washers, and rivets
Cast-iron pipe.——.
—
Nov.,
1938
Dec., *
-
Iron and steel and their products,
not Including machinery
Dec.,*
Dec.,
Nov.,
Dec.,*
Dec.,
Nov.,
Dec.A
•"
Payrolls
Employment
Payrolls
Employment
18, 1939
IN MANUFACTURING INDUSTRIES
(Three-year Average 1923-25=100.0)
Manufacturing Industries
Blast furnaces,
Feb.
Chronicle
Financial
946
88.3
89.1
*\A 1
0*k.JL
Mill work,...
52.3
A
A
Q
A
Cement.....................
"
63.0
67.8
65.6
67.6
63.7
92.6
92.1
99.8
98.9
98,6
96.5
Marble, granite, slate A other
products
.....
—
Pottery...
42.3
42.9
44.6
31.4
30.7
32.5
79.6
80.0
79.-2
75.0
74.5
67.4
Rubber goods, other
...
67.2
66.1
73.8
79.1
135.2
.....
133.6
125.1
134.6
69.3
Summary
67.4
Glass....
Rubber tires and inner tubes...
<
91.1
...
94,6
80.6
84.1
84.2
82.2
91.7
80.6
78.3
81.0
98.6
Durable goods..—.*
Non-durable goods
90.5
83.2
AU Industries—
98.3
97.2
93.3
90.5
87.7
December, 1938, indexes preliminary, subject to revision.
Industrial Employment and Payrolls in Illinois During
December Increased for Fifth Consecutive Month
Industrial employment and payrolls in Illinois during
December, as compared with November showed increases of
2.9% and 4.1%, respectively, according to a statistical
analysis of the data Contained, in reports from 6,850 manu¬
facturing and non-manufacturing establishments reporting
to
the Division of Statistics and Research of the Illinois
Department of Labor. The following is also from the
nouncement issued by the Department:
The current
November-December changes represent
a
an¬
Statistics and Research show that the average November-December change
ber change in payrolls is an
average
increase of 0.3 of 1%.
November-Decem¬
'
The current December increases in employment and payrolls mark the
fifth
consecutive month
in
reported. During the first
which
increased
seven months
industrial activity has been
pf 1938, employment and payrolls
declined each month, from the level of the preceding month.
the downward, trend was reversed.
in the
number of male
workers, but an increase of 12.8% in the number of female workers em¬
ployed. Total wages paid to male workers decreased less than 0.1 of 1%,
While those paid to women were 11.0% greater in December than in Novem¬
ber.
.
Average Weekly Earnings-r-December
Weekly yearnings for
both
averaged $26.09: $28.88 for
sexes
men
combined in all reporting industries
In the manufac¬
and $15.94 for women.
turing industries, average weekly earnings were $26.25 for men and women
In the non-manu¬
facturing industries, weekly earnings averaged $25.82 for both sexes com¬
contra-seasonal
For the 15-year period, 1923-1937, inclusive, the records of the Division of
pf 1 %, and the
non-manufacturing classification of industrial enterprises, 2,397
workers combined; $28.86 for men and $16.51 for women.
increase in employment and a greater than seasonal increase in payrolls..
in employment is a decline of 0.1
In the
establishments reported a decrease of 0.6 of 1%
In August
During the last five months of 1938,
bined; $28.96 for male and $14.31 for female workers.
Changes in Man-Hours During December in Comparison With November
In
all reporting industries, 4,559 enterprises reported man-hours for male
worked
and female workers combined, and in those enterprises total hours
during December In comparison with Noveniber.
Hours
worked'in 3,806 establishments, reporting man-hours for male and female
increased 4.2%
workers separately, increased 1.0% for. male workers and
workers.
In
the
•'
manufacturing
3.8% for temple
"
classification
of
industries,
2,222. enterprises
reported an increase of 3.2% in total man-hours worked by male and female
workers*combined.
Within this classification. 2,098 establishments showed
employment and payrolls increased each month
over the level of the pre¬
increases of 1.5% and 2.9% in the man-hours worked by male and female
ceding month.
'
workers; respectively.
.
As compared with
'
"December, 1937, the December, 1938.,indexes for all
reporting industries show decreases of 8.2% in employment and 7.2% in
payrolls.
In other'words, for every 100 persons who were employed
in
December, 1937, approximately 92 were employed during December,
1938.
For every $1,000 paid out in wages during December,
proximately $928
were
paid out in wages during December ,1938.
1937, ap¬
The Index
of employment for all reporting industries
dropped from 84-9 in December,
1937, to 77.9 in December, 1938, while the Index of payrolls fell from 75.1
to 69.7 during the same period, (1925-1927
average=100).
Ten
reports of wage rate increases were received by the Division of
Statistics and Research during the month of December. Wage rate increases
affected the pay envelopes of 317 workers in
manufacturing and non-
manufacturing industries,
reported employed.
or
0.1
The weighted
reports of wage rate reductions
of 1%
of the total number of workers
average rate of increase was
were
12.7%.
Wages Paid According to Sex
Reports from 4,709 manufacturing and non-manufacturing enterprises
which designated the sex of their working forces showed increases of
0.4 of
1% and 3.2% in the employment of male and female workers, respectively.
1.9% while total wages
paid to female workers increased 5.4%.
Total wage payments to male workers increased
Within the manufacturing classification of
industry,
2,312 establishments
reported increases of 0.7 of 1%, and 0.3 of 1%, respectively, in the number
of male and female workers employed.
Total wages paid to men increased
2.5%, while those to
women increased
3.8%.
the non-manufacturing group,
this classification of Industries,
2,337 firms reported an increase of
of 1% in
man-hours worked by
'Within
1,708 concerns showed a decrease of 0.6
men,
but
an
increase of 7.4% in the total
hours worked by women.
Average actual hours worked per week in December by 478,555 workers,
in all reporting industries were 38.6 as compared with
or an
In the manufacturing group the average
were
37.6 in November,
increase of 2.7%.
38.0 in December
as
actual hours worked per week
compared with 37.1 in November, or an increase
of 2.4%.
In
per
the
non-manufacturing classification, the number of hours worked
week during December averaged 40.0, or an increase of 3.4%.
No
received for December.
Changes in Employment and Total
In
6.3% in total hours worked by male and female workers combined.
First Three Weeks of
National Industrial Con¬
Business Activity Leveled Off in
January,
According to
ference Board
Business activity has
leveled off in the first three weeks of
January, according to the National Industrial Conference
Board "Business Survey," issued in New York on Jan. 31.
In this review of recent
developments in the general business
picture,, it is brought out that industrial operations advanced
rapidly from May lo December, then eased off in many
industries, and now appear to be prQmising for the immediate
Volume
future.
Financial
148
The Board, in its announcement of Jan. 31,
Declines in cash values of their pay were noted in the groups
further
quarrying and non-metallic mining, between 1929 and December, 1938.
Automobile production reached 411,000 cars in December, compared with
390,000 in November.
Assemblies in January are conservatively
estimated
Wholesale
350.000.
Freight carloadings, seasonally adjusted,
consecutive month.
As
for rails and rolling
result,
a
stock, including
1926 base from
during the early months of the present
behavior
to 1937,
according to the latest analysis by the Statistical Division
Actual
recovery movement are in sharp contrast to the
of prices during the previous upswing from 1933
equipment—climbed to 147% of its
in November, 1938.
112%
while lagging behind awards, indicates that 1939
construction,
weU be the biggest
for building since 1930.
year
of
Department store sales in December nearly equaled the dollar volume of
those in
December,
down about 5%
Steel
production
'
•
has
output
shown
about
dropping
13%
risen; and miscellaneous
December,
early
since
orders repeated their normal seasonal decline.
with ingot
movement,
as
automobile
Scrap prices, however, have
of steel have been taking larger quantities
users
recently.
'
Treasury bond prices
York
New
Board Reports
Unem¬
ployment Reduced by 77,000 in December—Total
Unemployed Estimated at 9,952,000
The ranks of the country's
individuals in
77,000
issued
estimates
unemployed
In
December, 1938, according to the
by the Statistical Division of the
ber to
In
work
in
distribution and finance.
trade,
in
in
hired
were
December.
in
employment appeared in the service industries,
with
in
employment
chiefly
were
139,000; manu¬
less than is normal in mid-winter.
were
such
some
and
of
payrolls
out
that' in
a
The more normal decline
that month.
decline for
represents
a
furs, candy,
as
branches
continuation
the
of
trend
rising
in
factory
declines
in
of
the
jewelry, brick and cement,
silverware and
clothing
industry.,
laid off large numbers
few
A
plants
the
in
and
metals
of workers, but roost plants maintained
and
These
figures are based on preliminary tabulations covering 2,137 factories
which report regularly to Dr. E. B. Patton, Director of the Division of
fairly
for
Agriculture,
numbers
Index
employment.
stable
of
employment
factory
payrolls for the State as a whole were 79.8 and 74.2, respectively.
Instance, reported 603,000 fewer workers in December, a decline slightly
In transportation, 20,000 fewer workers
listed; in forestry and fishing, 7,000 fewer; in public utilities, 4,000
fewer; and in the extraction of minerals,
5.7%
pointed
Miller
recission period and that
7.2% from the previous month,
midst
the
mills, coupled with seasonal curtailment in a number of indus¬
textile
tries
industries
seasonal.
in
were
the usual
believes,
the
Other gains
employees in December than in November.
Decreases
Commissioner
statements
we
which began during the last half of 1938.
Outstanding factors in the January reduction were sharp
facturing, with 68,000; and miscellaneous industries and services, 20,000
more
con¬
employment
\
Building_construction continued to pace Industrial advances, as 131,000
workers
1.7% for
statement
The
payrolls.
for
employment this January with a less-thamaverage decrease in payrolls,
she
slowly from September to the end of November, then spurted as retail sales
construction
2.7%
dropped
employment
activities, closely allied with retail trade, the employment total climbed
additional
1938,
several times
In these
rapidly during the Christmas season.
and
these
issuing
December, from 44,175,000 employees to
January,
to
Feb. 9 by
tinued:
174,000 additional workers, as total employment rose
women
higher, according to a
Industrial Commissioner Frieda
than 7^%
were more
January over the last 24 years have been
employment
Featuring the December upturn in employment was the hiring of 409,000
rose
payrolls
S. Miller.
Compared with December, employment declined
1.8% and payrolls 2.1%. The average declines from Decem¬
44,306,000.
and
January, 1939, factory employment in New York State
almost 4% greater than it was in January a year ago,
statement issued
Unemployment de¬
November to 9,952,000 in
December, a drop of nearly 1%.
The Conference Board's
announcement, made public Jan. 27, continued:
0.3% from November through
Employment and; Payrolls
Above Year Ago
Factory
and
reduced by
were
State
was
National Industrial Conference Board.
men
during the
In
Increased During January
clined from 10,029,000 jobless in
Industry hired
the
the highest level since February, 1937.
are at
National Industrial Conference
latest
While
December this index was 1.6%
By contrast, it was added, the upsurge
of industrial output at the end of the 1929-33 depression
was followed immediately by advances in the prices of certain
major groups of commodities, notably raw materials.
eight months.
below the May level.
same
the chief reactionary
Conference Board.
Industrial
commodities" price index of the United States
Labor Statistics declined almost continuously
Newspaper lineage has led
beginning to reflect improved conditions.
in this advance.
National
December, 1938, the Board explained, the wholesale "all
Bureau of
*
advertising, which usually lag behind business activity,
on
the
index of industrial production advanced 37% from May to
satisfactory total considering that prices are
a
.
Expenditures
are
1937,
from
Wholesale prices
The index of machine tool orders—watched closely as an indicator of the
readiness of industralists to buy capital
Declined
While Industrial Production
number of Diesel-electric switching
a
Prices
May to December
Advanced, According
to National Industrial Conference Board—In Sharp
Contrast to Previous Recovery Movement
in December for the fourth
rose
railroads have placed sizable orders
some
engines.
may
of workers
engaged in dyeing and cleaning, retail trade In general, wholesale trade, and
reported:
at
947
Chronicle
Statistics and Information
1,000 fewer employees than in
of the New York State Department of Labor.
November, 1938.
The
preliminary estimate
3.398,000
sented
workers in
of those
unemployed in
December Includes
Government emergency labor force,
the
panying
analysis of employment * figures is
table,
together
accom¬
unemployment
September, 1938.
UNEMPLOYMENT AND
EMPLOYMENT
(In Thousands)'
/
.
,
.
"
1938
4
1933
1929
Dec.,
January
loss
in
Sept.,
Oct.,
Nov.*
Cities
.
*
.
sufficient
net rise, of 2%
and
payrolls in the Albany-Schenectady-Troy district.
factory
shops,
relatively greater
was
in
Dec.,*
repair
employment
equipment
1937
March
Average
•
in New York
City than in the up-State area due largely to the more highly seasonal
character of many of the industries located there.
Utica showed a big
drop in employment and payrolls because of a decline in the cotton textile
industry and a seasonal lay-off in one plant in the metals group.
In
Rochester gains in the shoe and men's clothing industry helped to raise
employment slightly above the December level.
In Binghamton-EndicottJohnson City there was practically no net change for the month.. Gains in
the
machinery and electrical apparatus industry and in
the railroad
*■
provided in the
the comparative totals for
with
•
The
by the Civilian Conservation Corps., the Federal Projects Works
A detailed
since
r»
as repre¬
Program and the Works Progress Administration.
Losses Smaller in Up-State
.
were
to, cause
a
Employment
Syracuse
469
14,706
9,335
9,902
Employment total
47,885
35,940
44,279
44,195
44,319
44,175
Agriculture
10,539
9,961
10,045
11,547
11,254
10,675
wiped out by losses in the knitting mills.
Inv'Buffalo and
most industries reported some slackening of activity between
December
and
gains
44,306
were
10,072
Unemployment total
a
9,832 10,029
9,952
267
136
181
197
194
188
19,102
10,980
15,482
15,263
15,577
15,775
15,949
1,067
645
848
724
748
755
754
11,064
6,980
10,038
9,558
9,716
9,869
3,340
941
1,691
2,156
2,267
2,326
9,937
2,457
1,549
1,924
1,880
1,903
1,885
1,865
865
981
943
944
939
December, 1938, to January, 1939
181
~
Extraction of minerals.
935
and fishing.:...
Forestry
industry
Total
•
—
M anufacturing
....
Construction
Transportation
...
1
Public utilities
Trade,
distribution
1,167
.
,
'
■
....
6,407
7,910
7,233
7,293
Employment
Blngbamton-Endicott-Johnson City—
Albany-Schenectady-Troy
8,960
7,752
9,734
9,071
9,105
704
928
884
896
908
industries
and services
9,408
Real
weekly earnings in all manufacturing industries were.
6.5% higher in December, 1938 than in 1929, according to a
recent analysis prepared by the Statistical Division of National
Industrial Conference Board.
changes in the prices of the goods a worker buys—food, housing,
clothing,
durable goods, real weekly earnings were
Workers in those companies
making non-durable goods ware earning 6.7% more.
The greatest advance in real weekly earnings was among
telephone and
telegraph company employees, whose pay envelopes had 46.6% more value
December,
earnings
gas,
were
1938,
than in
1929.
Other industries where real weekly
higher included electric light and power and manufactured
25.5% higher in December; Class I railroads, 25.7% higher in No¬
vember; electric railroads and motorbuses, 16-8% higher in December, and
crude'petroleum producing, 8.1% higher in December, 1938, than in 1929.
Small
gains
in real
weekly
earnings
also
appeared among employees
working In year-round hotels, and general merchandising, and wage earners
working in metal mines and laundries.
'
f
•
—8.2
'
4
of
Report
^
Lumber
1
...
Movement:
.V
Week Ended
lumber industry during the week ended Feb. 4, 1939,
The
53% of the 1929 weekly average of production and
66% of average 1929 shipments. Production was about 72%
of
the
corresponding week of 1929; shipments, about 77%
week's
of that
shipments;
week's orders, according to
Association
new
orders, about 70% of that
reports to the National Lumber
from regional associations cov¬
ering the operations of important
mills.
of
softwood and hardwood
Reported shipments and new business were both
than
greater
less.
sundries.
7-9% higher in December, 1938, than in 1929.
—2.5
—7.2
...
Manufacturers
reported:
the purchasing power of the employee's
envelope in terms of changes in the cost of living, that Is,
In the industries manufacturing
—2.5
stood at
'
fuel and light, and
+ 2.0
—2.2
.....
Feb. 4, 1939
National Industrial Conference Board
pay
■
Weekly
Feb. 14 further
*
—2.7
Utlca
Weekly Earnings in Manufacturing Industries 6.6%
Higher in December than in 1929, According to
weekly
City
—2.0
928
-
Real weekly earnings represent
+ 0.2
+0.3
.—1.0
Syracuse
'
♦
on
+ 0.8
.
4
—1.4
New York
Preliminary.
The Board
Payrolls
+ 0.6
7,768
7,359
9,269
1,011
Service industries
v
Buffalo.
8,007
Miscellaneous
*
2,465
City
and
finance
in
January.
in
3%
week; production was 5%
15% above the corresponding week
the preceding
New orders
were
Reported production was 25% above last year's
shipments were 15% above.
For softwoods: pro¬
1938.
.week;
28%
15% greater than in correspond¬
ing week of 1938.
New business (hardwoods and soft¬
woods) was 20% above production and shipments were 21%
above output in the week ended Feb. 4.
Reported produc¬
tion for the five weeks of the year to date was 31% above
corresponding weeks of 1938; shipments were 16% above
the shipments, and new orders were 10% above the orders
of the 1938 period.
The Association further reported:
,
duction, shipments and new orders were, respectively,
greater, 15% greater, and
.
Financial
948
1939, 529 mills produced
During the week ended Feb. 4,
of softwoods
and hardwoods
173,048,000
combined; shipped 209,609,000 feet;
booked-ordeis of 207,127,000 feet.
Revised figures for the preceding week
were:
Mills, 549 ; production, 181,210,000 feet; shipments, 204,176,000
feet; orders, 200,394,000 feet.
All regions but Southern Cypress and Northern Hardwood reported new
orders above production in the week ended Feb. 4, 1939.
All regions but
Southern Pine, California Redwood, Northern Hemlock and Northern Hard¬
wood reported shipments above output.
All regions but Southern Cypress
reported orders above those of corresponding week of 1938.
All regions
except Southern Pine reported shipments above last year, and all except
Northern
Pine,
Northern Hemlock, Southern Hardwood and Northern
Hardwood reported production above the 1938 week.
Lumber orders reported for the week ended Feb. 4, 1939, by 446 soft¬
wood mills totaled 197,876,000 feet, or 22% above the production of the
same
mills.
Shipments as reported: for the same week were 199,899,000
feet, or 23% above production.
Production was 162,839,000 feet.
Reports from 104 hardwood mills give new business as 9,251,000 feet,
or
9% below production.
Shipments as reported for the same week were
9,710,000 feet, or 5% below production.
Production was 10,209,000 feet.
AS
Mill
Identical
February ...1,012,305,492
March..
feet, and a year ago it was
126,678,000 feet; shipments were, respectively,
198,704,000 feet and 172,842,000 feet ; and orders received, 196,754,000
and 171,745,000 feet.
In the case of hardwoods, 91 identical mills
feet
8,501,000 feet and 9,667,000
shipments, 8,083,000 feet and 6,234,000 feet, and orders, 7,457,000
reported production last week and a year ago
feet;
and
feet
October
1.106,521,475
1,164.568,870
867.737.238 1.217.156.358
...
June
August
1,019,141.962
932,526,760
904,154,673
...
May
...
November..
December
356,300 Units
A decrease
vehicle shipments was in¬
of January as compared with De¬
of 12% in motor
dicated for the month
estimate of the industry's opera¬
cember in the preliminary
tions, according to the figures contained in the February,
1939, issue of "Automobile Facts," a publication of the
Association.
industry's January volume
On the basis of this estimate the industry's
Automobile Manufacturers
The Association estimated the
units.
operations in January were 57 % higher than the corrsponding month of last year.
The Association's report is summarized as follows: January,
1939
356,300; December, 1938, 407,016; January, 1938,
,
227,152.
■
.
6,159,000 feet.
.
.
January Newsprint Output in Canada
The dollar/volume of retail
of 8.6%
increase of
duction Above Last Year
financing fop December, 1938
organizations amounted to $99,419,283,
for the 456
an
in¬
when compared with November, 1938; an
9.6%
as
compared with December, 1937; and
a
compared with December, 1936/ The
wholesale financing for December, 1938 amounted
decrease of 32.9% as
volume of
to
$163,508,239,
an
Below Year Ago
Pro¬
—Shipments Increased 19.5%—United States
Automobile Financing in December
crease
1,248.800.302
1,266.953,395
1,253,926,346
1,212,121,145
1,172,679,716
1,120,226.640
January Sales at
Group Estimates
Car-Makers'
S
S
838.516,497
806.713,720
765,892,109
721,982,338
710.882,434
706,847,563
July
967,096,723 1,056,017.095 September..
...
April
at 356,300
Reports
production of 435 identical softwood mills was 161,834,000
$
...1.064,815,488 1,027.526,044
January.
1937
1938
1937
$
*
week's
IDENTICAL ORGANIZATIONS
REPORTED BY 224
1938
1939
18,
OUTSTANDING END OF MONTH
RETAIL AUTOMOBILE RECEIVABLES
feet
Last
Feb.
Chronicle
increase of 25.1% when compared with
during January
Newsprint production by Canadian mills
208,382 tons, compared with 209,753 tons in Decem¬
and 222,500 tons in January, 1938, according^ to the
totaled
ber
of Canada.
January shipments
against '225,472 tons in December
Association
Newsprint
amounted to 201,852 tons
and 168,960 tons a year
ago,
19.5% increase.
United States production
a
being
the latter comparison
for the year
77,264 tons during January
72,514 tons
in January, 1938.
Shipments by United States mills in the
latest month were 72,967 tons against 77,974 tons and 61,€>95 tons, respectively,' a month and a year ago.
The fol¬
lowing bearing on the Bureau's report is from the Mon¬
47.5%
treal "Gazette"
November, 1938; an increase of 17.6% compared with Decem¬
ber, 1937;,. and a decrease of 11.9% as compared with De¬
cember, 1936.
The wholesale financing reported by these 456 organizations
1938 amounted to $990,942*919, a decrease of
compared with 1937, and a decrease of 41.8% as
compared with 1936, and the volume of retail financing
amounted to $1,010,864,033, a decrease of 41.3% as com¬
pared with 1937*, and a decrease of 41.1% -as compared
as
with 1936.
'
.
The volume of retail automobile receivables
outstanding
reported by the 224 organi¬
zations, amounted to $706,847,563.
These 224 organizations
accounted for 94% of the total volume of retail financing
($99,419,283) reported for that month by the 456 organi¬
at the end of
zations.
December, 1938,
as
month's
of
Figures of automobile financing for the month of November
published in the Jan. 21,1939, issue of the "Chronicle,"
page 352.
•
,
:
The following tabulations show the volume of financing
for the 12 months of 1938 and 1937, and the amount of
automobile receivables outstanding at the ■ close of each
month, January, 1937 to December, 1938, inclusive.
The
figures are as reported to the Bureau of the Census, of the
Department of Commerce.
,
AUTOMOBILE
FINANCING
Summary for 456 Identical Organizations (a)
Retail Financing
Wholesale
Used and
Financ¬
Year
ing
and
Volume
Month
New Cars
Total
Volume
Volume
in
Unclassified Cars
Volume
Thousand
Number
in
Number
in
Number
in
Dollars
of
Thou¬
of
Thou¬
of-
Thou¬
Cars'
sand
Cars
sand
Cars
sand
■
Dollars
Dollars
Dollars
,
81.069
175,292
68,669
53,816
34,141
121,476
127,237
180,867
73,135
180.953
69,592
53,716
34,224
March
91,230
256,579
96,381
75,712
46,999
April..
95.868
240,457
93,820
78,379
49,372
162.078
85,744
246,499
94,917
.
May
34,528
35,369
49,383
44,449
September
....
October
46,202
168,869
171,173
82,633
64,500
40,880
154,447
229,692
86,552
66,G39
42,101
163,653
41,753
44,451
183,542
67,240
47,894
30,53i
135,648
Shipments represented only 57.9%
for the past month
highest for January in the history of the • industry, being
only in 1937 and 1929.
The rise in shipments reflected prin¬
59.3% in December, 65.4%
a
year ago.
capacity, against 47.9% a year ago, but the' total
was
third
the
exceeded
heavier purchases
cipally
seas
sales
ican mill
stocks for the month
and
Production
year
for
domestic
being well under a year ago.
181,118
67,252
50,332
31,849
130,786
is 19,005 tons.'
"»
States
mills
while the Newfoundland operations showed little
ago,
above
well
were
changel
a
"
,
326,316 Short Tons of Sugar Received by United States
from Off-Shore Areas During January
The Sugar Division of the Department of Agriculture on
Fob. 7 issued its first monthly report on the status of the
1939 sugar quotas for the various sugar-producing areas
supplying the United States market.
The sum of these
quotas represents the quantity of sugar estimated, under the
Sugar Act of 1937, to be required to meet consumers' needs
during the current year.
The report shows that the quan¬
tity of sugar charged against the quotas for all off-shore
areas, including the full-duty countries, during January,
amounted to 326,316 short tons, raw value.
For the corre¬
sponding month last year charges against the off-shore
areas
totaled 346,128 short tons, raw value, said an an¬
nouncement by the Agricultural Department, which con¬
tinued:
The report
includes
for entry before Feb.
sugar
from all areas recorded as entered or certified"
Statistics for foreign countries other than
1, 1939.
86,448
91,362
53,429
57,245
135.079
146,244
The figures are subject to change after final outturn weight
and polarization data
L)ata
on
the
221,527
91,564
163,508
b237,606
99,419
46,616
during January
January
158,936
264,751
107,537
109,568
63,665
155,183
43,872
127,388
264,707
104,064
98,313
57,612
166,394
46,452
0
.
available/
199,022
182,102
424,100
172,409
184,280 106,175
181,344
193,527
464,199
190,655
187,759 108,927
201,170 117,532
239,820
261,335
66.234
449,094
263,029
73,123
75,406
during the first month
follows:
.
,
/
•,
.
.
1939 Sugar Quotas
Established Under
Area
Amounts
Latest Regulations
.
Charged
Against Quotas
Balance
Remaining
Cuba,....'..
1937—
March
.....
May
72,417
June..
180,318
469,482
200,000 118,322
269,482
July
172,145
421,035
174,155
181,139 106,865
Jugust
161,539
393,424
162,783
166.372
99,000
239,896
227,052
77,760
320,652
130,690
127,486
76,945
193,166
October
134,010
265,553
109,256
105,480
64,612
160,073
160.947
246,806
103,361
98,710
60,882
138,979
215,953
90,678
80,556
51,297
148,096
135,397
42,479
December
40,049
1,052.854
815.810
237,429
958,994
16,069
9,115
0
9,115
27,004
516
26,488
4.818.080
326,316
4,491,764
Puerto Rico
Hawaii..
Virgin Islands
(year).
193,728
67,290
39,382
1,886,677 4,199,756 1,720,664 1,740,833 1031839 2,458,923 688,826
than
Cuba
Total
Direct
1,518,005 3,916.422 1,567,880 1,734,501 1005984 2,181,921 561,895
165,823
185,578
347,339
97,119
148,100
181,516
50,981
(year). 1,703.58314.263.761 1.715,981 1,900.324 1103104-2,383,437 612.876
Of these organizations. 37 have discontinued automobile financing,
38.4%
were new czrs, 61% were used cars and
0.6% unclassified.
578,381
942.925
Direct
consumption
sugar
Consumption Sugars
is included in
included in total quota for each area.
the above amounts charged
consumption sugar quota is
The following tabulation indicates
consumption sugar quotas and charges against such quotas
99.8 degrees and above
The last column shows the
The separa¬
during January, showing separately sugar polarizing
and sugar
polarizing less than 99.8 degrees.
balance available for entry during the
b Of this number
.
against the various quotas, since the direct
the 1939 direct
1936—
Jan. to Nov...
1,914.254
1,020,601
32,253
Foreign countries other
44,643
November.....
1,954,303
Philippines...
63,782
53,745
September
December
not yet
(Tons of 2,000 pounds—96 degrees)
818,797 515,574 1,797,557 495,289
February.
are
The quantities charged against the off-shore areas
of the year and the balances remaining are as
38,135
990,942 2,616,354 1,010,864
April
for all importations are available.
charges against the quotas for the, continental sugarcane and
sugar beet areas
42,173
130.677
December
(year).
Feb. 1, 1939.
35,403-
November
a
and United States account, over*
The indicated rise in North Amer¬
by United
shipments
36,706
63.869
August
-77,630
72,969
46,323
92,818
218,947
28,500
i.
244.142
61,279
41,845
July....
48,594
74,212
June.
Total
59.8% of current capacity, against
Cuba also include certifications for entry of sugar which was in transit on
1938—
January
February.
Total
13:
Feb.
production represented
/
were
Total
The
of
was
compared with 75,855 tons in December and
as
remainder of the year.
tion of sugars into polarization groups is
based on reports of tjie outturn
weight and polarization for each cargo of direct consumption sugar entered
against the quotas.
Volume
Financial
148
949
Chronicle
ported by the American Consulate at San Salvador and
made public by the Department of Commerce on Feb. 10.
QUANTITY CHARGED AGAINST QUOTA
(In Short Tons—96 Degrees Equivalent)
It
further stated:
was
Sugar Polar¬ Sugar Polar¬
The United States
1939
Total
Balance
Degrees &
Than 99.8
Charges
Remaining
Above
Cuba
izing Less
Quota
Area
izing 99.8
Degrees
1,061
373,939
5,279
17,338
108,695
10.79%
was
28,814
76,694
Canada
were
Hawaii
29,616
802
0
802
Philippines
80,214
3,338
182
3,520
Total
to
raw
value, charged against the quota for foreign
Cuba is the total
other than
countries
made during the first
of charges
countries,
during January and the amounts
The following table shows, in pounds, the 1939 quotas for those
the
charged against the quotas
amounts
which may be admitted during the remainder
•
,
year.
(In Pounds)
"
,
of the
,
..
Chyrged Against
Area
"
.
Remaining
311,721
China and Hong Kong
6,750
362,342
362,342
Guatemala
Peru
_
.
.
,
379,399
United Kingdom.
0
500,000
27", 625
resolved that the resolution of the Board adopted at its meeting
was
providing for
a
vote of the members on the adoption of the new
It was further resolved that the
contract to be held on Feb. 28 be rescinded.
resolution
472,375
1,031,538
52,976,462
reserve
of Managers of the New York Coffee and
Sugar Exchange, at a special meeting held on Feb. 15, re¬
ceived a petition from a number of the members of the coffee
trade in which it was suggested that "further investigation
and study"—of the proposed new coffee contract "A"—
"would be to the best interest of the Exchange."
After'
consideration of the petition, an Exchange announcement
said:
j.'
Board
of Jan. 25
40,201,106
54.008,000
Unallotted
adopted
the same meeting prohibiting trading in the
at
*
In accordance with Sec. 212 of the Sugar
sugar, raw
cinded.
Act of 1937, the first 10 short tons of
value, imported from any foreign country other than Cuba, have not
15,771; Australia, 221; Belgium, 318,423; Brazil, 1,295; British
Malaya, 28; Canada, 61,0,433; Colombia, 289; Costa Rica, 22,285; Czechoslovakia,
284,875; Dominican Republic, 7,214,858; Dutch West Indies, 7; France, 189:
Germany, 126; Haiti, Republic of, 997,126; Honduras, 3,713,814; Italy, 1,895;
Japan, 4,337; Mexico, 6,526,095; Netherlands, 235,716; Nicaragua,. 11,058,456;
Salvador, 8,881,104; Venezuela, 313,763.
19,927 pounds have been Imported from
Mexico, 321 pounds from,Sweden and 302 pounds from France, but under the pro¬
visions of Sec. 212 or the Sugar Act, referred to in the footnote (*) above, these
Importations have not been charged against the quota for foreign countries other
Argentina,
than Cuba;
Refined sugar exports by the
United States during 1938
compared with 62,671 tons
during 1937, k decrease of 7,468 tons or approximately 11.9%,
according to Lamborn & Co., New York.
The firm's an¬
totaled
long
55,203
nouncement further
tons,
as
stated:
The refined sugar exports
during 1938 went to more than 50 different
countries, while in the previous year Over 60 countries were
list.
The United Kingdom topped the list in
followed by Panama and Holland with 4,409 tops and
In
included in. the
1938 with 31,735 tons, being
3,253 tons respectively.
1937, the United Kingdom with 33,329 tons also headed the list, while
Holland
Colombia and
with
9,477 tons and 3,663 tons, respectively, fol¬
lowed:
•
■
Income
received
in
graphic presentation of tha sensitivity of sugar prices to
developments at Washington during the past two years, in
the form of a chart, is being distributed by Lamborn & Co.,
New York, sugar brokers.
The chart depicts raw and re¬
fined sugar prices in the United States starting with January,
1937, when Secretary of Agriculture Wallace at a press con¬
ference advocated an excise tax on sugar of Yz to 1 cent per
pound.
The important Washington'statements, announce¬
ments, and the progress of legislation in so far as they affected
the sugar industry during the past two years ara shown, ac¬
cording to the firm's announcement, which further stated;
•
The high price
two year
1937.
for
interval
raw sugar,
was
duty paid, in the United States during the
3.96 cents
per
pound and was established on Jan. 4,
The low price of 2.65 cents per pound was recorded on
May 23.1938.
Today's quotation is 2-75 cents per pound.
The high quotation
5, 1937.
The low price was 3.679 cents per pound (Aug. 1, 1938), which
'
prevailing today.
♦
„
1939 Estimated Below Average
Annual
Panama's
t
'
'
Panama Coffee Crop for
•
Production
1939 coffee crop
quintals, a considerable reduction compared with the average production of 19,000 to 20,000 quintals, according to
the Central Bank of Panama reported to the
Department of Commerce by the office of the American
Commercial Attache at Panama City.
The shortage of the
annual
estimates by
said to have been caused by excessive rains and
heavy winds which prevailed in that country during the
blooming season, the Commerce Department report of
Feb. 10 stated, which also went on to say:
crop was
Panama's
domestic
requirements
for
coffee range between
20,000 quintals annually, including the amount sold to
Zone.
There
was
no carryover
19,000 to
the Panama Canal
of stocks from the 1938 season and at the
1,000 quintals were imported to meet
domestic demands, it was reported.
Local observers estimated that Pana¬
ma will be compelled to import an additional 4,000 to 5,000 quintals of
coffee in order to meet requirements until the 1940 crop is picked.
beginning of the year approximately
from El Salvador in 1933 Totaled 882,742
Bags—United States Purchased 562,855 Bags
Coffee Exports
Exports of coffee from El Salvador during 1938 totaled
882,742 bags (132 pounds each) valued at S9,511,475> ac¬
cording to unofficial preliminary statistics compiled
and
re¬
including
was
December the
been prepared annually by the Bureau
Cash farm income estimates have
$10,479,000,000 in 1929.
1932 to
of
sales
$4,328,000,000 in the depression year
The estimates include receipts from
products, Government payments to farmers during the
and —for 1937 and 1938—loans, minus redemptions, on
They have ranged from
since 1924.
farm
year,
\
.
and unredeemed loans on cotton,
income from farm marketings
Cash
$7,150,000,000 in 1938 and $8,208,000,000 in 1937.
13% in income from marketings resulted from a decline of
wheat, and corn totaled
income from livestock and live¬
$482,000,000 com¬
18% in income from crops and a 9% drop in
Government payments in 1938 totaled
stock products.
1937, an increase of 31%, which helped to
income from farm marketings.
Total cash income,
pared
with $367,000,000 in
offset
the decline in
11% lower in 1938 than in
including Government payments, was
Sale of Products Below
December Farm .Receipts from
Year
in All Regions of Country,
of Agricultural Economics
r
Ago
Bureau
sale
the
from
Receipts
December
smaller
were
1937.
♦
.
principal
of
than
a
Reports
farm products in
earlier in all major
year
regions of the country, the Bureau of Agricultural .Eco¬
nomics, United States Department of Agriculture, reported
on Feb. 7.
Decreases ranged from 1% in the Western States
25%
trend of
The
reported:-
'
receipts in the North Atlantic
States during 1938 has hot
different than that of the two preceding years, and income
recent months has been only slightly lower than that of 1937 and 1936.
The earliness 'of the movement of the 1938 cottoii crop is reflected in
been
in
Bureau's an¬
The
States.
Central
South
the
in
nouncement further
the
greatly
of
trend
the
i»
receipts
August to October the
From
will amount to only 12,000
income,
$613,000,000 compared with $675,000,000 in December, 1937, and $660,000,000 in November,
1938.
In its announcement of Jan. 20 the Bureau also had
the following to say:
/
York, excluding tax, was 4.90 cents per pound and was recorded on Jan.
is also the quotation
farm
Income from farm marketings in
1936.
to
-
during the two-year period for refined sugar at New
cash
total
a
Bureau estimated at
The decline of
Developments
A1
$7,632,-
at
Eco¬
nomics, United States Department of Agriculture.
The
1938 income compares with the revised estimate of $8,574,000,000 for 1937 and with $7,944,000,000 received by farmers
Chart
Distributing
1938 Estimated
for
Government payments, of $7,632,000,000 in 1938, it
"estimated on Jan. 20 by the Bureau of Agricultural
wheat, corn and cotton.
Co.
&
.
000,000, According to
Bureau of Agricultural
Economics—Compares with $8,574,000,000 for 1937
—December Income from Marketings $613^000,000
calendar
Showing Sugar
Prices in Past Two Years Affected by Washington
Lamborn
referred to in these columns of
649.
Cash
Farmers'
Farmers
Decreased
Exports of Refined Sugar
11.9% in 1938 from 1937
States
members of the Exchange to discuss the
The Jan. 25 meeting was
Feb. 4, page
■
United
An open meeting of the
proposed new contract will be scheduled for the near future.
been
charged against the quota for that country.
x
old
deliveries beyond February, 1940 be also res¬
"A*" contract for trading in
Total
according
New Coffee Futures Contract
on
The
It
11,845,743
40,201,106
Quotas not used to date
the countries purchasing less than 1 % of the total dur¬
among
Managers of New York Coffee & Sugar Exchange Res¬
cind Resolution Calling for Vote of Membership
0
178,985
379,399
12,024,728
v
235,284
221,954
76,437
228,704
Dutch East Indies
x
Balance
Quota (*)
1939 Quota
France, Italy and
the third ranking customer during 1938.
the report.
against the quotas for the individual full-duty countries.
month of the year
Norway,
with
statistics reveal.
preliminary
year,
♦
Quotas for Full-Duty Countries
The 516 short tons,
the
of the total exports ranked second, while Germany
ing the year, while the United Kingdom purchased only 5 bags,
588,142
22,721
6,051
16,670
610,863
of that country's
total of 562,855 bags or 63.76%
a
during
exports
590
12,059
126,033
total
by far El Salvador's best customer for coffee dur¬
was
taking
year,
taking 11.38%
471
375,000
Puerto Rico
ing the
Atlantic and
South
South
Central
States.
increase, in receipts, in these regions was
pronounced than iii the two- preceding years,
less
and since October the decline
particularly .in December, when marketings of cotton
were -unusually email.
The unusually marked increase in
income in the West North Central
States from October to November was due largely to the unusually heavy
has
been
greater,
„
sales
of
month.
placed under loan in that
receipts since October has
less than in the two preceding years, and in December receipts
corn
In
been
much
from
farm
and
the
the
large
Western
marketings were
of
volume
States the
only
corn
decline in
1%
less
than
a
year
Steady Progress Made in Liquidation of
earlier.
Regional Agri¬
Corporations—96% of Loans Re¬
paid at End of 1938
cultural
$325,684,000 loaned to farmers and
regional agricultural credit corpora¬
since 1932 had been repaid at the end of 1938, accord¬
About
96%
livestockmen
tions
Credit
of
by
the
the
ing to a statement made Feb. 10 by C. C. Jacobsen, Director
of the Regional Agricultural Credit Division of the Farm
said the loans
corporations were made
to meet emergency conditions existing in 1932 and 1933 due
to restricted lending by the customary credit sources.
The
announcement issued Feb. 10 by the FCA further stated:
Director
Credit
Administration.
of the
regional agricultural credit
Jacobsen
Financial
950
since
financing
new
production
the
since
liquidation
associations—permanent sources
credit
the place the "regionals"
credit—had been organized to fill
short-term
of
credit corporations have not engaged in any
May, 1934, when they commenced orderly
regional agricultural
The
extensive
occupied in the early stages of the emergency.
There were 11,659
regional agricultural credit
$1.10
The
a
1% of the total amount loaned since organization.
maximum capital of the regional agricultural
As of Dec. 31, 1938, $39,500,000 of the capital had
been repaid, leaving the outstanding capital as of Dec. 31, 1938, $5,000,000.
All reductions in capital have been made from the orderly collection of
loans.
outstanding
.63
29
to
30 to
31 to
representing 0.6
$44,500,000.
was
26.9
27.9
28.9
29.9
30.9
31.9
32.9
to
28 to
32 to
News
credit corporations
The
with the old listing as follows:
Price
$.58
27 to
Net charge-offs and
31,
Dec.
compares
25 to 25.9
26
October's price
gravity and above still posted at
Grade
amounting to $11,081,297, at the end of 1938.
Repayments
during 1938 aggregated $6,814,942.
From their organization late in 1932 to Dec. 81, 1938, the corporations
made cash advances aggregating $325,684,348, of which the balance out¬
of
barrel.
schedule
new
corporation loans out¬
3.4%.
at the level set in last
movement, with 40 degrees
1939
IS,
The gravities from 33 upward
effective the following day.
remain unchanged
standing,
standing at the end of the period represented
losses from all -sources totaled $2,014,460 to
Feb.
Chronicle
Reduction
17 cents
.68
15
13
.73
11
cents
.78
9
cents
.82
8
cents
.86
6
cents
.90
4 cents
cents
cents
dispatches from Chicago reported on Feb. 15 that
States Circuit Court of Appeals had denied a
the United
plea filed by government counsel that Federal Judge Patrick
Stone had acted without authority in dismissing 11 defendants
guilty in the Madison, Wis., oil trials involving charges
conspiracy to fix the Mid-west gasoline price structure.
The 11 were included among the original 72 major oil units
and executives named by the Government.
There were 26 of the defendants dismissed during the
course of the three-month trial while a jury of tradesmen and
farmers convicted the 46 remaining defendants.
Of these,
found
of
Repayments of Production Credit Association
Totaled Over $210,000,000 During 1938,
Members
Accord-
FCA
int to
of
Members
production credit system repaid more
the
the 535 production credit associations in
than $210,000,000 to
1938, according to a statement released Feb. 2 by
M. Garwood, Production Credit Commissioner of the
the year
S.
Mr. Garwood, according to
:
•
Credit Administration*
Farm
said:
theFCA
,
.
in 1938 are $73,000,000 more than the amount of
These repayments
production credit association loans outstanding at the
record during the year, but many of them substan¬
excellent repayment
financial condition.
tially improved their own
explain that short-term credic
Mr. Garwood went on to
by production credit associations for periods
extended
is
beginning of the
maintain their
Not only did production credit association members
year.
ranging frpm four to six months in the case of loans made
adding:
cattle and range livestock.
.
possible losses, on the $1,000,000,000 loaned by
Losses, plus estimated
the 535 production
ago
of loans to
He is reported as
to a year or more in the case
to finance crops,
finance dairy
credit associations since they were organized five years
amopnt to only a fraction
of 1%
,
while accumulated reserves for pos¬
sible future losses totaled more than $11,186,000.
Farm
Estate
Real
Holdings of Mortgage Lending In¬
Year,
Decreased for Second Successive
stitutions
Reports F. F. Hill, Governor of FCA
For the second successive year since 1929 farm real estate
holdings of leading mortgage lending institutions, such as
Credit Administration, State mortgage
of the Farm
units
credit agencies and life .insurance companies * have shown a
reduction, according to F.,F. Hill, Governor of the Farm
Governor Hill is quoted
by the FCA on Jan. 24:
Credit Administration.
in announcement
as
reduced
banks'
their
holdings
Commissioner
amounted to
real
State
credit agencies,
on
insured
the Federal Land
included with
are
and
$1,058,670,000
When
inventories.
estate
1937 and
commercial
banks, Land Bank
investment dn
farm real estate
Jan. 1, 1937; but was reduced to $1,027,-
626,000 by the first of last year.
.
.
Farms and sheriffs' certificates temporarily in, the hands of the Federal
Land banks
on
the first of this year represented
600,000 compared with $118,200,000 on Jan.
Federal Farm Mortgage
and
on
Jan.
1,
an.
investment of $115,-
Holdings by the
1938.
Corp., however, continued to increase during 1938
1, 1939, amounted to $23,900,000, or about 3% of the loans
outstanding.
In view of the fact that the corporation has been in existence
only since 1934, it is reasonable to expect that
acquisition will continue until such time
as
a
rising trend of real estate
were at
1934.
the estimated rate of 28 farms for every
1937 foreclosure sales amounted to about 19 out of
mortgaged farms.
Based
During
1,000
every
reports received for the first nine months of
on
1938,,the annual rate for. the whole
every
1,000 mortgaged farms in
The foreclosure rate declined gradually in 1935 and 1936.
the year
year is
estimated, to be about 17.out of
1,000 mortgaged farms.
■-
One of the principal reasons for the decline in the demand for credit is
the volume of refinancing done during the emergency period by the Land
banks and the Land Bank Commissioner with loans which
33 years.
This has taken
..
maturities of three to
As
a
care
run
for
10
to
of loans which brdinarily would have carried
five years.
natural sequence to the decline in the demand for refinancing loans,
the percentage of new loans used
creasing.
for the purchase of farms has been in¬
During the firs* six months of 1938, 24%
Federal Land
of the proceeds of
bank and Land Bank Commissioner loans
used for the
were
purchase of farms, 21% during 1937 and only about 2% in 1933 and 1934.
During the first nine months of last
year
the total farm purchases financed
by the Land Bank System through Federal Land Bank and Land Bank
Commissioner loans and the sale of Land Bank farms numbered 11,712 and
the financing amounted to
Petroleum
Its
and
$30,019,894.
Products—Crude
Prices
Cut
by
Up¬
held by Court—Connally Pushes "Hot Oil" Law
Extension—Daily Average Crude Output Lower—
Sinclair
Prairie—Dismissal
in
Madison
Crude Oil Stocks Rise—United States
of
World's
tion
Vital
Case
Holds
Half
Supply—Thompson Holds Oil Produc¬
to
United
States—Cardenas
with Counsel for American Oil
A reduction of from 4 to 17 cents
to
Meet
Companies
a barrel in the p-ice of
gravity crudes in Kansas and Oklahoma was posted by
the Sinclair Prairie Crude Oil Marketing Co. on Feb. 15,
low
granted
new
life
or
limb for the
same
offense.''
The Court's decision upheld the right of Judge Stone to
reserve until after the jury verdict a ruling on the Globe
"To say that mere post¬
favor of the defendant bars the ruling
completely is going beyond all bounds in giving the Govern¬
ment a right based purely on a change in procedural form,"
defendants' petition
for dismissal.
ponement of a ruling in
the opinion pointed out.
"In substance, there is no
difference between a directed
acquitaJ and a judgment of dismissal. It is only
when the procedural change is fundamental and substantial
injustice occurs that one of the litigants should be allowed to
complain.
In this case, the Government, as well as the
defendants in p, criminal case, has a thoroughly, considered
ruling on an important legal question, which is exclusively,
within the province of the court."
"
"The power to direct a verdict and the power to render a
judgment of dismissal are cldarly incidential to, and neces¬
sarily flow from, the judicial function of determining the
legal sufficiency of the evidence.
The Court has inherent
power to invoke these procedural aids in its effort to adminis¬
ter criminal justice."
\
The Washington front was featured during the week by
.
these loans are fully seasoned.
Liquidation of mortgage loans by all creditors through sale at foreclosure
.
were
verdict of
These institutions sold more farms than they acquired during
thus
follows
trials by Judge Patrick Stone while the
Co. and 10 individuals were dismissed
outright by the court.
In protesting these dismissals,
counsel for the Government charged that Judge Patrick
Stone was without authority to grant directed verdicts to
defendants already held guilty by a jury. •
T
In answering the contentions of the Government attorneys,
Judge Stone held that he had reserved the right to grant the
dismissals and had notified the Government in advance as
to his course of action.
The Court's opinion, written by.
Justice Otto Kerner and concurred with by Justices Evan A.
Evans and J. Earl Major, held that to grant the Govern¬
ment's petition for a mandamus, which would expunge
Judge Stone's verdict, would violate the defendants' con¬
stitutional guarantee against double jeopardy.
1
"To agree with the petitioner that the prosecution is
entitled to a new trial after the issues have been tried in a
trial by judge and jury after the Government has failed to
prove its case against the defendents is a monstrous penalty
to impose upon the defendants,"
Justice Kerner wrote.
"The creation of such a right in this case would come very
close to violating the ancient doctrine codified in our Con¬
stitution that accused shad not twice be put in jeopardy of
18
Globe Oil & Refining
the determined
fight made in behalf of the "hot oil" bill by
its sponsor, Senator Connally, Democratic Legislator from
Texas.
He introduced on Feb. 13 a bill designed to make his
"hot oil" control bill permanent.
June 30, next, unless it is extended.
to furnish Federal aid to States
The present act expires
The measure is intended
in enforcing their own
petroleum conservation laws by making it a Federal offense
to ship any oil produced in violation of State proration laws
in interstate commerce.
The present act, however, in actual
practice applies only to Texas, where a Federal Tender
Board is maintained to help the Texas Railroad Com¬
mission maintain control over production in the Nation's
greatest oil producing area.
The Arkansas Senate swung into line with the general
trend toward conservation of oil during the week when it
passed a bill which would create a seven-member State oil
and gas cotnmission, with authority to promulgate and
enforce regulations governing the production of gas and oil
in fields discovered since Jan. 1, 1937.
"During six years
as Mayor of Smackover," Senator C. E. Bryd, one of the
sponsors, declared, "I saw millions of barrels of oil wasted
because the State had no conservation and regulatory laws."
The resumption of the five-day production week in Texas,
after a one-day lapse, accounted for the decline of 158,250
barrels in daily average production of crude oil in the United
States during the week ended Feb. 11 when output was off
to 3,283,700 barrels, against the United States Bureau of
Mines' estimate of 3,220,000 barrels daily.
This is the
second successive week that production has been above the
estimated daily average market demand as fixed by the
Federal group.
'
Volume
Financial
148
The total cut in Texas' production, as producers cutback
after a six-day production week in the previous period, was
194,850 barrels to 1,301,100 barrels.
Oklahoma was up
11,200 barrels to
daily
a
average
of 433,200 barrels while
California gained 10,400 barrels to reach a daily output of
620,700 barrels. A gain of 4,450 barrels reported in Kansas
lifted the daily average production there to 144,600 barrels
while Louisiana's 4,200-barrel increase pushed daily average
production the Bayon State
up
the tank
a
price of No. 2 domestic heating oil l-10th cent
gallon at Boston on Feb. 15 to 4 cents a gallon.
On the
An increase of 451,000 barrels in stocks to domestic and
foreign crude oil held in the United States during the week
was reported by the United States Bureau of
day, this company reduced kerosene H cent to 4XA
4lA cents a gallon in the same city.
Representative price changes follow:
Feb.
showed
tories
week.
prices to
gain for the period of 509,000 barrels while inven¬
foreign crude were off 58,000 barrels during the
v
; ;
/ \
approximately 50% of the total
of 31,000,000,000 barrels, while total
production at the end of 1938 was approximately 38,000,000,000 barrels, V. R. Garfias and R. V. Whetsel, of the
Cities Service Co., estimated in a report delivered to the
American Institute of Mining and Metallurgical Engineers.
Since world consumption of petroleum during 1938 was
2,000,000,000 barrels, the reserves "theoretically" should
oil
Ernest
Thompson, chairman of the Interstate Oil
Compact Commission, told the Institute at its New York
convention that proration of the Nation's oil supply is
necessary both form a standpoint of conservation and of
economic safety.
"An earlier generation struggled intelli¬
gently with forest conservation," Mr. Thompson pointed out,
"We face a conservation battle immeasurably greater.
This
battle for the intelligent saving of oil must go on—today,
tomorrow—until such time as this country, in peace or in
war, has a better medium or material."
A United Press dispatch from Washington, dated Feb. 14,
reported that "counsel for the Standard Oil and Sinclair
Oil companies, whose properties were expropriated by the
Mexican Government, will confer early next month with
President Lazaro Cardenas at Mexico City regarding possible
settlement of their claims, it was learned today."
V
Representative price changes follow:
,
Feb.
a
effective Feb.
a
a
gallon, tank car lots.
New York-
Other Cities—
New York—
Stand. Oil N.
Texas
J..$.06K
.06
Gulf
Tide Water Oil Co
.08)*
Shell Eastern
Rlchfiled
Chicago.:...$.05
-.05}*
New Orleans. ,06}*-.07
Gulf ports
.05)4
$.07}*
Socony-Vacuum..
08}*
„
.07)4
Tulsa........
OiKCal.) .07)4
Warner-Qulnlan..
.07)4
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)
N. Y. (Bayonne)—
Bunker C
i New Orleans_$.05}*-.05}*
|Tulsa._._
.03}*-.04
| North Texas.......$.04
I Los Angeles.. .03}*-.05
$.04}*
Fuel Oil, F.O.B. Refinery or
Terminal
California 24 plus D
i
$0.95
i
C..1
New Orleans
$0.90
1.45
Phila., Bunker C
$1.00-1.25
-
I
1.651
Diesel
Gas Oil, F.O.B. Pefinery or Terminal
N. Y. (Bayonne)—
27 plus
......$.04
02 }*-.03
I Tulsa
»Chicago—
28-30 D.
I
|
$.053
Gasoline, Service Station, Tax Included
z
z
$.151 9Buffalo.17
...$.1951 Newark....
1951
Brooklyn,
.1815Philadelphla
Boston....
Not Including 2% city sales tax.
"
.135-.15
- -
December Production of Natural Gasoline
The production of natural
gasoline declined materially in
December, 1938, according to
Bureau
of
Harold
for
Mines
a
report prepared by the
L.
Secretary of
Ickes,
the
daily average in December was 5,887,000
gallons, compared with 5,942,000 gallons in November.
The principal decreases occurred in the Oklahoma City and
Kettleman Hills fields.
The total production in 1938 was
2,113,314,000 gallons, 2% above 1937, but 6% below the
record total of 2,233,688,000 gallons in 1929.
Stocks continued to decline, totaling 202,860,000 gallons
on
Dec. 31, a decrease of 38,304,000 gallons during the
month, but an increase of 3,024,000 gallons over the year.
Interior,
15—The Sinclair Prairie Crude Oil Marketing Co. cut the price of
low-grade gravity from 4 to 17 cents
price of No. 2
car
gallon at Boston to 4 cents, and cut kerosene prices there
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
zNew Y6rk
O.
cents a gallon to
}*
The company cut Westchester
15—Standard of New York advanced the tank
reserves
suffice for the next 15 years.
2 hating oil
gallon.
a
M cent to 4^ cents
a
The United States holds
world
6 cents
oil I-10th cent
of
■
14—Socony-Vaccum cut No.
5 K cents in the five boroughs of Manhattan.
ended Feb. 4
Mines which disclosed in mid-week that the total at the end
of the period was 272,214,000 barrels.
Domestic stocks
car
same
Feb.
to 265,250 barrels.
951
Chronicle
.
barrel in Kansas and Oklahoma fields,
?
The
GASOLINE
PRODUCTION AND STOCKS OF NATURAL
(In Thousands of Gallons)
>
16..
Prices of Typical Crude per Barrel at Wells
Stocks
Production
(All gravities where A.P.I, degrees are not shown)
Iradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa.
...
.....
Illinois.,.
$1.88
1.25
1.02
1.25
Western Kentucky....
Rusk, Texas, 40 and over...
..
Darst Creek
.
Michigan crude
....
...
1.20
Sunburst, Mont...i..
Mid-Cont't., Okla., 40 and above..
1.10
Kodeesa, Ark., 40 and above
1.25
Huntington, Calif., 30 and over..
Kettleman Hills, 39 and over
.......
Smackover, Ark., 24 and
REFINED
over.....
ROCKET—TOP-HEAVY
GAS-FUEL
,
.75
PRODUCTS—MOTOR
dlL
Petrolia, Canada
FUEL
OIL
..
_
-
Nov.
Dec.
Dec.
At
Plants
At
Plants
1.22
1938
1938
1938
1937
Refin¬
& Ter¬
Refin¬
& Ter¬
eries
minals
eries
minals
1.24
1.25
2.15
MARKET
1,363
37,777
Oklahoma....
Kansas
57,408
7,931
7,299
2,207
2,088
....
Rocky Motmtaln
California
which holdings of motor fuel have increased by 1,800,000
baiTels, or better, and stocks are now at a level which
Total—
Dally avge.
252
6,299
462
4,536
342
4,242
316
1,512
13,157
1,638
16,352
71,896
3,975
42
4,-787
867
876
.
3,822
48,397
5",208
294
3,977
84
135
420
280
2,898
1,321
2,524 120,624
2,545
86,693 106, 415
11, 285
24,235
378
1,218
7,144 79,529 74, 868
55,457 ,55,540 663.992 623, 894 108,696
7,216
182,490 178,248 2113314 2065434 125,832
5,659
5.942
5,790
5,887
790
77,028 139,356 101,808
■»
Total (thousands
of barrels)....
4,244
50,317
49,177
141
4,345
Dally avge.
138
,
2,996
1,834
2,424
3,318
135
140
indications had shown would not be reached until
late March.
Unless there is
.
'/:./■
sharp, immediate curtailmnet in produc¬
tion of gasoline, oil men point out, there is every indication
that stocks will reach at least 90,000,000 barrels by the end
of March, which would be only 3,000,000 less than the alltime record high stocks of last Spring, and approximately'
15,000,000 barrels above the figure set as desirable by
gasoline economists.
Daily average runs of crude oil to stills continued nearly
a
,
million barrels above estimated needs.
The"
Feb. 11 period was 3,130,000 barrels daily,
represented a decline of only 10,000 barrels from the
previous week. Refinery operations for the latest period
reported by the American Petroleum Institute were off only
a fraction of a point, refineries running at 75.8% of capacity,
which is far above the desirable level for this time of the year.
one-quarter
for the
which
sharp contraction in withdrawls of gas and fuel oils,
reflecting the lack of sustained cold weather, also was a
noteworthy development during the week just closed. Stocks
were off only 348,000 barrels, in sharp contrast to the average
weekly withdrawls of nearly 1,500,000 barrels noted since
November.
An all-time record high for gas and fuel oil
inventories was established on Nov. 12, last, at 154,666,000
A
they have been reduced only 17 ^-million barrels
since then to 137,241,000 barrels on Feb. 11.
This figure is
17-million barrels above the total held on the comparable
barreis and
date in 1938.
,
fuei oil markets have been quick to reflect the
position of this branch of the refined prod¬
group.
Socony-Vacuum Oil Co. on Feb. 14 announced
that in order to meet competition, it was necessary for the
company to reduce the price of No. 2 heating oil by % cents
a gallon to 5% cents a gallon in the five boroughs of Man¬
hattan.
In Westchester/ the price/was cut to 6 cents a
The major
weak statistical
ucts
gallon.
5,512
...
Texas
1,801,000 barrels during the Feb. II week to 80,950,000
barrels, according to the mid-week report of the American
Petroleum Institute,
This is the third successive week in
total
6,573 67,625 72, 056
12,812 12 319
1,171
37,896 468,460 492, 290
5,044 54,133 57, 026
55,493 655,835 615, 281
7,619
Arkansas
WEAKENS AGAIN
3,780
5,082
East .coast.
Appalachian
III., Mich., Ky
Louisiana—.v.
Inventories of finished and unfinished motor fuel climed
earlier
At
At
Jan. to
Dec:
AGAIN SKY¬
SEEN
CERTAIN—
LAG—FUEL
Jan. to
1.09
STOCKS
INVENTORIES
WITHDRAWALS
1.02
7.82
-
..
...
Nov. 30, 1938
31, 1938
Dec.
.$1.05
Eldorado, Ark., 40
Standard of New York, on the other hand, advanced
Daily
Feb.
Oil
Crude
Average
Ended
1939,
11,
Production
Week
During
Placed at 3,283,700 Barrels
Institute estimates that the
crude oil production for the week ended
Feb. 11, 1939, was 3,283,700 barrels.
This was a drop of
158,250 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 oilThe
daily
Petroleum
American
average gross
producing States during February.
Daily average produc¬
tion for the four weeks ended Feb. 11, 1939, is estimated at
3,309,600 barrels.
ended
Feb.
details
as
12,
The daily average output for the week
1938, totaled 3,324,500 barrels.
Imports of petroleum for
United States ports
a
Further
reported by the Institute follow:
domestic use and receipts In bond at principal
for the week ended Feb. 11 totaled
daily average of 137,286
961,000 barrels,
barrels, compared with a daily average of 142,571
Feb. 4 and 118,500 barrels daily for the four
barrels for the week ended
weeks ended Feb. 11.
Receipts of California oil
at Atlantic and Gulf Coast ports for the
11 totaled 112,000 barrels, a daily average
ended Feb
compared with a daily average of 10,286 barrels
week
of 16,000 barrels,
for the week ended Feb. 4
Feb. 11.
companies owning 85-8% of the 4,268,000
barrels estimated daily potential refining capacity of the United States^
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
and 18,786
barrels for the four weeks ended
Reports received from refining
basis, 3,130,000 barrels of
crude oil daily during the week,
companies had in storage at refineries,
and that all
bulk terminals, in transit and in
of the end of the week, 80,950,000 barrels of finished and un¬
finished gasoline; 25,044,000 barrels of gas and distillate fuel oil, and 112,pipe lines as
197,000 barrels of heavy fuel oil.
Total
gasoline
production
by companies owning
refinery capacity of the country
84.9% of the total
amounted to 9,390,000 barrels.
atLMid
Financial
952
Feb.
Chronicle
(Figure* In Barrel*)
natural
Dec.
PRODUCTION
DAILY AVERAGE CRTJDE OIL
Four
of M,
Calcu¬
State
Week
Change
Weeks
Allowable
Ended
from
Ended
Ended
Feb. 11,
1939
Previous
Feb. 11,
1939
Feb, 12,
1938
Feb. 1
Require¬
ments
Week
Oklahoma.
demand
that of
1937.
147,150
increased
slightly in 1938, but
—1,700
65,050
60.900
—8,800
64,200
78,900
30,200
Panhandle Texas
North Texas
West Central Texas-
81,250
30,600
214,050
178,000
94,000
391,150
248,200
424,050
206,300
220,250
183,550
—1,650
205,500 —34,300
91,900 —9,800
West Texas——
East Central Texas—.
372,750 —74,400
243,600 —37,100
214,050 -27,100
East Texas.
Southwest Texas
Coastal Texas
index for petro¬
50.9, compared with 59.5 in December,
1937.
The index for the year was 55.9, compared with 60.5 in 1937.
The crude-oil capacity represented in this report was 4,118,000 barrels;
hence, the operating ratio was 77%, compared with 79% in November
According to the Bureau of Labor statistics, the price
511,100
179,300
428,250
433,200 +11,200
144,600 +4,450
428,000
153,900
148,600
.
leum
63,800
20,900
and
78%
91,500
in December was
products
a year
ago.
North Louisiana......
(Thousands of Barrels)
Jan. to
»■
192,850
+ 1,200
191,650
246,800
255,140
265,250
+4,200
262,300
255,350
48,200
102,500
d52,000
53,150
+800
Dec.,
1938
78,600
176,750
Coastal Louisiana....
70,650
+3,000
72,400
OF ALL OILS
SUPPLY AND DEMAND
Texas....... 1,297,500 bl767000 1,301,100 —194850 1,344,550 1,235,000
Total
(292,650,000 barrels) was 10% below
demand for kerosene
The
oil and distillate fuels, after running neck and neck with 1937,
that of gas
failed to establish a new record.
482,500
Kansas
barrels
4,758,000
encouraging, the
(29,787,000 barrels) being 8% above a year
However, the total for 1938
ago.
{.Feb.)
increased
stocks
gasoline
domestic
December
Week
lated
1939
18,
31, 1937, to 4,830,000 barrels Dec. 31, 1938.
increase in demand for heavy fuel oil continued
The
B.
slightly—from
but
Jan. to
Dec.,
Dec.,
1937
Dec,;
1937
Nov.,
.
1938
1938
New Supply—
Total Louisiana.—.
Arkansas
,
.........
Illinois.
Eastern (notIncl. 111.).
149,800
94,500
+2,650
3,800
101,850
—200
47,200
Wyoming...........
Montana.....
.....
12,100
.
Colorado
3,600
New Mexico.....:
102,600
99,600
Total east of Calif.. 2,640,000
+350
—100
580,000
Total United States. 3,220,000
4,244
3,286
186
Dally average
181
106,818
3,446
Total production..;
102,992
3,433
106,829 1213,254 1279,160
3,324
3,505
3,446
49,177
4,358
50,317
151
2,790
1,699
111,338 1265,270 1331,127
3,677
3,592
3,466
Imports b:
Crude petroleum:
444
534
138
2,416
Receipts in bond..:
Receipts for domestic use.
1,825
2,254
1,912
25,572
3,651
22,761
Refined products:
3,283,700 —158250 3,309,600 3,324,600
.....
98,567
4,345
Natural gasoline..
Benzol, a
2,663,000 —168650 2,688,350 2,687,600
c605,000
737,000
621,250
620,700 + 10,400
California..
,
—150
102,287
3,300
Crude petroleum
——..
Daily average—.—
47,100
142,350 1 139,000
93,250
50,300
51,750
49,250
40,000
13,400
13,300
4,050
4,250
100,100
106,100
52,050
+ 3,100
54,200
48,760
12,800
94,31X1
Michigan....
Domestic production:
v
1,871
Receipts in bond.....—.
'
1,720
20,349
22,313
1,708
507
7,387
7,360
115,945 1319,418 1338,284
3,740
3,615
3,804
635
544
........
112,184
3,619
107,615
3,587
Decrease In stocks, all oils.....
7,771
6,994
119,955
3,870
114,609
3,820
4,884
11,237
5,602
8,461
5,116
7,071
77,273
116,633
44,991
39,465
6,420
15,828
27,662
1,495
521,657
56,351
116,564
Receipts for domestic useTotal
new
supply, all oils......
Dally average.:.
Note—The figures Indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
.
,
CRUDE RUNS TO STILLS ANp STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED FEB. 11, 1939
c2,283
C45.768
8,723
Demand—
Total demand......
........
Dally average
(Figures In Thousands of Barrels of 42 Gallons Each)
113,662 1328,141 1342,516
3,667
3,678
3,639
Exports b:
Daily Refining
Capacity
Crude Runs
Crude petroleum
Stocks of Finished and
to Stills
Unfinished Gasoline
Finished„
Poten¬
Reporting
tial
Rate
Total
East Coast-
615
Appalachian.
149
age
ated
fineries
615 100.0
502
85.9.
93
72.7
89.5
453
Terms., Nap'tha
Motor fuel..
DistU.
&C.
5,873
1,216
8,834
12,253
1,684
4,366
1,248
4,330
1,557
8,812
88.1
419
Texas Gulf..
342
8J.6
246
71.9
316
159
.50.3
117
73.6
1,000
895
89.6
727
81.2
149
145
97.3
86
59.3
38
69.1
45
70.3
La. Gulf
No. La.-Ark.
[
100
55
55.0
Rocky Mtn.
118
64
64.2
California,
828
,
746
90.0
407
62.7
3,062
Reported...
Est. uprptd.
85.8
2,774
75.8
606
356
—...
2,838
262
67
273
254
6,203
4,268
Feb. 4, '39
4,268
4,268
4,268
3,130
3,140
506
825
5,589
24,531
21,876
174
1,492
688
1,346
263
1,644
11,649
45,434
4,300
334
•
373
144
74
222
196
5,083
7.775
62,410
1.776
22,690
7,954
64,218
2,249
26,556
*
Still gas......—
98,487
110
4*9,734
48,808
144
158
3,769
103,834
100,546
3,352
101,476 1134,235 1169,682
3,273
3,107
3,205
273,155
16,765
306,826
3,349
Stocks—
Crude petroleum:
Reflnable In United States
3,200
274,353
16,467
4,830
259,613
Refined products
.........
Total all oils...—
4,758
267,372
143
;
—
5,742
555,263
Heavy in California...:.—....
6,092 137,241
5,843 137,689
25,124
24,498
Days' supply.
xU.S.B.ofM.
Feb. 11 '38
z3,149
.
65,468
25,965
6,957 120,758
4
a
a These are Bureau of Mints' calculations of
the requirements of domestic crude
oil based upon certain premises outlined In Its detailed forecast for the month' of
.
Economics Division,
From Coal
Commerce,
c
253,413
563,034
664,997
555,263
564,997
147
154
153
154
306,826
d
4,758
b Imports, of crude, as reported to Bureau
d Not available.
Increase,
OF
PRODUCTION
PETROLEUM BY STATES AND
CRUDE
PRINCIPAL FIELDS
(Thousands of Barrels)
.
„
Shutdowns are ordered for all Saturdays and
Sundays during February.
Calculated net basic 7-day allowable for week ended
Saturday morning, Feb. 11, approximately 1,270,800 barrels dally,
December, 1938
Recommendation of Central Committee of California Oil Producers.
c
253,413
274,353
16,467
4,830
259,613
d
All other imports and exports from Bureau of Foreign and Domestic
of Mines.
February. As requirements may be supplied either from stocks, or from new pro¬
duction, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new crude
to be produced.
b Base allowable effective Jan. 16.
5,074
5,765
1,574
Dally average———
5,982 134,041
700
21,248
1,147
——
Totaldomestlc demand
v
71
292,650
145
Losses..
669
1,373
2,050
24,424
...——.....
Miscellaneous
869
88
•
•
Feb. 11'39
994
520
1,745
.......
Natural gasoline—_
xEst.tot.U.S.
77
116,841
325,514
23,323
1,062
11,472
27,621
1,735
61
Coke
Road oil..
519,352
54,972
506
——....
Asphalt..
4,299
1,904
9,338
1,794
5,368
4,933
Lubricants...
9,724
•754
545
.
1,132
Residual fuel oils......—....
Oil
Kan.,
Mo
Inland Texas
41,649
6,813
15,656
29,787
1,831
...............
Kerosene....
Gas oil and distillate fuels
Fuel
ax......*.
81.6
128
514
Ind.,IU.,Ky.
Ok la.,
P. C.
At Re¬
Gas
and
P. C.
Oper¬
Unfin'd
in
Daily
Aver¬
,
67,234
105,600
Domestic demand:
of
District
——
Refined products...........—
•
Stocks
November,
Daily
4 This is the January allowable. February allowable,is not yet available,
Estimated Bureau of Mines' basis: % February, 1938
dally average.
Total
Average
Total
1938
Jan. to Dee.,
Daily
Average
1938
1937
x
Rest of State—
Crude Petroletim and Petroleum Products,
Dec., 1938
Long Beach,
Wilmington
The
in
total
1938
increases in exports could not
as
for fuel oil.
production
deficiency
overcome
the. decline in
1937
to
1,213,254,000 barrels in 1938,
in
supply is explainable in stocks of all oils,
564,997,000 barrels on the beginning of the year
from
barrels
on
Dec.
barrels
in
1937.
31.
1938, compared with
The
of
had
been
domestic
in
demand
for
December
December, 1937.
*.
being
a
new
or
Total Oklahoma...
Pennsylvania
555,263,000
...
Texas—Gulf coast.
West Texas.....
statistics
to
smallest
(1934).
December
increase
recorded
since
the
first
West Virginia
183.7
66,175
13,443
15,194
94,812
19,211
62,041
18>05Q
10,833
90,924
16,628
5,512
29.9
898
43.5
51.5
1,279
-7,689
1,622
12.9
411
13.7
98.0
3,103
103.4
13.2
391
255.2
42.7
,
256.3
54.1
Rest of State
Total
higher
Wyoming
Other, a
•
.
8.8
257
2,926
97.6
114.4
3,264
108.8
5,805
38,854
5,478
3,559
01.494
49,772
229.8
7,038
13,228
1,318
9,913
6,227
11,678
1,911
234.6
445.7
44.3
329.5
210.0
391.5
29.8
64.0
277
8.9
5,045
3,298
8.6
441.0
43.9
330.5
,
40,845
42,182
91,855
174,882
17,426
115,303
207.6
72,653
389.3
63.7
152,143
901
30.0
8.227
274.2
11,373
100,586
475,614
38,857 1,295.3
257
23,556
8.6
474
15.3
455
35.1
1,127
1,582
37.6
50.4
6
52.7
117,573
228,839
19,189
114,702
75,743
170,673
27,617
12,626
108,957
510,318
3,684
5,705
5,874
13,299
19,004
13,292
19,166
68
77
15.1
1,087
1,561
1,605
7,499
4,907
35,759
13.0
101,5
282.0
8,743
40,510 1,300.8
.
Wyoming—Salt Creek
Total United States
a
6
year ;
5,731,000 barrels against 7,098,000 barrels,
102,287 3,299.6
3,845
98,567 3,285.6 1213,254 1279,160
Includes Missouri, Tennessee, and Utah.
Weekly Coal Production Statistics
The National Bituminous Coal Commission's latest
comparable
65,949,000,barrels, compared with 69,892,000 barrels, the previous
5,484
'
record for 1938 of
On Dec. 81, 1938, stocks of finished gasoline amounted
unfinished gasoline stocks were
70,761
5,821
,
28.7
.
922
Total Texas
gasoline stocks, which increased only 2,145,000 barrels in December; this
the
59,587
17.2
183.0
890
12,136
1,983
-
Rest of State—
621,657,000 barrels, compared with 519,352,000 barrels in 1937.
Gasoline
exports ended the year at the highest level since 1930, exports and ship¬
ments for December totaling 5,423,000 barrels, and for the
year, 50,198,000
barrels, or 31% above 1937.
The high level of demand was reflected in
was
844
157.5
514
271
Rest of State
apparent
6%
969
3,147
3,545
7,124
13,816
1,372
10,215
0,511
j
Seminole
Rodessa
41,649,000 barrels,
2.8
409
-
Oklahoma—Oklahoma City.'..
averaging
This increase insured
102.2
83
4,724
.
3,039
......
......
Ohio
considerably above
normal, declined to 44.4% in December compared with 45.0% in Novem¬
ber.
The yield for 1938 was 44.3% against 43.9% in 1937.
Gasoline consumption continued its late season
recovery, the indicated
than
3.5
3,067
16.9
1,349
7,911
1,595
29,132
21,872
14,186
173.331
238.521
104
•
155.7
5,672
...
25,609
-
96.5
'
New York
demand
East Texas
which
662.8
401
New Mexico...-
'
gasoline;
19,884
63.6
1,252
10,512
11,764
20,599
34,168
169,373
249,749
1,412
23,929
623
—
Total Louisiana
Refined Products
yield
448.2
646.3
92.1
4,826
Panhandle
The
64.5
442.3
1,936
1,608
2,893
13,447
52.0
2.8
——
Rest of State
increase of nearly 50,000,000
an
69.9
128,4
•
Rodessa.....
which declined
to
18,077
3,981
*
...
...
Kentucky.
Louisiana—Gulf coast
daily)
15,760
49.0
3.6
Montana
(39,000 barrels
44.6
1,470
.110
...
—-
-
Kansas...
more stringent proration east of.
California, crude-oil
curtailed and the total for the year declined from 1,279,-
160,000 barrels in
—
Indiana
Due to
was
—
Michigan.... .....
demand tor all oils declined slightly
1,337
50.2
88
Illinois—-
California, Louisiana, Kansas and .other States.
45.7
1,556
1,857
1,610
2,856
13,712
20,035
Total California———-
The Bureau's report further stated:
2,317
1,418
Rest of State
the, increase in daily average
production in Illinois from "102,000, barrels in November to
128,400 barrels in December, partially balanced by small
declines in
:
i
Colorado—
was
4.4
4.5
-—
California—Kettleman Hills
Mines, in its current weekly
report, stated that the daily average production of crude
petroleum continued to hold at about the 3,300,000-barrel
mark; in December it was 3,299,600 barrels, compared with
3,285,600 barrels in November. The principal, change in the
State figures in December
*
Total Arkansas
The United States Bureau of
133
138
Arkansas—Rodessa
.
statement showed that the total
coal
production of soft coal in
the week ended Feb. 4 is" estimated aj; S,075,000 net tons.
This is a decrease of 488,000 tons, or 5.7% from the output
Volume
Financial
148
in the
preceding week, but is 4.7% higher than the output
corresponding week of 1938.
Cumulative production of soft coal in the present coal year
to date now stands 13.6% below that in the corresponding
period of the year 1937-38; cumulative production of hard
coal, 14.3% below that in 1937-38.
The U. S. Bureau of Mines, in its current weekly report
stated that anthracite production in Pennsylvania for the
week ended Feb. 4 is estimated at 1,208,000 tons or 201,300
tons per day, a decrease of 103,000 tons, or nearly 8%,
when compared with tonnage in the preceding week.
In
comparison with the week of Feb. 5, 1938, there was an
increase of 7%.
/ V
in the
fabricators has been expanding since the first
of the year,
buyers, in the main, are still moving slowly in the matter of
taking on new material. The continued unsettlement in
London tends to restrict trade to near-by wants.
Tonnage
of copper, lead, zinc and tin purchased in the last week were
below the average.
The operating rate of the steel industry
was raised to
54.8% of capacity, with production of tinplate and galvanized products increasing.
Quicksilver was
marked up sharply abroad, which event was followed by
higher prices here.
The publication further reported:
Copper
Domestic producers witnessed another
ESTIMATED UNITED STATES PRODUCTION
the market
OF SOFT COAL
long as metal markets abroad persistently reflect dullness
as
the European political situation and price uncertainty here.
over
(In Thousands of Net Tons)
'
statistics for January were
taking
Coal Year to Date c
Week E nded
quiet week in business as con¬
continued to maintain their apparent unyielding position to enter
sumers
,
.
953
Chronicle
view of further curtailment; here, plus improvement in consump¬
a
held firmer
tion, and lower stocks in the hands of consumers, producers
Feb. 4
Feb. 5
1939
Bituminous Coal
Jan. 28
1939b
1938
a
b Revised.
c
January, and, with production scheduled to fall even further, the trade
in other coal years.
'
'
.
.•••,'•
■
.
PENNSYLVANIA
OF
PRODUCTION
ESTIMATED
BEEHIVE
The Copper Institute's figures for December and January, in
Production, crude:
Deliveries to
Jan.
Dec.
,
refined:
customers,
"
"
U. 8. mine-.
60,683
U. S. scrap,
(In Net Tons)
11,112
55,230
13,818
U. 8. domestic.
106,559
92,244
U. 8, exports.b
Foreign
Foreign mine
Calendar Year to Date
Week Ended
16,033
14,658
194,387
175,950
Production, refined:
U. 8. duty-free-..
67,947
Foreign..—121;854
66,182
107,298
Foreign
'.-A
;
' '
1939
..
Penna.
,1939
1938
1938
1929
c
•
col¬
a--
Totals
a
b Duty-free copper.
3,000
19,600
27,600
'89,400
136,100
571,600
3,267
.
4,600
2,980
4,537
19,053
•:
b Excludes colliery fuel,
operations,
of working
c
Adjusted to make comparable the number
days in the three years.
0
PRODUCTION OF COAL,
(In Thousands of Net Tons)
"
ments and are subject to
revision on
and State sources or of final annual returns from
recent
the operators.)
up a
at
43,000
Alaska.
2
2
2
—
262
231
320
Colorado
—
....
.
434
372
118
165
93
275
226
1
1,155
328
92
97
138
153
1
•v
s
s
1,596
2,111
381
425
659
93
132
101
140
180
219
196
Zinc
'
Kansas and Missouri...
x-
222
745
670
656
985
607
196
186
218
74
396
240
34
34
27
35
65
12
18
21
18
\
"
'
'
■"
'
•
'
-
'
contract set-
4.70c., St. Louis.
week, despite the
..
.
.
'f
•
;•
,
' '
'
'
'
•
.
Feb.
for the week ended
same
11
Shipments in the
amounted to 2,464 tons.
classification amounted to 4,284 tons for the week and
contracts
totaled
rising
Sales of the common grades
of the metal.
undelivered
Demand so far
32,079 tons at the end of the period.
holding up well, with most of the inquiry for second-
this week has been
32
"
Western...........—.x..—
placed
than
more
55
16
Kentucky—Eastern
not
are
Inquiry for zinc was fair throughout the week, reflecting a slowly
190
'
Iowa .........................
consumers
30%.
trend in actual consumption
1,441
•
believe that
Producers
s
s
244
1
1,194
,
London quotations showed little net change for the
74
410
...i— .■—.......
tons.
ling basis of the American Smelting & Refining Co., and at
143
1,078
1
Georgia and North Carolina
Illinois
Latest estimates on January deliveries have come
Avge.
68
.
the preceding
However, the movement of lead to consumers is hold¬
Quotations continued at 4.85c.,.New York, which was the
_
124
Sales for the week
I923e
148
47
Arkansas and Oklahoma
compared
buyers influenced by the action of the London
drop abroad in copper and tin.
2
273
--
Alabama
V;
'
covered so far as their February needs are concerned, with March
at about
Jan.
Jan. 28 Jan. 21 Jan. 29 Jan. 30 Jan. 26
1929
1937
1938
1939p
1939p
480.059
little, and minimum domestic shipments for the month a£e now
75%
State
178,949
amounted to 3,000 tons, which compares with 6,414 tons in
Week Ended—
'•
'
weeks, with
ing up satisfactorily.
ship¬
receipt of monthly tonnage reports from district
(The current weekly estimates are based on railroad carloadings and river
....167,413
Totals...,—....457,168
market and the unsettlement in security values here.
seven-day period.
STATES
BY
WEEKLY
ESTIMATED
150,589
301,110
The tonnage of lead sold during the last week was moderate,
with
and coal shipped by truck from authorized
Includes washery and dredge coal,
al53,753
...289,755
Foreign
Lead»
18,000
Daily average
a
Totals
/
Beehive Coke—
United States total...
51,059
3,768
95,762
8,827
_al06,073
United States
173,480
...-.,.189,801
Revised,
Jan.
Dec.
38,853
...
Stocks at end, refined:
— .
1,208,000 l;311,000 1,129,000 5,698,000 5,669,000 7,807,000
195,500
269,200
196,500
188,200
218,500
201,300
Daily average.
Commercial produc'nb 1,148,000 1,245,000 1,073,000 5,413,000 5,386,000 7,245,000
liery
scrap, &c
Totals.-—
c
Anthracite—
including
Total,
Feb. 5,
Jan. 28,
1939
Feb. 4,
v' \
•»
■;
short tons,
follow:
AND
r
COKE
Domestic
deliveries increased from 38,853 tons in December to 51,059 tons in January.
-
.
ANTHRACITE
greatly concerned over the gain in world stocks of 22,891 tons of
refined metal that the latest figures of the industry disclosed.
and anthracite outside of Pennsylvania,
Sum of 44 full weeks ending Feb. 4, 1939, and corresponding periods
semi-anthracite
lignite,
not
was
statistical convenience the
Includes for purposes of historical comparison and
of
reduced during
Mine output of copper in this country and abroad was
7,709 297,154 343,784 446,270
1,726
1,333
1,285
1,152
8,563
1,427
8,075
1,346
Dally average
production
Sales during the week
4,674 tons, against 4,237 in the previous week.
a—
including mine fuel..
Total,
ideas in maintaining the llMc. VaUey quotation.
1938-39 1937-38 1929-30
Domestic
better than anticipated by the industry, and in
Maryland........
Michigan—
Louis.
The price of Prime Western continued at 4He., St.
quarter metal.
Tin
74
72
65
80
76
82
32
32
28
46
63
73
65
63
60
97
s58
s50
474
455
398
468
452
814
all week, even
Pennsylvania bituminous
...
1,820
1,763
1,710
2,452
2,984
3,402
Tennessee
...
123
112
97
127
110
133
18
18
15
14
25
26
v.
■
during the last week and discouraged
...
:
Montana
New Mexico,...
.........
North and South Dakota.
Ohio
Texas
—x
Utah
48
141
157
109
221
237
287
211
don price
40
31
66
58
74
1,480
1,413
1,066
2,158
1,134
558
442
673
791
762
112
111
176
173
186
*
Total, ail coal...
...
Includes operations on
the
B.
&
1
8,170
7,766
*
s2
8,853
The backwardation in the Lon¬
45.000c. per pound.
is attributed abroad to the accumulation
of metal by the Buffer
Pool.
Chinese tin,
99%, was nominally as follows: Feb. 9th, 43.950c.;
11th, 43.800c.; 13th, Holiday;
43.850c.;
87
11,988
10th,
43.300c'.
14th, 43.650c.; 15th,
11,850
1,311
.
on
1
8,563
Pennsylvania anthracite d
a
77
266
42
.....
Total bituminous coal.
and
Straights tin on spot lost about one-half cent per
106
Other Western States,c.
»
capacity.
558
Northern. b_..__
50% of
pound dining
The tin-plate mills in this country are opreating at
panding.
1,630
Virginia—Southern.a
tin
trading. The market here was quiet
though actual consumption of the metal appears to be ex¬
61
....
brought opt moderately lower prices for
London
in
288
.....
Wyoming
*
,
Unsettlement
the week, settling at
,
Virginia:
Washington
West
„
1,220
1,199
1,052
1,606
1,968
9,874
9,390
8,965
9,905
13.594
13,818
DAILY PRICES OF METALS
the N. & W.; C, & Q.; Virginian; K. & M.; B. C, & G.:
Mason and Clay Counties,
b Rest of State,
O. in Kanawha,
and Tucker Counties,
c In¬
cludes Arizona, California., Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
p Preliminary,
s Alaska, Georgia, North Carolina and South
Dakota included with "other Western States."
* Less than 1,000 tons.
including the Panhandle District and Grant, Mineral
Electrolytic Cower
Straits
Zinc
Lead
Tin
v.
11.025
Feb. 10—.
4.50
New York
St. Louis
4*5.650
4.85
4.70
45.550
4.85
4.70
45.500
4.85
4.70
4.50
9.825
11.025
9.
St. Louis
New York
Dom.,Refy. Exp,, Refy.
Feb.
9.750
"
4.50
11.025
9.750
Feb. 18_.x.-
Holiday
9.750
Holiday
Holiday
Holiday
Holiday
Feb. 14.....
11.025
9.700
45.350
4.85
4.70
4.50
Feb. 15—
11.025
9.625
45.000
4.85
4.70
4.50
11.025
9.733
45,410
4.85
4.70
4.50
Feb. 11.
Average
January Anthracite Shipments Total 4,046,821 Net Tons
("E. & M. J." QUOTATIONS)
..
calendar week ended Feb. 11 are:
Average prices for
Domestic copper,!, o. b"
New York lead,
Shipments of anthracite for the month of"January, 1939,
reported to the Anthracite Institute, amounted to 4,046,821 net tons.
This is an increase, as compared with ship¬
ments during the preceding month of December, of 198,155
net tons, and when compared with January, 1938, shows a
Refinery, 11.025c,; export copper, 9.829c.; Straits tin, 45.683c.;
decrease of
for prompt delivery only.
domestic copper prices are quoted on a delivered basis that Is,
delivered at consumers' plants.
As delivery charges vary with the destination,
as
374,698 net tons.
4.850c.; St. Louis lead, 4.700c;;
The above quotations are
markets, based on sales
the basis of cash, New
St. Louis zinc, 4.500c., and silver, 42.750c.
"M. & M. M.'s" appraisal of the major United 8tates
reported by producers and agencies.
York or St. Louis, as noted.
Copper, lead and zinc quotations are
They are reduced to
All prices are in cents per pound.
baaed on sales for both prompt and future
deliveries; tin quotations are
Shipments by originating carriers (in net tons) are as
Jan., 1939
Dec., 1938
Jan., 1938
follows
Dec.,
1937
Reading Company
780,475
767,306
919,391
798,222
Lehigh Valley RR
Central RR. of New Jersey
825,221
839,631
921,435
849,195
276,951
244,972
509,718
352,622
348,096
584,895
In
the
trade,
the figures
shown above are net prices at refineries on the Atlantio seaboard. De¬
in New England average 0.225c. per pound above the refinery basis.
livered prices
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,
567,462
369,794
Dela., Lackawanna & Western
Delaware & Hudson RR. Corp
RR.
584,920
376,485
360,938
367,903
Pennsylvania RR.
510,259
361,694
193,997
199,861
191,721
153,392
Lehigh & New England RR—....
168,413
201,731
224,380
219,948
4,046,821
3,848,666
4,421,519
4,159,738
0.325c. per pound
Daily London Prices
333,777
Ry..
above f.o.b. refinery
519,852
330,100
405,088
319.421
497,478
Erie RR
The c.l.f. basis commands a premium of
quotation.
Havre and Liverpool.
New York Ontario & Western
Copper Std.
Copper
Tin Standard
Spot
3M
Spot
3M
215
213%
14%
14%
13%
13**16
47%
214 %
213
14%
147i6
13%
13lsi6
47%
214
213
14%
14%
13*16
13**I«
214
212%
14'u
14*16
13%
Week
in
Non-Ferrous
Metals—Easier
London
13%
212%
211%
14*16
14*16
13%
Prices Retard Trade
13%
"Metal and Mineral Markets" in its issue of Feb. 16 re¬
ported that though the movement of non-ferrous metals to
Spot
(.Bid)
Spot
4218ie
43 %
48)4
423u
429i«
Feb. 13
Quiet
Zinc
3M
Feb.10
Total
Lead
Electro.
3M
42*16
42 %
Feb. 14
42 %
427ie
47)4
Feb. 15
41%
41H
46)4
Feb.
9
...
official buyers' prices for the first session of the
London Metal Exchange; prices for copper and tin are the official closing buyers*
Prices for lead and zinc are the
prloes.
All are in pounds sterling per long ton
(2,240 pounds)
Financial
954
operating rat-e of steel companies having 98%
capacity of the industry will be 54.8% of capa^ty
for the week beginning Feb. 13, compared with 53.4% one
week ago, 52.7% one month ago, and 31.0% one year ago.
This represents an increase of 1.4 points or 2.6 % from the
estimate for the week ended Feb. 6,1939.
Weelky indicated
rates of steel operations since Feb. 7, 1938 follows:
Ingots Production Rises a Point to 55%
in its issue of Feb. 16 reported that a
rise of one point in the steel ingot production rate to 55%
of capacity and a strengthening of scrap prices at Pitts¬
burgh and Chicago, which has advanced the "Iron Age"
scrap composite price to $15, its 1938 peak, are the most
concrete evidences of the gradual improvement that is tak¬
ing place in the steel industry. The "Iron Age" further stated:
of the steel
"Iron Age"
Feb.
21——30.4% June
Feb.
28
February, if not January, would bring a fairly good
Mar.
out the month.
Retardation of the normal
of seasonal recovery
it is believed that
March
An acceleration of automobile assemblies as the time for spring car de¬
liveries approaches is a major expectation.,
bile industry has been buying
production
up to
only fill-in lots, but large purchases for the
markets,
pending
If
schedules of the next few months will be well above most of last year's poor
ago.
showing in this category.
years ago
„
The Missouri Pacific Lines have issued inquiries for 1,175 freight cars
and seven
dieeel engines; the Maine Central is
and the Union Pacific will build 2,000 freight
cars,
take bids from
car
builders
300 flat
on
Rail orders
cars.
cars
this
Louis
Southwestern
been placed.
having
The
Southern
Pacific
Construction work is in
cating
a
lull, only 9,100 tons of fabricated structural
possible renewal of activity.
a
having
a new
)but this week there
district has shown
steady and in
are
instances have risen.
are at
The Wheeling-Weirton
in
some
of 1937.
summer
menanced
were
showing improvement.
are
Efforts
being made in
are
some
with
There is still
indication
no
as
to whether mills will
any prices
for the second qharter.
will be
general rise In prices, but small Increases
no
which there
are
"
It
seems
"IRON
on some
products on
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
rolled strips. These products represent
85% ol the United States output.
2.512c.
2.512c.
r
1936....
2.249c.
Mar,
2.016c.
Mar. 10
2.056c.
Jan.
Apr. 24
1.945c.
Jan.
2
Oct.
2 118c;
1933
8
Dec. 28
1.7920.
May
2
1.870c.
Mar. 15
Mar.
.2.062c.
1934
Oct.
..1.953c,
9
1
3
1932
1.915c.
Sept.
1930—
2.192c.-
Jan.
7
1.962c.
Oct.
1927
2.402c.
Jan.
4
2.212c.
Nov,
6
2
8
14,
1939,
$20;61
a
Gross Ton
One week ago..*
Based
1
$20.61
One month ago
20.61
23.25
on average
Philadelphia,
Buffalo,
Valley ' and
Southern iron at Cincinnati.
High
1938......
$23.25
Low
June 21
$19.61
1937
July
6
23.25
Mar.
9
20.25
Feb.
16
1936..*.
19.73
Nov. 24
18.73
Aug. 11
18.84
Nov.
5
17.83
May
14
17.90
May
1
16.90
Jan.
27
16.90
Dec.
5
13.56
Jan.
1935
1934....—..
——
1933
1932..,.
3
14.81
...
Jan.
5
13.56
Dec.
'6
18.21
Jan.
7
15.90
Dec.
16
19.71
1930
1927
Jan.
4
17.54
Nov.
Steel
Feb.
,
14,
1939, $15.00
a
Groas Ton
One week ago—
One month ago
Scrap
fRased
$14.875{
15.00
One year ago
13.83
on
No.
1
heavy melting steel
quotations at Pittsburgh, Philadelphia
and
15.00
1937
1936
leading
consumers,
prevailed since last
to
With
84,500
adverse
Ford
output
80,000 tons
of rails.
A few other roads have
car
a,ctive, despite the fact
new
in¬
of household equipment
stepping up operations,
are
The better outlook for
of finished units this year and the prospect for
upturn in resi¬
an
finished steel
Shipments, January deliveries of the latter by United
Steel Corp. were the largest since October, 1937 and
On the other hand,
16.2%,ahead
January ingot output by the entire
while slightly larger than in December,
was
off
10.8%
from
November, peak month of 1938 in this respect.
Tin, plate production is
food packing cans has yet
up to
cago was up
50%, although buying for manufacture of
to broaden
stance further improvement
materially.
in operations is
seen
In view of this circum¬
for coming weeks.
last week in ingot production at individual
In most areas output was unchanged or higher.
2.5 points to 51%, eastern Pennsylvania
Youngstown gained 2 points to 44.
while St. Louis
was
up
declined
rose
Chi¬
2 points to 36,
Detroit also Increased 2 points to 94,
1.5 points to 50.
°
k.
at two centers, Cleveland
56.5%, with Buffalo off 2.5 points to 37.
being down 7.5 points to
Unchanged districts included
Pittsburgh at 46, Wheeling at 64, Birmingham at 80, Cincinnati at 55 and
New England at 70.
Finished steel prices are holding well.
The industry's earnings moved
Blightly further Into the black last quarter, but the small margin imposed
by high costs lends considerable incentive to resist price concessions.
,
Scrap is marking time, with prices showing little change in the face of
quiet domestic demand.
at
$56.50.
An
...■■■■,
■
adjustment at Pittsburgh raises the scrap
The finished steel composite is unchanged
V.
■
Steel
ingot production for the week ended Feb. 13, is
placed at a shade over 54% of capacity, according to the
"Wall Street Journal" of Feb. 16. .This compares with
533^% in the previous week and 52% two weeks ago.
The
"Journal" further reported:
''
.
U. S. Steel is estimated at a fraction over 51 H%, against 51
H% in the
week before and 49% two weeks ago.
Leading independents are credited
with
about
56%, compared with 54lA% in the preceding week and 54%
two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
Chicago.
H
U. S. Steel
Low
17
$14,875 Jan.
31
1939
54
9
1938
30 X
—
X
51 X
28 X
Nov.16
1937
8*X
+
X
79
1936
53
+
52
Nov. 22
11.00
21.92
Mar. 30
12.92
17.75
Dec. 21
12.67
June
9
June
1935
13.42
Dec.
10
10.33
13.00
Mar. 13
9.50
Apr. 23
Sept. 25
1935
1934
1933
12.25
Aug.
1934
42
8
6.75
Jan.
3
1933
20
1932
8.50
Jan.
12
6.43
July
6
1932
1930
26 X
15.00
Feb.
18
11.25
Dec.
9
15.25
Jan.
17
13.08
Nov.22
+
—
+
X
1
47 X
2
47
2X
38
X
26 X
56 X
—
3X
32
89
+
—
+
IX
1
+
—
+
IX
IX
1
57
55
3
44 H
1
26 X
49
+
J 6
X
+
—
Independents
23
—
50 X
+
1
52
1930
81
+
IX
85X
+
2
77
+
1
1929
88 X
+
IX
90
1
86
+
2
an¬
+
1928
84
—
1
90
telegraphic reports which it had received indi-
1927
83 X
+
3
91
1927
The American
nounced that
Interests
some
continue
Industry
1938
of
accompanying influence on steel releases.
[
High
$15.00
Jan.
1939
1
and three
week rebounded from 79,410 units
composite 4 cents to $14.79.
of basic iron at Valley
furnace and foundry irons at Chicago,
One year ago
an
States
29
Pig Iron
was
Residential building has increased in some districts, and manufac¬
of last November.
Low
2.211c.
May 17
pro¬
81%
was
the slower rate that has
shops to build 2,000 steel box cars.
Activity
Oct.
2.249c.
1935
at
operations
plants and districts.
Based
High
1938...;
1937
1937 week the average
Mixed tendencies prevailed
Finished Steel
rt
W Feb. 14,
1939, 2.286c. a Lb.
One week ago...
2.286c.
One month ago---,
....2.286c.
One year ago.;
2.512c.
Feb.
and
PRICES
r
business, ingot
new
Last week the national rate
Indicative of the varying trend on occasions in steel Ingot production
reasonably certain that there
AGE'rCOlJf>OSITE
hampered
Industry,
attempt to advance
.
dential building.
jobbing
losses, or at best negligible profits, would not be surprising.
THE
orders remain
carryover
by
pipe, galvanized flat sheets and formed roofing and wire nails.
Tin plate business is quickening, while
domestic appliance output compared with 1938 is predicated on the smaller
stiffen prices of products that have been weak, notably merchant
centers to
bookings.
it was 53%.
turers of certain types
Mill prices on steel products are steady and firm, while secondary mar¬
kets
Some fairly large rail orders
the depressed 1938 requirements appears assured.
bids
is
to Its previous level.
area
Feb. 13 stated:
on
last quarrer, when a large number of public works jobs were appearing for
Resumption of steel making
plants in the south Ohio River district that
high water has restored the rate in that
57.6%
quiries for major construction projects have moderated considerably since
while at Birmingham a gain of four points to 72% raises the South to its
highest production since the
..59.9%
Shipments of building steel
least
area
own
over
11 points to 90%, the Chicago district has gained two points to 53%,
up
5
12
34,065, ChryBler from 15,820 to 20,645 and all others from 7,975 to 8,040.
its
The Cleveland-Lorain
slight recession., but elsewhere operations
a
some
Dec.
Dec.
54.8%
inquiries pending, but railroad budgets in general point to only relatively
moderate capital expenditures this year.
Nevertheless, a fairly large gain
fluctuations from week to week,
gains than losses.
more
60.7%
Railroad steel buyingis headed by orders for about
Pond Co. for the manufacture of machine tools at West Hartford, Conn.
Bridge construction is prominent in pending structural steel work.
some
Nov. 28
6..^...53.4%
13
Union Pacific railroad has Indicated It will start work within 60 days at
A large private enterprise calling
plant for the Pratt & Whitney division of the Nilea-Bement-
Operations of steel plants show
61.9%
Production for the industry is more than 45% larger than a year ago.
been ordered.
for 3,600 tons is listed among jobs which are mostly of a public character.
This is
Nov. 21
steady at 21,750 units, General Motors last week stepped up from 33,865
or¬
projects coming into the market totaled 20,250 tons, indi¬
new
Aug.
Motorcar assemblies last
to
slightly more than in the previous week,
or
However,
Aug.
In the corresponding
weather
dered 12,440 tons of accessories.
steel,
53.7% Jan.
56.8% Jan.
7. —.61.0% Feb.
Nov. 14
.62.6% Feb.
and recovered about one-half the loss of the previous week, when
week, only 2,000 tons for the Western Maryland and 1,000 tons for the
St.
31
Nov.
quarter when forward needs were covered extensively.
and
small
are
24
Oct.
37.0%
50.7%
51.7%
52.7%
23.
51.2%
30.—..52.8%
1 point to 54%, a new high for 1939 and comparing with 31% a year
but steel
the Santa Fe may buy 30 dieselelectric locomotives and repair 500
refrigerator
Oct.
36.4%
The automotive industry continues outstanding among
the market for 750 freight
in
32.3%
duction is moving within a narrow range.
up
cars;
11
18
25
Reflecting only small change In the volume of
rail and accessory orders, the railroad participation in steel manufacturing
1
16
variations in demand elsewhere are slight.
and locomotive purchases are added to recent fairly sizable
car
49.4% Jan.
tural and concrete bar
subsequent months prior to the food packing season.
ultimately be furnished, continues to be a promising prospect.
may
9
17
have been placed, but these have partly been offset by a letdown in struc¬
Railroad buying, though still lacking the stimulus of such Government aid
as
Jan.
Oct.
Steel demand is barely holding its own.
manufacturing schedules has brought tin place
62%, with further and more rapid gains possibly in store
for next month and
51.4%
22.4%
51.7%
38.8%
"Steel" of Cleveland, in its summary of the iron and steel
spring manufacturing programs are looked for within the next few weeks.
A mild improvement in can
1939—
46.7%
2
47.9% Jan.
3
10
July
For some weeks the automo¬
Sept. 26
Oct.
1——39.8%
8..'—.39.4%
Aug. 15
40.4%
May
9...—30.4% Aug. 22— .42.8%
44.0%
May 16
30.7%, Aug. 29
visible thus far in the new year.
47.3%
Oct.
4
32.6%
11
32.7%
Apr. 18
32.4%
Apr. 25—.32.0%
May
2
30.7%
will bring a larger improvement than has been
Sept. 19
28.7%
35.7% July
July
Mar. 28
Now
39.9% Dec. 19
45.3% Dec. 26
6
Sept.
28.0%
Apr.
has not changed the expectation of the steel trade
that business volume will expand, but the time has been postponed.
1938—
Sept. 12
32.1% June 27
5
33.7% July
Apr.
processes
6
29.3% June 13.
29.9% June 20
7
Mar. 21
However, February sales thus far have not gained in the
aggregate over those of late January.
31.0% May 31
Mar. 14
January started out rather poorly in sales, but progress was made through¬
29.0%
26.1%
26.2%
27.1%
May 23.
14
of betterment In steel sales and operations.
measure
1 Qlfi
1938—
7—;. 30.7%
Feb.
good deal of disappointment to those
from week to week, thereby creating a
who had expected that
lOlS
Feb.
barely discernible
The fact is that the improvement is so slow that it is
1939
cated that the
Steel
The
Feb. 18,
Chronicle
Iron
and
Steel
Institute
on
Feb.
14
1931
—
1
78
+
2X
75 H
2
2
+
2X
Volume
Financial
148
Chronicle
955
Current Events and Discussions
The
Week
with
Federal
the
Banks
Reserve
York City and $2,000,000 at all reporting member banks.
Holdings of
obligations fully guaranteed by the United States increased $20,000,000
'
During the week ended Feb. 15, member bank reserve
balances decreased $311,000,000.
Reductions in member
bank reserves arose from increases of $22,000,000 in money
in circulation, $319,000,000 in Treasury deposits with Fed¬
eral Reserve banks, $11,000,000 in non-member deposits and
other Federal Reserve accounts and $3,000,000 in Treasury
cash, offset in part by increases of $40,000,000 in gold stock
and $3,000,000 in Reserve bank credit.
Excess reserves of
member banks on Feb. 15 were estimated to be approxi¬
mately $3,170,000,000, a decrease of $290,000,000 for the
in New York
City and $18,000,000 at all reporting member banks.
An increase of $55,000,000 is shown for "Other securities" at all
reporting
member banks and of $74,000,000 at reporting member banks in New York
City.
In addition, $53,000,000 heretofore included in "Other securities,"
well
as
$47,000,000 heretofore included in loans,
as
now
Included In
Such loans and securities indirectly represent
"Other assets."
hank prem¬
ises and other real estate and
are
are now shown as a
spearate item in member
bank call reports, although included in other assets In the weekly statement.
The changes in loans shown
below
certain loans heretofore classified
as
resulted in part from
the transfer of
commercial, industrial and agricultural
to "All other" loans.
week.
A summary of the principal assets and liabilities of report¬
ing member banks, together with changes for the week and
the year ended Feb. 8, 1939, follows:
•
The
principal changes in holdings of bills and securities
increase of $5,000,000 in United States Treasury
and a corresponding decrease in United States Treasury
were
an
notes
bills.
.
Increase
•
-
Feb. 8, 1939
Assets—
found
on pages 982 and 983.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
Increase
'
.
(+)
'
-
i
Feb. 15.
;
Bills discounted
U. S. Government securities
advances
(not
Loans
$
—5,000,000
Other
2,000,000
—3,000,000
—6,000,000
+ 5,000,000
2.587,000,000
Treasury currency
+ 3,000.000
+ 40,000,000
2,819,000,000
+1,000,000
+157,000,000
•
.
'
-
*
'
Member bank reserve balances
8,707,000,000 —311,000,000
Money in circulation
6,695,000,000
(
.
+1,491,000,000
+ 393,000.000
+ 22,000,000
2,771,000,000
+ 3,000.000
Treasury deposits with F. R. bank.. 1,250,000,000 + 319,000,000
Non-member deposits and other Fed,
eral Reserve accounts
754,000,000
+11.000,000
—855,000,000
+1,063,000,000
Treasury cash....
fully
+ 72,000,000
+ 1,000,000
—79,000,000
—28,000.000
—15,000,000
+ 7,000,000
guaranteed
+43,000,000
—8,000,000
+ 16,000,000
—31,000,000
—2,000,000
by
1,807,000,000
+ 18,000,000
+661,000,000
Other securities
3,302,000,000
a+ 55,000,000
Reserve with Fed. Res. banks
7,453,000,000
423,000,000
2,515,000,000
—68,000.000
United States Government
.
+ 29.000,000
+349,000,000
+1,836,000,000
+119,000,000
—78,000,000
+543,000,000
16,077,000,000
5,185,000,000
632,000,000
+ 29,000.000
+1,566,000,000
—38,000,000
—7,000,000
6,271.000,000
—88,000,000
572,000,000
—4,000,000
-1,000,000
Cash in vault
Balances with domestic banks
+ 1,000,000
Liabilities—
Demand deposits—adjusted
United States Government deposits
Inter-bank deposits:
Foreign banks
New York City and
in
—126,000,000
—6,000,000
1,536,000,000
8,171,000,000
•:
Domestic banks
Returns of Member Banks
—746,000,000
—657,000,000
—22,000,000
or
!
Time deposits
+ 42,000,000
a—54,000,000
536,000,000
1,146,000,000
106,000,000
purchasing
U. S. Govt, direct obligations
+1,991.000.000
1.
'
for
Other loans
—13,000.000
14.772,000,000
Gold stock...
+233,000,000
in
Real estate loans
1..
t
Feb. 9, 1938
+ 17,000,000
786,000,000
loans
Obligations
Tltal Reserve bank credit
dealers
Loans to banks
-
•
and
carrying securities
'
15,000.000
Other Reserve bank credit
brokers
to
securities
•
2,564,000,000
including
$13,000,000 commltm'ts—Feb. 15)
$
Feb. 1, 1939
j
Feb. 8, 1939
.21,459,000,000
Commercial, industrial and agrl- 8,179,000,000
cultural loans
3,745,000,000
Open market paper
324,000,000
Loans—total.,
Feb. 16, 1938
—2,000,000
1,000.000
■_
1939
$
5.000,000
Bills bought
Industrial
Feb. 8.
1939
$
.
(—)
Feb. 9, 1938
Feb. 1, 1939
Loans and investments—total
(-?-)
or Decrease
SittCG
Decrease
or
Since
The statement in full for the week ended Feb. 15 will be
-
(+)
i
Borrowings.
Chicago—Brokers' Loans
a
+2,000,000
+ 1,000,000
+1,027,000,000
+182,000,000
—1,000,000
'
See text above
Below is the statement of the Board of Governors of the
Federal
Reserve
System for the New York City member
banks and also for th3 Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
IN
New York
Feb. 15,
Feb.
,
1939
1939
Feb. 16,
1938
$
$
$
Assets—
Loans and investments—total..
8,
•
■'
,2.890
—
1,358
1,351
—
1?5
125
660
636
1939
165
1938
$
$
1,706
345
347
16
16
33
1,947
-.628
2.127
3,267
2,129
524
34
7,837
528
and
industrial
agricultural loans..a
Open market paper
China coast,
,
purchasing or
\
.
'
419
29
42
.
187
213
66
67
108
126
13
13
12
...^—
' 83
86
396
397
423
51
51
53
U. S. Gov't direct obligations._
2,621
2,636
3,123
1,156
1,161
956
125
324
658
27
197
,113
325
686
31
193
101
262
604
22
161
Loans to banks..
Other loans
Obligations fully guaranteed by
„
1,028
Other securities
1,159
Reserve with Fed, Res. banks._
4,161
53
1,209
4,320
Cash in vault
—
Other assets—net-,
1,042
2,695'
54
49
67
419
406
-
405
76
73
Balances with domestic banks
•
■
•
48 1
50
■
■
5,847
672
343
1,546
470
2,615
2,626
2,088
'502
1,576
471
83
1,426
469
62
681
9.
576
5
685
481
United States Govt, deposits...
6,887
617
116
83
N
Inter-bank deposits:
Domestic banks-...--.--
Foreign banks
Borrowings
289
Capital account...
■
294
1,484
10
350 "
9
335
....
1,485
Other liabilities
254
1,485
"
•
Complete
'
«
'
*
..
13
16
254
240
■
Returns of Member Banks of the Federal
System for the Preceding Week
Reserve
As
explained abov9, 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
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business Feb. 8:
101
of $29,000,000
In demand deposits-adjusted, an increase of $110,000,000 at New York
City banks being partly offset by decreases of $31,000,000 in the Chicago
district, $18,000,000 in the Boston district and $11,000,000 in the Cleve¬
land district.
Deposits credited to domestic banks decreased $80,000,000
in New York City, $12,000,000 In the Cleveland district and $88,000,000
The
condition
statement
of weekly
reporting
member banks In
leading cities shows for the week ended Feb. 8 an increase
at all reporting
Holdings
of
member banks.
United
States
,
Government
direct
of
Sino-Japanese
'J.
said:
The
island,
British
the coast of French Indo-China and between the
Hongkong and Singapore, had been watched with
Great Britain and France since the beginning of the
strongholds of
interest
both
by
undeclared
war.
dispatch
Paris
[A
' ■;
lying off
said
said it
Tokio.
and
the landing came as a shock to France, and
certain to lead to sharp diplomatic exchanges
was
France asked Japan for an
"explanation" of
attempt to land on Hainan last year.
[The French Government considered its 1907 treaty with Japan,
obligations increased
New
a
previous
ing each nation not to act in China
that
Japan
pledg¬
"at the expense of the other," meant
Japanese authorities challenged
Hainan.
interpretation. 1
should
not occupy
a naVal landing party and army regu¬
Hainan during the early morning and
immediately started advancing inland against Chinese forces.
Control of the island would give the Japanese a base from which their
Japanese announcement said
The
lars
occupied
shore
positions
on
include the newly constructed
interior, enabling them to hamper
airplanes could greatly extend their range to
highway from Indo-China to the Chinese
of military
the flow
contravened
not
inform
supplies.
•
-
spokesman denied the Hainan attack
the 1907 treaty with France and admitted that Japan did
France prior to the landing in accordance with the treaty
Japanese
[The
Foreign
Office
terms.
"is for the purpose of the
island."]
A Domei (Japanese news agency) dispatch said large forces of Japanese
bluejackets swarmed ashore in an unnamed bay on the west coast of
["The present military operation," he said,
extermination
Hainan
offered
said
at
2
little
the
of
Chinese military forces on the
a.
m.
surprised
that
Chinese
troops,
except
sporadic
machine-gun
and
resistance
fire.
by
the
attack,
The dispatch
landing was carried out without the loss of a single man.
Chinese military leader,
would
mean "the beginning of Japanese domination of the Pacific"
and would strike heavily against the United States, Great
Britain and France.
A Chungking dispatch (Associated
Generalissimo Chiang Kai-shek,
said
on
Feb. 12 that Japanese domination of Hainan
Press) of Feb. 12 to the New York
him
as
"Herald Tribune" quoted
follows:
,
$9,000,000 in the San Francisco district and decreased $12,000,000 in
occupation of
conflict was last referred to in the
page 654.
In reporting the capture
Hainan, Associated Press Shanghai advices of Feb. 10
The
this
....
13
not withdraw from
"Chronicle" of Feb. 4,
between' Paris
6,809
624
116
Demand deposits—adjusted....
Time deposits-.
Dutch
the. island.
60
50
1
Japanese troops would
that
Tokio
French observers
Liabilities—
British- and
Hainan,, despite foreign objections to their
,
923
United States Government
1
46
.
French,
Protests were sent to Japan this Week by France,
Great Britain and the United States, but it was indicated
72
108
American,
into
spheres.
'
187
carrying securities
Real estate loans....---
areas far
thus extending Japanese controlled
south
the
to
in
Loans to brokers and dealers
Other loans for
1939
588
Loane—total...
7,658
Diet
*
Japanese troops which have been conducting the war on
on Feb. 10 seized the Island of Hainan, off the South
$
7,725
2,917
Japanese
Fisheries Dispute
China
\
Chicago
Feb. 15, Feb. 8, Feb. 16,
City
Envoys—Resolution by
with Russia
Foreign
on
BANKS
CENTRAL RESERVE CITIES
(In Millions "of Dollars)
Commercial
Japanese Seize Hainan Island—Enter Sphere of Ameri¬
can, British and French Influence—Assert Reten¬
tion of Area Is Not Permanent—Protests Made by
o
Chiang, in an
mark
the
would
Hongkong,
interview, said that Japanese possession of Hainap
beginning of broken British communications between
Financial
956
He said
Singapore and Australia.
bases
Singapore,"
and
British
naval
it was,
therefore, Japan's "reply to
States
Hawaii
at
STATEMENT
it would be a "threat to United
that
and
belief that
Chronicle
United
at
were
the
Singapore for
Feb.
last
opening
formal
BANKS
OF
THE
1939
IS,
DOMINION
OF CANADA
and expressed
of
Trenton
Dec.
Dec.
31, 1937
5,209,629
4,697,847
Total.
4,873,925
5,339,044
10,706,762
10,212,969
56,836,955
200,645,883
6,204,643
31,839,243
115,874,382
Elsewhere......——
5,435,324
5,361,438
9,907,476
In Canada....
the Orient
14.)
31, 1938 Nov. 30, 1938
S
Current gold and subsidiary coin—
base
British naval
new
a
Milwaukee,
and
routes to Australia and
sea
THE
the visit of United States
Memphis,
the
Britain's
at that crossroads of Great
OF
Asset*
cruisers,
States
CONDITION
OF
warships to Singapore last year."
(Three
Feb.
55,973,822
215,196,543
5,517,921
31,426,805
53,899,930
196,040,148
5,661,810
24,964,322
130,175,050
Chiang said he believed that Japan wanted to create a strategic triangle
with
its
this
if
triangle
Philippines
good
as
would
it
by
United States
by
As
Manchukuo,
Mukden,
southward
Deposits with Bank of Canada..
by
Japan,
United States A other foreign currencies
lies
Cheques on other banks
Guam,
Including bills redlscounted
Western
any
Deposits
move¬
made
Japan's
Hainan
was
so
nent retention of Hainan was not a
A Tokio wireless message,
Assurances
given
yesterday,
occupation
was
as
when
nate
the military
pledges
the
Neither
Their
the
French
instructions
ish,
the
Henry,
French
shade. of
additional
purely military
measure
Ambassador,
emphasis.
The
a
that
Hainan
has
Pacific
strategy
limited
Chinese
annex
Arita reminded him that
Mr.
territory
explicitly
covered
the
Ambassador
British
registered
necessity,"
coupled
designs was given
informal
an
The
with
given
the
to
declaration
a
Powers.
collapse of
the occupation
of
Generalissimo
John
the
United
T.
•
Y.
States
An
had
Japan
that
ment
nationals
ing
the
on
Inquiries
destroyer
left
cargo,
yesterday,
for
Haiphong
the
at
resolution, urging
against the Soviet Union.
lowed
series
a
The vote
by
The
time
same
as
on
53.130,582
13,134,076
42,522,934
40,983,983
39,476,859
734,103,116
750,328,026
699,186,909
mand In Canada
of
Union,
end
of
on
policy
the
partly
reported
a
which
direct outgrowth
the
clashes
responsible
today. from
It
was
A
communique
between
for
In
but
to
an
Hsinking,
the
said
Hachiro
answer
display
the
Another
fisheries
Soviet
capital
dispute
of
near
in
had
troops
and
are
being blocked
Soviet
The
action.
Manchukuo' forces
forces
Domei
Manchukuo,
the
the
been
firm
Elsewhere
instead
determination
of
scene
Arita.
"
it
,
Acceptances and
standing
The fisheries dispute
Jan. 14, page 205.
that
are
being
No
Rest
was
only
a
to
the
Union
Soviet
should
whole
hands
handle
of Foreign
the
Minister
said another.
"Fishing by iotce
.
referred
to
in
l;hese
columns
of 1928
Cash
Office of Foreign Credits at Budapest, Hun¬
Feb. 15, announced that it will redeem through its
central paying agents in New York, Schroder Trust
Co.,
coupons dated Feb. 15, 1939 on the City Savings Bank Co.,
Ltd., Budapest, 7% 25-year sinking fund secured gold bonds
"Series A of 1928" dollar issue, at the rate of $8.75
per coupon
detached from a $1,000 bonds.
Coupons presented in ac¬
ceptance of this offer, which expires Aug. 14, 1939, and is
made only to persons resident outside of
Hungary, must be
transmitted to Schroder Trust Co., 46 William St.
gary, on
Comparative Figures of Condition of Canadian Banks
In the following we compare the condition of the Canadian
banks for Dec. 31, 1938, with the figures for Nov. 30, 1938,
and Dec. 31, 1937:
\
'
or reserve
40,360,732
46,478,616
341,691
939,169
52,552,841
4,772,778
1,411,753
133,750,000
145,500,000
56,218,654
4,221,749
2,374,159
133,750,000
145,500,000
63,501,026
3,929,915
802,940
133,750,000
145,500,000
16,959,644
the
and
.....
fund
12,708,736
43,170,688
219,513
Canada
letters
17,848,639
10,330,408
credit
of
out¬
...
....
3,418,980,971 3.443.168.6453,269,414,389
Note—Owing to the omission of the cents in the official reports, the footings In
the above do not exactly asrree with the totals given.
increased.
mention
Hungary to Redeem Feb. 15 Coupons of City Savings
Bank Co., Ltd., Budapest, 7% Gold Bonds Series A
The
in
Capital paid up—...
border
hew
.
'
was
11,706,733
11,785,558
correspond¬
Kingdom
Liabilities not lncl. under foregoing heads
Dividends declared andkunpald-_-j....
Member
Trading
on
New
York
Stock
,
Week*
the
.
.
Canada,
Ended
Jan.
28
and
on
Exchange
New
.
as
in
grim determination,"
inevitable."
In
of recent skirmishes.
area
repulsed.
not
Cabinet
leaving
than
^United Kingdom
Bills payable
agency
world."
the
banks
other
ents in the United
out
one Representative said:
"Unless a solution is speedily
spoken by Japanese might should be given the Soviets.
declared
from
apparently
news
.
v
our
entire
member
"We must show
is
1,659,646,208 1,654,748,586 1,582,825,511
419,683,930
435,940,358 '408,544,643
Total liabilities
Japanese
Sunday and yesterday
admitted
today's debate
will
after
•
today's
made, of casualties.
We
payable
Due to banks and banking
of the fisheries dispute with the
charge they
Japanese
Russo-Japtfnese War.
clashes occurred
reached,
*
public,
fixed day in Canada
other banks in Canada
the resolution fol¬
of
was
in
border
Recent
were
the
on a
secured, Including bills redlscounted..
Deposits made by and balances due to
fishing waters opened to them under the Portsmouth treaty, singned at
the
by
notice or
Feb. 14 unani¬
stronger
a
101,676,294
97,091,023
63,632,194
Deposits
the
stated, in part:
resolution
Soviet
1,651,838
3,280,858,992
Deposits by the public, payable on de¬
•
14
1,725,76'
Balance due to Provincial governments.
state¬
a
speeches, some of which advocated the
use
of force against Russia.
In summarizing the debate
and
the
resolution, Associated Tress Tokio advices of.
Feb.
5,987,203
11,370,629
94,522,673
Loans
a
5,474,05f
11,765,16.'
ducting adv. for credits, pay-lists. Ac.
Advances under the Finance Act..
to
American freighter, carryv
House of Representatives
approved
63,601,026
5,479,971
11,657,930
1,737,896
Deposits elsewhere than In Canada
mously
73,283,607
56,218,654
Balance due to Dominion Govt, after de¬
destroyer.
The Japanese
72,812,233
3,431,480,887 3,455,218,71'
Total assets
Captain
according
answered
were
an
72,709,908
going heads
the
going to investigate the safety of American
was
10,047,137
8,438,461
4,267,272
Liabilities
Haikow
Hongkong
at
9,057,928
7,995,643
4,152,493
pro¬
...
Notes In circulation.;
Edwards, commanded by
Hainan, but Asahi reports that
unknown
an
for
Hongkong
90,382,496
8,798,257
7,962,490
4,121,330
52,552,841
estimated loss
with the Minister of Finance
for the security of note circulation
Shares of and loans to controlled cos
Other assets not Included under the fore¬
Chiang Kai-shek's-regime."
left
22,762,126
Deposit
"strengthening Japan's
as
21,154,132
112,260,802
credit as per contra
territorial
no
22,055,151
less amounts (if any) written off
Liabilities of customers under letters of
that
assurance
and thereby accelerating
coast
D.
Asahi.
newspaper
75,845,106
59,546,790
748,817,290
165,590,124
111,566,629
Real estate other than bank premises...
Mortgages on real estate sold by bank..
Bank premises at not more than cost
and announced to the world by
defined
was
destroyer John
Stapler,
63,957,805
47,979,729
836,927,428
148,191,168
806,466,362
152,458,364
Non-current loans,
Ship Movement Reported
The
171.149,233
129,602,816
64,873,837
50,798,172
Canada..
and school districts
duration exceed military
or
that
to M. Henry yesterday
traffic along the. China
of
162,683,188
122,626,450
to
....
Elsewhere
Foreign Office communique.
objective
suspension
being
value
marketable
Loans to Provincial governments.—
Loans to cities, towns, municipalities
objectives not connected with the broader question
of Hainan will not in nature
occupation
174,312,121
126,779,020
Loans to the Government ol Canada
the
protest.
a
sufficient
Other current loans A dlscts. In
simply to make inquiries regarding the object, of
are
se¬
Elsewhere than In Canada...
imply rather than state concretely that Japan's occupation
of
public
cover
to com¬
necessary
vided for
of
"the
colonial
and
(not exceeding 30 days)
loans In Canada on stocks, deben¬
tures, bonds and other securities of
occupation.
Answers
foreign
curities other than Canadian..
-Sir Robert was assured that, it would termi¬
nor
were
1,162,101,202 1,140,736,370 1,110,646,221
Railway and other bonds, debs. A stocks
islands.
Chinese
'
78,079,663
Provincial
Canadian municipal securities and Brit¬
part of Japanese policy.
situation changed.
to
not
Arsene
an
a
plete the Japanese blockade.
Japan's
-
and
Government
Government securities
Call and short
with
explained
Kingdom
Dominion
Feb. 14, to the New York "Times"
Charles
to
169,847,838
Due from banks and banking correspond¬
the first step
'
repeated
were
5,209,032
23,726,579
151,957,361
of
4,039,130
24,432,190
.
United
,
3,636,633
18,146,713
ents elsewhere than In Canada and the
.
*
due
balance
Due from banks and banking correspond¬
ents In the United Kingdom
Japanese Foreign Minister Arita on Feb. 14 assured Sir
Robert Craigie, British Ambassador to Tokio, that perma¬
.
and
ex¬
continental
first step toward
expansion.
added:
with
from other banks In Canada
was
112,268,588
Loans to other banks In Canada, secured,
...
the generalissimo said,
pansion in Asia,
a
half
and
off the coast of Siberia.
would thus be able to hamper
United States fleet.
a
Notes of Bank of Canada
the
possession, is almost due south of Japan.)
Chiang said,
Japan,
ment
and
"Hawaii
Notes of other banks
Russia
Soviet
north of the Japanese island of Hokkaido
a
that
mean
Japanese-occupied."
as
controlled
half
(Sakhalin,
established
were
were
Dominion notes..--
Guam, and declared that
Sakhalin Island and
points at Hainan,
,
York
for
Curb
Exchange for Weeks Ended Jan. 21 and 28
Trading in stocks on the New York Stock Exchange by
members, except odd-lot dealers, for their own account
amounted to 3,266,165 shares'in roimd-lot transactions
during the week ended Jan. 28, it was announced by the
Securities and Exchange Commission yesterday (Feb. 17),
which amount was 19.47% of total transactions on thQ
Exchange of 8,387,350 shares.
During the previous week
ended Jan. 21 round-lot purchases and sales of stocks for
the account of members, except odd-lot dealers, totaled
2,163,545 shares; this amount was 22.54% of total trans¬
actions for the week of 4,799,820 shares.
The Commission also promulgated figures
showing the
trading by members of the New York Curb
Exchange for their own account to total transactions on the
Exchange.
During the week ended Jan. 28 the member
trading was 519,480 shares, or 21.27% of total transactions
of 1,221,260 shares, while in the preceding week ended
Jan. 21 (as announced by the SEC on Feb.
17) the Curb
relation
of
members traded
in stocks for their
own
account in amount
of
455,535 shares, which was 22.08% of total volume of
1,031,630 shares.
The data issued by the SEC is in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress in June, 1936,
on the "Feasibility and
Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The Stock
Exchange figures for the week ended Jan. 21 were given
in our Feb. 11 issue, page 803.
The data
published
are
based
upon
weekly reports filed with the New
York Stock Exchange and the New York Curb Exchange by their respective
members.
These reports are classified as follows:
■
Volume
Financial
MS
New
■
York
Part II—Rules
Stock
Jan. 28
l ,083
105
68
65
315
108
553
105
566
Reports showing transactions as specialists
2.
under this section.
817
107
474
_
1.
817
210
283
Total number of reports received
Part III—Rules
Reports showing other transactions initiated on
the floor
3.
Reports
4.
Reports showing
showing
other
off the floor
___
no
transactions
Note—On the New York Curb Exchange the round-lot transactions
offices,
of specialists
Exchange perform the functions of the New York Stock Exchange
dealer as well as those of the specialist.
employees,
joint-accounts,
partnerships, members'
conduct
commissions,
of
and proxies.
York
odd-lot
Part IV—Rules
designated for the New York Stock Exchange, since specialists on the New
Curb
members'
accounts, financial condition, margins, wires, reports, security distribution
strictly comparable with data similarly
in stocks in which they are registered are not
Principally Applicable to Office Matters
Under this section appear the rules relating to
initiated
transactions
Principally Applicable to Floor Transactions
The title indicates the nature of the rules which have been assembled
New York Curb Eich.
Jan. 28
Jan. 21
Exchange
957
Chronicle
Under this section
security
contracts
Principally Applicable to Contracts in Securities
are
assembled the rules
dealing with the treatment of
covering the subjects of comparisons, deliveries,
ana
closings, markings to the market, dividends and interest, reclamation and
The number of reports In the various classifications may
the number of reports received because, at times, a
entries in
more
than
one
total more than
money
classification.
EXCHANGE FOR
STOCK TRANSACTIONS ON THE NEW YORK STOCK
ACCOUNT OF
MEMBERS*
Changes |n Amounts of Their Own Stock Reacquired by
Companies Listed on New York Stock and New
(SHARES)
Week Ended Jan. 28, 1939
Total for
Per
Week
A. Total round-lot volume—
transactions for
Cent
York Curb
for
The
monthly list of companies listed
on
the New York
Stock Exchange reporting changes in the reacquired holdings
members
of
account
Exchanges
a
8,387,350
.
(except
odd-lot accounts of specialists and odd-
transactions
B. Round-lot
and security loans.
single report may carry
of their
lot dealers):
1. Transactions of specialists in stocks In which they are
stock
own
was
issued by the Exchange on Feb. 15.
A
877,990
registered—Bought
863,650
Sold
previous list was given in these columns of Jan. 14, page
206.
The following is the list made available by the Stock
Exchange on Feb. 15:
.
.
Total
10.38
1,741,640
-
448,910
465,660
2. Other transactions initiated on the floor—Bought.
—.
-
Shares
Company and Class of Slock
per Latest
Report
5.45
914,570
Total—.
Shares
Previously
Reported
Sold...
Allegheny Ludlum Steel Corp., common
222,680
3. Other transactions initiated off the floor—Bought.
American Coal Co. of Allegany County (The), capital.,
American Snuff Co., 6% preferred
.......
387,275
Sold...
Armour & Co. of Delaware,
3.64
7% preferred
1,549,580
Total—Bought.
Sold
19.47
273,260
6,740
;
t
Curtis Publishing Co.
5% preferred
In odd lots—Bought...
1,116,894
1,253,252
........
Sold.......
-
33,802
33" 902
7,300
...
8,800
2,100
1,100
...
.....
"members" includes all Exchange members, their firms
The term
5,609
5,799
29,612
Dixie-Vortex Co., common
Class A
■
82,099
...
*313,892
*50,066
1,280
Firestone Tire & Rubber Co.<The), common.
2^370,146
Total
*
2,965
5,100
....
(The), $7 preferred
Detroit Edison Co. (The), common
2.
2,756
1,300
"2", 165
Davega Stores Corp., common
2.63
440,520
17,394
....
Continental Motors Corp., common....
167,260
Total.
6,732
3,172
.
Celotex Corp. (The), common..
Collins & Aikman Corp., 5% preferred
........
21,732
809
Bucyrus-Erie Co., 7% preferred
Case Co., J. I., common
of specialists and
Sold.................
11,207
162", 003
18", 932
17,380
;
...
'
Brustol-Myers Co., common
odd-lot dealers:
1. In round lots—Bought...
17,308
1,100
„
Belding Hemingway Co., common
3,266,165
Total
C. Transactions for the odd-lot accounts
3,039
6% preferred...
1,716,585
-
-
14,075
3,539
123,573
i
Armstrong Cork Co., common
Atlas Corp., common....
4.
2,189
13,625
...
609,955
Total.
3,289
6% preferred
•
and their
partners, including special partners.
a Shares in members' transactions as per cent of twice total
round-lot volume
transactions Is compared
1,
Grant Co., W.
T., 5% preferred
Hat Corp. of America, 6>S% preferred
Hecker Products Corp., common
Household Finance Corp., common...
.
...
279
1,353
TMOO
43,400
608
716
with twice the total round-lot volume on the
International Harvester Co., common
n
"163,449
163,452
of
International Silver Co., common..
1
8,249
In
calculating these percentages the total of members'
Exchange for the reason that the total
members' transactions includes both purchases and sales while the Exchange
volume includes only sales.
STOCK TRANSACTIONS ON THE NEW YORK
ACCOUNT OF MEMBERS *
CURB EXCHANGE FOR
(SHARES)
Total for
Total for
Week
Per
Cent
Week
Jewel Tea Co., Inc., common
a
Per
Cent
a
for
transactions
account
[
of
specialists in stocks\
registered—
of
'•
ft
42,000
7%
i.
preferred..
288,665
-
345,085
13.99
8,815
1,321
I—
....
3,038
3,080
....
7,527
30,497
—
Sheaffer Pen Co., W. A., common...
:
Total
14.13
20,427
—;
Safeway Stores, Inc., 6% preferred
'175,910
169,175
133,000
155,665
Bought.....
Sloss-Sheffleld Steel & Iron Co., $6 preferred—
Standard Oil Co. of Kansas (The), common
2.
Other
transactions
Initiated
Swift & Co.,
the!
on
50,560
Tide Water Associated Oil Co., common..—.
48,925
50,245
Sold
Transamerica Corp., capital.......
—....—.T—.1—...
99,825
4.84
99,485
4.07
Wheeling Steel Corp., 6%
:—
transactions
Initiated
the!
off
-
•
Sold
Total
67,045
,
4. Total—Bought
J.
Total....
455,535
,
*
34,415
40,495
3.25
74,910
22.08
519,480
Initial report,
a
transactions
3.07
announced
21.27
85,097
87,78,4
American General Corp.,
'
181,294
146,479
"members" includes all Exchange members,
partners, including special partners.
a Shares in members' transactions as per cent of
their firms and their
twice total round-lot volume,
tn calculating these percentages the total
of members' transactions is compared with
Exchange for the reason that the total of
purchases and sales, while the Exchange
transactions includes
Includes only sales.
volume
both
.
>....
class A
—
Petroleum Corp., common
7% preferred
Carman & Co., Inc.,
Crown Central
Crown Dfug Co.,
twice the total round-lot volume on the
members'
+»
Common
of
New
York
Curb
Exchange Adopt New
Constitution
Rules in Accordance with New
of the New York Curb Exchange
revised rules in accordance with the new
Constitution, which become effective Feb. 23, and the plan
of reorganization adopted last October.
The new rules
were made necessary by the creation of new committees, the
redistribution of powers and administrative functions among
the new committees and the grant of powers and imposition
of responsibilities upon the office of President.
In addition
to these changes a general revision of the existing rules of the
Exchange to afford greater clarity in presentation and the
elimination of duplications was called for in the reorganiza¬
tion plan.
The rules are divided into four general divisions as follows:
The Board of Governors
on
Feb. 16 adopted
— --
Henry Holt & Co., class A
Hussmann-Ligonler Co., common.,
——
—..
Hygrade Food Products Corp., conv. 6s A 1949..
Convertible 6s B 1949
...
—
Kaufmann Dept. Stores, Inc., preferred...
—
...
Part I—General
Under this part are
their application to Floor matters,
security contracts.
Initial report, b
capital
—
all members
bfficd matters or
stock upon reclassification of shares
common
stock of Crown Drug Co. are held In the
notices of any such shares
pany
*19" 199
5,589
$35,000
$200
8
11
23,905
24,105
699
632
294
314
$58,000
$130,000
25,429
28,577
a931
"I",484
328
5,312
80,450
24,732
5,712
80,456
24,743
ac242,878
"5",600
5.650
276
292
1,051
10,400
13,064
1,101
10,550
13,314
Co. became
* No shares of
company's treasury and previous
acAs of
Oil Co. of
being In the company's treasury are In error.
date of the original listing application of Pantepec
In Its treasury, on which the company
WUburton Investment
Ltd. purchased
100
4,365
18,946
5,599
$69,000
$9,200
effective Dec. 7,1938.
common
Nov. 23, 1938, the
4,392
Non-voting common stock of Pacific Public Service
Venezuela, C. A., 292,878 shares of common
Rules
assembled rules of general importance to
which are not limited in
a
471
'
Rubber Co., common
Knott Corp. (The), common
Lane Bryant, Inc., 7% preferred.
Lion Oil Refining Co., convertible 4J4s 1952..
Louisiana Land & Exploration Co., capital.____________
Ludwig Baumann & Co., v.t.cs. conv. 7% 1st preferred ..
North American Rayon Corp., 6% prior preferred
Ollstocks, Ltd., capital
Pacific Public Service Co., 1st preferred
Non-voting common b
—
Pantepec Oil Co. of Venezuela, C. A., common capital .
Prudential Investors, Inc., $6 preferred
Rustless Iron & Steel Corp., common
— ..
Sterchi Bros. Stores, Inc., 5% 2d preferred ... —Stroock (8.) & Co., capital
Trunz Pork Stores, Inc.,
10,132
184,476
50
—
—
—
9,981
181,661
4,292
—
Kleinert (I. B.)
Governors
Latest
Report
463
52 dividend series preferred....
Common
Total
per
93,510
61,382
Sold
The term
Shares
Shares
Previously
Reported
specialists—Bought—
*
Feb. 16 that
on
is a list of issuers of fully listed securities which
have reported changes in their holdings of reacquired stock:
the following
of
account
for
1.309
1,770
3.103
2.755
*
Name
Odd-lot
„
Correction of record.
The New York Curb Exchange
,"'260,885
258,595
214,625
240,910
1
Sold
1,010
800
•
'
32,045
35,000
floor—Bought...
.80,147
486,361
1,571
preferred.
S. H., caoital
White Dental Manufacturing Co.,
Other
'
1,009
486,312
......
United Stores Corp., $6 preferred..
Total.
1,869
8,527
30,69
80,199
capital
*
49,580
floor—Bought
3.
700
48" 550
„
1.
Class A
In which they are
4,011
—
Plymouth Oil Co., common
Revere Copper & Brass, Inc., common
members:
1. Transactions
4,545
4,321
....
National Tea Co., common
"
»
44,435
14,970
1,115
162
*7,50o
a42,95o
42,400
20,286
8,752
1,351
3,288
Macy & Co.,,,Inc., R. H., common...;
National Cylinder Gas Co., common.
Round-lot
2,020
42,535
15,429
.....
Lone Star Cement Corp., common,.:..,..
MeCall Corp., common
1,221,260
1,031,630
B.
1~250
1,470
4,614
3,510
......
Lee Rubber & Tire Corp., common
~
6,863
7% preferred
Interstate Department Stores, Inc., 7% preferred...
Kaufmann Department Stores, Inc., 5% preference
Week End. Jan. 28
Week End. Jan. 21
"
.
,
J.—,
Trust, Ltd.
capital stock were held by the com¬
has granted options to purchase same to
On Dec. 29,1938 WHburton Investment Trust,
50.000 of such shares at $4 per share.
Financial
958
/alue of
Commercial Paper Outstanding as Reported
New York Federal Reserve Bank—Total
of
$195,200,000 Jan. 31 Compares with $186,900,000
By
Dec. 31
The
following announcement showing the total value of
paper outstanding on Jan. 31 was issued on
the New York Federal Reserve Bank:
commercial
Feb. 15 by
Reports received
by this bank from commercial
dealers show
paper
a
total of $195,200,000 of open market paper outstanding on Jan. 31,1939.
This
figure compares with $186,900,000
with $299,300,000 on Jan. 31, 1938.
Below
we
1939—
Jan.
furnish
Dec. 31 and
on
1937—
s
%
May'31
Sept. 30...—
Apr.
195,200,000
31
1938
Aug. 31
331,40 "*,000
329.000.000
251.200.000
30.*.— 271.400.000
Dec. 3'
W.ooo ono
Mar. 31
296.600.000
July
31
324.700.000
Nov. 30
206.300.000
Feb. 28—.—
292,600.000
June 30
284,600.000
213.10),000
Jan
31
299,300.000
Oct.
31
Sept. 30
Aug. 31
June 30
285.000.000
31
290,400.000
279.200.000
Mar
Nov. 30
311.000.000
323,400,000
Feb. 28
31
Oct.
286,90'.000
Apr. 30
Dec. 31
209.400.000
210.700.000
225,300,000
31
July
May 31
1937—
212,300.000
-
Jan.
—
267,600.000
—*
31
243.800,000
Bankers' Acceptances
Outstanding Decreased $14,203,January—Total Jan. 31 Reported at
$255,402,175—$70,402,220 Below Year Ago
276
Feb. 14:
„
BANKERS DOLLAR ACCEPTANCES
OUTSTANDING—UNITED
STATES
FEDERAL RESERVE DISTRICTS
—BY
Jan. 31,
Dec.
1939
Feb.
10.
ment has been influenced to
an
important degree by the dis¬
turbed conditions abroad, only a limited amount
sents nervous
foreign
letin" states, and it adds: "Somewhat less than a third has
represented foreign buying of American securities, and the
experience following 1929 and March, 1937, indicates that,
while foreigners as a group have bought American securities
heavily during a bull market, they have not sold on balance
during the subsequent decline. Individuals have entered
the market and have withdrawn from it, but aggregate
holdings of American securities have been either broadly
maintained or have expanded.
•
Periods of net sale of American securities by foreigners have been brief.
The third element in the capital movement, and that which
volatile part, has been balances held by foreigners in this
The growth in these balances sihce January, 1934, accounts for
country.
little more than
the
Jan. 31,
1938
third of the capital movement and less than
a
gold inflow.
Most of these foreign balances
deposit with the banks.
needed
are
for
As such they earn
business
current
purposes,
as
the financial
as
"floating money."
or
political
scene
Floating Money
on
In the preceding period in which the dollar
ing balances
a
were
the
minimum.
in some
doubtedly these additions
of
replenishedand continued to grow as,
of t}me, confidence in the stability of (he dollar increased
of business and financial transactions expanded.
Un¬
yolume
hundreds
millions
to
working balances since January, 1934 amount
of dollars.
But
233,636,583
3.
Philadelphia.
10,029,311
10,907,485
2,257,002
957,614
2,847,854
2,900,034
they represent
904.609
1,056,169
poses and as such constitute the most
1,672,305
2,036,965
5,508,497
12,395,275
735,306
1,291,841
951,220
1,854,730
Richmond-.
7.
Chicago
8.
St. Louis
1,767,567
5,141,212
731,486
9.
Minneapolis
1,271,825
10.
Kansas City
11.
Dallas.
12.
San Francisco:
19,670,081
5255,402.175
5269:605.451
"2,167,135
26,483,848
-
5325,804,395
Decrease for year, 570,402,220.
Dec. 31, 1938
Jan.
31, 1938
588,603,750
594,563,220
57,091.642
60,071,510
10,517,680
41,700,650
11,594,185
7,832,900
45,147,797
67,123,043
2,688,872
2,835,379
Domeetfc warehouse credits.
Dollar exchange
Based on goods stored In or shipped
between foreign countries.
'
2,297,592
tember, 1935 when Italian-Ethiopian hostilities
time the danger
5106,024,634
55,190,861
82.194,997
59,793,442
55,539,867
gold
BY ACCEPTING
BANKS
.5122,007,353
81,796,252
Bills of others.
England might
that
of capital—possibly
as
were
much
as
At that
imminent.
become involved led
substantial
to
$200,000,000—to
the
United
Most of this represented a shift of balances from London to New
As compared
with
the spasmodic, but cumulative, flow of funds
country as a result of the gold-bloc difficulties and the subsequent
this amount was not large
In August, 1938, however, when the
scare
Czechoslovak situation Btarted
the
to
As
United
the
States,
which
an
unprecedented flow of foreign balances
three
In
months amounted
to
$550,000X00.
shock to European security passed, the inflow of funds became in¬
termittent,, but recurrent uncertainties kept the prevailing movement one
London to New York causing the market to question twhether the
of the British Fund
resources
Own bills
were
adequate, and this doubt contributed
to further shifts of balances.
.
Total—
—
Decrease for month
CURRENT
,
withdrawal of floating money from this country had reached the
magnitude
of $900,000,000, another threat to European
peace in connection with the
from
BILLS HELD
/
a factor in the capital movement for some
Their influence, however, could not be clearly detected until Sep¬
time.
York
'
Domestic shipments
unstable element in the foreign ex¬
...
Influence of War Fears
to this
Imports
Exports
circumstances
"
States.
ACCORDING TO NATURE OF CREDIT
Jan. 31, 1939
the
a movement of nervous money not needed for business pur¬
change market today.
transfers
Decrease for month, 514,203,276.
of
funds at particular periods makes it apparent that to a considerable extent
War fears in Europe have been
1,780,952
17,961,691
Grand total
review
a
which have surrounded the coming of the bulk of the foreign short-term
"
""1,009,003
__
ex¬
Immediately following stabilization work¬
measure
193,275,580
Cleveland
falling
was
thb exchanges foreign funds here had been curtailed in order to hold
change losses to
184,371,109
Atlanta.
.
accumulated for business purposes after de facto stabilization of the dollar
In January, 1934,
New York.
6.
they
What portion of the $1,500,000,000 of foreign balances that have come
2.
6.
as
they represent idle funds held
here net since January ,,1934 now represents floating money is impossible to
determine with precision.
It is certain that some of these balances were
to
4.
demand
on
interest, and, except
shifts.These balances may be described
$29,548,509
12,873,927
quarter of
a
money
[So called "hot money" Ed.]
531,010,941
'
no
are
here largely for reasons of safety or speculation, ready to move elsewhere
with the passage
31, 1938
has consti¬
tuted its most
529,904,355
-
as
as conditions abroad become more stable.
More than
third of the capital inflow since January, 1934 has repre¬
sented the liquidation of American assets abroad," the"Bul-
a
Boston
-1
now repre¬
ready to leave this country
money
1.
-«
1939
System in its February "Bulletin" made
According to the "Bulletin" the two
principal factors causing this inflow were the surplus in the
country's merchandise trade with the world, amounting to
$2,100,000,000 over the five years, and the movement of
capital amounting in the reported figures to $4,200,000,000."
"An analysis of the capital movement itself [We
quote from the "Bulletin"] suggests that, while this move¬
and
Federal Reserve District
IS,
Reserve
available
During
During January the volume of bankers' acceptances out¬
standing decreased $14,203,276 to $255,402,175 Jan. 31 from
$269,605,451 Dee. 31, according to the monthly compilation
of the Acceptance Analysis Unit of the Federal Reserve Bank
of New York, issued Feb. 14.
As compared with a year
ago, the Jan. 31 total is $70,402,220 below that of Jan. 31,
1938, when the acceptances outstanding amounted to $325,~
804,395.
The current total is the smallest amount of accept¬
ances outstanding since 1916.
During January this year decreases occurred in every
classification, according to the nature of credit; in the yeanto-year comparisons only credits drawn for domestics ship¬
ments were above Jan. 31,1938.
The following is the report
for Jan. 31, 1939, as issued by the New York Reserve Bank
on
Federal
Feb.
soon
two-year comparison of the figures:
a
Chronicle
——4
MARKET
—
-5203,803,605
8,195,608
——
RATES
ON
FEB.
PRIME
14,
BANKERS'
ACCEPTANCES
1939
'
Since the recent transfer of gold from the Bank of England, which sup¬
plied the Fund with ample resources for the support of sterling, the move¬
of
ment
floating money has in
some
measure
been checked.
Further in¬
fluences toward elimination of exchange speculation have been
brought to
bear in various foreign centers through informal action of the banks. Should
the
Dealers'
Days—
Dealers'
Buying Rates Selling Rates
30
Days—
•
90
M
A
7-16
7-16
150
7-16
,
.
Dealers'
Buying Rates Selling Rales
120
A
>
60
,
Dealers'
180
%
»
us,
furnishes
a
of the volume
1936—
Oct.
Nov.
Dec.
31
.5330,205,152
30.—.
349,053,490
31
372,816,963
record
the
.
30
Feb.
27
.
.
May 29
30
July
.
31
.
.
396,471,668
395.031,279
385,795,967
364,203,843
351,556,950
a
1938—
30
264 748.032
5268, 038,573
264, 222,690
third of the inward capital movement since
been repaid and foreign securities that have been redeemed
June 30
.
July
.
348,026,993
Aug. 31
258 319.612
.
343,065,947
Sept. 30
261, 430,941
Oct.
31
269 561.958
sent
Nov. 30
273 327,135
269 605,451
accumulated in
Dec.
31-.
1938—
31..
Feb.
28..
Mar. 31..
Apr.
30..
325.804,395
307,115,312
.
.
.
292,742,315
-
278,707,940
Dec. 31
1939—
Jan.
31
most
January, 1934
They comprise American loans, acceptances, and deposits abroad that have
.
Jan.
These funds constitute the
Liquidation of American Assets Abroad
More than
30..
Oct.
401,107.760
.
30
June
387,227,280
.
Mar. 31
Apr.
Sept. 30-.
floating balances already here.
unpredictable of the major factors governing the international exchanges
and the fldw of gold to the United States,
(some $1,500,000,000) represents American funds repatriated from abroad.
.5343,881,754
344,419,113
346,246,657
May 31
On the other hand, further
tions the
Nov. 30..
.
1937—
Jan.
1937—
Aug. 31..
uses at home.
9-16
of bankers' acceptances
outstanding at
close of each month since Oct. 31, 1936:
'
profitable
ther unsettlement of international relations could swell to
greater propor¬
9-16
H
The following table, compiled by
more essential or more
A
9-16
_
European situation become more stable the great mass of idle foreign
funds in this country, earning no interest, might
easily be attracted into
255,402,175
from Americans by foreigners.
amounting to
more
changes.
over
than
The
a
or
repurchased
Among the short-term funds repatriated,
$6 O.COO.OOO, liquidation of accounts in Germany repre¬
third.
Another substantial block consists of balances
England in
greater
1933 when the dsllar
part
of the repatriation
was
of
falling
American
on
the
ex¬
short-term
funds from foreign centers was completed by the middle of 1935.
.
.
.
Foreign Buying of American Secutiries
In addition to building up of idle deposits by foreigners and
repatriation
Capital Flow to United States In Last Five Years $4,200,000,000—Governors of Federal Reserve System
Also
of
Discuss
Increase
In
Country not Possible
—How
Much
of
to
Monetary
Gold
Stock
Determine Says Board
$1,500,000,000 Represents "Float¬
ing Money"
From the end of
January, 1934 through 1938 the mone¬
tary gold stock of the United States increased by about
$7,700,000,000, of which $7,000,000,000 represented the in¬
flow of gold from abroad, says the Board of Governors of the
of American capital a third
States
has
been
foreign
major form of capital movement to the United
acquisition
of American
securities.
have been attracted by the American stock market.
they have put nearly $1,200,000X00
and it has
come
uncertainties and
on
mainly at times of stock market boom
war
Foreigners
Since January, 1934
balance into American securities
While currency
fears abroad have undoubtedly influenced foreigners'
appraisals of the longer-term investment opportunities at home
as
compared
with
these in the United States, they appear to have done so only in a
broad way, helping to create a general investment preference for American
securities.
Fqreign investment here has not been concentrated,
movement of floating funds, in periods of financial
abroad.
-
.
or
as
has the
political disturbance
Volume
Financial
148
Liquidation
Banks
14 Receiverships of National
Completed During January
of
to depositors
Total disbursements, including offsets allowed,
$531,520,215,
aggregated
ency,
of 80.83% of total
average return
or an
and other
restored to solv¬
1,264 receiverships, exclusive of the 42
creditors of these
of 67.97% of their claims.
to creditors of all active receiverships during the
month of January, 1939. amounted to $1,553,605.
Total dividends paid
|t, Dividends distributed
This compares
The
tions
with net purchases of $6,469,-
December.
following
tabulation shows the Treasury's transac¬
securities, by months, since the be¬
Government
in
ginning of 1937:
1937—
1938—
January
February
March
April
February
March
April
11,856.500 purchased
May..
3.853,550 purchased
July
Auerust
4,899,250 sold
783,500 purchased
May
24,370.400 purchased
4.812,050 purchased
12.510,000 purchased
June
.$12,033,500 sold
3,001,000 sold
23,348.600 purchased
2,480,250 purchased
January
$14,363,300 purchased
5,701,800 purchased
119.553,000 purchased
June
July
September
8,900,000 purchased
August
September
3,716,000 purchased
2,000,050 purchased
1,151.600
3,905.650
38,481,000
1,044,000
November
November
December
...
October
15.351,100 sold
purchased
sola
purchased
purchased
360,000 purchased
6.469,750 purchased
December.
;
1939—
from March 16, 1933 to
and distributions to depositors of all receiverships
Jan. 31, 1939,
15.
during
October
labilities, while unsecured creditors received dividends amounting to an
average
Feb.
on
750
W Preston Delano, Comptroller of the Currency, announced
on Feb.
13 that during the month of January, 1939, the
liquidation of 14 receiverships was completed and the affairs
thereof finally closed.
This makes a total of 1,264 receiver¬
ships finally closed or restored to solvency since the Banking
Holiday of March, 1933. The announcement added:
959
Chronicle
January
...
1,648.000 purchased
amounted to $933,225,860.
The following are the 14 National banks liquidated
finally closed or restored to solvency during January:
and
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH OF JANUARY,
1939
Tenders of $263,368,000 Received to Offering of $100,000,000
of
91-Day
Treasury
Bills—$100,378,000
Accepted at Average Rate of 0.005%
A total
of
$263,368,000 was tendered to the offering of
or thereabouts of 91-day Treasury bills dated
Feb. 15 and maturing May 17, 1939, it was announced on
Feb. 10 by Secretary of the Treasury Henry Morgenthau
Jr.
Of this amount, Secretary Morgenthau said, $100,378,000 was accepted at an average rate of 0.005%.
The tenders to the offering of Treasury bills were received
$100,000,000
Total Dis¬
Per Cent
Per Cent
Date
Name and Location of
bursements
Total Dis-
Dividend
of
Including
bursem'ls
Declared
Bank
Failure
to
Offsets
to All
Total
Allowed
San Bernardino Nat.
$661,605
1-23-32
City, Calif...
First Nat. Bank, Culver
77.10
nardino, Calif
at the Federal Reserve banks and
0-21-32
...
70.98
50.67
407.315
72.25
67.2
242.84P
86.44
79.00
2-10-32
526.308
88.80
85.77
1-32
977,901
93.79
90.96
681,957
97.16
90.433
12-19-33
3,220,211
86.67
83.31
2-17-32
1,872,087
89.25
78.05
877.384
1-11-32
10-19-31
Ind
Bank, Inde¬
First Nat. Bank, Shelbyvllle,
pendence, Iowa.
Total
8-
....
Millbury Nat. Bank, Millbury, MaaNational Shoe & Leather Bank, Au¬
I
burn, Maine
Eastern Standard Time, Feb. 10.
Reference to
the offering appeared in our issue of Feb. 11, page 809.
The
following regarding the accepted bids to the offering is from
Secretary Morgenthau's announcement of Feb. 10:
7- 6-32
Calif
-
12-13-33.
Wayne Nat. Bank, Goldsboro, N. C~
First Nat. Bank in Mount Vernon,
applied'for
__
Total accepted
Range of accepted bids:
High
..100.
Low
Average price
-
45.35
19.8
12-11-31
1,394.368
86.77
First Nat. Bank, Chester, W. Va.
12-22-32
405.067
106.90
5-29-31
2,293,111
94.55
Bay,
Green
Bank,
Wise.
*
v
8-12-31
i
Nat.
;
(20% of the amount bid for at the low price
completed
364.
liquidation of National banks
during December appeared in our issue of Jan, 21, page
T
Thereabouts, of 90Dated Feb. 23, 1939
Announcement of a new offering of $100,000,000, or there¬
abouts, of 90-day Treasury bills, was made on Feb. 16 by
Henry Morgenthau, Jr., Secretary of the Treasury.
The
bills will be dated Feb. 23 and will mature on May 24,1939.
They will be sold on a discount basis to the highest bidders
and on the maturity date the face amount of the bills will
be payable without interest.
There is a maturity of a
similar issue of bills on Feb. 23 in amount of $100,323,000.
The tenders to the new offering announced Feb. 16 will
be received at the Federal Reserve Banks, or the branches
thereof, up to 2 p.m. Eastern Standard Time, Feb. 20.
or
Day Treasury Bills—;To Be
will not
Tenders
be received at
the Treasury Department,
In his announcement of the offering, Secre¬
tary Morgenthau also said:
They (the bills) will be issued in bearer form only, and in amounts
or
denominations of
$1,000, $10,000, $100,000, $500,000, and $1,000,Washington.
.
000
(maturity value).
No
tender
tender
for
be
must
less
will
tenders
are
incorporated bank or trust company.
unless
by an
•
tenders on Feb. 20,
1939, all tenders« received at the
Federal Reserve Banks or branches
thereof up to the closing hour will be opened and public announcement
of thd acceptable prices will follow as soon as possible thereafter, prob¬
ably on the following morning.
The Secretary of the Treasury expressly
reserves
the right to reject any or all tenders or parts of tenders, - and
after the closing hour for receipt of
Immediately
less
allot
to
respect
than
the
amount
applied
for,
and
in any such
his action
Those submitting tenders will be
be final.
shall
advised of the
for Treasury
acceptance or rejection thereof.
Payment at the price offered
hills allotted must be made at the Federal Reserve Banks
immediately available
other
The
Treasury
bills
from
Reconstruction Finance
Feb. 14
Total Subscrip¬
tion Allotted
Total SubscripFederal Reserve District—
Hons Received
Boston
21,000,000
New York__
_______
$2,567,037,000
„
Cleveland..
i._
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas City
$18,908,000
174,321,000
15,210,000
16,111,000
8,363,000
9,094,000
32,422,000
5,917,000
2,961,000
4,367,000
4,3-47,000
15,549,000
2,520,000
$310,090,000
$157,061,000
1,451,227,000
126,230,000
133,326,000
67,999,000
"•
69,424,000
*. 267,854,000
47,811,000
24,273,000
36,116,000
35,281,000
129,435,000
Philadelphia
.....
Dallas..
San Francisco...
Treasury.
i
...
President
as
1939.
to principal
in
cash
or
23,
and interest, and
Leaves
Roosevelt
Washington
Caribbean Cruise Following Attack of
for
Brief
Grip
President Roosevelt, who has just recovered from a slight
>
attack of
grip, which kept him confined to the White House
nearly a week, left Washington by special traip late at
night Feb. 16 for Key West, Fla., ana today (Feb. 18) will
board the Cruiser Houston for a 10-day cruise in the Carib¬
bean,—his trip enabling him to view part of the fleet
maneuvers.
On Feb. 16 Associated Press advices from
for
Washington said:
The voyage was
•
,
planned several weeks ago with a double purpose—to
give the naval-minded President a glimpse of the greatest armada ever to
assemble in the Atlantic for mimic battle, and an opportunity to rest
"
congressional problems.
His
.
'•
from
-
physician, Rear Admiral Ross T. Mclntire, said the trip also would
help the President rid himself completely of a week-old attack of grip.
Although the President's illness was said at the executive offices to be
about over,
he remained in the living quarters of the White House again
He arranged to receive several callers in his
today, taking things easy.
oval
the sale or other disposition thereof will also be exempt,
taxation, except estate and inheritance taxes.
(Attention is in¬
all
vited to Treasury
from
the
Treasury
or
funds on Feb.
be exempt,
the
on
room
study and to hold a Cabinet meeting there in the afternoon.
gain from
any
for
will
of
Corporation were
by Henry Morgenthau Jr., Secretary
of the Treasury.
Reference to the offering of notes, which
are dated Feb. 15 and will mature on Jan. 15,1942, appeared
in these columns last week, page 809.
Total subscriptions received by the offering amounted to
$2,567,037,000 of which $310,090,000 were allotted.
Sub¬
scriptions and allotments were divided among the several
Federal Reserve districts and the Treasury as follows: 0
100,
of the .face amount of Treasury bills applied for,
accompanied by an express guaranty of payment
deposit of 10%
the
of
basis
R
Each
be considered.
The price offered must be ex¬
of $1,000.
multiples
in
the
on
Allotted
.
$1,000
than
with not more than three decimal places,
e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers' in in¬
vestment
securities.
Tenders from others must be accompanied by a
pressed
series
Total...
*
"
amount
an
ceived and $310,090,000
%%
Re¬
The final subscription ahd allotment figures with respect
to the offering on Feb. 6 of $300,000,000 of %% notes of
announced
Offering of $100,000,000,
New
aceepted)
Final Figures on RFC Offering of $300,000,000 of
Notes—Total Subscriptions of $2,257,037,000
93.6
liquidation after payment by receiver of
Shareholders' asent elected to cotinue
was
♦
111.42
principal and Interest in full to creditors.
Reference to the
.
.
99.998 Equivalent rate approximately 0.008%
99.999 Equivalent rate approximately 0.005%
68.5
McCartney
.
$263,368,000
100,378,000
'
79,511
First Nat. Bank in Aberdeen, Wash...
South Dak
the branches thereof up
to 2 p. m.,
'
First Nat. Bank, Riverside, Ul
Nat.
98.7
99.26
1,385.722
Park,
First Nat. Bank, Erie, 111
Co> nty
58.8
Bank, San Ber¬
Walnut Park Nat. Bank, Walnut
Buchanan
Claimants
Liabilities
gift
tax.)
bills
shall
the purpose
any
No loss
other disposition of the
deduction, or otherwise recognized,
the sale or
from
be allowed as
a
of any tax now or hereafter imposed by the
United States
of its possessions.
Treasury
terms
The Associated Press,
reporting yesterday (Feb. 17) aboard
stated:
the Roosevelt train enroute to Key West
President for the sea trip are Admiral William
Those traveling with the
D.
Leahy,
Chief of Naval Operations; Rear Admiral Ross T. Mclntire,
White House
Physician; Capt. Daniel J. Callaghan, Naval Aid; Col. Edwin
M. Watson, Military Aid, and
No. 418, as amended, and this notice
of the Treasury bills and govern the conditions of
Department
prescribe the
their
Decision 4550, ruling that Treasury bills are not exempt
Circular
issue.
Lieut .-Commander W. L. Freseman, Aid to
Admiral Leahy.
William D. Bassett,
Acting White House Secretary, went along to set up
temporary offices in Miami
during the President's absence.
He was sub¬
Naval Hospital
stituting for Secretary Marvin H. Mclntyre, who entered the
$1,648,000
of
Government
Securities
Purchased
by
Treasury During January
Market transactions in Government
ury
securities for Treas¬
resulted in net
Morgenthau announced
investment accounts in January, 1939,
purchases of $1,648,000, Secretary
in Washington
The
Miami,
yesterday with an attack of intestinal grip.
Presidential
party will
early tomorrow.
motor 140 miles to
arrive at
A picnic lunch will be served en route.
Before boarding the Warrington the
radio, opening the
Florida City, 30 miles south of
It will have breakfast on the train, and then
Key West.
President wiil speak from his car by
Golden Gate Exposition at San Francisco.
Financial
960
Chronicle
which
Roosevelt in Message to
Congress Urges
Study of Measures for Conservation of Nation's
Coal, Oil, Gas, and Water Power Resources and
President
Federal
Some
the
special messages were sent to Congress
deals with
President Roosevelt, one of which
by
Feb. 16
on
This
the National
Committee, prepared in accord¬
sents
suggestions for the carrying through of
utilization
this
final
report
a
The President points
timates that
the last Congress, in
passing, during its closing days
trol
While subscribing to the general
and grants in
"I hope," he
it
United
lic
Designation
Health
removing
3.
of
loan
To
to
All
4.
fore
plans
conformity
assure
through
existing
with
Feb.
co-ordinating
Federal
a
regional
be
to
16,
plans
approved
United
noted that the National Resources
mittee
for
by
water
be
be¬
Congress
Press
1.
Establishment
draft
rules
objective
being
to
2.
Strict
make
to
Federal
its
any
policy
widely
more
by
defense
national
of
end
of
this
This
years.
and
oil
the
of
to
six
the
gas,
advanced
development
fiscal
and
the
at
adequate
an
In
accordance
forth
these
of
useful
a
cerned,
which
with
resources.
the
most
.
.
reference
of
Specific
.
pressing
has
I
of
request
my
in
prepared
by
the
to
solution
that
about
as
in
Resource
detail
and
legislation, necessary
prudent
Our
the
of
Our
as
these
of
expenditure
an
over
works
in
outlines
of
aspects
of
be
waste
many
basic
in
and
the
ten
sight.
to
it
private
to
be
up
The
and
twenty
years
today,
future
National
the
of
water
policies,
nation's
during
for
them
rests
Much
industry.
con¬
have forced remedial
streams
-
have
been
during
programs
of
necessary
out
water has
most
period
been
work
is
to
irhprovement in
great
incident
the
to
Tight against
continue at
a
substantial
and enforcement
activities
effectively, the Federal GoVerment must lend
In
and
policies
investigations,
for
program
energy
resources.
the
ments
which
of
of
In
the
in
will
and
energy
the
various
increase
will
be
forced
to substitute
the efficiency
measures
Federal
achieve
to
conserve
and
the
distress
moralizing
ducing
in
and
oil and
recognize—more
fully
past—that each of
is
difficult
national
in
the
our
in
a
of
coal;
practices
It
gas.
than has
and
td
and
burden
the
carry
fuels for particular
must
resources
between
States
long
policy,
national
or
policy
a
the
have
In
correction
in
the
widening
Government
sources
for
raises
must
interest
the
many
and
a
take
perhaps needful
and
larger
national
a
water-power
coal
all
types.
wise
on
use
the
of
these
part
the
with
and
The
due
for
time
D.
system
a
regard
for
the
a
balariced
Federal
is
overdue
for
the'
line.
ROOSEVELT.
House, Feb.
16,
1939.
of
nation's
industry
simultaneously in the Senat9 and House on
(Dem., Mont.) and Repre(Dem., Calif.), chairmen of the Senate and
by Senator Wheeler
on
the
on.
experience in the administration of the act
the disclosures before the Wheeler Railroad
own
Financing
Extend
Chairman
mitted to
the
measure
would:
commission's
railroad
or
itself.
"In addition, the bill seeks to fill certain
gaps in the commission's powers
which have resulted from corporate intricacies and
devices resorted to
by
railroads to evade supervision by the commission.
have thus been used to borrow
Clearly,
continuing planning and provision for studies
Subsidiary companies
money and issue securities,
chases
Federal
re-
sub¬
"The chief purpose of this bill," the Senator
said, "is to prevent unneces¬
and wasteful spending of railroad funds for purchase of
stocks or
properties which are not needed for legitimate operation of the
pro¬
energy
was
sary
without
energy
in introducing the bill, that it
aspects of the railroad problem.
to
the
in
Wheeler explained,
him
by the legislative committee of the Interstate Commerce
Commission with the recommendations of the committee
that it be enacted.
Other bills will bq introduced later
by Chairman Wheeler dealing with other
pro¬
policy,
the
13
strictly railroad purposes.
de¬
of
view:
policy
perplexing questions of policy determination.
be adequate and
of
resources
(3.) Add a new section to the Interstate Commerce Act to empower the
commission to prevent or supervise the use of railroad
funds for other than
of energy affects the others.
directed toward all of
responsibility
conservation
organized,
of water
railroads.
industries
to
envisage
enforcement.
railroad holding cpmpanies, railway associations and from
banks,
brokers, accountants and railway equipment companies which deal with
general,
or
national
and
from
the
ducers ; that is, a national energy-resources
policy.
Such a broader and
integrated policy toward the problems of coal, petroleum, natural gas and
water power cannot be evolved
overnight.
The
works
loans
abate¬
technical
authority in the new regulation of se¬
curities, reports and accounts to the subsidiaries of railroads.
(2.) Empowers the commission to obtain revelant information and data
undertaken
now
resources
research
pollution
central
Government to take vigorous leadership along these
introduced
(1.)
recog¬
use;
possible
to
run
and
Investigating Committee of the Senate the
-
the increased
resources.
toward
or
conditions
time
is
been
great natural
the
petroleum
time,
mining
wasteful
natural
in
a
Prepared by the Interstate Commerce Commission
however, each of these efforts has been directed toward th problems in a
single field: toward the protection of the public interest in the power of
flowing water in the nation's rivers; toward the relief of economic and
human
co-ordinate education,
control
public
basis of its
development of th country.
heritage in these
our
for
arid
establishing
House Interstate Commerce Committees.
apparent
of' their production and
Government
use
of
inter-state
experience, it should be supplemented by
grants-iri-aid
resentative Lea
permitting waste
ipferior
arid the relationships
the general economic
the
past
and
recent
Federal participation
form
with
provisions of the
Interstate Commerce Act and broaden powsrs of the com¬
mission over financial operations of the railroad
Feb.
na¬
to
concerning these vital
lower-grade coals;
promote
experiments
Bill to Widen Scope of ICC Introduced in
Congress
The first of a series of bills to tighten
was
energy
availability of all of them; the location of each with respect to
markets; the costs of transporting them; the technological* develop¬
use
to
the basis of
•
further
The White
nize the
use
pending
con¬
are
instances,
some
generations
costs
that,
the" general
take
Federal
Federal
,
we
last
than
conservation,
research, education
enforcemerit activities,
program
increasing demand
progressively
a
inexhaustible, yet
not
opinion
my
On
both within
and to aid
homes,
our
made
the
has been made in abate¬
progress
that
National- Re¬
provide
power
of
may
objectionable
more
practicable.
our
work-relief
more
other fields of
assets
carried
of
are
agencies
broad national
a
com¬
agencies
energy. resources,
our
*
production.
unnecessarily high
purposes.
will be
of
chiefly treatment plants for
are
and
cleaning
If this construction
the
should
agency
legislative
eiiergy per capita than any other people,
more
special
a
composed
private
the responsibility
waste,
have 6hown
advances
of
in
and
Many state agenci'es
grogress.
public works
the
if
integrated
Federal
of
suggests
service
to
there
purposes.
resources are
use
economics
now use
us
It
and
a
the
degree
by
request
to abate the.
necessary
government
is
public
period
a
the needed works
municipal
is
As in
is
ment
^
1938,
other
Study
conservation
gas
the
transmitting
am
which
Committee
problems
by
FRANKLIN
15,
the
forward
carry
industry,
tell
for all
energy
of
We
scientists
their
to
coal, "oil,
wheels
defense.
our
energy
Government.
utilization and
resources
turn
tional
Federal
in
session
reasonable
my
of the
part
a
administrative
and
would
attention.
your
a
which
It
this
at
States,"
prepared at
was
and industrial
municipal
State
and
few more
a
for
the joint effort of many specialists
represents
report
in
I felt
method
forth
set
are
again receive
bringing
The report states that
■
and
It
„
there
with
unemployment.
supply
recommendations
problems."
March
comprehensive
a
outside the
also,
of
grants-in-aid.
hope
United
National
$2,000,900,000
work
of
rate,
present herewith fqr your consideration.
This
It
I
technical
'
with
consultation
and
a
the
to construct
nation's
are
frame
Congress of the United States:
Committee,
sources
its
of
that
sewage
years.
the
time
same
power
other legislation at the end of
year,
sets
solution
for
the
of
and
reasons
may
of
financial,
Inasmuch
ulation.
of
The President's message on Energy Resources follows:
in
assist
to
during the entire
twenty-five years preceding, chiefly as a result of Federal financial stim¬
producers.
industry.
legislation affecting the energy resources wilF expire at
report
To
for
My
the
in
cost
where basic studies
ment
and high grade coal, and
gas
assuring
action
bearing on the conservation of the Na¬
the President says:
*
affecting
programs
and
required
possible
message,
"Some Federal
to
estimates
struction
"
tion's resources,
the
lpans
1938.
The document
quick-and-easy
primarily
report
commission
public
of
available
emergency.
his
con¬
,
or
interests
protect
Federal
petroleum, natural
energy
loaris
of that act,
financial support and technical stimulation.
In
the
board
distributipn
and
waste
active
an
conserve
the
conservation
and
the
the
Unprecedented
\
regulation of the bituminous coal
of
electrical
strengthen
in
to
oil
production
prevent
Maintenance
power
Federal
a
governing
3.
water
~
of
and
purposes
because
it
of
of
„
25,
Pollution
committee
pollution.
also
accounts
Committee in
•
••
days,
t
pollution
for the establishment
study of the problem by the Congress I
and
approximately
use.
recommends the following in regard to the so-called energy
resources:
June
of
program.
terior,
;
Washington,
pollution
closing
water
service and
general
approval
my
authorization
pollution,
municipal
From
of
of
its
experts from the Departments of War, Treasury, the In¬
Agriculture rind Commerce and from private and State agencies.
industries
and
validated.
are
a
No
pollution-abatement contracts
they
municipalities
to
cleared
be
to
of
advisory
Pub¬
the
division
a
Federal grants-in-aid
of
all purposes.
"Water
on
abatement,
of pollution.
sources
Anti-pollution
agency
preferably
agency,
of
during
representative
assistance
grant
Pollution
importance
the consideration of such appropriations
for
facilitate
status
such
Federal
appropriate
an
and
national
by passing,
public health
problem of water pollution
report
<
the
memorandum
my
Service, to study the problem.
Federal
2.
in
Press, suggested:
system
for
budget
whole
"that at this session the whole problem of water
pollution may again receive your consideration."
For the
furtherance of anti-stream pollution, the committee, says
1.
creation
States
Water
Pollution
the
lakes
and
the
for
House, Feb. 16, 1939.
„
recognized
withhold
to
prevented
annual
message,
the
the National
ROOSEVELT
D.
President's
the
fully subscribing to the
provided
have
in his
says
available in
are
similar reports prepared by
.
streams
our
United
the
compelled
provided for the authoriza¬
aid."
in
Although
Act, the President states that he withheld his approval of it
tion of loans
recommend that this
these
when
constructing pollution-abatement projects.
of the
purposes
Congress
permanent
a
more
legislative
problems.
illustrations,
follows,
as
providing
in
of
Act,
an
last
act
an
few
a
for
Specific recommendations
resources.
by the Congress, I
use
conformity with
..
abatement
time, refers to the action of
"because of the method which it
in
give,
The
providing for the creation of a Division of Water Pollution
Control.
its
Water
out that "the committee es¬
same
reference
of
frame
Committee.
message.
an
President, at the
natural
our
facilitate
to
form,
We
expenditure, by public and private agencies,
of approximately $2,000,000,000 over a period of ten to
twenty years may be required to construct works necessary
to abate the more objectionable pollution."
The
the end of
The White
"Water1
on
full
as
will expire at
resources
energy
FRANKLIN
States," prepared at his request by
committee of the National Resources Com¬
advisory
mittee.
useful
a
resources
Pollution in the United
an
for
sets
the
With his other message
transmitted,
President
the
week,
report
1939
well
as
interests..
group
other legislation at
year,
be printed together with
Resources
Nation's
of the
conservation
and
of coal, oil, gas and water power.
order
report
for
a program
and
advanced for solution of the most pressing
In
with his request in March of last year, and which pre¬
ance
the
Resources
fiscal
husbandry of
systematic
are
of
regional
18,
experience available,
affecting these resources and illustrates another approach to the
programs
report
a
technieul
legislation affecting
this
of
end
years.
Two
both
for
consideration
Action Toward Control of Water Pollution
Feb.
best
the
reflect
will
,
or
take other steps which the railroads under
existing law
allowed to take without the commission's
approval.
"This bill subjects subsidiaries of railroads to the
same
themselves.
Furthermore, the bill
enables
are not
requirements with
respect to accounting, reporting and issuing securities that
railroads
to make pur¬
now
the
apply to "the
commission
to
Volume
Financial
148
itself better informed
keep
powering it
obtain
to
countants and
than
relevant
heretofore
information
on
railroad
and
data
affairs
from
House Passes
Independent Offices Appropriation Bill
Allotting $1,883,809,709—TVA Grant Reduced by
$17,000,000—Senate
Committee
Restores
Full
by em¬
bankers, ac¬
equipment companies which do business with railroads, and
from railroad holding companies and
961
Chronicle
associations."
Amount
The
Independent Offices Appropriation Bill, carrying
$1,883,809,769 to operate 40 independent governmental
agencies for the next fiscal year, was approved by the House
of Representatives on Feb. 8 without a record vote.
Shortly
Senate
Approves RFC Extension to June 30, 1941—
Action on Export-Import Bank Continuance Post¬
poned by Senate Committee
before this action
The Senate on Feb. 16 without debate passed a bill ex¬
tending operations of the Reconstruction Finance Corpora¬
tion until June 30, 1941.
The original bill would have
extended the corporation's activities until Jan. 15, 1941, but
the Senate Banking & Currency Committee on Feb. 14
"favorably reported the continuance until June 30, 1941,
b
of
recommendation
on
H.
Jesse
Jones,
dams at Watts
Chairman of the
River.
RFC, to avoid possible expiration of the agency a few days
before the inauguration of the next president.
Yesterday
(Feb. 17) the House Rules Committee made known that
consideration in the House of legislation to extend the RFC
would begin Monday (Feb. 20).
Meanwhile the Senate Committee on Feb. 14 delayed
Ohio told committee that
China and to Haiti "wee not a matter of
of foreign
to
policy."
may
the bank's recent loans to
authority be limited
said, the
Congress
As it went to the Senate, the bill was
toward financing a war.
.
these
...
appropriations:
major
Veterans'
Administration,
Corps, $295,000,000: Railroad Retirement Board, $123,404,000, and Civil
Service Commission, $91,404,000.
TVA supporters,
reduction
because
funds
in
-
unable to make a last-minute attempt to restore the
parliamentary
of
The House voted last year against
for starting
bill
offices
816 and 818.'
complications," said
they
counting on the Senate to bring the total back to at least $39,000,000.
were
the hearings held in the House of Rep¬
week on these measures appeared in our
last
$16,283,670 below the amount recom¬
$561,093,000; Social Security Board, $350,000,000; Civilian Conservation
on
Feb. U issue, pages
members supported
the Budget Bureau but carried $284,758,555 more than was
included
It
Export-Import Bank,
testified in favor of extending the activities of both organizations.
He
denied that the Chinese loan had been ordered by President Roosevelt.
He
said it would be used for the purchase of goods made in the United States.
resentatives
the measure.
appropriation of $3,039,600, while
appropriated for expenses of the independent offices in the current fiscal
commented
Chairman of both the RFC and the
Previous items
the only points of real controversy in
year..
New York. Chairman of the committee,
the Tennessee
on
Senate Appropriations Sub¬
amendment to strike out the board's
mended by
"to finance a European war without
that $25,000,000 would not go far
Jesse Jones,
a
186 favored keeping the fund intact.
knowing anything about it."
Senator Wagner of
Feb. 16,
on
After bitter discussion of the labor board, only five
an
banking or credit but a matter
He urged that the bank's lending
its funds
use
Coulter Shoals
Bar and
However,
Appropriations for the TVA and the National Labor Relations Board
were
He opposed a $125,000,000 limit because, he
$100,000,000.
bank
amend¬
a portion of the amount
($14,230,000)
and yesterday (Feb. 17), according to the
Associated Press, the full Senate Committee, by a vote of
13 to 11, increased the amount to the original figure of
$17,203,000.
House action on the measure was described in the following
Associated Press Washington dispatch of Feb. 8:
.
of
an
to the TVA grant
on a proposal to continue operations of the ExportImport Bank and the Commodity Credit Corporation for
two years.
In connection with the hearing held on this bill
Associated Press Washington advices of Feb. 14 said:
Taft
adqpted
committee restored
action
Senator
taken the House
was
by a vote of 159 to 122, reducing the Tennessee
Valley Authority appropriation from $39,000,000 to about
$21,797,000.
This $17,000,000 cut, it is said, would have
the effect of stopping work on a dam prpject at Gilbertsville
Ky., and the abandonment of plans for the construction of
ment,
including money in the independent
of Gilbertsville Dam.
construction
The Senate
inserted it and finally won out after the measure had been held up for weeks.
Representative Faddis (Democrat), of Pennsylvania, offered the amend¬
Senate Passes Measure Extending
ment reducing
RFC
Senate
16 passed without
Feb.
on
to the House.
#
debate
a
Senator Wagner
He and his backers contended the agency
activities, And running up unnecessary expenses.
—
Votes Additional $25,000 to Continue TVA
Investigation—Final Report to Be Made by April 1
Congress
'
Congressional approval has been given a joint resolution
providing an additional $25,000 lor expenses of the Special
Joint Congressional Committee Investigating the Tennessee
Valley Authority.
The Senate approved the measure on
Feb. 2 and the
;
also introduced a bill to extend the life of
the Disaster Loan Corporation, a subsidiary of the RFC,
through the fiscal year 1940, or until June 30, 1940, and to
increase its capital stock from $2Q,000,000 to $40,000,000.
•
the TVA fund.
hurting coal miners with its power program, carrying on unauthorized
was
bill of
Senator Glass extending the life of the Reconstruction Fi¬
nance Corporation until June 30, 1941.
As originally estab¬
lished and subsequently extended, the RFC authorization
would have expired on Jan. 15, 1941, a few days before the
inauguration of the next President.
Senator Wagner, Chairman of the Committee on Bank¬
ing and Currency, assured the Senate that the bill contained
no enlargement of the RFC's authority.
The bill was sent
The
House
on
Feb. 6.
vides that the final report
The resolution also pro¬
of the Committee be made by
April 1, 1939.
The additional sum will be paidefrom the
contingent funds of the Senate and House. A reference to
the conclusion of hearings conducted by the Committee was
"made in our Dec. 24 issue, page 3840.
——♦
Passes Army Expansion Bill—National Defense
Measure Provides for Appropriation of $376,000,000
House
—-Makes
\
Army Air Corps /'
/
...
'
.
«
flouse by a vote of 367 to 15 endorsed
President Roosevelt's national defense program, with the
On Feb.
15 the
would raise the
of 5,500 within
two
years,
and strengthen the Panama Canal defense.
Fourteen Republicans and one Democrat voted in opposition
to the bill, which provides for an appropriation of $376,000,000.
Regarding the measure, We quote the following
of the army expansion bill which
army's first line combat planes to a total
passage
from United Press
Washington advices Feb. 15:
after defeat of a Republican amendment
period the 3,032 planes required to bring the
Passage came a few minutes
to
stagger over a three-year
Army Air Corps to the
teller vote, 183 to
Only one Democrat, Repre¬
Mo., voted for the change, which failed by
authorized strength.
sentative C. Arthur Anderson,
136..
passage,
A
the House Naval Affairs
move
was
made
on
passed by the House on Feb . 9
authorizing reciprocal taxation of .State and Federal Govern¬
ment employees.
According to United Press advices from
Washington on Feb. 14, Representative Jesse P. Wolcott
(Rep., Mich.) offered a resolution to recall the bill on the
ground that House members had not been informed of an
opinion by the joint Congressional Tax Committee that such
taxation could be imposed only after a constitutional amend¬
ment.
The United Press added:
the report
after'the bill had been passed.
men
and 200
well as construction
2.
the chamber
measure.
owed a
"fnoral duty" to the Nation to reconsider the
*v ;
•
.
'
3.
which the War Department will
manufacturers to familiarize them with the production
A $2,000,000 annual authorization for this purpose
extended for four years.
pilots annually at a cost of $10,000,000.
approved colleges and universities and the
Training of 20,000 civilian
Courses
War
would
be given
Department would
in
be authorized to help furnish
instructors and
He also,urged
reciprocal taxation of future Federal, State and local securi¬
ties.
.
.
of the bill by the House was noted in our
week ago, page 814.
The passage
issue of
a
Regular Army, exclusive of
an Air Corps personnel increase from 21,000 to 45,000.
This would give
the Army an immediate trained personnel of 405,000 at the outbreak of war,
An approximate
when the
increase of 14,000 in the
National Guard strength is
The action of
♦
Opposition to Taxation of State and Municipal Securi¬
ties Voiced by State Attorney Generals at Senate
Committee Hearing
Before
a
subcommittee of the Senate Finance Committee
Attorney Generals of 39 States asserted that
no constitutional power to tax State and
municipal securities.
Their brief, according to Associated
Press advices from Washington said "any attempt by Con¬
on
Feb.
Congress
10
has
to tax such bonds by statute would be unconstitu¬
tional."
The Committee is conducting hearings on the pro¬
gress
equipment.
4.
'.
(Dem., Tex.) made a point of order
against Wolcott's resolution and Speaker ^William B. Bankhea<d upheld him.
The salary taxing proposal was recommended by President Roosevelt,
Leader Sam Rayburn
Majority
*
$34,500,000 for "educational" orders
place with private
of war materials.
was
of new buildings.
"concealed" from House members and
He said that the report had been
.
the Panama garrison by 7,000 enlisted
officers, and the bolstering of anti-aircraft fortifications as
$23,750,000 for increasing
"embarrassed" when they learned of
that members had been
held
He
the measure authorizes:
1.
Feb. 14 by House Republicans to
recall from the Senate the bill
that
'
Committee tentatively ap¬
proved all but one, provision of the estimated $68,000,000 Vinson bill
authorizing establishment of more than a dozen naval air and submarine
bases, including a widely-disputed $5,000,000 item for harbor and air¬
port improvements at Guam, which lies only 1,300miles from Japan.
.
.
,
Passage of the bill, [army expansion] sponsored by Chairman Andrew J.
May (Dem., Ky.), of the House Military Affairs Committee, followed two
days of debate in which there was scarcely any opposition to its basic
principles.
Besides the plane provisions, estimated to cost $300,000,000,
Prior to
posing Reciprocal Tax on Salaries of Federal and
State Employes
Additional Planes for
Provision for 3,032
Senate Bill Passed by House Im¬
Move to Recall from
included.
Committee in
Feb. 7 was referred to in our
the House Military Affairs
favorably reporting the bill on
Feb. 11 issue, page
816.
-
posal for reciprocal taxation of State and Federal securities
and
salaries.
Feb. 10
we
From-the
same
Associated
Press
accounts
quote:
"The Department
Congress may tax
of Justice is absolutely incorrect when it advises
State and municipal securities by a simple
that
statute."
Solicitor-General Henry Epstein of New York told the Committee.
He
Financial
962
Chronicle
of the Justice Department.
Finance Officers Association—told the Committee that taxation of Gov¬
tinued existence of virile units of local government, their existence should
be threatened
by one more measure to deprive them of the means of
existence," he said.
not make
I am convinced that none of the
testimony offered has in any way shaken
the foundatlons of my position that tax exemption leads to inequities and
discourages investment in enterprise capital.
Associated Press advices from Madison,
Legislature adopted resolu¬
tions Jan. 25, requesting that President Roosevelt with¬
draw Mr. Amalie's nomination.
A dispatch to the Wash¬
ington "Post" from Madison the same day stated:
The Assembly) resolution said Mr. Amalie, "in recent years has by his
According
results in serious inequities because It "provides
who had $1,000,000 or more net income each during
1937 showed that they
total of $7,000,000 in interest on which th'ey paid no taxes.
He said these taxpayers
one/third
had approximately
after paying their Income taxes than they would
more net
income
have had if tax-exempt
taxation and had yielded
subject to
total interest.
them 15%
more
,
One of the contentions of opponents of the move to eliminate tax exemp¬
tion has been that State and municipal governments would be forced to pay
higher interest costs on their securities.
Mr. Blough went into a lengthy technical
discussion of this point, dis¬
agreeing with the findings reported to the Committee previously by Profes¬
Harley L. Lutz, of Princeton, who appeared in oppsoition to the pro¬
posed legislation.
Senate Subcommitte Concludes Hearings on Fitness of
Thomas R. Amalie to Be Member of Interstate Com¬
^Commission
-
A subcommittee of the Senate Interstate Commerce Com¬
on
Representative Thomas A. Amalie, who has been
nominated by President Roosevelt to be a member of the
Interstate Commerce Commission.
Mr. Amalie's nomina¬
noted in these columns Jan. 28, page 524.
After
public hearings of the subcommittee had ended, Chairman
Edwin C. Johnson said a formal vote might not be "taken
for a fortnight.
According to United Press accounts from
Washington Feb. 6, Mr. Amalie, at the subcommittee hear¬
ing on that day, replying to criticism that he once was "a
Communist agitator,
said:
"I want to state that I
aims
and program.
a
Communist, and have
never
been
Hague in this
My differences with the Communist principles are
whether he called himself
National Socialist."
same
,
a
Communist,
' '
a
Republican,
a
Democrat
or a
Chairman Edwin O. Johnson
said he favored it.
Mayor
Mayor Hague appealed from the original injunction
granted the Congress of Industrial Organizations
and the American Civil Liberties Union, and these organiza¬
tions joined in asking the Supreme Court to hear the
appeal,
arguing that "the issues involved are of paramount national
concern."
Washington Associated Press advices Feb. 6
which
was
■„
Mayor Hague asserted that the Circuit Court in ruling unconstitutional
a
city ordinance under which Daniel J, Casey, Director of Public Safety, had
denied permits for public meetings, had misinterpreted a decision by the
high tribunal in 1888..
The Mayor said, through his attorneys, that "this
volves the
in no aspect In¬
case
right to speak, assemble or meet freely,"
"The sole issue," he "continued, "is the extent to which
and places shall be made
a
public streets
forum for large gatherings of persons upon
particular occasions."
The
and
injunction
was
granted originally by Federal Judge William Clark
upheld by the Court of Appeals.
was
It grew from
a
protracted dis¬
pute, between Mayor Hague and various labor organizations over demands
for the
of city parks for mass meetings.
use
.
.
,
Mayor Hague charged in his petition that "thei issues have been beclouded
by respondents" with assertions that the "right of persons freely to assemble
and Speak In Jersey has been denied."
The Hague petition asserted that "properly considered" the case did not
"involve the existence of the constitutional rights of free speech, assembly
and free press or the scope of protection to which they, are entitled."
I. O. and the
The C.
"the issues involved
are
American Civil Liberties Union contended that
of paramount national concern."
"Theyrgo to the roots of the democratic process and the American way
of life, which are today challenged in various parts of the country by tactics
of official suppression," the C. X. O. petition
United
said.
;
;
He argued that
a person
Two specialists in transportation law and practicioners
on Feb. 7 told the subcommittee that Mr.
before the ICC
Amalie's appointment was a mistake*
A Washington dis¬
patch of Feb. 7 to the New York "Times" in discribing their
testimony reported:
The witnesses,
Luther M, Walter of Chicago, transportation counsel
"and co-trustee for the Chicago Great Western
Railroad, and Robert G.
Full bright of Houston, spokesman for the Southwestern Industrial Traffic
League* assailed Mr. Amalie's political viewB,
and during his former term as a
as he expressed them before
Representative from Wisconsin.'
States
Supreme
Court
Upholds
Antf-Trust
unal Hears Arguments on "Prudent
Theory" of Utility Valuation
The United States
who held this view
cide to take over the railroads."
.
Decree in Charges of Restriction of Film Distribu¬
tion by Texas apd New Mexico Companies—Trib¬
(Dem., Col.) questioned Mr. Amalie about
invaluable member of the ICO ''should Congress ever de¬
an
injunction against
referred to in the "Chronicle" of Feb.4,
case.
his views on Government ownership of the railroads, and the former Con¬
would be
temporary
The Supreme Court ordered that the Philadelphia
injunction remain inoperative pending a final decision in the
advices said that Mr. Amalie told the Senate
subcommittee that he has .refused to "tolerate the slightest
leaning toward dictatorship and direct action, whether from
the right or left."
From the same account"we likewise quote:
gressman
A
case was
.
.
.
agreed to
663.
page
a
I would differ with anyone who espoused such principles
fundamental.;
The
am not
On the contrary* I have strongly opposed the Communist
Communist.
Court to Review Charges of
by Mayor Hague and
Liberties
Civil
liberties.
civil
Feb. 8 public hearings on the fitness of
former
was
Supreme
of
manently enjoined from alleged attempts to interfere with
,
tion
'
.
.
review arguments Feb. 27 on the question of whether Mayor
Frank Hague and other Jersey City officials shall be per¬
also said:
mittee concluded
.
.
The United States Supreme Court on Feb. 6
esemption."
In this connection, Roy Blough, Director of the Treasury's tax research
merce
country.,
Other Jersey City Officials—Suspends Injunction
Pending Arguments
benefit in lower taxes than they sacrifice through lower interest rates
division, told the Committee that a study of the tax returns of 25 persons
sor
States
Denial
tax-free
a
haven to persons in the higher Income brackets who are able to secure much
securities had been
to
public utterances and other expressions of policy aligned himself with the
United
a
Court today
constitutional amend¬
by his human
rights amendment in 1936.
Mr. Hanes reviewed his earlier testimony, reiterating his statement that
collected
a
Washington Feb/15
stated:
due to tax
seek
ment for the attainment of the ends which he had sought
Communist movement in this
In part Associated Press advices from
more
today, he said.
He declared that the altered point of view of the Supreme
Wis. both houses of the State
Appearing before the subcommittee on Feb. 15, John
Hanes, Under Secretary of the Treasury, is reported as say¬
ing:
tax exemption
since discerned
had
Several of his speeches and his writings of that period he would
also would make it unnecessary for him to
"Since the preservation of democratic government depends on the con¬
1939
capitalist system that he had thought possible
greater vitality in .the
before.
challenged democratic institutions through
ernment securities and salaries
further centralization of Government power.
not
views as enunciated.five and six years ago and that he
,a
Another witness—Carl H. Chatters, Executive Director of the Municipal
18,
Mr. Amalie admitted also that he had been mistaken In many of his
appeared on behalf of the entire group signing the brief "and was followed
by the Attorney Generals of 18 States who likewise challenged the opinion
Feb.
Supreme Court, in
a
Investment
5-3 decision
on
Feb. 13, sustained Government charges of violation of the
Sherman Anti-Trust Law through the restriction of the show¬
ing of important motion pictures in Texas and New Mexico,
thus approving an anti-trust decree issued by a three-judge
Northern Texas Federal District Court against eight major
motion' picture distributors and the Inter-State Circuit, Inc.,
Texas Consolidated Theatres, Ink., and Karl Hoblitzelle and
R. J. O'Donnell, theatre chain operators. Justice Stone wrote
the majority opinion, which was opposed by Justices Roberts,
McReynolas and Butler. In a summary of the decision, a
Washington dispatch of Feb. 13 to the New York "Times"
said:
;
1
The "Times" dispatch said that Mayor La Guardia in a
letter to Senator Johnson endorsed the appointment and
praised the character and qualifications of Mr. Amalie.
From a "Herald Tribune" Washington dispatch of Feb. 2,
describing the final public hearing, we quote the following:
The Government contention, sustained
the
distributors,
by the Supreme Court,
an
that
at the request of the two chains, had inserted in contracts
with other independent exhibitors clauses that first-rim
with
was
or
"A" pictures,
original admission charge of 35 or 40 cents, could not be shown
as
second-run pictures at less than 25 cents admission and could never be used
as
one
part of a double-feature showing.
Thomas R. Amalie, former Progressive Representative from Wisconsin,
Restrictions Held
told the Senate Interstate Commerce subcommittee today that his economic
and social doctrines
were
similar to Communism in that they tended to
collectivism but that they differed from Communism In the means, rapidity
and extent of attaining that end.
He
was on
the stand
as
the Senators
considered for the third day his fitness as a Roosevelt nominee to the ICC.
Mr. Amalie described himself as
of equal opportunity
a
believer in the Jeffersonian principle
to every man and also as
a
follower of Thorstein
Veblen, and likened his political beliefs to those of the Social Democrats
In Europe.
Mr. Amalie denied that he was
a
Communist
or
a
Socialist, although
admitting that he had spoken at Communist-sponsored meetings and had
until 1933.
name
to be used in the literature of "front" organizations
to questions
contracts
Arbitrary
were,
said Justice Stone, harsh and
arbitrary.
He said also that "an agreement illegal because it suppresses
competition is not any less so because the competitive article" is copy¬
righted.
"The fact that the restraint is made easier or
more
effective by making
the copyright subservient to the contract does not relieve it of
illegality,"
he stated.
of competition and oppressive price maintenance, of benefit to Interstate
and
the
distributors but
injurious
competitors and to the public.*'
alike to
Interstate's
The benefit, "at such
a
subsequent-run
cost," does not
Justify the restraint. Justice Stone argued.
...
The witness, throughout his four hours on the stand, gave unhesitating
answers
under the
The effect of the contracts, the majority held, "was a drastic suppression
...
permitted his
Restrictions
propounded to him.
He apparently spoke with
plete frankness about his views, admitting that he was regarded as
but avering that bis position was well within the Constitution
a
com¬
radical
"We think/*
that
Justice
the conspiracy
tributors by
Stone remarked,
"the conclusion is unavoidable
and each contract between Interstate and the dis¬
which those
consequences were
effected
are
violations of the
while seek¬
Sherman Act and that the District Court rightly enjoined enforcement and.
ing a way out for the country as It faced a collapsing social and economic
renewal of these agreements, as well as of the conspiracy among the dis¬
structure.
tributors."
Volume
Financial
148
Justice Roberts, author of the dissent, said the conclusion of a conspiracy
either
between
the distributors or
between
them
Chronicle
963
from $150,000,000 to $200,000,000 was paid to or retained by underwriters
Justice Roberts Doubts Conspiracy
and
Interstate was
un¬
and dealers
as their compensation.
During the period from 1927 to 1935.
about $520,000,000 was returned to investors by these companies through
the repurchase of their own securities.
justified.
"These
agreements," he stated, "are not conspiracies contemplated by
the Sherman Act and the
this Court has
holding that they
are goes
far beyond anything
The minority, through Mr. Roberts, stressed the protection
right laws
applied
as
to motion
exhibition of a motion-
The
pictures.
of the copy¬
Dec. 31,
at
in the period.
dends
$1,500,000,000
was
or an average
and
however," the net loss of investors
of the material would be open to the public," said the
Penn¬
sylvania Justice, in arguing that owners of copyrighted films could control
their
amount invested in
increased
From Associated Press advices from
Washington, Feb. 13
we^ quote:
|
In
a
dissenting opinion, Justice Roberts contended that the agreements
that they are goes far
contemplated by the Sherman Act and the holding
Justices McReynolds
and Butler joined in the dissent.
Justice Frank¬
k. Bard,
special counsel for Pennsylvania, advocated the change
while arguing in favor of an order by the Pennsylvania
Utility Commission
directing the Edison Light & Power Co. of York, Pa., to reduce temporarily
it
by $435,000
revenue
a year.
7.5% return would be "conservative."
•
Chief Justice Hughes explained that the issue
the
1936,
year
company's property,
the increase considerably exceeding the net
rapidly, although sales of securities to the public still exceeded repurchases.
The trend
was
again reversed in 1938 when assets Increased considerably
than
was
accounted for
However,
by net sales of
the drastic decline
In
securities
1936 and 1938.
1937 approximately
been carried through 1938 instead of 1935,, the aggregate loss shown to have
been sustained
by investors would probably have been somewhat greater
:
,'
than indicated above.
Of the total investment of $3,367,000^000 in the securities of management
investment companies proper, $478,000,000 was accounted for by open-end
companies—companies whose shareholders have ghe right to compel the
redemption of their shares
accounted for
at about asset value— and
$2,889,000,000
was
by closed-end companies—companies whose shareholders do
have this redemption privilege.
not
Of the total capital shrinkage of $1,proper,
by tbeopen-end companies and $1,484,000,000
$14,000,000
was
suffered
was
sustained by the closed-
end companies, of which $724,000,000 or slightly under one half occurred in
the companies making up the Atlas Corp. and The Equity Corp. groups..
of $5,250,000
'•
■'
-
in
three years by these companies, it may be concluded that had the analysis
The Commission, discussing the relative losses in closed-end and open-end
companies, stated:
but whether the return allowed was "con¬
fiscatory."
securities to the public.
new
prices
From these data, together with
partial information op the amounts of dividends and interest paid during the
before the Court was not
whether the Commission had erred in arriving at its valuation
the
32% of the total
or
.
498,000,000 for all investment companies
Opposing the order, Clarence W. Miles, attorney for the company, said
allowed a net return of 6.5%, which was "confiscatory."
He said a
for
in
offset the rising trend in
J* The Supreme Court on Feb. 13 also took under considera¬
tion a request by the State of Pennsylvania and the Depart¬
ment of Justice that it approve the "prudent investment
theory" of valuing public utilities for rate-making purposes.
In connection with this action, we quote from Associated
Press, Washington advices of Feb. 13:
its
$1,090,000,000
.
through the sale of additional securities to the public,
1937, on the other hand, the total assets of these companies declined
more
beyond anything this Court has ever decided."
furter did not participate.
%
amount of the interest and dividends,
was
.
amount of funds raised
In
"not conspiracies
Guy
by the
the period.
in interest and divi¬
If the amount of the capital
The market value of the assets of investment companies proper sharply
use.
were
44% of the total amount invested
or.
of less than 2% annually.
picture film, without copyright laws, "would amount to a public disclosure
use
assets
net
about $1,350,000,000 and, on
was
Investors received about $410,000.03
loss indicated above is reduced
the
The market value of the
1935,
the assumption of liquidation at such values at Dec. 31, 1935, the capital
loss at that date
decided."
ever
of these companies
•
♦
"These differences in the absolute and relative amounts of losses and gains
to investors in closed-end and
open-end companies n ust not be interpreted
representing a significant difference in managerial results between these
types—-In fact, as was indicated in the preceding chapter, the "per¬
formance" of both these types of proper companies was substantially the
same.
The differences in losses are primarily the result of the fact that
investors' capital was at the disposal of the open-end and closed-end tyres
of companies during different periods of tin e.
Few large closed-end com¬
panies were organized after 1929 so that aln ost all con panies of this type
were affected by the full decline in stock prices from 1929 to 1932, whereas
most open-end con panies either were first organized or raised the greater
part or their capital in the later years of the period 1927-1935 when there
was a general upward trend in security prices."
as
two
SEC
Investor's Experience in Investment
Companies—Of Total Investment of
$7,900,000,000, $1,600,000,000 Returned by Security
Repurchases—Net Assets at End of 1935 Were
$3,400,000,000
—
Report
on
and
Trusts
Securities and Exchange Commission
Congress Chapter VII of Part Two of its
over-all report on the study of investment trusts and invest¬
ment companies, which it has conducted pursuant to Section
30 of the Public Utility Holding Company Act of 1935.
This Section deals with the investor's experience in invest¬
ment trusts and investment companies for the period 19271935.
Chapter VIII, the last chapter of Part Two, which
will contain various statistical compilations relating to the
the
9
Feb.
On
transmitted
portfolios of investment trusts and investment companies,
will be transmitted to the Congress in the near future.
The
last previous SEC report on this subject was described in
these columns of Feb. 4, page 667.
In discussing the study, the SEC announcement said in
part
1
■
'
VII—The
Chapter
Investors'
in
Trusts
Investment
companies traces,,
Management Investment-Iloldind Vqmpanies
Up to the end of 1935, approximately $2,430,000,000
was
invested in all
investment-holding companies—investment companies which concentrated
their investments—-of which about $260,000,000 was returned to investors
through
000,000
repurchases
was
from
1927
through
preserved for investors
at that date was therefore
Chairman
as
$610,000,000
1935.
in accounting form, the application of; the
the end of 1935 by investors for securities issued by invest¬
and companies-.
This analysis indicates: (1) the amount of
$1,560,-"
Approximately
at Dec. 31, 1935.
or
The capital loss
25% of the total amount invested.
Declares We Must Revive
Philosophy in Terms of
Humanitarian Principles—Growth of "Tremendous
Corporations"
Viewed
as
Tendency
to
Stifle
Douglas
of
SEC
Much of Our Materialistic
Individual
In
the
view
O.
William
of
Douglas, Chairman of the
Securities and Exchange Commission, "one aspect of
and
Commission on the investors' experience in investment
The report of the
and
Experience
Investment Companies
•.
trusts
,
to
modern
life which has gone far to stifle men is the rapid growth of
tremendous corporations."
Mr. Douglas in an address on
Feb. 9 went on to say:
*
.
funds paid up to
ment
trust
originally paid by investors for their investment trust and invest¬
money
securities, including the underwriting commissions or sales
ment company
loads on such securities:
(2) the amount of money repaid to investors by
and companies as a result of the repurchase by these
investment trusts
organizations of their own outstanding
securities and in the form of divi¬
dends, interest, and other distributions; (3) the amount
for investors in the form of the net assets
of funds preserved
of the investment trusts and com¬
and (4) the gain or loss to investors upon the as¬
sumption that these organizations were liquidated at the end of 1935 and
the assets disposed of at their current market or appraised value. panies at Dec. 31, 1935;
Enormous spiritual sacrifices are made in the transformation of shop¬
it in certain
At
From
1927 through
companies
proper,
investment trusts,
and
existence aggregated almost $900,000,000.
has led to
lands.
investment-holding companies, fixed and semi-fixed
$7,000,000,000 through the sale of additional issues of securities, most of
which had been sold in the years 1928 and 1929.
Of these proceeds, between
$403,000,000 and $500,000,000 was paid to or
and dealers as
Almost
'
of investment trusts and companies was
through the repurchases by the companies
returned to in¬
of their own outstanding
the end of 1935 was
However, the net assets of the
companies in existence at the end of 1935 amounted to only $3,400,000,000 at
current market values.
Thus, the investors in these trusts and companies
would have received, if all of the assets of the trusts and companies had been
realized at this figure and the proceeds distributed at the end of 1935, over
The capital investment of investors as at
securities.
therefore
approximately $6,300,000,000.
the same companies. This
to investors of $2,900,000,000 is equivalent to about 37% of
$2,900,000,000 less than they had invested in
capital loss
the total amount
invested.
securities from 1927
to 1935 aggregated about $1,200,000,000 or less than 3% per annum on
the average capital investment.
If these payments be considered as re¬
ducing the loss, the investors* net loss may be calculated at about $1,800,000,000 or 22% of the total amount invested
Interest and
ships.
In
investment
companies
proper—investment
companies
totai of
in
in
Dec. 31, 1935, raised a
$3,090,00^,000 through the sale of their own securities, of which
Jan. 1, 1927, and from that date to
he has been submerged in the State in other
manner as
corollary the growth of the corporation has Impersonalized
a
social and personal relation¬
countries this flood of materialism has risen so high as to drown
Communism places complete reliance upon the satisfaction
spirit.
physical needs, making of man a wholly economic creature.
State
far
as to
instead
Fascism
deify the corporate State, making man responsible to the
of
to
God.
Both
of
these
systems
spiritual values which are the essence of democracy.
have suppressed
•
'
the
<
Fortunately in America the ideal of.democracy is still alive and vigorous.
This ideal includes both equality
recognizes that
man
is not simply
product of economic forces.
that
man
is also
a
of economic opportunity and equality of
It is broader and more embracing than
political opportunity.
a
either.
It
biological organism, or merely the
It gives preeminent recognition to the principle
spiritual and ethical being.
The ingredients of that faith
solely materialistic;"they are spiritual and ethical as well.
address
Alumni
Association at the Hotel Commodore in New York City and
in stating that all of us "can well heed the recent words of
President Roosevelt" he quoted the President's remarks, one
paragraph of which follows:
at
Mr. Douglas made the foregoing comments in an
the annual dinner of the Fordham University
An
ordering of society which relegates religion,
faith among nations to the background can
ideals of the Prince of Peace.
find
no
democracy and good
place within it for the
The United States rejects such an ordering
and retains its ancient faith.
In his further comments Mr.
Douglas said:
It is that spiritual ingredient which is necessary
vitality
of nations as well
as
of individuals.
which is itself the solvent of many
ills.
for great strength and
That spiritual ingredient
social ills is even the solvent of economic
It is also the preventive of planetary
disintegration.
Of equal signi¬
binds men together in
makes strong and united groups torn by dissension
ficance, it is the cohesive element which mystically
popularly regarded as "investment trusts"—Inclusive of the companies
the Atlas Corp. and The Equity Corp, groups, had almost $280,000,000
net assets at
submergence of the individual in the impersonal corporation
same
...
some
out the
dividends received by holders of these
Management Investment Companies Proper
Management
As
are not
.
$1,600,000,000 of this total investment of about $7,900,000,000
in the securities
vestors
retained by the underwriters
underwriting fees and selling commissions.
a
and made materialistic our most important
1935, investment trusts and companies—investment
and face amount instalment certificates—raised about
The disappearance of free enterprise
ruthless in its loss of human values.
goes so
beginning of 1927 the net assets of all investment trusts
the
investment companies then In
But the extent to which it has been carried has been
cases.
in much the
of
Companies
All Investment Trusts and Investment
The materialistic god of efficiency may dictate
keepers into employes.
a
common
and
cause
and
turmoil.
Faith alone will not solve all problems.
to
Basic economic and sociajl issues
faith and we will baye the driving force necessary
solve the other problems.
With that faith our economic system can be
will persist.
.But give
us
Financial
964
Such ideology, like a germ, can
foreign ideology need breed no fear here.
gain
Spiritual well-being as well as
both necessary preventives against such disease.
foothold only in a diseased system.
a
physical health are
Such
a
the principal responsibility and oppor-
renaissance constitutes
and government—who are inter¬
Universities
Men trained in the democratic
the government front. Men with technical com¬
cultural conservation payments, will be
Price Adjustment Act of
the
men
of the American democratic ideal.
government needs.
that
faith are indispensable on
with the quality of selflessness, men with
petence, men with humility, men
Training of such men is a task of education and of stimulation. With
racy.
such men, government
tinuous contribution
such
a
in its strong position of leadership can make a con¬
towards
a
revitalizatlon of the democratic ideal.
influx into government, business and the
ditioned in the
With
whole national life can be continuously enriched by the
program our
professions of men basically con¬
But technical training-will not alone
democratic faith.
We must reorient much of our materialistic philosophy in terms
suffice.
We have observed enough
on our contemporary
scene
to know that a
spiritual effort must go hand in hand with an economic and social
supreme
above 75% of parity, no price
principles weakens rather than invigorates our present system.
Therefore
we know that on the basis of sheer self-interest such a renaissance is a pre¬
requisite
to
a
strengthenign
1939.
in
crop
invigorating of
and
both
participation in the 1939 AAA farm program,
On the basis of the estimated
major
four
the formula established in the Price Adjustment Act,
and the other half of it on the same
Agricultural
commodity failed to reach parity income
that
which funds are apportioned under the 1939
on
The allocation was made on the basis of average
The payment
ended Jan. 31, 1939.
farm prices for the
marketing
rates as announced
will be net payments to producers.
season
•
producers who cooperate in the
Beside the price adjustment payments,
allotments, will
1939 AAA Farm Program, and plant within their acreage
conservation payments, at rates previously announced.
receive agricultural
Counting both price adjustment payments and agricultural
capitalism and
Cotton, 3.6 cents per
yield of their acreage allotments in 1939 are:
normal
conservation
will be made to cooperators on the
payments, the total payments which
democracy.
by which the returns from each
one-half of it on the basis of the amount
as
This allocation was
$1,696,000.
$61,613,000; wheat. $64,113,000; rice,
made according to
basis
Cotton, $84,578,000; corn,
in the following amounts:
crops
the other
the $212,000,000 will be distributed among
estimates are that
We have seen enough to Convince us that dilution of ethical
program.
of tobacco was
adjustment payments will be made on that
Since the 1938 average farm price of each kind
Conservation Program.
of humanitarian principles.
farm price is less than 75% of
the five basic crops in 1939 if their average
parity.
These are the needs and the demands of democ¬
of responsibility.
a sense
provide a return
will permit.
jtf
Act provides that these payments will be made on
nearly equal to parity price as the funds
The Price Adjustment
unlty of all of us—including universities
ested in the preservation
train
made under the provisions of the
That Act allocates $212,000,000 to be paid
1938.
producers of five major crops in amounts which will
to the
as
1939
18.
adjustment payments, which supplement the regular agri
These price
With that faith and with that reconstruction
intelligently reconstructed.
Feb.
Chronicle
pound; corn (in the commercial corn producing area), 15 cents per bushel;
Secretary Ickes While Criticizing Nation's Press Tells
wheat, 28 cents per bushel; rice, 22 cents per hundredweight.
National
Lawyers Guild It Is "Not Free Enough"
Regards American Newspapers, However, Best and
Freest in World
*
Criticism of the Nation's
pr9ss was
19,
1938
•
voiced
The Act referred to above
June
was
noted in these columns of
was
4042.
The Agricultural Adjustment Act of
given in our issue of Feb. 26, page 1305.
page
Feb. 10 by-
on
Secretary of the Interior Ickes, in an address before the
their annual dinner in Chicago.
National Lawyers Guild at
The
Secretary corrected two "overstatements" which he
made in a recent radio debate, but added that he was in¬
terested in learning whether newspapers "will be as candid
in admitting their errors of overstatement with reference to
my slip on these two items as I have been."
Mr. Ickes com¬
mended some papers for giving a fair rendering of his earlier
speech, and added:
Despite abuses that are inexcusable from the point of view of the press
itself, no fairminded persons would deny that American newspapers are still
best, as they are the freest, in the world.
Generally speaking, they
print much misleading propaganda, they color the news to suit themselves,
the
they distort the news, they suppress the news, they invent "ne*8," but
they also carry much news that is vital to the public weal.
In his general
discussion of the
in part:
P.
Lindsey, Jr., Director of the Emergency Crop and
Section of the Farm Credit Administration
on
Feb. 18 that emergency crop and feed loans
for 1939 are now being made in all the early-planting sections
Loan
announced
of the South and Southwest and
districts
Mr.
needed.
as
be made, as in the past,
available in the other
are
Lindsey said the 1939 loans will
only to farmers who cannot obtain
The following is also taken
FCA:
credit from any other source.
from a statement issued by the
The money loaned will
be limited to the farmer's necessary and actual
1939 crops or maintaining his livestock.
needs for growing his
cash
the Secretary said
press,
the loans is 4% a year, he
on
There is ho doubt that they'are
responsible to nobody save their consciences and their affiliations.
The work is under the supervision of the
counties, Director Lindsey said.
Regional Emergency Crop and Feed Loan offices at Springfield, Mass.
S. C.; Memphis, Tenn.; St. Louis, Mo.; St.
Baltimore, Md.; Columbia,
Texas; Salt Lake City,
Paul, Minn.; Omaha, Neb.; Wichita, Kan.; Dallas,
Utah; and Spokane, Wash.
A newspaper is a private enterprise, owing nothing to the
grants it no franchise.
who is selling a manufactured
product at his own risk.
May I say, parenthetically,
instead of a franchise,
that,
generous
a
government grants a subsidy that last year amounted to some $90,000,000,
•
"
Reports Home Mortgage Loans in
with 896,579,000 for 1937
In its announcement the FHLBB further said:
was
in
December,
pointed out that generally there is
in relation
to
favorably with
1937,and that the December lending virtu¬
ally approximated that of November, 1938, when the total
It
November;
a
was
$64,070,000.
substantial seasonal decline
but last
December the present
upward trend in home building and financing was maintained
volume remained almost constant.
December
loans
were
divided
Construction
of homes,
826,000;
refinancing,
$12,805,000;
other home loan purposes,
IJhat the
following
according
groups
purchase of homes,
reconditioning,
$4,025,000,
to
$20.-
State-chartered member institutions
and
for
of the Federal
Home
Loan
Bank
504,000 in all kinds of home loans; Federal savings and loan associations
accounted for $25,019,000; and associations which are not members of the
Payment
Rates
for Cotton,
by AAA
Agricultural Adjustment Administration
Corn,
Representative
to
conditions
undertake
initiate
or
discussions.
such
had
Ludlow
Mr.
"should proceed without
delay to sound out the Powers on two fundamental ques¬
proposed
that
Government
this
tions," which he listed
An
1.
Jan.
until
2.
agreement
A
1,
1941,
follows
as
paval
a
on
:
which would suspend construction
holiday
and
proposal that all nations send delegates to
limitation
of
his
In
to be
arms,
coming summer
The
other
conference to discuss
a
held in this capital city,
some
fall,
or
letter
right of
nations
time during the
'
,
to
Representative Ludlow,
independent
is
the smaller States.
the
On
principles which
national
peoples to
fundamental,
large populations
comprises
:
Secretary
Hull
then
since
to
peace
I
have
taken
attention
or
the
people of
public declaration, I set forth
a
and their inter¬
States
opportunity
these
to
with
living in a State whibh
whether they are living in
are
believe should govern all
and
call
at
they
July 16, 1936, in
we
relationships,
live
whether
and territory,,
repeated occa¬
upon
principles,
which,
as
will
you
recall, comprise the following basic lines of policies and attitudes which I
consider
essential
in
the
maintenance
of
peaceful
relationships
between
nations:
The
abstinence by
all nations
Feb.
from
use
of force in pursuit of policy and from
interference in the internal affairs of other nations.
Adjustment of problems in international relations by process of peaceful negotia¬
tion and agreement.
Faithful observance of international agreements.
The modification of pro¬
on
14 further stated:
a
Respect by all nations for the rights of others and performance by all nations of
established obligations.
The
maintenance
and strengthening of international law.
Promotion of economic security and stability the world over.
Feb. 14
producers who plant within their 1939 acreage
rice.
The payments,
it is said, will be made on the normal yield of each producer's
allotted acreage.
The rates announced are:
Cotton, 1.6
cents per pound; corn, 6 cents per bushel; wheat, 11 cents per
bushel; rice,
12 cehts per hundredweight.
The AAA
allotments of cotton, corn, wheat and
letter
a
international disarmament conference, said
make this an inopportune time to
an.
world
The lowering or removing of excessive barriers In International trade.
Equality of commercial opportunity and the application by
all nations of the
principle of equality of treatment.
Limitation and reduction of
will be made to
of
in
Feb. 13, proposing that the United
on
by orderly processes carried out in
spirit of mutual helpfulness and accommodation.
announced the rates of the price adjustment payments which
announcement
call
Hull,
State
of
Indiana,
visions of treaties when need therefor arises
Wheat and Rice Announced
The
that
of
Upholding of the principle of the sanctity ol treaties.
System made loans amounting to $12,411,000.
Adjustment
Ludlow
$7,126,000.
System led other types of associations in December financing with $26,-
Price
Secretary
sions
the
$19,152,000;
purpose:
so
"
into
Protect "Vital Interests"
'
said, in part:
Board officials stated that the December total compared
the $60,096,000 in December.
Secretary Hull, in Response to Representative Ludlow's
Suggestion that United States Call Disarmament
Parley, Indicates Willingness to Discuss with Other
Nations
Agreement
for
Limit of Arms—Pleads
for Peace in Broadcast, but Says Country .Will
States
homes
by all savings, building and loan associa¬
tions in the United States reached $63,934,000 in December,
the only month during the entire year when the monthly;
mortgage lending figures of these institutions exceeded any
single month for 1937, it was announced in Washington
Feb. 4 by officials of the Federal Home Loan Bank Board.
For the 12 months of last year, it was stated by the Board's
Division of Research, and Statistics, total home loans were
valued at $797,996,000, as compared with $896,579,000 in
1937.
The decrease was due largely to the heavy decline
in home building and financing in the early part of 1938.
on
♦
December
Totaled $63,934,000 Exceeding Same Month in 1937
for First Time—1938 Loans of $797,996,000 Compares
Loans
.
.
public, which
It is, therefore, "affected" with no public interest.
It is emphatically the property of its owner,
FHLBB
The
added.
and feed loans will be made, as in former years, by
The emergency crop
field representatives assisted by local crop loan committees in the various
that publishers enjoy complete freedom to print or
to omit, to distort, or invent.
S.
Feed
interest rate
"
There is no doubt
suppress,
Emergency Crop and Feed Loans for 1939 Made Avail¬
able to Farmers, FCA Announces
Realizing
national
forces
With
necessity
we
are
for
maintaining
prepared
propostion to reductions
regard
steps
with
arms
and
holiday
the
security,
in
armament.
a
to
your
view
to
endeavor
which
to
would
specific
calling
obtain
suspend
to
or
armed
reduce
made by
suggestion that this
a
conference
an
to
naval
construction
our
the
until
for
armed
initiate
limitation
agreement
.
own
other countries.
Government
discuss
international
adequate
forces
increase
or
increases
Jan.
for
1,
a
of
naval
1941,
I
Volume
believe
make
at
2.
Unsound
toward
in
vital
limitation
willingness
the
limitation
of
tunity will
arms.
.
of
the President
concerned,
is
armaments
I can
assure
you
conference called
in
meantime,
and
of
its
carried
the
inevitable
said
that
Nation.
our
foreign relations
of
field
the
10. Government
for
12.
than
ment
by armed force.
will to
is
most
Nation's
and
attacked
like
ours
Unrelated Agencies
offer
other reply but
no
to such a. challenge a free people
determined defense and resistance.
'
the sacred duty of a govern¬
adequate defensive forces.
The
problem of national defense is another essential phage of the work of the
Government.
I shall not discuss it tonight, since another speaker on this
hand
machinery
these
loom
the
in
large
relations.
certain
must
order
to
national
Both of
field of
and undirected course."
additional extracts from
Urged
impossible unless
is
civilized
relations
and
among
of which is
observance
nations."
nations agree
delivered
"I
1937-38
Depression
real
if prosperity is
to be
future
prosperity if recovery is to be achieved. The present*
survey
was prepared by the Association's Committee on
the Study of Depressions, and is based on an 18-month
study by a group of 52 business leaders and economists.
In summarizing their findings, an Associated Press release
said:
■
;. "■
,.. ■^
Business policies "which contribute to depression
were listed by the
tained
report as
follows:
inventory policies
Mistaken
on
by the labor situation and fear of
increasing inventory
an
should be
Unwise consumer
increased
3.
volume
of
Failure
inflation; also lack of appreciation .that
be necessary where sales are high, it
may
of unsound instalment selling.
many
companies to
or
structure by
instances to avoid over-capitaliza¬
improve their financial
reducing fixed charges; failure in many
tion
borrowed capital beyond ability to pay.
acceptance of apparent effects of Government
financing with
spending
policies, and making business calculations thereon; in many instances,
moreover, business
deliberately sought Government financial aid.
5. Failure in many instances to develop satisfactory labor relationships
based on mutual respect and cooperation; failure in many instances where
company policies were 6ound to convince workers that this was the case.
4.
6.
Too
ready
Failure
of business
to
sell itself
to the public,
with explanation of
obligations and contributions to national improvement.
Turning to Government policies and activities, the report listed the
its practices,
lowing as
combined
1.
or
fol¬
continuing, cumulative and
"specific factors which operated as
depressive elements":
Continued
created
reliance
maintained
upon
by
-
the
to
as
there ought to be someone in the Government con¬
its humanitarian agencies are carried o,ut in such a
that
see
to encourage the return
theory
purchasing pow;er can be
prices or by the artificial.
that
artificially fixing
of private business activity and the cure
unemployment.
"Desirable
these humanitarian activities,"
are
as
most'of the
Mr. Taft pointed out,
happiness
than any possible
prosperity would increase the income and
reasonable business
so-called underprivileged a good deal more
Government action.
•
"Furthermore, if we could put to
work one-half o fthe 10,000,000 unem¬
ployed, the, difficulties and expense of carrying on
ties would cease to be any considerable burden."
To
the humanitarian activi¬
/.
"Deficit Spenders"
has thrown itself completely into the
Taft added: <
"It is no wonder that when the head of the Government accepts the
view that deficits are a blessing in disguise, the very thought of economy
vanishes out of the window of every Government department.
Asserting
arms
policies of many companies, resulting in an
credit
way
the program as a whole becomes a
\
the part of some industries, induced
lower ratio to sales volume.
in
private enterprise, then
insisted,
he
cerned
of
Federal expenditure were
which are themselves highly commendable, but that if each
without any regard to the burden of taxation which
danger.
"But,
"a
person."
of the large items of
administered
discourages
of
There is no such
said many
Taft
purposes
regained, and added that a
a
portion of its report ivill bp issued in the near
containing a list of conditions necessary for sus¬
second
2.
for
was
avoided
while
Senator
the
in
Service
States.
United
*
large-scale study of depression prob¬
The Association declared that such policies must be
lems.
1.
the Children's Bureau and the United States
Department of Labor,
Besides these there
are three
or four agencies dealing with farm relief.
"Probably a consolidation of all the agencies cannot be made, but
surely Someone in Washington ought to be charged with studying and
dealing intelligently with the entire problem of, relief throughout the
policies
comprising
survey
Administration,
the president, and
only to
0
and the Government must share the
which delayed recovery in the ye^trs
1932-37 and
resulted in the depression' of 1937-38,
the
National Association of Manufacturers said on Feb. 12 in a
for
blame
Federal
unrelated and
Administration, Commodity Credit Corporation, National
Administfation hnd the Social Security Board, each one responsible
Employment
of
labor
Industry,
•
.
Progress
Youth
and Labor, for Retarding Recovery
in
'
the overlapping activities of
We have the Public Works
problem of relief.
"Take the
of
told
been
I have never realized how completely
different Federal activities are.
but
the
unrestrained
.
Aided
Senator Taft's address:
nation-wide hookup:
a
frequently
departments,
the primary
National Association of Manufacturers Blames Govern¬
Which
over
have
Works
ment, Industry
—Lists
Factors
f
of Feb. 12 gave the following
Asserting that the planned economy set forth in theory, by New Deal
writers was not even a planned economy, Mr. Taft declared in his speech,
on
formulation
erratic
,
Cincinnati "Enquirer"
The
of conduct
based
law,, the
of
causes
with elementary steering de¬
operated by amateur drivers pursuing their
vices,
in their relations with each other.
Such
principles of fairness, justice and tolerance.
In
effective, they must be embodied in what is known as inter¬
rules
be
be
differences
of
adjustment
upon
rules
basis
mobiles, without brakes and
.
Fairness
International
"Peaceful
of conflict.Government's work in the
'
by eliminating the
and
of peace
problems
foreign
unrelated and unre¬
the disproved theory that the
Nation can spend itself into p^sperity.
Mr. Taft added
that the Government resembles "those Coney Island auto¬
strained, motivated only by
creation
in
on
glomeration of innumerable agencies,
maintain
to
name
will present it tq you -at a later date,
and maintenance, of adequate defensive forces must go
hand with unflagging efforts to prevent war by perfecting tl)e
program
"The
the
of
worthy
Lincoln
Feb.. 11, in Cincinnati, declared that the
New Deal spending policy has not only been in vain, but
it has also become dangerous because the national debt
structure is growing top-heavy.
The citizens of the United
States must vote a change of .executive control in 1940, be
declared.
He described the New Deal as a haphazard con¬
Day address
long as such a possibility exists, it is
"So
ment
Taft, of Ohio, speaking in a
Robert 'P.
Senator
■.
nation, and
by another
Policies,
ing
possible only if both sides are willing to resort to it.
This
vital and cherished interests, however, may be challenged
can
Criticism of Administration's Spend¬
Calls New Deal Conglomeration of
Senator Taft, in
and that
we
settlement
time of existing Govern¬
methods, and what might be proposed next.
As a Nation, we are convinced
which cannot be settled, with
also know that circumstances may arise in which a nation's
remain at peace may be thyarted by the action of others.
Peaceful
"Yet,
methods.
to the continuance at any
as
of peace.
We know that
lays its blighting
concerned, by mutually fair and peaceful adjust
greater benefit to all
far
Uncertainty
ment
the countries directly involved,
of
citizen
every
upon
malignant effects spread far and wide.
that there are no international differences
its
Inconsistency of many Government
conflict
armed
warfare,
of
conditions
modern
which cause a fear of inflation.
policies
11.
\
is sincerely devoted to the cause
Nation
"Our
under
price
with private business.
competition,
Peace Is America's Desire
influence
control, through taxes and
into private industry—both as to amount,
funds
investment.
of
policies—efforts to intervene in general prices by
through use of the Federal monetary, credit and
banking systems, and efforts to directly influence commodity prices.
9. Continuing and increasing Government, competition, and threats, of
.
...
Act.
Government should
price levels
controlling
Government
that of the preservation of peace
is
place
Government
8.
the problems confronting the
most basic cf
first and
"The
Relations
flow of
the
this point.
on
policy, including
employer-employee relations must lead to
"largely one-sided and biased" administration of
that the
theory
is in theory a
that
and
Labor
aud
purpose
utmost
and added:
that respect,
in
contribution
in'
of the
was
conflict,
The
regulation,
reported, in part, as follows in
importance for citizens to
knowledge of the work of their Government, Secretary Hull
the Government's exhibit at the Fair would make an important
it
and
resulting from the Government's labor
assumption
National
7.
York "Times" of Feb. 13:
asserting that
recipients
of
and might be of substantial benefit, the program
ineffective and frequently wasteful in practice,"
in touching
asserted
unrest
"false"
the
full
a
Labor
the
but determined defense and resistance" to any
attack by another nation on our "most vital and cherished
After
morale
undermined
which
way
been
has
out
committee
6.
other reply
the New
a
"Although a public works program in time of depression
in a broadcast on behalf of the New York
World's Fair, on Feb. 12, urged world peace, but at the
same time warned that
the United States could "offer no
have
in
sound economic concept,
Hull,
His speech was
efforts
destroyed the respect of the taxpayers.
as
interests."
the
with
familiar
work"
defense.
Mr.
voic¬
which removed administration from those
particular problems involved; continued "made
relief program
unsound
An
most
which other nations are undertaking
with you that it becmoes
upon this Government to carry out its responsibilities for the
of the American Nation by making certain of the adequacy
protection
expensive;
to
regulate agricultural production.
Uncertainties created by frequent expressions of public officials
5.
huge and excessive armament programs, I agree
incumbent
frequently operated to make financing difficult and
ing hostile attitude toward business and investors.
that purpose.
in
has enormously slowed up expansion
regulation of security financing
which
public utilities
part of our national economy;
has
efforts
4.
that no oppor¬
consideration to such a proposal at
to be some reasonable prospect of the
for
world
a
a
which
to give favorable
be lost
a
the
been
announced by
with particular reference to an atti¬
regulation of business,
.
.
has
part
our
that there may appear
time
success
on
again
was
of
administered taxes.
unsound and frequently unfairly
Excessive,
3.
tude
and
ment's
In
services.
willingness to discuss with other nations
for the
and
the output of goods and
support of wage rates, both without reference to
has lost no opportunity to
Government
this
disposition and
965
Chronicle
constantly and repeatedly de¬
at a press conference
White House as recently as a week ago.
As far as this Govern¬
taking the initiative in calling a conference on reduction and
This
clared,
any
that
agree
its
time the possibilities of arriving at a universal agreement
any
reduction
at
will
you
known
Financial
148
of
"Old
the
New
"the
that
arguments
trotted out and new ones invented to justify this
are
$40,000,000,000
Government
1932
in
to $60,000,000,000 in
spending.
"It is asserted
ernment
national income
1938 was all due to
It is said that the recovery from a
extraordinary theory.
ol
Deal
deficit spenders," Mr.
deficits
provement which
that the recession
of 1937 was due to the fact that Gov¬
somewhat reduced.
were
It is said that the slight
has occurred since last summer was
im¬
due to the Govern¬
ment's spending program.
"There
is
Government
not
the
deficit
slightest support
of
$5,000,000,000
of any
under
of these arguments.
The
President Hoover did not
1932, busi¬
been a very
substantial recovery,
had begun.
"The depression of 1937 did not result from the tapering off of Govern^
ment expenditures.
It resulted from a complete collapse of the capital
check
ness
When the depression reached bottom in
the depression.
began
to
and by the fall of 1933 there had
though neither regulation nor spending
recover,
966
goods
Financial
industries.
increased
the
the
of
Tate
That
price of
wages
goods could
collapse occurred
materials,
raw
rapidly
so
not keep
that
because
the
Government policy
amount
prices
of
business
of
services
and
taxes,
had
and
manufactured
Chronicle
spot
that rendezvous
for
gone
up
be
full-sized
a
conclusion
In
inalienable
Meeting
in
Albany
Sponsored by New York State
Economic Council Urges Economy and
Repeal of
Social Security Laws
Over 300 workers, business and professional men from ali
sections of New York State met on Feb. 14 at the Ten
Eyck
Hotel in Albany to protest against New Deal
legislation and
Governor Lehman's budget program.
The meeting was
sponsored by the New York State Economic Council and
Merwin K. Hart, President of the council, who addressed
the gathering along with other speakers criticized Federal
and State spending and called for repeal of
unemployment
insurance, social security, the Wagner Act and the wage
and hour law. Some of the resolutions
unanimously adopted
as reported in the
Albany Times Union of Feb. 15 follow in
That the cost of relief must be liquidated to that
point where only those
In real need will receive any relief, where the relief
granted will be sufficient
only for the genuine needs of the recipient, and where there will be
every
the recipient to return to private
employment at the first
opportunity.
'
incentive to
That pertinent statutes and regulations should be amended
These
proposals, great and small, that commit the people to future spending be
laid aside.
That the
legislature should either appoint
versive activities within
Communist-front
committee to study sub¬
a
the State, and in particular the extent to which
other anti-American representatives have been active
or
in working to build up the
present State and local edifice of expenditure
and regimentation; or it should seek the same result
through active
coopera¬
with the Dies
That
Committee.
of the regulatory
some
and control laws of recent
should be
years
repealed.
Chief among these is the so-called little Wagner Act, which, like
its Federal parent, the National Labor Relations
Act, has driven a
wedge
of discontent between employer and
employees.
The
same
Syracuse lawyer
Today
of this sort can function to the
"Do you realize that the
aged,
undermine
whose
or
auto¬
parents support
women
whose husbands support them
to
automatic payments may go to persons
regardless of their need
of support."
We
or
means
has
the
Republicans
Declare
Against New Deal at Meetings.
Lincoln
Day—Ex-President
Hoover
Three-Point
Program for
Republican
Celebrating
Outlines
Party
Republican leaders, in
a series of addresses throughout
Feb. 13 at meetings celebrating Lincoln
Day,
criticized the New Deal,
charging that it has failed in
the Nation
on
ap
effort to, restore prosperity by a
policy
President
Herbert
dinner
of
the
Hoover,
National
of spending.
For¬
speaking at the annual
Republican Club in New
York
City, said that the Roosevelt Administration consti-'
tutes
a
mixture of coercion, collectivism and aim for
per¬
He said that the three great objectives of the
sonal power.
Republican party
the preservation of personal, intellec¬
are
tual and economic
freedom, economic restoration, and peace
for the United States
by avoiding entanglement in another
War.
In his address
Mr. Hoover said, in part: grade of kxmomic make-believe teaches that
New
Deal's
third
debt
of
national
our
larger today than
economic
it
was
in
system,
be
cannot
expenses
yearly for
should
the
1929.
like
to
see
fear
of
a
reduced.
school
new
That
school
of
men
energies
that
And
is
this
established
would
their
be
must
That school would say
all
not
the
truth.
in
the
face
of
the
say
in
some
home
truths
that to restore jobs and agri¬
Government
removed
with
and
order
the
that
shackles
free
down, improved, cured,
That school
that most of the New Deal
and
taxes
may
have
measures
can
be lived
reformed, but that these monetary and financial
or
say
taxes,
is
that
the
men
mo6t
school would say one of
in
that
Government instead of
Nor
20
says
is
being paralyzed.
The
progress.
ill-fed,
to
imperious
years
"this
by
the
abroad.
The
these
of
That
thereby jobs for
the
the
is
That alone
men.
can
F6r social progress in care of the
ill-clad,
of
destruction
necessity of America is to
the
ill-housed
restoration
there
the
is
be
must
second
great
,
become entangled in another
We may
glow of
observed
lican
world
The third
war.
for America.
peace
the torch which
fell
from the
band of
again rekindle the heart and mind of America
hope and promise
for the future.
opportunity for
an
Never since
service
a
Lincoln
to
great
a
York
"Journal
of
Mr. Hoover
that
Commerce"
of
Feb.
14
it
was
Governors—Julius
P. Heil of Wisconsin, Harlan H.
Dakota, Frank D: Fitzgerald of Mich¬
igan, Raymond E. Baldwin of Connecticut, and Ralph L.
Carr of Colorado.
C.
Wayland Brooks, former Illinois
candidate for Governor, was toastmaster, and Mrs. William
Henry Hayes, President of the National Women's Republi¬
can Club, and Senator Alexander
Wiley of Wisconsin were
Bushfield
speakers, said the paper indicated, in which it was
United
now
and
it
is
States
under the
may
fall
displaced
Frank
Murphy,
a
bubble
.
he said,
propose
following
orderly strikes,
mob
last
s
disputes with
"Prohibit
women
election
whose
Attorney General, declared "the New Deal is
Republicans,
foothold"
its
in
Fitzgerald,
bursting."
Michigan
new
South
of
stated:
that
employers.
disorders
4to
"give labor and
industry
a
program:
labor
have
may
full
power
of
legality
„
and
mob
work while differences
picketing,
that
honest
and
men
being settled."
are
Criticism of the New Deal by Senator Taft, in an address
at
Cincinnati, is referred to in another item
in
this issue.
A. F. of L. Executive Council Says Government
Spend¬
has
been
general
has
and
women
will
be
buying things for their
important
the deadly
government
a
day all this will have to be paid for.
some
consequence
causes
handing their
own
it
with
wages
to
betterment.
should
Failed
pand—Proposes
Give
to
Chance
teach.
That
destiny."
The
Mr.
most
Roosevelt
probable
to
National
Ex¬
Labor
4
Federation
American
Unemployment—Urges
Business
Amendments
Relations Act
The
Solve
to
to
of
Labor
Executive
Council*
meeting at Miami, Fla., this week, concluded its sessions
14 with
statement
on
that
Government spending had
failed, after ten years, to provide a permanent solution for
a
unemployment,' The Council urged the Administration to
give private industry "the widest opportunity" to expand.
The statement, written especially for
Secretary of Commerce
Hopkins and Secretary of Labor Perkins, urged the Govern¬
ment to remove whatever barriers stand in the path of busi¬
ness expansion and allow
private industry to absorb, the un¬
employed.
The statement of the Council, as given in Asso¬
ciated Press Miami advices Feb. 15, said in
part:
During all the
became
a
years
intervening
between
1929,
when
unemployment
serious national problem, until the present moment, the Executive
Council has cooperated with the Government, with industrial
management
and with all other groups in order that working men and women thrown
out
of work might find a new place and new positions in private
industry.
Doth time and experience have clearly vindicated the position assumed
and
maintained
by the American
Federation of Labor
Upon
economic,
social and industrial problems.
We
firmly convinced that various forms of Government spending,
either In the distribution of relief or in the development and maintenance
of work projects designed to supply relief wages to
unemployed, can only
are
unemployment
a permanent
.
,
The market for the sale of goods and service can be increased and
enlarged
only through the application of a sound economic policy whereby there is
placed in the hands of the
masses
of the people
a
buying
power which will
enable them to buy, use and consume the manufactured goods and service
which private industry is prepared to supply.
This leads to the inevitable conclusion that private industry and business
generally should be stimulated so that the facilities of production
Increased and millions
What
can
more
working
men
and
women may
may
be
be employed.
be done and what should be done, therefore, are the problems
which, at the moment, call for consideration and
a proper
solution.
We do
believe that the Nation has reached the maximum in production or
consumption of manufactured goods.
For that
reason
we
cannot accept
the reasoning of those who maintain that we must prepare to maintain con¬
stantly
an army
turn to
Our
of unemployed as the wards of the Government.
private industry for the solution.
It should and must
We must
serve
the
...
national interests require
widest opportunity to do so.
that private industry be accorded the
That involves expansion and
productivity. Such action must be considered
of destruction to 20 democracies
spending and inflation.
rendezvous
Has
Administration
Nation.
would
be through
it
them
principal speaker on a
program which also heard John D. M. Hamilton, Chairman
of the Republican National Committee; Thomas E.
Dewey,
New York District Attorney, and five newly-elected Repub¬
not
men
policies may defeat the Nation.
If
from
preservation
for
But
hope and confidence in the future.
the
the
is
temporary measures and cannojt and do not provide
10
curriculum.
their
upon
theories
alien
solution
yearB prior to the New Deal, on their basis of
and
excepting loans since recovered,
the
expenditures
were
$3,500,000,000 instead of $9,000,000,000.
But that was Republicans.
culture
by
home and
serve as
accounts
its
political
of
one
undermined
the
is paying for a dead horse.
Private debt is buying a live one.
They finally graduate from this school of high finance with the vale¬
I
of
tolerance
If
any
public and private together,
Public debt
that
are
being
are
the Republican party
the
In the New
was
Feb.
for
Nation
political party faced such
a
ing
the revenue be replenished, how can the
national debt be paid, how can
happiness be restored to our people?"
fact
this
the living custodians
are
with
cancerous laws are
speedily cut out of the statute books
resurgent citizenry," he said, "this Nation will take its place with
Nineveh.
Unless business enterprise can be released from
bondage, how. *
can the
unemployed find fruitful work, how.can the deficits cease, how can
that
inseparable.
are
on
personality
Nation.
a
dictory
founded
is
and
truth, justice,
fall.
productivity and
Abraham Lincoln.
"Unless these
World
to
Syracuselawyer accused the Act of "draining
employers and workers throughout the land, in order that
of
Lincoln
Republic
dignity
freedom
economic
or
humanitarian aspirations.
We do not want
them, to people who have money in the
who have inherited
property, and to divorcees receiving alimony?"
blood
not
and obligations
will
progress
social
young,
"Legalize
Unemployment Insurance statute requires
this
the
to
economic strength.
Economic
mission of the Republican party.
also
In referring to the Federal Social
Security Act and the New York 8tate
statutes supplementing it, the
is
our
the
Governor
to
more
has
generation
and our rendezvous will
gone,
consecrated
is
parallel
long-run benefit of the people."
"That money is paid to married
minors
entire
of
economic
support
matic payments to persons not in need of
any benefit whatever?" he asked.
The
at
of
economic
destruction
restore
,
of normal healthy relations between an
employer and his
employee than any other thing that has ever occurred in the United States."
The Wages and Hours law was dismissed as
"folly to suppose that legislation
mer
pursued
now
this
1939
principles of liberty to man.
follows:
as
Of the Wagner Act be said, "this statute has done
by
It
of
purposes
that
say
dedicated
is
others
great mission
other
reported the comments of Henry Fraser
paper
the progress
the
the
high
policies
repealed,
or
with a view to bringing down to a reasonable level the cost of
construction.
That the cost of public education must be reduced.
That all legislative
bank,
It
women.
intellectual freedom,
all
When
inflation.
great mission of the Republican party is
part:
tion
again
me
These liberties
mercy.
freedom,
let
and
men
undermined
first
is
18,
dictator.
liberties.
individual
and
today
that alley it will find freedom has
with
up."
Feb.
to create work opportunities
as
an increase in
the primary step necessary
for the millions who
are
unemployed.
Obviously, the next step must be the establishment of credit and the
will and purpose, on the part of the owners of industry, to risk,
invest, build
and construct. The basis for such procedure must be found in the creation
Volume
of
Financial
148
favorable state of mind. Fear,
a
The continuous existence of
an
the
month
of
December,
were
1938.
of
army
than 10 million workers, is appalling.
tion of Labor show that there
tin employed,
in
.
numbering more
The records of the American Federa¬
up
and kept by the
numbered from eight to 14 million continuously.
and
experimented
in
various
relief
measures
organizations
many
affiliated with the American Federation of Labor have expended millions
of dollars
their
from
treasuries
supplying relief to their unemployed
in
members.
The
Industry the spending of millions of dollars for relief
This would
that
mean
work in private
unemployed workers
higher basis.
a
of the opinion that the responsibility for absorbing the
private Industry and the Government.
when the
This
can
unemployed
and manage¬
be done if and
Government, Industrial management and labor cooperate in a
full and complete
In
increase
the membership of the National Labor Relations
Board from three to five.
Incident thereto, a Miami dis¬
said:
Informed of
C. I. O. attack on the A. F. of L.'s
a
Act, President William Green said to
"The opposition of the C.
to
I.
proposed amendments
bargaining
the plan
time,
whereby
method
a
as
became
by the management.
agency
outmoded
(Wagner)
newspapermen:
O. will aid
greatly in presenting our
us
The
put an
Michael
Flynn
argued for the
James
of the
bill
foreign imports competing with the products of
excise tax on
workers.
Duffy
American
Operative
of the
Wage
Potters
For this
reason
Protective
Earners'
Conference
duction costs of foreign goods with the cost of competitive goods in this
Meanwhile,
the
Board
Feb. 9, the Bethlehem Steel Co. challenged
on
let
to
the
conducted
trial
who recommended
examiner
disestablish the plans.
board
the
that
findings of
proposed
by the
The examiner, who held hearings on the ocmplaint
company,
ruled that the company had used the plans to discourage
The company contended the examiner should have
the employees on opportunity in an election to
recommended that,
amendment would
new
mean
action of the NLRB
on
work
was
Sparrows Point, Md., also had filed exceptions to the examiner's recom¬
"
mendations.
would be
board will be better
liberty
or property
Amendment
without due process of law.
interfering with, restraining or coercing,
and it has not at any time interfered
with, restrained or coerced its em¬
ployees," the Bethlehem company said in its statement of exceptions.
The controversy between the Board and the Bethlehem
was referred to in the "Chronicle" of Dec. 31, pages
Steel Co.
3993-94.
*
+
Right to
States
interested in is seeing that the Board administers the Act
in accordance with its spirit and letter," Mr. Green said.
United
Picket for Closed Shop Upheld by United
District Judge William H. Kirkpatrick
States District Judge William
"We feel that
board of five could handle the work speedier and better and eliminate
much of the delays."
disestablished. It
violation of the Labor Relations Act and of the Fifth
a
Constitution, which provides that no person shall be deprived of life,
to the
"
are
•
„
Several contended that if the board ordered the plans
*
"that has increased, is increasing and will
than three."
we
findings of fact in accord with its
Previously attorneys for the employee representation plans at the com¬
designed to facilitate and speed up
continue to increase" and added, "five minds on the
"All
and
termination of the present Board
Its replacement with a new five-member board.
Mr. Green said the amendment
board should give
make known their views.
exceptions and that it dismiss the S. W. O. C. complaint.
"
The
board
other union organizations.
Federation amendment to the Wagner Act
new
a
order the company to
by the Steel Workers Organizing Committee that the plans were dominated
The respondent company is not
United Press Miami advices of Feb. 10 in discussing the
said:
proscribed
company's employees decide, in an
by the NLRB, whether they wish to
bargain collectively through existing employee representation
plans. Associated Press Washington advices of Feb. 9 re¬
ported this proposal as follows:
electiou
country.
Philadelphia,
H.. Kirkpatrick of
Feb. 8, in refusing to grant a preliminary
on
injunction to Wilson & Co., meat packers of Philadelphia,
*
Asked whether the amendment would result in
of the NLRB set-up, Mr. Green replied,
sweeping reorganization
a
"that would be up to the new
Wilson &
upheld labor's right to strike for a closed shop.
>
restrain three unions of the
of Labor from picketing their plant
board; it would have to decide whether It wanted to retain any of the
Co. had sought an injunction to
old personnel."
American
Wo also
quote from a Miami United Press dispatch of
Feb. 7:
•
.
President William Green of the A. F. of L. said the Executive Council
studying a recommendation by Dan W. Tracy of Washington, who
was
■'
inherent in the Fore River
the concept
by the Act.
and
Union
Mr. Green said it would equalize the low pro¬
measure.
more
a
pany's plants at Steelton, Bethlehem, Johnstown and Lebanon, Pa., and at
Executive Council discussed possible support of the Connery
American
of
by the development
Under the Act employees are guaranteed
Act.
complete freedom in the selection and control of their collective bargaining
We'll show how the Board has perverted the Act to
Congress.
of collective
the semblance
vouchsafed employees without relinquishment of the ulti¬
The company asked that the board issue
the interests of the C. I. O."
serve
a
but safeguards were
of work,
before ordering disestablishment of any of the plans, the
to the
to
conditions
and Boston plans is repugnant to, and their formal structures,
patch of Feb. 6 to the Jacksonville (Fla.) "Times-Union"
case
their
The challenge was made in a bill of exceptions to the
amendment to the National Labor Relations Act to
new
evolved
was
passage of the
way.
During its Miami meeting the Executive Council proposed
a
of
realistic approach to employer-employee relationship culminating in the
be reduced and the
The spirit and morale of the
in private industry should be placed squarely upon the owners
ment of
would cease.
purposes
the burden of taxation could
national income increased.
would be lifted to
are
plan
bargaining
mate control of the
representative.
If the unemployed could be accorded the opportunity to
We
determination
under the direction and control management theretofore enjoyed.
During these 10 years we
have
the
provided to insure the maintenance of this restricted employee participation
10,388,000 workers unemployed during
The records made
American Federation of Labor show that since 1929 the unemployed have
,
Employers had recognized the necessity of granting employees a voic*»
lack of confidence and distrust in gov¬
a
ernmental, social and economic procedure should be removed.
967
Chronicle
attended
Lima conference
the recent
as
a
labor representative, that the
Federation send a commission to Pan American countries.
The
with
a
Mr.
would
commission
consider
Green
reported
a
labor, social and
penetration
economic questions
Italian agents which "makes us apprehensive lest the doctrines
and
be disseminated
Fascism
Green
in those countries.
•
"by
said,
and
organization
education,
by
v
the
economic
dictional dispute
Union
and
the
devoted to a hearing on a juris¬
between the Building Service Employees'
Hotel
Restaurant
of hotel employees.
Mr.
Green
contracts and
of employees
"
,
the
said
New York
International
International over control
Employees'
City plan of all hotels signing closed
having an arbiter to settle differences for each of four classes
might solve jurisdictional disputes in other cities.
„
According to the "Times-Union," the A. F. of L. Council
on
Feb. 3 restored to the United Textile Workers* Union the
A. F. of L. charter it lost when it
paper
joined the C. I. O.
from which we quote added:
The
field, where
authorized
them
reaffillation
a
"rebel"
with
the
William
Green
to
grant
jurisdiction it
same
a year ago.
^
a
textile
uhion
plea
Orders
continue
to
on
for
am
the
for
■
"of the
107,
13 issued
an
Bethlehem Shipbuilding Corp., Ltd.,
plans at Boston
the plan
representation, and thus interfered with the
rights guaranteed by the Wagner Act, the Board, according
to Associated Press advices from Washington said:
of the "Beth¬
exigencies.
The
concept of industrial relations epitomized by the "Bethlehem plan" was
the outhgrown of, and a relatively progressive departure from, the in¬
dustrial ideology of an era when suppression of labor's organizational
activity and of concerted employee action was the prevalent method of
Fore River and Boston are but counterparts
1918 to meet
eliminating industrial unrest.
uniohs as groups, Judge Kirkpatrick did
named as defendants had resorted to "il-
petition for an injunction against
"
*
■
,
said Judge, Kirkpatrick,
of
an
injunction.
j
case."
present
unions—Local
Teamsters'
,
195;
strike
a
last
Local
Dec.
29
because
.
,
Union;
Cutters'
18,571,
v.
Relations
Program
Local
Employees'
Warehouse
the
employees.
five non-union
discharge
and
Meat
and
Butchers'
Brotherhood,
Norris-La
where the
must not
this part
company
refused to
,
B.
Public
A.
Lauded at Ohio
Regional Conference—Philip A. Benson Says
Activ¬
ity Is One of Association's Most Important Works—
Speakers also Include E. P. Allen, Roger W. Adams,
Joseph M. Dodge and Others
is
attracting
so
Association
much attention today as that in the public
field, Philip A. Benson, President of the Associa¬
relations
tion and 'President of the Dime Savings Bank
of Brooklyn,
Y., told the Association's regional banking conference at
Columbus, Ohio, on Feb. 9.
Previous reference to the con¬
N.
Ruling that Bethlehem Shipbuilding dominated
in
the
persons
Perhaps no activity of the American Bankers
of employees'
created
42
considered,"
Union—' called
Bethlehem Shipbuilding
and Fore River, Mass.
plan,"
absolved
of
objective."
"
As
to the
secondary boycott, Judge Kirkpatrick said, the
GuardiA act was "very broad and contains no restriction as to
'advertising' and 'patrolling' may be carried on except that it
involve fraud or. violence.
Neither ef these elements appears in
Continue Plan
The plans at
have
issuance
A,
disestablish its employee representation
lehem
thus
three
other illegal means,
injunction be issued.
an
had before being expelled as
The National Labor Relations Board on Feb.
to
Kirkpatrick
Judge
for the reason cited by
"The closed shop is a legal
Employee
order calling upon the
Act,
Disputes
injunction
an
"the plaintiff's argument
the alleged breach of a contract on the part of the unions not to press
a
closed shop agreement in consideration of a wage increase.
But I
of the opinion that that clearly does not present any grounds for
Corp. to Dis¬
Representation Plan—Mean¬
while Bethlehem Steel Co. Challenges Board to
Conduct Election to See Whether Its Workers Wish
NLRB
Labor
might be filed.
The
work in the textile
Mr. Lewis claims 400,000 members, the A. F. of L. Council
President
issue
legal acts," and, unless they stopped, a
.■
Acting quickly after getting, a report on organization
said, could
that
"I
was
to
Having
philosophy of trade unionism."
Most of today's executive session
Guardia
powerless
company.
find
selling
Norris-La
the jurist
of Nazism
F. of L. could fight this penetration of foreign doctrines, Mr.
The A,
the
he
Only if the' strikers employ "violence or fraud" or
South America of German and
in
the
was.
Under
held,
the Pan American Federation of Labor.,
view toward reviving
Federation
interfering with their customers through a "secondary
boycott" in an attempt to force a closed-shop agreemeht.
The Philadelphia "Inquirer" of Feb. 9 had the following to
-say, in part, regarding Judge Kirkpatrick's action:
and
contemporary
ference appeared in
Benson
ciation, particularly as regards public
in
relations.
part:
The A.
part
its
Mr.
Asso¬
He added,
these columns Feb. 11, page 821.
briefly surveyed the varied activities of the
B.
been
A.
is
really a great educational
of its work is
members
and
intensified
useful studies
for
in
organization.
A substantial
reflected in informative studies made for the use of
the, education of the public.
This type of work has
the past year
have been
and a quarter, and a number of
issued by the
highly
Bank Management Commission and
,
Council.
Research
future
still carries
The Association
America.
the
long
bank
people
of
Banking,
and
mistakes
he
the
the
in
bank
600
of
judgment
"It
said.
helps
Depositors."
view
will
make
for here
program,
never-ending call
is
This
serve
become
the
educational
the
vision for
how
immediate
meet
to
problems
That the
this
in
while
you
in
the
interests and
your
and the rest of the staff to
here.
It is a great satisfaction
P.
B.
Allen,
tional Bank
loan
I
conference.
am
sure
attendance
your
Vice-President of the First Na¬
Ind., said on Feb. 9 that personal
departments can be of great value to
bank from
a
Such
departments "widen the
extent,"
Mr.
told
Allen
bankers.
the
"More
people
a
a summary,
of
1
of customer relationship to
scope
using
.
great
a
bank
credit
great American banking system.
muffed
not
liberal
policies
collection
be
methods
warned
He
this type
in
and
urged
idea
of
that
that
they
slowly
social
obligation.
their
Level of
'High
of
personal
sudden
regarded
"but
credit
in
caused
but
recent
much
builds
use
has
a
with
for
personal
exhibition of
an
wealth
become
and
The
that
scarcely
excessive
be
tend
•One of the greatest problems before bankers is the elimi¬
of the belief that it is difficult to borrow-from a
That
brings
have
city
and
mistaken
idea
remarks
that it
is hard
ciation:
"I
that
is
thought
should
purely
must
use
be
And
we
to
cannot
the
the
by the Asso¬
However,
say.
of
part
to
both
the
of
he
them
the
in
be
refusal
bestowed
been
later.'"
Mr.
loaning officer than
'He
say:
loan
feature
of
been
rendered
of
been
agreed
rendered
he
the
but
money,
affairs
that
so
I
time
one
terms
ability to pay."
of
loan
do
I
I
is
ahe
believe
unless
inconsistent
"
with
stated
there
that
of
the
depositors'
policies
third
is
become
Mr.
the
funds
effect
in
"three
are
the time
at
right for
how
well
collection
a
the
he
judges
cost
and
tion
in
the
the
controls
he said,
affecting
"is the
mortgage loans.
mortgage loans
investment
the
after
the
what
he
The
real
for
or
the
ten
now
five
estate
of
on
second
mortgage
The
called
loan
says
is
"the
has
sure
years
use
loans
of
and
future
that
highly
to
controls
bank
earning asset.
on
no
trouble and little
Had
cost
banks spent
servicing and reviewing the loans,
been
less."
'
recent
10c.
the
and
that
for
total
collected
fee
accept
be
represents
we
have
half
never
the actual
of
tried
build
to
"I believe
cost
up
a
will all agree:
we
checking
are not
from
account
will comply with all
in
position
a
individual
any
the
of
several
of
criticism
no
the bank
to
variations
of the conditions dictated
those
and
the
of
that
make
enforce
all
'Pay-As-You-Go'
charge
a
of
the
have
referred
that
there
to
individuals
whom
is
who
should
we
service."
the
as
is
to
standards
of
other
to
a
field
afford
cannot
try
long
from
way
represented
to
pay
with
serve
•'
,
"20-Checks-for-a-DolLar"
getting
fertile
a
.•
the variety
with
plan,
no
sound banking.
by hundreds of
thou¬
adequate service charge
an
some
plan,
sufficient
banking except the minimum balance requirement; but
of
was
get it
can
bank has* had to, offer
a
than
less
banks
reason
regular
a
meet and
profit
a
I
in
fee
average
this type of service.
in
can
at an
the cashier's check, but the usiial charge.
was
check
of
sold
orders
well worth going after if
the only competition
past
cashier's
The
post
number
10% of the popula¬
278,000,000 money
($0.09376)'' each.
such
"of
survey
that,the
indicate
to
many
sound
.
plan
,
of
checking
"•
..
that
of
"this
an
handling made them
additional
1%
of
the losses and troubles
their
H.
is
a
a
perfect
that
income
would
communities
own
E.
Cook,
is
well
of
President
the
who addressed the conference
Then
we
surrounds
confidence
thrown
keep
a
upon
need
to
that
they
it,
confidence
from
remove
the business
around
the
every
or
of
banking.
may
know
except
of
our
on
the
Bankers
Feb.
9.
public
according
our
He continued:
mind
business
inviolate
depositors
and
trust
our
the
has
with
no
negative
acts
effect
according
which
mystery
veil
which
patrons.
We
act, every word of the banker is weighed and has either
such
to
the
to
Association,
We need to take the people into
that
that
safeguarded,
Ohio
interpretation
that
may
our
of
secrecy
we
always
know
a
that
positive
be placed
and words.
+
P.
the right kind of informa¬
remarked
One of the banker's -major responsibilities is to promote.,
confidence in banking, not only for the safety of deposits,
but that people may feel that their financial welfare in
the
from now."
worth developing."
that more attention be given to the servicing
and reviewing of mortgage loans.
"No mortgage is inherently a safe 6%
for 15 years," he said.
"It has often been assumed to be. a safe 6%.
security,
but
look
But it is
Dodge recommended
Good
than
that
can*
sands
the
field of bank operation
Mr.
A
of the
parts
time
banking practice.
"Third,
*
various
(the latest available figure)
identification requirements,
.
propor¬
made.
are
"It may even help make loans.
situation
possible loss
of
of
Whatever the appraiser
the importance of the
making
in
importance
while," he said.
He emphasized
there
his
banks' assets."
the
Dodge emphasized
specialized job of appraising.
all
basic
The first,"
invested
protection given the
part of
a
be
to
orders.
seem
in
present
*
mortgage lending operation of banks.
is
service
a
offer along sound banking
the
At
were
.
piece of business
to
"Secondf,
has
Feb.
Dodge
by sound
a
been
has
1936
business
provided he
from
plan
a
service
no
There
in
In
a
item,
which
that
have
*
we
month
every
summarize," said Mr. Cramer,
sound
9, that banks should Concentrate developing sound
policies in regard to the making and handling of real estate
loans.
The Association quoted Mr. Dodge as follows:
Mr.
1
a
important
States
decline
"This
made.
Cin¬
hank does ex-
a
should
"First, that the majority of hanks represented here
he
of
Joseph M. Dodge, President of the Detroit Bank
Detroit, Mich., said in a speech before the conference
tion
this
to
may
repayment
not
serve
certainly
repayment
the
the'most
of
which
<iland
,
.
the
relations.
the institution
for
First
of
regular checking account but who
a
money
would
issued
post office money order
volume
has,
my
plan
a
"is
customer
declared,
if
customer
of
I he
at
upon
satisfied
upon,"
the
applicant who
an
have
me
service
Cramer,
B.
Union Trust Co.
can
town ?
office
community.
10c., for
produce
importance
lending,", he said,
money
service has
can
have
to
let
not
how' to adjust
me'
mutually agreed
standpoint
did
greater compliment
a
the
of
'
.
Adams stressed the
bank
the
a
credit
why and showed
me
it
I do not think that
of
out
some
orders
profit.
a
"To
necessary.
checking
a
purchased each month is equal to approximately
of
educate ourselves in being the human beings that
dignified, impersonal and unsympathetic bankers which
upon
refused
told
get
is
of
Sterling
by
afford
cannot
buying post
are
of
the
credit
Speaking of experience in his own bank, Mr. Adams said:
"We try
help in gvery case, either through a loan or by constructive suggestions
when
10
Fifth-Third
the
eight bills to pay
or
slightly less
at
believed to be."
are
six
$21,372,000—a
We
public
their
in
of
feel, that
I
limitations
Feb.
on
who
perhaps
the United
said.
concerned.
educate
with
cooperate
bank,"
a
and
1936
1935,
loans.
on
to the question—What
us
man
money
these
tion
elimination
from
disposal
our
to
is
borrow
on
at
means
anxious
are
people
His
.
to
education
banks.
must
we
and not the
are
we
of
available
every
hard
the
has
the
to
office
follows
as
problems
greatest
is
it
from
.
accomplished, I
matter
a
our
that
realizing that banks
needs.
of
one
or
this
'"How
it
"
think
feeling
borrow
to
briefly summarized
"were
of the public
part
earned
regular checking accounts, he said:
does
large
For example,
years.
"Bulletins,"
regular checking service, it
a
Mr.
a
bank,
the years
for
He stressed his contention that if
lines
that
discount
losses
individual
our
period of
a
of
out
for
reserve
averaged eighty-seven
This is equivalent to approximately 21%
Reserve
possibilities and
bank, according to Roger W. Adams, Cashier of the State
National Bank at Frankfort, Ky., in an address on Feb. 10:
said
and
over
member banks
all
of
experience
losses
some
set aside
be
reasonable
a
charge which will produce an actual profit.
After analyz¬
ing various services offered to those who cannot afford
"
nation
Adams
whole,
a
be
assets,
proper
should
reserves
should
1% of total loans.
discussed
cinnati.
has
credit
.
as
Federal
in
human nature
as
'
What
of
Vice-President of
said,
Allen
Mr.
but events of the
the most sanguine that managed
acquire sound,
by averaging the
loans
on
interest
were
recklessness.'
national
loss.
or
times,
recent
even
adequate
them.
published
as
The
10%
can
income,"
evident
about
of
as
however,
not
of
normal.
ratio
a
accepted
1931,
of
is
below normal, and
Many such old
at or
are
expense
in
.
and
occur,
banking system
loss
the
of
■
efforts to
our
cover
hundredths of
defeat
purposes,
to
net
1937,
and
Professor Lough, author
be
may
end
making
of all
be ascertained
the
of
soniewhat
nature.
of the
or
disguised
operations
source
level out the peaks and valleys so long
inevitably
may
an
a
cannot
spite
will
field,"
new
of
purpose
harm than has the lack of credit."
more
into
when
still
is
human
earnings
institutions
our
'Apparently
outgo
national
it
years
shod
the
for
are
says:
the
anything better than
as
"Wise
by
hard-boiled
tough,
more
One authority,
personal
to
the
speaker
the
the
cyclical expansion, is going to have idle
the top of a
two years must have convinced
In
discretion, to build the depart¬
profit, and better fulfill our
use
not
are
merchandise
17%
to
"rough
of balancing
To
yield
Consumption,'
debts
jump
"job
burdensome!.
if
going
greed.
will
which
of
continuous decline in the
a
Nevertheless,
the belief that
capital
or
been
have
remains
banking institutions of too
and
debt
of capital
debt
economy
opportunity
our
recent years
debt and capital to finance its requirements at the peak
at
or
season,
long-term
past
to protect themselves."
.necessary
a
of
Debts
and
end
financing,
soundly,
and
goods
own
of
against
do
instead
service
ment
moving
are
bankers
the
With that in mind
by adoption by certain
need would not always be available.
may
in
available.
loans
subscribe to
to
long-term
its
truths
give us more„ friends in the great court of public opinion to offset part
the unjust propaganda of certain politicians who wish to tear down
should
bank
a
commercial
ready
idle
of
pur
assets
of
ficient
The Association, in
reported his remarks, in part, as follows:
public relations viewpoint.
and pro¬
losses,
day of the seasonal com¬
mercial borrower
is gone.
It is admitted that improved methods of
manufacture and
our
greatly accelerated means of communication and
transportation have rendered unnecessary the old method whereby a mer¬
chant in
Columbus, for example, would make two trips each year to
New York in order to purchase his requirements for the ensuing six months.
But inventions have not altered the fact that a business which Jias suf¬
Executive
of Wabash,
which
example, there has been
yet
be rewarded.
will
for
reserve
stockholders' funds." He added:
on
acquisition of proper assets may be difficult is realized, 6ince
exact
volume
me
are
we
reasonable
a
fair return
a
For
want it to reflect
we
payment
the
public needs.
interest
your
of
part
interest consonant
This
agenda planned for the purpose of helping
an
other
acquainted with
banking.
of
permanence
practical
I hope you will help
needs.
witness
to
each
to meet
Association, and
your
your
is "a
have
we
from
learn
to
us
tomorrow,
and
today
conference,
to
a program,
"the
establishment of
contribution
Comptroller of the
and
Mr. Miller said, should have
of the maximum rate of
with the basic factors of proper liquidity,
Such
objective
its
for
largest
the
against obsolescence,
protect
is largely a measure of education.
Taking a long-range
of the situation, it will be in the field of education that the A. B. A.
its
"It is a hedge against
vicissitudes of the future,"
depreciation, waste and
made.
arc-
Peoples-Pittsburgh Trust Co. of Pittsburgh, addressed the
conference on Feb. 10 on "A Sound Program for Savings
in
demands
public
principal
appraising and
in
of amortized mortgages under
of the practice
on
Miller, Vice-President
J.
Ralph
study
officers
adapting itself to changing
of banking in
success
monthly payments
neighborhood changes.
Banking.
the
run
interested in
which
by
read
is,
praised the adoption
by
ago
of adult education
enrolled
are
He
significant
a
weeks
be carefully
program
42,000
American
School of
Graduate
In
the greatest
on
Institute
than
More
the
of
courses
the
few
a
should
90-page volume
This
attention to
published
Banks,"
of
banker and by every student of banking who is
of banking.
every
in
call your particular
would
Council.
Research
the
I
Earning Power
"The
study,
Chronicle
Financial
968
have
A. Benson Praises
Co-operation of Industry, Labor
and Government in Railroad Situation—Addresses
A. B. A. Mid-Winter Trust Conference in New York
—Other Speakers
Include C. M. Schmidt, Robert
M. Hanes and Leo H.
Tho
Paulger
&c
cooperation by labor, management and Government
in seeking a solution to the railroad problem is an encourag¬
ing factor in the railroad situation, Philip A. Benson, Presi¬
dent of the American Bankers Association, told the twentieth
Volume
annual
Financial
148
mid-Winter trust conference of the
enough to achieve
Trust Division
and
of the A. B. A. in New York
City on Feb. 14.
Mr. Benson
said that although the picture is not a bright one, "perhaps
if there is wholehearted co-operation on the part of all con¬
cerned with the industry a real improvement may result."
perienced
bond
investments
more
any
attractive.
There must be some
is
of obtaining more earnings for the railroads, perhaps through
government ownership and operation of the
see
seem,
will, of
rates in
None of us wants
railroads. It would
Their earnings
Instead of reducing
their excess
reduce debt and thus have a better chance to survive times of
Until the railroad situation is very much clarified savings and
see
that the railroads are given a fair chance.
depression.
solve the problems inherent in such a
and the
situation,
at all times," Mr. Paulger
trust funds will not be attracted to
public's regard for trust service
trust
a
business man, said
new
H.
public's regard for trust service.
Mr. Page said that
new business man's first duty of importance was
"to educate the public concerning corporate trusteeship,
the facilities provided by a trust company, and the ad¬
vantages of trust service as a social science."
He also said
the trust
good times it might be wiser to have the railroads use
earnings to
are necessary to
of the
be greater in good times than in bad.
course,
cooperation and a recognition
Page, Second Vice-President of The Northern
Trust Co. of Chicago, in an address delivered at the con¬
ference on Feb. 14.
Speaking on the subject of "The
Public Relations Aspect of Personal Interviews," Mr. Page
said that there was hardly a phase of the work of a trust
new business man that did not lend itself to the improvement
however, to be the duty of Government, represented by the regulatory
bodies, to
patience,
and community of interest, both by supervisors
The improvement of the
one
of the functions of
Harve
.
savings and these savings are entitled to protection.
to
departments with experienced and inex¬
and your constructive suggestions are welcome
make
increased
rates, through consolidations, through regulating competition.
The rail¬
roads are a necessity to the business of the country and as a means of
national defense.
They were made possible through the investment of
-
Time,
management.
purpose
supervised,
of old
degree of uniformity with respect to examination
told the trust officers.
Making it easier to reorganize, while desirable, does not of course
way
a
large and small trust
new,
of their
He continued:
railroad
969
Chronicle
the industry.
natural function of the trust
representative
and
that it
was
a
savings, are performing a service for
"to act
as
liaison between his administrative division
individual customers.
the public to dispel
Both trust institutions and savings
banks, in developing and protecting
the common good as well as for their
Invested savings go into industry and create em¬
of all types
and the financing of public improvements.
They have been used in build¬
ing our transportation system, our electric light and power plants, our
telephone system and our great industries.
Savings have furnished the
tools used by labor in creating the wealth of the country and in providing
Savings are used in the production of buildings
ployment.
and
the savings represented
funds of other
with
furnish the capital
Discussing the subject "What the Head of the Trust De¬
Expects of His President," Ghester R. Davis,
Vice-President and Trust Officer of the Chicago Title and
Chicago, Illinois, addressed the conference on
of the trust department expects
the President of his company to take a broad and under¬
standing and comprehensive view of his company , and thus
recognize the trust department as an important official
earning unit of the institution which furnishes a much needed
service to the public every bit as important as the commercial
banking or title business."
He added:
Trust
by our savings accounts, together
great institutions such as life insurance
companies,
used by society as a whole and it is necessary that they
function.
Vice-President of the Guaranty
the conference on
Feb. 15, said that the investing public, banks, trust companies,
lawyers and others who serve in fiduciary capacities would be
benefited by uniform procedure in requirements for the
transfer of stock and other registered securities.
The As¬
C. M. Schmidt, Second
Co. of New York, who addressed
sociation
can
It is
continue not alone
and
towards uniformity
by statutory amendments
particularly along three lines. ' First, the elimination
requirements Of certain States for the obtaining
of the
no
inheritance tax is collective,
all waivers; secondly,
the obvious intention
down
and
personal contacts; (5) maintain constructive
*.
with the
and occasionally with those of the territories of
the United States and foreign
countries, and it is therefore quite apparent
that the lack of uniformity in some
instances is created by reason of con¬
flicting statutes and court decisions
by transfer agents and their
Trust
placed on those statutes and court law
attorneys."
•
,
•
,
.
.
companies and.,trust departments of banks have
according to Robert M. Hanes, First
16, and
and who is President of the Wachovia
Bank and Trust
Co., Winston-Salem, N. C. He defined these two purposes
of the trust department as follows:
main
two
purposes
Vice-President of the A. B. A; who spoke on Feb.
and helpful fiduciary services, services in
keeping with the high standards of the institution of which it is a part,
services which are absolutely essential in our modern complicated social
First, to provide competent
and economic life.
Second, to
the'institution,
the quality of servide performed, the
volume of business handled and the responsibility assumed.
To express it more briefly, the purpose of the trust department is to
serve
and to earn.
Mr. Hanes declared that
whether the trust department be
small it should be headed by an -executive both in
rank and capacity.
He asserted that "if the trust institutions
of America are to offer the public their services as conserva¬
tors of wealth and managers of property, they must make up
their minds to meet the exacting requirements which these
large
or.
responsibilities involve."
Leo H. Paulger, Chief Examiner of the Federal Reserve
System, in an address on Feb. 15, asserted that trust ex¬
aminations are conducted both in the public interest and for
the benefit of the trust institution.
An abstract of his ad¬
dress, issued by the Association/continued:
"With respect to every
institution, the object of the trust examination is to
appraise the quality of the service rendered and to report this appraisal
on the basis of an investigation of organization and operating efficiency,"
Mr. Paulger
said.
"The examinations are conducted primarily in
the public
supervisory authorities are not fulfilled
directly and indirectly.
The public benefits collectively and individually through the operation of
sound financial institutions, be they fiduciary or otherwise, and is entitled
to every safeguard.
In particular, the beneficiaries of fiduciary so*vice
seem particularly deserving of full protection."
interest, but
unless
the
the purposes of the
institutions
Mr. Paulger
the
contact between directors
department head; (6) afford him ample
and
opportunity to discuss trust
of general interest
with him frankly and fairly, and (8) name his
(7) deal
and company policy;
company
a
executor and trustee under his
will."
Newspaper advertising should constitute the backbone of
trust institution advertising program it was stated on
Towner Phelan, Assistant Vice-President, St.
Louis, Mo. before the Conference.
14 by
Feb.
Louis Union Trust Co., St.
Speaking on the subject "Newspaper
Institutions," Mr. Phelan said:
Newspaper advertising will reach the
of trust business; it will
and
will
build
of public confidence which is
only protection against adverse
service
entire public; it will tend to
the foundation
contribute to favorable public opinion, which is our
and maintain the background
trust
Advertising for Trust
do
legislation; it will inform the public about
dispell ignorance, remove prejudice,
the advantages of trust
much to
misinformation and educate the public to
correct
service.
•
produce reasonable and regular profits to
profits that bear a direct relation to
».
trust
problems and attend staff meetings to discuss questions
in various jurisdictions and in others
by the individual interpretations
follows:
understanding of the trust
(2) maintain its proper
position in the company in relation to other departments; (3) formulate
and direct adequate personnel and public relations policies; (4) promote
new business wherever possible through public
director, stockholder and
by early court decisions."
the transfer of securities "we must deal
appropriations.
what the head of the trust de¬
appreciation of trust problems;
business and ful
of the States of a carefully drawn statute to
present strict rules of the liability of the transfer agent laid
laws of 48 different States
well as in their execution,
That the president will; "(1) Have a general
the repeal of those statutes which were passed with
He pointed out that in
allocation costs or advertising
as
Davis summed up
expects the president to
treated fairly in any inter-department
that the department is
partment expected of the President as
of tax waivers where
thirdly, the adoption by all
liberalize the
see
Mr.
and possibly the eventual elimination of
of protecting local creditors of foreign estates;
to
decision, such
through the efforts of the stock transfer agents acting
through their association but, more important,
in the various States
for its future in exactly the same manner as any
cooperate with him in formulating such plans as
he was convinced that "the progress
organization
other business
possible to budget its income and expense, to chart its
and to plan
enterprise, and the head of the trust department
quoted him as follows:
He said that
Co.,
Feb. 16 and said, "The head
be used thus if our economic system is to continue to
Trust
the complaint that we are either aloof
impersonal."
partment
The savings represented by your trust
for all the varied needs of society.
accounts
or
a
procedure adopted for the
examinations and explained
authorities do not conceive their
responsibility with
including detailed investigation and direction
charged with attempting to take the opera¬
hands, nor as usurping or
substituting for the legislative powers of the several States and the super¬
visory functions of the courts," he said.
"They do feel, however, that their
efforts should contribute effectively toward the maintenance of the high
standards of corporate trust service, and realize that their procedure must
be sufficiently comprehensive to accomplish this purpose and flexible
respect to trust operations as
to the extent
that they may be
tion of your
several departments out of your
Mr.
"to reach our prospects at a
were
Feb. 14 by Ralph M. Eastman, Vice-President of the State
Street Trust Co. of Boston, Mass., in an address at the
conference Mr. Eastman said:
Public relations begin at home
pended and
been ex¬
and also, after every effort ha
home.
The essence of good trust department public re¬
best trust department you and your associates nkow
at
lations is having the
run:"
It
having a department adequately
how
to
as to
well-trained and well-treated personnel
means
properly supervised and
means
making the trust
equipped both
and necessary mechanical aids,
conducted according to ,tbe highest
ethics.
department one of the most important
It
parts of
interest and active cooperation of your
directors, officers and other members of your staffs.
When you are satisfied
that you have an organization thoroughly prepared to handle any business
that may be entrusted to it, then you can justifiably initiate your other
public relations efforts.
In other words, have your product right before
you try to sell it.
There is great peril in having business come in before
you are prepared to handle it properly.
A dissatisfied customer can be a
your
business backed by the serious
big handicap.
General Manager of The Royal Trust Co.
Quebec, Canada, spoke before the conference
Feb. 15, and in part said:
R.
P. Jellet,
of Montreal,
on
"Political economic theories in one
have reached a world high in
social
examination.
objectives of trust advertising according to
reasonable cost,
to create confidence, to influence public opinion and to
inform the public about trust service."
Public relations begin and end at home, it was stated on
examined are benefited
outlined the beginning of trust
"The supervisory
The four
Phelan
of our favoured western
"The Social Credit forces have
credit."
banks and financial institutions of
their conspicuous
provinces
fantastic impracticability based upon
so-called
sought, by attacking the
the country, to distract attention
from
This we trust is a passing
waiting for sounder counsels to recover ascendency."
failure to create a new Utopia.
phase but it is weary
theoperation methods of trust companies
given by Mr. Jellet in a discussion of the
A brief outline of
in Canada
subject
also
was
"Trust
outlined
company.
Business as Developed in Canada." He
organizational arrangement of his own
the
970
Financial
Chronicle
A. A. Berle Jr; Sees New Economic Idea
Speaking in New York City
this
the
Controllers'
1939
expression of sentiment to the Secretary of State at the Vatican and
mark of further respect to the memory of Pope Pius, the House
that, as
a
do
adjourn."
now
The House adjourned until Feb. 14, while the Senate
adjourned until Feb. 16. The House resolution was offered
by Representative Shanley, while the Senate resolution was
presented by Senator Wagner. In the Washington "Post"
Feb. 9 before a group of
of America, A. A.
Berle Jr. forecast, according to the New York "Journal of
Commerce" a "forward-looking program for the next few
of
18,
"That the President of the United States be requested to communicate
Developing in
Banking System—Before Controllers Institute of
America Views Possibility of Quasi—Public Work
Supplementing Private Work
members
Feb.
on
Institute
Feb. 13 it
years," which would include:
stated:
was
Majority Leader
Barkley sounded the keynote of the Senate session
Revision and further expansion of the functions of
banking and credit.
Further development; in the field of non-commercial
activity, of which the
housing authorities throughout the country and the Tennessee
he said:
Authority may be taken
religion and democracy, it is appropriate that we pause in the midst of
"In
Valley
typical.
as
Expansion of activity when private business does
all
not
that "we are obviously in the phase of~a
rather steady recovery in business" Mr. Berle
expressed the
standing,
a
in
the accomplishment
men
the
brotherhood
of
man,
races
we
must
who have
own
country and communism throughout the
world," Mr. Barkely said.
pre-war
of
The death of Pope Pius on Feb. 10 was noted in our issue
a
week ago, page 823, wherein was given President
.
Roosevelt's message to
the Vatican conveyed through
Secretary Hull, on Feb. 11
The State Department made
public as follows the text of a telegram from Eugenio Cardinal
Pacelli, Papal Secretary of State, acknowledging President
Roosevelt's message of condolence.
-
"First, we have learned, with some pain, that money and
banking is not
method of making money, but merely a
system by which means are pro¬
vided for organizing men and materials to create
wealth; and to take wealth,
when created, from the place of its
production to the place where it is
We have seen, in our own time, bank credit
recog¬
nized
'
as money; and we have seen that credit
used less for commercial Joans
in the immediate creation of goods than for
capital purposes,
Vatican City, Feb. 11, 1939.
His Excellency,
"When, therefore, you hear of an interest in Washington, In 1939 or
1940, in extending banking as we know it today to include
capital credits
well, you wUl recognize that a new economic idea is
beginning to work
into our system.
Specifically, it may very well be possible to do, through
CordellHuli,
Secretary of State,
as
the medium of banks, much
cumhrous
and
often
of what
expensive
we
did in
machinery
of
"I have been
investment
deeply moved by the
the President the expression of
that of the American
have
been
discounted
the
at
bank
created
for
CARDINAL
"
Interest Rate
Yo^i would further find that
rates ceases to become
that
and
similar
'
■
as a part
lamation said:
Handling
If
supply of capital
a
can
rate
with
non-profit business.
cut the
reference to
the
use
a commercial rate for commercial
This would
mean
for which
business
the capital is
or
a
nominal
a
of thousands of citizens of the
by
faith, and
put,
City of New York of the Roman Catholic
virtue of the authority vested in me
as
Mayor of the City of
New York, I hereby direct that all flags on public buildings in this city be
rate for
that in certain fields of activity you
displayed at half-mast from sunrise to sunset
on
Wednesday, Feb. 15, 1939.
capital cost practically in half.
A second theoretical Idea
which
mechanism is very old indeed.
Marco, nearly 50
years ago,
It
is
just being worked into
was
our
business
Death
worked out by an Italian, De Viti
This was the idea that there were great areas of wealth
which had to be created, either
non-commercially or by semi-commercial
Bluntly,
a
large part of the wealth which has
to
be created today
wholly created through commercial channels as we know them.
This meant, and It was
true, that a very considerable part of the economic
life of the new democratic
economy would be carried on by public, or semior
in
done to make them
safe and sound.
abused,
are
We know;
Head
of
Washington
•
f
•
He
had
been
chief political
reporter for the News
Service in every major convention and campaign from 1916
to 1936.
Expressions of sorrow over Mr. Holmes'< death
work which has to be.
of course,
Holmes,
1914
1916.
Additional Work Seen
I have given the illustration of two
pieces of theoretical work, and their
credits, if they
R.
of Indiana, Mr. Holmes began his newspaper career
and had been with the Washington Bureau since
native
non-profit enterprises.
■possibilities, without having indicated the additional
George
George R. Holmes, Chief of the Washington Bureau of the
International News Service, died of heart disease on Feb.
12 at his home in Washington.
He was 44 years old.
A
cannot be
public,
of
Bureau of International News Service
and he studied it for at least 40 years before
he put it into print.
units.
of the noble life and benign influence in
turbulent world of His Holiness Pope Pius XI and in respect to the hundreds
be
created, within limits, whenever it is needed, It becomes
possible to arrange
the interest
charging
PACELLI.
j
In reverence to the memory
of that idea, the handling of interest
strictly commercial.
I pray you to convey to
profound gratitude for his participation and
people in our great sorrow.
Following an order by Mayor La Guardia, flags on all
public buildings in New York City were flown at half-staff
on Feb. 15 as a mark of
respect to the late Pope.
His proc¬
authority bonds,
which
of condolence in the death of
of the President of the United States of America.
banking
It is perfectly possible that in the economic
system of tomorrow, when
the City of New York wants to build low-cost
housing, the Cost of building
will not appear on the
city budget, or, as it does today, on the Federal
budget.
It will appear in the form of a set of housing
purposes.
message
beloved Holy Father which was sent by Your Excellency at the desire
our
earlier years through the
the
.-
Washington, D. C.
markets.
de
of
of all religions and of all
Senator Barkley praised Pope Pius for his efforts In behalf of peace, for
"He abated fascism in his
a
ultimately to be used.
our
great a
better place in which to die."
a
•
run on
so
his scholarly achievements, and for his statesman-like qualities.
take the follow¬
being
who has made
devoted their lives to making the world a better place in which to live and
ing regarding Mr. Berle's remarks:
is
of both
perpetuity
Methodist, Senator Barkley added:
a
recognize the achievements of
activity so that the quasi-public work, shall supplement the
private work."
Charging that business of the United States
a man
the
"But in the great cause of religion, in the desire for tolerance and under¬
"recovery will not re-employ the
great bulk of the men who are out of work now."
Among
other things Mr. Berle is also reported as
saying that "I
know that it is perfectly
possible so to classify the areas of
basis for the most part, Mr. Berle then declared:
threatens
tribute to the life of
Church and had been reared
view that it is clear that
we
pay
which
chaos
Explaining that he came of six generations of elders in the Presbyterian
While~"stating
From the New York "Herald Tribune"
the
contribution to the Cause of world peace and world democracy."
the slack.
up
of
midst
responsibilities to
employ substantially
employables and contraction when private industry takes
the
a
were
that capital
voiced by President Roosevelt, Vice-President
Secretary
lead to inflation; but you would find, if
you studied the problem, that this also
had been considered what is loosely
called inflation has also been ^worked out.
I know, of course, that it will be said
that
field may kill private
competive commerce,
Death
State
of
Hull
and
other
high
Garner,
Government of¬
ficials. V
can
♦
quasi-public agency in the
but I also know that it is
a
.
perfectly possible
so to
classify the
areas of
activity
so
supplement the private work, and further, we know that this
only been worked out theoretically but has
actually been done
not
experimentally in
countries like
Sweden and England.
banking
velopment, since there
a
nominal rate of interest,
Is neither
a
the
Federal
Oscar Newton, President of the Federal Reserve Bank of
Atlanta, Ga., and prominent in banking circles in the South,
died of
We know, today, even more than
that; we know, properly handled, a
capital credit system could be worked out so that
where an enterprise was
non-commercial, its capital (which in any case is created
by the
system) need pay only
Newton, President of
Bank, Atlanta, Ga.
Reserve
•
that the quasi-public
work shall
has
Oscar
of
perfectly logical de¬
private borrower'nor a private lender,
a
a heart "attack at his home in Atlanta on Feb. 13.
Mr. Newton, who was in his 62nd year, was born at Crystal
Springs, Miss. Following his graduation from Southwestern
Presbyterian College at Clarksville, Tenn., Mr. Newton in
1895', at the age of, 18, entered the employ of the Mutual
Bank
of
Crystal Springs as clerk and Assistant Cashier,
later he joined the Brookhaven Bank & Trust
Co., Brookhaven, Miss., as First Cashier. After remaining
10 years in BrookhUven, he joined the State National Bank
of Jackson, Miss., and in 1910 was elected President of the
institution, an office he held until 1925, when he moved to
Four years
Tribute
Paid
to
Late
Pope
Pius XI
Adjourning Following Adoption
His
by
of
Congress in
Resolution in
Memory
A-fribute
to the late Pope Pius XI was paid by
Congress
13, when both Houses adopted resolutions in his
memory and adjourned as a further mark of
respect.
On
Feb. 11, when action toward this end
was
Atlanta to become Chairman of the Board and Fiscal Agent
of the Federal Reserve Bank.
This office Mr. Newton con¬
tinued to hold until 1935 when he was made Governor of the
advices to the New York "Herald Tribune"
said:
bank, and the following
year was
he held at his death.
During his
on
Feb.
taken, Washington
So far
as
any one can
recall, this will be the first, time, at least since
1871,
when the Popes lost the
temporal power they regained 10 years
ago, that
Congress has taken official notice of the death of a
Pope.
The resolution
adopted by the House
on
Feb. 11 said:
Be it resolved That the House of
Representatives of the United States has
learned with the profoundest sorrow
and shock of the death of His Holiness
Pope Pius XI, supreme spiritual
sovereign of the Roman Catholic Church,
sovereign of the State of Vatican City.
"It sympathized with the millions of
Roman Catholics
throughout the
world
on
the loss of this
outstanding leader of
superlative
gains in
his
own
Catholicism, who effected
religious endeavors, who exerted the most
challenging and sincere efforts for world peace, who manifested the
broadest
tolerance toward all nations and
creeds, and who pleaded for the protection
of oppressed minorities; and
President
terms
of
and
the
was
Association for
Jackson
Chamber
President
one
elected President, the office
career, Mr. Newton was
of
the
of
Commerce for two
Mississippi
Bankers'
term.
Death of Charles R.
Crane, Former Minister
to
China
Charles R. Crane, former Minister to China and former
Chicago manufacturer, died of pneumonia on Feb. 15 at his
Springs, Calif.
He was 80 years old,
Crane was first appointed Minister to China in 1909
by President Taft but was recalled before assuming his
duties.
He was again appointed Minister to China in 1920
by President Wilson and served in this position until the
winter home in Palm
Mr.
Volume
following
of Feb.
Charles
In
year.
16
a
the jurist gave no reason for his retirement,
brief biography the New York "Times"
Richard
Crane, former
President
of
Co.,
Crane
the
one
of
fixtures,
divided his long career between business and politics.
During the administration of President
cause
Taft
he
celebre which resulted in his recall
before he had left this country to take his post.
the center
was
1912
Mr. Wilson
ewarded
from May, 1920, until June of the following year.
born
was
in Chicago,
on
of Chicago and entered
Crane & Camp.
from
1894
to
Aug. 5,
Pursuant to the act of March 1,1937,1 retire this day from
service
He attended the public schools
1858.
on
two years.
^
Cordially,
SL* LOUIS D/ BRANDS IS .J
Mr. Roosevelt's
post for
He held that
regular active
the bench.u
^
capacities he was Vice-President
1912, when he became President.
very per¬
Dear Mr. President:
the son of Richard Teller Crane and
many
and
Feb. 13, 1939.
China
The rank of our envoy
the family firm of Crane & Co., then known as
After serving in
necessary
said:
raised to Ambassador in 1935.
was
Mr. Crane
Mary Prentice Crane,
a
In his letter to the President, Justice Brandeis
Washington."
by giving him the job
him
"as
part of the Court—and, since 1933, as one would
continue his fine service there until long after I had left
stanch
Mr. Taft had withheld, and he was the United States Minister to
there
to think of Justice Brandeis
Vice-Chainnan of the Democratic Finance Committee in
campaign.
no
manent
He then abandoned his
alliance with the Republican party and became "Woodrow "Wilsons'
supporter and
the
of a
Minister to China
as
which however
surprise to those in public life, since he had been in
ill health for many months.
He refused to issue any state¬
ment to the press after his resignation.
In his letter accepting
the resignation, President Roosevelt said that he had come
was
said, in part:
America's largest manufacturers of valves, fittings and bathroom
diplomatic
971
Financial Chronicle
148
reply read:
|jjj
U
,
kk Feb. 13, 1939.
Mr. Dear Mr. Justice Brandeis:
One must perforce accept the inevitable.
*.
L. Thomson Receives Gold Medal for
when you first
Distinguished
Services to Advertising
of the Annual Advertising Awards
Presentation
Bureau
Circulations
of
and
Director
given
was
Centaur
Harold B. Thomas,
to
Co.
and
Director
of
the
Vice-President
medal
medal
of the
will realize, as all your old friends do, how unanimous
There is nothing I can do but to accede to your
this
the knowledge that
goes
hope that
.
FRANKLIN D,
.
In
organization's announcement regarding Mr. Thomson
'
7
'
commencing
.
''
Canada.
-
The retirement
and
ROOSEVELT.flB
■
Washington dispatch
a
came as no
surprise to the capital.
Eighty-two years old
About
and
Nov. 13, Justice Brandeis has been in frail health for several years.
•
.
the resignation,
IVo Surprise in Action
principal
publishers, advertising agencies and advertisers in the United States
■>
,
on
Director and since 1927 President of
the Audit Bureau of Circulations, the organization embracing the
render ad¬
of Feb. 13 to the New York "Times" said in part:
stated, in part:
a
But with
retirement.
long association will continue, and the
Always sincerely]'
mm
*%
Since 1925 Mr. Thomson has been
our
will be spared for many long years to come to
you
ditional services to mankind.
Advertisers.
The
and I hope you
the nation has been
in its gratitude to you.
of National
Association
there until long after
The country has needed you through all these years,
Public Re¬
of
of the Court—and,
I had left Washington.
place on Feb. 15 at the Waldorf-Astoria Hotel, New
York City, at a dinner attended by over 200 advertising and
publishing executives. Philip L. Thomson, President of the
lations of Western Electric Co., was awarded the gold
for his distinguished services to advertising.
A silver
Iong'ago
Ever since those days
the Supreme Court bench, I have come to
your seat on
since 1933, as one who would continue his fine service
for 1938
took
Audit
took
think of you as a necessary and very permanent part
a
month ago
he
was
confined to his home with a severe case of grippe
•
^
Committee
York
on
:—
.
did not make his reappearance on the bench until last
Dealers
Interest
Charges and
Municipal Securities '
Formed by New
Rule on
Legal Opinions on
the brief decision session to show that anything
Association—To
Give
wanted to step
came
Concerning his plans for the immediate future nothing was
committee, and the functioning of this committee will
it
from the provisions of the Securities Act of 1933, and
is unlikely that an
rule on this type
might
of security.
a
a
service on the Court, however, he may
be the ruling of interest
to
A
■
14, in
meeting
Business men throughout the
of any new taxes.
penditures.
tions
and
State should rally to prevent the imposition
To do so it will be necessary to decrease proposed ex¬
This will involve the curtailment of some current State func¬
expenditures.
approach the problem from the
standpoint of what we can afford rather than with the idea that govern¬
mental activities must be continued
unchanged, regardless of the tax burden,
we
We can't have better business by
need is better business.
Governor Lehman's annual
budget
message
and
a
state¬
Asso¬
referred to in our
issued by Louis K. Comstock, President of the
ciation, opposing the tax program were
Feb. 4 issue, page 670.
S. Supreme
82 Years of Age
Associate Justice Brandeis Retires from U.
Court—Submits
Resignation
Louis D. Brandeis retired
at
Feb. 13 as Associate Justice
Court, ending nearly 23 years
on
of the United States Supreme
of service.
|gg
1905 to appear as unpaid counsel
for
Life Assurance Society in a move which
reorganization along more economical lines.
His
the Society's
investigations had revealed waste and
detrimental to pplicy holders,
inefficiency in the insurance business
and a movement he led resulted in
legislation in Massachusetts authorizing
business.j:
.
r
,
wif
^
•
f
|g iZ
■
* Lost Railroad Fight
Justice Brandeis was alarmed
his
own
1907 In
savings banks to engage in the
.
,
•
by "the curse of bigness," a phrase
of
found looming, in most corporations.
The
Haven & Hartford RR. controlled most of the New England
devising,
New York New
' ;
which he
transportation facilities and
was
seeking at that time to gain control of
independent railroads. He opposed It,
the Bostbn & Maine, one of the few
bad for the railroad and could mean
He lost that fight in 1909.
Justice Brandeis already had started his fight for better working con¬
ditions throughout the country.
An Oregon law making the 10-hour day
the maximum for women working in factories had been declared uncon¬
stitutional and he carried that fight to the Supreme Court of the United
States and won.
He also established the constitutionality of an Illinois
asserting that too rapid expansion was
only higher rates or dissolution;
His brief in the Oregon case was
devoted to legal argument. In the
effects of overwork on the in¬
fixing working conditions for women.
605 pages in length, and only four were
rest of the brief he showed the deleterious
increasing taxes.
ment
with the privilege of sitting at
the New York "Herald Tribune" of Feb.
briefjmmmary o^Justice Brandeis' career:
•
'; ,
a
resulted in
law
it can be done.
pi* What
pldn, permits
Supreme Court reorganization
policy holders of the Equitable
on
We believe that if the Legislature will
President's
His convictions impelled him in
Expenditures
Feb. 9 at which the, principal
topic for consideration was the $64,000,000 increase in taxes,
proposed in the budget recently submitted to the Legislature
by Governor Lehman, voted to oppose any increase in State
taxation and to seek the substitution of a plan by which the
budget would be balanced by reducing State expenditures.
"The business man must adjust'his expenses to his income,"
declared a statement approved by the directors, "and the
State should do likewise."
The statement declared:
a
the
Bill two years ago.
We quote from
The board of directors of the Merchants' Association of
New York at
head off
""""it "was~predicted in'Washington this week that President
Roosevelt would soon appoint a successor to Justice Brandeis,
and that the successor would be a Westerner. This will mark
the fourth appointment made to the tribunal by Mr. Roose¬
velt since the defeat of his Supreme Court Reorganization
Opposition to Imposing New State Taxes as Proposed
in" Governor Lehman's Budget Message Voiced by
Merchants' Association of New York—Directors
Favor Plan to Reduce State
active
That statute, passed in the effort
their discretion on circuit court cases.
out-of-town
by the committee, and this informa¬
tp brokers and dealers on request.
several
be called to serve on the Circuit
dockets.
Supreme Court Justices to retire at full pay
Another important function will be the disseminating of legal
tion will be available
Zionist affairs and Jewish
the height of Jewish persecutions in Germany.
Courts in the event of crowded
opinions and other information in connection with municipal securities.
with
May Serve on Circuit Bench
uniform method of fixing charges will prevail on all trans- '
file for this purpose will be maintained
that he
absence of a statement from the Justice
himself actively
W Under the provisions of the law governing his retirement from
'
*
great deal of confusion In the past as to interest charges on
transactions.
be interviewed,
He conferred about these at length with the President
months ago at
The importance of this cannot be overestimated as there has been
actions.
associate
again
problems.
association registering under the Maloney Act will
Among the functions of this committee will
charges so that
by Mrs. Brandeis that "the Justice does not care to
Rumors persisted in the
the future, ohe of the reasons being that municipal
ticular importance in
securities are exempt
forthcoming
explanation of his retirement were
does he have a statement."
nor
be of par¬
which"1
Reporters who sought him out at
the Justice or his friends.
his residence in the hope of some formal
It has been noted for some time that there has been a definite need for
friend
long enough to see his
two weeks ago.
either from
told
Brandeis
down before the end of the present Court term and it was
Felix Frankfurter, ascend the bench, a development
and admirer,
appointment of a special committee, Committee on
Tax Exempt Securities, was announced on Feb. 15 by the
New York Security Dealers .Association.
Frederick A.
Henry, manager of the municipal department of Dunne
Co., is Chairman of the new committee, which also includes
David Ralph Bro"tirn of Swart, Duntze & Co. and Albert
C. Hugo of A. M. Kidder & Co. An announcement regard¬
ing this new committee stated:
a
unusual was in the offing.
However, it had long been intimated by old friends that Mr.
said by many that he desired to remain only
The
such
during
Today he sat with his colleagures, as usual, and there was nothing
Tax Exempt Securities
Security
Monday.
In his letter of resignation to
President Roosevelt,
dividual and on the nation.
Appointed by Wilson
shop"
cloakmakers' strike
industry York, and thereafter served on the board of arbitration of the
in New until his appointment to the Supreme Court bench.
That appointment, by President Wilson on Jan. 28, 1916, brought a
storm of protest from conservative leaders.
They regarded Justice Brandeis
as a kind of legal heretic, altogether too radical and erratic for the highest
court of the nation.
The appointment finally was confirmed by the Senate,
47 to 22, but it was not until June 5, 1916, that Justice Brandeis took the
Justice
when he
Brandeis
was
devised
called upon
oath of office.
the
compromise
of the "preferential
in 1910 to act as arbiter in the
C. Taylor Resigns as Assistant
Treasury—President Roosevelt
Wayne
the
Secretary of
Accepts the
governors
Roosevelt,
Feb. 16, accepted with "real re¬
on
retary of the Treasury, effective Feb. 28.
In his letter to
Mr. Taylor stated that "circumstances have
make
which
arisen
it
desirable
that he would
added
Taylor
for
welcome
resign."
to
me
said his offer of future service
the
opportunity of
Joseph B. Keenan Resigns as Assistant
Attorney General
'The resignation of Joseph B. Keenan as Assistant to the
Attorney General was announced at the White House on
Feb. 16.
Mr. Keenan in his letter to President Roosevelt
said that he wished to return to the private practice of law.
An exchange of letters between the President and Mr. Keenan
were made public at the executive offices.
Regarding this
an Associated Press Washington dispatch of Feb. 16 said:
"sincerely appreciated."
was
President:
Mr.
exceedingly
regret
desirable
I
for
shall
to
me
that
resign
to. assure
find
my
that
you
services
the
in
in
if,
useful
arisen
which
make
it
post.
it
of participating
wish
have
circumstances
my
consider
always
opportunity
greatest
privilege
have
to
the
had
the work of your administration, and I
the future your should have occasion to
other
in* some
capacity,
I
Would
Addressing Mr.
appreciation
deep
extended
have
to me,
the
of
believe
thoughtful
me,
■
yours,
WAYNE
In his letter of acceptance, the
Secretary of the Treasury.
I
this
accept
which
wishes
your
accept
,
led you
with
in
you
be
to
real
resignation
your
Assistant
as
charge of racketereing
then as
cases,
will always be a matter of affectionate interest to
career
and I wish for you in it every success and
happiness."
who has had the privilege of serving under you can sever his connections
I
talks
effective at
in
Mr. Keenan told the President in submitting the resignation that "none
,
regret.
the
assistant
General in charge of the criminal division, and more
enthusiasm, distinction and unswerving loyalty.
me
understand
to come to this decision.
by
expressed
as
'
.
resignation
have
resignation
your
special
"Your future
7th, tendering
letter of Feb.
resignation as the
recently in the post which you have just relinquished, you have served with
/
have your
stances
TAYLOR.
President said:
Wayne:
I
as
Assistant Attorney
C.
you*
Knowing your wishes and desires as I
do, I can do nothing but accept it.
"Finst,
Faithfully
Dear
you
'
■
■
Feb. 11, 1939. submitting
"I have your lettc* of
Assistant to the Attorney General.
which
understanding
Keenan as "Dear Joe," the President said in reply to
the resignation:
the
welcome
opportunity of again serving my Government.
With
are
221.
page
Mr. Taylor's letter of resignation follows:
I
They
Mr.
again serving the Government.
In reply, President Roose¬
velt thanked Mr. Taylor for the work he performed and
Dear
Feb. 14, six were members of the old
on
Messrs.. Shean, Rodewald, Stern, Finn,
Mr. Netfei formerly served as a gover¬
nor, but all of the others are elected governors for the first
time.
Reference to the slate chosen by the Nominating
Committee on Jan. 9 appeared in our issue of Jan. 14,
Board.
gret" the resignation of Wayne C. Taylor as Assistant Sec¬
the President,
elected
1939
18,
Parish and Stearns.
Resignation
President
Feb.
Chronicle
Financial
972
the
we
the
circum¬
with your
In compliance' with
have had,
close, of
I
business
administration without a feeling,of deep regret, and this, I assure
is mine."
you
formally
*
.
Mr. Keenan probably will practice law in Ohio or New York,
friends said.
Feb.
on
28th.
I '
assure
that
you
work you
offer of
your
sincerely appreciated
I
and
future
thank
already have performed.
you
service
officially
to
and
the
stated in
was
Feb.
D.
United Press advices from
16, that the resignation
Campaign of Greater New York Fund
I. Parkinson, President of the Equitable Life
Society of the. United States, has accepted the
general campaign chairmanship of the Greater New York
Fund for the 1939 campaign, which opens April 17, it was
announced by James G. Blaine, President of the Fund, at
the first annual meeting held Feb. 15.
In his acceptance
speech Mr. Parkinson declared that the economic, cultural
and social welfare of the city of tomorrow depended upon
its health and social welfare program of today.
He added:
Thomas
Assurance
ROOSEVELT.
Washington,
attributed
was
Thomas I. Parkinson to Be General Chairman for 1939
is
the
yours,
FRANKLIN
It
for
•
<.
Very sincerely
on
government
personally
.
to
out¬
an
growth of differences with Secretary of Treasury, II. Morgenthau, over the Treasury's domestic and international
policies.
Reference
to
President
Roosevelt's
nomination
of
Mr.
Assistant Secretary of the Treasury in February,
and his previous connection before joining the Ad¬
Taylor
1986,
as
ministration
was
made in
our
issue of
Feb.
15, 1936,
None of
city
a
us
will be inclined to question the fact that the extent to which
can conquer
extent what the
page
1061.
disease, delinquency and despair determines to
a
large
city of tomorrow shall be.
In turn these factors depend largely upon our providing
funds necessary to carry out the welfare and
supplementary
health program of the 379
voluntary agencies affiliated with the fund.
t
New
York
Curb
Exchange Elects Entire Slate
Mr. Parkinson expressed confidence that business concerns
and employee groups would support the campaign to the
limit of their resources.
An¬
at
nual Election—C. A. Bettman Chosen Chairman—
27 Governors Named to Board
The announcement of Mr. Parkinson's
At the annual meeting of the New York Curb
Exchange,
held Feb. 14, Clarence A. Bettman was elected to the
newlycreated office of Chairman of the Board and the entire of¬
ficial slate of the Nominating
Committee, made
up
of 27
in the Greater New York Fund.
Governors and 2 Trustees of the Gratuity Fund, was also
chosen without opposition.
In addition to Mr.. Bettman,
who will be the first Chairman under the new Constitution
Silver
adopted last Oct. 4,15 Class-A Governors, who are regular
members, and 12 Class B Governors,, who are member or
ter went
The
new
Chairman.
his election.
on
An
Exchange
subsequently will elect
a
paid
president
and
ciate member his membership shall terminate
upon his election.
no other business
interests during his
incumbehcy.
chairman, who will
and
act in the absence of the
the Board to 32. '
The
the
twro
classes
'
„
of
chairman, must be
Also, he
The
com¬
'
elected is
composed
of
following:
serve one year: David S.
Cooper of Asiel & Co.; Henry W.
Ford of Ford, Heald & Co.: James
Gilligan of Gilligan, Goldberg & Co.;
an individual member, and Edward J. Shean of
Jewett
Austin K. Neftel,
To serve two years: Edwin
E. Frost of Norton
Conway & Co.;
Herman N. Rodewald of
Callaway, Fish & Co.; William B. Steinhardt, an
individual member; Ramon O. Williams of
Tucker, Anthony & Co., and
Morton F. Stern of J. S. Bache & Co.
To serve three years: Edward E.
Barry of Milton E. Reiner & Co.; Charles M. Finn of Post &
Flagg; William
Quinlan; Henry Parish, 2nd of Carl M. Loeb,
Rhoades & Co., and Robert B. Sterns of
Baer, Stearns & Co.
J. Johnston of Johnston &
Class B, one year term: Alpheus C.
Beane, Jr. of Fenner & Beane; Henry
Dorr Boenning of Boenning &
Co., Philadelphia; J. D. Stetson Colman of
William Cavalier & Co., and Charles N.
Schenck, Jr. of Mitchell, Hutchlns
& Co.
Two year term: Sherman M.
Bijur of H. Hentz &
Brown of Smith,
Federal
•
*
'
,
"
'
'
•'
Advisory Council of Federal
Holds
,
»
First
elected
Meeting
of
,
System
Smith Re-
Reserve
Year—W.
W.
President
The first meeting for 1939 of the Federal Advisory Council
of the Federal Reserve System was held on Feb. 13-14.
Walter W.. Smith
Loeb
was
was
reelected
reelected President and Howard A.
Vice-President.
These
officers
as
ex-
officio members and Thomas M. Steele, Leon Fraser, Robert
M. Hanes, and Edward E. Brown will comprise the Executive
Committee.
Walter Lichtenstein was reappointed Secre¬
The Council is composed of the following members
from the twelve Federal Reserve districts:
First District (Boston)—Thomas M. Steele of New Haven, Conn.
Second District (New York)—Leon Fraser of New York. N. Y.
Third District (Philadelphia)—Howard A.
Loeb of Philadelphia, Pa.
Fourth District (Cleveland)—T. J. Davis of Cincinnati, Ohio.
Fifth District (Richmond)—Robert M. Hanes of Winston-Salem, N. C.
Sixth District
(Atlanta)—Edward Ball of Jacksonville, Fla.
Seventh District (Chicago)—Edward E. Brown of Chicago, HI.
Eighth District (St. Louis)—Walter W. Smith of St. Louis, Mo.
Ninth District (Minneapolis)—John Crosby of Minneapolis, Minn.
Tenth District (Kansas City)—John Evans of Denver, Colo.
Eleventh District (Dallas)—R. E. Harding of Fort Worth, Texas.
Twelfth District (San Francisco)—Paul S. Dick of Portland, Ore.
Co.; Philip W.
Barney & CO; Thomas
J.
Hickey of Vilas & Hickey, and
John A. Wright, Jr. of Drysdale & Co.
Three year term: Benjamin II.
Armstrong of Jesup & Lamont; Jacques S. Cohen of
Baar, Cohen & Co.;
E. Burd Grubb of Coggeshall & Hicks, and John
B. Lord of Lord & Widli.
E. I. Conner of E. M. Williamson
of the
■
,
tary.
Class A, to
& Shean.
*
.
a governor
a class
D, to be composed of
This will bring the total membership of
Governors
When Will it Burst?"
The Vice-
pleted Board of Governors will also include
.
to
Relations of the Chamber of Commerce of the State of New
*
a
the chairman and the president
Government
Feb. 20
on
York, before the Forum Group of the Flatbush Republican
Club, Brooklyn, N. Y., on Monday evening next, Feb. 20.
Mr. Guest's topic will b 9 "The Billion Dollar Silver Bubble—-
Vice-
an asso¬
regular member of the Exchange.
The president will appoint, sub¬
ject to the approval of the Board of
Governors, the treasurer and also the
secretary of the Exchange and three class C governors who are to be
repre¬
sentatives of the public not
engaged In the securities business.
Federal
of
be Discussed by H. F. Guest
the time of
membership and if
shall have
a
Policy
'
The silver purchasing policy of the Federal Government
be discussed by Harry F. Guest, Director of Public
announcement in the mat¬
The president may or
may not be a member at
If a member he must transfer his
was
will
to say:
Board
Purchasing
,
non-menber partners of regular or associate member firms
of the Exchange, will assume office on Feb. 23
replacing the
old Board of 36 Governors. The total vote cast was 390 out
of 550 members.
appointment
the beginning of the recruiting of a gigantic army of volunteer
workers to aid in the raising of the $10,000,000 needed by
the 379 voluntary health and welfare agencies participating
Gratuity Fund for
a
were elected Trustees
three year term.
Of the 27
United States Ambassador Kennedy Arrives in
After Vacation
London
Joseph P. Kennedy, United States Ambassador to Great
Britain, sailed for England
White Star liner "Queen
on
Feb.
Mary" after
10 aboard the Gunard
a
two-month vacation
in
this
The steamer arrived at Southampton
country.
Feb.
10.
post
in
Kennedy said that he was returning to his
London two weeks earlier than he had planned.
to its
made in
was
Kennedy's arrival in
Mr.
Reference to
outcome.
United States
views
the Graduate School
Roy Barton White, President of the Western Union Tele¬
Anglo-
American Commission
of New
Oceanside, Long Island, N. Y.
He was 67 years
Mr. Beall had been a former Vice-President of the
for
in
commission pro¬
1914,
United
and
were
Britain,
Great
given
States
details
Further
of Peace
for the Advancement
the Treaty
by
the
between
as
negotiated
follows
the
in
American
non-national
The
the
Brazil.
of
Jonkheer
member
of
the
commission
The British national commissionership is
member
is
Alexander Millerand,
.
non-national
British
Beelaetts
of
Blokland,
Van
old.
National
The Netherlands, is
is
A native of New York City,
Forbes & Co.
the
Mr. Beall began
in 1891 with the firm of N. W. Harris
He was
Co., which later became Harris, Forbes & Co.
regarded
as
utilities and in 1920
member of the Federal Electric Railway
authority
an
appointed
was
a
public
on
by President Wilson.
Epitacio
vacant, but
of
Vice-President
Senior
was
his banking career
&
and at the time of his
of Harris,
New York,
Bank,
1932
in
retirement
Commission
Washington "Post" of Feb. 10:
Pessoa,
in
Chase
W. Gerard
York, former Ambassador to Germany, as the Amer¬
Feb. 9 appointed James
national member of the international
vided
retired banker, died on Feb. 14 at his
Charles W. Beall,
President Roosevelt Names James W. Gerard to
ican
York.
Bank of New
of the
of Dec. 17,
these columns
home
on
Trustee
graph Co., was nominated on Feb. 14 to become a
+.
President Roosevelt
University
of Banking, Rutgers
3704.
page
He is a member of the faculty of
ing situation in Cuba.
Ambassador had a conference
with President Roosevelt but declined to express any
the
on
Mr.
The day before he sailed, the
as
973
Financial Chronicle
Volume 148
The New Jersey Title Guarantee & Trust
France.
Co.,
of the
one
largest banks in Jersey City, N. J., failed to open for busi¬
joint com¬
ness
missioner.
Feb. 14, owing, it is
on
said, to its inability to realize
its real estate holdings or to liquidate other "frozen"
assets.
The decision to close the institution (which has ap¬
upon
Annual Assay Commission
Holds Traditional Ceremony
Philadelphia Mint
at
and to place its affairs in the hands of the- State
Commissioner of Banking and Insurance, was reached by
Assay Commission, appointed by the Presi¬
The Annual
$23,-
37,000 depositors and deposits of about
proximately
000,000)
night, Feb. 13, following sev¬
the previous
dent, held its traditional ceremony of testing sample coins to
determine whether they conform to legal requirements as to
the directors
weight and fineness at the United States Mint in Philadelphia
on Feb. 8.
Nellie Tayloe Ross, Director of the Mint, was
present at the ceremony having brought from Washigton
the official weights of the Bureau of the Mint.
According
to law, one silver coin of every 2,000 delivered from the
coining room of the United States Mints at Philadelphia,
Denver and San Francisco must be reserved for test by the
Commission.
For the 1939 test, 26,451 coins were reserved
at the three United States coinage mints and were assembled
closing, Leo T. Crowley, Chairman of the Federal Deposit
Philadelphia Mint in the manner prescribed by law.
The coins were guarded in the "pyx" at Philadelphia pending
trial by tfre Commission on Feb. 8.
The 1939 members of
the Commission, which was created in 1801, according to
itors.
Insurance
Federal
the
decision
institution
tion
Feb. 14)
of
follows:
the
of
Board
undoubtedly in
'
to
develop
for some time with supervisory authorities
accumulation
the
efforts
Their
assets.
unsuccessful,
were
would relieve its frozen condition, which re¬
of " large holdings of real estate and other
that
program
a
from
frozen
of
cred¬
depositors and other
interests of
beet
the
to turn that
the Company
of
Banking and Insurance for liquida¬
of
'
"The bank had been working
sulted
Directors
of
the Department
to
over
was
Mr.
(as printed in the "Jersey Ob¬
Crowley's statement in part
"The
an¬
pay¬
depositors within ten days or two weeks.
ments to the
server"
Immediately after the
plan.
(who had come from Chicago)
Government would begin
Corporation
that
nounced
at the
Secretary of the Treasury Morgenthau's announcement
Feb. 6, was composed of:
.
on
eral weeks of discussion of the
restore
to
reasonable
a
of liquidity
degree
last night's action was the only alternative.
so
,
John J. Dorman, New
Preparing Records
York City.
Allen B. Endicott, Atlantic City,
N. J.
•
Corporation will make the insured
banks available to them as promptly
as
is humanly possible.
A crew "of 50 persons began work this morning
to set up the necessary records, and we hope to be able to begin actual
payment of insured claims within two weeks at the outside.
Of the
bank's 39,000 depositors, all but a few will be completely protected by
the $5,000 maximum individual insurance limit.
The few persons with
excess
deposits will receive $5,000 of their claim against the bank as
soon as
the payments begin, and will share in the proceeds of liquidation
of the bank's assets for recovery on the remainder of their deposits.
"The
•
Judge Charles Harwood, New York City.
Mrs.
Ely, Bryn Mawr, Pa.
»
Dr. William H. Crane, Philadelphia, Pa.
Mrs. Burke Sinclair, Washington,
Mrs.
'
members:
Judge Oliver B. Dickinson, TT.
Preston
*
D. C.
Margaret W. Perry, Westerly, R. I.
Ex-Officio
Joseph S. Buford, Chief Assayer, U.
It Was
.
.
•
S. District Court, Eastern District of Pa.
Comptroller of the Currency.
Delano,
S. Assay Office, New York City,.
"The
and
explained by the Treasury Department:
||The sample coins
required to be sealed and carefully preserved in a
arid Assayer for delivery
"pyx-chest,"
English coins once kept in the Chapel of the Pyx in
are
a
receptacle for new
and
Westminster Abbey, London.
mail
of
evidence
what
BANKS,
TRUST
COMPANIES,
&c.
meeting of the Board of Trustees of the New York
Savings Bank, New York' City, held Feb. 14, Edgar C.
Leaycraft, President of J. Edgar Leaycraft & Co., was
elected a Trustee.
At the same time Clarence B. Plantz was
made Assistant Vice-President of the bank.
At
.
$25,000
the Board
on
;
.
25
Emigrant Industrial Savings Bank, New.
announced on Feb. 10 by Walter H, Bennett,,
Chairman of the Board.
Mr. Fuller succeeds to the position
made vacant through the death of Peter J. Maloney, which
was noted in our Dec. 10 issue, page 3551.
of Trustees of the
was
organization in February,
L936, as First Vice-President.
He will continue in that
position.
During his banking career, Mr. Sclrwulst has been
Manager of the Credit and Loan Departments of the Fed¬
eral Reserve Bank of Dallas, Adviser to the Central Bank.
>f Ecuador, Financial Adviser to the Governor-General of
:he
Philippine Islands and Bank Commissioner of the
Philippine Islands, Executive Vice-President and Director
>f the Philippine National Bank.
It is also stated that at
:he invitation of the Cuban Government and at the request
)f the
State Department at Washington, Mr. Sehwulst
beaded a financial commission wihich surveyed the .bank¬
joined
Crowley
'
*'
'
and
the
bank
■
other
"Post"
-•
;
,
banking authorities,
deposits in excess of $5,000, with their claims
them
embarrassment
without
A
to
meet
and other
payrolls
delay.-
or
current
said
bank
the
for
expenses
'
r-
<
withdrawals
recent
■
City dispatch on Feb.
following to say in part:
the
spokesman
had
reduced
the
deposits to about $21,500,000, with about $3,500,000 not covered by FDIO
insurance, of - which $1,000,000 was
in uninvested trust funds wholly
secured, leaving about $2,500,000 to be made gpod.
It
are
now
State
The
of
Louis A.
is
$1,732,500
It
loan
was
the
lent
had
it
as
bank's
it
was
This
ton.
posits
Mr,
on
has
$200,000
Finance
of last Dec.
according to Mr.
Thirty
Crowley
31.
security.
Corporation
in
Washington
1935, taking that amount of
The loan has been reduced to
...
attempts had been made to obtain
to get approval of a plan
an
additional
to merge the bank with
but that all such efforts had failed.
directors
were
notified
Thursday
(Feb.
9)
or
Friday (Feb.
reported, that they could get no further help from Washing¬
followed by withdrawals of more than $1,000,000 in de¬
was
Saturday, it was learned.
confirmed the report
Reilly
these withdrawals were made
that the bank sold securities heavily
in preparation for further anticipated withdrawals today.
closed yesterday because of the Lincoln's Birthday holiday. .
Saturday morning (Feb. 11) and added
on
by the
deposit in the closed bank,
on
the pledge of assets,
Reconstruction
from the RFC and
The
estate titles guaranteed
a result of the closing.
$1,750,000 to the bank in
reported that
other institutions,
10),
Jersey
preferred A stock as
bank's
the
as
Reilly, New Jersey State Commissioner of Banking.
of
Officials
said
New
real
flaws
guaranteed by the bank.
been
secured by
all
it
and
that
uninsured against
titles had
thousand
explained
officially
was
bank
but
Savings Bank, New York, announced on Feb.
L4 the election of Earl B. Sehwulst to its Board of Trustees.
Sehwulst
Mr.
bank as the only collateral required.
enable
will
This
The Bowery
Vlr.
.
between
of their
30%
to
against the closed
14 had
^
this amount
arrangements were made whereby large depositors of the closed bank will
be able to borrow from other Jersey City banks amounts equivalent to
Frederic J.
York, it
:
h
The New York "Times" in a Jersey
Fuller, a Vice-President of the Bank of the
Manhattan Co., New York, has been elected to the Board
Mayor Joseph Stilz today
'
Feb. 14.
•,
Observer":
had $365,000 on deposit in the bank and of
conference
a
.
the larger depositors is the Town of West New
of the bank is located,
branch
a
will
payment
for
1
City dispatch, Feb. 14, to the New York
A Jersey
At
required
immediately needed to cover the municipal payroll.
was
said:. '
from
Second Vice-President of the Chase
National Bank, New York, was elected a Trustee of the
Harlem Savings Bank, New York, at the regular meeting of
a
which
in
said that the town
a
Frank M. Totton,
be
will
claim
be"Announced."
It was also stated in the "Jersey
York
ABOUT
in the press,
announce
the closed bank, the actual date upon
of
One of the hardest hit. of
ITEMS
will
Insurance Corporation
insured claims will begin as soon as that date can be
Particulars as to the places at which payment will be made
to
as
closed
the
each depositor of
to
payment
likewise
'
in
depositors
determined.
The word "pyx" in the law is derived from
Deposit. Insurance
Federal Deposit
by
which
"pyx" under the joint care of the Superintendent
to the Commission.
of
claims
Winthrop Palmer, Fairfield, Conn.
Miss Gertrude
Federal
Saturday
The bank was
that
974
The
special
counsel
Milton
Mr.
their
to
conferred
RFC
an
Financial
Commissioner
said
help
with
he
Reilly,
and
it
turn
he
called
was
of
assets
Milton
bank.
The RFC,
it
As
trustee and
which
on
the
that the loss would be from $2,000,000
said, stands to be the heaviest loser, as
were
was
THE
depositors and the FDIC must be paid off before the RFC
collect.
can
The New
Jersey Title Guarantee & Trust Co. in addition
to its main office at 83-85 Montgomery Street, Jersey
City,
has several branches in Hudson County.
In its last state¬
ment of condition, Dec. 31, 1938, it reported total
deposits
of $23,285,349 and total assets of $31,298,479.
Capital was
given as $2,999,996 with surplus and undivided profits of
$551,073.
George T. Smith is Chairman of the Board, and
Walter P. Gardner, President.
There
on
were
According to "Money & Commerce" of Feb. 11, James E.
Gowen, who resigned the Presidency of the Western Saving
Fund
Society of Philadelphia,
duties
his
of Feb. 3,
as
President of
as
the
on
Girard
Feb. 6,
Trust
as¬
Co.
of
Philadelphia, to which office he was elected Dec. 6, 1938.
Mr. Gowen succeeds Albert A. Jackson, who becomes Chair¬
man
of the Board of the company.
Reference to this
change
issue,
in
the bank's personnel was made in
Dec.
our
24
3855.
page
•
•
"
•'
Miss Mary Valitsky, a member of the staff of the Union
National
years,
Bank
of
Mahoney City, Pa., for the past twenty
an Assistant Cashier of the institution
named
was
1939
EXCHANGE
at
a
recent meeting of the directors, it. is learned from
Mahoney City advices, appearing in "Money & Commerce"
of Feb. 11.
the Curb Exchange during most of the week.
occasional
spurts
generally of short duration
downward.
Aircraft
stocks
of activity but these
were
the market continued to work
as
have
attracted
some
particularly Bell and Lockheed, but the advances
buying,
Public utilities have been quiet, oil
shares showed only minor changes and with few
exceptions
industrial
specialties
and mining and
moved up and down
held fairly
Prices
stocks
metal
Saturday.
have
with little net change.
firm with transfers down
to
mately 69,000 shares during the brief week-end
Aircraft stocks attracted
some
approxi¬
session
special significance.
the gains
active, Chicago Flexible Shaft moving
small and
were
Industrial shares
were
fairly
1% points to 73%
and Nehi Corp. advancing 1 point to 47.
Public utilities
almost at
were
a
minor fractions.
standstill, most of the changes being in
mining and metal shares were
Oil stocks and
practically unchanged.
on
up
Of the 213 issues traded in, 92 closed
the side of the advance and 52 declined.
The New York Curb Exchange, • the New York Stock
Exchange and commodity markets were closed on Monday
in observance of Lincoln's Birthday.
Trading on the New York Curb Exchange continued dull
and without definite trend
the market resumed its sessions
as
following the Lincoln's Birthday holiday. There were occa¬
sional strong spots to be seen but the declines were
largely in
excess
of the advances
was
as the session came to a close.
Mead
in demand and moved ahead to 131 at its
top
for the
made
was
Feb.
on
7
by Arthur I.
Chap,
acting President and Cashier of the West Thirty-First State
Bank „of Chicago, 111., that the institution is to be
liquid¬
ated.
Depositors, Mr. Chap said,"were being notified that
the
stockholders
and
that
to say,
ditions
842
business,
take
this
action
investments under existing current con¬
Chap to have been the basis for, the decision to go
the
Dec.
in
view
of
the "securities
in
said
on
18 to
profitable
said by Mr.
provement
He
find
to
was
of
Jan.
on
in part:
Inability
out
voted
depositors would be paid in full.
In noting
Chicago "Journal of Commerce" of Feb. 8 went
this, the
on
had
all
the
unlikelihood
present
market.
.
.
of
savings accounts whereas,
were
im¬
Management
founded
died
in
in
of
bank
the
May,
sixty
1931.
stockholders.
has
Its
been
he pointed out,
the "Chap
in
capitalization, is
The
late
2% points to 76%; Koppers Co. pref., 3% points to 64, and
Newmont Mining, 1 point to 72.
Irregular price movements and dull trading featured the
curb dealings on Wednesday, and while there was some
pickup toward the end of the day, the price changes were
small and largely in minor fractions.
The transfers totaled
117,595 shares with 304 issues traded in. Of these 96 closed
family
$101),000
the real
since
it
there
was
there
and
the side of the
changed.
are
Ignatius Chap, founder and President,.
November, 1937.
side of the decline were Aluminium Ltd., 2
points to 119,
American Cyanamid A, 2% points to
24%; Todd Shipyards,
advance, 99 declined and 109 were un¬
The morning dealings were extremely quiet but
moderate pickup toward the end of the session
and part of the early losses were canceled. .Bell Aircraft was
one of the strong
spots as it climbed up 1% points to 29%,
aggregating $707,-
profit in banking comes from commercial accounts.
about
day, but slipped back to 130 as the market closed.
were steady but showed little
change from the
previous finals. Prominent among the stocks moving on the
Aircraft shares
on
majority of the accounts of depositors,
31,
substantial
•
.
...
was
a
and Colt's Patent Fire Arms advanced
1%
on a small turnover.
Public utilities were
points to 89%
quiet, oil shares
unchanged
generally off.
were
From the
"Michigan Investor" of Feb. 4 it is learned
Aviation
in each
of the directors: ,Charles S. Whitney, formerly
President, elected Chairman of the Board (a newly created
Fred E. Park, heretofore Vice-President, advanced
President, and W. O. Hunt, elected Vice-President.
The "Commercial West" of Feb. 11 carried the
following
regarding the affairs of the Faribault State Bank & Trust
Co. of Faribault, Minn.
of
State
Bank
& Trust
Co.,
has changed its
name
to
The State
Faribault,
and has relinquished its trust powers.
The change
been approved by the State Banking division of the Commerce
Com¬
mission and will
go into effect March 1, states John Carlander
who, in
early September last year; succeeded the late A. B. Larson as
President.
bas
At
the end
Dec.
of
1937
81,
months
of
1938.
1938 the bank
figure,
1938.
a
Capital of
had
large
The
bank
the
bank
increased its
part
also
will
of
the
increased
remain
deposits $100,000
gain
its
the
coming
surplus
6ame
at
in
to
from the
the
last
$20,000
$50,000
six
during
common
stock,
and no change is contemplated in the
executive personnel, which1
includes, Mr. Carlander as President; Lucius Smith,
Vice-President, and
Ray Meyer, Cashier, the latter's title under the old name
having included
Trust
Officer.
The
Board
of Directors
of
the Swiss Bank
Corp. (head
office, Basle, Switzerland), at their
meeting on Feb. 1, ap¬
proved the accounts for the year
ending Dec. 31, 1938.
After providing 2,899,797 francs
(against 4,416,546 francs
the previous year) for
writing off bad and doubtful debts,
the net profit for 1938 amounts
to 10,029,946 francs
(as
compared
with 9,574,185 francs in
1937).
Total assets of
the institution as at Dec.
31, 1938 are shown at $1,451,066,892 francs,
comparing with 1,512,755,363 francs at the cor¬
responding date of 1937.
on
At the general
meeting, to be held
Feb. 24 next, the directors will
recommend a dividend
of
5% (the
ward
same rate as the
previous year), and to carry for¬
2,029,945 francs to the current year's profit and loss
The bank's share
capital and its reserve fund,
160,000,000' francs and 32,000,000
account.
both the
francs,
same
as
in the previous year.
respectively,f
at
industrials
were
issues
on
shares as a result of the advances but most of the active
stocks in the group closed on the upside.
Aluminum Co. of
America gained 2% points to. 116% and Aluminium Ltd.
office);
Faribault
and
and aluminum stocks
displayed special
Thursday and substantial gains were registered
group.
Some profit taking developed in the aircraft
strength
meeting
Bank
previous. levels
at
#
that
the following changes were made in the roster of the Adrian
State Savings Bank of Adrian, Mich., at the recent annual
to
on
speculative atten¬
tion, but with the exception of Lockheed Aircraft, which
climbed up 1 % points to 31
Johnson
Announcement
not
were
especially noteworthy.
without
sumed
CURB
18,
Dulness and irregular price movements characterized the
dealings
directors yesterday at
last night to close the institu¬
the assets and liabilities
up
Feb.
Senator
Klossner,
the
...
Early estimates of officials
$2,500,000.
late
Chronicle
as
Howard J.
Crowley and
department for liquidation.
he would set
"pay-off would be made.
all
Senator
by the bank's
in
decided
his
to
over
he said,
receiver,
to
the
Mr.
former
director, at the bank this afternoon.
Reilly said
meeting, at which they
tion
appointed
liquidate
him
Mr.
had
<
registered a 2-point advance.at 121.
Specialties moved
upward,.Great Atlantic & Pacific Tea Co. 1st pref. gaining
2k points to 128; Colt's Patent Fire Arms 1% points to 90 %;
Midvale Co. 2 points to 98; Van Norman Machine Tool Co.
3 points to 36; Niles-Bement-Pond
1% points to 59% and
Todd Shipyard 1% points to
78%.
Some of the preferred
stocks among the public utilities registered modest
gains,
but most of the oil shares were unchanged.
Following a moderate display of strength during the open¬
ing hour on Friday, the market again turned irregular and
moved up and down without definite trend.
As the session
progressed considerable selling appeared and a goodly part
of the morning gains were cancelled.
Scattered through the
list
were
a
number
of
the
less
active
stocks
that
moved
against the trend but the market, as a whole, was below the
previous close.
As compared with Friday of last week
prices were moderately higher, American Cyanamid B closing
last night at 24% against 23% on Friday a week
ago;
American Gas & Electric at 37% against 36; Consolidated
Gas Electric Light & Power Co. of Baltimore at
75% against
74%; Fairchild Aviation at 13% against 12%; Gulf Oil Corp.
at 37 against 36%; Humble Oil
(new) at 65% against 65;
New Jersey Zinc at 57% against 57 and United Shoe
Machinery at 81% against 78.
DAILY
TRANSACTIONS
AT
THE
NEW
Stocks
YORK
Bonds (Par
CURB
EXCHANGE
Value)
(Number
Week Ended
Feb. 17. 1939
Saturday
of
Shares)
Foreign
Domestic
Government
Foreign
Corporate
Total
69,175
$1,137,000
104.p?0
1,720.000
1,673,000
11,000
14,000
24,000
1,737,000
1,711,000
Thursday
Friday..:
117,895
158,205
154,170
2,424,000
21,000
8,000
2,453,000
2,207,000
18,000
7,000
2,232,000
Total
604.075
$9,161,000
$66,000
$54,000
$9,281,000
Monday
$9,000
$1,148,000
HOLIDAY
Tuesday
Wednesday
$2,000
_
...
are
6,000
Volume
Financial
148
975
Chronicle
Purchases
Sales at
Week Ended Feb. 17
was
17
Jan. 1 to Feb
New York Curb
were made for the Continent,
acquired for shipment to New York.
Exchange
1939
1938
1938
1939
Per Fine Oz.
$9,161,000
$4,613,000
$71,692,000
$40,732,000
66,000
139,000
561,000
54,000
136,000
609,000
Feb.
30
148s. 7^d.
$4,888,000
$72,862,000
Exports
Southern Rhodesia
Australia
The following
compilation, made up from the daily Gov¬
shows the money holdings of the
Treasury at the beginning of business on the first of Novem¬
ber and December, 1938, and January, and February, 1939:
Egypt
$
coin and bullion-
916.658,864
Net sliver coin and bullion
531.497,362
Switzerland
Other countries
734,862
13,906,557
634.256
Net Federal Reserve notes
Net Fed Res. bank notes..
11,126,500
294,32£
Net subsidiary silver
Minor coin, Ac
7,897,998
15,021,475
5,789,758
3,696,214
18,606,135
22,237,808
1486 411,299
1422 083,824
156,039,431
156,039,431
Total cash in Treasury.
Less gold reserve fund
Cash balance In Treas..
569,717.674 1,032,692,926
other bank depositaries-
To credit Treas. U. 8..
17.493,328
17,737,875
17,802,508
To credit dlsb. officers.
31.005,560
31,792,775
39.396.930
Cash In Philippine Islands
1,918,257
1,599,030
2,201,038
27,312,957
36,484,149
2,283,746
1,986,310
2,631,289
198,430
197,480
Treasury
in
reached
was
—
2,733,012,372 2,625,325,03( 3,285,467.684 3,119,295,551
186,306,854
201,961,759
163,861,734
177,976,514
and in banks
Deduct current liabilities.
2,569,150,638 2,447,348,52? 3.083,505,926 2.932,988,697
*
Includes
on
Feb. 1 8546,862,692 silver
£182,027
bullipn and $3,542,202 minor, &c., coin
in the United Kingdom,
n the United Kingdom.
FOREIGN EXCHANGE RATES
cable transfers in the different countries of the world.
a
Jan.
Jan.
We
CERTIFIED
FEDERAL
BY
The highest rate of
from Jan. 26, 1939, to
BANKS TO TREASURY UNDER TARIFF ACT OF 1930
11, 1939, TO FEB. 17.
FEB.
1939, INCLUSIVE
26..—
Jan.
27
Jan.
Jan.
28
30—
Jan.
31
Country and Monetary
Feb.
11
Feb., 13
Feb.
14
Feb.
15
Feb.
16
Feb.
17
Average....
$
Greece, drachma
.168630
.012075*
.012175*
.034250
.034239
.034242
.209200
.209127
.209046
4.683819
COURSE OF
.209130
4.685555
4.686319
.020620
.020630
.020625
.026475
.026473
.026474
,401181
.401168
.401150
.401277
.008580*
.008578*
.008582*
.008682*
.196300*
.196300*
.196300*
Bank clearings
.020620
.026477
.196250*
.052604
with
year ago.
Rumania, leu
Spain, peseta
Sweden, krona
,
.052600
.052601
.052600
.536155
.536572
.536233 I
.535955
bank clearings from
.235493
.235425
.235312
.235372
.189018
.189018
.188826
.042531
.042475
.042465
.042487
.007264*
.007264*
.007257*
.007264*
a
a
0
.241319
.241200
total stands at $5,322,563,971,
.241280
.226905
.227005
.*227050
.226919
.022800
.022800
.022800
all cities of the United States from
1022800
the
same
against $5,561,263,184 for
At this center there is a loss for the
week in 1938.
week ended
Asia—
Friday of 3.3%.
Our comparative summary
for the week follows:
China—
Hankow (yuan) dol
Shanghai (yuan) dol
Tientsin (yuan)
dol7
dollar.
Hongkong,
'British India, rupee..
Japan, yen.........
Straits Settlem'ts, dol
.159625*
.159625*
.158781*
.161906 *
.291156
.350137
.273040
.544250
.159250*
.158833*
.158833*
.159250*
.158312*
.158187*
.157875*
.158187*
.158500*
.158187*
.158500*
1939
1938
$2,501,656,783
Cent
—3.3
.291156
.290687
.290843
.350214
.350125
.350010
.350125
Chicago
220,038,973
$2,585,871,300
262,263,116
—16.1
.273006
.272942
.272992
Philadelphia.)
269,000,000
334,000,000
—19.5
.544437
.544125
.544375
.544437
Boston
175,102,215
155,980,854
+ 12.3
3,735625
pound.— 3.733250
New Zealand,
Per
Clearings—Returns by Telegraph
Week Ending Feb. 18
.273103
.290843
Australasia—
Australia,
,
.159250*
.159250*
.161281*
DAY
.159416*
.159416*
HOLI¬
which
possible to obtain weekly clearings will be 4.3% below
those for the corresponding week last year.
Our preliminary
a
.241475
.226605
.022800
Chefoo (yuan) dol'r
based
it is
.189018
.241386
Switzerland, franc
Yugoslavia, dinar...
compared
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Feb. 18)
.042475
Portugal, escudo-.i..
BANK CLEARINGS
Preliminary figures compiled by us
.1890C0
...
5J4d.
upon
.196300*
| .052601
a
.007278*
Norway, krone.,
Poland, zloty
5d.
148s. lid.
this week will show a decrease
.537766
.235386
Netherlands, guilder.
19 ll-16d.
19.895d.
.168538
.012125*
150s.
148s.
^R^RR;,
'
Fine
Per Oz.
$
4,687430
.008589*
Hungary, pengo
Italy, lira.,-.
.168618
.034241
lev
S
.012125*
.012250*
.034251
Denmark, krone
.209111
Engl'd, pound sterl g 4.685138
Finland, markka
.020545
France, franc
.026473
Germany, reichsmark
.401161
Bulgaria,
Czechoslov'ia, koruna
S
.168663
I
.168797
Europe—
Belgium, belga
Bar Gold
Oz. Std.
2 Mos.
21 Hd.
19 15-16d.
—-20.305d.
.
during the period
lowest $4.67&.
1939:
Bar Silver per
Cash
Highest price
Lowest price
43 cents
—------
exchange on New York recorded
Feb. 1, 1939, was $4.68^ and the
New York
Unit
43 cents
43 cetns
43 cents
—
'
Statistics for the month of January,
Noon Buying Rate for Cable Transfer* in
Value in United States Money
.....43 cents
43 cents
25
Jan.
19.729d.
20.041d.
Average
RESERVE
Jan.
19 13-16d.
19 ll-16d.
19^d.
19 ll-16d.
19 ll-16d.
19^d.
26
203^d.
27— .19 15-16d.
28
20 3-16d.
Jan. 30—-20 l-16d.
Jan. 31—20d.
Feb.
1—-.19 15~16d.
Jan.
record for the week just passed:
RATES
IN NEW YORK
(Per Ounce 0.999 Fine)
-Bar Silver per Oz. Std.
Cash
2 Mos.
daily to the Secretary of the Treasury the buying rate for
EXCHANGE
!
IN LONDON
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
FOREIGN
c
Quotations during the week:
Pursuant to the
give below
£982,573
,
United Kingdom,
b Coin not of legal tender
Including £857,400 in coin not of legal tender
Coin of legal tender in the
a
in statement "Stock of Money."
as included
on
„
Deposits in foreign depts.
cash
sagged until 19 15-16d. for cash and
Friday.
The next aay saw a rally
somewhat quiet market prices
The following were the United Kingdom imports and exports of silver,
registered from midday on Jan. 23 to midday on Jan. 30:
Exports
Imports
United States of Am erica _c£901,600
British India
£2,569
Eire
b 13,243
Bruma
13,719
Australia
Norway...
1,319
1
31,575
Sweden
2,715
United States of America..
9,246
Switzerland
24,612
France
76,948
Germany
32,050
Belgium
27,636
Poland
1,333
Germany
7,705
Eire
a6.010
Italy
.—
1,722
1,214
Aden and dependencies
b3,845 Latvia
France
874
Iraq..
b2,512
Other countries.
1,891
Other countries
262
876,117.000
792,001,112
887.915,000
735,802,000
603,000,049
a
&d. below those of Wednesday last.
Offerings have comprised Continental and Eastern as well as moderate
while the features of the buying side have
again been Indian and American purchases of forward and some bear
covering.
+
1"
'
At today's level the market appears to be quietly steady.
1.330,371,868 1,266,044,393 1,305,260,852 1,384,899.107
747,237,000
Jan. 28 carries gold to
Indian and speculative sales
Deposit In special deposi¬
tories account of sales of
Government securities.
on
\id. and 3-16d. for the respective deliveries but this was not maintained
ana quotations today at 19 15-16d. for cash and 19Hd. for forward, are
1.461,300,283 *1540 938,538
156,039,431
156,039,431
Dep. in Fed. Res. banks..
Deposit in National and
£4,208,832
Bombay
of
501,841
173.551
164,70-
2,927
SILVER
In
19 ll-16d. for forward
4,083,105
18,210.891
1..
Other countries
the value of about £37,500.
12,692,280
Net National bank notes-
,
Switzerland.
Sweden
Iran—...
£926,208
858,587,198
637,844,408
3,623,898
1,368,000
838,429,513
583,261,924
2,491,527
22,644
9,591
20,626
811,451
9,500
France
The SS. Narkunda which sailed from
$
$
823,600,187
558.503.57i
2,630,15£
1,261,ioe
11,923,350
3,280,519
.
Belgium
Feb. 1, 1939
Jan. 1, 1939
Dec. 1. 1938
$
Netherlands
4,970
Bombay
Netherlands
32,130
17,325
219,878
5,948
45,427
5,374
Gibraltar
statements,
Nov. 1. 1938
?&dd.
United States of America. £3,089,985
Canada
237,138
£368,555
12,822
17,504
64,395
136,850
Union of South Africa
Holding* in U. S. Treasury
148s.
Average
Imports
TREASURY MONEY HOLDINGS
Net
148s. 6d.
148s.
_
following were the United Kingdom imports and exports of gold,
registered from midday on Jan. 23 to midday on Jan. 30:
$42,674,000
British West Africa.
British East Africa
Net United States notes.
31
1
The
1,037,000
$9,281,000
Foreign corporate
Total
Jan.
148s. 8^d.
148s. 8^d.
905,000
Bonds
Domestic
148s. 8d.
27
28
Jan.
6,024,229
26
Jan.
Jan.
670,985
6,140,525
604,075
Foreign government
Net gold
offered
gold
Per Fine Oz.
Jan.
Stocks—No. of shares.
ernment
of the
but most
Quotations:
3.733671
'3.730187
u
—
3.734140
Africa—
67,827,522
St. Louis
San Francisco
4.638020
4.636041
4.640208
North America—
Detroit.i
Cleveland.
Canada, dollar
.994980
.995195
.995234
.994941
.994863
Cuba,
.999333
.200280*
.999333
.999333
.999333
.200200*
.200200*
.200200*
.992500
.992773
.992812
.992382
.992421
.312265*
058600*
.051733*
.312460*
.312418*
.312330*
.058540*
.058540*
.058600*
.058600*
r—
4——
—-
— -----
67,100,000
125,225,000
—11.7
81,902,961
110,781,730
—26.1
75,660,892
82,238,366
50,609,698
87,581,490
—13.6
74,072,932
+ 11.0
51,631,989
—2.0
$3,703,319,410
641,131,767
$3,924,418,037
—5.6
766,267,065
—16.3
$4,344,451,177
978,112,794
$4,690,685,102
—7.4
870,578,082
+ 12.4
$5,322,563,971
$5,561,263,184
—4.3
+2.4
.999333
.200200*
...
-i.
4
—3.0
110,582,000
-s.
—
69,909,626
,68,700,000
...—
Pittsburgh.
4.64000D
"Union South Africa. 14.637000
--—--
Kansas City
3.7502,50* 3.749125* 3.747062* 3.748125*
pound. 3.747500*
New York
.
.051733*
peso
Mexico, peso
Newfoundl'd. doUar.
Baltimore
1;
.
Eleven cities, five days.
Other cities, five days
South America—
'
Argentina, peso
mllreisChile, neso—official.
Brazil,
"
"
Colombia,
Urueuav.
*
a
.051733*
.040000*
.040000*
.040000*
.040000*
.56S840*
.569900*
.569840*
.6 1 6525*
.616454*
.616312*
.616483*
No rates available.
THE ENGLISH
We
reprint
Total all cities, five days
AH cities, one day
.569900*
.616425*
peso
.051733*
.040000*
S669840*
export.
peso
Nominal rate,
.312340*
.051733*
GOLD AND SILVER MARKETS
the following from the
weekly circular of
under date of
Samuel Montagu & Co. of London, written
Feb. 1, 1939:
GOLD
amounted to £126.414.257
an Jan. 25 showing no change as compared with the previous Wednesday.
In the open market about £4,000,000 of bar gold changed hands at the
laily fixing during the past wpek.
Offerings consisted mainly of Con;inental resales, but part of the supplies was provided by the authorities.
The Bank of England gold reserve against notes
Total all cities for week..
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day of
the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
present further below, we are able to give final and complete
for the week previous—the week ended Feb. 11.
For that week there was an increase of 36.6%, the aggregate
results
of clearings for the whole country having amounted to $5,277,289,455, against $3,862,794,875 in the same week in
976
Financial
Feb.
Chronicle
IS,
1939
Outside of this city there was an increase of 23.1%,
1938.
Week
the bank
clearings at this center having recorded a gain of
group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show an expansion of 47.3%, in the
Boston Reserve District of 12.5% and in the Philadelphia
Reserve District of 36.8%.
The Cleveland Reserve District
records an improvement of 36.4%, the Richmond Reserve
District of 1.1% and in the Atlanta Reserve District of
8.6%. In the Chicago Reserve District there is an improve¬
ment of 32.8%, in the St. Louis Reserve District of 11.2%
and in the Minneapolis Reserve District of 12%.
In the
Kansas City Reserve District the gain is 6.1 %, in the Dallas
Reserve District 37.1% and in the San Francisco Reserve
District 26.4%.
'
In the following we furnish a summary by Federal Reserve
Ended
Inc.
OF BANK
or
1939
1938
Dec.
1937
$
%
%
$
r
istrict—Ch
al Reserve E
r
487,071
Detroit.
315,951
644,799
+ 43./
81,866,284
84,717,810
1,677,36£
871,441
615,661
+ 70.2
2,470,541
2,192,517
+ 24.C
+ 128.1
11.681.00C
+ 36.1
1,498,482
886,251
15.521.00C
13,788,000
863,921
3,356,602
20,791,604
842,371
+49.8
1.084.51C
927,190
+ 35.C
3,736,848
—5.5
21,093,690
3,981,992
16,274,275
6,051,245
2,287,119
+ 29.4
7,472,535
5,637,441
+ 36.7
245,692
+ 19.4
2,394,197
277,895
2,112,216
275,636
1,085,83C
A
1,409,08C
15,901,00C
e
1,293,731
4,551,557
Wis.—Mllwauk
19,643.67C
e
Rapl is
la.—Ced.
1,045,594
Des Moines..
7,827,86i
3,125,36C
293,261
261,069,295
1,026,132
n
1
.
—
+ 45.2
2,855,231
Ind.—Ft.
cago
1936
335,511
52,990,10C
76,156,467
Lansing
896,056
610,014
906,157
+ 24.1
195,933,251
1,174,966
+ 64.1
271,763,650
797,282
249,879,448
625,192
3,127,071
971,778
1,044,585
2,383,047
+ 31.2
3,644,147
3,232,000
989,772
—1.8
993,586
807,005
886,952
+ 17.8
1,114,814
874,589
402,914,604
303,427,866
+ 32,8
417,837,829
388,657,792
82,900,000
15,926,000
15,465,267
29,551,054
13,845,187
-
Decatur
Peoria
districts:
SUMMARY
11
Feb.
Clearings at—
48.1%. "We
+ 33.2
631,838
CLEARINGS
Total
(18 cities)
)
Inc. or
Week Ended Feb. 11.1939
1939
Federal Reserve Dlsts.
1938
Dec.
S
1936
1937
1st
Boston
231,047,715
205,324,398
+ 12.5
248,410,812
234,446,439
2d
New York,.13
"
3,200,395,138
2,172,013,283
+47.3
3,292,639,817
3,113,044,875
PhlladelphialO
3d
12 cities
1 Reserve Dis trict—St. L© uia—
i
f
%
258,469,898
+36.8
327,514,933
7
245,672,142
180,150,119
6
"
115,633,040
114,333,552
127,069,432
6th
Atlanta....10
III.—Jackson
?
104,984,016
"
148,155,953
136,400,512
+8.6
146,363,551
Chicago
18
"
402,914,604
303,427,866
+32.8
417,837,829
4
"
9th
Minneapolis
7
"
74,116,702
66,176,120
10th Kansas CltylO
"
112,537,649
106,021,329
X
+ 3.8
X
X
71,000,000
X
X
.
431,000
389,000
+ 10.8
540.000
387,000
123,875,510
Total (4 cities)
111,363,097
+ 11.2
114,831,267
114,783,241
—22.4
2,493,522
+ 15.4
49,379,998
1,793,927
41,178,131
+ 8.0
17,691,620
+5.4
1,571,602
—1.2
446,200
388,657,792
St. Louis...
+ 4.3
+ 34.4
'
Quincy
115,198,362
7th
8th
16,081,383
69,700,000
25,787,462
15,486,635
'
s
220,750,953
Richmond—
+36.4
+ 1.1
248,012,581
6th
72,700,000
34,663,127
Tenn.—Mem
303,224,654
Cleveland..
"
"
353,467,961
4th
Mo.—St. Lot
Ky.—Louis vL
11th Dallas
111,363,09? + 11.2
123,875,510
114,831,267
+ 12.0
+6.1
73,937,481
63,958,721
117,068,709
114,173,255
114,783,241
6
"
66,289,343
48,360,408
+37.1
52,855,536
"
203,183,698
160,754,293
+26.4
206,239,225
186,99^-336
5,277,289,455
3,862,794,375
+36.6
5,372,781,173
5,008,622,465
2,184,240,832
1,774,624,116
+ 23.1
2,176,454,121
2,015,094
47,673,188
18,994,190
48,406,821
12th San Fran—.10
Reserve Dis trict
Minn.-
1,996,257.807
Total
"
113 cities
Outside N. Y. City
Canada
32 cities
We
add
290,539,903
+7.0
271,435.346
328,019.4001
—
Minn eapolis
2,596,712
41,313,686
17,586,509
16,969,856
1,502,046
'
N. D.-
1,840,541
S.D.—
474,977
1,745,887
480,917
6
342,325
516,432
477,624
+8.1
438,287
536,656
2,602,280
1,974,785
+ 31.8
1,825,796
1,726,236
74,116,702
66,176,120
+ 12.0
73,937,481
63,958,721
Mont.-
304.763,369
Total (7 cities).
•
detailed statement
showing last week's
figures for each city separately for the four years:
now
our
.
Reserve Dis trict
Ended
—
Kans
as
City
93,390
—13.1
99,860
+ 32.0
123,972
83,987
2,114,036
21,097,200
+ 9.6
2,138,461
+ 26.5
23,629,020
1,980,576
23,195,180
2,870,691
2,853,865
+ 0.6
2,101,668
2,849,035
—9.4
74,026,654
2,734,426
472,769
622,350
73,504,825
+ 0.7
2,529,793
82,341,646
2,466,324
112,537,649
11
Feb.
Clearings al-
•
Inc.
1939
1938
or
1937
Dec.
1936
$
Flrst Federal
Mo.—Kan. <
Reserve Dist rict
Boston
668,222
469,280
+ 21.1
1,711,692
+0.4
199,273,933
1,704,877
175,361,403
+ 13.6
799,437
550,463
+ 45.2
Me.—Bangor
Portland
Mass.—Boston.
Fall
81,116
131,766
2,317,600
26,698,118
2,582,159
Week
River—
Lowell
424,480
386,365
625,653
1,742,594
212,925,765
834+21
•
+ 9.9
616,056
442,231
505,941
+ 32.2
740,494
3,003,411
7-13.6
—1.2
—
8,950,300
Fort Worth...
9,910,447
7,881,528
"+25.7
2,922,049
+29.3
9,056,700
552,500
'10,399,700
-*-12.9
577,094
522,226
664,592
106,021,329
+ 6.1
117,068,709
114,173,255
411,253
+ 34.3
431,928
485,826
Galveston..—.
231,047,715
205,324,398
+ 12.5
248,410,812
234,446.439
La.—Shreveport.
Feder al Reserve D istrict—New
York-
8,050,569
1,184,074
7,251,295
+ 28.3
+ 30.0
28,100,000
District—Da lias—
6,549,095
1,885,000
940,123
26,300,000
R. I.—Providence
N.H.—Manches'r
Total (12 cities)
Second
608.063
+ 41.9
.»
Texas—Austin...
Eleventh Fede ral Reserve
3,778,995
Hartford
New Haven
/
2,994,901
—6.2
438,558
'
1,529,735
9,994,054
3,460,757
Wichita Falls..
Conn.
+ 10.9
504,236
612,187
2,655,160
1,728,128
3,328,841
2,109,897
9,622,287
3,792,601
11,814,100
Total (10 cities)
—
20,880,173
Binghamton...
860,422
N. Y.—Albany
12,586,789
670,456
22,300,000
509,047
—14.8
476,206
+ 24.0
3,093,048,623 2,088,170,759
+48.1
29,000,000
433,537
589,153
Buffalo
Elmira——
Jamestown
<
New York.
Rochester
7,382,923
5,337,842
+ 38.3
Syracuse
4,026,603
3,415,828
3,091,756
+ 30.2
Westchester Co
3,273,551
Conn.—Stamford
4,070,064
3,612,574
N. J.—Montclalr
376,327
272,574
15,200,636
21,110,849
14,926,766
16,785,963
+ 1.8
-
'
1,796,038
61,886,636
+ 50.9
+ 49.2
1,273,971
39,262,569
6,673,803
—1.9
6,198,229
1,520,000
812,080
3,388.922
+ 15.8
66,289,343
cities).
1,190,441
34,775,162
3,233,451
Dallas
Total (6
+ 65.9
'
48,360,408
+ 37.1
605,266
557,506
536,151
535,680
3,196,327,052 3(012,364,658
6,931,777
3,295,747
Twelfth Feder al Reserve D
•
Wash.—Seattle.
(13 cities) 3,200,395,138 2,172,013,283
+ 4.3
6,501,329
3,133,127
2,407,600
2,790,266
+ 12.7
3,619,431
2,364,554
+ 38.1
352,806
475,000
16,638,009
25,284,403
17,246,585
San Jose
32,039,686
Santa Barbara.
Third
Federal
Pa.—Altoona
Bethlehem.
...
Chester
Lancaster
Philadelphia...
*
Reading..'
(+25.8
Ore.—Portland.
_
Utah—S. L.'City
Calif.—L'g Beach
Pasadena
strict—San
2,070,449
Scranton
448,069
—19,4
406,129
+ 85.3
194,221
+ 49.1
855,549
+ 31.2
431,143
394,553
250,285
1,178,396
250,000,000
+ 37.2
318,000,000
827,549
+ 48.1
1,043,554
1,877,151
1,680,335
+ 23.2
843,318
533,748
+ 58.0
918,398
+ 12.7
2,769,200
2,605,900
353.467.96i
258,469,898
—
York.-.
N. J.—Trenton—
23,667,903
(10 cities)
367,692
417,532
992,430
Cleveland
Columbus
Mansfield
19,813,802
10,042,788
+ 36.8
327,514,933
303,224,654
+ 7.3
39,775,295
51,353,414
7,026,200
1,273,650
1,553,546
77,754,144
+27.1
Total
(7 cities).
Fifth Federal
104,073,570
245,672,142
180,150,119
Reserve Dist
rict—Richm
W.Va.—Hunt'ton
Va.—Norfolk...
Richmond
S. C.—Charleston
Md.—Baltimore
D.
.
C.—Wash'b'n
Total (6
cities)
-
Sixth Federal
+47.5
+34.0
+22.9
+61.7
+33.8
+ 36.4
315,805
266,061
+ 18.7
2,359,000
32,696,443
1,114,604
58,180,843
19,716,601
—8.2
114,333,552
+ 0.6
+ 8.6
+ 0.2
+ 5.2
+ 1.1
+27.2
3,203,059
+ 19.1
3,996,390
3,390,981
31.6
127,653,000
113,806,410
+ 35.4
1,901,652
2,245,499
+ 41.7
1,103,168
1,154,525
+ 3.4
2,250,841
1,371,187
+ 26.4
206,239,225
186,993,336
203,183,698
160,754,293
+
4,137,151
+ 5.8
Nashville
17,370,119
13,762,846
+ 26.2
Ga.—Atlanta
48,200,000
44,600,000
+ 8.1
Augusta...
1,003,297
833,656
1,003,537
849,150
15,988,000
15,728,673
—0.1
+ 16.8
1,388,122
+ 26.8
Macon
Fla.—Jack'nville.
Mobile
17,228,000
18,371,255
1,760,364
Miss.—Jackson..
Vicksburg
La.—N ew Orleans
Total
(10
cities)
x
158,161
38,852,496
148,155,953
—1.8
+ 7.8
x
193,814
38,749,219
136,400,512
3,317,381
(10 cltieS)
Grand
total
(113
cities)..
5,277,289,455 +862,794,875
Outside New York 2,184,240,832
+ 36.6 5,372,781,173 5,008,622,465
+23.ll2,176,454,121
1,774,624,116
1.996,257,807
Week
Ended
Feb.
9
Clearings atInc.
Canada—
or
1938
8
Dec.
$
1939
%
1937
1936
$
J
119,324,827
101,919,629
94,771,222
83,460,795
Vancouver
90,704,617
21,309,570
15,365,639
45,232,059
63,120,114
Ottawa
22,015,801
14,617,900
1,694,593
3,061,021
111,279,021
1,780,592
98,933,107
248,012,581
220,750,953
8,886,100
1,006,008
4,607,873
2,115,382
4,706,031
—2.1
2,127,034
—-0.5
,4,461,199
3,938,092
3,889,410
+ 13.3
4,341,242
+ 7.7
6,737,674
4,798,465
1,420,576
1,416,385
2,269,721
Winnipeg..
Quebec
.....
Halifax.
.....
Hamilton..
Calgary
4,189,059
St. John
■
+7-5
+ 8.7
20,617,814
+3.4
13,569,097
+ 13.2
21,883,926
+ 0.6
.
1,764,962
1,803,186
1,603,696
+ 10.2
1,423,960
+ 26.6
1,614,916
1,659,719
2,338,869
2,300,633
3,070,245
+ 1.7
2,335,490
127,069,432
$8 ,386,394
834,749
54,160,568
19,356,259
3,293,423
15,092,789
14,889,775
3,327,129
+ 7.3
3,340,466
+ 30.8
2,988,764
+ 16.0
255,064
1,975,331
-*
3,827,607
+ 14.3
328,827
2,684,719
2,106,382
188,674
359,208
1,008,455
547,269
726,390
1,106,814
—8.9
1,184,262
1,076,630
424,400
+29.0
466,256
776,987
——6.5
877,681
709,678
552,881
-
Regina
Brandon
766,210
590,839
—27,8
832,720
466,940
493,131
558,121
2,880,583
277,413
426,158
Lethbridge
Saskatoon
Moose Jaw
Brantford—
Fort William.—.
104,984,016
48,096,572
3,614,912
2,197,410
Victoria
Edmonton
216,046
2,030,000
80,983,403
18,276,381
18,129,792
London
256,806
2,710,000
34,846,759
1,183,907
64,284,589
23,787,371
110,821,241
103,313,783
27,504,230
New Westminster
549,247
2,203,006
239,098
372,917
—7.0
427,285
Medicine Hat
4,378,605
Ala.—Birm'ham.
1,792,973
Reserve Dist rict—Atlant
Tenn.—Knoxville
572,195
•'
Montreal.
2,018,619
47,409,319
67,932,108
ond—
2,165,000
32,879,314
1,210,898
58,316,030
20,745,993
115,633,040
26,977,389
22,638,610
11,100,958
3,735,582
Toronto-j
50,535,991
75,727,936
9,413,700
Youngstown..
Pa.—Pittsburgh.
28,436,753
794,101
23,792,169
12,993,770
2,957,494
-
+30.4
1,564,802
2,512,134
48,406,821
SCO
+ 19.4
2,136,196
1,127,125
1,554,971
4,231,000
1,413,870
...
52,855,536
291,000,000
1,168,745
+6.3
1,844,009
Cincinnati.....
645,721
2,589,800
228,963
'690,685
1,316,166
2,333,000
Feder al Reserve D istrict—Clev eland
Fourth
642,671
3,293,096
+25.6
"
Ohio—Canton.
2,185,000
,
+ 19.9
631,276
95,945,000
1,802,957
945,953
1,744,061
Francisco.
.
Total
5,207,326
.2,317,000
.+ 47.3 3,292,639,817 3.113,044.875
1,034,576
Wilkes-Barre
Frandi
28,379,752
792,766
3,815,975
126,408,588
2,441,431
1,340,114
1,803,844
San
Reserve Dis trict—Phila delphi
360,920
752,586
289,571
1,122,160
343,000,000
1,225,181
—4.6
23,661,877
10,776,268
3,763,083
.
Yakima.."
Total
Northern N. J.
+24.0
1,096,476
36,550,498
892,121
Stockton
Newark
Total
1,935,603
2,476,000
80,397,259
2,778,668
321,518
669,016
Worcester
Pueblo
203,422,649
660,244
2,595,100
1,707,193
New Bedford..
Springfield...
St. Joseph....
Colo.—Col. Spgs.
1,737,953
84,296
78,959
—18.4
+ 0.3
+ 8.6
3,102,527
15,185,486
53,800,000
1,281,419
960,454
17,775,000
16,451,809
1,505,990
x
149,703
36,151,163
146,363,551
2,810,038
13,012,195
39,500,000
895,674
811,893
13,409,000
15,938,565
1,204,569
162,962
135,380
+ 20.4
156,090
Peterborough
517,539
545,813
—5.2
562,677
518,583
616,209
841,919
2,422,602
554,481
+ 11.1
488,797
438,355
—8.6
891,095
1,062,539
2,350,625
+ 3.1
2,805,264
271,699
238,169
+ 14.1
280,368
634,453
461,161
2,215,176
241,319
582,008
Shrebrooke
Kitchener
Windsor
Prince Albert
Moncton
596,080
580,099
+ 2.8
Kingston
496,193
538,332
—7.8
Chatham
529,857
513,263
+ 3.2
556,692
467,026
427,293
+ 9.3
434,146
760,212
788,868
—3.6
931,110
754,597
290,539,903
271,435,346
+ 7.0
328,019,400
304,763,369
Sarnla
x
152,723
27,463,705
920,797
127,491
.
Sudbury
Total
(32 cities)
115,19 ,362
*
Estimated,
x
No figures available.
478,062
394,470
454,138
Volume
Financial
148
ENGLISH
FINANCIAL
MARKET—PER
CHANGES
CABLE
The daily closing quotations for securities, &c., at
as
reported by cable, have been
Mon.,
Sat.,
Feb. 11
Tues.,
Feb. 13
20
20 7-l6d.
I48s.3 3^d.
1488.4 ^8.
Consols, 2 M 01. Holiday
%
War Loan
Holiday
148s. 4d.
£70 3-16
£69 Ji
£69
£97H
£97H
Feb. 17
Feb. 16
Feb. 15
20
Frt.,
Thurs.,
Wed.,
Feb. 14
20 7-16d.
Silver, per oz_. 20H6.
Gold, p. fine oz.l48s. 5d.
London,
follows the past week:
as
148s.4Hd.
148s.4^d
£69 %
£70
£9714
£97H
13-16y
£97H
The
States
Bar
U.
£108
£108H
Holiday
at the
beginning of December and January, and the amount
for the years 1938
*
Holiday
3,231,163
4,649,240
—*$202,963,857
*1242,185,925
redeemed by Secretary of the Treasury.
Includes proceeds for called bonds
Note—$2,235,026.50 Federal Reserve bank notes outstanding Jan. 3, 1939, secured
42 M
42)4
42 H
64.64
42%
1938
$246,835,165
1938
$206,195,020
**_.*_
Amount of bank notes afloat Jan. 3
on
N.Y.(for'n) Closed
during the month of December
and 1937:
National Bank Notes—All Legal Tender Notes—
United
price of silver per ounce (in cents) in the
the same days have been:
bank notes
secured by legal tender deposits)
are
Net decrease during December
£107)4
£917 %
£107)4
NOTES
(all of which
Amount afloat Dec. 1
4%
1960-90
BANK
afloat
British 4 H
British
NATIONAL
IN
The following shows the amount of National
of the decrease in notes afloat
20)4d.
Hd.
977
Chronicle
64.64
64.64
" "
by lawful money, against $2,258,881.50 on Jan. 3, 1938,
•
S. Treasury
(newly mined)
64.64
64.64
64.64
'
DIVIDENDS
CALLS
REDEMPTION
FUND
SINKING
AND
NOTICES
list of bonds, notes and 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'':
Below will be found
a
stocks of corporations
the
dividends previously
pany
News
announced, but which
in our "General Corporation and Investment
Department" in the week when declared.
name
20
872
1
724
_l__Feb. 21
„__Feb. 21
f. debs
s.
show
have not yet been paid.Further details and record of past
dividend payments in many cases are given under the com¬
Mar. 14
1021
1021
Name
1021
Abbott Laboratories
Aroostook Valley RR., 1st mtge. 4Hs
Associated Gas & Electric Co.
we
are
Page
1018
Date
Company and Issue—
*
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
Dividends
__Feb.
*
Budd Realty Corp., 1st & ref. mtge. 6s
*
Charleston Transit Co.—
"
*_Mar.
/
The dividends announced this week are:
When
Per
Holders
,
1st mtge. 5s 1942-*
Gen. mtge. & adj. mtge. bonds 1952
Collateral trust notes 1942
-
21
Feb.
Apr.
1
Feb. 28
Feb. 28
May
1
Arp.
1
Apr. 26
-Feb. 21
Apr.
1
Apr.
1
.
.
576
24050
24051
24051
1027
22533
■
1030
Apr.
1
Apr.
5
June
1
July 17
Mar.
1
Chicago Union Station Co., 4% guaranteed bonds.
Cities Service Gas~Co. 1st mtge. pipeline 5ys
Cities Service Gas Pipeline Co. 1st mtge. 6s
Consumers Power Co. 1st mtge. 4% bonds
*
Family Loan Society, Inc., partic. pref. stock..
Hackensack Water Co
first mortgage 4s 1952
*
Hawley Pulp & Paper Co., 1st mtge. 6s
Holland Furnace Co., preferred stock
__
Illinois Iowa Power Co., 1st & ref. mtge. gold bonds
Illinois Northern Utilities Co. 1st & ref. 5s, 1957
280
734
23460
,
440
735
585
Illinois Water Service Co., 1st mtge. 5s
International Salt Co. 1st mtge. 5s
International Salt Co. 1st mtge. 5s
Iowa Public Service Co.. 1st mtge. 5s
Lib by, McNeill & Libby 1st mtge. 5s
-
733
'.Mar.
_Mar.
6
741
Apr.
1
741
_Mar.
.
__Apr.
^
283
587
737
740
North American Edisoh Co.
$6 preferred stock
5% debentures A
i
Railway Express Agency, Inc., 5% serial bonds
*
Sayre Electric Co., 5% gold bonds._
St. Monica's Congregation 4)4% bonds.
Scott Paper Co. 3)4 % con v. bonds
—i._.
Skelly Oil Co. serial notes
Scruggs-Vandervoort-Barney, Inc., 7% notes
Spang Chalfant & Co. Inc. 1st mtge. 5s
*
592
446
24065
1010
24067
289
890
745
290
Feb. 20
Mar. 15
Mar. 7
Feb. 25
debentures
>__Mar. 1
Feb. 20
Mar. 1
*
Apr.
1
Mar. 1
Mar. 1
Mar. 15
Mar. 1
Mar. 10
Panhandle Eastern Pipe Line Co. 1st mtge., series A.
599
290
22406
23475
Texas Public Service Co. 1st mtge. 5s
Toho Electric Power Co., Ltd., 1st mtge. bonds
Virginia Elec. & Power Co.. 1st & ref. mtge. bonds
Woodward Iron Co. 2d mtge. 5% bonds
;
Announcements this week,
Volume 147.
x
741
887"
_Mar. 15
Aug.
1
*
*
741.
Mar. 15
5)4% debentures B
5% debentures C
Northeastern Water A Electric Co. coll. trust 6s
Alabama Water Service, pref.
American Bank Note
Preferred
1
1 Feb.
20
Apr.
1 Mar. 13
75c
Apr.
1 Mar. 13
Mar.
1 Feb.
10c
:*•-*
--*■
—
American Cigarette & Cigar (stock div.)_._
l-40th sh. of Am. Tob. Co. common for
Mar. 15 Mar.
Preferred
Mar.
(quar.)
American Maize Products
,
-
The
following securities
were
>
of the current week:
sold at auction
on
Wednesday
By R. L. Day & Co., Boston:
Shares
,
„
Stocks
*
:
8 per Share
.
Appalachian Mills Co. common, par $100.
......
10
20 Everlastlk, Inc., preferred A
........
1
1 Boston Athenaeum, par $300
n
.....
..201 •
5 American Druggists Fire Insurance Co. unrestricted, ex-dividend, par $25.. 49
1 Boston Athenaeum, par $300
•
........201
5 Cumberland County Power & Light 6% preferred, par $100
1
103)6
....
By Crockett & Co., Boston:
14 Newmarket
15 Arlington
Mfg. Co
...
1 Suncook Mills
preferred, par $100
par $25...
—***
.A" 21)4
*—*»•
_.l
Mills
...
10 Haverhill Gas Light Co.,
100 Consolidated Lobster Co., Inc
26
_■
...—
Galveston-Uouston Co. common
28 Galena Oil Corp.
50
; 13)4
$100;
$20; $10,000 Little Rock
capital stock; 135 Rock Island Co. common, par
National
Seattle
12
854
3)4
Bank,
Seattle, Wash.,
par
Mississippi River & Texas Ry. 7s, 1911
>...$17 lot
Per Cent
15 flat
....
V1
Bonds—
$5,000 Conveyancers Insurance Title & Mortgage
4s, 1938..
By Barnes & Lofland, Philadelphia:
Shares
$ per Share
Stocks
15 Gilbert Paper Co., par $500.....
125 Paterson Parchment Paper Co.,
11 North Philadelphia Trust
par
$100._
Co., par $50
390 Insulrar Lumber Co., par $10
.,-..-500
...
40
96
50 at 7)4; 300 at 7, and 40 at 6)4
information regarding National banks is
the office of the Comptroller of the Currency, Treasury
from
Department:
COMMON
CAPITAL STOCK REDUCED
Amt. of Reduction
8—The First National Bank of
From $25,000 to $5,000
Feb. 8—-Carthage National Exchange
From $200,000 to $100,000
Feb.
PREFERRED
Dryden, Dryden, N.
Y.
— -
$20,000
Bank, Carthage, N. Y.
STOCK A
100,000
DECREASED
of Dccr$(isc
Feb. 8—The First National Bank of Dryden, Dryden, N. Y__From
$45,000 to $15,000
,
Feb. 8—-Carthage National Exchange Bank, Carthage, N. Y.
From $400,000 to $150,000
—
PREFERRED
»
STOCK B
250,000
Amt. of Decrease
Y.
50,000
Mar. 10
;—
(Quarterly
,
Mar.
Feb.
Mar.
Mar.
Apr.
Mar. 10
Mar.
Mar. 10
Apr.
50c
--*
Alar. 20
Apr. 15
Mar. 15
20
1
t25c
11
Uiy
mn
Feb.
Feb.
Mar.
50c
Mar.
Mar.
Feb.
Apr.
Apr.
Mar. 31
1
17
Mar. 31
,
Feb.
- - *
23 Feb.
18
Feb.
15
Feb.
—
$1M
$iy
..
Mar.
si
Mar.
Mar.
17
3
50c
Mar.
Mar.
3
75c
Mar.
Feb.
$1
Mar.
$iy
pref. (quar.)
Mar.
_
Mar.
20
Feb. 24
Feb.
20
Feb.
Feb.
17
Mar.
Mar. 25
75c
25c
Apr.
Mar. 15
Mar. 16
25c
Mar.
Mat. 15
15c
$1-M
Apr. 15
Feb.
$ik
Feb.
14
6% cumulative 1st preferrtxi ------ v - - - - - East St. Louis & Interurban Wat. 7% pf. (9.U.) 6% preferred (quar.)
— -- —
Electric Controller & ManufacturingElectrographic Corp. (quar.)—
Preferred (quar.)----Ely & Walker Dry Goods _
Emmart Packing Co., 6% preferred (quar.)
Empire Power Corps, $6 cum. pref. (quar.)
Participating stock
Emporium Capewell Corp.-- —
Erie & Pittsburgh RR. (quar.)---*-"*,
Equitable Life Insurance Co. (Can.)-_***--Equity Fund, Lie. (quar.)
Equity Corp. $3 preferred (quar.)
—---Erie & Pittsburgh RR. gtd. betterment (qu.)-**
Federal Compress & Warehouse (quar.) — ___r*
Felt man & Curme Sho6 Stores pref. (quar.)---*
Federal Mining & Smelting pref. (quar.)
Fifth Avenue Coach (quar.)-.--------Ford Motors (Canada) class A & B (quar.)
preferred (quar.) _ — - * *
Laundry Co. (quar.).Co., Ltd., class A
—-
(quar
Sept.
May 18
Aug. 18
Dec,
Nov. 18
Mar.
Mar.
Mar.
M.ar.
Feb.
20
Feb.
20
Apr.
Mar. 20
Feb. 23
my
$iy
$i y
50c
25c
Mar.
$iy, Mar.
Mar.
12 yc
Mar.
$i y
Mar.
$i y
18
1
Feb.
23
Feb.
18
Feb.
16
Mar.
1
50c
_
Mar,
Mar.
30c
Apr.
Mar. 21
Mar.
Feb,
Feb.
Feb.
Feb.
Feb.
15
9
Mar.
Feb.
17
Feb.
28
87m
5c
75c
80c
Mar.
1
28
Mar.
Feb.,16
Apr.
Mar.
1
n%
Mar.
Mar.
1
50c
Mar.
25c
Mar.
Mar. 15
Feb. 25
40c
87 yc
$2
Feb.
Jan,
25
Feb.
Jan.
27
$i,k
7 % participating
Galland Mercantile
Greenmountain Power Corp.,
Greenwich Gas Co. (quar.)
Feb.
June
62Hc
preferred (quar.)
Drug, 7% pref. (quar.)-.-
Gaylord Container Corp. (quar.)
Preferred (quar.)
General Plastic, 7% pref. (quar.)
6% preferred (quar.)
General Printing Ink Corp
Mar.
30c
Street Ry. Co.—
Apr.
30c
—
Mar. 20
30c
(quar.)
quar.)---
-a
$6 cum. preferred
Mar. 10
30c
Co. (increased
Quarterly-
Feb.
Feb,
5
5
35c
Feb.
Feb.
50c
Apr.
25c
Feb.
Mar. 15
Jan. 31
---
Mar.
Feb.
28
Mar.
Feb.
28
Feb.
Feb.
10
Feb.
Feb.
10
10c
$6 preferred - -
25c
68Mc
$124
87 yc
—
%\M participating preferred (extra)
Greyhound Corp. (quar.) —
'•)
5H% preferred (quar
Hamilton Cotton Co., Ltd., $2 con v. pref
Hazeltine Corp. (quar.)
—
Heileman (G.) Brewing Co. (quar.)
HoUdaille-Hershey, class A (quar.)
Humble Oil & Refining,Co
Indianapolis Water Co., 5% pref. A (guar.)-,-*
,
$30,000
DECREASED
National Exchange Bank, Carthage, N.
$100,000 to $50,000.—
* — --—,
Feb. 8—Carthage
From
Detroit Harvester Co
Devoe& Raynoida preferred
Garner Royalties
Mar. 10
Apr.
9
Apr.
,-—
Franklin Rayon,
The -following
Mar. 10
nyc
$1H
UH
(Ont.) (quar.)
Connecticut Light & Power Co. (quar.)—aConsolidated Film Industries, pref
Consolidated Laundries preferred (quar.)_*
Delaware & Bound Brook RR. Co. (quar.)---*
Gallaher
Apr.
Apr.
15
May
(qu.)_-
Franklin Co
NATIONAL BANKS
28
,
Eastern Massachusetts
$ per Share
.
35 %
Stocks
Shares
Feb.
25c
(quar •) - - - — - - - - — - of New Castle Water Co., 6% pref. (qu.)-*
Dr. Pepper
10
Mar.
Apr.
Confederation Life Assoc.
100
Feb.
$1H
Chrysler Corp. common
City
Mar.
Feb.
(passed)
Commoil Ltd--
.
Feb.
Mar.
— --
Service Corp *—
(quaf.)
Mar.
10c
—
Bullock's, Inc.-—
Butler Water Co., 7% preferred (quar.)--,
California Art Tile Corp. $1H class A prefCanadian Industries, class A & B
—-----
Central Arkansas Public
Apr.
Mar. 24
Mar. 15
$1
Bridgeport Gas Light Co. (quar.)
Bucyrus-Erie Co. preferred (quar.):.
Buffalo Niagara & East. Power 1st pref
Preferred (quar.)
*-
Mar.
20c
pref. (quar.)-*—.--
(quar.)
18
Mar. 24
iC '
(qu.)
6 % preferred (quar.)
Beech-Nut Packing Co. (quar.)_._*
Extra
Beneficial Loan Society (Del.) (quar.)p
Birmingham Water Works Co., 6% pref.
Boston Elevated Ry. (quar.)..
Preferred
20*
Mar.
%IH
2)4
(quar.)—
American Telep. & Teleg. (quar.)
Anglo-Canadian Telephone Co., class A
Art Metal Works (quar.)
_,s.
Atlantic Macaroni Co., Inc. (quar.)
Atlas Press Co. (quar.)
—a
Feb.
Feb.
25c
- - -
-
Mar.
Mar.
Preferred
Canadian Pacific Ry. preferred
Casco Products Corp
Mar. 15
20c
American Electric Securities Corp. part. pref..
American Laundry Machinery Co. (quar.)
Chestnut Hill RR. Co.
-
2
share held.
Extra
SALES
15
each
Chesebrough Mfg. Co. (quar.) —
AUCTION
Mar. 31 Mar. 14
Mar,
* —
,
(quar.)
Mar. 31 Mar. 14
Apr. 15 Apr.
ny*
ny
—
(quar.)-.
(quar.)
American Box Board Co. pref.
Payable of Record
1H%
L-,—
7 % preferred (quar.)
Central Ohio Light & Power,
-
40c
—
— .
10c
Preferred (quar.)
Bangor Hydro-Electric 7%
*
Paramount Pictures, Inc., 6%
(quar.)
Extra
734
1
1
1
1
6
Apr.
Apr.
-
Manufacturers Finance Co. 4H% notes
Massey-Harris Co., Ltd. 20-year 5% bonds
Metropolitan Corp. of Canada, Ltd., 6% gold bonds.
North American Co., 5% debentures..
Share
of Company
Apr.
Apr.
Mar. 14
Mar. 14
$i y
Mar.
Feb.
18
24c
Feb.
Feb.
10
67c
Feb.
Feb.
10
20c
Apr.
Apr.
Mar. 22
my
1324c
t50c
Apr.
Mar. 22
Mar. 15
Mar.
1
75c
Mar.
25c
Mar.
Feb.
62 yc
Apr.
Apr,
Apr,
Alar. 20
37 yc
$iy
Mar.
21
2
Alar. 11
Financial
978
Per
Name
Share
of Company
$2
30c
30c
30c
1 Feb.
20
1 Feb. 20
Apr. 15 Mar. 20
Mar. 17*
Apr.
Mar.
Feb. 20
June
30c
Kansas City Stockyards of Maine
Nov. 10
Mar. 10
91A
$1
(qu.)
5% preferred (quar.)
$1H
—
10c
Kansas Pipe Line & Gas Co
8%c
Kerlyn Oil Co.. class A (quar.)
Kimberly-Clark Corp_
25c
—
—
Mar.
Apr.
Apr.
2&
i7rn
$1H
91%
50c
SIX
1 Feb. 15
10 Mar. 10
1 Mar. 10
Mar. 15 Mar.
Mar.
1 Feb.
1 Feb.
Co. (quar.) _ _ —
Apr.
10c
Mar. 15
1*
28
25c
10c
Magma Copper Co
MaUory (P. R.) & Co
Mar. 10 Feb.
28
SIX
Maniscberwitz (B.) Co., preferred (quar.)
May Hosiery Mills, class A
$4 preferred (quar.)
50c
Mar.
$1
3c
— — -
81 Xc
15c
Michigan Steel Tube Products (resumed) — --Milwaukee Gas Light, 7% preferred A (quar.) _ _
SIX
30c
Mississippi Valley Utilities (liquidating)-Mitchell (J. S.) & Co., 7% pref. (quar.)-Monarch Machine Tool
SIX
35c
Monroe Chemical, preferred (quar.)
Monroe Loan Society, 5%% convpref (auar.)
Muncle Water Works, 8% pref. (quar.)
Nashua Gummed & Coated Paper Co
87 Ac
—
50c
National Container Corp. (Del.)-
7%c
National Dairy Products (quar.)
Preferred A & B (quar.)
3
Apr.
Mar.
Mar. 15 Feb.
8
Apr.
1
Mar.
2
14
%1A
Newberry (J. J.) Co. (quar.)--
50c
•
50c
-t-
15c
—
Niagara Falls Semlting & Refining Corp
'-North Pennsylvania RR. Co
—
Ohio Water Service Co., class A
Oklahoma Gas & Electric Co., 6% pref. (quar.).
7% preferred (quar.)
Omnibus Corp., pref. (quar.)
Otis Elevator Co
Preferred (quar.).?
Park & Tllford, convertible preferred
25c
1 Feb.
Apr.
1
28
Apr.
Apr.
—_
Phelps Dodge Corp
Philadelphia Germantown & Norristown RR—
Philadelphia Suburban Water Co., 6% pf. (qu.)
Pierce Governor Co. (.interim)
—
l|Feb.
20
10
Mar. 25 Mar. 10
Apr.
...
l'Feb.
Mar. 15 Feb.
Mar. 15 Feb.
May
j.
Mar.
Mar.
—
Apr.
Apr.
Apr.
Feb.
Feb.
-
20
15 Feb.
15 Feb.
9
1 Mar. 20
1 Mar. 20
1 Mar. 20
67 Ac
1 Mar. 15
"
Terre Haute Water Works, 7 % preferred
(qu.)
Union Premier Food Stores
(quar.)
20c
$2
25c
34c
SIX
10c
United Gas & Electric,
7% pref. (quar.)
United Gas & Electric Corp., prer. (quar.)
United Printers &
Publishers, Inc., $2 preferred
Common (resumed)
Utah Power & Light, $7
__
preferred.
Mar.. 15 Mar.
8
Feb. 21 Feb. 14
Mar.
—
Preferred (quar,)
Union Twist Drill Co. (no action)
Preferred (quar.)-United Elastic Corp
Apr.
six
1%%
tn A
10c
Apr.
Apr.
Feb.
Feb.
$3 A
32c
43 Ac
5c
-
Valley Mold & Iron Corp., prior pref. (quar.)
Vapor Car Heating Co., Inc
7 % preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)..
7% preferred (quar.)
Victor-Monoghan Co., 7% pref. (quar.)__..
Viking Pump Co. (special)
Preferred (quar.)...
Virginia Electric & Power, pref. (quar.)
Virginia Fire & Marine Insurance
Vogt Mfg. Corp
Waialua Agricultural Co
t
Welch Grape Juice Co
—
91X
25c
§1X
SIX
SIX
Mar,
1
1 Mar. 21
Mar. 24 Mar.
Mar. 15 Mar.
Mar. 15 Mar.
$ 1.16 2-3 Apr.
$1
Apr.
37 Ac
1 Feb. 20
1 Mar-. 15
Mar. 15 Mar.
25 Feb.
25 Feb.
3
1
1
15
15
17
Feb, 28
Apr.
25c
Feb.
27 Feb. 10
Mar.
1 Feb. 18
Mar. 10 Mar.
Mar. 10 Mar.
June 10 June
Sept.
9 Sept.
Dec.
9 Dec.
1 Mar. 20
Apr.
Mar. 15 Mar. 1
Mar. 15 Mar.
1
_
Mar. 20 Feb. 28
Mar.
1 Feb. 17
Mar.
1 Feb. 17
Feb. 28 Feb. 18
Mar.
1 Feb. 28
Feb
1
Mar.
91%
Mar.
91%
Mar.
Feb.
Feb.
Apr.
Mar.
50c
91%
SIM
3
17
Feb.
3
6*
S2M
25o
Mar.
25c
SI
Mar.
Feb.
Mar.
Mar.
Mar.
Feb.
15
Mar.
Feb.
10
Apr.
Mar. 15
-
-
75c
118
$25c
'
10
June 24
June 24
Feb.
18
>8
1
Feb.
21
Mar.
Feb.
15
50c
Mar.
Mar.
Feb. 28
Feb.
18
Mar.
Mar.
Feb.
Feb.
15
3c
Feb.
Feb.
8c
*
_
Mar.
Feb.
75c
Feb.
Feb.
Feb.
10
Feb.
10
SI.05
56
—
15c
•
15c
15
3
30c
5c
Mar.
Feb.
18
Feb.
Feb.
10
SI
Apr.
Apr.
Mar.
Apr.
Apr.
Mar. 15
25c
tS3
SIM
SIM
Feb.
14
Mar.
Feo.
20
Mar.
Mar. 25
75c
Co—.:
Belding-Cortlcelli Ltd. (quar.)
Preferred (quar.)
A
Berghoff Brewing Corp..
;
Bethlehem Steel Co., 7% pref. (quar.)
5% preferred (quar.)
Bigelow-Sanford Carpet Co. pref
Bird & Son, preferred (quar.)
Bloch Bros. Tobacco, 6% preferred (quar,)——
Blue Ridge Corporation—
$3 preferred (quar.)
Opt. div. l-32nd sh. of com. stock or cash.
Borden Co., common (quar.)—
Boston Fund, Inc. (quar.)
Bower Roller Bearing Co
Brewing Corp. of America
Bright (T. G.) & Co., Ltd. (quar.)—
6% preferred (quar.)
Bristol-Myers Co. (quar.)
Brooklyn Edison Co. (quar.)
Brooklyn Telegraph & Messenger Co. (quar.)
Brown Fence & Wire.,
Preferred A (semi-annual)
Mar;
1 Feb.
6
30c
Feb.
15
Jan.
31
—
SIM
25c
SIM
—
Mar.
Mar. 15
Mar.
3
Mar.
3
Mar.
14c
Mar.
Feb.
50c
Mar.
Mar. 10
30c
Mar.
Mar.
7Mc
SIM
Mar.
Feo. 28
Mar.
Feb. 28
60c
$2
Mar.
Feb.
Feb.
SIM
Mar.
Feb. 28
Feb.
,
—
10c
Feb.
1
15
10
Feb.
Feb.
Feb.
Brown Shoe Co
50c
Mar.
Feb. 20
Buckeye Pipe Line Co
50c
Mar.
Feb.
SI
Mar.
Feb.
18
SIM
SIM
Mar.
Feb.
18
June
May 24
Aug. 26
....
SI
—
Bunte Bros
5% preferred (quar.)
v."
—
—
r
5% preferred (quar.).
5% preferred (quar.):
5% preferred (quar.)__
Burma Corp.; Amer dep. rec. (interim)
Burroughs Adding Machine Co
Butler Bros. (Interim)
Preferred (quar.)
Calaveras Cement Co., preferred
4
-
Apr.
10c
15c
Dec.
15
15
17
Nov. 24
Feb.
10
Mar.
Jan.
28
Mar.
Feb.
9
Mar.
Feb.
9
Feb.
Feb.
9
1,
25c
Mar.
Feb.
ISIM
Mar.
t37Mc
:30c
JS1
Canada & Dominion Sugars, new (quar.)
Canada Vinegars Ltd. (quar.).
Canada Wire & Cable class A (resumed)
Mar.
Feb. 28
Feb. 15
Feb.
June
isi
Sept.
May 31
Aug. 31
Dec.
Nov. 30
::S1
25c
Class B (resumed)
Preferred (quar.)
Canadian Car & Foundry, pref
Canadian Cottons, Ltd. (quar.)
Apr.
Apr.
Apr.
SI
Ltd., pref. (quar.)
I
—
Mar.
Mar.
SIM
:44c
151
ISIM
152
(quar.)
;
Feb. 28
Feb. 28
Mar. 24
Mar. 17
Mar. 17
Apr.
Mar. 20
Mar.
Mar. 20
Mar.
Mar. 20
38c
Mar.
1 Feb.
20
SI
$2
Mar.
1 Feb.
15
SIM
50c
SIM
SIM
(quar.)
Co., preferred (quar.)
Central Illinois Public Service Co.—
$6 and 6% preferred
Central Ohio Steel Products
Apr.
1 Mar. 25
Mar. 15 Mar. 10
Feb. 25 Feb. 15
Feb. 25 Feb. 15
Apr.
11
Mar.
30c
Central Tube Co
Mar.
Feb.
3c
Century Ribbon Mills, preferred (quar.)
Champion Paper & Fibre Co., 6% pref. (quar.)—
Chartered Investors, Inc., $5 pref. (qu.)
SIM
SIM
SIM
Mar.
Apr.
25c
Common
j——
;
-
15
Feb. 28
SIM
—
Capital Wire Cloth & Mfg.—
$1A convertible preferred (quar.)
Carmen & Co., $2 class A
Carolina Telephone & Telegraph Co. (quar.)
Carter (Wm.) Co. 6% pref. (quar.)'
Caterpillar Tractor Co. (quar.).
Chicago Corp., $3 preferredChicago Mail Order Co
Chicago Rivet & Machine
Mar.
Mar.
::S1
Class A (quar.).
Class A (quar
\).
Class A (quar.)
Preferred
Case (J. I.)
Sept.
annas
37 Mc
tSl
j
California-West States Life Insurance Co.—
Canada Cement Co., Ltd. preferred
Preferred
SIM
SIM
—-
;i—
—
Canfield Oil.
Preferred (quar.)
27
17
Mar.
July
July
Canadian Oil Cos.,
18
1
10
Apr.
1
15
14*
Feb.
Feb
Mar.
1
27
Feb
Mar.
50c
1 Mar.
1 Feb.
Mar.
SIM
1 Mar.
Mar.
1 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
14
Mar. 17
Apr.
Mar.
(monthly)—-
_
9
15c
-
-
$6 preferred
United States Envelope Co. (no action)
Preferred (semi-annual)
United States Plywood Corp., pref.
(quar.)
United States Tobacco Co., common
Preferred (quar.)
Universal Commodity
1 Feb.
Mar!
3
15'Mar. 31
15,'Mar. 31
1 Mar. 10
Mar.
1 Feb. 15
Mar. 15 Mar.
1
1 Mar 15
Apr.
40c
_
Apr.
Apr.
Apr.
_
-
15
14
Mar. 17
Mar.
-
1 Feb.
1 Mar. 10
Apr.
Mar. 15 Feb. 28
Apr. 15 Mar. 31
Mar. 15 Feb. 28
------
(quar.).
Strawbridge & Clothier, preferred A (quar.)
Sutherland Paper Co., common.
Talcott, Inc., common (quar.)
5 A % participating preference
(quar.)
Tappan stove Co
Towne Securities Corp., 7% cum.
pref
1
Mar. 10 Mar.
1
Mar. 15 Feb. 24
■_
-
18
24
28
Mar. 23
Stedman Bors., Ltd. (quar.)
Extra
18
Apr. 20
1 Mar. 21
Mar. 15 Mar.
1
— _
(quar.)
24*
Apr.
-
Extra.
6 % convertible preferred
20
Mar.
Shell Union Oil Corp., 5 A % conv. pref. (quar.)
Simmons Broadman Publishing, $3 preferred
Simonds Saw & Steel Co
Sioux City Stockyards Co. (interim)- — -
6% cumulative preferred (quar.)
Standard Oil Co. (Ky.) (quar.)
15
l'Jan.
Mar. 15 Feb.
Mar.
1-Feb.
—
RheemMfg. Co. (quar.)
----Roxborough Knitting Mills, pref. (quar.)—v —St. Joseph Water, 6% preferred (quar.)
Shattuck (Frank G.) Co. (quar.)
Sheep Creek,Gold Mines, Ltd (quar.)——
Preferred (interim)
■
Sonotone Corp., preferred (quar.)
Standard Oil Co. (Ohio)
1 Mar.
Feb.
—
14
Feb.
nx
Belden Mfg
Pilot Full Fashion Mills, Inc.:-i~
6A% cumul. preferred (semi-ann.)
Princeton Water (quar.)
Procter & Gamble, 5% preferred (quar.)
Progress Laundry Co. (guar.) — _—
Public Finance Service, Inc., $6 pref. (qu.)
Pullman, Inc
Raybestos Manhattan, Inc
Reliance Mfg., common
7% cumulative preferred (quar.)
28
Feb.
Mar.
6% preferred (quar.)
Bandini Petroleum Co. (quar.)
Bankers Nat l Investing Corp. (Del.), cl A & B_
60c. preferred (quar.)
Barlow & Seelig Mfg. Co,, class A (quar.)
Mar.10.Feb. 25
Mar.
4 Feb. 20
Mar.
Feb
Feb.
Mar.
Baldwin Locomotive Works, pref. (s.-a.)
Baltimore Radio Show, Inc. (quar.)—_
llMar. 15
1 Mar. 15
l|Feb.
Nov. 25
Mar.
Mar.
Atlas Powder Co——
28
Mar.
Dec.
1st preferred..
Atlanta Gas Light, 6% pref. (quar.)
Atlantic Refining Co
Atlas Corp., preferred (quar.).
28
Mar. 15
Mar. 15 Feb.
May 25
Aug. 25
Mar.
Mar.
(qu.)__
Artloom Corp., 7% preferred
Associated Dry Goods Corp., 6%
Mar. 20.Feb. 24
Mar. 20 Mar.
1
Mar. 15'Feb- 21
(quar.)
1
Sept.
—
Mar. 20 Feb. 24
--
15
Archer-Daniels-Midland
Mar. 31 Mar. 15
Feb. 25 Feb. 20
Mar. 15 Feb.
Mar. 15 Feb.
Feb. 25
Armstrong Cork Co. (interim)
Preferred (quar.)
1 Mar. 16
Mar. 15 Mar. 1
Apr. 15 Mar. 24
Apr.
Mar. 31 Mar. 15
Paton Mfg. Co.,
7% preferred (quar.) — -----Pennsylvania Salt Mfg
Pennsylvania Water & Power (quar.)-- —
Preferred (quar.)
Pfaudler Co., b% preferred (quar.)
Mar.
Mar.
Feb.
Mar.
American Smelting & Refining Co
American Sugar Refining, preferred (quar.)
American Tobacco Co., com. & com. B (quar.)
Amoskeag Co. (s.-a.)—
i
Preferred (s.-a.)
2
$1 X
Mar.
American Radiator & Standard Sanitary Corp.—
Preferred (quar.)
25
1 Mar.
17-
Mar. 17
Preferred (quar.)
American Meter Co
1
Apr.
17
Feb.
Mar. 16*
American Oak Leather Co.,5% cum.pref.(quar.)
American Paper Goods 7% preferred (quar.) —
Mar. 11
10 Feb. 28
1
Mar. 15 Mar.
Feb. 15 Feb.
Feb.
Mar.
June
American Investment Co. (111.)
American Metal Co
1 Mar. 16
1 Feb. 21
Apr.
Mar.
1
Feb., 14
Apr.
Mar.
American Indemnity Co
25
4
Mar.
Mar.
—
American Home Products Corp.
28
28
4
Mar.
Mar.
———
Mar.
Apr.
Mar.
.
preferred (quar.)
(quar.)
15
Mar. 15
Mar. 20
Feb. 15
Mar.
American Can Co., preferred
(quar.)
American Capital Corp., prior preferred (quar.)
American Chicle Co. (quar.)
American Envelope Co. 7% pref. A (quar.)
Preferred
15
Apr.
Apr.
$2 A conv. preferred (quar.)
$2 conv. preferred (quar.).
American Hide <fc Leather preferred
Mar. 15 Mar.
1
Mar.
1 Feb. 20
Mar. 10 Feb.
Mar.
—
—
American General Corp., $3 conv. pref.
1 Feb. 17
Mar. 31 Mar.
3
Mar.
1 Feb.
Mar. 21 Feb.
Apr.
Apr.
A (quar.)
7% preferred A (quar.)
7% preferred A (quar.)
American Factors Ltd. (monthly)
27
Mar. 31 Mar.
Feb.
7 % preferred
1 Mar. 20
1 Feb. 17
20c
Nebraska Power Co., $6 pref. (quar.)---
Newmont Mining Corp..
New York Transit Co
28
Mar.
37Xc
SIX
Mathieson Alkali Works (quar.)
Preferred (quar.)
McKenzie Red Lake Gold Mines (quar.)
Metal Textile, partic.pref. (quar.). — -
Apr.
Feb. 21
American Arch Co. (Irregular)
American Business Shares
20 Mar. 18
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
5c
2%c
Extra
Feb.
Mar.
Aluminium Ltd.,
1
Mar.
Holders
Mar.
Alpha Portland Cement
Aluminum Goods Mfg
23
20c
When
Payable of Record
Mar.
Allied Products (interim)
Class A (quar.)-,
23
Mar.
Per
Share
of Company
Aliegheny-Ludlum Steel, pref. (quar.)
28
25c
3 Mar. 13 I
Apr.
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
we
x
1 Mar. 10
30c
1 Mar. 15
Apr.
Mar.
1 Feb. 20
Mar. 10 Feb. 28
Mar.
1 Feb. 24
Preferred (quar.)
---------Agricultural Insur. Co.(Watertown, N.Y.), (qu.)
20
SIX
Holders
Abbotts Dairies, Inc. (quar.)
1 Mar. 15
Mar. 15 Mar.
1
Mar. 15 Mar.
8
Mar. 15 Feb.
91%
91%
Coach Mfg., preferred---.
When
Payable of Record
Agnew-Surpass Shoe Stores (s.-a.)
Apr.
Apr.
$IA
—
IS. 1939
Acme Steel Co. (quar.)_
1 Mar. 10
1 Feb.
Yellow Truck &
Name
1 Feb. 24
Mar. 15 Mar.
1
Mar. 15 Feb. 21
Mar.
20c
(quar.)
Williamsport Water, $6 pref. (quar.)—
Wilson Products, Inc. (quar.)
Wolverine Tube Co., preferred (quar.) —
Below
Mar. 15 Mar." 15"
Feb.
1 Jan. 17
Feb
1 Jan. 17
Apr.
91%
$l%- Mar.
(quar.)
Kingston Products, pref. (quar.) — - — - -- -Lake Shore Mines, Ltd. (quar.)
>--Lane-Wells Co. (Increased)
------Lang (J. A.) & Sons (quar.)
Langley's Ltd
Lexington Utilities, $6A preferred----—
Lexington Water Co., 7% pref. (quar.)
Libbey-Owens-Ford Glass
—--- — Liggett & Myers Tobacco, pref. (quar.)—
Lily-Tulip Cup
—
--Lincoln Stores, Inc. (quar.)-7% preferred (quar.)
Lone Star Gas Corp
—--—
Louisiana Land & Exploration
Macassa Mines, Ltd. (quar.)
Dec.
35c
—
Sept.
May 10
Aug. 10
Share
Name of Company
Weeton (Geo.), Ltd.
Mar.
40c
Quarterly
Preferred
Mar.
$ix
Jefferson Oil, Inc., 7% pref. (s.-a.)—-—
Kabie Bros. Co., 6% preferred (quar.)-
Per
| Holders
PayableJo/ Record
91%,
Huntington Water, 7% pref. (quar.)
6% preferred (quar.)
International Harvester Co. (quar.)International Silver Co., preferred —
Iron Fireman Mfg. Co. (quar.)
Quarterly
Quarterly
Whin
Feb.
Chronicle
Mar.
Mar.
75c
Mar.
25c
Mar.
10c
Mar.
1 Mar. 11
Feb. 20
Feb. 15
Feb. 15
Feb. 20
Mar. 20
Feb.
1
Feb.
Feb.
15
)
Feb. 10
Feb. 24
'
Volume
Financial
148
Share
Company
Holders
When
Per
Name of
Mar. 20 Mar. 10
Chicago Yellow Cab Co. (quar.)
Chile Copper Co
1 Feb.
17
24 Feb.
Feb.
10
Mar.
-—
Feb.
Mar.
Apr.
Mar. 20
5% preferred
5% preferred
5% preferred
City Ice & Fuel
July
June
(quar.)
(quar.)
19
1 Sept. 18
1-1-40 Dec. 18
Mar. 31 Mar. 15
Mar.
1 Feb. 15
Mar.
1 Feb. 10
Mar.
1 Feb. 10
Oct.
(auar.)
Co
Preferred
(guar.)
Cleveland & Pittsburgh RR, 7%
Special guaranteed
guaranteed--_
Colgate-Palmolive-Peet, preferred (quar.)
Cbllins & Aikman Corp
!
Preferred (quar.)
Columbia Broadcasting, class A & B (quar.)—
Columbia Pictures Corp., stock dividend
Columbian Carbon Co. (quar.)
Apr.
1 Mar
Mar.
1 Feb;
Commonwealths Distributors
Mar.
Mar. 10 Feb.
1 Feb.
1 Feb.
1 Feb.
1 Feb.
1 Feb.
1 Feb.
Mar. 15 Feb.
Mar.
Mar.
Mar.
Mar.
Consolidated Paper Co
(quar.)
Apr.
—
Mar.
—
*
Mar. 10 Mar.
Oopperweld Steel Co. (old stock)
Coronet Phosphate Co
Cosmos imperial Mills Ltd., pref.
(quar.)
cum. con v. pref. (quar.)
Creameries of America, Inc , $3 X pref (qu.)
Crown Cork International Corp., class A
.
Mar.
1 Feb.
30c
Preferred (auar.)
$1X
25c
Co., $7 preferred
Daniels & Fisher Stores Co. (quar.)
Quarterly
Curtis Publishing
14
Quarterly
Davies Petroleum Ltd
-
Co. (N. Y.) (quar.)
5
20
1 Feb.
15
Mar.
1 Feb.
1 Feb.
13
Mar.
SIX
25c
-—
$1)4
,
Feb.
Apr
Mar.
1 Feb.
25c
June
Sept.
Dec.
1 Nov. 10
1 Feb.
75c
1 Aug. 10
3-1-40 2-10-40
Mar.
1 Feb. 10
75c
25c
_
JO
02)4c
Apr.
150c
Apr.
25c
t$lX
preferred
t50c
$2
Duplan Silk Corp., preferred (quar.)
1—
Duro-Test Corp., payable in common stock—_
4%
Early & Daniel Co., pref. (quar.)
ill
Preferred (quar.).
Eastern Shore Public Service Co. $6 pref. (qu,)_
$0)4 preferred (quar.)
Preferred
Eaton Mfg.
(quar.)
(quar.)
$1)4
...
Co.
i
50c
$1)4
Electric Shareholdings, $6 pref
Optional div. of cash or common stock.
Electrolux Corp. (quar.),
40c
—
25c
Elgin National Watch
El Paso Electric (Texas), $0 preferred (quar.)—
El Paso Natural Gas, preferred (quar.) —
Empire Bay State Teleg. 4% pref. (quar.)
Empire Capital Corp., class A (quar.)—.
Fajardo Sugar Co
Incl.
a
div.; declared
by Fajardo
Sugar
•
10
1 Mar. 10
20 Mar. 31
Apr.
Feb.
Mar.
1 Feb.
1 Feb.
10
4
25 Feb.
1 Feb.
10
4
Mar. 15 Feb. 15
15 Mar. 1
Apr. 15
»ig
Mar.
1 Mar. 31
3 June 30
2 Sept. 30
1-2-40 Dec. 30
1 Feb.
6
1 Feb. 14
Mar.
Mar.
25c
Apr.
Apr.
10c
J 50c
$1
Apr.
1 Mar. 15
1
10 Apr.
1 Mar.
Mar. 20 Feb.
5
28
Mar. 31 Mar.
1
Mar.
9 Feb. 25
Mar.
1 Feb.
1 Feb.
15
Feb.
25
8
Mar
31 Mar
Mar. 15 Feb.
21
28
Apr.
1 Mar. 15
Mar.
25 Feb.
Mar. 20 Feb.
Mar. 31 Mar.
Mar. 15 Mar.
10
6
1
Mar.
1 Feo. 10*
1
Feb. 22 Feb.
Apr.
1 Mar. 20
1 Feb. 18
3
Mar. 13 Mar.
2
June 13 June
Mar.
Apr.
3
1 Feb.
1 Mar. 18
May
1 Apr. 20
Mar.'
1 Feb.
Mar.
1 Feb.
15
15
Mar.
1 Feb.
15
Mar.
May 15 May
Aug. 15 Aug.
5
5
4
Nov. 15 Nov.
Feb. 24 Feb. 14
....
Apr.
Apr.
Mar. 15
Mar.
Feb.
15*
Apr
Mar.
Mar
15
Feb.
4
Mar.
Feb.
Mar.
Feb.
14
14
Mar. 14
Apr. 26
{May
July
Aug.
'Nov.
27
27
Oct.
Mar. 13 Feb.
Mar. 13 Feb.
28
13 Feb.
28
Feb.
10
Mar
_
Mar.
Apr.
_
28
Mar. 15
Mar. 10 Feb/24
June
Sept.
Dec.
10 May 24
9 Aug. 24
9 Aug. 24
Mar. 10 Feb.
Mar. 31
Monthly
Monthly.
Monthly...
Monthly
June
24
10 May 24
Sept.
9 Aug. 24
Dec
9 Nov. 24
1 Feb. 10
Mar.
28 Feb. 18
Mar. 31 Mar. 21
Feb.
...
Apr. 29 Apr. 19
Feb.
18
Feb.
18
14
50c
23 Feb.
Feb.
Mar.
1 Feb.
17
15c
Feb.
Feb.
11
Louisville & Nashville RR—
Feb. 28 Jan.
30
15c
May 16
Ludlow Mfg. Associates
Lunkenheimer Co., preferred
Mar.
10c
Mar.-
1
Feb.
15
Fansteel Metallurgical Corp.. $5 pref
Federal Compress & Warehouse Co. (quar.)
$1H
40c
preferred (quar.)
$1)4
2,5c
Quarterly
3c
Preferred (semi-ann.)
Federal Light & Traction,
Federal Mogul Corp
(Bait.), com A. & B—
preferred class A (quar.)
Firestone Tire & Rubber, pref. (quar.).
stock
Fiscal Fund, bank stock series (stock di v.).
Insurance stock series (stock div.)..
Fishman (M. H.) Co. (quar.)
—
Florida Power Corp.. 7% pref. A (quar.)
7% preferred (quar.)
.
Free port Sulphur Co. (quar.)...
Fuller (Geo. A.), 4% pref. (quar.)
...
$3, conv preferred (initial)
Fuller Brush Co. 7% pref. (quar.).
Finance Co. of America
7%
(quar.)
General Cigar Co., Inc., pref. (quar.)
General Gas & Electric (Del.) $5 prior preferred.
Preferred
Extra
(quaar.)
(quar.)
Globe-Democrat Publishing Co., 7% pref.
Globe & Rutgers Fire Ins. 2d pref. (s.-a.)
Globe & Wernicke Co., pref. (quar.)
(qu)
6
15
Manhattan Shirt
Feb.
15
Masonite Corp
Mar.
Feb.
15
25c
$1
$3
23
15
Feb.
Mar.
Feb.
14
Apr
Mar
15
Mar
Feb
16
Apr.
Mar.
Mar, 23
Feb. 18
SIX
Apr.
Mar.
SIX
SIX
Mar.
Feb.
16
Mar.
Feb
15
Mar
Feb
16
May
Apr. 10
Mar.
Feb.
15
Mar.
Feb.
15
SIX
1
Mar.
Mar.
Apr.
Mar. 15
Mar.
Feb. 20
SIX
S2X
1
Mar.
Feb. 25
Apr.
Mar. 20
Mar.
Feb.
Mar.
28
Feb.
15
Mar.
Feb.
15
Mar.
Mar.
25c
Mar.
Feb.
3%
Mar.
Feb.
50c
50c
Great Northern Paper
Mar.
Feb.
17
Mar.
Feb.
20
Mar.
1
Apr.
1 Apr.
1
Griesedieck- Western Brewery—
34 Xc
5)4% con*. preferred (quar.)
Griggs, Cooper & Co 7% pref. (quar.)...
Gulf States Utilities, $0 pref. (quar.)..
<
SIX
SIX
—
—
(quar.)
1
15
24
j.
28
M ar. 15 Feb.
28
Mar. 15 Fe
'*25C
Mar.
1 Feb.
15
SIX
Mar.
1 Feb.
17
%:
Preferred (quar.)
22
23
10
28 Feb.
10
5
5
Mar.
.....
I
1 Feb.
20
Mar.
1 Feb.
15
Mar.
May Dept. Stores (guar.)..
".
Corp., $0 preferred (quar,).
$5X preferred (quar.)...
1 Feb.
15
1 Feb. 15
1
Mar. 10 Ma..
Mar.
Metal & Thermit—
7% preferred (quar.)
21
4
Nov. 15 Nov.
Mar.
1 Feb. 10
Mar. 10 Feb. 20
Mead
Middlesex Water
4
22
May 15 May
Aug. 15 Aug.
Square Garden
...
Magnin (I.) Co., preferred (quar.).
Preferred (quar.)
Preferred (quar/
.
1 Feb.
1 Feb.
1 Feb.
Mar.
Feb.
Mar.
23
Feb.
.....
Mar.
Mar.
Feb.
Feb.
Mar.
i
1
Apr.
1 Mar.
July ' 1 June
Oct.
1 Sept.
1-2-40 Dec.
(quar.).
Macy (R. H.) & Co. (quar.)
15c
Mar.
Mar.
Madison
$1X
87)4c
25c
.(irregular)
Gossard (H. W.) Co. (quar.)
Grace National Bank
Grand Union Co., $3 preferred
(quar.)
Mar. 21
Mar.
Apr.
—
Preferred (quar.)...
Mclntyre Porcupine Mines, Ltd.
Mar. 21
21
Co
$5 convertible preferred (quar.)
Gorham Mfg
Preferred
»
Mar.
"II
Golden Cycle
15*
Mar.
50c
20c
25c
(s.-a.)
Gillette Rubber Co.
$5)4 preferred (quar.)
Hale Bros. Stores, Inc. (quar.)
Hamilton Watch Co., preferred
10
Feb.
40c
Gibraltar Fire & Marine Insurance
Goodyear Tire & Rubber
Feb.
Mar.
Mar.
June 30 June 20
Mar. 25 Mar. 25
Mar. 18
(quar.)..
Mar.
SIX
Preferred (quar)
Mar.
Preferred
15c
75c
General Motors Corp
15
May 31 May 31
...
T
Taylor, 1st pref. (quar.).
sxc
$1 )4
2)4%
2)4%
"
20c
Gatineau Power Co
Mar. 18
Apr.
...
...
Lockhart Power Co., 7% preferred (s.-a.)
Loose-Wiles Biscuit Co.,5% preferred (quar.)
Lord &
May
Apr.
Apr.
.—..—
...
Growers Association.
Falstaff Brewing Corp. (quar.)
Glens Falls, Inc.
Oct.
.
10
17
Mar.
$1)4
Apr.
July
SIX
5%
;.
15
9
25 Feb. 20
8
Mar.
1 Feb.
Feb. 21 Feb. 12
Feb.
;,1li
—
1 Mar. 20
1 Mar.
1 Mar.
...
...
1 Feb, 23
Mar. 31 Mar. 20
June 30 June 20
Mar.
$1£
S3X
S3X
$3X
& Co., preferred (quar.)
Lehigh Portland Cement Co., 4% pref. (quar.)..
(quarA
Co
(Tenn )
—
Life Savers Corp. (quar.)..
*
Liggett & Myers Tobacco (quar.)
Common B (quar.)
Lincoln National Life Insurance (quar.)
Quarterly
Quarterly
Lincoln Service Corp
(quar.)
6% preferred (quar.)
*
...
7 % preferred (quar )
Link Belt Co. (quar.)
............
Preferred (quar.)
Little Miami RR., original capital (quar.)....
Original capital (quar.)....
—
Original capital (quar.)
•—
Original capital (quar.)
....
Special guaranteed (quar.) —
— ....
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)—.;
...
Loblaw Groceterias, Ltd., A&B (quar.).....
Lock Joint Pipe Co. (monthly).
"..
Mar.
Mar.
37 Xc
11
1 Feb.
Le Tourneau (R. G.), Inc.
Life & Casualty Insurance
28 Feb. 21
Mai-.
1 Feb. 15
Mar.
1 Feb. 20
Apr.
....
Mar.
Leath
10
Feb.
Apr.
15c
Lanston Monotype Machine.
Sept.
Mar. 11 Feb.
11
5c
.i
Quarterly
10
1 Aug. 10
Mar.
18
(quar.)
Quarterly.*
1 May
50c
Landis Machine Co.
10
75c
15 J
1 Feb.
Feb.
.
1
25c
_—
Common......
—
Participating preferred (s.-a.)
Participating preferred (s.-a.)—...
Participating preferred (s.-a.)
—
Dictaphone Corp.
Preferred (quar.)
—
Dixie-Vortex Co.. class A (quar.)..—
Dome Mines, Ltd (quar.)
....
DomingUez Oil Fields (monthly)
Dominion & Anglo Investment Corp., 5% pref—
Eastman Kodak Co.
17
Mar. 15 Feb. 28
1
Mar. 15 Mar.
,
Dominion-Scottish Investors, 5%
Apr
50c
—
:
19
20 Feb.
1 Feb.
Mar.
30c
75c
7% preferred (quar.)
_
5
Mar.
lc
Dewey & Almy Chemical Co
$5 cum. conv. pf.
Diamond Match Co., common--.
Common.
5
15 June
Sept. 15 Sept.
35c
— .
—
Devonian Oil Co
.
Mar. 15 Mar.
June
$1X
—
Dayton Power & Light, 4X% pref. (quar.)
Deere & Co., preferred (quar.)
Detroit Gasket Co., pref. (quar.)
Common
1
Mar. 15 Mar.
Apr.
1 Feb. 28
50c
.
Dentists' Supply
28 Feb. 17
.28 Feb. 17
Mar. 31 Mar. 21
Feb.
50c
14
21
25 Feb.
Feb. 25 Feb.
Mar.
1 Feb.
Mar.
37
Ry. & Light Co.—
7% preferred (quar.)__
Jantzen Knitting Mills, preferred (quar.)...
Jersey Insurance Co. (N. Y.) (initial, s.-a.)
Jewel Tea Co., Inc.
(quar.)
...
Kalamazoo Vegetable Parchment Co. 5(quar ) —
Katz Drug Co. (resumed)
Preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.).
5% preferred (initial)....
Kendall Co., cum. & partic. pref. ser. A (quar.)
Kentucky Utilities, jr. pref. (quar.)*
Klein (D. Emil) Co....
Kobacker Stores preferred (quar.).Kresge (S. S.) Co. (quar.)
Quarterly
Kroger Grocery & Baking (quar.)..
6% preferred (quar.)
7% preferred (quar.)
Lake Superior District Power 7% pref, (quar.)..
6% preferred (quar.)
.....
Lake of the Woods Mills preferred.
28*
50c
15c
50c
Ironwood & Bessemer
Feb
Crum & Forster 8% pref. (quar.)
Cuneo Press, Inc., preferred (quar.).
15c
25c
.
International Mining Corp
International Nickel Co. (Canada)
Inter-Ocean Reinsurance Co. (s.-a.)
Crum & Forest Insurance Shares Corp.—
Common A&B
1 Feb. 15 i
8
Mar. 15 Mar.
Apr.
1 Mar. 17 J
Mar.
50c
-
1 Mar. 10*
Mar. 15 Feb.
0
$l
S1X
Interlake Steamship Co
International Business Machines Corp
Stock dividend--
15 Mar. 31
Apr.
cum.pref. (quar.).
Crown Zellerbach Corp., $6 cum. pref. (quar.)_
10
.
Ingersoll-Rand Co
Inland Steel Co.
Mar
Crown Cork & Seal Co., Inc.,
1 Feb.
Apr. 20 Apr.
50c
Extra
I
Holophane Co., Inc. (irregular)..
Holt (Henry) class A.
Homestake Mining Co. (monthly)
Horn & Hardart (N. Y.), preferred (quar.).
Idaho Maryland Mines (monthly)
Imperial Life Assurance (Can.) (quar.)
Quarterly
Quarterly
:
Quarterly
1
Mar. 15 Mar.
1 Feb. 10
cyane Co., 5%
15
Mar.
15c
SIX
15
1
31 Mar
1 Feb.
20
17
Mar
—
1 Feb.
Feb. 24 Feb.
Mar. 31 Mar.
Mar.
1 Feb.
17
Apr.
—
1 Mar. 20
Mar.
Mar.
1 Mar. 10*
1 Feb. 15
Feb
1 Feb.
Apr.
Mar. 15 Feb.
1 Feb. ,18
Mar
201
Mar.
$ix
10c
6
Mar. 31 Mar.
Feb
17
Mar
Preferred (quar )
15c
SIX
40c
Mar. 31 Mar. 15
Continental Assurance (quar.)
Continental Can Co., Inc., $4X pref.
15 j
15
20
Heyden Chemical Corp
Hibbard Spencer Bartlett (monthly)
Monthly
Hires (Chas. E.) Co. class A common (quar.)...
Hobart Mfg. Co. class A (quar.)
Hollinger Consolidated Gold Mines (monthly)..
10
Mar.
1 Feb.
1 Feb.
1 Feb.
Mar.
Hecla Mining Co
15
15
15
15
Mar.
—
Connecticut Power Co. (quar.)
Connecticut River Power 6% preferred (qu.)—.
Consolidated Cigar Corp. 7% pref. (quar.)
Consolidated Edison (N. Y.) (quar.) —
Mar.
Mar.
p
——
Hart-Carter Co. $2 conv. pref.
(quar.)
Hartman Tobacco Co., prior prer. (quar.)
Hazel-Atlas Glass Co
15
15
Mar.
(qu.)
C (qu.)
25c
50c
—
—1
7% preferred (quar.)
28
25
Commonwealth Loan Co. (Indianap.) pfd.
(quar.)
Hanna (M. A.) Co., $5 pref. (quar.)...
Harbison-Walker Refractories Co
Preferred (quar.)
17
4 Feb.
1 Jan.
Commonwealth Utilities Corp $6X pref.
Continental Casualty (quar.)
Continental Oil Co
i
Cook Paint & Varnish (quar.)
17
1 Feb. 17
Mar. 10 Feb. 24
1
Mar. 15 Mar.
Mar
Compania Swift Internacional (quar.)
Connecticut Lt. & Pow Co., 5X% pref. (qu.)
0
Mar.
—
Hanes (P. H.) Knitting
Class B (quar.)
Payable of Record
i 15c
Hancock Oil of California class A&B (quar.)
Class A&B (extra)
►
15
Cincinnati New Orleans & Texas Pacific, pref—
Oincinnati Union Terminal 5% pret . (quar.)
Share
Name of Company
Holders
When
Per
Payable of Record
Mar. 20 Mar. 10
Chicago Towel Co
Preferred (quar.)
979
Chronicle
Mar. 31 Mar. 20
.....
Mar.
Minneapolis Gas Light (Del.) 0% pref. (quar.)..
5X % preferred (quar.)
5% preferred (quar.)
...
Minneapolis Honeywell Regulator.
4% preferred B (quar.)
Mississippi Valley Public ServicePreferred A (quar.)
Preferred (quar.).
Mitchell (J. 8.) & Co., Ltd. (irregular)
Missouri Utilities 7% pref. (quar.)
Monsanto Chemical $4X class A pref. (s-a)—..
Montgomery Ward & Co
...
Class A (quar.)
Moran Towing 7% cum. partic. pref. (quar.)..
Morris town Securities Corp. common
Motor Wheel Corp. (quar.)
Mt. Diablo Oil Mining & Development.
Murphy (G. C.) Co. (quar.)
Murphy (G. CW) Co. (quar.)
Muskogee Co., preferred (quar.)
National Biscuit Co. (quar.)
Preferred (quar.)
National Grocery Co. prior preferred (initial)
National Gypsum Co. new pref. (initial).
National Linen Service Corp. $5 pref. (s.-a.)_—
$7 preferred semi-ann.)..
_
1 Feb.
24
20
1 Feb.
20
Mar.
1 Feb.
20
20 Feb.
Mar.
1 Feb.
20
Mar.
Feb.
18
Apr.
Mar. 18
Feb. 16
Feb.
Mar.
...
_
1 Feb.
Mar.
Mar.
(quar A
SIX
Mar.
Feb.
9
20
S2X
June
May 10
25c
Apr.
Apr.
Mar. 20
HP
35c
Mar. 20
15
Mar.
Feb.
10c
Apr.
Mar. 15
40c
Mar.
Feb.
17
Feb.
15
17
17
15
lc
Mar.
75c
75c
Mar.
Feb.
Mar.
Feb.
SIX
Mar.
Feb.
40c
Apr.
Mar. 14
SIX
Feb.
Feb.
37 Xc
14
Apr.
Mar. 15
SIX
S2X
Mar.
Feb.
16
Mar.
Feb.
20
S3X
Mar.
Feb.
20
Financial
980
Per
Name of Company
National Lead Co., preferred A
National Oats Co.
National Power &
Share
,
(quar.).
HP
25c
(guar.)——
light Co. (quar.)—
15c
National Union Fire Insurance
Extra.------------------------Nebraska Power Co. 7% pref. (quar.)
Neisner Bros., Inc.-(quar.)
-
■■■»#
tl'A
25c
(quar.)--
Feb,
Mar.
Mar.
Feb.
Feb. 28
Mar.
Feb.
$2
Mar.
Mar.
Mar.
Mar. 3
Feb. 10
Mar. 10
Mar. 4
50c
50c
50c
50c
$1
SI
—
Norfolk & Western Railway, pref. (quar.)
Apr.
Mar,
May
Nov,
HP
25c
75c
Preferred
Mar,
Northwestern Public Service 7% pref—
6% preferred
HP
—
———
87 Xc
Norwalk Tire & Rubber pref, (quar.)
Norwich Pharmacal Co. new common.
Nova Scotia Light & Power preferred (quar.)
Oakonite Co., preferred (quar.)
—
Ogilvie Flour Mills Co. pref. (quar.)_
Ohio Power Co, 6% preferred (quar.)-.
25c
$134
SIX
SIX
———
-
Ohio Public Service Co, 5% prer. (monthly)-
—
iM
50c
6% preferred (monthly)-•
7% preferred (monthly)—————— 58 l-3c
10c
Oshkosh B'Gosh, Inc. (quar.)
—
50c
Preferred (quar.).—
$234
Oswego 8c Syracuse KR (s.-a.)---———
125c
Ottawa Light, Heat & Power (quar.)
mx
5% preferred (quar.)-—---—-—
Paramount Pictures, Inc., 1st pref, (quar.)——
preferred (quar.).,
Parke Davis & Co—
Parker Pen Co.
*IU
,
40c
--------
—T
a.
——
25c
—-
25c
(quar.)
Parkersburg Rig & Reel pref, (quar.)
Parker Rust-Proof Co.
^
$1H
1234c
Patterson-Sargent Co-----—
Pender
87 Xe
25c
(David) Grocery, class A (quar.)
—---—----Peoples Drug Co
•6 34 % preferred (quar.)
—- Peoples Gas 8c Fuel Corp. (initial)
Peoples Telep. (Butler, Pa.), 6% pref. (quar.)—
Petroleum Oil & Gas.:
Philadelphia Co., 5% preferred
—
Philip Morris 8c Co. pref.Jquar.)
——
Philippine Long Distance Telephone Co—--—Phillips Petroleum Co—
Phoenix Hosiery Co. 7% preferred (quar.)
Photo-Engravers & Electrotypers (s.-a.)
Pittsburgh Coke 8c Iron, pref. (quar.)Pills bury Flour Mills Co
—.
$1H
20c
$134
2c
25c
$134
42c
-
50c
87 34c
50c
SIX
...
40c
10c
Pioneer Gold Mines of B. C. (quar.)
Pitney-Bowes Postage Meter (quar.)
Pittsburgh Bessemer & Lake Erie (seml-ann.J.¬
Pitts. Ft. W. 8c Chicago Ry. 7% pref, (quar.)—
7% preferred (quar.)
7% preferred (quar.).
1-/0 preferred (quar.)—
Pittsburgh Youngstown & Ashtabula Ry.
7% preferred (quar.)
Portland & Ogdensburg RR
Potomac Electric Power, 6% preferred (quar.)—
534% preferred (quar.)
Powarell & Alexander (resumed)
Prentice-Hall, Inc. (quar.)----.
10c
75C
SIX
SIX
SIX
SIX
Extra
S3 preferred (quar.)
Public Electric Light Co. 6% pref. (quar.)
SIX
SIX
10c
Sun Oil Co. common-----------*Preferred (quar.)—;
————————
Sylvania Industrial Corp
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Feb.
1 Feb. 11
Feb. 15
Feb. 17
Feb.
8
Feb. 15
Feb. 15
Feb. 15
Feb. 20
Feb. 20
20 Feb. 10
Apr.
Apr.
1
1
Apr.
Apr.
1 Mar. 15
1 Mar. 15
—------—--------
—
15c
28
15
10
15
20
3
Schiff Co.
(quar.)
—■—
7% preferred (quar.)_——
5)4% preferred (quar.)
Seaboard Oil of (Del.) (quar.)
.
17
15
Mar.
1 Febs
17
16
15
15
15
1
15
15
15
15
15
15
Mar. 10
25c
Mar.
1
1
1
1
Mar.
Fe^. 25
Mar.. 1
Mar. .1
Mar. 15
_
28
Mar"7~
Mar.
9 Feb.
Mar. 15 Feb.
Mar, 15 Feb.
Mar. 31 Mar.
Feb. 25 Feb.
Apr.
1 Mar.
Mar. 30 Mar.
Mar.
Mar.
Mar.
1 <
16
—
pref. (quar.)-
—-——
Timken Roller Bearing Co
Toburn Gold Mines, Ltd. (quar.)——.———
'
Extra.-.—
Toledo Edison Co. 7% pref. (monthly)
—————
6% preferred (monthly)
5% preferred (monthly).
Feb.
15
Jan. 31
Feb. 15
Feb. 20
Feb.' 28
20c
25c
(quar.)
(quar.
(quar.
(quar.
SIX
SIX
six
$1X
1214c
Shattuck Denn Mining Corp
Sheaffer (W. A.) Pen Co
Extra
$1
25c
SIX
-
Six
-
mix
Silverwood Dairies
20c
8714c
25c
-
1214c
SIX
30c
SIX
SIX
Mar. 17
June 16
Apr.
July
Oct.
Sept, 15
1-3-40
Feb. 20
Feb. 25
Feb. 25
Mar.
Dec. 15
Jan. 31
Feb. 14
Mar.
-
Toronto Elevator Co., Ltd., 5X% pref; (quar.)
Trane Co. 1st $6 pref. (quar.).
------
Troy 8c Greenbush RR. Assoc. (s.-a.)
Truax-Traer Coal 6% pref. (quar.)—
534% rpeferred (quar.)—
Underwood Elliott Fisher Co. (quar .)
Union Gas of Canada (quar,)--.Union Tank Car Co, (quar.)---United Biscuit of America
Preferred (quar.)
United Bond & Share Corp., Ltd. (quar.)
...
Quarterly
Quarterly
Mar
Apr.
United
—————...
30c
30c
15c
Mar.
20
15
21
21
15
65c
$134
$134
$134
$134
15
15
Feb. 21
Feb. 23
Mar.
1
June 15 June
1
Mar. 15 Mar.
1
Mar. 15 Mar.
Mar.
10*
Mar. 31 Mar,
Mar. 15 Feb.
Feb,
Mar.
Feb.
Mar.
Apr. 13
May
Apr. 15 Mar. 31
July 15 June 30
Oct. 16 Sept. 30
$134
58 l-3c
581-3c
53c
$234
50c
——————
—
50c
50c
50c
50c
$134
$134
SIX
SIX
14
8
Mar.
1 Feb.
Mar. 31 Feb. 28
Mar. 31 Feb. 28
Feb. 15
Mar. 15
Feb. 15
Mar. 15
Feb. 15
Mar. 15
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Apr. 10 Mar. 20
Mar. 20 Feb. 28
June 20 May 31
Sept. 20 Aug. 31
Dec, 20 Nov. 29
1 Mar. 16
1
Mar. 15 Mar.
Apr.
Feb. 20 Feb.
3
Apr. 15 Apr.
July 15 July
5
5
25c
Mar.
50C
Mar,
Mar.
*1
20
17
July
Mar.
Mar.
1 Feb. 15
1 Feb. 15
1 Feb. 15
1 June 15
1 Feb.
1 Feb.
15
15
Feb. 18
Mar.
Apr. 20 Apr, 10"
July 20 July 10
10
Feb. 24
Feb. 20
Feb. 20
Feb. 15
Oct.
20 Oct.
Mar.
Mar.
Mar,
Mar.
Feb.
15
15
15
1
28 Feb.
June
5% preferred (quar.)—
5% preferred (quar.)
Wayne fump Co_
—
*
Preferred
Preferred
(quar.)...—
—...—
(quar.)_——.—
WessonOiI& Snowdrift,preferred (quar.)Western Auto Supply Co, (quar.)—
—.
Western Cartridge, 6% preferred (quar.)
Western Public Service Co. $134 pref, A——
Westinghouse Electric 8c Mfg
—...
...
—
Participating preferred (quar.)
Weston Electric Instruments, class A...
Westvaco Chlorine Products (quar.).
West Virginia Water Service $6 pref. (quar.)_._.
Wheeling Electric Co. 6% pref. (quar.)*
Whitaker Paper Co. (resumed)—
7% preferred (quar.).
Whitman (WmJ, 7% pref. (quar.)
Will & Baumer Candle Co., Inc., pref. (quar.)
Wilson Line, Inc
Winsted Hosiery Co. (quar.)
Mar. 17
Mar.
Weisbaum Bros. BoWer Co. (quar.).
Welch Grape Juice Co. pref. (quar.).—.
May 15
Apr.
...
15
May 15
Mar.
June
5% pref. (s.-a.)
Feb.
Feb. 15
15
28 Feb. 14
May 31 May 15
Aug. 31 Aug. 15
Feb.
1 Feb. 15
1 Feb. 17
20 Jan. 31
Mar.
1 Feb. 10
Feb. 28 Feb. 14
Feb. 28 Feb. 14
Mar. 20
Apr.
Feb. 10
Mar.
Mar.
Mar.
Feb.
Mar. 15
Feb.
8
Mar. 18
Mar. 18
Mar. 18
Apr.
Mar. 15
Apr.
1
Mar. 15 Mar.
Apr,
Mar.
Apr.
Apr,
—
Apr. 15
Apr. 15
Extra
May
May
Aug.
Aug.
Quarterly
Nov.
Oct.
15
Nov.
Oct.
Feb.
15
17
15
Feb. 28 Feb. 15
Feb. 28 Feb. 15
Mar.
1 Feb. 15*
Apr.
1 Mar. 20
Mar.
1 Feb. 14
Mar. 15 Feb. 25
2c
53c
50c
50c
United States Potash Co. 6% pref. (quar.)
United States Steel Corp. 7% preferred (quar.)—
United States Sugar Corp. preferred (quar.)—
Preferred (quar.)——
»—————
Universal Insurance Co. (quar.)——
Van Raalte Co., Inc...————-----■—
1st preferred (quar.)
:
————
Vermont & Boston Telegraph...—————
Vick Chemical Co. (quar.)i——
Extras
...—
:
Virginia Coal & Iron Co. (quar.).—.Vulcan Detinnlng. pref. (quar.)
...
—
Preferred (quar.)
—
Preferred (quar.)——
—--
Feb.
*
Feb. 21
8
1
1 Feb.
Mar.
Mar. 15 Mar.
25c
25c
United States Playing Card—;
Quarterly
10
Mar. 15
Feo. 15
Mar. 15
Mar.
1
1 Feb.
Mar,
4 Feb.
Feb. 23 Jan.
Feb. 23 Jan.
Feb.
58 l-3c Mar.
Feb.
Mar.
50c
Feb.
41 2~3c Mar.
$134
$134
Quarterly-------Quarterly
Mar. 15
Feb. 15
15c
15c
-
-----
Mar. 15
Mar. 15
Mar. 15
25c
7% prior preferred (monthly)-.,
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
'
6% prior preferred (monthly)-.-—:--:
6% prior preferred (monthly)United New Jersey RR. 8c Canal (quar.)
United States Pipe 8c Foundry Co. (quar.)
Quarterly———-——:———
Extra
1 Feb. 15
1 Mar. 15
25c
50c
(guar.)—
Light & Rys. 7% prior pref. (monthly)—
14
Feb. 20 Feb.
10c
$134
$134
30c
Preferred
20
_
,
20c
United Gas Corp. $7 pref. (quar.)
United Gas Improvement (quar.)
Feb.
Mar. 15
Mar. 10
Mar.
Feb. 18
Mar. 15 Feb. 20*
Mar.
Feb. 16
Feb. 25 Feb. 15
1
Apr,
1
Apr.
1
Apr.
1
$1.80 Apr.
50c
Mar. 1
1
50c
Apr.
Mar. 1
60c
1
60c
Apr.
50c Mar. 15
Mar.
1
$134
•
Feb.
Apr.
Apr.
1 Feb. 20
I Feb. 20
25c
— —
Washington Ry. & Electric Co....
Mar. 15 Mar.
1
Mar. 10 Feb. 10
Mar.
Feb. 15
Mar,
Feb. 15
Feb. 16
Mar.
75c
—
—
Texas Pacific Coal & Oil Co. (quar.)
Thew Shovel 7% pref. (quar.)
————
Thompson Products, prior pref. (quar.)-,
—
10
21*
15
Feb. 21
Feb. 10
Feb. 10
Feb. 15
Mar. 15 Feb. 28
Mar. 15 Feb. 28
75c
Smith-Al8op Paint & Varnish, 7% pref. (quar.)
Socony-Vacuum Oil Co.
Soss Mfg. Co. (resumed)
Soundview Pulp Co. preferred (quar.)
South Bend Lathe 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 Pipe Line Co--,
———-
6% 1st preferred (monthly)
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)--—7.2% 1st preferred (monthly)
Texas Gulf Sulphur (quar.)-————————
Texas-New Mexico utilities, 7 % pref. (quar.)—
Tide Water Assoc. Oil (quar.)--Tilo Roofing Co. (quar.)*
Mar.
Mar.
six
j—;
25
25c
-
$2
SIX
—
Walgreen Co., 434% preferred (quar.)
(H.) Walker-Gooderham & Worts, Ltd——
Preferred (guar.) 1
———
—
Warren Foundry & Pipe.—-————
28.
28
SIX
$134
_
Feb. 27 Feb. 18
Mar. 31 Feb. 15
Mar. 31 Feb. 15
5c
5c
—
—
Mar. 15 Mar.
1
Mar.
1 Feb. 17
20c
—
20
1 Feb. 20
20c
20c
-_
Shenango Valley Water Co. 6 % prefSherwin-Williams Co., preferred (quar.)
Sherwin-Williams Co. (Can.), pref
25c
———
.
...
Preferred
1
Feb. 28 Feb. 20
Mar.
1 Feb. 15
Mar.
1 Feb. 15
Feb. 28 Feb.
Mar. 15 Feb.
Mar. 10
SIX
-----------
Preferred
Mar.
Feb.
50c
Reading Co. 1st pref. (quar.)
Reeves (Daniel), Inc. (quar.) (cash or pfd. stk.)
1234c
Preferred (quar.)-,SIX
Reliance Electric & Engineering.
—1
1214c
30c
Republic Insurance Co. (Texas), (quar.)
Reynolds Metals Co. 5 34 % conv. prefSIX
Rich's, Inc. 6)4% pref. (quar.)——
SIX,
Rochester Button Co. preferred (quar.);
Z7Xc
Rochester Gas & Electric, 5% pref. E (quar.)—
SIX
SIX
6% preferred C & D (quar.)---i_.
Rolland Paper Co., 6% preferred (quar.)
six
Roxy Theatre, Inc., pref, (quar.) ------3714c
0.0051
Royalty Income Shares, scries A
Rustless Iron 8c Steel, preferred (quar.)
6214c
Savannah Gas preferred (quar.)
43,14 c
Preferred
16
12-10-39
1-2-40
•
.—
Sears, Roebuck & Co
Second Investors (R. I.), $3 preferred (quar.)
Secord (Laura) Candy Shops (quar.).
Servel.lnc
—
——*— ------
dep. ctfs
————-—
Timken-Detroit Axle,
Mar. 15 Feb. 25
1 Feb. 10
1 Mar. 1
1 Feb. 15
Apr.
Mar.
,7.2% 1st preferred (quar.)
20
8
1 Sept. 10
Oct.
Feb.
•
Preferred
20
Feb. 20 Feb.
1
Mar. 15
Apr.
Mar. 10
Apr,
July
1 June 10'
_
—.
Class B
Mar.
Apr,
Feb.
58 l-3c Mar.
Mar.
50c
1 Feb.
41 2-3c Mar.
1 Feb,
Mar. 31 Mar.
60c
$2 Mar, 15 Feb.
Mar. 15 Feb.
SIX
Mar. 15 Feb.
SIX
50c
Mar. 15 Feb.
50c
Apr. 15 Mar.
—------
Public Service Corp. of N. J. (irregular)——:
8% preferred (quar.)—t——
7% preferred (quar.)
$5 preferred (quar.).--—
—
6% preferred (monthly)--——
6% preferred (monthly)-----— —
Purity Bakeries Corp
——
Quaker Oats Co. pref. (quar.)———•—
Quaker State Oil Refining Corp—
Rainier Brewing Co., partic. pref. A.—.—
.
18
15
10
18*
Feb. 15
Feb. 25
Mar.
- -.—.
-
Mar. 31 Mar;
Feb. 25 Feb.
Mar.
1 Feb.
1 Feb.
Mar.
Mar.
1 Feb.
Mar.
1 Feb.
1 Mar,
Apr.
Mar. 15 Mar.
Mar.
Feb..
Mar.
Feb.
Mar.
Feb.
Mar.
Feb.
Feb.
Mar.
Feb.
Feb.
Feb.
Mar.
Mar.
Feb.
Mar.
Feb.
Feb.
Mar.
25c
Feb. 28 Feb. 18
8
Mar.
1 Feb.
Mar.
1 Feb. 15
Mar.
5% 1st preferred (quar.)--6% 1st preferred (quar.)——-7% 1st preferred (quar.)—
,
20c
Apr.
1 Mar. 15
Mar. 1 Feb. 15*
Feb. 28 Feb. 18
30c
50c
Tampa Gas Co. 8% pref. (quar.)7% preferred (quar.)--,
Tennessee Electric Power. Co.^
Feb. 20
Mar, 20
Apr.
Mar.10 Feb. 24
95c
1234c
1234c
$134
1 Feb. 15
1 Feb. 18
Mar. 15 Feo. 15
Mar. 15 Feb. 15
Mar. 15 Feb. 15
$134
Sylvanite Gold Mines (quar.)—
Extra-—
$134
—* —
Swift International Co.
31
20 Jan. 31
1 Feb. 18
Feb. 10
Mar.
Feb. 20
70c
75c" Mar.
——
Pqblic Service Co. of Colorado 7% pref. (mthly.)
0% preferred (monthly).
5 % preferred (monthly) —
—
.
Feb.
Mar.
5c
25c
Stromberg-Carlson Telep. Co. pref. (quar.)
Stuart (D. A.) Oil Co., Ltd., class A partic. pref.
Feb. 20 Jan.
Mar.
25c
—
1 Feb. 15
Mar,
Mar.
40c
pref. (qu)
*
six
50c
—
Mar. 10 Feb. 21
1
Mar. 15 Mar.
1
Mar. 15 Mar.
Apr.
1 Feb. 17
1
June 15 June
40c
40c
Swift A Co. (quar.)
_
2d
20c
(quar.)
,
Northern States Power (Wise.) pref, (quar.).f 1.41 2-3 Mar.
Northeastern Water 8c Electric, $4 preferred*l Mar.
^
Mar. 15 Feb. 20
Mar. 15 Mar. 10
Mar.
1 Feb. 17
1234c
$134
(quar.)--——
Sterling Products, Inc. (quar.)———————
Storkline Furniture Co. (quar.)
Northern States Power
I1H
Apr. 15 Mar. 20
—.
Stein (A.) 8c Co., preferred
Jan. 31
Feb. 28
Feb. 15
Feb. 24
Feb. 15
Mar.
Mar.
Mar.
$1.31 34
25c
i\n
—
Standard Dredging. $1.60 cum. conv.
Standard Oil of California (quar.)
Extra
Standard Oil Co. (Ind.)
1
1
Nov.
1
Feb. 22
Mar.
Feb.
$2)4
Quarterly—
Quarterly
Preferred (quar.)
Standard Cap 8c Seal Corp. (quar.)
14
May
Aug.
Aug.
Holders
When
Payable of Record
3734c
$134
$134
Spiegel, Inc., preferred (auar.)
Standard Brands, Inc. preferred (quar.)
$134
SIX
North American Edison, S0 preferred (quar.)—
North River Insurance (N. Y.) (quar.)'——.
Northam Warren Corp. preferred
Original preferred (special)—
6% series B preferred (quar.)
-—--—
Sparks Withington Co., pref. (quar.)
— ——
Spear 8c Co., 1st 8c 2d. pref. (quar.) — -——
Spencer Kellogg 8c Sons, Ine——
6
14
Mar.
.
18, 1939
Southern California Edison Co. Ltd.—
6
Mar.
————
Co. (Del.)—
7% cumulative preferred (quar.)
6% cumulative preferred (quar.)——
Feb.
40c
New Jersey
Class A
Mar. 15 Mar. 3
Feb. 18
Mar.
Jan. 31
31
Feb. 16
Mar.
1
Feb. 18
aiile
Zinc Co
—
New World Life Insurance
—
New York & Queens Electric Light & Power—
Preferred (quar.)
—-—Niagara Shares Corp. (Md.) cl. A preferred (qu.)
Niles-Bement-Pond----------1900 Corp., class A (quar.)-—-:-——,
—
Class A (quar.)-—-——-————
Per
Shari
Name of Company
Mar.
Feb.
Feb.
Feb.
Holder*
Payable of Record
60c
Newberry (J. J.) Realty Co., 5% pref, (quar.)..
New Amsterdam Casualty Co. (s.-a.)
Nor an da Mines, Ltd. (interim)
When
Chronicle
——.———
-
————
—
Extra
Woolf Bros., Inc., 7% pref. (quar.)..
—
Mar.
Participating preferred B
Woolworth (F, W.) Co. (quar.)
Wright-Hargreaves Mines, Ltd. (quar.)...
—
*
15
15
Feb. 23 Feb. 11
Feb. 10
Mar.
Feb. 15
Apr.
Extra
Apr.
Wrigley (Wm.) Jr. Co. (monthly).
Monthly
July
July
...
—
■
Feb.
Mar.
Feb. 20
Mar. 20
Apr.
15
Transfer books not closed for this dividend.
J On account of accumulated dividends.
Payable in Canadian funds, and In the case of non-residents of Canada,
uction of a tax of 5% of the amount of such dividend will be made.
Financial
Volume 148
Chronicle
Condition of the Federal Reserve Bank of
New
981
Weekly Return of the New York City
York
Clearing House
WThe following shows the condition of the Federal Reserve
Bank of New York at the close of business Feb. 15, 1939,
in comparison with the previous
date last year:
week and the corresponding
The
weekly statement issued
by
the
New
STATEMENT
MEMBERS
OF
OF
THE
NEW
YORK
CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, FEB.
Feb.15,1939
Feb.
8, 1939
City
York
Clearing House is given in full below:
11, 1939
Feb. 16, 1938
*Surplus and
Net Demand
Time
Undivided
Deposits
Deposits,
Profits
Clearing House
Assets—
Average
Average
Capital
Members
Gold certificates on hand and due from
5,525,492,000 5,586,331,000 3,773,079,000
1,221,000
1,293,000
1,523,000
91,814,000
127,688,000
134,087,000
United States Treasury.x
Redemption fund—F. R. notes....
Other cash t
Total
j
-
National City Bank—
Chem Bank & Trust Co.
77,500,000
3,866,114,000
Govt,
8
Bank
Qf New York
obligations,
1,710,000
3,311,000
2,346,000
229,000
direct or fully guaranteed
Other bills discounted....
261,000
492,000
20,000,000
42,243,000
21,000,000
Corn Exch Bank Tr Co.
Total bills
1,939,000
213,000
3,848,000
discounted....^
...
Industrial advances
3,572,000
216,000
3,844,000
2,838,000
214,000
4,324,000
United States Government securities:
11,094,000
41,223,000
166,346,000
6,405,000
62,126,000
91,010,000
42,182,000
182,808,400 i/1,452 539,000
533 188,000
45,129,400
C805 478,000
71,537,000
254 301,000
19,038,800
90,000,000
-
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
15,000,000
First National Bank
Bills bought In open market...
$
162 ,562,000
13,716,400
511 ,568,000
26,178,200
60,054,900 al,608 ,405,000
542 ,884,000
55,632,700
6,000,000
Guaranty Trust Co
,
U. S.
by
20,000,000
5,654,473,000 5,721,941,000
reserves..
Bills discounted:
Secured
Bank of Manhattan Co.
25,083,000
10,000,000
<•
Continental Bk & Tr Co.
Chase National Bank
109,072,800
529 452,000
50,000,000
252,935,000
515 743,000
4,000,000
Irving Trust Co
4,319,700
46 492,000
5,281,000
3,477,000
135,516,700 d2,237 897,000
52,656,000
100,270,000
Fifth Avenue Bank
3,407,000
237,660,000
343,525,000
143,478,000
Treasury bills.'.
206,140,000
724,663,000
739,554,000
730,663,000
;
Total U. 8. Government securities-
237,660,000
341,961,000
145,042,000
724,663,000
..............
732,295,000
500,000
3,741,400
47 366,000
4,458,000
Bankers Trust Co
25,000,000
79,464,100
e849 457,000
Title Guar & Trust Co.".
2/4,966,900
13 746,000
105 505,000
30,897,000
2,391,000
Marine Midland Tr Co.
2/6,000,000
5,000,030
New York Trust Co
Bonds
Treasury notes
12,500,030
27,881,500
7,000,000
7,000,000
8,297,700
321 853,000
89 654,000
9,355,600
84 907,000
1,336,000
50,583,000
918,899,900 10,712,997,000
625,818,000
746,930,000
338,942,000
194,472,000
Comm'I Nat Bk & Tr Co
Public Nat Bk & Tr Co.
Total bills and securities.
Totals
66,000
62,000
3,869,000
221,418,000
3,824,000
186,443,000
9,021,000
13,846,000
9,021,000
13,428,000
12,815,000
....
—
Uncollected items
Bank premises.....
"
Other assets
....
;
519,013.000
65,000
3,620,000
188,001,000
Due from foreign banks..
Federal Reserve notes of other banks.
9,956,000
*
As per official reports:
companies,
Dec.
9,252,700
National, Dec. 31, 1938; State, Dec. 31, 1938; trust
x Surplus,
v Jan. 31, 1939.
" \
1938.
31,
Includes deposits In foreign branches as follows:
c
§4,446,000; d $96,567,000,
$30,291,000.
e
6,599,690,000 5,702,034,000 4,826,147,000
Total assets....
4,411,000
21,362,000
a
$275,855,000; b $83,068,000'
;
Liabilities—
F. R. notes In actual circulation
997.237,000
...
986,397,000
908,657,000
THE
Deposits—Member bank reserve acc't— 4,691,632,000 1,906,904,000 3,249,495,000
58,610,000
U. S. Treasurer—General account
179,936,000
332,334,000
94,981,000
176,444,000
Foreign bank
Other deposits
74,629,000
218,769,000
53,720,000
256,946,000
LONDON
STOCK
EXCHANGE
Quotations of representative stocks
each
as
\
day of the past week:
received by cable
.
Sat.,
5,295,391,000 5,380,238,000 3,618,771,000
...
186,866,000
1,131,000
Other liabilities lncl. accrued dividends..
215,435,000
178,609,000
868,000
904,000
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Feb. 11
Total deposits
Deferred availability Items.....—.—..
Feb. 13
Feb. 14
Feb. 15
Feb. 16
Feb. 17
Boots Pure Drugs
Total liabilities
—....
Canadian
£40 X
Capital Accounts—
Courtaulds S & Co
Capital paid In..
(Section 13-b)...
—...
50,997,000
50,959,000
De
£7
51,943,000
Distillers
r—
90/—
90/—f
7,744,000
Electric & Musical Ind.
11/-
11/-'
8,179,000
8,560,000
Ford
Other capital accounts........
Co
16/6
Ltd..—.
Gaumont Pictures ord.
Total liabilities and capital accounts.. 6,599,690,000 6,702,034,000 4,826,147,000
A*.
-
HOLI¬
DAY
Hudsons Bay Co
Ratio
of
total
to
reserve
deposit
and
F. R. note liabilities combined
Contingent liability
bills
on
85.4%
89.9%
89.9%
purchased
for foreign correspondents
Imp Tob of G B & I...
London Midland Ry.
Metal
291,000
u
,
Box.
make
to
Industrial
ad¬
2,565,000
2,561,000
vances..—
bank's own Federal
112/6
Swedish Match B
Reserve,bank notes.
x
the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
These are certificates given by
over
certificate? being worth less to the extent of the
profit by the Treasury
the provisions of the Gold Reserve Act of 1934.
100 cents
59.06 cents, these
to
difference, the difference itself having been appropriated as
under
,
West
—
These
figures
are
a
System
,
£36
£434
r
26/6
33 /6
22/3
•22/434
22/3
27/33/6
22/6
22/734
£5
£534
£534
£5H
Areas...'
and liabilities of the reporting member banks in 101
always
the Federal Reserve
£834
Wltwatersrand
£534"
System
Federal Reserve System, giving the principa
Following is the weekly statement issued by the Board of Governors of the
resources
,
VF-
22/6
134/£1134
74/-
£1434
16/112/6
£434
27/33/—
22/-
•22/9
22/9
United Molasses...j..
•
£3534
£4h#
27/33/22/22/434
Weekly Return for the Member Banks of the Federal Reserve
.
Items of the
111/3
£3534
£4
Unilever Ltd
Vickers
16/-
£4H
£35 >4
■
.
£14
£1334
27/-
Rolls Royce
Shell Transport—
90/11/16/-
16/111/3
Cop M.
Royal Dutch Co
t "Other cash" does not Include Federal Reserve notes or a
16/111/3
£3534
74/£834
£1334
£734
90/11/16/3/6
1/3
22/132/£1134
74/£834
£1134
'
£834
£13 K
—
Roan Antelope
4,403,000
3/6*
1/22/131/10M 132/£11
'
£1034
73/10 y3
74/-
22/4M
/-
62/6
26/-
£7
89/6
11/16/-"
3/6
1/3
22/132/-
,16/-
4
.
61/1034
26/-
£7
£8H
Rand Mines—.......
Rio TInto—
Commitments
4/£1834
£7
52,463,000
7,457,000
Beers
£4034
4/-
8,164,000
.....
£40
V £18
61/3
25/-
50,981,000
52,463,000.
7,457,000
...
Surplus (Section 7)
Surplus
62/6
25/-
40/134
96/-
40/134
95/-
£40
4/—
£1834
61/3
25/-
£l8ji
Cons Goldfields of 8 A.
39/9
94/-
£40
Marconi
Central Mln <fc Invest..
„
39/1034
94/-
40/3
94/4 ^
British Amer Tobacco.
Cable & Wire ordinary.
6,480,625,000 6,582,938,000 4,706,941,000
leading cities from which weekly returiis are obtained.
The comment of the Board of Governors of
of "Current Events and Discussions "
also give the figures of New York and Chicago reporting member banks for a week tater.
week behind those for the Reserve banks themselves.
upon
the figures for the latest week appears in our department
mmediately preceding which we
Commencing with the statement of May 19. 1937, various changes were made in the breakdown of loans as reported In this statement, which were
an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
.
'
The changes in the report form are confined to the classification of loans and discounts.
Tbis classification has been changed primarily to show tpe
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealer0 for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers In securities located In New York Oity aad those" located
outside New York City.
Provision has been made also to Include "acceptances of own bank purchased or discounted
with acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," Instead of in 4 all other loans,
as formerly.
_
Subsequent to the above announcement, it was made known that the new items 4 commercial. Industrial and agricultural loans
and other loans,
oanii«^f{noM
orifl
htwtirloa
varl
anH
nriaAf>nFAff "
would each be segregated as "on securities" and "otherwise secured and unsecured.4
__
A more detailed explanation of the revisions was published in the May 29, 1937. issue of the
Chronicle, page 3590.
described in
.
rtU
„
.
am
ASSETS AND LIABILITIES OF
Reserve
Federal
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
Boston
S
ASSETS
Loans and investments—total
Loans—total—....
Commercial, Indus, and agricul. loans
Open market paper
...
Loans to brokers and dealers in securs.
New York
Phlia.
$
Total
Districts—
$
CITIES BY DISTRICTS ON FEB. 8, 1939 (In Millions of Dollars)
Cleveland Richmond
,
St. Louis
Chicag
Atlanta
$
Minneap
Kan. City
San Fran.
Dallas
$
$
$
■
21,459
8,179
3,745
1,123
8,498
1,127
1,851
651
590
3,196
700
392
654
498
2,179
565
3,250
406
638
233
305
850
310
155
259
242
966
246
1,447
177
227
98
172
482
178
76
156
158
328
324
65
133
22
9
10
4
31
4
4
18
1
23
22
3
6
38
6
1
5
3
13
26
17
13
78
12
7
12
15
48
98
48
29
641
25
251
32
1,146
80
206
35
28
7
23
20
379
106
2
87
2
2
1
4
7
183
"70
81
119
55
""60
44
"45
'""175
228
182
788
carrying
securities..
Real estate loans..
Loans to banks
786
536
Other loans lor purchasing or
19
......
....—
53
169
.
1
1,536
118
485
101
United States Government obligations
8,171
388
2,895
365
834
312
155
1,648
215
161
1,807
3,302
33
979
88
102
43
47
231
60
15
Obligations fully guar, by U. S. Govt.
47
39
137
268
277
63
83
467
102
40
133
66
302
7,453
347
1,374
4,498
274
358
154
110
895
162
69
166
110
310
Other loans
—
... — -
Other securities
...
Reserve with Federal Reserve Banks.
Cash
in
vault
423
,
Balances with domestic banks
....
140
71
17
40
19
12
61
11
7
12
11
2,515
151
183
169
277
168
159
408
142
87
256
245
270
106
35
45
82
23
17
22
30
234
82
610
104
16,077
1,036
1,117
434
352
2,295
442
261
494
428
929
250
7,501
1,008
788
5,185
283
738
198
183
892
188
119
144
134
1,048
28
42
129
20
2
22
34
110
245
241
913
292
124
349
211
270
3
4
""294
98
83
344
LIABILITIES
deposits—adjusted
Time deposits
632
15
134
54
42
6,271
United States Government deposits --
255
2,701
320
350
672
24
504
10
1
1
1
10
"~~6
16
5
91
386
91
Inter bank deposits:
Domestic banks.;—
Foreign banks
Borrowings
.
22
1,290
Other assets—net
Demand
123
,
—
717
Other liabilities
Capital account...
....—
1
1
1
—
""20
"302
"l5
"~17
"27
3,685
243
1,610
221
367
94
20
....
57
Chronicle
Financial
982
Feb. 18, 1939
the Federal Reserve System
Weekly Return of the Board of Governors of
Reserve System on Thursday afternoon, Feb. 16,
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
PIS&Tlie following was issued by the Board of Governors of the Federal
showing the condition of the 12 Reserve banks at the close of business on
COMBINED RESOURCES AND
1939
1939
Feb. 1,
1939
$
S
3
Feb.
(000) Omitted
TJrree Ciphers
ASSETS
U.S. Treas. x.
12,006,218
8.85b
Other cash
Feb. 8,
15,
Redemption fund (Federal Reserve notes)..—
Gold ctfs. on hand and due from
BUSINESS FEB. 15, 1939
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
11,979.223
9,908
Jan
25,
Jan.
Jan.
18,
Jan.
11,
Dec.
4,
28,
Dec.
1939
$
%
'
Feb. 16,
21,
1939
1939
1938
1938
%
1939
$
8
$
1938
..
$
11,905,217 til,896,274
9,193
10,193
t435,230
449,111
11,867,720
11,837,719
11,787,719
8,433
9,874
364,763
11,762,720
9,873
305,963
9,163,600
9,155
418,025
9,873
325.471
12,364,521 tl2,340,697
11,947,218
12,294,178
12,212,356
12,123,063
12,078,556
9,613,955
438,850
441.930
10,441
440,142
12,453,924
12,431,007
12,397,801
3,078
1,981
5,294
2,100
2,880
1,993
2,729
2,255
2,106
2,635
2,119
2,334
1,973
4,931
2,049
5,968
2,325
6,300
1,966
5,059
7,394
4,873
4,695
.4,361
4,754
4,307
6.980
8,293
9,920
*
Total reserves.......
.........
441,200
Bills discounted:
Secured
by
U.
8.
Government obligations,
direct or fully guaranteed...
....
Other bills discounted..
.
-Total bills discounted.
—
553
556
556
556
556
549
549
549
549
548
14,602
14,738
14,811
15,131
15,390
15,550
15,605
15,688
15,533
17,536
840,893
1,215,406
607,650
840,893
1,209,931
840,893
1,209,931
513,191
840,893
1,209,931
513,191
840.893
1,209,931
513,191
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
1,175,103
513,191
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
2,584,289
2,586,703
2,584,255
2,584,397
2,584,322
2,584.868
2,584,376
2,587,232
2,588,390
2,592,019
Bills bought in open market...
Industrial advances
••
» -
United States Government securities—BondsTreasury notes
....
i
Treasury bills—
Total U. S. Government securities...
Foreign loans on gold—..1
Gold held abroad
-
169
leo
166
21,247
701,774
42,827
49,512
22,337
623,879
48,391
26; 324
583,874
42,831
47,870
—...1— "15,853,742
15,755,374
15,683,121
4,349,830
4,344,753
4,347,209
4,319,451
...
233,476
9,017,844
931,295
208,215
279,377
9,046,811
........
8,707,191
1,250,417
266,340
9,166,063
767,179
171,571
298,213
10,457,424
10,436,731
10,402,759
699,503
2,947
627,021
586,093
3,131
Due from foreign banks.....
.....
Federal Reserve notes of other banks.....
Uncollected Items...
Bank
>
—
,
premises
714,683
674,229
.....
Total bills and securities
■-—
Other assets..
3,620
—
—
Total assets.---.—-.--
42,831
166
31,089
t660,761
42,925
"~172
172
42,928
44,641
25,402
687,215
44,076
44,332
26,085
789,042
44,096
42,956
172
172
35,537
29,426
739,742
166
30,307
565,290
>
.
-
'
171
20,903
47,349
597,740
42,928
45,973
15,635,632 tl5,707,309
15,601,396
15,653,641
15,511,492
15,569,297
13,003,090
t4,338,417
4,374,962
4,441,050
4,470,462
4,483,202
4,119,686
19,130,409
799,950
158,713
1275,936
8,956,139
872,943
176,767
282,712
8,819,243
891,119
189,916
8,577,167
7,215,592
245,684
207,703
296,843
8,471,979
1,024,793
195,280
318,617
10,365,008 "10,288,561
10,145,962
10,022,717
10,010,669
7,856,670
591,268
2,298
720.789
664,149
5,703
721,418
679,755
42,913
48,038
687,258
44,950
43,834
LIABILITIES
Federal Reserve notes in actual circulations...
\
_
'
'
'
: '
.
Deposits—Member bank—reserve account.....
United States Treasurer—General account..
Foreign bank.
........
Other deposits-.—........
—
Total,deposits.
Deferred availability Items
—
.
yOther liabilities including accrued dividends.
887,021
185,766
283,161
2,589
10,403,026
566,467
•
'
'
657,676
2,208
2,426
.
941,004
1,981
—
152,080
3,871
ll"i 509
yAU other liabilities
Total liabilities
187,286
301,712
15,509,710
15,411,094 -15,339.192
15,291,370 tl5,363,309
15,257,089
134,841
134.818
149,152
27,264
33,005
149,152
15,309,782
15,163,031
15,226.798
12,659,982
134,723
134,451
147,739
134,440
133,1?3
147,739
27.683
27,683
134,911
149,152
27,264
32,980
CAPITAL ACCOUNTS
Capital paid In.;
-i
—
yOther capital accounts——
yReserve for contingencies
Total
134,899
134,913
149,152
27,264
32,703
....
—
Surplus (Section 7)
Surplus (Section 13-b)
"
134,790
149,152
27„264
32,723
149,152
27,264
32,965
,
27,264
32,766
149,152
27,264
32,720
'
147,739
27,683
38,588
34,493
.
32",637
liabilities and capital accounts
15,755,374
15,683,121
84.1%
15,635,632 tl5,707,309
84.1%
15,601,396
15,653,641
15,511,492
15,569,297
13,003,090
83.8%
83.7%
83.6%
83.3%
80.3%
29
15,853,742
84.1%
.....
76
76
13,339
13,558
14,161
14,-848
3,715
3,267
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined—.
Contingent
liability
on
bills
83.9%
for
purchased
correspondents.....
foreign
«84.0%
...
12,800
12,905
12,892
13,004
4,031
Commitments to make Industrial advances
6,267
3.804
3,670
13,131
Maturity Distribution of Bills and
3,359^
Short-Term Securities—
:
...
31-60 days bills discounted....*
61-00 days bills discounted
Over 90 days bills discounted
„
Total bills discounted
7,128
178
144
132
82
185
321
315
398
272
221
259
274
295
202
270
893
313
334
293
262
261
170
175
134
575
-1"341
285
367
349
422
390
7,394
4,873
4,695
4,3m
4,754
4,307
83
5,059
...
'
48
446
299
6,980
8,293
9,920
271
143
61-90 days bills bought in open market
Over 90 days bills bought In open market
100
262
179
25
23
23
106
237
"*179
25
271
271
23
106
260
262
23
256
179
264
264
23
'""262
71
,
'
;
-
"""264
-t-
152
264
"
•
46
"""350
556
556
549
549
549
549
548
2,232
2,282
1,908
2,049
1,784
,1,923
1,670
101
116
525
512
579
566
296
390
395
403
555
573
567
542
11,544
11,554
11,835
12.030
12,172
12,177
14,811
111,390
101,988
71,018
2,081,154
15,131
102,685
»
95,885
205,093
77,510
2,082,842
15,390
74,848
114,390
176,733
123,720
2,077,324
15,550
88,872
2,098,359
14,738
95,885
103,383
152,720
114,348
2,097,679
2,020,470
15,505
107,684
74.848
209,378
174,265
1,997,840
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
4,657,531
307,664
4,670,386
325,633
4,678,715
331,506
4,686,380
366,929
4,702,829
364,415
4,349,867
4,344,753
4,347,209
4,319,451
4,778,000
4,304
4,778,000
6,678
4,781,000
4,153
553
......
501
357
326
14,662
:
Total Industrial advances
310
11,439
,
331
434
61-90 days industrial advances
2,036
149
31-60 days Industrial advances.
556
2,283
_
1-15 days Industrial advances
16-30 days Industrial advances.
Over 90 days Industrial advances
437
h
200
days bills bought in open market
16-30 days bills bought In open market
31-60 days bills bought In open market.
Total bills bought In open market.
7,755
5,845
172
301
335
...
—
152
303
.
16-30 days bills discounted
'
13,108
238
1-15 days bills discounted.
1-15
.1,010
•
1-15 days U. 8. Government securities
101,988
16-30 days U. 8. Government securities
74,745
"
124,720
31-00 days U. 8. Government securities
61-90 days U. 8. Government securities
...
Over 90 days U. 8. Government securities
Total U. 8. Government securities
164,203
556
■
2,096
198,465
..
1
•
.
'
596
174
•
687
436
383
12,328
14,622
15,688
•
280
12,342
358
409
15,533
17,536
1
,387
105,340
88,872
*198,570
154,893
2,016,340
103,054
107,684
144,987
186,238
171,733
1.995,306
2,081,562
2,564,015
2,564,015
2,564,015
2,564,015
4,741,206
366,244
4,788,995
4,800,507
330,045
4,798,827
315,625
4,458,159
347,945
4,338,414
4,374,962
4,441,050
4,470,462
4,483.202
4,119,686
4,791,000
4,816,000
4,855,000
4,888,000
4,888,000
3,581
4,011
3,699
6.283
4,880,000
7,554
4,536,632
3,930
102,685
199,268
152,720
*
.
40,157
138,671
,
158,638
Total other securities..
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
338,473
Collateral Held by Agent as Security for
Notes Issued to Bant—
Gold ctfs.
on
hand and due from U. S. Treas..
By eligible paper
8,665
United States Government securities.
Total
*
z
collateral
"Other cash"
25,000
...
4,782,304
does notl nclude Federal Reserve notes,
4,784,678
4,785,153
4,794,930
These are certificates given by the United States Treasury for the gold taken over from
cents on Jan. 31,
4,819,581
4,859,011
4.891,699
4,894,283
4.887.554
4,570,297
t Revised figure.
the Reserve banks when the dollar was devalued from 100 cents to 59.06
1934, these certificates being worth lees to the extent of the difference, the difference 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, Including accrued dividends," and "Other capital accounts."
two Items corresponds exactly to the total of two items formerly In the statement but now excluded, vtx.:
statements for
Dec. 28, 1938 and Feb. 16, 1938 have been revised
on
the new basis and they are shown accordingly.
The
In statements for all other dates previous to Dec. 28,
1938 except Feb. 16. 1938, the figures for the two new items are comparable to the figures for the two old Items only when totaled.
The total of these
"All other liabilities," and "Reserve for contingencies."
Volume
Financial
148
Chronicle
983
Weekly Return of the Board of Governors of the Federal Reserve System {Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
s-
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
PhUa.
ASSETS
3
%
i
%
Gold
certificates
from
United
hand
on
States
and
3
Atlanta
Chicago
St. Louis
%
5
$
$
OF BUSINESS FEB. 15, 193
$
%
$
%
San Fran.
Dallas
Minneap. Kan. Citv
due
12,006,218
Treasury
Redemption fund—Fed. Res. notes..
699,701 5,525,492
586,011
772,077
335,478
262,512 2,057,789
310,463
249,354
721,618
190,024
295,699
8,856
reserves
105
1,293
998
468
534
426
1,168
764
518
407
650
1,525
438,850
Other cash *
Total
Cleveland Richmond
BANKS AT CLOSE
43,158
127,688
37,686
28,312
25,701
19,700
64,146
17,850
9,835
17,404
13,513
33,857
742,964 5,654,473
624,695
800,857
361,713
282,638 2,123,103
329,077
259,707
313,510
204,187
757,000
12,453,924
Bills discounted:
Secured by U. S. Govt, obligations
direct or fully guaranteed
3,078
82
1,710
636
211
25
180
25
26
26
85
32
40
Other bills discounted
1,981
10
229
555
69
115
157
8
90
77
447
144
80
5,059
92
1,939
1,191
280
140
337
33
116
103
532
176
120
553
42
213
56
52
24
20
70
2
2
16
16
40
14,662
1,875
3,848
2,922
463
1,249
822
453
8
873
231
621
1,297
840,893
61,659
237,660
67,514
38,832
26,386
43,323
34,901
70„853
343,525
97,586
63,297
56,129
92,091
133,113
39,296
89,123
37.224
84,588
122,269
43,790
1,215,466
56,802
38,140
62,620
50.447
102.415
143,478
40,759
-51,067
26,437
23,443
55,596
23,724
15,929
20,154
21,070
42,775
2,564,015
188,006
'724,663
205,859
257,924
133,524
118,404
280,800
119,822
80,455
132,097
106,418
216,043
2,584,289
190,015
730,663
210,028
258,719
134,937
119,583
281,356
119,948
81,433
132,876
107,231
217,500
Total hills discounted
'
Bills bought In open market..
Industrial advances
...
v
U. 8. Government securities—Bonds
Treasury notes...
Treasury bills
507,656
Total U. S.
Govt, securities
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected
'
169
Bank premises
12
66
16
21,247
581
3,620
697
701,774
57.296
188,001
42,827
items
2,940
9,021
3,192
13,846
15
7
6
20
3
2
5
5
1,158
1,314
2,730
4,197
1,618
1,522
630
1,8.92
52,071
80,439
28,804
3,235
31,541
35,362
6,005
4,349
25,124
2,072
2,276
108,593
4,689
46,317
2,614
1,288
16,947
1,520
1,569
1,255
1,937
3,234
4,267
.
12
5,619
3,127
4,861
31,279
2,287
2,120
997,000 6,599,690
896,545 1,152,812
550,029
434,429 2,526,085
486,332
362,466
482,301
4,349,836
377,922
997,237
317,243
418,505
196,427
148,712
983,518
179,485
134,494
167,721
-77,209
351,363
8,707,191
1,250,417
403,892 4,691,632
111,381
332,334
19,188
94,981
5,319
176,444
392,286
69,155
25,850
466,071
229,093
185,732 1,089,550
213,212
115,065
51,872
75,586
178,503
34,970
517.373
129,608
224,782
41,188
24,784
7,729
7,821
■4,879
11,459
1,440
1,016
7,729
4,285
60,318
19,188
12,806
10,457,424
539,780 5,295,391
494,112
625,342
293,864
52,791
76,290
44,928
25,105
232
217
57
114
864,378 1,120,354
535,276
_
Other assets
.
346,786 1,019,267
233,476
_
•
49,512
3,955
Total assets.
15,853.742
2,349
,
LIABILITIES
F. R. notes In actual circulation
•
Deposits:
Member bank—reserve account-__
U. S. Treasurer—General account-
Foreign bank
266,340
_
Other deposits..
Total deposits..
Deferred
availability Items
Other liabilities, lncl. accrued dlvs...
Total liabilities..
;
699,503
55,267
2,947
246
15,509,710
Capital Accounts—
973,215 6,480,625
45,966
258,787
9,327
32,246
39,252
7,729
6,989
3,235
5,023
6,130
5,219
248,014 1,383,818
265,216
202,000
274,715
225,487
609,685
114,036
31,139
16,801
29,077
33,116
33,487
313
72
124
274
69
98
421,945 2,481.685
475,912
353,419
472,387
335,881
994,633
3,969
4,685
2,912
4,234
3,613
3,892
,
,'
Capital paid ln__Surplus (Section 7)
Surplus (Section 13-b)_.
Other capital accounts
134,913
149,152
27,264
...
,
9,405
50,981
12,051
13,678
5,075
10,083
52,463
13,696
4,521
5,630
7,457
3,293
713
1,423
8,164
4,416
2,004
14,323
1,007
4,983
2,874
3,450
1,402
1,620
890.545 1,152,812
1,508
1,410
550,029
,
•
'
32,703
Total liabilities and capital accounts
15,853,742
Commitments to make Indus, advs
12,880
♦
186,866
1,131
-
"Other cash" does not Include
997,000 6,599,690
1,261
,
2,561
13,593
22,666
480,332
153
362,466
709
418
58
.
.
3,962
482,301
195
.
434,429 2,526,085
1,210
1,221
3,153
1,001
1,981
645
1,429
6,712
.*■
1,142
10,632
9,965
.
1,206
1,7.85
925
2,121
2,016
346,786 1,019,267
44
3,368
Federa} Reserve notes,
FEDERAL
RESERVE NOTE STATEMENT
|g^Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
Boston
New York
Cleveland Richmond
PhUa.
tm
Federal Reserve notes:
by Agent
V
4,657,531
334,450
439,172
20,667
certificates
377,922
4,349.867
r
317,243
418,505
997,237
■
Minneap. Kan. City
%
Dallas
$
San Fran.
%
$
194,404
14,888
161,710 1,017,417
12,998
33,899
138,827
176,113
84,892
409,258
4,333
8,392
7,683
67,895
;■
and
196,427
H&712
983,518
179,516
134,494
107,721
77,209
351,363
215,000
169,005 1,035,000
270
.33
199,000
143,500
180,000
89,500
434,000
140
51
53
516
165
100
215,140
109,270 1,035,033
199,051
143,553
180,516
89,665
434,100
<5
security
as
hand
on
S
13,246
*
,
Gold
St. Louis
S
209,673
17,207
for notes Issued to bank:
4,778,000
4,304
420,000 1,105,000
4,782,304
420,082 1,106,921
„
Total collateral
82
345,000
443,000
706
267
",
1,921
n
%
due
from United States Treasury
Eligible paper
Chicago
$
%
400,079 1,091,536
22,157
94,299
307,664
Atlanta
"j
.
~
In actual circulation
held
$
*
Issued to F, R. Bank by F..R. Agent
Held by Federal Reserve Bank
Collateral
J'
1
3'45,70§
.
•
443,267
i
—■
United States
Treasury Bills-—Friday, Feb. 17
.
Feb. 23 1939
Mar.
8 1939
Mar. 15 1939
—
Mar. 22 1939
Mar. 29 1939
...
5 1939
April
Bid
April 12 1939
April'19 1939
11I 114111ji.I1111
t t I I lit
3
1939
May 10 1939
t
•
Securities
the
on
New
,
.
Transactions at the New York Stock
Daily, 'Weekly and Yearly—See page 999.
^
-
Exchange.
Stock and Bond Averages—See page 999.
''
"t
■I--
0.05%
0.05%
*
May 17 1939
t 11 I
«
Asked
0.05%
0.05%
0.05%
0.05%
...
April 26 1939
May
Government
,
Asked
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
—
1 1939
Mar.
States
(
|
Bid
United
Work Stock Exchange—See following page.
Rates quoted are for discount at purchase.
1
"
>
1
,
*
.
1
111 f 4
1
"■***'
BOURSE
THE PARIS
1
Quotations Of representative stocks
of the past week: •
as
received by cable
each day
■.
1
'
•
11 Feb, .13 Feb.
Feb.
Quotations for United States Treasury Notes—Friday,
,.
.
Francs
Francs'
Bank of France
Feb.17
a
Figures after decimal point represent
point.
or
one
32ds of
more
Banque de J'Union Parisibnne—
Canadian PacUlc
Canal de Suez cap
,
182
•
■
.
<-
.
■
Int.
Int.
Rate
Maturity
Bid
Asked
Mar. 15 1939...
1H%
June
15 1939—
1Vs%
102
Sept:15 1939—
1%%
102
15 1939—
Maturity
Rate
Bid
Asked
1,410
555
102.24
102.20
102.2"
Dec.
15 1941..
1 X%
102.27
102.29
Courrtere.—
102.2
Mar. 15 1942...
IH%
104.2
104.4
840
210
226
857
210*
22/
628
626
528
1,690
1,390
322
648
1,600
321
651
1,630
1,410
323
551
635
636
032
1,184
900
.
-i—:
102.3
102.5
Credit
1H%
102.16
102.18
Dec.
104.9
104.11
1 K%
102.15
102.17
June 151943...
101.10
101.12
Energie Electrlque du Nord.__.
Dec.
15 1940—
1H%
102.25
102.27
Dec.
1H%
101.8
101.10
Energie Electrlque du LlttoraJ—
Mar. 15 1941—
1H%
102.25
102.27
1,170
890
872
421
31
1,690
82.90
84.40
83.40
86.50
87.00
112.70
6,190
1,962
1,170
885
865
■
Eaux dee Lyonnalse cap
15 1940—
2%
l H%
1H%
105.13
Mar. 15 1940—
1H%
15 1942
—
15 1943...
105.11
Lyonnalse
Kuhlmenn
Lyon (P L M)
NordRy
THE
BERLIN
each day
Orleans Ry
STOCK EXCHANGE
as
Pathe
received by cable
Feb.
Dresdner Bank (5%)
Farbenlndustrle I. G. (7%)
Mannesmann Roehren
(5%)
Relchs banks (8%)--
Siemens A Halske (8%)
Vereinlgte Stahlwerke (5%)
6%
32
Capital
1.705
83.30
80.95
Pecblney
Rentes Perpetual 3%
Feb.
13
14
Feb.
15
Rentes
Feb.
Feb.
10
17
4H%. 1932, A...
1932, B
Rentes 4^%,
....
113.05
Rentes, 5%. 1920
(4%) 122
122
121
121
122
159
118
158
158
158
158
Saint Gobaln C A C
118
118
118
118
Schneider A Cle
Rys,pf.7%).123
123
123
123
123
SodeteFrancalse Ford
112
151
112
112
112
112
Sodete Generale Fonclere
153
153
154
154
Sodete Lyonnalse
112
Allgemelne Elektrlzltaeta-Gesellschaft
Deutsche Relcltsbahn (German
Feb.
11
(8%)
895
Rentes 4%, 1918
-Per Cent of Par-
Deutsche Bank (6%)
——
Rentes 4%. 1917
of the past week:
Berliner Kraft u. Llcht
DAY
Liquide
L'Air
Closing prices of representative stocks
HOLI-
-
-
Royal Dutch
_•
1,970
1,245
75
1,406
112
182
112
112
112
Sodete Marseilles
182
182
182
182
Tublze Artificial Silk preferred..
.197
190
196
190
190
Unlo
Ill
111
111
110
111
Wagon-LIta
d'Eleotriclte..—
638
—
1,235
58
74
1,391
640
40
560
1,400
432
542
420
31
1.695
82.75
84.20
83.30
■
86.25
87.00
112.90
6,230
1,970
1,226
56
74
1,378
639
....
,871
230
'227
*
230
1,640
1,430
....
038
1,190
895
890
432
30
1,723
83.10
85.20
84.00
87.30
88.10
113.80
6,300
1,981
1,270
58
71
1,407
642
97
,
'
1,400
42
539
'
•*
Credit Commercial de France.—•
Sept. 15 1942...
'
Coty S A
—
860
*220
1,628
151941... '1H%
June
Dec.
\
228
>
June
■
1,390
40
641
1,182
460
1,390
40
550
41
B
"
Citroen B
186
16,700
745
1,403
Cle Generale Tranaatlantlque
Comptolr National® d'Eeoompte
100.3
185
16,600
729
741"
Cle Generale d'Electrlcite
•
182
10,600
730
"t
7.600
7,800
16,000
•
—.
Cle DiStr d'Electricite.——.
"
7,800
1,195
470
7,000
1,180
462
16,745
Banque de Paris et Dee Pays Bas
-
14 Feb. 15 Feb. 10 Feb. 17
Francs
Francs Francs
Francs
7,755
1,192
465
95
95
90
470
70
475
. 69
473
69
480
69
1,190
*
436
83.60
85.30
84.50
87.80
88.70
114.50
6,290
58
Feb,
S 984
1939
18
Bond Sales^New York Stock
Exchange
Stock and
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are
for the
account is taken of such sales in computing the range
United States Governmen t Securities
furnish
No
the only transactions of the day.
year.
on
the New York Stock
Exchange
daily record of the transactions in Treasury, Home Owners' loan and Federal Farm Mortgage
Corporation bonds on' the New York Stock Exchange during the current week.
.
Quotations after decimal point represent one or more Z2ds of a point.
1
Below
we
a
11 Feb.
Daily Record of U. 8, Bond Prices Feb.
13 Feb. 14 Feb. 15 Feb.
16 Feb.
119.16
17
119.15
Daily Record of U. S. Bond Prices
Low-
119,10
119.10
119.10
119.11
119.16
119.15
Close
119,15
1
5
1
Total soles in $1,000 units...
114.27
114.25
114.28
4*8, 1947-62——
High
Treasury
2^8, 1956-59
—
Low.
—
>-
103.29
103.29
103.30
~ -
103.29
'
-
17
16 Feb.
103.30
— —-
■
----
---
9
■
,
1
103.13
103.14
114.27
114.25
114.27
114.27
114.25
114.27
Close
3
2
8
Total sales in $1'.000 units...
Low-
«.
«.
103.16
103.14
Low.
(Close
103.14
103.14
103.14
103.11
103.14
[High
2KB, 1958-63...——
15 Feb.
103.30
(High
Total sales in $1,000 units...
4s, 1944-54
14 Feb.
13 Feb.
11 Feb.
Feb.
[Close
Tom sales, in $1,000, units...
High
Treasury
103.14
103.15
103.11
2
20
2
to
.
11
[High
103.13
103,15
103.15 "103.14
103.14
!Low.
103,13
103.14
103.15
103.14
103.12
Close
103.13
103.15
103.15
103.14
103.12
Total sales in $1,000 units...
1
High
3 *8, 1946-58—
Low.
—
114
113.30
114
3
High
Close
2KB, 1960-65..
Total sales in $1,00(1 units.
—
2KB, 1945
104.31
High
3*s, 1040-43.—— Low.
.Close
Total sales .in $1,000 units,—
105.4
104.31
105;4
•
-
20
2KB, 1948...*—
Low.
106.21
—
High
(Close
106.21
100.21
Total sales in $1,000 units...
2
—
•>
(High
110.2
106.21
2KB, 1949-53
110.2
110.4
DAY
110.2
107.3
Low.
107*3
107.3
103".6"
103.7
103.5
103.6
103.7
103.4
103.5
103.6
103.7
103.4
6
*
•
^
103.6
Close
107.3
107.3
107.3
107.3
107.3
107,3
110.5
110.3
110.1
110.1
110.1
110.3
110.3
110.1
unlh...
.
103.0
103.11
DAY
103.9
103.11
;
103.9
103.11
HOLI¬
103.9
3
—
2s, 1947.............. Low.
m,
Close
.
—
—
-----
f Lovf
(Close
$1,000 units...
(High
110.3
110.1
110.7J
110.10
110.9
110.9
Low.
110.7
110.7
110.8
110.8
110.9
(Close
110.7
110.8
110.9
2
•
Total sales in $1,000 units'...
110.7
4
<
110.9
3
(High
110
110
110.3
110,1
110,3
110.4
110.1
(Close
110
110.3
110.3
110.1
Total sales in $1,000 units...
110.3
,5
w*
— -
108"""
107.29
108
108
107.12
Close
Total sales in $1,000 units...
Federal Farm Mortgage
High
h
109.26
109.20
Low.
109.20
109.26
H
' :
'
<
Total sales in
-
"
Home Owners' Loan
.
— —
mm
M
'
...
m
„
1
1
1
High
102.17
102.19
102.20
102Z20
102.17
2Kb, series B, 1939 49..- Low.
102.17
102.16
102.17
102.16
102.16
102.17
102.19
102.20
102.16
102.16
<107.28
107.29
107.29
107.20
107.27
107.27
107.28
107.29
107.28
107.28
Total sales in
(Close
107.29
107.26
107.27
107.28
107.28
Home Owners* Loan
Total sales in $1,000 units...
3
,7
5
9
1
*
■
.*>
Close
$1,000 units:—
2Kb, 1942-44
j..
Low.
105.5
105.9
105.7
105.5
105.4
105.4
105.5
105.8
~
„*» m
—
•
—
-
•
10L12
107.8
107.8
2
?
3
5
104.18
104.18
Total sales in $1,000 units...
105.3
:
m
Close
105.2
105.1
" '%*>
.
■
2
.; 1
;
| High
105.1
105.1
105.4
105.5
2
..
27
5
107.22
107.23
107.26
107.22
Close
107.23
107.23
107.24, 107.24
107.22
10
2
$1,000 units...
•Odd lot sales,
11
13
Low.
104.18
2
t Deferred delivery sale.
'
*•
.
^
...
.
107.24
^Note—The above table includes only sales of
107.24
107.26
iJonds.
9
1
(High
2*s.
.
'
$1,000 units...
(High
Tom sates in
*
'
....
....
k
1951-55............-! Low.
(High
•
"
%Z-Z
,1..
8
Total sales in $1,000 units.
.....
107.10
30
(Close
9
Mr---
---r
107*10
Total sales in $1,000 units...
(High
54
107,10
Home Owners* Loan
-
107.13
....
107.10
107.10
109.12
1955-60——...J Low.
107,9
1Q7.J3
...
,
107Zl3
,zzz.
107.13
107.11
loY.lo
I Close
2*s,
•
—
107.10
107.10
Total sales in
•
—
10 7". 10
109.11
o
«:
— —
—
Close
109.11
3s,
—
High
3
109.11
'
—
----
3s, series A, 1944-52.... Low.
2
.....
-
....
Close
"
$1,000 units.
109.14
109.12
3s, 1946-48.
■
107,12
2KB, 1942-47—........ Low.
3*8, 1949-52.—...... Low.
»
—
—
,1
1
•'
107" 12
Low.
109.20
(Close
'•"'v
....
Close
109.26
(High
! Low.
— —
'
.
Total sales in $1,000 units...
Federal Farm Mortgage
High
(High
Total sales in $1,000 units...
— —
— —
....
-
107.29
3s, 1944-49
19
6
1
^
107.29
3s, 1942-47......
(Low.
6$
— ——
■
.
Total sales in $1,000 units...
Federal Farm Mortgage
High
11
-
....
Close
110.9
110,5
14
;
---
mm.*
— ——
3Ks, 1944-64—— Low.
2
110.1
110.1
110.1
12
64
tl
1
Total sales in $1,000 units.
Federal Farm Mortgage
High
103.4
-
103.6
Low.
Total sales in $ 1,000 units...
110.1
Close
-
—
....
103.16
High
2KB. 1950-52—......
*2
High
3*8, 1946-49—
-
-
m
High
3*s, 1944-46..
-
—
'
,
*-
Low.
110.4
(Close
$1,000 units.
Total sales in
...
-
—
'
Close
110.4
HOLI¬
1943-47——J Low.
\ks, 1943-45
-
—
'
Total sales in $1,000 units...
Total sales in $1,0
-
■
—
Total sales in $1,000 units...
3*8,1941...
— --
— ---
'
108.22
Total sales in
———
Low.
106,21
«
—
—■ — —
High
(High
3*8,
'
■—
i*--
-
----
'
■
—- —-
—
4
„
20
.
----
---
•'
Close
3 *8, 1941-43—
2
'
■
—
Low.
Close
Total sales in $1,000 units...
105.
104.31
6
JV.
100.9
106.11
106.13
1948-51..V—....(Low.
106.9
106.9
106.11
106.13
106.11,
100.11
106.13
3
coupon
Transactions in registered bonds were;
106.11
2
6
(Close
Total sales in $1,000 units
100
106.14
(High
104.27
104.25
104.26
104.29
104.26
104.26,
104.24
(Close
104.27
104.26
104.26
104.24
4
2
18
109.31to 109.31
United States Treasury
104.24
2*8, 1951-54.... .....J Low.
1 Treasury 3*81943-1945—
1
«./
•
Total sales in $1,000 units..J
Bills—See previous
United States Treasury Notes,
page.
Sec.—See previous
page.
New York Stock Record
LOW
AND
HIGH, SALE
Monday
Tuesday
Feb.
Feb.
Feb.
11
$
per share
58%
68i(i
*11878 127
*35% 4284
13
$ per share
19?8
*25
*5734
912
1978
20
Stock
68*8
78
58%
9%
9%
7(
Exchange
Closed
*78
$ per share
1078
*834
9%
9%
13
9%
174%
*1134
12%
9%
*65
13
12*j>
95«
67
42%
*17%
*2
42%
11
*9
10
*9i8
9%
Lincoln's
♦9
10
13i2
Birthday
22
13i2
22i2
Holiday
9
"9
*172
174i2
♦1134
12l2
12l2 12l2
912
9%
*65
66t2
42
4238
18
18
2%
18
2
2
19
*16
*16
19
6112
*1912
1434
*5614
61%
1934
1484
62
62
*19%
20
*14%
1434
57
57
*
~*r
1
11
*52l2
*9
16
$ per share
Feb.
Lowest
Par
Shares
$ per share
'
500
Abbott Laboratories...No par
58
"i~
1
934
914
1
IH4
0i2
*9%
11
11%
9i2
14
14
14
221g
*52l2
22%
2278
23U
9
....
*118
*78
lli8
*9%
*53
918
*66
"67
*66
4184" 43
42
4284
18
18
18
18
18i8
2i8
214
2l4
19
61
62
1912
1412
*5614
" 18
62 "
19l2
14%
* 58
*2% & 214
*16
62%
19%
1484
*56%
19i2
15
*1134
12%
9%
13
1278
10
67
*2
400
600
'
3.800
800
62U
62i2
T,000
*1978
15,
*57
700
15%
*19
1,700
60
a
-.1
Allied Chemical & Dye.No par
Allied Kid (Jo....
..5
Allied Mills Co Inc
No par
Allied Stores Corp
55
No par
-100
5% preferred..
$ per share
Jam 27
35% Feb
38% Feb
58i2 Jan
"2
~35%" Feb "2
Amalgam Leather Co Inc.-.l
6% conv preferred
50
Amerada Corp
...No par
Am Agric Chem(Del)— No pa'
American Bank Note......10
preferred
New stock,
...
r
36U Feb
119% July
30% Mar
45
Jan
6
Jan
4
Cash sale,
.50
x
June
18
11
3
195s
Feb
24
Feb 15
54% Jan 26
*4 Jan 30
93s Feb 14
21*4
27%
655s
1*8
10
Jan
5
6% Mar
14% Mar
16% Mar
Jan
4
40
Jan
3
Jan
3
Jan 17
May
% Mar
884 Mar
95
Apr
share
61,
Nov
12334 Oct
45
Oct
52
Jan
1284 July
24
Oct
30
Aug
6778 Nov
1% July
13%
125
Feb
Dec
25
"l'h
Jan
78 Mar
1%
Jan
10
Jan 26
6*4 June
Jan
5
1778
17%
Jan
Jan 26
1478
13%
1284
187„
Jan
9
17%
Jan
Jan
Jan 26
878
13
Feb
20
Jan 26
52
Jan 19
8%
170*2
11%
11%
8%
Jan 24
4
Jan 24
Jan 13
Feb
1
Jan
5% June
734 June
14% Sept
Jan
28% Jan
52
Jan If
Jan
193
Mar
28
?
13*8 Jan 21
13% Jan 4
May
28
197
7
Mar
8% Mar
1138 Jan
?
Jan
66
Feb
3
38
Jan
5
15i2 Jan 24
178 Jan 13
1978 Jan
3
2*8 Jan
?
34% Mar
11% Apr
1% Mar
17* Jan 23
19
61
P
4% Mar
Mar
Jan 20
10
Mar
May
Jan 27
69*2 Jan
3
55
19*8 Feb 16
24% Jan
3
22
Dec
1378
Jan 26
1734 Jan
3
10
Mar
56
Jan 24
60
6
Ex-div,
y
Ex-rights,
Jan
,
46%
Apr
Jan
21% Nov
2934 Nov
4% Mar
124
Mar
4
Jan
Jan 26
61
Alpha Portland Cem __2Vo par
n
4
Highest
per share $" per
7
3912 Jan 26
6%
$
8% Jan 27
Allls-Chalmera Mfg....No par
200
Def. delivery,
Year 1938
Lowest
Highest
$ per share
No par
Allen Industries Inc
100
7,900
1,100
'
100
...
Tioo
* 18
*16
$ In receivership,
Alaska Juneau Gold Min.—lO
5* % pf A with $30 war. 100
5* % pf A with $40 war. 100
5* % pf A without wai.100
$2.50 prior conv pref.JVo par
Alghny Lud Stl Corp.-ATo par
100
'""700
66
*16
Air Way El Appliance— No par
Allegheny Corp.,
914
42%
18
10
1,600
176
4134
93s
par
Air Reduction Inc. ....IVo par
Alleg & West Ry 6% gtd-100
9%
174
66
13
par
2"666
*53
9%
...No
..No
Corp
Albany & Susq RR
300
125s
9i2
12i2
600
3,600
174I2 174i2
*1184
13
12i2 1278
95s
97S
*12
Address-Multlgr
6,500
1
11%
10
*
9
17334 17334
Adams-MUlls
05s
23
Adams Express
100
14i2
23i2
*14
Acme Steel Co..
800
1,900
Range for Previous
Lots
100
:
Abrahamy& Straus.,*.No par
200
....
10
*13
Bid and asked prices; no sales on this
day.
....
4* % conv pref
2,500
Range Since Jan. 1
,
On Basis of 100-Share
EXCHANGE
Week
17
58i(j
1
*52
*171
Feb.
$ per share
11
Extra
13
22%
15
*118
10
22
Feb.
STOCKS
NEW1YQRK STOCK
the
Friday
58
,5818
58i8 58I8 *5784
58I8
*11878 127
*11878 127
*11878 127
♦35l2 4334 *35% 4234 *36
42
•36
42
♦3812 40
**38% 40
39i2
38% 38i2 *38
9ig
0l4
9U.
9%
938
9i2
0l2
912
*19% 20l2 *19% 20% *19% 20% *195s 20ig
25
25
24
2512
24
2434
*23i2 247g
59
59% *58
59i4
59
5914
5878
59i2
V
1
78
78
*78
1
78
h
93s
9l2
9%
9l2
9%
9i2
9%
958
1
1034
NOT PER CENT
Wednesday "Thursday
*11878 127
*3812 :40
9%
14
Sales
for
PRICES-—PER\SHARE,
Saturday
May
14% Aug
Oct
1234 Oct
1478 July
13% Nov
70% Oct
5534 Oct
20
3%
Oct
Oct
24
Jan
78
July
28% Oct
23% July
*63
H Called for redemption
Ndv
Volume
LOW
AND
New York Stock Record—Continued—Page 2
148
HIGH
SALE PRICES—PER
SHARE,
NOT PER
STOCKS
Sales
CENT
11
Feb.
Feb.
$ per share
6%
Feb.
13
I per share
6%
6%
45%
*125
12912
93% 94
43%
*125
*175
*176
93
28*4
27%
*43%
20%
45?fc
*2014
Feb.
6%
6%
129% *125
207£
9234
93%
178
180
*112
*116
120
17%
17%
~*7~
8
9%
7%
*9%
*9%
9%
9%
61
62.
61
27%
43%
43%
20%
*
118%
9%
9%.
*9
Am
4%
4%
4%
4%
4%
*4%
6%
*165% 500
*434
6%
*4%
65t
*4%
6%
*4%
700
4%
6%
*5%
*165% 500
3%
*8
17
87S
*16%
3
1734
3%
*8
*166
17
4%
*14
*44%
45
*1%
6%
24i4
24%
*67
,378
34%
3434
*117
*115l2 124
*24%
'24%
245s
6%
45%
6%
45
4014
6%
45
40
40 7S
15%
15%
16
*159
*159
...
18%
18
18l2
*63
*63
65
15%
14%
1634
1434
*16
16%
29%
2934
44i2
44%
*1295g 13134
2934
64
153
3214
10%
*12%
19%
88
10%
*12%
19%
14%
19%
*85i2
*18
19
157
Stock
84
86i4
155
*6%
13%
13%
178
24%
6%
40%
40
Lincoln's
12%
*85
90
*38%
38%
*37%
*6%:
*28
.*5%
Birthday
6%
Holiday
6%
*28
35
6% conv preferred
16%
13,700
"3",600
65a
15
17%
600
1,500
Atnerican Snuff.
*150
155
*150
155
20
447g
5,700
28%
*47
*17
29%
49%
17%
114
*113
28%
10%
1,200
American Stores
88
88
88
18
18%
18
800
83
1,700
86
2,100
400
6%
13%
700
6%
13
13%
*45
487g
17%
*113
14%
*13
*2%
*27
*118%
*13
3
28%
*2
....
*101% 103%
*48%
5%
49
90%
49%
10%
8,800
*5478
*8%
*72
*113
14%
3
*13
*2
114
*113
47%
10%
10%
8%"
8%
8%
8%
9
3,700
33
6
7
45%
Apr
151% Jan 18
41
100
11
11
q
48%
11%
48%
48%
q
8%
9
*70%
200
"4", 100
800
77
70%
*50
58'
*33
36%
*33%
36%
34
34
34%
35
*33
36%
94
93
93
94
94
93
*93
*93%
1,200
97
9%
9%,
"2",800
""400
20
34
Wu
03%
,64
3478
64
23
23
7%
22%
*6%
2212
7%
*12%
13%
*12%
22%
22%
22
109%
107
*6%
*106
•
*62%
8
45%
.
46
63
63
125
125%
*122
8
245%
8
8
*45%
12%
22%
107
63
125%
*5%
6%
*5%
6%
*3%
4
*2%
3
*3%
*2%
3%
3
29
7%
7%
*21%
67g
13%
14%
13%
6%
6%
*21%
'
29
35%
36%
34%
64
64%
22%
22%
64%
23
7%
13%
22%
*6%
7%
34%.
35
64
*22
*6%
*12%
22
*106
778
45%
109
13%
*13%
22
*106
8
45%
45%
63%
*63
63%
,63%
125% 125% *125
6%
*5%
6%
*3%
4
3
28%
*2%
6%
7%
13%
14
6
n
227g
7%
900
3,800
109%
100
8
87g
2,800
4578
64
•126% 126%
*5%
6%
500
*127g
2178
*45%
*63%
3
.
3%
28%
*22
*2%
*22.
.
3%
200
270
100
100
28%
7%
7%
7%
10,900
14%
13%
6%
7%
14%
6%
9,000
Dec
Jan
9
82
Dec
117% Mar
Jan
4
1258 Mar
Feb
2
111
Mar
120% Oct
150% Dec
87% Jan 19
58
Mar
89% Jan 16
8% Jan
Feb
4,100
25% Jan 25
121% Jan 4
Co
preferred
100
&Co(Del)pf7%gtd 100
43% Jan 10
7% Jan 5
23% Mar
101
Jan 30
114
Jan 31
97
15%
2%
29%
121%
103%
Jan 15
10
Mar
9
2
Mar
4% July
31% Aug
122% Oct
10378 Oct
7" July
Jan 24
4
37g Mar
5
28% Mar
72
50
45% Jan 26
58
Jan
4
94% Jan
59% Dec
9% Jan
6%
11% Feb 17
12
5
72
Nov
77% Dec
Jan
3
4
Mar
Jan
5
70
Jan
5
z52
May
'12% Nov
75
Aug
1
5278 Jan
3
48
Dec
73% Sept
Feb
7
35
Jan 21
27
Mar
39% Nov
Jan
9
94
Jan
3
72
Mar
95
Nov
90
Jan 18
91
Jan
'7
72
Jan
95
Nov
427*
69%
Jan
4
22% Mar
10%
31% Jan 26
59% Jan 26
20
6%
11
778 Jan 24
50
44
Jan
57
Jan24
..100
122
Jan 26
5
Jan 26
No par
3% Jan
t Auburn Auto mobile.. No par
7%
7%
20%
20%
22
22%
900
71
72
73
73
230
*17%
18
*17%
177g
18
18%
18%
600
23
10%
9%
500
Barker Brothers
*30%
34
157g
16
*18%
19
30%
15%
187g
30%
16
187g
*31
18
9%
9%
32
32
*31
20
5,600
1,200
157$
157g
157s
16%
15-%
16
*187g
19%
19%
19%
19%
19%
*112%
*112%
"112%
19%
19%
18%
18%
*18%
18%
18%
18%
*99% 100
*99% 100
*99
100
*99% 100
*18%
18%
100
*99
*27
*122" 123" "
123
123
*123
124
"166
123% 123%
Barnsdail Oil Co
preferred
Creamery
Beech Creek
70
—
5
No par
.100
25
No par
RR
18
114
52%
52
52
52%
*51
300
Best & Co
68%
67%
687g
69%
71%
32,200
17%
17%
70%
17%
69%
17%
*17%
17%
1,000
*7%
*73%
75%
53
113% 113%
27
600
600
*24
25%
*23%
26%
26%
*25%
*18%
19%
*18%
19
19%
900
14
14%
*13%
19%
14%
14%
14%
1,900
*107g
19
*43
45
14
137g
*1678
19
*1678
19
*167g
19%
14%
19
*43
45
*43
45
*43
45
43
43
29%
25
29%
30%
15,200
24
24%
600
*24%
*16%
t In receivership,
July
98
July
21%
19% Jan
19% Jan
99
Jan 24
125
121
4
20% Jan 3
114% Jan 16
Dec
12% Mar
Oct
Mar
14
Oct
34
Nov
5
21% July
9
Mar
21
109
Apr
115
11% Mar
Jan 20
90% Apr
25
Apr
94% Apr
4
23%
Jan
21% Mar
10% Mar
6
Jan
13%
19%
102
Nov
Jan
Dec
Oct
30% Mar
117
Dec
Nov
52%
67
25
30
82
„
Dec
Dec
July
Dec
68%
*24
5% Mar
24% Dec
10% Jan
30% Jan
87% Jan 11
8%
Dec
53%
this day.
11
21
*19%
24%
17%
Mar
15% Mar
*52
24%
Mar
98% Jan 20
Beneficial Indus Loan..No par
28%
5
4
Jan 12
900
24%
Jan
20
34", 166
20
28%
Jan
8% Jan
187g Jan 26
49
Jan 28
28
Bid and asked prices; no sales on
87g
17%
83
20
*
2% Mar
Jan
Dec
Dec
30%
27%
24%
3
5%
36%
8% Mar
20
28%
Jan
Mar
5% Mar
Sept
27%
28%
Jan 26
2
12% Mar
3
197g
52%
28%
5
6
Jan
27
28%
30% Jan
29%
27
28%
Nov
6%
878 Jan 20
73% Jan 25
20
14
8
2% June
7% Jan 24
72% Jan 11
22% Jan 26
197g
112% 114
Dec
4% Apr
7
Jan 11
600
257g
114%
114% 114% *114
25%
24%
24%
19%
*18%
19%
126%
5
4% Jan
37g Jan
8
197g
114
Jan
Jan
Nov
6% Jap
127
17% Jan 26
50
20
26%
114
105
97g
Beech-Nut Packing Co
197g
17%
68
400
25%
17%
Mar
5% Mar
122%
122
197«
17%
48% Aug
36
5
26%
17%
38% Mar
5
26%
677g
87g Jan 5
457g Feb 16
66% Jan 3
Jan
Belding-Heminway.—No par
Belgian Nat Rys part pref
Bendlx Aviation—
5
8
75%
Feb 11
Jan
27% July
109% A tig
Jan
*73%
8
Jan 23
'20% Feb 15
14%
6% Mar
17% Mar
1017g Apr
Jan 19
65%
*737g
Jan 26
8% July
Jan 18
13
*73%
8
9
4% Mar
Jan 10
31
8
75%
Jan
23%
110,
9% Feb 16
75%
*77g
Dec
15% Jan 26
8
8
Jan
30
30% Jan 14
15% Feb 17
*73%
*77g
72
Mar
50
Bayuk Cigars Inc
Beatrice
May
14
—10
No par
preferred
$5 preferred w w
28%
6%
...100
AroOstook..—...50
preferred
.100
4% preferred
1st
*112
*112
Jan 24
5% Jan 23
Conv 5%
514%
3
6% Jan<24
12%
C..13
100
Barber Asphalt Corp...
*10
6
2% Jan 24
...No.par
...No par
Corp. of Del (The) .3
Baltimore & Ohio..
40
9
'
..No par
Baldwin Loco Works v t
4
3
Jan
15
3
Jan
8
Jan 26
Jan
4478 Nov
30% Jan
Jan 26
21% Jan 24
107'" Jan 24
25
preferred
Dec
10% Jan
76% Jan
90
100
Atlas Tack Corp
Nov
9
Jan 23
33
4% conv pref series A...100
Atlas Corp
.......5
preferred.
13
Jan 26
77g Jan 26
100
Atlas Powder
Jan
51% Feb
Atlantic Coast Line RR..-100
Atl G & W I SS Lines..No par
Refining—
5
Mar
•24% Mar
5% Mar
2% Mar
8
70
Santa Fe--100
5% pieferred...
Jan
73
-
5% pref with warrants.. 100
$5 pref without warrants 100
71
9%
Mar
4
20%
10%
Apr
July
82
'
Jan
*7%
34
4
Jan 10
Oct
Oct
Jan
71
*9%
20
116
6
Jan
20%
52
20%
*17%
Jan
Apr '■11312
65
71
*31
Jan
4
Co....No par
Arnold Constable Corp..—5
Artloom Corp.:
...No par
7% preferred
—.—100
Associated Dry Goods..—.1
6% 1st preferred 1
100
7% 2d preferred100
Assoc Investments Co ..No par
5% conv
Oct
Oct
2178 Aug
Jan 26
21
18
10%
July
Jan
70
*9%
Oct
9%
5
Armstrong Cork
Atch Topeka'&
-
65
preferred
Bangor &
Nov
44
21
600
Aug
7% July
45
5
70
7%
16% Nov
91
100
$6 conv pref..*.
22%
7%
4% Mar
*
..No par
Illinois
Armour & Co of
*7%
>
Apr
Mar
70
'
Mar
3% Mar
Dec
9% Nov
10% Mar
22%
,
6
68
4
Oct
91%
37g Mar
29
6%
7%
6%
5
152
Apr
4
6%
7%
6'g
130
Jan 10
6%
88% Aug
58% Mar
Jan 24
153
Jan
31
4
Armour
Aviation
Oct
19%
547g Jan
20% Jan
$5 prior A--
7%
Jan
3
42%
6434
Austin Nichols
3
Dec
Jan
22%
917g
18%
158%
43
Archer Daniels Midl'd.No par
6%
Dec
19
Mar
2% Jan 26
Atlantic
Dec
Dec
11%
June
May
5% preferred
13%
22%
*106
137g
7%
67g
14
•
6%
7%
227g
*6%
3%
*3%
*2%
*22
5,800
1,200
8%
8
45%
22%
109
64%
357g
64%
40%
15% Mar
6% Mar
1178 Jan 18
"
35%
61%
150
21
11% Jan 26
7%
140
25
...No par
,7%
4,400
4
Jan
6
Jan 23
""260
Jan
Mar
7
A P W Paper
3
*63%
35
130
Jan
23% Nov
35% Jan
58% Nov
Jan
Copper Mining_._-.20
Andes
1378
*2
58
*92
5
Jan
2078
Apr
Mar
36% Jan
111
114
*13
*50
94
Jan
Mar
33
$6.50 conv preferred.No par
*113
*63%
93 '
5
64% Feb
Jan 26
58
*91
Jan
134
Jan 26
70%
*91
Dec
Mar
33%
53%
7%
22%
28%
1,03
Jan 26
17
87g
93
12
3
Jan 31
45
*50
94
58
8
26
Cable.-No, par
*63%
*90
4
Jan
Oct
Jan
24% Nov
80% July
30
AnchorHockGlass Corp No par
Anaconda
19%
165%
13% Mar
pref
...26
Copper, Mining..50
$5 prior conv
Anaconda W &
58
*90
1,48% July
15% Feb
36% Jan 28
5% Jan 26
Preferred—
Mar
5
4
20
4
100
3
9%
9
Jan
72% Jan
Jan 27
4Q0
9
70%
*92
Jan
17%
*50
87S
$6 1st preferred
4
17%
*60
"9
4
7%
3% Mar
14% Jan 20
..100
Amer Zinc Lead & Smelt
1
70 J«
58
87g
*63%
*70%
Jan
90
800
*50
<77
Am
5
77
87g
*73
41% Nov
578 Jan 27
11% Jan 26
Jan
24",300
137g
11
47% Nov
18%.
Jan 26
82
77
9%
70%
77
83%
29%
4,87s
114
*70%
Mar
16% Mar
147
17%
48%
48%
19
6
preferred.... — ...100
Type Foundries Inc.t.-lO
Water Wks & Elec. No par
6%
No par
300
....
48%
11
Jan 1
Jan 26
American Woolen....-No par
28%
48%
*10%
80%
28%
4878
*2
....
Jan 23
149%
-25
—25
Tobacco
487g
*13
3
6%
*27
29%
17%
14%
18
100
Tobacco..No par
Telp & Teleg Co
Common class B
Am
Jan 31
300
*26
27
*27
27% z26% 26%
*118%
*118%
*118%
101% 101%
101 7g 1017g *101% 103%
*101% 103
5
5
5
5%
5%
5%
5
5%
*46%
477g
48
48
47% 47%
*4778
48%
*547g
90%
*547g
90%
*547g
90%
*5478
90%
*27%
118%
10%
5%
*46%
114
38%
6%
33
*46
6
,12
84
Jan
Oct
6
22% Jan
4
19% Feb 11
29%
Feb
162
Jan 24
8% Jan
6%
5%-
38%
2878
*17
3
29% Jan 26
5%
38%
88
•88
5%
5%
6%
17%
Jan
41% Jan 26
129% Feb 17
100
..:
Am Sumatra
American
85%
6%
Preferred
Amer
150% 151%
90
487g
Jan 26
Jan 26
Refining.. 100
American Sugar
4,500
83
83%
13%
100
88
'18
"l",200
157% 158%
157% 158%
90
14%
20%
*87
85%
86
85%
152% *151% 153
*17
7
Mar
48% Feb
43% Feb
Jan 26
No par
20%
*45
20
14
No par
American Stove Co
*12%
287g
3
3
10%
14%
28%
2878
Jan
Jan
4,200
20%
38
*26
150
11
*27
Jan 14
3
34%
20%
6%
Oct
Nov
Jan
33%
*12%
38
45
60
34%
Jan
5%
122
Jan 12
29
Nov
17% July
2% Mar
Mar
32%
160
Jan
99% Mar
—.25
6% preferred...
...100
Amer Steel Foundries.-No par
13%
79
20% July
23
13% Jan 7
15% Jan 27
900
90
8% July
305g Dec
Jan
Razor..18.50
Co—No par
300
33
9
Jan 24
4M% conv pref-..-...-100
American Safety
63
6%
45%
122
16%
63% Feb 15
63
44%
129% 129%
20%
6%
8
Jan 25
Jan 26
38
25
American Roiling Mill
63
*10%
38
100
4%
40%
5% Jan 30
...No par
Amer
220
32%
10%
14%
*27
23
Light...No par
$6 preferred
63
45%
32
120%
55 preferred.
..No par
Am Rad & Stand San'y.No par
Ship Building Co.No par
Amer Smelting & Refg.No par
Preferred
100
13078 1307g
3% Jan 27
No par
Amer Power &
American Seating
30%
19%
6%
American News Co
700
30%
30
32%
10%
*12%
39
100
Prefer led
17
35
Preferred
Nov
Dec
2% June
30% Mar
.
Amer Metal Co Ltd-... No par
1578
15
5%
Jan
1% Feb
18% Feb
2,500
*159
*63%
12%
46
57g Nov
Mar
16%
167g
*5%
1% Jan 24
American Ice
Nov
15
36
June
41
147g
*85
Mar
Mar
10
3,600
64%
5%
May
44
3,200
16%
13%
43% Jan 27
...No par
9
2
12
15% Jan
5,600
14%
90
Products..'. 1
American Home
Jan
15
9
79% Jan
'
5%
5%
Jan
Feb
12% July
20 78 July
Mar
5% Feb
34% Feb
1
4% Jan 25
30
..50
...
10
Jan 26
6%
'
64%
6
13% Feb
10
American Hide & Leather.-.1
6% preferred
Jan 27
Jan 25
46
83%
12
5% July
25%
5% Mar
13
41%
6%
14%
16%
29%
6
9% Jan
15% Jan
65
40
65
6%
7% Jan 24
:.100
45
14%
16%
29%.
154
No par
No par
Amer Mach & Metals. .No par
""I26
63%
85%
$7 2d preferred A
Amer Mach & Fdy Co..No par
100
24%
1478
16%
30
*18%
19
156% 157
82%
83%
Jan
Jan
7% Nov
177
Jan
2% Mar
13% Mar
5
400
,124
65
152
197g Jan
1,000
15%
#86%
*6%
337g
*117
18%
85%
Jan 26
69%
18%
83
Jan 26
*66%
18%
83
2%
15%
7% Jan
30% Jan
18%
14%
19%
177
3% Jan 20
No par
No par
Jan 23
18%
10%
Mar
Jan 26
6%
46%
32%
4
5% Jan 26
Jan
6% July
2% Mar
Jan 30
40%
151
4
Nov
16%
83
Dec
6
18
151
5% Jan
3% JaD 27
5% Jan 26
15
Mar
8% Mar
67%
14%
24%
44
4
Feb 16
21%
24%
30
9
5
10% Jan
66
Jan 24
6% non-cum pref___j-..lC0
•
33%
*159
Jan
Jan 26
Feb 11
Dec
97g Nov
4% Mar
American Locomotive.-No par
3%
34%
15%
11%
4
Amer Internat Corp...No par
14
_
9%
8%
61
7% Feb
Jan 13
300
137g
'40%
15%
July
1,000
*3%
6%.
Oct
20
2,600
3%
45%
125
25%
14%
44%
88% Mar
1%
69%
6%
117
3
Mar
6%
25%
3%
*24^2
9% Mar
89% Feb
18%
*1378
124
27
$7 preferred.
Amer Hawaiian SS Co
Dec
57% Nov
23% Nov
347g
3
6%
*68
133%
6%
100
$6 preferred
Oct
176% Nov
5
*1%
25
*117
4
Aug
105%
4
122% Jan
American Encaustic Tiling. _1
.
160% Mar
1258 Mar
Nov
135
Jan
1
Comm'l Alcohol Corp. .20
Amer & For'n Power
Jan
18%
17g
124
55
70%
share
14% July
24% Jan
Jan 26
Jan 27
Feb
10
1st preferred.
per
52
1% Oct
13% Nov
4% Mar
12% Mar
6%
257g
19
*152
300
18%
85%
Extra
1,500
18%
88
Closed.
44%
6%
24%
6%
*159
44%
18%
44%
16
.....
300
*1%
24%
68%
1378
3%
34%
'24%
45%
1,000
6
34
117
200
4%
33%
*32
18
'
100
14
4%
44%
13%
3%
156% 156%
6%
*85
44%
*18
Exchange
8634
*150
44%
68%
124
13%
4%
31%
*85%
157
8334
4%
31%
14
*13,
14%
4%
*6%
24%
*150% 153
32
32%
32l4
10
.500
44
44%
44%
44%
132
130% 130% *130
62%
63
*6278
64
64
*150
8%
30%
*1%
*17%
6%
137g
*3%
44-%
*1734
7078
137g
8%
30%
44%
33
1%
18%
6%
24%
24%
*66%
69
*13% ' 14%
334
334
34%
34%
17%
*6%
8%
13%
4%
478
1%
1?8
1734
44%
3Q0
3
3%
*13%
14%
4"8
*30
1,300
17%
13%
13%
*14
33
3%
17%
14%
*1278
500
*166
17%
*8%
13%
*13
*30
500
3
Jan
113
No par
Amer Express Co......
100
*16%
8
47g
*14
*166
35
3
Amer European Sees
3%
17%
8%
13J2
14i2
*12%
500
3%
*16%
.3%
131% Jan 12
100% Jan 3
178% Feb 17
Feb
American Crystal Sugar.... 10
4%
23% Mar
114
Apr
>
6% Mar
4
116% Feb
900
American Colortype Co
6%
4
4
Co NJ 25
600
4%
*4%
19
""166
500
an
Highest
share
13% Sept
41%
No par
Am Coal Co of Allegh
65
65
66
American Chicle
J
113
100
preferred
9%
*9%
9%
647g
100
Am Chain & Cable Inc.iVo par
9%
9%
9%
64
*7
174
per
Jan
8
24% Jan 26
7%
7%
9%
9%
*63
""loo
,100
Preferred
Feo 16
90% Feb 17
American Car & Fdy-.lVo par
5%
17%
129
25
;
54% Jan
5% Jan 24
42% Jan 26
100
Preferred
116
*112
pre!
conv
600
2,100
20%
20%
20%
116
*7
7%
*9
9%
978
64
*112
11778 1177fc *116% 118% *116
17% *
17% *-_.*7
7%
20%
116
1
American Can
500
5,200
Corp
Lowest
Highest
$ per share
Am Brake Shoe & Fdy.lVo par
50
2,500
Bosch
American
900
1,600
6%
6%
6%
44%
45
44%
129
129%
129% *126
90%
91%
91%
92%
175
178%
178% 178%
28%
29
28%
287g
45
*44
45%
45%
178
Lowest
Par
Shares
6%
129%
93%
20%
*112
*11778 120
*_
116
$ per share
Range for Previous
Year 1938
100-Share Lots
$ per share
Week
17
Feb.
16
share
44%
44
27%
27%
45%
20%
120
Feb.
$ per
6%
44
45
*112
15
Range Since Jan. 1
On Basis of
EXCHANGE
the
Friday
Thursday
$ per share
*
185
*43%
14
$ per share
45%
28
Wednesday
Tuesday
Monday
STOCK
NEW YORK
for
Saturday
985
No par
Bethlehem Steel
(Del)-No par
—20
I.. 100
5% preferred
7% preferred
20
a Pet, delivery,
Jan
3
Jan
4
207g Mar
3934 May
56
80
18
Jan 11
1234 June
18% Nov
100% Jan 26
115
13
Boeing Airplane Co
Bohn Aluminum & Brass-
n New stock,
r Cash sale.
100
5
-.5
Jan
55
22
Blumenthal & Co pref
July
Jan 26
No par
Blaw-Knox Co.'
9
16% Jan 26
60%
Bigelow-Sanf Carp Inc.No par
Black & Decker Mfg Co No par
Bloomingdale Brothers.No par
19
.
67
Jan 26
17% Jan 26
Jan 27
Jan 21
19%
43
Feb 17
24% Jan 24
22% Jan 26
* Ex-dlv.
y
Jan
7
26% Feb 10
22% Jan 3
17% Jan
4
z20% Jan 19
43% Jan 23
34% Jan 3
28%
Ex-rights.
Jan
3
75
Mar
17% June
9% Mar
10% Mar
13% Apr
787g
Dec
1147s Nov
29%
Oct
24% Nov
19% Nov
21%
Oct
July
37
May
55
19
Sept
3578
Dec
15% Mar
30%
Oct
% Called for redemption.
New York Stock Record—Continued—Page 3
986
LOW
SALE PRICES—PER
AND HIGH
11
Feb.
13
Feb.
Feb.
$ per share
109
*54
55
*54
55
120
13
*13%
*13%
13%
300
218%
26%
18%
18%
26%
1834
25%
18%
25%
12,200
7,500
*2
13%
18%
25%
2%
24
24
*23
*2
24
13
7%
13%
13
13%
25
25%
25
25%
2434
3538
35%
*3412
46%
1*4
934
12%
39%
17%
*33%
*11%
7%
■
39
*35%
46
*8%
11%
,
246
46%
1%
934
11%
1%
1*4
9%
1%
984
12%
40%
38
39
*17%
18
*33
35
*11%
1134
11%
*17%
*33%
*11%
10%
*36%
11
99%
6%
6%
45%
*4%
2984
*25%
*97
45%
4%
2934
•97
45
6%
*4%
*29%
25%
27
*13
*17%
1%
♦10%
*13
13%
17%
11%
17
2
1%
*10'%
18
35
12
11
*15
1634
1634
1*48
51
*49%
1%
1%
K, 1%
*
7
■f 1484
*29%
26%
13%
2
*37%
5%
4%
3034
7
*6%
86
*121
44
*39%
83%
18%
*3%
86
121%
44
20
Stock
20
*70
91
8
8
22%
3%
10%
33%
22%
51
*48
51
1
1
1
*16%
16%
22%
3i2
10%
*33%
1434
16%
*48
51
*48
33%
1434
15
2
%
6%
7
7
42%
22
3%
*10
33«4
14%
16%
49
600
11
20
13% Jan
Jan 26
98
6
Jan 26
8
1
42% Jan 26
414 Jan 24
24«4 Jan 26
23U Jan 26
1234 Jan 28
Burroughs Add Mach..No par
Bush Terminal
1
12% Jan 28
I84 Jan 28
{Bush Term Bldg gu pf rtfs 100
10
No par
No par
Bullard Co
—No par
Burlington Mills Corp
30
2%
12%
9%
22%
19i2 Jan 28
3% Jan 28
4
Jan 26
9
Byers Co (A M)._
No par
Participating preferred.. 100
29!% Jan 26
145s Feb 17
1534 Jan 26
49U Feb 2
% Feb 15
6% Jan 26
Byron Jackson Co .....No par
California Packing....No par
5% preferred------.--50
6
15% Mar
24%
45
Mar
51
Jan 17
Jan 5
Jan 4
1
Mar
2% Jan
1034 Oct
20% Aug
21% July
46% Nov
44
44% Jan
4
434 Jan 26
6% Jan
3
30 ig Feb 15
32% Jan 31
Capital Admin class A...._.l
614 Jan 28
4034 Jan 23
7% Jan 9
42% Feb 17
Carolina Clinch A Ohio Ry 100
83
Feb
3
84i2 Jan
Carpenter Steel Co
Carriers A General Corp
17i2 Feb
2
20% Jan
3% Jan 23
3% Jan
94% Jan
634
42%
42%
84
*81
42%
83%
18%
3%
*81
S3 preferred A
30
84
10
200
18
1,100
80
4,900
2,300
10
5
l
-100
116
42
Case (J I) Co
Preferred
4
Jan 26
82
*.100
Caterpillar Tractor.—.No par
5% preferred
100
Celanese Corp of Amer.No par
Jan
122
4
Jan 25
10538 Feb
22
5
25
*6%
7
Mar
13
5
Jan 13
No par
Jan 27
Jan
15% Nov
44% Nov
Jan
Canadian Pacific Ry
Cannon Mills
700
Mar
18
8,200
5
Mar
17% Jan
17.. Jan26
48
Oct
5
2% Mar
Calumet A Hecla Cons Cop..5
Campbell W A C Fdy..No par
5
100
31%
3% Jan
17% June
10
July
24
July
20
Jan 11
Canada Dry Ginger Ale
Canada Sou Ry Co
*37%
Dec
16% Aug
22% July
5% May
16% Mar
Jan
Jan
Oct
July
29
634 Mar
500
14
534
39
14% Mar
1% Mar
6,400
7
Callahan Zinc Lead——1
7% Dec
64%
684 Mar
Jan
Oct
Oct
13%
100% Nov
Mar
Jan
Feb
Jan
14%
Mar
Jan
Oct
41
15% Mar
13% Mar
13% Jan
37
23%
3% Mar
Jan
Jan
Nov
1434 Nov
46% Nov
Mar
3
1434 Jan 17
1834 Jan 3
714 Jan 24
12
Mar
Mar
62
55% Jan
55g Jan
3234 Jan
Jan 26
10
Butler Bros
Apr
,
Dec
284
Mar
May
Mar
Mar
Jan
NO par
..100
43
Mar
1%
3%
5%
XI634
10%
2734
5%
5%
Feb
15%
6%
500
3%
Jan 26
40% Aug
Feb
'
18%
67,800
2,200
4%
*30%
18%
Budd (E G) Mfg
10
5
4984
2%
8%
1734
203g
48
18%
Jan 19
13% Jan
37% Aug
Mar
28
75
Jan 18
Feb 17
06
5
18%
18%
193,
5
7% preferred
.—.30
700
42
z34
3H8 Jan
1034 Feb
Feb 16
100
Bucyrus-Erle Co—
5^ conv preferred
50
Jan 20
984 Jan 16
37i8 Jan 12
15% Jan 26
No par
..No par
Butte Copper A Zinc
100
1,700
5%
31%
7
Brooklyn Union Gas
300
17
*43
*6%>
13
1,300
15
42%
*39%
*80%
*17i2
*3%
85%
800
8%
22%
3%
10%
3334
4%
*30%
*6%
*39%
5
10% Jan 23
Dec
18
18
15
18%
3034
2
Jan
Oct
8% Aug
16
5% Mar
12% Mar
*14
7
1434
18
4%
30%
83%
734
17
17%
*37%
5
3034
"7
10%
3)2
10%
34%
1434
1434
1434
17%
49
%
6%
2
11%
3)2
*3%
3%
,
3%
*84
87
86
87
85%
87% 88
*121
121% 121%
121%
121% *121
121% 121%
244
47
47
4434
4434 45%
4534
47%
*105% 108
*105% 108
*105% 107
*105% 106
20
19%' 20%
1934
20%
20%
20% 2034
18%
3%
*10534 107
2
*11%
8
*10
15%
49
600
2
*21%
*3%
18%
31%
2
1,300
3,000
11%
*1%
1% Jan 11
8% Jan 26
Bulova Watch..
13%
Mar
46% Feb 11
7% preferred
Budd Wheel
17%
2
*734
2
7
17%
*10%
11%
1734
2734
*13
28
4
3
3178 Jan
39% Jan
600
2734
17
Mar
75s Feb
1578 Jan
Jan
2 % J an
1
600
31
14
Jan 12
32
Bklyn-Manh Transit—No par
f 6 preferred series A .No pa
50
230
Jan
6
Bruns-Balke-Collender .No par
4,700
27
3
400
6%
48%
4%
16% Mar
1% Dec
Jan 23
43
11%
4,700
Jan 23
34% Feb
Brown Shoe Co
30
13%
17
*14%
83%
6%
4%
2
24% Jan 27
_
.
200
11%
May
52% Dec
14% July
19% Jan
36% Oct
434 Jan
3
34
98
47
4%
3034
28
27
413s
18%
11%
6%
15,100
4,300
1,600
June
1112 Jan 26
22i2 Jan 28
.
800
13
Jan
9
15
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
$6 preferred
No par
2,300
9%
40
Bridgeport Brass Co
No par
Brlggs Manufacturlng.No par
Briggs A Stratton.
_No par
300
2
98
.
47
4%
*2934
17
7
42%
11%
.
1134
13
1434
18%
■
1134
16%
18
*37%
,*6%
*39%
*82%
*17%
3%
634
26%
*34
99
45
4i4
30%
35
13
5%
*3084
9
11%
*98
46
4%
22%
3%
10%
33%
1584
16%
50%
15
14%
f 16%
11%
41%
18%
13%
*2134
34
34
12
*1%
9%
1234
40%
17%
13
17
3%
*10%
33%
10%
2
Brewing Corp of America
Jan 10
24
5
..100
_
Highest
\ per share { per share
82
107
Dec
Apr
14% Jan 11
187g Feb 11
55
12% Jan 30
16i2 Jan 12
Bower Roller Bearing Co—_17
600
*34%
*45%
3%
3%
*10
35%
46%
934
Jan 24
per
16
Borden Co (The)—
Borg-Warner Corp—
1,600
4,600
7,000
35
45
22%
*22
40%
17%
11%
8
8%
738
13%
26%
*9%
12«4
40%
1734
99%
6%
8
*8
934
1234
11
26
7%
13%
25%
35l2
2
*97
30
7%
*45
51
$
1
Boston A Maine RR
2
'
36
104
No par
Class B
300
13%
25«4
35%
46%
Year 1938
Lowest
$ per share
109
Jan 4
share
Jan 23
Bond Stores Inc
23s
25
46%
24%
6%
26
*2
7%
463g
99%
684
4%
*10812 112
133g
2434
35%
7%
13%
13
46
25%
2%
24
*21%
7%
7%
11%
'
*2
183g
No par
Bon Ami class A
90
109
55
13
2%
7%
Par
Shares
$ per share
55
108% 109
24
*2
24
share
Range for Previous
Lots
Highest
Lowest
Week
17
13%
24
26%
per
Feb.
55
54%
1834
26%
2%
18%
%
16
1939
18,
EXCHANGE
-
*13
13%
187g
26«4
13%
Feb.
On Boris of 100-Share
NEW YORK STOCK
the
Friday
Thursday
15
Feb.
10734 10784
5434
5434
14
$ per share
$ per share
$ per share
107% 107%
Wednesday
Ranee Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
for
Tuesday
Monday
Saturday
Feb.
Jan 26
47% Jan
107% Jan
24% Jan
7
175g Jan 26
5% Mar
8% May
12% Mar
Jan 18
7
4
3
7
5
.
37%
Apr
5
Mar
21.
4%
34%
63%
12%
May
July
Jan
Aug
8%
Jan
July
884 Aug
42
Mar
Mar
45
Nov
Apr
89
Jan
June
2% Mar
22% Nov
4% Jan
62% Mar
98% Jan
29% Mar
100% Jan
107% July
9
Mar
82
120
Aug
58
July
106% Dec
26% Nov
July
■
16%
*64%
21
4
*110
*80
Exchange
16%
16%
71
Closed
.
*64%
21
21
4
Extra
4%
110
111
91
*80
16%
91
89
16%
17%
100
*69
5% preferred
100
Central Aguirre Assoc .No par
Central Foundry Co.
1
-f6634 Jan 26
Central lllLt4H% pref—100
Central RR of New Jersey.100
110
100
Central Vloleta Sugar Co...19
20
71
*20
21
20% 2l
4
4%
4%
4%
*110% 111
*110% 111
*7
8
7%
7%
7%
5
4%
434
*4%
*4%
*4
*4
4%
4%
4%
700
1,800
30
*109% 111
*7%
*4%
5
Birthday
4%
*90
8
Lincoln's
8
*4
*4
4%
5
95
7%
4%
*4
95
*90
*90
42%
*42
95
95
*90
•
42%
42%
42%
4234
43
10%
*10
10%
10%
10%
10%
-10%
^3934
3934
*40
41
40
40
40%
10%
*38%
Preferred
800
41
42%
*100% 101%
*19
*8%
22
3434
8634
*%
*20%
3434
*8684
35
86%
%
234
*2%
»%
*2%
*11%
*
'
*84
«4
1
*20%
34%
21%
35%
87%
*87
87%
%
2%
*%
*2%
%
*%
*2%
11%
*%
%
2%
*%
*2%
234
1134
11%
11%
%
%
%
34
%
*3g
'
*2%
234
*2)2
234
*16%
1634
36%
*16%
16%
36%
46%
*45)4
*%
*1%
*%
36%
*45%
*%
*1%
*1
*8%
.
*12%
36%
84
1%
1%
'
934
13
11
*8»2
*12%
,
11
*31
35
*%
2%
34
33
10%
*31
*
-25%
*8%
21%
3434
87%
87«
%
2%
1
1
*97
101%
25%
8%
25%
.
'%
*2%
*11%
%
234
%
8%
21%
*%
*2%
,
12
*%
100
*100% 101%
25% 25%
25% ■25%
8%
8%
4234
47
*%
%
34
%
34
234
16%
37%
*36
47
*45%
*%
*1%
%
*%
%
1%
1%
*1%
13g
1%
9%
*8%
13
1034
34
*1
12%
.
%
234
11%
%
%
?4
%
1%
*8%
12%
11%
1
9%
12%
11%
10%
1,600
Cerro de Pasco Copper .No par
Certain-Teed Products
60
101%
Cham Pap A Fib Co 6 % pf. 100
99i2 Jan 25
23% Jan 27
94
18
20
Apr
258 Jan 28
Jan 24
1284 Jan
5
% Jan
%
Dec
%
Dec
25
31
Jan 26
24% Jan
39% Jan
...100
86
Jan 24
88% Jan
*%
2%
*11%
*%
34
11%
%
500
34
%
2,100
*45%
*%
1%
%
*8%
*12%
400
200
%
500
234
'
200
%
17
1,000
200
37%
4634
24
100
100
{Chicago Great Western.. 100
1*
«
w
-
1%
4^> preferred
100
Chicago Mall Order Co.
6
{Chic Mil St P A Pac..No par
5% preferred
100
{Chicago A North West'n.lOO
Preferred
300
9%
10%
-■
31
76%
—
—
-
200
12%
11%
31
«.
5,800
30
11
5g Jan
"
a4 Jan 28
1% Jan
84 Jan
1
Jan
3
3
3% Jan
20% Jan
4
4
,2
37% Jan
5
22
45%. Jan 26
48
Jan 10
i2 Jan 16
34 Feb
Jan 30
1% Jan
100
78 Feb 17
par
8% Jan 13
12% Jan 23
938 Jan 26
1
.100
Chicago Yellow Cab—.No
Chickasha Cotton Oil
Chllds Co.
10
...No par
*
76%
75%
76%
75
76%
765s
77%
77%
33,300
10
10
10
10
10
10
10
10
*10
1018
1,200
*80
82
80
80
79%
80
*79%
80%
*47%
62
*54
62
62
*54
62
280%
*47%
80%
3%
*3%
334
*3%
3%
*20
21%
*1934
21%
*19%
20%
*68
75
*68
74
*68
74
*68
*114% 115
115
115
115
115
115
3%
*263g
93
27%
*74
27%
"
5384
52%
28
*130
27
132
*128
131%
*61
*1000
14%
__1_
*130
131
*130
61
15
104
*68
400
Clark Equipment
74
66% Jan 26
84
9% Jan 24
Jan
3%
Jan
68
23
Feb 10
>
Clev El Ilium $4.50 pf.No par
111
Jan
400
Clev Graph Bronze Co (The). 1
Clev A Pitts RR C'j 7% gtd.50
24
Feb
10
Special gtd 4%. stock.... .50
-
5
18i2 Jan 26
No par
CCCAStLoulsRyCo5% pref 100
4m
>
Jan
178 Jan
184 Jan
5% July
1934 Dec
3984 Nov
47
Nov
1%
3
Dec
2%
Jan
Mar
1234
jan
Mar
25
Jan
July
l9%*July
13% Nov
51
Oct
Jan
6
10% Jan
9
May
35% Mar
784 Sept
82
Feb
6
59
Jan
80
Dec
54
79
100
100
—..5
130
,»*»<»«»
11434 115
15
-
93
62
*61
62
*1000
"15%
15%
28%
*10334 106
24
*15
24
19
*18
19%
18%
5
*5
5%
*538
7
7
*6%
8%
*7
*5
7
*5
7
*5%
1534
*15%
16
15%
1534
*84
85%
*81
83
*81
53
53
*15
15%
15%
83
83
x85
12%
12
*26 %
31
8
1134
28%
8%
1534
84%
*1134
84%
11%
8434
8434
*84%
28%
8%
85%
*26%
83
53%
-
*•
-
29
1534
8
8%
86%
81
81
*75
*52
53
53
24
—
1%
59
27%
2
60%
27%
1%
29%
104
104
*15
19
*5%
59
2 7%
no sales on this day.
irfKn
593g
27%
1%
,
59%
2734
Molybdenum_.No
Cluett Peabody A Co.-No
Preferred
Mar
60
Feb
4% Jan
24% Jan
3
4
2
Mar
„
3
69
115
Feb
Feb
10% Mar
88% JSTov
13% Jan
5% Nov
27%
Oct
4
70
Nov
75
Mar
9
106
Apr
115
Aug
Colgate-Palmolive-Peet No par
6% preferred
100
700
Collins A Alkman
120
5%
40
40
1534
*15%
16
500
*85
87
400
Columbian Carbon
12%
700
Columbia Plct v t c
30%
100
8%
8634
53%
80
53%
2
6034
27%
{ In receivership,
45
Feb
50
Jan 26
2334 Jan 26
28% Jan
3
60% Jan 5
29% Jan 14
"600
132
Feb 14
133
Jan
6
105% Mar
14234 Aug
7
61
Feb
1
61% Nov
115s Jan 27
10178 Feb 1
57% July
976
May
7% Mar
104
58
Jan
104
Feb 17
$2.75
2.50
15% Feb 16
111
Jan 23
15% Jan 28
36% Jan
5
13% Mar
8784 June
39'4 Oct
107% Nov
106
Jan
9
23% Jan
June
9% Mar
3% Mar
9% Jan
4% Mar
884
1134
7% Jan
4
10
17%
Jan
Apr
13% Mar
1634 Jan
13
Jan
83
Feb 14
93
11
Jan 28
15% Jan
29% Jan 21
Mar
53%
Apr
9
Mar
9
500
6% preferred series a.. .100
5% preferred
100
74% Jan 3
62% Jan 13
88% Feb
7
83
Feb
8
46
57
Jan
3
23
Mar
Jan
5
84
Mar
Jan
3
31% Mar
4 H% conv preferred
-
3,200
57,200
134
1%
60%
2734
61%
14,600
5,900
28
18,500
a Def. delivery.
100
Comm'l Invest Trust..No par
100
$4.25 conv pf
ser
'35.No par
Commercial Solvents. .No par
Commonw'lth A Sou
No par
$6 preferred series
No par
Commonwealth Edison Co__25
>
nNewstock.
rCashsale.
Jan 26
10534 Jan 10
49% Jan 27
107%
Jan 11
10% Jan
9
1% Jan
3
4534
Jan
3
2634 Jan 25
zEx-dlv.
29
Jan
7
6% Jan 13
10
Nov
104% Dec
Columbia Gas A Elec..No par
Commercial Credit
May
17
May
22,000
1,200
976
78
25% Dec
5% Mar
57
May
50
May
30
Nov
9
26% Jan 26
preferred.No
129
Jan
20
5
Jan
par
conv
2584 July
5
Jan 26
100
No par
10% Mar
60% Nov
Jan
No par
v t c No par
32 % Mar
125
Jan 26
Class B
Dec
12714
6% Jan 24
6% Jan 13
15% Jan 28
85
86
44
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl a.2.50
16%
*73
Jan
3
16% Jan 28
*1534
80%
53%
76
Jan
Colo Fuel A Iron Corp .No par
Colorado A Southern
100
16
86
6
42
3
25
5% conv preferred
Colonial Beacon Oil
800
7
734
Feb
15% Mar
67% July
30% Nov
77
Jan
No par
7
*29
1
7434 Jan 23
42
Coca-Cola Inter Corp ..No par
_
7
12%
par
100
Coca7<-ola Co (The)
No par
Class A
...No par
*5
12%
28%
8%
par
300
18,200
24
19
19%
5%
834
•
1%
100
_
15%
103
Climax
50
300
62
*108
*107% 109% *10734
*108
55
55%
5534
55%
55% 55%
55% 56%
110
110
*107% 111% *107
111%
111% *108
13
13
12%
12%
13
12%
13%
13%
2
'Bid.and asked prices;
15%
103
7
1534
93
*1000
*15
15%
6034
27%
*61%
15%
104
5
13
51
28
12,000
1
*107% 109%
55
54%
*74%
*44%
"53%
*18
*108% 110
28
27%
r28
*26%
8%
60_«.
74
115
21%
a.
Jan
1
Dec
3% Mar
Jan 11
6H% preferred
City Investing Co....
City Stores
27%
28%
28%
29%
27%
131% *130
131%
131% 131%
131
130% 130% *127
130%
28% *2734 29
10434 10434 *10434 106
15%
84%
12%
29%
83g
2734
21%
~
200
4,300
*103
7
1%
*44%
5234
*1000
15%
104
*74%
*102% 104
5lo
12%
"
28%
19
7h
*3%
21%
3%
170
„~
3%
53%
*61
*1000
15%
24
5234
27%
132
61
62
*15
«
27%
53
132
29
*28%
*10434 106
*83
27%
52
*130
*10238 104
*1178
5334
93
42
0
*18%
5%
*6%
*5%
15%
15%
*3%
20%
27%
27%
*74
42
93
....
6314
2784
*54
•
Jan
'
27%
*74
62
1%
5%
1578 July
8
5
City Ice A Fuel
Jan
Feb
July
12
8% Feb
14% Jan
13% Jan
33
...25
Chrysler Corp
1%
4
Dec
%
*
75
%
1
Jan 26
30
Mar
37% June
6
No par
Chile Copper Co..
Mar
6% Mar
1% Jan
-
;
% Nov
Jan 24
2*2 Feb 17
15
89
Dec
% Aug
4
•
48% Mar
38% Jan
2% Sept
8% Mar
3412 Jan 26
100
7% preferred
6% preferred
%
33% Nov
1234 July
1% Mar
3
4
3g Jan
Chicago PneumatTool.No par
$3 conv preferred.
No par
Pr pf ($2.50) cum dlvNo par
{Chic Rock Isl A Pacific—.100
100
%
3g Jan 9
2U Jan 30
3g Jan 4
6% preferred.
100
2%
2%
16%
*36
19% Jan 26
J Chic A East 111 Ry Co
%
2%
Mar
June
70
No par
Chesapeake A Ohio Ry
Preferred series A
*%
2%
106
Dec
22
334 Jan
% Jan
3% Jan
5
4
4
14
4
4
5
Chesapeake Corp
300
Oct
Oct
June
Jan
Oct
12%
May
6
Jan 27
8
Apr
46
June
3
8% Feb 15
30
1,000
5
59%
4% Mar
8,700
88
.No par
104
Aug
17% Mar
35%
Common
Checker Cab
Jan
678 July
26% Mar
21%
*87%
200
8%
3% Mar
5
Jan
5% July
111% Nov
14
July
6% Dec
4 * Mar
4
9
4,000
Apr
4
101% Jan 13
Jan
47% Jan
29%
.
Mar
13
9% Jan 26
37% Jan 27
6% prior preferred
28
Dec
2
9984
52% Jan
3912 Jan 26
.1
100
220
18%
-
88
35
•
34
*31
1034
6
Sept
19% Dec
72% July
Mar
7
Jan
90
Jan 12
88
*8%
21%
234
16%
37%
4634
1
34
,
35%
87%
%
2%
.
9%
12%
11
*31
21%
4% Jan 28
4i2 Feb 2
100
Jan
9% Jan 5
5% Jan 3
4% Jan 20
Jan 24
7
46
22% Jan 11
5% Jan 3
111
3
96
12% Dec
Jan
'28%
9
*34
34
*2%
1634
*97
101%
28%
'
h
*2%
16%
*36%
*45%
41
70
334 Jan 27
,Jan
Jan
19% Jan
2012 Feb 17
Century Ribbon Mills.No var
43
.10%
Holiday
Celotex Corp,.*
95
*90
94
8
1414 Jan 26
'
*7%
*4%
Feb
89
...100
300
4
71
*69
7% prior preferred
..No par
2,600
21
4
21%
4%
110
70
89
17%
17
16%
*20
70
91
*80
16%
70
.
107%
60
110
Feb
9
Feb 14
13% Feb 17
2% Feb
90
Jan
5% Mar
Jan
Jan
June
2284 July
22% July
98% July
19
Nov
35% July
978
Oct
83
Oct
70
Oct
5978 Nov
108% Nov
64
112%
Nov
Oct
6
1
Mar
12% July
2% Oct
Mar
5534
63%
Feb
6
25
,28
Feb
6
22% >lar
yEx-rights.
Feb
2378 Nov
28
^ Called for redemption.
Oct
Ma*
3F
AND
HIGH
Saturday
Feb.
11
I per share
*8%
t per share
$ per share
$ per share
83g
26*4
*6
26%
*6
8
*6%
*6
6»4
*6
*6
7l2
*6
7
6
6
2034
21%
2014
20%
*7%
8
8
8
*80 x4
21%
812
85
*79
85
*79
85
*78
85
*86
87
86
86
86
86
*86%
*1%
87
134
21%
*7%
11
11
11
33
11
11*4
33%
*5%
67g
8%
2?g
2%
3278
3314
10378 1037g
534
534
8I4
8*4
234
234
3
*234
32%
103»4 1037g
57g
684
3278
8%
8%
*11
13
*11%
*94i2
96
8%
2184
8%
20%
*734
1%
*1%
1%
1%
1%
1%
*11
634
8%
,
4
32
"
678
10
Container Corp of America. 20
12% Jan 26
Continental Bak cl A
16
13%
1384
13%
19
19%
19
1934
32
34%
3%
3
26%
27%
26%
52
584
89
8884
8884
39
41%
4
627g
*60%
*14%
1434
5%
40%
7
267g
83
75
21%
584
17%
14%
5%
40%
*20%
5%
*15%
*67S
67g
26%
21%
5%
17%
7%
*74%
21%
*15%
Closed
19
13
Lincoln's
5%
*15%
*7
*27%
28
*2734
3034
*40s4
*7%
3034
41%
778
*40%
18%
18%
31%
7%
18%
31%
41%
41
18
85
10%"
10%
*10%
3434
16%
3134
3334
*578
6
*10
11%
*10
11
13%
*6%
174
31%
13
13%
13
2%
11%
38%
11
38%
*33%
29%
*1%
31
*40%
1%
*1
*734
18%
*79
107g
*10%
3134
6%
6
6
118
72%
9
I284
12%
*10
11
138
*118
"14%
14%
6%
6%
174
;
*180
23%
237g
23%
2%
31%
23%
13
37%
*2%
3034
.
*81%
24%
32%
13%
2%
1034
34
33
33
34
30
297g
30
*2934
31
40%
40%
31
*397g
31
297g
1%
3084 31%
*397g 42
106% 106%
*1%
1%
42
106% 106%
,
10%
72%
97g
10%
*70%
72%
*70%
72%
*70%
*74
7634
82
*74
76%
*73
10
82
10
*79
*78
83
10%
72%
7634
'83
1034
1,300
1%
31
2,000
•
10634 10634
170
97g
10%
9,900
*70%
72%
7634
*74
83
*78
*1%
1%
*1%
1%
1%
1%
134
1%
*1%
184
134
134
*3%
37g
*3%
37g
*3%
*2
2%
2%
2%
*2
37g
2%
*2
*2034
4% Jan 27
6
Jan 21
5i2 Mar
47g
V
900
1,500
*3%
37g
200
*2
2%
100
5%
5
*
preferred... 100
10
Cuba RR 6%
Preferred
13% Jan 26
5% Jan 24
....60
Cudahy Packing.,
Curtis Pub Co (The)
No pat
6
3
3X4 Mar
3
12% Mar
pref-.100
78
Feb
6
4818
46
Jan
9
18
Jan 24
45
Delaware
IDenv & R G West 6% pf.100
100
Detroit Edison..
No pat
No par
Raynolds A
25
preferred
.No par
Dlxle-Yortex Co
No par
.....
Doehler Die Casting Co No par
—No par
No par
1
Dresser Mfg Co
Dunhill International
...,.100
preferred.
Co...20
6% non-voting deb.
100
$4.50 preferred
No par
Duquesne Light 5% 1st pf.100
Eastern Airlines, Inc. ..—..1
Eastern Rolling Mills
.5
Du P de Nem (E I) &
.
Kodak (N J)-No par
100
Co....4
Eitlngon Schlld
No par
Electric Auto-Lite (The)..-.5
Electric Boat
3
6% cum preferred
Eaton Manufacturing
Elec & Mus
24i2 Jan
6% Jan
4
6
17
Jan
6
13% Mar
87$ Jan
3
6X4 June
5
111
Jan 26
102i2 Jan
13% May
110
Jan
17
Jan 26
207g Jan
2334
Jan
26
% Feb
113%
Ind Am shares...
Endlcott-Johnson
5%
pref erred.
No par
1,800
10%
10%
10%
10%
10%
700
21
21%
134
22%
22
22%
4,100
25
33
Jan 31
15% Jan 27
30%
Jan 26
11
Jan 21
111% Jan
142
4
Jan 26
17
Jan
35
Dec
33i2 Jan
27% July
6
Jan
6
III4
1914
31
12
Jan 13
Jan 25
~"i%May
115
Jan 18
102
156%
Jan
138X2 Feb 11
121
Jan
118
Jan 20
5% Jan 27
8
2% Jan 26
26% Jan 24
11X2 Jan 26
2
Jan 23
30
Jan 24
28% Feb
1
,1% Jan 24
28
Jan 25
38% Jan 19
68
Jan 16
71X2 Jan
76
3
Jan 14
16i2 Jan
5
Feb
6
7
Jan 30
"83% Feb
Jan
15484
Dec
13% Nov
6
173
Dec
10i2 Mar
Mar
2
13% Mar
Mar
6
.2i8 Sept
6is Mar
22i2 Mar
Mar
18
21% Mar
Jan
3
Jan
3
ia4 Feb 16
45% Nov
llli2 Dec
10i2 Oct
40
Mar
46
Mar
72i2 Dec
79i2 Oct
278 Jan
6X4 Jan
Dec
6
13%
1334
1334
13%
86
300
Feb
67
Jan 16
52i2 Apr
96i2 Feb
2% Mar
*96
*96
47g
*4%
3
*234
1%
"4%
*1%
*4%
*96
*96
...
47g
484
234
97
4%
Federal Screw Works. .No par
2% Jan 26
1%
24
8934
400
Federal Water Serv A.No par
200
Federated Dept Stores.No par
21
34
24%
T206
4Ji% pf.100
Fidel Phen Fire Isn N Y..2.50
Fllene's (Wm) Sons Co.No par
86X4 Jan
32% Jan 27
1%
1%
1%
2434
2434
23%
*21%
*87%
33%
*87%
8934
*87%
8934
*87%
8934
33%
*33
3334
*33
3334
337g
337g
*18%
24%
*18%
337g
18%
18%
*18%
Jan
Federal Motor Truck..No par
200
*23%
this day .
Jan
378
"{,200
27g
24
8934
Bid and asked prices; no sales on
6
47g
1%
24%
Jan 26
4%
27g
*18%
102
*234
24
24%
Feb 17
—100
Preferred
....
97
234
*234
*22
Federal Min & Smelting Co 100
~~4~7g
*1%
27g
100
$6 preferred
"166
*87%
X In receivership.
a
Fed Dept Stores
20
Def. delivery,
n
New stock,
r
Cash sale,
z
li4
Jan 24
Jan 26
18% Jan 23
Ex-dlv.
y
1%
25%
8934
3434
18%
Ex-rights
6
Jan 19
Jan
Feb
6
Mar
Mar
May
May
Mar
Apr
17g Mar
1
Sept
6
J Called for
Oct
Oct
2% Nov
III4
Jan
43
Deo
3534
16%
Oct
Oct
84i2 Nov
133
Nov
99i2 May
57g Aug
4% July
2% July
90%
June
Jan
Dec
677g
15
Jan
Dec
16
29
Jan
Oct
25
12% Mar
2212 Mar
Jan
Feb
6X2
2Xg Mar
514 Mar
10i8 Apr
29i2 Jan 4
1512 Jan 17
87
884
64
Jan 26
Jan 24
71
Oct
24i2 Feb 17
12i2 Jan 24
81
Nov
Apr
35
5i2 Feb 11
35
94i2 Apr
2i2 Mar
38i2 Mar
li2
13
Oct
33
62
2412
Jan
46% Oct
4I84 July
234 Nov
1% Dec
li2 Dec
9% Jan 27
Dec
4
14
29?g Nov
2% Mar
6
15%
Feb
134 Jan
Jan
Dec
5% July
'36% Dec
i2 Mar
5i2 Jan
Jan
25%
,17
2% Jan
5%
Dec
8% Nov
Jan
157
,
1% Jan 23
Jan
17%
Nov
13g Jan 30
4
Oct
187
334 Jan 24
3
Dec
12
121% Mar
8
1078 Jan 20
78
Jan 20
80
Jan 20
17g Jan 23
Deo
115
314 Mar
30i2 Jan 19
134 Jan 5
3134 Feb 6
4334 Jan
19%
130% Mar T38l2 Nov
109% Apr 12012 Deo
118i2 Dec
111% Jan
3
25i2 Jan 5
338 Jan
347g Jan
15% Jan
2% Jan
12% Jan 19
41i2 Jan 20
111
Dec
Apr
90i2 Mar
Jan
186% Jan
18312 Feb
38
8084
141
8i2 Mar
5
4
Jan 24
Jan 28
,Jan
Oct
3478 Aug
8I4 Jan
Jan
115% Jan
175% Jan 3
20% Jan 26
Mar
877$
Jan
117% Jan 26
171
Mar
4i2 June
78% Jan
135
13634 Jan 26
13
Oct
25i2
.
Fajardo Sug Co of Pr Rlco_-20
Federal Light & Tiaction...l5
97
Oct
12
Fairbanks Morse & Co.No par
*84
Jan
8i2 Sept
2884 June
500
85%
2i2
12x4 Jan 9
35% Jan 16
2214 Jan
1,600
110
884 Nov
Il5i8 Dec
Oct
2434
*84
Dec
23% Nov
91% Nov
24%
*95
Nov
11
25%
86
Jan
17
25%
65i8 June
25%
110
Dec
Feb
25
Jan 12
25%
*85
111%
25x4
Jan
25%
13%
*83%
11% July
20
267g
14%
86
834 July
Dec
17%
86
2
110
'Nov
Mar
»15% Jan 26
7934 Jan 23
10% Jan 30
6%
39%
*85
Oct
50
29% Nov
11
938 Jan
*17g
*83%
83
Mar
Jan 26
*5%
87%
Dec
738
28% Nov
5
7
39%
*13
Aug
56
Dec
Exchange Buffet Corp. No par
100
8i4 Aug
42
18% Jan 26
Fairbanks Co 8% pref
21% July
30%
5%
30
Jan
87
4078
38%
17g
Jan
94i2 Jan
13% Feb
6I4 July
Jan
5%
1%
5%
44%
Jan
3734
1%
5%
92i2 Nov
Mar
32% Jan 11
37
2
600
15% Nov
31i2
.3
Ex-Cell-O Corp..
Mar
Nov
40
37% Nov
2034
8% Jan 12
No par
Equitable Office Bldg..No par
tErie Railroad...,
..100
4% 1st preferred
100
4% 2d preferred
100
Erie & Pitts RR Co
50
Eureka Vacuum Cleaner
5
Evans Products Co
—5
34 Nov
76
4
4334 Nov
Jan 16
106X2 Feb 14
$6* preferred.
Mar
4
Jan
29i2 Nov
10% July
Feb 16
1
$5 conv preferred
7i2 Mar
42% Oct
117% Nov
44
Corp...-60
100
Engineers Public Service
8i4
Mar
9
15% Jan
25X4 Jan
Oct
32
Jan 26
34X2 Jan 26
Corp...No par
...3
1934 Mar
Jan
7O84
40% Feb 17
No par
$6 preferred..
No par
Elec Storage Battery..No par
El Paso Natural Gas
6
66
177
Dec
5% Nov
28% Jan 26
27
984 Jan 26
$7 preferred
,
412 Mar
Feb
li2 Jan
118% Jan
Jan
Electric Power & Light.No par
Elk Horn Coal
Mar
1314 Mar
16% Jan 28
67g Jan 28
(The).l
Diamond Match.
Jan
18% Jan 28
6% Feb 15
No par
.
Eastman
June
35
Jan
Davison Chemical Co
8%
4% Mar
7i2 Jan
No par
Dome Mines Ltd
9
28i4 Jan
6
preferred-.---.25
Class A
Jan
6i4
48
Jan 26
40
Davega Stores Corp....
6% partic
68i2 May
12
May
5% Jan 24
.
......
Cutler-Hammer Inc
Devoe &
4
2134 Jan 24
74% Jan 6
-
....
Class A.
;
3
3
Jan
1
—No par
Preferred
Curtlss-Wrlght
Mar
3
Jan
16
3
59% Feb
100
........
6518 Jan
334 Jan 28
Cuban-American Sugar
Mar
37
*84%
*
19X4 Mar
70
Apr
68
534
*13%
*1%
*2134
6
3734
14%
*234
Jan
7i2 Mar
4
Jan 10
*519
*17g
*13%
47g
5
96
Jan
37%
*2584
110
21%
21
4
Jan 24
$5K preferred w w..No par
2%
5
4734 Jan
82
-.100
Preferred
14%
ix8
3i2
19i2
22i2
678
27
*96
5
*10
200
"""266
37g
5
91
34% Jan 26
$5 conv preferred
Jan 12
2% Jan 20
6% Jan
437g Jan 5
*26
*84
5
200
100
42
*397g
1%
.10%
6,300
2,400
6,700
4,500
1,400
30
1%30%
1%
484
3,500
30
1%
*10
40
38%
33%
1%
434
1,200
37%
33%
1%
10%
21%
2
5%
38% 38%
300
2%
32%
13%
2%
11
1%
434
9,900
300
1%
10%
21%
*17g
5%
130
3,700
1%
.
200
24%
31%
13%
2%
3634
2%
11%
38%
*1%
*3078
50
4,100
1,400
182
24
13
33%
1%
174% 174%
*180
31%
377g
85% Jan 28
Crucible Steel of America., 100
Crown Zellerbach Corp
Duplan SilkNo par
11
117% 118
1434
15%
*6
684
2%
1034
107g
i.%
10,800
13
1234
2%
10%
37%
Jan 24
62% Jan 24
114% Feb 3
5% Jan 24
11% Feb 14
13%
2%
32%
83
182
..5
No par
12
36
8
Douglas Aircraft
No par
Dow Chemical Co—,_.No par
500
12%
2%
10
.
17434
Feb
15,400
1,000
2%
77
10%
*75
15
6%
Jan 23
33
5% Jaii 12
9%
*10
514 Mar
2214 Mar
29
Apr
2512 Apr
4ix2 Jan
38i2 Jan 17
Dominion Stores Ltd—No par
9%
2%
3034
2%
106% 106%
*106% 108
11
10i2 Jan
Jan 26
800
115
115
115
*110% 115
1497g 150%
149% 150%
138
138% *138% 13812
119
119
*11884 120
*118
6%
9%
13
7434
73%
140
500
115
119% 119%
14
74%
118
Jan
Mar
21% Apr
36
5% pref with warrants-.100
3,900
1734
19
85
3
$2.25 conv pref w w_.No par
Pref ex-warrants
No par
Distil Corp-Seagr's Ltd.No par
""360
284 Mar
Jan
8% Jan 27
3,000
*10%
*33%
34
162
Jan
31
Diamond T Motor Car Co—2
107g
31%
37
.
784
18%
6
Apr
Apr
Apr
Jan
No par
'200
85
40
x5S
Jan
18% Jan 26
6
Jan 24
*79
29i2 Nov
Jan 21
Jan 3
38
1234 Jan 26
85
Mar
29
&!Hudson.—100
Delaware Lack & Western..50
270
3i2 Dec
3584 July
10
110
Diesel-Wemmer-Gllbert.... 10
400
21% Mar
4
3
300
■300
734
7$ May
3
Jan
Feb 17
6
Dayton Pow & Lt 4^ % pf 100
Deere & Co
No par
Preferred
-,--20
3,200
2,300
41
18%
Jan 26
100
28%
32%
40%
29x4
5414
66%
17634
NO par
Conv 5%
118% 118%
6
30
1%
31%
42
400
"""400
17
10%
30
77g
18%
6
1%
31%
2%
34%
<
6
34
34
174
*238
1,100
90
6%
36i2 Nov
26% Jan
$8 preferred
13%
85
100
Cushman's Sons 7%
22,000
20
28%
180
31%
13,300
20%
25%
*31%
180
2%
3034
2,500
29,600
.
19%
6%
32
*173
23%
2%
900
"""266
13%
4034
183
23%
*2%
600
7%
13%
28
77g
50
17%
17
138
138%
6%
23%
5%
31%
12%
1334
*180
21%
*15
32
173% 174
182
77%
63
21%
5%
16%
*10
1!
*6%
I74
182
72
9
1434
13%
27%
27%
*74%
*43%
40%
*118
6%
7
67g
31%
*6
*119% 120
14
*5%
40%
2734
118
118
20
14%
5%
40%
2114 Mar
287g Feb 9
99% Feb 10
...25
...
5% conv preferred
700
20%
*117% 118%
*113% 115
*113% 115
149
149
149%
149%
138
484
14%
1178 July
3li2 Jan
Jan 26
61% Jan 26
Feb 17
100 173
378 Jan 26
1
—_
Crane Co
200
60
*13%
19%
*1
Coty Inc
800
•
Refining..-.25
Preferred
4,500
4%
60
7%
*7%
784
110% 110% *109%
1984
19% 20%
*25
25%
25%
18%
36,400
6,600
1,300
85
*37g
*37»
41
115
149%
138%
120
*113%
149%
138%
*119%
5%
18
2,700
90
72 •
70%
117% 117%
834
834
7034
117% 117%
*834
2l7g
49
Corn Products
5,700
107g
3434
177g
16%
31%
6
6934
70% 707g
*112% 118
9%
9%
14% 15%
,
Corn Exch Bank Trust Co.20
3,400
*83
27%
31%
'
*7%
7%
18%
3334
16%
31%
*5%
117
27%
31%
28
11
17
31%
6
2134
1%
117
3434
*163g
3138
63
*15
20
*1
107g
*79
*43%
27
13
19%
3434
85
*74%
7%
27%
77%
67g
25%
v
*79
'*79
62
1434
5%
4034
Continental Steel Corp. No par
320
33%
12%
6%
13
6%
1%
117
117
Holiday
5%
40%
1934
*25
19%
*1
14%
734
187g
434
4
4
*60%
110% 110%
13
6%
Birthday
1%
117
*43%
21%
25%
•
19%
20
6%
26%
*74%
19%
*25
13%
67g
7%
7%
*110% 110%
Extra
257g
*13
*5%
Exchange
19%
*25%
*43%
Stock
*110% 11034
*114
5%
40%
*4%
434
37g
62%
1434
5%
40%
7
27
77%
63
21%
5%
18
4
65
6%
434
37g
5%
*434
627g
84
84
85
*80
85
*80
600
Crosley Corp (The)
Crown Cork & Seal
40
12
1234
5
600
12%
*87%
39%
12%
June
Jan
Janl6
4
2% Feb 10
26% Feb 9
1
Continental Oil of Dei
21
41%
127g
88
Nov
6
3478 Feb 17
300
33%
June
116
5
Jan 28
40
337g
49
Jan
32
Continental Motors
103i2 July
36i2 Mar
107
4
Continental Insurance...$2.50
Jan
Oct
Jan 18
Jan
115%
10%
9%
33%
Feb 17
44
6
Jan 28
28%
3284
2% July
8
Cream of Wheat ctfs.. .No par
*9
38%
83
*1
3134
28%
89
*43%
1934
6
.
307g
2678 July
1% Mar
65i2 Mar
No par
$4.50 preferred
300
101% 103
39%
13
1,300
9,800
4,700
173
12%
27%
187«
64%
64%
173
8% Mar
3
Jan
98
Jan 26
38
17%
Continental Diamond Fibre. 5
"
5284
26%
2
Jan
9538 Nov
934 May
113
200
8%
347g
*7%
Continental Can Inc
Jan 26
Jan
22
3
3
16% Jan
20% Feb
1% Jan 27
89
Jan 26
100
20
8% preferred
900
4,200
114
114
*36
40
33%
33%
33%
9%
33%
32%
*36
40
*35
35%
9%
9%
32%
9%
2,000
lh
98
39%
134
No par
No par
Class B
214 Mar
Jan
5%
Apr
3,000
2,500
Oct
7i2
Mar
78
38%
2714
*7414
3
Jan 10
89
5%
40l2
7
*5ls
40i2
Jan
Nov
7%
10% July
2i2 Sept
15
39%
•
Jan
3%
2% Jan 26
2% Feb 15
104
Mar
7
95% Jan 20
40
*33
1478
*14-%
3%
Jan 27
8
6
6
6
6X2 Jan
9% Jan
5% Jan 16
„
887$ Apr
27g Mar
I037g Feb 10
4
101% Jan
..No par
Jan 13
9%
323g
*9%
4%
Consol Oil Corp
Feb 16
39%
60
35 pieferred...
No par
Consol Laundries Corp
5
Dec
867g Aug
Mar
12
97%
5l2
*434
60
Dec
Oct
34% Feb
94
134
134
1%
1%
1%
95
96%
96%
*95% 96%
39
39%
39%
39%
39%
*113% 1147g *11334 1147g *11334 1147g
*8
*8
8%
8%
*8%
8%
34%
34%
33% 34%
*33% 34
3
3
3%
3
3%
3%
26%
27
26%. 27
26% 27
26%
27
26%
*24%
26% *25
51%
52
51%
51%
51%
51%
64
64%
64%
64
64%
64%
*173
174
174
*171
174% 174
5
5%
57g
5%
538
5%
30
3034
29%
30
29%
3034
100% 10134 *10134 102
*1013g 103
28%
27%
27% *28%
*27%
27%
82
82%
1214
34%
Jan 13
5% preferred v t c
100
Consumers P Co$4.50 pfNo par
13%
39%
4i2 Mar
17
Jan 24
Consol Coal Co (Del) v t 0..25
90
13
*89
5,500
1,200
8,600
95%
13%
1%
36
*33
Oct
8
6
9
29%
Consol Edison of N Y..No par
27g
2%
2%
38%
*35
2%
76
Apr
500
234
95
33%
Mar
*94%
27g
'
40
Jan
1
95
187g
33
71
5
947g
*2%
284
13
9%
65
5
Jan
11% Feb
95%
18%
27%
9
Jan
2%
*94%
13
5X8
Feb
86
414 Mar
100
19
*35
8%
*2%
80
76
No par
24,300
6%
8%
6
Jan 12
82% Jan 11
678 Jan 26
1% Jan 25
$2 partic pref
600
11
3334
10334 1037g
327g
10i2 Sept
100
13%
*9%
*1%
6J4 % prior pref w w
Consol Film Industries
Dec
6
3
5
8
500
1834
30
70
500
1%
Mar
4
.
Jan
25% Jan
8X4 Jan
3
5% Jan
18% Jan 24
13
13
*27
86
6
2934 Dec
834 Oct
1478 July
263S Nov
10% Nov
*12
13%
103
100
85
85
11,000
9i8 Aug
Mar
12
1912
5
*784
share
per
378 Apr
12
19%
30
100
217g
8%
21%
Jan
12
*2%
2%
13%
102
40
*6
7%
*10
3
94%
64
63%
*170
17434
2,200
24% Jan 27
I
15
8% Feb
30% Jan
3
Congoleum-Nairn Inc..No par
Congress Cigar
..No par
Conn Ry & Ltg 4^ % pref.100
Consol Aircraft Corp
1
Consolidated Cigar
No par
7% preferred
100
Consol RR of Cuba 6% pf.100
3
*2%
1»4
1%
95%
39%
3934
*113l2 1147g
9
*8%
33% 33%
3
27g
27% 27i2
25l2 2534
*51
52%
Shares
13
9478
*25g
95
Lowest
$ per share
Conde Nast Pub Inc—No par
11
33%
337g
1037g 10378
578
6%
Highest
$ per share
300
*80
11
11
*6%
Highest
Lowest
$ per share
Par
684
26%
Year 1938
100-Share Lots
On Basis of
8%
2684
7%
*8%
Previous
EXCHANGE
Weet
17
$ per share
8%
26%
7%
8%
25%
25i2
2534
7%
2534
Friday
Feb.
Range for
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Thursday
Feb. 16
$ per share
8i2
*2534
13
SHARE,
Wednesday
Feb. 15
Tuesday
Feb. 14
Monday
Feb.
SALE PRICES—PER
Sales
for
LOW
987
New York Stock Record—Continued—Page 4
Volume 148
Oct
Oct
36l2 Nov
25
redemption.
Oct
New York Stock Record—Continued—Page 5
988
LOW
AND HIGH
SALE PRICES—PER
SHARE,
Feb.
Feb,
11
$ per share
21%
102
Tuesday
Monday
Feb.
Feb,
13
Feb.
14
2H4
27
2714
27
33i2
*16%
33i2
*31
34%
18
*17
18
*2%
*28%
2%
27
♦2%
*28%
30
27%
30
107%
105
2538
*24
25%
*85
90
*85
90
234
*40%
*24%
2%
45
13
1634
7%
*96%
4014
116
23%
*125
41%
*76%
48%
40%
1
*45
76%
♦108
*86%
*....
21%
7
*46
11%
21
11%
*45%
2%
*2%
*72
1%
22
90
33
32%
25%
25
173S
32%
25%
12%
12%
*14%
15%
*
99%
4
21%
11%
Lincoln's
20
20
*45%
47
.
*46
2%
2%
2 <%
238
72
72
Holiday
11
11%
*54
56%
20%
*45%
2%
2%
*36
3234
4%
31 s4
32%
10434 10434
1%
14%
80
*4%
2134
22%
7%
1,800
46%
4,200
47
*45%
*1%
14%
*15%
17
29
23%
1434
,
14%
28%
28%
16%
*23
23%
1434
1438
24%
2434
25L
25%
25
*135% 138
*36
29%
66
29%
30%
*30
*%
*16
*29%'
*4
*16
33
33
*9%
934
*16%
16%
*101% 104
*101
104
*26
27%
*130% 13734
*33
,
9%
6%
6
75
*115
*161
165
*14
77
*128% 133%
*5334
*13%
76%
*130
55
*54%
161
-
14%
77
133%
*109
110
108
55
109
*18
20
*17
20
*45%
46%
*106% 107%
*8%
9%
12%
*95
63%
*31
14
*68
1234
110
*95
63%
32%
63
*30%
14
18.j
6%
33%
33%
7
10
34
99% Feb 8
24% Jan20
98
June
9
Mar
6% Jan 27
44
Jan 26
Jan 26
51% Jan 4
13% Jan 3
46%
10
Jan 24
60
19
Jan 24
Jan
44%
•
♦Bid and asked prices:
Jzf'zrP
*9
*36
29%
2% Feb 15
70
Jan
4
75
Feb
Apr
29%
39
25
*36
66
29%
30
*32
18%
39
9
_
39
18%
18%
18%
*11%
11%
1%
100
1
*16
*%
*16
18%
85
Nov
Mar
26%
32
June
par
29
Jan 26
68%
38%
OCt
Dec
Dec
101
Jan 26
10934 Jan
.100
.
*4
4%
*4
*16
*33
33%
*33
4
9%
3% Jan 26
75
5
Jan
78
3
Feb
15% Mar
69% June
Feb
29%
33%
10%
16%
10%
70
l.,000
300
6%
*75
6%
6%
6%
*75
80
79
*5%
6% Nov
72% Dec
2% Mar
Piinting
Hamilton Watch Co...No par
6%
600
*162
*161% 165
*14%
14%
*14%
165
14%
"dob
10
1,600
3%
103
200
11%
6,200
112
165
200
165
14%,
76%
20
200
1.4Q0
14%
76%
13334 134
.
,
*76
77
77
7634
133% 134
*132% 13334
*54
54%
54%
*53%
54%
54%
*106% 110
*106% 110
*106% 110
*18
20
*18
20
*18
*95
110
*95
110
110
2-63%
64
*30%
14%
69
*68
69
68
68
107
*68
33
7%
ia4
16
*25
43%
*9
33%
7%
1%
16%
26%
43%
9%
this day,
33
7%
1%
16%
3314
7'4
20
Jan
Jan 26
100
"Jan
142
Dec
50
23% Apr
Apr
40
34% Mar
50
June
7% Mar
22
Dec
7%
13
Jan 21.
16
Jan 26
11% Jan 27
20
15
Jan 26
4
Jan
Jan
12% Jan
1%
Jan 25
% Mar
18% Feb
12
5% Jan
3
Mar
29% Jan 27
31
Jan
24
5
33% Feb 17
30
Apr
Apr
8% Jan 27
11% Jan 3
16% Jan 12
5
Mar
16
Jan 26
■
•
Prefened
cum
conv
2% Jan 25
102% Feb 15
1
10
25
111
Jan
100
12
159
4%
106
Jan
Jan
133
54
....98
...5
No par
*.100
12.50
Household Fin
200
2,100
5% preferred
Houston Oil of Texas
com
Jan 28
par
stk.No par
100
v
t C..25
Howe Sound Co
1%
600
Hudson
5%
33%
51
33-%
200
4,100
7%
7%
2,300
5% preferred
...100
Hudson Bay Min & Sm Ltd 100
Hudson Motor Car
No par
5
Manhattan
1%
1%
1%
4,600
Hupp Motor Car Corp
16%
17%
6,400
Illinois
100
1
Central...
*26
27
*25
27
200
6% preferred series A
44
*43%
44
130
Leased lines 4%
RR Sec ctfs series A
100
Jan 24
18
Feb
42
7% Jan 26
Feb
7
104% Jan 12
61% Jan 24
30
Jan 27
12% Jan 26
68
Feh 17
103% Jan 9
6% Jan 27
44
Jan 27
1% Jan 12
5%
30%
6%
1%
14%
57
140
Jan
10
Mar
42% Mar
126% Jan
Jan 14
Jan 27
Jan 27
Jan 24
*7%
75
6%
111
Dec
Jan
Nov
Oct
Dec
11% Nov
111
161
20%
Dec
Dec
Oct
87
Dec
135%
Dec
Mar
60
Oct
Mar
105%
Dec
Sept
Jan
17
Jan
98
Jan
9% Jan
15% Jan
5% Mar
11% June
104% Jan 12
64% Jan 17
32% Jan 10
17% Jan 3
70% Jan 3
Feb
6
8% Jan
6
Jan
140
80
Jan
52%
1%
5%
35%
8%
Nov
Nov
40
51
107
'
34% July
15
7
Jan
5
102
48%
Mar
Apr
21% Nov
52% Oct
Aug
118
13% July
25% Jan
108
May
66
Aug
17% Mar
35%
Oct
6
Mar
18%
Oct
46%
Jan
83%
Jan
5
Mar
72% Nov
105% Nov
9% July
Jan
Jan 20
23% Mar
1
May
Jan 9
Jan 10
Mar
9% July
20% Mar
35% Nov
Jan
2% Jan
2034 Jan
5
3
5
Mar
% June
53%
3% July
10
2%
Jan
Oct
Jan 26
Jan 26
35
Jan
12
Apr
20% Dec
35% Dec
23
Mar
44
Nov
11%
Dec
25
100
41
Jan 28
44% Jan
1000
9
Jan 24
11% Jan
x
3
5
Jan 20
100
Cash sale,
5
110
Feb
12
,
135% Jan
19
Jan 26
106
Feb 17
109% Feb
50% Mar
1% June
76% June
5% Mar
81
May
116% Feb
Jan
4
•
11% Feb
86
No par *104%
200
r
Apr
4% June
Jan
71
No par
New stock,
120
75
No par
preferred
Class B
n
138% Jan 11
6% Jan 5
,.100
Homestake Mining
9%
101
100
Mar
Jan
Jan
Nov
June
15
No par
preferred
30
.13% Nov
21% Jan
4
Jan
17
Jan 26
Jan
Nov
35
,
June
32
Jan
6% July
24
88% June
165
Houdaille-Hershey cl A. No
&
"4
Mar
28
83
Jan 21
..No par
Holly Sugar Corp.
7% preferred
2*800
Jan 24
Jan 26
13% Jan 26
.i.
Hershey Chocolate
$4
3
Jan 19
25
Hercules Powder
6%
4% Feb
-.2
Hercules Motors
Mar
32
Jan
Oct
1%
Mar
8
Jan
1
Jan 18
Hazel-Atlas Glass Co
Feb
*
Jan
22
16% Feb
28% Nov
"
% Jan "3,
71
Hecker Prod Corp......
Helme (G W)
Oct
35
138
$5 conv preferred
Hollander & Sons/'(A)
Def. delivery,
32
122
Jan
30% Feb 17
....100
"1*200
A 500
138
24% Jan *2 6
Hat Corp of Amer class A....1
6)4% preferred w w
100
Hayes Body Corp
July
24% Dec
15% Nov
30% Dec
9% Mar
12% Mar
July
13% Mar
Jan 26
preferred
Mar
35
23
"1*666
300
31% Jan
26% Jan
24% Jan 28
135% Jan 13
102
HInde & Dauch Paper Co.. 10
Holland Furnace (Del)
10
"
,
100% Jan 26
7
a
Jan
16% Jan
7
600
j In receivership,
30
24
Jan 26
5
48%
134
*9
Apr
Jan 23
Mar
8
Jan
17%
9%
19
Jan
*43%
*9
10% May
Feb 16
100
107
7
*47%
Jan
30
100
700
32%
14
13%
20
Jan 27
*...100
290
20
*95
Jan 28
1
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
6%
79
preferred
Jan
15
1Q
...
2
24%
22%
12%
21%
'
6-%
*75
7% preferred class A.....25
Hall
Jan 27
Dec
108
2% Mar
52% Mar
% Mar
8% Oct
2% July
14% Nov
22% Nov
Gulf Mobile & Northern.. 100
33%
10
100
6% preferred.
100
Haekensack Water........25
"""100
29%
par
5)4% preferred...
10
Guantanamo Sugar....No par
"*r200
18%
*28%
18%
29%
33%
*16
3Q
.100
.
•8% preferred.*
4%
1834
*29
10
Greyhound Corp (The).No
100
18%
*16
Jan
10
Green Bay & West RR....100
Green (H L) Co Inc....
1
Greene Cananea Copper.. 100
JL
11*200
1
3%
6434 Jan
38% Jan
Preferred
0*1*66
30%
*32
+
-
1134
18%
1134
1
29%
"
•
Jan
3% July
2% Sept
60% Apr
24% Jan
150
66
51%
'
Jan 26
5% preferred
20
Gt Nor Iron Ore Prop .No par
Great Northern pref
100
Great Western Sugar..No, par
1,600
137
28% Nov
18% Jan 26
....
12,200
26%
25
*
Mar
1% Mar
56
Grant (W T)
300
137
Feb
par
$3 conv pref series...No par
Granite City Steel.
No par
300
*36
66
4
25%
1,000
138
14%
no sales on
2% Jan 9
2% Jan 4
.4,200
32%
1%
13
45%
15%
25%
61
Dec
Mar '-15% July
67
July
37
24% Jan 5
Janl2
5
2% Jan 23
...1
5
Jan 3
14%
25
June
27% Nov
11% Feb
$5 conv preferred
No par
Gotham Silk Hose.....No par
900
138
100
37% June
45
Nov
16% Nov
20% Nov
6% June
53
4,000
24%,
26%
Mar
..No par
16%
30
23%
14
16%
25%
4334
9%
25%
*43%
4
8% Jan 3
13%
16%
29%
23%
*30%
7%
8
Jan 26
1334
32%
13%
33%
Feb
14-%
17
29%
*31
16%
16%
26io
*9
13
.8% Mar
14% May
Jan 27
14%
*16%
2838
32%
7%
134
1%
16%
26%
43%
15% Mar
Jan
134 Jan
14% Feb
2434
July
15% Jan 4
16% Jan 9
41
1% Jan
7% Jan
*153% 138
95
32% Jan 4
Jan 27
Feb 10
1% Jan 25
11% Jan 26
23%
15
25%
25%
•
Mar
11%
13%
99%
19%
29
1
14%
25%
25
2% July
27% Nov
23% Jan 25
5% Jan 27
23
Nov
110
2% July
Oct
41% Nov
1
14%
July
9% July
12% July
13% Mar
1
63%
33%
7%
1%
1
20% Jan 5
5
106% 106% *106% 107% *107
108
*6%
7
7
6%
7
7
48
47%
47%
4834
48%
48%
*1%
134
*1%
1%
1%
1%
*583
6'%
6
*5%
5U
5%
48%
*533
17% Feb 17
5
Jan 3
Grand Union (The) Co
63%
69
Jan 3
1%
Graham-Paige Motors..
Granby-Consol M S & P
63%
69
90
3
Jan
1% Jan 24
400
63
14
90
.1
700
63%
1334
69
*1%
110
Jan
Mar
4
1% Jan20
28
"2" 600
46%
46
46%
47
45%
46
47
47%
*106% 107% *106
107% *106% 107% *106% 107%
8%
8
9%
9%
9%
9%
9%
9%
*1234
13
*1234
13
*1234
13
1234
1234
*106% 106%
*6%
7
*46%
101% Apr
1% Dec
12% Mar
*85
Sept
,
161
15
77
108% Febl6
19% Jan 27
1%
23
45
21% Mar
106% Jan 11
1% Jan 27
134
*3%
3%
*3%
3
3%
3%
3%
*101% 102%
102% 102% 102% 102% *102
11
11
11
11%
11
11%
11%
112
114% 114% *110
*110
112
112
102%
11%
11634
11%
4
53% Nov
124% Nov
634 Mar
6%
.
Jan
6% Jan 5
1%
.
*101
37% Feb
6%
17%
6
5
10% Jan 3
No par
100
Preferred
13%
Au3
25% Mar
111% Apr
*lf2
16%
30
125
118
Jan
v
3
Jan 26
1%
1%
Dec
Jan 27
51
125% Jan 13
Jan
6%
*16
75
127
Nov
79
par
80
"
3%
2
Oct
50
Jan
No par
preferred
1%
Maf
8% Jan 26
No
5„% preferred
..No
Goodyear, Tire <fc Rubb.No
800
16% *16%
17
*16%
16%
16%
*101% 104
*101% 104
*9934 104
*9934 104
*100
104
*100
*9934 104
104
*100
104
26%
26%
27
27
26% 26%
27%
27%
*130% 13734 *130% 13734 *130% 137% *130% 13734
85
50%
1%
*13%
16%
29%
23%
14%
16%
,
25
Jan 26
34
Gold.& Stock Telegraph Co 100
15,500
'
40% Nov
117% Nov
5% Jan 28
Goodrich Co (B F)
400
4%
6
3
6%
U%
18%
4%
18%
30%
33%
9.%
6,700
4%
80
Mar
June
% Mar,,
Jan
1%
17%
*11%
*%
1
*20
105
5
Feb
1%
6%
*30
1134
*75
33%
Nov
78
1%
6%
1%
39
*11%
105
48
45
>1
.18
17%
30
80
73%
Mar
1
Goebel Brewing Co..
4,500
21%
6434
34
21%
*63
3234
33%
104% 105
4%
4%
1,900
2%
Jan 12
1% Jan
Feb
Nov
3
Feb
Nov
130
Jan 26
Jan
72%
123%
42%
123%
87
28
Apr
108%
27%
22%
10834
$6 preferred
No par
Glldden Co (The).....No par
4H% conv preferred ....50
Gobel (Adolf)i_...1
"~6d0
'
*71
Mar
Mar
No par
Gimbel Brothers
.100
2%
*2%
2%
73%
.
100
5834
21.%
2%
*71
300
46%
.11%
2%
39
11
35
Jan
117
% Jan 13
Oct
5% July
19% Oct
38% Nov
20% Mar
40% Feb 11
114
136
Apr
534 Mar
Jan
44%
Dec
Dec
11% July
2% Mar
Jan
130
102%
59%
1
25% Jan
36% Jan 27
Jan
3
No par
Gen Steel Cast $6 pref. No par
Gen Theatre Eq Corp. No par
Gen Time Instru Corp. No par
99%
47
No par
..No par
115
Jan
75
Jan 31
9% Nov
Mat
6% Mar
6
Oct
19% Nov
52
Sept
Mar
29
Jan
35
25% Jan 28
21% Jan 28
125% Jan 31
37% Jan 26
...No par
Feb
18
8%
4% Mar
82
Jan 7
Jan 5
Feb 16
4% Jan
Jan 26
68
3
Jan
Mar
4% Mar
Gillette Safety Razor..No par
$5 conv preferred
No par
"2,400
7%
11%
Jan 18
3% Jan 24
13
9% Mar
85
Oct
5% July
6% preferred
100
General Tire & Rubber Co...5
1434
56% „*55%
2134
21%
100%
60%
10%
137%
$6 preferred
..No par
General Refractories...No par
600
11%
*36%
11%
56%
20%
*45%
2%
*2%
9
Jan 26
134
....100
Gen Realty & Utilities
1,600
*75
438
*75
1,100
Jan 26
8% Jan 26
No par
"
13%
1434
*
7
5
No par
6%
52
,
96
No par
$6 preferred
20
Feb 16
50% Jan 27
No par
Gen Railway Signal
800
3%
June
Gen Public Service
2,100
26%
64
105
10
13
99%
7 -
48
Common...
200
22%
7%
48
*
Jan 17
General Printing Ink..
1,500
•
Dec
7%
48% Jan 31
Gen Outdoor Adv A...No par
100
500
33%
July
5%
Sept
200
534
9%
18%
18
97
13
6% preferred
100
General Motors Corp...... 10
$5 preferred
No par
•
July
3
$6 conv pref series A.No par
General Mills.*
No par
1%
2234
90
1%
18
1834 Jan
5
44,100
1,000
.
1% Mar
2% Mar
10
Mar
16
$4.50 preferred..
50
39
6
2% Jan
5
Gen Gas & Elec A
""266
26
'
2134
18%
4%
1834
,
39
Feb
3
General Foods
100
1,800
76%
Sept
Jan
General Electric
9,200
125
32
Jan
7% preferred
23,800
48%
49%
12434 125
64
1%
'3%'
49
125
21%
4%
63S
76%
19% Mar
14
7% cum preferred.*.
100
General Cigar Inc—..No par
50
125
61
18%
11%
*6
7634
21%
5
39
*75
238
2%
73%
*46
Jan
Nov
3
96% Jan 17
Clas3 A
20
61
*31%
66
*4
130
*128
58'
Jan
95% Jan 28
5% Jan 24
No par
$6 pref No par
Bronze
Oct
Nov
Jan 13
3
$8 1st preferred
""406
37% Nov
109% Nov
55
3
conv
Oct
30
-
Jan
General Cable
300
30%
30%
91
Oct
Jan
4%
2% Mar
25
Apr
9
Jan
General
68
20%
*105
24%
24%
*135% 137%
*16%
*28%
20
300
3,200
24
5934
1%
*16
20%
45%
*71
6%
1%
*11%
*%
7,900
*64
Mar
21
Mar
4
Gen Amer Investors...No par
*23%
29%
50
1% Jan 24
3
$6 preferred
No par
Gen Am Transportation
5
General Baking.
5
2334
Mar
13
500
4
15%
Mar
11
Dec
39%
'
..10
*1*900
138
15
18
85
23% Feb 15
5^ % conv preferred... ..50
.
*3%
2138
*6
18
*134
59%
1
*30
100
21'"
*75
2834
48
'
Birthday
1
*36
48%
26
13%
1434
7%
80
*23
99%
7%
1
*14%
2438
1,000
21%
1538
*21%
*75
28%
16%
25%
13%
14%
13
7%
48
11%
56%
*54%
2138
5934
32%
33
105
105%
*6%
1%
14%
*15%
13„
21%
*46%
Extra
21
*4%
1%
*7
*59%
'
*108%
*1%
2134
90
*86%
1%
138
18
*17%
2%
75
16%
48%
*7%
*96%
55%
10%
7%
5
Gaylord Container Corp
""406
5534
10%
35% Jan
108% Jan 11
29% Jan 5
90% Jan 6
,14
Gannet Co
,,534.
31%
5
Gar Wood Industries Inc....3
150
5%
43% Nov
9
3% Jan
Oct
Nov
100
5
10% Jan 26
11% Jan 27
$3 preferred
Gamewell Co (The)
share
per
26%
76
Jan
8
Feb
8
3% Jan
2% Jan 26
45
Jan 30
Gabriel Co (The) cl A..No par
Galr Co Inc (Robert)
...1
200
*13
1334
*96% 101
*5%
5%
534
9%
9%
9%
108% 108% *108
1%
1%
1%
22%
23
22%
*86%
90
*86%
1 So
1%
1%
*17%
18
17%
3234
34
32%
....
21%
Closed
47
238
21%
*
Exchange
57%
21
300
15%
30%
Corp
3
Feb
Highest
18% Jan
17% Jan 16
2% Jan 30
Francisco Sugar Co
No par
F'k'n Simon&Co inc 7% pf.100
Free port Sulphur Co
10
1,900
125
48%
9%
25%
12%
*14%
Stock
48
*54%
3%
11%
50
125
5%
*9
Jan 26
11%
- 4
*75
39
*5%
6
9%
*32
15
99%
21%
7%
*46
*35%
39
SO
*3%
129
*35%
90
138
18
33
.-26
*14%
129
125
1%
*17%
90
12
4834
No par
No par
$7 conv preferred
68
76% -76%
124% 124-%
*47% 48%
125
125%
*5%
9%
*108%
*1%
21%
1%
22
12
76%
124%
Jan 26
~2~306
138
23%
50
Feb 10
22
90
39%
*45'
104
10
9
7%
*65
129
28
100
45
23%
10%
*35%
6
26
40%
48
9%
13«
*17%
*31%
129
100
4^3% codv pref
Foster-Wheeler
16%
124% 125
....
*1%
21%
2334
50
*76%
4834
*5%
*9%
68
*23%
124
124%
36%
36
*64
23%
Food Machinery
110
5%
136% 136% *134
*3%
*3%
334
14%
1434
14%
2934 2934
30%
30%
500
2%
10
934
par
9
56
4
36
t Follansbee Brothers..No
1,100
40%
40%
41
40%
4034
40
39
39%
40%
40%
40%
39%
40
*115
116% *115
116% *115
116% *115
116%
%
1
%
%
78
%
%
%
125
*124
934
129
39%
50
*124
56%
68
*64
116
*47
56
31% Jan
Jan 27
500
*40%
23%
50
Jan 26
30
Florence Stove Co
3%
*4834
*7%
*96%
55%
*96%
...
15
*29%
23%
*%
.
15
129
40%
50
7%
48% Feb 16
102
Jan 16
Florsheim Shoe class A.No par
11%
1334
16
17
50
7%
Jan 12
Jan 27
100
"""106
5%
16% Mar
Apr
24% Mar
10% Mar
1934 June
15
Apr
1% Mar
100
200
45
*13
24% Jan
Lowest
First National Stores..-No pa?
Fllntkote Co (The)...-No pai
3,200
2%
*96% 101
$ per share $
19%
99%
41%
24%
6% preferred series A
4,100
*234
24
Highest
$ per share
Firestone Tire & Rubber...10
300
25%
*85
Lowest
1,900
106
Range for Previous
Year 1938
$ per share
Par
Shares
3
2%
3%
11%
13
16%
*48%
7%
5534
56
"9%
9%
*136% 138
3%
3%
68
*125
13
Range Since Jan. 1
On Basis of 100-Share Lots
1939
EXCHANGE
Week
17
25
90
*234
*40%
2334
*96% 101
*534
5%
17
*48%
*136i2 138
*3%
4
15i8
I538
*29I2 30l2
23i2
13
3%
105
25%
*85
-
45
24
2%
3%
11%
*11
*96% 101
5'%
534
5%
♦16%
17%
*48%
50
*7%
712
*96i2 104I4
5614
6634
9i4
9I4
*64
2%
3%
10%
Feb.
9 per share
106
24%
3
*2
13
13
90
*40%
2334
3
*96'4 101
5%
*85
10%
2%
3i2
2334
*234
*2
106
107%
23«4
24-%
24%
2%
30
*105
45
*40%
1134
18
3
*2%
25
*3'4
105
16
21%
22
22% 22%
101% 101% >101% 102
48%
4834
47%
48%
2634 27%
2734
28%
*32
34%
*33% 34%
18%
18%
*18%
19%
234
234
2%
2*4
30
30
30
30%
34%
2%
*2834
234
*25
*11%
Feb.
STOCKS
NEW YORK STOCK
the
CENT
Friday
9 per share
27%
*31
18
*105
*2
15
21%
21%
21%
21%
102
*100% 10034 *101
48
48%
483s
48%
4812
NOT PER
Thursday
$ per share
$ per share
$ per share
102
48
Wednesday
Sales
for
Saturday
18,
Ex-dlv.
y
Ex-rlghts.
6% Mar
3% Apr
^Called for redemption.
Volume
New York Stock Record-Continued—Page 6
148
W LOW AND HIGH SALE PRICES—PER SHARE, NOT PER CENT
Sales
989
Monday
Tuesday
Feb.
Feb.
11
Feb.
% per share
*6%
$ per share
7
26%
13
26%
*110
113
150
*25%
26%
*92
9234
*2434
92%
3
3
14
14
434
58
5834
*159
162%
*3%
8%
334
8%
136%
1134
11%
42% 42%
4%
4%
*43% 45
*32
*43%
35
35
*
*10
.
*19%
*122
*74
9134
*128
*9
•
75
75%
92%
9
18%
*90
98
*1534
16%
*82
95
.
"
*7
36%
*11%
36%
11%
26%
2%
*23
2%
22%
5%
257g
25%
24%
24
*10%
*19%
*28%
*4%
%
47
8%
18%
8%
*5%
*90
15%
*82
95
*11%
11%
11%
27%
*23
25
*2
2%
10%
10%
7%
*23
2%
48%
21%
5
5
,17
*30%
3134
55%
•
2*6%
42%
18%
34%
134
18
.17
17
60
*4834
*31%
*126%
2634
41%
18%
*32%
3134
*31%
*126%
3134
27%
27
4134
41%
27%
41%
18%
,
1%
5
5
634
14%
11%
1134
30%
49%
3034
3034
700
19
34%
1%
"
18%
33
*32
1%
*1%
*126%
27%
4134
19
.
*33%
*1%
*6
109%
100
10%
46,000
3,000
•5434
12%
*13g
12%
1%
5
5:
14
6%
14%
36%
35%
36%
•
35%
4%
634
5
175
175
49
*5
5%
*12%
11%
*93
prices;
no
483/
*5
175
49
5%
31
32
32
101
30%
100
12
175
*100
102
Mandel
14%
8%
60
8%
*11%
12%
1%
"5',
1%
434
2,600
3,400
300
31%
600
175
49
5%
*32
33
*100
102
12%
11%
11%
12
12
12
*93
100%
Jan
3
8% Jan
4
3
Mar
Jan 11
80
Jan
100
Oct
51
Oct
25
Jan 26
1934 Jan 26
Jan 24
4% Jan 24
3s Jan 5
2
Jan 26
22
Jan 26
No par
X Manhattan Ry 7% guar. 100
Modified 5% guar..—100
25
2734 Jan
25„ Jan
6
19
4
Jan 12
25
Feb 15
13% Jan 20
23% Jan 20
16%. Jan
5% Jan
3138 Jan
24% Jan
5
4
ll'4% Jan 21
5%,Jan 4
&8 Jan
3
Jan
4
2734 Jan
12% Jan
27% Jan 27
32% Jan
5
3
4
43
54
Jan
3
6% Jan
3
Jan 26
5% J an 24
3
Jan
100% Jan 27
100%
173%
16%
29%
Jan 23
Jan 10
Jan 24
Jan 26
40S4 Feb 10
Jan 26
106% Jan
9
8% Jan
3
52
A
Jan 27
3% Jan 12
18
105
Jan 26
<Jan
.
6
2034 Jan 26
147% Jan
1534 Jan
48
3
4
Jan 23
2984 Jan 271
124
Feb
2
22% Jan 26
37% Jan 26
3
40
Jan 10
105% Feb
8
10634 Feb 17
176
Jan 24
1734 Jan 20
*12%
June
1334 Mar
Apr
125
111%
Oct
9
Oct
63%
Oct
534 July
23% Nov
107% Dec
2134 Dec
154
Nov
Oct
Deo
Dec
116% Mar
126
Jan
125% Jan 27
Apr
3084 Jan
4
10
Mar
43% Feb
6
3
4
9
247g Mar
10
Mar
Jan
6
9
,}l?4,Jan
7
1% Mar
4% Sept
32% Nov
49% Aug
19% Oct
40% Nov
2% Oct
10% Nov
20% Jan
10% Nov
16
July
234 Jan
7% Jan
5% Dec
5% Mar
14% Mar
14% Nov
37% Dec
I84 Jan
8% Jan 17
13
100
164
5% Jan
55g Jan
Feb 14
Feb 17
700
28% Jan 30
20
$0 1st cum pref.....No par
93
13
300
delivery
92
Mar
32
50
s Def.
Dec
84 Mar
62% Nov
Mar
4
100
99
Nov
,21% July
22
3
3
6% conv preferred
Mar
18% Nov
5
175
100%
50
Jan
Jan
0% Jan
6
3£% Feb 17
101
Feb 14
17% Jan 20
H84 Jan 24
934 Jan 26
12% Feb
88
95
Jan 13
4034 Nov
Mar
33
36
McCrory Stores Corp
IO384 July
176% Dec
19%
6
4,600
Apr
81% Mar
157
57%
47g Jan 27
12%
Jan
Dec
12% Mar
57% Jan
No par
9
37% Nov
102
297g
Jan 26
Corp
Mar
3
30
McCall
81
58% Nov
6
334 jan 30
46% Jan 27
3
Mar
Jan
Jan
29
July
143g Nov
35% Oct
Jan
7% Feb 10
Jan
Dec
25
1%
5%
58
102
*100
5%
Mar
Mar
Mar
Mar
Oct
7% July
18% Feb
44% Jan 26
32%
19%
67g
1934
23%
2% Mar
1434 Mar
Jan 17
Jan
Dec
1% Mar
%
4
Martin-Parry Corp.—.No par
No par
preferred
120
Mar
3
4% Jan
Mathleson Alkali Wks .No par
7%
30% Dec
*25% Oct
Jan
26
Masonite Corp
Maytag Co
7% July
10% Mar
13% Mar
5
No par
$3 preferred w w
No par
$3 preferred ex-warr_No par
200
Jan
95
7
16
2
Nov
Jan
12
Feb
Jan
17
Feb
Jan 10
6
30
11% Jan 19
375g Feb 17
pref. 100
L) Co
18
Mar
12% Mar
1134 Jan 30
Martin (Glenn
Mar
33
153% Jan 28
Jan
Oct
July
31% July
21% Nov
8
8% Mar
3% May
4
19% Feb 16
Jan 24
Dec
15
5
2378 Feb 17
Oct
8
Jan
27% Jan 24
pr
Marshall Field & Co...No par
Mar
12% Mar
19
5
7% Jan 6
15% Feb 17
Market St Ry 6%
22
§4% Jan
7
434 Jan 26
19%
29
107%
Oct
22%
3
62
35
Jan
Mar
15% Mar
2% Mar
5
107
Dec
14% Nov
30
July
3% July
9
Jan
19%'Jan
Marine Midland Corp....-.6
1% Mar
14%
10%
1258
46
38% Jan
Exploration.. 1
Feb
40% Jan
1634 Jan 26
11% Jan 23
1% Feb 2
6% Mar
14% Mar
20% Mar
30% Jan 28
1% Jan 24
5% Feb 16
Jan 28
434 Mar
263g May
103g Jan 28
36
Apr
5
5
Jan 24
113
.
44% Jan
12% Jan
May Department Stores.—10
40
2,000
5%
*5%
32%
% In receivership.
100
50
4934
12
■
178
*175
*93
:
Maracalbo Oil
4934
5%
Bros
500
334
x4934
31%
48%
Inc
Manhattan Shirt
240
334
preferred..
Mack Trucks
100
,
17,800
63,800
12%
sales on this day.
300
7%
1284
100%
6%
15%
1234
*93
300
37%
13
100%
100
1%
7%
1434
175
.10
33%
36%
31%
X49
100
1%
*5%
*12%
7%
*334
Co
preferred
<33%
14%
4%
4934
4%
preferred..
—No par
'No par
Macy (R H) Co Inc...No par
Madison 8q Garden
No par
Magma Copper...——
10
Manatl Sugar Co
1
6%
37%
31%
*334
7%
'
—
7%
4934
4%
350
14%
36%
50
*334
5%
Lorlllard (P)
1,700
12%
1%
100
6,400
No par
25
,.—100
10
Long Bell Lumber a
Loose-Wiles Biscuit.:
mrJmmrnm
*
...No par
Inc
Lone Star Cement Corp No par
19%
31%
Bid and asked
500
preferred.....No par
$6.50
Loft
2,900
*11%
4
16
42%
12%
*11%
1% ; 1%
4%
4%
634
*6%
14
14%
Jan 27
4534 Jan 27
par
No par
42%
8%
Nov
z27% Jan 19
Loew's Inc
42%
734
91
Jan 14
Liquid Carbonic Corp—No
6,300
8%
63
Jan 28
900
28%
8%
Jan 18
10
4,800
*126%
28%
.8%
95
5% Jan 16
16%
No par
mmJm
6
Nov
Jan 26
49%
19,
Dec
16
17% Feb 17
23% Feb 17
14
Oct
13% July
24% July
12
40
17% Jan 12
Mar
Jan
100
Jan 11
Jan 28
3
5% Mar
12
78
24% July
123
Dec
Feb 15
Jan
Mar
Dec
13%
20%
478
25%
2O84
Link Belt Co
"29%
19%
178 Jan 26
118
10% May
32
400
MacAndrews & Forbes
33%
1*4
Jan 27
200
32%
41%
100
14%
*1%
—100
Jan 26
Lily Tulip Cup Corp
No par
Lima Locomotive Wks.No par
mrnmmmm
32
*12%
*
.25
Series B
Preferred
17%
*31%
14%
734
Liggett & Myers Tobacco..25
2,700
180
31%
14%
14
14
5
Lee Rubber & lire..
Lehigh Portland Cemeht.—26
4% conv preferred
100
Lehigh Valley RR———50
Lehigh Valley Coal:
No par
6% conv preferred
..60
Lehman Corp (The)
..1
Lehn & Fink Prod Corp
5
Lerner Stores Corp
.No par
Lib bey ©wens Ford Gl.No par
Llbby McNeill & Libby No par
Life Savers Corp
5
Louisville & Nashville.... 100
*30
•
105%
10634
No par
No par
Louisville Gas & El A..No par
*49
101%
100
100
preferred
Lambert Co (The)..
Lane Bryant
600
31%
*93
300
400
No par
400
50
1134
2,900
5%
38%
(S H) & Co
Kroger Grocery & Bak.No par
Laclede Gas Lt Co St Louis 100
17%
5%
6%
-m m
1,500
No par
50
*49
13%
__.l
preferred
17%
4984
50
*30%
*1234
m -» -
50
54
18
4934
31%
31
31
1,100
800
30%
31
1,300
12
3634
*100" lOl"
500
2%
24%
4%
49%
48%
534
«
*2%
*334
49%
*5%
200
23%
*17%
•
Kress
5%
800
%
36%
*172% 175
$8
2134
%
6%
6%
734
1%
......
2,700
58%
15
12%
48%
12
3%
7
1%
700
,
15,500
24%
'mm+rnmm
'
*11%
20
30%
58%
'
400
No par
•
Jan
Apr
11
22
—
1
B
Mar
74% Deo
111% Oct
130
July
100
Klmberly-Clafk—
Kinney (G R) Co
— —
Class
83% Nov
1234 July
6
10
15
55%
Jan
Keystone Steel & W Co.No par
2934
54%
11
13
29%
55%
54%
Jan 18
95
Oct
Nov
9978 Jan 17
16% Jan 20
92
22 ' 22
2134
2134
115
115
*113
*113
4%
4%
434
434
434
11%
3
400
2134
30%
4
4
21,900
26
%
2%
24%
,
Feb
145fi Jan
4
Jan
934 Jan 27
5%
29
97
11% Jan
23
6% Jan 24
83% Feb 15
3358 Jan 26
2%
.
*17
17%
50%
1
5% conv preferred..,..—100
KaVser (J) & Co..
...5
Keith-Albee-Orpheum pf—100
Keleey Hayes Wh'l conv cl A
12134 Jan 20
Kendall Co $5 pt pf A..No par
Kennecott Copper.
No par
500
•wm-m
4
*3%
3%
3%
3%
3%
3%
20
*19
*19
20
20%
*19%
19%
19%
109
*103
*102
*104% 109
*104% 109
109
23
23%
23%
23%
23%
23%
2234 23
149
149
150.
149
150
149%
149
149
149
«.
*4%
29
*
23
-
Kaufmann Dept Stores.
-
600
25
48
48%
49%
48%
534
5%
53g
5%
5%
*5%
*37
*37
38%
38%
38%
38%
*104% 105% *104% 105% 105% 105% *104%
106%
106% 106%
106% 106%
106% 106%
*176%
*176% 180
*176% 180
*176% 180
17%
1734
*16%
1734
*16%
*16%
*16%
32
*30%
32% 32% *32
31% 31%
41%
41%
41%
41% 41%
41% 41%
16%
16%
*16%
16%
1634
17%
.16%
49
49
49 "
49%
48%
48% 49%
107
"107
*107%
*106% 107
*106% 108
934
9%
9%
934
9%
9%
,9%
55
20
mm—
18
Jan
117% Jan 27
784 Jan 26
16% Feb 10
884 Feb 1
Oct
117S
Nov
Kan City P & L pf ser B No par
100
Dec
11%
24
12% Mar
100
96%
124
7
11%
115
75% Feb 14
19% Jan
Southern
3584 Jan
353s Nov
Mar
16% Jan 2$
preferred.....
Jan
June
10
4%
6
48% Jan
30% Nov
8
Kalamazoo Stove & Furn—
Kansas City
Jan
57% Nov
July
15% Nov
527g Nov
140
16
58
.
Oct
Oct
Jan
113% Apr
44% Mar
5
7
4
4984
4%
4%
Feb
122
3734
15
Jan
63
4
50
15
15
1084 Jan
20% Jan
124
6% Mar
3
300
*25%
24%
*10%
*1934
3
Feb
Feb
Jan
*23%
12
Jan 26
80
6
3
3
Jan
*11%
25
70
95g Jan
1434 Jan
Jan 10
3634
26
48
*46®4
*5%
*101% 109
*49
11%
3034
95g Jan 19
64
200
mi*
22
26
15
4%
4
132
24%
24%
*I034
*1934
8
Jan 27
Jan 26
*5
12
19% Feb
120
87
5%
25"
7712 Jan 9
912 Jan 26
128
*434
26
Jan 26
..100
5%
29
Mar
No par
*434
*21%
June
12
35% Jan 21
105
7%
2%
Mar
28
Johns-Manvlile....
200
11
*32
Mar
46% Mar
5% Feb
No par
Kresge (S S) Co—.—.10
Kresge Dept Stores
No par
*113
Feb 10
Mar
Mar
Jan 20
Jewel Tea Inc
10,900
21%
2
Feb
11
Intertype Corp.......No par
Island Creek Coal.......
1
$6 preferred
1
23%
5%
29
4% Mar
18%
2%
28%
19%
4% Feb 16
Jan 26
84%
7%
Jan
91
7% Jan 27
100
23
115
684 Mar
367g Mar
5178 Feb 14
95
*38
334
Preferred
Mar
29
7
4
Jan
7?8 Jan 26
Interstate Dept Stores .No par
23%
21%
3134 Jan
16478
9%
47g
117s
84
No par
24
55%
■
Foreign Bhare ctfs
22%
*4%
Jan 12
Jan
Mar
2214 Jan 27
.
60
preferred
...100
Inter Telep & Teleg—-No par
22%
11%
934
9%
55%
No par
Shoe.
International Silver....
22%
*30
17%
4934
International
$5 prior preferred-. .No par
*214
24%
11%
30%
41%
34
No par
200
2%
2334
11%
30%
•
45% Feb
29
—100
Dec
70
132
3
17%
5
5
5534 Jan 3
Feb 17
3
preferred
International Salt
Jan
185
Jones & Laugblln St'l pref. 100
10
15%
*81
2%
2%
*2%
2334
'
5%
29
Mar
2
137
1434 Jan
1634
*43g
Jan
Mar
May
3% Mar
434 Jan 12
878
Apr
5% July
16% Nov
37g Jan
141
5
5184 Jan
17
15
Jan 11
98
48
_
162% Jan 31
8% Jan
Mar
15
1034 Jan 26
50
*19%
Jan 26
2
19% Oct
5% Nov
97g Nov
34% Nov
1130
4034 Jan 26
314 Jan 23
3912 Jan 9
17
15
738 Jan 24
46
Jan
Mar
67g Mar
3% Jan
2758 Jan
18434 Jan
60%
Mar
June
2
15
*31
22
15
80
4
...100
5% conv pref...
17
*19%
3
134
Internat Rys of Cent Am—100
32
2%
'
Inter Paper & Power Co
17
25%
24%
*10%
3% Jan
1
32
12
15978 Jan 4
6% Jan 26
100
;
17%
22%
5%
2534
2334
r-,'
Preferred
45
'
*2%
23%
.
100
Jan 26
Int Nickel of Canada..No par
300
98
*10%
7%
7%
%
•
Preferred
Jan 26
52
'
*82
25
17
2234 Jan 27
173
Jan
300
9
15%
95
11
*2
Iron
Preferred..
18%
1034
*9%
15%
*82
11
*7
93
9
300
1,000
119
*90
98
15%
*3g
*1067g 108
14
1934
*8%
*17%
10%
*90
%
*
200
10
119
18
*9%
98
*15%
Jan 25
9H2 Jan
Int Business Machlnes.No par
Internat'l Harvester
No par
10
-
10
9
*8%
.*%
534
*40%
*167g
*6%
-
*19%
3734
1134
*4%
*31%
7%
*81
— —
18
934
934
,
*119
%
38% 38%
*104% 105%
106% 106%
*176% 180
1734
*16%
1,600
13%
700
....
83S Jan 16
28% Jan 3
23
100
Internat Agricultural..No par
Prior preferred.....
.100
1,100
75
%
:
12,500
74
*119
478 Feb 15
6% Jan 25
X Interboro Rap Transit.. .100
Interchemlcal Corp
No par
6%
Jan
412 Jan 14
7%
75
37
*113
11%
2934
47%
2934,
♦126%
26%
42%
18%
*32%
*1%
*6%
*12%
300
*74
37
29
*
2334
*11
*147
3,100
95
75
2%
2234
35
26
'
*2
*19
100
10
36%
4%
■'
23%
*3%
34
35
10%
1934
*19%
37
Holiday
115
*113
10
124
15
21%
45
26
85
Extra
29
21%
5
22%
*434
2534
Birthday
5
230
*90
85
*79
10%
85
15
*4%
Nov
17%
4,900
13%
83%
Lincoln's
>
10,700
4%
*122
*10%
22
12%
4334
13%
11
12
15
Sept
95
Jan 26
300
137
9
*9%
Closed
,
146
12
Internat'l Mining Corp
834
83%
2234
*434
Feb
Inspiration Cons Copper...20
Insuranshares Ctfs Inc
1
56% June
7% Mar
3% Apr
2% Mar
900
884
10%
7%
Exchange
Mar
135
17,200
8%
89
*23
17
60
8
4
8%
9%
36%
41
17
3
Feb
9458 Jan
51%
124
95
*30
*36
Jan
151
Int Mercantile Marine-No par
*122
15%
*7
Stock
119
Jan 26
600
834
13
98
10%
'
Jan 23
Jan 10
79
400
■
share
10% July
303g Aug
119% Dec
150
Int Hydro-Elec Sys class A.25
8%
*83%
.*
.
7%
89
5,900
per
105
'
10%
1934
*17
9%
9%
*82
*82.
700
Mar
100
2,200
*8%
4
14% Mar
1534 jan
11%
95
6
I
No par
6% preferred
Inland Steel
IO84 Jan 26
2U Jan 26
700
7
*32
Jan
No par
400
3%
8
29% Jan 16
lnterlake
42%
*4%
*4284
2634
No par
Jan 25
4,100
26
137
35
2684
24
Highest
$ per share
4% Jan
124
*73%
18
15%
'
35
No par
Lowest
per share
278 Jan 27
183% 184
59
58%
162
162%
"
6I2 Jan 27
10
Industrial Rayon
Ingersoll Rand
$
•
No par
2%
2%
*24
34
*90
8034
*19
8%
8%
*90
11
*10%
—
18
10%
12%
Indian Refining..
$ per share
1,300
51%
*119
V
,
Year 1938
Highest
preferred
Intercont'l Rubber
92%
17%
■'v
3%
12%
*3
160
Par
130
61%
■
300
93
92%
9134
9134
9134
9134
*128% 130
*128% 130
*128% 130
*51
54%
54%
*52%
53%
53%
18
1734
*17%
1734
*1634
*1634
17%
*91
54%
17%
*32
13
*10
*122
75%
*128
130
2634
94%
8%
8%
12%
*79%
1934
122
122
35
8%
10%
*18%
'
i,-
34
8%
79
'
*8
2634
79
■
8
8
*90
12%
r
25
183%
59
58%
162l2 ♦159%
6%
6%
334
*3%
34%
12%
103g
1934
2%
20
*31%
8%
8%
*8%
*16%
*9%
12%
2%
7%
26%
92%
*92%
5034
94%
8%
*50%
17
118%
3
12%
7%
26%
7%
26%
92%
3%
1284
2%
25%
18334
59%
162%
51%
«
35
8%
124
1,100
4,800
434
3%
8%,
80
*79
4%
5
*434
634
334
8%
27
9
2,300
634
1234
8%
*834
1234
14%
7%
*25%
94%
S34
14
3
57%
*90
27%
*90
14%
26%
92%
2%
3334
3334
3434
*25%
14
51%
51%
51%
a 136% 136% *135% 137
12
12%
12%
11%
43
42
43
43%
44%
*4%
4%
4%
4%
4%
45
*43%
44% 44%
44%
4%
34
1,100
18234 18234
8%
43
•
91
92%
*25
5134
*135% 137,
11%
11%
51%
*135
91
12%
58
10
__
9~l"
3
•
*150
89%
7%
26%
92%
3
600
109
109
108
*150
100
4,700
14
*25
92%
*8
52
51%
107
--
6%
2634
6%
26
88%
4%
*159% 162% *159%
634
6%
6%
*3%
3%
3%
7
«...
7%
7%
26
57%
110
4%
12%
23g
2%
*25% 2534
*181
18434
24% 25
181% 181%
7
Lowest
Shares
$ per share
27
*1334
12
12%
2%
*6%
26%
88%
434
7
7
26
110
14
434
634
7
*6%
88%
*86%
$ per share
2534
*160
150
87%
12%
2%
$ per share
Range for Previous
EXCHANGE
Week
17
Feb.
16
Feb.
Range Since Jan. 1
On Basis of 100-Share Lots
the
Friday
Thursday
15
Feb.
$ per share
8634
13%
*4%
634
.
14
7
*6%
2534 2534
111% 111%
*150
3
Wednesday
STOCKS
NEW YORK STOCK
Saturday
18%
34
4%
534
2%
Mar
Mar
Mar
Mar
Mar
Mar
2% May
25
Mar
1984 Mar
156
Aug
16
7%
61
Aug
Oct
Oct
367g Nov
165
Feb
53
Oct
28% Mar
3% Mar
163g June
28% Dec
20
Mar
21
Apr
75
Apr
97
Dec
834 Mar
16
Jan
77g Aug
9
6
Mar
13% Nov
Feb 10
61
Mar
92% Nov
New York Stock Record—Continued—Page 7
990
AND
LOW
SALE PRICES—PER SAHRE.
HIGH
NOT PER
Range Since Jan. 1
STOCKS
Sales
CENT
for
Saturday
Feb.
11
$ per share
20>4
Tuesday
Feb. 14
Wednesday
$ per share
$ per share
$ per share
*20
20%
*20
20'4
9
Monday
Feb. 13
9
Feb.
53
14l2
1478
14%
9
*9084
92%
10
*978
69
*04%
*52
59
*55
51%
5'%
51-
*55l2 "59
*5%
5%
534
26
16
16
*36
377«
*36%
3778
*37
10%
1478
10%
15
*25
2534
111%
110
10%
73
73
*71
978
10%
1434 ' 15
*108
110
*%
*%
,
h
15i2
*13%
134
.7%
14%
134
7%
13%
2
7%
1
1%
%
7%
100
100
117
117
.
117
117
*115
49%
*37%
38%
*37%
*33
*35
40
*11 h
5%
*35
*1134
127g
Midland Steel Prod
*33
1
39
24%
*1184
♦37
1234
*1178
1284
*56
60
*57
*109
111
7)4
*49
7%
73S
*48
52
778
734
77g
*19
23
*2214
12%
137S
23
12%
Exchange
14%
Closed
13%
13%
14%
14%
1278
12%
1234
12%
12%
25
25%
25%
25%
168% 168% *168% 171
*13%
14
*13%
14
*92
22
2234
*22%
2234
12%
14%
12%
137g
113
578
25%
*16
7%
6
113
♦112)2 113
•
*20%
*16
8%
145
2178
8%
74
12%
144
*20)4
74
*50%
74
334
*10%
384
11
*3%
*1012
334
H
*20%
21%
73%
♦20% *21%
*20%
*68
73%
*30
87
37
37
*107
108
*107
108
14
14
14
40
40
39%
14%
39%
1684
*16
10%
17%
.31%
32
33
37
37
373g
3
.314
3%
*55
*314
334
181
*175
110
110
*109% 112
25
*2334
17%
17%
7
106
7
2234
*141
227g
143
1178
*6%
2134
12%
*
1134
*44%
49
*42%
22%
*20
*42%
♦114%
62-%
6%
*3
14
45
63
6%
3%
14
434
*11
434
*33%
878
181
181
4
4
*33%
37g
38%
387g
9
87g
9
25
25%
26%
17%
17
17%
*42%
*115
6
3%
14
434
6234
5%
*3
*13
434
182
142
*140% 143
12
12%
49
*45%
22%
45
...
63
6
3%
14
123g
49
4%
*33%
4%
3878
878
9
7
7
21%
22%
*140% 143
12%
22%
""166
6%
3%
6434
6
578
3%
*4%
5%
*11%
60
10
5%
*4%
1234
1,800
3%
-14%
*13
434
4,300
90
Dec
38%
Jan
18
Mar
3734 July
2
Mar
preferred
9
Jan
6
Jan 17
114
Jan
5
55
Jan 19
168
Jan 25
193
109
9
4534 Apr
3
578 Mar
7
Jan
4
638 Mar
106% Feb .16
32% Jan 18
92% Sept
North'n States Pow Co $5 pf..
Northwestern Telegraph
50
Norwalk Tire & Rubber No par
Preferred
50
No
par
6% preferred A
100
Oppenheim Coll & Co.-No par
Otis Elevator
No par
6% preferred...
Otis Steel
100
No par
1st pref..No par
Outboard Marine & Mfg
5
conv
No par
Preferred
100
Owens-Illinois Class C__$2.50
Pacific Amer Fisheries Inc...5
Pacific
Coast
10
1st preferred
2d preferred
No par
No par
102% Jan
4
"
30% Jan 13
3% Jan 26
35
Jan
4
8% Jan 27
22% Jan 26
15
Jan 26
104
'Jan 23
6% Jan 27
21% Feb 17
140
Jan 13
/
28
Jan 13
41% Jan 30
No par
11% Feb
Cash sale,
x
70
4
Jan
3
Jan 20
21% Jan
Ex-div.
y
9
5
3
4
Mar
13'4 Mar
122
Jan
6% Mar
Nov
15% Nov
60
6
10
Mar
22% Aug
9
39% Apr
115
Apr
3
40
Mar
4
Jan
3
5% Dec
2% Mar
Jan
5
10% Mar
Jan
4
334 Mar
12)2 Jan 6
3034 Feb 17
9% Mar
x2234 Mar
32% Mar
457g Feb 17
14% Jan 20
125
Feb 11
149
Feb 11
257„
Jan
Ex-righta.'
Nov
Apr
Jan 26
Jan
10
29% Nov
147
30%
6)2 Jan
378
10% Feb 17
Jan 30
r
114%
6
144
stock,
27%
143
16
6% preferred
100
Pac Tin Corp (sp stk).No par
n New
111% Sept
12% Jan 26
4% Feb 10
30
Def. delivery,
1934 Nov
83% Apr
Jan
Jan
149
a
7% Mar
Feb 17
Jan
149
X In receivership,
Jan
Feb 17
45
No par
Sept
1478 Jan
3278 Feb
18%
8%
6
May
30
110
22%
Jan
Bid and asked prices; no sales on thla day.
Nov
40% Jan 24
114% Jan 26
121
♦
Sept
xl9% Jan 24
100
Pacific Ltg Corp
Pacific Mills
Dec
5
5
Pacific Telep & Teleg
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
Jan
103 ?
41
4
Jan 13
Dec
14% July
35
Jan
3
9334
13g Mar
Jan
5% Jan 27
Oct
57% Dec
20
1234 Mar
878 Sept
19% May
Jan
15
Jan 12
25
June
.26%
4
4%
54%
60
75
90
3934 Jan 19
10% Jan 5
10% Jan 26
48% Jan 31
70
23%
Dec
Jan
125
*21%
Jan
110
Jan
124
24
198
Mar
84% Feb
500
149%
June
100
19%
12
*21%
133
Jan
57
12
23%
Jan
Dec
Dec
14% Jan 24
1178
149% *149
1%
82
1434
7% July
Mar
55
10% Jan 24
Jan
38
50
11%
149
Jan
1334 Mar
3
2%
16%
6
Jan
6312 Nov
Jan
6
12%
*21%
%
Jan
Jan 23
Apr
434 Mar
Feb
*1178
23%
2% Mar
26
12%
149
Dec
110
6,000
*21%
78
North Amer Aviation
1
Northern Central Ry Co.-.50
Northern Pacific
100
,
Jan
1134 Mar
120
pr
June
54
Jan 10
2,000
149
h Mar
21% Jan 13
...10
3034
23
Jan
100
.
4578
149
Jan
1
100
Adjust 4% preferred
Co...
6% preferred series
North American
30%
*21%
4%
88
45%
125
Jan
78% Jan 25
100
1234
30%
45%
149
Jan
1%
16% Jan
30%
*124
56""
10% Jan 26
Corp part stk-.l
preferred
5% Mar
101
434
110
.
78 Feb 15
3% Jan 26
% Feb 17
45%
12
5
Jan 27
30
125
3% Jan
7
45
12
Jan
39% Feb 17
111
44%
124% 124% *124
38
•
50
30
125
■<
No par
45
*11%
l^ov
1238 Mar
32% Jan 14
2% Jan 25
30 %
125
5
27% Jan 28
4434
200
Jan
23
2934
11
47)4
2134 Nov
44%
10%
19% July
48)2
I284
30
*11%
978 Mar
Mar
2978
12
4
Mar
*4438
*11
Jan
Mar
Outlet Co
...
64
17%
Jan 26
7
$5.50
45
*115
14%
10
4,200
22%
6
3,400
12%
49
*42%
3
300
*4534
22
*13
70
10834 Nov
10
Oliver Farm Equip
No par
Omnibus Corp (The)vtc No par
1,900
Jan,
99%" Apr
20
Ohio Oil Co
7,100
Nov
40
6
23% Jan
6 ,300
18%
71
Jan
22% Jan
....
26
45
63%
40
1,000
"
17%
*42%
62%
600
26
10934 110
*20
*115
"7", 200
Mar
July
Jan 26
Norfolk & Western
300
2,400
28
Jan
26
Jan 26
7%
50
50,200
14% June
58
Apr
4%
12% Aug
16
N Y Shlpbldg
110
1634
*20
182
,
37% Feb 16
110
35% Jan 26
...No par
preferred
*___100
IN Y Ontario & Western.. 100
33,500
24
11%
*42%
82%
200
25
110
*100% 109l2 *106
7%
*6%
7%
*678
7
22
22
2134
22
22%
12%
49
22%
*79
9
1278
Conv
400
1,500
112
109% *109
2534
25%
2534
55
5534
55%
5534
55%
'18)2
18%
19%
1834
19%
8534 .*84%
8534
*84%
8534
11.%
11%
1134
11%
11%
106
10634 1O034
10634 10634
30% *30
32% *30
32%
,
17%
142
3%
%
13%
8
Jan
6
10% preferred..
50
N Y Lack & West Ry Co..IOC
JN Y N H & Hartford.... 100
2,500
13
Feb
7% Mar
Feb
16
5%
03
*3%
%
1
N Y & Harlem
109
247g
24
63
434
181
106
62
5%
106
3S78
45
*3
11%
30%
378
*42%
*114%
*13
55%
18%
*84%
32%
v
140) 2 143
*20
24%
h
280
78
36
108
Jan
2% May
8134 Nov
6% preferred series A...100
NYC Omnibus Corp..No par
New York Dock.
No par
123
'
%
24
Mhr
5
Yoik Central....No par
N. Y. Chic & St Louis Co..100
120
7%
734
*113% 118
Jan 19
4% Jan
11% Feb
Jan 21
197» Jan 27
New
.7,400
3
3% Jan 26
100
Newport Industries
3,000
33
Feb 11
10
1
N. Y. Air Brake
878
TOO
5% pref series A
2,600
39%
100
4% % conv serial pref
100'
Newberry Co (J J)....No par
"
500
*175
106
Feb
1,100
80%
173g
75
5H% prior preferred
6% prior preferred
19,700
80
106
Feb
19%
13
9
70
18%
*%
878
July
40)2
12%
378
*33)2
82
19
%
9
Dec
18%
%
3878
55
*39%
12%
378
3
1834
80
*33)2
878
*24%
Jan
19%
80
106
59%
18-%
.12%
*30
July
53
19%
13
,106
30
""206
84
32%
378
Dec
*68
13
106
18
73%
*80
*30
23
3
*68
*110
Oct
Jan
*37
37% *37%
38
*10634 108
*10634 108
14%
14%
14%
L4%
14%
1
2834 Nov
9% Oct
20
39
63
13% Mar
12% Sept
Corp..
*68
123
4
July
4434 Mar
Steel
*37
1
Jan
31
5
3
100
*55
145)2 Sept
81% Jan
15% Jan
57
*110
178%
June
17% Mar
11% Jan 26
16% Jan 24
*527g
*10534110
%
3%
June
127
68% Jan 27
400
63
154
6
25
17%
123
3
2
Feb
National Supply (The) Pa..10
$2 preferred
40
Neisner Bros Inc
%
27% Jan
16978 Feb
145
3
National
300
*55
2078 July
1634 Oct
1,900
12%
20
73%
*110
Mar
5,500
8)2
7534
3
4
Feb 10
6,400
8%
*19%
3%
4
Oct
Nov
27%
75%
317g
Jan
30
1878 Jan 26
x7% Jan 30
200
20%
63
11%
Jan 23
Jan 14
137% Jan
21
73%
3,
11
22
165
167s
102
Oct
634 July
Nat Mall & St'l Cast Co No par
National Pow & Lt....No par
21%
.37%
Jan 24
;..100
20
31
28% Jan
Feb 10
..r.10
100
Lead...^
preferred A...
preferred B
No par
13
11%
6%
No par
123
87
7%
12
102
par
Natoinaa Co
84
1778
*84i2
National
5,300
"""56
preferred-No
conv.
National Tea Co
13
18)
$4.50
200
*80
106
"5",300
Nat Enam & Stamplng.No par
Nat Gpysum Co
...1
23% Jan 27
15% Jan 27
""766
1
86
Nat Distillers Prod....No par
107g
*234
55
•11% Apr
3,900
74
3%
*110
18%
18% Jan 10
6)2 Feb 17
3%
3%
25%
55%
18%
4
3% Mar
3% Mar
17% Mar
8
4% Jan 13
*50%
*234
'2434
55.%
4
117% Jan
684 Jan 26
.1
preferred.
6%
",1078
36%
25
Jan
113%
1078
334
1034
31%
37
334
105% Mar
74
31%
3078
*3%
,Feb
1034
39
16% July
115% Nov
112
5
3
106% Mar
Jan 20
*50%
39
2
11% Sept
Feb
74
334
11
41
14% Feb 16
111
.10
700
*141% 144
21%
12% Jan 13
12% Mar
Oct
Nov
109
55
137g
25)2 Oct
30% July
5
168%
..100
7% pref class A
*5278
*39
Sept
Jan
26% Jan 5
12% Feb 16
Feb 10
Jan
7% pref class B.j..t
100
Nat Dept Store
....No par
20
1,000
334
20
40
16%
54
1
23
15,700
26%
17%
Dec
Nov
Jan 26
14%
26
14%
28
19
113% 113%
2614
Mar
15% Mar
Nov
94)2 Nov
12
20
Products..-No par
1478 Nov
6
Jan
2578 Jan
21% Jan 26
Nat Dairy
Jan
8% Mar
Mar
Nat B6nd & Share Corp new No
Nat Cash Register
No par
113
July
12%
29
10% May
National
14%
•
7% Mar
65
1,600
*112
Dec
10% July
54
15% Jan 4
92% Jan 25
1,300
1
Mar
37% Mar
634 Mar
15% July
62)2 Oct
110%
Jan 13
12%
Cylinder Gas Co
4
Jan
Jan
150
2334
7
*110
55
""460
Apr
175
13% Jan 26
92'
100
9% Apr
3434 Mar
95
Oct
8% July
64)4
Jan 17
23
6%
*7%
8%'
7)2
7%
7%
8
*113% 118
*113% 118. *113% 118
*84%
11%
5% pref series A w w_
6%
*7%
8%
*113% 118
25
300
Feb 17
Feb 15
14%
—
,
Nat Bond <fe Invest Co.No par
Mar
9% Jan 20
23% Jan 24
168% Feb 9
100
26
25% Jan
15% Jan
23
12%
17%
18%
187g ' 19
334
10% Jan
..5
pref
17% Nov
32
Mar
9% Jan
23%
8%
18%
....
Corp...
Blscult.u...10
cum
4
51
Jan
*12%
1234
16%
1834
*
7%
100
7 534
1734
*175% 181
*109% 112
14
8%
18%
*%
Nat Aviation
National
12%
19%
1%
6% Jan
1
Jan
12% Jan
7% Jan
National Acme
2234 July
11% Mar
60
18% Jan
11% Jan
Corp
40% Nov
Mar
110
Jan 27
Jan
5
200
74)4
18%
*3%
Nash-Kelvlnator
5,900
21%
32
63
48
8,200
74%
12.%
8%
*51%
123
Murray Cprp of America... 10
Myers (F & E) Bros;..No par
13%
22%
8%
-74
108
25) 2
67g
21%
52
-.100
Mar
8
4334 Jan
Jan 28
Dec
117% Sept
54% Oct
38% Aug
10% Mar
Jan
7%
1178 Jan 24
No par
13
6%
144
36
-No par
5% preferred
2,500
634
144
5% Jan 23
.1
Murphy Co (G C)
25
*92*
1
Mulllns Mfg Co class B
169% 169%
14
Co....:
Brass
,
Nashv Chatt & St Louis—100
634
*16
145
*16%
*52%
m*i"
30
"moo
23
22-% 2234
23
.23.%
23%
*166% 170
*166% 170
*166% 170
53
*
Jan 26
257s
1034
74
37%
3%
21
6I4
6
6
12%
16%
*52%
*50%
*3%
*10%
37
23%
23%
23
7%
*6%
12%
17
57
*3%
*22%
,
113
1634
*144
32
Mueller
1,200
13%
137s
13%
13%
1334
1378
1334
14
*101
*102
*101% 104
,104
104
*102
104
22%
23'
*166% 170
*1834
100
12%
12%
12%
14%
14%
14%
131% *112% 113%
26%
233S
169%
18
23%
23
257«
145
*68
*92
26
*144
53
100
111% 111% *112
2134
8%
74%
12%
167S
1578 Jan
Munslngwear Inc
1434
,*6%
Holiday
Jan 27
Essex
$7 conv preferred...No par
8
13
♦165
*16%
778
13%
113
Extra
13
110 '
22% May
25
20
14
'
Birthday
12)2
8
20
12%
*10
1034
1334
1334
*101)2 103%
•8%
74'2
77g
19%
2234
Lincoln's
,
7%
Jan
Mar
Jan
52
19%
22
6)4
26
*21
734
vMay
25
1,000
7%
*48
19
100
7
23
'714
.
67
111
Jan
1,400
'
19
"*92
Stock
113
0)4
52
3
111
Jan
10
12%
*22
26
7%
*48
Dec
Mar
19
600
19
25
25%
*168% 170%
13%
13%
100
*110% 113
7%
52
%
Jan
.3% Jan
11% July
2% Jan
3% Jan
20% Nov
1% Dec
10
36
Morrell(J) <fc Co
Morris &
1234
13
*92
7
8
7%
*7%
*48
5
6
38% Jan
60
19
.20)2
1314
1314
*12% 13
2434
2518
*108«4 171
*13l4
13%
*112
7%
62
3
Jan 27
100
111
*109
Jan
Jan 25,
•
39
*11%
59%
60
110
434 Mar
119% Jan 17
51% Jan 3
Jan 24
116% Jan»4
44% Jan 26
par
1734
1% Mar
5
Oct
Jan
1% Jan
D2 July
10% May
4
Jan 26
400
110
96
10
preferred...No par
72)2
34
Feb
Dec
Dec
14
5%
60
1
6
2% Jan
17% Jan
1% Feb 3
14% Jan 24
100
,.20
Feb 15
1478 Jan
2% Jan
9% Jan
1% Feb 2
678 Jan 27
% Jan 12
No par
Carpet Mills
1
% Jan 26
12% Feb 17
July
Mar
%
%
%
8
32
5%
110
35
% Jan 31
% Jan 12
Oct
Nov
Mar
34
23%
*56
Jan 20
53
July
92
Jan
No par
15%
24%
*109
4978 Jan 31
14 Jan 3
% Jan 31
111
Apr zll7
49%
.....50
*15%
57
4
$4.50
.1,000
110
3
Montg .Ward & Co. Inc-No
10
15%
57
6% Jan
85%
Motor Products Corp..No par
Motor Wheel
5
3384
*109
1434 Oct
227S Jan
30% Nov
478 Jan 26
Monsanto Chemical Co
90
40%
*37
534 Mar
12% Mar
15)4 June
76
Apr
100
5% conv preferred
2.40Q
15%
39
111% Jan 10
47% July
4
Mohawk
20,700
51%
*37%
3334
24%
5%
*534
39
*35
1284
15%
57g
*5%
117
60%
15%
15%
*15
24
800
40%
34%
*3334
24
1,500
100
513s
4
5
3
Jan
7% Nov
2684 Mar
4
7% preferred series A—100
^Missouri Pacific
;
100
200
1%
1434
100%
117
117
50%
*37%
15%
84
1%
1434
99% 100
29
•
800
1%
Dec
4
Jan
Mo-Kan-Texas RR
3,100
15
Dec
1634
111% Jan
310
134
30
Jan 16
400
7%
May
June
3% Mar
Jan 28
1
7%
34
14
69
13
Nov
57% July
11
110
$6.50 preferred
No par
tMlnn St Paul & 8 8 M...100
7% preferred
100
4% leased line ctfs
100
Mission Corp
10
%
Oct
73
32% Apr
Minn M<?llne Power fmpt_..l
%
.
*1%
15%
23%
5%
.1,900
80
3
9
39)4 Jan
12% Jan
16% Jan
*8% Jan 26
Nov
1534 July
6-% Mar
Jan 12
6% Jan
16
13% Jan 26
20% Jan 26
107% Jan 4
No par
Feb
28% Jan
3
13% Jan 25
34
Jan 27
8% cum 1st pref.
100
Minn-Honeywell Regu.No par
4% conv pref series B...-1GC
1%
1%
24%, Feb
5
120
500
51
*%
*%
*%
1234
434 Jan 26
1
60
5% conv 1st pref
120
7%
34%
15%
*15
*47
13%
15
38%
3434
38%
34%
15%
15%
38%
*33
534
Miami Copper
Ln-i.
5
Mld-Contlnent Petroleum.. 10
1,000
1%
50
24
1,300
%
117
4978
*23)2
634
10%
1434
900
1434
7%
117
4914
15i8
10%
1
603s
15)8
Meeta Machine Co
♦%
50
15%
15%
23%
400
%
100
1534
37
%
*13
13%
ia4
7%
*1%
1%
14% -14%
*99
100»2
13g
15
100%
15%
37
51
Jan
*
Merch & M'n Trans Co No par
*%
*%
*1%
1
*34
'1%
*14%
*47
*%
*%
50
Mengel Co (The)
500
5%
6
95
Apr
53% Feb 17
150
5%
55
58
520
5%
5
Jan 26
5%
Oct
Jan
11% Nov
Apr
4
Jan 19
16
5%
51
*45
%
%
%
%
14%
|
5%'
5%
51
*45
51
1512
5%
5%
5%
71%
110
70
Jan
51
27%
26
Jan 25
11%
70% Jan
6
49
16
5%
94
9% Jan 27
12% July
5378
26%
Mar
No par
27
Mar
5
pref ser B w w.No par
$5.50
1,000
7
35% Mar
13% May
Jan 19
978
Melville Shoe
69
53%
26% 26%
111% 111% 111% 111%
7234
73%
*72% 74%
110
110
*110
111%
110%
71%
69
53
1478
10%
1434
*108
Feb
preferred
3778
10%
26
110
73
110
69
conv
18
377g
25%
*64%
*55%
88
6%
Mead Corp
Highest
$ per share $ per share
10
Jan
20% Nov
5
54% Jan 19
18% Jan 3
Jan 13
100
No par
$6 preferred series A.No par
""800
984
5%
27
5%
26)2
*15%
3778
9«4
Jan 27
13% Jan 27
7% Jan 26
-.1
Stores
10% Jan
878 Jan 30
50
10
52%
25
15%
25%
110%
*108
„
52
5%
20
1084
*n
9434
59
26
*13i4
*134
7)8
*34
1%
*93
10
69
*25%
*15%
*>4
McLellan
9434
1634
*47
1,800
10
20
'5%
9)4
*64%
*25
*110
9
*93
51%
McKeesport Tin Plate
14%
69
51%
1,700
2,400
14%
93
93
1939
Range for Previous
Year 1938
Lowest
Jan 21
22%
7
1834 Jan
Mclntyre Porcupine Mines..t
14%
9%
Highest
$ per share
McGraw-Hill Pub Co..JVo par
54
9
1
McGraw
100
54
9
Co
Elec
600
20%
9
14%
*53
Par
Shares
20%
*9%
*64%
10%
69
Lowest
$ per share
Week
17
Lots
18,
EXCHANGE
54
5334
*15%
*10%
9
*9034
934
51
*25
20%
*9
984
53%
14%
14
59
*50 %
■
20
*9
93
10
*60
*1478
Feb.
$ per share
'53
53%
14%
9
*5%
10
% per share
On Basis of IWh Share
NEW YORK STOCK
the
Friday
9
52%
53%
*89
lb
Feb.
20%
934
*9
Thursday
Feb.
7
9% Mar
87
Nov
52
Oct
115
Apr
76% Nov
11%
Jan
5%
Jan
21% Nov
9)2 July
15% July
30
43%
Nov
Dec
1978 July
Apr
121
*132% Mar
149
Nov
30
June
17%
Dec
J Called for redemption.
Dec
Volume
LOW
AND
New York Stock
148
Record-Continued-Page 8
Feb.
HIGH
SALE PRICES—PER
Monday
11
Feb.
$ per share
10%
13
3 per share
4%
14%
*6
*10%
14%
14%
7
*1%
*50
*6
1%
10%
14%
10%
8 per share
10%
1%
7
*1%
54
10%
10%
94
*10%
11
1034
24
19
20
1034
10%
20%
2
10%
*20
10%
95
*18
1%
1%
42%
42%
42%
17%
*1%
17%
*16%
1%
10%
11%
*134
9%
2
9%
*1%
9%
11%
11%
*5414
11%
55
11%
54%
82
*1%
81
1%
18
*42%
*1634
"""966
200
10%
6,800
95%
1034
900
6% 1st preferred..
6% 2d preferred
200
9%
1,700
Park Utah C M._
No par
*134
934
10%
9%
*11%
54%
11%
54%
*1138
53%
11%
54%
83%
84%
84
1%
*1%
1%'
*4
4%
*4
4%
27%
*25
27% 1*26
28
*14%
16
16
200
Parker Rust Proof Co
2
200
10
8,000
1,700
*1%
1%
*1%
1%
4%
4%
4%
800
6,600
4%
1% Jan
4
29
4
1% Jan 26
16
Jan
1% Mar
13
8% Jan 23
Patino Mines & EnterpriVo par
Penick & Ford
No par
11
2%
Jan
2% Jan
3%
41
Mar
58% Aug
55
Jan 16
1%
13% July
8% Mar
57% Jan 3
84% Feb 17
1% Jan 17
Oct
Oct
21% Oct
2% Oct
14% Nov
3% Mar
6
July
42%-
Mar
1% Mar
Jan
11% Feb
10% Jan 16
53% Feb 17
75% Jan 13
Penney (J C)_.
No par
Penn Coal & Coke Corp
10
<"
31% Mar
19
Dec
30
Mar
42% Feb
Jan 27
Dec
13% July
6% Mar
Jan
Dec
13%
103
Mar
15% Jan 24
1% Jan 26
2.50
61% Nov
5% Mar
65
Aug
Feb
102
88% June
13% Jan
26
Mar
Oct
Dec
2
Dec
6% Nov
1
Sept
Feb 14
14% Jan
107% Jan
6
18%
9%
3% Mar
15%
6
60% Jan
104
Feb 14
40%
Parmelee Transporta'n. No par
Pathe Film Corp.
No par
18
2
19
..1
Parke Davis & Co
18%
2
83
1
1,600
42%
18%
2
9% Jan 26
.r.._10
10
4
6% Jan 20
Feb 18
9% Jan 26
90% Jan 26
100
9
42
42
18%
2
934
11%
Feb
1
Park A TUford Inc...
42%
*17%
1
100% Jan 27
42%
9
2
1%
3
Jan 24
share $ per share
Mar
15% Jan
per
5
4% Jan
16% Jan
.100
20%
*19
11% Jan
Jan 23
Jan 24
52
No par
preferred
eonv
Paramount Pictures lnc
100
1034
20%
4%
i
4
6%
Highest
Lowest
share
per
13
Panhandle Prod & Ret new__l
Parattlne Co Inc
$
10% Jan 23
10
No Par
Corp
5
Pan-Amer Petrol & Tiansp._5
10
10%
11
*18
*1%
1%
1%
52%
*92%
10%
*10%
83%
54%
82
2
42%
2,200
7
52%
95
Corp
Packard Motor Car
Lots
Highest
8 per share
Pan Araer Airways
*101
1034
Pac Western Oil
300
8,600
14%
1
1%
95
54%
81%
54%
81
1%
14%
52
52
Lowest
Par
4%
*6
*101
10%
*92%
Shares
1034
Range for Previous
Year 1938
Range Since Jan. 1
On Basis of 100-Share
Week
share
4
7
1%
54
...
17
per
*10%
1434
*6
1%
*51
*101
*92
14%
STOCKS
EXCHANGE
Feb.
8
1034
4%
4
14%
*6
104
*10%
4%
14%
*50
94
15
4
104
...
*92
per
*10%
7
*1%
52
*101
10%
Friday
NEW YORK STOCK
the
NOT PER CENT
Thursday
Feb. 16
share
Feb.
$
4%
4
SHARE,
Wednesday
$ per share
103s
4%
Tuesday
Feb. 14
Sales
for
Saturday
991
Mar
85% July
1%
212
Dec
Jan
'
*
•
*4
'
4%
*25
28
*14%
16
*25
*14%
*120%'
*120%
20
1934
20%
*24%
*113
—
38%
*2%
*13%
*24%
27
♦113
_
*2%
4%
*14
16%
30
*1,4%
*120%
20
26%
*24%
*113%
*38%
38%
4%
*2%
16
*13%
20
19%
26%
—
31
30
*24%
*113%
.
*2%
3%
15%
30
29
*26%
28
18
*17
17%
6%
38%
*43
38%
46
9%
*6%
38%
*43%
*80
86
*83
*1%
*3%
%
96%'
*143
9%
*6%
7
38%
39%
46
46
46%
85
86
86
1%
*1%
1%
3%
3%
3%
4%
*42%
44%
*7%
•24%
*40%
7%
5
*30%
40
*30%
40
39%
39
3%
44
7%
23%
*23%
40%
19
Stock
4%
*16%
*6
6%
65
Exchange
20
7%
*11%
*35
23
7%
12%
21
21
*9
10
Birthday
Holiday
20
6%
12 a4
*11%
50
1,500
300
12
38
*35
39
*35
39
20
*20
23%
*18
23%
35
*31
35
*31
35
13
*12%
13%
*12%
13%
"""96
*%
%
%
%
100
33%
12%
*12%
%
*20%
21
4
Jan
3
47
Feb 17
30
75
Jan
7
86
Feb 16
6
Jan 11
43
Nov
Apr
1% Apr
74
Nov
3
Nov
3% Jan 23
.
Mar
2% Mar
1%
Jan
Jan 10
150
Jan 10
37% Jan 26
2% Jan 9
7
Jan
36
.100
"I26
3
Pierce Oil 8% conv pref.-.100
7% Jan 26
M1113......25
j23% Feb 14
Pillsbury
Flour
Pirelli Co of
43%
75% Mar
114
Jan
Jan 30
18
preferred...!
Pitts it W A Ch
Feb 16
3%
.
Jan 25
6% Jan 26
No par
64
7% gtd pf 100
..No par
166
$5 conv preferred
Jan 27
Jan
.No par
10
7% pref class B
i_.,.. 100
5% pref class A.
100
5H 1st ser conv prior preflOO
Pittsburgh A West Va.
100
Plttston Co (The) ....No par
12
Plymouth Oil Co
21
*8
10
13%
*1%
13%
2%
13%
13%
1,500
2%
100
Mar
4
Nov
9
30%
Jan
43
July
4
Mar
9
July
%
1134
27% Mar
2
Jan 6
Jan 27
Jan 27
25%
44% Feb
Jan
4
20% Jan
5
5
Jan
26% Nov
39
Oct
62
May
July
90
July
20%
3
7%
3% Mar
Jan
18% Dec
8% Mar
35
Jan 12
41
Mar
75
Nov
172% Feb 16
145
June
174
Mar
.
7% Jan 11
67
Jan
5
Jan
5
7% Mar
42
Jan 14
9% July
Jan
4% May
14
9%
Jan
9% Nov
16%
Jan
Aug
24% Jan
20% Apr
11% Apr
52
Feb 14
30
July
Jan 25
36%
Jan
23
45
Jan 26
15%
Jan
6
4
% Jan 4
20% Jan 27
Porto Rlc-Am Tob cl A.No par
%
11%
Oct
8% July
50% Mar
44% July
4% Mar
32 .Sept
20
Poor & Co class B.....No par
*1%
Oct
144%
40
6
20%
Mar
143%
30
...
10
5
6% Jan 25
Pitts Screw & Bolt
Pittsburgh Steel Co
8%
June
4
2% Jan
42% Feb
1
90
39
Italy "Am shares"
Pitts C C & St I. RR Co.-.100
Pittsburgh Coal of Pa. ...100
21
1,600
Jan
5% Nov
%" Mar
6
100%
_
Jan
8% Oct
47% Nov
Jan
17% Mar
Feb 14
91% Jan 24
.10
prof series A... 100 £142% Feb 14
Jan
July
13%
60
1% Feb
4%
5
%
*8
9%
38% Jan
17% Nov
Mar
8% Mar
7% Mar
4
%
20%
20%
*8
9%
43
15
9% Jan
prefetied——.....i.100
Phillips- Petroleum
No par
Phoenix Hosiery.
5
10
20
*2712
17% Mar
5
42
..100
Pitta Coke & Iron Corp No par
172% 17234 *172% 176
7%
7%
7%
7%
7%
4
7l2 Jan
44% Jan
4% Feb 15
6%
67
**63%
67
100
6%
*6
*11%
*29
*8
*16%
*35
40
*%
20%
20
,12
20
50
5
12
12-
Lincoln's
36%
12%
*U
*35
20
Extra
7%
7%
11%
"600
39
135
"*4%
*6334
*172% 176
7%
11%
40
*20
Closed
12
1~2O6
24%
*36%
JaD
4
Preferred
8%
6
*6
67
"5",800
Oct
33% Jan
17% Jan 16
No par
Jongs Corp.
42
22% Mar
6% July
38
..No par
^
*17
20
Phillips
3%
*4
4%
600
Dec
17% July
Jan 18
Philip Morris & Co Ltd..
conv
Feb
115%
1% Mar
Jan 26
3%
Jan
31
5% Mar
Jan 27
50
Dec
24%
7
8% Jan 26
6% Jan 26
34% Jan 26
Philadelphia Co 6% pref—.50
$6 preferred.
No par
{Phila Rapid Trans Co.—.50
5%
6
15% Nov
121
Jan
17
25
Phila & Read C & I
Mar
July
3% Jan 24
17
24%
Co...No par
pieferred
40% Feb
7%
39%
*
135
Feb '8
28
Corp of Araer ...5
Phelps-Dodge Corp...
100
44
*23%
39
39
2,900
40
8
24
2334
400
.
Jan 26
3
12% Jan 26
No par
Pfelffer Brewing
7%
8
33
prior preferred.....i00
preferred...
100
Petroleum
60
4%
39
8
30
96%
*'2%
*41%
3%
*
500
300
145
*4%
*30%
44
8
6i4
*65
67
*171% 176
*171
41
*6
6%
*65
23%
96%
*142
40
39%
*41%
40%
%
4%
39%
*234
7%
4%
*16%
%
%
96%
*30%
44
23%
3%
*81
145
4%
3%
*....135
*1%
5,700
47
90%
1%
3%
*%
95%
7%
40%
115
*4
*41%
1%
*141
4%
40
39%
300
3%
*1%
♦3%
%
*2%
'
6
*17
4%
4%
*234
*42%
734
115
*4
*%
39%
24%
42%
*105
%
94%
95%
95% 96
146
*142% 142% *141
39%
3%
*28
6%
39%
'*83%
86
"Cm
9%
9%
634
9%
5%
27% Jan 25
Feb
30
Mar
10
120% Dec
14% Mar
19% Mar
110
.100
Pet Milk—
3834
1%
96%
30
9%
9%
5%
50
18
634
38%
:
45%, "45%
4634
%
*17
24
4
5% July
2% Mar
10% Mar
Jan 20
24% Jan
100
Pere Marquette...
3134
28%
,
634
38
3%
1.
18
16
5
conv
Peoria A Eastern
28%
*31
30
27
*17
40
9%
7
38%
3%
*4%
*30%
39%
*234
65
30
27
2
145
*6
9%
l",8o6
39%
6>3%
"
6
Jan 19
18% Jan 26
preferred... 100
Peonies G L & C (Chic)... 100
....
*13%
*26%
..No par
.50
Peoples Drug Stores..-No par
15%
*17.
RR._
200
40
4%
18
Jan
pref
conv
Pennsylvania
25%
*3
32
14
ser
Jan
5%
31
Jan 27
$7
38%
32
26
pref
conv
15,100
*13%
17
A...No par
$7
20%
4%
16%
*27
3% Jan 24
Cement...No par
Penn G1 Sand Corp v 10 JVo par
27
38%
*31
'*9%
27
Penn-Dixie
200
*14% ' 15%
*120%
20%
20%
24%
25
*113%
*120%
19%
—
3834
38%
16
...
400
8
Pond Creek Pocahontas No par
Jan 16
% Jan 20
May
Jan
17% Nov
Mar
%
%
Dec
Jan
15
Mar
26% July
8
22% Jap 3
8% Jan 31
Mar
11
Jan
"
*13
12%
13%
*1%
1%
1%
*%
11%
11%
*11
12
*11
.*33
36
*33
9
*11%
36
34% *33% 35
56%
56%
5612 57
117% 118% *117% 118%
56%
12
56%
117% 117%
35% 35%
.
3534
36%
$5
6%
preferred...
134%
300
7%
155
154
154
155
155
156
180
preferred..;
preferred
*80
80
*13%
13%
12%
7%
*12
6%
9%
9%
100
*80
155
119% 119%
91.1
*12
*80
100
*80
80
80
80
13%
12%
12%
7
64
2%1
*20
21
2%
*18%
*12%
2%
20
13%
*20
21
15
15
.
1434
14%
23
*23
25
20%
5%
64%
*18%
20%
*13%
10
9%
*10% '11%
14%
75
5
*8%
*8%
*10%
,13%
75
*65
66
1%
20%
1%
20%*60
65
64
59%
5
*4%
*50
10
9
10%
14
*8%
*8%
*10%
*1334
75
*75
66
,
*6534
.1%
400
.'5
*10%
'
*8%
' 11%
100
Preforred with warrants.. 25
30
Rensselaer & Sara RR Co.. 100
1%
2,000
.20%
21%
19,800
{Reo Motor Car.
5
Republic Steei Corp...No par
*60
66
65
*61
59%
*57
.
61%
61%
.
62%
""300
17%
62%'
800
*1534
17
16
16%
*16
17
*30
38
*30
38
*30
38
*30
38
*30
38
*72
77
*72
77
*72
77
*72
76
76
76
*52
55
*52
56
*52
56
*52
56
*52
11%
*79
11%
*9
9%
40%
40
11%
*11%
12
84
*79
86
9
9
39%
40%
*53
60
*53
11%
*79
84
16% '17
9
8%
40
9
40
*53
60
12%
*80
60
39%
*53
9
9%
8%
9
8%
9
8
8
8
8
*7%
8
*1434
*27%
16
*14%
14%
31%
14%
*27%
30
1%
*27%
*%
40%
31%
*%
1%
*%
1%
*%
40%
40%
40%
39%
1%
41
41%
%
*%
%
*1%
1%
*%
*1%
*1%
3%
*2
*5
9
*5
38%
38
110
38%
96%
10534
110%
*15
17
38%
95%
96
10534
95%
*105
105
109% 109%
*15
f
17
14%
*14%
28%
*%
%
1%
1%
3%
3%
9
*5
1%
9
38%
96%
3834
97%
10534 10534
110
*15
*2
56
*12%
12%
*80
9
9
39%
39%
9%
9
9%
8
{ In
Jan
.100
100
5H % conv preferred ...100
Reynolds Spring
1
6,800
Reynolds (R J) Tob class B.10
10
400
8
Rhine Westphalia Elec & Pow.
Rlchfie'd Oil Corp
No par
Ritter Dental Mfg
No par
4,800
4
39%
8% Jan 24
6
132
Mar
152%
112
Jan
Dec
Sept
Jan
7
Mar
5
9
June
8% Jan
4
4% Mar
60%
"
61% Jan 27
2% Jan
20
Jan 26
23%
14% Jan 28
18%
23
7
25%
17% Jan 26
20%
4
Feb
Jan 18
47% Feb
8
7
Jan 24
■
7% Jan 27
10% Jan 27
12% Jan 27
73% Jan 13
Jan 24
64
1% Jan 23
18
Jan 26
60
Feb
58
Jan 26
3
14% Jan 30
40
Jan
76
Feb 17
50% Jan
5
4
Jan 24
5%
Jan
Jan
Jan
Jan
Jan
Feb 11
Feb
8
9%"Jan
6
50
9% Jan 5
11% "Jan 12
17% Jan 5
75% Jan 25
Jan 20
68
.1%
Jan
6
111%
16%
38%
6,000
Safeway
No par
Stores
97%
130
5%
preferred...
105% 105%
630
6%
7%
preferred
preferred
97%
110
110
*15%
receivership,
a
110
17%
Def. delivery.
100
Savage Arms Corp
» New stock,
..100
100
No par
r Cash sale,
x
69
Dec
3%
Dec
Nov
Oct
71
Jan
5
38
5
May
7% Mar
77
Jan 23
17% Mar
65
Apr
54
Jan 18
45
10
,"
77% Nov
19%
Oct
38% Dec
85
Jan
Dec
64%
Jan
Sept
77% Dec
17%
Jan
Sept
11%
78% Jan 4
7% Jan 27
14%
Jan
80
Jan 27
11% Jan
5
4% Mar
39% Feb 17
45
Jan
4
33% Mar
46%
58
Jan 31
51%
Jan
68%
Jan
Jan
5
Aug
8%
Jan
5
Mar
£55
Jan
..
4
26
Jan 27
7% Jan 17
10% Jan
9% Jan
7% Apr
14% Mar
16is Jan
38%
78"
20% Jan
Jan
40%
34
9
17% July
9% Mar
49% May
40
Apr
78% Nov
Jan 24
*5
Jan
11% July
13% July
June
25% Nov
Jan 25
6% preferred
100
{St Loula Southwestern... 100
5% pieferred
100
11
5% Mar
11% May
13%
'""500
58
39% Mar
27
%
Jan
6% July
July
2% Mar
4
Ruberoid Co (The)
1%
Jan
5
Roan Antelope Copper Mines.
3%
30%
Jan
100
1%
Jan
Jan
27%
"
34% Mar
5
Apr
1
Jan
22
13% June
9-
July
70
300
*%
,29%
25% Jan
1%
*2
5%
10% June
Mar
Oct
Jan
24%
Mar
18
Oct
Dec
24
8% May
18
Jan
66%
14% June
17,
15%
%
1%
3%
9%
1% Sept
22% Jan
30%
T.500
16%
80
Jan
2% Jan 26
18% Jan 25
12% Feb 10
*%
40%
No par
15% Nov
37% Mar
67% Jan
*29%
{Rutland RR 7% pref
100
St Joseph Lead
10
{St Louis-San Francisco... 100
88% July
3
*14%
40%
8% May
Apr
81
'
13% Feb
12% Jan
15%
1%
40
117
74% June
3
Jan 26
6%
118% Nov
39% Nov
13% July
,98% Jan
21% May
4
11% Jan
112
Jan 21
10% Jan 26
Oct
Jan 19
15812 Feb
117%
Jan 26
32
105%
Nov
30
39%
97%
105% 106%
*15%
preferred
5M% preferred-
7%
Common
9%
*7l2
6% conv preferred
..100
6% conv prior pref ser A. 100
Revere Copper & Brass
6
Class A
10
Reynolds Metals Co...No par
60
*53
'...—...1
1,100
86
60
Remington-Rand
—
T.266
12%
38%
97%
110% *110
17
'
10
0
*%
*2
* Bid and asked prlfces: no sales on this day.
9
*7%
17%
86
40
10
2,400
21%
21
65%
par
75%
1%
20%
Corp...No
Reliance Mfg Co
67%
1%
20
Rels (Robt) A Co 1st pref. 100
Reliable Stores
.
'14%
*65%
*60
Hosiery..i.
14
♦75,
66
1%
Silk
"
*10%
14%
66
Real
Preferred'— ————100
10
8'
—
11%
75%
1%
64
5
*8%
14
s
200
64%
*75
,7534
65
20%
83.50 conv 1st pref..No par
*50
9
150
Oct
Jan
134
12
64%
10
129%
35%
'86% Mar
103% Apr
Apr
Quaker State Oil Ref Corp..10
Radio Corp of Amer...
par
200
-
8
Jan 23
6
20%
*8%
8
135%
3
*19
*8%
'9%
11%
14
Feb
120% Feb
Jan
20%
5%
*4%
107
4
Jan
100
*4%
4
Jan
81%
15%
*50
Jan
Jan 10
416% Jan 25
;
59
122% May
Mar
86%
25
20%
Nov
25
Jan 26
*23
1,400
"""200
21
15%
114
6
Jan 23
16
12%
*20
8
Feb
75
"i",2o6
20
12%
119% Feb
83
25
2%
2%
*19
39% Mar
9
$5 preferred B—No par
64%
63%
4% Mar
13% Mar
Feb 16
.100
.100
No par
100
*80
Jan
57
115
No par
preferred
5% conv preferred
Purity Bakeries—
*23
12%
20
20
64%
10
1%
15400
5
43%
Jan 21
103%
.No pat
Pure Oil (The)
31% Jan 26
53% Jan 24
14% Jan
14% Jan
31% Jan
100
100
400
2%
20
12%
2Q%
5%
66
7%
.......
Pullman Inc
14% Dec
42% Dec
% Jan 17
6
Jan 27
116
....100
*15%
*12%
64%
1,500
12%
6%
£
...No par
tRadiQ-Kedh-OrpheumNo par
Raybestos Manhattan-No par
Rayonler Inc
1
$2 preferred-.... *1;
25
Reading..
.....50
4% 1st preferred
...50
4% 2d preferred
....50
2%
23
*50
64%
*18%
20
13%
*20
20%
*14%
15%
*22
,25
'
100
2%
2%
*18%
13%
13%
*12"
7%
64
20
13%
7,200
~L~7~ob
"
7
6%
13%
1,3%
*12
64
2%
"4*800
6%
80
64
*12%
8%
3% Jan
1%
Jan
14% Dec
5
50
Pub Ser El A Gas pf S5.'No pai
100
80
64
*18%
9%
9%
9%
9%;
100
*79%
13%
65
*56
preferred.!
700
600
137
*107% 108
16%
1% Mar
% Oct
4% Mar
% Feb
5% pf (ser of Feb 1 *29)_ 100
134% 135% *135
119
5% Mar
6
10
Pub Serv Corp of N J..No par
119
4
Jan
10% Jan 26
120
106% 107
Jan
2%
1
7,400
119
16%
Jan 26
1%
No par
1st pref—
2d pref
106
*79%
13%
12%
7%
*60
conv
106
*80
1%
20%
conv
5%
*133
100
*63%
„
Dec
11% Jan 30
Procter & Gamble.....No par
*118
*80
*14
1,500
107
100
*73%
35% •36%
""206
-
........
137
*80
*8%
*8%
Bt...
Ste<jl Car Co Inc
5%
12
*11%
3412
*64
.
Class
Pressed
*33
100
*50
300
3,700
36
*80
*18%
5%
%
11%
119
9%
9%
7
*%
11%
12
*116% 117% *116% 117% *116% 117% *116% 117%
34
33
34%
34'
34%
33%
33i4
33%
80
13%
%
11%
*11
rl54
100
*12
'*%
11%
12
*132
38%
80
2%
zll9
137
*80
1234
*107
*154% 156
*116% 117%
33%
,1%
11%
56%
56%
117% 117%
35%
35%
56%
56%
118% 118%
35%
35%
106% 107
*118% 119
*134
12.%
*1%
%
%
11%
12%
1%
46%
Jan
% Jan 20
% Jan
3
33%
2%
49%
2
Jan
4
3%
Jan
3
Jan
3
%
4
1% Jan 25
3
Dec
1% Mar
1% Dec
3% Dec
29
Jan
3
82% Jan
4
96
3
Jan
104% Jan 11
13
Ex-div.
Jan 26
y
6
97% Feb 15
39% Feb
9% Nov
13% July
20% Jan
Dec
Mar
%
Jan
37% Jan 26
12% July
25% May
13
Jan
Jan 24
1%
94
12
Mar
Deo
Jan
Oct
1% July
3% July
5% Jan
7% July
2934 Nov
8312
Dec
58
Mar
Feb
9
68
Mar
99
Nov
110% Feb
6
79
Mar
108
Nov
8% Mar
19
Jan
107
18%
Ex-rights.
Jan
3
^ Called for redemption.
New York Stock Record—Continued—Page 9
992
On Basis of 100-Share
NEW YORK STOCK
Monday
Saturday
9
♦114%
*%
*1%
♦47%
2
3%
717g
-17%
*60
♦17*
20
20%
♦2%
71%
15%
*16%
66
,
70%
15%
,
13
13
♦27*
57*
26%
3
3
*3
*19%
21
24%
*24
*94
96%
1'
90
90
3
21
96%
967*
*94
*85
96
*85
103
*15%
16%
16
16%
13%
127*
*15%
16%
137*
*15
137*
127*
*112%
2%
1734
*2%
2%
17%
17%
♦138
*138
140
247*
16%
18%
26%
17
*
187*
267*
21
♦20
4534
44%
*13%
45
14%
13%
13%
67%
67
7
.67*
'*3%
9
Exchange
3%
*16%
Closed
17
17%
21%
22
21"
22
Birthday
*71%
Lincoln's
51
487*
49%
*30
72
10%
5%
15%
7%
*5%
15%
7%
*58
7%
.
59
59
123
125
'
•
*33
187g
*27%
8%
6%
*17%
*27%
28
*9
234
19%
29%
10%
187g
*28%
*27%
8%
67*
*6%
18%
0
6%
;V
7
*6%
*3912
39%
42%
5
*4%
*5%
'4%
5
"*30%
31%
30%
■
8*8
*8
8%
87*
8 -
*17
18%
*16%
87*
8%
18%
19%
19%
697*
4%
447*
1
'
*38
♦
,
1478
47%
6%
*8%
*8%
*3%
*85
'*4
*10%
24
*56
*4'
•
■
2%
*12%
12%
•
'
'
A
83%
*18%
27
30%
71%
31
*30%
72
717*
10%
5%
IO84
5%
10%
10%
14%
153*
1434
7%
7%
*59%, 61%
7%
*125
5
"
■
*60
125%
127
9%
34%
234
*18
*28%
9%
34%
234
*34%
234
18%
29%
*17%
*28%
9%
300
1,300
*9%
18%,
28%
2734
83*
*6%
187*
2734
8%
634
28
8%
6%
6%
8%
684
6%
5
,5
45
434
434
30%
31%
.434
8%
8»4
8%
31
40
5%
5%
44%
434
3Q34
534
47*
31
3
—
-
Jan 26
16ig Jan 26
23s* Jan 26
Jan 23
37
46
Sparks Withlngton..—No par
Spear &, Co...—.*
...1
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c__...1
Splcer Mfg Co—.No par
83 conv preferred A—No par
Spiegel Inc.
*
—2
2*2 Jan 26
37
13
Jan 28
4234. Jan 25
1134 Jan 26
6214 Jan 28
.
24
.
1,300
1,000
200
100
1,200
5%
.5%
700
10,100
2,700
3,000
,
*45
Jan 26
Jan
98
^No par
t Stand Gas & El Co-..No par
84 preferred
...No par
8
17
86 cum prior pref—..No par
87 cum prior pref.
.No par
Jan 26
Jan 27
193* Jan
% Jan
2634 Jan
26% Jan
Stand Investing Corp..No par
Standard Oil of Calif.No par
Standard Oil of Indiana.—.25
26
14
26
26
15
28
Jan
Jan
141
Nov
25
July
22%. Jan
23% Dec
3334 Dec
,
40% Nov
4
Oct
Mar
46
Jan
Mar
Mar
4% July
11
July
24
734 Mar
29
Mar
4
6% Mar
5
48% May
12% Mar
6%' Mar
6
94
Mar
49%
17%
45%
157*
70%
19% Dec
15% Mar
6
Dec
Nov
Dec
Dec
31
July
July
9%
Jan
Mar
107%
Feb
1% June
2
Mar
3%
Jan
4% Mar
10% Sept
11%
23
July
13
% Jan 14
29% Feb
Nov
16% Jan
114% Nov
3% Jan
4
24% Jan 19
28
July
1
Jan
Mar
% Dec
25% Mar
6
Jan
5%
Jan
347* July
35%
Jan
50%
Nov
26
Jan 26
29%
50%
53%
3334
3
24%
32%
8934
17%
69
Jan 30
72
Feb
6
49
93*
5
13U
6!%
Jan 26
Feb 17
12%
6%
17%
8%
Jan
Jan
5
3
6
May
5
June
Jan
5
5% Mar
17% Nov
Jan
It
3% Mar
65
Jan 25
Jan
4
9% Oct
65% Dec
503* Jan 14
4714 Jan 26
—25
Starrett Co (The) L 8
No par
Sterling Products Inc.—.10
»
1
(The)
19% Aug
2
3
10034 Jan 16
2% Jan 4
5% Jan 20
10% Jan 20
20% Feb 6
4
Aug
29
7% Jan
15* Feb 17
314 Jan 24
X Stand Comm Tobacco.....1
Jan 23
Feb
Jan
Oct
Oct
24
19% Mar
9% Mar
5% Mar
8% Mar
17% June
2% Sept
Jan
30
Nov
122
Apr
1534 jan
*70% Jan
63* Jan 27
Jan
105
,
1% Mar
15% Dec
128
3% Jan
8% Feb
21% Jan
47% Jan,
16% Jan 16
Jan 24
Jan 24
19
4
3% Feb
634 Jan 25
40
111
25% Feb 16
21% Jan
23% Jan
33% Jan
23i* Jan 24
15
Feb
2% Jan 25
3512 Jan 17
„
Jan 26
Jan 27
66
Jan 24
31
25* Jan 28
16% Jan 28
Jan 26
27
,
127%
11%
38%
3%
22%
30
Jan 5
Jan 14
Jan
Jan
3
45
Mar
Apr
Mar
Mar
58% July
34% Nov
71% Nov
Mar
12% Dec
11
Mar
128
119% Feb
Jan
Jan
Jan
Jan
Jan
8% Dec
17% Mar
134 Mar
834 Mar
-177* Mar
6% June
Jan
Jan
,
Oct
14% Mar
43% Oct
4% Aug
23% Nov
32
July
15% Aug
9i2 Jan 27
10% Jan 13
Jan 12
197* Jan 19
15
26% Jan 26
,734 Jan 26
6% Jan30
6i2 Feb 15
28% Feb 16
22% Mar
434 Mar
37* May
29% Oct
10% Nov
5
Mar
34
Apr
9% Oct
49% Nov
5% June
50
25
Swift & Co
98
Apr
8% Mar
1034 Mar
18% Jan 20
141
Jan 11
Spalding (A G) & Bros .No par
1st preferred—*.—.*--100
Sweets Co of Amer
3%
24% Nov
3434 Jan
147* Mar
18% Mar
Jan 30
3
21* Jan 3
16% Jan 16
132
Superheater Co (The) —No par
Superior Oil
1
Superior Steel. .......—100
Sutherland Paper Co......10
700
.
31
Jan
8% Jan 27
.
9% Jan
35% Nov
,2% Apr
10
1334 J an
114% Jan 21
120% Jan 27
44%
47*
,
Jan 26
6% preferred...——.100
4,000
4«4 Mar
12% Mar
Apr
Mar
Sunshine Mining Co.......10
.
7
*6%
*38
39
39
.
Mar
12% Nov
28% Oct
18% July
106% Oct
13
500
10%
,187*
93
Jan
Mar
19% Jan
16% Jan
14% Jan
230
•
10%
18%
10
Mar
4,000
1,000
49% Nov
May
112
Studebaker Corp (The)
*
Sun Oil—.
—..No par
......
Aug
91
9
1312 Jan 26
Stone & Webster. .....No par
100
36
*84
45
...
7,300
9% Nov
Jan
6% preferred.*
.—100
Mobile & Ohio stk tr ctffl 100
Stokely Bros & Co Inc
70% NOV
Mar
Jan
Southern Ry—.——-No par
9.300
15%
7%
61%
125%
9%
34%
234
18%
29%
Nov
Mar
3
103
JSfo par
Stewart-Warner.—.—6
23
10
45% Mar
Feb
7
14% Jan 26
8% preferred
—
100
Southern Calif Edison
——25
Southern Pacific Co.
100
1,800
1,200
Oct
July
100
South Am Gold & Platinum—1
Standard Oil of N J.
18
Janl8
Standard Oil of Kansas*——10
8,800
80%
9% Mar
Jan 30
'
.5
••*9%,
47*
100
Mar
July
634 Mar
20% Apr
32% Jan
3% Jan
2I34 Jan
29% Jan
95% Jan 19
1234 Jan 26
1,300
3,900
6,300
"
507*
49%
32%
717*
49'
6%
6%
■
Jan
47
3
27% Feb
Mar
80
947* Jan
12
84.60 preferred
5%
Feb
107
Jan 26
Oil Co Inc. 15
Solvay Am Corp 5^ % Pf—100
500
.28%
507*
49%
*45%
,
400
2,700
%
%.
267*
*45%
4834
5%
44%
*32%
*3%
*22%
10%
*3%
*57%
10%
83%
18%
85
18%
95%
*81%
82
22%
22
39%
38%
10%
16%
11
16%
118%
*115
57
59
*15%
16
8%
18
884
8%
19%
187*
18
Swift International Ltd.
Symington-Gould Corp w w..l
Without warrants—*.._1
Talcott Inc (James)
—...9
5H% preferred..*.'....*50
Telautograph Corp-*..
—5
Tennessee Corp.—.........5
Texas Corp (The)..
25
38
Feb 15
4i2 Jan 26
10% Jan 4
8% Jan 4
7% Jan 7
42% Jan 24
5% Feb 17
Texas Gulf Sulphur—No par
5% Jan 26
42% Jan 24
4% Jan 26
29% Feb 1
6% Jan
48% Jan
534 jan
32% Jan
Mar
4%
37*
32%
2%
3
Mar
26
10% Jan.
Texas Gulf Produc'g Co No par
69
*38
*19
•
Texas & Pacific Ry Co*
100
Thatcher Mfg----—..No par
17
18
Jan 27
83.60 conv pref
—No par
The Fair——————No par
56
Jan 28
1934
1,100
200
43*
447*
4%
20
100
447*
4%
*38%
4%
18
*18
4
18
100
597*
*38%
18
77* Jan 24
*4
4
•'
8% Jan 27
Texas Pacific Land Trust—__1
597*
4
4478
37*
37*
*17
,
10
2,100
16
*'16
19
59
4%
11,000
■8%
8%
8%
8%
18
59
19%
*4
27*
2%
*3%
37*
25.
25
2%
2%
♦12%
1234
147*
'
4%
11%
237*
82%
3%
24
10%
4%
60
10%
84
18%
*94%
14%
.
234
*3%
25%
2%
;
4
12%
13
127*
95%
/147*
13
47
;4634
14
95%
15%
47%
6%
6%
834
6%
9
8%
3%
87*
3%
87*
3%
87%
87%
*85
*4
4%
11%
237*
32%
4%
*10%
2334
32%
*3%
23%
10%
*3%
4%
11%
243*
32%
*58
60
*32
3%
*3%
*23%
10%
*3%
24
*58
60
10%
83
*18%
96
95
82%
22%
387*
8134
22%
38%
11
11
26
2%
,
*12
127*
*94%
15%
4634
6%
9%
*85
*10%
237*
*2%
*334.
27*
26%
234
127*
95%
1434
*
6%
8%
*8%
3%
*10%
23%
8%-
18
*56%.
.
4834.
*4 '
60%
10%
*16
8%
*17
6%
8%
8%
3%
87%
*85
10%
*115
'
47
8%
8%
3%
32%
82
*56%
'Iff.
22
28
6%
4434
96
6%
96%
39%
10%
22%
%
47*
*5%
44%
$46%
'
4%
11%
25%
95%
*22
*17%
28%
27%
39
*93%,
14%
4%
10%
37*
25%
2%
13%
127*
'
A
3%
87%
*3%
2%
•
,*24%
33*
23%
*58
27
9%
19
22%
10%
4
10%
84%
1834
95%
10%
33*
23%
10%
4%
1034
9
1,900
20
*85
*4%
*10%
24
32%
*3%
23%
103*
*3%
59%
10%
84
83
187*
9534
83
18%
9584
*81%
22%
X22
22
1834
95%
82%
22%
407*
11%
40%
11%
83
40%
11%
16
83
413*
117*
16%
*16
4,100
25*
4
------
400
U2 Jan 17
3
33* Jan
Tide Water Associated Oil*. 10
96
15%
47%
6%
9
3,500
..
400
2,500
1,800
6,900
4,300
84.50
2% Jan 27
11% Jan 30
12% Jan 24
94% Jan 9
13% Jan 27
4334 Jan 27
iNo par
Timken Detroit Axle. *
10
Timken Roller Bearing.No pai
Transamerica Corp....
2
conv
pref.
*
_
....
6% Jan 27
Mar
Mar
Mar
Mar
Transue & Williams SflNo par
8
Jan 26
Tri-Continental Corp ..No par
86 preferred
No par
3
85
Jaa24
Feb 4
4%
11%
24%
32%
33*
23%
103*
100
Truax Traer Coal.....No par
Truscon Steel
.10
4
Jan 24
10
Jan 24
20th Cen Fox Film Corp No par
21
Jan 26
4
4,500
—
400
81.60 preferred
100
__
No par
Twin City Rap Trans
1,900
Preferred
31% Jan 28
No par
3% Jan 25
23
100
Twin Coach Co
59 %
100
107*
84%
1834
96%
82%
22%
41%
9,800
4,700
Union Bag& Pap new..No par
Union Carbide & Carb.No par
800
Union Oil of California.—25
18% Jan 26
Union Pacific
88% Jan 27
35,500
12
18,500
2,700
500
800
400
:
57
4% preferred.....
Union Tank Car
81% Jan 27
81
Feb
No par
21
Jan 28
United Aircraft Corp—..—.5
Un Air Lines Transport
5
United Biscuit
118
*116
118
58
58
57
58
58
58
900
United Carbon
*15%
16
15%
15%
16
16
300
33% Jan 24
9% Jan 26
16
United Carr Fast Corp .No par
16%
Preferred
—No par
—.100
*
7
100
*116
1634
Jan 27
93* Jan 26
—.100
117
57
7
884 Jan 26
3% Jan 25
1
Ulen & Co..
Feb
No par
Under Elliott Fisher CoNo par
mm
13
Mar
1934 Jan
15
Mar
597* Feb 17
4% Feb <9
40
Jan 7
434 jan 10
53% June
27* Apr
21
Jan
3
113% Jan 23
35
1J5
1
°
Feb
18% Jan
54% Jan
Mar
Mar
Mar
Apr
31% Mar
734 Jan 10
4
Mar
Mar
Mar
8
334 Jan
15% Jan
14% Jan.
Mar
3%
8%
1%
534
10%
77%
27* Feb 15
«37g Jan 10
28% Jan 3
96
Apr
2%. Mar
Mar
Jan 10
1(P& Jan
200
Mar
63i Mar
22% Jan
10% Jan
1,500
~
7
Jan
7% Jan 24
3%
87%
-
9 !
Transcont'l & West Air Inc..5
16% *16
118% *114
167*
Jan 25
20% Jan 26
Thompson-Starrett Co .No par
83.60 cum preferred.No par
4,700
3
3% Jan 26
16
Thompson (J R)_i.
.25
Thompson Prods Inc..No par,
13
Jan
371* Jan 25
1
83 div conv preferred
10
Third Avenue Ry
...100
1,600
Jan 24
4
100
...
Thermoid Co
267*
2%
133*
9%
*8%
3%
Texas Pacific Coal & Oil
Preferred
.
"
•
9
*32%
*3%
23%
10%
20
2%
*3%
37g
24%
2%
137g
127*
'95%
147*
47%
6%
834
4
4
*17%
2%
,
4%
447*
*38
20
*2
95%
2734
*8%
6%
6%
197*
697*
*19%
'
•
4
*3%
*17
'
1734
9
9%
*%
800
14,800
1,000
2,400
7
Dec
Mar
101
So cony Vacuum
preferredNb par
Square D Co class B——1
^Standard Brands...—.No par
Mar
Dec
Jan
15% Jan
7
Snider Packing Corp.*.No par
Conv 84.50
Mar
11% Jan
36
5
18*2 Jan 27
21
No par
10
Smith & Cor Typewr—No par
So Porto Rico Sugar
3
21
Nov
Jan
8%
.8
Jan
49% Aug
57* Dec
38
Oct
.
'
*56
*3%
*24%
2%
*12%
■.
1234
334
,
460
100%. 100%
17*
1%
3%
3%'
17*
38
31%
*8%
*4
26% ;
18'
18%
5%
44%
'4%
44
44%
*47g
26%
67*
7
29%
10%
18%
2734
8%
*9
5
*4%
5%
4>%
44
26%
28%
2%
234
*17%
*27%
13,100
1434
68
22
9%
34%
34
60
45
*43
14%
17%
7%
125
9%
29%
10%
187*
273jj
8%
67*
7%
39%
*9
8%
125
300
67
1*4
3%
8%
61
*59%
9%
34%
2%
18
9%
.■27*
♦18
7%
5%
20,500
1434
*9934100%
10%
5%
147*
14%
14%
'
t'
34%
,
100
10%
7%
14%
9%
*33%
*234
30%
71%
10%
53*
15%
*5%.
123
9%
49%
10
59
123
'607*
*30
31
*71%
*10%
27%
100
20%
46%
14%
68
x7
-
.
ar2734
*267*
*45%
48%
Holiday
27
267*
*45%
%
28%
*%
Extra
%
28%
*%
28%
100
8
*7
20%
25%
2
17*
334
*3%
834
8%
17%
17%
21% 21%
%
*%
28% "28%
2634 27%
*45% 51
487* 49%
*30%
30%
71%
71%
9
1,100
30
13%
'
9
9
,
17
-
100
100%
1%
3%
*3%
17*
2
3
457*
45
1,600
67
25%
7%
7
.
100
Stock
100% 100%
2
7
8
Jan
104% Jan
—.——25
6% preferred—
—*100
39
3%
.45
27*
20%
46%
14%
*43
28%
45
3
*7
1334
67%
*2514
25%
67*.
3%
4534
14%
45
13%
67%
25%
277*
*20
45%
1334
*43
44
44
8
21
*7
44%
1334
67%
26%
67%
*25%
.
46
♦20
3,700
15,300
9,900
5,300
17%
19%
*41%
13%
13%
1634
18%
27%
*33%
33*
39
,27*
4,800
1,500
25%
19%
3
100
10
25
*33%
3%
3
2,100
20,000
*137
25%
39
46
......
*111% 113
2%
23*
17%
17%
17%
*
2634
45%
14%
*43
tem
*33%
21
45%
*13%
mm
1684
18%
7%
7%
8
*7%
*19
2%
27
3
3
16%
14%
127*
17%
Jan 25
1134 Jan 26
Shelly Oil Co
-
*15
16%
18%
*41%
-
*12%
27
33*
mrnmm
200
112
2%
17%
25
*3
47
10% Jan 24
Jan
Feb
1'4 Nov
10% Nov
507* Oct
11334 Dec
7* Jan
3434
112%
%
1%
15%
234
7% Jan 5
50% Feb 16
28
27%
85
June
% Sept
Jan 11
69
Simonds Saw & Steel—No par
17
18
46
3
112
2%
17%
1534 Jan 28
Jan 26
5% Jan 27
60
100
2,300
103
14
Jan24
2?g Jan 14
14%
13%
13
Jan 25
15
Simms Petroleum...*——10
16%
*15%
14%
6
500
♦15%
•
Jan 26
67
86 preferred
Smith (A O) Corp.—
*102
*4 Jan
2% Jan
22% Jan
3% Jan
74«4 Jan
18% Jan 10
2ia4 Jan 5
234Peb
Sloss Sheffield Steel & Iron. 100
13%
....
%Feb 8
1^4 Jan 27
5% Jan 23
10
16
115% Feb 14
19
1384 Sept
62
Jan 20
4
Jan
Highest
$ per share S per share
9
Jan
10% Jan 25
48% Jan 4
Jan 13
6
25*2 Jan 27
30
103
1
Mines-.6
Simmons Co
92
24
72
3
———No par
Silver King Coalition
'96
25
3%
*41
*3
♦19%
3
4534 Jan 23
bH% conv preferred——100
200
700
2,000
*85
25
39
2,700
*95
*137
•
3%
'
534
28%
3%
2034
25%
92
*102
16
16
16%
13%
106%
634
27%
Jan
113
-No par
96
138
267*
267*
*33%
44.
3
13
Shell Union Oil
*94
138
mm
•
24%
16%
18%
*
"
3%
44
«
18
_
39
*3%
•
40
f per share
17
Jan 3
% Jan
68
—
25%
14%
14
127*
*112%
2%
2%
177*
17%
13
24%
16%
247*
*33
"
200
<
1,100
33%
106
3%
1,400
1,400
11
107*
33%
21
6,200
4,900
*85
16
103
103
,
800
52
*48
28
200
......
6%
6%
5%
500
13% Jan 26
Schenley Distillers Corp
5
5H% preferred--*——-100
JSchuIte Retail Stores——--1
8% preferred-*——100
Scott Paper Co—
No par
84.60 preferred——No par
ISeaboard Air Line—No par
4-2% preferred
-*100
Seaboard Oil Co. of Del-No par
Seagrave Corp—
No par
Sears Roebuck & Co—No par
Serve! Inc—
—L
Sharon Steel Corp
-No par
S5 comr pref.———No par
Sharpe & Dohme—*—No par
83.60 conv pref ser A_No par
Sbattuck (Frank G)—No,.par
Bheaffer (W A) Pen Co.No par
*197*
24%
,
103
17
1023a 1023/
♦15%
♦15%
1334
•12%
*112
5%
24%
96%
*19%
4
24
24
28
24
20
*94
534
27%
3
f
5%
2634
90
65
*61
.
26%
20
17
17%
65
*61
6%
*5%
26%
*27*
6
26 %
16
600
3%
73%
163*
17%
*2%
723*
157*
3%
73%
6
6%
.534 .6
*49
*49
50
50%
50% 50%
11
11
11
11%
11%
11%
*33% 34
*3334 34% *33% 34
13
13%
12%
12% .13%
13%
*106 : 107*106
107
*1057* 107
107
♦534
65
7,400
1,500
%
7%
*2%
72%
1534
16%
16%
163*
*60
65
6%
35
♦106
16%
16%
*60
6%
,49%
11%
*33%
*2%
,
15»4
11%
7%
*47% 48
115% *114% 115
%
%
%
2
I7*
I7*
20
*20% 20%
33*
3%
*2%
72%
71%
71%
16
157*
15%
*%
%
♦20
7%
200
69
%
48
114%
~~
6%
49%
7%
6%
48
2,900
70
*68%
%
%
7%
7%
7%
48
48% 48%
48%
*114% 115
*114% 1.15
%
%
%
2
17*
17*
*17*
20
20%
20% 2034
%
Lowest
Highest
8 per share
Par
Shares
| per share
15%
15%
15«4
69
%
Lowest
Week
17
Feb.
16
15%
70
*68
%
H
%
34
♦8%
48
15%
15%
70
*68
70
Feb.
$ per share
$ per share
1534
1514
157g
15%
♦68
15
Feb.
$ per share
$ per share
S per share
Lots
EXCHANGE
the
Friday
Thursday
Wednesday
14
Feb.
13
Feb.
11
Feb.
Tuesday
Range for Previous
Year 1938
Range Since Jan. 1
STOCKS
Sales
SALE PRICES—PER SHARE, NOT PER CENT
LOW AND HIGH
1
Feb. is, ms
3
,
5% Dec
4
Mar
47* Apr
2% Mar
Jan
12% Aug
11% Febh
July
25% Oct
6034 Oct
"57* Jdly
56. Jan
5% July
18% Nov
2% Jan
6% July
287* Nov
4
July
19
July
1534 July
98
July
19% Nov
26
'55% Nov
1234 Jan
10% Oct
12% Nov
47* July
88
Jan
77
47g
1334
26%
34%
jan
Jan
Jan
3%
5%
16%
25%
2%
Mar
Mar
Mar
Mar
6
Jan
Jan
16
Mar
44
Jan
12% Jan
434 Jan
6
Mar
13% Nov
Jan
3% Jan
30
66
jan
41
Mar
91
Nov
6% Jan
15% Nov.
28% Nov
38
July
Oct
6
Jan
57
jan
Jan
Jan 11
Jan 6
Feb 17
17% Mar
55% Mar
5934 Apr
70%
15%
907*
22%
99%
83%
20
23%
13% Jan
17
Mar
1% Mar
Jan
121*
90%
1934
98%
84%
23%
41%
June
Jan
7% Mar
3
7
113% Jan23
Mar
Mar
J 9% Mar
5
Mar
14
Sept
Nov
Aug
Nov
July
Nov
Nov
Jan
43% Dec
1334 Nov
20
Nov
100%
Jan
118% Aug
Jan 26
65
Jan
3
39
Jan
15% Jan 23
17
Jan
5
1234 Apr
73% Nov
203* Nov
54
No par
>
-
♦Bid and asked prices; no sales on
this day.
J In receivership,
a Def. delivery *
"
n New stock,
r Cash sale,
I
x
Ex-dlv.
y
Ex-rights.
% Called for redemption.
Volume
New York Stock Record—Concluded—Page 10
148
AND
$ per share
3ig
SALE PRICES—PER
Tuesday
Feb.
11
Feb.
HIGH
Monday
Range Since Jan. 1
Feb.
13
$ per share
7
73
3%
3534
7
478
*634
68
1234
*115
514
*3012
5%
33i2
68i8
8
*534
6%
884
834
♦86
*684
3%
7
73
73
88
*3S
58
534
9
97i2
9734
9834
97
97
97%
67g
*27
*25l2
6,000
8,000
400
100
800
97
1,500
U S Gypsum
6_78
2212
2U2
*4i2
434
*43s
478
*4lo
434
412
4%
4%
*8%
9
*814
9
*814
9
85S
87g
8%
22
2214
22
22%
22%
200
834
500
63
*4178
4214
44
44%
434
45g
4%
4%
4%
453g
4538
4634
45%
4678
54
55i8
56
63l2
64
58
65%
65i8
58%
5934
115l2 116
59
64
5978
5934
58i2
1155g 11534
35i2
353g
*44
65
64
65
*6334
11534 116
3538
3538
353g
55
55
104% 105%
5638
*5534
10312 10412
55%
55is
10334 104
60 7s
11534 116l2
35%
*35l2
"35%
*43%
3%
*7%
2%
44%
*160
2,200
35%
900
U S Tobacco..
44
160
.25
1% preferred
United Stockyards Corp
55
11*8
*11
11%
*51 %
*11
55
*11
77
*74
77
*7334
77
*160
I6II4
161
I6D4 *157
161
161
161
40
100
157
68
64
64
190
Universal Pictures 1st pref. 100
50
300
Vadsco Sales
58
25
25
*5g
*8
27
*17
64
63
64
&8
h
27
*51 lg
55
*6218
63i2
3i8
75s
2i4,
734.
55
*63%
%
*8
3-l
,
27
*17
3%
2%
.
27
*17
3%
800
734
400
2%
..
800
100
Universal-Cyclops Steel Corp 1
34
*32
32l2
114i2
40
*
378
*25
8
Stock
Exchange
123
72
"2 5%
"
"T14
76
72
72
*6l2
*1734
18
*87
*li8
"114
25g
*2i8
2
2
*U4
258
2l2
6*8
6*8
6*8
7
7%
1734
1734
I734
18
1734
88
25s
2%
658
*2l8
88
88
88
1
*2i8
Lincoln's
88
Birthday
1J8
738
73s
Holiday
4734
47
1384
23g
36i2
538
3778
2%
*35i2
5I4
*36
*278
2018
13l2
2l2
387g
538
20
20
*83S
*3l8
*2612
*2i4
"
*3512
514
3778
234
*83g
3
12
6
*3ig
28
227i4
13l2
37l2
514
387g
3778
278
37i2
2&8
12
*83s
*3I8
6
*27
2734
*3
215s '
2l58
2112
2914
*28l2
2834
2834
*2»l2
3
3i8
,.] %
*1
Us
2514
253s
2512
'
75
*91
*123l2 124
*11614 11612
2Si2
*3
1%
2H4
27
26i2
I0834 IIOI4
148
I7l8 17%
*3784 •38
18
H4
25
£»4
89,
6<
Jan 11
1
678 Jan 24
120
6712
■
6
Jan
120
Jan 24
72
Jan 21
1384
*12
20%
1334
*38%
234
234
6
U4
3
*73
75
75
*73
917g
92
9178 02
*91%
*10334 104
10334 104
95
95
95
9478
122% 122% *121% 124
115% 11534 *115% 116
28%
2834
z28% 29
94U
9414
122l2 122i2
*122l2 124
II6I4 11638
285s
2812
*3
28l4
*3
3i4
*5l2
*12
116
116
578
578
*f2
*8
2834
3%
'57g
3%
*5%
*8
*%
1
*1
I3g
17
17
18
38
*3734
1834
1834
*30i4
3114
60
*75
90
*75
90
*75"
90
25
25
25
25
25l4
*
60
*79i8
90
*7912
90
*80
*53
5578
12%
*53
557g
'
*52
*1114
*1114
123g
1078
1034
I9S4
10&8
*6
6%
578
6
.*578
*H2
1%
1»2
H2
3
278
578
100
30
70
*138
38
31%
*
25%
*80
55
123s
1078
6U
U2
17
44
Jan 26
140
Jan
Weston Elec Instrum't.No par
Westvaco Chfor Prod..No par
1,300
30
100
5K% conv pref erred..-.100
Wheeling Steel Corp..'.No par
11%
*l-^j
1'2
*1634
17%
1684
278
1634
534
578
4i8
4%
4%
44l2
44i2
*44%
45%
2"l5g
21%
4834
48%
10,100
19
19
19
*5018
65
*59
70
*58
68
65
*51
65
58
58
*52
61
65
*40
65
*45
18i2
18is
♦323s
34l2
*325s
341g
*42
47
*42
47
11012 110I2
7834
*7812
28i4
*2714
I8I4
1778
110
107l2 10712
78i2
2834
1734
.110
7812
2834
18
110
18
I8I4
18%
200
18%
112
34%
16%
17
16%
16%
1612
16l2
163s
163s
16U
I6I4
4478
455g
4412
45l2
45i2
457g
457g
47%
46
473s
80 84
*787g
8034
*79
26
26l4
26i4
26l4
26i4
26%
27%
27
27%
17i2
1712
175s
175g
17i2
18%
18%
18
18
318
3i8
18lS
314
3%
3%
400
100
1,400
14,800
8034
255s
8034
*71
3
8034
3i8
*77
*3
Bid and asked prices; no sales on this day.
t In receivership,
3%
II4 June
3J8
Oct
8
338 June
678
Jan
Jan
5
3
Mar
32
Mar
3%
Wisconsin Elec Pr
4% Jan 13
Jan 19
Woodward Iron Co........10
19l2 Jan 26
10
46i8 Jan 26
16»4 Jan 26
Woolworth (F W) Co
5
49l2 Jan 5
108f2 Jan 12
2558 Jan 4
503s Jan 5
4
103
Oct
IOI3 Mar
36
Jan
2318
Jan
60
Jan 31
65
Jan 24
42
6% preferred B
58
Feb 16
65
Jan 18
7034
34
Feb
6
38
Jan
4
27
42
28'4 Mar
55f2 Mar
Worthington P&M (Del) No par
19,600
190
79
29%
29%
18%
18%
114% 114%
18
3i2 Aug
8
16% Jan 26
113
*78
112
158 Mar
31s Feb
6% Feb
Jan 11
Yellow Truck & Coach cl B..1
*110
79
29%
18is
35S Jan 12
2
3
11134 113
111
278 Feb 15
1
10
Jan
109l2
1734
Oct
5
120
109
111
Jan
2434
10I34 Jan 26
773s Jan 13
26U Jan 28
46
29%
Jan
3
884 Mar
600
46
*78%
11
3
5
44
29
Sept
li4 Mar
1934 Jan
Jan
44
7878
5
3
53
*32%
43l2
787S
6f8 Mar
4
Feb 15
34l2
42
2,400
2,000
5,500
a Def. delivery,
15i2 July
15i4 July
4
7
100
—100
Prior pref 4 M % series
10
Prior pf 4H % conv series 10
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del).No par
Yale & Towne Mfg Co
25
10
*325s
29
Nov
Preferred A 7%
1,300
35
*3284
61
Jan
$6 preferred
•
48%
65
*50
*2034
483s
42
134 Jan
Wilcox OH & Gas
400
48
4834
2012
Jan
4
Mar
1334 Jan
,
Jan 26
4858
95
3234 Nov
1% Jan 13
15% Jan 27
"
41%
20l2
75
4
9% Jan 26
678. Feb 14
.....
WJiite Rock Min Spr Co No par
No par
White Sewing Mach
107
485s
Jan
Jan 27
20i8 July
3*112 Deo
"
100
6% pref. 100
2054
Mar
90
Jan
May
1034 Dec
Jan 12
48%
18i2
60
Apr
14i2 Mar
3T84
Jan,23
4
900
Mar
Jan
Wilson & Co Inc......No par
•
Mar
12
2,500
-
Mar
20
60
2,400
-
Oct
10
Jan 12
5
4%
-
Oct
Dec
4
Willys-Oveil&nd Motors.
6% conv preferred..
22%
21
39
105s Jan
700
45
9|f2 Mar
3U8 Mar
64l2 Feb
5%
-
3314 Nov
12478 Nov
144
60
60
80
Jan
Mar
103
.
Jan
158 Jan
338 July
3414 July
16i2 Mar
1534 Mar
6134 Mar
205s Jan
37% Jan 23
22i2 Jan 4
ar32is Jan 13
Jan 27
9,900
2012
48i8
18i8
♦5018
80
3
*21%
22
Mar
l2 Mar
84 Dec
65
22% Jan 26
3
45
*107
*107
*107
4i2
9
258 Mar
3
$4 conv preferred—.No par
100
534
8
Jan 12
Jan
8
Nov
119i2.Nov
2678 Dec
111% Jan
1234 May
S 8)20
White Motor Co
300
534
60-
100
;
White Dent'l Mfg (The
600
1%
41S
•
$5 conv prior pref..-No par
4,600
6%
*1%
Preferred
Jan 26
30% Feb
6% conv preferred
Wheel &LE Ry Co.
,
Jan
Jan 2|6
16
37l2 Jan 23
18t2 Feb 16
...No par
700
11%
278
preferred..
Class A
—
6%
578
44
130
4
Jan
11
414
*107
120
6%
278
534
*4i8
4512
Jan 26
90,
234
5%
4%
4% Jan
Jan 26
11%
27«
126
98
*6
27g
Mar
3
Feb 16
2018
2314
1034
27g
Mar
Jan 26
97
12384
1*8 Jan
2412 Jan
3134 Jan
*11%
278
74
116
3
100
82f4 July
Jan 17
z29
4
Oct
Jan
July
Feb 10
Jan 26
3
Jan
U2
39
25% Mar
71
Apr
70
Apr
823s May
102i2 Jan
103i2 Dec
9734 Jan
Jan 18
2212
Jan
9
Jan 18
116% Jan
■
2534
*80
92%
10512
Feb 16
300
27g
4
3
I58
'100
27g
Jan
Jan 26
Feb
100
Western Union Telegraph. 100
Westingh'se Air Brake.No par
Westinghouse El & Mfg....50
1st preferred.
50
55%
27S
79
7H2
89
4'4
1% Mar
34 Sept
84 Jan
5434
11%
3
3
4
I23g
3
Jan
7
5% Jan 26
90
25%
90
55
28%
Jan
Feb 17
Jan 24
'
90
3438 Nov
4% 2d preferred...
-.100
Western Pacific.......—100
60
*75"
90
55
Oct
Mar
10
19%
31%
*30%
*
26%
*1638
578
38
*18
187g
60
*75"
*3734
1634 July
17
Jan 31
6%
Mar
4
Western Maryland..
3,500
4,100
4,500
18
18
1734
1734
*3734
5
3
100
400
478 July
184 Mar
3234 Jan
314 Jan
1% Feb
Jan 28
300
1%
2138
2634
Aug
Mar
Jan 25
...
Western Auto Supply Co...10
4,900
July
45
20
Dec
100 10278
89
6% preferred
100
West Penn Power 7% pref. 100 zl20%
6% preferred
100 114%
7% preferred
8
Nov
1
West Penn EI class A...No par
%
1
5
1
$4 conv pref erred..-.No par
— •
50
3%
6%
*%
17
438
110
*5%
%
•
*16i4
*278
3
43g
3%
6%
18%
*30%
;
38
«»
July
334 Mar
Jan 10
500
3%
'
»16i8
*3734
—
130
1%
21
21
20 78
21%
2U2
21% 22
27%
26
27%
26%
26i2
2634
2&l8
111
110
111110
109
111%
111%
110i2
136
*135% 138
al36
*135% 138
*135i8 138
*1
*55-
3
»
July
51
8
2478
75
103f2 103l2
95
*9414
4
Mar
25
Weils Fargo & Co
1
Wesson Oil & Snowdrift No par
*73
Mar
31
-No par
*91
2
23
I9i4 July
Dec
Webster Elseniohr
300
Mar
Mar
Wayne Pump Co...
1,700
12
Nov
2038 Deo
8
6%
200
1«8
Jan
54
Mar
1734 May
11
200
247g
Mar
4f2 Mar
30
16% Mar
30
*!%
74
Jan
Jan
Jan
Jan
5
I8I4
27i2
23g
2478
Jan 28
Feb
8i2 July
5
Waukesha Motor,Co—
13s
Feb
33S
2014 Jan
87i2 Dec
IOI4 July
2438 Jan
Warren Fdy & Pipe
700
25%
•438 July
Dec
3038 Jan
400
27g
77f2 Dec
119i2 Oct
25g Jan
Jan 27
&7
21%
*29%
*2%
Mar
25f2 Jan 26
No par
No par
$1 1st preferred
Mar
Jan
1334June
37S Jan
10
$3 convertible pref..No par
.6
Feb
5034
2038
1414
278
2% Feb 16
No par
JWirrren Bros
100
10
91
187s
17
3,200
234
Jan
1534
12078
Mar
1%
Jan
3
36
..No par
$3.85 conv pref
Jan
4i2
38
:
Jan
116i2 Nov
534 Mar
678 Jan
42U Jan
21%
29l2
*1%
Warner
—.100
Bros Pictures
5
3
9U Jan
Jan 23
2% Jan 23
34l2 Jan 24
5% Jan 24
NO par
7% preferred
27
2778
21%
25
12
170
41
*3%
88% Jan 30
3
42% Jan 26
1934 Jan 27
Class B
6,800
5%
10
12
18»4
Jan
683
32i8
15s Apr
1
734 Feb 16
6% Jan 28
Co cl A.No par
100
Mar
37
3f2 Jan
85
No par
500
42
40%
■
'•
23JJ
2%
2%
44
600
Oct
1312 Sept
234 Mar
1534 Mar
2514 Deo
1% Mar
2% Jan 30
134 Jan 19
6% Jan 25
16% Jan 26
Walk(H) Good & W Ltd No par
Preferred
.No par
1,600
Jan
57
II6I4 July
Ward Baking
47
*1934
Nov
42
100
134 Jan
Jan
36&8 Nov
5% Mar
,
Jan 11
2
Jan
Oct
287g Nov
113
105
9
Jan 11
Feb 14
,1
100
No par
Walgreen Co
No par
4M % pref with warrants 100
Walworth Co
Dec
U8
2834
June
.
100
...
Dec
83
Mar
97
3178 Jan 4
116% Feb 17
2i2 Jaa 3
Jan
Dec
TS9%
^ OQ
30 f2 Mar
40
June
3
2534 Feb 17
478 Jan 4
8
Nov
1U2 Mar
I414 Mar
Feb 17
40
Dec
15
86
i2 June
11414 Jan 17
134 Feb
5% preferred B
300
*47
*234
60
*71
114
Waldorf Systeih
1,600
7%
4712
29%
25i8
10
89
73s
40%
*3%
100
2,700
1,600
18
20
21%
3
31i4
110
35
Jan 27
2134
3% Jan 26
2434 Jan 26
1 Wabash Hallway
100
5% preferred A.100
700
2%
7%
5%
*27
277g
2U2
29i2
*55
*44
"•
538
*10
*30i4
*107
7%
5%
234
12
*1734
*16U
..
39
19
1834
*38
1734
*87%
40%
®8
•
31l4
*11
5% preferred
100
Virginia Ry Co 6% pref— .100
Vulcan Detlnning
...100
Feb
16
Jan 26
Virginia Iron Coal & Coke. 100
,20
2%
75
%
-
n8
2534
103i2 103i2
3%
73g
*5i2
*234
23g
*2%
*1%
7%
734
91
9178
IO334 10334
95
*94i2
2514
May
36f2 Jan 24
No par
90
"l%
*73
*73
28%
3
47%
*197g
*12%
*2%
•
*1212
23g
2134
*21
19
134
52
Mar
3
6
Feb
584 July
1014 July
3i8 July
,,
7f2 June
34 Jan
19i4 Jan
30i4 Jan
30
-.100
Preferred
1%
2%
,
7h
47
2018
*lli4
20
*12
*3018
48
27f2 Mar
113
6% preferred
50
,37
3
100
Va El & Pow $6 pref..-No por
v
Jan 25
1234 Jan 21
3
161U Feb 15
Jan 26
70
Dec
1% Mar
% - Jan 16
.....5
47i2 Sept
758 Nov
67i8 Jan
22
700
June
•
8334 Jan
Jan 24
*119
2%
2%
*88
-»
1%
*1%
73g
4734
4712
4712
*19%
7U
73g
-
—
*1%
-
73s
*135i8
3
Oct
36
Jan 27
18
Va-Carollna Chem..;
600
72
Jan
121
3
358 Jan 20
8% Jan 12
23g Jan 19
'
*2
*%
*70
72
72
*119
*119
*119
*n8
20%
4,800
-
*71
7
53
Oct
Mar
Nov
29% Mar
40
Apr
3
3
Nov
NOV
9184 May
Jan
4534 Jan
...100
Vicksb'g Shrev & Pac Ry Co 100
Vlctoi Cliem Works.
5
80
80
Mar
3578
106s Feb 11
76ig Jan 28
No par
7% 1st preferred
.
Extra
*119
*1
preferred
Vick Chemical Co
400
2584
2558
"25i"8 25l2 "25" 25%
334
334
334
334
334
*3i2
3^8
35g
27
26%
26%
26% 27
*25i2
25l2 25l2
116%
116% 116%
116l2 *116
115i2 115l2 *116
2
2%
2%
134
*178
*1%
*134
134
7
*5
8
7
*6
"7
714
714
*115% 123
*11538 123
*11512 123
*11538 123
Closed
*70l2
1,000
,
r
*6i2
*
80
■
Mar
38
11834 Jan 20
Vandlum Corp of Am.No par
Van Raalte Co Inc...
...5
3,800
,
27
*115l2 116l2
*2
278
*118
*
80
255
Jan 23
50
No par
Preferred
27
25l2
"2434
25
*3i2
_
9
Jan
Oct
July
7
56f2
109i8
7234
70i8
71i4
Jan
4
75s Jan 30
134 Jan 25
,
80
25
8%
1
No par
Universal Leaf Tob
•
*112
$6 conv pref A
...
11%
2534
2578
26%
2634
2534
2434
35
*32
33%
3334
3212
32%
*32i4
,3212
*110U 11412 *11014 114f2 *110% 114% *110% 114%
39%
39%
*39%
z39i2
*3834
3912
3912
39%
25i8
3% Jan
Conv pief t70e;
No par
United Stores class A-.No par
*%
*17
45f2
Oct
Nov
4958
Mar
24434 Mar
'
Jan 12
44
*74
7Sg
*2i8
21
70
113i2 Jan 27
3378 Jan 24
7i8
13i2 Nov
71
21l2 Mar
278 Mar
66f2 Jan
5314 Jan 26
No par
;
35I4 Jan
30i4 Nov
Mar
5
Jan 23
60
60
par
100
No
Jan
Jan
Jan
Feb 17
65i2 Jan
11*8
*17
•
....
47f2
578
5234
IO5I4
Jan
5218 Jan 24
7734
3 >8
7*8
2
*51 f8
I6II4
61
»•
Preferred
578
Jan 26
90
*11
55
10%
*76
'
40% Jan 26
*75
*50
314
75s
2
*318
2
4534
2478 Jan
10*4 July
June
10
10%
314
75s
2
4534
Nov
24
Jan 18
50
79
*3i8
7%
*44
4534
Nov
6134 Feb
43%
3%
734
*2%
*51%
*4414
115
173
55
.20
No par
U S Steel Corp
Preferi ed
52,100
61%
116% 116%
Mar
4f8 Mar
32
4% Jan 27
100
50
Jan
162i4 Mar
Jan
6U4 Jan 20
37% Jan 26
414 Jan 30
8% 1st preferred...
Dec
1J4
13i2 Mar
314 Mar
538 Mar
U S Smeltihg Ref & Min
Nov
914 July
1258 Nov
534 Mar
105g Jan
U S Rubber
600
65
13
8734
May
Feb
177
30% Jan 27
18i2 Jan 26
8
Oct
8&S
3S Dec
3% Mar
4
Jan
Nov
IOI4 Aug
4f2 Apr
62
Jan 26
...100
U S Realty & Imp
1,100
59%
Jan 26
cl A ...No par
U S Pipe & Foundry
2,300
1,600
36,300
8,700
44%
4&8
445g
114
7i2 Jan
Jan 27
Jan 21
No par
conv
Prior preferred
63
434
434
44
IOOI4 103
'
44
4334
4234
*50
63
*50
4558
10434
478'
4478
*35
4234
42l8
63
*50
103
434
4334
*54
63
♦50
*55
4
i2 Jan 24
6
*...50
U S Leather.,
Partic &
Jan
Feb 10
7i2 Jan
95
U S Industrial Alcohol.No par
1,100
4%
•
.
Mar
! 10U
113
Jan 26
173
Corp...
5H % conv pref
31
*26
30
*2534
Sept
3
11
20
U S Hoffman Mach
678
*6l2
Mar
6
5
7%
100
7% preferred..
*176
"
Mar
Jan
6i2 Jan 26
8
Jan
878 July
3914 Oct
67i2 Aug
1278 Nov
80f2
834 Mar
87
100
No par
50
9
85s Jan 20
No par
Conv preferred.
Mar
100
734 Jan 26
82i4 Jan 24
s8 Feb 11
100
U S Distrib Corp..
90
Feb
Jan*
1078 July
Apr
3
Oct
738
2178 Mar
Feb 17
13
No par
U S Freight.
~~"ioo
71
5% Jan 24
$5 first preferred..
%
714 Jan
60
11514 Feb 14
6
3
10
U S & Foreign Secur
1,000
6i8
2212
22
United Paper board
Jan 13
1113s Jan
Feb 11
Oct
458
38
412 Mar
Jan
6% Jan 4
3314 Jan 12
Jan 30
lli8
No par
Mar
5
74
Jan 26
63
$5 preferred
No par
United Mer & Manu Ino vtc
Mar
4% June
834
4% Jan 26
30
United Gas Improv't.. No par
100
9
*6'4
30
5
*38
2812
2U2
33
5
2
22
578 Feb 17
Jan 12
65
100
United Eng & Fdy
United Fruit
87g
96ig
97U
*176
678
*6
*6
,
•5W Jan 26
United Electric Coal Cos
*5%
9
*176
*176
67s
*29
100
6%
*534
834
*176
*612
1,500
88%
*%
534
878
534
834
.10
Corp
Preferred
160
514
*31
278 Jan 13
31% Jan 26
434 Jan 26
par
Highest
$ per share $ per share
$ per share
334 Feb 6
3738 Feb 6
$ per share
No par
Lowest
Highest
5
No
United Dyewood
9
%
534
9
98
7134
32l2
5ig
5%
32
Corp
$3 preferred
United Drug Ine
200
7
♦68
7134
32
*38
.
7
United
8,900
4,300
11,400
33s
36i4
5'8
5%
7
5
32
7
♦534
»8i2
5%
*69
5i8
6%
3%
3514
36
514
*634
Par
Year 1938
100-Share Lots
Lowest
Shares
$ per share
3%
3534
5U
*31
32
314
36
On Basis of
Wed
17
69
70%
70U
71
69
69 7«
70i4
7034
I2i2
1234
1234
1278
1212
1258
125s
1234
11514 11514 *114% 11; 12 *114l2 115t4 *11412 115t4
8
*8
734
8
8'g
77g
8%
8%
578
534
534
6%
*5i2
*534
*512
6%
884
834
8%
834
8%
8%
8%
*84
88
*84
*84
*84
88'4
8834
1278
11534
*734
5i8
7i2
7312
514
314
3 1%
5U
73
74
5i4
*3012
3i8
3534
5
Feb.
16
$ per share
$ per share
$ per share
3%
36%
5
♦36
Feb.
Range for Previous
EXCHANGE
Friday
Thursday
15
Feb.
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
14
Sales
for
LOW
Saturday
993
100
Preferred
Young Spring & Wire..No par
Youngstown S & T
No par
5H % preferred
100
Youngst'wn Steel Door. No par
No par
Zonlte Products Corp
1
Zenith Radio Corp
w New
stock,
r Cash sale,
105
Jan 30
1U4 Mar
Mar
Oct
Mar
578 July
60'4 Jan
IO634 Dec
275s Nov
5384 Nov
2714 Nov
7212 July
7514 Nov
4814 Nov
653s Nov
I2U4 Dec
79
Jan 31
6U4 Mar
78
Dec
33
Jan
4
2084
Jan
39
July
2134 Jan
5
838
Jan
2184
114l2 Feb 17
71
Mar
109
Oct
Oct
1534 Jan 26
2U4 Jan
5
39
Jan 26
5578 Jan
4
24
Mar
57U Nov
80
Feb
85
62i4 Mar
llf2 Mar
Mar
86f2 Nov
3H8 Dec
25«4 July
Jan
534 Mar
9
93g Mar
Jan
6
23f2
Jan 26
31l4 Jan
4
16
Jan 26
22i8 Jan
3% Jan
4
9
3
234
3
z Ex-dlv.
Jan 27
y
Ex-rlghta.
257g Aug
4[Called for redemption.
Feb.
994
IS,
1939
NEW
STOCK EXCHANGE
YORK
Record,Bond
Friday, Weekly and Yearly
are "and interest"—except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the
unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
they occur.
No account is taken of such sales in computing the range for the year.
NOTICE—Prices
week's range,
in the week in which
5
Week's
Friday
BONDS
Last
Range
or
Sale'
Friday's
Since
e
«
Price
hA.
.
Bid
o-S
Low
A sked
»; *>3
High
&
No.
Jan. 1
Low
1947 1952
1944'1954
—1946-1956
3%s
*
1940-1943
3%s
1941-1943
3%s._
...1943-1947
3%e
1941
3%8__a...
1943-1945
3 >4 8
1944-1946
3%s
1946-1949
3 Ha
1949-1952
3s
...1946-1948
38-.J
..1951-1955
2Ha
.....--1955-1960
2'As
..—1945-1947
2%s
1948-1951
2%s
1951-1954
2%S
1956-1959
2%s
...1958-1963
2%s„—1960-1965
—*-
Treasury 3%s-.
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
.
—
-
-
-
Treasury
Treasury 2 %s.
Treasury 2%s„
1945
-—-1948
.....1949-1953
1950-1952
1947
—
—
Treasury 2%s
Treasury 2%s
Treasury 2s
O
D
M S
J D
M 8
1 D
F A
A O
A O
J D
J D
J D
M S
M 8
M S
M S
J D
M S
J D
j D
119.10
J
1
118.26 119.16
114.27 114.25
A
j
119.16
114.28
13
114.17 114.28
113.30
104.31
105.4
106.21
3
21
106.22
110.2
110.4
Low
5
Chile ,Mtg Bank
104.29 105.8
♦68 assented
..196!
1
♦6s assented
♦Chilean Cone Munfc 7s..—-.I960 M
16 1942-1947 J
17%
19
110.10
22
109.22 110.12
Colombia (Republic of)—
110
u0.4
32
109.11 110.4
21%
23%
23%
109.26 109.26
109.26
5
109.11 109.11
109.14.
38
107.28 107.26
107.29
25
105.4
105.1
105.9
58
104.12 105.9
107.22
107.26
22
107
106.9
106.14
111
104.24 104.24
104.29
25
104
103.29 103.29
103.30
10
103.4
103.11 103.11
103.16
35
J02:2;0 103.16
103.12 103.12
103.15
33
102.13 103.7
♦Chinese (Hukuang Ry)
68.'—1951
*106.20107
Oct 1961
1927. Jan 1961
109.26
109.2
108.19 109.14
107.4
107.29
107.26
105.19 106.14
104.29
,
103.30
♦6s extl sf gold of
J
6%a._-1947
♦Sinking fund 7s Of 1926
1946
♦SlDklng fund, 7s ol 1927
1947
Copenhagen (City) 6s
—.1952
25 year gold 4%s_L.
-.1953
♦Colombia Mtge Bank
103.7
83
103.11
67
107.29
107.13 107.9
♦Coeta Rica (Rep of) 7s. --—1951
Cuba (Republic) 5s of
1904—. 1944
108
107.13
2
64
103
106.26107.14
106.5
6%8_— .1945
.1949
Belgium 25-,yr extl 6%s
External
5
14
*25%
*25%
94%
12%
12%
13%
12%
11%
11%
11%
2
a
f 6 %s of
♦7a (Central Ry)._.
—
s
5a.^
98%
12%
17%
•*15
A
.1976 A
.1975 MN
.1984 J
1960 A
♦6s
July
1961
.1944
6s..July
15 1960 J
s
f 6s. .Oct
104
20%
106%
20
103'
114%
10
112
115
14
20
13
18%
16%
13%
18
16
14%
16%
12%
48
12%
12%
61
12
12%
12
11%,
11%
96%
97%
97
"ioo"
*55
51%
8
97%
3
89
97%
97%
5
97
100%
9%
O
'.0
J
103
102%
.1955
A
99
99%
99%
26
O
93%
93
93%
53
8
66
66
1940 A
O
*66
70
1940 A
O
*66
68
1942
ser
6%s of 1926...
.——1969 A
97% 100%
89%
97%
65
65%
65
66
66%
66
65
70
65
f6%
68
65
67
*15
1948 J
18
16
16
14%
J
J
1967 J
1945 M S
♦Frankfort (City of) s f 6%s...l953 MN
French Republic 7 %s stamped. 1941 J D
7 %s unstamped
—19411
External 7s stamped
>—.1949 J D
7b unstamped
1949
<
14%
14%
*100
Estonia (Republic of) 7s
69
*16
—
107
107"
6
17%
106%
105% 107
17%
107
14%
100
97
100%
106%
18%
103
*115%
118"
107%
104
*103
104
113% 114%
*103%
...
103% 105
International— "
.1905 J
♦5%s of 1930 stamped
D
♦6%s stamp(Canad*n Holder) '65
♦German Rep extl 7s Btamped. 1949
♦7s unstamped-—1949
19
19
19%
al5%
al5
al5%
1965
♦6%s unstamped
15
1'%
17%
A
22%
O
al7
23
-19%
al7
16
21%
18
17%
26%
22
German Prov A Communal Bks
22%
23'
33%
26%
26%
22
20
23
"*23%
27%
22% -13%
18%
18%
16%
20%
74%
74%
73%
75
*13%
17%
16%
16%
14%
16
16
103%
103%
103
105
8%
8%
22%
♦(Cons Agric Loan) 6%s
1958 J D
♦Greek Government s f ser 7B..1964 M N
♦78 part paid.
♦Sink fund secured 6s
*28
20%
1904
♦6s part paid
1968 FA
.—.—-.1968
Haiti (Republic) sf 6s ser
♦Hamburg (State) 6s
——.1940
♦Heidelberg (German) extl 7%e '50
Helslngfors (City) ext 6%s
I960
*
Hungarian Cons Municipal Loan
♦7 %s secured 8 f g
-.1945
11%
♦7s secured s f g.
.1946
♦Hungarian Land M Inst 7%8.1961
♦Sinking fund 7%'s ser B....1901
♦Hungary (Kingdom of) 7%s..l944
Extended at 4%s to
-.1979
12%
74%
A—-1952
9
23
F
*14
50
50%
63%
38
42
20%
29
1965 MN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
1947 F A
30%
32%
♦Lower Austria (Province) 7%s 1950 J
♦Medellin (Colombia) 6%s
26%
25%
65%
64%
*62%
D
111%
13
109% 111%
18
109% 111%
•102% 104
111
103%
104%
102%
10
5
101% 103
100%
108
98% 101
103
104%
19
19%
5s
I960
"f
23%
10%
9
9%
9
9%
13%
37%
9%
30%
9%
31
26%
24%
30
J
66%
62
76%
107%
M N
1951
ser B
'47
D
68
65
50%
49
51'
49
55
81
81
85
75%
85%
59%
58%
60
57%
65%
M S
J
A
Extl sinking fund 5 %s.
1954 J
*33
.
*15
11
♦Mexican Irrigat'on gtd 4%s..l943 M N
*%
%
75
36%
34
38%
20
16%
16%
13%
10%
%
13%
1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 5s of 1899
♦Assenting 5s large.
♦Assenting 5s small
1945 Q
J
J
1%
—
*%
1%
*%
27
32
♦4s of 1904
1954 J
D
25
23
27
♦Assenting 4s of 1904
1954 J
D
23%
J
%
%
%
%
""%
1%
%
%
"1%
1%
*%
*%
21%
19%
%
%
♦4%s strap assented
32
*21
"
D
16
19%
I
*27
A
53%
22%
30%
110%
110%
103%
103%
102%
100%
*9
*9%
M N
FA
8%
11%
M N
Italian Public Utility extl 7s... 1952 J
Japanese Govt 30-yr s f 6 %s—.1954 F
*%
~23%
27
16
?!
12%
11%
12%
33
11%
15%
16%
14
15
18%
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
{♦Treas 6s ol '13 assent (large) *33
{♦Small
%
"% """%
%
%
J
1%
%
56%
16
16
1
12
3
11%
16%
4
15%
16%
18%
22
11%
16%
3
15%
2
11%
18%
16%
12
15%
15%
16%
13
O
15%
"15%
~16%
*~4
1962 A
O
11%
12%
3
♦External sinking fund 6a
♦6s assented
1963 MN
16
16%
3
1963 MN
11%
D
D
14%
"io%
18%
12%
1962 A
"IS"
15
y
♦External sinking fund 6a
♦6s assented
3
109% 103%
*66%
♦Dresden (City) external 7s.—1946 M N
63
12
D
71
69
69
O
49%
J
For footnotes see page 999.
9%
*
♦Extl sinking fund 6s..Sept 1961 M S
♦6a Assented
Sept 1961 M S
1961 J
103
*66%
S
O
31
16%
1961 J
M
—.1969 A
53
11%
16%
♦Sink fund 6%s of 1926
♦6 Ha assented
M
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
11%
D
,
Apr 15. 1962
Dominican Rep Cust Ad 5 %s. .1942
—
Irish Free State e?tl s f
J
1957 J
60
103%
73%
71
64
A
1957 J
102%
50
52%
51%
_JaD 1961
♦8 He assented.
55%-
6
49%
49
12%
15%
♦Chile Mtge Bank6%s
100% 102%
16
103
2
49%
12%
15%
Jan 1961 J
105
71
64
A
O
57%
108
105
71
21
Feb 1961
♦6s assented
1,
41%
*27%
110%
110%
103%
103%
102%
100%
15
13%
*30
1942 MN
57
102%
30
22%
109
O
29
22
22
1942 M N
•♦Extl sinking fund 6s.-Feb 1961
f 6s
101%
51%
*38
1960
♦External sinking fund 6a.-.1960 A
♦6s assented
1960
♦6s assented
*101%
52
49%
50%
52%
97
80
78
60
51%
...
11%
9%
9%
9%
93%
100
99
9%
J
7
106
12%
15 1960 AO
♦Chile (Rep)—-Extl s f 7s
♦7s assented
s
40
106
16
1960
coupon on
106
*14
1954
1950 M S
♦6a Oct coupon on
♦Ry ref extl
A
1967
♦Farm Loan at
♦Farm Loan
O
.1952 MN
16,
79
114%
J
J
20
92%
87%
78%
105%
105%
106
106
O
8s
♦Cent Agric Bank( Ger) 7s
9%
91%
14
A
(Clty)s
90%
2
—Aug 15 1945 F
7-year 2Ha
30-year 3s
♦Carlsbad
9%
2
60
95%
.1968 MN
j.
10-year 2%s
25-year 3Ha—
39
44
14%
95%
J
.1976 F
Canada (Dom of) 30-yr 4s
12%
12%
95
96% 101%
97% 101%
.1967 J
♦Stabilization loan 7 Ha
9%
76%
of)
f 7s
10%
34
90
.1961 M S
♦Secured
25
12%
90
.1977 M B
2
105
Finland (Republic) ext 6s
41
100
D
4%-4%s.
Refunding s f 4%s-4%b..—.
External re-adj 4%s-4%s_.
External a f 4%a-4%s
3% external s f $ bonds.
Bulgaria (Kingdom of)-*~
28%
100%
28%
100
*103
O
♦EI Salvador 8s ctfs of dep
77%
♦Buenos Aires (Prov
♦6s stamped....
80%
1951
13%
13%
13%
12%
12%
12%
96%
100%
100%
95%
D
79
Sinking fund 8s ser B——£.1952
Czechoslovak (Rep of) 8s
94%
13%
99%
99%
D
f
2
9%
10%
93
100%
.1962 J
s
10%
63
"76%
.1950 J
External
40
96
♦Budapest (City of) 6s
f 6s_—
2
13%
13%
13%
13%
78%
.1952 J
7
26
77%
77%
...
s
~94%
25%
77%
77%
,
51%
80
68%
German Govt
Brisbane (CMty) s f 5s
.1967 M S
Sinking fund gold 58....... .1958 F A
20-year
25%
25%
85%.
O
42
*2
104.18
89%
1927-. .1957 A
94%
"b
47%
12
104.1
27
93%
.1955 J D
External 30-year s f 7s
♦Berlin (Germany) s f 0%s_— .1950 A O
♦External sinking fund 6s— .1958 J D
♦External
96%
72
June 30 1946
External g 4%s
70
.1941 J D
♦Brazil (U 8 of) external 8s
♦External s f 6 He of 1920— .1957 AO
%
87%
70
External gold 6%s
48
J
26
9
71%
102.20
86%
M S
43;
70
102
92%
F
19
D
♦Public wks 5%s
106.26107.12
85%
.1955 J
f 6s
s
23%
26
26
55
47%
57%
%
105.6
105.16
91%
J
92
*45
J
107.9
~94
91%
*47%
A
91%
.
93%
92
8
D
C,
1
25%
25%
A
M
1977
86 %
J
'24
25%
SO
1949
M N
O
♦Bavaria (Free State)
A
External loan 4%s ser
106
12%
.1957 M S
19
19%
25%
*25%
~93%
A
F
4%s external debt—i.
102.20
M N
-.1955 J
.1957
F
102.16 103.11
105.3
A
A
(govt's) s f 7s
A
D
MN
1949 F
5%s 2d series
External g 4%s of 1928--.--1956 MN
♦Austrian
F
J
External 5s of 1914 ser A
Customs Admins 6 %s 2d ser. 1961
4s Apr.—1972 A
.
26
25%
M N
106 27
*105.8
12%
12%
93 %
conv loan
13%
21%
*25%
"25%
J
105.20
*105.25106.10
♦External sec s f 7s 2d serles.1967
8 f extl
23
102
*102.19102.21
J
1972 F
23
O
A
M N
{♦Cordoba (City) 78 unstamped 1957
{♦7s 8tamped._.
.....1957
Cordoba (Prov) Argentina 7s..1942
105.1
103.4
103.6
D
♦External Bee s f 7s 3d series. 1957
•
O
A
♦6s of 1928
106.6
*105.13105.20
103.4
12%
Australia 30-year 6s
External 5s of 1927
J
102.20 103.16
ioef.ii
1945 J
1945 j
.1971
14%
16%
14,%
14%
20
10%
12%
110.7
f 7s 1st series.;.-.1957
S f external 4%s.
8 f extl conv loan 4a Feb
11%
16%
14
35
4a.1968 M 8
J
Antwerp (City) external 5s—.1958
Argentine (National Government)
8 f external 4%s
1948
£10%
"13"
14%
10%
19%
♦Antloquia (Dept) coll 7s A...1945 j
♦External s f 7a series B—..1945 j
♦External s f 7s series D
.14%
11%
14%
*14%
-1948 A O
♦External 8 f 7s series C
14%
12%
*14%
107.12
Municipal-
-
10%
14%
D
109.30 110.9
107.1
Denmark 20-year extl 6s..
♦Gtd sink fund 6a
S
10%
♦Cologne (City) Germany 6 %a. 1950 M 8
107.8
107.12
1 1944-1952 MN 107.8
1 1939-1949 F „A 102.16 102.16 102.20
104.18 104.18
1942-1944 j j
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6a
1947 F
a
High
109.22 110.8'
3
5
,
.
6%a 1st series
♦External
Low
24
1 1942-1947 M 8
Akershus (King of Norway)
No.
107.3
2d series sink fund 6 %s
&
Since
Jan. 1
110.5
1st
Govt
14%
A
—1' 61 A
1962 M N
.-1962 MN
—
♦Guar sink fund 6a
106.18 106.27
Home Owners' Loan Corp—
Foreign
Range
s2
aj *2
(Concluded)
♦Guar sink fund 6b...
113.10 114
Sinking fund 5%s— .Jan 15 1953
J
Jan
May
&
110.1
D
3s
2%s eeries B..Aug
2%s series G
or
Ashed
High
Bid
110.9
M S
J D
M s
38
3s series A__
P.rice
107.3
16 1944-1964 M 8
May 15 1944-1949 M N
2%S ——-Mar
Friday's
no;i
Mar
3%n...m±
114.
Corp—
Federal Farm Mortgage
2 fc
Range
Sale
Foreign Govt. & Mun, (Con.)
Treasury 4s
Treasury
Week's
.
Last
N. Y. STOCK EXCHANGE
Week Ended Feb. 17
High
U. S. Government
Treasury 4%S
Friday
BONDS
Range
N. Y. STOCK EXCHANGE
Week Ended Feh. 17
11%
1
14%
*10%
14%
10%
14%
12%
14%
1
~~4
10%
4
15
11%
15%
11%
15%
11%
14%
18%
16%
18%
16%
18%
16%
14
16
14%
16%
10%
14%
10
J
Milan (City, Italy) extl 6 %s —1952 A
Mlnas Geraes (State)—
♦Sec extl
b
J
♦Sec extl s f 6%s
♦Montevideo (City) 7s
61%
1958 M 8
f 6%s
O
8%
1959 M S
-.1952 J
♦6s series A
D
A
O
8%
8%
"~99%
99
15
2
52
99%
104%
103%
O
102%
4s
1963 F
A
100%
100%
f ext loan
s
1965 A
f 5s.—1970 J
A
103%
D
99%
~29
103%
104%
8
103%
26
102%
31
101
60
103%
9%
9%
3
48
48
45%
18
99
A
s
7%
7%
9
1956 M S
Municipal Bank extl
47%
23
48
External sink fund 4%s
External s f 4%s
—1944 F
19
9
48
103%
103%
103%
102%
20-year external 6s.
52
*35
8%
48
1959 MN
New So Wales (State) extl 5s._1957 F
External s f 5s
Apr 1958 A
Norway 20-year extl 6s
—1943 F
50
48%
95
100%
94% 100
103
104%
103% 105%
102% 105
100% 103%
99% 101%
103% 104
Volume
New York Bond Record—Continued—Page 2
148
BONDS
Last
N. Y. STOCK EXCHANGE
Price
A
A
M
S
57
1958 M N
1955 A O
52
—1953
(City) s f 4 Ha
♦Panama (Rep) extl 5Hs
♦Extl B f 68 ser A
67
52
48 X
52 X
101H
9
loon 103
D
101
101
2
101
102
55
55
1
50
56
51
Ref A gen 6s series C_
J
101H
1947
M S
7
♦Peru (Rep of) external 7s
1959 M S
10
48
49H
~~9H
1st ser.-I960 J
D
2d ser__1961 A
O
A
O
♦Poland (Rep of) gold 6s
♦Stabilization loan s I 7a
1940
1947 A
1950 J
J
13
5%
1
9H
9H
9H
39
9H
19
9
33
5
30 X
36 H
10
31H
32 H
P L E A W Va Sys ref
33
33
D
33
33
35 H
50
40
5
■
9H
10H
10 H
10H
Prague (Greater City) 7 Ha——1962 MN
♦Prussia (Free State) extl 6HS-1951 M S
60
60
55
63
16
16
5
14H
18H
O
16
16
2
14
18
♦External
a
1952 A
f 6a
A
A
103 H
20
10
104
103 H
103H
30 H
30H
4
A
O
*7X
8H
1953
F
A
7H
8H
1950 M
6 Ha
103 H
"~7 %
♦6s extl
1968
O
J
D
A
O
♦Roumanla (Kingdom of) 7a—.1959 F
A
♦7a municipal loan
Rome (City) extl 6 Ha—
_1967
1952
"58 H
9H
58 H
62
16H
17
*15
♦February 1937 coupon paid
♦Saarbruecken (City) 6s
1963 J
♦8a extl secured
a
9H
10H
9H
J
--.1950 J
J
ex
7H
ex
9X
8X
♦8a external--
a f
9H
J
1968 J
♦6s extl dollar loan...
♦Secured
9H
-.1940 A
7a
~~7 H
O
20 H
9H
8H
7
24
8
10
7X
ex
45
23
20 H
*17
♦7s series B
sec
—.1962
1958 J
1958 J
4 Ha assented
♦Sllealan Landowners Asan 6s.-194 7 F
D
A
1
....
Sydney (City)
a
—1965
f 5 Ha
99 X
33
43 H
1952 M S
Tokyo City 5a loan of 1912
1961
A
♦Uruguay (Republic) extl 8a—-1946
A
♦External
a
f 6s
♦External
a
1960 M N
f 6s.
.
95 X 100 X
49 X
7
50 X
43
58
45
3
51
j—
*40
-
....
39 H
40 H
*37
*
36 H
D
2
14X
27
29 X
34
1958 F
1961 J
A
27
26 H
27'
16
26 X
31
D
68 H
57 H
68 H
20
65
59
X
con
1st 5s stamped...
.
A
101
101 H
35
101
101
101H
5
101
100 H
65
Ala Gt Sou 1st cons A 6s...*-. 1943
1943
1st cons 4s series B
"105H
...
35
65
1
104 X
39
104
5J
39
2
76
24
65 H
63 H
65H
29
•'
"
59
106
"7
98
4
93
7
110
65
1942 M
S
"I06"
1950 A
Allegh Val gen guar, 8 in..
Allied Stores Corp deb 4 Hs
O
97 H
97 H
F
A
1951
debentures
1952 M
Allls-Chalmere Mfg conv 4a
~24
32 H
105 H
S
"iI6"
J09
..1955 M 8
.2030 MS
Am A Foreign Pow deb 5a
..1953 J
American Ice a f deb 6s
Am Internat Corp conv 5 Ha—-1949 J
55 H
D
194Q MN
Amer I G Chem conv 6 Ha
o30
'162"
64 H
102
a30H
65 H
102
X
100H
102
101
J
101H
4
27
7
32
8
1-11X
112
90
Q
107 H
107 H
108
45
J
D
107H
107
107 H
99
J
Founders conv deb. 1950 J
Amer Wat Wks A Elec 6s ser A. 1975 M N
A O
Anaconda Cop Mln a f deb 4 Ha 1950
105H
3 Ha
.1961
1966
debentures
A
♦Anglo-Chilean Nitrate—
S f income deb
,
1967 Jan
—-.1995 Q J
{Ann Arbor 1st g 4s
Ark A Mem Bridge A Term 6s. 1964 M
Armour A Co
1st
m a
23 H
38
J
97H
O
108 X
108
fl89
1960
1948
1965
Conv deb 4 Ha
Rocky Mtn Dlv 1st 4s
J
D
J
J
D
J
J
J
1958 J
1962 M S
Trans-Con Short L 1st 4a
Cal-Arlz 1st A ref 4 Ha A
o92H
101H
"lio"
109
{|»Auburn Auto cony deb
Austin A N W lstgu
For footnotes see page
'iiiii..,.,,,
53 X
92
96 X
90H
96H
J
J
117H
117H
H5H
114H
110
"123H
123
r
117H 119H
7
118H 119H
6
117
10
12
81H
99 X
1944 J
J
D
113H
99 X
93 X
113H
Deo 1 1954 J
99 X
1946
,
93
1960 J
..1949 J
J
J
X
40
D
107
Carriers A Gen Corp deb 5a w w 1950 M N
17
'
56
114H 116
114H 110
116H 118
116H
113 H 114H
115
122 H 124
82 H
79 X
53
97 H 100 H
113H
7
100 H
14
112 X 113H
98 X 100 H
94 H
40
107 X
4
91H
2
40
38
105
3
94 H
40
107 X
88 H
90
91X
89X
90
16
16'
19H
*31H
8H
36
32
32
90
*
*
A
1945 M N
A O
92
53
89H
D
F
8
X
116
U4M
123 X
H
80
J
J
"l3
~87~~ lOH
9
8H
12H
AX
5
4H
6X
74
83
1959
4H
4H
4X
63
72 H
♦Chatt Div pur money g 4a..1951
♦Mao A Nor Div 1st g 5s
1946
*7H
8H
7X
ex
10
29
39
♦Mid Ga A At Div pur m
52
♦Mobile Dlv 1st g 5e—
103H 106
97
98 H
89
93
108H 110H
40
48 H
102
40
55 X
102H
10')H 102
106
25H
36
96
98
97 X
98 H
97 H
98 H
-
1941
1941
m
—1966
j
1961
1987 j
4s...
—,.—1987
Central N Y Power 3Ha.,
1962
j
90 H
91H
*65
s
Cent-Hud G 4 E 1st A ref 3 Hs. 1965 m s
Cent III Elec 4 Gas 1st 6a
1951 f a
a o
Cent Illinois
{♦Cent New Eng 1st gu 4s
Central of N J gen g 5s
*98 H
m s
101X
j
*18
j
73 X
72 X
Through Short List gu 4s...1954 a
Guaranteed g 5s
i960 f
o
'65H
a
66 X
1990
.May 1940
Chic Burl A Q—111 Dlv 3
98 H 100H
109
110H
1989
1941
1949
Ha—.1949
Illinois Division 4s
107 X 109H
110
110
1st A ref 4 Ha series B
65 H
37
50
69 H
62
53
4
52
2
115
52
76 X
4s
1st A ref 5s series A
8
100 X 101H
9
100H 101H
118H 123
90
98 X
101H
m
s
s
100 x
122 X
100H
122 X
101X
m
123
18
MN
69
69 H
68
72
40 H
33 H
40
34
28 H
34
52
55H
H
103 X 105 H
22 X
81'
42
98 H
98 H
38
*lo4H
105H
105
116"
114" Il0H
98
98 X
j
116
j
8
95 H
98 H
105
*104
m
a
j
»
j
109H
*11
o
10 X
12
"98"
98 X
99 H
36
102 X
99
102 X
1
97 X
98 H
27
f
a
90
90
91
22
f
a
90 X
96H
97
o
of deposit
1982
1959
1947
70H
98 X
98
j
{|*ChlcagO A East 111 1st 6a...1934
mn
{♦C A E 111 Ry gen 5a
1951
♦Certificates
.54
115H
18
101
j
1949 j
1958 m s
1977
1971
'
U5H
78H
a
General
{♦Chicago Great West 1st 4a
{♦Chic Ind A Louisv ref 6s
♦Refunding g 5s series B
♦Refunding 4s series C
♦1st A gen 5a series A
♦1st A gen 6s series B__May
21
10
57
,
76H
101
1989 j
2d consoi gold 4s
78 H
54 H
71H
j
R A A Div 1st con g 4a
26 X
24
110
30
115H
78
j
73 H
104 H
22
21X
73 H
65 X
s
j
22H
107
110
m
lmpt M 3 Ha aer E
75
53 H
22
110H 1UX
39 X
28H
54H
m n
Ref A imp mtge 3Hs ser D..1990 m n
f a
Ref A
1
,
109 X 110H
104 X
103
65H
mist
1950
S f deb 4Ha (1938 Issue)—.1950
Ches A Ohio gen g 4 Ha
1992
73 H
104 H
10
a
Warm Spring V 1st g 5s
99 H 102
5
23 X
23 X
f
♦Chic A Alton RR ref g 3a
90
40
SIX
109 X
Champion Paper A Fibre—
8 f deb 4 Ha (1935 issue)
75
110 X
"l09H
1941
70
70
104 X
21X
22 H
Certain-teed Prod 6Hs A..—1948 m 8
8
107
110H
104
"3IX
5H
8
97
1
o
4s._194§
5H
8
110H
a
....
7H
101
110H
103 X
j
Potta Creek Branch 1st 4a—.1946 j
106 H 109
87H
8
1940
Central Foundry mtge 6a...
Gen mortgage 5s.
General
15
"*4H
6a.i947
100H'i04H
lll.H 112H
105H 108H
105H 107H
*
95
72
10
98 X
MN
22
,9
98 X
Chicago A Erie 1st gold Be
♦67
115H
115H
115H
M 8
atk perpet
70 H
J
115H
119
64 H
J
115H
115H
119 X
66 H
J
999.
:•*"L-^«ai,rE
49
{♦Central of Ga 1st g 6a.-Nov 1945
95
109
1941 J
4Hsl939
g5s
3
42
64 X
64H
41
40
87 H
J
38
94
85
M S
1
96 H
89H
J
8
70
1959
92 X
89
110
38 H
33
8
7
68
75
51X
86
40 H
33
8X
31H
30H
'•
93
92
J
7H
96
86
J
25H
51
86
J
26 H
3
28
93
92
J
11H
"29" 'T28
♦Ref 4 gen 5s series C
92 H
108 X
Oct 1952
Atl A Dan 1st g 4a
1948
Second mortgage 4s
—1948
Atl Gulf A W I 88 coll tr 5s
1959
Atlant'c Refln'ng deb 3a
p. 1953
L A N coll gold 4a
*7H
♦Ref A gen 6 Ha series B
a92X
109 H
May.l 1945
111H 112H
74
.
5
16
103
♦110H
*85 H
92
91X
85 X
85 H
10-year coll tr 5a
a89
*100 H
1946 J D
J
Atl A Charl A L 1st 4 Ha A
1944 J
J
1st 30-year 6s aeries B
1944 J
Atl Coast Line 1st cons 4a July 1952 M S
General unified 4 Ha A
1964 J D
Atl Knox A Nor 1st g 6s
74
*89
mx
1
96
♦Cent Branch U P 1st g,4s
30 H
1
46
91
a92H
111X
51X
D
93 X
D
111H
*108H
28 H
27 X
28
27 H
A
23 H
U
97 X
D
1955 J
99
106 X 108 H
119H
Craig Valley 1st 5s
1955
79 X
93
15
1962
Central Steel 1st g s f 8s
98 H
4a of 1910
72 X
40
1966
1947 J
1948 J
Atchison Top A Santa Fe—
Conv gold
106 X 108H
103 H 105H
""22
QQ
118H
105H UIH
97
Conv gold 4s of 1909
Conv 4s of 1905
79 X
87
X
106 X
O
105
91
30
106
1970 F A
Guar gold 4Ha
June 16 1955 J D
Guaranteed gold 4 Hs
.1956 F A
Guaranteed gold 4Hs..Sept 1951 M S
J
Canadian Northern deb 0 Hs—.1940 J
102 H 106 H
98
089
108
38 H
Oct 1969 A
1
97
Nov
80
97 X
:
Guaranteed gold 5s
70
*36 X
1995 M N
21
38H
July 1969 J
Guaranteed gold 5s
20
98
1996
38 X
40
87
*6
1957 J
106
""97"
1995
40
*68 X
—
106H
8
General 4s
77 X
35
1
1952
.
5s A
105 H
*20
♦Adjustment gold 4s
♦Stamped 4s
70 X
5
1960
Bush Term Bldgs 6s gu
105 H
A
10H
50
107 X 109 H
607
1955
;
105 X
A
(Del) 4s series B.1955
1957 J
21
106 %
-"J
...
Central RR A Bkg of Ga—
6s extended to May 1 1942
F
f 4a aer C (Del)
D
Ha..1957 MN
105 X
♦Am Type
108 H
47
77 H
77
98
106 X
Buffalo Gen Elec 4 Ha series B.1981 F
Buff Nlag Elec 3 Ha series C—1967 J
Cent Pacific 1st ref gu gold
111H
A
3 Ha debentures
~4
38 X
107H
'~79H
D
1981 F
Amer Telep A Teleg—
20-year sinking fund 6 Ha—.1943 M N
28
6X
40
*105
A
Light 3 Ha
♦Alpine-Montan Steel 7s
30
23
83
107 X
F
cons gu
25
47
8%
48
ilX
87
Cart A Adir 1st gu gold 4a
44
"32"
*46 H
"32"
1998
Allegh A West 1st gu 4s
A
1957 MN
5s
11
28
38 H
1950 J
3Ha—1950
30
40
Celotex Corp deb 4 Ha w w
35
.
52
73
74 H
1950
97 H 101
100 X 107
30 X
24
62
30 X
X
107X
7/H
105H
72
72
75
1950
;
♦5s stamped
106X 108H
101X 102H
98
206
39
35
"72"
f
♦Coll A conv 5s
28
26H
♦Consoi gold 5s
1
1944
Coll A conv 5s
107H
108H
<•
34
•
1949
Alleghany Corp coll trust 6a.
"57
102 X
101
26 X
Caro Clinch A Ohio 1st 6a aer A1952 J
66
100H 104H
65
6.0
107
105X
1946
Alb A Susq 1st guar 3 Ha
4 Ha
102
*36
Albany Perfor Wrap Pap 6s_-. 1948
,1948
6a with warr assented
•
'
>106 X
50 H
,28
28
104
101H
107H
28
30
Debenture gold 5s
{♦Car Cent 1st guar 4s.
104
101
65
1952
19
30 X
1947, MN
Collateral trust 4 Hs.."
10-year deb 4 Ha stamped... 1946 F
21H
3
*1,06 X
1946 MN
6s
cons g
Canadian Pac Ry 4% deb
Coll trust 4 Ha
COMPANIES
65 H
101
D
F
1950
Coll trust gold 5s
Adriatic Elec Co extl 7s
"20H "28"
4
22
gtd 58.1941 MN
J
1941 J
5s equip trust ctfs
1947 M D
"3
28
22
*20
cons
Guaranteed gold 5s
41
INDUSTRIAL
Coll trust 4s of 1907
~24X
23 X
mtge 3HB--1966 MN
Bklyn Manhat Transit 4 Hs... 1966 MN
Bklyn Edison
Consoi
51H
7
~23H
47
"l5X
15H
30 H
55 H
117H H8H
J
36H
15H
54H
104H 108 X
85
98 X
89
101X
8
129H 131H
*7%
39
30
{{♦Abltlbl Pow A Paper 1st 6a. 1953 J D
1948 M S
Adams Express coll tr g 4a
18
21
2
A
Canadian Nat gold 4 Ha
A
AND
42
15
O
40
O
RAILROAD
38
85
1961 A
Canada Sou
F
4Hs assented
Yokohama (City) extl 6a.-
39 X
38
10
131X
22
Boston A Maine 1st 5a A C—1967 M S
1st M 6s series II
1955 MN
40 H
A
►-
34 X
131
131X
1944 J
♦Certificates of deposit
40H
M N
Bank 78.-1952
—1952
♦Warsaw (City) external 7a
1958
12
X
117H
99 X
37
Venetian Proy Mtge
38
*
102 X
45
♦Vienna (City of) 6a
38 H
49
33
117H
107 H
Bush Terminal 1st 4s
46
A
►
62
43
"25
50
*30
I
102 X
42 X
40
3H-4H-4*i«s extl conv
1978 J
4-4H~4 H% extl read]. —.1978 F
3 Ha extl readjustment
..1984 J
J
91X
89
14H
14H
10H
91X
85
107H
36 H
37 X
39H
37 H
40
11
44 X
5
105 X
87
105H
85
100 X
36
51
42
1952
36 X
40 H'
41H
1966
Calif-Oregon Power 4s.
MN
36
:i»Burl C R A Nor 1st <kcoll 5s 1934 AO
49
47
34 H
Certificates of deposit..
54
43 X
45
45
1979 MN
external conversion...
28
17
*41
1964 MN
3H-4-4H8 ($ bonds of *37)
external readjustment.
1979
3 H -4-4 H % it bonds of '37)
25
4
67 X
56 X
O
F
External a f 5 Ha guar
45
37
Cons mtge 3Ha series E
Buff Roch A Pitts consoi 4
53 X
35
♦Berlin Elec EI A Undergr 0 Ha 1956
Beth Steel cons M 4Ha ser D..1960
Brown Shoes f deb
23
110
53
J
1971 J
Taiwan Elec Pow a f 5 Ha
j"j
1st lien A ref 5s series B
25H
27
*24
F
1
33
25
25
A
8
24
23 X
*28 X
D
28
20H
"
1962 MN
extl--
♦Silesia (Prov of) extl 7a
14
1st lien A ref 6s series A
22 H
.
140
12 X
1955
Bklyn Un Gas 1st
28
*25 X
MN
12 X
49
Ha~1951
0Ha_—,.1959
♦Deb sinking fund
Bklyn Union El 1st g 5s
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl..
11H
11H
♦Berlin City Elec Co deb 6
Bklyn Qu Co A Sub
17 H.
20H
25 H
*17
D
1946 J
♦Sinking fund g 6 Ha
1
22 H
2CH
D
1945 J
♦Saxon State Mtge Inst 7s.
8H
8H
7H
1956 M S
♦7s extl water loan.:
2
20 X
20
{♦Boston A N Y Air Line 1st 4a 1955 F
Brooklyn City RR 1st 5s_ —1941 J
12
11
9H
•
16 H
X
19
8H
12 H
16H
2
3 Ha a f conv debs
69H
20H
20
7H
*11
J
101
19 X
3Ha_. 1943
cons
♦Debenture 6s
10
San Paulo (State of)—
1936
19H
20 X
47 H
1951
1st g 4Ha series JJ
§♦88 extl loan of 1921
16 X
18H
X
12 X
I960
8H
8H
7H
20 H
1943
Big Sandy 1st 4s
1952 MN
—.1957 MN
f
22 H
16
1
12 X
4s stamped—
.1951
Battle Creek A Stur 1st gu 38—1989
Beech Creek ext 1st g 3 Ha
1951
1st A ref 6s series C_.
Sao Paulo (City of. Brazil)—
♦6 Ha extl secured a f
Bangor A Aroostook 1st 6a.
8H
19
~24H
18H
114
19
1948
15
*14H
J
17
20
.1959
Bell Telep of Pa 6s series B
6H
7H
7H
58H
15H
8H
20 X
18H
36 X
8X
7%
10
20
48
5%
9H
*8%
9H
m
*8H
~~9~X
D
J
—1966 M N
21
22
M N
Certificates of deposit
Belvidere Delaware
1946 A
f g
s
♦7a extl loan of 1926
17
18H
"20
...
Con ref 4s
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
9
26
20
1960 FA
4s.—1941
6H
"45
22
16H
19X
19
Toledo Cin Dlv ref 4s A
30H
30
61H
20 X
''
102 X 105
106 H
101
4
S
of) 8a-—1946
♦Rhine-Main-Danube 7s A
♦Rio de Janeiro (City
see
O
F
Queensland (State) extl a f 78—1941
25-year external 6a
1947
♦Extl
J
...
85
59
19
Certificates of deposit.....;
10
11H
20
58
49
47 X
20
19X
S'western Dlv 1st mtge 5s...1950
9H
*10 H
♦Porto Alegre (City of) 8
♦Extl loan 7 Ha
6
19H
ivi's
1996
Z32
89
48 H
'20 X
Certificates of deposit
Convertible 4 Hs.
Certificates of deposit
~44 H
52
51
High
102
100
62
19H
20
m"s
Ref A gen 5s series F
32
Low
7
52 X
50 X
51
Certificates of deposit
10H
10H
38 H
No
High
102
50
20 X
J~~D
.2000
Ref & gen 5s series D
9H
D
1995
Certificates of deposit
7H
11
30 H
♦41H
32 H
32
1961 J
1966 J
7H
10
9H
1958
1968
4 Ha assented
43 H
♦35
O
♦External sink fund g 8s
4 Hb assented
49 H
H
17
Since
Jan. 1
o
Asked
cfc
101X
52 X
52
O
July 1948 A
♦Certificates of deposit
Ref A gen 5s series A
1995 J
Certificates of deposit
♦1st mtge g 5s
13
gqcq
Friday's
Bid
Low
Baldwin Loco Works 6s stmpd.1940 MN
Bait A Ohio 1st mtge g 4s.July 1948 A O
10
1963
s f6s
52 H
57
52 H
1953
..
a f 6e
18H
100 H
♦Stamped
♦Pernambuco (State of) 7s
♦Nat Loan extl
17H
"44
Range
Range or
Sale
Price
sft.
High
Low
20
55 H
MN
♦Nat Loan extl
No.
High
♦15
Last
8
K
Week Ended Feb. 17
1
1963 MN
Extl deb 5 Ha
Oslo
F
1952
Oriental Devel ,Tuar 6s..
N. Y. 8TOCK EXCHANGE
Jan.
Asked
Week's
Friday
8 ts
85
BONDS
Since
kS
Friday's
Bid
Low
♦Nuremburg (City) extl 6s
Range
Range or
Sale t
5
C
Week Ended Feb. 17
995
Week's
Friday
~im
17
17H
16H
081H
mn
s
"20H
20 H
j
10 x
10 X
j
1947 j
j
1947 j
1960 mn
j
j
1966
9H
9X
*7X
m
j
16
"l8H
17
a81H
20 H
11H
9H
"l4
5
4H
4H
98 X
100
16
22 X
9
15
21
1
81H
84
37
19 H
13
10 X
24 X
13 H
4
9X
11H
12 X
5
4H
94 H
97
*100
14H
97 X 100
101H 103 X
99 X
97
93 X
90
"l
3
15
11H
4
5H
4H
6
New York Bond Record—Continued—Page 3
996
Feb.
Last
N. Y. STOCK EXCHANGE
liennett Hros. & Johnson
Price
Chicago, III.
or
&
Jan.
Chic Ind A Sou 60-year 4a
1956
J
J
Chic L 8 A East lot 4 %s
1969 J
D
*69%
J Chic Milwaukee A St Paul—
♦Gen 4s series A
May 11989
26%
♦Gen g 3 %s series B—May 1 1989
♦Gen 4 He aeries C—May 1 1989
"26 H
1 1989
11989
{♦Chic Milw St P A Pac 6s A.. 1976
♦Conv ad) 6s
—Jan 1 2000
{♦Chic A No West gen g 3Ha—1987
Low
1
1
26%"
25%
High
66H
111
*25
♦Gen 4 H« series E—May
♦Gen 4Ha aeries F—May
No
74
111
111
24
22 H
25%
12
22 H
27%
29
22%
9%
*25
,
2%
28%
22% < 26
27
26%
"T%
71
111
26
26H
66
8%
28%
28%
28%
12
29
9%
23%
....
37
108H
108%
108
108%
J
106 H
106 H
105 H
106
mn
105%
105%
mn
*105%
11H
106
104%
105%
105%
105%
106
J
12
10%
12
11
Stamped aa to Penna tax.
1951
J
{(♦Den A R G 1st cons g 4a
1936 J
J
(♦Consol gold 4 Ha
—1936 J
{♦Den A R G West gen 6s.Aug 1965 F A
♦Assented (sub) to plan)
♦Ref A lmpt 6s ser B___Apr 1978 A O
14%
14%
16%
Dow Chemical deb 3s
2
19
Dul MlssabeAIr Range Ry 3 Hal962 A
{(♦Chicago Hallways 1st 5s sfpd
Aug 1938 25% part paid
....
{♦CblcR I A Pac Ry gen 4s.. 1988
9
9
17
J
D
9
7%
9
14
7%
7%
12%
11,
J
D
9
9
9
6
8
11
4%
4%
4%
9
4%
F
A
J
J
♦Certificates of deposit
1934
50
52
3
47%
15%
15%
15%
14%
5
'14%
2
13%
6%
16%
,5%
8%
14%
AO
1952
MS
♦Certificates of deposit..
7
7
f ♦Secured 4 Hs series A
♦Certificates of deposit.
7
MN
1951 J
D
3Hs
June 15 1951 J
Memphis Dlv 1st g 4s
1951 J
3H
D
.1944 A O
4
47%
65
63%
60
1993
J
St L Dlv 1st coll tr g
4s
Spr A Col Dlv 1st g 4sW W Val Dlv 1st g 4s
Cleve-Cllffs Iron 1st mtge 4HB.1950 MN
Cleve Elec Ilium 1st M 3Ha—-1965 J
J
Cleve A Pgh gen gu 4Hs ser B.1942 A
Series B 3 Hs guar.
..1942 A
Series A 4Hs guar.........1942 J
Series C 3%s guar.....
Series D 3Ha guar..:
Gen 4Hs series A__
109%
23
109
42
107% 109
2
65
.....
1
69
61
56%
*63%
65
64
57%
66%
96
98
97
««
-
5
90
93%
105%
105%
109%
W%
-
22
98
*88
109%
2
28
O
-
90
105% 105%
109
111
-
-
it —
O
J
*106%
1948 MN
1950 FA
108»
....
*106
....
*106
107
i05"" 105"
,
1977
....
"84"
*76
.1972
87
87
42 H
87%
78%
Columbus Ry Pow A Lt 4s_„.1965 MN
Commercial Credit deb 3H8—.1951 A O
1942 J
Commercial Invest Tr deb 3 Hs 1951 J
Commonwealth Edison Co—
m
D
S
58
63
43
20
39
43%
101
101
100%
100%
109
%
'
102%
108%
103%
102%
*106.%
■179
101%
.101%
52
101%
178
..
*109%
*109%
J
O
1968
1958
Conn A Passump River 1st 4s.. 1943
Conn Ry A L 1st A ref 4 Hs
1951
M*
*
m.
-
-
«•
109% 110%
22
107% 110%
14
103%
53
103
104%
102% 103%
106% 107
109%
106%
107%
108%
8,6
109 H
109%
109 %
10
108%,,
108%
38
110%
*87
92% 102
101%
94
92% 102
103%
'
111
98%
244
-
-
-
106% 108%
107% 109%
107% 109
1956
106%
106H
3%s debentures
1958
♦Consolidated Hydro-Elec Works
J
J
1951 J
D
non-conv deb 4s..1954 J
J
104
5
109%
109%
20
110% 110%
108% 108%
109
109%
105%
37
105
106%
106%
105%
106%
80
106%
48
107
48
106% 106%
105
106%
105% 107
*17%
103%
10%
24%
104%
"78
10%
1
♦Debenture 4s
1955 J
1955 A
O
♦Debenture 4s
1956 J
J
10%
"io%
1960 J
J
*45%
46%
J
*10
11%
43
10%
42%
46%
44%
40
45
mn
*85
94
*50
74
76
1
11%
*10
106%
19%
21%
102% 104%
10
10%
13%
13%
....
1942
m
30-year deb 6s series B
1964 J
Firestone Tire A Rubber 3 Ha. 1948 A
♦1st A ref 6s aeries A
♦Certificates of deposit
98
101
95%
O
103 H
D
161"
102%
D
J
1974
105%
100% 101%
101%
101%
*98
8
J
{♦Florida East Coast 1st 4 Ha. .1959
104
105%
.105
s
1943 J
{♦Fla Cent A Pennin 6s
102%
91
95%
103 %
100
100% 101%
102% 103
95%
87%
102% 104%
103%
S
40
40
"62%
62
64%
8
8
8%
7
7H
m
,
{(♦Proof of claim filed by
(Amended) 1st cons 2-4s
owner.
*37
7%
7%
7
,62 %
10
MN
♦3
9%
MN
*1
*%
owner
♦Certificates of deposit
Fort St U D Co 1st g 4 Ha—1941 Y j <100 H
Francisco Sugar coll trust 6a
1956 MN
41%
Gas A El of Berg Co cons g 5s._1949
Gen Amer Investors deb 6s A—1952
Gen Cable 1st s f 5 Ha A
1947
(Germany) 7s
1945
♦Sinking fund deb 6 Ha.—..1940
s f deb 6s
1948
Gen Motors Accept Corp deb 3s 1946
15-year 3Hs deb..—
1951
♦20-year
Gen Pub Serv deb 5%s_„
1939
Gen Steel Cast 5 Ha with warr.1949
J
F
J
J
J
M
F
F
J
J
J
1st mtge 4%s__
Gotham Silk Hosiery deb 5s w
Gouv A Oswegatchle 1st 5s
2%
1%
100 h
100%
40 %
41%
.
D
*121•%
102 %
A 103 H
J 100
99%
62
J
55 h
D "55 H
*50
N
A "l03 H 103 h
100% 101
40
43%
103%
14
100
17
52%
6
55%
1
58
106
199
106
107
32
101%
%
"l8""
59
63
*14
62
15
"iook"
18
2
56
....
18
40
40
100%
57%
15%
15%
45
32
100
101
100%
53
99
"l05k
105%
105%
"79""
"79%
16
76%
5
104%
70
87
106
101
100%
J
Grand R AI ext 1st gu g 4 Hs—1941
Grays Point Term 1st gu 6s... 1947
Gt Cons El Pow (Japan) 7s
1944
103 %
59
62%
59%
107%
107%
101%
65%
16
18
40
100%
100
50
55%
3
J
w '46 M S
1942 J D
1956
102% 105
99% 104%
45
101%
106 %
{♦Ga A Ala Ry 1st cons 6s Oct 1 '46
{{♦Ga Caro A Nor 1st ext 6s—1934 J
♦Good Hope Steel A Ir sec 78—1945 A
Goodrich (B F) conv deb 6a
1945 J
.
87
87
*46
.
1
84%
100%
90%
85
103% 105%
D
A
"'"79%
—.1950
J
76 H
Great Northern 4Hs series A—1961
General 5Hs series B
1952
J
1st A gen a f 6%s.
17%
1982
{{♦Proof of claim filed by
75
"l0% "l2""
45
52
103 %
Gen mtge 4s series H
Gen mtge 3%s series I__
J
94 %
94%
94%
13
1973
General 6s series C
General 4Hs series D
General 4 Hs series E..
General mtge 4s series G
J
87 %
87 h
.1976
J
81%
87%
*81'%
17
1977
J
80%
80%
81%
7
1946
J
"97 %
97%
80
1946
J
26
J
84 H
75
85
1967
Gulf States Util 4s series C
~"6H
76
cons g
4Hs
Hoe (R) A Co 1st mtge
108%
1952
73%
64%
"79%
76%
Hudson Coal 1st
s f
6s ser A
ser
12
94
1962 J
D
101%
34
93
79
85
78%
85%
94
100%
83%
88%
76%
68%
.....
,
"7%
6%
"76"
75
76
100
15
94%
108%
102%
*105h
*33 %
69
76
93%
95
07% 108%
108%
102%
02% 105%
105"»i lOS^w
106
121
26
118
75
4
67
30%
2
30%
119h
32
102
13
34
101h
51
1949 MN
A. 1957 F A
124H
124
49 H
47
49%
O
14H
13
15
a
99%
87%
73
1944
cons g
Hudson Co Gas 1st g 5s
7
100% 104%
30 h
121
1999
6s...1937 MN
Houston OH sink fund 5 Ha A.1940 mn
{{♦Housatonlc Ry
60
6h
94
1949
Hocking Val 1st
.
75
74
*70%
1946
♦Harpen Mining 6s
84 h
*60
1966
10-year deb 4 Hs
tHackensack Water 1st 4a
97
*49 h
1st ref A Term M 6s stampedl952
Gulf States Steel s f 4Hs
1961
♦Adjustment Income 5s.Feb 1957
ft
m
76
76
76
"idi%
1942 m s
f 6s stamped...
1st lien 6s stamped
Hudson A Manhat 1st 5s
For footnotes see page 999.
A
D
m 8
Greenbrier Ry 1st gu 4s
1940 MN
Gulf Mob A Nor 1st 5Ha B...1950 A O
1st mtge 5s series C
1950 A O
Gulf A Ship Island RR—
110%
108%
♦Debenture 4s
14"
11%
43
107% 111%
-
105
106%
"io% ~u"~
11%
*41
♦Green Bay A West deb ctfS A—... Feb
Feb
♦Debentures ctfs B—_
110%
108%
109 H
21%
20
~n"~
•»
-
108
110H
Stamped guar 4 Hs
1951
Conn Riv Pow s f 3Ha A
1961
Consol Edison (N Y) deb 3HS.1946
3 Hs debentures
......1948
Wuertemberg 7s—.1958
106% 106%
102% 104
2
108 H
1965 A
Consol Oil conv deb 3 Hs
1
59
101H
100%
ext g 4s
1948 A O
Columbus A Tol 1st ext 4s....1955 F A
3 Hs debentures
....
80%
75%
42%
Columbia A H V 1st
...1981
75
70
89%
59
1980 mn
1st mtge 3Ha series H
1st mtge 3 Ha series 1
Conv debs 3Hs
86%
5
104""
104
"82" "85%
20
72%
.
*100
Columbia G A E deb 5s... May 1952 mn
Debenture 6s
Apr
15 1952 A O
Debenture 5s
—Jan
15 1961 J
J
debentures
"24
22
J
1954 F
-..1956 J
Ernesto Breda 7a
Fairbanks Morse deb 4a
s
22%
J
Federal Light A Traction 1st 5s 1942
5s Internationa series
1942
1st lien
47
19
18%
16%
...1938 m s
(♦3d mtge 4Ha—
♦Gen Elec
'
Colo A South 4Hs series A
f 6s
77%
55
69
56%
78
a
77
85
72
♦Consolidation Coal
77
*57
98
11%
1976 A
43
Fonda Johns A Glov 4Ha.---.1952
69
*77%
55%
56
72 H
{♦Consol Ry
109
105%
78 H
of Upper
13
15
110%
110% 111%
100% 103
105% 108%
1973
1st mtge g 4s series F
13%
103
1st s f 4 He series C
....1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen s f 5s. .1943
♦6s Income mtge——..—1970
2Ha
79
70
105%
107%
*41%
Gen A ref mtge 4 Hs series B.1981
Cleve Short Line 1st gu 4 Hs.—1961
Cleve Union Term gu 6Hs
1st 8 f series B guar
105%
109%
103
J
1990 MN
1940 M S
J
.1940 J
20
15
*110%
D
Ref A lmpt 4 Hs series E
1977
Cln Wabash A M Dlv 1st 48.1991
33
77%
D
O
♦Ref A lmpt 6s of 1930
90 %
£8—.1993
"ilk"
♦Erie A Jersey lat s f 6s..—1955 J
♦Genessee River 1st s f 6a„1957 J
M S
109
mn
57
105% 107%
100% 103
87%
91%
88."
91%
8
96
90%
91%
76
*
1953
♦N Y A Erie RR ext 1st 4s__1947
*12%
"lT~
1953
—
4s aeries D
48
44
Cleve Cln Chic A St L gen
General 6s aeries B
conv
♦Ref A impi .58 of 1927...—1967
54
103
108H
♦Series B
♦Gen
1953
43
....
107%
105H
*103
19%
65
-
f.
63%
57%
75%
107
*103
1940
18
—
75%
102%
89%
90%
1st mtge guar 3 Hs series D..1971 mn
J
Clearfield A Mah 1st gu 6s
1943 J
Erie A Pitts g gu 3Hs ser B...1940
106
21%
19%
4
88
105% 107%
45
107%
D
*50
19
107%
mn
'107%
75 H
95%
*50
21
"go""
J
*106%
O
45
J
1st mtge 3Hs series E......1963 J
3Hs guaranteed
..1951 M S
J
Chic A West Indiana con 4s—1952 J
M N
107%
21
*46%
109%
106 %
107%
♦Conv 4s series A
104
A
85%
♦1st consol gen lien g 4a——1996
107
F
103%
12%
85 h
4%
•*
62%
76
103
*103 %
3
9
O
105
105
*138
1965
Series C 3 Ha
106%
16%
111%
9
*56
mn
1965 A
6s stamped..
110
45
12
1943 A
Electric Auto Lite conv 4a
1952 F A
Elgin Jollet A East 1st g 68....1941 MN
110%
14%
{♦Erie RR 1st cons g 4a prior—1996
105%
1962
O
106% 107%
106"
110%
"no%
East TVaAGs Dlv 1st 6a
1956 MN
J
Ed El 111 (N Y) 1st cona g 6s„1995 J
42
105%
*12H
8
109%
aeries D
East Ry Minn Nor Dlv 1st 48—1948 A
40
"98% 101"
6
105
1st A ref M 4kb
J
15%
14%
6%
5%
10%
4%
59
*107%
105%
J
J
"54"
10
109%
{♦Choc Okla A Gulf cons 5s...1952
Cincinnati Gas A Elec 3Ha.--.1966
1st mtge 3 Ha
....1967
Cln Leb A Nor 1st con gu 4s...1942
Cin Un Tdra 1st gu 6s ser C—1957
{(♦Dul Sou 8hore A Atl g 6a. .1937
Duquesne Light 1st M 3 Ha
1965
D
O
J
106%
106%
112% 113
111% 112%
110% 111%
100
99%
9%
105H
109%
Chllds Co deb 6s.
*22
7
J
..1963 J
1st mtge 4s ""Ties D
D
4
Chicago Union Station—
Guaranteed 4s,
111%
3%
75%
*65%
63%
D
Chic T H A So'eastern let 58-1960 J
Inc gu 6s
.....Dec 1 1960 M S
9
111H
*40
mn
-.1951 J
El Paso A S W 1st 58...—
3%
113"
7%
75%
D
Gold
25
57
18%
112%
*111
1995 J
♦Second gold 4s
4%
7%
4%
107%
*23 %
1966 M S
1995 J D
Gen A ref mtge 3 Hs ser G
♦Detroit A Mac 1st Hen g 6a
m
7%
4
4H
4%
7%
»
3%
75 %
3
7
6%
7%
7
——1960
♦Conv g 4%s.—
Ch St L A New Orleans 6s
52
.....
(♦Refunding gold 4s
'J
5%
7%
liiH
Detroit Term A Tunnel 4Ha..1961
"16% "26"
•
5%
*4%
4%
7H
iu"
16
16%
8%
12
O
-.1965 A
Gen A ref M 4a ser F
16%
1 A
JO
l"06H
J
{♦Des M A Ft Dodge 4a ctfa
1935 J
{♦Des Plains Val lstgu4H8—1947 m S
Detroit Edison Co 4 %s ser D—1961 F A
14
MN
36
J
13%
D
44%
34%
1969 J
1
J
39
1969 J
14
May 1 2037
stpd.May 1 2037
1 2037
1949
103% 105
98% 100
107% 109%
104
105%
104% 106
31%
35%
36
38%
108% 109%
56
64%
*59%
57
High
107% 109%
106% 108%
107% 109
108
109%
103% 104%
1971 J
14
"28
59%
Low
lat mortgage 4 Ha
♦Stpd 4s non-p Fed lno tax 1987 MN
♦Gen 4Ha stpd Fed inc tax.. 1987 M N
♦Gen 6s stpd Fed lnc tax.,—1987 M N
♦4 %s stamped
1987 M N
{♦Secured 6%8—
—.1936 mn
14%
1
43
3%
16
16
4
*109%
2%
12%
♦1st A ref 4Hs
38 %
41H
5
♦1st ref g 6e
38 H
♦35 H
2
♦1st A ref 4%s ser C.May
♦Conv 4Ha series A
26
41H
59
17
2
33
1
104%
38H
2%
1^78
106
32
J
13%
14%
14.
106
33
D
2%
"l*4%
82
D
14
*
108%
J
'13%
MN
13
108K
98%
108%
104%
99%
D
J
1987 MN
4s
♦General
D
J
1952
A extended to 1946—
Den Gas A El 1st A ref a f 5a... 1951
High
104
A
Del Power A Light 1st 4 Ha
Since
Asked
Low
103 H
5
Jan. 1
1st A ref 4 Ha
Range
Friday's
Bid
72
103 H
99
Dayton Pow A Lt 1st A ref 3 Ha 1960 A O
Del A Hudson 1st A ref 4s
1943 MN
«0
Range
Sale
14
104%
F
Cuba RR let 6a g
Week's
Last
Price
109 H
104H
—1950 MN
—1942 J D
Cuba Nor Ry 1st 5Hs
6s series B extended to 1946
SI
109
109H
104%
J
7 Ha series
BONDS
109
109 H
J
—1946
—1943
1948
1951
Crown Cork A Seal s f 4a
Randolph 7711
*Ni. T. 1-741 -4• 9ell System Teletype •>- Ceo. 543
Week Ended Feb. 17
109
D
Crane Co a f deb 3 Ha
135 So. La Salle St.
N. Y. STOCK EXCHANGE
23
J
Continental Oil conv 2Hs
<DIgby 4-5200
'Friday
107%
1966 M N
16-year deb 6s
£
107%
3 Ha
Container Corp 1st 6s
One Well Street
High
109H
No.
108%
1st mtge 3 Ha
1st mtge 3 Ha
0303
107%
May 11965 mn
1967 MN
1970 MN
1st mtge
Since
Asked
db
Low
MUNICIPAL 'BONDS
Range
or
Friday's
Bid
Consumers Power 3Ha.May 1 1965 mn
1st mtge 3 Ha
Yorky CH_. Y•
Range
Sale
Week Ended Feb. 17
1939
18,
Week's
Friday
I
BONDS
h
124%
11
121
76%
38%
102%
31% 36%
101
124
82
43%
144
11%
124%
49%
15
Volume
BONDS
Sale
Price
03 &a
High
No.
111%
11
Low
Illinois Bell Telp 3%a ser
Illinois Central 1st gold 4s
B-1970
1951
1951
1951
1951
1952
1955
A O
J J
3s sterling
Collateral trust gold
Refunding 4s
Purchased lines 3 Ha
Collateral trust gold
Refunding 5e
J
A
M
A
M
3%s~1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s...1951
Gold 3%8_
...1951
Springfield Dlv 1st g 3%s...1951
111 Cent and Chic
♦Ilseder Steel Corp 6s
Ind Bloom A West 1st ext
Ind 111 A Iowa 1st g 4s
Maine Central RR 4s
139
46
54
Manatl Sugar 4s s f
{♦Manhat Ry (N Y)
3
47%
54
66
49 H
50
I
H
%
83%
83%
63
63
66
63
63
F
*47%
J
*54
J
60
*61"
60
70
60%
,
54H
56
54 %
J
4s—1940
1950
51%
104%
104 H
53
48
104 H
33
50
50 %
A
118
Marlon Steam Shovel
A
*88
♦69H
79
s
D
95
95%
A
F
>
H
67"
9%
10%
10%
*8.
109
J
67 H
109
"95%
93
109%
68%
.
60 %
13
12
108
332
59%
1
59%
62
62
35 H
42%
35
65
M
59 %
92
57%
65
♦Certificates of deposit,
59
63%
49
56%
63%
146
1947
Corp 5s stamped
O
A
1942
Int Agrlo
84 '
NIN
3H
10
81H
4s. 1951
5
4
3
25
15
13%
13%
1951
a
20 a
20 "
M S
70
2
14
14
14
5
13%
*27%
33
_i—
1934 MN
1949 M S
7%
7%
2%
*1%
8
{{♦K C Ft 8 A M Ry ref g 48—1936
1950
-Apr 1950
Kansas City Term 1st 4a_.
1960
Kansas Gas A Electric 4%s_—1980
♦Karstadt (Rudolph) 1st 6s...1943
gold 3a
62
68%
63%
70%
M-K-T RR pr lien 5s ser
52%
1
52
M
S
95%
95
95%
13
95
A
O
82%
82%
3
79
3%
32
32
1
31%
55%
96%
82%
36%
33
8
30
35
69
69
11
67%
71%
65%
66%
55
65
69
66
108%
J
D
J
108%
109
20
106%
105%
106%
40
M N
♦Ctfs w w stmp (par 5645)-.1943
♦Ctfs w w stmp (par 5925)
1943 MN
108% 109%
104% 106%
36
21
5925)..1943
6s.
1946 M
1987 J
Kentucky A Ind Term 4%s.,.-1961 J
Stamped
...1961 J
Plain—1961 J
4%s unguaranteed
—1961 J
Kings County El L A P 6s
1997 A
Kings County Elev 1st g 4s—1949 F
Kings Co Lighting 1st 5s
.1954 J
1st A ret 6%8—
1954 J
Kinney (G R) 6Ha ext to..—1941 J
Koppers Co 4s series A.
1951 M
Kresge Foundation coll tr 4s._ 1945 J
3%s collateral trust notes—1947 F
{♦Kreuger A Toll secured 6a.
Uniform etfs of deposit
.1959 M
Laclede Gas Light ret A ext 5s. 1939 A
Coll & ref 5 Hs series C.
1953 F
Coll A ref 6 %s series D—1960 F
Coll tr 6s series A
..1942 F
Coll tr 6s series B
*...1942 F
17%
17%
20
95%
95%
"72" "73%
90
*60
A
95
163
'
83
163*" 165"
105
1940
1940
2003
104
A
100 H
100%
104%
100%
102% 104%
100
100%
13%
13%
11%
13%
83%
84
79%
84
Gen A ref
*v4.
50
49%
55%
53%
45
53%
42%
45
42%
45
*42%
49
43
46
83%
45
A
o
87%
22%
22%
J
59%
J
,
96
96
45%
O
84%
S
32
A
*30
23
F
102%
For footnotes see page
999.
18
17%
1
20%
21%
19%
3%
3%
85
3%
4%
18%
11
17%
21%
20%
20%
17%
18
"I§"
"§9
.
10
5
"18%
.
45
"44
6%
20
16%
21%
20%
*62%
76
65
65
20%
18
18
22
25%
26
22
28%
29
29
25%
50
50
34
53
3%s.l966
Montreal Tram 1st A ref 6s.
1941
:
108%
104%
98%
98%
96%
70%
f 5s series B..—1955 A
*68%
79
67%
67%
*68%
"75
52
A
a
f 5s series D
Morris A Essex 1st gu 3%
47%
68%
50
1955
M N
44
Mountain States TAT
3%s.r1968
J
22%
54%
25%
58
D
107
23
23
33%
10
49
56%
53%
45
14
42%
46%
107
40
106%
98
A
J
4s stpd—*..1951 J
extended to
1946 J D
MN
Nat Dairy Prod deb 3%- w W..1951
Nat Distillers Prod deb 4 Hs—1945 MN
'104%
104%
104%
104%
105%
♦4Ha Jan 1914 coupon on...1957 J
J
16%
19
♦4
Ha July 1914 coupon on—1957
J
J
31%
♦4%s July 1914 coupon off..1957
♦
Assent warr A rets No 4 on '57
J
J
*%
on.—1977 AO
*%
*%
A
O
*%
J
J
B
50
40,
47%
47%
51H
48%
19%
49
50
I8
20%
50ji
19
21
17%
18%
19%
19%
18
23%
"19%
20%
22%
21
20
♦4s April 1914 coupon
♦4s April
1914 coupon off...1977
*57
♦
20%
21
57
58
115%
112
115
129
128% 129%
128%
127% 129%
108
110%
62%
75
*114%
128%
128
109%
109%
101%
51%
101%
53%
*61
82%
91%
83%
83
83
83
*82%
"98%
49
101%
56%
70
82%
Nat RR of Mex prior lien 4%s—
{♦Assent warr A rets No 4 on '26
♦48 April 1914 coupon on..—1951 A
O
A
O
*%
J
D
"81% "83""
8
80%
83%
1
80
83
4
128% 129%
128%
128%
125
125
3
125
125
83
109
106
54
79
83
109
8
106
105%
*
1914
coupon
♦Assent warr A rets
off...1951
No 4 on '51
Nat Steel 1st coll s f 4s
1965
{♦Naugatuck RR 1st g 4s
Newark Consol Gas cons 6s
1954
*%
16
6
108
109
105% 106
87%
87
22
99% 100%
94
97%
87
91%
O
84%
84%
84%
15
84%
87
O
80
79
80
11
79
82%
J
100
94
99%
94
100
64
95
21
87%
109
109
MN
1948 J
*35
D
J
J
{♦New England RR guar 6s
1945
♦Consol guar 4s
1945 J J
New England Tel A Tel 6a A„1962 J D
1st g 4%s series B
1961 MN
N J Junction RR guar 1st 4s—1986 F A
N J Pow A Light 1st 4 Ha
1960
New Orl Great Nor 5s A
1983
N O A N E 1st ref A imp 4 Ha A 1952
New Orl Pub Serv 1st 5s ser A..1952
1st A ref 5s series B
1955
*122
♦1st 68 series B
1%
1%
♦1st 4 Hs series D
♦Certificates of deposit
"""% ""%
H
,
109%
49
107% 109%
65
123%
30
*21
28%
122%
23
124"
27%
127%
128%
*126%
128%
127%
23% 27%
124% 128%
123% 126%
108"
108%
107% 109
108%
69
51%
103%
104%
103%
104
69
52
65
51
104%
103
404%
103
65%
66
65%
33
65%
33
30%
70
65%
104%
104%
72%
34%
35%
30
37
*
35
33
35
♦""".I
45
31%
33%
34%
30
36%
35%
39%
34%
*30%
1954
♦Certificates of deposit
♦1st 5s series C-.
*"i%
*22%
{{♦N O Tex A Mex n-c lno 5s..1935
♦1st 5 Ha series A
O
1%
*1%
*%
New Orleans Term 1st gu 4s_..1953
S
O
%
1%
♦Assent warr A rets No 5 on '77
♦4s April
%
%
'% ""%
21%
21
82%
131
36
103% 105
104% 106%
104% 105%
♦%
*%
1960
30
82%
108%
J
146
72,
102
102
*105%
4%s s f debs
19.
*20%
A
29%
36
102
98
National Rys of Mexico—
18%
O
69%
33
104%
104% 107%
115% 115%
97%
72
102
35%
MN
Nat Gypsum
*19%
101%
"9§"
*68
31%
19
""l9%
54
*115%
Nat Acme 4 Hs
85
,
MN
Nash Chatt A St L 4s ser A—.1978 F
Nassau Elec gu g
60
16%
Mqt Un Tel'gtd 6s ext at 5%—1941
60
44
64
1965 M N
22
*40
"19%
72%
50
2000 J
Constr M 5s series A
50
j
99
97%
-75
1955
20
23
96%
97%
*68%
Gen A ref s f 4 %s series C—1955
84%
31%
84%
33%
100% 105
99
*96
Gen A ref
63
*
107% 108%
105
A
53%
"86"" ~90*"
23%
60
108%
J
1955
Mutual Fuel Gas 1st gu g 5s._.1947 MN
88
102% 105'
*105
108%
104%
J
Montana Power 1st A ref
s
*47%
A
*
6s debentures
55%
•
75
"
15
A
47%
F
A
21%
16%
17%
16%
17%
31%
19
,
2003
20%
17%
18
F
J
Lorlllard (P) Co deb 7s.......1944
68...:
1951 F
Louisiana A Ark 1st 5s ser A
1969 J
Louisiana Gas A Elec 3 Ha
1966 M
Louis A Jeff Bridge Co gu 4s_.1945 M
Louisville A Nashville RR—
Unified gold 4s
1940 J
1st & ref 5s series B
2003 A
1st A ref 4 Ha series C
2003 A
1st A ref 4s series D
2003 A
67
61
*58
F
A
19%
4%
4%
18%
17%
*18
A
pen A ref s f 5s series A
S
-
1st A ref 3%s series E
....I960
,.—1965
1st mtge 4 Ha—
100
—2003 MN
2003 MN
♦General cons 58....
—_—2003 MN
♦5s assented..
..—.2003 M N
Leh Val Term Ry 1st gu g 6s... 1941 A O
6s assented
1941
Lex A East 1st 50-yr 5s gu—1965
Ligget A Myers Tobacco 7s—1944
58—
1951
Liquid Carbonic 4s conv debs.. 1947
Little Miami gen 4s series A
1962 MN
Loews Inc s f deb 3Hs
1946 F A
Lombard Elec 7s series A
1952 J D
A O
♦Long Dock Co 3%s ext to...1950
Long Island unified 4s
1949 M S
Guar ret gold 4s
1949 M 8
4s stamped
1949 M 8
♦General cons 4 Ha
♦4
assented
20
Monongahela West Penn Pub Serv
102;
j
j
assented—
MN
♦Lehigh Val (Pa) cons g 4s
♦4s assented
......-.2003 MN
4 Ha
*17%
4%
17%
17%
29
105
102i
101
M
j
21%
26
M
103
80%
*96
F
4 Ha
17%
F
1938
{♦Secured 5% notes.
101
D
—
11
18
MN
{Mobile A Ohio RR—
N
J
........1954
1st A ref s f 6s
1964
1st A ref s f 6s
a1974
Sec 6% notes extend to
1943
Leh Val Harbor Term gu 58—1954
17%
18
3%
MN
1941
1st & ref s f 5s
34
12%
*17%
i—1981 FA
{♦Mo Pac 3d 7s ext at 4% .July 1938
Monongabela Ry 1st M 4s ser A '60
3%s—.1997
Ltd—
A
23%
42
*17%
Mohawk A Malone 1st gu g 4s.1991
71
A—1965
1945
58.1944
32%
35
12%
24
1978 MN
100
88
Leh Val N Y 1st gu g
17%
-
98
♦67%
'
23
17%
4%
17%
79
*64
Lehigh Yal Coal 1st A ref s f
51%
37%
17
17%
100
J
Lehigh A N Y 1st gu g 4s
28
A
105
§0
99%
99%
J
♦1st mtge Income reg
11975
Lehigh C A Nav s f 4%s A—.1954 J
Cons sink fund 4 Hs ser C—1954 J
40
88
M
J
Lehigh A New Eng RR 4s
F
83
J
gold 5s
Lautaro Nitrate Co
14
29%
24%
24%
12%
23%
Constr M 4 Ha series B
Lake Sh A Mich So g
65
41
28%
12%
♦Montgomery Dlv 1st g 5S..1947
♦Ref A lmpt 4%a.
1977 M
90
*60
1163
O
3% to~J947
6s 1937 extended at
2%
68
45
92%
Lake Erie A Western RR—
2d
107%
65%
4
40
♦Certificates of deposit
96 4
94%
107
3%
1%
1%
52%
deposit
♦1st A ref 5s series I
S
Kentucky Central gold 4s
6
23%
♦Certificates of deposit
♦Ctfs with warr (par
Keith (B F) Corp 1st
5
27
4%
28%
24%
.a.—1949 MN
5s series H
.—1980 A O
20
4
6
41
♦Conv gold 6%s
♦lat A ref g
6%
5
70
m"S
♦Certificates of deposit
♦Certificates of
8%
6%
1%
1977 M S
♦1st A ref 5s series G
3
5%
35
17%
{♦Mo Pac 1st A ref 5s ser A....1965
♦Certificates of deposit
♦General 4s
1976
36
36
3%
2%
62
A.—1962 J J
J
40-year 4s series B
1962 J
J
Prior lien 4 Ha series D
1978 J
♦Cum adjust 5s ser A
Jan 1967 A O
♦1st A ref 5s series F.
2%
6%
*3%
-
71%
'
A
-
8"
*"6
22
3
5
"e%
1946 J
♦1st A ref 6s series A
6
3%
6%
6%
67
52%
J
{{♦M St P A SS M con g4s int gu *38 J
{♦1st cons 5a
1938 J
{♦1st cons 58 gu as to Int—1938 J
65
4%
♦Certificates of deposit
Ref A lmpt 5s
F
♦Ref A ext 50-yr 6s ser A... 1962 Q
70%
52 H
AO
3%
67%
32
4%s A.. 1961
Kanawha A Mich 1st gu g 4s.. 1990
{♦Minn A St Louis 5s ctfs
♦1st A ref gold 4s
♦25-year 5 %a
1949 M S
♦1st A ref 5 Ha series B
1978 J
J
{♦ Mo-Ill RR 1st 5s series A—1959 J
Mo Kan A Tex 1st gold 4s
1990 J D
D
17%
27
-1
5
45
32
26%
28
87
14%
26%
95
5
73
12
—.1939
{♦Mil Spar A N W 1st gu 4s
1947 m"s
{♦Milw A State Line 1st 3 Ha.. 1941 J
92%
4
73
13
48%
,
42%
26%
66%
69%
66 H
*90% "95%
73
73
95
95
90%
88
*44
97%
90%
94%
83%
99%
*12
49%
82
89%
92%
*94%
K
72%
88%
8%
%
7
35
*91%
4
99%
%
%
*25
57
82%
60%
100
96
8%
%
J
175
1
110% 111
100
D
57%
83%
111
*%
91%
83%
92%
"95
87
42
54%
102% 104
81%
42
%
99%
82%
8
M
1st 4a..1959 J
Jones A Laughlln Steel
Kan City Sou 1st
3%
3H
*13 H
13%
78 %
55%
104
8%
J
83%
82
99%
111
♦Con ext 4 Ha
83% 89%
101% 102%
14
20%
4
14
"99
A A B—1947 J
Ref 8 f 6s series A
1955 M S
Int Rys Cent Amer 1st 5s B...1972 MN
1st lien A ref 6 %s
...1947 F A
Int Telep A Teleg deb g 4%s..1952 J
Debenture 5s
1955 F A
Internat Paper 5s ser
{♦Iowa Central Ry 1st A ref
8
102
14
{♦Int-Grt Nor 1st 6s ser A".
1952
♦Adjustment 6s ser A..July 1952 A O
♦1st 5s series B
....1956 J
♦1st g 5s series C...
1956 J
Internal Hydro El deb 6a
1944 A
Int Merc Marine s f 6s
1941 A
James Frank 1 A Clear
84
83 H
102
J
6
82%
42
A
...
Interlake Iron conv deb 4s
20
103%
110%
42
104
1st gold 3 Ha
1952 MN
Ref A lmpt 4%s series C.
1979 J
{♦Mid of N J 1st ext 5s
...1940 A O
{♦Mil A No 1st ext 4 Ha
1939 J D
42%
65
"41
AO
214
"20
"I2"
1940
City Air Line 4s
Jack Lans A Sag 3%s
31%
29% 35%
27
33%
20
20%
81
81%
101% 101%
84
*81
I
70
46
27
*101
♦Mlag Mill Mach 1st s f 7s
1956 J
Michigan Central Detroit A Bay
68%
63%
1932
7% notes... 1932
35%
33%
20%
67
39%
*81
1977 M S
1977 M S
♦48 (Sept 1914 coupon)
96%
109%
62
Certificates of deposit
31
O
{{♦Met West Side El (Chic) 4s. 1938 F
*102
J
32
J
1947 A
f 6s
♦Mex Internat 1st 4s asstd
~66~"
8
s
Metrop Ed 1st 4 Ha series D—,. 1968 M S
Metrop Wat Sew A D 5 Ha
1950 A O
95
J
30
20%
J
Mead Corp 1st 6s with warr..1945 MN
60%
47
55%
104% 105
32
41%
F
29%
34
Market St Ry 7s ser A...April 1940 Q
J
23
30
105% 107
1
46
j"'d
2013
{♦Man G B A N W 1st 3 Ha...1941 J
"60% "e5%
14
69
f 5s_—1953 M S
Manila RR (South Lines) 4s._. 1939 MN
1st ext 4s...
1959 MN
J
loe"
69
32%
♦Certificates of deposit
♦Second 4s
~76 ""
105%
44
"45%
O
A
4s..l990
cons
70%
73%
104% 105%
72%
105%
105%
D
A—1946 J
99%
86
110
110
*18
1960 J D
Feb 1 1957 MN
Manila Elec RR A Lt
60
60
ser
High
97%
82%
111%
*70
105%
Gen mtge 4%8 series A
90
....1948
1961
{Inter boro Rap Tran 1st 5a—1966
{♦10-year conv
59%
71
50
53H
83%
Industr'al Rayon 4%s
{♦10-year 6s
52
62
62
♦
Low
85
*108%
J
J
50
55%
60%
55%
No.
99%
85
85
M S
8
56 %
65
"50""
1980
46
1
25
50
"53%
S
Since
High
*97%
Atl Knox A Cln Dlv 4s
1955 MN
Lower Austria Hydro El 6 %8.1944 F A
McCrory Stores Corp s f deb 5S.1951 MN
55 H
55 %
56
{♦Ind A Louisville 1st gu 4a—1956 J
Ind Union Ry 3%a series B—1986 M 8
Inland Steel 3 %s series
75
~55%
A
M
1945
South Ry Joint Monon 4s.-.1952
*62
1963
1940
1948
C
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4 Ha
85
*62 %
StL&NO1963
1st A ref 4Mb series
87
Range
Jan. 1
Bid
Low
Louisville A Nashville (Contended)
Paducah A Mem Dlv 4s
1946 F
112%
84%
J
Jolnt 1st ref 5s series A
Illinois Steel deb 4%s
111
83%
i
Price
nO-.
High
Low
*84
1951 F
Western Lines 1st g 4s
Week Ended Feb. 17
Jan. 1
Range or
Friday's
ds
Asked
Sale
STOCK EXCHANGE
©
*84
40-year 4%s
Cairo Bridge gold 4s
Litchfield Dlv 1st gold 3s.—1951 J
Louisv Dlv A Term g
©
91
♦87 %
J
O
8
4s
O
N
1952 J
J
4s
1953 M N
1955 M N
Aug 1 I960 F A
1950 J
1st gold 3%s
Extended 1st gold 3%s
ill %
111 %
N. Y
Since
Friday's
&
Asked
Bid
Last
BONDS
Range
Range or
lLast
c-S
*5
Week Ended Feb. 17
Week's
Friday
Week's
Friday
oStj
N. Y. STOCK EXCHANGE
1st gold
997
New York Bond Record—Continued—Page 4
148
1956 F
A
A
F
*30%
O
A
*33
,.1956
1964
31
33%
New York Bond Record—continued—Page 5
998
\>ts
BONOS
t*.
C
N. Y. STOCK EXCHANGE
Week Ended Feb. 17
Last
©
jfc
Range
Sale
or
<Sc
O
A
1946
10-year 34» sec e £
2013 A O
Ref 4 lmpt 6» series C
2013 A O
Conv secured 34s
1952 MN
J
N Y Cent 4 Hud River 3 4a ..1997 J
1942 J
Ref 4 lmpt 4 4s ser A
A
Lake Shore coll gold 34s..
2013
1998
F
1998
F
784
Pa Ohio A Det 1st A ref
A
O
44s series B
1981 J
Pennsylvania P A L 1st 4 4s—1981 A
O
604
644
60
604
644
81
81
81 4
80
80
5
554
56
52
53 4
61
67
584
24
60
12
79
654
694
844
78
81
534
61
69
"4
1974
634
62
634
49
♦Ref 4 4s series C
1978
53 4
62
544
241
4s collateral trust
......1946
74
754
844
5
.—
extended to—1947
N Y Connect 1st gu 44s A.—1953
1st guar 6s series B
—1953
N Y Dock 1st gold 4s
1951
Conv 6% notes
1947
♦834
1064 1054
♦1064
"504
504
52
624
1074
1074
1st mtge 348
N Y Edison 34b ser D
...1965
1966
1st lien 4 ref 34s ser E
N
"IB
"514
"lo
524
1074
2
5
1084
108
1064
14
Y A Erie—See Erie RR
J
6s..1948
N Y Gas El Lt H A Pow g
D
Purchase money gold 4s.—1949 F
♦N Y A Greenwood Lake 6s..
N Y A Harlem
124
1244
A
44s series B
♦N Y L E A W Dock A Imp 6s
68
♦Non-conv debenture 4s._..1958
♦Conv
debenture 3 4s..
J
134
134
*124
M N
1956 J
♦Conv debenture 6s...
♦Collateral trust 6s *
♦11
O
1948 J
J
1940 A
O
♦Debenture 4s
..1957 M N
♦1st A ref 4 4s ser of 1927
..1967 J
D
{♦N Y Ont A West ref
♦General
g
4a.__.1992 M S
4s..
....1956 J
N Y A Putnam 1st
1963 J
J
J
NYTeleplst A
A
A
..1943 M N
♦Terminal 1st gold 6s
£448—1939 MN
gen 8
Ref mtge 34s ser B
N Y Trap Rock 1st 6s
.i.
6s stamped
1907 J
1948 J
84
{{♦Norfolk South 1st A ref 68.1961 F
A
84
g
84
44
1094
1054
98
No Am Edison deb 5s ser A
1
101
36
1034
84
1044
38
94
15
9
9
74
434
1024
To 24
*109
*644
75
34
34
1104
1084
974
1034
14
14
1204
1
84
12
434
1024
1094
1
27
80
134
12
{♦Og A L Cham 1st
Ohio
644
534
654
66
54
J
55
.1967 M S
.1972 J
.1966
4s debentures
Ontario Power N F 1st g 5s._
Ontario Transmission 1st 5s.
J
.1946 J,
.1943 F
*4
Otis Steel 1st mtge A 4 4s.._..1962 J
Guar 3 4s trust ctfs D
E trust ctfs
"49
"~4
113
1134
11
115
105
J
*1144
1164
1044
79
•
5
81
1
109
4
.1
,1164
1054
1
44
784
794
12
584
1124
6
18
1114
34
1074
66
112
1104
1074
*70
80
1084
1084
*1014
1084
5
1094
24
*1044
1044
1044
61
554
554
2
A
101
1004
834
1004
1947 M 8
S
*1614
O
514
50
1949 M 8
*
84
24
6
1014
71
514
5
*1234
1942
102
101
S
A
1024
1942 J
D
1944 J
*1014
1004
D
A
1004
994
944
954
844
117
1164 117
1144
1124 1144
109
1956 J
J
654
52
1956 J
6
58
J
29
1
58
63
634
4
1124
15
109
1124
1024
1943 M N
60
014
644
112
115
1094
1981 J
109
108
1134
1084 110
1054
1054 107
D
1044
1044
105
Phlla Co sec 6s series A
1967 J
D
Phlla Electric 1st A ref 34s...1907 M 8
1034
102 4
1034
192
1104
124
34
1104
21
conv
3s__
J
*124
1949 M
S
34
1937 J
f 4s
s
J
1948 M S
Pirelli Co (Italy) conv 7s
6
34
104
1054
984 1034
110
1114
114
10
3
10
10
94
1094
109
1094
5
124
10
9
Pitts Coke A Iron
24
14
4
109
14
1124
90
6
894
90
934
934
1
93
944
1054
1054
1952 M N
44s A. 1952 M 8
conv
Pitts C C C A St L 448 A....1940 A O
Series B 44s guar
1.1942 A O
Series C 4 4s guar
1942 M N
Series D 4s guar.
..1945 M N
1054
.
j*.
A.
<•*
«•
1044 1054
107 ■ 1084
*1084
*1074
*1054
106" 106""
1949 F
A
*104
1064 1064
1953 J
Series E 34s guar gold
Series F 4s guar gold..
D
*105
MN
♦1134
1034
101
124
9
9
54
42
•
53 4
84
4
cons
4 48------
cons guar 4 4s__...1904
Gen mtge 5s series A...
1970
Gen mtge 5s series B
1975
Gen 44s series C
..1977
J
D
A
O
J
J
Pitta Va A Char 1st 4s
guar
.1943 M N
Pitts A W Va 1st 44s ser
A...1958 J
D
1st mtge 44s series B
...1959 A O
1st mtge 44s Series C
..I960 A O
104
105" l05"
112" 114""
11241124
104
104
103
954
954
11
954
*106 4
"454
6
21
1024 1044
1014 104
934
954
107
454
454
*45
"4
47
474
46
48
*106
"454 "494
"l2
108
4
44 4
49
49 4
43
1024 103 4
1084 110
63
75
4
109
98
60
1184 1214
1034 1044
1034
1034 1034
107
Pitts Y A Ash 1st 4s ser
A.... 1948 J
1st gen 5s series B
.....1962 F
1st gen 5s series C
1st 44s series D
.»
D
A
1974 J
794
84
46
534
53
60
*1014
*1014
D
..1977 J, D
Port Gen Elec 1st 44s.......l960 M S
1st 6s 1935 extended to
1950 J
Porto Rico Am Tob conv 6s.. 1942 J
6s stamped
.....1942 J
J
{{♦Postal Teleg A Cable coll 6s. 1953 J
Potbmac Elec Pow 1st M 34s_1966 J
J
Pressed Steel Car deb 5s
J
704
J
J
J
.1951 J
{♦Providence Sec guar deb 4a__1957 M N
{♦Providence Term 1st 4s_
1950 M 8
Purity Bakeries s t deb 5s
1948 J
J
{♦RadlorKelth-Orph pt pdctfs
for deb 6s A com stk
(65% pd)—J
704
714
*105
42
38
36
39
154
144
309
844
*34
40
O
6
36
246
17
6
40
1004
•»
2
34
724
1064
43
41
134* 16
1084 1094
814
85
34
4
99
D
40
844,
844
1004
6
154
1094-
109
.....
58 4
106
107
40
"40"
40
4
494
974 1004
I>
{♦Debenture gold 60...—..1941 J
106
106
Gen A ref 44s series A.
1997 J
Gen A ref 44a series
B.....1997 J
J
70
70
57
734
574
734
72 4
J
73
72
Remington Rand ddb 44s ww. 1950 M 8
Rensselaer A Saratoga 6s gu
1941 M N
Republic Steel Corp 44s ser B. 1961 F A
103
-
102
73
4
70-
79
9
554
604
69
734
46
3
70
73
23
tOO
.;
103
50
50
62
694
614
55
614
1074 1084
54
54
106
108"
106
1084
1014 1034
107.
108
1044 1054
1124 1134
1124 115
1074
1134
1164
1034
109
115
1164
1054
78
814
55
60
Purcb money 1st M conv
54s '54
Gen mtge 44s series
M N
C.....1950 MN
Revere Cop A Br 1st
mtge 44s.l956 J
♦Rhelnelbe Union s f 7s
1946 J
♦Rhine-Ruhr Water Service 6s. 1953 J
J
*944
'"914
1952
J
1955
1939
101
'
J
*
244
*23
25
25
*23"'
"35
32
39
♦Rio Grande June 1st
gu 5s
♦1st con A coll trust 4s A
Roch G A E 44s series D
Gen mtge 5s series E_
,
6
a394
20
5
40
51
1
20
244
1
214
214
274
294
21
26.
25
28
274
24
274
Q
1044
50
1034 1074
1044
10
1034 1044
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HI"
♦Ruhr Chemical
s
f 6s
134
36
194
,
35
184
*123
S
Ill
...1962
Gen mtge 348 series
1907 M S
Gen mtge 34s series I__
1967 M S
{{♦R I Ark A Louis 1st 44s__1934 M S
...1948 A
{♦Rut-Canadian 4s stmp
;_„1949 J
{♦Rutland RR 1st oon 44s..l941 J
45
30
16
194
54
134
454
35
44
154
20
.....
1104 1114
1114
*1084
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12
110
12
12
*20
O
30
I
54
11
"4
54
,74
74
J
*54
J
J
*6
.1947 J
D
1054
O
106
♦Stamped..;
28
1044
1977 M S
M
94
904
944
994 1014
1044
1044
D
1949 A
894
1064 107
1014
•
a394
20
934
A
{♦Rio Grande West 1st gold 4s_1939
107
924
.
♦Cons mtge 6s of
1930...... 1955 A O
Richfield Oil Corp—
4s s f conv debentures
__1952 M S
Rlchm Term Ry 1st
gen 5s
♦Rlma Steel 1st s f 7s...
914
1064
934
101
98
91
107
J
J
♦Rhine-Westphalia El Pr 7s... 1950 M N
♦Direct mtge 6s
1952 M N
♦Cons mtge 6s of 1928—....1953 F A
1024
134
54
54
54
44
64
1114 1134
109
'
1114
1054 108
72
69
108 4 1094
1084 1094
1044 105 4
55 4
57 4
994 101
83 4
89
984 1014
45
514
994 101
11
34
58
68
*104
J
*1134
1014 1014
1004
634
1044
*1094
A
1977 J
*106
1014 1024
101
64
103 4
,
112
S
D
56 4
5
66
...1974 F
Safeway Stores
s f
deb 4s
Saguenay Pow Ltd 1st M 44a_1966 A
St Jos A Grand Island 1st 4s
St Lawr A Adlr 1st g 5s
984 101
984 1004
1054
1064
6
106
1064
26
*1064
1947
....
604
*13
J
J
J
104
♦Certificates of deposit
♦Prior lien 5s series B
♦Certificates of deposit
M 44s series A
1950
M*S
ctfs
104
604
584
654
604
64
154
13
174
694
574
11
94
11
*94
104
104
104
56
56
1989 MN
♦2d 4s lnc bond ctfs...Nov 1989 J
{♦1st terminal A unifying 5s_ 1952 J
♦Gen A ref g 5s series A....1990 J
999.
/
J
544
94
14
9
134
144
2
21
104
14
"56
94
21
94
544
134
614
294
1
14
*30
J
J
2
19
104
104
104
♦Ctfs of deposit stamped
♦{St L SW 1st 4s bond
564
104
94
j"j
.1978
1064 107
884
62
-
{♦St L Peor A N W 1st gu 6s
1948 J
St L Rocky Mt A P 5s sptd
1955 J
{♦St L-San Fran pr lien 4s A..1950 J
1044 1064
1054 1064
934
1996
gold 6s
..1966
St Louis Iron Mtn A Southern—
♦{Rtv A G Dlv 1st g 4s
1933 MN
♦Certificates of deposit
2d
♦Con
*1024
1952 MN
92
924
774
*1054
1234 1234
~62*~
1941 F
13
*44
*1044
1980 M
87
20
A
34s deb..l952 J
994
1064
39
1974 F
A
654
1084
1084
,1968 M
M
Apr
97
103 4
81
944
53
A
67
*68
1963 F
page
93
108
1084
1034
1094
1054
109
J
J
_
1st g 4 4s series C
1990
75
67
944
53
1900 F
1014 1044
10
115
J
S
.April
20
16
854
*1164
1144
O
1957 M N
64
5
1054
U3
1944 A
2* year 4s
43
108
103
1104
1074
1st M s f g 3s loan ctfs
.1955 F
Paramount Pictures deb 6a... .1955 J
_.
1084
574
Pacific Tel A Tel 34s ser B_. .1966
Ref mtge 34s series C
.1966
Paducah A 111 1st s f g 4 4s
.1955
Panhandle Eastern Pipe L 4s_. .1952 M
Paramount Broadway Corp—
Pat A Passaic G A E cons 5s.
♦Paullsta Ry 1st 8 f 7s
Penn Co gu 3 4s coll tr ser B_.
Guar 3 4s trust ctfs C
7
1074
*1084
J
1st A ref mtge 3 4s ser I
.1966
{♦Pac RR of Mo 1st ext g 4s.. 1938
{♦2d ext gold 5s
.1938
Parmelee Trans deb 6s
21
1074
D
Pacific Coast Co 1st g 5a
.1946
Pacific Gas A El 4s series G__. .1964
1st A ref mtge 34s ser H... .1961
34s conv debentures
Paris-Orleans RR ext 54s
44
*105
1074
1084
1034
.1945 MN
con g
see
,
D
A
3
121
100
D
4s....1946 J
Ore Short Line 1st cons g 5s....1946 J
Guar etpd cons 6s...
.1946 J
Ore-Wash RR A Nav 4s
.1961 J
For footnotes
1084
J
.1965 M N
34b._
39
564 ;
564
1084
.1943 M S
......
1st mtge 348
Oklahoma Gas A Elec
27
66
J
Connecting Ry 1st 4s._
ser
534
534
644
J
1st mtge 4s.
474
J
gu g 4s_ -.1948 J
1940 A
1903 F
39
834
2047 J
Ohio Edison 1st mtge 4s
Guar 4s
82,
47
J
J
Oregon RR A Nav
834
474
J
♦Stamped
♦Income 4s
Peoria A Pekln Un Jst 54s
Pere Marquette 1st ser A 5s
1st 4s series B_
conv
O
1947 M S
4s
Series I
50
55
2047 J
2047 J
A
1943 A
6s
cods
Series J
5
*49
Northern States Power 3 4s...1957 F
Northwestern Teleg 44s ext--1944 J
cons
Refunding gold 6s
Peoria A Eastern 1st
27
804
Series G 4s guar......
Series H cons guar 4s
94
1104
1044 1054
107
*51
F
Peop Gas L A C 1st
Reading Co Jersey Cent coll 4s_1951 A
*40
J
80
1952
77
109
54
1214
2047 J
Ref A lmpt 4 4s. series A
274
84
174
574
54
134
1004 104
14
174
124
154
8
1997 Q
2047 Q
Ref A lmpt 6s series B..:.
22
1054 1064
1945
Ref A lmpt 6s series C
Ref A lmpt 58 series D.
174
95
1034
144
8
.1946
Apr'33 to Oct'38 coups..
North Pacific prior Hen 4s
Gen lien ry A Id g 3s Jan
134
16
103 4
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupons..1945
♦Oct 1938 A sub coupons
♦Ctfs of deposit stamped
154
108
Deb 6 4s series B—.Aug 16 1963 F A
Deb 6s series C
-Nov 16 1969 M N
M
944
348—
1074 1084
110
1114
1094 1114
854
884
1154 1184
154
1104 1114
98
A
M
944
804
deb
Phillips Petrol
114
114
34
1104
1084
..1957 M 8
North Cent gen A ref 5s......1974
Gen A ref 4 4s series A
1974
984
General 44s series D_
1981
Gen mtge 44s series E.....1984
154
62
34
60
1204
844
1184
106
Conv
{ {♦Philippine Ry 1st
704
75
*50
118
834
944
944
13
11
50
1
9
74
1970
104 4 1064
2
"l4
88
93
91
112
98
Debenture g 4 4s
1114
105
♦Conv deb 6s
124
74
,34
1094
1054
*124
A
114
77
1044
94
5s...1941 MN
Norf A W Ry 1st cons g 4s....1996 O
North Amer Co deb 5s.
...1961 F
y
104
57
"584
♦Certificates of deposit
{{♦Norfolk A South 1st
67
44
O
4s...1950 A O
5
*60
...
Niagara-Share (Mo) deb 64s. 1950 MN
Nord Ry ext sink fund 6
50
2
75
Nlag Lock A O Pow 1st 5s A..1955 A
234
118
D
{{♦N Y Westch A Bost 1st 4 4s '46 J
J
Niagara Falls Power 3 4s.....1966 M S
70
54
J
1946
"2
144
M N
{{♦N Y Susq A West 1st ref 6s 1937 J
{♦2d gold 44s-.
1937 F
♦General gold 5s
1940 F
14
54
4s..1993 A O
N Y Queens El Lt A Pow 34s 1965 M N
{N Y Rys prior Hen 6s stamp.. 1958 J
J
N Y Steam Corn 34s—
"ll
11
con gu
N Y A Rlchm Gas 1st 6s A—1951
154
134
134
*534
O
68
754
12
12
144
D
1942 A
{♦N Y Providence A Boston 4s
1054
1074
{♦Phlla A Reading C AI ref 5S.1973 J
13
"*54
{♦Harlem R A PtCbes 1st 4s 1954 M N
98
General g 44s series C
General 44a series D__
60
144
23
69
33
12
14
144
118
106
Phlla Bait A Wash 1st g 4s
General 5s series B
61
994
11
J
1900 F
1965 J
1968
964
174
71
72
II
1074
1074 1094
59
60
*114
504
60
58
*524
pNYANE (Bost Term) 4s..l939 A O
{♦N Y N H A H n-c deb 4s
1947 M S
♦Non-conv debenture 34s.-1947 M S
♦NoD-conv debenture 3 48--1954 A
♦Non-conv debenture 4s
1955 J
66
504
*50~~
49
994 100
684
*59
M N
1943 J
J
1941 M S
N Y A Long Branch gen 4s
105
*504
1973 MN
...
106
17
♦1004
1973 M N
N Y Lack A West 4s ser A
104
1970 A
High
93
93
105
General 44s series A
General 6s series B
Phelps Dodge
♦16
1946 M N
48
784
634
554
774
844
1014
1064
544
524
1084
123 4 126
1164 1174
♦1164
gold 348——2000 M N
♦N Y L E A W Coal A RR 64s '42
.1244
67
654
974
1074
1114 1114
*1104
86 4
88
1948 MN
gold 4s
Low
1054 1074
934
974
*94
1054
4s sterl stpd doIlar.May 11948 MN
60^
734
Consol
10
106
974
J
No.
964
*105
1943 MN
4s
cons g
Gen mtge 34s series C
Consol sinking fund 44s
644
564
Pennsylvania RR
44s A. 1977
Since
Jan. 1
High
96
964
Range
Asked
&
Low
Penn-Dlxle Cement 1st 6s A—1941 M S
76
22
61
Range or
Friday's
Bid
D
112
604
Last
High
Penn Glass Sand 1st M 4 48--I960 J
N Y ChlC 4 St Louis—
♦Ref 6 4s series A
Low
70
56
*67
Price
110
78
A
34s
Sale
Week Ended Feb. 17
63
77%
A
Mlcb Cent coll gold
N. Y. STOCK EXCHANGE
110
55
*554
BONDS
Since
"24
654
774
J
O
No.
High
110
65
55
Ref & lmpt 4 48 eertee A
Debenture 4s
Range
Asked
Low
*109
65
2*
1939
18,
Week's
Friday
Jan. 1
Ss
Friday's
Bid
Price
Newport 4 C Bdge gen gu 448-1945 J
N Y Cent RE 4s series A
.1998 F
Feb.
Week's
Friday
20
34
20
20
"e
19
354
234
13
13
1
12
154
Volume
Week'8
Last
Range or
Sale
Friday's
■*»
Y.
STOCK
EXCHANGE
Is
g
Week Ended Feb, 17
Price
Bid
N. Y. STOCK EXCHANGE
Jan. 1
ft) ft)
High
No.
Low
BONDS
Since
Week Ended Feb. 17
O
Sale
fc
e
Asked
&
Low
M
Bonds Sold
Friday's
Bid
Price
High
Low
Range
Range or
Last
Range
O
Asked
tk
Week's
Friday
Friday
BONDS
N.
999
New York Bond Record—Concluded—Page 6
148
Since
Jan. 1
No.
High
Low
•
High
105H 107 H
St Paul & Duluth 1st con g 4s_.1908 J
D
Virginian Ry 3Ha series A
1966
S
106%
J
J
*6%
1939 MM
44%
44
44 H
6
F
A
7H
{{♦ Wabash RR 1st gold 5s
♦2d gold 6a
A
22%
1940 J
1972 J
(large)
St Paul Un Dep 5a guar
J
*96%
J
117H
98 H
98
97H
117H
42 H
49 H
22%
5
22 H
28 %
1954
25
25
25 H
1941
52 %
25%
52%
7
♦Det A Chic Ext 1st 5s
14
7%
22%
♦1st lien g term 4s
{♦St Paul E Gr Trk 1st 4Hs.~1947
{♦St Paul & K C Sh L gu 4 Hs-1941
8t Paul Minn <fe Man—
t Pacific ext gu 4s
5
50
52%
1943
1965
S A & Ar Pass 1st gu g 4s
G A E 4s
61
MN
110
110H
1946
f 6 Ha serlee B.
—1989
1976 F
*15
16
19
♦Ref A gen 5s series D
1980 A
29
29
29
28
31H
J
A
O
O
M N
*116
*16
18
18
13 H
13
17H
O
Oct 1949
1959
F
A
3
3
A
O
5
5
5H
4H
4H
4%
7%J
8H
.68
7H
11
■7%
5
7H
*16H
17
~22
3H
5
1945
♦1st cons 6s series A
♦Certificates of deposit—.
{{♦Atl A Blrm 1st gu 4s
{♦Seaboard All Fla 6s A ctfs
♦Series B
_.
1933 M~S
1935 F A
1935 F
certificates
13H
13H
S
M
8
S
~~3H
1951
Socony-Vacuum Oil 3Hb_]
.1950
South A North Ala RR gu 5s..1963
South Bell Tel A Tel 3Hs
1962
Southern Calif Gas 4 Ha—■
1961
1st mtge A ref 4s
1965
Southern Kraft Corp 4Mb
5
8
{♦Warren Bros Co deb 6s
4H
6H
Warren RR 1st ref gu g 3Hs._ 2000 F
1
104H
84
62
5
2
98H
36
105
5
.
,
55
62
75%
81
25
108H 108 %
107H
M
S
107
107H
5
106
A
109H
109H
6
92 H
103
92%
38
19
J
D
52 %
E. 1963
ser
...1950
A
rvi
g
55
S
51H
.1952 A
Maryland 1st 4a
100H 103
90 H
93
M
30-year 5s
1951 J
....
1st 4s stamped
*
120H
111H
2
111 H
111H
105%
105 H
9
105H 107
52 %
47
59%
96
46 H
56
{{♦Wllkes-Barre A East
156
Wilson A Co 1st M 4a series A. 1955 J
50%
50 H
51%
57%
59
52
46H
57 %
88 H
1C
84%
Southern Ry 1st cons g 6s
Devel A gen 4s series A
Devel A gen 09
Devel A gen 6Hs—
St Louis Dlv 1st g 4s
16
18H
23H
29
50
63
59%
62
38
58
65
62
60%
62
18
57
64 %
19H
19%
19 H
2
17%
21%
53%
53 H
6
49%
46
47
5
45 H
•47"
*109H
94 %
*101%
110 %
D
8%
9%
gu 6s.
1942
J
72 H
73H
72
72
*62
J
"UH
♦{Spokane Internat 1st g 5s—1955
Staley (A E) Mfg 1st M 4s
1946
Standard Oil N J deb 3s.,
1961
J
1953
J
D
J
J
J
Studebaker Corp conv deb 0S..1945 J
Swift A Co 1st M ZHa-1950 MN
107H
J
J
1960 J
1960 A
O
1937 J
J
108H
15
107 % 108
{♦Wor A Conn East 1st 4HS..1943 J
J
9%
4
74
Youngstown Sheet A Tube—
77
84H
107 H
126
*101H
102 H
99%
100 H
102H
102 H
4
114H
114H
16
106 %
106 H
106
iO0H
106
i06H
115%
n 5%
84%
85H
85
84%,
85
73
115%
85 H
125
87
■■
*
84 %
85 H
94 H 101
102H 102 H
114
81
82
21
81H
98H
5
96H
97
38H
11%-
13H
553
63
63
"16
53
Deferred delivery sales transacted
.
Poland 4Hs assented
23%
20
23 %
30
26
1st lien A ref 5s
June
.June 2008
Week Ended
109
,
76
76
108H
109H
35-year 3 Ha
debenture
Feb. 17.
107H
U3H
.113H
77
107
107H
78
106
116
116
1
114
97
34
95
96 %
10
M 8
"96%
108 H
Vanadium Corp of Am conv
Vandalla cons g 4a series
Cons a f 4s
6s.
series B
78
~73H
9
9
•
United
Municipal &
Bonds
Total
Stales
Stale,
Mis cell.
Bond
96
55
*109H
*28 H
"29"
113H
115
105 %
40%
109 H 110
30
24H
111H 117H
105%
216
43%
43%
11
104 H 105H
50
38H
43%
40%
105H
43%
9
*
5
88 H
43 H
50
38
50
88 %
93
97"
97H
"74
98H
97%
98%
77
67%
68
18
94 H
60
67%
68
25
65%
100 H
39
$4,076,000
Week Ended Feb.
5,126,000
87,000
151,000
84,000
4,626,000
6,111,000
6,211,000
$738,000
$24,897,000
710,000
893,000
906,000
287,000
„
„
Jan.
17
1 to Feb. 17
Exchange
■
1939
,
1938
1939
1938
f
2,770,810
Stocks—No. of shares.
*4
4 Slocks
Government
3,021,790
33,475,728
33,842,302
$10,770,000
32,106,000
$24,402,000
$738,000
$3,351,000
4,076,000
20,083,000
5,152,000
22,542,000
$24,897,000
$31,045,000
State.andjforelgn
Itallroad^and industrial
190,193,000
34,255,000
197,926,000
$233,069,000
$256,582,000
90
97 H
99 %
»S
.
4
$20,083,000
•2,770,810
"
New York Stock
73%
73%
....
Sales at
83%
69
1,049,000
HOLIDAY
P Total
97%
75
3,990,000
3,765,000
4,931,000
5,221,00.0
$2,823,000
$129,000
$518,000
418,390
498,180
850,160
682,010
Sales
Bonds
Bonds^
$2,176,000
;
Friday
108 H 109%
1
For'n
322,070
Wednesday
97%
7
J
67 H
Included In
Exchange,
York Stock
New
Railroad &
Thursday
107 %
116 H
78
S
%
Stock and Bond Averages
Below
69%
69%
101
99
Total
97%
98%
O
1955 F
A
*106
*106
the
daily closing averages of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
106 % 106 %
1957 M N
are
stocks and bonds
as
1941 A
100 H 106 H
1934 J
70 H
10
109
M
.1958 A
100H
%
J
{♦Vera Crux A P 1st gu 4Hs—.
J
J
{♦July coupon off
.1968 M S
Va Elec A Pow 3 Ha ser B
.1949 M 8
Va Iron Coal A Coke 1st g 53—.
J
2003 J
Va A Southwest 1st gu 5s
1st cona 5s
J08H
10SH
S
.1959
A
96
96 %
O
1947
Light 5Ha
{♦Debenture 5s_.
96 H
13
M
1934 J
the
at
Shares
1939
Monday
10 7 %
108 H
A
during the current week and not
,
Number of
Tuesday
13
113H
{{♦United Rya St L 1st g 4s...
.1940
U 8 Pipe A Fdy conv deb 3Ha.
1948
U S Steel Corp 3 Ha debs
♦Un Steel Works Corp 6Ha A—.1951
.1951
♦Sec s f 0 Ha series C
♦Sink fund deb 6 Ha ser A—,1947
1951
United Stockyards 4 Ha w w..
1944
Utah Lt A Trac 1st A ref 5s
1944
Utah Power A Light 1st 6s
{{ Utll Pow A
85
76
108 % 109 %
9%
115% 116H
■107% 109 %
111% 114H
O
deb 5s—. 1950
United Clgar-Whelan Sts 5a....1952
United Drug Co (Del) 5s.,
;«.1953
.1944
U N J RR A Canal gen 4a
12
47
115H
13
,1971 M N
A O
34-year 3 Ha deb."...
United Biscuit of Am
76H
109 H
115H
.1970 A
„
26
:1945
1st lien A ref 4a.—
v
Stocks,
108
Saturday
2008 M S
'
•
1958, Feb. 16 at 33.
Transactions
124
124
20
{{♦Union Elev Ry (Chic) 5s—.
Union Oil of Calif 6s series A....1942
.1952
3 Ha debentures
Union Pac RR 1st A Id gr 4s^...1947
"
'»
Daily, Weekly and Yearly
108%
*20
J
which have
„
Bonds selling flat.
z
the yearly range:
63
124 %
A
.1945 M S
Stook Exchange bond Issues
'
1939 at 105,
No sales transacted during current week.
Friday's ,bld and asked price.
♦
60H
108
MN
Ujlgawa Elec Power s f 7b^
J
Union Electric (Mo) 3Hs——..1962
Included in the yearly
•
"9§" "98""
*99
J
current week and not
reorganized under
*
88 H
54H
*123
.1949 M S
104 H 106
{ Companies reported as being In bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
7%
87%
90
106
106H
85
87%
104 % 110
49
5s ser. A 1957, April 1 at 103.u
.
5Hs ser. B 1963, Mar. 15 at 102%.
5s ser. C 1969, Mar. 15 at 105H.
.
45 H
13%
*85%
97
106
1961, Mar. 6 at 103%.
North Amer Cp 5s
98H
45%
33
107%
105%
'
Hackensack Water 4s 1952, April 26,
85 H
448
106 %
106
T The following la a list of the New York
85 H
60 H
%
9%
*
106 H
1961 MN
been called In their entirety:
85 H
6
,106H
5
5%
exchange rate of $4.8484.
116H
15
58
.
week, a 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
..._
106
-
Cash sale; only transaction during current
r
,108 %
59H
-
North Amer Edison Co.—
79
100
90
'
s
No sales.
88
11
26
\2%
*88,
7
\
9
.....1948 M S
4s
Cash sales transacted during the
range:
113H 114H
103
106H
mi
44%
,12 %
88
"ios"
.1952 F
16%
125 H 126 H
103
102
85 H
deb
e
107
J
J
•Trl-Cont Corp 5s cony deb A...1953
Conv
1st mtge a f 4s ser C.__
13%
D
7Ha...1955
108%
104 H 105
104H 106 H
104 %
103
81
107 :
"ioo"
3H« 1960 J D
.1950 A O
Tol St Louis A West 1st 4s
M S
Tol W V A Ohio 4s series C_...,1942
J D
Toronto Ham A Buff 1st g 4a...1946
♦Tyrol Hydro-Elec Pow
♦Guar sec e f 7s—
D
71
1952 J
...
5s
Wisconsin Public Service 4s...1901 J
*125 H
Tol A Ohio Cent ref A Imp
Trenton G A El 1st g
106%
66
Ltd—
1st 0s dollar series
3
37
107H
79H"
81
5%
108 %
5%
76%
H
104H 105 %
106 % 108 %
105%
8H
108%
168%
72
104H
11H
8H
4
8%
9H
5
68
.1953 J
Tide Water Asso Oil 3 Ha
Tokyo Elec Light Co
104M
103H
J
5s—1951
Tenn Cop A Chem deb 0s B...1944 M S
D
Tenn Elec Pow 1st 08 ser A....1947 J
A O
Term Assn of St L lstg4H8—1939
F A
1st cons gold 5s_.
—...1944
Gen refund s f g 4s
..,.1953
Texarkana A Ft S gu 5Hs A—1950
Texas Corp deb 3 Ha.———1951
Texas A N O con gold 6s
1943
Texas A Pacific 1st gold 5a
2000
Gen A ref 5s serles B.
...1977
Gen A ref 6s series C
1979
Gen A ref 5s series D—
1980
Tex Pac Mo Pac Ter 6Hs A—.1964 M S
Jan
105%
97 H
110
4
108
►
1
16%
102 %
94%
110
108 %
*5
♦Certificates of deposit—
51
105
101
31
A"6
85H
74
107%,
14
28
5M
4%
110H 112
104H
105H
97
93 %
-
9H
8%
♦Certificates of deposit...
66
65
-
48
101H 101 %
6
10H
96
«,
55%
mmm mm
24
....
-
102
*110%
9%
Wisconsin Elec Power 3Hs-„..1968
105%
105
107H
A
♦AdJ Income 6s,
J
11
95%
-
109 H 109H
....
102 H
95%
J
60
*112H
F
{{♦Third Ave RR 1st g 6s
28
72
105H
Third Ave Ry 1st ref 4a
50
73 H
B..1964
C...—,.1968
Gas A El 4s ser D_.11900 MN
Tenn Coal Iron A RR gen
85
70
69 H
1st A ref 3s series
25*8—
O
Winston-Salem S B 1st 4s
71%
80
54%
M -m
101%
101H
1947 A
1960 J
Conv deb 3%b
23 H
19H
—
J
89
18H
60 %
1949 M S
Wheeling Steel 4Hs series A,..1966 F A
White Sew Mach deb 0s
1940 M N
aer D
RR 1st consol 4s
64%
64
"82% "23
82 H"
53 H
82 H
54
So'western Bell Tel 3 Ha ser
So'western
74
16
19 H
-84H
58 %
{♦Sup A Dul dlv A term 1st 4a *36 MN
1996
...1951
Mem Dlv 1st g 58.—
65%
79
82 H
104 H 105H
*104%
89%
64
17
1966 M S
Wheeling A L E Ry 4a
55%
57%
10
18H
J
53
37
59%
61%
J
57%
56%
104H
19M
J
..2361 J
84 H
88
105
83
88
D
50
51H
65 H
124H
108 H
119H
S4H
1960 M 8
.1
56
50 %
1955
1955
,1994
1956
.1956
1956
4a
So Pac RR lBt ref guar
123H
105H
3
S
52H
H
5
-
12
"lol'%
...1950 MN
West Shore 1st 4a guar.......2361 J
J
88
46
«i
106H 107 %
107
107H
101H 101H
108 H
101H
«•
<
8
♦Westphalia Un El Power 6s-.1953 J
M N
O
M.
120 H
{♦Wis Cent 60-yr 1st gen 4s...1949 J
San Fran Term 1st 4a
%
111%
O
.1940 M
♦6s assented
Western Union g 4Hs
25-year gold 5s
51 %
52
J
39
108
J
A
1943
{♦Western Pac 1st 6s ser A...1946
108
MN
-
90
I
mmm*
-
%
105H
O
1977 J-
102 %
50 H
86
120
D
101
55
M
96 H
23
107 H
107%
S
J
1st mtge 3Hs series I
1966 J
West Va Pulp A Paper 4Hs—- 1952 J
9
-
,
80
89 H
*124H
D
M
66 H
75
90
D
West Penn Power 1st 5s
107H
59 H
1
50
101H
57
52
106
25
*107H
102H
101%
39 %
*107H
Southern Natural Gas---
102 H
39%
*25
A
J
109 H 110H
102 H
89 H
A
1st A ref 5Hs series A
"2
92%
217
A
1945
West N Y A Pa gen gold 4a
107H
102 %
90H
F
Western
103H 105
106 H
*113H
J
95H
88 %
1939 J
99
16
F
O
13
21%
78 %
97
106 % 107K
115
115
D
75
1945 F
Wash Term let gu 3Hs.
1st 40-year guar 4s
21H
80 H
104M
•
6
106
62%
S
M
1941
Wash Water Power s f 5s
66
24
—
97
98 H
A
13
Westchester Ltg 5s stpd gtd... 1950 J
Gen mtge 3Hs...
1967 J
10 %
103 % 105'
,69
*18H
80 H
1951
So Pac coll 4s (Cent Pac coll)—1949
1st 4 Ha (Oregon Lines) A...1977
Gold 4Hs
1968
Gold 4^8
1969
Gold 4^3
1981
10-year secured 3%i-+*
1946
8%
75
89%
Registered
lst mtge pipe line 4 Hs
4
Washington Cent 1st gold 4s.. 1948 Q M
107 H
1947 J
1946 J
Southern Colo Power 0a A
7
3H
104
.
12 H
8%
61
Certificates of deposit
3
T4%
69H
106H
8H
106
96
4
3H
104H
Skelly Oil deb 4s
9
12
75
1939 M S
Warner Bros Plct deb 6s
3
3
r4%
104
43
9H
62
O
1955 A
"
17
*15
1951
D
Shlnyetsu El Pow 1st 6 He
1952 J
♦Siemens A Halske deb 6Hs
1951 M S
♦Silesia Elec Corp 6Hs—.,.1946 F A
Slleslan-Am Corp coll tr 7s
1941
SImmoDs Co deb 4s
1952
Shell Union Oil deb 3Hs
3
7%
J-7H
A
IV*
14
6
9H
106
Walworth Co 1st M 48-_._... 1955 A
6s debentures...
~18~~
9%
Walker (Hiram) GAW deb4Hs 1945 J
116H 116H
A
♦Certificates of deposit
9H
9H
30
31
41
8H
O
*28
17
40 H
44
9
O
15
17
15H
9
A
1978 A
8
9%
5Hs A. 1975 M S
gen
♦Ref A gen 4 Hs series C
17
---
15H
*38 %
♦Ref A gen 5s series B
O
{♦Refunding 4s
S
M
♦Toledo A Chic Dlv g 4s._,. 1941
~
15H
19
A
,
1941 A
1st g 3%a
{♦Wabash Ry ref A
*17
15H
112
*15
{{♦Seaboard Air Line 1st g 4s.-1950
{♦Gold 4s stamped
1950
♦Adjustment 5s
J
27%
J
♦Stamped
Scioto VAN E 1st gu 4s__
110H
♦109H
J
A
♦Stamped
58 %
68 H
110
112H
109 % 110
61
61
J
—1946
{♦Schulco Co guar 6Hs
■
J
1942 M S
Santa Fe Pres A Pben 1st 6s
♦Guar
J
1939 F
{♦Des Molnea Dlv 1st g 4s_. .1939
115H H7H
♦Omaha Dlv
San Diego Conaol
50
107
106 %
O
Bonds
Stocks
%
10
109H
109H
*30
109H
41
72
*72
60
60
107% 109%
27 H
35
60
72
60
10
Total
62
30
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
Indus¬
Dale
trials
Rails
Rails
ties
Bonds
trials
road8
ties
Stocks
144.95
30.31
25.07
48.78
94.05
52.19
107.70
90.34
Feb.17.
145.39
30.40
25.34
48.97
107.58
93.93
52.16
107.68
90.34
Feb.16.
Feb.15.
144.60
29.93
24.85
48.63
107.59
93.81
61.99
107.69
90;27
Feb.14.
Feb. 13.
144.13
29.89
24.80
48.40
107.65
93.71
51.91
107.66
90.23
144.61
107.64
90.22
Feb.11-
51.86
H OLIDA Y
HOLI DAY
30.18
107.43
24.93
'48.63
107.71
93.66
30K
New York Curb
1000
Exchange—Weekly and Yearly Record
Feb.
18,
1939
NOTICE—Cash and deferred delivery sales are disregarded in the week's
range unless they are the only transactions of the week and when selling outside
weekly range are shown In a footnote In the week In whleh they occur.
No account is taken of such sales in computing the range for the year.
of the regular
In the
following extensive list
we
furnish
a
complete
record of the transactions
week beginning on Saturday last (Feb. 11, 1938) and
ending the present Friday
from the daily reports of the Curb Exchange itself, and is intended to include
the New York Curb Exchange for the
on
(Feb. 17, 1939).
It is compiled entirely
every security, whether stock or bond, in
which any
dealings occurred during the week covered.
Sales
| Friday
Last
Par
Week's Range
of Prices
Low
High
Week
Price
Acme wire v t c com...20
*
Class B
100
53*
Low
27
100
6X
TVs
Air Investors common...*
7
8
2
Air Associates Ino com.__l
Jan
Feb
4?*
Jan
25
500
0?*
7?*
2
Ala Power $7 pref.
10 preferred
Alliance Invest
89 H
65?*
893*
83
25
01?*
Jan
Jan
Feb
180
71
Jan
90?*
Feb
180
62?*
1J*
Jan
86
Feb
Bourjols Inc
Jan
Co
common.
Ltd
IS
114
'
18
50
117
Jan
119"
122
J22~"
Jan
113
Feb
15
Jan
Jan
8X
.....
Amer Fork & Hoe com..*
Amer Gas A Elec com...*
$0 preferred
...»
American General Corp 10c
400
7?*
$2 preferred....
IX
1
Amer Lt & Trao com...25
preferred..
Amer Mfg Co common 100
Preferred
100
1
Seal-Kap com.....2
Am Superpower Corp com*
1st $0 preferred
*
$0 series preferred
*
10
Arkansas P A L $7 pref..*
Art Metal Works com...5
Ashland Oil & Ref Co„..l
Elec Industries
Amer deposit rets
£1
Assoc Gas 4 Elec—
preferred
—.100
Co common
*
Class A
Feb
70
Feb
Jan
33
Feb
1?*
24?*
Jan
60
Feb
2?*
24?*
Feb
3,800
22X
Jan
28?*
Jan
22?*
1!*
Feb
38X
Feb
,112?*
*X
5O0
4X
20
4?*
116
Jan
24
J7/8
Jan
27
50
Jan
'""60
8H
26?*
16?*
27?*
10?*
*28?*
17?*
Jan
15?*
26
Jan
25
Jan
"
16
16
16?*
2 aoo
"14"
"l3*
'II"
'"125
Jan
18
Bruce (E L) Co com
27?*
Jan
32
Jan
Jan
73*
75
Jan
Jan
Jan
25
50
27?*
Jan
Jan
Jan
Jan
30
30
Jan
Jan
?*
113*
Jan
Jan
30
21?*
Jan
22
Jan
22?*
Jan
22?*
Jan
21
"18
Jan
Feb
Jan
Jan
Feb
573*
8?*
8?*
Jan
22?*
Feb
\ Jan
5?*
X
5?*
„
Jan
15
Jan
Camden Fire Ins Assoc
66
Jan
55
Feb
57?*
800
13*
1?*
Feb
Canadian
Jan
3
4?*
Jan
5?*
Jan
Marconi
Feb
76
Feb
16?*
Jan
27
Feb
Carnation Co
3?*
Jan
3?*
Jan
Carnegie Metals
Jan
1?*
Jan
3?*
Feb
7t0
2?*
Jan
121*
108?*
Jan
80
Jan
•
14
Feb
6?*
4?*
Feb
7X
53*
J&n
<8
Jan
Feb
Jan
Feb
1?*
Jan
9
...
Cent Ohio Steel Prod
X
Jan
Jan
Cent A South West Utll 60c
Cent States Elec com
1
preferred...
100
preferred
Conv preferred
Jan
Jan
3?*
Jan
Feb
31?*
Jan
Centrifugal
?*
Jan
Jan
Chamberlin Metal Weather
Strip Co
6
Char Is Corp...:
10
20
Jan
98
Feb
1
Jan
1?*
Jan
2?*
Jan
7?*
Jan
100
4
Jan
16
Jan,
8?*
4?*
16?*
Jan
4
Feb
Feb
15
3*
15
200
1?*
9,500
2 J*
10
6?*
21
7?*
41X
24?*
2,600
6
150
22
19
.
Jan
Jan
Jan
Pipe.r_.„__.*
Cherry-Burrell common. .6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
Feb
Chief Consol Mining
Jan
1?*
Jan
Jan
4
Jan
Chllds Co preferred
100
Cities Service common..10
Preferred
——*
Jan
45
Jan
Jan
29?*
Jan
Jan
Jan
9
Jan
*
Preferred B
Preferred
5?*
6?*
6?*
7
22?*
7X
Jan
Feb
IX
Jan
Jan
1
Jan
Jan
IX
Jan
7?*
Jan
9
Feb
400
5?*
6?*
Jan
Jan
Cleveland Elec Blum
Jan
6?*
8?*
Jan
Jan
2
Jan
Cleveland Tractor com...*
Cllnchfield Coal Corp.. 100
Jan
50
Jan
Feb
Jah
84
Feb
Jan
21?*
Jan
6
400
113*
Jan
15
Jan
23?*
Jan
43*
"l"500
23?*
3?*
Jan
4?*
Jan
100
863*
54?*
Jan
Jan
56?*
50
84
Feb
19
30
48
90 X
Jan
Fep
4?*
Feb
Feb
4?*
25
23?*
Feb
Feb
x9
94
200
56?*
Jan
143*
Jan
90
80
x9
93 X
Feb
133*
Jan
94
Feb
■
7?*
Jan
'
93*
Feb
90?*
50
15*
IX
IX
500
1?*
»!•
hi
*18
500
4?*
11?*
100
4?*
Jan
5?*
Feb
"4"
"1C6
3 3*
Jan
3?*
200
3?*
Jan
4?*
4?*
Jan
6X
500
5?*
5?*
Feb
90
43*
,
4?*
10?*
4"
3?*
5X
3?*
5X
85
Jan
94
Jan
Jan
3?*
100
7ii
Jan
4?*
Jan
10
Jan
Jan
13
15
Jan
130
62 '
Jan
7
73X
Feb
500
74
*l«
,
52
47
225
53
52
83*
83*
453*
8?*
47?*
3,100
900
Feb
7?*
5?*
Jan
121?*
"74"
Jan
1X
*i»
Jan
Jan
15
49?*
6?*
44?*
,3 J*
Jan
Jan
Jan
Jan
75?*
Feb
Jan
8
Jan
Jan
X
Jan
Jan
9X
Feb
Jan
50 X
Jan
Jan
,Peb
58
Jan
4?*
Jan
Jan
39
100
Jan
84
Feb
Jan
81
Feb
5?*
Jan
43*
16
Claude Neon Lights Inc.. 1
Clayton A Lambert Mfg..*
_*
63*
46
Jan
533*
63*
Jan
55 '
Club Alum Utensil Co—
39
Jan
90
' Jan
City A Suburban Homes 10
Clark Controller Co
1
100
7% 1st pref v t c
100
Beaunlt Mills Ino com..10
8
5?*
23?*
City Auto Stamping..—.*
Jan
(L) Co com...*
Feb
Feb
6
41
Jan
1,100
Jan
163*
*
2
7
1?*
100
•
BB
X
1?*
3,600
Jan
Jan
3,000
16?*. 173*
m
5?*
X12?*
13
Cities Serv P A L $7 pref. *
$6 preferred
*
42
"5?*
0
25
1
100
1?*
Q
6
4
100
Conv pref opt ser '29.100
6?*
1?*
2?*
"n
700
......
100
23*
24?*
300
600
Jan
Feb
86?*
4?*/ 4?*
23?*
"l3~"
Cent Pow A Lt 7% pfd 100
Jan
4
1?*
84
*10?*
1
Jan
200
42?*
27
1
*
com
hi
14,000
25?*
Jan
33
23*
*
Jan
*i«
42?*
17?*
Jan
Corp of America
»i«
2?*
8X
-
Feb
30
100
33
78
Cent Hud G A E
8X
21
32?*
Cent Malne/Pow 7% pf 100
Cent N Y Pow 5% pref. 100
25?*
X
IX
Feb
50
Feb
9?*
Jan
X
Jan
55*.. Jan
hi
Jan
1,200
3X
3?*
84
90 X
IX
3X
Jan
Feb
84
7%
X
2?*
X
Feb
6%
x
2?*
Jan
500
X
85
Carrier Corp common
.1
Carter (J W) Co common. 1
Casco Products
*
Jan
88
Jan
X
600
Jan
X
3?*
16?*
X
X
7%"1st partlo pref...100
Celluloid Corp common. 15
$7 dlv preferred.—..—*
X
Jan
Jan
250
Jan
21X
Jan
90
Celanese
20X
Jan
Jan
893*
Feb
X
7
2
Jan
15?*
2?*
Carolina P A L $7 pref--.*
$0 preferred
._*
Jan
TlX
.
107
Jan
1st preferred
27
2
Jan
Jan
5?*
90
500
'is
Jan
100
Jan
106
4?*
27
3?*
7x
86
10
113*
106?*
Jan
Jan
Jan
3?*
25?*
2??*
Feb
2%
3H
25?*
Jan
43*
Castle (A M) common..10
Catalln Corp of Amer
1
25?*
20?*
105J*
243*
hi
Jan
300
200
400
3
9?*
21?*
106?*
21?*
X
Jan
9X
Jan
*
2X
4,300
Jan
30?*
.'
common.—
500
5X
Jan
17
Jan
hi
B
2X
4?*
6
Jan
273*
com... .1
Class
Jan
5X
Jan
13
50
X
X
7?*
IX
3X
5
1,500
1,600
8,000
1,300
9X
4?*
4
Jan
%
X
3X
Feb
X
110?*
X
7
2?*
Carman A Co class A
300
2?*
Jan
Jan
2
"29?* "29?*
6
Feb
1
2?*
.
4?*
1
Jan
X
67
7
23 X
300
2X
.1
•
23*
7X
Jan
.*
"*18
3*
2?*
City Products—.*
Carlb Syndicate.—.... 25c
600
3?*
Jan
Jan
"TOO
2?*
Capital
1,000
1103* 110?*
Feb
Feb
20
5
non-voting
9
"
3
B
Jan
200
■
Jan
7?*
7,200
25?*
33*
i*i«
233*
Jan
63*
Calamba Sugar Estate..20
Jan
lJ18
Feb
Feb
15
21?*
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
29
76
24?*
3?*
24?*
29
Jan
Jan
5?*
X
75
----
Jan
Feb
Jan
50
100
"11
23?*
Am dep 5?*% pref shs £1
13
X
4,200
6 J*
100
Cables A Wireless Ltd—
24 H
57 X
9
200
6 J*
Burry Biscuit Corp__12?*c
Cable Elec Prods v t c
*
Jan
Jan
X
25
16?*
Burma Corp Am dep rets..
'i~800
27
l6i»
23?*
15
Bunker Hill A Sullivan 2.50
100
"18
11I6
27
16is
233*
5
60
Seelig Mfg A—_
"u
"37"
38
53*
5?*
"3"
400
1
"38?*
"800
5?*
400
""§?*
"466
Jan
7
Jan
4?*
Jan
Jan
20
Feb
5ln
Jan
2?*
34?*
4 J*
13*
Jan
1?*
3?*
38?*
Feb
63*
1?*
3?*
Feb
2?*
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4?*
100
8?*
30?*
9?*
Bell Tel of Canada
100
Bell Telbf Pa 0?*% Pf.100
Benson 4 Hedges com..
_
.*
'""6?* "Tx
28
31
1?*
1?*
9
S
13,300
6,800
28,100
1,900
168?* 170?*
30
Jan
Cockshutt Plow Co com..*
Jan
5
Jan
11
4?*
20
1?*
Cohn A Rosenberger Inc. *
7?*
Jan
Feb
13
Jan
Colon Development ord—
2?*
2?*
100
2 3*
Feb
4
Jan
5?*
26?*
1?*
Jan
8X
36?*
Feb
4?*
4?*
Feb
4?*
Feb
900
63*
Jan
9
Jan
Feb
1?*
Feb
Colt's Patent Fire Arms.25
4?*
7
91
100
Jan
6% conv preferred
Colorado Fuel A Iron
Jan
10?*
170?*
Jan
Columbia Gas A Elec—
Jan
Feb
Conv 5% preferred—100
Columbia Oil A Gas
1
4?*
8?*
164
120
30
Jan
121
Jan
16
Jan
21
Feb
100
32
27
Jan
32
Feb
Berkey 4 Gay Furniture. 1
X
X
3,000
13 X
13?*
200
pref
Jan
""360
"l8X "21
Purchase warrants...__
Blckfords Inc com
*
£1
warr.
X
Feb
*i*
13
Jan
X
Jan
Commonw Distrlbut
Jan
13?*
Feb
Community P A L $0 pref *
Community Pub Service 25
X
Jan
For footnotes see page 1005.
7
63*
91
883*
69?*
69
3?*
3?*
70?*
4
Warrants
73*
Jan
900
84
Jan
94?*
Jan
175
553*
Jan
71
Feb
Jan
4?*
14
Jan
3,100
Columbia Pictures Corp.
Commonwealth A Southern
3?*
11
Jan
Jan
X
X
8,000
*ji
Jan
X
X
Jan
""266
293*
Jan
33
600
26?*
Jan
28?*
Jan
100
3*
Jan
X
Jan
1
Community Water Serv.. 1
Jan
9
50
Buff Nlag A East Pr pref 25
$5 1st preferred
..*
27
Baldwin Locomotlve-1-
Conv pref
1
Buckeye Pipe Line
Jan
.25
1
123*
5?*
_.._*
com
Jan
W....25
com
preferred
Brown Rubber Co
Jan
26
....5
1
$6
Jan
Jan
Feb
43*
Automatic Products
5
Automatic Voting Maoh..*
com
Jan
5?*
*
Brown For man Distillery. 1
10X
550
"is
1
27?*
*
Class A pref.,
Jan
31X
26
,
$1.60 conv pref.
Beech Aircraft Corp
2?*
6,500
Assoc Tel 4 Tel class A__*
Atlanta Gas Lt 0% pref 100
7% 1st preferred
"
'"460
Assoc laundries of Amer.*
Common v t c
*
Basic Dolomite Ino com__l
Bath Iron Works Corp
1
9?*
?*
Am dep rets ord ree—lOs
Jan
36
38?*
113?* 114
37?*
113?*
400
1
Feb
74
Brown Fence A Wire com.l
600
m
243*
25
2,100
Bardstown Distill Ino
Barium Stainless Steel
Jan
113*
Jan
32
{Brown Co 6% pref—.100
X
Purch warrants for com.
7% preferred
30
Baldwin Rubber Co com.l
9X
Jan
£1
Feb
6?*
Class A common
Amer dep rets reg
British Celanese Ltd—
33
'X
Babcock 4 Wilcox Co....*
Jan
7?*
•
Am dep rets ord bearer£l
Jan
23
Feb
Jan
British Amer Tobacco—
Jan
6X
Warrants
Feb
243*
3?*
7?*
500
*
J an
%
Aviation 4 Trans Corp...!
Axton-Flsher Tobacco—
10?*
300
*
;
26
"8%
xw
11?*
8?*
9
Jan
Jan
18
British Amer Oil coupon..*
27
*
Atlas Plywood Corp.....*
Austin Silver Mines
1
5
8?*
250
Jan
Jan
575
—.1
warrants
""306
23
3
Jan
500
Option warrants
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
3,300
Jan
3?*
Jan
Brlllo Mfg
Jan
Feb
......1
$5 preferred
Jan
11
Jan
■IX
X
33
31?*
Associated
conv
Jan
8
Jan
10
1?*
1
"iox "10 x "Tx
{Arcuturus Radio Tube..1
Preferred.
11?*
Jan
300
7,200
24
4?*
X
24?*
Apex Elec Mfg Co com...*
Appalachian El Pow pref *
Arkansas Nat Gas com...*
Common class A
*
100
2?*
23?*
5?*
9?*
11?*
Jan
Jan
Jan
British Col Power cl A
American Thread pre!...6
Anchor Post Fence
.*
Angostura Wupperman._l
10?*
60
Feb
31?*
31?*
1?4
24?*
33
*
Amer Potash & Chemical.*
American Republics....10
23
1?*
1,000
25
Amer Maracalbo Co
Amer Meter Co
21?*
Feb
33*
IX
X28X Z28>*
$2.50
9?*
7%
Jan
9
4
*
IX
"Tx "~9~X "~9X
Rights
Bellanca Aircraft
Jan
Feb
3*
Laundry Macy...20
Corp
Jan
39
Jan
—»
Class A
Feb
3?*
60?*
23'
Amer Invest of 111 com...*
w
23
Jan
67
$2.60 preferred..
1
Amer Hard Rubber Co..60
0% preferred
Jan
Jan
Jan
Feb
2?*
203*
-.100
Brill Corp class B
Jan
1?*
36
100
•
.........1
Amer Cyanamld class A. 10
Class B n-v
10
Amer Foreign Pow warr...
0% preferred
Preferred
Jan
18
Jan
Bright Star Elec class B__»
141
110
8
Class A with warrants. 25
Avery (B F)
3?*
Jan
Jan
57
1?*
"I'x "Tx
23
Bridgeport Gas Light Co.*
Bridgeport Machine—
Registered
Am Cities Power A Lt—
Class A
25
...
100
Jan
118
10c
Centrifugal Corp__l
Common.;
Jan
131
10
Jan
Jan
Jan
1?*
"566
5?*
Jan
100
Jan
400
38
10?*
Common class B—..10c
Bell Aircraft
7% 1st preferred
2d preferred
*
Brazilian Tr Lt A Pow—*
Jan
3~200
17
Jan
3?*
Breeze Corp
1
Brewster Aeronautical—1
Jan
IX
58
150
17?*
20?*
2?*
Jan
108
IX
Jan
*
Jan
107X
'"600
8
12?*
10?*
25
?*
110?*
14?*
$3 preferred...._..—.*
$5.60 prior pref
*
Baumann
Borne Scrymser Co
23
7?*
18?*
Jan
Jan
700
6?*
4
Jan
100
800
"22 X "20?* "23""
8
Barlow 4
Co com—•
7% 1st preferred....100
Jan
18
200
"~3?* "4
38
Bohack (H C)
Jan
3?*
Amer Box Board Co com.l
Corp
1?*
1?*
800
112?* U2X
14?*
14?*
100
Inc..10
American Capital—
Class A common
Atlas
Jan
Jan
?*
58
Class B__
2?*
7X
115X
common.*
preferred
1?*
Bowman-Biltmore com... *
10
26
High
14?*
20
IX
*
J an
X
65?*
Jan
...
com
Class A
$3 opt conv pref.....
Blumentbal (8) & Co
18
Jan
American Beverage com_.l
American Book Co
.100
Amer
19?*
Blue Ridge Corp com
5
1
19?*
Jan
Feb
1
conv com
American Airlines
0%
Jan
X
88?*
81X
83
0% preference
100
Aluminum Goods Mfg...*
Aluminum Industries com*
Amer
8?*
800
com
$3 conv pref
Allied Products
Amer
13 J*
200
Allied Internal Invest com*
0%
14
65X
-*
Low
7X
1
11
Feb
Range Since Jan. 1, 1939
Shares
*
Bliss (E W) common.
Bliss A Laughlin com
7i«
AUes A Fisher Inc com...*
Aluminum
*
& Machine Co com
Blauner's common
Jan
23*
10
....
Price
Jan
6
Jan
.
Week
Birdsboro Steel Foundry
7ie
Alabama Gt Southern..60
Aluminum
20?*
Jan
Jan
for
of Prices
Low
High
30?*
Jan
1,700
*
preferred
Warrants
Class A
27?*
Par
Week's Range
Sale
(.Continued)
High
24
1,100
27?*
4?*
Agfa Ansco Corp com
1
Alnawortb Mfg common.5
Conv
253*
Last
STOCKS
18?*
25H
Sales
Friday
Range Since Jan. 1, 1939
|
Shares
Mfg class A
Aero Supply
|
for
Sale
STOCKS
"32"
'~27X
27?*
"33
283*
"w
X
Jan
Feb
Feb
Volume
Sales
Friday
Week's Range
for
Sale
of Prices
Week
Par
Low
Price
Low
Shares
High
Froedtert Grain A Malt—
1
10
15k
300
16
Jan
Jan
37
Jan
Fruehauf Trailer Co
Fuller (Geo A) Co com
Consol Copper Mines
6
Consol GELP Bait com *
5k
Jan
6k
Jan
3,000
0k
Jan
8k
Jan
75 k
900
Jan
75 k
Feb
50
Jan
117k
lk
7H
Consol Gas Utilities
7k
75 H
100
6% pref class A
74
""A
1
»i«
Cont Roll & Steel Fdy—-*
92
9k
Jan
5Q0
Jan
Jan
10
Jan
52 k
7
Jan
Jan
Jan
55 k
9
15k
Jan
18
Jfm
4k
Jan
5k
Jan
100
24 k
Jan
29k
Feb
100
14 k
Feb
14k
Feb
29k
3k
1
2
,
Jan
*
$6 preferred A__
Cosden Petroleum com
74
Feb
Jan
2k
Feb
Feb
78
22
Jan
Feb
6
Feb
«
21k
1,300
22 k
22
Jan
6k
6
6% conv preferred... .60
£1
—.6
Crocker Wheeler Elec
*
lk
Jan
300
16r«
Creole Petroleum
Feb
5k
1
Courtaulds Ltd
6k
300
Jan
23 k
Jan
9k
Jan
Jan
6k
6k
k
k
300
3
3
9k
Ik
200
2k
Feb
500
2k
Feb
3
Feb
200
9k
Jan
9k
Feb
Brewing Co
Crowley, Mliner A Co...*
Crown Cent Petrol (Md)_5
Crown Cork Internat A
Crown Drug Co com
2k
"3"
26c
2k
-
9k
Tk
lk
si«
14
..♦
preferred
100
49 H
49k
150
49k
""7k "Tk
"~50
6k
7n
3
$3
conv
51
Jan
Jan
Jan
Jan
70
Jan
47
Feb
14
95k
6k
Jan
k
Jan
31
Jan
35k
Feb
100
79 k
65
Jan
89 k
Feb
Jan
"4k "Tk
"l"66
28k
20
4k
28
43
15
k
"800
15k
Jan
7k
6k
7k
Feb
7k
Jan
Jan
15k
Jan
15k
400
12k
Jan
17k
Jan
25
Feb
26k
Jan
5k
4k
"ik
Jan
7
Feb
20 k
3,000
6k
Feb
Jan
5k
26
Jan
Jan
2
Jan
Jan
Jan
0% pref w w
20
Detroit Gray Iron Fdy.._l
13 k
Jan
14k
Jan
"l k"
"Ik ""ik"
"700
lk
lk
Jan
Jan
lk
Jan
Jan
lk
1
1
Detroit Steel Products...*
24
24
Jan
Jan
k
Feb
Jan
15 k
Feb
Feb
52 k
Jan
Dlvco-Twln Truck oom..l
4k
4k
Dobeckmun Co common. 1
8
8
*
Godchaux Sugars class A.*
Class B....
.*
"lOk "16 k"
"""k """k"
Non-vot
lk
1
Duro-Test Corp com.
Duval Texas Sulphur
4k
4k
Oil
Jan
Hartford Elec
Feb
Hartman Tobacco Co.
1
66
Jan
20 k
Jan
1k
•lk
21A
20k
lk
21k
325
20 k
Feb
0%
prior preferred. 100
preferred
..100
10.M
10k
Ilk
975
"16"
*
$0 preferred series B
2
Edison Bros Stores
Elsler Electric Corp
17k
"iik
.—_..*
*
Elec Power Assoc com
16k
lk
17k
lk
10k
Hk
63
70 k
25,100
61k
68
1
3
3
3
2k
,
50
Heyden Chemical..
Jan
Jan
500
900
1,000
2,000
Jan
lk
25k
Jan
1
78
*
$0 conv pref w w
Elec Shovel Co&l <4 pre!..*
Electrographlc Corp
..1
80
2k
•2'
2
10
1
T"k
.■
lk
Ik
lk
Jan
.Jan
19 k
Jan
Jan
19k
Jan
3k
Jan
preferred
100
100
Empire Power part stock.*
Emsco Derrick A Equip..5
Equity "Corp common..10c
Esquire-Coronet
1
Eureka Pipe Line com..60
"58"
58~
16k
Feb
Humble Oil A Ref
*
Jan
17k
Feb
lk
Jan
IIusamann-Llgonler Co
9k
Jan
12
Jan
58
58
53 k
Jan
65.
Feb
Common
60 k
Jan
72 k
Feb
'
.
57 k
Jan
3k
Jan
Jan
3
Jan
2
k
2
"21k
"21k "21
7k
"""k
•is
7k
7k
...
*
k
7k
k
7k
k
Jan
29k
Jan
Jan
5k
Jan
Feb
6% conv
Dlv arrear ctfs
2k
Feb
Illinois
Jan
10k
Jan
lk
Jan
Zinc.
*
Jan
53
Jan
58
Feb
■_*
Imperial Tobacco of Can.5
51 k.
Feb
'61
Jan
56
Feb
Feb.
58
Registered..
,*
Britain A Ireland
Feb
62
Jan
Indiana Pipe Line
Feb
62 k
Feb
'"""56
21k
Feb
21k
Feb
100
7k
Feb
10k
3,900
>i«
Jan
6k
Feb
Jan
8
8
14k
10,300
8k
12k
H>
8k
Jan
Indian Tef
Ilium
Jan
Non-voting class
Jan
20
Class B
3k
Feb
100
—
7k
Feb
....
8k
Jan
9 k
700
Vtc common
Jan
26 k
10
Jan
Jan
41
Jan
Jan
46
f an
Feb
,
Jan
200
13k
Jan
8 k
14 k
100
10
Jan
12k
Jan
Jan
Jan
12
Jan
24k
50
35k
"ian
"166
10 k
Jan
1,000
64 k
Feb
69 k
GOO
14k
Silk «llk
14k
7k
Ilk
......
100
8
8
37 k
"l2"
12
64k
65k
37k
4
65k
4k
3k
Jan
Jan
12
Ilk
8 k
7k
Jan
8k
Jan
Insurance Co of No Am. 10
Jan
•
lk
25k
28
3k
3k
22
500
23 k
1,200
1,900
1,500
k
28
3k
23 k
6k
6
7k
3k
18 k
16k
5k
22k
Feb
Jan
6k
Feb
7
16
400
16
100
,
16k
16k
7
Jan
Jan
19k
Jan
Jan
9k
Jan
Pref
$3 .50 series
15 k
6k
'"'400
Jan
hi
Jan
Jan
Internat Paper A Pow wan-
3k
Jan
62 k
12
Jan
9
Jan
International Petroleum __*
26k
77
50
73
Jan
80
Jan
73
300
62 k
Jan
73
Feb
106 k
200
Jan
Internat Radio Corp
77
72
70 k
9
Jan
9k
3 k
Jan
3 k
Jan
3k
300
21k
21
21k
1,700
19 k
Jan
23
Jan
Class A
*
21k
21k
21k
75
20 k
Feb
23
Jan
Class
3k
3k
3k
13
4
1
preferred
$3.50 prior pref
3k
13
4k
200
1 k
50
10 k
Jan
400
3k
Feb
Jan
lk
13
4k
Jan
Jan
Jan
Jan
Jan
Feb
30k
Jan
Jan
7
10 k
12 k
104 k
Jan
Jan
Jan
Jan
Jan
Jan
108
lk
lk
Jan
Jan
®x6
Jan
Jan
Jan
10
Jan
63
Feb
67
Jan
Jan
44
Jan
Jan
20 k
16
Jan
Jan
k
Jan
Feb
4k
Jan
3
Feb
4 k
Jan
Jan
MOO
3k
1,500
1,800
24 k
Jan
27 k
25k
3k
Jan
27
Jan
3
8 k
Jan
9
7k
3
26 k
26 k
Jan
k
Jan
Jan
Jan
Jan
Jan
9k
k
Jan
il
Jan
12 k
34 k
Feb
36
Feb
Jan
hi
Jan
2k
Jan
4 k
Feb
Jan
5k
Jan
100
k
»X6
800
12k
*
*
1940—
Vitamin—1
.
Feb
16 k"
Jan
1
B_*
Interstate Home Equlp—1
1035.
Feb
16 k'
3 k
12k
50
Warrants series of
International
7k
17
,
""3k ""3k
*
1
B
$1,75
Ford Motor of France—
13
400
19
International Utility—
Ford Motor of Can cl A._»
6
500
*
Registered
Jan
Feb
Jan
A stock
Internet Safety Razor
Ford Motor Co Ltd—
100 Ires
64k
International Products—*
77
Feb
k
58
100
*
♦
£1
63k
',9
"7
20
»ie
k
21k
1,700
1,000
Jan
Feb
25
Feb
*i«
78
10
k
6 k
9k
64 k
10k
1
4
6
Jan
Feb
28
'
k
58 k
1
(Phila).lO
Jan
2k"
Jan
,
1
"l"05k
k
Flat Amer dep rights
Jan
Jan
.
9
6k
Internet Hydro Elec—
Feb
16 k
9
9
8
6k
9k
900
Jan
Feb
Jan
k
Feb
100
16k
29 k
58 k
18k
4k
Jan
Jan
Jan
Jan
200
7k
16k
.
16k
purch warrants.
Intl Industries Inc
1
Internet Metal Indus cl A •
17k
Jan
Jan
"12" "Feb
Jan
International Cigar Mach •
9k
18k
1
k"
39
J an
"
100
Jan
Feb
5k
24k
Jan
Jan
Jan
»n
1
7% preferred
li«
4 k
3 k
7k
Jan
.*
14k
19 k
For footnotes see page
500
7k
.....
.....
A..,..*
....
Jan
200
B
22 k
9k
Oil— «'
Jan
400
dep rets ord reg
8k
3 k
Feb
Jan
Jan
46
Indpls P A L 0 k % pf—100
Jan
k
9
6k
Ford Hotels Co Inc
5k
Jan
Industrial Finance—
13k
21k
preferred
Jan
7k
Indiana Service
6k
Florida P & L 57 pref
3k
7k
£1
,10
6% Pf-100
7% preferred.
100
52
21k
Fire Association
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
16 k
Imperial Tobacco oi Great
Fansteel Metallurgical...*
Fedders Mfg Co
5
Fldello Brewery
lk
*
20
Fanny Farmer Candy coml
Flsk Rubber Corp
Jan
50
3k
Chem Indus..£1
Imperial Oil (Can) coup..*
Jan
20
1
Corp
1
200
6
k
Falstaff Brewing
k
2,500
7k
Imperial
lk
Jan
lk
Jan
4k
Illuminating Shares A
Jan
10
warrants
1
63
Jan
T —
Feb
2k'
80
European Electric Corp—
Falrchlld Aviation
Jan
Jan
lk
6 k
Co.—*
preferred
60
Jan
1,100
10
16 k
*
7% pref Unstamped..100
Hydro Electric Securities. *
Hydrade Food JTod
-.6
nygrade Sylvanla Corp..*
'■lk
100
Jan
Jan
1
54 k
57
2 k
7% Dret8tamped_..100
250
50
58
56,«
57
preferred...'
Jan
§Huylers of Del Inor—
k
Jan
25
Jan
2k
4k
Hummel-Ross Fibre Corp 5
Jan
Jan
7"66
Feb
107 k
,5k
Hubbell (Harvey) Inc..*.6
Jan
20
15
Empire Dlst El 0% pf 100
Empire Ga~ & Fuel Co—
0% preferred
100
6H% preferred
.100
Jan
102
Jan
38 k
Jan
lk
Elgin Nat Watch Co
40
Jan
31k
31
*
67 k
500
Feb
95k
Feb
Co com*
Horn (A C) Co common..1
Horn A Hardart..
;__*
6% preferred
100
500
200
10
.
2k
Hormel (Geo A) A
50
2k
2k
100
JO
Horder's Inc
Jan
Feb
Jan
7k
Illinois Iowa Power
Common..
35 k
24
cl A
*
(R) A Co class A
10
Hoi linger Consol G M...5
Holophane Co common*.*
Holt (Henry) A Co cl A..*
Jan
24
*
Option warrants
Electric Shareholding—
130
Hires (Chas E) Co
12k
4
Elec P & L 2d pref A..
Jan
Feb
Jan
.....
1
.
k
4
Hoe
10
16k
100
Jan
Hewitt Rubber common..6
Jan
Jan
15
300
,
3,800
__25
w
Jan
2k
300
3
16 k
__1
Class A...-
w
Jan
15
"""25
ri6
3
16 k
1
Elec Bond & Share com..6
Preferred
5k
k
15k
$7 preferred series A...*
Easy Washing Mach B
*
Economy Grocery Stores.*
22 k
29
7k
-.2
Heller Co common
9 k
"""366
""A
Jan
500
7k
9
Eastern Malleable Iron..25
Jan
Jan
uP.
700
3 k
Jan
7
Feb
Feb
7k
2 k
5k
conv
67 k
2
14k
Feb
5k
16 k
Helena Rubensteln
4 k %
37k
'
Jan
Jan
100
3,900
102
5k
30k
5k
com
Jan
lk
1,000
700
.4k
300
6k
2k
19k
„
"""ik T H
5
preferred...50
Hecla Mining Co
25c
*
39
k
Hearn Dept Store com
Jan
128
Jan
63
Hazeltine Corp
6%
Feb
85 k
Jan
37
"Tk Tk" """166
Jan
"ilk "l2~" """666
Eastern States Corp..*..*
Jan
126
*
Jan
Eagle Plcher Lead
10
East Gas & Fuel Assoc—
Common
69 k
50
100
X.
Jan
Jan
Jan
Jan
Feb
Jan
725
2k
Light—26
Co.
6k
20k
103 k
Hartford Rayon vtc..
Feb
B
10
Jan
38 k
128
101
12k
*
19 k
8k
Hat Corp of Am cl
.
18
82k
._*
Harvard Brewing
Jan
Jan
Jan
7k
Haloid Co
Jan
Jan
Feb
Feb
2k
12 k
*
$0 preferred.:
Jan
k
*n
Jan
Gypsum Lime A Alabast.*
5
lk
98 k
Jan
Jan
35k
37
25
Corp
9k
4
Feb
k
Feb
18
Gulf States Util $5.50 pref
60
300
•-
Jan
6k
5k
2k
19k
Jan
"266
"Tk "Tk
Durham Hosiery cl B com *
11
Guardian Investors
Jan
Jan
Jan
k
Feb
64
8k
94 k
Jan
9k
r6k
Class A
lk
Feb
100
76k
Jan
100
33
3,700
38
Hall Lamp Co
Feb
Jan
Jan
12k
128
Jan
'""ikT"jan "lk"
5
10k
25
Greenfield Tap A Die..—*
Grocery Sts Prod com..25c
Grumman Aircraft Engr.l
15k
000
Jan
300
7% 1st preferred....100
Gt Northern Paper
Jan
10
preferred....J..100
Dublller Condenser Corp.l
7%
•
*
stook
com
Ilk
9
Corp..
Driver Harris Co
3k
6k
extend. *
*
Jan
*30
Jan
6
20 k
6k
20.k
60
*
Jan
Jan
17k
64
Dominion Textile Co
Jan
7
34
'""700
S3 preferred....;
31
Dominion Steel & Coal B 25
65
Feb
Feb
Gorham Mig Co—
V t c agreement
6
2k
*30
Dominion Bridge Co ..... *
""166
*
7k
100
1,700
4k
*
17 preferred
4
1,200
4k
4k
16k
Jan
14
Jan
27
28k
2k
Jan
k
89.
Jan
100
6
*
.....
2k
31k
26k
Jan
De Vllblss Co com......10
Diamond Shoe Corp com.*
88 k
89
$5 preferred
Gilbert (A Q common
Preferred
Gulf
Det Mich Stove Co com__l
Detroit Paper Prod
......*
$3 preferred
Georgia Power $6 pre!...*
Gray Teleph Pay Station.*
Great Atl A Pao Tea—
14k
6
1
com
Grand Rapids Varnish
100
60
99k 100
Feb
300
6
100
6% preferred A
Gen Water G A E
109k
Feb
lk
Franklin Rayon Corp
Jan
Jan
41k
15k
Jan
10
7k
Amer dep rets
Jan
630
70
*
preferred
4k
Jan
Feb
200
Fox (Peter) Brew Co
Jan
k
52 k
49 k
Gen Rayon Co A stock
*
General Telephone com_20
Gorham Inc class A
200
Am
Jan
400
k
43
Goldfield Consol Mines—1
lk
Class
42 k
66
43
Jan
"7 k Tk
S3
13 k
Jan
k
*
Feb
7k
Ferro Enamel
Jan
k
200
Jan
100
pilOO
Feb
1
Detroit Gasket A Mfg
Option
Jan
Jan
Jan
Jan
11
62 k
k
15
,1
...1
Dennlson Mfg 7% pref 100
Derby Oil & Ref Corp com*
A conv preferred
*
7%
8%
Feb
70
Glen Alden Coal
15
6k
Stores
c
17 k
l«4
Gilchrist Co
15
"m
Decca Records com
Electrol Inc v t
Jan
W&rrftnts
Jan
Feb
6
Davenport Hosiery MillsDay ton Rubber Mfg com.*
Class A
35
preferred
16k
*
$6 preferred.
Gen Outdoor Adv 0%
Gen Pub Serv $0 pref
lk
3k
40k
108
Curtis Mfg Co (Mo)
Darby Petroleum com
preferred
100
42 k
17k
k
Cuneo Press Inc..
56
17k
12k
12k
Jan
10
0% preferred
10
Cuban Tobacco com t t c.*
55
88 k
2
..
Jan
Jan
Jan
Crystal OU Ref com..—*
Duke Power Co
Jan
17k
Jan
lk
1,800
25
Preferred
Draper
lk
General Investment com.l
Jan
14k
Jan
J an
100
General Tire A Rubber-
Corroon A Reynolds—
Common
Delay
Feb
7
29k
5
Jan
lk
k
6k
87k
Jan
100
Feb
12k
Feb
lk
Jan
84
7k
37
Jan
reg.£l
Gen Fire proofing com
*
Gen Gas A EI 6 % pref B
*
100
.....
Jan
Amer dep rets ord
400
7 k'
34
100
*
Jan
5k
....
preferred
Feb
"loo
7H
....
5%
stock
lk
8k
Cooper Bessemer com
$3 prior preference
♦
Copper Range Co
*
Cop per weld Steel com. .10
Feb
25
conv
Jan
Ik
8
26
37
S3
General Alloys Co
Gen Electric Co Ltd—
87 k
7k
8
Jan
37
Jan
preferred
Feb
17 k
4% conv preferred
100
Gamewell Co $6 conv pf..*
Jan
Cook Paint A Varnish—*
18
Gatineau Power Co com.*
"Jan
4H
Jan
Feb
6
100
5
15k
Feb
60
100
lk
87 k
100
325
Jan
5
Cont G & E 7% prior pf 100
Jan
18k
88
18k
26
Feb
lk
12
X22
5
150
55
5
8% preferred
100
Consol Royalty Oil
.10
Consol Steel Corp com—*
com
Jan
H
53k
1,000
k
53 k
1
Feb
15
partlc pref
*
92
Consol Mln A Smelt Ltd.6
Consol Retail Stores
71
116k
10
12 k
1
300
5k
18 k
600
17k
1
6
7k
5k
8k
Jan
11
7k
16
117k H7k
1
Feb
17
10
1
Jan
Cont
$3 preferred
Consol Biscuit Co
6k %
Common
15
37
V t c ext to 1940
Conn Gas & Coke Secur..*
Croft
1939
High
Low
High Shares
Low
Price
Range Since Jan. 1,
for
Week
of Prices
Sale
Par
Com do Shoe Mach—
New
|
(Continued)
High
Sales
Friday
Last Week's Range
I
Last
STOCKS
1939
Range Since Jan. 1,
STOCKS
CContinued)
$4
1001
New York Curb Exchange—Continued—Page 2
148
3k
3k
4k
3k
5
400
500
"i
k
4k
Jan
New York Curb
1002
Friday
STOCKS
Last
(Continued)
Week's Range
Sale
Par
Interstate Power $7 pref—*
Investors Royalty
5
80
Jan
%
Feb
250
15%
Jan
18
2,700
18%
Jan
21%
Jan
%
Feb
3%
Jan
%
4%
Jan
I'soo
100
1%
Jan
1%
Jan
4
20
19%
20%
"
"I"
"'3% "I
1%
1%
8%
8%
7i#
Jan
Nat Bellas Hess com.
1
716
%
2,100
Jan
National Candy Co. ___._*
Jan
67%
Jan
79
Feb
78
Jan
86
Feb
National P A L18 pref—*
30
86%
26%
Jan
95%
Feb
Natl Refining new com
Jan
39
Jan
Nat Rubber Mach
25
23
Feb
10
116
Jan
116%
5
Jan
Jan
28%
23
'il6%
.
1,000
23
116% 116%
5%
5%
300
Io7~
107
'"""16
107
70
71
54
51
54%
Feb
105
100
%
"~7l
%
20
56
110
26
38
Jan
6%
Jan
8%
National Sugar Refining
Feb
8
%
Jan
Jan
8
Jan
8
Jan
*
14%
Co 6% pref
100
Kresge Dept Stores
4% conv 1st pref—100
Kress (8 H) special pref-10
Kreuger Brewing Co—.
Lackawanna RR (N J) ,100
68
54
Lake Shores Mines Ltd—1
46%
Jan
Corp—I
Nebel (Oscar) Co com
Nebraska Pow 7% pref. 100
Nehl Corp common
12%
15%
Jan
10
Jan
Neptune Meter class A—*
54
Feb
73
Jan
7%
preferred
100
*
.100
11%
46%
3
47%
3
2%
Jan
12
Jan
New Engl Pow Assoc
5%
Jan
7
Jan
6% preferred
New England Tel A Tel 100
2,800
45%
Jan
700
2%
Jan
50%
3%
Jan
Jan
Jan
65
Feb
57
49
New Haven Clock Co
12%
3%
Jan
New Jersey Zinc
25
Jan
Jan
New Process Co
Jan
N Y Auction Co com
Jan
N Y City Omnibus
Feb
27%
12%
2,300
Newmont Mining Corp. 10
31%
Jan
%
200
3%
2%
1,600
3%
Jan
8%
3%
%
57%
72
15
20%
17
N
23
Feb
23
23
100
22'
Jan
23
Feb
N Y Pr A Lt 7% pref—100
$6 preferred
•
101%
11%
14%
28%
14
14%
550
300
1%
Loblaw Groceterias cl A—*
.
Feb
Jan
1%
Jan
Feb
Warrants
11%
30%
33%
*
9%
Jan
24
Jan
Jan
22
Jan
N Y ShlpbuHdlng Corp—
Founders shares
—1
11%
Feb
13
Jan
New York Transit Co
26
Jan
36%
Jan
N Y Water Serv
600
51,500
9%
1,700
8%
Jan
9%
Jan
1%
30
400
1
Jan
1%
Jan
5%
200
26
Jan
Feb
100
29%
25%
Packing
325
19%
Jan
Feb
Jan
Jan
200
7%
1,400
Jan
Jan
92%
Jan
7%
92%
Jan
%
Jan
*16
Feb
1 %
Lucky Tiger Comb G M.10
Jan
Ludlow Valve Mfg; Co—.*
Lynch Corp common..—6
Majestic Radio A Tel
^1
Jan
1%
*
-.
Jan
Jan
Feb
*16
Feb
Nlplssing Mines
Noma Electric—
1%
100
1%
Jan
1%
Feb
Jan
30
Jan
Feb
2
Feb
19
100
Feb
20
Jan
1
*4*
Feb
"I"
""160
6%
Massey Harris common--*
*16%
17%
•
Jan
15%
"_350
Jan
53%
MoColl-Frontenac Oil—
Feb
"166
107
40
108% 108%
101
101%
11
100
129
4
110
Jan
Jan
Jan
102%
Jan
13 %
Jan
4%
Jan
8%
100
4
Jan
21%
60
18
Jan
8%
87%
4,500
4
21%
8%.
87%
7%
1%
Jan
58%
57%
200
°
%
«\
22% "Feb
9%
-87%
82
Jan
Jan
1 %
Jan
1,600
2
Jan
86
125
x78
6
Jan
Feb
Jan
*1$
2
100
59%
1,600
Feb
Jan
Jan
6%
Jan
Jan
5%
50
62%
Jan
Feb
Jan
1%
5%
Feb
131
225
3%
3%
Engineering-.*
Corp.—*
Jan
133
Jan
Ohio Edison $0 pref
Ohio OH 6% pref
Jan
4
Feb
86
Feb
95
Feb
15%
Jan
18
Feb
100
4%
Jan
5%
Tsoo
•
26%
'"*4% *
4%
-
Jan
62%
%
7i«
*34
-
62%
%
50
62%
Feb
2,300
7is
Jan
1%
Jan
'""16
*34
Metropolitan Edison—
6%
%
Jan
35
Jan
6% conv prior pref.-100
Jan
Oldetyme Distillers
Omar. Inc
Jan
F
35
Jan
Jan
540
Overseas Securities
Jan
—
1
—
%
718
400
%
71«
■
%
100
Jan
%
2
7%
-
Jan
81 %
88
Jan
Jan
93%
Feb
4%
Feb
11%
11%
11%
1,400
9%
Jan
5%
12%
Feb
16%
16%
16%
30%
16%
30%
Jan
Feb
26
Jan
30%
29%
21%
23%
102%
111% 111%
112% 113
102"
102
■
300
500
250
Feb
%
1%
Jan
2%
Jan
200
7
Jan
8
Jan
—*
*1#
«i«
7i6
Jan
%
Jan
2%
Sugar Co..——*
Jan
2%
Jan
A merlcan
shares
10%
*
5%
5%
400
*
4%
Jan
5%
Jan
1Jie
">i6
"11
Jan
1*16
Feb
Parker Pen Co
7%
7%
4,400
Feb
Parkersburg Rig A Reel—1
Patchogue-Ply mouthMHls *
Pender (D) Grocery A—*
Feb
1%
160"
Jan
103%
100
111%
Jan
112%
Jan
300
111%
Feb
114%
Jan
108
Feb
104%
11
500
9%
Jan
Feb
166"
25
Jan
1%
200
Jan
100
Feb
1%
3%
100
32%
*32% *32%
2*400
106%
'i66%«i06%
'""*75
3%
1%
Jan
5
,
Jan
Jan
3%
8%
Jan
32
Jan
Jan
Jan
""9%"'ian
12%
41%
Jan
Jan
101%
1 %
Jan
5%
.3%
8%
Jan
Jan,
Jan
32%
Jan
Jan
28%
Jan
29%
106%,
Feb
108%
68%
Jan
Jan
6%
"*200
,400
79
Feb
Jan
Jan
20
Jan
! 6%
21%
99
*21% "21%
Jan
6
Jan
5%
Jan
100
Jan
Feb
7%
Jan
Paramount Motors Corp.!
900
Jan
21%
39
166""
6%
c
v t c
27
"9"
11
Jan
100
•1<-—»-
$1.30 1st preferred——*
Page-Herehey Tubes com.*
Pantepeo OH of Venezuela—
100
10
15
Feb
150
Pacific P A L 7% pref. .100
Pacific Public Serv..—.*
*26
400
1%
7
Ltg $6 pref
Feb
30
—*
Pacific
Jan
Feb
100
Pacillc Can Co common--*
Feb
1%
4
•
93%
4%
5%% 1st preferred.—25
*
Bumper Corp.. 1
Jan
Jan
Jan
4%
93%
85
86%
....1
Pacific G A E 6% 1st pf.25
..*
Jan
Feb
"*4%
50
Jan
%
Jan
$3
Jan
77
Feb
lu
100
%
86%
8% 1st preferred
100
Ollstocks Ltd common...5
preferred--
Jan
%
86%
Ohio Power 0% pref—100
Ohio P 8 7% 1st pref—100
Oklahoma Nat Gas com.15
%
3%
1*800
'
%
100
Jan
27
Jan
,
%
*
Jan
5%
Jan
'""% ?'"%
Ohio Brass Co cl B com.--*
320
1 %
Jan
17
European Oil com.-.l
Jan
450
Jan
60
100
47
Jan
4%
g* ??
100
300
18%
Jan
17
"3%
1%
65%
Feb
Feb
100
1%
1%
17
Feb
125
Jan
43
Nor Ind Pub Ser 6% pf.100
7% preferred.,
100
Northern Pipe Line
10
Kor Sts Pow new cl A,—25
2 %
1%
4%
*
Jan
Feb
300
18%
18%
Nor Central Texas OH -—5
53%
1,400
6% prior preferred
50
No Am UtUlty Securities.*
Nor
Jan
1 %
5%
65%
22%
18%
Jan
7%
18%
•
64%
1
14%
•100
14%
4%
..1
Jan
Jan
Jan
9%
500
11%
1 %■
Feb
'
Steel Tube—2.50
%
1
Common
Novadel-Agene
*34
8%
5%
1%
14%
634% A preferred.—100
Mesabl Iron Co
1
Feb
21%
25%
1%
$0 preferred
*
North Amer Rayon cl A—*
Northwest
4%
Jan
Jan
Jan
5%.
2
Feb
5%
94%
Jan
2'
Jan
6
"5
"*3% ""Jan
2
Merchants AMfgclA.—1
27
16% ? Jan
1
Class B common.-
5%
3%'
Jan
z7
Nor Amer Lt A Power—
34
*
"
Jan
80
Nineteen HundredCorp B 1
1%
Jan
Communlca'ns ord reg £1
129
,1%
Jan
100
Jan
2
0% preferred
100
McCord Rad A Mfg B—*
McWilllams Dredging.—*
Jan
23%
Class B common---—.5
Class A preferred
Nlles-Bernent Pond—-
%
*19*. *19"
16%
62 %
1%
70%
Niagara Share—
i»i«
30
1
Jan
200
600
'""% ""%
500
*
May Hosiery Mills Inc—
Jan
Jan
Jam
300
73
400
1%
1%
*
13%
200
100
2,600
*
19
54
8
.
21%
10
—
1st pref
30%
Mapes Consol Mfg Co.—*
Marcqnl Intl Marine
Jan
Jan
23%
5
*10
l,i# '■ 1%
Sugar opt warr
1
110
23%
0% pf.100
*1»
.
«Jan
20%
Class B opt warrants
1%
7
7%
104%
6%
23%
Class A opt warrants
1%
6%
1%
Louisiana Land A Explor.l
Louisiana P A L $0 prel—♦
Jan
Feb
5% 2d preferred--—100
26
30%
27%
1%
Common
100
13
67%
Niagara Hudson Power—
12%
1%
Jan
Jan
Y Merchandise——10
33%
9
Long Island Lighting—
Common
Feb
12
21%
...
N Y A Honduras Rosarlo 10
24
1
Middle West Corp com..5
Midland Oil Corp—
conv
pref..
7%
7
Jan
8%
•
Midland Steel Products—
non-cum
dlv shs.—*
Midvale Co
*
14
101%
Class
14
14
96
200
101 %
Mid-West Abrasive—..50c
Midwest OH Co
—10
Midwest Piping A Sup...*
Mining Corp. of Canada.*
Minnesota Mining A Mfg. *
"v% :T%
42
Minnesota P A L 7% pf 100
Miss River Power pref.100
Missouri Pub Serv com
•
12
100
Common
*400
42
8%
Jan
Jan
150
37
Molybdenum Corp
1
Loan
Soc
A
115% 115%
40
115
Nachman-SprlngfUled
„
Jan
8%
Jan
*1 %*~jan
42
Feb
115%
Feb
3%
Feb
*2% "2%
4%
1*800
160
160
161%
290
30%
30%
•
26
%
Jan
Feb
Jan
14
Jan
Penn Mex Fuel Co
39%
10%
10%
39%
11%
"""166
900
m-L.
-
-
Feb
13
Jan
Jan
18
Jan
Jah
37%
16
Jan
Feb
12
leb
30%
Jan,
Jan
53
39%
Jan
Jan
7%
29
53
Jan
3%
Jan
5%
Jan
%
Feb
%
Feb
1%
Jan
2
Jan
7%
Jan
9%
105%
Feb
2.60
Pennroad Corp v t 0
1
Penn Cent Airlines com..1
$0
11%
1
preferred.
*
5%
Jan
Penn Salt Mfg Co
21%
3%
1%
Jan
Pennsylvania Sugar
Jan
Pa Water A Power Co
..*
Feb
Peppered Mfg Co
1%
1%
9%
4,900
1,100
103% 104%
1%
200
9
•
99
98
*1*5*
'"l5"
99
50
100
5%
163%
Jan
Perfect Circle Co
Jan
Pharls Tire A Rubber
1
30%
Feb
Philadelphia Co common.*
26
Jan
28%
Jan
Phils Elec Co St pref
%
100
%
Jan
%
Jan
Phlia Eleo Pow
Phillips
5%
1,000
Jan
5%
5%
1,600
4%
Jan
123%
Jan
8
Feb
92%
Jan
99
167
Jan
Feb
Jan
15
Feb
10
Jan
1,350
74
Jan
81
Feb
63
78%
"l5"
81
Jan
71%
Feb
Feb
Jan
25%
9
6%
Feb
27
8%
600
8%
Jan
6%
300
6%
Jan
10%
7%
Feb
25
Feb
118%
Feb
Jan
9%
7%
118% 118%
30%
30%
Jan
100
118%
29%
Feb
30%
2%
*
2%
100
2%
Jan
2%
Jan
6%
Jan
Phoenix Securities—
5%
5%
6%
5%
Jan
5
5%
4%
Jan
5%
Jan
155
81
*
Jan
98
~~io6
50
com 20
Jan
156
75
39%
100
$2.80 preferred
—.*
$5 preferred
*
Penn Gas & Elec class A..*
29%
100
27
30%
Jan
2
800
Jan
5%
5%
Feb
20
5
8
12
11%
9%
12
500
200
10%
For footnotes see page 1005.
Jan
125
Feb
Jan
8% pref 25
Packing Co
Common
*
1
5%
5%
5%
1,900
4%
Jan
25%
24%
22%
Jan
29
Jan
16%
25%
18%
200
18
1,400
14
Jan
18%
Feb
2%
2%
300
Jan
2%
Jan
Feb
Conv $3 pref series A.. 10
Pierce Governor common.*
Jan
12
Jan
Pines Wlnterfront Co
Jan
8
Jan
9%
1
Pioneer Gold Mines Ltd—1
*
„
1%
Jan
1%
"2%
Mountain Sta Tel A Tel 100
Murray Ohio Mfg. Co
*
Muskegon Piston Ring. 2 %
Muskogee Co com
*
Jan
Feb
11%
5%
JMoore (Tom) DlstiUery.l
Mtge Bank of Col Am shs..
Mountain City Cop com 5c
Mountain Producers
10
»
B
12
Jan
18
12
Peninsular Telephone com *
Preferred
100
Penn Edtson Co—
Pa Pr A Lt $7 pref.
Montana Dakota UtU_—10
Ward A
*
Montreal Lt Ht A Pow..*
Moody Investors part pf.*
'
3%
1
Montgomery
Jan
Jan
14
10
Penn Traffic Co
Monarch Machine Tool..*
Monogram Pictures com.l
109
Feb
"~i%
40%
15%
Jan
1%
$2.60
...
Jan
93
Mock. Jud, Voehrlnger—
Monroe
%
36%
Jan
Jan
Feb
—
22
B-i
6
$2
Jan
Feb
Jan
Jan
$2
Jan
Jan
Jan
Jan
Class B
Jan
78%
5%
5%
2
Jan
Class A v t
Jan
26
17%
Metal TextUe Corp
25c
Partlcl pat preferred.. 16
Feb
*
12
Partlcl patlng prelerred. *
Merritt Chapman A Scott *
Jan
-49%
»
1,500
Memphis P A L $7 pref..*
Mercantile Stores com.--*
Jan
Jan
20
1%
1%
18%
*
Jan
%
Jan
56%
25
58
57
"73"
17
6
Jan
Jan
Jan
107
11
18
Mead Johnson A Co
14
Jan
Feb
5
*
13
Memphis Nat Gas
Jan
Jan
42%,
New Idea Inc common—*
15
—
Jan
475
110
110
18
v t c
Feb
"166
67%
*
Marlon Steam Shovel
,1%
Jan
Jan
12
66
Lion OH Refining...
Mass Util Assoc
Jan
1%
.13 %
1,100
5
5
12%
Llpton (Thos J) class A
1
0% prelerred
26
Lit Brothers common..—*
Margay Oil Corp
49%
66
%
com
7%
2%
%
28%
prelerred
60%
12%
5%
36%
*18
Mangel Stores
1%
100
100
1%
14
47
"5
28%
Preferred
Middle States Petrol-
300
New Mex A Ariz Land—1
*
0% pref class B
Jan
102
Develop---25
7% preferred
Jan
%
Le Tourneau (R G) Ino.-l
Line Material Co--——
Gas A OH
2
1%
14
li«
Feb
7%
800
Feb
1 % 1 Jan
Jan
Nestle Le Mur Co cl A-—*
8%
Locke Steel Chain---.
Jan
11%'
300
7%
'
Lone Star Gas Corp
5%
Jan
Nelson (Herman) Corp..
Jan
350
preferred---—.
Lockheed Aircraft
Jan
Feb
Feb
4%
14%
Lefcourt Realty common. 1
Lehigh Coal A Nav
5
78%
67%
Jan
80%
Nevada Calif Elec com.100
Lakey Foundry A Mach.l
Lane Bryant 7% pref—100
Mexico-Ohio Oil
11%
1st preferred
500
10
Hoppers
33%
Jan
49
60
1%
—--*
Navarro OH Co
Jan
4%
55%
Jan
Feb
.
4
600
7%
13
"500
8.
70
National Tea 5% % pref. 10
National Transit
12.50
107
Jan
1%
14%
30
55%
11%
13
1,200
1
200
900
.4%
National Steel Car Ltd-—*
Jan
Jan
1%
Klein (D Emll) Co com.
Klelncrt {I B) Rubber ColO
33%
80%
Jan
Jan
6
Jan
*16
5$
Kirki'd Lake G M Co Ltd 1
Michigan
Michigan
Michigan
Michigan
Jan
1%
Jan
$0 preferred
13%
2
2%
Warrants
Jan
12
1
Nat Tunnel A Mines——*
200
com
1,100
Conv part preferred-—*
Nat Union Radio
3
1%
$4 preferred
Jan
13%
Nat Service common—-.1
Feb
2%
Master Electric Co
6%
'*4%
Feb
1
Manlschewitz (B)
43
Jan
33
54%
2%
3%
1%
Feb
conv
Jan
5%
10
78%
80%
71
1%
95
33%
3%
Jan
800
Manatl
Jan
50
12%
Jan
2
Loudon
100
1,000
5
Feb
Jan
1%,
Class
11%
.
*
Jan
Jan
Feb
40%
6%
6
National Oil Products.—4
40
%
9%
12%
6%
7%
29
Kimberly-Clark 6% pf-100
Leonard OIJ
40%
79
Jan
Feb
7ii
11%
60
86
9%
40%
National City Lines com.l
93 conv pref
High
Jan
7%
9%
National Container (Del)
National Fuel Gas
—*
95%
29%
79
Kingsbury Breweries
O
Kings Co Ltd 7% pf B 100
6% preferred D—-.100
Kingston Products
Conv
IjOW
300
95
%
6
Kobacker Stores Inc
Nat Auto Fibre com..—.1
25
Ken-Rad Tube A Lamp A •
Knott Corp common
Range Since Jail. 1, 1939
for
Shares
High
Jan
85
86
95
Kansas G A E 7% pref-100
!
Low
Price
Week
Nat Mfg A Stores com...*
614% preferred
100
0% preferred
100
7% preferred
100
Jones & Laughlin Steel-100
Julian A Kokenge com—*
Kirby Petroleum
Range
of Prices
5%
Jersey Central Pow A Lt—
Kennedy's Inc
Week's
Sale
High
*16%
16
Irving Air Chute
—1
Italian Superpower A—*
Jacobs (F L) Co
1
Jeannette Glass Co..
*
Last
Par
5%
1
Iron Fireman MLg v to./
STOCKS
(Continued)
Low
Shares
18, 1939
Sales
Friday
Range Since Jan. 1, 1939
for
Week
of Prices
High
Low
Price
Feb.
Exchange—Continued—Page 3
Sales
8
2%
Volume
Week's Range
for
Sale
of Prices
Week
Par
Price
6*6
6*6
Par
6*6
400
Southern Pipe Line
Feb
Southern Union Gas.
12%
64%
Jan
Jan
Southland Royalty Co
"500
10%
Jan
20
54%
Jan
55
55
7%
7*6
400
700
103
"Tx "ix
25c
*6
""4k "4k
1
Prentice-Hall Inc com
*
Jan
Jan
21
39%
Jan
10*6
Feb
Jan
X
Feb
Standard
Feb
Jan
5%
7*6
Jan
Jan
Feb
7
Jan
in
5X
94 X
2,600
6% 1st preferred
100
7% 1st preferred
100
Public Service of Indiana—
Jan
*
*
56%
56*6
Jan
20
X
49*6
Feb
14
Jan
22
Feb
Jan
5
•Jan
34%
1,100
Jan
Jan
12
Jan
Feb
4%
200
4%
4
Jan
5*6
116
10
113
Jan
118
Jan
152
•10
152
Feb
158*6
Jan
Jan
10
,
*16
•
17*6
Feb
Jan
17 '
200
17X
17*6
11
Jan
•
Feb
Feb
■
100
3%
.
Jan
21
Jan
Jan
40*6
Jan
Feb
•2*6
Jan
3%
Feb
"29%
3%
17*6
40%
1%
»
X
Feb
100
10 X
7
Jan
\ *i«
700
X
2%
200
%
X
...
700
3;
14
X
"166
14X
Jan
•
Root Petroleum Co
12%
1
11 *6
$2.50 conv pref..
1
*
Ryan Consol Petrol
*
*"2k
*6 ' Jan
.02*
Feb
102
Feb
104
Jap
15
14
Feb
Man
Jan
43
Jan
Feb
4%
Jan
Feb
•i«
Feb
60*6
60*6
25
55*6
3 %
Jan
214
2%
57*6
13%
1%
Corp com 1
,—--=.6
"i"
2%
57X
13X
IX
2*6
Jan
Jan
4*6
Jan
3k
Jan
Jan
59*6
Feb
Jan
17
Jan
500
1*6
Feb
200
"22k ~22*6
"366
10 x
10%
1%
ix
IX
-
IX
""%
Selberllng Rubber com—»
1
1*6
1
Jan
Jan
21*6
Jan
Jan
11*6
25*6
Jan
Jan
300
12%
1
Jan
4X
Denn Mining..5
6X
Shawlnlgan Wat A Pow..*
com..25
21X
106
ht
96*6
550
50
3*6
12*6
200
4 X
Jan
Feb
13*6
Jan
Feb
*
Exports.—*
3*6
12
Jan
Jan
59*6
1
9*6
Jan
64*6
100
60*6
Jan
X
200
H
Feb
"
64
Jan
Jan
Feb
64*6
*6
.
Feb
*6
•
Feb
Jan
.
8%
4%
6%
7
21%
Investment
Sts.l
50
*
$3 cum A part pref
Cigar-Whelan 8ts.-10c
Corp warrants
Option warrants.,;
21%
21*6
Jan
400
102
Jan
Hi
Jan
112
10
112
Feb
114
Jan
Jan
14
Jan
.11*6
be
Feb
Jan
13*6
Feb
Jan
SlmpUclty Pattern com... 1
2
215
100
215
800
1*6
Jan
2*6
Feb
600
1*6
Feb
3
Jan
Jan
219
Jan
40
213
Am
ord reg.£l
3*6
pf 100
84*6
Jan
Jan
3*6
84*6
Jan
Jan
—
1*6
Jan
2*6
4*6
Feb
Jan
5*6
Jan
Jan
X
8
Jan
10%
3X
Sonotone Corp
Boss Mfg com.
1
5X
1%
3X
1%
5%
3%
IX
5X
13*6
Jan
Jan
rets
preferred
"T
"ix
"Tk
43
43 X
"2%
25
25
29%
29%
27%
27X
29X
27%
1%
50%
A.25
1X
1%
100
50X
50%
1005.
4*6
Jan
Jan
.Ik
Jan
»i«
Jan
4",900
Jan
3*6
85
87
76*6
Jan
Jan
Feb
100
"is
89
»»it
Jan
*6'
Feb
Jan
82
"""800
2*6
Jan
3
2,200
2*6
Jan
2*6
Jan
3,900
27*6
20*6.
Jan
Feb
34*6
Jan
Jan
70
Jan
80
2*6
2*6
2*6
31*6
2*6
29*6
237
10
242
242
10*6
100
700
United Shoe Mach com.25
25
42*6
42*6
3*6
100
hi
5*6
*6
65
1*6
200
300
"iT*6 "isk
""ftOO
.3*6
4*6
.1
U S and Int'l Securities—*
1st pref with warr
1*
*
10
U 8 Radiator oom
200
Jan
Utah-Idaho Sugar
27*6
Jan
28
Jan
Utah Pow A Lt $7 pref...*
1*6
Feb
1*6
Jan
Jan
50*6
Feb
1
8
700
»ii
Jan
Jan
10*6
1*6
Feb
Feb
Jan
Jan
4*6
4*6
Feb
*6
Jan
62*6
Jan
Jan
6*6
Jan
*6
Feb
Jan
68
1*6
Jan
1*6
Jan
Jan
30
Jan
13
Jan
16*6
Jan
Feb
24*6
Jan
4*6
Jan
2
Jan
2*6
Jan
Jan
%
5*6
Jan
*6
Jan
4
h
%
%
i
"ix
Feb
200
.
2*6
*6
Jan
1,400
2*6
Feb
14*6
2*6
1,500
1
X
Jan
"
"ox
l',206
3*6
x\2% i\2%
"4%
50
12*6
6*6
800
X
""366
4%
6*6
"ix
i»ie
58
6
Feb11
56*6
58
250
%
49
.*
2*6
14*6
4*6
Jan
-
7
Jan
'
Jan
*ii
,59
Jan
Jan
Jan
Jan
Jan
Jan
Jan'
16*6
Jan
Jan
Feb
14
* Jan
15*6
Universal Products Co—*
5
Jan
Feb
242
3*6
*
1,900
Insurance
Feb
5*6
•:
Feb
21
1
Feb
Universal Corp v t c
.
Jan
42
1,100
21
3 *6
30
Feb
78
20
*
50c
United WaU Paper
2
Universal Consol OU—10
Jan
Jan
85*6
43*6
800
U 8 Stores Corp com
$7 conv 1st pref
United Stores v t c
Jan
1*6
Feb
28*6
15*6
US Plywood—
$1*6 conv pref
65
Jan
10
4,200
63*6
1*6
Preferred—,
United Specialties oom... 1
Jan
-
*6
„
1*6
81*6
43-
43*6
29*6
42
2*6
Jan
Jan
1*6
Jan
Jan
100
Jan
Jan
78*6
Universal
13*6
1
10*6
41*6
28*6
100
Jan
Feb
Feb
*6
1,900
"2k "2k
10
Jan
350
1
*6
2*6
"
1*6
•——
Universal Pictures com—1
43 X
i'o",600
81*6
B
1*6
Calif Edison—
6% original preferred. 25
Jan
Jan
*6
2*6
Profit Sharing..25c
4*6
2*6
Jan
Jan
Jan
5*6
,
300
Jan
Jan
Jan
Feb
"13*6 "isk "1,666 "l2k "Jan "l3k ""Feb
13*6
ord reg.
900
South Coast Corp.com.—1
Jan
3*6
7*6
5 *6
3*6
1*6
5*6
2*6
3*6
36
Jan
12
100
13*6
Feb
69*6
Jan
Feb
500
,100
Jan
6*6
"loo
12*6
1
11*6
1
Class
Jan
Jan
2*6
""800
Jan
9*6
4*6
United Verde Exten
Smith (H) Paper Mills..
For footnotes see page
300
1,100
Molasses Co—
dep
"k'ian
4*6
U 8 Rubber Reclaiming..*
Singer Mfg Co Ltd—
1
1
Feb
preferred
U S Playing Card
2%
2
Jan
X
9
\% J*6
1st preferred..
United Milk Products—*
U S Lines pref
*
2%
IX
Jan
111
28*6
$6
U 8 Foil Co class B.._
2%
103
Jan
800
10*6
United Shipyards cl A—1
200
Jan
Jan
8
"l0%
2*6
Common class B
United
107
13X
80
400
A.*
Jan
106
13
Feb
9
2*6
Jan
Jan
ht
*
Jan
"73k"
4*6
4*6
*
United Lt A Pow com
United
Jan
4*6
he
X
'.
100
5*6
100
Feb
4*6
9
k
Feb
—
Jan
9
60
107*6
*
Jan
Feb
Jan
dan
Feb
100*6
125
78*6
76*6
com.
4*6
,
2
15
10
Traction Co.
Jan
Jan
Jan
*
Series B pref
Unexcelled Mfg Co
6*6
21*6
7
Jan
15*6
15
Tung-Sol Lamp Works
.1
80c div. preferred- — *
Ulen A Co ser A pref
♦
400
100
Jan
15
Jan
4*6
-500
4*6
4*6
4*6
7%
7,200
.
4
Jan
60
78
Corp—
Feb
2
registered 6s
Def
Feb
Feb
3*6
£1
Ordinary reg ...
Jan
99
101*6
12
600
Tobacco Secur Tr—
United G A E 7% pref.
Jan
*6
Jan
22*6
*
Inc———1
Constr*
United Gas Corp com
1
1st $7 pref non-voting.*
12*6
Jan
Feb
12*6
3*6
Jan
lh»
14
Simmons H'ware A Paint.*
preferred
Jan
101*6 101*6
12*6
United
Jan
Slmmons-Boardman Pub—
7%
Jan
X
Jan
Un
25
Southern Colo Pow cl
Jan
5*6
36*6
Jan
Jan
Feb
Jan
Jan
Shreveport El Dorado Pipe
preferred B
5*6
Feb
Feb
94
Feb
Jan
Jan
112
6% cum pref ser AAA 100
Sherwin-Williams of Can
5*6 % pref series C
5*6
4*6
33*6
69%
32
1*6
Feb
Jan
300
34,
95*6
Jan
100
8%
4X
Seton Leather common—*
Feb
18*6
96
United N J RR A Canal 100
Seversky Aircraft Corp.—1
40*6
101*6
Texas P A L 7%
13*6
1*6
1*6
2,500
*
Jan
Feb
100
pref—100
OU A Land Co
2
Tenn El Pow 7% 1st pf.
$3
X
43*6
500
4*6
4*6
33*6
United Chemicals com..
12%
'
38*6
Jan
2
Jan
Union
*6
04X
£1
Sentry Safety Control—.1
Serrlck Corp (The)
1
Amer dep rets reg
2*6
Jan
40
18*6
Feb
1*6
31*6
""56
Jan
33*6
2,600
27
Selfridge Prov Stores—
6%
41
18*6
Jan
ft %
64
Jan
Jan
Jan
Union
7
64
9*6
'
%
Union Gas of Canada
Feb
I
9*6
Feb
400
Jan
300
Feb
X
19*6
Jan
100
X
Jan
8*6
hi
21
9 *6
TI66
Feb
1
X
22*6
0%
6
6X
$5.50 prior stock
26
Allotment certificates—
Southern
2,300
100
300
40*6
4*6
Jan
300
10X
ix
ix
""% ""%
12%
,_*
-
2*6
6*6
Feb
8
50
33*6" 33*6
33*6
Jan
Selected Industries Ino—
Mfg. Co
200
Jan
*6
X
Union Premier Foods
Segal Lock A Hardware.-1
Solar
8*6
Feb
40*6
21
:--*
Skinner Organ
"800
2*6
20
general.—*
Amer dep rets
X
41
preferred A
-100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
Trans
Lux Plot ScreenCommon
-1
Transwestern Oil Co.--. 10
Trl-Continental warrants
Trunas Pork Stores Inc.
*
Tublze ChatUlon Corp.- 1
Class A
—: --1
Jan
*6
Feb
9*6
Scullln Steel Co oom___.
Sioux City G A E 7%
Jan
2*6
3*6
Toledo Edison 6% pref. 100
Jan
*
Singer Mfg Co
Feb
4
100
800
33*6
Todd Shipyards
Brook
$3 conv pref
3
300
9
20
Sllex Co common
Jan
Jan
Jan
6
5
Tobacco Prod
k
2
Scran ton Lace common.
Line stamped
6*6
Tobacco Allied Stocks
11*6
pref-..-*
stock
8*6
1
Texon
56
25
1
1
3
64
Jan
Jan
Feb
2*6
3*6
8
Jan
Feb
4*6
30
Jan
7*6
%
Thew Shovel Co com—
700
2,900
*
26
.
Jan
"ilk"
5%
3*6
Tk
Jan
.
5*6
12*6
41*6
.
Jan
10
40 %
13%
Common
Jan
2*6
Jan
Jan
Jan
71
4 *6
Jan
5*6
5%
Jan
*6
Jan
50
8*6
8%
Jan
Jan
Jan
Jan
5*6
Jan
Jan
Jan
2%.
Jan
3*6
28,
Jan
Feb
200
57 X
Selby Shoe Co..
3*6
500
3*6
Ino class A—1
Jan
13
Jan
Jan
"566
1
Warrants
Feb
200
Jan
'
jbe
31X
Jan
Technicolor Inc common.*
Jan
S16
I—50
6
100
Jan
*
.
Feb
h»
*
Sherwin-Williams
com
Taylor Distilling Co
"2 k "~2~X
Ryerson A Haynee com..]
Shattuck
Class B
Tasty east
2*6
2*6
1,200
Jan
be
20
*
$3.30 A part
Jan
1*6
1*6
300
5
12
9M
io*6
3*6
5*6% conv pref
50
Superior OU Co (.Calif)-.25
Superior Port Cement
Jan
62
4X
10%
Feb
Feb
2
6% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Ino
-1
Sterling Inc
1
Stetson (J B) Co com.
*
Stinnes (Hugo) Corp
5
Stroock (S) Co
.*
SuUlvan Machinery
*
Sunray Drug Co
-*
Sunray OU
.1
4
41
-2*6
37*6
*
5
9%
Ltd—1*
*
Seeman Bros Inc
200
"27*6
Jan
1
Jan
1,000
28*6
8*6
(A) A Co common.-•
Sterchi Bros Stores
*
Jan
200
Royal Typewriter
Jan
Phos
Wholesale
4%
2%
*14
Service pref
316
27*6
9*6
Taggart Corp com
1
Tampa Electric Co com,.*
Jan
%
200
12 X
2
2
Jan
8*6
900
1
Feb
Rossla International
Convertible
Standard Tube cl B
TUo Roofing
1
-20
Securities Corp
5
9*6
1
X
5*6
com.—6
----5
Water
Feb
%
1,000
J18
1
Standard Steel Spring
1*6
Tlshman Realty A
Roosevelt Field Inc
Scranton Spring
Standard Products Co
Feb
*
ord reg—£1
Mfg--—-"-
1*6
Jan
Swan Finch Oil Corp.—15
Roils Royce Ltd—
Scran ton Elec $6
Jan
Jan
Feb
Feb
*6
Jan
X
11*6
102%
Roeser A Pendleton Inc..*
Jan
33*6
Jan
11X ,ux
Radiator——1
Rio Grande Valley Gas CoVoting trust ctfs
.1
RochesterGAEl6% pf C100
6% pref D—.
-100
X
Jan
5
Jan
5
100
Richmond
Scovill
21*6
105
'
19
28
Steel Co of Can Ltd
101
Jan
152
Investing——1
Dry Goods
*
Savoy Oil Co
Feb
6*6
102
1
Jan
Jan
*16
116
3*6
Schiff Co common
18*6
Feb
50
*
Standard
11
»
Reed Roller Bit Co
*
Reeves (Daniel) common.*
Relt-er-Foster Oil
50c
Reliance Elec A Eng'g—6
Samson United
Jan
6*6
400
105
,
*
Jan
*
60c
preferred..r
Jan
17*6
800
200
Jan
phate A Acid Wks Inc 20
875
47 %
4*6
Red Bank Oil Co
7%
1
Standard SUver Lead
Feb
108%
5
45
19
36 %
*
Salt Dome OU Co
12
Stein
*
$6 preferred
*
Puget Sound Pulp A Tim.*
Pyle-Natlonal Co oom—6
Pyrene Manufacturing.-10
Quaker Oats common....*
6% preferred
—100
Quebec Power Co.
*
Ry A Light Secur com.—*
Railway A UtU Invest A..1
Raymond Concrete Pile—
St Regis Paper com
Standard Pow A Lt—
Starrett (The) Corp vlo.l
"
preferred
$2 conv pref A
Jan
Feb
19*6
105
preferred
Jan
101
2814
Jan
2*6
12*6
6*6
19
—100
5%
95%
7% prior lien pref—100
29
23 *6
Jan
Jan
18*6
18
6*6
Feb
Jan
Safety Car Heat A Lt
St Lawrence Corp Ltd..
18*6
31
230
93
Rustless Iron A Steel
10
(Neb)
25
Standard OU (Ohio) com 25
OU
56%" Feb
|Pub UtU Secur $7 pt pf—*
Puget Sound P A L—
'
21*6. Jan
9
Jan
26%
Russeks Fifth Ave
550
preferred..20
conv
44%
230
30
55
6% prior lien pref.__100
Royailte OU Co
23
Common class B
99%
Public Service of Okla—
$1.20 conv pref
$1.60
Feb
Jan
Rome Cable Corp
ttFeb
*6
12*6
108 %
°
Am dep rets
17*6
Preferred
"6 X
Public 8ervlce of Colorado-
Rice Stlx
Jan
22*6
Standard OU (Ky)
7
Reynolds
15*6
Standard Invest $5*6 pref*
4%
Raytheon Mfg com
100
1
Jan
300
$3 conv preferred
16*6
1
Jan
Jan
...
Jan
16*6
10
Corp—
2%
600
Common
preferred
Standard Dredging
Common
;
Jan
*6
Jan
be
-
Jan
9
*
Jan
Jan
Feb
Jan
4*6
TVs
6%
f5
19
3*6
Feb
4%
4*6
7*6
514
preferred
Feb
Feb
Jan
Jan
»xi
Jan
\ 100
16
Jan
2*6
2%
Jan
X
17 prior preferred
32
3
X
preferred
800
Feb
25c
*
16
34
2*6
Feb
39%
4*6
33*6
100
Feb
""366
—*
Prudential Investors——*
Jan
25
6*6
34*6
2*6
8
10*6
Gas
Feb
2*6
X
9%
10*6
Prosperity Co class B
5J6
"600
5
Spanish A Gen Corp—
Am dep rets ord reg.—£1
Am dep rets ord bearer £1
Spencer Shoe Co*
Stahl-Meyer Inc.,
*
Standard Brewing Co
*
Standard Cap A Seal com.l
Jan
PressedMetals of Am new 1
Corp
12
Jan
Feb
2
400
Jan
18*6
Conv
*
Jan
11*6
.....
500
6% 1st preferred—.100
Premier Gold Mining
....
18*6
Power Corp of Canada..
Pratt A Lambert Co
25
18*6
3H
"600
Jan
1 *6
Southwest Pa Pipe Line. 10
19*6
4
3*6
Feb
Jan
hi
6
Jan
1*6
300
IX
IX
8
IX
"166
3 *6
*
108 X
Jan
Jan
Jan
Potrero Sugar common—6
Feb
150
South Penn Oil
8%
"266
Jan
148
—10
Preferred A
High
Low
Shares
Jan
%
"Ik "6"
Providence
Range Since. Jan. 1, 1939
for
Week
of Prices
•
High
Low
Price
Feb
7X
100
10
Powdrell A Alexander
7*6
8
102
103
Inc
Polaris Mining Co
Jan
43
42 X
"lok "iik
1
Pittsburgh A Lake Erie.60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass-.26
Pleasant Valley Wine Co.l
Forglngs
Pneumatic Scale com
Jan
Jan
60
Pitts Bess ALE RR
Producers
Week's Range
Sale
{.Continued)
High
Low
Shares
Postage
6 *6
Pittsburgh
High
South New Engl Tel—100
Meter
Plough
Low
Last
aiTOCKS
1, 1939
Range Since Jan.
IMISt
Sales
Friday
Sa.es
FTtday
STOCKS
CContinued)
Pltney-Bowes
1003
New York Curb Exchange—Continued—Page 4'
148
Feb
Jan
Feb
New York Curb Exchange—Continued—Page 5
1004
Sales
Friday
STOCKS
Last
(Concluded)
Sale
Par
Utah Radio Products
Range Since Jan. 1.1939
*
Low
Conv
7% preferred---.—-100
Vols par Corp com
1
$4 conv pref
5
Van Norman Maoh Tool
Venezuela Mex (Ml Co—10
Venezuelan Petroleum—1
Va Pub Berv 7% pref—100
Vogt Manufacturing
Waco Aircraft Co..-——*
Jan
Feb
1%
1%
%
Par
Jan
Delaware El Pow 6%s.l959
1%
300
2%
53%
Jan
%
Jan
rit
Jan
Feb
1%
1%
100
1%
Jan
%
Jan
Jan
Jan
1%
%
%
Feb
Jan
Jan
16
Jan
Feb
30
Jan
Edison El Bi (Boet) 3%s 65
Elee Power A Light 5S.2030
27%
7%
Jan
%
*12%
1H
27%
26%
23
47
43
OH
•13%
2
8
*
0%
7%
25
1,100
100
8
..
1,300
%
Jan
Jan
38%
Jan
200
7%
8%
2%
Jan
20
47
"m
12%
1%
27%
22%
6%
700
w„
%
""200
27%
20%
0%
8
1,900
r,
4%
6%
1,100
Co...—1
Wayne Knitting Mills—6
Welabaum Bros-BroweT—1
Wellington Oil Co.——1
Went worth Mfg.—1.25
Jan
Jan
Jan
Aug 1 1962
♦Certificates of deposit
♦Deb 7s
Aug 1 1952
♦Certificates of deposit
Eastern Gas A Fuel 48.1956
7%
7%
%
%
♦6%s
Jan
Empire Dlst El 5s
Jan
High
34,000
4,000
104%
106%
Jan
105%" Jan
Jan
108%
•8%
28,000
Jan
10-
7%
%
3,000
7%
7%
%
%
%
64%
1,000
2.000
48,000
4,000
69,000
,110% 111%
78% 79
111%
104%
100% 101% 114,000
*110
*104
6%s series A...——1953
Erie Lighting 5s——-.1967
Jan
Feb
9%
Jan
"Jan
Feb
1%
Jan
Feb
1%
Feb
Jan
Jan
Feb
.
110
Jan
73
Jan
66%
111%
80%
107%
,104
99%
Jan
110
Feb
Jan
104%
101%
Feb
.60%
Jan
Jan
Jan
Eroole Marelil Elee Mfg
Jan
63
63%
111%
78%
El Paso Elee 6s A—1950
lli$
47%
8%
Feb
Jan
7%
Jan
8%
Jan
6%
%
1%
Feb
1%
11%
Walker Mining
2
%
1%
11%
100
1%
Jan
100
Jan
Jan
Feb
2%
2%
800
8%
4%
3%
2%
4%
600
West Texas Utll 18 pref.
Jan
Feb
1952
Federal Wat Serv 5%s 1954
101%
*43
47
107% 108
48
*5*000
85
86
10,000
104
85%
11%
5%
Jan
Banks 6s- 5s
stpd—1901
Feb
f Firestone Cot Mills 5ul948
Jan
♦First Bohemian Glass7s'57
104
1,000
50%
Jan
107%
82%
Jan
Jan
108
Jan
Feb
80%
.
Feb
Feb
Feb
Florida Power 4s ser O I960
93%
98%
Jan
Florida Power A Lt 5s.l954
5
Jan
Feb
5s ex-warr stamped.1944
~4~
90*
98%
98
98%
104%
Jan
Feb
Gatineau Power 1st 5S.1956
Jan
1%
Jan
General Bronze 6s—.1940
87
3%
Jan
4%
Jan
General Pub Serv 56—1953
94%
94%
87%
86
Ry—
Gen Pub Utll 0%s A.1956
7% 1st preferred——100
40
Jan
50%
Jan
15
Feb
Jan
10
Jan
Jan
ootn—....*
Westmoreland Coal Co—*
Westmoreland Inc———*
Weyenberg Shoe Mfg
1
Williams (R C) A Co
»
14%
0
"3%"jan
5%
2%
*
Willson Products Inc.—.1
Wisconsin PAL 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube com..—2
Woodley Petroleum.—..1
Wool worth (p W) Ltd—
Amer dep rets...——5c
8% preferred
.-.£1
Wright Hargreaves Ltd..*
Yukon-Pacific Mining Co.6
Wilson-Jones Co
8%
7%
8%
400
2%
2%
0%
2%
0%
'""166
o%
Feb
Jan
7%
Williams OU-O-Mat Ht—*
Feb
8%
84%
2%
6%
5%
600
6* "Feb
Jan
Gobel (Adolf) 4%s—1941
Grand Trunk West 48.1950
10
Jan
Gt Nor Pow 5s stpd.-1950
Jan
14%
U%
1.700
8%
8%
'3"i00
Jan
1%
1%
300
Jan
BONDS
Grocery Store Prod 6s. 1945
Guantanamo A West 6s '58
*52*"
Jan
Guardian Investors 5s. 1948
"48%
Jan
Hall Print 6s stpd—..1947
Jan
♦Hamburg Eleo 7s—.1935
13%
14%
Jan
Feb
1%
102
99%
95 %
Aluminium Ltd debt 6sl948
Amer O A El debt 58-2028
Am Pow A Lt deb 6s..2016
108%
94%
Amer Radiator 4%s—1947
Amer Seating 6s stp—1946
loo"
102
104
105
Arkansas PrA Lt 58—1956
103
Associated Eleo 4%B—1953
Associated Gas A El Co—
63
102% 103 %
62% 54%
Conv deb 4%z C—.1948
32
Conv deb 4%s—1949
Conv deb 6s—
—I960
Jan
90
Jan
Feb
45,000
81%
Jan
97%. Jan
87%
Feb
17*660
87
Jan
95%
Jin
58
Jan
102%
67
68
Jan
72%
60
Jan
72
87
Jan
90
-
75
5,000
108%
Jan
91
Feb
•
Feb
Feb
Jan
Jan
Feb
Feb
.
108%
Jan
50%
'
75
Jab
Jan
52%
Jan
Jan
53
Jan
48%
Feb
98%
"2,000
98%
Feb
100%
Jan
1,000
18%
94%
1Q3%
Jan
Jan
103%
Jan
101%
Jan
102
Jan
109
Jan
109% ° Jan
*64* "Feb
40
Feb
96
Jan
102%
Feb
Jan
100
Feb
Jan
Feb
105%
108%
85%
95%
100%
Feb
Jan
Jan
Jan
105
109%
64%
"106%
let A ref 5%s ser B.1954
1st A ret 5s ser O—:.I956
Sf deb 5%s
May 1967
Jan
62%
Jan
Jan
103% 104%
89,000
23,000
83,000
14,000
101%
Jan
98%
95%
Jan
105%
104%
101%
Jan
98%
Feb
85%
Jan
91
Feb
4,000
98%
100%
Feb
100%
Jan
102
Feb
Jan
92
Feb
Jan
88
Feb
Jan
107
Jan
Feb
Feb
Feb
Jan
104%
100%
100% 101
97% 97%
97%
91
90%
6s series A——..—.1947
Jan
6 %s series B
...1953
5s series O.—
.1951
90%
91%
87%
88
60
67,000
101%
Jan
104%
>
54%
Jan
1st lien A ref 6s—-.1963
Feb
♦Indianapolis Gas 5s A1962
International Power Sec—
59%
82%
47,000
41%
44
4.000
2,000
.
Jan
31
Feb
27%
30
29%
Jan
40
Jan
72%
102%
104%
30
Jan
34
Jan
37%
36%
Jan
6 %s series C__
59%
77%
—1957
Jan
46%
77%
Jan
Jan
Jan
Jan
Feb
44
47%
*84.
1952
Interstate Power 6s—.1957
,64%
1962
45%
7s series F——
Debenture 6s
60%
59%
82%
44
1955
7s series E—
106% 106%
110% 110%
'
Jan
91
99% 100
101% 102
101%
90%
60%
3,000
Jan
59
Indiana Service 5s..—1950
60,000
Feb
97
105*m
Feb
*
24
Jan
2,000
105
100
5*666
6,000
64
Feb
Jan
Feb
Feb
Indiana Electric Corp—
Jan
Feb
64
Jan
34%
,
59%
41%
47%
84%
64%
,46%
10,000
14,000
6,000
1,000
2,000
86
86
106%
110%
12,000
55
Jan
10,000
54
Jan
110%
62%
60%
51.000
76%
Feb
.83%
10.000
44
Feb
52%
1,000
46
Jan
49%
Jan
56
Jan
Jan
Jan
.53
Jan
•
Jan
50%
64%
59,000
38%
Jan
40%
58,000
47,000
9,000
5.00C
82
Jan
90%
Feb
77 '
98%
Jan
Jan
84%
102%
Feb
Feb
2io"665
,
Jan
Feb
Feb
Interstate Publl c Service—
Jan
6s series D——.1956
Jan
4%s series F..—...1958
Iowa-Neb. L A P 68—1957
Iowa Pub Serv 5s——195.''
*91%
85%
102
92%
85%
101%.105
*1*666
104.
105%
Jan
,87% 89
82% 84%
101% 102%
101% 101%
*106% 110
104% 104% 105
Isarco Hydro Eleo 7s. 1952
50
50
4,000
47
Jan
52%
65
65
1.000
65
Feb
80
Jan
39,%
Feb
43%
Jan
Feb
6s series B——...1961
1,000
61,000
85
96%
Feb
86
Jan
116%
Jan
Jan
Iowa-Pow A Lt 4%s—1958
Isotta Fraschlni 7s...1942
109 % 109%
122% 123
109%
13,000
2,000
124% 125
15,000
145
2,000
88,000
145
93%
82
94%
82
79%
88
80%
103
103%
103 % 103%
103%
103%
28,000
5,000
4,000
109% Feb
120%/ Jan
123% Feb
145
'
40%
39
04%
100%
Chlo Jet Ry A Union Stock
Yards 5s
—1940
67
62
100% 100%
104
52
49%
75
73
6s series B—1965
Cities Service 5s.—1966
104%
52
88
Feb
102%
75
,
78.
— .
Conv deb 5s———I960
75
74 %
Debenture 6s—.1958
Debenture 6s—T—.1969
IT Cities Service Gas 5%s '42
^Cities Service Gas Pipe
74
73%
74%
74%
101
101
79"
78
101%
104
Jan
3,000
40%
Jan
Kansas Power 5s_—.1947
!04
Feb
Kentucky Utilities Co—
40
Feb
115
Jan
J an
103
,1st mtge 5s ser H—.1961
6 %s series D...._—1948
5%s series F.
—1955
96%
82%
83
"l3l"
104
103%
104
100
100
100%
103%
Feb
87%
Feb
101%
Feb
35
Jan
43
Feb
Lake Sup Dlst Ppw 3%s '66
102
102
32
39%. Feb
Lehigh PoW Secur 6s..2026
♦Leonard Tietz 7%s—1946
Lexington Utilities 5s. 1952
Llbby McN A LIbby 5s '42
Long Island Ltg 68—1945
110
109% 110
30
*24
101
102%
104% 105
104
Feb
5s series I
1969
102%
104%
Jan
Feb
Jan
Louisiana Pow A Lt 5s 1957
Jan
Feb
Jan
Jan
55 %
75
.
90%
l02%
M'hnsfleld Mln A Smelt—
44%
70%
104%
92%
106%
♦7b without warr'ts.1941
72%
Jan
73%
Jan
Jan
80
Feb
Jan,
78
76%.
Feb
6a stamped.—.....1943
Jan
Feb
68
Jan
76
Feb
75
Feb
Memphis Comml Appeal—
Deb 4%s._
;
1952
Memphis P A L 6s A—1948
Mengel Co conv 4%s.l947
68%
Jan
102*m
Feb
72%
72%
Jan
84%
Feb
126 %
6b ser A stamped...1943
Jan
84%
82%
Feb
Feb
Milw Gas Light 4%8—1907
100%
Jan
101
Jan
Minn P A L4%s
131
131
Feb
131
Feb
2,000
109%
101% 101%
126% 126%
2,000
1,000
101%
125
62%
14,000
90% 194,000
99%
1,000
63%
1,000
95% 31,000
60%
1958
90%
Cuban Telephone 7 Ms 1941
Cuban Tobacco 6s
1944
99%
63%
62%
89%
99%
63%
.Cudahy Packing 8%s.l955
95%
95
1005,
63
.
107
105
Feb
Jan
.
'
Jan
'
Jan
38
Jan
42
2,000
,105%
Jan
106
Jan
20,000
105%
Jan
10.000
103%
119%
102%
Jan
Jan
106%
104%
Jan
Feb
120%
Jan
7,000
*4*666
Jan
90
Jan
96%
102.
18,000
8,000
72,000
102
103
96%
Jan
Feb
Jan
Jan
105
93%
Jan
100%
Jan
90
Jan
90%
Feb
13,000
100
Jan
103
62,000
107
Jan
110%
Jan
22%
Jan
Jan
102%
Feb
Jan
105
Feb
95
Jhn
27*656
22%
99 %
14,000
102%
92
93%
18/000
106
106%
38,000
*50
*95%
101
Middle States Pet 6%s '45
Jan
75
101 «m
Jan
102«»» Jan
4s series G
1905
Midland Valley RR 5s 1943
1978
109%
■
91
Jan
105%
Jan
Feb
Jari
106%"
Jan
28 %
,Jan
1,000
103%
Jan
28%
104%
Jan
Jan
96%
101% 102,000
'95%
Feb
95k
Jan
1"01%
Jan
Feb
t,
.99%
99%
Miss Power A Lt 6s—1957
95%
109%
Jan
Feb
Feb
102
Jan
Missouri Pub Serv 5b-I960
Jan
128%
Jan
81%
96%
63%
91%
Jan
6%s
1944
Nassau A Suffolk Ltg 5s '45
Feb
97
61
61%
99% 100
99% 100%
104% 104%
93% 94%
95
96
92
.
88%
Jan
*1*666
108%
Jan
13,000
107%
Jan
90
90
108%
109%
98%
Jan
Feb
Feb
Jan
1,000
<*,000
93%
Jan
60
Jan
37,000
98%
Jan
100%
87,000
26,000
99
Jan
101
103%
Jan
105
77,000
82%
Jan
95%
Feb
57,000
5,000
88%
Jan
97
Feb
108%
Jan
6,000
73%
Jan
.
62
Jan
Feb
Jan
Jan
Montana Dakota Power—
Jan
Jan
Jan
68%
108% 108%
109
109%
97
*61
*94
111
98
*88
1st A ref 5s.—.—1955
Miss River Pow 1st 5s. 1951
1939
Gen mtge 4 Ms
1954
Consol Gas Utll Co—
101%
Jan
McCord Had A Mfg
68%
95
*22
103% 103%
Marlon Res Pow 4%s.l954
71%
72%
110% 110%
5s
Jan
Jan
*
Mississippi Power 58—1956
(BMt) 3 He ser N—1971
Consol Gas (Bait City)—
11,000
98% 116,000
Jan
101%
81% 84% 314,000
81% 84% 79,000
81
82% 19,000
100% 100%
8,000
1,000
95%
Jan
Feb
131
105% 105%
105% 105%
104% 104%
*105
106%
102%-103
99
Metropolitan Ed 4s E.1971
82
41
83
67
ie665
98
105%
104%
'
101
tioi
41
40
Kansas Gas A Eleo 68.2022
103%
Jan
75% 403,000
74% 33,000
74% 12,000
101
3,000
,41
—.1961
Jan
98%
12*665
%s series C
Jan
10,000'
4,000
4
Jan
Jan
Jan
174
78
96%
65%
6,000
*65*"
Kansas Eleo Pow 3 %b. 1966
96,000
33,000
6s Stamped—..—1942
82
113
9,000
12,000
84
Jersey Central Pow A Lt—
5s series B_.„.
1947
Jan
6,000
-
Jan
Jan
Jan
,101
87
6s.l963
81
22,000
119,000
86%
Italian Superpower
88%
102%
Jacksonville Gag—
09%
113
100% 101% 176,000
'39% 40%; 34,000
37% 39
108,000
148%
94%
Jan
Feb
Feb/
Feb
104
102% 103%
87
126
Jan
113
101H
110%
123
Feb
86
103
Cedar Rapids M A P 5s '63
Cent Ohio Lt A Pr 58—1950
For footnotes see page
32
77%
77%
no4%
105% 105%
Carolina Pr A Lt 5b...1956
Conn Lt A Pr 7s A...1951
Consol Gas El Lt A Power
105
Jan
93
Jan
40
64
Indiana A Mich Eleo 5s '65
6s
—i
.—1957
43
Canada Northern Pr 5s '53
Canadian Pao By 63—1942
Community Pr A Lt 6s '67
Community P S 5b
i960
Jan
84
3,000
40%
62
Indiana Hydro Elee 5« 1958
33
88
Line 6s
1943
Cities Serv p A L 5%s.l952
614s
—1949
104
"5,000
4,000
I
Jan
34
Broad River Pow 5s.. 1954
f+Cblo Rys 5s ctfs—1927
Cincinnati St Ry 5%s A '62
104
64
Jan
43 %
124%
Cent States PAL5H8 '53
Chicago A Illinois Midland
Ry 414s A——
1956
Jan
81%
33.000
"94%
6 He ez-warrants-—1964
Feb
.87
45,000
Birmingham Eleo 4%sl968
Birmingham Gas5s...1959
Cent States Eleo 5s—1948
17,000
I05"»t 105%
.64
Feb
35
6s series C_.
.—I960
Bethlehem Steel 6s—.1998
Cent Pow A Lt 1st 5s. 1956
Feb
47
62%
,—|*
101%
32%
1st M 5s series B—1967
Cent Power 5s ser D—1967
105%
VIII Northern Utfl 58-1957
HI Pr A Lt 1st 68 ser A.1953
...—
122
34
%
6%s ex-warrants—1943
Houston Lt A Pr 3 %s.l966
Jan
35
6s without warrantsl947
Bell Telep of Canada—
1st M 5s series A—.1955
Feb
i 98%
Jan
*7*665:
24
24
Jan
32
Avery A Sons (B F)—
5s with warrants...1947
Baldwin Locom Works—
♦Convertible 6i—1950
99%
Jan
49
*95% 97
103% 103%
102%
*102109%
*109'
103%
118%
102%
31%
31%
Atlanta Gas. Lt 4%s..1955
Atlantic City Eleo 3%s '64
Jan
95
Jan
94
48%
98%
119
22~000
105"
Debenture 6s—.—1968
Conv deb 5 %s——-1977
Jan
98
122
Assoc TAT deb 5 %s_ A'56
52
51
47
1938
..1946
♦Hungarian Jtal Bk 7%s'63
104% 105% $87,010
J 02% 104
98,000
100% 102% 19,000
98% 100
40,000
95 % 402,000
94%
tl05% 106%
108% 108 % 13*Oo6
93
94% 63,000
106% 106 %
1,000
100
100%
8,000
$120
Appalao Power Deb 6s 2024
Ark-Louisiana Gas 4s.1951
A St Ry 5%S
Houston Gulf Gas 6s—1943
Hy grade Food 6s A—1949
6s series B———1949
Alabama* Power Co—
.1967
91
*47
"
Jan
Sold
1st A ref 4)4s.
,
Heller (W E) 4s w w
"*8% "Feb
Bonds
1st A ref 6s——.;.. 1968
Jan'
♦Hamburg El Underground
14 %
1st A ref 5s.......1056
*65"
Feb
9
Jan
*T%
105%
103%
67
2%
8%
6%
Jan
89%
95%
85,000
218.000
101% 102% 358,000
63% 67
29,000
*24%
31,000
68% 69
62
*58
"e'ooo
89% 90
108% 108%
1,000
"08%
91%
Jan
101%
77
91
102%
Jan
.
1st A ret 5s...
1946
1st A ret 5s..—...1951
Georgia Power ref 6S..1967
Georgia Pow A Lt 5s—1978
♦Gesfurel 6s..——1953
Glen Alden Coal 4s
1965
3
94%
87%
*73
*9l"
6%
Jan
Feb
104% 105
87
8/
♦General Rayon 6s A.1948
Gen Wat Wks A El 5s. 1943
Western Tab A Stav—
Vot tr ctfs
104 %
Feb
52,000
93%
92
1
4%
Feb
Gary Electric A Gas—
2%
•
Jan
101%
101 •«
*101% 102
*15
25
86
•
1
Low
High
104% 105%
107% -107%
Finland Residential Mtge
5%
200
Class B
Cont'l Gas A El 6s
105
Elmlra Wat Lt A RR 5s '56
10.900
%
Wahl Co common.—
Registered!
.
Detroit Internet Bridge—
1,000
Low
Price
Denver Gas A Elee 58.1949
Jan
*l«
Waltt A Bond clan A—
.
I
I Range Since Jan. 1,1939
Week
*n
8%
Wagner Baking v t o—-
Western Maryland
for
of prices
49%
preferred-...-—7
West Va Coal A Coke
Week's Range
Sale
1%
•a
|UtU Pow A Lt common—1
Class B
1
Western Air Express
Last
High
1%
1%
$5.60 priority stock--.
Utility A tad Corp com,
Sales
BONDS
(Continued)
for
Week
of Prices
Low
High Shares
1
Utility Equities Corp
Friday
Week's Range
Price
Feb.-18, 1939
100
Jan
61
Jan
68%
Jan
95
Jan
97
Jan
81
109% 109%
80%
81
101% 101%
81
81
81%
3.000
100
6,000
77
*
109%
81
Jan
Feb
Jan
101%
Feb
Jan
81%
Feb
Volume
FrMay
BONDS
Last
Week's
Sale
of Prices
Low
High
Par
Nat Pow A Lt 68 A
2026
.Deb 58 series B
Price
2030
102 34
99
,9834
35
98"
Nevada-Calif Elec 6s. 1956
7834
New Amsterdam Gas 5s '48
119
1948
Conv deb 5s
.7834
119
Jan
98
5,000
Jan
United Elec N J 4a
Feb
United El Serv 7s
1956
49 34
*2434
*2434
76 34
2,000
10734
2,000
98
1153*
Jan
118
Feb
Jan
98
Jan
United Lt A Pow 6s
42,000
7734
Jan
82
Jan
119
6.000
11834
Jan
119
Feb
61
Feb
60
Feb
79 34
Debenture 534s
1954
New Orleans Pub Berv-
55
Jan
54
Jan
5934
5434
Jan
10834 10834
3,000
10734
Jan
9634
9734
Jan
91
9534 118.000
97 %
77.00,0
Feb
♦Income 6s series A.1949
9434
10534
N Y Central Elec 634s 1950
9434
10534
21,000
105
Jan
434s
1944
Va Pub Serv 5 34s A..1946
1st ref 5s aeries B
1950
9734
Feb
10034
92
Jan
N Y P A L Corp 1st 434s'67
N Y State E A G 434s 1980
N Y A Westch'r Ltg 4s 2004
1954
Debenture 6s
Nippon El Pow 6348—1963
Jan
Jan
95
10534
8234
8234
10734
10734 10734
10034 10134
10134
10534 10534
10534
1:11234
"57" '5634 5734
9734
9734
5134
5134
10834
8134
108
108
Jan
Jan
10134
10434
Jan
10534
Jan
Jan
West Penn Elec 5a
112J4
Jan
113
2,000
"9*666
Jan
50
9634
Jan
9934
Feb
47
Jan
54
Feb
>
10734
6,000
Jan
10834
Jan
105
6,000
Feb
Jan
107
Jan
78
Feb
Jan
90
Feb
6,000
9234
Jan
9134
Feb
14,000
9134
Jan
9534
Feb
17,000
87
Jan
9134
Feb
89 34
7,000
82
Jan
8934
Feb
1934
Jan
3134
Feb
10734
Jan
10834
10534
Jan
107
Jan
104
Jan
10534
Feb
94
29
3134 161,000
2,000
10734 10734
3,000
10634 10634
10534 10534 31,000
»
10534
103
Jan
{♦York Rya Co 5a
1937
Jan
Stamped 5a_...
1947
10034
10034 10034
37,000
98
Jan
101
11034
Jan
112
Jan
60,000
101
Jan
10234
Feb
16,000
53
Jan
2,000
62
10834 10834
10534 10534
10134 10334
1,000
108
28,000
~
"94""
9334
94
Jan
10834
Jan
Jan
Jan
10634
10434
Jan
Jan
AND
10034
26,000
9134
Jan
Feb
2,000
10134
Jan
9534
103
Jan
10534
106
Jan
Jan
10634
106 34
Jan
10534
34,000
10034
Jan
103
Feb
38,000
10234
Jan
10534
Feb
16,000
10234 103
10534
11334 H334
93
"8534
"9434
11,000
Jan
;,
9454
Feb
Jan
11334
Jan
Jan
76
8554
3434
Feb
Feb
95
♦20-year 7s
Jan
Jan
92
11334
si'ooo
11354
Feb
Jan
11334
3,000
9334
*11334 11434
8434
8534
*36
3734
9334
95,
101
10134
9934 100-
♦7s ctfs of dep. Jan
Feb
2834
Jan
28
32
26
Jan
2634
Jan
2434
Jan
2434
Jan
834
Jan
1034
Feb
18
Feb
18
Feb
10
Jan
1434
Jan
1134
Jan
12
Jan
*24
*24
32
*24
32
Antloquia
(Dept
of) Co
32
Jan
91
Jan
4,000
98
Jan
10134
Jan
♦7s
ser A
55,000
97
Jan
100
Feb
♦7s
ser
B ctfs of dep. 1945
*934
*934
17
17
ser
C ctfs of dep. 1945
*934
17
ser
D ctfs of dep. 1945
*934
*834
*834
*834
17
«
1
16
1
1
lumbla—
102
ctfs of dep. 1945
Jan '105
Feb
♦7a
103
Feb
♦7s 1st
10834
Feb
♦7s 2d ser ctfs of dep.'57
Jan * 10634
Feb
♦7a 3d
20,000
1005*
76,000
9134
Jan
Jan
ser
ctfs of dep.'57
105
Jan
♦Baden 7s
Feb
10834
Jan
♦Bogota (City) 8s ctfs. 1945
Bogota (see Mtge Bank of)
9434
9434
9534
107
9434
10,000
9534
19,000
112 34 11334
24,000
6
11154
113 34
Jan
Jan
Feb
♦Caldas 734s ctfs of dep.'46
9634
Jan
1948
*11
♦734s ctfs of dep...1946
Cent Bk of German State A
*10
7734
7734
1,000
77
Jan
7834
Jan
60
46
4634
2,000
44 34
Jan
51
Jan
6s. .1949
107
107
*1834
1,000
Potomac Edison 5s E.1956
10834
7234
7334
10834 10834
434s series F
1961
Potrero Sug 7s stmpd.1947
109
109
41
'59
*19
99
19
Jan
77
Feb
64
Jan
107
Jan
10854
Feb
1,000
10854
Jan
10954
Jan
2,000
3934
Jan
Feb
12,000
42 34
10034
Jan
253*
"22"
4234
102 34
Feb
2034
Jan
Danish
1
-
20
1334
20
4,000
20
2334
1.000
22
Jan
2334
Feb
24
2,000
22
Jan
24
Feb
*1834
1,934
27
2,000
1934
Feb
1934
Feb
*11
1934
195"
1955
534s
5s
13
18
2334
♦6s ctfs of dep..Oct '61
Cundlnamarca (Dept of)
634s ctfs of dep
1
I
l24
1952
Columbia (Republic of)—
♦6s ctfs of dep..July '61
Feb
17,000
109
13
1948
♦6s series A
Feb
Jan
7s
Valley
♦Prov Banks 60 B^.1951
Feb
10734
Jan
1734
*103
♦Prussian Electric 6s..1964
Jan
106
9534
99
22
*12
Jan
Jan
♦7s ctfs of dep
1
I
20
34
♦Cauca
1
16
19
*12
1951
1
r.
16
*18'
ctfs of dep.'57
93
Pledm't Hydro El 6 34s
*9734
ser
9134
Pblla Rapid Transit 6s 1962
73
2534
32
*47
Feb
Portland Gas A Coke 5s '40
28
♦6s ctfs of dep...Aug '47
♦6a ctfs of dep...Apr '48
10634
♦Pomeranian Elec 6s.. 1953
Feb
*2534
Jan 1947
5,000
Pittsburgh Steel 6s...1948
Jan
9434
♦7s
107
"1,1234
94
Jan
*24
'46
10334 10334
1961
Jan
89
9*1*666
Peoples Gas L A Coke—
....1981
90
4,000
'
Penn Water A Pow 6s. 1940
...1968
1,000
93
■
10234 10234
11334
93
9234
*2534
93
MUNICIPALITIES—
10634
10534
10334
1934
94
149
147
4,000
149
Feb
147
151
Jan
•
External 634s
Jan
9654'
Jan
35
107
1,000
107
Jan
106%
75%
107 34
Jan
1947
35
1934
5,000
1634
100
Jan
18
..1952
♦Secured 6s
7,000
35
18
3,000
1634
Feb
17
Jan
1634
Feb
Puget Sound P A L534s '49
1st A ref 6s ser C...1950
8534
8334
8534
94,000
Jan
80
Feb
♦Hanover (City)
*1734
8334
8234
72
Jan
8334
Feb
♦Hanover
*1634
22
22
7934
7834,
8334
7934
18,000
1st A ret 434s ser D.195C
44,000
7034
Jan
80
Feb
♦Lima
*11
1234
♦Ruhr Gas Cprp 0 348.1953
6334
Jan
Jan
35
*21
5 34s series A.......1952
109
Safe Harbor Water 434s *79
{♦St L Gas A Coke 68.1947
...1.
29
♦Schulte Real Est 6S..1961
Scull in Steel 3s
10234
1951
1948
Shawtnlgan W A P, 4 34s '67
:* 1st 434s series B_—_ 1968
1970
6034
2025
,27,000
-
m
mm-
m
m
mm
10534
134
2.000
4,000
29
3,000
10234 102 34
60
6034
io9: '
Jan
1734
Feb
13434
Feb
10534
-
-
10434 10534
10534 10534
78
79
8934
9234
3134
Jan
10254
Feb
Ref M 334s.May 1 I960
Ref M 3348 B.July 1 '60
1st A ref mtge 4s.._ 1960
Sou Counties Gas 434s 1968
65,
Jan
Jan
16534"
4,000
10334
Jan
Jan
Jan
10534
10434
76 34
10554
5,000
42,000
105,
10434 105
83
.*
Fety
—
S'western Lt A Pow 5s 1957
-
mm
1946
♦7s ctfs of dep.....1947
Feb
♦634s ctfs of dep... 1947
81
Feb
Mtge Bk of Denmark 5a '72
Jan
92 54-
Feb
♦Parana
5.000
43,000
Feb
104
Jan
105
Feb
10854
10854
Jan
11054
Jan
Jan
110
Jan
"2,000
111
Jan
8,000
10334
Feb
H254
10534
Feb
10334 10334
22,000
4454
Feb
4634
m
—
m
-
—
9434
So'west Pub Serv 68—1945
Jan
20
1
Jan
18
18
79
■
Jan
1134
Jan
6,000
634
Jan
1834
1154
834
Feb
1134'
Jan
13 ••
Feb
10
Feb
10
Feb
V -»
-
— -
-
_
Jan
9
—
Jan
9
Jan
79
32
32
28
—
Feb
79
Feb
Jan
"2534 ~
26
1434
*3*666
1434
2554
Jan
Jan
2534
Jan
Feb
2534
------
16
(State) 7s_..1958
♦534s
93
9
934
34
*7
32
32
32
Jan
♦Santiago 78
1949
*12
——...1961
'
*12
.
m
Jan
92
"96* "
Jan
934
Feb
534
Jan
734
Feb
Jan
34,
Jan
34
34
Jan
54
16
13 34
Feb
1434
1334
Feb
34
Jan
834
14,000
34
34
*47
m——m
mm —
9 34
734
*34
1919
——1921
♦Santa Fe 7s stamped. 1945
m
*3*660
93
8,0OG
54
Jan
Jan
46
10234 10334
5,000
10254
Feb
4,000
10334
Jan
104
10634
8,000
64
5,000
83
10434
Jan
10634
1434
Jan
Jan
Jan
Jan
9434
Jan
♦7s
"l434"
Jan
10334
10334 103 34
94 34
9334
106
10334
So'west Pow A Lt 68..2022
*24
*24
*24
9234
♦Rio de Janeiro 6 34s. 1959
1<J434
10934,11034
11034
*110
11134 U134
45
46
1951
S'western Assoo Tel 5s 1961
—
1434
1434
Jan
Jan
9434
♦7s ctfs of dep
♦Russian Govt 6 34s
10334
*2534
*24
♦Mtge Bk of Chile 6s.1931
10,000
,
10334 10434 212,060
-----
■
Feb
Mtge Bank of Columbia—
le'ooo "loi"
92%,
10334
110
*24
♦78 ctfs of dep. Oct '47
Jan
Sou Calif Edison Ltd—
Debenture 3J4s....1945
*2534
♦78 ctfs of dep. May '47
♦Issue of Oct 1927—.
Jan
•
*77
1'927
♦Issue of May
Jan
25
Feb
24
60
Feb
1934
18
■
Mtge Bk of Bogota 7s. 1947
Jan
10134
13
*10 34
*934
1951
Jan
-
m'mmmm
105
3,000
♦7s ctfs of dep
♦6348 ctfsof dep..,..1954
♦Mendoza 4s stamped.1951.
*
Jan
3,000
834'
13
♦MedelJin 7s stamped. 1951
Feb
.
24
8
834
1958
7s
Feb
"166*34"
1634
25
*107
m
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 5s. 1957
109
*1734
13634
*135
25
Jan
■
18
♦Saxon Pub Wks 6s_—1937
Feb
80
32
*7634 .7934
3334
*26
♦Ruhr Housing 634s..1958
Servel Inc 6s
7s...1939
(Prov) 6348.1949
(City) Peru 634s '68
♦Maranhao
Queens Boro Gas A Elec—
Sou Indiana Ry 4s
Jan
2834
9534
1834
35
♦German Con Munlo 7s '47
1966
Southeast PAL 6a
Jan
9234
88
5.0C0
9434
*92'
9434
——r_1953
Danzig Port A Waterways
Public Service ol N J—
Scrlpp (E W) Co 5 34s:. 1943
Jan
93
.
Agricultural Mtge Bk (CoP
♦20-year 7s
Apr 1940
4,000
2.000
San Joaquin L A P 8s B '52
Feb
10434
17,000
10534 10534
*106
10634 10634
FOREIGN GOVERNMENT
105
8.000
'5,000
1st 4 34s series D
Feb
62
Jan
1*05 34
Jan
Feb
10634 10634
6% perpetual certificates
Pub Serv of Oklahoma—
Jan
7034
83
M
105
10834 10834
i.
*
„
«
9534
Yadkin River Power 5s '4i
1954
4s series A
112
10,000
•
Feb
Feb
9034
"10534
Wheeling Elec Co 5s„1941
Wlso-Minn Lt A Pow 5s '44
Wise Pow A Lt 4s
1966
Penn Pub Serv 6s C—1947
PowerCorp(Can)434sB
11334
11,000
78
89 34
9434
112
10554
101
Coal
Jan
112 34 113
10234
10434
10434 105,
Pittsburgh
8934
59
10634
102
Phila Elec Pow 534S-1972
107
Jan
102
Jan
105
4s series D
Jan
7834
111
7,000
10834
—I960
4aserle8 B
10534
6034
8,000
9834
52
Deb 634s series B..1959
434s series B
6,000
69,000
8934
*102"
Jan
F-„—1971 "loo"
6s series D
81
West Newspaper Un 6s '44
West United G A E 5 34s'56
Penn Ohio Edison—
6s series A
Feb
West Texas Utll 5a A 1957
Jan
1979
Penn Electric 4s
7034
7634
West Penn Traction 5s '60
10434
1964
1st 6s
Feb
Jan
12,000
Jan
103%
Pacific Ltg A Pow 6s.. 1942
Penn Cent L A P 4348.1977
Feb
88 34
2030
10534
Pacific Invest 6s ser A. 1948
Park Lexington 3b
Jan
7834
23,000
Feb
5734
Pacific Gas A Elec Co—
Pacifld Pow A Ltg 6S..1955
27
Jan
8934
10734
Jan
99
♦78 ctfs of dep. Apr
1941
27
Feb
9434
Wash Ry A Elec 4s.__1951
Wash Water Power 5s 1960
107
61,000
3.000
Paclflc Coast Power 6s *40
1st 6s series B
Jan
2334
9034
3134
11,000
1946
6s conv debs...
2634
——————
9434
9434
1954
10534 10534
N'weatern Elec 6s stmpd'46
N'western Pub Serv 5s 1957
Okla Power A Water 5s '48
deb
11,000
1970
1951
♦6s Income
Feb
74.000
Jan
10534 10534
10534 106
104
10434
1968
,..1945
Jan
7 7 54
8834
Jan
Jan
52
80
79
7434
*88
1946
79
.....
.1989
Ogden Gas 5s_
Okla Nat Gas 4 Hs
11234
—
4,000
Northern Indiana P 8—
4 34s series E
1973
6s_
Feb
No Amer Lt A Power—
6s series D
1952
63 aeries A
5234
11734
Jan
Jan
47
mm
2434
Jan
4534
11634
19,000
50
Waldorf-ABtoria Hotel—
5%s series A
1956
Nor Cont'l Utll 634s
1948
No Indiana G A E fls-1952
5s series C
6s aeries A
2,000
8,000
116 34 11634
10634 107
'*89**
Utah Pow A Lt 6a A—2022
Feb
New York Penn A Ohio—
♦Ext 434s stamped. 1950
534s
1959
Un Lt A Rya (Del) 5 34 s '52
United Lt A Rys (Me)—
Feb
.Jan
10234
80
Feb
99?*
34,000
9234
"7734
1974
6034
109
•9534
93
5,000
1975
634s
—
10034 10034
—1942
11634
♦United Industrial 634s '41
♦1st s f 6s...
1945
96
3,000
High
Low
$
4834
3634
11034
Jan
18,000
94
48
Jan
Feb
59.000
5834
Conv 6s 4th stamp.1950
1949
9234
35
28,000
9534
Week
High
10,000
5934
5834
for
of Prices
Ulen Co—
Feb
9934
Range Since Jan. 1, 1939
IFerk's Range
L010
55,000
60
10834
Feb
10334
Price
35
5834
New Eng Power 334s_1961
Pa*
9934
5934
New Eng Bow Assn fis.1948
5e stamped.
Low
59
*
—1950
Sale
.(Concluded)
High
59%
N E Gas A El Assn 6s 1947
6s
9&
Last
BONDS
1, 1939
Range Since Jan.
S
11034 11034
11734 118
2022
Nelaner Bros Realty 6s *48
.
for
Week
10234 103
{♦Nat Pub SerV 6* ctfs 1978
Nebraska Power 434s.1981
Range
Sales
Friday
Sales
(<Continued)
6s series A
1005
New York Curb Exchange—Concluded—Page 6
148
Feb
.
Feb
Standard Gas A Elec—
6s
Debenture 6s.Deo 11966
6s gold debs
58
30,000
5754
Jan
66
6534
25,000
5754
Jan
6634
Feb
64
66
32,000
5734
Jan
67
Feb
*64
66
60
Jan
6554
Feb
the rule sales
*9134
9234
87
Jan
92
Feb
range,
57
Jan
6634
Feb
2734
Jan
35
Jan
—
-----
6434
♦Starrett Corp Inc 5s_1950
Stmnes
—m-
(Hugo)
6434
6534
29
29
28,000
5,000
2d stamped
4s
.1940
*6134
4s
1946
*36
.Ternl Hydro-El 634s—1953
Texas Elec Service 58.1960
Texas Power A Lt 5s-.1956
9934
61.000
*4534
4634
2*33*666
9934 101
104
10434 124,000
Feb
Jan
Feb
88 34
Jan
10054
Feb
44
Jan
5334
Jan
9754
Jan
Jan
50
Jan
9034
92
5434
5634
Feb
10434
10334
Feb
Jan
19*060
8634
JaD
9254
Feb
16,000
5034
Jan
5734
Feb
*10334
Tide Water Power 5s._1979
101
99 34
..2022
A
63
58
40
99
37
63
2d stamped
series
Feb
Corp—
Tennessee Elec Pow 6s 1956
6s
6534
Feb
34,000
6534
64
66
m
1957
Standard Investg 534s 1939
Standard Pow A Lt 6s. 1957
Jan
6534
64
6534
65'
(8tpd>——...1948
Conv 68 (stpd)—1948
Debenture 6s.—...1951
103
Jan
TJetz (L) see Leonard
Twin City Rap Tr 634s '52
*
No par value,
x
Deferred delivery sales not included In year's range,
In year's range,
r Cash sales not Included
a
not Included
* Friday's bid and asked price.
*
n U nder
In year's
Ex-dlvldend
No sales were transacted
during current week.
Bonds being traded flat.
§ Reported in receivership.
HThe following Is
a
list of the New York
Curb bond Issues which have been called
In their entirety:
Feb. 28, at 102.
Cities Service Gas 534s, 1942, Feb. 28, at 101.
Firestone Cotton Mills 5s, 1948, March 1 at 101.
Illinois Northern Utll. 5s, 1957, April 1 at 105.
Cities Service Gas Pipeline 6s, 1943,
e
Cash sales transacted
during the current week and not
included In weekly
yearly range:
No sales.
V
Under-the-rule sales transacted during the current
week and not Included In
weekly or yearly range:
No
z
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," convertible; "M," mortgage; "n-v,"
c,*; Voting trust certificates; "w 1." when Issued; "w w," with
"v t
without warrants.
"
■
non-voting stock;
warrants: "x-w "
f
1939
18,
Feb.
Chronicle
Financial
1006
Other Stock Exchanges
Sales
Friday
Stocks
Friday, Feb. 17
Closing bid and asked quotations,
(Concluded)
Week's Range
for
Sale
Estate^Securities Exchange
Real
New York
of Prices
Low
High
Week
Price
Par
65c
75c
1,700
Jan
75c'
Feb
7%
499
6%
Jan
7%
Feb
$6,000
81%
Jan
84
Jan
83
Jan
87
Jan
65c
Bends—
500 Fifth Ave In©—
18 H
51 T,
1937
Bowker BIdg 6s
Ask
Bid
Unisted Bonds
Ask
Bid
6Ha 1949 (unstamped).-
29
28
Series A 4%s
6%s unstamped-
24
1951
Lefcourt Manh BIdg 6e '48
50
Series B 5s
0%s stamped
24
Lincoln BIdg Corp¬
B'way 38th at BIdg 7s 1946
Harrlman BIdg 6s
Bryant Park BIdg—
36
42
Marcy, The 6s
1940
Nat'l Tower BIdg 6%sl944
43 H
Exchange
Baltimore Stock
-T
Listed and Unlisted
Arundel Corp.
for
of Prices
Low
High
Week
1st pref vtc
22%
22%
435
•20%
Jan
22%
Jan
45c
50c
611
35c
Jan
65c
Jan
1.55
1.50
Jan
2.10
20
17%
22%
Jan
19
Jan
75%
Feb
Last
Week's Range
116%
for
Jan
Sale
of Prices
Week
17
25
17
Jan
Feb
74
75 H
172
71
Jan
116 H 116%
—*
;—100
18
17'
75 H
Chicago Stock Exchange
832
1.70
1.50
18
common.*
Brager EJsenberg Inc com 1
213
v
.
Jan
117
115% / Jan
17, both inclusive,
Feb. 11 to Feb.
Preferred—
"l3%
1
20
10
preferred—100
Fidelity A Deposit
18
1
Transp..*
T100
...400
Mar Tex Oil-—Merch & Miners
16
Preferred
5%
Jan
101
31%
Feb
406
17%
Jan
95c
Feb
1.40
Jan
13
Jan
Jan
117
68
1,100
125
95
1.00
Jan
Jan
o
Jan
16%
Feb
Jan
2.00
Feb
Jan
Jan
36
191
35%
Jan
37
11%
Jan
14%
13 H
13%
1.10
,1.10,
1^%
1.10
84%
North Amer Oil Co corn..
408
84%
9
Northern Central nRy_—50
80
78%
U S
21%
20%
JaD
85
Feb
73
Jan
•80
.Feb
2,472
21%
'
•
0
'
Jan
Feb
19
Jan
80
!'
1.25
1.10
83%
90
Penna Water & Pow
com.*
Fidelity & Guar...-2
"
100
22%
Jan
Bonds—
21%
1975
25%
25
1975
86
85%
Bait Transit 4s flat... 1975
A
5s flat
B 68..——..,
Finance Co of Amer 4% '47
22%
25%
86
99%
99%
Boston Stock
20
Jan
'24%
15,500
22%
Jan
27%
1,500
84%
Jan
86
6,000
96
Jan
,Jan
Jan
Jan
Feb
99%
58%
Jan
90
38%
Feb
43
7%
100
7%
Feb
2%
50
2%
Jan
55%
130
8
8
8
100
7%
Jan
13
13
13
50
11%
Feb
13
100
18
Feb
19%
Jan
150
6%
39%
Jan
8%
Jan
»Jan
47%
Jan
20%
Feb
20%
Feb
59
Jan
64
Feb
18
......
..10
Common
Allls-Chalmers Mfg
"20%
,
70
42%
20%
100
20%
64
190
5
10%
%
%
35
3%
Jan
158%
5
Jan
6%
9%
Jan
10%
250
%
Feb
1
Jan
33%
Jan
36
Jan
•
35
'
Sales
Friday
i
/
'
100
\H
Jan
2%
Jan
300
6%
Jan
'8%
Jan
5,500
2%
JaD
13%
',.200
,
for
of Prices
Week
1
Low
Shares
High
Low
Price
Par
Stocks—
Week's Range
High
22%
157%
1
Assoc Gas A El Co cl A
Elevated
Boston
"84%
,.100
Boston Edison Co.
138'
100
12
19
50
19
9%
Feb
3,225
Jan
20
Jan
Jan
25
32
Jan
Jan
18
25%
26%
18
18
18
300
17
/
21
100
21
Feb
*23%
Jan
16
700
.13
Jan
17%
Jan
55
17%
17%
.
.
,
r
com.—.5
15%
Burp Piston Ring com—1
Butler Brothers
10
"*"7%
Jan
1%
Jan
Jan
89%
Feb
'
Jan
138
Feb
52
Jan
65
Feb
19
Jan
1
Jan
2%
Feb
2%
2%
150
7%
8%
1,400
7%
22%
85
19%
92
6%
2%
6
Jan
8
30
5% conv pref
Jan
2
2
2%
Class D 1st pref (stpd) 100
Boston Per Prop Trust---*
"n%
.
'
Jan
2%
Jan
»
1%
Jan
2%
Jan
11%
14%
25
14
Jan
16%
21%
100
19
Jan
.23%
Jan
69%
71%
920
66%
Jan
71%
Fpb
%
%
100
Cent 111 Pub Ser $6
pref—*
70%
Central 111 Sec—
•
1
Common
"is"
Convertible preferred..*
6
■>
'2%
Jan
Common
11
Jan
12%
Feb
Preferred
16%
Feb
23
Jan
1%
Jan
,
•"
21
460
-
-
6%
7
266
6%
JaD
4%
4%
120
4%
Jan
-
.25
'4%
10
Copper Range
20c
East Boston Co
1
-
f
Prior lien preferred
1,050
1%
1%
1%
52
130
45
Jan
103
50
100
Jan
20c
20c
20c
100
Cent States Pow A Lt. pf_*
Jan
Chain Belt Co com.—
18
1%
21
120
20%
10%
11
09
9%
Jan
65
64
65
32
1%
«•»
21
4%% prior pref——100
-.100
,20%
100
100
preferred
Adjustment
Eastern SS Lines—
3%
3%
3%
37%
Feb
74
300
62
Jan
75
Feb
Chic Flexible Shaft com..5
"74"
Chicago A N W Ry com 100
Chicago Towel com cap..*
70
70
Jan
Chic Yellow Cab Co Inc..*
9
9
Feb
Chrysler Corp common..6
Cities Service Co—
3%
._.*
4%
4%
4%
460
Economy Grocery Stores.*
16%
16%
16%
50
Employers Group
21%
21
21%
107
30%
30%
5
Common..
*
Capital Corp
.*
Georgian Inc cl A pref..20
Gillette Safety Razor
7
*
1%
6
7
3%
Jan
5%
Jan
JaD
16%
Feb
14
7%
„
(New) common
Club Aluminum Uten
'45
%
%
74%
;
%
Jan
67%
Jan
70
Jan
1%
Feb
Consol Biscuit Com
'5%
Jan
7
Jan
6%
Jan
8
Jan
Consolidated Oil Corp...*
Consumers Co—
200
195
Class A
*
Iptl Button Hole Mach.
_
Isle Royal Copper Co...
Me Cent-
10
1%
17
*
1%
17
1%
50
10
17
1%
Jan
Feb
17
:
i%
17
Jan
Container
1%
1%
150
1% -Jan
X
.2%
5
5
100
4%
Jan
21
265
20%
Feb
5
Continental Steel com—*
Jan
Crane
Jan
20 %
1
3%
4
270
3%
Jan
Nat'l Tunnel A Mines Co.*
1%
1%
100
1%
Feb
20%
20%
New Eng G A El Assn pfd *
New England Tel A Tel 100
Cunningham Drug St-.2%
20%
«...
w
New River 6% cum pref 100
N YNH AHRR
100
10
4%
Jan
Deere & Co com
2
Jan
(Ctfs of deposit)
Pacific Mills Co
Pennsylvania
RR
Quincy Mining Co
Feb
35
15
Jan
105
Jan
110
Jan
Feb
Feb
15%
Jan
5%
5%
Feb
,6%
Jan
8%
8%
224
Jan
9%
Jan
7%
Jan
Jan
26%
Jan
58
Feb
21%
%
138
Feb
1%
64c
1,920
55c
Jan
1.00
Jan
1
1
1
1,069
90c
Jan
1%
Jan
Four-Wheel DriveAuto—10
40c
60c
80c
Jan
Fox (P) Brewing com
40c
Feb
6%
12%
Jan
Jan
16%
25
29%
6%
70
13%
13%
142
26%
21%
29%
31
228
29%
Feb
37%
Jan
66
66
210
55
Jan
66
Feb
15%
15%
100
14%
Jan
16
Jan
24
25
100
24
Feb
26%
~r~2 '
2
2
100
2
Feb
2%
Jan
20%
19
20%
920
15%
Jan
20%
Jan
150
10%
Feb
,
,
_
±
^
"15%
10%
10%
10%
3%
100
20%
20
20%
200
19%
37%
13%
37%
13%
100
35%
3%
3%
100
3%
Fairbanks Morse com
*
"13%
„
~
^
12%
13
50
600
12
General Amer Transport.6
56%
Feb
16
Jan
General Candy Corp A
5
11%
56%
11%
Jan
General
1
2%
2%
300
39%
40%
47%
48%
1%
1%
1%
JaD
1%
Finance com
General Foods com—,—*
'
Shawmut Assn TC
*
10
10
142
9%
General Motors Corp—10
*
14%
15%
120
13%
Jan
10%
17%
Jan
Stone A Webster
Jan
80c
81c
250
80c
Feb
86c
Jan
Goldblatt Bros Inc
—
-
-
Gillette Safety Razor
Suburban Elec Sec Co com*
Jan
Jan
8% May
2%
50
2
13
60
60
10
Jan
Jan
Jan
14
Jan
10
50%
3
100
Jan
3%
14
Jan
100
Jan
14%
Jan
Gardner Denver Co com..*
2%
43%
Jan
12%
Fuller Mfg Co com
Jan
16
Jan
700
Jan
24%
2%
Jan
Feb
250
14%
Jan
16
3%
2%
Feb
18%
«
12
13%
11%
691
«►
Jan
Jan
2%
58
20%
«•
3%
12%
11%
19%
w
12%
21
2%
11%
—
Jan
Jan
12%
11%
20%
—
Jan
12%
*
—
3
5
1
50
25
Jan
26%
Jan
Jan
60c
85
•
*
•
*
Common
%
100
»
,
6%
Elgin Natl Watch Co...15
%
'8
'
•
,
Elec Household Util cap_5
55
61c
2.50
Reece Button H Mach. .10
Reece Fold Mach Co
27%
12%
300
8,050
6
»
FltzS A Conn DAD com. *
Old Colony RR
Jan
250
6
Dixie-Vortex Co—
36
57
Feb
2%
13%
35
Jan
310
109% 110
57
Dayton Rubber Mfg—
Cumul class A pref
22%
3%
700
2Tfo
—25
Decker A Cohn com
20%
Mergenthaler Linotype..*
Narragansett Racing Assn
Jan
8%
12%
.
Feb
'
Feb
27%
Cudahy Packing pref.. 100
5
.100
Jan
9%
,.
shares .50
Corp of Amer. 20
Co com
84
Jan
Jan
Jan
3%
'
15
Jan
9%
7
13%
1
Vtc pref part
66%
150
27%
*
Hathaway Bakeries—
721
Jan
Jan
1
New capital.
—25
Compressed Ind Gases cap*
Jar
'
5
8%-
Commonwealth Edison—
Feb
24
Jan
Jan
100
77% '.
«■'
1
90
.
3
10
Co.*
'30%
20
29%
1%
90
1%
6
Co.———..jt__*
Jan
4%
75
Jan
Jan
67
Jan
60
Jan
1%
'
Eastern Mass St Ry—
.
Feb
2%
34%
Jan
73%
4%
16
300
Jan
1%
Jan
Jan
2,850
Jan
*
Jan
Feb
1%
1%
36
3%
15
Jan
1%
52
103%
37%
"T%
jan
Feb
6
Jan
12%
•
350
16
25
Jan
10%
*
Common
1^
jan
20
4%
4
15%
*
Chicago Corp common—*
Preferred
*
27c
Feb
Jan
50
103
.
*
Jan
1%
61
103
*
•
8%
East Gas A Fuel Assn—
Jan
%
Jan
Jan
'
6%
:
%
5%
300
6
'
25
Calumet A Hecla
North Butte..
Jan
14%
113
75
2%
12
16%
18
Boston A Providence.. 100
Inc
Feb
21%
21%
Central S W—
Common
Jan
9
22%
Campbell. Wyant A Can Fd y.*—
Jan
1%
67
2%
------
%
513
370
1
6%
2%
—,.—100
100
std—r100
Class B 1st pref (stpd) 100
Jan
20
1
6%
Cl A 1st pref
Gilchrist
Jan
3%
Jan
'21%
Feb
17%
15
Castle A Co (A M) com. 10
Prior preferred
General
Jan
-
Bruce Co (E L)
Jan
%
82%
•
-
Feb
149%
494
54%
Preferred (stpd)
1st
Jan
25%
—5
Jan
130
638 xl27
17%
13%
158%
Boston A Maine—
preferred-
Jan
Jan
Brown Fence A Wire—
Jan
849
1,617
87%
138
136
1%
Jan
•
Jan
12
.20
166% 158%
%
%
84%
1 %
100
1%
65
-.100
Boston Herald Traveler. _*
6%
29%
'
%
12
Amer Tel A Tel.......100
Boston A Albany.,
Jan
7%
17%
350
9%
9%
9%
3,700
27%
Jan
11%
Borg Warner Corp—
(New) common
1st preferred
25%
Feb
13%
Brach A Sons (E J) cap..*
1
50
50
pref
non-cum
5
1
Berghoff Brewing Co
Bliss & Laughlin Inc com.5
American Pneumatic Ber
6%
9
Jan
Feb
9
'
27%
Feb
13%
Jan
7%
11%
300
9
Jan
4
JaD
100
11%
9
13
700
9
8%
11%
.10
Bendix Aviation com.
Range Since Jan. 1, 1939
Last
Sale
*
Jan
7%
13%
*9
......
'
Jan
3%
2%
"
1
Barlow A Seelig M fg A com 5
Feb
149%
3%
7%
Bastlaa-BIesslng Co com.*
Feb
7
2%
Automatic Products com.5
Aviation A Trans C cap.l
Jan
8%
350
%
(Del)——3
Jan
50
10%
!
1
-
Jan
3
500
5%
10%
5%
Jan
9%.
739
156% 158%
Associates Invest Co com.*
Belden Mfg Co com
'
64
100
Amer Tel A Tel Co cap.100
Armour A Co common.-.5
Amer Pub Serv pref
Aviation Corp
7
41%
Co...*
Altorfer Bros conv pref..*
Equip Corp com,,—
18
7
25
Allied Products cl A
2%
2%
•
•
'
...
Jan
58%
38%
7%
Allied Laboratories com. „*
Barber Co (W H) com
Exchange
both inclusive, compiled from official sales lists
Feb. 11 to Feb. 17,
57%
38%
58 %
Adams Oil A Gas com
Asbestos Mfg Co com
$8,000
High
Low
*
com.....25
*
Advanced Alum Castings.5
Aetna Ball Bear com
1
Common (new)...
Acme Steel Co
Aro
i»
22 %
Range Since Jan. 1, 1939
Shares
Hif,h
Abbott Laboratories—
<.
New Amsterd'm Casualty 6
Low
Price
Par
••
14%
122%
35%
19%
1.50
35%
Sales
Jfan
Jan
16%
..
1.50
Mt Vern-W Mills com.
Jan
12%
1.00
'95c
95c
4%
220
'
31%, 32%
18
18%
Fidelity & Guar Fire
Houston Oil
480
4H-4K
13%
14
121H 122
com.l
*
compiled from official sales lists
Friday
Stocks—
Eastern Sugar Assoc
CHICAGO
St.,
High
Low
Shares
45c
Black & Decker
Consol Gas E L 6c Pow.
Municipal Dept. CGO. 521
10 S. La Salle
22%
—
vtc.*
*
Bait Transit Co com
Bell System Teletype
Range Since Jan. 1,1939
Week's Range
Sale
Price
Principal Exchanges
Members
Trading Dept. CGO. 405-406
Last
Par
Pan! R Davis & €&.'
„
Sales
Friday
Stocks—
2,000
86%
SECURITIES
CHICAGO
80
official sales lists
both inclusive, compiled from
Feb. 11 to Feb. 17,
preferred
65
38
6e 1943 (Stamped)
82
81%
86%
1948
1948
72
48
165 Broadway BIdg
15
61 Fifth Ave Apt BIdg—
5%
St Ry—
58
5%a'51
10 East 40th St BIdg 5e *53
1945
1958
45 E 30th St BIdg 6 %S 1937
unstamped
6 Ha
Eastern Mass
09%
ses 1963 w-v t C—
11 West 42d St BIdg—
40 Wall St Corp 6s
.
High
Low
Shares
6%
65c
Tunnel Co.l
Waldorf System
*
Utah Metal &
Unlisted Bonds
1, 1939
Range Since Jan.
Last
48%
7
7
50
2%
Jan
Jan
Jan
Jan
Oct
Jan
2%
Jan
424
2%
36%
Jan
40%
Feb
1,049
43%
Jan
51
55
7
*
com..*
11%
12
200
11%
.
Jan
8%
Jan
13%
Jan
Jan
Jan
Torrlngton Co (The).
*
"23%
22%
23%
737
22%
Feb
25%
Jan
Goodyear T A Rub com
*
31%
33%
204
29%
Jan
37%
Jan
Union Twist Drill Co
5
17
17
22
328
17
Feb
23
Jan
Gossard Co (H W) com—*
10%
10%
250
10%
Jan
11
Jan
81%
78
81%
1,292
78
Feb
85%
Jan
Great Lakes DAD com..*
25%
26%
1,850
24 H
Jan
27
Jan
42%
42%
43%
73
Jan
43%
Feb
Hall Printing Co com
337
9%
Feb
11%
Jan
United Shoe Mach Corp_25
Preferred
,...25
-
For footnotes see page 1009.
41%
10
"26%
10
»
9%
10
Volume
Financial
148
Week's Range
for
Sale
of Prices
Week
Low
Price
Par
Jan
8%
Feb
Lunkenhelmer
250
12%
Jan
Jan
P &
1234
100
11
Jan
1734
1234
Hubbell (Harvey) Inccom.5
Feb
Rapid
2%
Jan
U S Playing Card
U S Printing pref
Co
56%
530
834
266
31%
19
100
50
1%
1
10
228
17%
Jan
6%
Jan
14%
19%
50
6
6
1%
534
405
1%
Jan
20%
56%
*
8
...
31%
53%
8
20
Jan
56%
11
Jan
31%
Feb
27%
Jan
4%
Jan
Feb
Jan
Jan
Illinois Central RR com 100
16%
Indep Pneum Tool v t c._*
20
20
Jan
2234
Inland Steel Co cap—
*
87%
88%
80
94%
57%
16%
5934
16%
247
79%
52%
Jan
International Harvest com*
Jan
60%
15%
Jan
16%
Feb
21%
Jan
26
Jan
5
5
Jan
5
Jan
50
Iron Fireman Mfg Co v t c*
24
Jar vis (W B) Co cap
1
Katz Drug Co com
""5%
5
050
4
Jan
5
Feb
4%
634
7934
534
7934
35
86
"35
Kentucky Utll jr cum pf_50
"
86
r3%
...5
7934
La Salle Ext Univ com
5
7934
35
Jan
69%
3%
Jan
100
2
Jan
30
Jan
20
Liquid Carbonic com
Loudon Packing com—
300
4%
30
100
80
29
Jan
31
Jan
16%
15
16%
Feb
18%.
Jan
16%
*
Jan
Jan
Jan
15
14%
50
14%
Jan
16%
434
4%
2,300
27%
10
4%
26%
Feb
27%
14%
14
15
McWllliams Dredge com.*
1434
1434.
1%
1%
Cleveland
Union Commerce Building,
A. T. & T. OLEV. 565 & 666
Telephone: OHerry 6060
Jan
1%
1%
11%
*
com...
5%,
Jan
4%
Jan
650
"T%~
Marshall Field
6%
Jan
5%
5,600
*
—
Feb
31
20
5%
29
*
$3.50
Jan
2%
3034
'
com.:.*
Printing
Preferred
GILLIS KJ RUSSELLco
Feb
3%
'
4%
LIbby McNeill & Libby..*
Lincoln
Feb
86
Jan
550
5%
30
Lawbeck 6% cum pref. 100
Cleveland Stock Exchange
Feb
Jan
1
Feb. H to Feb. 17,
both inclusive, compiled from official
Mer & Mfrs Sec—
Class A common
1
Prior preferred
4%
*
Middle West Corp cap
5
"~7%
7%
7%
1
8%
8%
8%
*
19
19
19
Last
Jan
Jan
5%
28%
834
8%
19
Jan
22
Jan
44%
100
.
Jan
51%
Jan
Jan
Cleve Cliffs Iron pref
100
.—*
Dow
Chemical pref
100
Eaton Mfg—
_*
Elec Controller & Mfg—.*
Faultless Rubber
*
11534 11534
24%
24%
Steel—*
Jan
49%
*
Common..
5134
15%
16
31%
31%
Muskegon Mot spec A
'
-
Jan
17
3034
Jan
31%
Jan
13%
Feb
15%
Jan
14
70
100
13%
13%
*> «-
..
'
220
*
National Battery Co pref.*
National Bond Invest com*
*
1
1
100
1
18
18
50
17
1
Jan
National Standard com. 10
Jan
Nat Rep Inv pref
Noblitt-Sparks Ind com..5
25
550
550
7
16%
16%
7% preferred.:,—.100
14
1334
14
Prior lien pref
44
44
44
17%
17%
Northwest Eng Co com..*
1
26
Jan
9
Feb
.—100
Omnibus Corp vt c com..*
Ontario Mfg Co com
*__*
Penn RR capital
50
Peoples G Lt&Coke cap 100
-r
-»,*■ -
Fostoria Pressed
Feb
K
12
40
1
""'%
11%
*
117%
6% preferred vtc
Reliance Mfg Co com
10
Rollins Hob Mills com
Larnson & Sessions.
11%
Jan
16%
Jan
Leland Electric
Jan
Jan
%
14%
Jan
10%
Jan
%
Feb
%
Jan
260
20
117%
Jan
157
Jan
Jan
1%"
100
1%
Jan
Feb
2
Jan
.'550
%
Jan
50
10%
1%
Jan
,2,500
23
Jan
•
%
.
100
24
18
.
Jan
Jan
105
160
19%
106
26%
9%
135
1%
400
1%
%
.800
%
450
%
18
175
109% 111
.
400
2%
2%
50
4%
5
4%
4%
Woodall Industrial com. .2
4%
1,300
150
Jan
5%
Jan
75
Feb
26
1134
1134
25
12%
Jan
12%
Jan
3034
30
32
30
Feb
35
Jan
"65"
65
..*
...
,
234
%
*
•_*
Works.
Jan
8%
Jan
9
Jan
2%
Jan
2%
Jan
•4% '
Jan
5%
Jan
4%
Feb
5%
Jan
Last
Jan
79%
Jan
2
Feb
22%
Par
Stocks
111
Feb
.
Detroit Edison com
.
Det Gray
Iron coin
..
—
Det-Mich Stove com
Members
Det
New York Stock Exchange
..
.
Exchange
...5
1
.....
Cln Gas & Elec pref.
...
Cin Street
Cin Telephone
Crosley
Radio
Eagle-Picher
Formica Insulation
__
Gibson Art—
Hobart
"A".
—
...»
107"
2%
preferred
Kroger
100
*
For footnotes see page
1034
9%
27
39 %
24 %.
1009.
Jan
Jan
23%
Jan
13%
Jan
'
440
.
18%
14%
Feb
14%
134
110
1%
Feb
11%
400
10%
Feb
1%
12
2%
Jan
Jan
Jan
Jan
Feb
-2%
200
234
Feb
2%
Jan
_
234
234
12
12
7%
Jan
164
11%
Jan
1234
734
375
6%
Jan
8%
Jan
60c
Jan
76c
Jan
12
1
66c
67c
400
1
10
1%
Feb
2%
Jan
1,186
20%
Jan
2334
Feb
.1
3%
2%
2
2334
1%
3%
930
2334
1%
22%
—
134
Jan
100
1
Jan
1%
525
2%
Jan
3%
Jan
75c
Jan
85c
Feb
19c
Feb
30c
Jan
Lakey Fdy & Mach com.
Masco Screw Prod com
1
82c
81c
82c
320
Feb
McClanahan Oil com—.1
20c
20c
21c
3,700
75c
76c
500
75c
Jan
80c
Jan
"42c
42c
42c
100
40c
Jan
50c
Jan
2%
2%
2%
100
2%
Jan
Jan
2%
2%
2
Jan
2%
2%
7%
7%
700
6%
Jan
8%
4
Jan
4%
Jan
Jan
42%
Feb
18
Jan
...
3
Jan
91
Feb
1
McClanahan Ref com
Jan
Mich Sugar com
63
8%
Jan
10%
170
10%
Jan
14%
Jan
1034
26
10
Jan
10%
Feb
25%
Jan
34%
Jan
Feb
*
Preferred
.10
MIcromatic Hone com—1
Murray Corp com
10
27%
Jan
"m
4034
90
8
Jan
8%
Feb
Parker Rust-Proof
67
100
Jan
101%
Jan
Parker Wolverine com...*
Feb
Penin Metal Prod
42%
572
40%
17%
com2.50
coml ..1
4%
42%
*
834
—
150
652
.17%
230
4
Packard Motor Car com..*
Parke Davis com
24%
139
226
-
,
1%
Jan
Jan
Jan
5
22
5''
40c
1%
20%
2%
5%
Jan
Feb
307
Jan
Jan
Jan
1134
9%
1134
24%
1%
5
Jan
10034 10034
24
Jan
680
30c
Jan
15
2
900
1%
10%
134
100
4034
Jan
1
234
Feb
3934
834
Feb
14%
134
La Salle
8
1%
11
1
Kresge (S S) com
91
27
Jan
Jan
Jan
1%
„
265
Jan
88
Jan
1,900
Feb
107
99c
2
22
....1
1.00
118,
1,050
2
Jan
1,250
1%
1%
Jan
Jan
2%
1%
100%
103%
234
Jan
80c
112
30
40c
Jan
636
77c
300
1,047
Jan
1%
Feb
265
Jan
Jan
4
37c
134
308
2%
82%
Feb
com..1
Hall Lamp com
*
Hoover Ball & Bear com 10
99%
40
Jan
Jan
2%
Graham-Paige com..—..1
18
234
234
1134
1034
100,%
11
2
68
1%
1%
•
Grand Valley Brew
380
134
134
10534 107
8934
—-*
Kahn
1st
100
50
50
*
10
.*
*
1034
22%
1%
i%
*
Kingston Prod com
Churngold
Cln Bali Crank common.. *
"n
Jan
Jan
100
95c
Jan
Jan
2%
85c
7%
31%
100
117
40c
Jan
1,259
93c
Jan
27
234
85c
Feb
Feb
7634
117
1
Hurd Lock & Mfg com
High
655
6%
23
2%
85c
Hudson Motor Car com..*
Low
104
26%
36c
100
751
75%
.
.#,4.
100
Goebel Brewing com
sales lists
Range Since Jan. 1, 1939
Shares
1,1939
High
Low
234
Frankenmuth Brew com.. 1
Sales
2
*
10
36c
7%
24%
25
"7634
—
Federal Mogul com
Week
1%
t
-
Shares
■7%
36c
Ex-Cell-O Aircraft cam...3
Teletype: OIN 68
10034 10034
•
Range Since Jan.
for.
24%
7%
EUreka Vacuum com.....5
BUILDING, CINCINNATI. O.
both Inclusive, compiled from official
Week's Range
'
Paper Prod com
Fruehauf Trailer
*
100
'
official sales lists
Sales
"26%
12%c
Consumers Steel
W. D. GRADISOIM & CO.
Burger Brewing
'
Exchange
of Prices
High
Price | Low
1
5
Det & Cleve Nav com
Champ Paper pref
DETROIT
•
1
Bower Roller
Chrysler Corp com.
Continental Motors com.
Cincinnati Listed and Unlisted Securities
Price
New York Curb Associate
Jan
Burry Biscuit com.'..
Par
Jan
Sale
Briggs Mfg com
Stocks—
Jan
Chicago Stock Exchange
Friday
108%
for
Jan
both inclusive, compiled from
Feb. 11 to Feb. 17,
Brew com
Baldwin Rubber com
of Prices
Low
High
1434
.6
Detroit Stock
Jan
Auto City
Week's Range
Jan
6
4%
14%
Jan
Jan
Jan
Sale
Jan
Jan
Jan
1
18%
Jap
Last
434
334
334
3%
Jan
100
Feb
Telephone: Randolph 6530
24%
119%
15%
Friday
210
3%
Buhl Building
Jan
000
Cincinnati Stock
26
21
Members
Jan
18%
Feb. 11 to Feb. 17,
70
Jan
Exchange
Feb
17%
Telephone: Main 4884
Jan
21
Watling, Lerchen & Co.
20%
98%
17%
TERMINAL
50
i30
4
6
>,<
Jan
Bond*—
DIXIE
Jan
6%
Jan
179
4
Feb
Zenith Radio Corp com..*
110% 110% $20,000
6%
128
634
Jan
.
70
,24%
1
2,187
Jan
Jan
Jan
Feb
Cincinnati Stock Exchange
.534
,
Jan
Jan
1334
77%
1%
Comirionw Edison 3%s *58
Jan
Jan
112%
150
71
Jan
22
Troxel Mfg..—
Jan
1%
79;
Jan
2%
65
*
Feb
•1%
78%
-
Jan
16%
234
2
*
Jan
1%
(Wm) Jr (Del)..*
36
Jan
Feb
118
43
%
•
Feb
15
234
507
434
10%
.
31
28
15%
22
8% cum preferred—100
Thompson Products Inc..*
Jan
Yates Amer Mach cap,..5
Wrigley
21
31
65
Seiberllng Rubber
34
205
8%
'
97
800
21%
Jan
14
22
Richman Bros
9%
460
17%
Wiscon Bankshares com..*
Otis Steel
,82%
13
20%
■
Jan
Feb
Jan
97%
,
Western Un Teleg com. 100
Williams Oil-O-Matic com*
Jan
4%
11
65
25
New York Stock
10%
8%
14%
Jan
67
Detroit Stock Exchange
97
*
J&n
334
4,250
3%
12
..*
Ohio Brass B..
Jan
13%
84%
11%
Walgreen Co common....*
Wieboldt Stores Inc com
14
14
Jan
Jan
13
50
13%
W'house El <fe Mfg com..50
70
<
Feb
Jan
82%
*A
Feb
4
Feb
Jan
•
1734
Feb
3%
15%
90%
Jan
3%
Wahl Co com.....
Jan
•
13%
2834
19%
18%
%
1534
1734
Feb
Jan
20%.
160
'
Jan
42
.
13%
Jan
791
5
...»
36
Feb
636
Util & Ind Corp com
Jan
50
8%
3%
1%
%
33
13%
5
12%
634
18%
1%
90
13%
434
Jan
2834
"97 "
Feb
434
Jan
60
51
Jan
3%
United Air Lines Tr cap.5
Feb
434
434
3534
21
Feb
18%
Utah Radio Products com *
101
Jan
534
2.7%
U S Gypsum Co com..^20
Jan
100
Feb
8
100
334
10
50
9%
457
,100
13%
101
Feb
20
2934
6%
Thompson (J R) com...25
Feb
20
Jan
8%
Trane Co (The) common.2
Union Carb <fc Carbon cap *
Feb
34
34
234
Weinberger Drug Inc
10%
'
21%
Feb
15%
Van Dorn Iron
26
837
27%
18%
22
Feb
32%
31
Jan
Jan
"2834
Feb
21
30
Jan
3
Jan
1%
15
22
109
Feb
234
Jan
32%
100
_25
80
227
Jan
16
"
3%
Jan
605
2%
6%
Swift & Co..
22
21%
11
12
15%
2%
14%
8%
Swift International
Feb
434
•
2%
1034
Jan
234
50
Jan
17%
100
1834
13%
5
com
1534
20
20
Jan
7434
10
Storkllne Furn
Jan
.60
50
Jan
9%
Jan
Jan
.
Sunstrand Mach Tool com5
Stewart-Warner
~70"~
20
Jan
Feb
8
2%
26%
Jan
'Feb
10
100
National Refining.
Preferred
Jan
66%
14%
25
118%
60
90
3534
Acme—1
National
Jan
25
"2%
50
•
.2
1
Feb
Jan
234
3234
Brick—__*
Monarch Machine TooL_*
Myers, F E, & Bro—
*
Jan
2%
650
2%
Jan
%
11
Jan
200
8
73
10534 106
South w G&E 7% pref-100
116
1
'
2%
2%
Jan
1534
101
Metro Paving
•%
10%
8
Jan
2234
2>4
22,
McKee, AG, MB"*„_.—*
Medusa Portland Cement*
%
113%
151%
■
34
70%
23%
Jan
<
60
14
..*
*
50
50
1%
Serrick Corp cl B com.._1
So Bend Lathe Wks cap. .5
Jan
17
577
21
Kelley Isl Llme&Tr....
Jan
30
10%
Sears Roebuck & Co com.*
Standard Oil of Ind
Jan
%
20
475
Feb
3%
%
Schwitzer Cummins cap__l
Standard Dredge com.
27%
Feb
80
—...
*
Spiegel Inc com....
Jan
Feb
%
Feb
1534
Jaeger Machine.....
117%
24
19
1734
100
1%
5
Co
Feb
25%
3%
%
1
Sangamo Electric
40%
100
,%
115
Raytheon Mfg con v t c 60c
Jan
10%
60
Jan
60
*
,*
Co
100
■
151% 152
100
.
Interlake Steamship
11%
11%'
%
Quaker Oats Co common.*
Harbauer
Jan
%
12%
.%
"
Feb
24%
"
34
___*
12
Jan
3%
3%
"
,
Feb
34
445
27%
12
18%
250
239
12%
,...1
Preferred——
Feb
20%
""3%
Process Corp com
Feb
17%
27%
Co..*
Car
47%
Jan
38%
Pines Winterfront com.w.l
Poor & Co class B
Jan
15%
5834
2234
1834
*
Goodyear Tire & Rubber. *
Hanna M A $5 cum pref..*
19%
Pictorial Paper Pkge.com.5
Potter Co (The) com
40%
85
Jan
Jan
Feb
6%
41
282
5734
Goodrich, BF
660
734
9%
2234
5834
734
10
5634
25
734
*
High
Low
Shares
9%
1
Ry
Week
of Prices
High
Cliffs Corp v t o.
1„ 1939
Range Since Jan.
for
Low
General Tire & Rubber.26
13
40
12
"41
Cleve
17%
Jan
'
Steel
Price
:~*
City Ice & Fuel.a
Jan
Northwest Dtil—
Pressed
Par
Stocks—
18
Jan
14%
300
Jan
Jan
21
9
8%
16
9
Jan
19%
Jan
24%
"
Northwest Bancorp com..*
Perfect Circle (The)
Sale
Jan
Feb
Week's Range
Brewing Corp of Amer
Montgomery Ward—
948
sales lists
Sales
Friday
7%
200
Modine Mfg com
Jan
Feb
7
3,350
Minneapolis Brew com
.
-
Feb
Jan
2%
2%
2%
Feb
29
3%
334
Members Cleveland Stock Exchange
Jan
'
10
120
„
'
100
6% preferred
Kerlyn Oil com A
Ohio Listed and Unlisted Securities
Jan
750
35
.100
Preferred
1,050
Jan
434
4%
_
50
24
2334
1
Kellogg Switchboard com.*
,
Feb
Jan
Feb
18
10
20
5634
10
Jan
*
G
High
Low
Shares
20
6%
1434
7%
1939
Range Since Jan. 1,
for
Week
of Prices
High
Low
*
1,550
14
1434
Illinois Brick
Price
12
Houdaille-Hershey cl B_.*
com
Shares
Par
8%
8%
Hupp Motors
High
Sale
Stocks (Concluded)
High
Low
Week's Range
Last
Range Since Jan. 1, 1939
Last
Heileman Brew Co G cap.l
Sales
Friday
Sales
Friday
Stocks (Concluded)
1007
Chronicle
8
.134
Jan
Jan
Jan
Jan
8%
304
15%
7%
Jan
8
Jan
8%
Feb
1%
134
1,410
1%
Feb
2%
Jan
Financial
1008
Last
Par
Par
(iConcluded)
Week's Range
of Prices
Week
Low
Price
*
7
3
3
i__*
2%
,.10
24%
1
,
2%
52c
-
-
-
2
845
13%
2%
25
Jan
50
Feb
202
69%
Jan
12%
92
12%
Jan
7%
49%
113
Jan
21%
74%
13%
7%
Jan
60
Jan
Jan
Republic Steel Corp...—*
21%
Jan
Seaboard Oil Co of Del—*
20%
Sears Roebuck <fe Co—..*
Jan
Socony-Vacuum Oil Co..15
Standard Brands, Inc....*
72%
12%
70%
12%
6%
6%
48%
7%
48%
1
7%
7%
475
6%
48%
7%
Feb
8%
Jan
25
18%
18%
18%
215
18%
Jan
19%
Jan
44%
44%
83%
38%
43%
82%'
Jan
47%
Jan
83%
Jan
34%
Jan
Feb
50
2%
Jan
90%
41%
3%
60
42%
Jan
51%
Jan
56
Jan
69
Jan
5%
99%
Jan
Jan
Jan
Jan
*
Jan
550
Jan
2%
Jan
2%
Feb
Studebaker Corp
2%
4%
120
Jan
Swift <fc Co
300
2%
6,100
4%
4%
2%
Jan
2%
2%
2%
1%
1
1
Jan
1
Jan
Jan
'
21%
1,055
20%
73
53
Jan
Texas Corp (The)—-...25
Union Carbide & Carbon.*
Jan
19
United Aircraft Corp
83%
41%
3%
45%
5
United Corp (The) (Del).*
United States Rubber Co 10
U S Steel Corp
'
25
405
-
3%
44%
3%
45%
61
285
70
5%
5%
109% 111%
5%
111%
Weetinvhouse El & Mfe_50
22
44%
41%
58
59%
*
5
Warner Bros Pictures
80
Wm. Cavalier & Co.
Chicago Board of Trade
Los Angeles
523 W* 6th St.
Last
•'
Week's Range
Sale
Par
Prices
Low
High
4%
4%
■
Bolsa-Chica Oil A com.. 10
NEW YORK
80 Broad Street
2%
2%
Feb
320
15
5
77
75%
77%
250
8%
8%
540
67%
,8H
5%
250
8%
5
5
Consolidated Steel Corp. .*
Creameries of Amer v t c.. 1
74%
Exeter Oil Co A com.—.1
60c
General Motors com..—10
Gladdtng-McBean & Co..*
48%
8%
5%
48
Holly Development Co.—1
Hupp Motor Car Corp...!
1.20
1%
5%
235
42
211
1%
Intercoast Petroleum.
.
10c
Lockheed Aircraft Corp—1
Los Ang industries Inc...2
33%
J an
Jan
Jan
4%
Jan
Jan
79%
Jan
Feb
Jan
5
-
10%
67%e
Jan
Jan
50%
9%
Jah
.*
Feb
Jan
Jan
.
Jan
jau
5%
30%
Jan
38
Jan
39
.
Jan
42
Feb
1.25
950
95c
Jan
1.40
Jan
1%
212
1%
Jan
2%
Jan
37c
100
10(5
1,000
33%
895
37c
37c
Lincoln Petroleum Co.. 10c
83%
9%
6%
"
Feb
.7%
100
33%
5%
33%
41%
1.15
41%
125
7%
8%
.
22%
Jan
Jan
Feb
Jan
43%
•
401
•48%
Goodyear Tire & Rubber.*
Hancock 0,11 Co A com..,*
Jan
60c
443
500
10%
Jan
17%
3%
63%
9%
191
72
•
5
120
3%
■
10%
Milling..25
3%
74%
10%
60c 62 %c
2%
Douglas Aircraft Co——.*
Electrical Prods Corp.
18%
Jan
16
25
10c
31%
2%
41c
Jan
36 c
Jan
9c
Jan
12c
Jan
Jan
34%
Jan
Jan
2%
Jan
Feb
26
2%
3%
013
4%
2%
4%
'4%
3%
4%
1,137
4,563
Jfin
4%
3%
Feb
5%
Jan
4c
4c
4c.
3,000
4c
Feb
4c
Feb
Oceanic Oil Co_r...^....l
75c
72 %c
75c
300
72 %o
Feb
85c
Jan
Pacific Distillers Inc
30c
25c
30c
500
25c
Feb
30c
Feb
Los Angeles Investment.
10
Menasco Mfg Co
2%
4%
1
5c
1
Pacific Gas & Elec com..25
30%
20%
45%
Pacific Indemnity Co. .'.10
Pacific Lighting Corp com *
3
Republic Petroleum com.l
5% % preferred.
.50
176
28%
27%
Jan
42
Jan
45%
3%
35%
3
519
2%
450
36
8
,35%
.J
25c
25c
"28c
1,900
25c
9%
9%
2%
3%
5%
9%
100
8%
Jan
7%
17,896
50c
75c
5,996
169
....
Feb
Jan
Jan
Jan
30o
Jan
Richfield Oil Corjp com...*
Warrants*
Feb
3%
36
Jan
35%
Jan
29%
30%
45%
Jan
1,525
30%
30%
29%
30
45%
,
Feb. 17, both inclusive, compiled froni
Jan
Week's
Last
Range
of Prices
Sale
Stock#1-
Par
American Stores
Low
Price
_.*
157%,
Budd (E G) Mfg Co
.—8
S-
Curtis Pub Co
*
77%
•
•
i.
-
Electric Storage Battery 100
General Motors..
.10
29%
....
Nat Power & Light
156% 158%
120% 121%
6%
6%
75% 77%
5%
5%
•29% 30%
464
-
—
^
Pennroad Corp v t C.....1
Pennsylvania RR—— 50
Phila Elec of Pa $5 pref.
*
"PhilaElecPow pref—25
.
76
1%
19%
1%
20%
2,299
1,026
118% 118%
149
30%
1%
4
47%
117
81
119
6%
47%
30%
1%
6%
48%
2\
Roberts Public Markets..?
Ryan Aeronautical Co.—1
Rights................
4
m
60c
*
■
28%
12%
Shell Union Oil Corp..... *
Corp..„25c
Signal Oil & Gas Co A....*
Sierra Trading
5c
2%
3%
5%
37c
Feb
29%
Jan
Jan
6c
1,421
590
150
114
_
32%
2,000
2,820
110
1,735
32%
16%
32%
16%
756
Standard Oil Co of Calif..*
Sunray Oil Corp. *
1
28
28
32%
16%
28%
Superior Oil Co (The)—.26
Transamerica Corp.—...2
41'
Universal Consol Oil...110
2
14%
.
VandeKamp'sHDBakers *
Wellington Oil Co of-Pel—1
„
8%
3%
601
Jan
13%
1
«.
9
23
Jan
25
28%
27%
32%
15%
Jan
29%
Jan
27%
Alton, ,111.
33
Jan
21%
^
L
—
-
-T'.v-
...
%
252
500
,
36%
12%
-
28%
Jan
2%
Jah
27
-
Jan
Jan
Feb
43
Feb
7%
19%
15%
8%
6%
6%
18%# 18%
15
14%
8%
8%
5,597
1,039
18%
Jan
475
13%
Jan
380
8
Jan
Feb
3%
3%
100
3%
iop
9% Feb
Black Mountain Consol 10c
22c
22c
?4c
5,000
lc
imperial Development. 25c
lc
lc
6,000
9c
lc
-
......
2
Jan
24%
119%
Jan
Jan
Jan
Jan
Jan
30%
1%
Jan
Feb
Jan
Jan
7%
48%
%
Jan
»i«
,
Feb
Jan
%•
2,%,
2%
31%
11%
111%
7%
.
Jan
1%
Jan
105
50
90
4,044
117
V
Jan
3
Jan
3%
Feb
Jan
37%
Feb
13
Feb
Jan
116
Jan
"
72
133
Jan
Jan
'
Jan
9%
Jan
5%
Jan
Jan
8%
Jah
Jan
AO
,
7'
" ,7
\
82,000
Jan
7%
Tulsa. Okla.
ESTABLISHED
Jan
2%
.9%
1
Jan
Jan
9c
9c
lc
lc
1877
;
,
,
Jan
39%
6%
9%
Gold
Jan
INVESTMENT SECURITIES
Jan
Jan
60
9%
Gold Mines—.10c
Feb
'
FRANCIS, BRO. a CO.
Feb
300
10
Calumet
Jan
8%
Jan
Jan
";
*
Feb
,
Jan
Jan
Jan
FOURTH AND OLIVE STREETS
LOUIS
ST.
>
MEMBERS
New York Stock Exchange
N. Y. Curb Exchange (Associate)
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
N. Y. Coffee & Sugar Exchange
St. Louis Stock Exchange
/,
Telephone: CHestnut 5370'
Teletype: St. L 193
Feb
Jan
5
St. Louis Stock
Feb. 11 to Feb. 17, both
J&n
30c
Jan
Exchange
inclusive, compiled frdm official sales lists
'
Jan
Friday
10
,
St. Louis Merchants Exchange
■
Jan
Mining—
Cardinal
3%
Jan
Bonds—
Elec & Peoples tr ctfs 4s.'45
'
Alaska-Juneavi Gold
Jan
Feb
124%
"
"
...
Feb
Feb
2
"
;
100
12%
41
40%
6%
18.%
Jan
Jan
27%
■
Jan
51
Jan
.
Jan
"
Jan
Jan
25
25
Feb
5c
'29%
Union Oil of Calif..
Jan
Feb
27%
8%
9
8%
2
70c
39
120
29
Southern Pacific Co—. 100
7%
400
25
•
30%
Jan
Jan
Jan
1,000
27%
25
Feb
Jan
Feb
6c
■
25
25
^25
,
-4
13%
32
.
29%
27%
6% preferred B
5%% preferred C
6% preferred A
Jan
'
'
9
Jan
3%
Jan
Feb
39
5c
31
100
239
Jan.
'
37%
12 %"
31%
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..25
2%
4
121%
8%
84%
6%
Jan
1%,
18%
116%
29%
1%
6%
45%
4
Jan
10%
Feb
Feb
2%
4%
7%
114
%
%
2%
2%
3%
3%
36% 36%
12%
13
114% 115%
7%
8.
9%
9%
•i«
%
%
....
—
333
8%
30%
1%
Philadelphia Traction...50
Scott Paper......
..__*
TonOpah Mining
:1
Transit Inv Corp pref.....
Union Traction
50
Preferred-'
*
United Gas Impt com....*
Preferred....
*
Westmoreland Inc.———*
Westmoreland Coal.
*
189
.
3%
4%
1%
Phlla Rapid Transit...-50
United Corp common....*
24
4%
20%
118%
.
158,%
Jan
6%
66%
5%28%
42%
174
Jan
Jan
149%
119%
210
/8%
-
«
High
12
Jan
*
47% 49%
.124%
3%'
-
8% '
135
123
* 1—i..'
Low.
Shgres
180
48%
Horn&Hardart(Phila)com *
Lehigh Cdal &Nav..,—..*
Lehigh Valley..
50
Week
High
10%
*
Chrysler Corp....
Range Since Jan. 1, 1939
for
"10%
10%
American Tel & Tel.... 100
Bell Tel Co of Pa pref—100
official sales lists
Sales
Friday
Jan
17%
Jan
15H
16
Corp
2%
Feb
2
15
"
16%
to
Jan
100
"
15
16%
Consolidated Oil Corp...*
5%
Jan
15
Philadelphia Stock Exchange
Feb. 11
High
2%
1,465
16 H
16
Safeway Stores Ino
Jan
Members
1513 Walnut Street
100
4%
2%
15
Rice Ranch Oil Co..
Jan
PHILADELPHIA
Low
Shares
Byron Jackson Co.—
Calif Packing Corp com..*
Central Investment...100
Mid-Western Oil Co
Jan
,6%
120%
Philadelphia Stock Exchange
New York Curb Exchange (Associate)
Range Since Jan. 1, 1939
for
Week
of
Price
Bandlnl Petroleum Co.—1
Globe Grain 6c
Feb
Sales
Friday
Chrysler
Jan
both inclusive, compiled from official sales lists
■
Stocks—
Jan
New York Stock Exchange
Teletype L.A. 290
Los Angeles Stock Exchange
Feb. H to Feb. 17,
Jan
Jan
DeHaven & Townsend
San Francieco Stock Exchange
Angelet Stockt Exchange
Jan
Jan
Established 1874
MEMBERS
Lot
Jan
Feb
Feb
1 %
Feb
16%
-
834
7
7
7
Standard Oil Co (N J)...25
43c
150
New York Stock Exchange
Jan
Jan
400
100
Jan
10%
53c
16%
Jan
10%
2%
im
3H
1,800
2H
24%
2
■
8
10%
Radio Corp of Amer
25%
24%
2%
14%
16 %
Jan
Paramount Pictures Inc.-J
Jan
620
650
Jan
6%
18%
19%
Feb
4%
13%
Jan
Jan
2%
2%
,
10
4%
2%
*
B...—
Warner Aircraft; com... -1
25
4%
52c
-
Jan
4%
1
«.
High
4
Packard Motor Car Co.—*
4%
«
Low
100
Jan
2%
-.1
Shares
21%
20%
Jan
2
175
Week
Jan
1%
730
106
for
of Prices
Low
High
7%
1%
3%
2%
250
2%
*
Universal Cooler A....
Jan
2%
14%
Tom Moore Dist com.. —1
7
1%
2
Timken-Det Axle com. ..10
Til voll Brewing com... —1
100
Week's Range
Price
Par
Stocks (Concluded)
High
2
v$
2%
24%
2%
Low
Shares
7
7
...5
.2
High
Range Since Jan. 1, 1039
Last
Sale
Range Since Jan, 1, 1939
for
Sale
1939
18.
Sales
Friday
Sales
Friday
Stocks
Feb.
Chronicle
Sales
#21o
lc
Jan
5c
Jan
Last
Wkek's Range
for
7c
Jan
Jah
Sale
Jati.
of Prices
Low
High
Week
lc
10c,
l%c
1,000
1,000
Jan
Par
Stdck#—
Price
Range Since Jan. 1, 1939
Low
Shares
High
-
Unlisted—
■
-
*
Brown Shoe common
Amer Had & Std Sanitary.*
Amer Tel & Tel Co.—.100
IS
J*
n%
15%
156% 158%
28%
29%
157%
Anaconda Copper——..50
Armour & Co (111)
..5
29%
AtlanticRefg Co (The)-.25
Aviation Corp (The) (Del)3
22%
Bendix Aviation Corp.—.5
Borg-Waraer Corp
5
5
5
100
349
60
5
7%
26
27%
26%
26%
25
Canadian Pacific Ry.._.25
5
5
5
20
Caterpillar Tractor Co...*
Columbia Gas & Elec Corp*
44%
44%
44%
Commercial
Solvents.... *
12%
Commonwealth & South.*
1%
75
Jan
Coca-Cola Bottling com.. 1
Feb
Columbia Brew com
!.5
33
*
33%
132
34
7
«7
■
.
52
429
38%
5%
22%
Jan
Collins Morris common. .1
Jan
Dr Pepper common
*
32 %
Jan
16%
49
8
8
31%
16%
8%
174
32%
16%
8%
161
21%
Jan
100
6%
Jan,
8%
Jan
Ely & Walker D G com. .25
Falstaff Brew common
1
320
23%
Jan
28%
Jan
Grlesedlck-W Brew com..*
25%
Jan
31
Jan
Hamilton-Br Shoe com...*
4%
42%
Jan
5%
Jan
Hussman-Ligonier com
*
"ii %
11%
Jan
Jan
50
50
~30c~
30C
30c
300
34
35
315
6
6
120
75
...
8%
8
no
(Del).5
A
Electric Power &
Light
1%,
26%
1
26%
7
.5
Curtlss-Wright Corp
8
12%
27
6%
27
452
Jan
Jan
..
8%
Feb
Jan
12
Feb
47
Jan
50
Feb
30c
Feb
30c
Feb
31%
Jan
35
Feb
5%
Jan
6
Feb
18
Feb
20
Jan
10%
10%
7%
Feb
11%
Feb
Feb
11%
Feb
10
Feb
19%
Feb
Feb
18
5
International Shoe com..*
1%
215
1%
Jan
2%
26%
125
Feb
30%
Jan
Laclede-Christy CI Pr com*
7
411
26%
5%
Laclede Steel common..20
65
24
Jan
7%
27%
Jan
27
Jan
Midwest Pipe com—.
11
17%
11%
105
11%
11%
45
9%
100
11%
Jan
Feb
145
175
*
21%
21%
21%
136
Int Nickel Co of Can..—*
51
51
51
100
10%
37%
37%
18%
46%
Kennecott Copper Corp..*
Ino
*
37%
48%
36%
37%
190
Loew's
48%
49%
95
Montgomery Ward & Co.*
New York Central RR.._*
51%
18%
49%
17%
51%
18%
18
Feb
11%
Hyde Park Brew com
10
Hydr Pressed Brick com 100
10%
1009:
Feb
7
Feb
40%
For footnotes see page
Jan
32%
Feb
52
Feb
41
20
Jan
Jan
1
Jan
National Candy com
Jan
44%
Jan
40%
Feb
Rice-Stlx Dry Goods com.*
Jan
St L Bk Bldg Equip com.
Jan
24%
55%
Jan
Scruggs-V-B Inc com
34
Jan
43%
Jan
Jan
52%
Jan
Securities Inv
120
46%
46%
Jan
50%
Jan
17%
Jan
22%
Jan
Wagner Electric com
18
Stix Baer & Fuller com..10
153
35
National Oats common..*
Jan
Jan
12%
18%
19
1,083
14%
Jan
19%
25%
170
22%
Jan
24%
Jan
9
112
10
Jan
10
Jan
*
9%
20
20
68
4
4%
25
*
2
2%
£
.
4%
5%
4%
18
Jan
Jan
4%
Feb
125
2
Feb
5%
2%
6
175
5
Jan
6%
.
Jan
Jan
100
Preferred.
common
33
33
23
28
Jan
33
*
40
40
23
40
Feb
43
Jan
Jan
15
6
29%
6
155
28
30
360
26%
26%
5%
Feb
Feb
6%
31%
Jan
28
24%
Jan
30
Feb
Jan
Jan
25
'•
Jan
Jan
Jan
12%
10%
9
Jan
9%
Feb
47%
8%
40%
40%
18%
28%
16%
7%
Feb
6
Jan
10%
25%
8
46
Jan
40%
40%
*
Feb
50
6%
*
*
8%
100
10%
*
Ohio Oil Co
33%
Feb
6
285
—*
North American Co
~
49
220
8
Co
Nor American Aviation—1
7
6
12%
General Foods Corp
Goodrich (B F) Co
General Electric
Jan
31%
.
34
48
Mo Portl Cement com..25
Continental Oil Co
8
Jan
30%
'
Feb
26%
.
18%
158%
Jan
27%
7%
Jan
26
22%
5
Jan
185
22%
7%
.
14%
149%
33%
1
8%
Bonds—
fCity A- Sub P S 5s.__l934
$3,000
Volume
Financial
148
1009
Chronicle
Sales
Friday
Last
Week's
Last
Sale
Stocks—
Par
Low
Price
Allegheny Ludlum Steel. _*
23
100
115
Preferred
Armstrong Cork Co
Range
High
455
20
115
100
113
Jan
1*
*
13*
13
13*
365
12*
Jan
13*
Jan
*
30*
30*
31*
330
29
Jan
32
Jan
6
16*
16*
16*
372
15*
Jan
19*
Jan
9*
Jan
12*
10
Jan
Jan
60c
50
45c
100
Jan
So Cal Gas pref ser A
Feb
Southern Pacific Co
Feb
Sperry Corp
Feb
Standard Oil Co of Calif..*
Super Mold Corp cap
8*
98
6*
14*
14
14*
Feb
14*
14
529
11*
Jan
14
10*
50
9*
Jan
1%
1,630
•.
11*
Jan
90c
Jan
1*
-
57%
Feb
72*
Jan
8*
Jan
9*
Jan
„
Jan
25
25*
838
21
Jan
Preferred
220
12*
110
300
27*
274
,109* 111*
216
12
11*
10
15
20
25*
25*
25*
30
30
31*
130
29
3*
360
Jan
26*
Jan
Waialua Agricultural
25c
Jan
40c
Jan
Yellow Checker Cab ser 150
24
Jan
31*
Jan
Yosemite Port Cem pref. 10
99*
Jan
118*
1*
Price
15*
157*
55c
lists
_
Feb
27c
10*
4%
4%
1,160
7
4%
5
Jan
6%
7%
Jan
Feb
Jan
18*
Jan
Jan
20%
Feb
49*
100
Jan
50
98
Jan
102
35c
35c
35c
500
30c
Jan
35c
Caterpillar Tractor com..*
Central Eureka Mining.. 1
46*
46%
46%
251
42%
Jan
3*
3%
4
1
3%
3%
4
5,127
1,600
47%
4%
108
10
108,
10
300
21 *
17%,
17%
Jan
3%
Jan
105%
19%
Jan
26c
Jan
37c
Jan
552
2.00
Jan
2.50
Jan
20*
10
20*
Feb
22
37%
40%
7%
14
290.
30
Jan
Ja,n
50%
Jan
Jan
8%
9%
Jan
14%
8%
11,561
6%
7%
6%
Jan
8%
14%
237
13%
Jan
Feb'
700
1.00
Jan
14*
1.40
250
22%
Jan
23*
Feb
50c
Jan
50c
Jan
Jan
41.75
Feb
Feb
8
Feb
1.20
22%
50c
120
255
1.50
1.60
1.75
Hutchinson Sugar Plan..15
8
8
8
Langendorf Utd B$k A..*
B
...»
19
19
19
.304
11*
11%
—10
41
40%
41
28
28
31
33 %
4,215
60c
510
8
,10
15%
60C
13%
106
Jan
Feb
,
Jan
Jan
19
Feb
8%
Jan
11*
Jan
35
,
"475
70c
1,063
65*
Jan
20
•
4*
Feb
6 Ex-stock dividend,
Odd iotsales.
Jan
5
Jan
Jan
d Deferred delivery.
Jan
14*
Jan
2,250
7%
5%
5%
10
100
650
25%
18c
120
9%
25%
18c
200
18c
50
10
Jan
9*
11
Jan
Jan
25*
Feb
19c
Jan
non-farm property for
6*
Feb
5*
Jan
*
9
9
9
275
8
Jan
9*
Jan
32%
29*
29%
29%
44%
45%
"
897
1,739
108%
190
6%
6%
6%
1,084
21%
21%
21%
417
105
148
148
148
52
52
52
5
5
7%
5%
10
30
200
7%
142
47%
20
2.15
Jan
2.40
Jan
28%
31%
Jan
30*
Feb
32*
29*
Jan
45*
The study shows
Bankers Association.
that savings, building and loan associations
recorded
$80,838,000, or 29% of the total mortgages on
In 29 States these associations recorded
more mortgages than any other class of lender.
The highest rate of mortgage financing—$9.09 per person—was recorded
in the District of Columbia.
Florida was second with $6.44 per person
December.
Feb
28%
41%
106
6*
20
147%
50
4%
7
Jan
Feb
Feb
109
Feb
and California third with
7*
21*
mortgages recorded by the various classes
of lenders were;
Number of Loans
Type of Lender
Jan
Jan
$5.60.
The number and amount of
Jan
Feb
Jan
Jan
149
Jan
Feb
52
Feb
Feb
6*
Jan
Jan
7*
Feb
Jan
47*
Feb
12%
12%
13
592
Feb
17*
Jan
20%
20
20%
270
20
Jan
23*
Jan
3
100
3
Jan
3*
Jan
3
of Research and Statistics of
Loan League; the National Association of Title
Feb
42*
12*
45
order to broaden the base of the report.
mortgages amounting to
18c
Division of Research and
is expected rapidly to expand the,
Board are savings and loan executives; the
Companies; and the National Mortgage
Jan
Feb
30%
United States Building and
Jan
tfau
32
of the country. As the study, which
Cooperating in the study with the Division
Jan
5
30
number of reporting counties in
Jan
5%
32
based upon returns from 290 counties possessing
5*
225
30*
was
a,regular monthly activity of the
11*
5
1,909
2,959
1,753
as
Jan
6%
2.25
first report
planned
Feb
5
5
30
This
9%
23%
6%
2.15
;
the Federal Home Loan Bank
Jan
,
.
Statistics of the Rank B6ard, continues, it
12
.§
-
Feb
106
'
recordings ever made in this country, it was announced on
Feb. 11 by the Federal Home Loan Bank Board., The study,
according to the, Board, indicated that during December
! savings and loan associations financed 32% of the number
and 29% of the amount of all mortgages of $20,000 or less
on non-farm properties.
Banks and trust companies ranked
1
next with 26% of the amount of such mortgages.
Other
1
lenders were: Individuals, 17%; miscellaneous lenders, 14%;
1
insurance companies, 10%; and-mutual savings banks, 4%.
The Board's announcement further said:
'
12*
8%
10%
25%
w
22% of the total non-farm population
Feb
y Ex-rights,
Finance Greater Part
Non-Farm Properties, Reports
•
Is
8%
10%
9%
on
Jan
Jan
4
Mortgages
Jan
106
\x Ex-dividend.
for year.
tin default.
Jan
Feb
Jan
67<?
14%
5%
3
Jan
69*
37*
5
Republic Petroleum com, 1
75c
Jan
10*
7%
Jan
Jan
Jan
Jan
47%
8*
40*
"Jan
5%
•
Feb
Jan
55c
„
Jan
45%
29*
Jan
25%
„•
9
106%
Jan
7*
Jan
3%
2.15
28*
22*
241
550
Jan
6%
10
Pacific Gas & Elec com..26
6% 1st pref
25
6*% 1st pref
25
Pacific Light Corp com ...»
$6 dividend
»
Pacific Pub Service com..*
1st preferred
*
Pac Tel & Tel pref
100
Philippine L D Tel pref. 100
Puget Sound P & T com..*
REAR Co Ltd com
*
Preferred.
100
Rayonler Inc com
1.— 1
Preferred
——.25
591
7*
41*
10%
Pacific Coast Aggregates
29*
7*
31*
Oliver United Filters B._*
Pacific Can Co com
Feb
Jan
2,715
9%
Feb
28*
Jan
4%
..*
100
N American Oil Cons.-.10
Occidental Insurance Co 10
25*
Jan
24%
"265
10
8%
Jan
27*
40
10
14%
10
National Auto Fibres com 1
1
*
29*
Jan
23*
400
•150
23
345
1,304
15%
14%
4%
—
29*
7*
24
819
27*
344
-
106
10
Feb
15%
230
11H
14%
1
,
Savings and loan associations are financing a'larger part
of urban housing in America than any other type of lender,
it is indicated in the first detailed national study of mortgage
Feb
9%
1.10
Moffatt A A
25
'27*
of
Feb
30*
50c
106
4
25*
v22*
27*
/ FHLBB
Jan
Jan
22*
O'Connor
23
*
.
4*
.
Savings and Loan Associations
Jan
Feb
Feb
1.15
Occidental Petroleum
Feb
25*
Feb
40%
43
.
50c
North Amer Invest com
5%
4*
Feb
120
22%
Natomas Co
Jan
100
60*
30
130
8%
Honolulu Qil Corp cap...*
5
825
5*
4*
'21%
8
200
'
30%
14%
com
Feb
58*
Jan
Inc.—..*
Holly Development
.1
Co
6
4*
Feb
8
7%
7
Meier & Frank Co Inc..__10
Jan
59*
10%
250
Menasco Mfg
Jan
"6*
5
31%
85%
310
March Calcul Machine
8*
United States Steel com..*
Jan
7%
371
100
Jan
Jan
70c
Jah
7%
.
•
6*
70c
Feb
48%
i......
Jan
4
433
38*
31
7%
.
Feb
355
70c
81
48%
.
Feb
4*
40*
10
7%
Preferred
Feb
2.05
48
4
5
a
30*
Jan
Jan
.7
5*
No par value.
Jan
7*
5
Jan
*
Jan
Feb
Feb
1.75
45
20
5%
»
8
19*
500
7*
5*
Jan
4%
Jan
100
8%
Magnin <fe Co (I) com
400
2.05
United Aircraft Corp cap.5
120
30
>
30*
6*
Jan
Jan
30*
810
48
"
Jan
8V-
15
4*
•
*
5%% preferred..
26
6% preferred....—..25
1
"
7*
30
60c
19*
U S Petroleum Co.._r._.l
17
Jan
35%
1,050
27
33%
100
1!80
Feb
Feb
28
350
8
Jan
19
A
Jan
3%
200
3%
17
2*
*
5*
48
19
13%
3%
30
G) Inc—1
Feb
•
Jan
15%
Lockheed Aircraft Corp..1
Jan
50*
30*
1.80
48
91
85*
•<
16c
Jan
30*
Jan
50
.1.75
Feb
47*
4*
8
Listed.
20
'
12c
279
5
,
Cash sale—Not Included in range
*'
*
2,000
<
40*
24*
Jan
14c
50*
14c
50
r
48%
Magna vox Co Ltd..
20*
14c
50
....100
West Coast Life Insur
Jan
1,382
20*
*
Studebaker Corp com
Jan
7
300
28c
So Calif Edison com....25
Feb
Feb
6*
Jan
6*
Jan
4%
25*
2.20
18*
Jan
Jan
27c
6*
19
Jan
Feb
2.00
8
_
22
77
Jan
7*
37*
27c
6*
5
—
Jan
2.00
1
1
Preferred
.
35*
452
.25*
25*
r
General Paint Corp com..*
LeTourneau (R
Feb
37*
25*
Jan
30%
—
Jan
Feb
Jan
General Motors com..j.10
Leslie Salt Co
9*
Jan
4%
14%
8%
Preferred
6
Feb
6
Jan
19
7%
_'___10
—10
Jan
8*
Jan
31%
Hunt Brothers com
4
230
Jan
40%
Hale Bros Stores
140
200
7
4
88%
8'
6
8*
7
12
84
Golden State Co Ltd
6
8*
7
17
19
3%
Gladding McBean & Co--*
Feb
821
87%
.
*
250
17
*
Feb
Copper__5c
..
Feb
108
Jan
19
10
*
200
31%
...
100
4%
83
com
3%
87 *
cap..2*
*
13%
31%
Corp
*
17%
83%
Food Machine
Jan
4%
Co._6
-...20
Gen Metals Corp
26*
12%
4*
13
Fireman's Fund Ins Co—25
Galland Merz Laundry
49
20
49%
100
20*
445
Schumach Wall Bd com..*
Feb
8
8
20
Calif Water Serv pref..100
21%
27*
Riverside Cement Co A._*
Feb
16
450
Carson Hill Gold Mln cap.l,
108
26*
37*
Radio Corp of America
'
20%
49%
Jan
Jan
610
'
Packard Motor Co com..*
Jan
20%
165
8
17
100
3*
3*
28*
6
,■
.Pacific Ftld.Cem com..100
'
743
7%
Calif Packing Corp pref.50
Jan
Feb
*
Preferred
Jan
6*
3*
2*
—20
Mines-.l
.
8*
100
884
7*
;
37
Bancorporatlon.
Jan
Jan
3*
7*
North American Aviation 1
Jan
8
5*
7*
2*
Nash-Kelvinator Corp...5
Jan
Jan
20%
Jan
Jan
Jan
5*
8*
*
.1
Jan
11
*
Montgomery Ward & Co.*
Jna
9
16%
Ewa Plantation cap.
Feb
36
1
High
10
Feb
20c
8
Emsco Der &'Equip
Feb
55c
Jan
Pacific Indemnity Co...10
Low
9%
230
160
20%
Emporium Capwell Corp. *
Preferred (ww)
60
16*
158*
Jan
Jan
•
1,1939
530
17
*
Jan
10
27*
M J & M M Cons
23c
„
20
Mfg Co
Feb
380
27*
3*
Mountain City
Shares
9%
20
Doernbecher
15*
149*
2,210
240
2*
Marine
7*
*
Jan
160
7*
Hawaiian Sugar Co
4*
Giorg Fruit Corp pref..
4
200
2*
Curtlss-Wrleht Corp...
9%
Associated Ins Fund Inc. 10
Preferred
Jan
Feb
Jan
5*
3*
Consolidated Oil Corp...*
9%
9*
*
27*
31*
Jan
3*
10*
5*
_
Columbia River Packers.
23c
23c
Anglq Calif Nat Bank.-.20
6
Jan
Jan
243
.
55c
29
1
Corp of Del
Aviation & Trans Corp
"
Anglo Amer Mln Corp.__l
1
Jan
Jan
10*
•29
10*
5
3
Aviation.
Week
9%
•
50 c
2.9
Mln..50
Berkey & Gay Furn Co
Range Since Jan.
for
156* 158*
Bancamerlca Blair Corp._l
Bendix Aviation Corp
5
which are
M. Saturdays)
Sales
9*
Crown Zellerbach com
•
1
Exchange
of Prices
Low
High
Sale
Creameries of Am v t c
Jan
283
15*
15*
*
Am Rad & St Sntry
Dominguez Oil Co
Week's Range
Last
D1
3*
3*
American Tel & Tel Co. 100
Jan
2*
Jan
Co.
Friday
Consol Chem Ind A
"
Jan
Feb
Jan
both inclusive, compiled from official sales
Cons,Aircraft Corp ccAn„_l
Jan
25
31
25
37
Francisco Stock
100
9
839
Italo Pet of Amer pref
Cst Cos G & E 1st pref.
Jan
8*
Italo Pet Corp of Am com.l
Preferred
8*
3*
8*
Preferred
Idaho-Maryland
com
4
3*
Victor Equip Co com
Francisco and Los Angeles
Private Wire to own offices in San
„
Jan
8*
Jan
Cortlandt 7-4150
-
3*
15
3*
Jan
New York
111 Broadway,
Sugar
Jan
155
10*
13*
1
lc
33*
Members New York Stock Exchange
Preferred
•
5
Jan
Feb
Schwabacher
Calamba
561
19*
8*
13*
15*
246
lc
Eastern Standard Time (2 P.
Beech Aircraft Corp
12
15
30*
25
Stock Exchanges,
Coast
Pacific
_
Jan
"
5
Amer Toll Bridge (Del)._l
Diesel Engine. 5
65c
Jan
6*
United Air Lines Corp
Universal Consol Oil
Argonaut Mining Co
Atlas Imp
Jan
18*
128
1,100
8
8
Jan
Jan
40c
874
8
40c
4,350
1*
1*
10
Jan
Unlisted—
1
Par
Jan
7%
18*.
Anaconda Copper
Gold
95*
Feb
40c
Corp
Anglo Nat Corp A com.__»
Stocks-
Jan
6*
18*
,
Alaska-Juneaa
14*
93*
40c
Unlisted—
Feb. 11. to Feb. 17,
Feb
10
13*
95
6*
18*
Jan
30c
on
Jan
10,898
13*
95
6*
1
9*
25*
until 5:30 P. M.
Jan
6*
13*
95
*
25
Jan
26*
26*
26
6*
27*
521
Union Sugar com
•45
30c
111*
28*
Union Oil Co of Calif
7*
25
*
Feb
28*
25*
10
Tide Wat Assoc Oil com. 10
Jan
31*
West'house El &, Mfg...50
28*
25*
28*
•
Tread well-Yukon
108*
*.
Feb
Jan
Feb
lc
—
46*
Jan
100*
31*
-
Jan
Jan
57
lc
-
39*
3
1,100
1
5
—
500
45*
5%
65c
2*
San Toy Mining
-
33*
21*
Jan
Jan
Jan
Jan
102*
7%
*
96
Jan
15
Feb
2
...1
Feb
32
2
102
25
93*
890
1,186
17*
46*
4*
248
4*
"4*
50c
200
55c
55c
~
94
32*
46*
1
Transamerica Corp .....l. 2
55c
94
32*
16*
17
leb
77
9*
25
100
'
1,126
68
9%
94
33*
100
Preferred
Jan
8*
Jan
57%
Corp...5
San
Feb
Shell Union Oil com
1%
58
*
solicited
Jan
5*
Signal Oil & Gas A
Soundview Pulp com
*
Orders
7*
Jan
Jan
Pitts Screw & Bolt
open
Feb
5
Jan
1C*
Mountain Fuel Supply.. 10 J,m.
..
Jan
5*
Feb
13*
13*
...1
Pennroad Corp v t c..
100
10
17*
8
Koppers Gas & Coke pf, 100
Lone Star Gas Co...
_*
West'house Air Brake
105
30
56*
115
14*
*
Copperweld Steel (new). 10
Duquesne Brewing Co
5
Follansbee Bros pref.-.100
Steel
Jan
9,139
5*
Jan
10*
Brewing Co
7*
5*
Feb
Jan
50c
Victor
103
5*
5%
Jan
15
13*
10*
Vanadium Alloy
103
7
10*
Jan
45*
13*
United Eng & Foundry
103
Jan
15
50c
Co
100
Preferred series A
Jan
8*
13*
235
90
*
1
Pitts Plate Glass...!
15
com
14*
*
McKinney Mfg Co
15
14*
875
15
Corp
High
Jan
48*
Byers (A M) common
Fort Pitt Brewing
9*
1
Ryan Aeronautical Co
1
Schlesinger (BF)7% pref.25
Jan
27*
Jan
Blaw-Knox Co
Columbia Gas & Elec
*
13
165
48*
115
__*
Carnegie Metals Co
13*
High
Low
Shares
Low
13*
8*
1
Roos Bros com
23
22*
Range Since Jan. 1, 1939
for
Week
Shares
High
Low
13*
9*
Richfield Oil
1, 1939
Range Since Jan.
for
Week
of Prices
of Prices
Price
Par
Rheem Mfg Co
Sales
Friday
(Concluded)
lists
both inclusive, compiled from official sales
Feb. 11 to Feb. 17,
Nat Fireproofing
Stocks
Week's Range
Sale
Pittsburgh Stock Exchange
Savings and loan..
Insurance companies
—
...
5,491
27,217.000
71.061,000
3,601
Mutual savings banks
Individuals
Total'...?
180,838,000
21,970
Banks and trust companies
Other mortgagees
Amount
32,934
—
-
.J.
—-
10,838,000
25,927
48,582.000
13.424
39,786,000
103 3*7
1278 322,000
Feb.
Chronicle
Financial
1010
1939
IS,
Canadian Markets
UNLISTED
LISTED AND
Bid
Province of Alberta—
Friday, Feb. 17
/58
_.Oct
1 1956
Columbia—
July 12 1949
4H8
5«
100 H
102
97%
99
93
1 1953
Oct
4 Ha
116
Sept
94 H
4s
4
June
-
1 1962
16 1965
Jan
Ha
112
Stocks (Concluded)
116%
120 H 121H
108
109
115
l 1941
-—Aug
2 1959
—Dec
6s
Prov of New
4 Ha
4Hs—
87.
4 Ha
85
,
87
4s__
107
1 1061
111
4a
6s
Dec
15 1944
-July
4 Ha
6s
1 1944
03
79
81
79
81
80
12%
12%
60
11%
Jan
13H
Jan
1133*.
Bid
4Hs
1 1946
-July
98 %
1 1954
1 1960
Sept
Dec
4Hs
6s—
4H»
99 H
1 1969
Feb
1 1970
July
6Hb
4s
1 1946
1 1962
.—Jan
Jan
38
Feb
38
Feb
1
100
Feb
101
Jan
044 %
60
1,239
20
80%'
1 1962
Price
of Prices
High
Low
9H
*
.--100
107
Jan
3,081
71
Jan
81%
Jan
17H
26
11
160
100
3
3
106
105
Jan
Feb
10
Jan
12%
Jan
125
48%
Jan
930
16
316
a
,100
Jan
41H
1,153
18%
"l8
*
106
,
Jan
28 %
Jan
170
Feb
42 H
Feb
12%
19%
Jan
Jan
Jan
10
20
Feb
Feb
3%
57%
18 %
4H
Jan
Jan
104%
Jan
105 %
Jan
3H
1,200
2%
Jan
4%
Jan
12%
3H
U%
3%
11%
720
10%
30%
Jan
15 %
Jan
Jan
42
Jan
20
Jan
22
Jan
•
34
34
33
21
■
293
21
20%
1,710
12
12
12
120
11%
Jan
12
Jan
73
72 H
73H
628
68
Jan
77
Jan
25
70
70
70
110
68
Jan
73 %
Jan
United Steel Corp
...»
^Western Grocers pref. .100
Winnipeg Electric A
.*
5
5
109
109
Southern Canada Power..*
*
1.70
1.70
4
Jan
7
Jan
10
109
Feb
109
Feb
1.85
127
1.75
173
7%
!———
475
5%
109
1.75
7%
B_____
Zellers Ltd
-
1.85
Preferred
-
8
345
23*
Jan
Jan
2
8
Jan
9
Jan
23 *
Jan
24
Feb
50
24
23
Feb
1.65
1.75
Jan
Range Since Jan. 1,1939
for
Banks—
Week
Low
Shares
35
25
107
320
i5H
*
St Lawrence Corp.—...
160""
Canadienne
Commerce
High
Feb
10
107
Jan
107
Jan
2
30
2
Feb
80
30
Jan
30
16%
16%
75
15
Jan
10 %
11
75
10
JaD
16 H
14
ioo
Nova Scotia...
Royal
166H
100
10
166H 168
176%
210
305
188
189
188%
Jan
167 H
Feb
172
Jan
178-
208
Jan
222
Jan
16
301
Jan
310
Feb
364
215
305
164H
68
110
176
Jan
190
Jan
176% 176%
214
100
.,—
Jan
Corp.—--*
..——100
K.
'
Jan
Jan
Breweries.—*
—100
Montreal
Jan
9H
30
pref-.—50
2H
Jan
Montreal Curb Market
Jan
Feb. 11 to Feb. 17, both inclusive,
"Preferred.
Bell Telephone.:
Canada Cement
2%
3H
Jan
5
1.00
Jan
1.60
Jan
Friday
Jan
Last
Week's Range
for
i
Sale
Week
Par
Price
of Prices
Low
High
45
15
Jan
15
166
JaD
171
8H
*
8H
484
23 %
—
Jan
15
,
Brazilian Tr Lt & Power.*
_;
6H
171
15
171
British ColPowerCorpA.*
*
.BruckSllk Mills
Building Products A (new) *
'
7H
Jan
9H
22 H
Jan
25 %
2%
3H
Jan
•
Jan
4H
Jan
Jan
16%
Jah
6% bum pref,,...—.100
Asbestos Corp Ltd
.*
7n
/jan
9H
Jan
Beauharnols-Pow Corp...*
4%
4%
(New)......"
8.
305
„
9
597
Preferred
18H
18H
14 %
Canadian Car & Foundry
14H
163*
—25
2,880
32
32
33
13%
14 H
100
Preferred 7 %
14%
102H
21
Rights...
100
102
65*
25
AH
Cockshutt Plow..
Consoi Mining & Smelting
5
"55""
Crown Cork & Seal Co
*
24
Jan
Canada & Dom" Sug
28%
28%
2%
18H
Jan
Canada
Jan
Can Nor Pow 7%
cmjjf
Can Breweries Ltd
10%
Malting Co Ltd..*
100
75e
75c
10
50c
Jan
75c
Feb
4H
4%
85
4H
Feb
4%
Feb
8
8
26
6
Jan
10
30
31
41
18
Jan
7
Jan
65
65
40
65
Feb
65
160
2%
2H
220
4%
5%
3,190
15
6%
53%
55%
24
24
18
1,448
915
33
18H
H
9%
1H
Jail
3H
Feb
2
,
Jan
2%
|Jan
4H
Jan
6%
8%
Jan
6
47
Jan
■"
Jan
Jan
61%
Jan
Jan
21H
26
Jan
1,320
16
29
Jan
'
10H
5H
2,046
215
Jan
8%
Jan
5
Jan
20
Jan
5%
cum pref.......
Can Wickers Ltd........*
7%
cum
pref........100
Cndn Wineries Ltd
Catelll Food Prods Ltd
5% cum pref
City Gas & Elec Corp.!
77
Jan
77
55
Jan
30
5
4H
Jan
6
*
100
Preferred
Hudson Bay Mining
*
Imperial Oil Ltd
Imperial Tobacco of Can.6
;
Indust Accept Corp
Intl Nickel of Canada
12
*
Feb
Jan
15
6
5
3
6
Jan
10
70
9
Jan
13%
90%
Intl Bronze Powders
11%
15%
Jan
91
Feb
7
Feb
11
Jan
12
Feb
10
35o
Jan
1.10
Jan
2.00
2,400
1.50
Jan
2H
Jan
5%
B%
"5%
125
Jan
315
1.60
Feb
5%
7%
3H
Jan
3,783
4%
4%
5%
5%
1.60
2.00
15
6
Feb
"~4%
4H
4%
751
4
Jan
6
Jan
*
B
4%
4H
4%
5
3%
30
3H
3%
Jan
JaD
5
4H
Jan
"4%
3%
4H
4%
475
4
Jan
6
Jan
Aircraft
9%
155
8
Jan
10 H
Jan
570
20
Jan
11H
11H
Jan
23 H
17
Jan
Jan
173*
Jan
3%
2%
Jan
3H
Ltd
9%
*
Companies Ltd
Voting trust ctfs
3H
8
Jan
Hydro-Elec Securities
*
13%
21%
Intl Paints
13%
364
3%
20
66 %
Jan
82
Jan
Feb
58
Jan
Jan
6
Jan
3%
*
Jan
6H
Jan
6
Jan
Lake St John P & P
Jan
3
5%
cum
pref
8%
3
5
13
Loblaw Groceterias Ltd A *
17
16H
17
16H
16%
7%
7%
13
25
8
50c
8H
15
65c
410
18
18
34H
34H
22
*
22
*
International Power
Preferred
.__*
..100
2,680
14
Jan
15
410
10
Jan
13
Jan
80
94
Jan
96
Jan
Mackenzie Air Service
290
31
Jan
35 %
Jan
MacLaren Pow & Paper._*
14
13 %
14
45%
45%
45 %
86
89
B
*
"26 H
3
pf 100
16
Jan
17
16 H
Feb
Jan
30
Jan
Jan
Melcbers Distillers Ltd pf*
~~6%
46 %
Jan
7%
31 %
66 H
McCoIl-Fron 6% cm pf_100
Melchers Distilleries Ltd.*
87%
Feb
30
Jan
Mitchell (Robt) Co Ltd..*
13%
50
52
3,329
193*
26%
10
19
Feb
20
Jan
Page-Hersey Tubes Ltd..*
26%
1,527
25
Jan
27H
Jan
Paton Mfg Co.
3
3
74
'
Jan
Jan
2H
33
Feb
Feb
Jan
Jan
60c
Jan
Jan
3
Jan
Feb
13
Feb
8%
Jan
9
Jan
50c
13
Feb
70C
11
18
Jan
20
Jan
150
24
Jan
Feb
22%
Jan
24%
22%
10
500
50c
Jan
1.05
Jan
Jan
Jan
1,370
12
Jan
15
Jan
35
40
Jan
60 H
Jan
260
81
Feb
93
Jan
Feb
15H
7H
Jan
20
2,106
4,062
30
74
50c
*
30
H
19%
35
14
13
%
Jan
Jan
9%
21%
2%
14
Fraser
Jah
16H
Jan
Feb
6H
4H
94
15
Jan
4H
33%
Feb
15
5%
70
12
40
•1
340
14%
Jan
32
5%
14H
Jna
52
5H
11H
Jan
*
DonnaconaJPaper A
Jan
56
5%
Jan
25
5H
5%
6
200
255
25
35
6
5%
180
57
7
33
(Can) Ltd A..*
20
Intl Utilities Corp A
*
Intl Utilities Corp B
1
74
Feb
200
2%
Fleet
Jan
74
3H
6
Jan
Jan
2%
5H
Jan
33
Jan
11%
25
„
Jan
3
65c
33
Fairchild Aircraft Ltd
88
150
Jan
30
11%
Eastern Dairies7%cmpfl00
216
6%
94
*
Internat Pet Co Ltd
Jan
65c
*
Jan
271
3
33H
51H
1.05, Jan
1.80
—
Dominion Stores Ltd
Feb
50c
12 H
94
•
Jan
Feb
20
15
Dom Oilcloth & Lino Co__
50c
25
475
B
Jan
Jan
55c
33 H
£1
85c
100
,
11%
David & Frere Ltee A
5H
"14H
14H
50
Masse y-Har 5% cum
Holllnger Gold Mines
Howard Smith Paper
8%
Jan
3%
1.60
...
Jan
5%
12H
.5
Consoi Paper Corp Ltd.*
Jan
'
60
57
5H
Jan
14
1.95
*
Cub Aircraft
Jan
7
25
625
6%
*
8
2
Feb
12H
72%
13
Gypsum Lime & Alabas..*
Hamilton Bridge
Jan
16
65c
15
Alcohols...
Preferred
7
*
Jan
17H
59H
90 H
3
"~5%
8%
3%
_.
Jan
37
160
57
90 H
74
8%
Jan
Feb
.
10
Goodyear T pref lnc '27.50
Gurd (Charles)
*
Jan
21 %
;*
102H
Jan
>7
6%
General Steel Wares pref 100
Feb
Cndn Power & Paper Inv
Feb
18
4
55c
Rights
20
Jan 1
101 %
3,375
7
Preferred
Ford Motor of Can A
General Steel Wares.
75
Jan
485
21
13
.100
20
1.00
5
Preferred
20,
Jan
23
1.00
12%
Gatlneau Power
20
Jan
1
102H
5
English Electric B
322
1.80
Cndn Marconi Co
■20
5%
Foundation Co of Canada *
22
Jan
112
Jan
14
72 H
*
21H
Jan
1.30
19%
14
Jan
Eastern Dairies
21%
107
Cndn Light & Power ColOO
Jan
Dry den Paper....
*
1.50
Jan
15
Electrolux Corp
Jan
85
62
1,275
1.45
14
150
59 %
34%
110
1.50
*Jan
60
_*
34%
110
*
10H
155
100
Feb
32H
28 %
35
1,895
362
Preferred.
Jan
Cndn Dredge
Dock Co.*
Cndn General Invests._,.*
16
Dominion Textile
28
Jan
33H
Dom Tar & Chemical
Jan
1,481
34
160
10
28%
1,110
16
Dominion Steel & Coal B 25
33 %
12%
Jan
160
*
23 %
Jan
18H
25
Dominion Coal pref
Jan
11
18
Feb
Dominion Glass pref... 100
Dominion Bridge
(new)
39
Commercial
Distillers Seagrams-
Feb
20%
487
12 H i Jan
29 H* Jan
2
Class B
Canadian Pacific Ry
1,509
Feb
2%
Canadian Indus Alcohol..*
22%
Jan
,■
7
Converters.. 100
Canadian Cottons
,
Jan
11%. 12
f.
Canadian Celanese.—*
4%
22
Jan
Jan
4%' Feb
Jan
11 %
HI
28%
Jan
22
18 H
Jan
23 %
3
British Columbia Packers *
36HI Jan
50
20
Cndn Canners 5% cm pf
283
Jan
Jan
4%
Brit Amer Oil Co Ltd—*
•
37,
21 %
112 H
163
Jan
7
389
9H
36
•
Jan
Jan
8,396
Feb
16
25
Jan
13%
90
4%
Feb'.
102
•
2%
4%
10
16
CanadlaD Bronze.—.—*
26%
Jan
3%
25
99
501
High
Low
1.90
4%
•
Jan
16
133
2H
26
'
F.020
1,691
104
(Feb
15
Jan
2HI Jan
10
20
2H
14%
102
|Feb
5
3
2%
9H
15
104
Brewers & Dlsts of Vane..5
10
16
Range Since Jah. 1,1939
Shares
2%
16%
95
20
97
2?%
2%
3%
10
60
Jan
Paper.Co.
14 %
20
Preferred-
2%
Abltlbl Pow &
35
J
100
r*
Steamship (new).*
-**
Sales
,
Jan
2
40
Can Forcings Ba.
—*
Can Iron Foundries —.100
Can North Power Corp..
Stocks—
Jan
395
97
Preferred..
*&:•. fife life
Feb
792
3H
26%
"
2,373
9H
24
26
—-■*
compiled from official sales lists
300
1.15
1.15
*
100
100
Bawlf (N) Grain...
7H
17
Bathurst Power & Paper A*
<
22 %
50
Shawlnlgan W & Power..*
2
Algoma Steel
Preferred
61
Jan
11
14%:
16
St Lawrence Paper pref. 100
109 H
99
30
Arnal Elec Corp
Canadian
Jan
20
42 H
60
:
Feb
48%
165
10H
10%
*
Jan
Jan
"Jan
10
27
42
Saguenay Power pref
123 %
Exchange
9H
26%
165
100
Jan
41%
56 H
*
31
73
42%
45H
80
'80%
Jan
Jan
Jan
54 H
*
*
29%
69%
40
20
44%
"55%
.100
Preferred
Week's Range
Alberta Pacific Grain A.
Canada
1,602
Ask
123
Sales
Sale
.
52
71
Regent Knitting
inclusive, compiled from official sales lists
Last
B
5,986
31
42 %
Steel Co of Canada..
Friday
Par
Jan
f.
3s
Montreal Stock
Fe'b.,11 to Feb. 17, both
Associated
7
10
30H
25
6% preferred
Quebec Power
118% 119%
1 1969
Preferred
1,440
71
Power Corp of Canada
Price Bros & Co Ltd
5H "Feb
7
38
100
6H
42
•
Preferred
Grand Trunk Paeiflo Ry—
115% 116H
.—Oct
Agnew-Surpass Shoe
Jan
71
A preferred50
6s
Stocks-
Jan
7H
42
Penmans
94H
117% 118
6s
—July
4
Jan
38
~30%
Qgilvie Flour Mills
98%
100
93 H
Bid
Ask
114% 114%
115% 116H
115% 115H
118% 119 %
6s
Jan
5
*
National Steel Car Corp..*
Canadian Northern Ry—
Sept
11951
June is 1955
1 1956
Feb
1 1957
July
4Hs
4
325
100
Niagara Wire Weaving...*
Noranda Mines Ltd
—*
....
Canadian National Ry—
4%$,
1,225
6
100
38
100
Mont L H & PConsol
Ask
4
5H
5%
6H
100
Montreal Tramways
Dominion Government Guaranteed Bonds
4Hb
4
*
*
*
National Breweries..
Bid
94%
1
Jan
Jan
Montreal Cottons.
78
Ask
80%
81%
103% 104
Jan
12 %
Canadian Pacific Ry—
perpetual debentures.
—Sept 15 1942
115
Feb
Preferred
Bid
Jan
11%
Montreal Cottons pref
Railway Bonds
Canadian Pacific Ry—
112
17
25
McColl-Frontenac Oil
1 1951
Nov
Oct
4Hs
15
112
High
Jan
11%
Massey-Harrls
112
15 1946
.—.June 16 1943
5s
5Hs
14
11H
Lindsay (CW)
110H 111H
109
108,
Prov of Saskatchewan—
108H *1093*
115H 117
Mar
Low
165
14
112
100
Preferred...
108H
105 H 106H
Sept 15 1952
1 1960
4H8
May
4H»
Brunswick—
Apr 16 1960
Apr
15 1961
Province of Nova Scotia—
6s
Feb
14
14
Range Since Jan. 1, 1939
Week
Laura Secord
2 1950
1 1058
—Mar
.
Shares
Lang & Sons (John A)...*
Province of Quebec—
85
June 15 1954
6s
for
of Prices
Low
High
Price
Par
Lake ol the Woods....
117
Week's Range
Sale
Province of Manitoba—
4Hs
Sales
Last
Ask
111
Oct
6s
Prov of British
58...
Bid
1 1942
6s
59
Exchange
Friday
16 1943
May
1 1959
63
61H
1 1948
—Jan
6s
Province ol Ontario—
Ask
.
Montreal Stock
Municipal Issues
Provincial and
Closing bid and asked quotations,
70
3
Jan
11
74
Feb
3H
77
Jan
Jan
♦
No par value.
1.35
Jan
1.35
Jan
[Jan
6%
16 %
Jan
1.35
1.35
7
6H
13%
6%
13%
74
101H 101H
35
101
Jan
104
Jan
25
10
Feb
12
Feb
10
"10
90
6
11H
Jan
Jan
Volume
Financial
148
1011
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Stocks (Concluded)
Week's Range
of Prices
Week
Low
Price
Par
103*
PowerofCan6%cmlst pflOO
Provincial Transport Co. _»
Quebec Tel & Pow Corp A*
Sou Can Pow 6% cm pf 100
101
60
Jan
Jan
105
7*
966
6*
Feb
7*
Jan
Blltmore
4*
60
Jan
4*
Jan
Blue Ribbon pre!
Jan
Bobjo Mines...
107*
39
1.15
1.35
130
1.00
Jan
1.40
Jan
Bralorne
47*
47*
475
43*
Jan
50*
Jan
Br ant lord
Jan
Brazil
107
"47*
(H) Walk-Gooder «fe Worts*
*
SI cum pref
—
19*
535
20
19*
Jan
Jan
108
20*
—
--
40c
1*C
~1 "l*c
Alexandria Gold
-
— -
.1
...
l*c
1,000
13c Jan
*
10*
10*
10*
2,958
9* Jan
22
14c
2,310
14 c
i.
—
19c
Bulolo Gold Dredging—. .5
mm mm —
Mines
Cordage pref.25
Traction.
"8*
J-M
Brown Oil
*
Jan
Buflalo-Ankerlte
Jan
Bullalo-Canadian
18c
25
Jan
28
Jan
Burlington Steel.
25«
Jan
16c
8,100
31*
Jan
Jan
5c
Jan
8c
Jan
Canada Bread...;.
570
1.60
Jan
2.35
Jan
760
5.00
Jan
5.75
Jan
20c
Jan
24c
Feb
Feb
Jan
1.95
24c
2,300
33*
100
1.20
Jan
1.45
Feb
Canad aWireA....
Canada Wire B.
47*
47
2,000
Jan
50*
2*0
915
2*c
Jan
2*c
Jan
100
1.12
Jan
1.31
Jan
56c
200
57c
Jan
74c
Jan
3.35
Jan
Canadian
Canadian Can A
3.90
Jan
4.80
Jan
Feb
16C
Jan
Jan
Feb
5.25
2.62
13*
.
14
2.10
1.57
1.55
94*c
94c
95c
—
23
Jan
174* 176
77
169*
Jan
178
Jan
10
4
Feb
200
10
200
Feb
2
2
565
2
Jan
2*
Jan
-2*
80
2
Feb
2*
Feb
98c
3,600
1.03
Jan
Feb
2.10
Feb
1.35
Jan
1.72
Jon
Canadian
*
Malartic.
Jan
6c
Jan
Canadian
Oil
i
*
1.44
Jan
Canadian
1.39
8,220
Jan
1.67
Jan
Cndn Wirebound Box
64c
2,700
87c
3.45
1.00
Jan
3.15
250
1.03
Jan
81c
2,000
?
80c
Feb
Jan
<
600
14
Jan
110
86
109
Feb
Cariboo
Carnation pref.—.
Jan
3*
800
3
10
18
Gold.
2.16
Castle-Trethewey
106
100
1
'
2.21
600
5
106
89c
...
Jan
Feb
Central Patricia
1
2.47
2.55
18*c
Jan
Chestervllle-Larder Lake.l
1.18
1.27
1.09
Jan
1.39
Jan
8.75
Feb'
Chromljum Mining...___*
74c
,85c
22,725
50c
Jan
85c
Feb
Jan
*
43c
43 c
600
42c
Jan
55c
Jan
25c 25*c
7
'
7*
4,700
21*0
6*
Jan
36C
Jan
Jan
8*
Jan,
Jan
1.60
Jan
210
1.29
14*
Jan
16*
Jan
920
18c
Feb
27c
Jan
1,754
46*
Jan
61
Jan
182
Jan
8.10
Jan
Central Porcupine...
1
7*C
9*c
Jan
23c
Jan
Chemical
1
50c
65c
..
Research
Commonwealth Pete...—*
mi —
em
■
—
1.21
1.21
me —
-
1.10
19c
100
20C
21c
2.300
2.05
— — — — —
2.05
50
1.51
Jan
Jan
1.93
31o
2.75
Jan
45c
48c
500
37c
36c
36c
500
35c
Feb
— -
—
—
-
2.25
>
—
2.40
19c
2.29
—
•19c
*1
Cockshutt Plow.....
1.43
Mines..
Jan
Conlarum
Jan
Consolidated
Bakeries—*
15*
1
5
53*.
Jan
Jan
Cons
Consumers
Crows Nest Coal
75c
9,465
3,500
2.00
Jan
3.70
Jan
19c
Feb
25c
Jan
Jan
1.72
44*
Jan
Smelters
...
-
179
100
Gas-..
4,206
16
24c
56
266
181*
Jan
Jan
Chibougamau
185
1.50
18c
Consol
55c
Feb
-
Jan
1.10
1.10
1J15
600
1.02
39*
39*
40*
605
55*
100
32
32
1
3
......
Jan
8 *c
Jan
Jan
60c
Jan
Jan
16c
Jan
13*
Jan
30*
Jan
20*
33*
Jan
Jan
Jan
207*
Feb
8
*
100
Dominion Foundry
Preferred
Mara &
Domlpion Stores——
Dominion Tar..
McCarthy
49
101
105
"16*
._*
5*
5*
Jan
105
Jan
>12*
Jan
5
Jan
6*
5*
Feb
8*c
Jan
Feb
73
75
Feb
25
-
5C
Fee
8*.c
Feb
Jan
12*c
Jan
15,091
2.12
Feb
2.80
Jan
1.85
1.88
10,086
1.60
,Tan
2.37
Jan
29*
29*
20
£9*
Feb
31
66
6
Jan
7*
Jan
20
6
Jan
8
Feb
16,050
8*c
8*c
11.50Q
IIIIZZi
3
2.21
.2.43
..1
5
Sales
Week's Range
of Prices
Low
High
Week
Price
6
High
LOw
5.20
5.40
21*
5c
6c
1
c
5c
5*c
1
0
1
...
Fernland Gold
...
2*
Jan
2*
2*
Jan
16*
1,340
1,525
1*
14*
13*
Jan
Jan
Ford A."
7c
7c
1,000
6*c
Jan
9*c
Jan
2c
3c
9,700
2C
Feb
Jan
Francoeur....
1*
1*
15
1*
Feb
3*C
2*
40c
39c
41c
11,450
34c
Jan
52c
Jan
425
9*
Jan
14*
Jan
12*c
12 *C
14c
10,000
12*c
Jan
17c
Jan
General Steel Wares..
1.15
1.15
1.24
5,551
1.05
Jan
1.52
Jan
Gillies Lake Gold
3.05
3.15
1,130
3.00
Jan
3.25
Feb
Glenora
14c 17*c
46,250
10*c
Jan
17*c
Feb
God's Lake..
7*c
Jan
Goldale Mines....
1
22,000
4c
Jan
6*e
Feb
Gold Eagle
72c 297,470
100
101*
41c
Jan
72c
Jan
Goodflsb
1
1
101*
Feb
101*
Feb
Goodyear Tire
3e
*
mm
mem.
*
-
♦
11
11
21*
Fieury-Bissell pref..... 100
...»
.....
*
------
1
Ashley Gold
1
14*c
-
...1
Astoria-Quebec
Augite-Porcupine Gold ...1
.100
Ault & Wib pref
8c
6*c
4*c
68c
64c
101*
8*c
6*c
Jan 10*c
Bankfield
1
14c
1
Cons
28c
Bank of Nova Scotia.. .100
100
Bank of Toronto
—
-
-
— mm
248
19C
m
Bathurst Power A
Bear
—
*
Base Metals
14c 17*c
7,525
29c
6,388
27c
10c
Jan
25c
Jan
Graham-Bousquet
Jan
Granada Mines
Jan
Great Lakes Paper
Feb
Voting pref
Gunnar Gold
— —
--mm-
20c
Exploration & Rad.. 1
207
Jan
220
300
305
71
300
Feb
310
246
248
63
Jan
239
Jan
6*
Jan
8*
Jan
32c
Jan
25
23c
31,200
20c
*
*
Beatty A
Beatty Bros 1st pref.
2d preferred
Beauharnols.
.
.100
Kirkland
1.30
1.39
3,870
*•
4*
172
^-.1
20c
Jan
5
1.40
Jan
Hamilton Cotton
Feb
1.18
8*
Jan
25o
Jari
Jan
13*
Jan
91
Feb
5
32
65
11
91
90*
91
80
3
53
88*
2*
Jan
3
Jan
3*
Jan
5*
Jan
4c
Jan
7*
11 *c
Feb
2*C
Jan
3*c
Jan
Feb
3
*
3
9*c
23
6*
6*
6*cll*c 308,600
2,100
2*c 2*c
Jan
20c 21 *c
20c
30c
Jan
23c
5100
20c
Jan
28c
Jan
8c
Feb
2*c
1,000
1,000
7c
2*c
Feb
74*
111
2*C
71*
13*c
3*c
74
Jan
75
Jan
56
74
7,£24
2lc
8c
:
21c
57*
107
55
Jan
58
Jan
3c
10 *c
76,366
4c
Jan
Jan
13*c
Jan
7
Jan
4
13
434
12
Feb
17
1
46c
50c
5
5*
2c
2*c
4c
4*c
6,000
3,000
Jan
Feb
108
12*
5*
8c
5
4
Jan
Feb
3c
500
13c
3c
3
1
—1
pref—30
Hargal Oils
Feb
2*
166
20c
,
Jan
Jan
Feb
4*
172
30c
Feb
Feb
*
Jan
29
29
29
Jan
5,100
44c
Jan
64c
Jan
365
4*
Jan
6*
Jan
1*C
Feb
4c
Feb
No par value.
-
5
29
Feb
3*c 'Jan
7c
29
1.95
Jan
Feb
1.33
8*c
25,160
5,700
1.55
7,300
1.30
Jan
1.58
Feb
17c
900
15*c
Jan
35c
Jpn
17c
Jan
10*
23,000
Jan
1.48
101
Feb
443
18*0
8*e
Jan
95
1,819
Jan
24c
*
99*
10
22c
Jan
I4*c
Hedley-Mascot Mines—1
Highwood-Sareee
----*
38
95
4*
Jan
23*
Jan
1.65
101
172
33
Jan
10c
1.42
95
20c
Feb
20
1,500
11,400
1
180
3*
Jan
13*
1
Hard Rock..
6
170
Feb
10*
1,844
1
Halcrow Swayze
101
-----
,12c
Jan
13
Gypsum Lime & Alabas..*
5
.100
BeU Tel Co of Canada. 100
B1 dgood
1.38
Jan
8*
32
voting. *
*
Halliwell
Beattle Gold
Jan
10c
.
Jan
18c
7*
7*
Feb
30c
19c
20c
248
Feb
3,000
19c
8*c
13
*
50
Jan
31
Jan
21*
22c
*
...1
38c
216
Jan
*
Preferred
23c
210
100
Bank of Montreal
Jan
7*0
*
100
Gatlneau Power..
Preferred
Bagamac Mines
Jan
22
Jan
Jan
Rights
Anglo-Can Hold Dev.
5c
'
lie ll*c
*
5,100
1
.
5c
32
1
-
Arntfield Gold
75
6.00
Jan
19
.
Jan
21.
32
Foundation Petroleum.25c
2*
14*
*
Anglo Huronlan
17c
9*
'
*
Gold Mines
14c
9*
*
-
Jan
4.55
2,075
16,500
12,300
34,400
Fleet Aircraft
preferred..
.
2,525
21*
c
*
j
"
Amm
7
.
Faulkenham Rake Gold..l
Federal-Klrkland
Shares
6
7
25
Falconb ridge
Fanny Farmer.
for
Sale
Par
-
'
'
Range Since Jan. 1, 1939
Last
,
»
„
*
Equitable Life.....
Feb
7c
7c
Malartic....
Feb
73
20
73
5c
c
English Electric B
Friday
Jan
8*
5
English Electric A'
both inclusive, compiled from official sales lists
Feb
53*
104*
*
East
Exchange
Jan
3*c
Jan
210
6
1
Eldorado
Toronto Stock
17
Jan
7
.
10*
5*
East Crest Oil—
Canada Permanent Building, 320 Bay St., TORONTO
Feb
1,402
105
9*
*
Dorval Siscoe
Canadian Commodity Exchange
15*
2*0
45
1,000
'
100
Preferred
Toronto Stock Exchange, Montreal Curb Market,
"49"
3*c
49*
3c
200
90
16
16
Jan
lie
205
£05
29*
32c
1,091
pref._-.25
Jan
Jan
5*C
18*
Dominion Exploration...1
Jnp
27.
2,900
32
Dominion Coal
Feb
15,358
3,800
1,'290
12e
31*
Dominion Bank.......100
on
Feb
70o
38c
.
18
205
9*6
7*c
34c
11c
Jan
Feb
178
20
32
7c
;
Nickel Mines... 1
Darkwater....
Davles Petroleum......
gladly furnished
6c
40c
"
Commoil
Dominion Steel Coal B..25
Algoma Steel
Jan
Feb
Jan
CANADIAN STOCKS
Copper
Jan
8.00
Statistical Information
Aldermac
2.75
7c
10*c
.
Distillers Seagrams......*
Alberta Pacific Grain.
Jan
300
'
_*
Ltd
2.24
4,713
20,650
1,058
.
Dome Mines (new)..*..
Afton Mines
1.05
13c
61,950
Denlson
6%
Jan
Feb
8.75
8.70
—
Acme Gas & Gil
Jan
2.39
106
8.70
31c
7.40
16c 13*c
——————
Abltibl
Feb
Feb
Jan
■
6.30
20c
24c
7.00
------
Stocks
Jan
Feb
8,695
19,300
6,500
17,400
31c
*
•
Jan
19
88c" Jan
152
89c
3.55
2.16
106
20
6*
3*
Jan
Jan
Jan
124
Jan
'18*
.
Jan
2,986
18*
*
-
Jan
4*
5*
4*
4*
Wineries
Feb
225
Jan
19
110
3*
.......25
Jan
*
85c
18
1.00
60c
90c
93c
100
Preferred
1.24
85C
200-
2*
2.10
47c
Jan
200
13
1.03 218,705
Jan
Feb
Cndn Indus Alcohol A
Feb
18
34*
23*
19
Jan
130
Jan
Jan
Jan
30
14*
C P R
Jan
Feb
Jan
Jan
470
Jan
Feb
1,255
17*
0*
12*
29*
15*
Cndn General Electric..50
1.50
150
20
Jan
4c
245
7*
7
33
Feb
6,800
18*
17*
4*
18*
7*
14*
2.62
B
4
20
5.50
'
Feb. "11 to Feb* 17,
Jan
31*
Jan
r-
Membersi
Jan
Jan
1.80
20
Feb
-
Roy all te Oil Co
45
32
2.60
2,535
3.40
—
.1
Okalta Oils
Jan
*
1.17
60c
12c
Homestead OH & Gas Ltd 1
Jan
37
Jan
10*c
-mum'
Wright Hargrcaves.— _»
Home Oil Co..——
25
19*
.*
—
225
1.27
26c
*
Davles Petroleums Ltd— _*
Preferred
1.50
*
1
Calgary & Edmonton
Dalhousle OH Co
Jan
Jan
25
Can Car & Foundry..
1.08
.
65
250
......
4.95
'
87c
3.45
Jan
Jan
22
18
20
*
'
1.50
-
Jan
Jan
17*
,
2*
10*
58
200
1.50
4
100
"
Anglo-Canadian Oil—. _*
Brown Oil Corp Ltd
B.—
200
1.57
.1
II
146
Feb
*
Can
300
2.10
.1
Reward
•
7*
21*
176
Canadian Dredge..
675
Preston-East Dome..
.
Jan
1.30
21*
100
5.25
2.62
-
Jan
2
Jan
1.85
•
Preferred
1.20
2.37
•-
140*
320
Jan
112
Breweries.....*
.».*
Cndn Bk of Commerce. 100
300
1.27
77
2*
9*
1.50
Canadian
1,674
"i"io
Jan
144*
100
Jan
2.75
.1
16*
41
Jan
4.25
..
Feb
41
5.80
2.75
13*
Feb
25
56c
2.62
35
22
1.20
Pickle Crow Gd M Ltd— .1
Jan
50
32
15*
,
22
55*
Jan
Feb
*
Jan
Jan
.
96
26
5
Jan
Jan
56*
Feb
9*
98*
64
63*
53*
7*
64,'
64
4.75
2.60
Oil—
Preferred
62*
Jan
Rights
Canada Steamships..
305
Jan
Wood Cad
•Canada Permanent
.
1,250
1.45
Thompson Cad—
Walte-Amulet...
Canada Northern Power.
5.50
2.25
.1
97*
Jan
Feb
53
Canadian Bakeries pref. 100
47
500
Sylvanite Gold
53
*
Jan
4,200
Sullivan Consolidated
16
9
1.43
10,400
—
5,100
3*
,.___50
Jan
10c
Stadacona (new).
Jan
5*
40c
3*
2
Jan
9*C
1.80
—
65c
Feb
1.90
141
10c
Jan
1.43
88c
Jan
3*
2,375
_*
Feb
8c
2.40
—
Jan
34c
2.20
100
7c
80
m
2.80
2.07
2.07
11
16
377
1.70
—
Jan
260
16
3,500
2.25
1
Jan
2,000
11*
*
7c
— —
*
Feb
11*0
12*
1,325
8*c
65
8c
9c
Siscoe Gold Mines Ltd— .1
16*
Feb
16*
35
60
1.75
.1
16
34
7c
2.25
Sherrltt-Gordon
Jan
Feb
___*
Malting
5c
1
Sladen Mai
Canada
Jan
Pato Consol Gd Dredging 1
San Antonio Gold
4*o
97
Feb
----
—
2*c (Jan
14*
Jan
7*c Jan
11
100
Preferred
4c
4.00
«.
64,000
12
28c
2.75
1
4*
30
700
9c
1.
15*
8*
97*
8,700
_*
Mining—T
Jan
53
5c
'
Premier Gold
13*
8
28c
*
.1
1,425
__50
B_.
4*c
5.50
.1
Jan
14*
Canada Cement.
28c
I
"l
33c
8c
Calgary & Edmoiiton.
Calmont Oils
5.35
-m*4m
Jan
*
-7c
--
19c
37c
*
1
23c
•
2*C
McKenzle-Red Lake Goldl
Jan
Jan
Feb
5.30
——————
75o
4,800
*
1.43
.5
Jan
|Jan
45o
Bunker Hill
Jan
•
Lariaaque Contact Gold.
21 *c
2*
Building Products (new).*
Feb
6c
675
47*
Jan
[Jan
11c
13*
"l6*
1.00
97c
10,150
_*
Jan
Jan
23*
25*
1,000
45,400
*■
3*c
6*c
,.<•
.1
Placer Development
...
28c
Lake Shore Mines
Pioneer Gold of B C_,
.
Jan
23c
Kirkland Lake Gold— .1
Perrpn Gold
...
4*
Jan
48c 56 *c
"14"
1
...
Jan
Feb
22
30
12c
Feb
9*
20c 21*c
Jan
1.87
..
—
Jan
Feb
31*
5c
Pamour-Porcuplne..
14o
4
4,073
24
.
120
"_48c
4c
6*c
1.87
Kirkland Gold Rand.—_ .1
O'Brien Gold
1
2*c
.1
McWatters Gold Mines.
Broulan-Porcuplne i
100
*
Mclntyre-Porcuplne
Feb
475
5.30
*
.
„'*,r 1
16 *c
4,000
31*
-
Macassa Mines
*
5c
20c
*
Consol Gold (New)
British Dominion Oil
1.00
--mb---
Duparquet Mining Co.. II
Eldorado Gold M Ltd— .1
Joliette-Que
Jan
3*c
•
Howey Gold Mines
l*c
99c
— -
— —
3*c
Central Cadillac Gold... .1
Falconbridge Nickel...
Francoeur Gold
Brit Col Power A...
Jan
20*
128
22*
Jan
22
Jan
7*
4*
24
Jan
21
15
1,754
9*
4
*
50c
Jan
16*c
21*
5
-
5c
—
"l
Capltoi-Rouyn Gold
Cartler-Malartlc Gold.. .1
Dome Minea Ltd...
1.000
1,390
8*
*22""
*
2*c
*
Cndn Malartic Gold
19c
27*
19C
27
-
10c
Jan
11.75
22
Jan
22c
Jan
10c
Jan
Feb
49,600
Jan
3,500
32*
20c
Jan
lc
.
7*
Jan
30c
17*c
Jan
35o
4,000
16*C 16*c
Arntfield Gold Mines— .1
1
Beau!or Gold
Bobjo Mines..
40c
—
Jan
25
45
30
High
Feb
7*
75
7*
30
Low
25c
700
"~18c
British American Oil.
Mines—
Range Since Jan. 1,1939
-
Shares
25c
7*
7*
'
Aldermac Copper Corp..
High
50
1
Brew & Dist
,1
Low
25c
*
4*
106
Week
1
7
'
for
of Prices
Price
Par
Big Missouri
4*
7
_*
Walkervllie Brewery
High
Stocks (Continued)
High
Low
Shares
104
103
Sales
Week's Range
Sale
for
Sale
Last
1, 1939
Range Since Jan.
Last
Exchange
Friday
Sales
Friday
8
Jan
Jan
10
Jan
Jan
Financial
1012
Chronicle
Feb. 18,
1939
Canadian Markets—Listed and Unlisted
Stock
Toronto
of Prices
Low
High
Week
Price
Par
Range Since Jan. 1, 1939
Shares
Low'
Hlnde & Dauch
13 *
13
13%
Hollinger Consolidated—
14%
14*
14 %
2,525
Home Oil Co
2.28
2.23
2.40
14,945
20c
10,300
28c
6,650
18c
Homestead Oil
Jan
15
13%
Jan
1.98
Jan
17c
Jan
24c.
15
Jan
Slscoe Gold
3.75
Jan
Jan
33
64%
Feb
70*
8%.
10
■8%
Jan
9%
.
—5
Imperlal Tobacco
Preferred
205
33
202%
Feb
16%
6,055
15%
Jan
16%
838
13%
Jan
209
16%
Standard Paving
215
16%
16%
Jan
Jan
Feb
Steel of Canada..-
6%c
Jan
13c
Jan
ll*c
Jan
48c
Jan
1.C3
Feb
2
Jan
16%
68
Jan
Feb
*
_
73
8
Feb
40c
700
35%c
J an
45c
Jan
Sturgeon River Gold
40
5
Jap
7
Jan
45
83
Feb
Jan
Sullivan
79%
Feb
88
Jan
105
Feb
86
84
105'
100
51*
.nternatlonal Pete
*
26%
50%
26%
28%C
8%c
8%c
9% c
8%C
-1
Jellicoe Cons
J
"
M Consolidated----,.
Kelvlnator.
7c
26*
2,230
104
5,523
Feb
Straw Lake Beach
~~7%c
...
91%
46%
Jan
56%
Jan
27%
Jan
Laguna Gold.-
34C
Jan
Teck
Jan
11%C
Jap
10,100
8%c
Jan
13 *0
11c
Jan
7%c
Hughes
B
Jan
4.75
Jan
1.05
Jan
1.30
Jan
20
106
106
7%c
2,500
7%c Jan
8*c
Jan
UChl
47
47%
1,230
Mortgage.
Jan
50*
Jan
Union
Feb
46,030
35c
12%
1,083
75c
4,300
6%c
18,200
5c
70c
73c
17,675
70o
2,155
2.95
13%
41%
4%
Gas..•
Preferred B
Jan
6.80
Jan
United Oils
Jan
5.55
55
43 %c 46 %c
70c
55%
Feb
United Steel
Jan
54c
Jan
Ventures...
13*
Jan
Vulcan Oils..
66c
Feb
85c
Jan
8%c
Jan
Walte
Feb
85c
Jan
Walkers——-
Jan
3.60
Jan
Jan
Wendigo
23%
21%
5.35
24
830
22
Jan
24%
22
643
21%
Feb
23
30
15%
Feb
15%
Feb
5.50
2.83
'
1
2.70
2.50
Mad sen Red Lake.......1
48c
48c
53 c
1
56c
53c
59c
Manitoba & Eastern-—--*
l%c
1%C
l%c
MacLeod Cqckshutt
Malartlc Gold
Maple Leaf Gardens pref 10
6
Maple Leaf Milling
Preferred..
1.25
.*
.
Maralgo Mines
Massey Harris.—--
3%
4*0
-.--1
*
5%
100
Preferred
Preferred
45
-—-
.
100
Mclntyre Mines
54
5
13%
42
4%
10%c 10%c
Moneta-Poreupine
Jan
5.80
Jan
60c
500
60e
Feb
1.00
Jan
1.22
38*
——100
15% c
1
l%c
National Brewing
National Grocers..------
42
National Steel Car.......
55%
National Trust—
-
6.80
7.45
Jan
8.25
47%
1,237
42
Jan
51%
Jan
20%
1,649
19
Jan
20%
Jan t
15c
14c
15c
14,850
12c
Jan
15c
Jan
5c
2,700
5c
Feb
10c
11%
.289
10%
Jan
12%
Jan
lc
1,500
Ho
Feb
lc
Feb
6%C
5,700
1.65
160
1.50
Feb
1.80
Jan
1.70
200
1.70
Feb
2.00
Jan
fot
12,200
49c
Jan
75c
Jan
7c
2.05
Stocks—
Jan
Par
Brett-Tret he wey
3c
•500
2*0
Feb
3c
Feb
9c
500
8c
Jan
12 *c
1.45
Jan
Canada Vinegars
1.35
14,685
1.18
Jan
38%
1.20
38
442
35%
Jan
164
35
158
170%
Canadian Marconi
Coast Copper.-
5
Jan
Jan
20c
Jan
Consolidated Papek.....
Consolidated Sand pref-100
Jan
2%C
Jan
Crown Dominion
42%
6%
Feb
61%
Jan
45
42%
5%
54
6
,
40
Jan
5%
185
Feb
667
193
49
Jan
4
56%
190
Jan
31c'
,
195
8c
5c
Foothills
Jan
Jan
Jan
8,700
8c
3*c
Jan
25c
1.75
81%
Jan
Honey Dew pref—
...*
Jan
Humberstone-—
13c
Jan
Jan
6c
Feb
KIrkland-Townslte—
1
*
50c
Jan
70c
Jan
45c
Jan
51c
Feb
8.25
8.25
300
8.10
Jan
8.50
Jan
2.60
3.35
Jan
1.73
Jan
2,225
1.20
3,834
1.01
Jan
2c
9,000
1%C
Feb
2*c
39c
42c
Jan
53c
13,058
36c
1.95
2.00
1.50
Jan
6%
100
4%
Jan,
45c
50c
3,800
38*c
6%c
7,200
70
Cons..
75c
13
5
12
Rouyn
Royalties
1
Dome
I
Prospectors Airways
l
Gold
Feb
7c
Jan
Abltib'i
Jan
Alberta Pac Grain 6s..1946
1.70
30%
62
l%c
l%c
3,500
1(5
Jan
?c
Jan
1.50
1.62
2,610
1.40
Jan
1.95
Jan
1%C
1,100
*c
Jan
Jan
1*C
Jan
120
Jan
Jan
Industrial and Public
-Sid
13 %c
1963
Ask
55%
85
15c
1.45
Jan
1.83
Feb
Jan
5.60
Jan
Beauharnois Pr Corp 5s '73
Bell Tel Co of Can 68.1955
Jan
2.70
Jan
Brown Co 1st
1.95
2.09
8,900
1.85
Jan
2.45
Jan
Burns A Co 5s
10*
31
10%
Feb
12%
Jan
Calgary Power Co 5s.-I960
102% 103*
106
18c
24c
5*s
1946
—1958
105%
49
21c
1,000
Jan
Canada Bread 6s
2.18
750
2.00
Jan
2.40
Jan
Canada Nortb Pow 5a. 1953
103%
10%
50
10%
Feb
10%
Feb
Canadian Inter Pap 6s 1949
1.50
1.63
33,145
1.19
Jan
1.75
Feb
98%
Canadian Lt A Pow 5s 1949
55c
900
50c
Jan
58c
Jan
Canadian Vlckerg Co 6s *47
4,000
22c
Jan
33c
Jan
24
Feb
28
Jan
Jan
1941
187% 189
5
Jan 11*C
31C
64
180
Jan
685
36
Jan
13 %c 15%c
20,025
10%c
175
3%
3%
31
1.35
7
1.57
47,685
15c 15*c
6,300
-
50*
.
-
-
-
-
—
99*
Jan
Feb
Jan
3
Jan
695
"20
Jan
22
Jan
55
38
Feb
7c
4,900
38%
14%c
Jan
Jan
Feb
97
1949
42
Jan 11950
99
100
Jan
Gatlneau Power 5s... 1956
104%
Feb
Gt Lakes Pap Co 1st 5s '55
83%
Jan
17c
Jan
Int Pr A Pap of Nfld 5s '68
3c
7,800
3c
Jan
92c
Jan
Feb
73
1.06
1.17
12,603
1.00
Jan
1.45
Jan
6.05
6.00
6.10
2,303
5 25
Jan
6.40
Jan
2%c
2%c
2%c
2,626
2c
Jan
2*<s
Feb
4%
5
300
4%
Jan
5
Feb
5%B
1961
6s
1951
M»cl<&ren-Que Pr 5^8 '61
50*
104
101
101*
96
97*
Dec
1
1957
103
96
97
1957
94
96
101
105* 106*
2nd
99
conv
deb
4s
4*s series B
1966
105
106
Shawinlgan W & P 4 *s '67
105
105*
Smith H Pa Mills 4*s '51
102*
84*
United Grain Grow 5s. 1948
101% 103
United Secure Ltd 5*s '52
87
88*
48
49%
103* 104-
Winnipeg Elec 4 *8.
/Flat price
n
.
.
1960
89
90
59*
60*
102
4-58 series A
1965
65*
4-58 series B
1965
48*
f
•No par value.
49*
104
74
Lake St John Pr A Pap Co
2,350
4*c
1.01
Jan
1.01
1973
Saguenay Power 4*8 A '66
44
Fraser Co 6s
1.00
33*
Provincial Pap Ltd 5*s '47
Eastern Dairies 6s
1.11
—1956
1
Price Brothers 1st 5s..1957
East Kootenay Pow 7s 1942
Too
1939
par value) 3s
3*8
3*8
94*
Jan
1
48
106
Montreal LH&P ($50
47
Feb
50c
104
46
4%
1.57
46*
/31*
Montreal Island Pr 5*8 '57
93%
44%
15%c
Jan
2 *s to'38-6 *s to'49—.
Minn A Ont Paper 6s. 1945
102
Jan
1.18
A$k
83
83
100
Feb
14c
1952
Power Corp. of Can 4 *s'59
99
Jan
1956
Bid
a
Maple Leaf Milling—
5s
1961
Dom Gas A Elec 6 Hs.1945
Donnacona Paper Co—
4s
*
Manitoba Power 5 *s.1951
113% 115
Jan
32
Utility Bonds
Montreal Tramway 5s 1941
101
190
Feb
31
5%s ex-stock
Jan
40%
-
Consol Pap Corp—
Jan
Jan
M
109JMj 109*
41*
40%
2.10
3c
1
Jan
2
6*8 series B
2.45
31
1.55
31
91
a
55%
83
4.70
3%
100
.*
P & Pap ctfs 5s
2,380
39
Corp
115..
13%c
Closing bid and asked quotations, Friday, Feb. 17
Cedar Rapids M A P 5s '53
187*
45
'2%
3,965
28c 28%c
24
24
*
>
120
2
13,975
18c
_
120
1.81
9,500
Slgman Mines, Quebec.
Silverwoods..
TijB
5.30
24c
Gold.
Jan
30*
2.63
7%c
Sherrltt-Gordon
29% '
30 %
5.20
6,700
Sheep Creek
Feb
38
61c
48c
9c
1
10c
9*c 11*C
7c
6*c
8c
River Gold...
Feb
6,100
12c
38
Jan
20c
1
Feb
15
9*c
Jan
24c
Lawrence Paper
San Antonio
12
Jan
Jan
8%c
St Anthony
Feb
13%
38
7*C
7%c
1
St
10
*
Jan
5*C
6%c : Jan
4%c
Jan
*
100
25
27
1
1,000
1
Royal Bank
Royal lte Oil
Jan
.
15
Temlskamlng Mines
6%c
Riverside Silk
Lac
Jan
Jan
6
12
Supertest ord__
6c
6c
95
Roche
Ronda Gold Mines
1.45
13 %
Jan
10c
55c
*
Reno
Jan
Feb
4%
Jan
21c
L54
Jan
12c
,
10%
2.15
*
Feb
37%
10
2.60
25c
Metals
Jan
70
Jan
16c
10%
Premier
60c
13
10
100
Feb
15
Feb
Jan
13,100
1.95
2,050
Feb
7c
1,500
15,400
1
75c
6%
2,100
6c
Corp..._-_
75c
Jan
Jan
5%
Jan
Jan
2c
Feb
28
2.00
10c
52c
5.25
40c
70
52*c
9*c,
5c
1.75
7%
75
Jan
49 *c
"
Jan
Feb
25
13
,
Jan
Feb
2c
,
2%
90
21
4.75
50c
1
1,950
Feb
Feb
%
Jan
.1.05
70
20%
12c
5%c
1
Gold..
45c
Jan
Jan
33%
*
21
104%
7c
Pioneer
70
—•*
.
Jan
1
Pickle Crow..
Jan
Shawinlgan
Jan
171
9%c
6%c
1
1
3.85
'
1
Gold...
Gold
.
Pend Oreille.—.
8,635
101%
1
—
4
5
50
5
1
4.25
6c
1
Pantepec...
_
'4.00
100
Too
Pawnee-Kirkland
Jan
6c
_*
1
2,493
2c
Jan
5%
Porcupine
Pandora-Cadillac:—j
5%
70
45c
Robt Simpson pref.-..100
Rogers-Ma J estic__
1
2.85
1.08
1%0
2.00
1.80
70
Robb-Montbray
i_*
350
Feb
"
1*C
Montreal LH&P
3,467
3,600
~40c
.2.00
33%
*___*
50c
1
90C
4%
14
Jan
Feb
Jan
1,200
*
...
61c
2.40
95c
2c
Fraser voting trust
*
Hamilton Bridge
..——*
Feb
Jan
5
100
Jan
15o
70%
Jan
12
,
70
Dominion Bridge._•——„*
J an 51*c
9C
4
75
*
DeHavilland pr ef
Feb
1.65
600
6c
,
High
3%c
Jan
60
—-*
Dalhouste Oil
Jan
l%c
4%
5%
14c
1*C
2,300
1,570
3,996
1.08
Low
36,000
1.80
1.80
500
3*c
13%
4%
12%
1
83,843
1.75
2.75
Range Since Jan. 1,1939
Shares
95c
Jan
Jan
41
Jan
•
l%c
15c 16%C
*
High
.
2%c
*
14c 16%c
,1*C
41,200
*
Low
__1
:
Canada Bud
9c
._
J__1
L
Price
Jan
Jan
40,800
Oils
Preferred
Sales
Week
51o
Pamour
Shawkey
Friday
of Prices
40c
__1
Feb
Exchange—Curb Section
Week's Range
6%c
Page-Hersey
Sand
Feb
Sale
50
_*
St Lawrence
Jan
8.75
Last
80*
-
Long
19C
Jan
Jan
1.65
—
Preston E
Feb
8.00
Feb. 17, both inclusive, compiled from official sales lists
50c
Oro-Plafa.
Premier
to
*
Orange Crush.
Prairie
10*c
Jan
34% C
Orange Crush pref
Power
65
8,600
10,904
13c
Feb
5*c
Partanen-Malartlc
Feb
13c
1.32
1.65
50c
Powell
Toronto Stock
Feb. 11
Jan
4%c
*
Perron
55
500
Normetal
Paymaster
Jan
3,840
8c
Paulore
Jan
1.72
6c
Pacalta
93
4%c
1
Omega Gold
Feb
1.60
.1
Okalta Oil
65
Feb
8
,
Jan
83
57c
Norgold Mines
North Empire.
O'Brien Gold
45
Feb
8.75
Jan
79%
Northern Canada..-,
65
8
Jan
8%c
8,55
Teo
Jan
~i~70
:
65
25
Jan
10%c
-.1
*
8
<
9c
*
Nordon Oil
8
1.12
~~36c
1
8
5%c
Jan
Jan
1,800
15,300
12,500
79 *
8c
Olga Gas
7%
7
10c
.5
Mines.-----
Jan
"
Jan
'
Nlplssing
100
Wright Hargreaves.
Jan
60
1.25
6c
1
New Golden Rose
5%c
Jan
5*c
Wood (Alex) pref.——. 100
Jan
5%
50%
54%
6.20
16,361
lc
11
5%c
Wood-Cadillac
7c
Jan
Jan
19%
Jan
Feb
40
150
193
Newbec. Mines..
Noranda
90
42
5%
—100
Naybob Gold
5%
6,095
15
162
M orrls-Klrkland
Murphy
6
,
Jan
47%
:
3c
1
*
...
4,200
Jan
7
5.05
7.00
Jan
3%
Jan
Jan
15%c
1,390
3,800
1.50
Preferred
3%
4%c
431
9c
Moore Corp..
A,
l.C
-25c
-
Jan
5C
7
*
Monarch Oils
l%c
4%c
Mining Corp..---,———*
Mln to Gold
Feb
3%
■
*
Merland Oil
lc
51c
>
McWatters Gold
B:
7
Jan
5%
5.65
Winnipeg Electric A
Jan
1.65
Feb
47%
19%
Wlltsey-Coghlan .i.
Jan
1.15
1.22
..—1
M c V lttle-Graham
J.n
55C
Jan
Jan
Feb
5
Jan
64c
Feb
10c
4
13%
42
5.35
5.55
;.—*
3.20
5%
Jan
Jan
4%
500
Jan
Feb
35
85
•
Jan
1.65
Jan
1.70
Westons
Jan
1.25
11%
1,893
538
4%
5
1.25
1..1
Jan
9
Jan
40c
-*
'
39c
10
45
53
Jan
108
Jan
*
43c
9%c
1
McKenzle Red Lake
2.27
105
6
6%
6%
5.90
1.25
88%
*
McColl Frontenac—
Jan
4.75
2,185
7,648
23,550
22,200
3,000
Feb
28c
—*
Amulet.-.1
Preferred
Jan
15%
5.30
106
Jan
15%
1
Jan
10
39%
West Turner Petroleum50c
■
Jan
3,000
..1
Jan
Jan
16%
90
Jan
60c
*
11%
2.30
Feb
1.40
5
Jan
Feb
700
13
*
*
...
107
Feb
1.90
Jan
13%
32c
White Eagle---——-——*
Macassa Mines
Jan
85
1.37
1.38
100
United Fuel pref
Feb
3%
3%c
Jan
2*c
1,906
Jan
7
32c
25
46 %
2
Jan
50
__1
Gold...—.
100
325
-....
_._1
1,000
55%
105
50
300
Toronto
6.05
107
106
2.01
Towagmac
21%
4.20
4,450
85
Feb
100
4,032
1.13
13%
5%c
.
4.40
1.10
2.00
70c
Loews (M)
4.35
85
Feb
_23*
12
13%
70c
Loblaw A_._
Jan
13%
65c
3.20
11%
"2T00
5*c
*
—*
425
1
1
Little Long Lac.___
11%
*
...__1
—
Lebel Oro
3.55
Toburn
12%
Leitch Gold—
Jan
Toronto General Trusts 100
1.45
12%
Jan
Toronto Elevator
Jan
Jan
5.90
4
2%
Jan
Jan
55%
Jan
3.10
Feb
45c
45c
1.01
10
2.08
1.15
2
Jan
Jan
803
Jan
6,560
12
55,606
2*0
Jan
a.oo
3%
Jan
34,200
2*c
24%c
Jan
3.50
Jan
10
73 c
47
2,627
Jan
5,810
1.45
~2%C
..•87c
2.10
11c
Jan
20c
7c
45,490
Jan
7%c
500
1,050
1.66
30
2.00
15,800
2.45
Jan
3.30
TId Top Tailors pref...100
1
-Z
1
(new).
Cap Gold
Feb
11%
Texas Canadian..
60c
100
Laura Secord
Jan
4
1.12
Jan
8c
1.35
*
Lamaque Gold Mines
Land Bank & Loan
73
Jan
,
4.40
26%c
10c
2
Lapa Cadillac
Jan
3
85c
*
3,500
10%
Lake Sulphite
*
67
10
Jan
3%
10,799
7%c
1
Lake Shore..
155
4
2.35
3.40
9c
7c
-1
Larnaque Contact:
Jan
73
.
Tamblyns..
70c
-1
515
18%
77%
Jan
24%
.
2.45
-
1.40
Kirk land-Hudson
Kirk land Hake
50
7%c
8%c
20%c 20%c
20%c
30c
-
1.89
Too
Kerr-Addison
Lava
52
10%
*
:—
5
105
*
Jack Walte..,
70
84%
105
International Nickel
Jacola Mines
18%
73%
4
Syl vanlte Gold.
85
—100
Preferred A
Intl Milling pref
155
Supersllk A
Feb
.8
Jan
2%
72%
69%
70
Sudbury Basin..-------
30
8
4c
2%
25
6%
85
Jan
13c 155,900
100
40c
85
Jan
80c
6c
1,000
1.03 259,577
j
Preferred.---i
Sterling Coal
6%
8
100
Jan
1.67
Jan
Jan
10c
'
Preferred
1.26
85c
:
6%
-1
52c
18%
i
16%
£1
...
Inspiration,
8,750
"lie
J
16%
International Metals A—
16,655
65c
"~89c
Lake
Stedman..
16%
1.39
High
90
Jan
Jan
8%
209
82%
6c
Stadacona
69%
Low
270
85
60c
South End Pete
Jan
Jan
Range Since Jan. 1, 1939
Shares
1.26
1
1
Jan
35%
84
1.27
1
—
26 %c
30 %c
100
100
84
Sladen Malartlc
Jan
64 %
Imperial Bank
Imperial Oil
Week
Price
Simpsons pref
Slave
for
of Prices
Low
High
100
Jan
Jan
33
20 % preferred
13
30%
33
100
Huron & Erie
520
Week's Range
Par
Stocks (Concluded)
High
257
18C
27c
Howey Gold
Hudson Bay Mln A Sm..
Sales
Last
Sale
for
Sale
Stocks (Continued)
Week's Range
Exchange
Friday
Sales
Last
Stock
Toronto
Exchange
Friday
Nominal.
66*
49*
Volume
Financial
148
Quotations
on
New York
Bid
City Bonds
Bid
Jan
1 1977
98 K
98 K
a3s
Feb
1 1979
98
98 K
1013
Over-the-CounterfSecurities—Friday Feb. 17
Ask
038
Chronicle
Ask
FISCAL FUND,
117
116
106K
107 K
1 1960
105
105K
a3Ha Jan 15 1976
a4s
May 1 1957
105
105K
111
112
04a
Nov
1 1958
11154
11254
i4Hs Apr
1 1968
o4tf8 Apr 15 1972
a4Ji8June 1 1974
i4Ks Feb 15 1976
«4KsJan
1 1977
14KB Nov 15 '78
i4Kb Mar 1 1981
14 Ha May l 1957
14 Ha Nov
1 1957
a4fl
May 1 1959
111 K
U2K
i4HsMar
1 1903—.^
119
a4s
May 1 1977
113H 114K
14 Ha June
1 1965
119K 12054
a4a
Oct
1 1980
114K 115K
11454 115K
1 1967
15 1971
120H 121K
14 Hs Dec
115K 116K
o4Kb Dec
1 1979
124K 12554
o3*8 July
101K 102 K
1 1975
03 Kb May 1 1954
106
d3Ks Nov
1 1954
a3Ks Mar
a4Hs Sept 1 1960
o4Mb Mar 1 1962
04
Ks Mar
11964
107K
14 Hs July
1-1-7K 118 X
119 K
118
Bank Stack Scries
118K 11954
118K
inc.
Insurance Stcck Scries
12D
119K 120K
120H 121 K
Transcontinent Shares Corporation, Sponsor
110K 11754
LOS ANGELES
116K 11754
JERSEY CITY
BOSTON
120
123
122
New York Bank Stocks
115K 116H
Bid
Par
Ask
Par
■
■
Bid
Ask
Bank of Manhattan Co. 10
Bid
1
3s 1974
Ask
52.15
62.20
3s 1981
less
less
Bid
1
4Kb April 1940 to 1949—
Highway
5s Jan A Mar 1964 to'71
62 35
—
—
.
61.60
National Bronx Bank...50
42
46
45
National City
12H
24 K
26
75
National Safety Bank. 12 K
Penn Exchange
10
11H
13K
10
12
160
166
54
710
750
Peoples National
Publlo National..:
47
Fifth
World War Bonus—
1
Canal A Highway—
Ask
17K
40
Bensonhurst National
50
Chase
13.55
Commercial National.. 100
New York State Bonds
16 K
Bank of Yorktown..66 2-3
Avenue
25
28 54
First National of N Y—100 1670
135K
30K
1710
Sterling Nat Bank A Tr 25
21K
103
Trade Bank
15
Canal Imp 4s JAJ '60 to '07
135K
23 K
18
143
....
140 K
Barge C T 4s Jan *42 A '46.
113
Barge C T 4 Ks Jan 11945.
116
Ask
Port of New York-
107K 108 K
Gen A ref 2d ser 3548 '65
r—-
NEW YORK BANK, TRUST CO.
104
and INSURANCE STOCKS
Bid
Holland Tunnel 4Kb ser E
1939-1941
MAS 60.25 to
105K 106 K
Gen A ret 3d
Gen A ret 3 Mb
1942-1960
MAS
Laird, Bissell & Meeds
0.90%
112
111
120
Broadway, New York
Inland Terminal 4Kb ser D
-
Wilmington
1939-1941
MAS
60.59
19421960
George Washington Bridge
4Hs ser B 1940-53.MAN
Ask
105
99 K 100 K
101K 102 K
1977
MAS
110
to
1.30%
Bell
111
System
—
Teletype N Y-l-1248 and 1-1249
New York Trust
United States Insular Bonds
Bid
4Kb Oct
j
112K
1952
Par
A sk
112^1 113
a959..
4Kb July
113
5s
Apr
1955....
101
Feb
1952
115
122
Bank of New York
Ask
Bronx
116H 118
4Kb July 1952
5s
July 1948 opt 1243.
117
119
112
114
384
50
'52
7
5
..100
74
County—
Central Hanover
112
111K
Par
6K
79
89 K
46
54
60
Colonial Trust
25
256
Irving...
Kings County.
Lawyers......
1
*
©
1
27
—20
39
41
—.20
52
54
94
97
Bid
Ask
Bid
10554 105K
105K 105K
3s 1950 opt 1940... —JAJ
3s 1956 opt 1946... -MAN
10554 105K
3Kb 1955 opt 1945—MAN
4s 1946 opt 1944
JAJ
8K
10 K
New York.....
13K
52 K
15K
53 K
Title Guarantee A Tr.
—20
..10
13 K
14K
I
nsurance
Par
100
Montgomery 3s...
100
101
/31
/31
34
New York
34
North Carolina 3s.
100
'
101
Ohio-Pennsylvania 5s
100
100
52
Central Illinois 5s
Chicago 4Kb and 5b
34K
/31K
/4K
5K
101K
100
..
101
Oregon-Washington 5s
/48
Denver 5s
99 K 100K
Pacific Coast of Portland 5s
First Carolines 5s.—
99 K
Pennsylvania 3Ks—
101
First Texas Of Houston 5s.
100K
54
107
108K
101K 102 K
Potomac 38
100
101
84
St Louis 5s—
/2l
23
85K
San Antonio 3s.—
10054 10154
Southern Minnesota 5s—
Fort Wayne 4KB—
Fremont 4Kb
Phoenix
fl2
13
82
84
100
83 K
Greensboro
3s
Southwest
Lincoln 4Kb..
92
91
—
101
90
....
—
99
93
5s
-
—
10054
100
101
99
Virginia-Carolina 3s
10
73 K
76H
Jersey insurance of N Y
24
Knickerbocker....
5
26 K
8K
Lincoln Fire
5
13 K
39 54
1454
4154
26K
54 H
28
Mercb A Mfrs Firs New'k 5
954
50 K
Merchants (Providence)..5
32 K
100K
34K
....10
American of Newark._.2 K
Re-Insurance. 10
Automobile
—
38 K
Camden
25
7K
6K
98
94 K
100
595
5
20
22
Fire.——
Merch Fire Assur
46
5
com
10
National Fire
10
2554
27K
10
22
27
23 K
23 K
New Brunswick
...10
New Hampshire Fire...10
New York Fire
...6
5
33K
35 K
Northern
Eagle Fire
_.2H
Employers Re-Insurance 10
IK
49K
2K
51K
8K
North
Carolina.
—10
City of New York
5
Federal.
10
Fidelity A Dep of Md. —20
Fire Assn of Pblla.—..10
Fireman's Fd of San Fr.25
7
42 K
43 54
121 K 123 K
58 K
60
12 50
River
2 50
Northwestern
5
9
10K
Franklin Fire..
5
29
30 K
Par
Atlanta
45
.
..
45
—
Denver...
100
117
125
37
42
Potomac
63
70
San Antonio
—
Moines—
First Carolines
North
Carolina
Bid
110
Accident.——.5
19K
80 K
21K
Providence-Washington .10
32 K
34K
Preferred
Reinsurance
Corp (N Y)_2
Republic (Texas)..
10
Revere (Paul) Fire——10
...
3K
5K
Fremont
1
2K
Virginia-Carolina
Lincoln
IK
5
40 K
42 K
Seaboard Fire A Marine..5
12K
1354
25K
Security New Haven
5
5
25
100
20
.100
85
75
Virginia
5
100
IK
.
80
2
3
.
5
Globe A Rutgers Fire—15
—100
Pennsylvania...
Rhode Island
Globe A Republic
69
72
.5
25K
2054
9K
23
10K
24 K
>
2d preferred..
—.16
25K
4
4K
223
0
6K
228
7K
29K
32
Springfield Fire A Mar..25
Stuy vesant.
5
120
123
Sun Life Assurance....100
430
Travelers
448
_
10
—
100
30
32
74
77
U 8 Fidelity A Guar Co—2
U S Fire
4
54
56
U S Guarantee
30H
32K
Westchester
5
27 K
24
6K
..10
10
Home
10K
2554
30
Surety
10
Hartford Fire
Hartford Steam boiler
9
2754
Seaboard
...10
Hanover
85
23
Great Amer Indemnity... 1
Halifax
10
Great American.—.
98
27K
129
St Paul Fire A Marine.—25
Glens Falls Fire..
18K
95
26 54
7054
Rossla
14
47
125
26
75
34
45 K
17
113
24
Ask
'14K
32
10
43
10
8K
123K
25
24 K
65
13K
6
29K
0'K
National.25
41,K
100
5"H
7K
119
10K
Pacific Fire
22
—100
Par
New York..—.
39
—,..100
Dallas,
Des
Ask
Bid
100
Atlantic
28
61 K
49 K
Phoenix
Gibraltar Fire A Marine! 10
.——10
254
454
3%
80
83
Firemen's of Newark
Georgia Home
UK
2
58H
National Liberty
2
National Union Fire
20
New Amsterdam Cas_—2
605
41
1054
Maryland Casualty..
1
Mass Bonding A Ins—12 H
National Casualty
Genera] Reinsurance Corp 5
Joint Stock Land Bank Stocks
2K
4
10
American Home
Excess
"
100
6s
Virginian 5s
Ins Co of North Amer
Ait
18 K
65
Continental Casualty
99 K 100 K
Union of Detroit 4Kb—
90
1615L
VA
10
Connecticut Gen Life—10
99 K
100
Lafayette 58—
98K
96
...
Iowa of Sioux City 4Kb—
5«
101
100
Illinois Midwest 5s
—
102
82 K
5s
104 K 106K
4Kb—
Bid
10
2454
6K
Baltimore American—2 K
1954 10054
68
Par
Home Fire Security
Homestead Fire
22 K
Bankers A Shippers
Boston
100 K 101
102
101
First Trust of Chicago 4Kb
Fletcher 3Ks
107K 111K
45 K
47 K
28 54
30K
5
American Reserve—....10
100 K 101
_
Dallas 3s
3K
4K
U
Fire
21
22 K
10
5154
f9K
2.50
3354
53 K
61K
3554
Federal Intermediate Credit Bank Debentures
'
Bid
Ask
|
due
Mar 15 1939
A 1K% due Apr 15*39
due
May 15 1939
due
June 151939
due
. July
15 1939
1% due
Aug 15 1939
1%
1%
1%
1%
1%
.
.
Ask
Bid
1% due
1% due
1% due
—
1% due
1%% due.,.
Sept 15 1939 6.30%
Oct. 10 1939 6 .35%
Nov
11939 6 .35%
Dec
1 193 ) 6 .35%
Jan. 21940 6 .35%
...
Debenture
Bid
Continental Illinois Natl
Bank A Trust
33 1-3
First
National...
Par
Ask
—.100
206
214
73 K
71K
219
224
h'
Nat Union Mtge
91
1953
293
303
Northern Trust Co..—100
515
33
35
SAN
87 K
....
68
.
.
..
page
1015.
....
1954
97
....
53
49H
..
.
.
1953
88 K
....
53 K
55 K
Potomac Deb Corp 3-6s '53
48 K
51K
54
57
1953
1953
3-68
90
Potomac Maryland Deben¬
Nat Bondholders part ctfs
Central Funding
FRANCISCO—
2-58
1953
Issues)
Potomac Cons Deb Corp—
Potomac Franklin Deb Co
Mortgage Bond Co of Md
Inc 2-5S
Corp (all
3-68
series B A
C..—.T_
series A A D
ture
Corp 3-6s
1953
94
....
53
56
Potomac Realty Atlantic
/25
/25
.
...
.
-
Deb Corp 3-08
1953
'
.
.
Nat Cons Bd Corp 2-5s '53
For footnotes see
81
Series B 2-5s
530
Bk of Amer NT ASA 12K
1954
57
55
Interstate Deb Corp 2-5s'55
Ask
Ask
Corp—
Series A 3-6s
55K
Empire Properties Corp—
2-3s
1945
Bid
Bid
Ask
87
Potomac Bond
Harris Trust A Savings. 100
100
3-6s
Cont'l Inv Bd Corp 2-52 '63
CoDt'l Inv DebCorp3-0s *63
American National Bank
A Trust
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-08 '53
Associated Mtge Cos Ino—
Chicago & San Francisco Banks
Par
Surety Guaranteed Mortgage Bonds and Debentures
Bid
6.25%
6.25%
6.25%
6 25%
6 .25%
6 .30%
~
-ifr
6K
Companies
Ask
10
Equitable
American
100K 101
5s
10
Bid
American Surety—.....25
Ask
101
Burlington 5s.
New Orleans 5s.
—100
80
United States—..... -100 1565
—-25
American
Atlantic 3s...
4KB..
—
American Alliance...
Bid
Ask
100 K
Life...
Agricultural
Joint Stock Land Bank Bonds
99 K
5 K
Ask
10654 107 K
Aetna
Bid
.
11154 11134
Aetna Cas A Surety....10
Aetna
...10
Atlanta 3s
i.
'.it
Preferred
20
n.
.
30
"
Manufacturers.
Continental Bank A Tr.10
Empire
11
1560
—.25
Underwriters
Federal Land Bank Bonds
3sJ1955 opt 1946—
10
-100 1510
92K
44
50
.—20
Ask
215
251
Corn Exch Bk A Tr
Conversion 3s 1947
3.00
53.50
....
Bid
200
Guaranty.....
Clinton Trust
109 K
Companies
i
Fulton.
Chemical Bank A Trust. 10
110
U S conversion 3s 1946
Ask
374
10
Brooklyn
109 K 111
Bid
100
Bankers
124
Govt of Puerto Rico—
118
1941
Bid
U S Panama 3s June 11961
103
5s
5 Kb Aug
Hawaii 4Kb Oct 1956
Honolulu 5s
Tel. BArclay 7-3500
-
Philadelphia
108 K
107 K
Philippine Government—
_12H
....
Port of New York Authority Bonds
Gen A ref 4th ser 3s 1976
97
....
Canal Imp 4Kb Jan 1964..
Can A High Imp 4Ks 1965
3 Ks '76
100
.....
«...
ser
.50
Merchants Bank
4s Mar A Sept 1958 to'67
143
Gen A ref 4s Mar 11975.
33 K
31K
....
Improvement—
—
Highway Imp 4Kb Sept '63
Bid
.100
100
"
88 K
....
Nat Deben Corp 3-08.1953
52
55
Realty Bond A Mortgage
1953
61
Unified Deben Corp 5s 1955
49
deb
3-68
..
52
..
Financial
1014
Feb.
Chronicle
1939
18,
Securities—Friday Feb. 17 —Continued
Quotations on Over-the-Counter
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
and Youngstown 534s
Akron Canton
6s
-
4s
434s
434s
A Maine 6s.--
Atlantic Coast Line
Baltimore A Ohio
3oscpb talker $ Sons
Boston A Albany
York Stork Exchange
Members
'
120 Broadway
Dealers
a?|
Boston
434
Cambria A Clearfield 4a—,
Tel. RE ctor
NEW YORK
2-6600
STOCKS
—
Chicago St. Louis A New Orleans
Chicago Stoek Yards 5s
Since 1855
Nkh
5s
—j.
—
4s
Philadelphia 4s
1st 3348
Cleveland Terminal A Valley
Connecting Railway of
——
Duluth Mlssabe A Iron Range
Guaranteed Railroad Stocks
Florida Southern 4s
6.00
(Delaware & Hudson)——100
Allegheny A Western (Buff Rocb A Pitta)--—-----100
Beech Creek (New York Central)
60
Boston A Albany (New York Central)—
-100
Boston & Providence (New Haven)
——
100
Canada Southern (New York Central)
100
Carolina Cllnchfleld A Ohio com (L A N-A CL)
100
Cleve Clnn Chicago A St Louis pref (N Y Central)—100
Albany & Susquehanna
—
Delaware (Pennsylvania)
Fort Wayne A
118 34
57
2734
2934
84
86)*
8.60
16
20
8.75
-
48 34
2.85
4534
6.00
82 J4
84 H
5.00
67
70 34
79
,7634
3.50
2.00
44
47
2.00
.44
47
6.50
58
9734
154
158
48 H
4554
4.00
800
650
50.00
100
Buffalo 4s
United New Jersey Railroad A Canal 334a
3.875
33 X
35 34
5.00
56*4
83 H
3734
41 34
44
3.00
10734
17134
xlllX
6~82
64
6.00
Railroad Equipment
68
63
63
176""
Preferred
10034
*5
103
11534
75
~
94
91
10634
99
105
60
37
39
52
6534
Bonds
Ask
Bid
62 25
1.50
New Orl Tex A Mex 434s..
4 00
New York Central 4348—.
65.60
4 65
65.50
4 65
65.40
4.50
62.75
2.00
62.75
2.00
Canadian Pacific 434s
62.65
2.00
5s
Cent RR New Jersey 434s.
65.10
4.2
4s series E due
128
239
6.00
52
55 34
5.00
58
62
5.00
57 34
60)4
5.00
61
64
3.50
27
2934
3.00
5434
58
244
A
Maine 4348--.
61 50
1
64.50
3 50
64 50
3 50
65.25
4 25
65 25
4 25
Northern Pacific 434 s
62 21
1.50
Pennsylvania RR 434s—
61 50
1 00
5s
N Y Chic A St L 434s
5s._
N YNHAHartf434s—..
5s
Canadian National 434s-.
5s—
Chesapeake A Ohio—
-
1
1.50
62 20
6s.—
Dec 1 1937-50
Chicago R I A Pacific—
Trustees' ctfs 334a—-■
425
Pere Marquette 434s
4 25
Reading Co 434s
65 75
6.00
65 75
a
5 00
—
1
92
90
'
BBishop Reilly & Co.
5s
6348—
Erie RR 434s
Incorporated
NEW YORK
—
66 00
400
97
5s—
61 5i)
T—
2.00
99
98
100
64 50
3 75
3 75
62 75
534s
Soutnern Pacific 4348
2 00
1 75
2 00
63 0(i
Texas Pacific 4s
2 00
63 00
58
1 00
63 00
58
1 00
1 CO
2.00
64 50
Southern Ry 434a—-
100
61 75
Great Northern 434s
Bell Teletype: N. Y. 1-1043
Co., Chicago
4 00
2.50
97
434s
4 00
65 00
-
2.00
63 00
.
St Louis Southwestern 6s..
Denver A R G West 434s..
62 50
62 60
5s
St Louls-San Fran 4a—
65 00
2.00
234s series G non-call
1.5)
64.75
64,75
Chic Mllw A St Paul 4348.
1 00
2.60
62 60
1937-49
12 2 >
-
00
61.50
Jan A July
1
.
434s-
PUBLIC UTILITY STOCKS
3 00
2 00
62 75
4 00
3348 Dec 1 1936-1944...
6.00
10.00
DEALERS
4
86
8434
103
64 75
5s
Hanover 2-3888
7l"
69
64 75
5s—
WALL STREET,
9534
9434
Baltimore A Ohio 4348—-.
Chicago A Nor West 4348-
64
100
99
Atlantic Coast Line 434®-.
Boston
60
(Del Lack A Western)
West Jersey A Seashore (Penn-Readlng)—
Warren RRof N J
,
110
6s.
6734
100
50
—
94
64 00
—-
(Terminal RR)—
-.100
Canal (Pennsylvania),.—-100
Utlca Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western).
-.100
Vlcksburg Shreveport A Pacific (Illinois Central)---100
69
Ask
Bid
127
3.00
United New Jersey RR A
10034
10534
1990S
—
48~"
45
80
7.00
—
Tunnel RR St Louis
Pittsburgh 4s
West Virginia A
82
101
42
1.50
334s
Washington County Ry
86 34
4.50
—
434s
58 34
4.00
50
New York Lackawanna A Western (D L A W)——100
Northern Central (Pennsylvania)
50
Oswego A Syracuse (Del Lack A Western)—
60
Pittsburgh Bessemer A Lake Erie (U S Steel)—
60
Preferred
50
Pittsburgh Fort Wayne A Chicago (Penn.) pref—,.100
Pgh Ygtn A Ashtabula pref (Penn)———100
Rensselaer A Saratoga (Delaware A Hudson)--—100
St Louis Bridge 1st pref (Terminal RR)
100
Second preferred--100
Vermont Valley
72
76
.-1957
----1946
-1951
1940
...
1954
Toronto Hamilton A
9934
70
A Terminal 3348
———
—1953
4s—
—————--1950
Kansas Oklahoma A Gulf 5s
—--..—--1978
Memphis Union Station 5s
. _ .——
—1959
New London Northern 4s
—
1940
New York A Harlem 334s. —
——
2000
New York Philadelphia A Norfolk 4s
1948
Norwich A Worcester 434s
—,
——1947
Pennsylvania A New York Canal 5s
_1939
Philadelphia A Reading Terminal 5s—
-—1941
Pittsburgh Bessemer A Lake Erie 5s_.
——
1947
Portland Terminal 4s
1961
Providence A Worcester 4s —— —
—
——1947
Terre Haute A Pecoria 5s
—1942
Toledo Peoria A Western 4s
;
—1967
Toledo Terminal 4348-
61
9.00
Georgia RR A Banking (L A N-A C L)
*
100
Lackawanna RR of N J (Del Lack A Western)——100
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
52
2.00
100
Jackson pref (N Y Central)
7134
123
6.00
60
60
25
(Pennsylvania)-
Cleveland A Pittsburgh
Betterment stock
6834
10.50
—100
(Illlnolfl Central)—.—
Alabama A Vlckaburg
A/led
Bid
73
32
26
Louisville DIv.
in Dollar/
51
50
72
Indiana Illinois A Iowa
Dividend
98/4
29
Illinois Central—
(Guarantor in Parenthe*e«)
35
9734
1955
1956
-..-.1951
1961
1995
1951
1962
—1945
'
Chicago Indiana A Southern 4s.
EED
GUARANTEED
34
f32
/32
1946
—1945
1939
1939
1943
1940
1944
—
2.25
2 25
Hocking Valley 5s
Bid
Par
434s
63 00
2 00
5s.
62 Of
1 00
64 25
3 00
Union Pacific 434s
61 2r
0 50
63.50
2.50
Virginia Ry 434s
63.50
2.50
Wabash Ry 434 s
64 50
3.50
64 50
3 50
63 50
2 50
6s
—
-a—j..
———;
Maine Central 5s.———.
Pari
MX
|
1 00
63 00
Long Island 434s
Utility Stocks
60
Illinois Central 434 s
Public
61
Internat Great Nor 4348-.
Direct wire to Fuller, Cruttenden &
Rid
A/k
|
534sMissouri Pacific 4348a
89
Arkansas Pr A Lt
Associated Gas
7% pref ♦
90
90
Miss Riv Pow 6%
234
*
67 preferred
,334
Monongabela
West
Pub Serv 7%
6
534
634
8.5"
7% preferred
——100
Nassau A Suf Ltg 7% pf 100
11534
Birmingham Eleo 67 pref-*
Buffalo Niagara A Electern
82
Nebraska Pow 7% pref. 100
2154
2234
Newark Consol Gas
Carolina Pr A Lt 57 pref—♦
90
92
New Eng G A E 634
*
83
9434
New Eng
-25
preferred
6% preferred
Central Maine Power—
56 preferred
Cent Pr A Lt 7%
0334
New
8334
92
9334
634
■,
5
4934
5334
10134 10234
7% cum preferred
Northern
*'
..TOO
534% Pf 50
States
89
8734
Derby Gas A EI 67 pref..*
100
•
preferred...*
67 cum preferred
*
Hudson County Gas... 100
56.50 cum
Gas..*
Interstate Power 57 pref.*
40
10034 102
52
5234
100
110
6% preferred
Republic Natural Gas
97
Appalachian Elec Power—
1st mtge 4s.
1963
s f debenture 4348—1948
Associated Electric 5s. 1961
Assoc Gas A Elec Corp—
100
1
24
2234
a34
434
34 107
Rochester Gas A Elec—
100
102
100
5634
Kan Pow A Lt 1st 41^8
28
Lone Star Gas 3 34s
.1953
109
10934
3134
Mich Consol Gas 4s 1963..
98
35
Missouri Pr A Lt 334s. 1966
106
9834
10634
Mtn States Pow 1st 6s.193m
98
Conv
deb
1973
5634
58""
Narragansett Elec 334 s '66
6134
63
N Y, Pa A
1973
6834
8s without warrants.1940
N
93
95~"
2934
3D
Sink
4348—1958
fund lnc 4s—.1983
27
1983
29
31
Sink fund lnc 4-5s—1986
4348-5348—1986
Sink fund lnc 5s
108
30
31
32
9334
9534
100
Utah Pow A Lt 57 pref.
*
Virginian Ry
100
100
30 34
Old Dominion par 5e„1951
8 f lnc 5349-6348—1986
3134
Peoples Light A Power
Secured notes334s
1st
1968
10834 10934
94
95
1946
78 34
1946
83 34
7934
8534
7% preferred
—
11334 114
8034
100
59
Commonwealth
9634
Preferred
.
For footnotes w page
434-1
1
j
1
13
1015.
I
1
534
15
West Indies Sugar Corp.. 1
B
1961
98
47 34
Bid
4834
4834
| Ask
8234
/2034
2134
1st A ref 8s
2037
2037
1968
1st A ref 5s—
146
20234
11034 11134
Pub Serv of Northern 111—
1st mtge 3348
1968
194m
Republic Service coll 5e '61
St Joseph Ry Lt Heat A Pow
1947
10634 10734
81
8234
7034
105
103
San Antonio Pub Serv—
1st mtge 4s
1963
Sioux City G A E 4s—1966
10534 10534
10234 10334
51
Sou Cities Utll 5s A.-1958
4634
4734
Tel Bond A Share 5s„1958
70
71
9134
9234
Toledo Edison 3348—1968
10634 10734
10434 10534
Utlca Gas A El Co 58.1957
123
10934
Western Pub Serv 5348 *60
4934
3234' 35
4 J4
6834
81
Texas Public Serv 5s.. 1961
47 34
Crescent Public Service—
334!
Portland Elec Power 0« *50
434s
11034 11054
6s series
Par
Savannah Sug Ref com
Cuoan Atlantic Sugar. .7 34
74 34
Edison—
5s.
Eastern Sugar Assoc
234
67
—
1961
Public Serv Eleo A Gas—
Pub Utll Cons 534s
/134
7334
142
Sugar Stocks
Ask
10034
Central Publlo Utility-
8334
5734
lien 3-68
1st mtge 334s
1st lien coll trust 6s
10734 10834
*
55 preferred
|
10334 10334
102 34 10234
10634 10634
United Gas A El (Conn)
Bid
1959
10534 10634
10734 10734
Union Elec Co of Mo—
30
Par
10334
Ohio Pub Service 4a—1962
110
8334
9834
10334
1949
1954
Ohio Power 3 34s 1908
Central G A E 5348
96
9534
Toledo Edison 7% pf A. 100
8934
—
28
9534
94
2634
81
-..
334s—
334s
25
S f lnc
A Electric 334s
2534
8534
98
.1947
Cent Ark Pub Serv 5s. 194m
Long Island Ltg 6% pr.100
*
.1905
69
67
4s.—
North Boston Ltg Prop's—
10134
67 preferred
9934
10834 10934
N J Utll 5s 1956
Y State Elec A Gas Corp
4s-.——
25
4348—1983
Sink fund lnc
79
7734
North American Co—
Assoc Gas A Elec Co—
Cons ref deb
-
-—.1973
434s
Conv deb 5s
2934
100
Mississippi Power 56 pref *
11034 11034
4834
4934
2834
2834
Texas Pow A Lt 7% pf.lOOi
100
'05
2734
2834
3034
6% pref series B
25
Tenn Elec Pow 6% pf.100
73
7% preferred
2754
5734
Blackstone Valley Gas
70
5% conv partlc pref..50
Memphis Pr A Lt 57 pref.*
10834
5534
2634
1978
1978
1978
Income deb 334a
96
115
Mass Utilities Associates—
/5334
Income deb 4s
Income deb 3348
«
9334
7% preferred
108
Kan City Pub Serv 4s. 1957
Lehigh Valley Transit 6s '60
Lexington Water Pow 5s '08
Sioux City G A E 57 pf.100
Southern Calif Edison—
100
11634
109J4
Inland Gas Corp 034S.1938
Mortgage 334 s.——1968
10834 10854
106
Sink fund lnc 534s—1983
81
7734
10834
Sink fund lnc 5-6s—1986
10734 110
6% preferred D
Idaho Power
Indianapolis Pow A Lt—
Conv deb 534s
11234
10134
10734 10934
Ask
Bid
334s.—-1967
433i
10834
10334 10434
*
Utility Bonds
Ask
55
Queens Borough G A E—
9534
4 00
im
3434
Kings Co Ltg 7% pref. 100
Kan Gas A El 7% pref.
1 25
4 00
65 00
77 H
1973
Penn Pow A Lt 57 pref.
5634
mmmm
65 00
Amer Utility Serv 6s. 1964
1978
100
208
5434
2 50
4134
Conv deb 4s
32
11134 114
25
2234
4
534
Bid
7034
10634 10734
10134 10234
69
112
—
Public
10134 10234
10734 10934
108
Jamaica Water Supply—
734% preferred
50
Jer Cent P A L 7% pf—100
2034
Okla G A E 7% pref..100
Pacific Pr A Lt 7% pf—100
Idaho Power—
*
—100
1934
39
3034
2934
2834
2934
3034
90
62 0<
Amer Gas A Power 3-5s '53
Income deb 434a
100
*
*
*
7% preferred..
Federal Water Serv Corp—
56 cum preferred-.
3734
'1134
1434
10934 112
14334 147
pref--.100
Ohio Power 6%
•
95
53^8
Western Maryland 4348
534s—
3534
Ohio Pub Serv 6% pf—100
3734
208
Essex Hudson Gas
7% pref
(Minn) 5% pref
Ohio Edison 56 pref
57 preferred
11534
3434
Dallas Pr A Lt 7% pref. 100
94
27
2534
Power-1-
(Del)
-100
7% preferred
56 cum preferred..
N American Co
'
93
5s—
634
New York Power A Light—
Continental Gas A El—
Interstate Natural
*
Orl Pub Serv 57 pf—*
8134
pref—100
66 preferred---
% PL*
Pub Serv Co—
9134
Coqsol Eleo A Gas 56 pref *
Consol Traction (N J). 100
Consumers Power 55 pref*
7% preferred
100
57 prior lien pref.
—100
100
7% preferred
—a—
11634
534
1 00
0
61
Western Pacific Ss
5s
63.50
Mountain States Power—.
Atlantic City El 6% pref.*
6160
115
82
—
Penn
pref. .—25
5
...1*
*
56.60 preferred
pref. 100
Missouri Kah Pipe Line..5
A Electric
Original preferred..
80
Mississippi P A L 56 pref
88J4
Alabama Power $7 pref—*
-
Dallas Ry A Term
08.1951
8834
6334
6534
Wisconsin G A E 3 34s. 1966
7434
Wis Mich Pow 3348—1961
108
90"
108
7334
mx
.
10834
Volume
Quotations
WE
ACTIVE
MAINTAIN
on
TRADING
Over-the-Counter Securities—Friday Feb. 17—Continued
Real Estate Bonds and Title Co.
UNLISTED
IN
MARKETS
Rlttenhouse Plaza (Phila)
2 Ha
1955
GOODBODY & CO.
Main Office
1st mtge 4s
f33X
35X
1956
21H
Hid
(Newark)—
Affiliated Fund Inc—IX
3.83
4.23
26H
Corp—*
Business Shares
25c
Amer Gen Equities Inc
Nat
Invest
26.59
Fund
Boston
Series K-l.
16.15
Series K-2
11.02
Series S-3
12.75
14.15
Series 8-4
4.79
_____
.1
17.04
.17
Mass Investors
14H
Trust
4.30
Century Shares Trust--.*
23.16
24.90
Common
1
Commonwealth Invest—1
10.17
11.01
3.54
6.17
National
Corporate Trust Shares..1
Series AA
1
2.31
Accumulative series... 1
2.31
1
2.78
mmmm
....1
♦Crum A Forster com...10
2.78
mmm
100
----
5.80
6.18
1
12.98
13.99
_—
7.71
8.34
Investors Corp.l
Agriculture
mmm —
♦Common B share.—10
31
100
Building supplies
8.81
7.84
8.48
9.51
10.28
Bank Btock
.....
8.32
Oils
mmmm
17.24
Deposited Bank Shs ser A1
1.47
Deposited lnsur Shs A...1
2.99
mrnmm
Deposited lnsur Shs ser Ba
2.68
No Amer Bond Trust ctfs.
52 H
No Amer Tr Shares 1953.*
2.35
Series 1955
1
1
2.76
-1
3.75
3.60
Series 1958--.
—
mmmm
6.45
Plymouth Fund Inc...10c
.45
.51
1.40
♦Putnam (Geo) Fund..
14.15
15.45
Quarterly Inc Shares.. 10c
6% deb series A
Representative TrustShslO
Republic Invest Fund.25c
Selected Amer Shares..2H
10.88
11.91
17.82
19.13
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref l
Fidelity Fund Inc
_•
28.26
30.06
26 H
29H
19 66
21.16
First Mutual Trust Fund..'
7.25
8.03
ment Fund series
A-l
99
Sovereign
103H
10.02
10.52
.28
.31
9.33
•
10.17
4.26
Selected Income Shares
Fiscal Fund Inc—
mm-m
.69
.76
15.92
16.91
.61
.66
Investors
series...10c
2.44
2.70
Insurance stk series. 10c
3.30
3.66
Fixed Trust Shares A... 10
9.63
10
7.55
Foreign Bd Associates Inc.
Foundation Trust 8hs A.i
6.78
7.49
AA
2.42
4.20
4.50
B....T—_
3.73
Bank stock
B
Fundamental
Invest Inc.2
19.37
6.14
5.75
*
General
4.99
33.39
•
3.55
7M
6.83
D
mm
10.10
3
—
10.98
Trustee Stand Invest Shs—
Series C
1
2.50
Series D
1
2.44
5.68
mmmm
5.30
6.98
4.85
5.28
Aviation shares........
8.25
8.97
Trusteed Amer Bank Shs B
.50
.62
Building shares
7.26
7.90
Trusteed Industry Shares.
.94
1.04
6.53
7.11
4.22
4.60
3.59
3.92
Food shares..
....
......
Investing shares..—...
5.40
Merchandise shares....
1
15
U S El Lt A Pr Shares A—
2.08
B
5.88
Voting shares.———
Mining shares....
6.50
Petroleum shares..
4.85
RR equipment shares...
4.48
4.89
Steel shares.
6.43
7.00
5.65
♦Central Nat
.20
.50
18.24
18.54
1.00
13.75
♦Bancamerlca-Bialt
5.19
'
...
♦Huron Holding
Corp—1
Investors..*
2.55
Bank Group shares..—
1.07
—
mmm
mmmm
15.10
Insurance Group Shares.
1.33
In vestm't
2H
29
32
•
2
3
♦First Boston
17%
Ask
i
■
1
10c
com
19H
Bid
,
31
13
Lewis Morris Apt
/22
24
49 H
Lefcourt State 1st lshld—
11
B'way Barclay inc 2s ,.1960
3s.l957
f29
38H
.1951
58 H
Lexington Hotel units
33
35 H
Lincoln
71
1944
73
12H
43 H
46 H
1st A gen 3s w-s
Ctiesebrougb Bldg 1st (is *48
48 H
51H
60H
72
97H
33 H
,
•
1950
30
33H
Dorset 1st A fixed 2s..1957
27
29
8
9
41
1947
50 H
1951
62 H
43
units..
1948
6s
37 H
37H
40 H
26 H
28 H
...
30
32
1946
N Y
600 Fifth Avenue—
Majestic Corp—
stmp__1956
99 H 101
69
71
20
28
40 H
45 H
5%b series BK
Film Center Bldg 1st 4s '43
41
5Hs series C-2
42 H
45 H
44 H
5Hs series F-l
/68%
70 H
5Hs series Q
1958
1939
N
H
8H
50 X
1st 2-4s (w-s)
40 H
37
1944
43 H
40
34%
54 H
42 H
1947
(Brazil) 8a
15H
3H
1951
73 H
103 E 57th St 1st fls—1941
/19H
Nat Central Savings Bk of
-
165 Bway Bldg 1st 5%n '61
52 H
54H
48 H
51H
Prudence Co—
48
51
5Hs stamped..,
1961
Realty Assoc Sec Corp—
5s Income
1943
2d mtge 6s
38
57 H
•
•
-
p
1962
Hungary 7Hs.
Central Agric Bank—
see German Central Bk
National Hungarian A Ind
1948
North German Lloyd 6a '47
Mtge 7a
'
Madgeburg 6s
1934
Chilean Nitrate 5s
1968
/21H
/50
1
/99
1947
4s
52
«■
53
58
Oldenburg-Free State—
City Savings Bank
1949
/7H
m
/52
/20H
/27
/20H
.1959
/13H
Budapest 7a.....--1963
—1946
Colombia 4s
stamped—1937
'61
Costa Rica Pac Ry 7 Ha '49
Cordoba 7a
6a...
Cundlnamarca 6 Ha.
.
..—1945
7s to
/16H
/19H
/30
/30
/25
54
Oberpfals Elec 7s....1946
55
Panama
21H
Panama
City 6 Hs—1962
5% scrip..
Poland 3s
22H
14H
1956
40
/36
1936-1937
Porto Alegre 7s......1968
Coupons
/9H
Protestant Church (Ger¬
/16
Dtusburg 7% to..—.1945
'
'
i
''
■"
/16
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6a '30
/18
/18H
/18H
Rhine Westph Elec 7% *36
08—
-1941
Rio de Janeiro 0%
1933
/17
/20H
/20H
/I6
/60
/18
PX
/20
Rom Catb Church 6 Ha
R C Church Welfare 7§
'46
*46
f!7
m
Saarbruecken M Bk 0s.'47
fl8
Electric Pr
(Ger'y) 0Ha *60
6 Ha
1953
European Mortgage A In¬
vestment 7Ha_—..1988
7 Ha income
..1966
7a
.1967
...1967
7a income
Farmers Natl Mtge
many) 7s..
/19
5fl.
.
.
7a.*63
1945
Frankfurt 7s to
1941
—
..
/9H
Salvador 7%
1957
7s ctfg of deposit. 1957
4s scrip..
—
/7
/16H
117
8s
118
/40
/8
/5
/16
/14
....1948
.
8a ctfs of deposit. 1948
-1948
/12H
13H
fl8
Santa Fe 7s stamped. 1942
65 H
08 H
/17H
PX
/18
/18
/21H
18H
/21H
Santander (Colom) 7a: 1948
Sao Paulo (Brazil) 6s._1943
—.1946
Saxon Pub
fSIX
f5X
SIX
0
State
1954
July 1934 to Dec 1930..
..
05
62
05
/73
Oct 1936 to
1935
April 1937
fbl
/18H
/80
Stettin Pub Utll 7s—1940
St'nnes 7s
/56
f 35
/22
unstamped. 1936
Certificates 4s...1936
/68
/60
/48,
7s unstamped
..1946
Certificates 4s...1946
/22
/22
Tobo Electric 7s
ioo
1948
/30
Wks
1957
1953
H 101H
35
/20
65
1955
/70
Tollma 7s
1947
/14H
15H
Union of Soviet Soc Repub
7% gold ruble
1943 *80 55 91.10
35
Uruguay conversion scrip—
Unterelbe Electric 6s—1953
/18H
/17
Hamburg Electric 0s.1938
6s-—
62
1950
Oct 1932 to April
/17
1960-1990
Hanover Hars Water
1950
Coupons—
PX
PX
Ireland—
Guatemala 8s
/475
Mtge Bk Jugoslavia
2d series 5s
July 1933 to Dec 1933..
Jan 1934 to June 1934..
Britain A
7H
5s
German defaulted coupons:
Great
Works 7a..1945
1951
Saxon State Mtge 6s..1947
6HB
Stem A Halske deb 08.2930
/6
/12
German Young coupons:
Jan 1937 to Dec 1937
1947
8%
Conversion Office
Funding 3s
German scrip
8H
Santa Catharlna (Brazil)
Building A Land
bank 6 Ha
7X
/9
f20
/9
French Nat Mall 8S 6a '52
23 H
31
35
/21
/95
/96
(A A B) 6 Ha. 1946-1947
(C A D) 6 Ha.1948-1949
8
75
Vesten Elec Ry 7s
Wurtemberg 7« to
/18
/17
1947
1945
Park Avenue—
71
Bldg'
1
7
28H
1949
1948
/5
Ollcrom Corp v t c
43 H
»
1st 5s
Ccara
Haiti 0s
Graybar Bldglst lshld 5s*46
Harrlman Bldg 1st 68.1951
Hearst Brisbane Prop 6s '42
Hotel 8t George 4s...1950
Lefcourt Manhattan
Nat Bank Panama—
4s
Broadway Bldg—
6Hs stamped—1948
/18H
Recklinghausen 78—1947
22 H
Jan 1938 to Dec 1938—
/6H
Y Title A Mtge Co—
68 H
Municipal Gas A Elec Corp
f7X
/14H
flX
Grav (Austria) 8s
"
mx
m%
/52H
/40H
4s with stock
6Hs (stamped 4s)—1949
62d A Madison Off Bldg
1st leasehold 3a. Jan 1 '62
Fuller Bldg deb 6s
Munlc Bk Hessen 7a to '45
/20H
1944
1946
June 1 *35 to June '38—
N Y Athletic Club—
2s
66 H
/16H
fl 7
Nassau Landbank 6 Ha '38
Apr 15 '35 to Apr 15 *38.
40H
legended...
50 Bway Bldg 1st 3s inc '46
Eqult Off Bldg deb 5s. 1952
1st
/20
15H
Dec 1934 stamped
Metropolitan Chain Prop—
Metropol Playhouseelno—
S f deb 5s
—1945
f\8\
f\8\
/35
/14X
Dec 1 '35 stamped
Eastern Ambassador
1948
Montevideo scrip
/9
German Dawes coupons:
•
Court A Remsen St Off Bid
1400
Water 7a
Mannheim A Palat 7a. 1941
Merldionale Elec 7a.—1967
Caldas (Colombia) 7 Ha '46
Call (Colombia) 78—1947
Agricultural 6s.....1938
•
1952
1st 5s (L I)
36 H
1948
/45
/20
/18
Leipzig O'land Pr 6 Ha '46
Leipzig Trade Fair 7a. 1953
Luneberg Power Light A
Burmelster A Wain 6a. 1940 ni5
German
1st 5s (Bklyn)
Colonade Construction—
42 Bway 1st 6s
18M
German Central Bank
Ludwig Baumann—
"
.—..1943
t-
Land M Bk Warsaw 8s '41
6
/15
German At! Cable 78—1945
95H
1947
London Terrace Apts—
/9H
Chanln Bldg 1st mtge 4s '45
40 Wall St Corp 6s
1953
63
■
3%
/43
6 Ha
8H
63
/69
/43
/20
Munich 7s to........1945
Buenos Aires Bcrlp
German
70
w-s...1963
1st 6s
Koholyt 6 Ha
3%
-
Building—
Income 5Hs
1948
Deb 5s 1952
3%
■mmm
Loew's Theatre Rlty Corp
Broadway Motors Bldg
Brooklyn Fox Corp—
3s.
-1957
Ask
Bldg—
1st 4s
B'way A 41st Street—
2
Certificates
Beacon Hotel inc 4s.. 1958
Hotel
.
16H
16H
Brown Coal Ind Corp—
..
Corp..—10
Pomeroy Ino
Bid
lst3tfs
1940
6s.
British Hungarian Bank—
7Ha.
1962
/4
/17
/18
/33
/21H
p
/52
/52
East Prussian Pow 68.1963
3%
Corp cl A—»
♦Class B
Real Estate Bonds and Title Co. Mortgage
1st 4s (w-s)
..1940
change Bank 7s——1936
Jugoslavia 5a fundlng.1956
Jugoslavla 2d series 5s. 1956
Coupons—
Nov 1932 to May 1935
Nov 1935 to May 1937
26 H
Duesseldorf 7a to.....1945
Banking Corp
Corpl
1.46
4-6s
......
Dortmund Mun Utll 0SV48
1.17
1st leasehold 3s
1969
Brandenburg Elec 6s..1953
Brazil funding 5s.. 1931-61
Brazil funding scrip..
Bremen (Germany) 7s. 1935
mmmm
♦Schoelkopf. Hutton A
♦Independence Trust Shs.
Instlt'itional securities Ltd
Alden Apt 1st mtge
1958
/14,
/15H
/14H
f3%
f3%
/3H
Hungarian Discount A Ex¬
1
Tobacco shares
Incorporated
1
Wellington Fund
(Republic) 88.1947
7s..
Costa Rica funding 5s.
5.28
7.07
Bolivia
m*mm
mmm*
5.49
Series B
1945
—1945
8s
m^mm
'
Agricultural shares
Automobhe shares.....
Chemical shares
Cities 7s to
Bogota (Colombia) 6 Ha '47
Central German Power
Trustee Stand Oil Shs A.I
5.44
,
Group Securities—
p•
p
/17
1946
Palatlnlte Cons
Cauca Valley 7 Ha
k
Ask
95
1939
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Hs '32
Callao (Peru) 7Hs
mmmm
6.83
C
,
Supervised Shares
31.05
Investors Trust.*
77
Corp... *
Super Corp of Am Tr ShsA
4.55
B
General Capital Corp
Spencer Trask Fund
•
Utilities Inc.50c
Standard
♦State St Invest
17.90
Fundamental Tr Shares A2
Bavaria 0Hs to
Bavarian
5S
1.30
Hanaa 83 6s...
Barranquiiia ,s'35^4(>-46-48
7s
5.75
Bid
Ask
/16
/32
/25H
/25H
/22
....
25c
Eaton A Howard Manage¬
7%.1947
1948
mmmm
...1
D
Dividend Shares
Bank of Colombia
2.53
Diversified Trustee Shares
C
1946
.1946
2.82
Series 1950
Bid
Anhalt 7s to
Antloqula 8s
8.65
9.04
8.36
Steel.....
mmmm
8.83
7.99
Railroad equipment
16.41
Delaware Fund
9.43
8.10
Machinery
■rnmUm
4.81
9.00
8.72
33
,
8.51
8.14
Aviation
m
27H
111
Foreign Unlisted Dollar Bonds
5.50
11.23
7.86
Automobile
_
115
Cumulative Trust Shares. •
5 34
Insurance stock
25 X
__
10.39
Electrical equipment...
_
♦Crum & Forster Insurance
♦7% preferred
mmm
1.48
N Y Stocks Inc—
•
Tel. HAnover 2-5422
N. Y.
J
1.33
New England Fund
8
7H
2.41
3.43
25c
& CO., INC.
BRAUNL
62 William St.*
Nation Wide Securities—
3.85
Shares pflOO
♦8% preferred..
...
Inactive Exchanges
12.47
Voting shares
Series ACC mod.
72
22.80
11.41
.j
1.
0
15H
3.95
5.59
21.20
10c
Maryland Fund Inc
.32
20.87, Mutual Invest Fund
Canadian Inv Fund Ltd«_l
Series A A mod
1st mtge 4s
5.36
6X
3.55
25.12
♦Continental
1948
Westlnghouse Bldg—
1957
16.10
1
Chemical Fund....
m*
18H
12.25
14.56
Broad Ss Invest Co Inc__6
Bullock Fund Ltd
17
Foreign Stocks, Bonds and Coupons
10.60
5%
15.85
Inc
1951
w-s..
15.94
5H
5H
British Type Invest A
1st 4Hs
24.47
14.47
Series B-2
Shares..10
32 H
17
1950
Wall & Beaver St Corp—
29.17
22 23
Corp
♦Class A
Basic Industry
37
28 H
3s
44 H
34 H
Keystone Custodian Funds
5H
Assoc. Stand Oil Shares.-2
Bankers
1
5
Corp*
Am Insurance Stock
41H
—
3s with stock..
Series B-3
.54
Amer
56 H
11.65
Series B-2
3.72
.47
♦Amerex Holding
1947
Ask
10.96
Series B-l
27 H
3.37
Investors Fund C
50
52 H
1st 5H8
Walbrldge Bldg (Buffalo)—
616 Madison Ave—
Hid
Par
13.44
41
44 H
Trinity Bldgs Corp—
61 Broadway Bldg—
3 Ha with stock....1950
Ask
12.63
38 H
1939
2 Park Ave Bldg 1st 4s 1946
23H
60 Park Place
Branch Offices In leading Cities
Investing Companies
Par
1958
—
Textile Bldg¬
1956
1st 3Ha
Admlnls'd Fund 2nd Inc. *
73
Sherneth Corp—
2s with stock
Teletype JCY 1518
Private Wire System Connecting
1957
Savoy Plaza Corp—
3.6s with stock
Tel. Journal Sq. 2-4400
REctor 2-5485
70 H
68 H
1st 3s
lst 4s (w-s)._
Jersey City Office
New York City
Tel
Ask
1955
42 H
Roxy Theatre—
921 Bergen Avenue
Broadway
Bid
Syracuse Hotel (Syracuse)
39
Exchanges
Members N. Y. Stock Exchange and other Principal Stock and Commodity
Mortgage Certificates
As*
Bid
Investment Trust Issues
115
1015
Chronicle
Financial
143
*
No
/Flat
par
value,
price,
n
dividend.
t Now
58
i
♦
/47
48 H
a
Interchangeable,
Nominal quotation,
d Coupon,
b Basis price,
to i When Issued,
Now selling on New York Curb Exohange.
listed on New York Stock Exchange.
Quotations per 100 gold rouble bond, equivalent to
Quotation not furnished by sponser or Issuer.
w-s
a
y
e
Ex-interest*
With stock.
zEx-
Ex-Uquldatlng dividend
77.4234 grams of pure gold.
*
Financial. Chronicle
1016
is,
Quotations on Over-the-Counter Securities—Friday Feb. 17—Concluded
Water Bonds
Industrial Stocks and Bonds
Alabama Mills Inc
1%
*
2%
*
34%
38%
-—10
11%
12%
6% eonv pre!
100
50
60
Ashtabula Wat Wks 6s '58
17%
19%
9%
13%
Atlantic County Wat
(new)
8%
Pan Amer Match Corp..25
American Bard Rubber
Ask
89%
94
Pathe Film 7% pref
26%
27%
Petroleum
Conversion.—!
.20
16%
18%
Petroleum Heat A Power.*
2%
Products
_
Exploration.....1
American Mfg. fi% pre! 100
69
64
Pilgrim
AndlaD National Corp.
33
36
Pollak
Manufacturing...*
12%
17
19
Remington Arms com.—. *
3%
.Art Meta! Construction. 10
%
.4%
Bankers Indus Service A.*
Bur dines Inc
common..—1
-icovin Manufacturing..25
Singer Manufacturing..100
6
singer Mfg Ltd..
Chic Burl A Qulncy—100
Chilton Co common——10
44 %
Columbia Baking com.—*
$1 cum preferred—*
Crowell Publishing com..*
7%
9
1714
27%
19
standard Screw;
29%
1%
Stanley Works Ipc
Dennlson Mfg class
47
3%
2%
A—.10
u*
Dentist's Supply com...10
Devoe A Raynolds B com *
8
22%
212
68
6
5
30%
40%
6%
18%
Tel Mfg
Sylvanla Indus Cofp_.i—*
Dictaphone Corp....—..*
30%
32%
Dixon (Jos) Crucible...100
Domestic Finance cum pf. *
27%
28%
31
...—*
Tennessee Products——*
31%
5%
17-
Time Inc.—
—
Falrchlld Eng A Alrpl-.-l
Federal Bake Shops.....*
cum
*
4%
5%
pf .10
18
23
15
Warren
Oarlock Packing com....*
83 conv preferred.....
4%
4*
Welch Grape Juioe com..6
40
7%
Gen Fire Extinguisher..
12
13
Gen Machinery Corp com*
Good Humor Corp......1
19
20
Graton A Knight
com....*
Preferred—.———..100
Great Lakes 88 Co com..*
Great Northern Pa per..26
5%
m
•
.
34
39%
30%
%
28%
*37%
1%
19%
6%
7%
5
King Seeley Corp com...]
Clark..26
29%
American Tobacco 4s. 1961
16
18
Am Wire Fabrics 7s..1942
12
13
Chicago Stock Yds 6s
60%
2%
61%
3%
*
Corp.—J
33
,35
Crown Cork A Seal 4 %s '48
Crucible Steel of America
McKesson A Robbies....6
1%
9%
1%
9%
83 conv preferred.... it *
Merck Co Ino common..!
28
6% preferred.—.—. 100
116
29
'
•
Conv. deb 6s.
100
7% preferred
1W
Muskegon Piston Ring .2%
....
105
■
11
12%
Casket........*
29
32
Preferred.—..——..—*
104
107
Nat Paper A Type com...*
6% preferred.—..,.100
New Britain Machine....*
.
3%
2%
17
19%
26
24
105% 107
Union Water Serv 6%s '51
102%
105%
W Va Water Serv 4s..1961
103% 105%
107
Commodity Credit Corp
% % notes1 Nov 2 1939
Federal Farm Mtge Corp
1 %s
Sept 1 1939
104
....
106%
2,20
less
2.60
less
Corp—
104
101%
105%
...I960
1949
105
W'msDort Water 5s...1952
103% 105%
Bid
Ask
Par
Bid
Ask
65
75
87
1%
2%
Miller (I) Sons common..*
3
4
17
22
7,% preferred...—100
21
24
6%% preferred
100
Murphy (G C) $5 pref .100
107
110
Reeves (Daniel) pref... 100
99
10%
United Cigar-Whelan Stores
100
10
Kobacker Stores
7% preferred.
100
7%
Fish man (M H) Co Inc..*
Krew(SH) 6% pref...
12
11%
—..100
gS nreferred
2%
*
5
27%
29%
Bid
Ask
Telephone and Telegraph Stocks
100.8
100.11
Jan 15 1942
18
172
Pae A Atl
15
17
100.19 100.21
Bell Telep of Pa pref—.100
120
122
Peninsular Telep com—..*
100.16 100.18
Cuban Telep 7% pref..100
66
Emp A Bay State Tel—100
Franklin Telegraph,;..100
Corp—
16 preferred,
*
Int Oeeaq Telegraph... 100
'42
Mtn States Tel A Tel. .100
123
56
1 %s Jan 3 1944.opt '40
Home Owners' Loan Corp
100.9' 100.11
4s serial revenue.. 1942 b
1.80
111%
less %
4s serial revenue
3.40
less l
l%s—... .June 11939
100 14 100.16
110%
1968 b
100
Telegraph
Preferred A
—
25
—.100
28
30%
110% 112%
59
Bridge—
U S Housing Authority—
1%% notes Feb 1 1944
par
169
100.23
4s
'77.A&0
Ask
Bell Telep of Canada... 100
100.21
101.17 101.20
t revenue
Bid
15
■>
2s May 16 1943.opt'39
s
(N J) com. *
New York Mutual Tel.100
■
Reynolds Invest'* 6s 1948
Trl borough
Par
Am Dlst Teleg
Preferred
100% 104%
113
115%
:
102,18 102.21
'
5s series C...
.—.1956
Bohack (H C) common...*
1
2s.—....— Dee 1940
2s.
.Apr 1 1943
.
6« series B_.
1
1949 b
Is.—.....July 1939
fl
102
Wichita Water—
7
107%
1944 b
Reconstruction Finance
102.13 102.17
100%
Westmoreland Water 6s '52
101%
101
97%
1950
Ask
3%s revenue
100.25 100.27
Natl. Mtge Assn
1st mtge 5%S
7% preferred..——.100
B/G Foods Inc common *
,
% % notes July 201941
%%
Nov 1 1941
Federal
99
1950
1st mtge 5s....—1951
...
97% 100
Par
3%s revenue.
Fed'l Home Loan Banks
Western N Y Water Co—
104%. 106%
Borland Shoe Stores..— ,*
54
105% 109%
way Authority 3 %s '68
103
Chain Store Stocks
104%
Bid
——.—1949
6s series A
Woodward Iron¬
Ask
100.15 100.17
6s series A
100
New Jersey Water 68.1950
New York City Park¬
►' River Bridge 7s... 1953
95
105%
105%
Diamond Shoe pref
Bid
99% 100%
101%
103% 106%
67%
Miscellaneous Bonds
Bear-Mountain-Hudson
101%
1960
Terre Haute Water 6s B '66
1957
99
1962
75%
105% 107
19
107%
50%
—1962
89%
Springf City Wat 4s A '66
82
76
N Y Shipbuilding 5s..1946
.
105
102
70%
17
66%
/10
Scot ill Mfg 6%s
.1946
Wit her bee Sherman 6a 1963
—
"62
99%
78%
1948
McKesson A Rob 6%s I960
_1946
ist 6e
103%
104%
102
99
f76
/16%
Nat Radiator 5s
2d conv Income 6s.
101%
5s series B
1954
.—.1962
Morgantown Water 6s 1965
Muncie Water Works 6s *65
99
78-1—1937
Deep RockOn
83%
100%
1st mtge 5s..——..1955
5s series A
...I960
101%
Monongabeia Valley Water
6%s._
.1950
05
98%
1948
82
Shenango Val 4a aer B1961
South Bay Cons Wat 6s '50
South Pittsburgh Water—
6s8erles B
92
Haytlan Corp 8s..... 1938
Kelsey Hayes Wheel Co—
Moek Judson A Voehrlnger
.
1stconv s f6a...... 1940
4%s
Water Service 5s. 1961
99
110%
Oont'l Roll A Steel Fdy—
30
Preferred
Marlln Rockwell
National
Bond*—
27
—
100% 102%
B—.—.1962,
101% 103
4%s
—.1958
Scrantoo-8pring Brook
Kokomo W W Co 68-1968
Long Island Wat 6 %s. 1955
6%
44
40%
1961
66
Scranton Gas A Water Co
,
Texarkana Wat 1st 6s. 1958
99
Macfadden Pub common
70%
100
1st mtge 3 %s
1966
Indianapolis W W Secure—
5s—
-.1968
90
Long Bell Lumber.......*
$6 preferred
..
.IOC
106%
67
65%
104*"
Joplin W W Co 5S
Machinery—*
Lawrence Portl Cement 100
St Joseph Wat 4s ser A
62
-.1946
Indianapolis Water —
48
Landers Frary A
Roch A L Ont Wat 5s:1938
105%
101
Illinois Water Sow 5s A
11%
21%
44
preferred.———100
Richmond W W Co Ss.1957
101
Middlesex Wat Co 6%s '57
Monmouth Consol W 5s '66
8
19%
100
%
8%
26%
107
6s
13%
17%
83 cum preferred.....
102
Huntington Water—
6s series B
—1954
06%
X
Worcester 8a»t
10
109
Plainfteld Union Wat 5s '61
6s
11%
Wick wire Spencer Steel..*
Wilcox A Gibbs oom
60
7%
99
103%
1948
Pinellas Water Co 5 %a. '69
Pittsburgh Sub Wat 5s '58
6s series
46%
16%
WJR The Goodwill Stft—.6
%
Prior lieu 5s...
1st & ref 6s A.——.1967
7%
27%
,
100% 102%
1st consol 5s——.1948
•
44
93%
West Dairies Inc com v t e 1
York Ice
1st eoneol 4s—.1948
101
106
I
%
5%
3
6%
25%
Harrlsburg Steel Corp
6
Interstate Bakeries 16 pref.
KUdun Mining Corp.—1
100
.
'
101
—.1950
1st A ref 58
102%
Greenwich Water A Gas—
6s series A——1952
2
43%
14%
105
West Va Pulp A Pap oom. *
Preferred
.100
6%
4%
preferred..
4%s—1966
Peoria Water Works Co—
102
6s series A
(Northam)—
4%
8%
99%
lstooll trust
104%
ConneUsyllle Water 6s 1939
31%
84%
%
4%
42
Feeder-Root Ino com....*
14
Foundation Co For she—*
American shares—...•
99%
Penna State Water—
106%
102
—1951
Community Water, Service
6%PserlesB.
1946
7%
2%
1%
United Piece Dye Works.*
Preferred
——.—100
*
FohsOU Co.
93
88
103%
City Water (Chattanooga)
5s series B
1954
134
29%
76%
7fH United Artists Tbeat com.*
—.......30
Preferred
6%
1%
131
Tubize Cbatllloh
■2%
87%
9%
4%
Conv prior pref
Draper Com
common
Corp.
88
105%
Phlla Suburb Wat 4S..1965
Taylor w barton Iron A "
Trlco Products
Ore-Wash Wat Serv 5s 1957
105
83
1st 6s series C—-1957
Strom berg-Carwon
26 %
29
Douglas (W L) Shoe—
101
6%s series A......1951
City of New Castle Water
6S—1941
32%
38%
'
Steel
Ohio Water Service 5s. 1958
5s
6
26
104%
Citizens Wat Co (Wash)
Skenandoa Rayon Corp—*
......20
106
Chester Wat Serv 4%s '58
4%
7%
Solar Aircraft.......... 1
100
Newport Water Co 5s 1953
Ohio Cities Water 5%s '53
Ohio Valley Water 5s. 1954
106
6 %s series
216
3%
—
97%
Calif Water Service 4s 1961
4%
23%.
Maize
—«
96
A.——1954
Butler Water Co 5s.—1967
3%
9%
14%
Amer
pre!
93
91
95%
101
Birmingham Water Wks—
5s series C—....... 1957
6s series B
..—.1964
60
8% cum
88
New York Wat Serv 5s *51
12%
100
103
-.100
American Hardware——25
6s *68
Ask
Bid
Ask
99% m%\ New RocheUs Water—
5s series B
—1951
102%
5%s
-1951
100
Alabama Wat Serv 68-1967
Ohio Match Co....
American Arch
.
Bid
New Haven dock-
Preferred 6%%
Norwich Pharmacal
American Cynamtd—
Did
Par
Able
Bid
Par
101.2
101
•
Rochester
47
m
100
112
So A Atl Telegraph..—.25
Sou New Eng Telep
100
148% 151%
Wisconsin Telep 7% pf 100
97% 100%
,
Telephone—
$6 .50 1st pref
25
Gen Telep Allied
117
14
18
63
„
126
FOr footnotes see page 1015.
General Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
NOTE—for "mechanical
reasons
it is not always
'
However, they are.always
possible to arrange companies in
alphabetical position as possible,
as near
FILING OF REGISTRATION STATEMENTS UNDER
SECURITIES ACT
If The
foRowing additional registration
statements (NOs. 3939
refiling) have been filed with the
Securities and Exchange Commission under the Securities
Act of 1933.
The total involved is approximately $5,416,904.
to 3942 and No.
3646,
a
P^Farnsworth Television & Radio Corp. (2-3939, Form Al) of Dover,
Del., has filed a registration statement covering 660,000 shares, $1 par
value, common stock.
Of the shares registered 600,000 shares are to be
Issued to underwriters and will be offered publicly at market.
The balance
60,000 shares are reserved for warrants which are to be given to under¬
writers participating in the issue of 600,000 shares of common stock.
Proceeds will used for payment of notes payable,
plant and equipment of
General Household Utilities Corp., organization debentures and
of
acquisition of the Capehart Inc., for research and development, plant
rehabilitation: purchase of machinery and equipment and working capital.
J
& Sons, Inc., will be one of the principal underwriters. Names
of additional underwriters will be
supplied by amendment to the statement.
E. A. Nicholas is President of the
company.
Filed Feb. 10, 1939.
expenses
,
^Differential Wheel Corp. (2-3940, Form Al)
filed
of Detroit, Mich., has
registration statement covering 43,150 shares of $1 par common
stock.
These shares are reserved for stock purchase warrants
originally
issued as additional compensation to underwriters for sale of common
stock registered under registration statement 2-3334.
The company at
that time was known as Detroit
Compensating Axle Corp. Proceeds to be
used for working capital.
Charles's. Ash is President of the company.
No underwriter named.
Filed Feb. 11, 1939,
a
,
_
Mid West Refineries, Inc. (2-3941, Form A-2)
filed a
of Alma, Mich.; has
registration statement covering 175,0Q0 shares of $1 par common
exact
alphabetical order.
T
,
stock of which 100,000 shares are reserved for conversion of outstanding
6% 10-year convertible sinking fund notes due 1948, which were sold only
to residents of Michigan; 50,000 shares are reserved for warrants attached
to these notes, and 25,000 shares are reserved for certain officers and em¬
ployees Under stock purchase plan. Proceeds are to reimburse the treasury
for payment on contract, for working capital. The purpose of this issue is
also to convert the notes and warrants held
by R. S. King & Co. and to
B. J. Skinner is President of the
No underwriter named. Filed Feb. 11, 1939.
■
Business Capital Corp. (2-3942, Form A-l) of Jersey City, N. J. has
filed a registration statement covering 25,000 shares of $1 per class A com.
stock which is to be offered at $6 per share. Proceeds will be used for
working
capital. Joseph A. Reichart is President of the company, Reichart Dewitt
& Co., Inc. are the underwriters. Filed Feb. 15,1939.
"*i
Lockheed Aircraft Corp. (2-3646, Form A-2) has refiled a
registration
issue stock to officers and employees.
company.
statement covering 112,454 shares of $ 1 par common stock. Proceeds will be
used for development building construction, machinery,
working capital.
equipment and
G. M.-P. Murphy & Co. and BIyth & Co., Inc. have
been named underwriters.
Refiled Feb. 15, 1939.
Robert E. Gross is President of the
The last previous list of registration statements
in our issue of Feb. 11, page 870.
company.
was
♦
given
«
Abbott Laboratories—Extra Dividend—
Directors have declared an extra dividend of 10 cents per share in addi¬
tion to the regular quarterly dividend of 40 cents per share on the common
stock, both payable March 31 to holders of record March 14.—V. 148.
P.721.
Adams Express
Co.—Exchange Offer Extended—
Corppany has extended to March 11,1939, its offer to exchange its 10-year
4%% debentures for
an equal principal amount of its collateral trust 4%
bonds due in 1947 and 1948, which are outstanding in the hands of the
pub lie
Volume
Financial
148
Consolidated Balance Sheet Dec. 31 (Incl.
Including the 4}i% debentures which were issued under previous ex¬
change offers, $5,614,000 principal amount of the 4}4% debentures have
been or will be issued in exchange for the collateral trust 4% bonds sur¬
rendered
1938
before Feb.
such
This permits greater flexibility in the
investments of the company.
The collateral securing each issue of the 4% bonds
trustees.
construction.. 106.746.003
higher coupon rate
the 434% debentures.—V. 148, p.
and the stronger collateral security
571.
15,855,455
21,029,304
taxes, lns.,&c.
649,327
631,872
Pref. dlvs. pay..
Deferred charges
2,760,306
Mat'ls & prod.. 36,153,099
3,275,734
40,930,395
Accts. pay.,
acc'd
Com. dlvs.
American Chicle Co.
of
1937
1936
1935
$7,254,726
3,658,985
$6,096,329
3.058,536
5,941,632
72,889
$4,203,951
101,793
$3,595,741
$3,037,793
25,974
$4,014,522
717,026
$4,305,744
644,532
42,134
$3,681,272
591,551
57,493
$3,063,767
421,440
$3,297,495
$3,619,078
4,886,564
$3,032,228
5,600,289
4,542,927
$2,642,327
3,558,546
$8,897,784
2,405,350
$8,671,589
3,071,300
$7,575,155
c2,420,000
$6,200,873
gl,657,946
Net earnings
Other income (net)
Gross
income,.
Income taxes.__
Surtax
.
undist. profits
on
Net profit.
Previous surplus
d Res. for sel. & adver.
Total surplus
Common dividends.
between
Difference
cost
& stated value of cap.
stock retired
Shs.
r
stock (no par)
com.
Earned
share
After deducting:
a
per
launching of the corporation's drive for assents to its plan of amending
of its 5s of 1944 and 1949 has been delayed at least until
Feb. 20 and perhaps longer it was learned yesterday.
Solicitation of
deposits had been considered imminent after Alleghany had filed its plan
with the Security and Exchange Commission.
A hitch, however, is understood to have developed as the result of dif¬
ferences of opinion between Robert R. Young, Alleghany Chairman, and
Guaranty Trust Co., trustee for the bonds, as to who should finance the
costs of printing and mailing the plan and the deposit solicitations.
Mr. Young had indicated several months ago that he and Roland Kirby,
his associate on the Alleghany board, would put up the necessary $40,000It is now understood that Mr. Young is hesitating to risk the $40,000 out of
expressed fears that Guaranty Trust Co., with which he is at constant
loggerheads, may use its influence to block deposit of the bonds.
Mr. Kirby, who is now vacationing in Florida, is scheduled to return on
Feb. 20, at which time a meeting of the*Alleghany board will be held to
decide on what course to pursue.—V. 148, p. 721.
Assets—
indentures
a
$
141,322
166,202
2,091,313
Accruals
142,455
General reserves..
Res. for selling and
212,423
254,598
1,500,000
1,141,091
advnace expense
204,437
1,916,565
Federa. inc. taxes.
731,562
Earned surplus...
6,272,859
Drl7,842
200,000
686,660
5,600,289
2,929,788
581,643
535,805
2,990,616
3,025,523
917,387
616,031
b Accts. receivable
Inventories
d Treasury
79,927
Prepayments
317,633
Total......-.12,097,601 11,204,496
.12,097,601 11,204,498
Total....
depreciation of $3,202,170 in 19.38 and $3,038,347 in 1937*
of $81,438 in 1938 and $79,214 in 1937.
c Represented by
437,500 (440,000 in 1937) shares of no par value,
d 200 (2,500 in 1937)
shares at cost.—V, 148, p. 871.
After
a
b After
reserves
American Cigarette
& Cigar Co.—Stock Dividend—
dividend of l-40th of a share of common
Tobacco Co. for each share of American Cigarette &
Cigar common held. - This payment will be made March 15 to holders of
record March 2.
A similar payment was made in each of the eight preceding
quarters.—V. 147, p. 3149.
.
The directors have declared a
B stock of American
.
1938—Month—1937
Period End. Dec. 31—
Workers—
368,010
886,704
791,258
$6,344,600 $72,502,373 $74,289,313
1,938,697
22,439,118
22,737,288
404,221
4,155,278
4,291,237
823,191
10,606,713
9,880,350
876,534
9,808,138
10,229,336
$2,546,818
20,898
$2,301,956 $25,493,126 $27,151,101
22,520
36,756
160,924
$2,567,716
783,429
424,394
$2,324,476 $25,529,881 $27,312,025
919,104
10,208,057
10,886,854
417,884
5,092,085
5,014,399
56,550,982
1,958,191
Maintenance
Depreciation
Taxes.:
Operating inco'me
Other income.
...
Total income
.—
Int. & other deductions.
__
4,836
_
Years (Incl. Subs.)
1938
1937
1936
1935
$23,109,106 $28,721,523 $23,982,079 $21,832,177
590,017
562,675
384,766
278,126
Balance
40,953
v-.u.
—
iT_,
156,604
Pref. stock divs. to
177,811
Balance
pub.
x4,300,000
yl ,354,677
3,300,000
American Seating
'
Net sales.
Cost of sales..
$17,310,303
2,886,331
12,369,990
$2,053,982
75,029,051
$44,753,332 $43,890,157 $79,053,557
$77,083,033
2,473,998
2,473,998
$5.83
--—r
out¬
2,473,998
$4.35
2,473,998
$6.08
$5.80
undistributed net Income, v Includes
applicable to prior years and $848,135
and sundry other deductions,
z Includes $584,483 interest
and sundry deductions and $434,000 addition to reserve for doubtful
deferred accounts and bills receivable.
....
Adminis., &c.f expenses.
$8,418,561
5,962,167
Other expenses
Net profit.
Dividends paid
Surplus
outst'd'g
Earnings per share
x
100,658
$1,122,072
$984,336
156,262
112,404
171,971
106,988
Z148.000
58,367
$636,746
276,328
$127,777
221,062
$1.08
y
Includes
18,187
78,100
96,202
$637,432
110,514
$747,946
152,816
162,171
40,300
62.397
$541,368
x507,188
$330,262
$360,418
$34,181
221,062
$2.88
y221,062
$330,262
202,875
$1.63
$2.45
(18,187 shares valued at $20 per share,
shares issued on Dec. 21.
Excluding
$2.67.
z Including $35,700 surtax
Includes dividend paid in stock
$363,740).
earnings per share were
undistributed profits.
these shares,
on
$883,678
34,041
Federal taxes__—.
or
$614,433
189,295
106,988
45,800
1,345,482/
123,495
110,531
Interest
1935
$7,031,564 $4,917,642
4,802,4041 4,280,210
$998,577
$238,308
Depreciation
Shs. com. stk.
1,457,816
$511,232*
103,201
Other income.
Includes $975,000 for surtax on
$506,542 for settlement of claims
interest expense
Calendar Years
1936
1937
$7,029,737
5,117,059
1,401,446
Total income....
$1,970,524
77,083,033
standing (par $25)
Co.—Earnings—
Consolidated Income Account for
1938
2,800,000
$9,996,578 $11,514,484
amortization of debt discount and
1937 which was not chafged
applicable to the one month December
against income.—V. 148, p. 123.
expense,
44,593,881
Balance, surplus
$863,175 def39448371
Previous surplus
43,890,157
79,053,557
Unreg. bals. in contg.res.
4,284,970
$1,098,435
$1,297,153
.........
Note—Restated to include additional
;
$29,284,198 $24,366,845 $22,110,303
5,701,688
2,000,000
2,000,000
$13,645,498 $17,927,833 $17,226,845
2,886,331
2,886,331
2,886,331
9,895,992
9,895,992
12,369,990
Earned per share
1,910,050
67,118
$1,447,180 $14,167,113 $15,698,463
170,853
2,036,797
2,050,241
177,811
2,133,738
2,133,738
$1,631,569
Int. & other deductions.
1,840,000
Goodwill, trade marks,
&c., charged off
1,987,736
55,156
$1,441,047 $14,740,667 $16,443,763
Cr6,053
573,565
745,299
$1,672,522
Total income.
Expense
Consolidated Income Account for Calendar
Common dividends
159,171
20,739
165,681
subsidiary companies.
Other income
;
-
(7%)...
$987,488 $10,299,739 $11,410,773
273,649
2,468,046
3,055,822
appl. to A. G. & E.Co. $1,359,893
*
142,112
Interest from sub. cos_.
are to supply additional working capital
by expansion of business, according to the company's
statement.
Specifically, it is understood, the funds are to be used for plants
in Chicago and for expansion of the milk container division in the Far
West.
,
•,
•
"
Netincome-__
•
of sub. cos.' earns.
Pref. stock divs. from
from the financing
Other deductions
$987,488 $10,229,739 $11,410,773
$1,359,893
Balance
Amer. Gas & Elec. Co.—
Bal.
necessary
2,950,000
z1,018,483
.1938—12. Mos—1937
Sub. Cos. Consolidated—
Operating revenue
Operating expenses
$10,000,000 Debentures—No
has sold to the First National
Bank, New York, an issue of $10,000,000 2%% 10-year
debentures, according to a report filed with the Securities
and Exchange Commission.
The bonds are dated Feb. 1,
1939, and mature Feb. 1, 1949.
No, public reoffering of
Res. for Fed. taxes
Subs.)—Earnings—
American Gas & Electric Co. (&
company
$23,699,123
6,085,142
Dr244,575
60,498
385,217
Investments
Co.—Sells
Depreciation-.
Special pay under em¬
ployees annuity plan.
stock..
chicle
—•
purchases
Pref. stock dividends.
x
176,707
647,928
Cash
A plain providing vacations of from one to two weeks with pay for 18,000
hourly-paid employees was announced on Feb. 14 by this company.
Em¬
ployees with two years of continuous service will get one week and those
with ten or more years' service will get two weeks.
The workers may,
if they choose, work in their vacation periods and receive their regular
wages in addition to their vacation pay.
The company estimated that employees would receive more than $500,000
additional pay under the plan.—V. 147, p. 3603.'
Profit and loss
Shares com. stock
payable...
1,500,000
&
pats.
Marketablesecurs.
July 1, 1938, sales totaled $4,778,589, a decrease of about 5% from the
$5,043,536 reported for the corresponding previous period, but represent¬
ing an increase of about 6% In unit volume.
At present, prices are slightly
higher than a year ago.
The company reports an improvement in the trend toward greater use of
kid leathers in women's shoes, as shown in recent sampling by manu¬
facturers in all sections of the country for use in shoes at all price levels. •
Although this inquiry has not yet resulted in any marked volume, the com-,
pany considers this widespread sampling encouraging.i—V. 148, p. 721.
_
$
4,400,000
2,065,094
preciation...
Allied Kid Co.—-Sales—
Total earnings
1937
4,375,000
Accts.
trade-marks
Advances
,
■.'■'$
Common stock.i
c
mach'y, after de¬
Company reports sales for January, both in units and in dollars, approxi¬
mately 30% above the totals for January 1938.
Sales were $702,571 com¬
pared with $545,744 a year ago.
Physical volume last month amounted to
3,315,000 feet, against 2,621,000 feet in January 1938.
For the first seven months of the company's fiscal year, which began
Pref. dividends
1938
Liabilities—
$
Land, bldgs. and
Goodwill,
•
Sheet Dec. 31
1937
1938
-
The
Net earnings
Divs. & interest receiv.
$117,965
$129,251
Consolidated Balancq
Proceeds
$113,937
*
$121,185
c
,
„
made
$4,542,927
f445,000
$5.94
Excluding dividend paid Jan. 2, 1936.
d No longer
required,
e 2,500
shares,
f Including 2,881 shares held in treasury,
g Including dividend paid Jan. 2,
1936.
h After deducting 200 (2,500 in
1937) shares held in treasury.
•
>
■
b 5,000 shares,
Alleghany Corp.—Plan Off Indefinitely—•
.'
$4,886,564
440,000
$6.89
$5,600,289
h437,500
$8.27
$6,272,859
h437,300
$7.54
Depreciation
;
b268,591
•
e219,575
Surplus
,
the issue will be made.
85,530
165,947
expenses
Lindenhurst, L. I., is now undergoing alterations
the company will be fully equipped to manufac¬
ture on an extensive scale many types and models of radio navigational
instruments, a number of which are presently in use by various govern¬
mental departments and steamship companies.
•
Governmental departments which have tested and are now using the
company's products are the U. 8. Coast Guard, Navy, Army and Depart¬
ment of Commerce, and it is estimated that these departments alone will
provide a substantial volume of business for the corporation, in addition to
new
business resulting from the increased number of planes for govern¬
mental and commercial use. • The company reports that it has negotiations
pending for extending its activities into foreign countries, particularly to
France and England.
Can
178,217,899
(& Subs.)—Earnings—
1938
Gross
profit
.
..$8,446,129
Selling & adm. expenses. - 4,504,497
the underwriters.
Offering—The
43,890,157
174,464,223
Total...
$8,338,224
4,134,273
Calendar Years—
The company's plant at
and improvements so that
American
721,583
2,473,998
6.249,885
6,678,968
44,753.332
—V. 148, p.721.
United States vhich specializes exclusively in the
development of fine radio navigational Instruments for airplane and marine
use and it holds many patents considered of great importance in its field.
The cathode ray direction finder developed by this company has attracted
a great deal of attention both in the United States and Europe.
The com¬
pany's instruments represent the result of more than 15 years of research,
development and experimental work.
The authorized capitalization of the corporation consists only of 400,000
shares of capital stock, of whiqh not exceeding 242,600 shares will be out¬
standing upon completion of the proposed financing.
Stemmler & Co. of
Public
2,950,000
1
Conting. funds.-
174,464,223 178.217,899
8,499.026
4,300.000
13,803,092
f
pay.) 3,195,5811
Surplus
the pioneer firms in the
Aluminum Co. of America—Vacations for
Incl.
wages,
Res. for Fed. tax
accts.
Total
The company plans to enter the market shortly for working capital with
the issuance of 125,000 shares of its common stock.
Corporation is one of
the
9,000,000
Bank loans
3,759,464
and bills rec..
Airplane & Marine Direction Finder Corp., Lindenhurst, L. I.—To Issue Stock—
are
61,849,950
107,111,094
1.480.036
a
New York
61,849,950
1,378.005
Deferred
the
account of the
41,233.300
10.922.028
Accts. & bills rec
(other than the 4%
hands of the public.
The 4 )4% debentures due 1946
which are offered in exchange for the 4% bonds will be secured by collat¬
eral which the co ripany has agreed to maintain at an aggregate market
value, to the extent and in the manner provided in the supplemental in¬
denture securing the 4
% debentures, at least equal to the principal amount
of all 4\4 % debentures outstanding.
It is believed, company stated, that
the offer of exchange is to the benefit of the holders of the 4% bonds on
standing in
41,233.300
Common stock.
new
Cash
bonds of such issue deposited with the trustee) has an aggregate current
market value substantially less than the amount of the 4% bonds out¬
$
$
liabilities—
Preferred stock.
Other investm'ts
management of the
1937
1938
$
Plants, real est.,
&c., Incl.
Subs.)
1937
$
Assets—
10, 1939.
The principal purpose of the exchange offers has been to enable the com¬
pany to deposit the 4% bonds received in exchange with the trustees under
the respective deeds of trust and to withdraw railroad securities held by
on or
1017
Chronicle
Financial
1018
Other receivables.
Inventories......
stock.,$3 ,778.615 $3,778,615
1,668,000
10-year 9% notes. 1 ,668,000
Notes pay., bank.
150,000
217*478
Accounts payable.
173,452
b Common
21.753
1,853,656
12,043
1, 833.533
December Power
261,446
216,491
Accrued liabilities.
66,293
60,668
57,040
73,938
life Insurance...
62,743
84,728
151,627
Income tax
Deferred Income..
Capital surplus—
504,896
$7,173,694 $7,348,907
Aroostook
depreciation
per
share on the
30-cent cumulative participating preferred stock, payable March 1 to
holders of record Feb. 20.
Likb amount was paid on Dec. 1 and on Sept. 1
last.—'V. 147, P. 3149.
,
1937
1936
Operating profit
$2,093,217
Depreciation...——...
96,992
$1,882,615
91,491
$1,924,169
95,607
185,354
$1,996,226
$1,791,124
163,477
2,152
194,244
2,203
$1,828,562
190,854
$2,105,867
176.041
$2,161,854
$1,987,571
1938
Calendar Years—
Divs. and int. receivedOther income
Interest paid—
Federal and State taxes.
1935
,
'
685
2.807
Calendar Years—
Net loss—
t
$2,291,2211
x
$2,020,102
721
$2,284,716
375
414,168
5067870
M
364,600
$1,572,682
215,634
1,410,825
215,784
'(6%)
(13%)—*.
Common divs.
—
1,410,825
$28,375
9,007,374
Balance, surplus.....
Adjust, transf. from real
est., mach. A fixt., Ac.
t
Writing down book value
of trade-marks, Ac..
6437436
Co.—Weekly Output—
10, Associated Gas A Electric System reports
of 94,689,776 units (kwb). This is an increase of 9,804,520 units or 11.6% above production of 84,885,256 units a year ago.
Gross output, including sales to other utilities, amounted to 98,081,238
units during the current weekly. 148, p. 872.
.
4ef$53,777
9,061,151
Associated General Utilities Co .—Held
$1,655,086
$1,641,279
215,589
1,408,325
215,454
1,407,575
$31,172
8,529,978
$18,250
Act—
a
1
Subject to Utility
'
.
ruled that the
company
subsidiary of the Associated Gas A Electric Co. of New York and Asso¬
ciated Gas A Electric Corp. of Delaware and as such is liable to the pro¬
visions of the Utility Act.—V, 146, p. 1389.
Associated Public Utilities Corp.-— Urges
500,000
5.126,996
!
The Securities and Exchange Commission has
Is
8,511.729
The company recently sent a letter to
'
'
872,
p.
For the week ended Feb.
41
——•'
m
$1,654,984
Pref, dividends
Federal taxes, Ac.—V. 148,
Associated Gas & Electric
Federal surtax on undis¬
m
1937
1936
1935
$154,722 prof$14,430 prof$43,318
1938
$96,927
—
After all charges. Including
x
net electric output
'
tributed profits......
Valley RR. Co.—Tenders—
Artloom Corp.—Earnings—
American Snuff Co.-—Earnings—
-
of the American Water
totaled 204,286,210 kilo¬
Bankers Trust Co., as trustee for 1st A refunding mtge. 4K% 50-year
bonds due 1961, announces that it will receive up to March 14, 1939, at
the corporate trust department of its New York office, sealed proposals for
the sale to it of sufficient of these bonds to exhaust the sum of $13,600 now
in the sinking fund, at prices not exceeding 105 and accrued interest.
The
amount to be paid in dollars on accepted bonds will be computed at the
exchange rate for pounds sterling prevailing at the close of business Macrh
14.—V. 146, P. 1230.
American Electric Securities Corp.—Dividend—
dividend of five cents
Output—
863,877 kilowatt hours, as against 2,543,471,509 kilowatt hours for the
previous year, a decrease of 16%.—V. 148, p. 871.
b Represented
The directors have declared a
„
,
758,734
C370.419
$7,173,694 $7,348,907
Total..'
1937
1936
1935
50,441,000 43,821,000 38,469,000
50.683,000 43,089,000 39,285,000
52,042,000 44,163,000 38.45U.000
52.341,000 44,680,000 40,091,000
hours, against 183,108,958 kilowatt hours for the corresponding month
of 1937. an Increase of 12%.
For the 12 months ended Dec. 31, 1938, power output totaled 2,136,-
of $2,034,730 In 1938 and $1,974,350 in 1937.
by 221,062 no par shares,
c Earned surplus since Jan. 1,
193i (deficit at that date transferred to capital surplus).—V. 147, p. 36G3.
After
a
1939
18,
watt
36,615
29,480
758,734
Earned surplus—
Other assets.
Prepaid charges..
1938
40,743,000
39,727,000
39.3O0.000
39,717.000
The power output of the electric subsidiaries
Works A Electric Co. for the month of December
Res've for Federal
Cash sun*, value ol
Total
Jan. 21
Jan. 28
Feb.
4
Feb. 11.
1937
1938
Liabilities—
1937
92 ,712,072 $2,655,362
277,358
171,890
Cash
Cust. receivables— 2 ,141,416
2,438,108
Plant A property
1939
44,973,000
—-46,455.000
—46,094,000
45,923,000
Week Ended—
Consolidated Balance Sheet Dec. 31
1938
Assetsis
Feb.
Chronicle
Exchange—
holders of five-year convertible
secured gold bonds, 6% series of 1928, of Utilities Public Service Co. and
certificates of deposit therefor who have not yet tendered their securities
■
------
in exchange for common stopk to forward their bonds (all coupons thereto
$3,908,754
Shs. com. out. (par $25),y434,100
$3.31
Earnings per sh. on com.
y
$9,007,374
y434,100
$3.12
$8,529,979
*433,100
$3.29
x
Not including 6,900 shares held by the company as an Investment,
Not including 5,900 shares held by the company as an investment.
Balance Sheet Dec.
1937
1938
%
Assets—
Real
estate,
1937
1938
Liabilities—
$.
$
3,952,800
3,952,800
Com. stk.(par $25)11,000,000 11,000,000
Pref, div. payable59,292
59,292
Com. div; payable
440,000
440,000
Ins., advs., dlscts.,
Ac..'reserve—
263,268
260,912
Prov. for deprec. of
securities
698,938
659,648
2,412,939
2,464,358
6,000,000 10,126,998
7,081,231
Supplies, Ac—-•»- 6,402,581
'Accts. receivable—
Notes receivable..
438,306
Unexpired insur..
4,253,467
4,736,220
2.560,172
759,356
54,211
Securities
—
2",054,781
'
890,566
.
Prov. for Fed. and
485,804
54,777
State taxes.....
402,913
for deprec.
real est., Ac. 1,661,838
Accounts payable27,402
Undivided profits.b3,908,754
330,436
Prov.
.
J.22,415,204 27,360,562
Total'
on
Total
—1
1,627,171
22,928
9,007,374
-.22,415,204 27,360,562
Including 5,900 common shares at cost, of $198,107 and 3,539 (3,589
a
In 1937) preferred shares at cost of $330,319 ($335,245 In 1937) held in
treasury,
b After deducting $5,126,995 reduction in goodwill, &crt—V. 147,
3603.
.
,
American
appurtenant by their termination maturing on and after June 1, 1932) , to
Huntington National Bank, Columbus, O., and receive upon surrender
thereof common stock or Associated Public Utilities Corp. at the rate of
25 shares of such stock for each $500 of bonds.
As of Nov. 11, 1938 the directors of Associated Public Utilities Corp.
declared
a dividend of 12J^c. per share on the common stock of the cor¬
poration, which dividend will be forwarded by the Huntington National
Bank upon exchange of the bond for common stock and transfer of the
stock.—V. 147, P. 3604;
-
Preferred stock...
goodwill, &c
Cash.
31
.
$
,
ma¬
chinery & flxt'B.
Trade-marks,
a
$9,061,151
y434,100
$3.32
•
Austin Silver
for the company were announced Feb. 15. They
and officers, issuance of convertible notes
satisfy creditors' claims of about $90,000, and a new stock issue to
furnish additional wbrking capital.
Paul Klopstock, Chairman, and L. H. Atkinson have retired frOm the
board of directors and have been succeeded by Noel D. Sidford and Allison
L. Bayles.» Mr. Bayles heads the reorganiaztion committee appointed
by the board at its meeting Feb. 8.
Company ran into trouble with the Securities and Exchange Commission
in May, 1937, when objections to a registration stateir ent led to stop-order
proceedings.
The Commission's objections, the hearings brought out,
arose chiefly from failure to indicate that Mr. Klopstock was1 a parent or
the> corporation as then organized and that the underwriters had been
making stabilizing purchases in the market during the sale of an earlier
Issue.
There was no charge of manipulation.
The stop-orderwas issued
bn the basis of these two points ana was finally vacated at the end of
last summer, when the company offered amendments.
Briefs have been
submitted in an appeal to the Federal courts to have the original stoporder, now removed, set aside.r-V.. 147, p. 1479.
to
Telephone & Telegraph Co.-—Earningsj—
Period End. Dec. 31—
Operating revenues
65,272
Uncollectible oper. rev—
58,666.
Operating revenues— $9,330,640
Operating expenses—
7,242,758
Net oper. revenues...
715,156
585,827
—
$9,116,006 $103,374,191 $107,339,531
7,232,979
79,890,938
78,951,869
$2,087,882
Operating taxes—......
Net operating income.
Net income.—..
Baldwin Locomotive
1938—Month—1937/
1938—12 Mas.—1937
$9,395,912 $9,174,672 $104,089,347 $107,925,358
'
,
738,813
,
$1,349,069
39,857,122
$1,018,127 $11,178,007 $18,284,065
46,504,825 152,428,028 179,834,816
New Director—
'
«
Peabody Gardner Jr., of Boston has been elected a director to fill
vacancy caused by resignation of George Peabody Gardner, who has been
a director since 1912.—V, 148, p.
871..
G.
[Including all subsidiary companies except Textile Realty Co.]
1938
l9§7
1938
1937
Assets—
less
3,008,720
;
Accts. reo.
Liabilities—
$
Cash-.—
.2,203,660
(trade),
8,543,493 10,497,011
reserves—.
Acer,
rinfif".
At
QU
1
AC
1T"lf**l
ing, adm. A gep. exp- 30,626,955
Provision for deprecia'n.
1,850,691
Operating profit
Ac.,
less
217,005
reserve—
on
x
dwellings
■
17,996
-
28,279
Textile R'lty Co,
cap.
stock and
—...
738^964
934,999
326,489
4,330
7,572
Woolen
Bldg.,
:
75,773
45,796
.
420,145
504,860
1'37 to July 1'40 1,100,000
Res. for conting's.
668,693
Pref.
stock,
7%
1,100,000
726,148
cum, ($100 par)35,570,000 37,271,500
z Common stock..
2,000,000
2,000,006
Capital surplus ...30,762,025.29,547,740
Profit A loss since
Jan.
Total...
The
62,492,776 65,199,9321
Total
1
'32—def.11,475,780
6,564,277
—62,492,776 65,19.9,932
Textile
Realty Co., a Wholly-owned subsidiary, holds inactive
plants, properties, dwellings and other assets with an adjusted net book
value or $1,044,252, as of Dec. 31, 1938 based on 1934 assessed values
x
where
such
values were substantially lower than book values,
y After
depreciation since July 1, 1931, of $13,028,158 in 1938 and
$10,913,745 in 1937. z Represented by 400,000 no par shares.
The comparative income statement for the calendar year was published
In V. 148, p. 871.
v
reserve
for
American Water Works & Electric Co.,
113,316
ProfitInterest ————-
$747,363
603,128
b251,867
d445,963
expenses—
Prov. for Fed. inc. tat-.
Ipss
Equity of minor, stock¬
holders in net profit of
—_
-
Midvale Co-—-
$2,645,182
622,846
373*369
d726,200
$553,594prof$922,767"
' v
479,048
515,390
Net loss accrued to the
Bald. Locom. Wks- $1,032,641prof$407,377
Preferred dividends.—
88,327
18,666,746
1,852,409
1,846,216
■
*$77,194 *$1,056,409
15,466
•
32,590
a586,961
a453,006
$525,233
al,086,229
615,918
d500,400
*$570,812
al,088,045
. 220,101
52,500
$1.677,314
$1,931,459
486,635
.188,279
•
$2,163,950
,
$2,119,738
———
*
Indicates loss,
a- Includes $321,300 of interest accrued but not paid on
first mortgage bonds held in the sinking fund,
b Includes profit partici¬
pation for officers and other employees accrued by Midvale Co.* $198,770:
c Includes
equity of minority stockholders in loss of The Whitcomb Loco¬
motive Co.
d Provision for Federal and Pennsylvania income taxes of
subsidiary companies.*
,
*
Year Ended Dec. 31, 1938
Consolidated
Cap. Surv.
Total
Incl.Suos.
Earned
Surplus of
Midvale
Co.
Capital
Other Than
Surplus
Midvale
Bal. Jan. 1,1938—Capital surplus—$25,256,460 $18,786,115
Earned surplus
...
—
years for losses and refunds
Excess from reserve provided in 1937
for reorganization expenses
$1,463,172
1,244,210
;
——
Net profit for year 1938---Excess from reserves provided in prior
50,471
82,134
nJ
25,054
-
25,054
$25,331,987 $18,811,170
1,032,641
1,183,494
$2,789,516
Loss for the year 1938
Increase in reserve for investment in
General Steel Castings Corp. common stock
u
1,124,637
1,124,637
Reduction in book value of old Southwark plant site In Philadelphia
IttUi
32,443
32,443
88,327
88.327
Dividends paid:
Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
Works and Electric Co. for the week ending Feb. 11,1939, totaled
45,923,000
kilowatt hours, an increase of 15.6% over the output of
39,717,000 kilowatt
'hours for the Corresponding week of 1938. Comparative tableiof weekly output of electric energy for the last five
years follows:
•
"
$2,453,058
26,870
165,254
Consolidated Statement of Surplus
S}4% from July
Other assets A pre¬
paid ins., Ac—
.
$629,918
4,130
Miscell..
19,108,714
32,282,935
1,850,468
'
N. Y„ extend, at
5,539
9,389
27,958,924 29,774,262
open account—
y Fixed assets
liabilities.r_
Prep'd. rents, stor¬
age A deposits..
5% mtge. on Am. »'
115,961
,
"
Other Income—Divs_-..
Int. A miscellaneous-
c
\
opl
-
takes——'.
Mtge. notes ree'le
§
Res. for Fed. inc.
Inventories, .....22,320,954 22,066,511
Acer, storage, r'ta,
,lnt.,
$
Notes pay., banks 2,000,000
Accts. pay,, trade.
852,735
Calendar Years
.
„
Net
American Woolen Co.,Inc.-—Consol. Balance Sheet Dec. 31
Works—Earnings—•
Consolidated Income Account for
•
1938
1937
1936
1935
Sales—'—$33,107,564 $36,586,462 $20,877,736 $19,462,747
$1,883,027 $23,483,253 $28,387,662.
864,900 112,305,246
10,103,597
>
Mining Co .—Changes Planned—
Rehabilitation plans
include changes In the directors
By Bald. Loco. Wks. on pref. stock
By Midvale Co
—
998,720*
—-
$2,278,048
$2,428,902
9m At
Balance Dec. 31, 1938:
Capital
surplus,
Earned surplus
—Y. 148, p. 872.
—$23,053,938 $16,382,2681
-
*
j
—
£$1,790,796
J.
L
Volume
Financial
148
1019
Chronicle
Balance Sheet Dec. 31
RR.—Progress of Plan—
Baltimore & Ohio
Modification of Interest Charges and Maturities
Total Holdings
Deposits <%■ Assets
Plan for
Received
by Security
Holders
Securities
% of Total
$66,229,500
88.31
111,297.500
70.39
37,250,000
82.78
37,272,000
86.31
32,609,000
51.73
41,142,000
82.28
Southwestern Division
158.120,750
45,000.000
43,182,000
63,031,000
50.000,000
_
5s
Pittsburgh Lake Erie & W. Va. 4s_
30-year conv. 4 Ms
5-year 4 M % secured notes *
Buffalo & Susquehana RR Corp., 1st
mortgage 4s
Buffalo Rochester & Pittsburgh Ry.,
consolidated mtge. 4Ms
Cincinnati Indianapolis & Western
RR., 1st mtge. 5s
Lincoln Park & Charlotte RR., 1st
&c
176,293,805 172,127,563
—
.
3,397,842
other
2,568,000
61.77
29,114,000
21.977,000
3,396,264
3,091,095
705,395
704,840
1,179,795
1,249,351
198,508
172,109
14,049,424
14,087,570
Surplus
227,739,635 224,302,404
Total
Acer,
—
llabilitles.
Empl. stk. plan.
2,226,855
3,604,500
1,716,520
Prem.on cap
2,520
2,552
6,729,278
Other def. cred.
long-
.stk
6,591,024
50.327,85?
52,407,943
4,541,348
Res. for depreo.
75.49
3,675,000
2,459,400
66.92
350,000
196,000
Other def. items
56.00
$470,040,750
72,771,578
Totals
1,439,953
3,808,734
1,847,792
current
liabilities
Prepayments
sees.
Total
B. & O. loans
other
3,449,914
on
1,041,049
Accts. payable &
current
-
plies
Disc,
108,640
1,057,774
& oust.* dep..
3,012,057
assets
105,415
Adv. bill. & pay.
Materials & sup¬
Investment
mortgage 5s
336,900
331,100
and
rec.
7,435,390
Notes payable to
sub.cos
cos
Accts.
8.254,746
to
sion fund
from
term debt
1,586,200
3,936,185
67,500,000
trustee of pen¬
971,214
3,286,538
sold
Notes
$
79,122,400
80,044,100
67,500,000
Capital stock.—
3,635,335
1,166,424
Temp, cash Int.
Notes rec.
Amount
$75,000,000
bonds (total)
Telephone plant,
sub.
■
the Plan
20,593,975
Bonds..
General equip—
1937
$
Liabilities—
%
S
"
Land.bldgs., Ac. 20,668,831
Cash
1939
Feb. 14,
Affected by
B. & O., 1st mtge. 5s
Ref. and gen. mtge.
at
as
Close of Business,
of
A. sscts
1938
1937
1938
Following the regular monthly meeting of the directors in New York
Feb. 15, the following statement, showing progress up to date of the com¬
pany's plan for modification of interest charges and maturities was given out:
$352,018,600 74.89
72,771.578 100.00
„
—V. 148, p. 573.
"
•
■
-
Corp.—Annual Report—
Bell Aircraft
Income Account Year Ended Dec. 31,1938
Sales, less discounts (included only goods actually delivered)
Cost of golds
$542,812,328
$424,790,178 78.26
secured notes listed above are in¬
cluded $13,490,000 principal amount of notes owned and held by the
Reconstruction Finance Corporation, which are in addition to the loans
from that corporation also shown above.—V. 148, p. 723.
4,625,646
227,739,635 224,302,404
sold (net)
—
-—
"
$1,219,253
____
1,137.639
Total
*
,
In
the
&
B.
5-year 4M%
RR.
O.
_
Costs and expenses
$9,679,955
8,877,043
$1,333,338
$1,463,707
$802,912
92,128
103,250
51,701
v
Rents
paid
Liabilities—
Value of life insurance
—
on
-
111,704
583,186
117,587
41,738
8,352
$457,809
180,113
130.610
$657,766
$312,289
$147,086
$376,306
677,960
88,300
2,526
29,400
38,196
"
Special charges
177,529
'
Common dividends
def$162,910
$312,289
„
^
tt
funds desirable.
.
1937
V 1935
$1,576,421
1936
$1,636,227
1938
operating profit-^ $1,408,917
general and ad¬
$1,694,217
expense-
998,082
1,108,418
1.081,643
63,196
55,385
53.569
936,684
57,684
-—T_
ministration
$347,639
41,053
$472,424
76,626
$559,005
76,331
$582,053
54,981
Oper. profit before int.
Other income
—
Total income
$637,034
Expenses of idle plants—
net-
'
Miscell. deductions
x
■'*
b Accts.,
$549,083
$445,360
accounts
726,770
596,111
21,218
21,747
Mdse. inventories
.
1,970,727
2,096,634
65,000
28,608
rental agreem't-
3,125
Notes rec.—officer
to affiliated cos.
90,135
862,765
Fixed assets
Deferred charges.
_
3,377
116,133
1,491,788
1,755,311
1,556,719
1932-- 1,063,110
912,562
stock-
1,085,662
Calendar Years—
Oper. exp., taxes, &c
Operating income
Net non-oper. revenue.-
Inon kmg-term debtf& c .*
Net income
Dividends
$36,329,043
28,226,275
$9,928,936 $9,559,575
388,985.
367,033
$8,929,155
301,640
$8,102,767
240.752
$9,926,608
$9,230,795
$8,343,519
3,868,541
3,813,669
3,775,194
3,868,297
$6,449,380
6,371,026
$6,112,939
5,914,181
$5,455,600
4,704,143
$4,475,222
4,661,620
Surplus
$100)
share.----
Shs.of stk.out.(par
Earnings per
1935
1938
1937
1936
$41,167,406 $40,500,2.32 $38,096,581
31,238.470 30,940,657 29,167,426
income.--$10,317,921
Total gross
$78,354
800,44 [
$8-0o
'
'
,
Indicates
Ry.—Earnings—
$4,248
1,380,474
7.30c.
loss.—V. 147,
p.
x$8,908
1;367,290
7.20c.
■
1938—12 Mos.—1937
$5,402
x$64,194
5,300.808
7.22c.
5,662,036
7.32c.
,
Best &
3303.
Co.—Earnings—
1939—6 Mos.—1938
1939—12 Mos.--1938 <•
$7,949,867
$8,253,830 $15,245,294 $16,192,549
Period End. Jan. 31—
Net sales
x
y
profit
Earnings per share
x
.
600,394
$1.97
Net
658,366
$2.16
1.026,013
$3.35
depreciation reserves and Federal income taxes,
shares of common stock.
After
par
y
1,227,681
,
' $4.02
On 300,000
Net sales for the first six months eiided Juljy 31, 1938, were $7,295,428,
previous year, and the net profit was $425,619,
decrease of 25.2% from the previous year.
The balance sheet shows a strong financial position, vyith no bank loans,
decrease of 8.1 % from the
Brooklyn Edison Co., Inc.—-Earnings—
Total
Co. of Canada—Earnings—
Telephone revenues
-
.
$1,059,375 in cash and Governxhent securities.-^V. 148, p. 273.
.$4,497,158 $4,549,697
a Includes
time deposits of $150,000 in 1938 and $250,000 in 1937.
b After deducting reserve for doubtful accounts and notes, $41,863 in 1938
and $61,440 in 1937.
Reserve for discounts, $34,399 in 1938 and $25,016
in 1937
c After reserves for depreciation and obsolescence of $1,511,207
in 1938 and $1,416,038 in 1937.
d Represented by 446,100 no par shares
in 1938 and 464,532 in 1937.—V. 148, p. 573.
Bell Telephone
.
1938—3 Mos.—1937
profit---
Rev. fare pass, carried..
Aver, fare per passenger-
a
1
.$4,497,158 $4,.549,697
Total.
Berkshire Street
Period End. Dec. 31—
a
657,657
170,833
Goodwill.
-
The New York Curb Exchange will list 40,000 additional shares of the
corporation's common stock, par $1, upon official notice of issuance.—V.
148, p. 872.
no
'96,183
178,501
1
—
'
293,323
173,073
Other assets.-——
2,328
1,706
payable
Capital surplus —
Earned surp. since
Dec. 31,
Invests. In & ad vs.
c
Dividends
*
Listing of Additional Stock—
87,412
3,598
Other liabilities^
to purchase common stock, of rights to sub¬
14,993
94,727
holders of warrants
ment.
x
'22,554
to
corporation's Unissued and unreserved com.
corporation entered into an agreement with
Murphy & Co., Hayden, Stone & Co., Schoellkopf, Hutton &
Pomeroy, Inc. and Jackson & Curtis for the underwriting or the proposed
offering, subject to the terms and conditions of such underwriting agree¬
Credit balances in
d Common
Cash depos. under
$100,860
$134,014
adopted on that date a plan for the issuance to holders of common stock
M.-P.
G.
expenses,
&c.
accts. receivable
<fc
receivable
1937
1938
Accrued taxes
ceivable—trade.
notes
Accrued
wages,
&
and
Net
31
The officers and principal executives who held warrants to
scribe foi; 40,000 shares of the
stock.
On the same date the
$1.16
Accounts payable-
tratje accept, re¬
Misc.
465,032
$1.21
Liabilities-
1937
1938
notes
465,032
it
share on 464,532 shares in the amount
Jan. 31, 1938.'
Cash In banks,"on
hand & in trans l
,
$77,504
Comparative Balance Sheet Dec.
.
Assets—
a
465,032
$98,063
$563,095
$1.06
$0.72
Includes dividend of 25 cents per
of $116,133 payable
x487,407
$542,536
465,032
$490,7701'
464,532 "
446,100
Shares common stock
Earnings per share
'
$3,363
$150,548
-
-
60,000
14,640
13,858
66,000
"l2", 240
45,000
$322,243■
171,695
Net profit—.—
Dividends paid
Surplus
13", 280
16,450
50,000
——
Prov. for Federal taxes __
had
.
$635,336
$549,050
$388,693
work is for the construction of 13 airplanes and
of undelivered
purchase an aggregate of 25,000 shares of common stock at $12 per share,
sold all such warrants which were exercised, thus bringing in to the corpor¬
ation additional working funds in the amount of $300,000.
In addition
warrants originally issued to the underwriters in 1936 were exercised during
1938 and in January, 1939, which together with the above $300,000 brought
in to the corporation a total of $355,068.
There remain outstanding at this
time 10,411 warrants to purchase common stock at $12 per share, originally
issued to.underwriters in 1936, which .warrants expire on July 10, 1939.
Should such warrants be exercised the corporation will receive an additional
sum of $124,932.
•
The stockholders were advised by letter of Feb. 6, 1939 that the directors
Belding Heminway Co.- -Earnings-—
Calendar Years— *
ap¬
type, known as the Bell Airacuda, under contract
War Department for the Army Air Corps.
For the production of work on hand, additional new and modern factory
machine tool equipment costing approximately $100,000 was installed in
the plant last year.
Corporation now occupies under lease and is using
approximately 200,000 sq. ft. of facitory space and employes at this time
approximately 1,000 people.
The corporation's increased activities in the fall of 1938 made additional
Herbert S. Holt;
Manager, C. S.
Bagg; Vice-Presidents, S. Godin Jr., R. A. C. Henry; Assistant Secretary,
W. R. McLeod and Assistant Treasurer, A. N. Sainte-Marie.—V. 148, p.
Selling,
stockholders states in part;
9, 1939 amounts to
spare parts of the FM
with tne United States
The following officers were appointed:
Chairman, Sir
President, John S. Norris; Vice-President and General
Depreciation
Additional
work under contracts as of Feb.
Undelivered
amount
and M. W. Wilson.
Gross
—...$1,451,334
Issue
proximately $3,675,0001substantially all of which Is scheduled for delivery
in
1939.
This compares with undelivered work under contracts, as of
Feb. 15, 1938, of approximately $1,200,000.
A substantial portion of this
Beauharnois Power Corp., Ltd.—Directorate Increased—
Stockholders approved an increase in the number of directors from 11
to 12 and elected the entire slate of directors of Montreal Light, Heat &
Power as directors.
Retiring directors include Norman J. Dawes, Aime
Geoffrion, J. H. Gundy, A. F. White, Hon.. Lucien Moraud, T. A. Russell
-
114,928
—
Total—
$3,675,000—To
Lawrence D. Bell, President, in letter to
281,460
—V. 147, p.2523.
723.
Contracts
Undelivered
199,289
1,021,972
1
199,379
-$1,451,3341
Total-.—--—
CY61~,2i4
—
Earned surplus..
—"
15,457
Paid-in surplus
§58,489
....
43,140
Prov. tor Fed. inc. taxes
Common stock ($1 par).•
Stock—Underwriters Named—
$14,619
Net profit...:
Preferred dividends
Accrued wages, taxes, &c
Airplans design rights & draw¬
482,482
"10,048
18,000
602,116
.r
undistrib. prof
Surplus..-
Fixed assets (net)
Deferred charges
Inv. Co. & other rents
Surtax
$65,488
Accounts payable—.$56,548
$281,706
203,358
3,278
405,123
Accounts receivable...
ings
Sunland
to
Federal taxes
128,349
16,574
15,100
—
•
Cash in banks and on hand—
$855,309
.,515,408
106,781
$1,436,588
$826,269
168,971
20.043
Total income.
Deprec'n & amortiza'n__
$83,043
2,454
-
operationg of airport.
Inventories
Interest
—
Balance Sheet Djc. 31, 1938
52,397
Other income.
on
—
Net profit for the year.-.
1935
$734,141
Operating profit
Total
Loss
r'
Calendar Years,
1938
1937
1936
$11,977,712 $14,314,027 $12,576,811
11,243,571
12,980,689 11,113,103
Consolidated Income Account for
Net sales.
Other income, net-
Provision for Federal income tax..
Barker Bros. Corp .—Earnings—
$81,614
1,429
Operating profit---
$198,758
791,224
$7.73 '
$751,457 def$186,397
78»i7o?
'
$6.94
77«^7a
$5,74
Calendar Years—
Gross oper. revenue
Operating expenses
1938
1937
1936
1935
$50,608,597 $49,773,820 $48,531,473 $48,267,488
21,522,918 21,373,702 20,930,424 19,927,328
4,583,268
4,888,488
4,648,914
11,562,712 zlO,162,587
z9,435,000
9,728,500
4,999,471
Depreciation
Taxes..
$12,523,495 $13,654,263 $13,277,560 $13,962,746
income...
403,673
477,050
380,024
495,338
Net oper. income
Net non-oper.
Gross income
Interest on funded
Misc. int., amort,
debtof dt.
disct. & exp., &c
Net
Income
Dividends
$12,927,168 $14,131,313 $13,657,584 $14,458,084
2,264,833
2,355,755
3,021,528
3,349,030
219,517
132,340
219,321
400,579
$10,442,817 $11,643,218 $10,416,734 $10,708,475
9,989,444
9,989,848
9,990,484
9,993,284
$1,653,370
236,544
35,318,141
$426,250
$715,191
3,216,821 Crl,656,147
38,108,713 35,737,374
Surplus end of year .-$33,639,914 $36,734,967
of capital stock
outstanding (par $100)
1,248,629
1,248,731
Earns .per sh.on cap .stk.
$8.36
$9.33
$35,318,141 $38,108,713
Surplus
Net surplus
deduction..
Previous surplus
$453,373
3,548,426
36,734,967
Shares
x
No
1,248,731
$8.34
1,249,039
$8.57
provision deemed necessary for Fed. surtax on undistributed profits.
1020
Financial Chronicle
Earnings for 3 Months Ended Dec. 31
1938
Operating:
Liabilities—
1937
From sales of electric energy
stock..
1937
37,268,200
49,000,000
2,500,000
1,133.397
:
___°
37,268.200
49
00,000
3,750,000
1,228,554
298,810
74,783
621,058
Dividends declared
Total operating revenues
260
Custon ers'deposits
Federal income taxes accrued—
492,277
52,918
Non-operating Income
$3,676,376
32,521
135,661
27,377
$102,465
$108,284
$103,002
9.239
Deferred credits
Reserve
112,403
7,270,299
606,067
1,729,392
52,814
for
depreciation....
Injuries and damages reserve
Employees provident reserve
Reserve for uncollectible accounts
Gross income
$3,051,209
566,473
-88,942
$3,778,841
566,120
28,472
Net income
$2,395,794
Including provision for Fedtral income tax.
$3,182,454
$2,920,460
on
long-term debt
-
a
Miscellaneous
$3,545,477
30.267
Interest
Misceli. int., amort, of debt, &cl
1938
Assets
1937
$
$
*
1
Oth. phys. prop.
Inv. in affil. cos.:
707,360
$
'
stock... 124,862,900 124,873,100
Prera.on cap.stk.
10,542
10,542
Long-term debt. 68,603.000
64,363,000
707,360
Accts.'payable..
1,281,187
1,002,892
Due to affil. cos.
454
357
Consum's depos.
Taxes accrued..
1,374,925
1,205,484
'
136,000
(cost)
Advances
1937
' Capital
Stks., pledged
in part
•
$
IAabUUies-*-
127,700
17,015,000
15,715,000
Cash
3,502,242
Accts. receivable
5,581,504
118,623
4,090,728
4,081,182
277.673
Other current &
Taxes protested.
Due fr, affil. cos.'
Mat'ls & suppl's
1,192,554
382,431
Misc. lnvest'ts..
314,271
314,271
Govt.
416,333
dep.
sees.
Indus. Coin.
306,052
365,744
827,020
850,578
757,668
above defined.
This reclassification is now under review by the Public
Service Commission.
The con pany has not yet deteri ined an amortiza¬
tion program with respect to gas plant acquisition adjustn ents.
(2) Stated at amounts formerly included in fixed capital.
N »determina¬
tion has been made at this time of the realizable value of land held for resale.
241,015
20,662,646
1,054,509
reserve
1,013,271
1,238,306
36,734,967
1,238,305
33,639,914
*
T; 137,656
"
Butte
Earnings
y
x
p.
Bond
Month
724.
Total
260,180,091 255,379,363
...
\
.
Stores, Inc.—Sales—
1938
$1,235,919
.
Month of January—
Corp.—Earnings—
1939
$5,276
Net profit..
1937
$32,476
1938
$38,194
1936
■
x$31,053
for rentals of $17,733, and before amortization
and income taxes,
y After ordinary taxes and interest, but before amort,
and Federal income taxes.—V. 147, p. 3757.
provision
Brooklyn Union Gas Co.——
Calendar Years—
Sales of gas
1938
.
1937
$22,486,978 $21,786,263
2,224
15,164
Other gas revenue
Total operating revenue
expenses
....$22,489,203 $21,801,428
11,670,719
11,234,122
1,656,283 - 1,835,548
1,145,208
727,985,
"
50,000
50,200
3,635,497
3,429,486
*
Maintenance
Provision for depreciation..
....
Federal income taxes
Other taxes
d,
■
.i
Gas operating income.
'
r,
Dr20,537
....
'Gross income
Interest on long-term debt
Other interest charges
...
Amortization of debt discount and expense
Amortization of premium on debt..
Miscellaneous income deductions
jw".
■■"
.
ji
$4,524,086
19,556
$4,310,958. $4,543,642
2,510,000 2,510,000
90,573
'•
89,100
28,427
28,427
04,800
6,906
Cr4,800
7,311
$1,679,853
13,208,161
$1,913,604
14,357,894
7,868
l7l,609
...
Net income..
Balance at beginning of year
Miscellaneous surplus credits..
■
$14,895,883 $16,443,108
1,781,486
Dividends
1,453,460
Appropriation to reserve for depreication
5,000,000
z Prov. for reserve for uncoil,
acc'ts as of Jan. 1 '38
55,000
.
Balance at end of year...
Shares of capital stock
outstanding (no par)
per share
$9,840,883 $13,208,161
745,364
745,364
Earnings
$2.25
-
$2.57
In 1938 and for retirements in 1937.
z Prior to this date the com¬
pany did not carry a reserve for such accounts.
x
Notes—(1) As of Jan. 1,1938, the company adopted depreciation account¬
ing in lieu of the retirement-reserve method, as required
by the new uniform
system of accounts prescribed by the Public Service
Commission of N. Y.
Pending a final determination of depreciation
requirements, the company
provided during 1938, $1,200,000 for
depreciation, of which $1,145,208
accounts861*t0 provision for depreciation and the balance to various clearing
(2) The provisions for Federal income taxes were less than if
computed
the net income shown above for the
reason that the
company claimed in
the 1937 return certain
expenditures which are not reflected in the
foregoing
statement of income and that for 1938 the
company will claim abandonment
losses in
on
connection with the retirement
plant during that
of
from service of the
1937
$
105,299,587
property
at
Fah\T9~39~,~!ncl—4~%
bonds, at cost
Miscellaneous special funds, at
Cash
cost.I.
"
_
I-IIIIIIIIIIII
I
unbilled 11111 ~ I
~~~
Prepayments
"IIIIIIIIIII
Unamortized debt discount and
expense
Retirement work in progress..
...
Other deferred debits
Capital stock expense
Tbtal
I
I_"
-
31
issued
on
certificate
a
1.46 miles,
a
dividend of 25 cents per share on account
the
-
g
'
California-Engels Mining Co.—President's Report—
A.J. Heller, President, iu a letter to the stockholders
giving a statement
of the condition of the company as of Dec. 31,
1938, and the progress of the
company, states:
"The company has now emerged from a static condition to One of action
and
solvency.
The sale of 400,000 additional shares of the company's
stock resulted in obtaining $81,746 for the
financing and development of
the Groom Mine in Arizona and meeting certain
alibilities.
It is gratifying
to report
that the issue
was
heavily oversubscribed."—V. 145,
Callahan Zinc Lead Co.—SEC Orders
429.
p.
Hearing—
The
Securities and Exchange Commission has ordered a
hearing on
Feb. 27 to determine whether the registration of the common stock
(par $1)
should be suspended or withdrawn from the New York Stock
Exchange.
The Commission states it has reason to believe the
company made false
and misleading statements in its annual
reports and amendments thereto
to the SEC.
The Commission charges the
company failed to disclose all the under¬
writers of 302,518 shares of common
stock, that it failed to disclose that
officers and directors of the company had a beneficial interest in a certain
note due Aug. 3, 1936, and that the
company failed to disclose information
regarding the optioniong of 302,518 shares of common to certain persons.
The order also states the company gave false and
misleading information
with respect to the issuing of 75,000 shares of common to a former
officer
of the company for services rendered.
The Commission said that in this
case the
company failed to indicate the true consideration for the issuance
of said shares.
"
■
<
„
.
,
SEC
in
its
recently announced
proceeding with respect to the
Callahan Zinc-Lead Co. appears to have focussed its attention
primarily
on matters relating to the old
management and the transition to the new
more
than two years ago.
Nothing in these proceedings should adversely
affect the present position of the
company.
VThe new management, which took office in the fall of
1936, has at all
times diligently endeavored to comply with all
requirements of SEC,
'
'The company was virtually defunct in 1936.
Since then the new manage¬
ment has consistently worked toward the
improvement bf, and has im-.
proved, the position of the stockholders .It welcomes any public accounting
of its stewardship, asking that, if it has proved to have benefited
the stock¬
holders, whom the Commission was created to protect, that fact be accorded
fair
recognition."—V.,148,
Canadian
p.
873.
International
Investment
Trust,
Ltd.-—
Accumulated Dividend-—
The directors have declared
dividend of 50 cents per share on account
of accumulations on the 5% cumul. pref.
stock, par $100, payable March 1
to holders of record Feb. 15.
Like amount was paid on Dec. 1, last. Divi¬
dends of $1.25 were paid on Sept. 1, June 1 and March
1, 1938; Dec. 1,
Sept. 1 and June 1, 1937, and dividends of $2.50 were paid on March
1,
1937, and on Dec. 1, 1936.—V. 147, p. 3153.
a
±
-
-—
1,185,741
5,470,135
1,241,109
2,565,035
74,458
476,689
4,879,509
1,150,251
3,052,250
101,941
505,116
24,712
24,416
112,031
150,000
197,333
77,548
23,000
fixed
1938
Decrease
$3,258,883
$95,187
Railway Co.—Pref. Div. Omitted—
charges,
including
was
paid on
48",735
sufficient to meet all expenses and
for depreciation and taxes—with a
were
provisions
modest surplus—the directors of the company
of the serious decline in the net results as
have decided that, in view
compared with 1937, it was
inadvisable to declare any dividend on the preference stock in
respect of the
ear 1938."
Earnings for the
Week Ended Feb. 7
1939
TrMfic^rnin|s_
Casco Products
I. 112,033.565 116,671,011
_
Week Ended Feb. 7
1939
$3,163,696
Gross revenues
—V. 148, p. 874.
"While earnings for the year
160,000
197,333
961,934
87,055
23,000
'
company made the following statement:
"The
1%
2,902,140
IIIIIIII
Receivables
Jan.
April 1, 1937, this latter being the first dividend paid since Oct. 1,1932 when
a semi-annual dividend of
2% was paid.
The company made public the following announcement:
debenture
_
Accrued utility revenues
Materials and supplies
on
Directors at their meeting held Feb. 13 decided not to
pay a dividend on
the 4% non-cumulative preferred stock, par £1 at this time.
A dividend of 2% was paid on April 1, 1938, and one of
91,203,186
6,510,332
property, principally land held
Special deposits
ulations
Canadian Pacific
service—tangible
Working funds
Commerce Commission
Earnings of the System for the
1938
World's
3152.
p.
Canadian National Ry .—Earnings—
"original cost"
Gas plant acquisition
adjustments__.II
Investment and fund accounts:
Other physical
N. Y.
$58,652
$0.09
On 600,000 shares
y
Williamsburgh
year.
Assets—
S3il A
Interstate
accun
Comparative Balance Sheet Dec. 31
iop
1935
$27,811
$0.04
$1.75 cum. conv. class A stock, no par value,
payable March 1 to holders of record Feb. 17. Like amount was paid on
Dec. 1, Sept. 1, June 1 and on March 1,1938. A dividend of $1.50 was
paid
on Sept. 1,1937; one of 50 cents was
paid on June 1, 1937; one of 25 cents was
paid on March 1, 1937; dividends of 50 cents per share were pard on Dec.
1,
and on Sept. 1, 1936, and 25 cents paid on June 1 and March 1, 1936, this
latter being the first distribution made since
April 1, 19d0, when a regular
quarterly dividend of 43 % cents per share was paid.—V. 148, p. 574. 1
The
Total
Written-off expense
in
1936
"
$4,331,496
Other income (net)
Fixed capital
Utility Plant:
Gas
plant
197
$101,320
$0.17
Nil
The directors have declared
1939
$1,388,194
-
Bowman Biltmore Hotels
Operating
share
branch, extending generally westward from Poland Junction,
in Yavapai County, Ariz.—V. 148,
p. 128.
».
-
—V. 148, p. 273.
x
per
California Art Tile Corp.:—Accumulated Dividend
of January—
Before
„
permitting abandonment by the company, and abandonment of operation
by Atchison Topeka & Santa Fe Ry., of a line of railroad called the Poland
508,344
Sales.............
x
of this department.
Copper & Zinc Co.—Earnings—*
After expenses and taxes but before depletion,
The
1,237,280
400,421
...260,180,091 255,379,363
148,
Capital Corp.—Registers with SEC—
California Arizona & Santa Fe Ry.—-Abandonment—
penditures—
Total
724.
capital stock.—V. 147,
over ex¬
Other del, debits
—Y.
p.
Calendar Years—
1938
Net p"ofit......loss$19,047
x
Unamort. service
charge
148,
Business
See list given on first page
ins.
Surplus..
112.033.565 116,671,011
—
745,364 no par shares.
(1) The uniform system
of accounts prescribed by the Public
Service Comn ission of N. Y. and effective Jan
1, 1938, requires that the
account, gas plant in service, show the original cost of property when first
devoted to public service.
The company has so restated its fixed capital
as of Jan. 1, 1938, and, in accordance with requirements, has classified as
gas plant acquisition adjustn ents the difference between the cost, in
securities, of properties acquired in 1895 and the "original cost" thereof, as
971,644
23,848,158
res've
t>--~
Total
"
reserve
comp.
681,733
1.154.910
13,208.161
—V.
208,938
&
62,825
1,156,907
9,840,883
245,027
Em pi's'retlrem't
debt
disct. & exp..
Taxes protested.
372,927
262,934
credits
306,052
4,539,972
244,186
398,515
,
73.442
reserve
Contributions in aid of construction
unadjust.
Casualty
Special deposits.
Upamort.
Misc.
Retlrem't
withN.Y. State
2,638,142
accrued
accrued liabil.
,
1,213,961
Prepayments—
Interest
603,445
1,564,507
Notes:
1938
"
j
Utility plant...223,158,357 224,053,060
Cap. stock exps
1,292,999
<
6,981.459
Earned surplus
596,545
x
Comparative Balance Sheet Dec. 31
50,200
188,108
497,879
49,675
68,436
176,659
473,112
Other current and accrued liabilities
$3,437,193
134,986
Other taxes accrued
Interest accrued
Operating income
$2,948,208
Non-operating revenues
136.689
Non-operating revenue deductions—
33,687
,
85,294
Matured interest
$13,473,044 $13,194,746 $13,041,507
5,823,979
5,673,556
5,958,105
1,758,472
1,286.166
1,356,308
2,942,385
2,558,646
2,289,900
Operating expenses
Depreciation
aTaxes (incl.prov. for Fed. inc. taxes)
1939
1938
Long-term debt
Notes payable to banks
Accounts payable
$13,120,587 $12,803,227 $12,510,636
352,457
391,518
530,870
sources
Common
x
1936
revenues:
From miscellaneous
Feb. 18,
$2,284,000
1938
$2,318,000
Decrease
$34,000
Corp.—Dividend Reduced—
Directors have declared a dividend of $1 per share on the common
stock,
payable Feb. 23 to holders of record Feb. 18. A dividend of $1.50 was
paid on Feb. 23, 1938, and an initial dividend of $2.75 per share was paid
on Feb. 23,
1937.—V. 147, p. 1185.
•
Volume 148
Financial
Chronicle
1021
Charleston Transit Co.—Tenders Asked—
Balance Sheet Dec. 31
Pursuant to approval by the directors of the
company at a meeting held
Jan. 20, 1930, of a plan to modernize the service rendered
by the com¬
pany by substitution of bus for rail equipment, there has been set aside
from the cash resources of the
company the sum of $100,000 for the purpose
of purchasing any of the
following securities from holders thereof wno may
desire to sell them, upon the following terms and conditions:
The executive committee of the board of directors will receive tenders
Assets—
on
until not later than 5:00 o'clock p. m, on Feb. 21, from the
4,062,758
4.062.566
7.180,776
Material and supplies
Other current assets
9.922.179
3,300,043
11,773,545
10,633.548
16.076,849
Total
p.
$84.75 plus interest
interest
13.770,584
by
--$180,839,845 $180,839,845 $180,839,845
capital stock
29.657
29.657
29.657
Governmental grants
1,949,347
1,543,125
1.083.287
Long-term debt
299,742,500
303,206.5u0
301,746.500
Loans and bills payable
32.885,644
32.915.265
33,045.960
Audited accts. and wages payable
3.977,206
4,195.174
4,645,684
Interest matured unpaid
56,252,194
40,696. <38
25,349,809
Fund debt matured unpaid-.
34,u7u.2O0
33.9 J2.200
33,800.200
Unmatured interest accrued
2,889,425
2.920.090
2.921.102
Other current liabilities
4,164,531
3,935.453
5,564,035
Tax liability
5.1e>2,939
5,391,490
6,763,480
Accrued depreciation—equipment
72.325,255
70.625,059
67.223.854
Other unadjusted credits
13,779,571
11-,314,602
8,218,558
Corporate surplus
Dr29,120,444 Dr13,289,7 61
2,814.005
5% bonds, due 1942, $82.94 plus In¬
$100 of collateral trust notes, due 1942,
date of settlement, also plus contingent
7,532,418
9,184,336
13.074.067
$678,967,871 $678,225,440 $674,045,979
Premium realized
and adjustment bonds, due 1952,
$55.84 pins contingent interest accrued, if declared, prior to date of settle¬
to
4.062,566
Liabilities—
Capital stock and scrip held
Public
terest accrued to date of settlement;
For each $100 of general mortgage
declared, prior thereto.—V. 147,
9,225,432
18,426,435
Unadjusted debits
holders of (a)
W. Cummins, Treasurer, Virginia and Alderson Streets, Charleston,
W. Va., and shall set forth specifically the particular issue of bonds or notes
tendered, the par value amount thereof, and the lowest price therefor which
will be accepted, but no price higher than the
average of the prices at which
the company has heretofore purchased securities of the same issues will be
considered, namely:
ment;
For each
1936
Cash.....
by J.
accrued
1937
$555,500,394 $557,749,344 $551,701,410
74,649,896
74,629.544
74,670.597
Other investments
first mortgage 5% bonds, (b) general
mortgage and adjustment bonds, and
(c) collateral trust notes. All tenders shall be sealed and must be received
For each $100 of the first mortgage
1938
Investment in road and equip
Investment in affil. companies
accrued, if
1770-
Chesebrough Mfg. Co., Consolidated—Extra Div.—
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of $1 per share on the common
1
Total
-V.
stock, par $25, both payable March 27 to holders of record March 3.
Extra
of $1 was paid on Dec. 19, last; extras of 50 cents were paid on Sept. 26,
June 27 and on March 28, 1938.
An extra of $1.50 was paid on Dec. 20,
1937.
The company has paid extra dividends of 50 cents per share in
on
.$678,967,871 $678,225,440 $674,045,979
148. p. 727.
Childs
Co.—Earnings—
Consolidated Income Account for Calendar Years
September, March and June of each year from 1929 to and including 1937.
Extra dividends of $1 per share were paid in December of each year from
1929 to-1935, inclusive.
In addition an extra dividend of $1.50 was paid
on Dec. 21, 1936, and a special extra dividend of
$5 per share was paid on
Dec. 31, 1934.—V. 147, p. 3154.
1938
1937
1936
1935
Restaurant sales
$14,125,337 $16,212,055 $15,306,714 $15,580,920
Building rentals
888,212
910,655
919,043
949,343
Miscellaneous income—
468.829
514,615
484,191
535,139
,
Total income.
Chicago Flexible Shaft Co.■
$15,482,378 $17,637,325 $16,709,949 $17,065,403
13,227,178
14,069,848
13,387,790
13,962,301
916,757
923,443
901,882
858,352
Cost of misceil. income-367,573
/ 398,486
380,323
422,644
Earnings—-
Weeks
53
Period—
-
-52
Cost of restaurant sales.
Cost of building rentals-
Weeks—
'38
Dec. 25 '37
Dec. 26 '36
Dec. 28 '35
Profits from operations- $2,487,519
Proy. for depreciation
158,242
Maint.,repairs & replace¬
ments of tools, &c
352,466
Real est., pers'l prop. &
other general taxes
Fed' 1 unemploym' t tax
$1,529,858
104,345
$1,669,922
.116,832
$1,103,791
116,280
Dec. 31
261,460
•
40,287
16,800
30,408
.
-
170,044
970,870
722,051
2,245,548
826,373
2,039,954
721,296
1,822,105
649,273
26,305
232,015
__
Royalties.
Special pro v. for servic¬
ing products
Total cost—-$14,511,507 $15,391,776 $14,669,994
$15,243,298
Gross profit-.-
Other general expenses--
Net income from oper.
Other income (net)_ ^
$248,819
11,905
$1,419,175
25,198
$1,318,659
26,376
$1,172,831
28,651
$260,724
418,833
598,113
$1,444,373
426,561
596,010
$1,345,034
455,570
598,325
$1,201,482
loss$756,222
2,297,4 07
$421,802
$291,139
1,968.888
$117,063
3,107,470
12*568
Total income.
Income deductions
50,000
Depreciation
Profit from operations
Other income (incl. int.
$1,926,811
charged to subs.).
$778,591
$1,233,579
$1,164,053
834
3,729
43,741
28.223
profits...
$1,927,645
584
$1,277,321
3,733
y260,762
,815
Miscell. deductions
$1,167,782
4,594
y200,000
138",500
$963,188
$1,012,825
$668,315
157.759
94,354
Net profit
Previous earned surplus
•64,220
Total
.
Pro v. for Federal taxes..
370,000
*
J
for year
$1,557,061
foreign subs,
126,702
company
z
Profit
Oi
for year
$1,541,185
f.
preferred stock
Profit & inc. of parent
2,152,845
_
Total.
Miscell. adjustments.__
Transfer to reserve for
$2,574,647
258,844
16,296
Earned surp. Dec. 31-
630,108
$2,260,026
$3,224,533
,232,671
yl07,181
$2,297,407
xl
18,396
$1,524,889
454,3 1 2
22,973
$2,152,846
$1,968,888
x Lease
cancellation costs, write-off of unamortized costs of units dis¬
continued prior to lease expirations, and of good will of
$854,287 carried
books of subsidiary, $1,926,773; less portion
charged to reserve for
on
Combined profit & inc.
of parent & subs
$1,683,763
Divs. declared & paid..
899,555
No. of shs. of cap. stk.
(par $5) outstanding
Earns, per sh.on cap.stk.
719,628
$1,107,179
611,684
179,907
179,907
$6.23
179,917
$9.36
$6.15
contingencies of $694,101; net, $1,232,671.
y Write-off of unamortized cost
(based on cost prior to revaluation in
1932) of leasehold improvements and of cost, Jess depreciation, of equip¬
ment abandoned through lease cancellation and non-renewal of lease and
incidental expenses, $109,908; less adjustment of prior years' lease can¬
cellation costs, &c. (net) $2,727; net, $107,181.
$732,535
287,811
179,882
$4.07
$1,120,947
After
Condensed Consolidated Balance Sheet Dec. 31
provision for U. S. Income taxes thereon,
y Includes $29,000 in
1937 and $68,000 in 1936 provision for Fed. surtax on undistributed profits.
r. At average of U. S. rate of Australian and Canadian exchange.
x
(Including all subsidiary companies)
1938
A sscts
Balance
Dec. 31 '38 Dec. 25 '37
Assets—
Cash...
Accts. receivableInventories
_
—_
$1,860,456
455,013
1,136,764
ft 14
Q44
Misc.
57,359
x
owned
297,602
Sundry notes
899,629
2,946,904
12,692
1,521,871
1,023,928
35,484
Deferred charges..
Total—.
a
Ry.—Earnings—1938
1939
&
Fed.
curr.
5,271,000
705,000
720,000
2,910,325
liabil.
11,128
2,972,648
Deferred liabilities
11,395
27,948
31,181
accr.
1,126,326
liabilities..
904,225
Curr. funded debt-
67,750
Deferred credits..
21,559
2,722,039
"
>14,123
d Special reserve..
53,680
46,329
171,397
457,419
177,558
Sundry
352,168
Res. for insurance.
reserves..
—19,760,702 20,367,9391
Represents 324,416 shares of
no par
Total
.
90,979
1,211,118
1,524,889
19,760,702
53,463
23,528
2,705,743
13,820
,95,874
1,211,118
2,297,407
20,367,93
value in 1938 and 324,438 in 1937.
—V. 147, p.
1937
2678.
,
$6,232
Cincinnati & Suburban Bell
x$12,865
in
$72,160 transferred from contingent reserves to cover flood
Telephone Co.—Stations
Operation—
1
,
Stations
in operation by this company, as of Jan. 31, 1939, totaled
gain of 637 over the preceding month and 3,934 over the. 178,452
stations operated in January, 1938.—V. 148, p. 875.
182,386,
Chicago & North Western Ry.—Earnings—
Earnings for Calendar Years
Operating Revenues—
1938
1937
'■
1936
1935
Freight-—
—.$61,176,684 $68,692,622 $71,524,136 $59,983,338
Passenger.
11,254,560 1 11,945,922
10,857,359
8,904,453
Other transportation
7,363-f399
7,864,215
7,907,443
7;139,972
Incidental
1,261,225
1,299,776
1,680,359
1,317,732
-
Total oper. revenues_$81,055,868
$89,802,535 $91,969,298 $77,345,496
Operating Expenses—•;
13,093,043
17,538,088
Transportation
Miscell. operations
General.
Trans, for invest.—Cr..
2,295,290
34,410,320
853,382
2,952,764
81,668
-
14,942,577
22,877,269
2,280,454
Maint. of way & struc-.
Maintenance of equip._
37,141,944
928,740
3,339,692
171,381
15,117,216
20,125,401
2,079,272
35,618,353
751,391
3,537,880
199,514
12,427,546
16,803,417
1,943,297
30,591,668
531,495
3,209,845
158,690
Total oper. expenses_$71,046,384
$81,354,132 $77,030,000 $65,348,579
Net rev. from ry. oper. $10,009,485
eduction^ from revenue:
$8,448,404 $14,939,298 $11,996,917
Railroad retirement &
income—net.
1,051,873
4,944,766
1,976,880
5,030,518
5,391", 572
2,414,364
2,671,258
3,026,861
x$125,511
1,399,268
Net ry. oper. income.
2,705,899
4,407,354
3,021,743
social security tax..
Railway tax accruals.
Equip. & joint facility
$37,400
1,854,008
$5,260,641
$3,578,483
2,312,947
1,767,850
for
$1,273,757
$1,891,408
16,549,740
16,702,507
$15,275,983
$14,811,098
$7,028,491
$5,891,431
&
Indicates deficit.
16,702,496
16,961,779
$9,674,004 $11,070,348
a
Chrysler Corp.—Annual Report—
During the year ended Dec. 31, 1938, corporation sold 570,852 passenger
and commercial vehicles and earned $18,798,294, after all charges.
Earn¬
ings per share of
common stock outstanding were $4.32.
Dividends paid
during the year aggregated $2 per share.
Total sales fof- 1938 amounted
to
$413,250,512.
At the end of the year cash and marketable securities amounted to
$71,009,513.
Net current assets amounted to $78,233,185, an increase
during the year of $4,178,368.
For additions to property, plants and equipment and improvements in
production facilities, the corporation spent $18,246,449 in 1938.
This
included the cost of building and equipping a new truck plant at Detroit,
at which the corporations' Dodge trucks are now produced under most
improved methods.
Depreciation and amortization were charged to operations on the same
basis as in the preceding year and amounted for 1938 to $13,874,476.
Taxes paid by the corporation in various forms amounted for the year to
$21,061,646.
Corporation continues to account for about one out of every four passen¬
ger cars sold at retail in the United States.
New-car registrations show that
Plymouth, Dodge, De Boto and Chrysier passenger cars delivered to the
public at retail in the United States during 1938 totaled 472,565 units.
Truck and commercial car sales to dealers for the same period totaled
56,425 units.
Export shipments by the corporation totaled 59,407 units.
K- T. Keller, President, says:
"Sales and earnings for the year 1938 reflect the fact that business
suffered
a
precipitate decline in the latter part of 1937 and remained during
1938 at levels substantially below the volume of the three preceding years.
The
fixed charges
Net deficit
5,271,000
Real estate mtges.
b After depreciation of $2,323,441 in 1938 and
$2,140,377 in 1937^. c After
amortization of $2,973,498 in 1938 ana $2,941,864 in 1937.
d Reserve for
preferred stock created out of earnings for investment in real estate, &c.
losses.—V. 148, p.. 434.
available
15-yr. 5% g. debs.
Bonds of subslds..
^.$5,478,021 $4,545,303
Total
$3,643
charges—rents
324,438
Capital surplus
$4,545,303
income taxes
Income
324,416
Common
Earned surplus
Cincinnati Street
on-oper.
stock-
3,914,771
1,095,168
44,466
-
3,732,100
Accts. payable and
1,091,332
receivable
Mdse. Invenotrles.
Month of January—
Net inc. after int. deprec.
x
38,158
35,835
3,914,771
728,493
Total .........$5,478,021
—
30,067
lnvestm'ts
$
3,732,100
Sundry
'
Goodwill
x After deducting cost of 83
(p3 in 1937) shares (par $5 each) held in
Treasury, amounting to $850 ($371 in 1937).
y After reserve for depreciation.r—V. 148, p. 875.
xed
and
866,333
chinery
Deferred charges._
Traffic-
364,959
accts. receivable
Sundry
bldgs., ma¬
Includes
3,731,145
354,841
to leased prop..
456,003
Notes and accounts
foreign subs
x
3,653,532
Alter, and impts.
Cash
.
y Land,
a
6
■
-
8,097,564
c
Inv. in & ad vs. to
wholly
8,028,160
1937
$
Preferred stock
Lease deposits
900,000
Liabilities—
2,133,533
36,000
3,709,682
Capital stock
1938
*
plant's. 1,959,548
86,000
Surplus
19,821
92,430
'
val. of
life insurance
$258,648
106,519
$233,905
llabil's
Reserve for taxes.-
(non-current)
surf.
accr.
Reserves.
0
$
Real estate
Dec. 31 '38 Dec. 25 '37
Accounts payable.
$938,351
1,134^052
1937
$
Estab. &
b
Liabilities-
Trade accts. rec'le
Cash
Sheet
*
improvement which appeared about the middle of the year continues
to show encouraging vitality and sales of the corporation's new passenger
cars and commercial vehicles introduced in the fall of 1938 indicate that both
the dealers and the public are attracted to the quality, style and engineering
excellence of these new automobiles.
"The stockholders may be interested to know that the corporation's
1939 Plymouth, Dodge, DeSoto and Chrysler passenger cars and Dodge
and Plymouth commercial vehicles will bq on display in unusual settings
this year at both the New York World's
national Exposition at San Francisco." ,
Years
1935
banks.
843,599
1,066,229
1,158,518
570,852
$2,500,000 unsecured loans maturing $500,000 annually,
1940-44, and carrying interest of from IK to 23^%, to three
of
1936
1937
1938
Sc comm'l
In
——413.250,512 769,807,839 667,138,391 516,830,333
352,154,207 661,855,158 546,038,449 430,991,675
Sales
x
CosVof
Gross
sales
profit
Other income—---
—
61,096,304 107,952,681
1,834,555
3,014,733
121.099,942
2,758,242
110,967,414
123,858,184
general expenses
Interest paid & accruedProvision for est, U. 8.,
40,432,565
47,938,202
47,657,402
90,239
3,700,000
12,800,000
for surtax on undistributed properties.
Prov.
50,729,211
34,975,819
surplus-101,538,778 126,261,103 127,722,584
52,190,692
common stock-8,702,264
43,520,620
74,276,694
8,664,652
75,531,892
65,612,041
18,798,294
Jan. 1— 82,740,484
Net Income for year.-
75,531,892
Total earned
on
.
sinking fund and purindebtedness
rates of interest.
plan for refunding this present
$11,500,000 first mortgage and col¬
The company will issue and sell
(1)
1,200,000
62,110,543
65,612,041
officers now propose a
.
.
obtained prin¬
indebtedness has been
through new mortgage bonds and bank loans at lower
The refunding plan contemplates the following:
•
1,300,000
Earned surplus
Div.
ChYour
..
entirely paid off through funds
cipally from the sale of securities, and the mortgage
reduced to $13,230,000 through the operation of the
,
4*A% collateral
.
.
,
..
The bank loans have been
8,931,095
11,000,000
E. B. Greene, President, and Wm. C.
Nov. 1, 1950, and by fivo-year
of $16,500,000, maturing
bank loans of $5,000,000.
40,890,672
2,406,540
Canadian, <fcc., taxes-
circular letter of Jan. 12 last,
,
87,204,126
Admin., selling, adv. &
a
Mather, Chairman, said in part:
■
In December, 1935, the company funded its special bank loans by the
issuance and sale of first mortgage sinking fund 4 % % bonds in the amount
85,838,658
1,365,468
62,930,859
Total income
18, 1939
companies, and the sale
accrued interest, to five insurance
Fair and the Golden Gate Inter¬
Consolidated Income Account for Calendar
Cars sold, pass.
Feb.
Chronicle
Financial
1022
lateral trust sinking fund 3)4% bonds dated Feb. 1, 1939, and maturing
Feb. 1, 1951.
These bonds will be secured by a mortgage on mines and
mineral properties and other fixed assets of the company (with certain ex¬
39,300,875
ceptions) and by the pledge of stocks and indebtedness of certain of its
subsidiaries and affiliated companies.
The bonds will be sold at par and
accrued interest to a small number of insurance companies.
The sale will
be a private sale, and there will be no public offering of the bonds by the
"
Earned surp. Dec. 31Shares capital stock out¬
82,740,484
92,836,513
4,351,132
$4.32
standing (par $5)
per share
Earned
.
4,351,132
$11.66
4,358,391
$14.25
4,332,326
$8.07
Depreciation and amortization have been charged to cost of sales and
in amount of $13,874,476 in 1938, $15,641,168 in 1937, $142,211,152 in 1936 and $16,986,564 in 1935.
Consolidated, Balance Sheet Dec. 31
x
expenses
Drafts against car
shipments
receivable
— -
a Notes and accounts
Inventories
—
-
—
less reserve
Keal estate not used in operations
Sundry investments and miscellaneous accounts-Exp. advances & current accts.—officers & empl'sInv. in & accts. with subs, not wholly owned
Advances to Chrysler Management Trustees-----b Land, bldgs,, mach'y, equipment and dies—T-_
Balances in closed banks,
Goodwill
1,619,204
177,216
————
depreciation,
-
—
—
&c.. of $48,542,260 in
25,452,043
922,152
12,300,000
19,674,632
21,755,660
25,958,106
82,740,484
—1-212,046,855 188,803,077
reserve
1938 and $50,407,352 in 1937.
of the repurchase of capital
Of which $666,215 is restricted on account
stock.
c
To
Pay $1 Dividend—
at
Feb. 14 -declared
a
dividend of $1 per
of the corporation, payable March 14 to holders
of record Feb. 24. This compares with $1.25 paid on Dec. 12, last; 25 cents
paid on Sept. 14, last; 50 cents paid on June 14, last; $3 paid on Dec. 13,
1937; $3.50 paid on Sept. 10, 1937; $2 per share paid June 11, 1937; $1.50
on March 13, 1937; $5.50 on Dec. 14, 1936; $4 on Sept. 15, 1936; $1.50 on
June 30, 1936, and $1 on March 31, 1936.—V. 148, p. 576.
share on the common stock
Cincinnati
Union
Terminal
Co.—$12,000,000
Bonds
Offered—An issue of $12,000,000 1st mtge. 3%% bonds,
dated Feb. 1,1939 and due Feb. 1,1969, was offered
Feb. 15 at 107.38%, to yield approximately 3% to maturity,
by a syndicate headed by Lehman Brothers and including
Bancamerica-Blair Corp., Eastman, Dillon & Co., A.- G.
Becker & Co., Idc., Hallgarten & Co., Bear, Stearns & Co.,
Merrill, Lynch & Co., Inc., G. M.-P. Murphy & Co.,
Francis I. Du Pont & Co., Stern Brothers & Co. and Charles
Clark & Co.
The bonds are unconditionally guaranteed by
endorsement as to principal, interest and sinking fund pay¬
ments, jointly and severally, by the Baltimore & Ohio RR.,
Cincinnati New Orleans & Texas Pacific Ry., Cleveland
Cincinnati Chicago & St. Louis Ry., Louisville & Nashville
RR., Norfolk & Western Ry., Pennsylvania RR. and Chesa¬
peake & Ohio Ry.
series E,
The series E bonds will be redeemable at the option of the company
as a whole or in part, upon 60 days' published notice as provided in the
mortgage, on any
interest-date at the following prices (expressed in
per¬
centages of the principal amount) and accrued interest to date of redemp¬
tion; If red. on or before Aug. 1, 1944 at 112% if red. thereafter, and on or
before Aug. 1, 1949, at 111%;, if red. thereafter and on or before Aug. 1,
1954, at 110%; if red. thereafter and on or before Aug. 1, 1955^ at 109%;
red. thereafter and on or before Aug. 1, 1956, at 108%; if red. thereafter
or before Aug. 1, 1957, at 107%; if red. thereafter and on or before
Aug. 1, 1958, at 106%; if red. thereafter and oh or before Aug. 1, 1959, at
105% if red. thereafter and on or before Aug. 1, 1960, at 104H %; if red.
thereafter and on or before Aug. 1, 1961, at 104%; if red. thereafter and on
or before Aug. 1.1962, at 103 H % if red. thereafter and on or before Aug. 1,
1963, at 103%; if red. thereafter and on or before Aug. 1, 1964, at 102^%;
if red. thereafter and on or before Aug. 1, 1965, at 102%; if red. thereafter
and on or before Aug. 1, 1966, at 101H%; if red. after Aug. 1, 1966 and
prior to maturity, at 100%.
if
and on
The series E bonds will be redeemable for the
sinking fund
upon
60 days'
published notice on Feb. 1,1940, or on any first day of August or first day of
February thereafter to and incl. Aug. 1, 1968, at the then applicable price
of optional redemption and accrued interest.
The issue is of considerable interest to the financial community since
this is the first time a new corporate issue of this type has been awarded
on the basis of open competitive bidding.
Competitive sales in the muni¬
cipal field, however, have been the custom for so many years that municipal
bond men think in no other terms.
Railroad equipment trusts, under the
supervision of the Interstate Commerce Commission, have also required
open sales, and recently the principle has been introduced in the New
England States in public utility financing, but as yet has gained slight
headway. It is understood that advance inquiry for the bonds from local
and middle western sources has been of such extreme briskness
as
that the bonds will be rapidly disposed of.
The Lehman group's bid was 106.763, A group headed by First Boston
second with a bid of 106.1599 while a group headed by Salomon Bros.
&
Hutzler was third at
105.82.
There
were
other
unsuccessful bids
at
varying coupon rates.—V, 148, p. 875.
Cleveland-Cliffs Iron Co.—Stockholders Approve Plan
Refund Bonds—New Issue of $11,500,000 Placed Privately—
The stockholders on Feb. 10 approved a plan for refunding
$13,230,000 4«K% bonds through the sale of $11,500,000 of
1st mtge. & collateral trust 3Ks due in 1951, at par and
to
the expenses in connec¬
and the mortgage secur¬
ing the same and the issuance and sale of bonds and redemp¬
tion of outstanding 4%% bonds (incl. Michigan mortgage
tax estimated at $55,000 and Federal issue tax of $11,500),
which expenses in the aggregate are estimated at not ex- "
ceeding $130,000
108,500
—
Amortization, Sinking Fund, Redemption and Retirement Provisions
provide that the company shall pay to the corporate
Jan. 1 and not later than March 29 in the year
Mortgage will
trustee
not earlier than
1940 and in each year thereafter, as a sinking fund for retirement
of bonds,
the greater of $500,000 or an amount computed on the basis of the con¬
solidated net income of the company and subsidiary companies (determined
as
provided in the mortgage) for the preceding calendar year, according
following schedule:
to the
Net Income—
Over
$500,000 and not above $1,000,000-—$1,000,000 and not above $1,500,000
$1,500,000 and not above $2,000,000—
$2,000,000 and not above $2,500,000
$2,500,000 and not above $3,000,000
$3,000,000 and not above $3,500,000
$3,500,000
Over
Over
Over
Over
Over
Over
—
—
-
—
Sinking Fund
$600,000
700,000
800,000
900,000
1,000,000
»1,100,000
1,200,000
—;
-----
provided, however, that such sinking fund requirements will be reduced
in each of the years 1940 to 1944, inclusive, by the amount of $500,000,
the serial notes to
the banks maturing in each of
such years.
• v
All cash delivered to the corporate trustee for the
*
,
sinking fund shall be
the next succeeding April 1 to redemption of bonds at principal
amount thereof, plus accrued interest to the date of redemption (moneys
lot such accrued interest to be separately provided by the company to the
corporate trustee)
applied
on
The company may deliver to the corporate trustee
for the sinking fund,
in lieu, of cash, bonds purchased by the company at not in excess of the then
current normal redemption price thereof plus accrued interest to the date of
purchase and brokerage commissions and other expenses, and such
bonds
shall be credited against the sinking fund obligations of the company at the
cost thereof to the company, including commissions and other expenses,
but
excluding
accrued
interest,
however,
not
execeding
the
principal
amount of such bonds.
redemption through the sinking fund, the bonds may be
redeemed at any time as a whole, or in part (in amount of $50,000 or any
multiple thereof), at option of the company, at 103 of principal amount
thereof prior to Feb. 1, 1942; at 102% thereafter and prior to Feb. 1, 1945;
at 101% thereafter and prior to Feb. 1, 1948; and at 100% thereafter and
prior to maturity, together with inter st accrued in each case to the date of
redemption, upon 30 days' notice, provided that the redemption premium
shall be subject to reduction in certain events.—V. 148, p. 434.
'
In addition to
Cleveland Electric Illuminating Co. (&
Subs.)—Earns.
1937
1936
1935
$28,370,754 $27,193,695 $24,701,794
15,246,185 yl6,040,357 yl5,128,097
13,645,227
Calendar Years—
x
1938,
Gross earnings —-.-..$27,055,604
Operating expenses
Net oper. revenue. —.$11,809,419
$12,330,397 $12,065,598 $U,056,567
Int. & amort, of dis. and
,
4,983,495
5,228,599
5,146,042
4,773,009
$6,825,924
pref. & com. stk
6,377,719
$7,101,798
6,377,720
$6,919,555
6,377,554
$6,283,558
5,909.357
Balance.$448,205
$724,078
$542,001
$374,201
depreciation reserve..
Net income
Divs.
on
x Includes non-operating revenues of $50,870 in 1938: $117,897 in
1937
$109,802 in 1936 and $105,502 in 1935.
y Includes $3,345, in 1937 and
$301 in 1936 for provision for Federal surtax on undistributed profits.—
V. 147, p. 3759.
•
Columbia Gas & Electric Corp.
(& Subs.)—Earnings—
al938—3 Mos.—bl937
al938—12 Mos.—bl937
$24,441,621 $26,226,961 $92,968,358 $98,810,347
Oper. expenses & taxes.. 15,870,108
16,945,821
61,741,874
63,903,670
Prov. for retire. &deplet.
2,657,492
2,844,121
10,058,986
10,865,627
Period End. Dec. 31—
c
Gross
revenues.u
$5,914,022
117,009
Gross corp. income
Int.
of subs,
to
$6,437,019 $21,167,498 $24,041,050
99,839
395,456
372,682
$6,031,031
Net oper. revenue
Other income
$6,536,858 $21,562,954 $24,413,732
pub. &
other fixed charges
Pref. divs. of subs.
991,811
928,386
3,717,105
3,497,190
611,100
618,142
2,453,874
2,471,515
&
minority interests
Bal. applic. to Colum¬
bia Gas & El. Corp. $4,428,119
rev. of C. G. & E.
$4,990,329 $15,391,975 $18,445,027
Net
Corp
plic.
456,063
511,512
Combined
to indicat e
was
$13,891,500
from other funds)
be provided
The balance to pay the greater part of
tion with the creation of 3 )4 % bonds
the principal amount of
\
their meeting held
Redemption of outstanding 1st mtge. sinking fund 4 % % bonds,
due Nov. 1, 1950, at 105% (exclusive of accrued interest, to
2,259,106
b After
capital stock
of bonds and bank borrowing, aggregating $14,000,000 (exclusive of accrued interest), are to be used for the following
purposes in the following amounts:
*1
726,362
1938 and $79,831 in 1937.
provide the greater part of expenses of the refunding.
did not necessitate any change in the
This plan of financing
1,054,527
553,000
3,700,000
15,569,266
21,755,660
25,958,106
92,836,513
—-
Less reserve of $62,735 In
Directors
and to
66,064,473
—_
.
(3) The company will use the entire proceeds of the bond issue and bank
loans to redeem and retire at 105% the present outstanding 4%% bonds,
2,889,256
203,210
913,382
376,009
69,981,950
1
'
Federal! State & foreign taxes on income
Operating contingent reserve, Sec
Capitalstock (par $5)- —
——
c Capital
surpfus-.
. ——
Earned surplus--
for
7,736,207
6,546,367
50,132,862
438,911
2,611,580
51,500,948
Accrued insurance and taxes
a
7,947,318
w
payable and accrued payrolls
Total
12,916,198
——212,046,855 188,803,077
-----
Liabilities—
35,397,378
8,579,258
46,624,406
"
1
2,611,148
2,207,450
Prepaid insurance, taxes, &c
Accounts
606,194
_
—-
$
70,403,318
—
the rate of $500,000 in each of
interest rate on such loans will range
structure of the company.
The proceeds of the sale
1937
$
*
Cash on hand and on deposit
Marketable securities, at cost
..Total
"
1938
unsecured loans of $2,500,000 from a
(2) The company will procure
the years 1940-44, inclusive.
The
from 1H% to 2)4% Per annum.
..
.
•
Assets
company.
small number of banks, maturing serially at
to
earns,
fixed
of C. G. & E.
86,186
238,814
ap¬
chgs.
Corp. $4,939,631
G.
1,328,378
$5,446,392 $15,478,162 $18,683,841
Int. chgs., &c. of C.
& E. Corp
1,257,061
5.233,673
5,110.350
Bal. applic. to capital
stocks of O. G. & E.
Corp
Preferred dividends paid
$3,611,253
;
$4,189,331 $10,244,489 $13,573,490
6,459.665
6,577,021
Balance
d Earnings per share
a
These
statements
$3,784,824
$0.31
are
b 1937
tentative.
present form for comparative purposes,
c
$6,996,469
$0.57
figures
restated
in
It is the general practice of the
Volume
Financial
148
of 1937 to $15,765,169 at the end of 1938.
decreased from $20,964,498 to $3,137,748
Reserves for such investments
and the net book value from
$17,314,325 to $12,627,421.
Capital Stock—During 1938 the number of Edison shares held by the
public increased from 7,779,815 to 8,301,370, as shown below:
Shares
Par Value
corporation and its subsidiaries, when a rate is being contested, to Include
as gross revenues only such
portion of the total amount billed as is repre¬
sented by the lower of the disputed rates, d On common shares outstanding
at end of respective periods.
Note—The consolidated income statements do not include American Fuel
& Power Co. or its subsidiaries.
The corporate charter of American Fuel &
Power Co. has been repealed and its former assets are held by a trustee
under the Federal Bankruptcy Act.
Trustees in bankruptcy have also
been appointed for its principal subsidiaries, Inland Gas Corp.
Fuel Gas Corp.—V. 148, p. 876.
•
Held
Gross sales
Total income
$1,943,740
493,004
506,356
279,562
$2,516,782
224,462
$2,450,096
$1,264,094
121,076
173,412
2,128
211,498
268,464
21,596
193,151
113,069
971,589
669,494
454,046
Provision for taxes
Prov. for Fed. surtax
Spec.
prov.
for
__
1,004,178
-
-
red.
&c.
from
the
416,950
to
Crz540,551
.
$728,242
237,930
480,140
$1,279.043
$503,828
Preferred dividends.237,930
Common dividends.!
576,149
237,930
x894,382
237,930
188,291
$296,886
4,292,997
$10,172
4,284,616
$146,731
4,170,158
$77,607
Total earned
$4,294,788
yl,789
$4,316,889
32.273
Earned surp. Dec. 31.
$4,292,997
677,844
$0.72
Net profit.
$1,110,965
one
Previous earned surplus
Profit on sale or retire¬
_
surplus.. $4,601,718
Miscell. adjustments
Prov. for contingencies.
100,000
$4,501,718
She.com.stk.out.(nopar)
677,844
Earnings per share
$1.28
Includes
x
4,092.551
11,835
ment capital assets
75 cents
a
share
$4,170,158
+-
—
$4,170,158
188,291
$1.41
y After deducting
x After deducting
$4,284,616
/ 188,291
$5.52
payable Feb. 1, 1937.
Dec. 31, 1938.
There were also 3,891,288 shares of authorized but unissued Edison stock
reserved for conversion of debentures outstanding at the end of the year.
Shares of Edison stock held
c
Goodwill,
_
—
_
proceeds were applied to retire all of the company's 5% and 4 lA% first
mortgage bonds, all of the funded debt of Commonwealth Subsidiary Corp.,
substantially all of the funded debt of Public Service Co. of Northern Illi¬
nois, all of the funded debt of Super-Power Co. of Illinois, and all of the
funded debt and publicly-held preferred stocks pf Illinois Northern Utilities
Co. and Chicago District Electric Generating Corp..
In addition, $15,331,500 in cash was obtained to provide for future construction expenditures.
Twenty issues of bonds and preferred stocks were eliminated and the three
1937
1938
1937
$
$
Liabilities—
$
$
Real estate.
2,784,121
patents,
b Common stock-.
4,405,986
4,405,986
Preferred stock...
2,802,270
3,399,000
3,399,000
2,350,000
payable..—
Accounts
payable
Notes
rights, tr.names,
1
&c.'
439,436
.
Accts. receivable
Miscell.
invest'ts.
Merchandise
267,390
Due under contr..
143,297
9,149,188
Res. for conting..
100,000
199,832
262,092
Pref. divs. payable
59,483
59,483
1,647,565
4,292,997
Deterred charges.
Accrued taxes
d
Total
a
...15,064,726 17,174,216
After
The convertible debentures authorized
deducting
reserve
for
cash
were
and
doubtful
January, 1939, an additional
Kilowatt Hours of
tional
Broadcasting System—May Purchase
Large power and light
Small power and light
Addi¬
Total—ultimate
Year 1937
or
Deer.
962,601,945
7.2%
2,301,697,666
729,738,27 1
166,872,663
2,630,470,205
725,291,544
1571980,087
*12.5%
0.6%
5.6%
1,002,559,255
*10.1%
5,131,463,983
729,408,447
5,478,903,036
780,562,838
*6.3%
*6.6%
energy.---._5,860,872,430
6,259,465,874
*6.4%
901,538,035
consumers
Other electric utilities
signed under which this company may acquire the
Broadcasting System, prominent electrical transcription company,
16 by William S. Paley, President of C. B. S.
.
Total sales of electric
*
„
Denotes decrease.
"
'
*
'
,
and contingent upon the working out of
period of examination,
> —
Sales to public authorities
Electric railroads
System—-
a
Year 1938
1,031,617,348
Commercial and industrial:
amounts
it was announced on Feb.
After
CoTand Sub. Cos.
Incr.
Contracts have been
World
$5,713,700j>f the debentures were converted.
Electricity Sold—Commonwealth Edison
Class of Service—
Residential and rural
amounting to $118,958 in 1938 and $118,551 in 1937.
b Represented by
677,844 shares of no par.
c After depreciation of $5,099,856 in 1938 and
$4,976,314 in 1937.
d Arising from sale of common stock at price in excess
of stated value.:—V. 147, p. 3451.
Columbia
Of the $104,148,100 issued, $6,865,900 were converted
period Sept. 1 to Dec. 31, 1938.
During
outstanding.
Edison shares during the
into
Total......... 15,064,726 17,174,216
discount
by stockholders aggregate $130,-
000,000, of which $104,148,100 has been issued, leaving $25,851,900 author¬
ized but unissued.'
At the end of 1938 $97,282,200 of the company's convertible debentures
233,959
1,363,145
3,348,280
Capital surplus- 1,647,629
Earned surplus
.4,501,718
a
2,552,055
3,688,756
182,767
5,639,045
Cash..
issues substituted.
new
785,226
368,179
& accr. liabilities
as
purpose.
Of this balance, 70,000 shares were sold privately in relatively
large blocks during January, 1939, as were the 85,000 shares sold by Com¬
monwealth Subsidiary Corp. in 1938.
All or part of the remainder of the
stock may be disposed of similarly.
Funded Debt—During 1938 an extensive refunding program was carried
out.
The company sold $100,000,000 of 3}4% mortgage bonds and $104,148,100 of 3 H % convertible debentures.
Public Service Co. of Northern
Illinois sold $80,000,000 of 3H% mortgage bonds.
In the aggregate the
Consolidated Balance Sheet Dec. 31
1938
by Commonwealth Subsidiary Corp. were
end of 1937 to 238,538 at the end of 1938,
at the
the result of the delivery of shares to the company and the
cancellation of such shares pursuant to authorizations by Edison stock¬
holders.
The shares held at the end of the year were not reserved for any
principally
$37,660 for adjustment of reserve for taxes, prior years,
$120,645 provision for United States and Canadian income taxes.
Assets—
The offer to exchange three Edison shares
year.
share of Public Service Co. stock is still in effect, and 10,818 shares
of authorized but unissued Edison stock were reserved for this offer as of
reduced from 820,023
Surplus
At the end of the year there remained in the
by $2,787,300.
3,606 at the end of the
for
royalties,
(net).
year
hands of the public an aggregate of $9,631,500 of these preferred stocks, and
385,260 shares of authorized but unissued Edison stock were reserved for
the exchange offer.
During January, 1939, there was acquired an addi¬
tional $2,525,200 of Western United preferred stocks pursuant to the
exchange offer.
As a result of further exchanges in 1938, the number of shares of stock of
Public Service Co. of Northern Illinois held by the public was reduced
of
invent, to market
Income
$984,532
$2,023,778
$1,899,891
204,222
Depreciation
Other charges (net)
$21,571,163 $18,436,268 $15,122,241
19,547,385
16,492,528
14.137,709
$1,820,379
79,512
,
$207,534,250
161,919 shares of Edison stock delivered pursuant
exchange offers in 1938 was in connection with the offer to holders of
the preferred stocks of Western United Gas & Electric Co.
The present
offer is to issue four shares of Edison stock in exchange for one share of
Western United preferred.
Principally as a result of such exchanges, the
preferred stocks of Western United held by the public were reduced during
A major part of the
to
and allowances
.$20,174,568
Cost of sales & expenses. 18,354,189
Gross oper. prof
6,865,900
4,047,975
2,125,000
8,301,370
Held by the public Dec. 31, 1938
1935
less returns
Other income
161,919
85,000
Sold by Commonwealth Subsidiary Corp
1936
1937
1938
$194,495,375
7,779,815
274,636
by the public Dec. 31, 1937
Issued upon conversion of debentures
Delivered pursuant to exchange offers
and Kentucky
Cluett, Peabody & Co., Inc. (& Subs.)—Earnings—Calendar Years—
1023
Chronicle
Therms of
J
Gas Sold—Subsidiary Companies
■
certain corollary agreements, it is contemplated Columbia will acquire
control from Percy L. Deutsch, President of World Broadcasting, System,
who will continue with the transcription company in the same Capacity.
No changes in the World organization are being considered.
"When and if the acquisition is completed," Mr. Paley said,
will have extended still further its
same
"Columbia
Year 1938
*3.8%
*2.8%
41.4%
79,294,788
92.788
91.199,713
93,844
*13.1%
*1.1%
165,756,256
177,551,159
*6.6%
1,291,876
1,223,278
5.6%
167,048,132
178,774,437
*6.6%
—
interruptible
Industrial—interruptible
—
Sales to public authorities--.
service to radio advertisers, and at the
American Record Corp., purchased in
Total—ultimate
Other gas
consumers
utilities-
Total sales of gas
*
71,130,089
7,778,537
7,348,976
•
Industrial—other than
time will be able through the
Year 1937
68,416,161
7,559,832
10,392,687
Service—
Residential..Commercial--.
December, to offer records in the home field recorded on the highest quality
equipment, The World Broadcasting Systems' studJLos and the equipment
installed by Electrical Research Pr6ducts, Inc. are acknowledged to
be
outstanding for recording purposes."
Mr. Paley said that although the World Broadcasting System and the
American Record Corp. would use the same studios and equipment, the
two companies would be operated as spearate subsidiaries of Columbia
Broadcasting Wystem.
He said also that no further statements will be
made until the final arrangements have been cpmpleted.-r-V. 148, p. 434.
—
•
Denotes decrease.
Stockholders—The number of Edison stockholders at the year-end was
approximately 77,400, an increase of 4,500 for the year.
Women, who
form the largest single group ,• constitute 42% of the total number of stock¬
holders and hold 21% of the outstanding stock.
Men constitute 36% of
the total and hold 25% of the outstanding stock.
Institutional holders
constitute 1% of the total and hold 33% of the outstanding stock.
The
remaining stockholders, including joint tenancies and trust estates, con-^
stitute 21% of the total number of stockholders and hold 21% of the out¬
standing stock.
The average holding of the 77,400 stockholders is 107
shares, or $2,675 par value.
Commercial Investment"Trust Corp/—Acquisition—
acquired the entire capital stock of the Service Fire
directors' qualifying shares, from D. F.
The corporation has
Insurance Co. of New York, except
Broderick and associates.—V.
Incr. or
Deer.
a
Class of
148, p. 876.
Commonwealth Edison Co.—Annual Report—*
*
y
ft
Simpson, Chairman, states in part:
Earnings per Share—^Consolidated net income increased from $16,202,437
in.1937 to $19,701,625 in 1938.
Net income from operations increased
from $37,759,608 to $38,580,687, "despite the generally adverse business
conditions prevailing during the greater part of the year.
A major part
of the increase in consolidated net income resulted from a decrease in income
deductions from $22,730,040 to $19,817,772.
This decrease was occasioned
James
Consolidated Income Account for
Electric
Gas
Edison
shares.
savings are in addition to
substantial reductions in interest charges result¬
refunding operations in prior years.
Investments—At the end of 1938 the carrying value of consolidated in¬
vestments was reduced principally through charges to investment reserves.
These reductions in major part resulted from writing down to nominal
values all investments in Midland United Co. common stock and in Chicago
Aurora & Elgin Corp. and Chicago North 8hore & Milwaukee RR.
It is
possible that some ultimate realization may be had from these investments,
but indications are that reorganizations and liquidation of securities re¬
ceived may be considerably delayed.
In connection with these write-downs,
an
additional $2,000,000 was appropriated from surplus to investment
ing from
reserves.
(
transactions the carrying value of consoli¬
dated investments, other than investments in Chicago & Illinois Midland
Ry., a subsidiary not consolidated, decreased from $38,278,823 at the end
As
a
result of these and other
•——
-
a
Water—a
■
below, are computed by adding back to
non-recurring deductions with respect to
preferred and common stocks of subsidiaries no longer held by the public
and by dividing consolidated net income thus adjusted by the number of
Edison shares outstanding at the end of the year.
Interest Charges—The refunding program carried out in 1938 resulted in
substantial savings in interest charges and in requirements for dividends
on preferred stocks of subsidiary companies.
The annual effect of these
savings is only partly reflected in the income statement for 1938.
Annual
interest and dividends on funded debt and subsidiary preferred stocks called
for redemption in 1938 aggregate $12,050,000.
Annual Interest on the
mortgage bonds and debentures sold during the year aggregates $9,950,000.
Thus, annual interest and preferred dividend requirements were reduced
$2,100,000 despite the sale of bonds to provide $15,331,500 of cash to be
applied to future construction expenditures.
Partial offsets to this reduc¬
tion in annual requirements are an estimated increase of $100,000 in future
annual charges for amortization of debt discount and expense and larger
future Federal income taxes resulting from lower interest charges.
These
—
Heating
by savings from refunding but principally by retirement of publiclyheld preferred and common stocks of subsidiaries through exchanges for
in part
Earnings per share, as shown
consolidated net income certain
bl937
1938
Operating revenues:
T ——
^
.
Calendar Years (Including Subsidiaries)
al936
$
"
$
$
-124,697,307 124,831,963 116,054,148
13,982,818 14,330,408
13,708,903
710,052
793,257
810,317
'■ 154,998
165,255
170,873
revenues...__T_139,545,175 140,120,883 130,744,241
52,232,222 53,504,884 51,637,741
7,914,545
7,674,461
.6,765,436
State, local and miscel.. Federal taxes 19,115,442
18,942,797 17,696.441
Federal income tax
4,834,475
4,316,985
3,601,158
Federal surtax on undistrib. income._
1,075,303
1,041,604
Provision for depreciation
16,867,804 16,846,842 15,569,675
Total operating
Operation.—
4
-v——-
?,
Maintenance
Net operating
-
———
38,580,687
income
37,759,608
34,432,184
180,000
119,587
639,123
360,000
90,466
722,402
280,000
344,190
519,510
38,932,477
35,575,885
17,851,693
280,597
1,435,778
Other income:
Chic. & 111.
Midland Ry. dividends
Interest
Other
-
Gross
-
income
39,519,397
"
funded debt
16,751,563
17,557,842
debt
457,841
112,043
Amortization of debt disct. & expense
1,397,198
1,412,523
Interest charged to construction
Crl81,090
CV757.253
Dividends on pref. stocks of subs.:
j,
On stocks held by public at Dec. 31
602,778
1,275,737
Onstks. retired by issuance of debs.
357,578
On stocks retired or acquired
166,968
894,439
Interest
on
Interest on unfunded
stockholders' interests
subsidiaries:
On stocks held by public at Dec. 31
On stocks acquired (for periods prior
to acquisition)—
—
0170,746
1,275,737
959,690
Public common
In income of
'
236,067
282,806
157,923
28,869
1,951,902
2,495,672
19,701,625 16,202,437
11,289,740
capital stock.$2.37
$2.08
» $1.45
Changes' during~the ~two-year period in the companies' pollcylwith
respect to the capitalization of indirect construction expenditures, if effective
Consolidated net income
Earnings per share on
a
■
as
Columbia Pictures
1936, would have Increased net income for the year 1936 by
of Jan.
approximately $1,600,000.
18, 1939
Corp.—Listing—
The New York Stock Exchange has authorized the listing of voting trust
earnings and expenses of ail companies
which are now subsidiaries (consolidated).
In order to arrive at the true
consolidated net Income, deductions have been made for the net income of
subsidiaries applicable to stocks acquired for periods prior to acquisition.
The above statements include
d
Feb.
Chronicle
Financial
1024
certificates representing 9,003 additional shares of common stock (no par),
upon official notice
of issuance in payment of a stock dividend of
2M%: and voting trust certificates for 641 shares of common stock, to be
added to reserve against outstanding options.—V. 148, p. 126.
Earnings per Snare— Commonwealth. Edison Co. and Sub. Companies
1937
1938
subs, retired or
acquired (other than stocks retired by issuance
of debentures)
Divs.
Community Power & Light Co.—Hearing
$19,701,625 $16,202,431
Consolidated net income—
166,968
894,439
(for periods prior to
28,869
Earnings
end of year-___
Edison shs. outst'g at
per
1,951,902
$iy,oU/ ,-*62 $19,^4o,/78
Adjusted consolidated net Income
Number of
8,3ul,3/0
7,779,815
$2.45
$2.40
share..,
From Sept. 1, 1938 to the end of the year, $6,865,900 of debentures was
converted into 274,636 shares of Edison stock.
If these debentures had
not been converted, earnings per share for 193s would have been $2.47.
1937
1938
Maintenance
$92,926,649 $93,123,167
38,156,318 40,088,226
---
4,656,901
Provision for
;
depreciation
Net operating income
income
Other
13,035,545
3,342,893
3,620,736
9,929,842
Federal income taxes
4,263,373
13,740,384
;
State, local and miscellaneous Federal taxes
10,010,467
—$2«j,iu0,3ll $22,104,820
—
4,603,768
—
-
income.
That each share of the old common stock will
Interest
on
funded
Interest
on
unfunded debt
debt
—:
754,338
.--$17,228,182 $15,383,044
—
-
739,132
Cr144,000
•-
Interest charged to construction
Balance
70,441
349,601
Crl 15,000
Amortization of debt discount and expense
Deductions of net income of Super-Power Co. of
Illinois
included
above:
,
Applicable to shares acquired July 26, 1938, for
periods prior to acquisition-Applicable to company's Interest, undistribu ted
in 1937
144,716
279,021
•
-
Net income
-
Dividends
—--
'
235,616
$17,083,466 $14,868,407
10,541,755
10,687,245
Note—The above statements include for the full two years
earnings and
of Super-Power Co. of Illinois, a subsidiary liquidated Dec. 31,
expenses
'
Consolidated Balance Sheet Dec. 31 (Including Subsidiaries)
1938 '
1937
1938.
•
$
Assets—
the
22,821,391
31,642,336
19,614,908
Deposits for redemp. of pref. stock & matured int.
a240,418
U, S. Government obligations (at cost)
16,315,259
y Receivables..
— ,17,437.730
Materials and supplies
9,469,217
Prepaid insurance, taxes and other expenses
712,305
z Debt discount & exp. in process of amortization.
42,387,727
Other deferred charges—
—
1,261,574
2,969,930
15,852,913
18,252,751
10,377,530
Total
-
-
1
975,882
r_
838,819
38,215,561
1,270,802
.824,348,414 792,291,341
-
Liabilities—
•
Capital stock ($25 par)
—
207,534,250 194,495,375
Minority int. in com. stocks & surplus of sub. cos-_
2,367,946
4,033,766
Preferred stocks of subsidiary companies9,631,500
20,623,400
Funded debt.:
418,358,200 376,634,500
Funded debt called for redemption
9,944,000
Accounts payable
w.
2,804,462
3,641,202
Accrued interest
3,751,226
5,865,492
Accrued taxes
i
;
17,291,230
21,835,708
Customers'deposits..
1,631,539
"1,861,966
Pref. stocks of subs, called for redemption
2,355,491
Preferred stock dividends of subsidiaries
164,242
261,000
Sundry current and deferred liabilities---:
1,969,421
2,641,999
Depreciation reserve
117,512,393 110,109.679,
Reserve for undetermined liability for add'l taxes.7,427,885
6,251,511
Insurance and other reserves
2,543,844
2,463,539
-
—
—
—
1,065,308
30,294,968
Contributions in aid of construction
Earned surplus!
Total
...
————
—
949,935
28,322,774
824,348,414 792,291,341
-
—
«,
arrears.
$1,728,317 in 1938 and $1,829,926 in 1937.
z Including $33,110,656 in
1938 and $15,196,849 in 1937 applicable to refunded issues and being
over lives of refunding issues,
a Deposits for matured int. only.
(Company and Commonwealth Subsidiary Corp.)
1938
'
Plant, property and equipment
—
385,933,490 339,773,556
Cash and securities on deposit with trustees.772,135
775,026
a
Investments
Cash to be
Deferred
176,550,081 112,711,449
—
applied to construction expenditures—
charges
—.—
—
Cash
U. S. Government obligations—
Deposits for matured interest
16,294,734
80,110
-----
b Receivables
—
Prepaid accounts—
Materials and supplies
—
^T
Total
$6 dividend series, to receive the amount of the
before any* payment is made to the holders of the
stock.
Such dividend arrears certificates do not
draw interest nor carry voting power.
A declaration filed by the company with regard to the solicitation of
the proxies of the old preferred and old common stockholders assenting to
or dissenting from the proposed amendment to the corporate charter of the
company making the proposed plan of recapitalization effective, and a
declaration with regard to the issuance of the new $2.50 cumulative con¬
vertible first preferred stock and the new common stock to be distributed to
the old preferred and common stockholders will also be considered at the
' 1
hearing.—V. 148, p. 435.
dividend
arrearages
new
-
-
—.**,
■
Accrued taxes
Customers'deposits.
Miscellaneous current liabilities—
reserve
Insurance and other liabilities—
Reserve for undetermined liabil. for add'l taxes
Contributions in aid of construction
Earned surplus
Total
After
reserve
of $2,647,052 in
1—312,330,220 194,488,000
2,309,722
3,111,977
2,783,605
3,223,490
12,153,390
14,388,146
890,753
947,051
1,094,538
1,426,591
82,833,847
70,083,309
1,247,032
1,202,488
7,427,885
6,083,690
210,647
174,583
28,889,653
25,545,006
659,705,522 516,068,282
1938 and $13,025,422 in 1937.
b After
reserve.
Weekly Output—
The
electricity output of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended Feb. 11, 1939, was 143 483 000
compared with 127,788,000 kilowatt-hours in the corre¬
sponding periof last year, an increase of 12.3%.
The following are the output and percentage comparisons for the last four
weeks and the corresponding periods last year.
company
kilowatt-hours
—Kilowatt-Hour Output1939
1938
Week Ended
Feb.
11
Feb.
4
Jan.
28
Jan.
21-
-
143,483,000
141,903.000
147,932,000
146,453,000
127,788,000
131,958,000
133,938,000
133,171,000
common
Compo Shoe Machinery Corp.—-Stock Increase
Stockholders
on
Voted—
Feb. 10 approved the issuance of 10,000 shares of $2.50
pref. stock.
In addition stockholders approved a
proposal increasing the number of common shares to 175,000 from 150,000.
Retiring directors were reelected.
Barnard S. Solar, President, stated:
"I feel an increase in production
should continue.
We are very well supplied with business and look forward
to a good year."
*
1
Production
during January,
1939, totaled 4,208,000 pairs, against
3,290,000 in January, 1938.
This is an increase of 27.9%.
The company
leases its machines to producers, deriving revenue in this fashion.
Application for listing of the company's common stock on the New
York Stock Exchange ,is pending before the Committee on Stock List.
It is believed that with the increased common shares beinging the total
to 175,000 with a par value of $1, the company's stock may be admitted,
through having reached probable minimum requirements for listing.—
V. 148, p. 728.
'
'
conv,
cum.
no-par
.
.
.
Congoleum-Nairn, Inc. (& Subs.)—EarningsCalendar Years—
1937
1936
1935
$3,208,205
$2,704,743
1938
Operating profits
$1,880,104
Add—Interest, royalties,
•
dividends, &c-_173,623
292,760
$3,192,628
r
380,525
$2,053,727
Depreciation
521,288
Federal taxes, &c. (est.).
267,000
$3,500,965
487,149
488,886
$3,573,154
487,783
536,681
$3,086,496
478,176
365,410
Net income*-Common dividends
$2,524,930
2,486,000
$2,548,689
2,289,870
$2,242,909
2,267,365
$258,819
def$24,456
—
...
932,250
Balance, surplus-I
x
Shares
com.
$333,189
$38,930
1,243,000
$1.02
1,243,000
381.753
stock out¬
standing (no par)
Earns. per share on com.
x
$1,265,4,59
"
•
1,243,00(
1,230,900
$2.05
$1.82
$2.03
Exclusive of shares held in treasury.
■V.
148,
p.
728.
'
5,508,314
207,534,250 194,943,950
Accounts payable
Accrued interest
a
550,964
„
Capital stock (par $25)---i
Depreciation
11,265,602
511,090
5,886,611
21,343,794
10,848,812
13,466,351
384,244
10,705,772
---659,705,522 516,068,282
-----
JJn Jyf Ijfj pQ—,
Funded debt
15,331,500
24,710,320
22,369,849
be convertible at the holder's option
stock.
the first preferred stock,
proposed
Total income-
1937
This
The proposed new common stock will have a par value of $5 oer share.
It will be entitled to one vote per share and is to have no pre-emptive rights.
The proposed dividend arrears certificates are to evidence the rights of
Includes $5,807,566 in 1938 and $5,507,066 in 1937 of Chicago & Illinois
Midland Ry., subsidiary company hot consolidated,
y After reserves of
Balance Sheet Dec. 31
capital of the company will be reduced by $7,422,150.
being the difference between the aggregate stated value of the first preferred
stock, $6 dividend series and the old common stock ($9,396,200) and the
aggregate stated value of the new common stock to be initially outstanding
($1,974,050).
The amount of such reduction is to be transferred to the
capital surplus account.
The capital surplus thus created will be transferred
to capital in an amount representing the aggregate par value of shares of
new preferred stock issued in satisfaction of dividend arrears
on the old
preferred stock and the balance will be applied in greater part (after similar
application of the company's present earned and capital surplus) to provide
a reserve for the
dividend arrears certificates to "be outstanding, to the
Writeoff of excess carrying value of investments in subsidiaries, unamortized
debt discount and expense and the cost of preferred stock financing, and to
provide a reserve for the revaluation of investments.
The $2.50 cumulative convertible first preferred stock, proposed to be
issued under this plan, provides for a semi-annual dividend when and as
declared by the board of directors of the applicant at the rate of $2.50 per
share per annum cumulative and is to be redeemable in whole or in part at
$43 per share (or such greater amount as shall equal the dividend arrears
per share on the old preferred stock at the time of the special meeting of the
stockholders).
Furthermore, each share of proposed new $2.50 cumulative
x
amortized
be reclassified and changed
plan
convertible first preferred stock will
two shares of thp new common
794,651
15,331,500
18,434,987
Cash—
proposed
into
$
670,320,710 661,100,849
Property, plant and equipment
Cash and securities on deposit with trustees
Cash to be applied to construction expenditures
x Investments (at cost or less)
the
and proposed amend¬
of reorganization shall not become operative
unless an amendment to the corporate charter making operative such plan
of reorganization shall have oeen approved by at least two-thirds of the
first preferred stock, $6 dividend series; or until at least two-thids of the
first preferred stock, $6 dividend series shall accept shares of the new $2.50
cumulative convertible first preferred stock in full satisfaction of dividend
That
3,291,306
$27,704,079 $25,396,126
9,486,958
9,347,509
...
a
into five shares of the new common stock.
That the
Gross
arrears per share at
time of the meeting of stockholders at which the plan
ment to the corporate charter shall be adopted).
Subsidiary Corp.)
Operating revenues (electric)
Operation
-
shall represent the dividend
greater face amount as
Years (Company and Commonwealth
Income Account for Calendar
on Plan—
announced Feb. 13 that
Exchange Commission
and
public hearing in connection with the plan of recapitalization of the com¬
pany will be reconvened on March 13.
The plan of recapitalization which the company has asked the Com¬
mission to make a report on provides as follows:
That the first preferred stock, $6 dividend series, be reclassified into five
shares of new common stock.
That one share of $2.50 cumulative convertible first preferred stock be
issued in full satisfaction of all unpaid accumulated and accrued dividends
on
each share of the first preferred stock, $6 dividend series; provided,
however, that the holders of suca first preferred stock, who do not accept
shares of the new $J.50 cumulative convertible first preferred stock, will
receive a dividend arrears certificate in the face amount of $43 (or-such
Public common stockholders' interests in income of
subs., on stocks acquired
acqu.sition)
Securities
The
accrued pref. stocks of
on
Consolidated
Edison
Co.
of
New
York,
Inc.—New
Auditing Plan Proposed—
The shareholders at their annual meeting to be held on March 20 will
vote on the selection of a firm of independent public accountants to audit
the books beginning with 1940.
This provision is contained in a resolution to be voted upon at the meet¬
ing presented in the proxy notice sent to all shareholders Feb. 15.
In
addition, another resolution stipulatintg hat any officer or employee of the
company receiving an aggregate annual salary of $25,000 or more at the
time of retirement shall be barred from participation in the company's
pension fund is included in the notice.
At the annual meeting last year a
minority group of stockholders voiced objections to the practice of paying
pensions to employees in the higher brackets.
The accounting firm now engaged by Consolidated Edison to audit its
annual reports and statements to stockholders is Patterson, Teele & Dennis
of 120 Broadway.
In addition, the proxy notice contained for the first time pertinent
information regarding the officers and directors of the company, listing in
detail their holdings of stock in the company and their connections with
other concerns,
Salaries for the high-ranking officers also were given.
Weekly Output—
Edison Co. of New York announces production of the
of its system for the week ended Feb. 12, amounting to
145,500,000 kwh., compared with 131,900,000 kwh. for the corresponding
week of 1938. an increase of 10.3%.—V. 148, p. 877.
Consolidated
electric plants
Per Cent
Increase
Consolidated Film Industries, Inc.—Accumulated Divs.
12.3
10.4
10.0
a dividend of 25 cents per share on the $2
pref. stock, payable April 1 to holders of record March 15.
A like
was paid on Dec. 27, Oct.
10, July 1 and April 1, 1938," and a
dividend of 5Q cents was paid on Dec. 27, 1937, this latter being the first
The directors have declared
7.5
'
cum.
amount
Volume
Financial
148
dividend paid since Dec. 26,
1936, when $1
share was
per
distributed.
—V. 147, p. 3156.
Continental Baking Corp.
99
{& Subs.)—Earnings—
Dec.
Other income
Interest Paid
Depreciation
Loss
54.771
on eqpt. disposed of
paid & accr., min.
pref. stockholders
$6,416,781
$4,023,863
14,159
2,167,982
15,107
$7,227,037
9,145
2,158,658
81,951
$7,683,959
21,088
2,102,832
67,659
1,748,064
10,558
Divs.
1,495
1,011,465
b826,60d
C717.U45
295,300
$4,493,803
$4,150,683
$3,502,487
$1,900,788
46*,793
46,832
12,039
d4,409"§66
4,209",450
3,2b7"200
Estimated Federal taxes
Adj. of net inc. prior yrs_
Add'l Fed. inc.taxes (net)
Loss
Cr73,134
16,807
26,328
1,603,534
dep. in closed bk
on
$327,252
4,376,042
$283,248
4,672,689
$37,110 def$105,599
4,952,160
5,057,758
Balance, surplus
Previous surplus
Proceeds of sale of 10,000
shs. of corp. cl. A com.
101,821
stock held in treasury.
of par of pref.
Excess
57,922
'
stock purchases, &c__
*
•
Total surplus
$4,989,269
Res've for revaluation of
unused property, &c__
Miscellaneous
charges.
$4,761,216
_
$5,057,758
$4,952,159
$4,672,690
processing tax refunds received,
b No provision
profits since dividends paid during the
fiscal year were in excess of the net income from operations during the year,
c No
provision was necessary for tax on undistributed profits,
d At rate of
$11 per share on 8% pref. stock,
e Arrived at as follows:
Net sales,
$66,706,151 ($69,492,650 in 1937), less cost of goods sola, selang and
delivery expenses, advertising and administrative expenses, $59,298,601
($62,550,074 in 1937) leaving net profit from operations as above.
a
was
Includes
without the
has made it
each retiring employee as a
the matter has not been satis¬
factory from either the viewpoint of the company or that of its employees.
For some time the management has been making a study of the various
Slans offeredthe plan insurance companies, and as a result Insurance Co.
by the developed with the Metropolitan Life of this study,
elieve that
and its employees the most desirable benefits
for the company
secures
that
a moderate cost," it was stated in the letter to stock¬
holders signed by C. C. Conway, Chairman, and O. C. Huffman, President.
The retirement annuity plan, which is in addition to the old-age benefits
could be obtained at
of the Federal Social Security Act, is open to all ren.ployees receiving
$3,000 annual compensation or more and having at least one year's service.
It provides for contributions by both the company and the employee
toward the purchase of a future service retirement annuity.
In addition,
the company will provide a past service retirem ent annuity for em ployees
over 41 years of age at the time the plan goes into effect.
In no case, how¬
ever, will the total retirement annuity paid to any em ployee exceed $15,000
annually.
The normal retirement age, except by special arrangement, is
65 years.
Provisions
of
in certain cases.
of the company
and its subsidiaries whose basic compensation is salary or com mission.
If all elegible employees participate, the estimated total cost to the
employees would be approximately $100,000 a year and to the com pany
$310,000 for the first year, $300,000 annually for the next 16 years, and
thereafter $124,000, which is the approximate amount of the company's
annual cost to purchase future service annuities, the notice states.
made for refunds in the event of death or termination
are
service of employees, with options to retain annuity rights
The term "employee" includes all officers and en ployees
Consol.
Income
Account for
Wholly Owned Subs
{Incl.
Years
Calendar
)
1937
1936
1935
...$17,170,789 $17,534,315 $18,121,974 $20,105,654
2,544,021'
2,810,336
3,041,099
deplet.
3,332,026
Selling, advertising, gen¬
3,833,542
eral & admin. expenses
4,854,746
4,536,297
4,888,075
1938
57,922
30,607
'
$4,989,269
Earned surplus
$5,057,758
$4,952,159
"Up to this time the company and its employees have been
benefit of any definite retiren ent plan, which fact in the past
necessary for the management to consider
separate case.
This method of dealing with
31 '38 Dec. 25 '37 Dec. 26 '36 Dec. 28 '35
e$7,407,550 e$6,942,576
85,926,189
$3,727,830
276,409
284,460
a490,592
296,033
Years Ended—
Net profit from oper
1025
Chronicle
$251,300
Gross profit.
Prov. for depr. &
Prov. for doubtful notes
made for surtax on undistributed
„
and accounts
propor. of
unconsol. sub.
416,622
222,710
234,080
1,308,466
Co.'s
of
loss
not
co.
119,959
wholly owned.
Net operating income.
Divs. & int. rec. or acbr.
&c.
1,722,838 $10,114,221
$7,642,222
1,252,537
$13,311,459
607,624
732,435
$8,894,759 $10,535,107 $10,721,846
Int. & exch. pd. or accr.
66,929
145,005
173,274
Provision for taxes
1,647,780
bl,448,306 bl,616,128
Inventory price decline
or other contingencies
;
...—
$14,043,894
& invest,,
on sees.
812,268
Consolidated Balance Sheet
Dec. 31
Assets—
a
Liabilities—
$
$
chinery, &c
32,173,549 31,918,221
Patents, goodwill,
&C
10,294,153 10,295,999
4,647,448
Cash......
trade.
Sundry acc'ts rec.
916,801
195,101
Sundry
...
Investm'ts
Deferred charges.
_
536,064
812,566
456,739
Fund. debt instal.
13,000
13,000
Est.
liability
20,645
2,420,288
306,265
3,076,078
325,911
575,968
446,155
Federal taxes...
1,011,465
826,600
Rec. fr. vendors.
469,887
578,416
dep.
413,600
666,326
566,326
Sundry
reserves..
117,827
43,000
56,000
Salesm's* gu.
Cl. A&Bcom.stk.
See b
See b
Preferred stqek...40,090,000 40,090,000
2,508,777
Earned surplus... 4,989,269
After
51,461,029 51,338,8811
deducting
reserve
Total
___-.51,461,029 51,338,881
for
Continental Shares,
a
letter dated Feb.
stockholders (Frank A. Scott, chairman)
11 states:
corporation,
finding no material equity for common stockholders and establishing a
I lm for a liquidating company to liquidate or distribute the assets now in
the hands of the receivers is now final and unappealable.
On Jan. 23, 1939, the Maryland receiver, in accordance with such decree,
filed
his application with the Cleveland court for an order directing the
Cleveland reeei/er to cooperate in the prompt carrying out of such decree
respect to the assets in his hands, and the Cleveland court has set
application for hearing Feb. 23, 1939.
*
This committee is filing its petition in the Cleveland proceedings for the
such
of supporting the Maryland decree and the application of the
Maryland receiver as the practical method of completing the liquidation
and distribution of assets which this connnittee has long urged.
We believe this course is required by the following general considerations:
(1) It is time that the receiverships and litigation over the.method of
winding up and distributing the remaining assets be terminated.
The receivers were appointed in June of 1933.
The last of the contro¬
versial questions being handled by the receivers was disposed of with the
settlement of the claims against the Chase Bank in the spring of 1936.
The receiverships have involved large expense paid from the assets.
The Maryland decree was entered after numerous hearings extending over
some eight months with notice to all stockholders and is now final and
unappealable.
(2) We are advised that the Maryland decree is binding upon all interests
and that, if those opposing it should secure an adverse-decision from the
Ohio court, we might well be faced with a conflict of decisions involving
Federal constitutional questions and requiring years of additional litigation
to settle—with consequent indefinite continuation of the receiverships and
purpose
postponement of any realization by the stockholders upon their equity in
the remaining assets.
3. Objections suggested by those opposing the Maryland decreee—
(a) that the new corporation will involve greater expense than continued
liquidation under the receiverships; and (b) that the Federal income tax
base of the remaining securities will be adversely affected—appear on careful
consideration and advice of counsel to be without merit.
It is believed that liquidation under the new corporation can be conducted
at substantially less expense than the receiverships have been.
It would appear logical that all parties should now unite for a prompt
carrying out of the Maryland decree and the termination thereby of the
receiverships and incident litigation.
Nevertheless certain committees purporting to represent preferred as
well as commo
stockholders have intervened in the Cleveland proceedings
and indicated their intention to oppose the carrying out of the Maryland
decree and the early termination of the receiverships.
In the judgment of this committee, such efforts can only serve to increase
the expense which must be borne directly by stockholders or by the assets
remaining in the hands of the receivers, and further delay any realization
by the stockholders upon what is left of their equity in the assets.
We will continue our efforts to combat such delays and will advise you
as to the outcome of the Cleveland proceedings.—V. 146, p. 3180.
Continental Can Co., Inc.-—To Vote
on
Retirement Plan—
Stockholders will vote on a voluntary insured retirement annuity plan
at the annual meeting to be held March 28, according to the
meeting and proxy statement mailed to stockholders on Feb. 16.
Also four class B directors, to hold office for terms of three years, will be
for employees
notice of
elected.
500,000
$8,913,526
$9,038,787 $11,223,578
cl92,500
$4.50
pref/stock
8,560,512
8,970,608
6,793,319
$160,514
$68,179
18,411,657
$4,430,260
13,981,398
-.$19,255,175 '$1,8,760,309 $18,479,836
$18,411,657
Common dividends
Surplus.
,r_
Previous earned surplus.
Co.'s
Earned surplus
Shares com. stock
$494,865
18,760,310
18,479,836
of
propor. of loss
unconsol. sub. co
dll9,959
out-
^
2,853,971
2,853,971
2,665,191
$3.06
$3.17
$4.21
b Including $1,000 surtax on undistributed profits,
c Less amount
accrued to date of sale of stock, d For prior year, recovered on sale in 1937
2,853,971
$2.17
standing ($20 par)..,
Earned per share_______
of investment in stock of subsidiary company.
Consolidated Balan e Sheet Dec. 31
Rl. est., bldgs.
54,902,706
2,332,048
55,452,680
Secur. invest'ts.
2,282,900
Other sec. inv.,
«
a
Liabilities—
$
$
11
4,479,601
39,445,448
Accts. payable..*
26,458,487
5,726,858
Other
Accrued
Accr. int. & disc.
'
76,706
3,003,647
wages,
taxes, &Cj.
Cash
20,000,000
12,000,000
225,0001
1,699,608
2,785,674
pay.
23,702,904
7,028,546
receivable.
225,000
2,302,241
-
divs.
6,818,860
26,892;219
accts.
&
$
20,000,000
stock
Pref.
& accts. rec..
.
57,979,420
$4.50 cum. pref.
Bank loans
notes
Inventories
Notes
$
57,079,420
b Common stock
.
other invest. &
mtges.,
1937
1938
1937
1938
A 38Ct8
reserves..
Earned surplus
1,340,971
1„380,689
19,255,175 .18,760,309
Capital surplus. 20,299,839
43,749
20,299,839
757.207
After
reserve
depreciation of $23,261,640 in 1938
b $20 par value.—V. 148, p. 275.
for depletion and
$20,936,789 in 1937.
Consolidated Bal. Sheet Dec. 31
Continental Steel Corp.-
Notes
Payrolls payable.,
1,200
Deb. stk. fd. depos.
Advances to em pi.
Sundry receivables
Invest, in outside
companies, &c__
b Land,
Funded
95,225
1,935
935
11,075
114,729
19,564
20,035
8,252,435
7,854,443
1
charges,..
Funded
d
400,413
75,000
1,202,000
425,765
due
debt...—
1,453,000
Treas.
stock
2,527,600
5,279.310
1,848,771
2,111,492
at
Drl9,213
Dr75,188
83,336
,15,008,754 14,229,675
Total.
344,407
t.
Operating reserves
450,363
7% cum. pref., stk. 2,407,000
c Common stock..
5,279,310
Initial & cap. surp. 1,850,784
Earned surplus.2,370,448
1
75,333
debt
(current)...
95,385
9,201
23,595
Paten£__
Deferred
,
bdg., ma¬
chinery & equip.
312,936
121,577
Acer., Fed. & gen.
taxes.-
428,063
229,591
215,000
1,134,955
4,391,897
Land contr. rec. &
land.—
1937
$
payable-
1,200
secur-
Inventories..
unsold
Accounts
4,400,035
# accts. rec. 1,440,011
Marketable
521,684
690,217
;
Liabilities—
$
$
Assets—
1938
1937
1938
Cash
Total..-"-.-.123,327,938 134,408,796
and
123,327,938 134,408,796
Total
a
262,689
331,496
741,629
insurance cos.
Prepd. insur., &c
•
Toe decree of the Baltimore court denying revival of the oid
with
$7,101,973
900,000
5,707,108
j
Deps. with mut'l
Inc.—Liquidation—
The committee for the preferred
in
cum.
2,508,777
4,952,159
depreciation, &c.
b Represented by
291,813 shares of cmss A common and 2,000,000 shares of class B common
without par or stated value,
c Since Dec*. 26, 1936, with respect to pro¬
cessing taxes, in suspense.
Note—The companies have filed unjust enrichment tax returns, in con¬
formity with the regulations applicable to that tax as it interprets them,
covering refunds received during the fiscal years ended in 1935, 1936,
and 1937—said refunds during the years 1935 and 1936 having been taken
into income during those years.
Except for minor amounts which have
been paid, none of these returns show any unjust enrichment tax payable,
since they indicate that the relative processing taxes were not passed along
to the customers, but were absorbed, by the companies.
Since, however,
these returns are subject to review by the Treasury Department, and
companies have considered it conservative to hold the net refunds received
since Dec. 26, ly36, in suspense until, the tax liabilities applicable to the
aggregate refund received have been finally determined.
The portion of
Federal normal income tax and surtax on undistributed profits paid during
the current year which was applicable to the refunds received during 1937
has been deducted from the refunds received.—V. 148, p. 877.
/
a
57,983
2,262,332
79,799
Fund. dt. of subs.
Netincome..
Divs. declared on
398,497
c
Capital surplus...
Total
Total income...
for
Fire Ins. reserve..
20,322
employees
$
$
701,814
Acer, int., tax, &c.
4,143,967
859,693
163,342
Loans advanced to
Inventories
Dec. 25 '37
Accounts payable-
Land, bldgs., ma¬
Acc'ts rec.,
Dec. 31 '38
38 Dec. 25 *37
cost.
15,008,754 14,229,675
Total...
b After deducting reserve for depreciation of $6,910,659 in 1938 and
$6,613,718 in 1937.
c Represented by 200,648 shares no par value,
d Rep¬
resented by 209 (776 in 1937) shares preferred stock at cost and 87 (71 in
1937) shares common stock at cost.
1
'
—
.
.'
The income account for the 12 months ended Dec. 31, 1938 was published
in V. 148, p. 878.
Coos Bay
Lumber Co.—Earnings—
Years Ended Dec. 31—
$14,017
77,371
Profit from operations
Interest
paid or accrued (net).
unpaid 1934 property taxes
Depreciation
Depletion
-
disposal of capital assets
JL - disposal of Invest, in Coos Bay Land Co._
Loss of Coos Bay Land Co. for the 9 mos. ended.
Sept.30, 1937
on
Loss
LV8.037
197,394
99,295
212,821
210,515
$388,078
15.108
$30,538
22,150
473,150
$403,186
-
Loss from operations
Loss
$556,096
on
Net loss
$465,481
80,720
------
Interest on
-
30,256
Balance Sheet Dec. 31, 1938
Assets—Cash in bank and on hand,
$14,330; trade accts. & acceptances
receivable, less reserve of $5,868 for bad debts, $108,101; sundry notes and
accounts receivable, $21,137; property sales contract receivable and interest
accrued thereon, $1,074; inventories, $197,035; plants, properties, &c.,
$6,996,816; deferred charges, $116,135; deficit, $630,360; total, $8,084,988.
Liabilities—Payable to bank, $1,350,575; accrued property taxes for the
1931 (25%) and 1938 (estimated), $88,004; accounts payable, See.,
$24,999; accrued payroll, $13,153; accrued social Security taxes and con-
year
1026
Financial
tributlons, 16,814; accrued property taxes for the years 1931 (balance of
75%) to 1934, inclusive (due 1940 to 1954), $242,443; deposit on proposed
sale of sundry sawmill equipment, $9,000; capital stock (63,500 no per
shares), $6,350,000; total $8 084 988.—V. 148 p. 878.
Chronicle
Dakota Central
1938
1937
1936
1935
$760,921
496,350
$751,204
504,691
$721,116
466,426
31,014
443,801
revenues.
42,038
41,209
32,178
$1,298,480
22,839
$1,288,074
Uncollec. oper. revenues
$1,250,878
24,092
16,211
$1,218,556
12,890
$1,226,786
$1,275,641
$1,271,863
$1,205,666
512,962
287,027
224,968
131,433
25,808
126,361
148,142
309,586
287,889
Total
Total oper. revenues..
Current maintenance
1938
1937
$2,725,665
1,104,597
$2,812,804
1,293,561
$2,994,369 a$4„380,544
1,335,529 b3,030.567
Gen. and miscell. exps..
Taxes
331,857
275,851
231,091
124,596
21,529
131,725
160,494
$1,519,243
34,737
$1,658,840
34,872
$1,349,976
34,713
Net oper. loss
Net non-oper. income..
$50,358
1,834
$181,061
Depreciation,
$1,621,068
37,005
$1,484,506
51,536
$1,623,968
78,491
$1,315,263
82,690
$48,524
Other income-
$1,584,063
48,655
111,734
Cream of Wheat
Expenses.
Profit
Depreciation expense
Traffic
Corp. (& Subs.)—Earnings—
Calendar Years—
Gross profit
Operating rents
1935
Loss before fixed
$1,632,718
$1,536,042
$1,702,459
$1,397,953
387,282
333,297
300,041
205,245
$1,245,436
$1,202,745
$1,402,419
Net income
Adj. applicable
years
interest
Amort, of discount
$1,192,709
.
Dr 13.145
Cr 1,402
Dr30,138
$1,172,607
1,200,390
$1,403,821
1,350,555
"W'pf
$1,205,293
1,201,050
$32,291
def$27,783
$53,266
$4,243
$2.05
_
*
$1.95
$2.33
b Cost of goods sold and expenses,
Net sales.
$2.01
-
Dividends declared,
x
including dividend payable in January of following year.—Y, 147,
p.
2527.
Crocker-Wheeler Electric Mfg. Co.—New Directors—
Crucible Steel Co. of America—-New
F. B.
$179,997
x$85,279
x$49,590
98,527
92,249
30,325
55.438
724
2,956
Irvcff
:
(6j^
pref.stk.
$160,258
$278,524
$6,971
.
%j
$39,854
12,863
$160,258
25.727
$19,834
•
•
$65,581
Comparative Balance Sheet Dec. 31
Assets—
1938
1937
Common stock
Other
15,316
Adv. fromaffil.
of pension fund.
Adv. billing for
investments
15,016
Miscell. physical
Notes
Sale
sold
cos
1937
$1,867,192 $1,867,192
2,208,683
2,020.000
trustee
3,369
35,509
31,732
28,077
funds...
11,446
14,288
Material & suppl's
69,111
4,691
92,697
Accts. pay. & other
Notes receivable..
4,937
current liabilities
67,966
Accts. receivable..
115,879
121,699
property
...
Cash....
230,295
service
233,961
1,442
137,314
5,449
5,595
9,532
8,684
52,566
115,389
Deferred credits &
Other def'd debits.
4,604
'
Acer. liab. not due
Prepayments.
reserves
10.405
15,819
reserve...
2,311,086
2,312,633
__j
220,782
381,516
miBcell.
Depree.
Surplus
Total
—V.
-.-$7,039,551
146,
p.
$7j,003,680
Total
—.—.$7,039,551 $7,003,680
1237.
Detroit Edison Co.
Curtiss-Wright Corp.- -Acquitted' in Armed Plane
1938
Liabilities—
Telephone plant..$6,773,330 $6,661,260
Official—
Hufnagel, chairman of the board, announced that R. E. Christie,
long been prominently identified with the company and the
specialty steel business, has been appointed to the office of Assistant to the
President, R, E. Desvernine, effective immediately.—V. 147, p. 3908.
has
$278,524
Indicates profit.
x
Working
At the annual meeting of shareholders of this company, held on Feb. 15
in the company's headquarters at Ampere, N. J., the
following new directors
were elected to the board:
Frederick E. Hasler, Claud A. Hope, Charles C.
Huitt, George H. Burgess, Alan M. Wood and C. Gerard Dodge.
Directors
whose terms had expired were re-elected.
The meeting, which began at 10 a. m., continued until late in the
evening
and efforts were made by some of the shareholders who were in
disagreement
with the management to obtain an adjournment for a month.
The man¬
agement was upheld by a vote of 157,586 shares to 48,157 shares, Edmund
Lang is President of the company.—V. 148. p. 435.
who
1,063
x$46,707
2,883
Crl2,584
$1,232,291
1,200,000
Earns, per sh. on 600,000
shs. cap. stk. (no par)
127,968
*$81,345
3,933
on
.
Surplus
122,167
25,996
124,166
funded debt.
Other fixed charges
Divs .on
to prior
(net)
chgs.
272,760
283,839
202,062
204,071
122,531
21,127
121,326
123,986
Bond interest
Other
Other deduc, (net), inch
prov. for income taxes
expenses
Commercial expenses—
1936
1939
$765,038
service revenues
Miscellaneous
Copper weld Steel Co.—Stock Split-Up and Listing—
18,
Telephone Co.—Earnings—
Calendar Years—
Local service revenues..
Toll
The company announces that trading in new split-up common stock of
$5 par value began Feb. 15.
Listing of the new stock, totaling 431,714
outstanding shares, has been approved by the New York Curb Exchange in
substitution of 215,857 listed shares of $10 par stock. A two-for-one split-up
of shares was voted by stockholders on Jan. 25, increasing authorized stock
from 300,000 to 600.000 shares.—V. 148, p. 878.
Feb.
(& Subs.)—Earnings—
12 Months Ended Jan. 31—
x
Utility
expenses
1939
1938
$55,136,436 $58,882,850
40,939,772
43.542,023
l(
Gross earnings from utility operations
.....
........
Income from utility corporations.
$14,196,664 $15,340,827
Dr27,142
101,021
Other miscellaneous income.
Case—
Three Curtis-Wright
cooperations and three individuals were acquitted
of charges of conspiracy to sell ahd-of-GuTactual sale of four armed
bombing
planes to the Government of Bolivia, Feb, 10 by a Federal court jury.
The
jury disagreed, however, with respect to charges that the same defendants
conspired to sell the planes, unarmed to agents of Bolivia, and with respect
to the alleged shipment of armament parts for the
planes to Bolivia.'
The indictment alleged
conspiracy^ to violate the joint congressional
resolution and Presidential proclamation of
May 28, 1934, which forbade
the sale or shipment of munitions of war to Bolivia or
Paraguay, then
engaged in
war.
The defendants were
Curtiss-Wright Aeroplane Co., Inc., Curtiss-Wright
Airplane Co., Curtis-Wright Export Co., John 8. Allard, President of the
Export corporation, Ralph S. Damon, former Curtiss-Wright executive
and operating Vice-President of American
Airlines, Inc. and Clarence W.
Webster, South American agent for the export corporation.—V. 147,
p.
3157.
•
.
•
...
.
Cushman's Sons,
Ihc.—Earnings—
Years Ended—
Dec. 31 '38
Sales—net.
-.--.$11,391,333
Cost & expenses-.r„.
5,917,055
Jan.
1
'38
xJan.
$10,877,538
2
'37
Dec.
28
*'35
$9,750,800
5,755,541
$3,995,260
$3,541,038
221,122
193.532
•
Depreciation.
Sell,
gen.,
.assoc.
338,443
334,161
342,33 1
316,718
4,491,364
&c., exp., incl.
charges....
4,366,901
3.841,742
$216,764
14,987
$409,935
40,940
$716,771
36,144
Loss
r
272,788
268,892
$8,218,672
«$9,426,324
x Including all
operating and maintenance charges, current appropria¬
tions to depreciation or retirement reserve and accruals for all taxes.
Note—Figures in the foregoing statement reflecting net income for
periods prior to Dec. 31, 1937 do not take into account any Federal surtax
on
undistributed net income, as our tax returns indicated that no such
tax was
payable.
For subsequent periods, the company estimates that it
will be required to pay Federal income tax at the minimum rate of 16 H %.
—V.
148, p. 579.
Divco-Twin Truck
Co.—Earnings—
3 Months Ended Jan. 31—
Net profit after deprec. & Federal income taxes..
Earns, per share on 222,500 shares com. stock
—V.
148,
Dr.
p.
435.
1938
1939
$35,683
$0.16
loss$32,974
Nil
•
Pepper Co.—Dividend Increased—
Directors have declared a dividend of 30 cents per share on the common
no par value, payable March 1 to holders of record Feb.
18.
Pre¬
viously regular quarterly dividends of 25 cents per share were distributed.
In addition, an extra dividend of 65 cents was paid on Dec. 1, last.—V.147.
stock
p.
„
--prof$437,198
on
Crl65.856
3,747,559
"
co.
Net operating loss. __prof$405,794
Int.,disc't & sundry rets
31,404
Int.
$4,702,526
218,228
$14,169,522 $15,441,848
5,843,917
5,746,632
Net income
$9,285,709
5,744,670
6,175,012
Gross operating profit $5,474,278
Maintenance and repairs
238,677
Gross corporate inebme
on funded and unfunded debt
Interest charged to construction
Amortization of debt discount and expense.
Interest
mtge. indebt
Duluth-Superior .Transit Co.—Earnings—
$201,777
$368,995
2,750
6,787
$204,527
1,729,968
$375*782
.......
3157.
Prov. for Fed. inc. taxes
$355,910
1,398,128
Refunds processing taxes
Miscellaneous credit
a75,000
1.
$1,829,039
$1,547,061
$1,826,016
71,188
73,932
96,048
1938
1936
1937
1935
"
$1,106,669
1,004,230
$1,182,840
1,009,671
$1,084,291
964,885
$143,794
104,059
$173,169
82,946
$119,406
79,223
x$2,513
1,181
$39,734
1,227
$90,223
999
$40,183
632
x$l,328
60,208
expenses
$1,198,828
1,055,034
$102,439
104,952
revenue
$40,961
60,188
$91,222
62,097
$40,815
61,126
$19,226 surp$29,124
$20,311
81,288
Net loss for year...._
Previous earned surplus.
$680,627
8,592
(Including Duluth-Superior Bus Co.)
Calendar Years—
Operating
Operating
Net
Tp^l---------
Pref.7%
cum.
Pref. $8 per sh.
Conting.
res.
in market
divs....
cum.
2,201,798
y21,620
$2,648,721
155,571
291,352
divs
agst. decl.
price, &c...
Earned surplus......
.
$689,219
3,337,941
z75,000
______
$1>57,851
.
_
$1',398,128
$1,729,968
$2,201,798
Year comprises a period of 53
weeks,
y After reserve pending deter¬
of windfall
tax liability
of $86,481.
z Contingency
reserve
against decline in market price of raw material
involved under purchase
x
commitments at Jan.
-
Restoration of
n
1, 1938.
■
appropriated Jan. 1, 1938,
sum
against
contingency
as a
reserve
decline in market price of raw material
involved under purchase
commitments at that date, such reserve
being no longer
necessary.
Comparative Balance Sheet
Dec. 31 '38
Assets—
Jan.
$
Cash
1 '38
Dec. 31 '38
$
Jan. 1 *38
282,581
216,987
Liabilities—
400,636
363,918
rec., less reserve
134,893
133,114
Prov.
Sundry trade acc'ts
Flour, ingredients,
7,074
13,137
accrued expenses
—at
cost
188,817
cost
equipment
135,397
86,481
inter-co. balance 1,522,545
1,919,130
106,760
Contingency res..
100,000
7% pref. cum
2,033,800
175,000
2,084,500
.
Goodwill,
&
5,687,155
tr.-mk.
organ.
exps__
Total
3,641,900
3,269,306
Common stock..
851,200
Capital surplus.—
245,925
Earned surplus...
479,718
1,757,851
c
3,641,900
851,200
236,935
1,398,128
3,269,306
a
—10,603,570 10,610,261
—
Net deficit
x
$61,535
Loss.
»
.
Total
Assets—Fixed assets, $5,298,219; investments, $20,710; cash, $165,933;
working funds, $3,700; miscellaneous accounts receivable, $4,632; accrued
receivable, $124; materials and supplies, $88,028; special funds,
$13,074; unadjusted debits, $9,598; total, $5,604,019.
Liabilities—Capital stock (39,137 shares at $20 per share), $782,740:
funded debt, $1,173,500; cash reserves, $9,650; accrued interest on funded
debt, $88,971; audited accounts and wages payable, $55,771; accrued
State and local taxes, $51,642; accrued State and Federal Social Security
taxes, $884; reserve accounts, $3,540,825; unadjusted credits, $17,736;
paid in surplus, $53; deficit, $117,754; total, $5,604,019.—V. 146, p. 1708.
interest
Corp.—Listing—
An additional 9,203 shares of the corporation's common stock, par $1,
be listed on .the New York Curb Exchange upon official netice of
will
148, p. 730.
.
10,603,570 10,610,261
Ry. Co.—To Pay $1.50
Preferred Dividend—
dividend
of $1.50 per share on the first pre¬
holders of record March 1. A
22, last, this latter being the first dividend
paid since Nov. 15, 1930.
After the current dividend arrearages on the
preferred stock will amount to $46,50 per share.—V. 148, p. 580.
a
ferred stock, series A, payable March 15 to
like amount was paid on Dec.
Ebasco Services
Inc.—Weekly Input—
For the week ended Feb. 9, 1939 the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electr c Power & Light Corp. and National Power & Light Co. as
compared with the corresponding week during 1938, was as follows:
After depreciation of $2,866,611
on Dec. 31, 1938, and $2,681,117 on
b Represented by 36,419
no-par shares,
c Represented
by 100,240 no-par shares.—V. 147, p. 3454.
r
Jan.
_
Trustees have declared
cos.—
b $8 pref. cum
5,563,527
567,487
——
Eastern Massachusetts Street
86,481
Prop., plant and
Gross income
Interest, &c
issuance.—V.
81,288
336,810
336,433
State authorities
a
fall tax
Associated
Statutory dep.wlth
Def'd charges, &c_
Federal
income taxes
220,343
Invest, and sundry
sec.—at
for
Res. pending determinat'nol Wind¬
supplies & prod.
Operating income
Non-operating income
Duro-Test
Acc'ts payable and
Customer accounts
from oper
Consolidated Balance Sheet Dec. 31,1938
mination
'
rev.
Taxes assign to oper——
1,
1938.
Differential Wheel
Corp.—Registers with SEC—-
See list given on first page of this
department.—V. 148, p. 579.
1 increase
Operating Subsidiaries of—
1939
Light Co__ 107,806,000
Electric Power & Light Corp— 53,630,000
National Power & Light Co..- 87,323,000
—Y. 148, p. 880.
Ajnerican Power &
1938
99,460,000
49,916,000
73,058,000
Amount
8,346,000
%
8.4
3,714,000
7.4
14,265,000
19.5
Volume
Financial
148
1027
Chronicle
Balance
Eastern Minnesota Power Corp.—Earnings—
1938
Preliminary Consolidated Income Accounts
1937
$992,945
385,133
48,169
107,306
138,071
Maintenance
$935,707
388,040
25,152
105,420
127,774
Prop., pl't A eqpt.27 ,452,873 27,421,473
2,462
Miscell. investm'ts
25,252
Injury and damage
General
taxes
$289,321
$314,265
Gross income
x
Funded debt
Notes
61,182
fund
26,878
Sinking fund
508,197
227,727
Cust. accts. receiv.
279,640
3,000,000
13,120,000 1 3,121,000
110,000
60,000
payable
460,123
127,557
323,171
filiated cos
fiscal
7,072
agent
Current acct. with
103,850
237
Oth. accts. & notes
11,304
3,600
71,718
13,646
2,150
71,718
Mdse. accts. rec'le
220,565
8,459
245,493
Current acct. with
Mat'ls & supplies.
347,145
273,873
El. Ad vis's', Inc.
15,620
26,107
$97,074
82,500
146
10,060
10,060
$30,824
...
104,495
162
unfunded debt
246
82,500
funded debt
on
$4,368
___
Amortization of debt discount and expense, &c__
Provision for Federal and State income taxes.
_
Preferred dividend requirements
Balance.
___________
Interest on funded debt
Interest
unfunded debt
on
Amortization of debt discount and expense
affiliated
36,798
36,007
cos...
Cities Serv.Pow.
9,878
receivable
Prov.
...
797,879
Due to parent co.
stock
no
par
2,302,997
1,971,798
Capital surplus... 938,957
Earned surplus... 2,331,486
This
compares with 75 cents paid on Dec. 30, Oct, 1 and on July 1, last, and
previously regular quarterly dividends of $1 per share were distributed. In
addition, an extra dividend of $4 was paid on Dec. 20, 1937, and an extra
dividend of $2.50 per share was paid on Dec. 21, 1936.—V. 147, p. 1337.
938,957
Gross oper.
revenues.
(Del.) (& Subs.)—Earnings—
1938—12 Mos.—-1937
$4,923,900
$4,684,083
1,314,456
1,405,658
119,784
99,851
402,825
a476,076
534,885
560,647
1938—Month—1937
$542,751
$493,721
138,461
150,445
12,352
10,809
3,061
a37,806
52,785
58,374
Period End. Dec. 31__
Operation
Maintenance
Taxes (inch Fed. inc.tax)
Prov. for retirements
$2,312,133
$285,317
$287,062
$2,381,666
850
971
11,084
11,344
$286,167
$288,033
33,687
$2,392,751
$2,323,477
30,343
1,932
2,817
395,465
31,658
381,574
33,372
$251,529
JJrl ,582,
$1,965,628
aCrll8,061
$1,908,532
$378,659
8,631
$249,947
8,631
$2,083,689*
$1,886,004
103,579
103,579
$370,028
Net oper. income
Other income..
.
846
current
Reserves-
2,011,111
x
$241,315
$1,980,110
$1,782,425
.29,950,896 29,836,919
Total
29,950,896 29,835.919
Total
-V. 147, p.
Represented by shares of $100 par.
3910.
Corp.—Accumulated Dividend—
Empire Power
The directors have
El Paso Natural Gas Co.
& line
deposits
payable,
the common
March 20.
value, payable April 1 to-holders of record
24.474
603,294
.
136,054
not
Co.—Smaller Dividend—
dividend of 50 cents per share on
a
299,324
143,093
exten.
Accounts
Before provision for Federal and State income taxes,
y Before pro¬
vision for Federal income tax liability of parent company.—V. 146, p. 2864,
Electric Controller & Mfg.
182,952
179,229
321,103
24,164
Wages A sals. pay.
x
Directors have declared
5,348
Federal
Int. & taxes accr'd
1,319
843,017
3,233
not current..
_
for
income tax.....
Accts. receivable—
Deferred charges.
3,322
A Light Co-..-.
Consumers'
Net income
y
54,340
Current acct. with
Prepd. lns'ce, Ac.
on
Interest
42,695
48,442
af¬
Accts. payable,
$123,546
Interest
40,755
Accounts payable.
4,880
Special cash dep..
7,382.000
3,000,000
Common stock..
Accts. receiv. from
Subsidiary productions:
7,382,000
6% pref.stock
x
$
$
Liabilities—
Cash..
Provision for retirement reserve.
1937
1938
$
Assets—
1938
12 Months Ended Dec. 31—
Sept. 30
1937
$
Sheet
declared
a
dividend of 50 cents per share on
the $2.25
to holders of record
10, and on Nov. 10,
last, dividends of 5Q cents were paid on Sept. 10, June 10, and on March
10, 1938; 75 cents paid on Dec. 15 and Nov. 10, 1937; 50 cents paid on
Sept. 15, June 15 and March 15, 1937, and Dec. 15 and Oct. 1, 1936; a
dividend of 40 cents was paid on July 1 and March 16, 1936; 75 cents on
Nov. 9, 1935, and 50 cents on May 20, 1935, and Nov. 10, 1934.
See V.
145, p. 2545, for detailed dividend record.—V. 147, p. 3158.
partic. stock, no par value, payable March 10
March 3.
Dividends of 25 cents were paid on Dec.
cum.
Ask Authority to Pay Equip. Trusts—
of principal and dividends aggregating
$719,540 under equipment trust of 1934, and permission to pay $150,000
as rental to Cleveland & Mahoning Valley Ry., is sought in two petitions
filed by the trustees in Federal Court Cleveland.
The equipment trust of 1934 certificates in pricipal amount of $503,000
together with dividends of $216,540 on the $10,827,000 of certificates out¬
standing, become due March 1.
The petition seeks authority to pay these
obligations to the Reconstruction Finance Corporation on deferred basis,
agreeable to RFC, as follows: Dividend payment of $216,540 by March 15;
payments of $100,000 on principal by April 1, May 1 and June 1, respec¬
Erie RR.—Trustees
Authority in respect to payment
Total gross income
Interest
Amort, of dt. disc. & exp.
Net income before non¬
recurring income.
$253,892
aCrl24,768
__
Non-recur, inc. & exp__
"
income,
Net
Pref. stock div, require.
Balance for common
Dr22,528
'
dividends & surplus
for thei year 1938 was reduced by $124,768,
write-off of unamortized debt expense and premium on funded
Federal income tax accrual
a
due to the
refinancing consummated
debt retired by
credited to non-recurring income
Adjustment was
of
Dec. 15, 1938.
instead of tax expense for the purpose
retaining normal comparison of operations.
$
Fixed assets.:
Install. note» rec.
Slnkinf fund cash
1938
$
1937,
,
$
$
Liabilities—
7% pref. stock (par
19,617,678 19,056,125
184,300
234,886
28,017
1,479,700
1,802,559
1,479,700
3,486,434
9,480,000
3,385,964
8,320,000
payable.
165,407
320,000
290,551
Accrued interest..
23,191
30,827
243,534
329,968
$100)
Com. stk. ($3 par)
1,781,229
10,037
Notes recelvabie.
1,132,464
17,362
86,165
Accts. receivable.
604,171
514,238
Notes pay. to bks.'
Mat'ls A supplies
124,874
121,569
Accounts
Deferred charges,
166,568
17,372
484,216
6,513
Accrued taxes....
Cash!
b
Reacq'dRecurs..
a
mon
stock
Long-term debt
18,777
3% ser. notes pay.
to
bank, mat'g
520,000
within 1 year
consum's
Advs. by
190,529
486,828
Res. for retirem'ts 2,353,740
1,893,595
8,317
8,317
(prepaid gas)...
Contrib. for exts..
Res.
for unearned
29,350
29,896
2,138,799
2.153,080
profits
Earned surplus...
21,921,562 20,509,958
Represents excess upon reclassification of no par value common stock
into $3 par value common stock as of Sept, 4, 1936, plus excess of amounts
received over par value of shares issued since that date.
b 952 shares December 1938 and 325 shares December 1937, $3 par value
common stock at cost, acquired for resale to employees under employees'
stock purchase plan,—V. 147. p. 4054.
Total
Total
21,921,562 20,509,958
.....
a
„
Co.—Dividend Halved—
Ely & Walker Dry Goods
Directors have declared a dividend of 12 M cents per share on the common
1 to holders of record Feb. 18. ''Previously regular
quarterly dividends of 25 cents per share were distributed.—V. 148, p. 580.
stock, payable March
Lighting Co.—Earnings—
Erie
.
xl938
.
Provision for retirements...
Other taxes
!
*
-—
;
Operating income.. J.
*
,
....
Other income
!—
Gross income
long-term debt—1st mtge. bonds
Other interest
;
:
Amort, of debt discount & expense
Interest charged to construction
Int.
184,164
43,538
$431,691
12,453
$491,437
,5,510
777,946
118,147
156,521
Maintenance
Federal income taxes:
$1,734,445
114,842
Operating revenues
Operating expenses......
1937
$1,605,110
770,341
Years Ended Dec. 31—
on
23,019
108,695
$444,144
234,194,
26,600
10.309
119,213
'
$496,947
236,737
»
25,810
10,407
CV160
$173,042
$224,153
x Preliminary—subject
to annual audit and such sundry book adjust¬
ments, if any, as may be necessary incident to closing for fiscal year ended
Balance of income...
Dec. 31,
1938.—V. 147, p. 1192.
Empire District Electric
Years End. Sept.
x
Oper. exps.,
1 936
$3,579,224
$3,210,579
$2,794,964
1,737,704
zl,924,250
yl,703,379
1,383,155
$1,696,598
18,385
$1,654,974
$1,507,200
12.298
12,492
$1,411,809
8,813
$1,714,983
$1,667,272
634,673
108,493
$1,519,692
$1,420,622
637,089
639,309
174,154
12,447
525,000
13,957
main ten'ce
Net opsr. revenue
Non-operating income.
_
Total income
Int.
on
1935
1937
and all taxes
Other
Co.—Earnings—
$3,434,302
Gross oper. revenue
funded debt
interest.
Federal & State taxes on
bond interest
Approp. for replacen'ts.
632.274
71,623
12,188
507,883
144,466
525,000
14,651
192,000
$491,015 "$386,657
$199,179
$400,507
x
Includes Federal income tax of $100,146 in 1938, $130,132 in 1937,
$51,189 in 1936 and $29,501 in 1935.
y It is considered probable that no
surtax on undistributed profits will be incurred,
z Including surtax
Net
income
of the group plan for
reorganization are suggested by
and improvem ent
16,000 bondholders
testiir ony
Com¬
committee for the refunding
mortgage 5% bonds of the company, which sent to
Feb. 12 a letter outlining the changes and containing the direct
of N. 8. Hall, Vice-Chairman of the committee, before the Interstate
merce Commission.
"
The modifications proposed by the committee are (1) that the
all bonds and
preferred stocks be reduced to
interest
4%; (2)
called first consolidated mortgage, contain a con¬
vertibility provision and a call price; (3) that the incon e bonds, called
gneral mortgage bonds, also contain a convertibility provision and a
price; (4) that the new common stock be issued directly to the owners of it
with no options rights attached, and (5) that the provisions respecting the
powers and selection of reorganization managers be changed. •
The committee, Mr. Hall stated in his testimony, believes that the
following general principles should be observed and followed in consider¬
ing any reorganization plan:
.
«•.
''First, the establishment and preservation of such relation between fixed
interest obligations and earnings as well enable the railroad to meet
fixed obligations in years of poor business.
This can be accomplished by
the use or the existing opportunity on reorganization to issue new bonds
subject to call and with provisions for conversion into common stock at a
fixed ratio, with confidence that the fixed debt will be a reduced in periods
of prosperity through exercise of the conversion privilege, and that the
position of securities junior to such convertible bonds will thereby
that the first mortgage,
call
its
be
improved.
.
generally recognized that the use of the provision for
conversion in bonds of a railroad, which by its nature is in constant need of
new money, is the most effective way of insuring a proper relation between
capital and funded debt, and thereby facilitating the raising of new money
when needed through security issues in periods of depression.
"Second, frank recognition that, in the light of present conditions a,nd
probable prospective earnings of the railroad, the holders of the
preferred and common stocks of the debtor have no actual equity interest
in the property."
The statement Continues that if the I. C. C. should find that some
recognition should be given to such holders, the claim be
granting such shareholders a small proportionate interest in new common
stocks, rather than by issuance of warrants to purchase control of
common stock allocated first to holders of present bonds.
The letter is signed by Gardiner B. Perry, chairman of the committee
and former President of the Am erican Institute of Banking.
Other members
are:
O. Shelby Garter, President pf First New England Corp.; Paul 8.
Bair, Cashier of the First National Bank of Greensburg, Pa.; W. p.
Unger, President of Market Street National Bank, Shamokin, Pa.; Ferd.
Collins, President of Bound Brook Trust Co., Bound Brook, N. J., and
rtIt
is becoming
existing
recognized by
the
R.
I.
Frederick A. Carroll, Vice-President, National Shawirut Bank of Boston.
Pepper, Bodine, Stokes & Schock and Stradley, Ronon & Stevens,
delphia, are counsel, and John Finger, Philadelphia, is secretary.—V.
148, p. 880.
• . '
,
,
Phila¬
Family Loan Society,
All of the
Inc.—Stock Called—
preference stock has been Called for
$65 per share and accrued disvidends.—Vv 148,
outstanding participating
redemption on April 1 at
page 436.
Farnsworth Television &
Radio Corp.—Registers
with
SEC—
See list
given on first page
of this
department.—V. 148, p. 880.
Federal Water Service Corp .—Plans
1938
30—
to
Committee Proposes
Changes Urged in Plan—Bondholders'
Modification in Letter Sent to Holders-—
and dividend rate on
Premium on com¬
~6,187
Special deposits..
as
<
the bondholders' protective
31
1937
Atsets—
June 30.
Five modifications
Consolidated Balance Sheet Dec.
1938
tively; and balance of principal amounting to $203,000 by July 15.
The second petition seeks permission to make payment of $150,000
rental to Cleveland & Mahoning Valley, payment to be made prior
to Revamp
Capital
Structure—
A new plan for revamping the capital structure of
likely to be submitted to the Securities and Exchange
the next several weeks.
The proposal now contemplated
the corporation is
Commission within
preferred
on them;
elimination
would, in effect, offer new
stock for existing preferred stocks and arrearages
stock for present class A common, and provide for
of tlio class *R stock.
If the plan is approved by the SEC and adopted by
holders, it would create capital surplus and reserves of about
eliminate the deficit in the earned surplus account, and remove
pany from legal restrictions upon dividend payments because
impairing capital.
Thus, the way would be cleared for first
and common
new common
company's security
$12,700,000,
ments to
stockholders since
of 1931.
"Under the plan one
preferred dividends were
'
,
the com¬
of danger of
cash disburse¬
omitted in the fall
..
.
,
share of the new common stock would be issued in
exchange for four shares of outstanding class A stock, and arrears on the
Class A accrued since 1931 would be erased.
In addition, both present
class A and class B stocks would be Issued fights to subscribe to new common
1028
Financial
Chronicle
stock with these warrants entitling stockholders to buy one share of new
stock for each four shares held.
Holders of $7 preferred stock would be offered dividend arrears certifi¬
cates for $.54.25, or 1-16 shares of new $2.50 convertible
prior preferred
1938
The $6 preferred
or
one
Misc. phys. prop..
Invest, affil. cos..
The $4 senior
Liabilities—
Funded
275
383,262
445
38,625
1,618
Special deposits—
Miscell. accts. rec.
96,077
52,067
53,499
2,840,557
2,522,132
int.,
divs.,
<fe rents unpaid..
130,708
Mat'd funded debt
498
498
Accrd. int., divs. &
assets.
16,953
15,766
559,515
573,151
12,774
22,755
.
preferred stock, with rights to $2.50 annually in cumulative
dividends, would have priority as to dividend payments over the arrears
certificates.
As an additional inducement, the prior preferred stock would
curr.
Unadjusted
5,765,691
515,000
14
21,889
iiabils.
6,092
5,225
6,872
6.859
Other def. Iiabils.
615,356
Unadjusted credits 1.432,311
Other
New prior
payable..
1,403,034
unpaid
receivable
common.
debits
rents
Other
curr.
Liab. for provident
funds
be convertible into 10 shares of new common for two years, then convertible
for two years into eight shares of new common and finally convertible into
....
'
new common for one year.
To become effective, however, at least
Misc. fund.reserves
80% of the $7,758,494 in accrued
unpaid preferred stock dividend accruals would have to be eliminated
through acceptance of new prior preferred stock by holders of outstanding
preferred stocks.
The plan would give to the outstanding 542,450 class B common shares,
all owned by Utility Operators Co., 100% owned by
employees of Federal
Water Service System, the right to elect a number of directors to the board
for a limited period, but voting control of the company would be trans¬
ferred to present preferred stockholders by the reclassification.
The capital structure of the company upon adoption of the new plan would
consist of 893,016 shares of new common stock, at a minimum, and a
maximum of 166,850 shares of new prior preferred.
Conversion of prior
preferred stock 100% into new common would bring total outstanding
common to 2,561,516 shares.
Exercise of subscription rights by class A
stock to purchase 142,294 shares of new common, and by the B stock
to purchase 135,612 shares of new common, would swell total of new com¬
Total.
10,962,194
—V. 146,
P.
3499.
10,884,171
Total.
.10,962,194 10,884,171
Emporium Capwell Corp.—To Pay 30-Cent Dividend—
Directors have declared
dividend of 30 cents per share on the common
to holders or record March 21.
Like
a
no par value, payable April 1
amount was paid on Jan. 31, last and
previously regular quarterly dividends
distributed.
In addition, a year'end dividend of
paid on Jan. 31, 1938.—V. 148, p. 436.
of 25 cents per share were
50 cents
was
General Baking
Co.—Earnings—
53 Weeks
Operating
Operating
revenues
expenses
A.
_
and taxes
__
and administrative expenses
on
long-term debt
4,721,233
94,019
156,863
1,206,696
25,398
...
Balance
......
Charges of Federal Water Service Corp.:
Interest on 5 5H% gold debentures
Miscellaneous interest
357,737
7,594
<.
....
$2,280,049
loss
commitments
on
•
25,236
...
4,266
596,000
340,000
$1,504,813
4,627,679
$6,673,328
703,064
1,270,957
$6,132,492
703,064
1,191,523
278,000
$4,699,307
1,588,697
$1.29
;—
...
Prov. for adj. of taxes
$3,959,905
1,588,697
—
Earned surplus end of year
Shares common stock outstanding (par $5)
Earnings per share--of $340,000
reserve
410,000
a
$2,713,423
3,959,905
—
Total surplus
The
T
*
"
.j_.
Preferred dividends
Common dividends
a
*
for purchases
Net profit for year.
$1,398,945
Minority interest in net income
for
„
Previous earned surplus
4,746,374
113,296
174,276
1,269,867
52,658
$1,017,574
Miscellaneous interest, &c
Amortization of debt discount and expense
x Dividends or
preferred .stock
.___
of raw materials
$7,221,784 ' $7,755,416
Charges of subsidiary companies:
Interest
—
$7,167,854
587,562
351.693
Gross income
_
,
40,956,186
$2,278,973
1,076
Interest applicable to 1937 on prior years' Federal
income taxes, &c_
Other interest paid.
Provision for current year's Federal income taxes.
Provision
'37
25
$43,235,159
$3,310,205
3,484
...
Total income
1938
1937
$16,710,995 $16,932,642
9,840,904
9,764,788
Weeks
Ended
*38 Dec
$3,313,689
Miscellaneous income
reduction of about
$6,870,091
31
38,616,049
—.—
Profit from operations
consolidate*! herein.]
Net earnings. „
Other income...
Dec
Gross sales, less returns and allowances
—$41,926,254
Cost of goods sold, delivery, selling, advertising
for Calendar Years
are not
52
Ended
Period—
The stated value of capital stocks in the new reclassification would be
[Accounts of Southern Natural Gas Co.
3,688,657
.
stock,
Such a projected capitalization would compare with 15,296 shares of
of $7 preferred, 69,888 shares of $6.50 preferred, 71,706 shares of $6
pre¬
ferred, 2,374 shares of $4 preferred, 568,775 shares of class A, and 542,450
shares of class B stock outstanding.
No alteration would be made under the plan regarding principal or rights
of $6,504,000 outstanding in 5Yi% debentures, due 1954.
Account
100,000
3,949,945
balances)
,
Income
100,000
Profit & loss (debit
stock to 2,839,422 shares.
a
622,560
.
six shares of
approximately $11,330,000, and this would amount to
$20,020,000 from present stated capital.
74,837
payable..
wages
Int., divs. & rents
two-thirds share of
mon
5,250,691
Misc. accts. pay..
Mat'd
39,415
124,081,
$
3,997,100
debt
Deferred assets...
equity would receive a dividend arrears certificate of $31
new prior preferred stock, and three shares of new
1937
$
3,997,100
_
Audited accts. and
133,014
40
465,120
Mat'l <fc supplies.
Capital stock.
28,130
133,014
Other investment.
new common.
or
1939
1938
$
9.555,576
Cash
stock would be entitled to $46.50 In dividend arrears
share of new $2.50 prior preferred, and 4Yi, shares of
1937
$
9,582.990
28,130
Road and equip—
shares of new common.
certificates
18,
Combined Balance Sheet (Corporation and Receiver) Dec. 31
A sscts—
stock, and 5lA shares of new common stock.
The present $6.50 preferred stock would be exchanged for either
$50.37H
in dividend arrears certificates or 1 1-12 shares of new prior preferred
stock,
and
Feb.
$0.50
provided in 1937 has been applied in 1938 in
reduction of cost of goods sold, &c. with resultant increase of like amount
in the profit from operations of the latter year.
378,337
3,600
Comparative Balance Sheet
Net income
$652,243
$1,017,008
Including dividends not declared of $728,930 and $802,302 for year*
ended Dec. 31, 1938 and 1937 respectively.
Dec. 31 '38 Dec. 25'37
A 8 sets—
x
Cash
Years Ended Dec. 31—
Income from subsidiary companies consolidated..
From subsidiary company not consolidated
580,822
586,965
1,642,710
Cash val.of life ins.
Income Account of Company Only
4,282,331
Accts. rec.(less res)
Inventories
Note—The figures given are only preliminary figures.
230,224
2,115,937
217,974
1938
1937
Deps. with ins .cos.
97,018
$449,748
Mtge. receivable-.
9,000
560,023
2,827
4,098
Total income
—
....I.
$1,054,408
237,843
taxes
Net operating income.
Interest on 534% gold debentures
$816,565
362,501
7,593
Net income......
-
J\ote~i'he
$419,793
included herein are preliminary ami are subject to
which may result from the annual audit for the fiscal
year ended Dec. 31, 1938.—V. 147, p. 4054.
any,
Florida Power Corp. (&
Subs.)- -Earnings—•
Years "Ended Dec, 31—
Operating
Operating
revenue
expenses
xl938
$3,413,861
1,521,956
$983,608
93,050
$1,112,157
$1,076,658
400,000
121,906
84,063
116,069
...
_.
Other income (net)
Gross income
Interest
on
first mortgage bonds
Interest on other long-term debt..
Other interest
...
Amortization of debt discount and
Interest charged to construction
400,000
119,567
"II
expense" III III
......
on
preferred
111.11111
-.A_.
Preliminary
113,383
Crl,768
subject
$442,613
222,125
220,488
to annual audit and such
1938.—V. 147, p. 2865.
Fort Dodge Des Moines & Southern
»
$356,603
222,124
$134,479
year ended Dec.
31,
RR.—Earnings—
Combined Income Statement
(Corporation and Receiver) for Calendar
1938
1937
Passenger revenue
Freight revenue
Switching revenue.....
1936
1935
$16,438
803,906
31,957
$17,778
$18,700
653,574
501.574
Rent of equipment
Other operating income.
$19,409
682,210
31,529
25,708
21
19,657
102
99
6,238
7,174
..-26,532,618 25,984,1911
Total
General Cigar Co.,
equipment retired)...
286,527
9,565
$739,709
278,092
8,972
$704,333
245,219
8,249
$546,286
212,251
10,172
$1,026,773
$957,801
Depreciation
accrued
Equipment retired
Pension accruals
Deficit
Inc.
Subs.)—Earnings—
Gross profit....
$4,297,277
Sell., adm. & gen. exps..
2,964,710
Deprec. & amortiza'n—
See a
Federal, &c., taxes.....
225,403
Net..
Other
1
-
$5,986,232
income.
$6,374,754
3,929,594
3,640,782
466,149
280,279
$1,107,165
3u4,361
$1,648,931, $1,936,486
100,017
A_
...
153,726
139,645
$1,207,181
$1,673,930
$1,802,657
$2,076,131
8,671,779
8,444,677
8,539,693
Total surplus—
Preferred divs. (7 %),--.
Common dividends.
$9,651,859
$10,213,623
350,000
Profit & loss surplus..
Shs. com. outst. (no par)
$8,530,895
472,982
Earned per sh. on com..
$1.81
...
.
_
175,000
945,964
_
,
&,978,964
$10,781,621 $10,747,91o
350,000
b35U,000
1,418,946
1,891,928
cl ,418,946
$8,444,677
472,982
$2.80
$8,539,69o
$8,978,964
472,982
$3.65
472,982
$3.07
Includes provision for depreciation and amortization,
b Representing
dividends paid Sept. 2, 1935, and Dec. 2, 1935, and dividends
a
payable
1, 1936.
c Representing three dividends of $1
paid May 1. 1935, Aug. 1, 1935 and Nov. 1, 1935.
d After
deducting $132,922 loss on sale of non-operating properties (net).
March 2, 1936, and June
per share,
Consolidated Balance Sheet Dec. 31
1938
1937
$
$
1938
Liabilities—
b Land,
buildings,
machinery, &c_. 2,706,879
Goodwill, &c
1
7%
2,982,154
1
c
cum.
Common stock.
Special capital
924,268
769,929
res.
900,308
53,750
62,250
payable,
payrolls, &c
3,069,332
1,289,479
Fed. & Cuban tax.
14,144,441
12,920,092
1,919,533
matis,
$51,822
42,296
296,996
8,272
503
13,662
$226,521
$33,532
58,906
296,927
8,272
332
C7f.085
loss$l,219
66,048
296,995
8,272
21,304
13,949
a
Cash
Deferred charges.
Total
a
After
$344,854
$393,839
1,934,603
2,307,118
136,697
25,096,169
reserves
of
1,000,000
175,000
Earned surplus
Capital surplus
500,000
8,530,895
3,899,658
500,000
8,444,677
3,899,658
4,933,337
1
130,923
25,138,0801
$6^,193
in
1938
Total
and
25,096,169 25,138,080
$73,305 in 1937.
b After
for depreciation of $3,014,816 in 1938 and $3,080,076 in 1937.
resented by 472,982 shares of no par value.—V. 148, p. 731.
serve
$294,657
_
537,301
283,032
5,298,410
Accounts
Insurance reserve-
sup¬
Accts. receivable
5,000,000
Dividends payable
743,348
machinery
Raw
S
5,000,000
5,298,410
1,000,000
633,770
233,437
_
Mtges. receivable.
974,951
1937
$
pref. stk.
U. S. Govt, securs.
1,022,533
$6,639,816
3,871,420
499,991
331,919
491,868
$1,599,021
d74,9d8
„
income.
Previous surplus..
$768,709
$132,120
40,064
296,828
7,583
Amortization
....26,532,618 25,984,191
Consolidated Income Account for Calendar Years
1938
1937
1936
,1935
Gross sales,less disc.,&c_$20,154,402 $21,723,6661
Not
Not
Cost of sales
.._i__al5,857,125
15,737,434/ available
available
plies, &c
Profits
7)7379,234
,
Cost of licenses for
revenue
2,485,515
3,959,905
7)7379,234
2,892 shares of $8 preferred stock and 6,102 shares of common stock,
reserve for depreciation of $11,788,823 in 1938 and $11,240,939 in
1937.
c Represented
by 90,775 no par shares,
d Represented by 1,594,799 shares, par $5.
e Surplus arising from restatement in
1938 of
property accounts and depreciation reserves to a basis of acquisition cost.
—V. 147, p. 3610.
Assets—
Oper. exps. & taxes (ex¬
cluding depreciation &
Interest
Years
$1,154,653
Auxiliary revenue
Non-operating revenue.
Total
.
a
5,977
$858,560
4,699,307
Treasury stock
b After
378
6,458
Total oper. revenue..
2,485,515
Surplus
Crl,984
sundry book adjustments
v any, as may be necessary incident to closing for fiscal
340,000
7,973,995
'
Net
Balance,...
*
38,361
....
Balance of income
Dividends
<
337,278
496,537
317,508
I
Provision for taxes
Operating income.
1937
1,481,954
240,628
231,451
250,186
cum.
Earned surplus
1
1
a
$3,187,828
$1,040,582
71,575
....
Maintenance.
Provision for retirements
e
and goodwill
Total
$8
d Common
3,600
figures
adjustments, if
9,077,500
on
raw
materials
c
trade-
mk8.. copyrights
$804,151
380,757
$446,470
Miscellaneous interest....
pref. stk 9,077,500
stock. 7,973,995
purchases of
Bond Bread, other
tr. names,
672,927
65Q.142
commitments for
Prop'y & plant.19,410,679 19,981,818
Insui\, taxes, <fcc._
277,006 —^181,633
$1,017,401
213,249
1,203,441
651,542
.....
Reserve for loss
loans, &c
1,140,888
tax
883,105
&c
b
Expenses and
ino.
Res. for, tax.cdnt.,
Sundry Investm'ts,
7,629
& accrued exps.
for current year.
9,900
Miscellaneous other income—net
payable
Est. Fed.
103.850
$713,244
334,109
'
...
Accounts
2,782,012
7,054
.
Dec. 31 '38 Dec. 25 '37
Liabilities—
$
$
c
re¬
Rep¬
*
AT/itmu^
First New England Corp.—New Vice-President—*
K. A. Heidinger, formerly director of sales of this
corporation,
elected a Vice-President.—V.
General Electric Co.—New Secretary, &c.—
Marshall Hawkes,
past eight
according
by John L. Busey, President.—V. 148, p. 880.
a
district auditor for the corporation for the
Secretary and Treasurer of the company
years, has been elected
an
announcement
General Motors Corp.——Overseas Sales~~*
Sales of General Motors
cars
markets
increase of 3.4%
and trucks to dealers in the overseas
-
-
-
*
-
.....
.
-
.....
....
..
-
.
35,000
25,000
20,000
15,000
13,500
13,500
10,000
7,000
6,000
5,000
Orders Booked—
during January totaled 30,878 units, representing an
sales in January of last year.
These figures include the products of the corporation's American,
Canadian, English and German factories sold outside of the United States
and Canada.
Orders booked by this corporation in the first quarter of its fiscal year
over
ended Jan. 31, 1939, exceeded by more than
$2,000,000 the total of the
corresponding period of last year and were the largest in the company's
history, W. M. Jarman, President, stated on Feb. 14.
Shipments also were
the largest in the company's history.
The company's plants are running
at capacity, producing 30,000 pairs per day at the present time; according
Chevrolet Sales Higher-—
,
Sthnnw
Smith, Barney & Co., New York.
Kidder, Peabody & Co., New York
Lee Higginson Corp., New York
Hayden, Stone & Co., New York
Equitable Securities Corp., Nashville
Alfred D. Sharp, Nashville
A. G. Becker & Co., Inc., Chicago
Newhard, Cook & Co., St. Louis
Bacon, Whipple & Co., Chicago
Hemphill, Noyes & Co., New York
has been
145, p. 2546.
to
1029
Financial Chronicle
Volume 148
Continuing the advance that has been apparent ever since introduction
of its new 1939 models, Chevrolet sold 51,966 new cars and trucks at retail
in January, W. E. Holler, General Sales Manager, announced on Feb. 9.
to Mr. Jarman.
"Orders received from retailers for immediate delivery show even larger
increases than total business, indicating that retailers' stocks are quite
This compares with 39,469 units in
January, 1938,
low and that retailers in practically all parts of the country are showing
12,566 units
In the
or
and is an increase of
good volume," Mr. Jarman stated.
"The largest increases in retail busi¬
ness are coming from the industrial centers.
"Prices were advanced on some lines produced by the company at the
beginning of the season, and some additional advances are becoming effec¬
tive within the next week.
These advances range from 5 to 10 cents per
pair on some styles."—V. 148, p. 732.
31.7%.
month, Mr. Holler announced, Chevrolet dealers sold 114,375
used cars, or 8.925 more than in January, 1938.
Combined new and used
car sales for the month were
166,341 units, as compared with 144,919 a
same
year ago.
For the past three months, Mr. Holler pointed out, there has been a
steady rise in the monthly percentage of increase over sales for correspond-,
ing periods in the 1938 model year. In November, the advance was slightly
more than 6 %; in December it was 25,4 %, and in
January, 31.7 %.
Generally improved business conditions, plus the public's enthusiasm
over the 1939 Chevrolet, featuring new type knee action and the exclusive
vacuum gearshift with steering column control, is credited with the sharp
upturn, Mr. Holler said.
"The heavy volume of used cars," he added, "is
especially gratifying.
It shows that in spite of the increased new car
business, this end of the dealers* operation is under complete control, so
that dealers are in splendid position to move new cars and trucks."—V. 148, p. 881.
Georgia & Florida RR.—Earnings—
—Week Ended
1939
.
Operating revenues.
—V.
148; p: 881.
1
-Jan.
•
to
1939
Feb. 7——
1938
$99,563
$102,175
Goodyear Tire & Rubber Co. (& Subs,)—Earnings—
Consolidated Income Account for Calendar Years
1936
$
1937
$
1938
1935
$
Net sales
.165,928,944 216,174,513 185,915,675 164,863,974
Mfg. costs & chgs. (incl.
deprec.) sell., admin.
& gen. exps. & prov,
for taxes
157,273,161 196,209,532 172,676,123 156,914,614
Halved-—
a
Directors have declared a dividend of 10 cents per share on the common
stock, payable April 1 to holders of record March 14.
This compares with
20 cents paid on Dec. 28, last; dividends of 10 cents paid on Oct, 1, July 1
and on April 1, 1938, and previously quarterly dividends of 30 cents per
share were paid on these shares.—V. 147, p. 3763.
7—
1938
,
$
General Printing Ink Cor p.-Dividend
Feb.
$19,175
$20,150
.
>
.....—.
General Public Service Corp.—Amendments—
8,655,783
919,889
•
Other income
Stockholders at their annual meeting on March 6 will consider proposed
amendments to the amended certificate of incorporation to provide that the
Total profit before int.
and other charges..
corporation may redeem its preferred stock or purchase the same for retire¬
ment at any time by payment out of surplus or net profits or by the appli¬
cation of capital, except that any redemption or purchase made when
Int.
on
fund. & misc. dt.
Prop, of disc,
on
19,964,982
1,114,468
13.239.551
7,949.960
1,070,252
947,350
9,575,672
2,620,216
Operating profit.....
21,079,450
2,681,385
14,309,804
8,897,310
2,730,568
2,683,823
funded
,&c. (net)
105,462
84,011
233.009
48,979
Total profits for year.
Divs. & equity in undist.
earns,
of
subs,
not
6,849,994
18,314.053
11,392,972
6,117,763
General'Shoe Corp.—*Stock Offered—Smith, Barney &
Co. headed a list of underwriters who offered Feb. 16
wholly owned
Adjust, of invent, valuesi
837,570
714,023
10.342,743
561,939
.665,523
150,OCX) additional shares of common stock (par $1) at
$15.25 per share.
In addition to Smith, Barmey & ,Co.
the underwriters of the offering, include Kidder, Peabody
Balance of profits car-
7,257,287
5,477,628
10.831,032
4,967,324
5,452,240
3,006,840
2,246,441
2,059,168
"1,779,659
$1.34
$1.94
5,863,708
1,753,175
,$3.90
2,445,400
1,540,542
$0.12
debt & prem.
dividend on the preferred stock is in arrears shall be made only by the
application of capital, or to the extent permitted by the laws of the State
of Delaware; and to eliminate the provision requiring that there shall be an
any
odd number in the board of
directors
V. 148,
p.
731.,
►
ried to surplus
Preferred dividends.:!..
1938
1937
1936
1935
1934
1 CSS
lowed
Net
♦
discounts.. 13,059,379 13,647,239 9,695,937 6,245.6065,586,855
647,670
39,704.
607,966
-
758,252
39,704
718,548
659,158
.
39,800
619,358
466,880
154,605
39,900-60,000
426,980 114,605
Net earns, per sh.
of com. stk. (new'
:
1.27
1.54
1.51
1.48
0i 47
♦The net earnings per share of common stock have been adjusted for each
of the years prior to, 1937 to reflect the exchange of one share of old common
stock for four shares of the present common stock.
The net earnings per
share have been calculated on the basis of the number of shares
at the end of the respective
fiscal
discounts,
a, Returns,
deducted.
freights,
outstanding
^ears, as so adjusted.
«
Caoitalizationi—
Authorized
Outstanding
Preferred stock (no par)
99,260 shs.
99,260 shs.
Common stock (par $1)
1,200,000 shs,
629,388 shs.
♦As of Oct. 31,1938, adjusted for issuance of add'l 150,000 shs. common.
2,059,061
allowances,
and "intercompany
sales
Consolidated Balance Sheet Dec. 31
1938
$
,
78,604,321
Inventories
73,987,017
5,993,528
---
61,000,321
&
notes
receivables...
Canad'n
c
.
Common stock
10,997,524
debt
10,246,050
10,504,747
52,365,500
rof
27,262,373
23,036,010
1,371,970
10,486,740
537,817
tate mtges—.
11,074,248
Accts. and Fed'i
subs. & real es¬
pat¬
ents, Ac—
Deferred charges
234,750
taxes payable.
Accr'd
1
702,966
1,699,997
interest—
Res. for pension
184,702
9,082,486
59,514
3,897,150
8,700,817
Commit'm'ts res
Miscell. reserves
Earned surplus.
Capital surplus—
65,046.800
10,993,923
50,000,000
not owned
Funded
Goodwill,
Total—,-
$
$
Sub. cos'.' stocks
Fund, debt (co.)
«
Gov't
securities
Cash.-——.
•
Liabilities—
d$5 oonv.pl. stk 65,043,200
bldgs.,
mach'y A eq. 78,041,465
Investments
5,912,501
Land,
b Accts.
1937
1938
1937
$
Assets—
a
.:
1,068,233
21,316,280
18,833,139
436,379
3,827,064
1,206,532
1,411,414
21,421,862
18,833,139
Total—.190,778.338 194.932.939
.190,778,338 194,932,939
a Less
depreciation of $99,363,046 in 1938 and $95,486,574 in 1937.
b Less reserves of $4;645,460 iu 1938 and $4,627,267 in 1937.
c-Represented by 2,059,168.81 no par shares in 1938 and 2,059,060.81 no par
shares in 1937. d Represented
in 1937.—V. 148, p. 438.
by 650,432 no par shares in 1938 and 650,468
\
,
Period End, Dec. 31—
.xNet profit
y
Earnings per share....
x
After taxes,
preference stock.
.
'
.basis)
;
Earnings per share
Grand Union Co.
prof, after inc.
Total pref. divs. pdBal. after pref, divs,
513,687
Profit at Dec. 31
Shs .com .stk .out. (no par)
ell"*
taxes.
-
Common dovidends.
$
HNrG$5
6,012,423
3,252,295
.
Co.; Lee Higginson Corp.; Hayden, Stone & Co., and
Hemphill, Noyes & Co.
Earnings for Years Ended Oct. 31
M
_
'
&
Although the corporation's stock until now "has been traded principally
over the} .counter in Nashville, wider distribution will be sought by an
application to list all of the common stock, including this issue, on the New
York Stock Exchange.
History & Business—In 1924, J. F. Jarman and W. H. Wemyss, who had
been in the shoe manufacturing business for many years, formed a partner¬
ship for the purpose of manufacturing men's shoes.
The business was
incorp. in Tennessee July 7,1925, under name of Jarman Shoe Co. In 1933,
due to the gradual establishment of various sales divisions carrying names
other than that of the Jarman Shoe sajes division, the name of the company
was changed to General Shoq Corp.
*
Until about five years ago the company manufactured chiefly a men's
dress shoe line, but subsequently its production has been broadened and
now covers a range of types and patterns of low-priced and medium-priced
men's and hoys' shoes, including work shoes; boots; and growing girls' and
women's shoes. Company cuts a portion of its own soles and manufactures
for its own use miscellaneous supplies including heels arid paper cartons.
Manufacturing is at present carried on at nine plants of which seven are
located in Tennessee, one in Georgia and one in Kentucky.
During the fiscal year ended Oct. 31,1938, total production of all factories
averaged about 21,000 pairs of shoes and boots per day; peak production
reached during the year was approximately 28,000 pairs per day, although
with present equipment and Tinder present conditions, production capacity
on an eight-hour day basis is about 30,000
pairs per day.
By far the largest part of the company's shoes are sold to independent
shoe merchants located throughout the United States.
A relatively small
percentage is sold to mail order houses and chain stores.
■
....
.
(& Subs.)- —Earnings—1
1938—3 Mos.- -1937
$96,697
$103,736
$0.61
' $0,65
depreciation, &c.
•
«
y
,
1938—12 Mos.—1937
$252,416
$356,571
$1.58
$2.23
On 1,59,550 shares of $3 cumulative
v
-
To Recapitalize—
Following the receipt of requests from a large number of its security
holders to revamp its capital structure, the company has appointed two
Well-known men to formulate a recapitalization plan for submission to
stockholders and directors.
It is expected the proposed plan will be ready
for consideration within three to four months.
The two men appointed are John J. Burns/formerly
general counsel, to
new
and previous to that justice of
Superior Court of Massachusetts and Eliot Wadsworth, President of
the Boston Chamber of Commerce and formerly Assistant Secretary of
the Treasury.
Neither has ever held any securities of the company nor
has had any relations with it.
J. Spencer Weed, President of this company, commenting on the action
of the board, declared that directors and the management concur in the
view of many stockholders that a capitalization better reflecting the present
and probable future conditions will be in the best interest of the company
and its security holders.
He said it Is apparent that the capitalization
established, in 1928 is not consonant with earning power under present
conditions, pointing out that the full cumulative dividend on the com¬
The company's business is of a seasonal nature requiring at certain periods
borrowing of large sums of. money for raw materials, operating require¬
pany's $3 preference stock has not been paid since 1934 nor earned since
1932 and that accruals on the issue on March 1 will total near! y $1,000,000.
It seems desirable, Mr. Weed continued, that the formulation of a plan
should be entrusted to men of outstanding ability and experience in such
matters, who are entirely independent of the company and whose judgment
could be In no way influenced by holdings of stock or by other personal
interests. "Accordingly," he added, "John J. Burns has been selected by
the directors representing the preference stockholders and Eliot Wadsworth by the directors representing the common stockholders,"—V, 148,
ments and other
P.
.
Purpose—Net proceeds to be received by the
sale
or
company from the issue and
the shares of common stock estimated to amount to about $1,997,000
after deducting estimated expenses, will be used as follows;
(1)
It is estimated that $50,000 to $75,000 will be used to reimburse the
treasury for expenditures made or to be made in connection with the lease
of the new plant at Cowan, Tenn., the Installation of new machinery and
equipment in this plant, and the training of employees.
This plant
began operations around the middle of January, 1939, and additional
machinery is being installed as and when received and additional workers
trained, all subject to the volume of orders on hand.
(2) Company intends to add the balance of such estimated net proceeds
to its general funds. Additional funds can be used to great advantage by
the company in meeting its ordinary financial requirements, and to reduce
its seasonal borrowings.
expenses.
During the last fiscal
year
these borrowings
and the sales of commercial paper reached a peak of $2,100,000, all of which
had been repaid at the end of the fiscal year. On Feb. 7,1939, the company's
borrowings from banks and through the sale of commercial paper aggre¬
gated $1,600,000, of which $300,000 matures on April 7, 1939; $300,000
on April 19, 1939; $300,000 on April 24, 1939; $300,000 on May 5, 1939;
and $400,000 on May 31, 1939.
Company will use treasury cash, which
will include part of the proceeds from the sale of the common'stock, to pay
off these borrowings at the maturity dates.
**
Underwriting—The names of the several underwriters and the amounts
underwritten by each are as follows:
the Securities and Exchange Commission
the
732.
Gray Telephone Pay Station Co.—-Stock Increased—
Stockholders of the company approved an increase in capital from $1,500,000 to $2,500,000 at their annual meeting held Feb. 14, and also voted
to change the concern's corporate name to Gray Manufacturing Co,—V. 147,
p. 3458.
Green Mountain Power
Corp.—*Accumulated Dividend—
The directors have declared a dividend of $1.50 per share on account of
accumulations on the $6 cumulative preferred stock,
ho
par
value, payable
Financial
1030
1, June 1 and on March 1, 1938, on Dec. 1, Sept. 1, June 1 and
March 1, 1937, on Dec. 1, Sept. 1 and June 1, 1936, and on Dec. 2, Sept. 2
and June 1, 1935, and compares with $2.25 per share paid on March 1,
Uncollectible oper. rev—
1935, and 75 cents paid each quarter from June 1, 1933 to and including
Prior to June 1, 1934, regular quarterly dividends of $1.50
share were paid.—V. 147, p. 4055.
21,138
1938—12 Mos.—1937
$7,691,498 $87,418,943 $87,677,539
Cr261
232,273
187,700
Operating revenues.
Operating expenses...
$7,713,198
5,225,455
$7,691,759 $87,186,670 $87,489,839
5,345,938
60,231,868
59,457,625
Net oper. revenues.
$2,487,743
1,164,860
$2,345,821 $26,954,802 $28,032,214
910,975
14,111,020
12,933,970
$1,322,883
1,187,315
$1,434,846 $12,843,782 $15,098,244
1,293,425
11,036,479
13,207,545
Sept.
Lakes
Co.—Consolidated Balance Sheet
Towing
$7,734,336
Operating revenues
Dec. 1, 1934.
Great
1938—Month—1937
Period End. Dec. 31—
per
Dec.
Operating taxes.
31,1938—
Liabilities—
Accounts
$528,528
261,807
2,793
Cash in banks
U. S. Govt, securities
Accrued interest receivable...
Deposits in closed banks
Common stock ($100 par)
507,415
,786,074
income.
Net income
—V. 148, p.
2,402
507,415
Reserves: Insurance fund
Pref. stock ($100 par)
1,282
•
J
Insurance fund assets
2,187
Prov. for social sec. benefits—
60,058
Accounts receivable
Net oper.
$14 450
payable
Accrued taxes, State A county.
883.
'
Railway oper. revenues.
Railway oper. expenses.
....$4,787,953
Railway tax accruals...
Equip. & jt. facil. rents.
$387,724
75,482
96,986
After
148,
in the amount of $1,854,348.—V.
for depreciation
reserve
p.m.
•
,
,
•
$3,040,564
813,693
$3,615,944
908,264
1,095,006
$69,967
16,383
$1,318,607
44,790
$1,709,543
40,264
$231,370
3,092
36,892
$86,350
1,486
37,432
$1,363,397
36,545
445,017
$1,749,807
37,372
$191,386
$2.52
Net ry. oper. income.
Other income...:
$158,489
6,935
81,587
$215,256
Net rev. fr. ry. opers.
x
1938—12 Mos.—1937
$9,065,487 $10,395,196
6,024,923
6,779,252
1938—Month—1937
$915,064
$735,478
527,340
576,989
Period End. Dec. 31—
800,425
Total......
I.......$4,787,953
Total....:
RR.—Earnings—
Indiana Harbor Belt
,675,000
15,738 Surplus.....
Capital assets
.....^...*3,393,018
Deferred charges...
17,314
Corporation bonds A notes...
1939
Telephone Co.—Earnings—
Illinois Bell
A like payment was made on Dec. 1,
March 1 to holders of record Feb. 18.
Feb. IS.
Chronicle
$47,432
$0.62
$881,835
$11.60
$1,263,211
$16.62
16,114
811,395
,
Greenwich Gas Co.—Dividends—
Directors have declared a dividend of 24 cents per share on
Total income—
the common
Miscell. deducts, fr. inc.
value payable Feb. 15 to holders of record Feb. 10.
Like
paid in previous quarters.
Directors also declared an extra dividend of 6 7-10 cents per share on the
stock,
no
par
Total fixed charges.
amount was
Net
$1.25 participating preferred stock, payable Feb, 15 to holders of record
Feb. 10.
An extra of 7 1-10 cents was paid on Oct. 1, last.—V. 148, P. 881.
Withdraws Oppo¬
Northern RR.—Labor
Gulf Mobile &
sition to
Merger—
-
charges
labor
formally advised
has
,
Calendar Years—
accumulations
on
in
acquired
Hoskins
Experimental expense &
equipment scrapped agree. &
therewith charged off.
franchise tax for
$300,005
prior years..
123,956
20,466
'
expenses....
Loss
&c.
On 480,000 shares
y
Hotel Waldorf-Astoria
$7,752,967
5,133,822
'
"102,517
Social security taxes..,
Taxes, insurance, &c
596,236
Reht.
674,003
9,426
Int. other than int.
the debs
on
...
Interest on income debentures
Amort, of leasehold, &c
.
493,653
392,387
-81,018
588,827
1,000,000
54,925
369,385
__
377,185
:
f
$7,633,912
4,956,365
502,092
352,415
26,353
569,563
1,063,562
>
163", 562
484,155
$361,049
,611
$484,155
Cash
1'937
Assets
Cash
on
$
Liabilities-
<
banks..
.143,895
104,114
Accounts receiv.
469,798
82,960
Cash
Trade adv.
_
30,530
9,674,206
5,826
1,000
w
coritr.
4,133,313
1,000,000
1,000
.
9,100
9,100
1,000
Unernpl. ins., Fed.
61,927
44,723
17,972
344,785
234,664
Int, on def. rent.,.
paper
...
f Trade accts;rec'le
See g
on
92,300
92,300
813,451
debs, subscribed
chgs.
acct.
883,470
(less
..
53,712
Def.
from
11,154,008
reserve
for
53,712
11,457,4851
Total
No Interest
11,154,008 11,457,485
1938 and $30,740
Payment—
corporation will not make any interest payment on its 5% income
on March
1, next.
A year ago at this time, a payment of
debentures
a
Total_r__.
dividend of 373^
28,108,612 21,558,060
Estimated
Co.—Common Dividends—
cents per share on the
stock, no par value, payable April 1 to holders of record March 2.
This compares with 62)4 cents paid on Dec. 27 and Oct. 1, last; 3734 cents
common
paid on July 1 and on April 1, 1938; 62 34 cents paid on Dec. 27 and on Oct. 1,
1937; 37 34 cents paid on July 1 and on April 1, 1937, and previously regular
quarterly dividends of 25 cents per share were distributed.
In addition, an
extra dividend of 25 cents was paid on Dec. 26 and on Oct. 1,1936.—V. 147,
p.
1195.
share each, payable
Co.—January Output—
294,162 tons of coal, compared with 273,640
307,599 tons in January, 1938.—V. 148, p. 440.
In January, company mined
Inland Steel Co.—May Increase Stock—
stockholders has been called for March 31 to act on
proposal to increase the authorized capital stock from 1,600,000 shares to
1,650,000 in order to provide stock for acquisition of the Wilson & Bennett
Manufacturing Co., maker of steel containers.
Inland Steel has 1,577,005
shares outstanding.
Details of the proposed acquisition have not been
A special meeting of
a
announced.—V.
148,
p.
734.
Dividend—
dividend of $2 per share on account of
pref. stock, par $100, payable April 1 to
holders of record March 17.
This compares with $8 paid on Dec. 28, last;
$2 paid on April 1, 1938; Dec. 27, Oct. 1 and on July 1, 1937; $4 paid
May 1, 1937, and on Dec. 15, 1936, and a dividend of $1 paid on Oct. 1,
1935.
See also V. 143, p. 3845, for detailed record of dividend payments.
—V. 147, p. 4057.
The
The directors have declared
c
International Silver Co.—Accumulated
Co.—37j^-Cent Dividend—
directors have
accumulations
on
declared
the 7%
a
cum.
,
Jewel Tea Co.,
Inc.—Sales—
Company reports that its sales for the four weeks ending Jan. 28,
$1,859,982 as compared with $1,824,210 for parallel weeks in
were
Hydraulic Press Brick Co.—Bondholders' Committee—
The committee for the 1st mtge. 6%
bbnds consists of R. R. Clabaugh,
Chairman, 506 Olive St., St. Louis; Bert H. Lang; J. A. Lewis; S. C.
Maguire, and J. H. Zumbalen, with St. Louis Union Trust Co., 323 N.
Broadway, St. Louis, depositary, and George F. Martin, Secretary, 323
N. Broadway, St. Louis, Mo.—V. 147, p. 4056.
5,053,095
At cost
tons in December and with
H of 1 % was made.—V. 147, p. 3016.
Humble Oil & Refining
.28,108,612 21,558,0601
Island Creek Coal
366,380
in 1937.
The
5,237,505
•
March, June, September and December to holders of
record Feb. 20, May 10, Aug. 10 and Nov. 10, respectively.
Similar pay¬
ments were made in 1938.—V. 147, p.3460. ■ *
845,205
366,380
doubtful accounts of $22,705 in
Capital stock...10,124,333 10,124,333
4,735,714
4,735,714
Earned surplus
the first days of
on
opers.
1 231,815
c49,000
(indicated market value $1,257,048). b At cost plus earned dis¬
(incl. $26,207 unpaid at June 30, 1938 applicable to
year 1937).' d After reserves for depreciation of $5,487,138 in 1938 and
$4,946,993 in 1937, and special reserve of $76,000 in 1938 and $50,000 in
1937
e Represented by 759.325 shs. of no par value,
f After deducting
reserves,
g Includes, accrued interest.—V. 147, p. 3310.
a
count.
charging
Cap. stk. (par $1).
After
_
84,244
27,489
State
1
44,644
1
423,938
Iron Fireman Mfg.
444
25,090
5% s. f. inc. debs. 10 985,000 10,985,000
amort.
x
Deferred charges.
111,941
Ac..
Capital surplus...
,
,
and
Directors have declared four dividends of 30 cents per
Misc. liabilities
after
Total
26,465
e
„
.
rights..
189,831
.
taxes on income.
16,467,355 10,217,028
Goodwill A patent
oi reor->
ganization exps.
N; Y. World's Fair
amortization)
exps..
93,277
A
equipment..
Deb. int. withheld
dividend.......
Def'd
accr.
Federal
798
2,092,906
95,074
Total other assets.
300,612
7,100,000
taxes and
insurance,
164,975
708,041
2,083,495
Accrued int. ree'le
plant
Accrued
$■
1,021,231
377,628
purchases,
Ac.
First mtge. bonds.
b524,457
.
394,002
expenses,
al,257,391
1937
$
Dividend payable.
3,198,387
Commercial
9,426
Other
1,622
Insur.
group
144,820
54,925
retire., Ac,., tax.
oi
other corps..
Est.
-
118,567
....
Deferred rent....
arm. corps
in stk.
$
336,557
For
dep. with
on
U. S. Govt, securs.
Realty & Term.
Co
606,500
$1.00
payable:
For construction
6,160,787
trustee
Total...
Int. on inc. debs..
Invests, in stk. of
Invests,
402,964
1938
gl,000,807
Time deposit.
due N. Y. State
9,412,133
7,184
expenses.
Leasehold
"
606,500
$2.24
Liabilities—
Accounts
demand deposits
1937
Basic rent A taxes
447,643
167,894
,v
160,968
Prepaid
$
Accounts payable.
hand & in
Inventories^.....
x
1938
•
„
;
•
1937
$
hand and
on
dProp.,
Balance Sheet Dec. 31
1938
759,325
$0.34
$0.24
1938
Assets—
Inventories
Net loss......
,
Consolidated Balance Sheet Dec. 31
1936
1937
1938
$6,746,535
Deptl. exps,, adv., heat, It. & power,
4,601,653
Repairs, maint. & replacements.392,141
Adminis. & goneral expenses
379,985
1,322,170
'
'759,325.
$608,012
1,008,000
$1,361,460
•
1,321,845
1,321,845
No provision for surtax necessary.
101,300
3,090
x
$262,210
r.......
stock outstanding (nopar)
Earnings per share
Corp.—Earnings-
Years Ended Dec. 31—
Gross sales and other oper. income
See
______
...
Shs. cap.
x
,556
891
r_
45,419
$184,410
Dividends
237~5l6
6
S.
U.
Netprofit
-
5,275
23,106
48,897
12,320
of
sale
on
~
3,990
18,749
_—
Govt. securi ties
$1.32
x After
depreciation, Federal income taxes,
(par $2.50) capital stock.—V. 147, p. 3611.
113,499
>
Pre-oper. exp. of Painesville plant.
Amort, of bond disc't &
$635,064
$0.63
67,566
15,822
uted profits tax
$0.28
203,192
198,456
Addit.
1938—12 Mos.—1937
$133,982
,545,976
648,202
l
connection
in
invest,
Federal inc. tax (est.)
Prov. for est. undistrib¬
$0.27
Earnings per share
623,312
4,656
101,336
_
8,804
Cost of license
Co .—Earnings—
Net profit
y
$2,456,947
579,369
140,463
Sundry charges
$126,893
x
,124,412
571,632
$1-,207,737
charges...^
Interest
Feb. 21 receive bids for the
fund gold 6% bonds.—V. 146,
1938—3 Mos.—1937
57,231
17,835
33,304
Reserve for depreciation
:
Mfg.
71,691
21,331
/.
Prov. for doubtful accts.
Period End. Dec. 31—
22,372
y3,906
.......
Sundry income.;.
Hawley Pulp & Paper Co.—Tenders—
1553, 1400.
24,904
75,503
Interest earned
payable April 1 to holders of record March 15. The dividend will be paid on
Canadian funds and is subject, in the case of non-residents, to.a 5% tax.
Like amount was paid on Jan. 2, last, and Oct. 1 and on.July 1, 1938; a
dividend of $1 was p5id on April 1,1938, and dividends of 50 cents per share
were paid in each of the 12 preceding quarters, the April 2, 1935, dividend
being the first to be paid on this issue since the regular quarterly dividend
of 50 cents per share was distributed on Oct. 1, 1931.
Accumulations aftei* the current dividend -will amount to $6 per share.
—V. 147, p. 3611.
p.
26,580'
39,525"
provided
res.
years:.
dividend of 50 cents per share on account of
conv. sinking fund preference stock, par $30
The company will until 10 o'clock a. m.
sale to It of outstanding first mortgage sinking
70.538
'
Excess of prin. amt. over
cost of series A bonds
a
the $2 cum.
$2,281,009
92,112
105,125
23,302
59,752
by
charges to inc. in prior
Red.
Gross profit
The directors have declared
1935
$1,448,537
$801,791
$1,049,918
Profit from operations..
1936
1937
1938
Profit, sale of Govt. sees.
Cash discount earned.—
Ltd.—Accumulated Dividend—
Hamilton Cotton Co.,
(& Subs.)- -Earnings-
Industrial Rayon Corp.
the Interstate Commerce Com¬
mission that it has withdrawn all opposition to proposed consolidation of the
Gulf Mobile & Northern and Mobile & Ohio railroads.
Writing to the
Commission, J. G. Luhrsen, executive secretary of the Railway Labor
Executive Association, said the carriers involved had signed the so-called
dismissal wage agreement, and had agreed to treat the merger as "a co¬
ordination" for purposes of the pact, and that it appeared all employees
affected would be protected.
"We are therefore giving this early notice that we will not introduce
any testimony at any hearings Conducted on said applications, nor will we
further oppose the applications herein referred to," Mr. Luhrsen wrote.
The ICC is expected to call a hearing in the near future on the merger
applications.—V. 148, p. 732.
Railroad
281.
p.
449,224
fixed
Net inc. per sh. of stock.
—V. 148
*
.
after
inc.
4—
_
an
increase of
Hancock
John
Report—
.
Feb.
Mutual
Life
Insurance
Co.—Anniial
,
President Guy W.
nounced
1939,
1938,
1.96%.—V. 148, p. 883.
13
at
Cox, in his annual report to the policyholders, an¬
the company's annual meeting, that insurance in
Volume
force during
force to the
RFC Loan—The cash required to consummate the plan will be procured
through a loan to the company by the RFC (the company to provide the
funds necessary to pay accrued interest on the bonds exchanged). However,
the RFC is in no way committed to make such loan unless (a) at least 90%
of the bonds outstanding in the hands of the public become subject to the
plan and are presented in due course for exchange thereunder, and (b) the
company duly complies with the requirements of the RFC in the consumma¬
tion of the plan.
Thus, the maximum amount of the proposed loan is
approximately $3,613,0C0, and, assuming that an exact 90% of the bonds
participate, the loan would be approximately $3,252,000.
The RFC loan is proposed to be evidenced by a note or notes of the
1938 increased S76.319.647, bringing the total insurance in
of $4,175,557,199, which is the highest amount in the
sum
company's history.
"It
is
of
matter
a
knowledge,"
common
said
President
"that
Cox,
general business conditions during the year were not favorable.
The life
insurance business is now quite closely related to general business and
its
volume of new business is dependent upon this relationship.
Not¬
withstanding this condition, the company had a very good production
which, in certain departments, even exceeded the record for 1937."
Admitted assets gained $65,472,204 during the year and totaled at the
close of the company's 76th year in business $920,507,589.
The John Hancock paid to policyholders and oeneficiaries in
1938
$92,791,267, or $308,277 per business day.
Set aside for 1939 dividends to policyholders is the sum of $19,567,271,
increase of $1,163,482
an
over
company, extending for a maximum period of 10 years and bearing interest
upon unpaid balances at the rate of 5% per annum, payable annually or
semi-annually. Said loan is proposed to be amortized at the rate of approxi¬
mately $150,0G0 per annum for each of the first five years and approxi¬
mately $300,000 per annum for each of the succeeding four years, leaving
a balance due at maturity of approximately $1,302,000.
Said RFC loan will be secured (a) by the deposit and pledge of all bonds
acquired through exchanges under the plan, and (b) by the deposit and
pledge of $1,000,000 of the first mortgage bonds of the company's whollyowned subsidiary,-the Wyandotte Rys.
Neiv Preferred Stock—The new preferred stock, to be issued pursuant to
the plan, will be authorized in an amount sufficient to make the requisite
exchanges on the approximate basis of a 100% participation.
Thus, the
maximum amount of such stock will be $8,430,000, with no other class of
preference stock authorized or outstanding. To the extent not required for
the purposes of the plan, such stock will be held unissued, available for
future corporate purposes in conformity with the laws of Missouri.
Such preferred stock will be issued fully paid and non-assessable; will be
of the par value of $70 per share; will be redeemable, at any dividend pay¬
ment date, at a sum equivalent to par and all accrued unpaid dividends;
will be entitled on dissolution or liquidation to a sum equivalent to par and
all accrued unpaid dividends in preference to the common stock; and will
bear dividends, payable quarterly or semi-pianually, at the rate of 5% per
annum, in preference to the common stock, such dividends to be cumulative
from Jan. 1, 1944.
Thus, the bondholders making the exchange will re¬
ceive the following number of shares: for each $1,000 bond, 10 shares; for
each $500 bond, five shares; and for each $100 bond, one share.
the amount set aside for 1938.
The company reached
a high record of total gross income, which was
premiums of $164,575,707.
This represents an
increase in gross income of $12,700,000 over the company's previous high
record achieved in 1937.
$212,894,272,
including
Legal reserves now stand at $761,541,356.
Assigned liabilities amount
$839,497,228.
Surplus resources which include a contingency reserve of 25 million
dollars, amount to $81,010,361, which is 9.65% or liabilities.
In spite ol the increase in suicides during 1938, the company's mortality
to
experience
has
was favorable and for all classes of business
been before.
ever
was
lower than it
Of particular interest to John Hancock
policyholders was the announce¬
ment by the President that the dividend formula adopted for ordinary
policies for 1937 and continued for 1938, has been continued for 1939 with
no reduction in any of its factors.
Dividends on retirement annuities and group policies also remain un¬
changed, as well as the scale of surplus distribution on industrial policies.
—V. 144, p. 1113; V. 146, p. 1245.
Jones & Laughlin Steel Corp. (&
Subs.)—Earnings—•
:—Years
3 Mos.
x
Period Ended Dec. 31—
Total earnings
1938
/
.
$1,153,756
$6,036,594 pf$4„788,799
Provision for deprec. and depletion--,
_____
Equity in net income of Frick-Reid
Supply Corp.
:____
Net loss__
x
and
-r-
1937
$1,539,123 $13,650,949
5,74.5,772
7,319,998
1,799,945
1,542,152
Interest charges.
Loss...
Ended
1938
$761,687
1,388,026
527,417
_
•
23,900
Consummation or Abandonment of Plan, t£c.—The consummation of the
plan will be subject to the approval of the P. S. Commission of Missouri
to the procurement from the present stockholders of the requisite
authorizations for the creation and issuance of the new preferred stock;
also, to the approval of the plan by the holders of such percentage of bonds
as the RFC may require and the presentation in due course of such bonds
for exchange.
Method of Participation—No deposit of bonds is now being requested.
All that any bondholder desiring to participate in the plan need do at the
present time is to detach, fill in, sign and mail to the company the "approval
of plan" [detachable sheet].
Approvals should be forwarded promptly, so that the company may be
advised of the attitude of the bondholders.
Company will not proceed
with the plan unless such number of approvals have been received by
March 1 as to make it appear, in the judgment of the board of directors,
worthwhile to continue.
The objective is to consummate the plan by
July 1, 1939.
Purpose of the Plan
also,
477,358
156,636
$5.879,958pf$5,266,157
$1,129,856
After deducting all expenses incident to operations, including repairs
maintenance of plants and estimated provision for all local, State
and Federal taxes.-—V.
148, p. 735.
Kansas City Power &
Period End. Dec. 31—
Gross earnings
Oper.
____
Light Co.—Earnings—
1938—12 Mos.—1937
1938—Month—1937
$1,577,998 $16,695,444 $17,698,806
$1,446,662
(incl. mainttenance, & general and
exps.
746,638
Net earningsInterest charges
Depreciation
Amort,
of
limited
inc.
$9,134,468
8,540
187,807
102,479
2,300,634
1,3 4,924
102,176
2,249,884
1,454
6,580
20,006
65,542
32,160
69,145
term
investments
Miscel.
8,564,339
$8,504,242
1,386,476
1,062
5,227
Amort, of disc. & prems.
8,191,202
$809,541
112,346
8,540
195,425
,
768,457
$700,024
117,277,
property tax).
Federal and State income
.
68,531
share
per
p.
822,376
936,035
$414,811
"
$0.75
$3,806,729
$4,360,143
$6.79
$7.85
com.
after income tax:
148,
78,003
$303,962
taxes
Earnings
$0.54
883.
Kansas
•
City
resultant savings (to the extent realized) to the continuance of public
and to needed modernization expenditures.
Such capital read¬
justment is proposed to be accomplished, not by the usual method of scaling
securities or reducing interest rates, but by providing for the assenting bond¬
holders (in exchange for their present holdings) a cash sum in excess of the
present market value of their bonds, plus a continuing interest in the prop¬
erty through ownership of all the preferred stock.
The bondholders must decide, in the light of the existing facts and cir¬
cumstances, whether to accept the plan or take their chances on an im¬
provement in general business conditions adequate to remedy the situation.
It is the judgment of the management that, if the plan be consummated
and barring unforeseen happenings, the interest and principal payments
of the RFC loan can be met and appreciable progress made in bringing the
system up to date during the 10-year loan period, so that upon the con¬
clusion thereof the outstanding funded debt will have been materially
reduced and the preferred stock made of substantial intrinsic worth and
earning capacity. •
The following tabulations may be of interest as showing in summary
form the present and prospective capital structures of the company and
indicated results of the plan as to fixed charges.
service
,
Net profit and loss.__
—V.
The primary purpose of this plan is to effect a readjustment of the capital
structure of the company, so as to permit a reduction in fixed charges con¬
sistent with present and prospective conditions and the application of the
1
^__
deductions-
Public
Service
•
Capital
Co.—Proposed
Adjustment Plan—
•
The management has proposed to the bondholders an offer to exchange
their bonds for cash and preferred stock, pursuant to a plan of capital re¬
adjustment which has been evolved through the cooperation of the Recon¬
Finance Corporation.
The RFC is nowise committed unless at
90% of the bonds become subject thereto. A circular letter dated.
Jan. 31 affords the following:
A plan of reorganization was effected through judicial proceedings during
the first part of 1937, which resulted in refunding the bonded debt at
Jan. 1, 1937, on the basis of an annual interest charge higher than that
theretofore prevailing but lower than that which the company was obligated
to pay in the future.
In the promulgation thereof the management had the
advice of a number of those substantially interested in the bonds, and it
struction
least
was
(a) Capita l Structure—
„
Present
(series C, 4%, maturing Jan. 1,
1957), principal amount in nands of public
$12,043,800
RFC loan (5%, final maturity 10 years), principal
1st mtge. bonds
,
Gross
1938
$6,708,749
5,127,105
324,390
$6,824,785
5,366,842
365,183
$6,482,813
5,290,328
380,950
Balance.i
$1,257,254
I*
854,454
380,182
74,051
$1,092,760
861,989
492.,395
79,354
$811,535
852.450
484,389
77,860
$608,300
848,650
481,800
•
79,300
Depreciation..
Bondinterest
Other fixed charges
^
7,587,594
in
value),
-
-
^
6,909,768
6,909,768
$18,953,568 $18,953,568
Total.
Proposed—
(5) Fixed Charges—
;
on bonds in hands of public.
Present
Proposed—•
1st Year
6th Year
$48,175
$48,175
162,591
125,091
$210,766
$173,266
$270,985
150,000
$308,485
300;000
$120,985
$8,485
Directors have declared a dividend of 25 cents per share on
the common
Int.
Int
on
.
_.
RFC loan
$481,752
______
$481,752
.Total.
Reduction in fixed charges..___:
»_„■
Less—RFC loan amortization payment.
____
Amount available for improv. of property, &c__
-V.
$6,410,100
5,408,800
393,000
expenses.____
Taxes
•
stated
.
148, p. 735.
1939
revenue
Operating
$20
(non-par,
hands of public.
with 1939 Est.
1937
.
3,251,82b
,___
Common'stock
.
Years 1936-38, Both Inc.
Proposed
$1,204,380
,
thought that the plan thus evolved would adequately meet the situa¬
19o6
__i
amount
Preferred stock ($70 par 5% dividends cumulative
from Jan. 1, 1944), in hands of public.
tion, avoid the prospect of default and permit continued performance by
the company of its obligations to the investors and the public.
Consistent
therewith was the generally prevailing opinion that the depression was
definitely over; and, in apparent confirmation thereof, the company's
revenue had shown a slow but constant increase since 1933, with a resultant
deficit in 1936 of less than $52,00(
However, shortly before that reorganization was consummated and
before the company had the opportinity to derive substantial benefit there¬
from, the decline of the late summenof 1937 set in and has since continued,
with no indication of material improvement in the near future in so far as
the company is concerned. In consequence, the deficit increased in 1937 to
approximately $341,000, further increased in 1938 to more than $603,000
and, from present indications. wi(l mount in 1939 to approximately $801,000.
Summarized Operating Statement for
1031
Chronicle
Financial
148
_<
Deficit-
$51,433
•
$340,978
«
$603,164
„
.
thereof.
Digest of the Plan
This plan of capital readjustment deals exclusively with the $12,043,800 of
bonds of the company outstanding in the hands of the public, or such portion
thereof (not less than a percentage acceptable to the RFC) as may be
presented for exchange pursuant to the terms hereof.
Basis of Exchange—If the plan be consummated, each holder of $1,000
of such bonds, with July 1, 1939, and subsequent coupons attached, who
approves the plan and presents his bonds in due course for exchange pur¬
suant thereto, will receive $300 in cash, plus accrued interest on the bonds
so presented from Jan. 1, 1939, to the date fixed for exchange; and $700 in
par value of new preferred stock.
Those holding bonds in denominations other than $1,000 will receive cash,
accrued interest and preferred stock on a proportionate basis.
Bondholders who do not approve the plan or present their bonds in due
course for exchange pursuant thereto shall not be entitled to participate in
the plan, and such bonds shall retain their present status.
Dividend—
on
July 30, last, this latter being the first dividend paid on the $1 par
147, p. 3612.
'
shares.
—V.
,
(S. S.) Kresge Co. (& Subs.)—Earnings—
$801,450
Company is now facing grave problems which vitally affect its current,
prospective earnings, as well as the income and security of the holders
of its bonded debt.
While it is true that the property is not insolvent and
that the interest instalment recently maturing was not defaulted, neverthe¬
less payment was made with difficulty and to the detriment of depreciation
requirements.
Application was made several months ago to the RFC for a substantial
loan in aid of modernization and, while that negotiation was not successfully
concluded, it resulted in an offer by the RFC to cooperate in working out
the problem if a basis could be found which would afford relief to the com¬
pany, permit continuation of the necessary modernization program and, at
the same time, provide a proper measure of protection to the holders of the
bonded debt.
The plan of capital readjustment now proposed—which
contemplates that the bonds in the hands of the public be acquired in whole
or in large part in exchange for cash and preferred stock—is the result
and
Lane-Wells Co .—Larger
stock, par $1, payable March 15 to holders of record Feb. 21. This compares
with 20 cents paid on Dec. 20, last, and 30 cents paid on Nov. 1, last, and
.
Calendar
Years—
'
Number of stores
«-
1937
741
$
149,285,601 155,204,790
OO
a'77
Sales (intO. subsidiaries).
r
Other income
Total income
1938
754
$
or
35,949
38,677
1936
734
'$ ■
" 1935^
745
'
"
149,523,435 138,339,968
156,665
296,384
9Ufi
155,243,467 149,680,100 138,636,352
,235,608 132,856,020 127,549,946 118,843,824
149 ,321,550
Cost of sales & sell, exp.129
8tate
fran¬
Property,
chise,
State income,
&c., sales and grcss
3,725,386
802,443
3,328.412
149,100
146,092
233,404
266,972
117,426
,890X03
2,100,000
2,100,000
1,585,051
625,000
—
Depreciation & amortizFlood losses
4,149,294
423,217
3,417,221
231,310
500,0.00
10,712,513
11,042,139
140,000
140,000
6,587,835
6,587,833
7,133,923
5,487,241
2,409,216
-53,720,364
4,124,680
51,411,148
3,768,216
47,386,469
4,587,705
43,718.252
5,489,921
$1.63
5,489,921
$1.95
5,489,313
$1.98
5,487,313
5 ,092,938
income taxes
Interest
,
_
4,713,564
205,148
271.224
3 ,681,573
3,582,643
73,140
Amort, of bond & mtge.
discount & expenses.
18,865
_
Loss
on
disposals of fixed
assets, &c
—
Federal income, &c., tax
Surtax on undistributed
income
Netprofit
-
Pref. dividends
(7%)___
Commondivs. (cash).__
Balance, surplus
Profit & loss surplus
Shs.
common
—
10,214,946
stock out¬
standing (par $10)
Earns, per
8,997,051
sh. on com—
$1.82
.
Financial
1032
8
%
Liabilities—
%
$
Assets—
a
1937
1938
1937
Com. stock (par
80,827,671
80,007,585
281,696
290,471
18,061.576
277,875
118.726
21,537,768
248,463
144,095
d Mtges. & land
21,703,125
17,212,373
Accrued Interest
185,924
Fixed assets..
402,966
Reserves...
Inventories
Accounts receiv.
Marketable sees.
Cash
1,715,710
55.178,817
55,178,817
4,080.013
4,262,059
4,023,028
and taxes
Leaseholds
4,485,637
4,701,540
Federal tax
2,199,670
810)
contracts pay.
Accts.
against
Claims
closed banks
.
Misc. securities.
162,108
167,889
Deferred charges
3,307,290
3,441,156
payable.
124,925,991 123,452,7661
4,263,344
2,985,907
1,605,260
51,411,148
i>r716,277
53,720,364
Surplus
b Treasury
Total
_
stock 2>r716,277
..124.925,991 123,452.766
Total
19i9
18,
reorganization. 8uch a reorganization
possible to reduce to a minimum the loss to
period that the property is in default."
The committee is not callinx for and will not accept at present any
deposits of bonds, according to the announcement.
,r
. ,
The Lombardy, which is one of the finer residential hotels on New York's
east side, is owned by American Newspapers, Inc., top holding company
for the Hearst Publications, according to Mr. Lubetkin, a member of the
committee
The original issue of mortgage bonds used to finance the hotel
amounted to $2,600,000, of which $2,164,000 is presently outstanding.
Completed in 1927, The Lombardy is a 22-story apartment hotel con¬
taining 167 apartments divided into suites of from one to three homes. The
satisfactory plan of
to work out a
Consolidated Balance Sheet Dec. 31
1938
Feb.
Chronicle
should be effected as soon as
bondholders during the
property was assessed for 1938 at $2,150,000.
The Lombardy showed a net loss, after taxes
.
....
Land, buildings, equipment, &c., after depreciation,
b 27,960 shares
at cost,
d Including $360,583 ($599,884 in 1937) current mortgages and
land contracts,-r-V. 148, p. 883.
.
and first mortgage interest
1937 of $71,609, compared with losses of $116,270 in
$125 647 in 1935, according to figures contained in the letter
holders,—V. 125, p. 3357.
for the year
1936 and
of bond¬
a
Kroger Grocery & Baking Co.—Earnings—
Ended
dan. 1, '38
Cost of sales
Corp.—20-Cent Dividend—
ma<fe
April 20, 1938.—Y. 148, p. 586.
(Ky.) (& Subs.)—Earns.
Years Ended Dec. 31—
.,
Operating revenues.
1
Operating expenses, maintenance
Net
x
V1938
17,195
337,775
49,171,086
19,946
580,330
47,331,193
41,938
500,512
5,634,801
Accr'd
48,416,693
"50,009,237
..b41,793,131
42,489,959
2,176,494
2,391,401
1,990,761
49,771,362
41,367,846
2,365,434
2,043,050
47,873,643
39,380.554
2,290,652
2,081,788
of sub.cos.
earns,
Gross income
Operating expenses
Depreciation
...
Administration
See b
expenses
$5,354,461
1,181,000
$5,248,700
1,181,000
$4,136,461
1,121,100
and expense
160,227
incurred during 1937
250,000
22,900
$4,030,700
$2,582,234
1,150,050
56,000
$2,558,863
963,516
Crl40,624
income.:
Interest charges (net)
Amortization of debt discount
Other income deductions..
327,400
507,200
0467,451
477,173
3,741,569
14,458,638
........
Previous surplus.......
2,950,340
14,430,173
3,487,831
14,410,851
4,110,926
13,212,452
Adjustment of reserve for
$3,788,284
1,595,000
933,147
$3,522,379
1,595,000
675,707
uncollectible accounts..
-J
Total
Dividends
on
-
-
preferred stock
Dividends on common stock
Total,
1st pref.
...
3,461,779
surplus.
Shs. com. stk. outst'g..
Earnings per share
b
14,458,638
1,821,989
$1.62
17,323,378
able to prior years
Other surplus deductions
14,410,851
1,821,989
$2.25
a
Cost of sales now includes warehousing and transportation expenses Operating, general and administrative expenses.
'
Assets—
Dec. 31 '38
Jan. 1 '38
4,710,923
2,089,467
1,601
1,771,289
1,645
1,219,558
848,091
13,202
394,865
301,706
Employees
Claims & ad vs.,
Inventories
..
eral
taxes
147,511
yet due
Prov. for self-Ins..
97,157
97,157
Amts.due
Cash & ctfs. of div.
776,671
360,73 7
insur'ce
2d
648,942
a
282,411
50,700
48,000
pref. stock...
192,336
Paid-in
48,000
33,398,250
surplus;.. 1,047,761
1.047,761
surplus
14,732,026 14,458,638
125,042
57,904,642 57,112,1411
Total
..57,904,642 57,112,141
...
Represented by 1,830,885 no par shares,
884.
a
b 8,896 shares.—V. 148«
,
,
Langley, Ltd.—Accumulated Dividend—
declared a dividend of $1 per share on account of ac¬
5% preferred stock payable March 15 to holders of
An initial dividend of $2.50 per share was paid on March
15, 1938 —Y. 146. p. 1557.
Directors
have
on
the
record March 1.
McCrory Stores Corp.—-Earnings—
1,765,063
above
Macassa Mines,
Ltd.—Extra Dividend—-
of 2]^ cents per share in addi¬
quarterly dividend of five cents per share on the common
stock, par $1, both payable March 15 to holders of record Feb. 28. Extra
of five cents was paid on Dec. 15, last.—V. 148, p. 586.
Directors have declared an extra dividend
tion to the regular
Magma Copper Co.—Smaller Dividend—
committee
A.
to
act
on
behalf of bondholders
been
has
formed
with
Beha,
member of the New York State Insurance Board and
Superintendent of Insurance, as Chairman.
Other members
of the committee are David G. Baird, Vice-President of Marsh & McLennan,
Inc.; Peter E. Bennett, President of The Mortgage Corp. ofjNew York;
and Lloyd E. Lubetkin of Seligman, Lubetkin & Co., Inc.
John P. Daly,
120 Broadway, New York, is Secretary for the committee, and Simpson.
are
$3,940,099
$5,029,090
Manufacturing division
138,165
a5,679,209
Real estate division...
209,968
a25,29t
$4,288,232
612,257
compensation under stock option agreement
33 ,737
a$675,416
,
665,105
313,930
Retail division
t
Profit from opers. before int.
Interest charges
& special charges. _
on
a
Loss.
3
been
should
be
possible,
by immediate
cooperation
Merchandise sales and real estate income were as
the bondho ders,
follows: 1937, $100,-
044,813; 1938, $82,279,916., a decrease of $17,764,897.
Sales of lines discontinued during the year are not included in the 1938
sales figure shown above, but were handled through a reserve account.
If 1937 sales of such lines are eliminated from the 1937 sales figure, the 1938
decrease would be $7,280,789, or 8.1%.
Consolidated Income Account for
Net sales to customers._
79,648,166
Cost of sales & oper. exp.
75,569,902
See z
Depreciation
Net profit from oper. _
Rental inc. from tenants
b Loss from real estate
4,078,264
See b
Calendar Years
1937
97,641,740
98,291,859
1936
1935
104,204,937 108,902,643
99,444,451 106,735,432
z
Cr209,968
x675,417
665,105
33,737
2,463,024
2,383,018
1,930,756
x295,813
1,908,015
4,313,774
1,135,029
1,612,202
1,223,026
190,000
2,878,745
3,406,185
199,176
Dr25,297
4,288,232
612,257
2,377,467
y300,000
See
xa650,120
See b
Total profits
Interest paid
313,930
Prov.
for
amt.
due
to
estate of James O. Mc-
under
Kinsey
option
exercised in 1938
150,000
Provision for taxes
3,492,238
Earnings
common
•
share
stock
per
xl ,654,452
446,526
Preferred dividends
avoided because of
among
■
The results of operations
operations
payments made from other sources than the income of the property, since
the building has not been earning its interest for some time.
"While it is apparent that serious problems confront the bondholders,
nevertheless, the Lombardy is a well located and valuable property, and it
—---
shown above are after provisions for deprecia¬
machinery and equipment, and the amortization of lease¬
holds, of $2,349,332 in 1938 and $2,421,375 in 1937.
•
counsel.
the bonds has hitherto
.150,000
$3,492,238 a$l,654,451
j
tion of buildings,
1927, reveals that "the instalments of bond interest required to be deposited
with Central Hanover Bank & Trust Co. as trustee on Dec. 13. 1938 and
Jan. 15, 1939 haye not been paid. Taxes on the hotel for the second half of
1938, which came due last October in the amount of $31,497, also remain
unpaid."
lEEs As a result of these defaults,'* continues the letter, " it is evident that the
payment of the next interest coupon, due May 15, 1939 will not be made,
and that a reorganization of the bonds and the property securing them must
Default
r.
—
Net profit for year—
The announcement letter sent Feb. 16 to holders of the first mortgage
fee 6% sinking fund gold bond certificates of The Lombardy, dated Nov. 15,
be effected.
Report—
results show an improvement over those of 1937, and
we are particularly gratified that every division of the business made a net
profit for the year.
The comparative results of tjie two years are as follows;
1938.
J 937
Our 1938 operating
former State
Thacher & Bartlett of New York
,
dividend of 25 cents per share on the com¬
stock, par $10, payable March 15 to holders of record Feb. 27. This
compares with 55 cents paid on Dec. 15, last; 25 cents paid on Sept. 15, last;
35 cents paid on June 15 and on March J5, 1938; a year-end dividend of
$1.25 paid on Dec. 15. 1937; 50 cents paid on Sept. 15, June 15 and March
15, 1937; a year-end dividend of $1 paid on Dec. 15, 1936, and a regular
quarterly dividend of 50 cents per share was paid on Oct." 15, 1936.—V.
147, p. 3163.
The directors have declared a
mon
148, p. 585.
(The) Lombardy, N. Y. City—Bondholders' Committee—
James
x2,436,168
y After
&c.—V. 148, p. 885.
statement,
1938
A
2,168,620
$1.48
$1.89
$2.15
Trust Co., trustee, for the
4, 1936, have been included
depreciation, amortization, interest
Provision for Federal income tax.a.
and Australian Governments,
first page of this department.—Y.
the
Federal income taxes,
Special
Lockheed Aircraft Corp .—To Issue Stock—
According to. press dispatches from Los Angeles papers have been drawn
up for filing for registration with the Securities and Exchange Commission
of an additional issue of 112,454 shares of common stock.
The issue, it is
said will be offered publicly at a price to be determined when the isstie
comes out of registration, by a syndicate headed by Blyth & Co. and Grayson
M.-P. Murphy & Co.
It is indicated now that the issue will be offered directly to the public
and that prior rights to subscribe will not be offered to stockholders. •
The financing is to provide additional working capital in connection with
present large backlog of orders and to enable expansion of facilities to handle
future business.
The present backlog is estimated at close to $35,000,000,
the major part of which is for military planes for the account of the British
on
1938
1937
1936
...$40,068,194 $44,001,241 $40,235,112
Net profits..
Earnings per share on common
y
Marshall Field & Co.—Annual
the com¬
mon stock, no par value, payable March 15 to holders of record Feb. 28.
Like amount was paid on Dec. 15, last; dividends of 25 cents were paid on
Septj, 15, June 15 and March 15, 1938, and compared with $1 paid on
Dec. 15, 1937; $1.50 paid on Sept. 15, 1937; 75 cents on June 15 and March
15, 1937; $1.25 paid on Dec. 15 and on Sept. 15, 1936; 50 cents paid on
June 15 and March 16, 1936, and 30 cents paid each three months from
Dee., 15, 1933, to and including Dec. 16, 1935, and on Oct. 2, 1933. This
latter was the first dividend paid since Sept. 1, 1930, when a quarterly
payment of 25 cents per share was made.-—V. 147, p. 3163.
given
Louisville during January and February, 1937.
Years Ended Dec. 31—
Libbey-Owens-Ford Glass Co.—50-Cent Dividend—
The directors have declared a dividend of 50 cents per share on
See also list
Provision made by the company for Federal and State income
1937 was reduced as a result of deductions made for losses
provision for surtax on undistributed profits during 1937 under the
included in the above statement for Louisville Gas
& Electric Co. (Ky.) or Kentucky Pipe Line Co. (Ind.), as no such surtax
was incurred by those companies for that year.
(2) The above figures reflect the loss in revenue due to the flood at Louis¬
ville in January and February, 1937.—V. 148, p. 282.
53,700
Common stock. .33,398,250
Earned
$1,150,050
Preliminary, subject
y
Revenue Act of 1936 is
in
refunds
on group
$1,251,962
Operations of the company by the Irving
period beginning,Jan. 1, 1936, and ended May
1st pref. stock
accounts
receiv., not due.
cumulations
Notes—(. 1)
x
empl's,
& prem.
958,725
632,142
rents, taxes, &c_
Deferred charges..
374,327
repressing divs.
accumulation
192,336
282,411
Land, buildings,
equipment, &c_.14,741,554 15,342,486
Def'd claims rec.
196,425
263,230
Prepaid insurance,
£4,306
27,315
..
taxes for the year
resulting from the flood in
Total sales
...
for sale to empl.
Total
.
closed stores net
b Com. stock held
Accrued
payable
Prov. for rentals on
..
...
^Earned surplus, end of period
x
Before appropriation for retirement reserve,
Provision for Fed¬
..18,851,393 19,985,345
6,182,682
6,283,888
...
Investments
Divs.
776,260
11,962
customers...
expenses.
_
8,17o
.
(net)
to audit.
921,351
Accrued
Accts. & notes rec.,
p.
$
Liabilities—
$
$
Jan. 1 '38
14,889,287 12,123,820 Accounts payable- 4,660,541
Cash
159,887
250,000
18,737
No
Comparative Consolidated Balance Sheet
Dec. 31 '38
1,043,212
and county taxes applic-
Provision for city, State
2,912,527
14,430,173
1,821,989
$1.91
3,312
3,381
2,915,182
14,732,026
1,821,989
$2.05
Earned
17,898,683
3,342]
3,388?3,461,779]
17,380,513
18,200,207
3,042
' 3,360
.
6% dividends..
2d pref. 7% dividends..
Common cash dividends
37,000
——
of period._
Earned surplus, beginning
37,000
229,002
-
Net incorqe...'
705,500
ered in 1935
Federal income taxes
Netprofit
and other income.
Amort, offiood&rehabil.exp.
Adj. of inc. prior yrs. (net
of extraordinary costs)
Taxes chgd. against inc.
of prior years & recov¬
5,344,596
$5,019,698
215,716
Appropriation for retirement reserve.
...
Amortization of contractual capital expenditures. _
Gross
^
$5,138,745
operating revenue
(net).
Net operating revenue
x
c
^
and taxes
Other income
49,517,333
9,498
482,406
48,061,723
Gross profit—
Interest
similar payments
holders of record March 18.
Dec. 22, Aug. 20 and
on
share on the common
declared a dividend of 20 cents per
payable April 20 to
Louisville Gas & Electric Co.
Ended
Dec. 28, '35
231,295,622 248,444,230 242,273,498 229,907,884
183,233,898 198,926.897 193,102,412 182,576,691
Sales........
a
Ended
Dec. 31, '38
Year
53.Weeks
Ended
dan. 2, '37
52 Weeks
52 Weeks
were
Stated Periods
Consolidated Income Account for
Period-
Lone Star Gas
Directors have
stock
2,411.931
on
$1.04
Nil
$0.67
Nil
provision for surtax required,
z The provision
for
depreciation of buildings and equipment, &c., included as a deduction in
the foregoing statement amounts to $2,349,332
($2,421,375 in 1937).
x
Loss,
y
No
Volume
Financial
148
The net loss
•
merchandising operations represents a loss of $5,679,209
the manufacturing division and a profit of $5,029,090 in the retail divi¬
b Rental income from tenants $2,631,750 ($2,403,074 in 1937);
in
on
sion.
less
operating expenses, after rentals charged to merchandising divisions,
of $2,421,782 ($2,428,371 in 1937).
Note—Provisions for real estate, personal property, social security,
franchise, occupation and other taxes, included as deductions amount to
$3,945,620.
Certain liquidation losses charged against reserves in 1938 are deductible
for income tax purposes; such deductions reduce
by approximately $400,000
the required provision for Federal income taxes for 1938.
1938
1938
$
Cash
U. 9. Treas. notes.
Notes
and
Inventories
Accts.
12.294,526
10,529,211
......
Miscell.
17,000,000
2,893,676
1,179,657
1,555,853
salaries,
&c
wages,
Fed. inc. taxes for
686,289
847,622
338,847
__
in vest'ts.
Goodwill,
2,679,562
14,000,000
payable
Accrued
12,681,069 20,375,840
Prepayments & de
ferred charges
7% prior pref. stk.
896,500
896,500
6% cum. pfd. stk.28,722,500 28,722,500
b Common stock. .15,396,675 15,396,675
Funded debt
6,183,125
acc'ts
receivable.
316,014
571,481
& prior yrs.
cur.
Curr. maturities of
trade¬
1,000,000
serial notes
marks, <S:C
1
1
Liabil. to estate of
O.
James
Mc-
333,737
300,000
2,466,346
2,643,926
4,214,351
Kinsey,
Accrued taxes
Reserves
2,002,528
...
Paid-in surplus
a
....79,321,931 83,533,923
5,001,899
5,001,899
6,869,301
3,563,838
Treasury stock._Dr226,774
Z)r226,774
79,321,931
83,533,923
Earned surplus
c
Total
$
Liabilities--
2,225.868
3,440,829
1937
$
1937
$
Assets—
Land, leaseholds,
bldgs., eq., <fcc. .45,462,560 47,474,052
Total...
After depreciation and amortization of $23,805,892 in
1938 and $22,c Repre¬
979,695 in 1937.
b Represented by 1,059,335 no par shares,
sented by 15,278 shares common stock at cost.—V. 147, p. 2870.
(P. R.) Mallory & Co .—Common Dividend—
Directors
Feb. 7 declared
mon
a
paid on Dec. 20, last, this latter being the first dividend paid since
Dec. 10, 1937, when 25 cents per share was distributed; like amounts were
was
paid
Sept.
on
10 and June 10,
1937.—Y.
Memphis Natural Gas Co.—May Reduce Rates—
The City of Memphis has asked this company, which brings gas to the
City from Louisiana, if it can make a reduction of $150,000 in the whole¬
sale gas rate if the city buys both the gas and electric system of Memphis
Power & Light Co.
The reduction is about 9% on revenue of the pipe
line company for gas sold in Memphis.
If the pipe line will reduce the
wholesale rate to the city, city will increase its offer for the Memphis
Power system.—V. 146, p. 3313.
Memphis Power & Light Co.—City and TVA Purchase
The City of Memphis and the Tennessee Yalley Authority bought the
company's electric and gas properties for $17,360,000—$767,000 less than
offered last month and $3,640,000 less than the utility had demanded
originally.
The city will pay $15,250,000 and the TVA $2,110,000, a statement
from the Municipal Light and Water Board said.
Besides the electric and gas facilities, properties in the transfer include a
large office building, one large generating plant and some real estate. The
company retained another generating plant and will operate it as a standby
to insure the maximum of service to the city under an
agreement between
themselves and TVA," the statement said.
Principal negotiators were Joe Swidler, Assistant General Counsel for the
TVA; Paul B. Sawyer of New York, President of the National Power &
Light Co., which controls Memphis Power & Light, and the Memphis.
Light-Water Board members, Tom H. Allen, I. J. Lighterman and W. W.
Mallory.
.
'
P. B. Sawyer/President of the National Power & Light Co., parent for
the Memphis Power & Light Co., isused a statement in which he said:^
Cash from the sale of these properties, together with that realizable
from retained net current assets, is expected to amount to about $22,000,000
and to permit the retirement of the company's bonds at the call price and,
it is hoped, the liquidation of the preferred stock at $100 a share.
The generating plant to be retained will be operated for the purpose
Of generating and selling power to the TVA and to the Mississippi and
Arkansas power and light companies."—V. 148, p. 587.
was
Michigan Steel Tube Products Co.—To Pay 15-Cent Dw.
.
dividend of 10 cents per share on the com¬
stock, payable March 10 to holders of record Feb. 28. A like amount
on
Directors have declared a dividend of 15 cents per share on .the common
stock, payable March 10 to holders of record Feb. 28. This compares with
50 cents paid on Dec. 10 and on Sept. 10, 1937, and dividends of 25 cents
paid on June 10 and March 10, 1937 —V. 147, p. 1199.
Mid West Refineries,
147, p. 3614.
Gross earnings
Jesse H.
1937
1938.
•
Operation..
Maintenance
Provision for retirement
General taxes.
Minneapolis & St. Louis RR.—RFC Ready to Aid Railroad
Companies
12 Months Etided Dec. 31—
......
reserve.
.....
$2,884,453
1,267,777
220,796
1..
207,541
209,296
$2,904,540
1,255,126
169,132
$979,042
$1,011,360
x
Net earnings.
x
Before provision for Federal income and undistributed
....
Note—Preliminary figures stated.—V. 147,
p.
261,291
207,630
profits taxes.
Calendar Years—
1938
Local service revenues..$30,510,105
c7,455,286
Miscellaneous revenues.' 2,409,262
revenue
Total
•»
1936
1935
$30,448,072 $27,693,887 $25,152,184
7,924,865
7,011,429
5,845,704
2,261,179
1,991,703
1,793,047
),374,653 $40,634,117 $36,697,019 $32,790,936
258;438
76,143
41,094
a37,209
_$
Uncoil, oper. revenues..
'
1937
-
Total oper. revenues. .$
), 116,215 $40,557,974 $36,655,925 $32,753,727
7,509,419
7,466,576
5,948,558
5,373,660
6,663,123
6,776,628
6,593,124
6,862,758
4,320,611
4,421,639
3,637,970
.3,343,619
3,460,993
3,392,516
3,009,745
2,686,314
544,908
525,876
535,852
548,874
Current maintenance
Depreciation
expense..._
Traffic expense-.
...
Commercial expense....
Operating rents.
__
Executive & legal dept
202,547
1,271,153
168,559
1,229,784
366.755
338,126
326,494
223,589
245^87
243,745
281,044
553,589
441,787
557,299
411,103
500,135
405.120
449,688
b429,747
Cr224,932
5,364,269
eCr203,7l3
d5,019,601
Cr82,569
d4,332,298
CV69.073
3,883,624
$9,418,402 $10,208,591
81,997
140,497
$9,947,099
153,367
$7,434,250
Acc't'g & treas. depts.
Prov.
for employees'
service pensions
Employees'
rec'd
1,096,5811
Other general expenses
Expenses charges con¬
struction
Taxes
_
Net oper. income...-
Net non-oper.
income..
available
for
fixed charges
$7,500,932
71,595
578,266
1,017,878
1,453,615
$9,770,822
9,687,500
$9,016,959
8,975,000
$5,975,722
5,225,000
interest.698,306
on common
stock.
$8,802,092
8,125,000
to
surplus
stock out¬
standing (par $100)-Earnings per share
^
a
by
Commerce Commission.
Letters written by RFC Chairman Jesse H. Jones to W. W,
New York, Chairman of the reorganization committee, follow.
Colpitts,
The first letter, dated Feb. 3, reads:
"We have examined the outline of the tentative plan of reorganization
of the Minneapolis & St. Louis RR. which you left with us.
"The reorganization of this railroad should probably be effected through
division of the property, one corporation owning the lines between
Minneapolis and Peoria, with appurtenant branches, Hopkins and Winthrop
Oskaloos and Albia, Oskaloosa and Tracy, and Albert Lea and Des Moines,
comprising 904 miles; the other corporation owning the remainder of
the property comprising 519 miles.
"If such reorganization can be effected and the obligations of the re¬
spective companies properly fixed, this Corporation will be glad to give
favorable consideration to financing an issue of $5,000,000 Is mtge. 4%
25-year bonds, secured against that part of the property first enumerated.
"The RFC would not, however, be inclined to make a loan in connection
with the reorganization of this property where such large items of reor¬
ganization expenses are to be saddled on the properties."
The second letter, dated Feb. 11, states:
"Reference is
made
to
my letter
of Feb. 3 and to the outline of the
St. Louis RR. dated
tentative plan of reorganization of the Minneapolis &
as of Feb. 9, 1939, which you have now furnished us.
approved by the Court and the Interstate Commerce
RFC, subject to the approval
ICC, will give favorable consideration to lending up to $5,000,000
to be secured by a first mortgage on the approximately 904 miles of line
mentioned in my letter of Feb. 3.
,
"Our commitment will be conditioned upon the remaining part of the
railroad, against which we would have no claim, being conveyed to a sepa¬
rate corporation.
Our mortgage would provide that no part of the earnings
of the road should be diverted to the other corporation.
"We would be willing for the issue to provide for a total of $7,500,000.
Any bonds sold in excess of our loan to be with our approval and issued
not in excess of two-thirds of the cost or fair value of property additions,
and provided that the earnings of the company for 18 months prior to such
issue had ayeraged at least 1K times the fixed charges, including the new
"If this plan is
of the
No bonds in,excess of those we
originally buy shall
be issued to pay for additions to, the property included
and improvement program provided for in the plan.
in the rehabilitation
bonds to be issued.
"The holders of
a
majority of the bonds of said issue will be entitjed to
representation on the board of directors.
"We would consider buying 4 % bonds at par maturing in
65,628
Income balance trans.
Shs.
66,682
$9,500,399 $10,349,088 $10,100,466
Net inc. avail, for divs
Divs.
335,850
'
|3sond interest
T)ther
162,900
1,030,468
under
license contract
Income
161,768
sickness,
accident, death, disabil. & oth. benefits
Services
Jones, Chairman of the Reconstruction Finance Corporation,
15 that the RFC was willing to lend $5,000,000 to the
by the courts and the Interstate
Feb.
road if its reorganization plan is approved
Commission prior to Aug. 1 of this year, the
General & miscell. exps.:
,
disclosed
a
2870.
Michigan Bell Telephone Co.-^-Earnings—
Toll service
Inc.—Registers with SEC—
See list given on first page of this department.
Marion-Reserve Power Co .—Earnings—
Combined Accounts of Constituent
1033
Property—
Consolidated Balance Sheet Dec. 31
a
Chronicle
25 years, callable
during the first five years at a premium of 5%, premium to decrease
thereafter 1% each five years.
.
"We would require a fixed sinking fund of $25,000 a year the first five
years, and an additional $50,000 per annum thereafter if earned.
"The proceeds of our loan would be used as set forth in the plan and
all fees and expenses in connection with the receivership and reorganization
subject to our approval."—V. 148, p. 737.
,
-
$677,092
$83,322
$41,959
$750,722
1,250,000
1,250,000
$7.04
$7.82
1,250,000
$7.21
1,100,000
$5.43
of cap.
Mississippi Valley Public Service Co.—Earnings—
1938
1937
$1,009,813
668,881
$1,002,183
719,886
$340,932
$282,297
Calendar Years—
Total operating revenues
Operating
expenses
and taxes
The provision for uncollectible operating revenues for 1935 was reduced
reason of
to the
b Due
collection of amounts previously considered uncollectible,
adoption of a revised method of distributing engineering
costs, 1935 figure includes such costs in the amount of $247,938; in 1934
similar costs were distributed principally to maintenance and construction
accounts,
c Includes approximately $218,000 subject to refund in event
of adverse decision in pending rate case,
d The company does not con¬
sider that it has any undistributed earnings in respect of which provision
for surtax should be made,
e Includes for the year 1937 $88,178 covering
Net operating income
Other
957
492
$341,890
102,167
$282,790
100,000
income
Gross income
Interest
on
funded debt.
General interest
„
Amortization of bond discount and expense.
—
Miscellaneous deductions.z
,
1,023
13,820
1,100
3.756
12,725
1.200
relief and
pensions costs charged to construction in accordance with the
Uniform System of Accounts effective Jan. 1, 1937.
Theretofore all relief
1938
1937
$
Assets—
$
1938
Common
Cash &spl. deps.
Notes
615,103
506,098
funds.
56,880
56,712
Mat'l & supplies
2,068,264
Notes receivable
10.962
Acc'ts receivable
4,014,558
134,959
Working
Prepayments
Deferred charges
124,506
1937
$
Liabilities—
188,889,826 185,421,332
Other invest....
441,316
436,350
Misc. phys. prop
983.611
1,024,685
$
stock.125,000,000 125,000,000
Adv.from Amer.
Tel.& Tel. Co.
sold
5,860,971
Assets—Utility plant, $5,278,769: bond discount and expense, $311,349;
other deferred charges, $11,287; cash, $42,222; accounts receivable (after
reserve
for uncollectible accounts of $11,146), $72,740; materials and
1,024,012
1,029,257
2,348,673
Acer.liab.not due
3,044,692
4,928,891
supplies, $92,433; prepayments, $4,158; commissions and expenses on pre¬
ferred stock, $45,317; total, $5,858,275.
Liabilities—7% preferred stock, $561,100;6% preferred stock, $1,000,700;
common stock (par $100), $1,230,000; funded debt, $2,100,000; accounts
payable, $21,675; accrued taxes, $68,229; accrued interest, $18,241; divi¬
Balance Sheet Dec. 31,
5,179,664
credits
dends
142,977
125,583
43,430,685
Surplus reserved
178,958
Unapprop. surp.
4,000,853
41,376,607
and misc. res.
Deprec.
Total
reserve.
3,505*51(1
197,335.022 194,346,518
Note—No provision hps been made in the accounts in respect of claims
against the company by the City of Detroit under rental ordinance and
the company denies liability thereunder.—Y. 148, p. 283.
99,319
49,200
No provisions for Federal and State income taxes have been
made for 1938 in view of deductions to be claimed in the returns for debt
discount, expense and premiums applicable to bonds refunded during the
year and railway retirement losses realized.
(2) The above income account for 1937 includes minor reclassification to
make it comparable with 1938.
Notes—(1)
9,475,000
current
Deferred
$195,108
5,779,197
sion fund
2,596,900
12,648 Cust.' depos. &
adv. billing &
3,858,741
246,810
payments
181,274 Acc'ts pay. and
197,335,022 194,346,5181
preferred stock
stock
10,250,000
to
liabilities
Total
on common
trustee of pen¬
other
$223,180 "
99,319
49,200
-
on
Dividends
Comparative Balance Sheet Dec. 31
Telep. plant
Net income
Dividends
and pension costs were treated as current expense.
payable
on
6%
1938
cumulative preferred stock, $15,010;
dividends
on 7%
cumulative preferred stock, $3,273; customers' deposits,
$17,599; other current liabilities, $15,350; reserves, $557,812; contributions
in aid of construction, $29,920; earned surplus, $219,364; total, $5,858,275.
—V. 147, P. 2870.
accrued
Mississippi Valley Utilities Co.—Liquidating
Dividend—
Directors have declared a liquidating dividend or 30 cents per share on the
stock payable March 21 to holders of record Feb. 28.—V. 137*
common
p.1938.
,
Financial
1034
Motor Transit Co.
Co.—To Issue Warrants—
Missouri-Kansas Pipe Line
Developments in the contest between Missouri-Kansas Pipe Line Co. and
Columbia Oil & Gasoline Corp. for control of Panhandle Eastern
Co. progressed a step further Feb. 2.
Judge Harrington, in
Pipe Line
Delaware
order which had been approved by the late
Chancery Court, signed an
O. Wolcott directing Missouri-Kansas Pipe Line to dis¬
to its common stockholders warrants entitling them to subscribe
Month of
80,000 shares of Panhandle Eastern Pipe Line common stock at $25
share.
The order for distribution of these rights to Mokan stockholders
to
a
had been
Judge Nields also set Feb. 24 to hear argument on Mokan's petition for a
compel Columbia Gas, through its subsidiary, Columbia Oil
Gasoline Corp., to dispose of controlling interest in Panhandle
Eastern
$2,450
of Panhandle Eastern
common, 400,000 shares of the preferred, and $21,000,000 of debentures.
Mokan now owns 324,326 shares of Panhandle Eastern common, and a
warrant to purchase 80,000 additional common shares at $25 each.
This
warrant, however, will be exercised by distributing to Mokan common
stockholders rights to subscribe to the Panhandle Eastern stock.—V. 147,
p. 3615.
Gasoline
&
The Interstate Commerce Commission on Feb. 7 authorized the company
pledge to and including Df c. 30, 1941, as a part of the collateral security
for any or all of applicant's notes totaling $2,824,000 to the Reconstruction
to
Finance Corporation, not exceeding
$250,000 of prior lien mortgage 5%
Accounting by ICC Urged by
Senate Interstate Commerce Sub-Committee—Price, Waterhouse
fc Co. Answers Senator Wheeler.—
According to
dispatches from Washington, recommendation
press
that
the Bureau of Accounts of the Interstate Commerce Commission have the
same access
companies,
it
has
to
This
brokerage
and
banks
the
books
public Feb. 10 by
Senator
companies and of holding
to the books of suosidlaries of railroad
of railroads
a
and
was
banking
investment
contained
in
a
that
houses
special report
made
Senate Interstate Commerce subcommittee, of which
Wheeler is Chairman.
recommendation,
coupled with
that the Bureau of Accounts
one
be increased in size, resulted, it is said, from findings by the
that audits of railroad accounts are not necessarily accurate.
subcommittee
The
committee, the dispatches added, reported specifically on a case
previously investigated in which Price, Waterhouse & Co. were said to have
certified to the existence, in a report to stockholders, of a special deposit
of $3,200,000 to the account of the Missouri Pacific RR. when such a
deposit did not exist.
Price, Waterhouse & Co. in their audit of the 1933 report of the Mis¬
souri Pacific stated:
"Included under the caption of special deposits is the amount of
000
deposited in connection with contracts with
which contracts are now the subject of litigation.
"In our opinion, based upon such examination
Terminal
$3,200,Inc.,
.
"Senator Wheeler's report proceeds upon a fundamental misconception.
It charges that our certificate was 'false' in describing a special deposit of
$3,200,000 under the Terminal Shares contract. We took exception to the
balance
sheet
and
stated in
our
certificate:
'Included
under the caption of Special Deposits is the amount of $3,200,000'deposited
in connection with contracts with Terminal Shares, Inc., which contracts
the subject of litigation.' The truth and the fact is that the deposit
had been made under the Terminal Shares contract, and that the validity
of that contract was in litigation.
The trustee is now by direction of the
arenow
court
suing to
recover
the deposit.
Wheeler says this certification is false.
This we
It is difficult to see what language could have been used which
flatly deny.
would make
any plainer the reason for one of our exceptions to the accounts.
We had
no power to
change the balance sheet, but we were at lioerty to state in our
certificate what our opinion was.
This, we did in language which no fairminded person could misunderstand.
"The Senator's allegation of a discrepancy between two balance sheets
as of the same date is equally unfair.
In this second report we were free
to change the balance sheet itself, and the item was accordingly entered
under Unadjusted Debits.
But both reports were alike in that they dis¬
closed the true facts: that there had been a special deposit; that it was in
a
contract; and that it
"The testimony
this point," k
on
was
in litigation.
before Senator Wheeler's'committee
•
.
*
was
entirely clear
Broadway, New York.
The Munson Line, Inc.,
incorporated in Maryland and the new
Munson, James D. Mooney, member of
Vice-President of General Motors Corp.;
Fred E. Hasler, Chairman of the executive committee of the Continental
Bank & Trust Co.; Raymond Morris, Brown Brothers Harriman Co.;
Cornelius A. Sullivan, Chairman of the debenture holders reorganization
committee; Cecil Stewart, Chairman of the General reogranization com¬
mittee; Christopher T. Chanery, Vice-President of the Federal Water
Service; Louis A. Green, broker, and Harry O. King.
Aiding in speeding reorganization of the Munson Steamship Lines the
Attorney General several weeks ago approved a settlement of $335,000 on
mail contract claims of $2,290,338 made by the old company and its sub¬
sidiary, the Gulf Mail Steamship Co., Inc., as an outcome of mail contract
cancellations on June 30, 1937.
The settlement, was the only step standing
in the way of the resumption of reorganization hearings.
The old Munson Line operated, in addition to small freight vessels, four
comparatively large cargo-passenger liners, the Pan America, Western
World, American Legion and Southern Cross.
These were bought in at
auction by the Maritime Commission last Fall, after foreclosure of mort>gates held by the Government.
The plan of reorganization was confirmed
by the court in September, and was held in abeyance pending approval by
the Attorney General of final details, which included settlement of the
company's mail contract claims against the Government.
The other ships in the fleet were disposed of by the trustees or, as id the
case
of the
four
South
American ships,
acquired by the Maritime
committee
executive
-
Steamship Line—Successor—
See Munson Line, Inc.
company's certificates of deposit for 6y%% gold debenture bond®
due Jan. ], 1937 (with warrants) have been suspended from dealings on
the New York Curb Exchange.—V. 147, p. 3314.
The
(G. C.) Murphy Co. (& Sub.)—Earnings—
1938
Calendar Years—
Number of stores
Other income,
a
614,500
681,000
167,200
101,533
Flood, loss and
122,200
Monarch Machine Tool
80,520
163*889
31,754
expenses.
17,341
25,000
25,000
$2,489,867
$3,007,383
Provision for empl. relief
200,000
200,000
$2,945,278
200,000
1,561,625
480,500
1,719,464
480,500
1,622,397
464,598
$4.77
Net income___•
$5.84
$5.90
dividends
No. of
common shares._
Earned per share
Shares
common
Earnings
per
xAfter
all
stock.:
Cash
1
Misc. accts.
£
67,999 :
rec...
1,666,087
54,847
& restricted bks.
Real estate purch.
Inventories
Investments.
Liabilities—
Serial
7,377
...
5,567,569
21,605
Prepaid
payable.
Dividends payable
15,531
17,535
6,433,020
19,388
share
$436,524
150,079
payable..
including
provision
$2.14
for
,
$2.90,
Federal
income
11,544,388
227,804
215,264
193,672
Pay 35-Cent Dividend-1-
Co.—Listing—
The.New York Stock Exchange has authorized thelisting of 50,000 shares
$4.50 cumulative preferred stock, series B, ail of which have been issued
and are outstanding.—V. 148, p. 886.
of
Montreal Light, Heat & Power Consolidated, Ltd.—
Borrowing Plan Voted—New Officials—
Stockholders
of this
at a recent special meeting approved a
by-law giving directors necessary borrowing power in connection with re¬
demption of company's 3% debentures amounting to $21,696,300 due
July 1, next. John S. Morris, President, indicated present plans called for
a stock option feature in the new securities.
Mr. Norris, in his remarks, said the company's income account, in its
consolidated form was not strictly comparable with previous years, but that
electricity and gas revenues had been relatively well maintained.
Net
funded debt of the company and its subsidiaries was reduced during 1938
company
by $1,328,600.
R. A. C. Henry, General Manager of Beauharnois Light. Heat & Power,
a subsidiary,
was elected Vice-President, and J. E. Labelle a director to
fill bacancy created by death of Senator J. P. B. Casgrain.
C. C. Parkes, Assistant Sectetary, was appointed "Secretary replacing
G. R. Whatley, retired. W. R. McLeod, Clams Agent, was named Assistanti
Secretary.—V. 148, p. 738.
198,460
811,718
Z851.613
247,058
153,524
116,737
59,784
1,022,147
income taxes.
—
Long-term loan
Reserves
.
1,083,382
4,000,000
Purchase money &
other mtge. and
notes
4,000,000
Common stock.
1,729,800
1,729,800
1,300,391
8,153,635
y
_
Paid-in
surplus.
_.
1,300,391
Earned
Total
un-
Directors have declared a dividend of 35 cents per share on the common
stock, payable March 1 to holders of record Feb. 21. This compares with
30 cents paid on Dec. 1, last; 25 cents on Sept. 1, last; 30 cents on June 1.
last; 40 cents paid on A arch 1, 1938, and previously regular quarterly
dividends of 25 cents per share were distributed.
In addition, and extra
dividend of 65 cents was paid on Dec, 1, 1937, and extras of 15 cents were
paid on Sept. 1, June 1 and March 1, 1937.—V. 147, p. 3314.
Monsanto Chemical
1,061,150
surplus—
8,775.907
$2.24
and
distributed profits taxes.
To
885,131
Reserve for Federal
*
$258,078
115,066
,
charges,
'50,000
Term indebtedness
accts.
12,267,501
expenses..
1,284,874
50,000
350,400
973,921
Accrd .exps .& other
(current)
im-
$
S
pay¬
able to banks.
Furn. & fixtures,
provements
notes
Accounts
Deposits in closed
1937
1938
1937
Qi
2,257,580"
„
1936
150,079
„
'
Preferred stock...
1937
$321,397
1
$2,247,860
240,000
239,900
149,938
$13.39
Consolidated Balance Sheet Dee. 31
1938
A gg/>/g
Co.—Earnings—
1938
L
119* 964
97,770
,
Years Ended Dec. 31—
xNet income.
431,062
699,700
98" 181
Int. paid or accrued
Amort, of bond discount
certificate per¬
mitting abandonment by Guy A. Thompson, trustee, of a branch line of
railroad extending from Carthage Junction, a point approximately 1 mile
north of Carthage, westerly to the end of track at Asbury, approximately
17.8 miles, all in Jasper County, Mo.—V. 148, p. 885.
1935
Federal and
State income taxes
Provision for surtax
Preferred
1936
$42,250,816 $42,589,837 $38, 063,852 $31,643,267
28,313,683
38,332,562
37,968,471
33, 506,395
607,496
450,179
503,620
698,365
Total income
Operating expenses
Depreciation
Reserve for
1937
201
200
195
"
189
$42,190,212 $42,522,253 $37,995,419 $31,597,890
60,604
67,584
68,433
45,377
;
Sales
leaseholds,
Feb. 3 issued
was
and
Commission.
Abandonment-—
on
Guaranty Trust Co. has been
by the plan.
Board includes in addition Mr.
x
.
The Interstate Commerce Commission
organized
appointed distributor of the new securities and cash under the plan and the
distribution is to be made at the office of its corporate trust department, 140
Common dividends
"Senator
connection with
68,863
Line, Inc.—Succeeds Munson Steamship Line—
Munson
Munson
conjunction with the explanations and notes in the trustees' report and
quoted in the balance sheet and other statements, fairly present the position
Dec. 31, 1933, and the results of the operations for
the year ending that date."
.
George O. May of Price, Waterhouse & Co. said, when Senator Wheeler's
report was called to his attention Feb. 10:
"I cannot conceive any legitimate reason or public Interest that would
have prompted Senator Wheeler to issue this abusive attack on my firm at
this period.
The hearings of the subcommittee on Interstate Commerce,
of which Senator Wheeler was Chairman, ended over a year ago.
Why
Senatcr Wheeler should choose this moment to file a report 15 months after
the investigation terminated, is a mystery to me.
the
54,850
C. W. Munson, President of this company, the new company
of the company as at
of
45,975
Shares,
and subject to the fore¬
going explanations and qualifications and the adequacy of the reserve for
depreciation and obsolescence for this and prior years, the accompanying
balance sheet and relative statements of income and profit and loss read in
correctness
1936
$177,359
73,152
pursuant to the plan of reorganization of Munson Steamship Line; has
notified all creditors of Munson Steamship Line, Redman Steamship Corp.
and Munson Inland Water Lines, Inc., that the transfer of properties has
been effected and that the new securities and cash are now available for
the
bonds, series E.—V. 148, p. 885.
Missouri Pacific RR.—Wider
1937
$163,892
59,430
588.
distribution as contemplated
RR.—Bonds—
Missouri-Kansas-Texas
1938
$132,232
36,601
1939
$126,053
35,074
45,727
Net from railway
Net after rents
404,000 shares
owns
$10,485
CY6
RR.—Earnings—
Montour
Gross from railway.
—V. 148, p.
Pipe Line Co.
Oil
$4,083
Dr 14,574
148, p. 443.
January—
court order to
Columbia
$11,788
CY285
Drl4,524
Balance
law violations.
&
57,565
Income deductions
—V.
1938
$66,145
62.C61
1939
Net loss
Court has set Feb. 24
for Columbia Gas &
Electric Corp. to show cause why Mokan should not be allowed to intervene
in the Department of Justice's suit against Columbia for alleged anti-trust
1939
$69,353
Income
opposed by that company's management.
Federal Judge John P. Nields in Delaware District
hear motion by Missouri-Kansas Pipe Line Co.
to
18,
(& Subs.)—Earnings-
January*—
Operating revenues
Expenses
Chancellor Josiah
tribute
Feb.
Chronicle
19,966,0611
....20,417,435
_r_.20,4l7,435 19,966,061
Total
x After
depreciation of $5,053,724 ih 1938
Represented by 480,500 shares (no par),
distributed profits.—V. 148, p. 886.
y
Nash-Kelvinator
and $4,301,436 in 1937.
Includes surtax on un.-
z
Corp.—Retail Deliveries—-
Retail deliveries by Nash division of this corporation in January totaled
3,608 units, a gain of 55% over a year ago, and compares with 4,174 in
December.
Sales in
the final
10
days of last month, largest of the month's three
periods, were 1,266 units against 792 a year ago.
William A. Blees, General Sales Manager, said
company was launching
month earlier than usual.—V. 148, p. 738.
encouraging that the
results had been so
its spring sales campaign a
(Conde) Nast Publications, Inc.—Option Granted—
has
shares
shares
purchased during the period from Jan. 3, 1939 to and incl. Dec. 31, 1939;
at $12 per share during the period Jan. 1, 1940 to Dec. 31, 1940; and at
$14 per share during the period Jan. 1, 1941 to Dec. 31, 1941.
The company also reports that the option granted to Conde Nast,
President, for the purchase of 8,000 shares of common stock of the com¬
pany at $5 per share has been increased to 10,000 shares and extended to
Company has notified the New York Stock Exchange that an option
been granted to an employee of the company for the purchase of 1,000
of common stock held by the company; at $10 per share as to any
Dec. 31, 1943.—V.
147,
p.
3315-
National Container
Corp.—7^-Cent Dividend—
The directors have declared a dividend of 7
cents per share on the
dommon stock, payable March 15 to holders of record Feb. 25. Like amount
was paid on Dec. 10, last, and compares with five cents paid on Sept. 1,
lasf, 12Yt cents paid on June 1, last, and dividends of 25 cents per share
previously distributed each three months, the Sept. 1, 1937, dividend
being the initial distribution.—V. 147, p. 3315.
Financial
Volume 248
National Biscuit
Comparative Balance Sheet Dec. 31
Co.—Earnings—
Calendar Years—
1938
1938
1935
1936
1937
x
Gross sales
Reported
$97,486,877 $101942,900 $96,758,247
Earnings for year
18,278,549 $14,474,879
18,668,812
17,129.603
Depreciation
2,855,530
2,704,163
2,742,226
2,871,499
Federal and foreign taxes
2,934,309
1,746,633
2,378,962
2,997,542
Write-down of plants, &c
752,733
Net
$12, ,047,038 $11,895,111 $12,640,077 z$9,986,020
1.735,699
1,735,699
1,735,699
1, 735,699
Common
dividends
10 ,052,317
10,047,809
10,042,719 yl0,670,741
Revaluat'n of securities.
Cr6,929
Cr34,636
Cr509.746
profit
(7%)
Bai., earned surplus._
Shares
stock
com.
$259,022
6,289,448
6,289,448
$1.61
x$1.64
After deducting $752,733 write-down of plants, real estate,
Cap. stock (co.)_
Beebe
Liabilities—
$
$
82,282,227
82,806.222
U. S. securities.
757,500
757,500
18,500
39,200
22,390
1,927,354
1,927,354
Wat.
Power, Ac
Prepaid exp., sup¬
12,525
plies, &c
..13.211,374
common
13,211,374 13,977,475
Total
Represented by 260,000 shares of no par value,
stock.—V. 147, p. 2400.
y
National Transit
880 shares
z
Co.—Earnings—
1935
1936
1937
1938
$1,549,761
89,800
$1,861,105
201,371
$1,584,121
87,614
$1,609,153
93,830
$1,639,561
1,191,911
$2,062,475
1,457,491
$1,671,735
1,270,569
$1,702,983
1,273,322
$447,650
381,750
pipe lines, &c,
Divs., int. & misc. inc..
1937
10,355
13.977.475l
After depreciation and special reserve of $4,696,409 in 1938 and $4,561,-,
Calendar Years—
1938
machin'y, &c_
Isl'd
$
1,223,391
19,410
Rev. from
1937
1938
39,200
979,904
Inventories
Misc. accts .Ainv'ts
x
Consolidated Balance Sheet Dec. 31
Assets—
591,220
975 in 1937.
Intangibles, &c., in addition to depreciation,
y Includes dividends pay¬
able Jan. 15, 1936.
z The earnings as stated above are before deducting
strike expenses aggregating $721,451, Which were not charged to operations,
but to insurance and contingent reserve.
H
489,909
455,965
823,055
469,023
Total
machinery,
3,483,148
5,502,709
311,813
securities
Accts. receivable..
6,298,448
$1.31
6,289,448
$1.73
3,358,216
Cash
Market,
1937
$
Liabilities—
Capital stock...11,700,000 11,700,000
Accounts payable.
140,151
332,791
Accrued accounts.
31,194
354,686
Contingent reserve
211,564
211,564
Surplus
1,128,465
1,378,435
y
Pats., tr.name &c. 5,502,709
out¬
standing (par #10)
Earnings per share
x
$896,295 df$l.910,674
$118,532
$
Land, bldgs.,ma¬
chinery & equip.
z
1938
1937
$
Assess—
Not
Preferred divs.
1035
Chronicle
$604,985
509,000
$401,166
381,750
$429,661
381,750
$95,985
$19,416
$47,911
$1.19
$0.79
$0.84
$
$
"
18,500
30,121,727
2,572,628
Raw
Ins. <fc cont. res.
,701,253
Total
62,894,480
Tax reserve
627,091.
Earned
surplus.
405,969
656,014
Oper.
1,800,483
7,696.600
4,023,826
13,146,947
9,656,014
;
exp.,
depr. tax, &c
Net income
10,169,122
materials,
supplies, &c__
&
896,394
Accts.
26,416,906
2,523,465
7,750,351
;
Accts. receivable
Notes
payable.
Common
Capital surplus.
N. Y. City bds.
Cash
,804,500
894,480
24,804,500
stock.
Preferred stock.
Plant, r'l est.,
x
Dividends paid
'
,900'
Balance, surplus
Earns, per sh. on 509,000
mtges.
shs.
receivable
292,341
154,724
129,530
157,877
301,960
903,020
861,833
Total.......124.985,701
capital stock (par
$12.50)
121,022,849
$0.88
Notes & accts. of
Balance Sheet Dec. 31
off. & empl's.
Empl's stk.acc't
Prepaid ins. and
Jn v. in plant and
$1,946,731 $2,115,632
Other investments 2,353,425
2,133,506
equipment
Invest,
124,022,849
Total...... .124,985.701
in
At cost less depreciation.—V. 148, p. 588.
2,544,750
11,859
334,466
161,211
The
directors
have
declared
a
Corp.—20-Cent Dividend—
dividend
of 20
cents
per
Accts. receivable.
the
share on
stock, no par value, payable April 1 to holders of record March 2.
Like amount was paid on Dec. 15 and Oct. 1, 1938 and previously regular
common
Inventories
x
After
Harry H. Schwartz, President of the corporation, announced that in line
portion of the 5% secured notes of the
New
with the practice of preceding years a
subsidiaries and also of the secured notes of the parent company had been
prepaid.
147,
p.
stated that the balance of such long-term debt
normal long-term basis, and that the reagrrane-
had been rearranged on a
ment included the removal
of various restrictions
on
the parent company
itself and its subsidiaries.
The instalments on the remaining balance of the 5% secured notes of
subsidiaries, reduced by such pre-payment to $1,250,000, were funded,
so that comfn&ieiilg with Feb.
15, 1940, $200,000 is to become due each
Feb. 15, thereafter other than for the year 1943, when $250,000 is to become
due, with the last payment maturing Feb. 15, 1945.
Of the secured notes of the parent company,
the balance, totaling
$200,000, is to be payable $100,000 on Feo. 15, 1940, and the remainder
Feb. 15, 1941.
The rearrangement of the secured notes of the parent com¬
pany was accompanied by a further reduction in the interest rate.
The aggregate prepayment exceeded $250,000.—V. 147, p. 1785.
with respect to the dividend policies of
875,061
147,249
173,279
51
23,681
397,167
170,169
65,064
Total
$8,002,174 $7,996,649
$7,533,870 in 1938 and $7,425,329
3021.
England Telephone & Telegraph Co.—Earnings—
$6,538,032
Uncollectible oper. rev39,013
-a,,-,
m,
i,
'
$6,499,019
4,869,767
Operating revenues
Operating expenses
•_
..
$74,613,278
53,848,715
$1,624,527 $18,774,985 $20,764,563
681,200
7,125,867
8,123,207
$1,026,284
641,467
$943,327 $11,649,118 $12,641,356
553,700
6,948,780
7,838,738
$1,629,252
_.
Net oper. income..
income
._
Net
—V. 148, p. 590.
56,327,273 $74,299,427
4,702,746
55,524,442
602,968
Net oper. revenues.
Operating taxes
1938—12 Mos.—1937 ■
$6,369,881 $74,643,752 $74,868,097
42,608
334,325
254,819
1938—Month—1937
Period End. Dec. 31—
Operating revenues
In this connection, it was
923,990
for depreciation of
reserves
in 1937 —V.
J
Deferred credit...
$8,002,174 $7,996,649
Total
Corp.—Prepays Notes—
Other reserves
Current liabilities-
562,128
Empl. annuity fd.
quarterly dividends of 30 cents per share were distributed.—V..147, p. 3165.
National Department Stores
_
2,544,750
8,232
571,386
78,346
Deferred debits
Cash
National Dairy Products
Capital stoc k
$0,362,500 $6,362,500
562,128
Res've annuities..)
568,383
Surplus..
wholly-
owned subs
x
1937
1938
Liabilities—
1937
1938
Assets—
12,617
x
def'd charges.
/
New Orleans Texas & Mexico
Interest payments are now
Ry.—Interest Payments—
being made on the following bonds:
Interest for the six months ended Oct. 1, 1937, on the 5% noncumulative income gold bonds, series A, due 1935, on presentation of
bonds for stamping.
«
■
(b) Interest due Oct. 1, 1934, on the first mortgage 5H% gold bonds,
series A, due 1954.
(c) Interest due Oct. 1, 1934, on the first mortgage 5% gold bonds,
series B, due 1954.
(d) Interest due Feb. 1, 1935, on the first mortgage 5% gold bonds,
(a)
National Lead Co. (&
Subs.)—Earnings1937
' 1936
1935
1938
Calendar Years—
.
Net sales
$65,229,970 $91,947,303 $78,764,590 $66,559,197
d Cost of goods sold.... 62,024,792
89,300,479
73,311,410
63,185,312
Net operating profit..
Total income
$4,283,141
pref. dividends 1,496,551
pref. dividends.
464,772
Common
dividends....
1,547,550
Class
$2,646,824
$3,205,178
1,077,963
Other income
A
Class B
$3,373,885
1,887,505
$5,453,180
1,779,351
2,240,127
$4,886,951
1,496,551
464,772
1,547,550
$7,232,531
14,61,551
"464,772
3,095.100
$5,261,390
1,461,551
464,772
cl",855,508
$1,378,078
a3,095,100
$0.95
$2,211,108
a3,095,100
$1.71
$1,479,559
b309,510
$10.77
H
*
Surplus
$774,268.
Shs. com. stk. outst'g..
3,098,310
Earns, per share...i-___ *
$0.75
-
,
d.110 19o0
series O
(e)
series
,
,
(
first mortgage 4K% gold
Interest due Feb. 1, 1935, on the
D, due 1956.—V. 148, p. 739. -
New York Ontario & Western
bonds,
Ry,—Hearing April 18—
assigned for public hearing
reorganization proceeding on April 18 beofre Examiner
R. H. Jewell.
This is the first hearing to be held on this carrier's plan of
reorganization filed in this case.—V. 148, p. 590,
The Interestate Commerce Commission has
the
company's
'
Par,$10.
b Par $100.
c Exclusive of 14% stock dividend amounting
$3,059,544.
d Includes administrative, selling and other expenses and
a
to
'
taxes.
Consolidated Balance Sheet Dec. 31
«
.
„
Company and domestic subsidiaries in which it
owns
all of the capital stock
'
1938
-.
S
Assets—
1937
..1938
1937
$
$
$
'
Cash
5,636,788
U. S. Govt. sees.
1,170,446
1,147,888
Liabilities—
6,900,066
Tax
608,013
608,013
Fire ins. reserve
1,536,353
Domestic
1,416,953
Accts. and notes
reserve
receiv. (net)..
Notes
rec.
6,351,999
6,477,285
from
emolpyees...
Inventories
116,193
4,797,284
426,664
Pension reserve.
426.664
2,667,220
...
3,796,880
Foreign exhenage
22,085.738
166,543
166,543
24,367,600
,stock 10,327,700
24,367,600
10,327,700
Common stock 30,983,100
30,983,100
26.234,559
Cl. B pref
Domestic....
5,524,719
5.064,469
y
Foreign... J.
8,667,239
8,838,821
Surplus.
6,950,230
6,950,230
_
York Chicago & St. Louis RR.—Listing—
has authorized the listing of $12,826,500
the deposit agreement or otherwise extended, and $2,138,500 had been sur¬
rendered to the company upon settlements of lawsuits (involving a corre¬
sponding outlay of cash by the company, plus interest and certain costs).
Thereafter to and including Jan. 28, 1939, $1,500 was extended and $5,000
surrendered to the company upon similar settlements, leaving $179,000
issued and outstanding or issuable.
The company has sufficient funds to settle all suits which may be brought
upon the remaining notes of this issue.
It also has available sufficient funds
to pay all interest which will become payable on its obligations,
and all
principal of its equipment trust obligations which will mature on or before
April 1, 1939, and expects to pay the same when due.
It now appears that
was
25,340,891
& misc. res've
Cl. A pref. stock
167,345
184,053
20,421,395
Sees, of aflil. cos.:
x
1,981,422
Employers' liab.
-
Foreign..
2,629,502
2,135,535'
116,193
4,797,284
reserve
Div. payable
Oth. mkt. secure.:
3,680,366
New
The New York Stock Exchange
3-year 6% notes due Oct. 1, 1941, on official notice of issuance.
On July 23, 1938. $14,970,000 notes due Oct. 1, 1938 were outstanding
or issuable.
As of Dec. 31, 1938, $12,646,000 had been deposited under
reorganization of the company under the provisions of Section 77
Bankruptcy Act, because of inability to meet its 3-year 6 % notes due
1938, will not be necessary.
Income
Nat. Lead Co.
capital stock.
Misc.
Operating Income—•.
Freight....
invest-:
362,265
352,606
Passenger
127,714
124,453
Mail and express
46,859,153
Deferred charges
326,248
45,850,927
Domestic
Foreign..
Plant
Total
105,984,6451
Total
104,851,900 105,984,645
29,883 shs. of pref. A, 25,815 shs. pref. B and 3,210 com. shs.
$10.—V. 147, p. 1042.
Calendar Years—
Costs & expenses
Depreciation
Profit from oper
Other income
1938
$1,784,947
1,894,273
134,434
loss$243,760
73,137
Calendar
Years
rev...$36,381,232 $41,612,266 $41,712,951
Operating Expenses—
x
New York Air Brake Co.-
Account for
1938
1937
1936
$34,229,564 $39,209,271 $39,332,694
1_.
879,774 „
963,007
969,176
447,289
466,670
482,889
824, o04
973,318
928,192
Total ry. oper.
125,137
...104.851,900
Net sales
:
_.
Miscellaneous....-
prop'ty &
equip, (net)..
y
Par
-Earnings1937
$6(494,916
5,315,750
121,483
1936
$4,074,061
3,176,957
109,310
1935
$1,947,048
2,038,634
116,041
3,682,275
5,720,042
1,428,951
Transportation expenses 13,713,714
32,804
Miscell. operations
1,454,725
General expenses
Maint. of way <x struc..
Maint. of
Traffic
equipment—
expenses
Transp. for invest.—Cr_
Total ry. oper.
Net
rev. mom ry.
6,653
4,579,338
6,474,184
1,424,229
14,397,012
4,119,980
5,930,637
1,382,599
13,598,522
10,076
1,517,745
7,102
21,201
1,596,395
12,161
Net profit
loss$170,623
Federal surtax
$1,057,683
143,059
$787,794 loss$207,628
116,611
105,960
$1,200,742
184,196
80,789
$904,405 loss$101,668
131,803
9,045
$763,557 def$101,668
647,800
Balance, surplus
-.def$235,403
Previous surplus
1,378,435
Add'1 taxes prior years..
14,566
$417,517
960,917
$115,757 def$ 101,668
845,160
946,827
$1,128,465
$1,378,435
def$170,623
64,780
Surplus, Dec. 31
773,959
$34,243,513
3,557,669
4,999,433
1,274,760
11,797,651
19,038
1,475,838
17,204
exps..$26,025,859 $28,395,482 $26,637,173 $23,107,185
10,355,373
13,216,784
15,075,778 11,136,328
2,263,117
2,364,229
2,599,763
1,334,324
oper..
Uncollectible ry. rev—
8.063
—,—
$8,092,256 $10,852,555 $12,476,015
Equip, rents (net deb.)_
2,682,724
2,742,486
2,852,916
Jt. facil. rents (net deb.)
451,400
449,505
485,376
$9,793,941
$9,137,723
5,818,516
$6,759,546
1,890,945
$6,205,668 $10,096,583 $14,956,239
7,265,162
7,441,022
7,575,757
$8,650,941
7,534,562
$1,115,929
99,000
......
$935,757
518,240
Net income
Dividends
$32,221,852
,§92'oo£
Railway tax accruals
Railway oper. income.
Federal income tax
of the
Oct. 1,
„
Net ry. oper. income.
Total non-oper. income.
Gross income...
Total deductions
$845,160
Balance,
$7,660,564
2,436,019
—def$1,059,504
sink, fund
98,449
$2,655,561
$7,380,482
98,562
— —
surplus_.:def$l,157,953
$2,556,999
Net income
Inc. applied to
$960,917
$5,058,132
1,147,526
$7,380,482
2,574,692
459,703
$1,016,929
Financial
1036
General
Balance
Sheet
Dec.
1939
IS.
applicable features of this plan, but if
only alternative will be to act upon the pending abandonment
Boston & Providence can reject the
31
it does, our
1936
$
1937
$
1938
S
Feb.
Chronicle
equipment—240,454,783 241,112,348 237,669,786
Improvements on leased ry, property
73,886
73,388
73,172
Deposits in lieu ofmtgd. prop. sold..
-57,471
,.59,684
MisceU. physical property
1,730,659
1,694,354
1,365,076
Investments in affiliated companies..
8,768,508
9,065,171
9,269,277
Other investments
29,118,695
29,113,091
29,104,428
Cash in treasury
I 2,909,595 16,184,097
7,211,591
Cash in transit
j
X 245,757
345,420
Cash deposit to pay interest & divs.,
and miscellaneous deposits
514,486
386,469
671,065
Investment in road and
,
^gSW
urgent request that you give the subject matter thorough and
the hope that the petition may be in readiness for filing
prompt study in
return, if,
upon my
indeed, not already filed."
—V. 148, P. 886.
York
New
Susquehanna
&
RR.—Hearing
Western
-
„
4,738
568,031
Loans and bills receivable
Traffic &
car
supplies
499,502
503,154
793,348
1,677,243
1,848,383
1,016,800
1,443,106
116,533
5,651
703,334
223,277
5,893
650,200
139,694
5,215
679,002
4,141
1,527,591
4,539
1,789,451
8,307
1,457,987
669,260
...
Interest and dividends receivable
"
Other current assets
Deferred
9,043
„
742,257
service bals. receivable.
Net bal. receiv. from agents & cond'rs
Mlscell. accotmts receivable
±
Material and
.6.760
assets
Rents & ins. prems. paid in advance.
Other unadjusted debits
706,115
768,225
289,646,862 294.258,866 292,033,354
Total
*3,742,734
33,742,734
33,742,7*4
6% cumulative pref. stock, series A_. 36,054,676
36,054,026
36,054,026
Stock liability for conversions
32,800
33,800
33,800
Prem.on6% cum. pref. stock,ser. A.
200,724
200,724
200,724
Governmentalgrants inaid of constr'n
869,235
819,890
786,835
Funded debt...'
156,343,000 160,192,000 159,768,849
Non-negotiable debt to affil. cos
500
Loans and bills payable
575,052
Traffic & car service balances pay
1,934,405
1,705,193
2,184,575
Audited accounts and wages payable.
1,429,550
1,709,825
1,510,964
Common stock.
Miscellaneous accounts
178,915
Interest matured unpaid
Dividends matured unpaid.....
Funded debt matured unpaid
;.
Unmatured interest accrued
Other current liabilities.^..
Deferred
180,969
536,746
398,418
13,423
a225,250
2,006,879
116,512
53,922
23,987,883
283,076
13,423
7,750
2,062,365
112,813
50,687
23,759,261
259,712
1,281,601
31,789,027
229,189
18,911
6,000
2,090,409
119,563
48,270
22,747,763
259,534
1,183,038
29,935,872
payable
...
liabilities
Unadjusted credits
Add'ns to prop, through inc. & surplus
261,646
Fund. dt. retired through inc. & surp.
1,380,050
Profit and loss
30,416,840
total
......289,646,862 294,258.866 292,033,354
a
Includes $179,500 principal amount of 3-year 6% notes due Oct. 1,
1938;$750 principal amount of 3-year 6% notes due Oct. 1, 1935,and $7,000
principal amount of 3-year 6% notes, due Oct. 1, 1932.—V. 148, p. 590.
New York Central
Period End. Dec. 31—
Railway
Railway
oper.
RR.—Earnings—
March 7—
Commerce Commission has called a public hearing for
March 7 to take evidence regarding a method for the segregation and alloca¬
tion of earnings and expenses by mortgaged lines of the road.
Such a
hearing had been requested oy several interested parties.
The hearing will
be conducted by Examiner C. A. Bernhard.—V. 148, p. 739.
The Interstate
Co.—Larger Dividend—
New York Transit
share on the capi¬
$5, payable April 15 to holders of record March 24. This
compares with 10 cents paid on Oct . 15, last; 15 cents paid on April 15,1938;
60 cents paid on Dec. 28, 1937; 25 cents paid on Oct. 15, 1937, and a divi¬
dend of 15 cents paid on April 15, 1937, and each six months previously.
In addition an extra dividend of five cents was paid on Oct. 15, 1936.—
V. 148, P. 886.
The directors have declared a dividend of 15 cents per
tal stock, par
Newmont Mining
Corp .-To Pay 50-Cent Dividend—
dividend of 50 cents per share on the capital
payable March 15 to holders of record March 1. Dividend of $1.50
was paid on Dec. 15, last; dividends of 50 cents were paid in each of the three
preceding quarters and four quarterly dividends of 75 cents per share each,plus a year-end dividend of l-10th of a share of Phelps Dodge Corp. common
stock for each share of Newmont*s stock were paid during 1937.—V. 147,
p. 3166.
Directors have declared a
stock
Northern Pipe Line Co.—Earnings—
1938
Year End. Dec. 31—
1935
1936
1937
$240,374
126.624
$183,032
120,932
37,558
14,704
$269,472
132,382
37,300
25,728
$240,068
$9,837
$74,062
$61,116
$60,052
19,504
19,266
18,669
67
25
194
17.684
1,160
$29,274
42,000
$93,303
Dividends
78,000
$79,591
60,000
$76,575
60,000
Balance
def$12,726
$15,303
$19,591
$16,575
$0.24
$0.77
$0.66
Operating revenue.
Operating expenses
Depreciation
Local, State & Fed. tax.
from
Net income
121,233
37,083
20,636
36,946
16,751
nor¬
mal operations
Non-oper. rev., incl. inc.
from investments
Miscell. income charges.
Net income for year.
_
Earns, per sh. on 120,000
shares capital stock—
$0.64
Balance Sheet Dec. 31
1938—Month—1937
1938—12 Mo*.—1937
revenues.$29,102,130 $27,307,908 $298681,195 $366,226,126
expenses. 22,250,256
24,276,458 237,502,383 284,000,439
1937
1938
Assels—
Capital stock
1937
1938
Liabilities—
•
1,1
*
Net
operations.
Railway tax accruals...
Eqpt. & joint facil. rents
Netry.
oper.
Other income
income.
Total income.w
MisceU. deducts, fr. inc.
Total fixed charges.....
Net
■
'fl
"
1
'
/
•
11
$1,200,000 $1,200,000
2.416
2,416
1,196
1,358
inc.
after
......
$809,850
$843,184
408,200
418,200
Wages payable—
143,823
129,248
Accounts payable.
31,062
3,861
7,338
26,514
3,934
Work'g fund advs.
6,795
Cap. stk. red. acct.
186,000
186,000
Other def'd credits
15
18
8,148
8,611
Carrier ins. res...
186,232
186,232
Surplus
201,888
214,792
x
Plant
Other
Cash
$6,851,874
2,878,704
1,169,349
$2,803,821 '
1,938,823
$4,742,644
165,774
4,317,787
$3,031,450 $61,178,812 $82,225,687
3,019,297
32,723,605
32,160,527
989,131
12,872,731
14,036,893
x$976,978 $15,582,476 $36,028,267
4,443,089
15,173,666
24,317,396
$3,466,111 $30,756,142 $60,345,663
217,985
1,679,735
1,795,987
3,798,892
49,230,764
52,197,064
Accts. receivable..
Interest receivable
'
Mat'ls &
x$550,766 x$20154,357
$0.04
Nil
Nil
$0.99
Northwestern Bell
Boston & Providence—
Judge Carroll C. Hincks of the U. 8. District Court for the District of
Connecticut has urged the trustees of the road to ask the Interstate Com¬
_
Commission for authority to abandon the entire
system and possibly the Boston & Providence as well.
merce
Old Colony
RR.
A
copy of a iqtter from Judge Hincks to the trustees, dated Feb. 9,
placed in the ICC docket by Commissioner Charles D. Mahaffie, to
whom a copy was sent.
It was in this letter that the jurist urged the whole¬
sale abandonment project, which, as he said in his
letter, might "shock"
public opinion in New England.
The "committee of experts" referred to in the letter w&s named as a fact¬
finding body to see what could be done about hastening the New Haven's
reorganization proceedings.
The letter follows:
:
was
■
Miscellaneous
application covering
as an alternative to any segmentary
which you recommend the entire Old
Colony system.
abandonments
this suggestion in order that the entire Old Colony problem
Total.....
be
an
especially necessary.
"If, however, in your judgment,
much
of
a
blanket, application would
Colony
problem whatsoever that solution may require by way of abandonments.
"With respect to the Boston & Providence, I suggest that
you also apply
for any segmentary abandonments which in
your judgment the studies shall
indicate as advisiable.
Whether here, too, you should add as an alternative
the abandonment of the entire Boston &
Providence, I am more doubtful.
On the whole, I incline to the view that
you should do so, assuming, of
course, that the studies indicate that Boston & Providence still is not
earning its operating expenses.
"Without the blanket application I foresee developments somewhat as
follows: In the fullness of time a plan will emerge which, in the
judgment of
the ICO, embodies fair treatment to the Boston & Providence if it
elects to
be legally rejected by
long period of continued
operation by the New Haven, during which New Haven income belonging
to New Haven security holders would be diverted to meet Boston & Provi¬
dence operating deficits (to be sure, such advances may be secured
by lien,
but the accumulation of liens during a long period of interim
operation
only increases the difficulty of finding a workable plan), and after a long
interval of time we will be back at the starting point,
further, if anything,
from the solution.
"If,
$30,141,782
Traffic
a
r An
nnn
4,881,167
5,286,958
2.668,761
536,151
a4,660,945
5,343,429
2,738,371
532,950
a4,910,412
4,938,818
2,611,219
493,346
6,100,775
5,232,375
4,642,840
2,499,568
480,269
461,058
1,264,259
479,764
1,253,457
453,487
1486,31$
406,077
1,112407
368,979
357,535
370,862
368,103
231,784
202,592
186,231
188.070
535,675
402,120
530,980
337,774
503,899
365,365
471,916
313,886
196,832
4,466,688
215,992
4,420,339
134,109
3,526.396
114,445
2,893,460
$6,329,074
793,370
$6,362,222
689,540
$6,6003
$7,122,445
$7,051,762
1,038,861
$6,954,906
401,569
$5,621,907
5,000,000
$6,012,902
90,975
6,000,000
$6,553,337
312,052
5,900,000
$5,283,398'312,0.52
3,800,000
$920,004
def$78,073
$341,285
expense—
expenses
Commercial expenses
Operating rents
Gen'l & miscell. expenses:
Exec. & legal depts
Acctg. & treas. depts.
Prov.
for
employee's
service pensions
Employees' sickness &
accident disability
death & oth.benefits
,
Services received under
license contracts.
Other gen'l expenses__
__
Expenses charged
con¬
struction—Cr
Taxes
Net oper. income
Net non-oper, income
Income
fixed
available
:
1,202,441
Net inc. avail. for dlvs. $5,920,004
Divs.on pf.stk,(6K %)._
on com.
$5,546,779
75,129"
for
charges
Interest...;
Divs.
354j
-
1. ;
stock
Inc. bal.car'd to surp.
338,509
$1,171,346
Accruals for 1937 were reduced by an adjustment of $274,360 relating
depreciation expense for the year 1936 and accruals for 1936 were reduced
by an adjustment of $393,429 relating to depreciation expense for the years
1934 and 1935 in respect of property in the State of Nebraska. This adjust¬
ment resulted from a substitution of depreciation rates prescribed by the
Nebraska State Ry. Commission for rates which had been used by the
a
cause too
shock to Massachusetts opinion, I suggest not that you omit
it, but rather that in your application you explain that it is intended to
perfect the jurisdiction of the ICC over the entire subject matter, so that
the commission may be in a position for the best solution of the Old
a
remain in the New Haven system; that the plan
may
the Boston & Providence; then would follow a
$33,995,067 $33,696,418 $32,266,963 $30,271,186
112,119
102,062
123,006
129,404
^
Depreciation
may
at the time hearings on the plan are held.
imperative necessity from the standpoint of
expenditious reorganization.
I fully realize that a blanket application to "
abandon the entire Old
Colony system will doubtless encounter opposition,
probably public as well as private, in Massachusetts.
"However, the pendency of the blanket application will serve to emphasize
the gravity of the Old Colony situation and perhaps tend to induce more
sympathetic consideration for any segmentary abandonments which seem >
to
1935
1936
Total oper. revenues..$33,882,948 $33,594,356 $32,143,956
a
con noc
a
101
noo
Current maintenance
6,131,023
6,589,986
6,647,101
officially before the commission
me
1937
t
Uncoil, oper. revenues..
•
of experts.
I wish, however, to leave with you this suggestion:
"I suggest that you promptly analyze the studies for advisable abandon¬
ments, especially on the„01d Colony and Boston & Providence, and that at
the earliest practicable date you
incorporate your recommendations in an
application to the ICC.,
If the studies, like the earlier studies, indicate
that Old Colony operations as a whole are still
being conducted at a loss,
I suggest that you incorporate into
your application for abandonment an
Telephone Co.—Earnings—
$23,366,725 $22,841,065 $21,768,811 $20,688,68o
8,806,805
9,118,582
8,897,601
8,006,857
revenues.
1,821,536
1,736,771
1,600,551
1,575,643
Local service revenues
Toll service revenues
"I much regret that my long-planned trip to the Coast begins on Feb. 15.
which will about coincide with completion of the studies
by the committee
to
1938 and $2,-
Co.—Weekly Output—
1938
Calendar Years—
Judge Hincks Advises Dropping of Old Colony System and
seems
...$1,598,281 $1,622,487
Total..
ended
RR.—Reorganization
The Interstate Commerce Commission has postponed to March 27 from
Feb. 27 a hearing on reorganization of the road.
This
539
3.6% compared with the corresponding week last year.—V. 148, p. 887.
Deficit.—V. 148, p. 886.
Hearing Postponed to March 27—
be
697
16,597
Electric output of the Northern States Power Co. system for the week
Feb, 11, 1939, totaled 26,319,496 kilowatt-hours, an increase of
$6,352,612
"
388
5,868
116
unpaid
Accrued taxes
$1,598,281 $1,622,487
Total
Northern States Power
$259,083
New York New Haven & Hartford
t
supplies.
Divs.mat'd
.....
x After
deducting accrued depreciation of $2,108,751 in
071,997 in 1937.—V. 148, p. 286.
fixed
charges
Net inc. per sh. of stk...
x
•/1
from railway
rev.
investments
Carrier Ins. fund..
oper.
to
company.
Balance Sheet Dec. 31
§
Telephone plantl40,125,819
Miscell. physical
property
Investm'tinsub.
cos
66,774
Cash & spec, dep
599,586
105,529
.
■
Common
Accts. receivable
2,986,547
Material & suppl
Deferred debits.
1,566,319
%
stock. 100,000,000
1937
^
100,000,000
Adv. from Amer.
Tel. & Tel. Co
574,364
32,621,920
96,481
564,568
109,449
2,850,292
1,662,687
550,077
19,040.000
18,940,000
Notes sold...
6,158,926
6,326,626
Customers'
dep.
& advance bill¬
ing & paym'ts
991,031
943,046
2,014.087
2,308,543
Accts. payable &
current liabils.
Accrued
liabili¬
3,762,504
3,568,143
103,133
Deprec'n reserve 43,030,793
423,714
139,329
41,554,902
900,000
2,837,916
2,050.601
ties not due..
credits
Deferred
Surplus reserved
Unapprop. surp.
^
the other hand, a blanket application for abandonment is properly
before the ICC when the ICC reports a plan containing
proper provision
for the Boston & Providence, the ICC will in effect be
saying: 'Doubtless
7 4
nTidl'f td /"t
«S>
137,701,351
a
32,660,803
Other investm'ts
Working funds
303,298
1938
1937
1938
j\.sscts
900.000
on
Total...
a
17^38,392 176,731,193
To trustee of pension
Total
fund.—V. 148, p. 741.
-.178,838,392 176.731.193
Volume
148
Financial
Norwich Pharmacal Co.—Files
Chronicle
Registration Statement—
We Deal in
Company on Feb. 16 filed with the Securities and Exchange Com¬
a
registration statement covering a proposed public offering of
80,000 shares of capital stock to be made by F. Eberstadt & Co., New
York City.
The shares are being sold for the account of certain stock¬
City of Philadelphia Bonds
Pennsylvania RR. Serial Secured 4s, 1950-1964
Lockhart Power 1st 4j^s, 1955
mission
General Plastics
Company Common Stock
Philadelphia Electric Co. Common Stock
holders of the company and the offering will
According to the registration statement,
the leading manufacturers in the
country
has outstanding 800,000 shares of
capital
not represent new financing.
the company, which is one of
of pharmaceutical specialties,
stock, all of one class.
The
current dividend rate is $1
per share annually.
It reports consolidated
net profits for 1938 of $713,728, and at Dec.
31, 1938, it had consolidated
current assets of $2,662,209
compared with consolidated current liabilities
of $383,354.—V. 148, p. 887.
Oklahoma Gas & Electric
Members New York Stock Exchange
$13,271,815 $13,152,153
5,705,877
5,824,879
^amortization of debt discount and
2,344,748
2,580,425
expenses,
Distillery, Inc., Wakefield, Mass.
—Receiver—
August C. Doering of Jamaica Plain has been appointed receiver.
Corpo¬
an involuntary petition in bankruptcy in Federal Court Feb. 1.
ration filed
Oliver Farm Equipment Co.-—Borrows
$3,000,000—
The company during January borrowed $3,000,000 in cash from five un¬
named banks, according to a report to the Securities and Exchange Com¬
mission.
The company issued five promissory notes, of varying denom¬
inations, to the banks in return for the cash.
The notes will mature $60Q,000 annually from Jan. 10, 1940, to Jan. 10,
1944, and will bear interest ranging from 1^% to 3H%.
The proceeds
of the issue
was added to the cash account and will be used from time to
time for current needs, principally for seasonable increases in inventories
and receivables.—V. 147, p. 2873.
a
part.
Now that this plan has been voted there is no
possibility that the valuable
holdings in the du Pont Film Manufacturing Corp. can ever be dissipated
in the operations of the
jlaboratory, consequently your stock holdings
should enjoy a very much greater stability than at
any time in the past,
both as to market price and as to earnings.
We have now accomplished a substantial
part of the benefits of the plan
of dissolution which failed of the
required 80% vote last December.
If
the new Federal Revenue Act of 1939 carries the same or similar
provisions
to the Act of 1938, exempting the dissolution of a
company from taxation
when certain conditions are met, it is
probable that a plan for distribution
of the du Pont Film Manufacturing Corp. stock to stockholders will be
submitted to you some time during the year. It is hoped that the du Pont
Film stock can be split-up into smaller units so that the
physical problems
ofjits distribution will be simplified.
It is desirable that the Film stock be
held directly by the Pathe stockholders, rather than
through a holding
company, because of the duplication of unnecessary taxes which is involve
when dividends pass through a company rather than direct to the stock¬
holder. There is also a certain amount of non-productive expense associated
with a holding company which can be saved
through direct ownership by
the stockholder.
Orogrande-Frisco Mines, Inc.—Enjoined—
Securities
and
Exchange Commission reported Feb.
14 that the
National Co. of Idaho and J. R. Moore, President of Orogrande-Frisco
Mines, Inc., an Idaho mining corporation, had consented to the entry of a
permanent injunction restraining them from violation of the Securities
Act of 1933 in the sale of Orogrande-Frisco stock.
The decree was signed
by Judge Edward E. Cushman of the U. S. District Court for the Western
District of
Washington.
The stock of Orogrande-Frisco Gold Mines, Inc., is registered with the
Commission under the Securities Act of 1933, and the Commission alleged
in its complaint that the defendants in selling the stock were using pros¬
pectuses which did not comply with the statute.—V. 144, p. 1610.
.
Otter
Tail
Power
both, depending upon the judgment of directors with respect to the general
position of the Film company and the dividends received therefrom, the
position of the company with respect to its indebtedness, &c.
The segregation of the company's nonprofitable assets will now make it
possible to refund the 7% preferred stock at a substantial saving in interest
requirements should the distribution of the Film stock for any reason be
delayed. A clear statement of the company's future policy cannot be made
until the 1939 Federal Revenue Act is written.—Y. 148, p. 592.
Pacific Finance Corp. of
Co.—-Ay-plies bo FPC for $1,200,000
The company has applied to the Federal Power Commission for auth¬
ority to issue $1,200,000 of ponds, dated March 1, 1939, maturing March 1
and Sept. 1 of each year.
The net amount to be realized
by the company is estimated at $1,110,231
and the application states the proceeds are to be used to pay the redemption
price of $600,000 5-year 3% secured notes due July 1, 1941; to pay for ah
addition to the company's power plant at Wahpeton, N. D., and to install
additional generating equipment estimated at $452,371 and for working
capital.
The application states that the offering price to the public has
not yet been determined,
but contempaltes it will be from 97 to 99.—
V. 141, p. 1281.
•
In the event that the du Pont Film Corp. stock should not be distributed
for any reason, or until it is distributed, the
company will be in a position
to consider the distribution of dividends in
laboratory stock or in cash or
'
•
1938
1937,
1936
1935
royalties &c
operating revenues...'$75,106,756 $91,581,003 $78,714,828 $57,901,780
Cost of sales, &c«.
59,655,604
72,290,682
60,409.064
44,335,751
1937
1936
1935
$3,731,522
$4,704,855
$4,441,081
$3,639,401
2,681,397
3,124,205
2,610,667
'
2,040,483
$1,050,125
$1,580,650
1,425,321
$1,830,414
1,390,128
$1,598,977
462,236
$2,717,039
x252,501
359,264
515,447
$3,005,971
$3,220,542
$2,061,213
309,406
969,651
286,874
1,508,346
286,225
387,860
$1,589,828 '
$1,066,914
$1,425,321
$1,390,128
1938
Int. & disct. & oth. inc.,
incl. earns, of subs...
.
Exps. & chgs., incl. int.,
tax and provision for
Net income
Surplus Jan. 1
1,666,914
Gross surplus
Surplus charge--.
on
Divs.
on common
preferred stockstock.
,
-
-
credit losses...
Divs.
(8c Subs.)—Earnings—
Calif. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
Issue—
Owens-Illinois Glass Co.
Philadelphia
This lack of confidence is well illustrated by the
fact that the stock of the company sold as low as 3
within the past year
when the du Pont Film
holdings alone were worth many times this figure.
We have the unusual situation of the whole
selling for very much less than
the value of
&c._
V. 148, p. 446.
The
New York Tel.: Whitehall 4-4900
1528 Walnut Street
laboratory operations.
1937
1938
Net oper. rev. and other inc. before appropriations
for retirement reserves and after taxes
Net income after deductions for interest charges,
Rum
YARNALL & CO.
A.T.&T.Teletype: Phla. 22
Co.—Earnings—
12 Months Ended Dec. 31—
Gross operating revenues
Old Medford
1037
Calendar Years—
gales
.
Mfg. profit and net
operating revenues_$l5,451,151 $19,290,321 $18,305,763 $13,566,028
Sell., gen. & adm. exps.
6,874,536
7,613,153
6,341,781
4,791,722
Int. on debs. & bk. loan
540,264
234,271
Prov. for manag't bonus
342,191
526,958
348,910
.
Disct.
sales and prov.
on
»
for bad debts
Sundry
•
832,912
146,301
& losses
expenses
Profit
957,272
129,954
703,539
151,155
639,067
47,770
$7,057,138 $10,013,480 $10,582,328 $ 7,738,559
357,073
865,853
834,075
1,141,621
Other income...
Cash proceeds rec. from
sale of patent rights
and
Earned surp., Dec. .31
x Reinstatement
as of
Dec. 31, 1937, of insurance commissions, pre¬
viously credited to income.
Note—Prior to 1938 commissions on insurance coverage procured by the
in connection with automobile instalmept loans were credited
directly to income, whereas beginning Jan. 1, 1938, such commissions are
being taken into income over the lives of the respective loans in the same
manner as are financing charges, and in order that the income in respect of
all loans might be on a comparable basis, the amount of $252,500 was
charged to earned surplus (the corresponding credit therefor being made to
"Unearned Income") representing the unearned portion of insurance com¬
missions relating to automobile instalment loans outstanding at Dec. 31,
1937.
Had these changes in accounting not been made the net income
for the year ended Dec. 31, 1938, would have been $58,928 less than that
shown above, or $991,196.
company
Consolidated Balance Sheet Dec. 31
licenses
303,219
1,057,500
1,055,972
580,000
1938
Assets—
Total
before
income
Federal taxes.
Prov. for Federal taxes.
Net income for year..
Dividends paid
Cash
$7,717,431 $12,211,074 $12,505,681
2,333,626 a2,859,447
a2,406,550
$9,152,635
1,269,138
$9,351,627 $10,099,131
8,648,913
7,771,161
$7,883,496
4,800,000
$5,383,805
3,991,806
....
Loans and
1938
70,963
2,661,204
$2.02
Earnings per share
$702,714
d2,661,204
$3.51
earnings,
Dec.
b Number of shares
c Outstanding
31,
1935.
Dec. 31.1937.
78,181
600,000
600,000
3,624
14,630
Divs. payable
Repossessed auto¬
mobiles (est. re¬
$213,236 in 1936 tax on undistributed
outstanding throughout the year until
at
Dec. 31, 1936.
d Outstanding at
Consolidated
1938
$
6,276,525
4,174,954
Accts. pay.
...
Time deposits
with
1,000,000
611,807
513,680
Accrued
6,194,884
7,307,726
Inventories.
14,685,998 19,075,261
Inv. & other assets 5,624,321
2,533,524
Accrued
Marketable securi¬
process
48,419,571 50,125,273
rights,
at cost,
amortizat'n
1,035,546
Patents & goodwill
1
less
Total.L
504,649
650,985
218,750
273,679-
258,006
bonus
Fst. Federal taxes-
Long-term debt.
342,191
■
.
1,723,939
14,259,500
_
2,289,190
15,335,833
& contingencies-
1,404,733
1,039,222
180,000
1,3.^2,560
1,308,620
3,500,000
4,309,560
1,822,685
1,666,914
887.
29,804,599 43,797,525
Total...
.
x 1938
1937
:_$10,914,206 $11,104,635
Years Ended. Dec. 31—
Se'SK^r.8!8:::::::::::::::::::::::::::
"ialilfs
724,868
.
813,040
...v-310,146
I
785,514
Provision for retirements
—
263,423
764,518
460,000
Other taxes.-
—
Operating income
Total
85,057,974 87,562,250
After reserve for doubtful accounts, claims and allowances of
$3,758,716
—
Interest
Balance of income..
177,919
54,144
030,700
$1,817,963
charged to construction
1,816,342
185,142
69,141
033,069
-
$3,703,486
1,813,799
debt—1st mtge. bonds
of debt discount and expense
55,856
$3,852,975
-
-
Interest on long-term
Other interest
:
Amortization
$3,647,630
94,259.
Other income (net)
Gross income.
$993,585
in 1938 and $870,852 in 1937.
y After reserve for depreciation and ob¬
solescence of $28,934,508 In 1938 and $27,605,527 In 1937.
z Par value
$12.50.—V. 148, p. 591; V. 147, p. 3023.
x
—V. 148, p.
Federal income taxes-
924,000
85.057,974 87,562,250
Earned surplus...
29,804,599 43,797,525
Total
Total operating revenues
manage¬
z
Capital stock.—33,265,050 33,265,050
1,498,115 Paid-in surplus.-.10,698,150 10,698,150
1 Earned surplus
20,499,153 19,107,154
919,036
-
cu
cumul.
Pennsylvania Electric Co. (& Subs.)—Earnings—
property
Deferred income..
409,714
390,284
patent
Deferred charges.
170,435
622,292
204,167
Reserve for repairs
in
of amort.
&
ment
series
Paid-in surplus
$
and sales taxes.-
receivable
Licenses
Ser. A-r-8% cum
Ser.C—6^%
Com. stk.($10 par)
3,393,068
Accrd.lnt.on debs.
ties at cost.
Notes and accts.
Property
mach'y
2
130,882
1937
$
1,336,420
1,299,890
2,194,191.
credit
Accrued wages
1,000,000
Leased
2
106,205
5%
1,756,876
(trade)
Customers'
balances...,
banks & ins. cos.
res..
(par $100)
1938
Liabilities—
$
hand
equipment.
session loss
Reserves
Pref. stk.($10 par):
Furniture, fixtures
and
2,609,553
in loans & repos¬
investments
Deferred eharges..
1,688,919
2,412,063
Customers'equities
Balance Sheet Dec. 31
1937
Cash in banks and
on
Other
61,378
331,467
3,202,800
4,290.000
1,954,693
1,589,828
stock taxes
ad vs. to wholly-
owned subs
68,591
309,935
Fed. inc. & capital
alizable value)..
•
Assets—
y
$3,083,496
bl,200,000
•
$6.57
Includes $100,057 in 1937 and
a
x
$2,327,970
cl ,330,602
$7.59
unse¬
11,125,000 24,080,000
Accounts payable.
536,461
560,596
68,413
28,020
pay.,
cured
Investment in and
$1,391,999
Surplus
Common shares outst'd'g
$
Liabilities—
Notes
5,875,342
discts..24,973,657 37,030,073
Accts. receivable..
1937
$
1937
$
$
4,022,127
.»
$1,685,779
Preliminary, subject to annual audit and such sundry book adjust¬
ments, if any, as may be necessary incident to closing for iscal year ended
Dec. 31, 1938.—V. 147, p. 3024.
x
Pathe Film
Corp.—Plan Approved—
Approximately 70% of the outstanding stock has been voted in favor
segregation of the company's laboratory and other miscellaneous
assets from its investment holdings of the DuPont Film Manufacturing
Corp. stock.
O. Henry Briggs, President, in a notice to stockholders states:
The management and some of its principal stockholders have never lacked
faith in the ultimate success of the laboratory and other miscellaneous
operations.
We hope that Pathe stockholders who may receive the labor¬
atory stock when it is distributed will continue to hold it and participate
with us in the success of the laboratory company if, as, and when success
of the
comes.
Certain
large
stockholders
and
apparently
the
general
sentiment in
company's
Wall Street has not looked optimistically upon the future of the
Pennsylvania Salt Mfg. Co.—To Pay $1 Dividend—
The directors have declared a
dividend of $1 per share on the common
stock, par $50, payable March 16 to holders of record Feb. 28. A
of $1.25 was paid on Dec. 15, last; dividends of $1 were paid on
and on June 15, last; $1.25 paid on March 15, 1938; $3 paid on
1937; $2 paid on Sept. 15,1937; $2.50 paid on June 15,1937,
of $1.25 paid on March 15, 1937.—V. 148, p. 743.
and a
dividend
Sept. 15
Dec. 15,
dividend
Peoples Drug Stores, Inc.—25-Cent Dividend—
Directors have declared a dividend of
stock, payable April
25 cents per share on the common
March 8. A finai dividend of
1 to holders of record
Financial
1038
declared an interim dividend of 15 cents per share on the
stock, payable March 25 to holders of record March 10.
Like
paid on Aug. 5 and on April 11, last.—V. 147, p. 278.
Directors have
common
amounts were
called for March 10, 1939. to take
action upon resolutions of the board of directors in respect go the dissolu¬
tion of the corporation and, in connection with its liquidation, in respect to
the settlement of all liability of the corporation, it was announced on Feb. 10.
The meeting will be held in the Delaware Trust Building at Wilmington.
D©l3»"W£t F0
15, 1939
thereof,
books of the corporation will be closed from Feb.
conclusion of the meeting and any adjournments
according to the announcement.
City Bank Farmers Trust Co.,
22 William Street, New York, is transfer
corporation.—V. 147, p. 2699.
agent for the
Peoples Gas Light & Coke
Income Account,
Deferred charges and
Co.—Annual Report—
Total operating revenues
bl937
$37,976,207 $36,742,538
i2,451,281 13,053,384
— ..
1,384,422
1,272,362
—
purchased..:
produced.
Operation.. . .
Gas
-
-
9,635.388
9,629,017
-
Maintenance.
1,750,289
2,941,780
1,622,604
Depreciation..............
2,785.632
,092,635
Total..
$4,173,571
.1,592,776
$7,429,902
3,141,105
400.064
prepaid expenses
192,389,404 190,560,083
-
Operating income...
Other income
Gross income
•,
...
Interest on long-term
Amortization of debt
Other interest charges
Miscellaneous income
debt.
discount and expense.
237,904
224,973
70,710
,
deductions..
$3,755,210
Net income
.
237,147
347,451
70,548,000
$1,994,420
Deferred liabilities
Accounts
— -—
-■
application of the new rates.
of accounts prescribed by the Illinois Commerce
Commission was made effective Jan. 1, 1938.
The requirements of the
new system differ in many respects from the system previously prescribed
b The revised system
by the Commission.
In order to present the results of operation for the
preceding year on a basis more nearly comparable With 1938, certain
reclassifications of the revenues and expenses published for 1937 have been
reflected in the above statement.
Such reclassifications consist primarily
of transferring customers* forfeited discounts from gas sales revenue to
other gas service revenues and of tr^snferring the net results of the Peoples
Gas Building operations from operating revenues to other income (miscel¬
laneous).
Several other income and expense items reflect transfers of
lesser importance.
The net income for 1937 was not affected.
c Before the reservation of a part thereof pending final decision in rate
litigation.
Consolidated Income Account,
Year Ended Dec. 31 (.Incl. Sub. Cos.)
bl937
1938
Gas sales revenue..
Other gas service revenues.
Gross profit from sales by non-utility
.$40,462,775 $39,318,161
i—* —;—
592,953
583,687
subsidiaries. " 334,450
426,412
Gas produced...
Operation
.$41,390,178 $40,328;261
; 14,693,902
15,314,328
1,358,472
1,307,224
9,609,486
9,607,278
;
_
.
Taxes.
Operating income—...
Other income.
;—_■
Gross income
$4,616,378
Interest on long-term debt..
...
Amortization of debt discount and expense
Other interest charges..
Amortiz. of intangibles of sub. companies
Miscellaneous income deductions
_
*
_
_
_
.'.
....
2,332,461
$8,020,003
3,418,038
237,904
290,310
209,276
96,851
j.
Net income.
4,392,677
1,717,638
;
—
1,782,884
$6,302,365"
—
,...
3,307,491
4,679,618
......
Depreciation
1,653,274
3,093,060
.Maintenance
$6,948,839
$3,767,624
237,266
416,694
209,276
185,942
i__.
Reserve for pensions._
stock outstanding ($100 par)
Earnings per share
•_
Shares of capital
650,809
500,000
4,735,304
2,140,301
2,175.000
4,195,357
*
1,419,699
7,785,895
527,909
500,000
Reserve for contingencies.
Earned surplus
Total
of
±
——
-
192,389,404 190,560,083
-
uncollectible accounts,
b Due to guarantee of bonds
Odgen Gas Co., a subsidiary,
c Credit deposits held subject to refund.
a
After reserve for
Company)
1938
1937
$154,844,568 $155,212,960
12,675,891
13,675,765
2,581,852
801,750
Consolidated Balance Sheet Dec. 31 (Including Subsidiary
Assets—
franchises, &c
Plant, property, rights,
a
Investments
'
Other assets
-
__
anticipation warrants
.....
States
Treasury bills
3,900,000
——.
407,154
Total.
.....$197 ,556,306 $196,107,911
—
Liabilities-—
.
...
Notes payable by subsidiary
Deferred liabilities
Accounts
58,000
Dividends
...
—..
company
I
_ „
_
c
*
Equipment trust certificates
8,324,093
65,100
202,898.
25,038,136
30,648
26 ,556,319
Depreciation reserve
Miscellaneous reserves
r
...
Insurance reserve
Reserve for contingencies
562,088'
500,000
,030,851
500,000
1,419,699
—
res. pending final decision in rate litiga'n
Reserve for pensions—
...
Minority interest in subsidiary
d Excess of par value
Earned surplus
Net inc.
,140",301
,175,000
82,955
94,785
573,735
,838,935
9,921",798
.
$197,556,306 $196,107,911
Total..,
After
1,453,349
2,191,771
574,188
...
Miscellaneous current liabilities, 2
a
900,534
,089,412
609,859
656,112
394,169
,979,186
....
•,
payable
Customers' gas service
Accrued taxes
78.222,000
855,526
359,265
payable
Accrued interest
206, S00
76 ,003,000
!
.
$66,442,500
$65 ,611,200
Capital stock (par $100)..——
Capital stock subscribed
—
5,291,965
150,165
2,107.748
2,347,248
Prepaid taxes, insurance, Ac—
Funded debt
167,308
9,772,005
„
Materials and supplies.
United
8,928,242
8,180,188
•
11,200
6,843,146
5,765,056
Deferred charges
reserve
of $271,169
in
b After
1938 and $8,065,528 in 1937.
uncollectible accqunts.
c Credit
deposits, held subject to
refund,
d Over cost of 8,315 shares of capital stock of Peoples Gas Light
& Coke Co. held by a subsidiary company.—V. 148, p. 887.
for
Phelps Dodge Corp.—25-Cent Dividend—The directors have declared a dividend of 25 cents per
share on the capital
stock,, par $25, payable March 10 to holders of record Feb. 25. This com¬
pares with 55 cents paid on Dec. 9, last: 20 cents paid on Sept. 9, last; 15
cents paid on June 10, last; 10 cents paid on March 10, 1938; 35 cents paid
on Dec. 18, 1937; 45 cents paid on Sept. 10 and on June 10," 1937, and a
dividend of 35 cents paid on March 10, 1937: previously, regular quarterly
dividends of 25 cents per share were distributed.
In addition an extra
dividend of 25 cents was paid on Dec. lb, 1936.—V. 147, p, 3167.
Pittsburgh & Lake Erie RR.—Earnings—rPeriodEnd. Dec. 31—'
1938—Month—1937
Railway oper. revenues. $1,279,468
$1,089,118
Railway oper. expenses.
1,237,964 * 1,112,753
$41,504
122,375
Crl57,444
Net rev. from ry. oper.
$1,627,323
1,312,224
656,112
$2.48
...
....
Dividends....
21,707,320
6,598,156
;
prospective loss
pending final decision in rate litigation
b Reserve for
Railway tax accruals
Equip. & jt. facil. rents.
a2,140,301
in rate litigation
7,599,734
198,694
.2,986,823
—
Insurance reserve
res.
_
30,648
...
$2,424,725
3,474,934
•
Reservation of net income pending final decision
Balance of net income
—
Miscellaneous reserves
reserve
Total operating revenues...*....
Gas purchased
_
563,264
699,724
387,559
8,135,630
— ---
b Accounts receivable
$1,614,909 $1,994,420
Dividends
1,399,448
1,399,444
a The reservation of net income pending final decision in rate litigation,
shown above, respresents the increase in gas revenue resulting from the
application of new and higher rates made effective on Feb. 5, 1938, less
tne portions of the provisions for the 3 % Illinois public utility tax, Federal
income tax, &c., which are applicable to sucn increased gas revenue.
Such reservation of net income will be made from month to month so long
as the company is required to impound the increased amounts received
result of the
payable
...
Depreciation reserve...
Tax
.1
1,873,141
:
Customers* gas service
Accrued taxes
Miscellaneous current liabilities
Net inc.
334,642
....
,
payable
Cash...
a2,140,301
Balance of net income
....
Special deposits
pending final decision
Reservation of net income
in rate litigation
69,972,200
149,800
72,548,000
1,425,677
2,004,191
525,603
69,972,400
58,000
Funded debt
$5,766,347
,3,187,328
---
.
$2,424,725
1,328,850
664,425
$3.65
a
of company income account,
b See footnote b of
income account,
c Before the reservation of a part thereof
pending final decision in rate litigation.
>■
footnote
See
_
2,14/,365
2,340,000
Capital stock ($100 par).....
Capital stock subscribed—
3,915,762
$6,010,614
1,419,288
Taxes
a
...
Prepaid taxes, insurance and other
Dividend
$37,436,472 $36,225,513
539,734
517,025
-
-
Other gas service revenues-
c
-
anticipation warrants
Materials and supplies
United States Treasury oil Is
Tax
c
1938
as a
-_
receivable
8,793,297
110,771
7,129,571
4,911,869
150,165
1,893,287
7,997,746
408,482
5,234,318
5,212,144
prepaid accounts
Accrued interest
Years Ended Dec. 31 (Company Only)
Gas sales revenue
c
783,057
2,575,673
Special deposits
Accounts
21,438,872
20,865,422
#
Stock transfer
unti after the
Gas
145,608,188 145,349.189
franchises, &c—
-----
Other assets..
a
of stockholders has been
A meeting
In vestments.
$
$
1
cLh___!!
Petroleum Corp.—To Dissolve—
Pierce
1937
1938
Assets—
Plant, property, rights,
Co.—Interim Dividend—
1939
18,
{.Company Only)
Balance Sheet Dec. 31
75 cents was paid on Dec. 15, last, and dividends of 25 cents per share were
paid on Oct. 1, last, and each three months previously.—V. 148, p. 887.
Pierce Governor
Feb.
Chronicle
company
1938—12 Afos.—1937 •
$14,179,067 $23,069,704
12,799,652
19,281,083-
x$23,635
$1,379,415
$3,788,621
95,797
1,570,568
1,918,097
Cr215,576 Crl,994,319 Cr2,267,306
$76,573
100,959
Net ry. oper. incomeOther income
Total income
Miscell. deduct, from inc
Total fixed charges
>,144
186,218
$1,803,166
251,516
$4,137,830
485,899
$177,532
Cr5,298
6,590
$282,362
2,046
3,628
$2,054,682
$4,623,729
313,415
42,746
o29,951
54.248
$179,870
$0.21
$276,688
$1,638,521
$0.32
$1.97
$4,039,530
$4.68
„
Net inc. aft.fixedchgs
Consolidated, Income Account for Quarter Ended Dec. 31
1938
1937
...$10,732,229 $10,104,893
Other gas service revenues.......
146,814
145^,072
Gross profit from pales by non-utility subsidiaries..
87,424
100,211
Net inc. per sh. of stock.
,
Gas sales revenue....
Total operating
Gas purchased
revenues..:....
Gas produced.
Operation
Maintenance.
Depreciation (provision for)
r__
Taxes
Operating income
$10,966,468 $10,350,177
3,954,575
3,930,789
382,417
332,732
2,514,196
2,783,242
386,254
504,557
823,728
775,978
1,044,179
1,239,861
$1,908,867
419,395
$735,266
1,202,166
$2,328,262
850,452
$1,937,433
866,673
Amortization of debt discount and expense
Other interest charges
59^475
64^699
Amortization of intangibles of sub. companies
Miscellaneous income deductions
52,319
11,039
59,366
105,790
52,319
151,556
$1,290,277
xDeficit.—V.
148, p. 743.
Pond Creek Pocahontas Co.—January
Output—
Company mined 124,037 tons of coal in January, against
in December and 121,747 tons in January,
Postal
114,637 tons
1938.—V. 148, p. 447.
Telegraph Land Line System—Earnings—
Period End. Dec. 31—
1938—Month—1937
1938—12 Mos.—1937
.
Telegraph & cable oper¬
$1,916,968
ating revenues
Repairs
Deprec. & amortization.
120.268
156,154
116.269
$1,987,216 $21,089,095 $23,347,246
135,734
1,388,573
1,551,660
171365
1,890,082
1,870,508
114,366
1,197,890
1,364,449
1,502,396
15,614,523
17,131,429
41,338
523,333
551,471
$701,727
Other income
Gross income.
Interest
c
on
long-term debt
Net income
Reservation
of net
income pending final
a612,835
Balance of net income
$677,442
Per share earnings....
a
See
_.ncome
footnote
account,
a
c
of company account,
$1.03
b See footnote b of
Before the reservation,, of
d ecision in rate litigation.
a part
'
_
Conducting operations.
Relief depts. & pensions,
_
All other
1,407,320
33,506
general & misc.
$701 727
$i.Q6
37,342
44,452
447,415
458,508
$46,109
Cr5,000
86,340
x$2°,435
Uncoil, oper. revenues__
Taxes assignable to opers
4,000
85,188
$°7,279
50,000
1,044,688
$419,221
56,000
951,438
Operating loss
Non-operating income.
decision
in rate litigation
All other maintenance.
$35,231
1,170
$111,623
3,020
$1,067,409
33,617
$588,217
41,182
$34,061
248,074
$108,603
251,261
$1,033,792
3,008,726
$547,035
2,962,910
$282,135
$359,864
$4,042,518
$3,509,945
expenses
Net
telegraph & cable1
operating revenues.
Gross deficit
Deducts, from gross inc.
company
thereof pending final
_
Net income
x
Indicates loss.—V.
148, p. 287.
Volume
14&
Pittsburgh
Privately—
Financial
Equitable
Meter
Co.—Debentures
Chronicle
Sold
*
The company in December, 1938, sold privately to a single
purchaser an
fesueof $1,750,000 sinking fund 4 H% debenture bonds, dated Dec: 1,1938;
due Dec. 1, 1953. Proceeds are for the
purpose of retiring the entire issue of
Telegraph &
Approve Plan—
I. T. & T.
Cable
CorpStockholders
*.—a
-——
213,800
....
4,240,000
4,240,000
>,447,746 $10,018,740.
354,444
545,442
$9,802,190 $10,564,182
Gross income.-...-....
.....
Interest on funded debt4,572,622
5,288,930
Int. on notes payable to affil. cos..—
1,097,489
123,667
Interest on unfunded debt—r-----71,327
20,230
Amort, of debt discount and expense."
445,728
442,379
Interest charged to construction.-...
Cr20,001
015,021
—
-
$3,635,025
$4,703,997
683,115
504,343
2,521,172
Dividends on 6% cum. pref. stock.—
Dividends on 7% cum. pref. stock...
Dividendson common stock2,000,058
Shares of common stock outstanding.
670*000
666,677
$5.53
Earnings per share—$5.42
Includes
Waukegan
wholly-owned
Generating
Co.,
a
liquidated in January, 1938.—V. 147, p. 2700.
x
713,205
732,164
680,374
$1,198,182
300,855
$172,ll7
$925,611
7,925
232,000
$1,953,434
$1,499,037
.
148,131
$339,458
152,933
^
Net profit for the
year
dividends
dividends.-
Shares
common
Earnings
stock
per share
Includes
Cash.
a
------
foreign subsid—
Brazilian
"$9,438,890
412,440
accruals---.:-.
928,197
1,052,475 Contract obligat'ns
25,000
Reserve
95,139
6,663,535
Total.
1937.
107,000
59,040
492,058
Cr33.309
$3,739,330
589,705
434,973
1,601,699
651,221
$4.16
118,432
-
-----
c
Net inc. bef. inc. taxes
3,100
35,000
Oil
334,195
314,827
3,667,260
$74,081
31,175
41,003
1,000
42,756
$360,377
363,077
466,934
12.000
316.527
$17,967
79,498
$20,497
95,942
x$72,047
793,897
$116,439
29,403
$721,850
278,086
$75,882
$87,036
$443,764
Reed Drug
—.
153,383
■
$356,653
$84,250
1937
1938
Liabilities—
363,081
339,027
'
60,398
3,824
8,621
1st mtge.. 4% s,
fund bonds..-
count and exp—
■
327,000
;•••.
5*228,000
397*000
1st mtge. 7% s.
f. bds., ser. B,
139,000
ofArg.Pro.Co
8,250
300,000
14,500
payableAccrued general A
47,731
72",237
5,925
property taxes-
14,948
11,700
'
Accrued Interest--
4,360
6,146
7,131
15,000
Accounts
Fed. A St. inc. tax
700
Other liab. A res—
481,208
1,539,308
1,037,999
744,761
1,538,308
9,619 Earned surplus
1,293,122
Capital surplus--- 2,414,853
4,028
d Common stock-
Unamort debt dis¬
Total—-
1st Acol.6% bds 5,190,500
Mis.Val.G. Corp.:
c6% conv.inc.bds.
6,490
10,279
hold impts——
$
/;
Bank loans.——
inactive
15,000
•*
$
.
30,410
24,010
18,225
3,706
6,429
Gen. office leaseh-
0,928
.——11,883,840 11,338,184
Total-.-
2,414,954
--.11,883.840 11,338,184
a After provision for depletion and depreciation of $3,302,866 at Dec. 31.
1938, and $2,584,961 at Dec. 31, 1937. b After reserve for doubtful items,
Series A of Republic Natural Gas Co, called for redemption, not pre¬
sented for payment.
d Represented by shares of $1 par.
c
Refinancing Plans Contemplated—W*. H, Wildes, President,
'
'".
states;
,
Board of directors has given serious consideration to a proposal to amend
articles of incorporation so as to provide for an authorized capital
stock of 1,300,000 shares (par $2) in place of the present authorized capital
stock of 1,700,000 shares (par $1) and for the exchange of one share or the
hew stock for two shares of the old stock, leaving a sufficient number of
the new shares unissued so as to enable the company, if future circumstances
and conditions warrant, to refinance its present 1st mtge. & coll. 6%
the
bonds, series A, maturing Jan. 1, 1954, into convertible, obligations bearing
a lower rate of interest.
A meeting of the-stockholders will be called to
take place in March, 1939, to consider and take action on the matter.
The notice of the meeting will be mailed to the stockholders in due course.
—V. 147, p. 1788.
758,348
Rutland RR.—Earnings—
*
Period End. Dec. 31—
1938—Month—1937
$274,471
261,109
$236,231
259,563
$2,955,226
3,147,714
$3,483,634
3,261,559
Net rev. from ry. oper.
Railway tax accrualsEquip. & jt. facil. rents-
$13,362
13,141
02,270
x$23,332
50,861
03,388
x$192,488
328,823
Dr9,366
$222,075
313,864
021,701
Net ry. oper. incomeOther income-———
976,193
$2,491
x$70,805
12,000
x$530,677
2,772
x$70,0S8
74,536
$5,263
343,431
Net def. after fixed chgs.
„
^
x$480,396
461
33,901
4,507
406,894
$4,448
4,950
408,106
$29,085
$93,167
$891,797
$408,608
Total fixed charges..
CoSales—
,
x$58,805
333
i
Misc. deduc's fr. income
x
Sales of the company
.
50,281
34,015
Total income.
continued on its upward trend for the year 1938.
)espite the decline recorded by most retail chain drug stores last^year, the
ompany's volume was 5.98% over the preceding year, which- was the
est in its history.
»
'
The report of the company for the year ended Dec. 31, 1938 indicated
lies of $2,183,856 which/after all deductions, including both State and
1938—12 Mos.—1937
Railway oper. revenues.
Railway oper. expenses-
-V. 148, p. 288.
$534,684
152,816'
188,381
139,365
296,623
1937
260,186
royalties———
Prepaid items——
$1,060,749
Net income
x Indicates loss.
inc.
$880,404
371*546
265,004
159,604
at
— —
$1,404,180
gross
storage
subsidiary.
Advances on gravel
$427,987
$97,465
21,583
in
owned
$931,162
385,658
457,958
12,000
418,875
Deduc. from
$1,306,304
499,645
663,560
492*592
168,028
$262,488
152,934
419,930
deposits..
Mat'ls & suppliesInvest. in wholly-
3,500,634
$62,720
29,993
38,783
1,000
34,963
-—.
Sundry
and mis¬
——
$1,858,864
$
posted prices. —
Sinking funds..—
35,000
Gross income
$552,658
Al 105,627 10,490,577 Rep. Nat. Gas Co.;
Properties
b Notes & acc'ts rec
1938—12 Mo*.—1937
3,100
.
1935 k
$653,064
490,771
162,469
Consolidated Balance Sheet Dec. 31
$5,225,144
_—
1936
$600,522
1,062,142
196,200
701,726
1938
Inc.—Earnings—
$4,701,128
638,491
Operating income--.
Non-oper. income.
1937
Total revenue...— $1,391,845
Operating expenses—579,309
381,977
168,071
Cash.———
65,885
Taxes assignable to oper.
'
*
50,605
Uncoil, oper. revenues..
1938
$586,034
104,085
ASSCtST*
Deprec. and amortizat'n
Relief departments and
Other oper. expenses—
under the
Republic Natural Gas Co, (& Subs.)- -rEarnings6 Mos, End. Dec. el—
Revenues:
of the Hon.
$457,893
s
Other operating revenues
—20,621,400 20,769,739
b Less reserve
$10,186,027 in
Represented by shares of $1 par.—V. 147, p. 3620.
Dividends paid——_—
$450,620
oper. revenues——
Common
Total.
Prov. for depr.&deplet.
Interest & amortization.
oper,
i'
stock--' 7,493,140
Surplus. ———,6,561,879
c
-20,621,400 20,769,739
-.
Like
;——
!
cabls
140,972
co-—_
Natural gas sales
Oil production——,
no par
and
1,895,216
3,684,800
7,493,140
6,471,938
——
6% cum. pref. stk. 3,684,800
9.
With
approval of all litigants, Judge Arthur F. Lederle named Theodore I. Fry,
former State Treasurer of Michigan, as permanent trustee.—-V. 148, p. 889*
subsidiary
directors have declared' a dividend
teleg.
sions, contlngen.,
cies, Ac_
1,928,384
7,441,889
Reo Motor Car Co.—Permanent Trustee-r--
of 25 cents per share on the
value, payable March 15 to holders of record Feb. 28.
paid on Dec. 15, last, and compares with 15 cents paid on
Sept. 15 and June 15, last; 37 34"cents paid on March 15,1938; 50 cents paid
on Dec. 15 and Sept. 15, 1937, and previously regular quarterly dividends
of 3734 cents per share were distributed.
In addition, special dividends of
25 cents were paid on Dec. 15, 1937.—V. 147, p. 3169.
*
Net
1,140,558
84,087
pen¬
An agreement that will permit reorganization of the company
Chandler Act was reached in Federal*Court at Detroit. Feb.
Like amount was
pensions.
82,198
for
a Less reserve of
$280,787 in 1938 and $272,279 in 1937.
for depreciation obsolescence of $10,403,513 in 1938 and
$9,851,329
5,487,210
Raybestos Manhattan,, Inc.—~25-€ent Dividend—
cellaneous expenses.. .
1937
$
b Plant and prop.
date.—V. 148, p. 744.
All other general
.
303,144
303,144
68,616
55,577,
10,404,635 10,495,653
Pats., tr'marks.&c.
131,442
148,651
Del. debit items—
94,069
66,597
212,900
4,000,000
Feb. 27 a scheduled
hearing on confirmation of the amended plan of reorganization.
The
adjournment was taken, the Court said, for the purpose of permitting
Atlas Corp., proponents of the plan, to file a list of proposed directors of
the new company with the Court and to meet other technical requirements
of the Chandler Act.
Judge Bondy stated that he will entertain a motion
for confirmation of the plan, which he recently approved, on the adjourned
cable
Nil
1938
Liabilities—
Invest. and advs.,
interests."
i
Federal Judge William Bondy on Feb. 10 adjourned to
and
3,382,979
Miscell. invests.—
signed an order permitting
gold debentures Of the corpo¬
of Appeals from his Dep. 17,
of reorganization. • The pe¬
titioner alleged that the Court erred in approving a plan which provides
"that collateral held in trust for debenture holders shall be made available
for the general creditors and stockholders without adequate compensation."
Cassel & Co. also alleged that the Court erred i,n approving a plan which
"perpetuates the present management and enables it, in the future admin¬
istration of the reorganized company, to further prejudice and reduce the
interests of debenture holders to the advantage of the present subordinate
revenues
$0.14
832,347
advances, Ac.—
Federal Judge William Bondy on Feb. 7
H. Cassel & Co., Inc., holders of $217,000 6%
ration, to appeal to the U. S. Cirtuict Court
1938 decision, approving the amended plan
Teleg.
$0.17
Accounts & notes
Inventories
Radio-Keith-Orpheum Corp.—-Appeal Allowed—•
1938—Month—1937
36,848
974,108
7,493,140
.
1937
Inv, in & advs. to
a
R. C. A. Communications
221,088
1,348,765
969,544 Accts. payable and
Announcement was made on Feb, 15 of the election of P. S. Gregory to
Period End. Dec. 31—'
$136,525
1,923,080
______
receivable-.
Quebec Power Co.—New Director-—
•
50,000
$1,100,905
7,493,140
$
Misceli.accts.rec.,
paid on Dec. 15, last, and compares with dividends of 3734
cents per share paid on Sept. 15, June 15 and March 15, 1938; a special
dividend of $1.25 per share paid on Dec. 21, 1937, and a regular quarterly
dividend of 3734 cents paid on Nov. 15, 1937.—V. 147, p. 3321.
stock,
$1,509,804
Balance Sheet Dec. 31
1938
Directors have declared a dividend of 25 cents per share on the common
the board of directors, filling the vacancy caused by the death
J. P. B. Cafegrain.—V. 148, p. 889, 744; V. 147, p. 3321.
200,000
50,000
—
$34,287
Assets—
amount was
The
$685,686
221,088
374,657
7,493,140
$0.06
167,341
for extraordinary income due to consumption of
materials written off and reported as "adjustments of
inventory values" in
1933.
% Interest on bank and other loans.
y
1936
record Feb. 24.
zl,630
442,000
—
—
Other
stock, no par value, payable March 15 to holders of
common
_
contingency-.
Common
Pullman, Inc.—25-Cent Dividend—
:
'
852,491
$1,892,309
y61,125
Preferred
——
Prov.for deprec. & amort, of intang._
1935
1936
1,930,345
731,961
Prov. for Fed. inc. taxes
Operating revenues--.*—— —.$39,647,561 $41,679,099 $39,231,289
Operation. ——-—.,—
—19,464,015 20,365,338 19,435,262
Maintenance
— —
2,230,021
2,246,901
2,314,506
3,197,416
State, local & miscell. Federal taxes..
3,368,899
3,616,515
716,800
Federal income tax. —
880,000
910,200
Fed. surtax on undistributed income.
1937
2,605,514
$919,111
6,500
Prov. for
Illinois-—-Earnings—
1397
1938-
1,651,072
Total incomeInt. on bank loans
America Sara Corp.
Postal's subsidiaries, Commercial Cable Co., Com¬
mercial Cable Co., Ltd., Mackay Radio & Telegraph Co. of Delaware,
Mackay Radio & Telegraph Co, of California, and Federal Telegraph Co.,
will be consolidated to form Commercial Mackay Corp.
All-America Sara
and Commercial Mackay will be controlled by another new concern, the
New Cable & Radio Corp., which will distribute 4-17 of new debentures to
Postal bondholders and 13-17 of new debentures to I. T. & T.
To become effective, the Lehman plan must be approved by at least twothirds of Postal Telegraph & Cable bondholders.
About 30% of these
bondholders agreed to the plan when it was submitted to the Federal Court
for Southern District of New York.
Judge Alfred C. Coxe has given tenta¬
tive approval to the Lehman plan, and steps are underway to arrange for
solicitation of acceptances from bondholders.—Y. 148, p. 888.
x
*
—-$13,877,355 $16,961,671 $14,501,451 $12,651,677'
.
I; T. & T.'s subsidiaries, All-America Cables & Radio, Inc., and Sociedad
Anonima Radio Argentina will be merged to form a new corporation, All-
1938 v
,
Net income from oper_
Miscellaneous income.
and I. T. & T.
Calendar Years—
-
of plants & equipment
Under the arrangement, which is a part of the Lehman-Stewart .plan for
reorganization of Postal Telegraph & Cable Corp., the I. T. & T. will have
interest in Postal's land lines, which will be incorporated as Postal
Telegraph System, Inc.,-but I. T. & T. will have a controlling interest in
a new holding company controlling the radio and cable subsidiaries ofPotsal
Net income
■
Income from operationsProv. for deprec.& obsol.
no
s..
•
4
Feb. 14,
Other income—— —;
''
<
Calendar Years—
graph & Cable Corp. providing for future operation with common owner¬
ship. of cable and radio properties, at an adjourned special meeting held
operating income.
*
Remington Arms Co., Inc.—-Earnings—
of
Net sales
Public Service Co. of Northern
year ended Dec. 31, 1938 showed total assets
IIY1^9' °f which current assets comprised $263,263»including cash
1,203. Current liabilities totaled/J>84,087, indicating a current ratio
314 to 1.
Certified by H. Worthin&ton,
Cleveland,"Ohio. Certified
*
The stockholders of International Telephone & Telegraph Corp. approved
the agreement between the management and bondholders of Postal Tele¬
Net
I™,Balance Sheet for the
i
Public Accountant.—V. 148, p. 447.
pSt347irtgage b0Dds of the comPany and all its bank loans.—V. 134,
Postal
1039
resulted in a net profit of $95,719.
Thi3 compares with sales
of $2,060,552 and a net
profit of $92,565 for the corresponding 1937 period.'
Deficit.—V. 148, p. 744.
St. Louis-San Francisco Ry.—Interest—
the U. S. District Court for the Eastern
By an order entered' Jan. 11 by
District of Missouri, Eastern Division, the trustees were authorized to pay
interest accruing to March 1,
1939
on
the general mortgage 4% bonds and
Financial
1040
5% bond* of Kansas City
the income
$66,460
...»
89,550
Gross earnings
of.
$156,010
will pay interest on the-bonds'
120 Broadway
(Room 1950), N. Y. City, on and after March 1, 1939, but only upon pre¬
sentation of such bonds at the office so that an appropriate endorsement
may be stamped thereon indicating the payment of such interest.—V. 148,
the
Consolidated Gas & Elec. Co.—Earnings—
Period End. Dec. 31— y
Operating
1938—Month—1937
$8,484,469
tion &
3,501,597
597
3,268,320
3,007
$264,879
$3,502,195
$3,271,327
and
open rev.
other income
1,355,000
Gross Income
x
for retirement reserve,
Before appropriation
y
1,285,000
$2,147,195
Appropriation for retirement reserve
audit.—V.
$1,986,327
Preliminary, subject to
148, P. 448.
Sayre Electric Co.—Bonds Called—
A
total
of $16,000
first mortgage 40-year 5% gold bonds due April 1,
April 1 at 105 and accrued interest.
1947 have been called for redemption on
the Miners
will be made at
V. 146, p. 1889.
Payment
National Bank of Wilkes-Barre.
Co.—Sales—
Schiff
*
of January, 1939 were $607,064 as compared with
1938 of $559,634.
This was a gain of 8.48%.—V. 148,
Sales for the month
sales for January,
„
289.
p.
337,535
$453,858
$480,260
109,777
109,397
445,781
445,340
$5,095
$11,940
$8,077
$34,920
dividends
Surplus..
—V. 148, p.
746.
12 Months
Colorado Power Co.—Earnings—
Ended Dec. 31—
1938
1937
$2,329,430
979,626
994,404
218,857
228,018
and after taxes.—V. 148'
$2,335,438
Gross operating revenues
operating revenue and other income
Net income after deductions for int. charges, &c__
x
Net
x
P.
Before
appropriation for retirement reserve
135.
•
Southern Natural Gas
$8,196,163
265,001
Drl22
$334,089
Net
352,100
$121,337
deprec., amortiza¬
Int.,
1938—12 Mos.—1937
$729,790
oper. revenue
Other income (net)
x
y
334,062
27
$780,871
revenues
xNet
70,714
$114,872
Net earnings
Southern
San Antonio Public Service Co.—Listing—
The New York Stock Exchange has authorized the listing of $16,500,000
first mortgage bonds, 4% series due 1963 (due April 1, 1963), which are
issued and outstanding.—V. 147, p. 2875.
San Diego
85,618
Eastern representative,
Michel,
W.
of O.
office
1939—4 Mos.—1938
$805,958
$817,795
1939—Month—1938
$200,490
$198,051
Operating expenses
Pursuant to order of the court, the trustees
at
1939
Canada Power Co., Ltd.—Earnings—
Period End. Jan. 31—
both classes
Making a total aggregate amount of interest on
of said bonds
Southern
Memphis & Birmingham RR., a*
general mortgage 4% bonds, interest aggregating
On income 5% bonds, interest aggregating
On
Feb. 18.
Chronicle
Securities
The
and
Co.—Recapitalization Plan—
Exchange Commission has
ordered a hearing on
regarding a plan
Feb. 23, on the declaration (File 34-29) filed by company,
of recapitalization under the Holding Company Act.
The plan of reclassification contemplates an amendment to the com¬
pany's certificate of incorporation for the purpose of effecting the following
changes in the company's capitalization;
(1) The total authorized capital stock, which now consists of 555,000
shares of class A stock (no par) and 275,000 shares of class B stock (no
par), shall be changed to 800,000 shares of common stock (par $7.50).
(2) The 554,501 shares of class A stock presently outstanding shall be
reclassified and changed into a like number of shares of new common stock,
and the 274,939 shares of class B stock presently outstanding shall be
reclassified and changed into 137,469 H shares of new common stock—the
balance of 800,000 shares of new common stock, viz., 108,029.5 shares,
constituting authorized but
(3)
unissued stock.
The presently outstanding certificates for class
stock shad represent the interest of the
A stock and class B
holders thereof as changed by said
amendment, but shall be exchanged for certificates for new common stock
at the rate contemplated by the aforesaid reclassification, viz.:
for each
share of class A stock, one share of new common stock; for each share of
of new common stock; except that any frac¬
stock shall be evidenced by non¬
non-dividend bearing, non-interest bearing scrip exchangeable in
class B stock, one-half share
tional interest in a share of new common
voting,
round amounts for full shares.
Scruggs-Vandervoort-Barney, Inc.—Obtains $1,000,000
Outstanding Notes—
Loan to Refinance
at
for redemption March 1,
insurance company loan,
$1,000,000, due serially, for 12 years.
v
The $1,079,000 7% collateral gold notes called
102 and interest have been refinanced by an
dated Jan. 27, 1939, in the amount of
—V. 148, p. 745.
Seiberling Rubber Co.-—Meeting Postponed—
Annual meeting of stockholders scheduled for Feb.
Indefinitely because of lack of a quorum.—V. 148, p.
•.
14, was postponed
745.
Sheep Creek Gold Mines, Ltd.—Extra Dividend—
dividend of one cent per share in
quarterly dividend of three cents per share on the common
15 to holders of record March 31. Like amounts
were paid on Jan. 14, last, and on July 15 and April 13, 1938 and previously
regular quarterly dividends of two cents per snare were distributed.
In
addition, extra dividends of one cent per share were paid on Jan. 15, 1938,
and on Oct. 15 and July 15, 1937.—V. 148, p. 697.
The directors have declared an extra
addition to
a
stock, both payable April
Silex Co.
(& Sub.)—Earnings—
1938—3 Mos.—1937
1938—12 Mos.—1937
$88,993
$31,089
$328,842
$273,357
Earnings per share—
$0.41
$0.14
$i.63
$1.27
x After depreciation, amortization of patents, Federal and State income
taxes,
y On 215.000 shares of capital stock.—V. 148, p. 597.
Period End. Dec. 31—
x
Net profit
(4) The existing provisions specifying the rights of the class A stock and
the removal of directors, and the rights of the
stock to vote upon the election of an auditor and certain other
matters, shall be changed so as to provide that such matters may be voted
on by the common stock.
It is further proposed, as part of the plan, that by resolution of the board
of directors the capital of the company shall be increased to $5,189,776 by
the transfer of $189,776 from capital surplus account to capital account.
At the present time the class A stock (no-par) is entitled to receive noncumulative dividends at the rate of $1 per share per annum until Jan. 1,
1940 before any dividend is paid on the class B stock.
Such dividends
become cumulative after Jan. 1, 1940.
On liquidation the class A stock is
entitled to a preference of $ 16.50 per share plus any cumulative dividends
in arrears, and any further distribution after the class B stock has received
$14 per share plus any cumulative dividends in arrears.
At the present time the class B stock (no-par) is entitled to receive noncumulative dividends at the rate of $1 per share until Jan. 1, 1940, subject
however, to the prior rights of the class A stock, such dividends to be cumu¬
lative after Jan. 1, 1940.
On liquidation the class B stock is entitled to
$14 per share plus any cumulative dividends in arrears, subject to the prior
rights of the class A stock on liquidation.
As of March 23,1938, Federal Water Service Corp. owned 319,378 shares
of the class A stock out of a total of 554,501 shares outstanding; as of the
same date, that company owned 3,507 shares of the class B stock out of a
total of 274,939 shares outstanding.—V. 148,.p. 746.
class B stock to vote upon
class A
y
Silver King Coalition
Earns,
share
1,220,467 shares
1935
1937
1936
$119,422
$155,005
$0.15
$0.10
$0.13
■
$1,520,413 $18,091,993 $17,975,338
4,000
55,000
39,000
Operating revenues..' $1,552,718
Operating expenses
1,081,234
$1,516,413 $18,036,993 $17,936,338
1,161,770
13,215,186
12,450,857
on
per
loss$0.01
Owing to suspension of production on April 30, 1938 and thereafter.
Note—Due to dividend payments and depletion there was no surtax
•x
liability on undistributed profits for 1938.—V. 147, p. 3170.
Directors have declared a dividend of 50 cents per share on account of ac¬
stock, payable March 10 to
Dividend of $1.50 was paid on Dec. 15, last
regular quarterly dividend of 75 cents per share was paid on March 1,
on
the $3 convertible preferred
holders of record March 1.
and
a
1938.—V. 147. p. 3322.
•
•
.
„
,
Simonds Saw & Steel Co.—To
shares payable March 15 to holders of record Feb. 24. This
with 60 cents paid on Dec. 15, last; dividends of 10 cents paid on
Sept. 15 and on June 15, last; a dividend of 20 cents paid on March 15,1938;
one of 80 cents was paid on Dec. 15, 1937, and an initial dividend of 50 cents
was paid on these shares on Sept. 15, 1937.—V. 147, p. 3170.
Southern
Yards Co.—Pays 37y^-Cent Dividend—
dividend of 37 H cents per share on its common stock on
Feb. 15 to holders of record Feb. 9.
Similar payments were made on
Sept/30, May 16 and Feb. 15,1938, and on May 15,1937.—V. 147, p. 2255.
a
Southeastern
The
Interstate
Commerce Commission
the purchase of new
Southern Bell
Period End.
Uncollectible
Dec.
1938—Month—1937
1938—12 Afos.—1939
$5,647,556 ' $5,366,835 $64,535,914 $62,632,324
19,771
21,046
271,175
241,099
31«-
oper.
rev.
$5,627,785
3,707,636
$5,345,789 $64,264,739 $62,391,225
3,516,628
42,190,641
41,461,166
Operating taxes
$1,920,149
819,803
$1,829,161 $22,068,098 $20,930,059
659,813
8,995,809
7,894,582
Net operating income
Net income
$1,100,346
878,175
$1,169,348 $13,072,289 $13,035,477
952,304
10,180,317
9,987.848
Operating revenues.
Operating expenses
_
Net oper. revenues
...
—V. 148, p. 890.
Southern California Edison Co.,
Calendar Years—
x
Gross
yl938
1937
$43,169,624 $42,548,841
revenue
Expenses, Fed.
taxes, &c
Ltd.—Earnings—
1936
1935
$42,020,332 $37,877,876
income
Average fare per pass
—V.147, p.3323.
17,257,461
16,108,077
-Jan.
1
1939
to Feb. 7——
1938
$2,252,846 $12,915,152 $11,443,464
,
1938—3 Mos.—1937
5,208,494
7.60c.
.
$15,985
5,307,931
7.59c.
1938—12 Mos.—1937
$99,004
19.616,168
7.03c.
"
$30,692
21.306,517
,
7.63c.
.
Standard Oil Co. of Kansas—jEarnings—:
Calendar Years—
Sale of crude oil, &c
Cost of production.....
1938
$1,650,757
106,732
1937
.
•
1935x
1936x
$1,307,372
82,467
$1,146,448
80,148
$974,164
$1,224,905
$917,807
.
56,357
a343,542
$1,066,300
7,097
$1,580,744
153,479
$1,568,447
■
140,404
$1,073,397
147,550
$932,118
247,515
152,780
c64,235
93,651
97,358
88,011
44,506
107,071
15,782
23,457
94,480
5,135
19,063
6,415
53,972
8,417
5,799
43,533
25,898
12,281
17,596
8,572
Warehouse expenses
4,277
103,033
19,734
3,889
Dry hole contributions..
Deprec., depl., &c. (net)
427,836
5,668
341,913
7,000
440,226
Net profit..^..
Previous earned surplus.
$557,831
770,547
$781,783
y557,504
7,229
$257,081
420,860
$131,748
210,950
109,875
Gross oper.
Other income.
profit.... $1,544,025
b36,719
14,311
'
Gross earned income..
Gen. & admin. exps____,
.
Taxes
(State, local and
production)
Federal inc. taxes (est.).
Interest charges
gross
Loss
sale & retirement
on
of capital assets
Exploration expenses
Lease rentals paid
Misc.
18,180,045
$2,356,390
$15,339
Rev. fare pass, carried..
Telephone & Telegraph Co.—Earnings
Operating revenues
3,380,569
Net loss.
has authorized the company to
purchase notes. Proceeds are to be used to finaqce
buses, for delivery during 1939.—Y. 148, p. 448.
$4,042,580
2,593,917
Springfield Street Ry.—Earnings—
Greyhound Lines—Equip. Trusts—
issue $400,000 equipment
$3,320,338
200,364
First Week of Feb.
1939
1938
Gross earnings (est.)^_.
—V; 148, p. ,891.
Period End. Dec. 31—
Sioux City Stock
$252,804
Ry.—Earnings—
par common
Company paid
$5,485,481
1,442,901
Company reports 2,978,000 toll calls originated in its system during
January, an increase of 3.8% over January, 1938.
The number was a
drop of 11.4% from December, being the normal seasonal drop.
Calls
a year ago in January dropped 11.5% from December and in the previous
similar period the drop was 11 % .■—V. 148, p. 891.
Pay 10-Cent Dividend—
compares
$4,821,807
1,501.409
Toll Calls—
The directors have declared a dividend of 10 cents per share on the new
no
$354,643
101,839
285,665
Net oper. income
Net income....
$471,484
119,815
$351,669
Net oper. revenues
Operating taxes....
Simmons-Boardman Publishing Corp.—Accum. Div.—
cumulations
1938—12 Mos.—1937
1938—Month—1937
$1,557,718
5,000
revenues....
Uncollectible oper. rev_.
$184,635
1938
Quar. End. Dec. 31—
England Telephone Co.—Earnings—
Dec. 31—
Operating
Mines Co.—Earnings—
Net profit after deprec. &
taxes but before depl.xloss$16,557
Southern New
Period End.
adjustments
(net)
395,726
13,621,112
$1,328,378
215,368
$1,346,517
565,150
d419,225
zl0,819
$677,941
135,329
1,367
$452,573
Miscellaneous charges..
Earned surp. Dec. 31-
$693,786
106,189
$5.25
$770,547
112,837
$6.93
$541,246
134,841
$1.90
$420,860
145,441
$0.90
Total
Net earnings
Interest, &c
__
Depreciation
Net income
Preferred
dividends
Common dividends
$24,989,578 $25,291,380 $25,912,255 $24,256,764
7,021,551
7,023,225
7,528,134
7,810,878
6,234,548
6,131,993
5,623,562
4,703,292
$11,733,479 $12,136,162 $12,760,559 $11,742,594
5,064,228
5,063,551
5,043,587
6,491,485
5,569,414
5,568,913
5,172,006
4,774,197
Dividends declared
Shs.cap.stock (par $100)
Earnings per share
x
Includes Coastal Plains
x
$1,099,837
Includes
—V.
148,
p.
non-operating
135.
and
$1,503,698
miscellaneous
$2,544,966
income.
>y
$476,912
Preliminary.
Oil Corp., a subsidiary organized in March,
The loss arising on account of complete liquidation of the Coastal
Corp., a wholly owned subsidiary, is composed of the operating
deficit of the Coastal Plains Oil
Corp. at Dec. 3JL, 1936, of
$16,259,
less net income of $5,439 for the period from Jan. 1 to Nov. 10, 1937, the
1935.
Surplus
31,713
y
Plains Oil
Vol time
Financial
148
effective date of its dissolution,
Loss arising on account of
z
Morgtages show an increase and now stand at $34,000,000
and miscellaneous items which make up the balance of the
approximately the same as last year.
Nearly $200,000,000 of new life insurance was placed on the books daring
the year, bringing the total amount of insurance in force to over $2,900,000,000. Premium income was over 113 millions, an increase over the pre¬
vious year.
Investment income was over $31,000,000, while the total
income from all sources exceeded $165,000,006, an increase of two-and-ahalf millions over last year.
Disbursements were approximately $111,000,000.
•
Mr. "Wood touched upon the business conditions encountered by the
Sun Life in its operations during 1938 and showed how life insurance is so
interwoven with the economic structure of national life that it can only
extend its operations when business and other conditions are good.
With
regard to the coming year, Mr. Wood believed that there were sound
reasons for expecting moderate improvement.
The present trend of life
insurance sales is already promising and, given favorable world conditions, a
greater volume of business might be expected for 1939.
He looks forward
with confidence to the coming year.
The story of the Sun Life's growth is
graphically told in the following figures.
the assets.
complete
Real estate, cash
liquidation of the Coastal Plains Oil Corp.
a Includes $332,666 profit on sales of leases and royalties,
b Includes
$29,319 profit on sales of royalties and fee lands.
c Includes $52,484 income
and excess profits taxes for the year 1938 and $11,750 additional assess¬
ments for the years 1936 and 1937.
d Includes $82,874 amount transferred
to capital surplus to cover deficit arising from retirement of 23,313 shares or
reacquired capital stock in March, 1938, and $336,351 amount of excess of
cost of treasury stock over par value thereof.
assets are
Comparative Balance Sheet Dec. 31
payable.
$98,173
payable.300,786
..$1,007,159
$99,399
Accounts
112,855
130,667
Notes
Accts. receivable-_
5,561
7,709
56.000
Common
cap
stock,
Duval Gas Co..
stk.
17,509
100,000 Prov.for Fed .taxes
69,000
dl,225,857 Notes pay. to bank
See e
#60,638
89,461
due after 1 yr__
2,664,226
1,420,000
Duval
Cap. stk. in treas.
b Oil & Gas leases,
oil wells &eq., &
3,724,081
15,861
3,575,893
1
other facilities-.
&c
Assurance
cl,600,000
579,826
693,786
770,547
Capital stock
..el,061,897
Capital surplus...
1
Goodwill
18,209
Earned
..—$4,990,518 $5,182,736
Total
100,000
69,000
42,013
surance,
Gas Co. (contra)
Prepd.&def. items
.stk.of Duval
Gas Co. (contra)
Acer, taxes and in¬
Subscr.toshs.com.
cap.
$105,393
500,000
Subscr. to shs.com.
25,000
Invent'y (crude oil)
1937
1938
Liabilities—
1937
1938
Assets—
Cash
surplus
Year—
1938....
1928-
Total .........$4,990,518
$5,182,736
—V. 147, p. 3776.
Talon,
Standard Gag & Electric Co.— 7eekly Output—
operating companies in the Standard
week ended Feb. 11, 1939, totaled
100,707,772 kwhs.), an increase of 9.8%, compared with the corresponding
Electric output of the public utility
& Electric Co. system for the
148, p. 892.
•
Lewis
Sale Denied—
A petition by the corporation for authority to issue and sell $3,000,000
3H% notes, to be collaterally secured by pledge of a like amount of bonds,
has been denied by the Public Service Commission of New York.
Proceeds from the proposed sale were to be used to refund $1,000,000 oi
Richmond Light & RR. Co. mortgage bonds and to reimburse the treasury
for expenditures made in purchasing securities for retirement.
The Commission held on recommendation of Examiner William T. "Wilkin¬
son, that as the corporation could not designate definitely the refunding
conditions the regulatory body could not determine
proposed refunding was to be done at reasonable cost
and whether the company would realize sufficiently on the sale of notes.
The order also pointed out that Richmond Light bonds were not re¬
deemable until July 1, and that the Commission had no objection to such
procedure, but stated that such refunding approval was not imperative
immediately since notice of redemption could not be made prior to May 1.
Commission's report concerning the balance of the petition offered the.
suggestion that the corporation sell to its affiliates in the Associated Gas
system or on the open market, $5,757,000 in bonds it owns of Associated
Electric Co. and NY PA NJ Utilities Co., two intermediary holding com¬
panies in the Associated system.
The sale of these securities would realize
about $2,877,000 at present market prices, the Commission estimated, or
an
amount substantially in excess of Staten Island Edison's refunding
issue with its terms and
whether
or
Thermoid Co. (&
•■
exchange with the issu¬
ing companies for operating company securities.
Receipt and sale of
operating company securities by Staten Island Edison would enable
latter to discharge indebtedness, or operating company securities could
be sold by the intermediary holding company affiliates to buy back their
issues now owned by Staten Island Edison.—V. 147, p. 2548.
the
Stedman Bros.,
The directors have
addition
common
to
share in
dividend of 15 cents per share on the
holders of record March 20.
Like
July 2, 1938 and on April 1, 1938.—V. 147, p. 1789.
stock, both payable April 1 to
amounts were
>
Ltd.—Extra Dividend—
declared an extra dividend of 40 cents per
the regular quarterly
paid on
Studebaker
Corp.—Sales—
corporation on Feb. 16
and trucks amounted to
The
'
reported January factory sales of passenger
4,736 against 3,010 in 1938, an increase of
57%.
January sales compared with 4,992 units sold in December, the
seasonal contraction amounting this year to 5.1%,
A year earlier the
decline in January from December sales amounted to 36%, 3,010 units
being sold in January against 4,720 in December.
Retail deliveries of
passenger cars and trucks in the United States last month amounted to
3,171 against 3,035 a year ago.-—V. 147, p. 4069.
♦
cars
Sun Life Assurance Co. of
,
Canada—1938 Report—
The 1938 report of the company shows that $83,000,000 were paid out
during 1938 in policyholder benefits. Of this amount $28,000,000 were paid
in death and disability benefits, $24,000,000 represented annuity and
matured endowment payments, while nearly $13,000,000 were disbursed as
policyholders' dividends. Since the first policy of the Sun Life was issued
in 1871 the total paid to policyholders has reached the imposing sum of over
$1,200,000,000.
Today, after 68 years of public service, with 1,000,000
policyholders, the Sun Life of Canada is the Dominion's largest life insur¬
ance company and ranks hmong the first 10 of the 300 or so companies
operating on the North American continent. "While most of its business is
secured in Canada, United States, Great Britain and the British Empire,
the company has offices that enable its service to encircle the globe.
At the annual meeting held Feb. 14 Arthur B. Wood, President and
Managing Director, presented an impressive financial^ statement and out¬
lined som3 of the achievements of the Sun Life during 1938 in carrying out
the service of life insurance, laying particular stress on the place that life
insurance occupies in the economic life of a nation.
In simple language
he outlined the part that interest plays in life insurance and how the invest¬
ment of policyholders' funds keeps the wheels of industry turning.
The
policyholders' premiums, he said, were a definite contribution to the
economic life or the Nation, for the investment of these savings creates a
single source of long-term capital which is unequaled.
President Wood then
tola of some of the problems encountered by a life insurance company such
as the Sun Life, whose investments during the year total as much as $100,000,000 half of which would be new money. To find suitable channels for
the safe investment of these savings, at satisfactory rates of interest, is not a
simple matter. Today the accumulation of funds and the lack of demands
for new capital have resulted in a correspondingly low return on invest¬
ments.
To a large extent the Sun Life has met this problem by the use of
government securities as an outlet for such funds. He show how life insur¬
ance—the greatest cooperative enterprise in the history of mankind—
benefits the community, but warned against the misconceptions of life
insurance which might lead to the penalizing of this great protective in¬
stitution by undue taxation or otherwise.
He cautioned policyholders against the payment of fees for advice about
their policies, saying that the best advice can be secured free of cost by
applying either to the branches or head office of the company, or from
company representatives who are today highly trained specialists.
A study of the directors' report and the financial statement which is sub¬
mitted to various governmental authorities reveals that the company has
continued its policy of further strengthening the reserves and writing down
of values at which the assets are carried in the statement.
After making
provision for policyholders' dividends and the increase of reserves, the sur¬
plus and contingency reserve of the company remains at approximately
$30,000,000. Surplus earnings for the year were over $23,000,900, including
an item of over $5,000,000 realized by the redemption or sale of ledger
assets.
It is from the surplus earnings that provision is made for policy¬
holders' dividends, the balance being applied to further strengtheing the
company.
Assets of the
Sun Life increased by
$44,600,000 during 1938 and now
the highest in the history of the company. From 1930 to
1938 the assets of this company have increased from approixmately $588,000,000 to this record figure of $875,000,000, an increase of over $287,000,000. The bond account increased by $54,000,000 and stands at over $423,total $875,000,000,
000,000,
representing 48.3% of the assets.
Common stocks are 27.1%
of
Sub.)—Earnings$0.12
y
Nil
Nil
Nil
depreciation, interest, taxes, &c.
147, p. 3172, 1209.
After
*
$120,676
$18,689
$88,284 loss$241,837
Earnings per share
-V.
1938—12 Mos.—1937
1938—3 Mos.—1937
Period End. Dec. 31-—
y
this company, filling the
of Wallace D. Walker, son of the
of the company founder, Colonel Lewis
director's post opened by the recent death
grandson
3d,
Net profit—
x
On 476,388 common shares-
Thompson-Starrett Co., Inc.- -Earnings—
9 Mos.
3 Mos.-
Period ended—
Jan. 26, '39 Jan. 27, '38 Jan. 26,
,
'39 Jan. 27, '38
x$137,452
the Colorado
Net loss—
—
$31,938
$50,689
$135,833
x These figures do not include results from operations on
River Aqueduct, in respect
reserve
(in excess of $100,000
before completion, con¬
of which the amount of loss
earlier established) cannot be determined
tracted for May 31,
not the
requirements.
An alternative to sale of these securities was their
Walker
was moved up to the
of his uncle.—V. 148, p. 892.
Walker,
x
Staten Island Edison Corp .—Note
Inc.—New President—
William C. Arthur has been elected President of
-
vacancy recently caused by the death
founder of the slide fastener firm.
"
Gas
week last year.—V.
—
1908
provision for Federal income taxes year 1937, of $8,153, and
provision for Federal income taxes year 1938, estimated, $52,485.
b After
reserves for depletion, depreciation and intangible development costs of
$991,558 in 1938 and $716,690 in 1937.
c Authorized, 320,000 shares of
$10 par value, 159,502 shares issued and 498 shares to be issued,
d 47,162
shares at cost,
e Represented by 106,189 shares, par $10, after deducting
30,497 shares held in treasury and 1,313 shares,unissued.—V. 148, p. 290.
Payments to
Policyholders
Assets
$83,400,004.82 $875,894,272.22
49,920,797.71 488,958,706.81
10,284,027.21
97,620,378.85
2,926,267.65
29,238,525.51
in Force
$2,905,380,286
1,957,211,407
341,992,782
119,517,740
1918
Includes
a
1041
Chronicle
1938.—V. 147, p. 3172.
Transamerica Corp.—-Records
,
May Be Examined by SEC
The Securities and Exchange Commission attorneys on Feb. 13 were
given access to voluminous reports and statements of the corporation and
affiliates covering the years 1927 through 1937.
Trial Examiner Henry Fitts ruled that Commission employees could go
its subsidiaries and
through the reports before they are put in evidence or a determination is
made of their relevancy.
O. John Rogge, SEC Counsel, questioned Mr. Smith on the sale by
Corporation of America of 25,000 shares of Bankitaly Mortgage Co. stock
to A. O. Stewart in 1932 for $3,200,000, of which $1 JOO.OOO was in the
form of a note, Bankitaly Mortgage Co. later became Pacific Coast Mort¬
gage Co.
■
Mr. Rogge said that through his questioning he intended to go into
trading in Transamerica stock by Pacific Coast Mortgage Co. in order to
establish what profits resulted from this trading and also what dividends:
were paid to A. P. Giannini, Transamerica Chairman, by Pacific Coast,
Mortgage Co.
During his questioning of Mr. Smith, Mr. Rogge charged that Bankitaly
Corp. got stock of Bank of Italy below the market price from the bank and
sold? it at the market price and recorded the difference between the two sales:
at profit. He calimed National Bankitaly Co. followed a similar practice.
The SEC. has been temporarily enjoined from publicly investigating
activities of the Bank Of America, in the course of its hearings on the Com¬
mission's proceeding against Transamerica Corp.
The injunction order,
issued by the Federal Circuit Court of Appeals for the District of Columbia,
set March 6 as the date for argument in the appeal case.'—V. 148, p. 449.
Union Bag & Paper Corp.-—Working Capital Increased to
$3,100,000—New Financing Raises Current Ratio to OverA to 1
corporation has raised the corporation's working capital
approximately $3 ,100,000 and resulted in a ratio of current assets to
1, according to a statement made Feb. 11 by
Alexander Calder, President, in which it was announced that the company's
new financing has now been completed.
Sale of new securities has also resulted in a presently outstanding funded
debt of only about $5,050,000, Mr. Calder said; of this, $4,600,000 consists
of loans by two insurance companies.
The remainder of the funded debt
in the amount of approximately $450,000 consists of notes given in connec¬
tion with timberland purchases which mature at various dates up to Jan. 5,
New financing by
to
current liabilities of over 4 to
1943.
New financing for the corporation
consisted of two long-term note issues
Life Insurance Co. and the
of 210,455 new shares of capital
stock. *Of the new stock, 160,105 shares were sold to stockholders and
30,203 shares to employees; the balance of 20.147 shares was taken by an
underwriting group headed by E. H. Rollins & Sons, Inc., and Blyth & Co.,
Inc.
The loans made by the two insuranceco mpanies mature over a 12year period; the first maturity occurs Jan.
1, 1941, in the amount of
$150,000 —V. 148, p. 894.
of
$2,300,000 each, sold to the Metropolitan
Prudential Insurance'Co. of America, and
Union, Street Ry.—-Earnings—
1938—3 Mos.—1937
$6,164
$17,889
Period End. Dec. 31—
Net loss
„
Rev. fare pass,
Aver. fare per passenger
—V, 146, p.
2,488,368
6. 6c
2,747,200
6.61c
carried._
«
1938—12 Mos.—1937
$16,573
10,976,271
$93,566
10,280,986
6.7c
6.68c
1418.
Union Twist Drill
Co.—No Common Dividend—
Directors at their meeting
held Feb. 15 took no action with respect to
payment of a dividend at (Jiis time on the company's common stock.
A
regular quarterly dividend of 25 cents per share was paid on Dec. 27, last,
V. 146, p. 1262.
„
United Gas Improvement
—V. 148, p.
Co.—Weekly Output—
Feb. 4, '39 Feb. 12, *38
98,943,798 101,486,048 87,992,733
Feb. 11, '39
Week Ended—
Electric output of system
(kwh
894.
United States Steel
Corp.—New Director—
by Edward R. Stettinius Jr., Chair¬
annual meeting to be held on April 3, the
Stanley will be placed in nomination as a director to
succeed Mr. Walter 8. Gifford.
Announcement was made on Feb. 15
man
of the Board, that at the
"name of Robert C.
January Shipments—
See under "Indications of
page
Business Activity" in last week's
"Chronicle."
801.—V. 148, p. 748.
Utah Power & Light
Co.—Preferred Dividend—
declared dividends of $1.16 2-3 per share on the $7
stock, no par value, and $1 per share on the no par
$6 cumulative preferred stock, both payable April 1 to holders of record
March 1. Like amounts were paid on Dec. 21, Oct. 1, July 1 and April 1,
1938, and on Dec. 21 and on Oct. 1, 1937. See V. 144, p. 3522 for detailed
record of previous dividend payments.—V. 147, p. 4071.
The directors have
cumulative preferred
Utilities Power & Light
Corp.—Trustee to Seek $3,000,-
for Debenture Purchase—Floyd B. Odium Testifies
That Revamping Plan Looks Toward Conversion into Investment
000 More
Firm—•
Financial
1042
apply
The trustee of the corporation will seek to
to the purchase
an
cents per
Attorney for the trhsteer Charles True Adams, stated at the Securities
Corp. plan for reorganiza¬
application to carry out this transaction was In the course of
preparation and probably will be presented to the Commission within a
week.
U. P. & L. has already used .$9,000,000 for this purpose.
Floyd B. Odium, President of Atlas, testified the reorganization plan
looks toward the eventual conversion of U. P. & L. into an investment firm.
He said that the U. P. & L. system would become a registered holding company under the Public Utility Holding Company Act until it disposed of its
operating properties,
f
The estate of U. P. & L. for the purpose of the plan was estimated at
around $48,000,000, Mr. Odium said.
If this valuation was changed sub¬
stantially upward or downward, the amount of new common stock to be
given to holders of the preferred would have to be either raised or lowered,
tion that an
Operation
x
funded debt
unfunded debt
Amortization of debt discount and expense, &c
Provision for Federal and Stateincome taxes
on
on
Delisted,—
V
•
■
The Securities and Exchange
Net income..........
x
f
3,600
$1 par value class A stock
2,366
13,646
2,150
$90,773
$74,426
x
Viking Pump
140,p.'2555.
dividend of 25 cents per share on
value, payable March 15 to holders of record
March 1.
A dividend of 50 cents was paid on Dec. 15, last; dividends of 25
cents were paid in each of the three preceding quarters; a special of $1.25
was paid on Dec, 15, 197; special dividends or 25 cents were paid on Sept.
15, June 1 and on March 15, 1937; a special dividend of $1 paid on Dec. 15,
1936, and dividends of 25 cents were paid on Sept. 15 and June 15, 1936.
—V. 147, P.-3174.
\
Ward Baking
147, P. 3625.
,
-
.
Gross earnings
...
$296,626
1938
$272,973
....
Act
p.
750.
Western Union Telegraph Co.,
Jan.
1939
1
to
$1,696,074
Feb. 7—
1938
$1,462,910
corporation or the subsidiary
7%
company
Teleg. & cable oper. revs. $8,630,620
663,605
Repairs
685,803
Deprec. & amortization.■
All other maintenance.
358,104
5,355,216
Conducting operations..
Relief depts. & pensions.
185,473
All
other
general *and
101,586
i miscellaneous expenses
_
FNetltelegraph & cable
operating revenues.
$1,280,833
_
$803,016
191,208
$828,669
191,167
Grossi income
Deduct.ifrom gross inc..
$994,224
607,395
$1,019,836
609,556
$386,829
$410,280
34,523
443,294
2,157,436
2,291,066
$1,213,312 $10,205,738 $14,852,089
387,825
366,850
5,382,245
5,864,158
384,643
Uncollectible oper. revs.
assignable to opers
i > an
to
Operating income
Non-operating income.
Taxes
1938—12 Mos.—1937
$1 ,747,651 $91,712,401$ 100,482,884
7,046,133
6,420,103
613,778
5,639,826
8,233,068
507,213
5,473,508
5,428,615
439,872
63,085,481
57,141,385
5,592,546
2,094,781
2.126,056
180,160
200,770
~
Net income....—
...
was
in¬
for that year.—V. 148,
Mfg. Co.—Deferred Dividend—
13.
a quarterly dividend of $1.75 per share on the
pref. stock, par $100, payable April 3 to holders of record March
Arrearages now amount to $14 per share.—V. 147, p. 3176.
cum.
York
Rys. Co. (,& Subs.)—Earnings-
Years Ended Dec. 31—
xl938
Total operating revenues—
r
Operating income—
Other income
.
—
x
A..,.
—
—
$3,974,730
1,529,066
$9,082,019
1,593,827
$5,503,796 $10,675,846
7,141,675
7,350,077
x$l,637,879
$3,325,769
Indicates deficit.-—V. 148, p. 897.
Products, Inc.—15-Cent Dividend—
$1 par
This com¬
Directors have declared a dividend of 15 cents per share on the
stock payable March 10 to holders of record Feb. 28.
with 10 cents paid on Dec. 10 and Sept. 10, last; a dividend(of 15 cents
...
—
...
Interest on long-term debt—1st mtge. bonds.'
Otherinterest
1
*
Amortization of debt discount and expense
Balance of income
x
$480,635
13,721
$586,682
.v
Provision for retirements..-^.....
$2,790,294
234,706
788
11,757
$494,356
287,263
3,154
32,517
$339,431
Maintenance
Other taxes
,.1937
$2,744,739
1,399,855
124,556
269,215
120,183
257,995
$572,935
13,748
Operating expenses..
Gross income..
Inc.—Earnings—
1938—Month -1937
$1,408,066
4,166
28,504
.
897.
Period End. Dec. 31—
$1,359,341
163,760
of 1936 is included in the above statement as no such surtax
curred by the
Federal income taxes.
'
$2,602*869
998,373
Before
Yellow Truck & Coach
Ry.—Earnings—
Week Ended Feb. 7
$2,623,864
1,021,781
151,244
50,000
41,498
Directors have declared
adopted a resolution accept¬
ing with regret the resignation of J. M. Livingston as President.
No
action was taken with respect to a successor.
The annual meeting of stock¬
holders will be held on Feb. 23.
Mr. Livingston, who formerly operated with his brother the Livingston
Baking Co. of Chicago, came to the Ward company in 1931 as General
Manager and Vice Presdient.
He was elected President in the following
vqaiv—V. 147, p, 3325.
The directors of this corporation on Feb. 15
1939
$3,537,869
935,000
4,969,470
appropriation for depreciation,
y Preliminary, subject to audit.
Note—No provision was made by the corporation for State income taxes
for 1937 as the corporation claimed as a deduction in its income tax return
that portion of the unamortized debt discount and expense and redemption
premium and .expense on bonds redeemed in 1936 applicable to the taxable
year 1937 which resulted in no State income taxes for that year.
No provision for surtax on undistributed profits during 1937 under the Revenue
.
Corp.—President Resigns-—
Western Maryland
„
.*
Net income.
x
share on the common
paid on Sept. 1,1937 and 20 cents per share distributed on June 1 and
(net)
Other income deductions
Vogt Mfg. Corp.—20-Cent Dividend—
March 1, 1937.—V.
income
Gross
Amortization of debt discount, prem. & expense._
Amortization of abandoned street ry. propertyT_
no par
Directors have declared a dividend of 20 cents per
$3,478,984
39,304
19,581
$3,593,864
970,000
jobbing (net).
$8,448,455
$3,590,831
31,750
Dr28,718
operating revenue
Interest charges
Co.—Special Dividend—
stock, payable March 1 to holders of record Feb. 17.
This compares with
30 cents paid on Dec. 21, last: 20 cents paid on March 1, 1938; a year-end
dividend of 25 cents paid on Dec. 23, 1937; 20 cents on Dec. 1, 1937; 40
$8,870,778
5,279,947
x Net operating revenue and other income
Appropriation for depreciation
-Exchange XJrged-
The directors have declared a special
the common stock,
Net
.
1937
yl938
-
Interest, dividends, &c
Merchandise and
•
Corp. (& Subs.)—Earnings—
Operating revenues
Updating expenses, maintenance and taxes
The application for delisting
of the corporation.
facilities for this
of Manhattan are no longer available.
The order
became effective at the close of the trading session on Feb. 14, 1939.—
V. 148, p. 895.
See Associated Public Utilities Corp.- -V.
——
for Federal and State income taxes.
—
the
stock in the Borough
Utilities Public Service Co.-
Before provision
Years Ended Dec. 31—
q
Commission has granted the application of
stated, among other things, that the transfer and registrar
pares
104,495
11,304
Note—Preliminary figures stated.—V. 147, p. 2880.
Wisconsin Public Service
•
Willson
$197,084
*
the New York Stock Exchange to strike from listing and registration
common
Net earnings
Interest
Interest
...
r
$211,902
103,850
2,375
General taxes
would not stand up otherwise, Mr. Oldum said.
The new
common stock would have an immediate market value of $3 to $4 a share,
according to Mr. Odium.
x
12,322
69,393
74,836
i.
Provision for retirement reserve
felt the plan
—V. 148, p.
1937
$602,184
248,548
30,471
75,000
84,509
— .
Maintenance
Nothing was allotted to the class A, class B, and common stock (which,
however, have the right to subscribe to new common shares) because he
cents
1938
$635,769
233,887
12 Months Ended Dec. 31—
Gross earnings
'
'
Electric Co.—Earnings—
Wisconsin Hydro
and Exchange Commission hearing on the Atlas
stcltcd
1939
18,
paid on March 10, 1938 and previously regular quarterly dividends of 25
cents per share were distributed.
In addition, a special dividend of 10
share was paid on Sept. 10, 1937.—V. 147, p. 3926.
additional S3,000,000
of the company's debentures at 70, plus a slight amount of
accrued interest, it was.announced Feb. 15.
jO©
Feb.
Chronicle
$171,422
1,496,430
163,958
270,132
90,586
288,552
Preliminary—subject to annual audit and such sundry book adjust¬
be necessary incident to closing for fiscal year ended
ments, if any, as may
Dec. 31,1938.
Reorganization—
The Securities and Exchange Commission announced Feb. 7 that a public
hearing will be held on Feb. 23 in the Commission's Washington offices on
the application of company for approval of a plan of reorganization.
The plan of reorganization proposes that the outstanding issue of $4,990,000 of first mortgage bonds of York Rys,, which is further secured by the
pledge of the securities of Edison Light & Power Co.; York Steam Heating
Co. and York Bus Co., subsidiaries of York Rys., and which fell due Dec. 1,
1937, be extended for a period of 10 years from its maturity at the same rate
of interest; that York Rys. by supplemental indenture agree that no divi¬
dends will be paid by it or expenditures made out of surplus earnings except
for the retirement of bonds or for additions to and renewal and replacement
of physical property of it or its subsidiaries until either the issue has been
further reduced to $4,000,000 of outstanding bonds or the bonds have been
assumed by Metropolitan Edison Co. or Pennsylvania Edison Co., that,
except as modified by such agreement, the rights of the holders of the re¬
maining outstanding securities of York Rys., which are 32,000 shares ($50
par) 5% cumulative preferred stock and 50,000 shares ($50 par) common
stock, remain unaffected: and that all other claims against York Rys.
remain unaffected by the plan.—V. 147, p. 2711, 3327.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
was
COMMERCIAL EPITOME
Friday Night, Feb. 17, 1939
Coffee—On the 11th inst. futures closed
unchanged to 4
points higher in the Santos contract, with sales totaling 33
lots.
The Rio contract closed unchanged fco 1 point lower,
with only 1 sale. Most of the activity in the Santos contract
was in the form of switching, and the major portion of it was
from March to December at 29 and 30 points and March to
September at 24 points.
It was reported that commission
houses were selling the March and trade houses were cover¬
ing. A cable from Brazil stated that the Minister of Finance
in Brazil has summoned the coffee States for
Feb. 15.
a
It is assumed that arrangements
a
convention
on
will be made to
handle the surpluses of the next crop.
Havre closed % franc
to 134 francs lower and spot 4s in Brazil were 100 reis lower
at 19.9 milreis per 10 kilos.
On the 14th inst. futures closed
3 to 4 points net lower in the Santos contract, with sales
totaling 79 lots. Rio contracts closed unchanged to 1 point
lower, with only 1 sale recorded. A feature of the trading
March
liquidation for commission house account, these
offerings being taken by trade houses who sold September
and
December
at
widening differences.
The MarchSeptember spread was 24 points and the March-December
widened to 31 points.
There appears little outside interest
in the market, there being little or nothing to induce any
appreciable trade.
Havre futures closed 134 francs higher
to 34 lower.
Hard 4s in Brazil were 100 reis higher at 17.6
milreis per 10 kilos, but prices otherwise were unchanged.
Brazil's exports
last week
were
243,000 bags, against 290,000
previous week.
Of the total the United States took
164,000. Europe 65,000 and other destinations 14,000.
On
the 15th inst. futures closed 1 to 4 points net lower in the
Santos contract, with sales totaling 39 contracts.
The Rio
contract closed 3 points up, with sales of only 4 contracts in
the September delivery.
Inability to move local stocks of
coffee, coupled with lo^er Brazilian quotations, accounted for
lack of enthusiasm in the coffee futures market.
Santos
contracts were 2 to 3 points lower this afternoon on sales of
7,770 bags.
Quotations on cost and freight coffees wero
in the
•
Volume
On that basis there
March arrival and
a cargo of Puerto Rieos for second half February shipment
openly offered with additional quantities in the background.
The world sugar contract closed unchanged to A point
higher, with transactions totaling 140 lots. London futures
were unchanged to
3^d. higher and raws there were un¬
offerings
lower, with Santos 4s available at 6.55c.
PriceJof Rio
futures were steady.
September, the only position traded,
was 3 points up at the close.
Havre futures were 2)4 to 3
francs lower.
On the 16th inst. futures closed 7 to 8 points net higher in
the Santos contract, with sales totaling 51 contracts.
The
Rio contract closed 7 to 5 points net higher, with sales total¬
ing 12 contracts.
Reversing their recent trend, coffee
futures were higher.
Santos contracts stood 4 to 5 points
above last night's close, with March selling at 6.14c., during
early afternoon.
Rios were higher, with March at 4.30c.
t
#
Trade
support was in
evidence.
were
.
Transactions in Santos
early afternoon totaled 6,250 bags. Cost and
freight offerings of both Brazil and mild grades were un¬
changed, with business small. Havre prices were % to 1%
francs better.
Today futures closed 3 to 2 points net lower
in the Santos contract, with sales totaling 70 contracts. The
Rio contract closed unchanged, with only one sale of one
contract recorded.
Coffee futures were lower.
Sales of
contracts to
on Santos contracts forced prices down about
The weakness of those deliveries reflected the
10,500 bags
5
points.
disinclination of the trade to take
moved.
on
stocks that cannot be
Prices
in{ primary markets were unchanged with
Santos 4s quoted in a range from 6.70c. upward.
Havre
prices were % tolA francs higher on sales of 4,000 bags.
The
which opened in Brazil yesterday
results, according to advices received here.
Another session was scheduled for today.
coffee
produced
convention
no
Rio coffee prices
closed
as
follows:
March
-—4.32 September
May--«-__—--.4.32 December-.
July- —'
-4.32
— .
-
—
_
.
Santos coffee prices
«
,-—4.28
4.28
...—
closed
as
follows:
March---.—.
-—6.14 September.
May—-6.26 DecemberJuly—6.34
—
.——6.38
.—6.44
------
Cocoa—On the 11th inst. futures closed 3 to 5
higher.
to
points net
The market's firmness today was ascribed largely
Wall Street buying.
There
was some
profit^taking and
hedge selling
higher
,
as an offset.
The market opened 2 points net
with prices ruling within a very narrow range during
Transactions totaled only 117 lots,
London actuals ruled l^d. lower, while
the Terminal Cocoa Market was unchanged to 13^d. off,
with only 10 tons traded. Local closing: March, 4.39; May,
4.52; July, 4.64; Sapt., 4.75; Oct., 4.81; Dec., 4.91.. On the
14th inSt. futures closed 9 to 10 points net lower. The open¬
ing range was 1 to 3 points net lower. Transactions totaled
515 lots or 6,901 tons.
London actuals advanced 1 3^d.
while the Terminal Cocoa Market came through 3d. to 4Hd.
lower with only 210 tons trading. The features of the trading
in the local market were heavy March liquidation and trade
switching into the forward positions. Manufacturers were
buyers on the scale down. There also was some hedge selling
against actual purchases of Accra cocoa on the outside mar¬
ket.
Lodal closing: March, 4.30; May, 4.42; duly, 4.54;
Sept"., 4.66; Oct., 4.72; Dec., 4.82. On the 15th inst. futures
closed 3 to 4 joints net lower. Transactions totaled 570 con*
tracts, Liquidation of March contracts together with hedge
selling by producers caused cocoa futures to sink into new
low grouna for .the year, with March at 4.26c., off 4 points.
most
of the
session.
equal to 1,568 tons.
Wall.Street
a
was a
scale down-
mount.
as
seller while manufacturers were
buyers on
Warehouse stocks continue to
heretofore.
They increased 1,400 bags overnight.
They now
bags a year
ago.
Local closing: March, 4.26; May, 4.39; July, 4.51;
Sept., 4.63; Oct., 4.68; Dec., 4.78.
On the 16th inst. futures closed 4 to 5
points net higher.
total 1,013,212 bags, compared with 574,781
Transactions totaled 502 contracts.
generally, the tone of
active with
facturers
a
With better markets
futures improved.
Trading was
total of 320 lots done to early afternoon. Manu¬
cocoa
buying, absorbing switch sales of Mar<?h by
commission houses which were transferring into distant
positions.
Hedge selling by Brazilian producers was also
absorbed.
African producers were not active.
Warehouse
stocks decreased 1,400 bags.
They now total 1,011,813
bags/against 574,726 bags a year ago. Local closing: Mar.,
4.31; May, 4.44; July, 4.55; Sept., 4.67; Oct., 4.72; Dec.,
4.83.
Today futures closed 1 point down to 1 point up,
with sales totaling 272 contracts.
Cocoa futures had a
steady tone but prices were held within a narrow range.
During early afternoon the market was unchanged., to 2
points net higher.
Sales to that time totaled 210 Jots.
Hedge pressure from producers was light, but on the other
hand manufacturers' bids were just under the market.
Wall Street took little interest in the
proceedings. Ware¬
house stocks decreased 1,400 bags.
They now total 1,010,491 bags compared with 573,749 bags a year ago.
Local
closing: Mar., 4.30; May, 4.43; July, 4.56; Sept., 4.67;
Oct., 4.72; Dec., 4.84.
were
Sugar—On the 11th inst. futures closed 2 to 4 points net
Transactions totaled 210 lots or 10,500 tons. The
market's firmness today was attributed to rather
heavy short
covering, which came largely from a Wall Street trade house
with Puerto Rican and San Domingo trading connections.
It influenced a run-up in
September from a previous close
of 1.92c. to 1,97c. on trades in that month of
only 44 lots.
higher.
Very little
were
1043
Financial Chronicle
148
was for sale except on a scale up. In May 51 lots
traded at 1.86c. to 1.90c., while there were 82 lots in
switches, which were mostly from March to September
at 15 points.
The- market for raws was slightly easier as
were
rather liberal at 2.75c.
about 13,400 tons of Philippines for
changed at 6s. 2M'd., equal to l,123^c. f.o.b. Cuba. On the
14th inst, futures closed 2 to 4 points net lower. The opening
range was unchanged to 2 points higher. Transactions totaled
291 lots. The selling seemed to center in the distant months,
which was reported as against big quantity purchases of
Philippines at 2.75c. by the Wall Street, house with the lead¬
ing Cuban producing connections. Transactions totaled 182
lots, including switches which were in September and Janu¬
ary.
The Cuban interest was the sole seller of January,
which was taken by operators and trade houses.
In the
market for raws operators were active today
and/on Satur¬
day, taking approximately 12,000 of 15,000 tons of Philip¬
pines at 2.75c. in March and April arrival positions. Addi¬
tional quantities were believed to be available at the same
price in forward position. The world sugar contract closed
Ai point higher to A point lower, with sales totaling 262 lots.
London raws were unchanged and futures closed Ad. higher
to Ad. lower.
On the 15th inst. futures closed unchanged
to 1 point up in the domestic contract; with sales totaling
267 contracts. The world sugar contract closed 1 point up
to )4 point down, with sales totaling 47 contracts.
Cuban
buying was in evidence in the domestic market, with the
result that prices advanced about a point on sales of 5,000
tons to early afternoon.
The, market for raws was steady at
2.75c. Operators were credited with paying that price for
sugars due March 10. It came to light today that American
Sugar Refining had paid 2.76c. a pound for 3,000 tons of
Philippines due this date. World sugar futures were quiet,
with values up from A, to 1 point on sales of 1,900 tons.
March liquidation accounted for a large share of the
activity .
Ten lots were switched into deferred positions. Futures m
London were unchanged to Ad. higher on sales of 8,000 tons.
On the 16th inst. futures closed 2 points down to, un¬
changed in the domestic contract, with sales, totaling 338
contracts.
The domestic market ruled heavy during most
of the session.
During early afternoon futures were un¬
changed to 1 point lower, with sales totaling 14,500 tons.
Cuban interests were reported as buying.
The raw sugar
market was quiet with no sales reported.
It was believed
that buyers continued to be interested at 2.75c. a pound, at
which last reported sales were made, but only on nearby
sugars.
Puerto Ricos for early arrival were available at
2.77c. ' In refined sugar a Southern refiner cut his price" to
4.20c., establishing a new low record if allowance is made
for the processing tax.
The world sugar contract closed A
point up to 2 points net lower, with sales totaling 122 con¬
tracts.
London futures were M to Id. lower on sales of
6,000 tons. Today futures closed 1 to 3 points net lower in
the domestic contract,, with sales totaling 544 contracts.
The world sugar contract closed IA to A point lower, with
sales totaling 176 contracts.
Domestic sugar futures con¬
tinued to reflect the pressure of offerings on the raw market.
Prices during early afternoon, were 1 to 2 points lower on.
sales of 426 lots or 21,300 tons.
Raws were quiet with
buyers reported as still willing to pay 2.75c. for nearby
arrivals but disinclined to meet that price for distant delivery".
An additional sale of Wednesday of 1,000 tons of Philippines
due Feb. 1 going to a large refiner at 2.76c.
In the world
sugar market futures were unchanged to 1 point lower on
sales of 7,350 tons.
Prices in London were A to Id. lower
at the close with sales reaching 4,000 tons.
;
.
,
Prices
were as
follows:
March-—j------------1.76 September
May— ---------------—1.84 January,
July—
—----------1.88
'
-
;,
.s.1.90
1.87
Lard—On the 11th inst. futures closed Unchanged to 2
points higher.' Trading was light, with fluctuations narrow.
Very heavy lard shipments were reported from the Port of
New York today and clearances totaled 344,665 pounds,
destined for Manchester and Antwerp. The United King¬
dom was reported to be a fairly heavy buyer of American
lard the past week. Liverpool lard futures today were un¬
changed to 3d. higher. Chicago hog receipts were very light
today and only amounted to 500 head. Western receipts
totaled 7,000 head, against 10,500 head for the same day
last year.
Small sales were reported at Chicago at prices
ranging from $7,70 to $8.10. On the 14th inst. futures closed
20 to 25 points net higher. The market ruled strong during
the entire session.
Trading interest in lard futures was the
heaviest in some time.
The strength and activity was
attributed largely to a rumor that Germany was to obtain
large quantities of American lard on a barter basis. This
report led to active short covering for speculative account .
Clearances of American lard over the past week-end were
very heavy.
They totaled 803,155 pounds for Cardiff,
Bristol and Hamburg.
Hog production for the coming
1939-1940 season is forecast to be very heavy.
Liverpool
lard futures were unchanged to 3d. lower. Chicago hog prices
were 10c. lower, with sales ranging from $7.50 to $8.20.
Western hog receipts today totaled 65,800 head, against
68,700 head for the same day last year. On the 15th inst.
futures closed unchanged to 5. points higher. The opening
range was 2 to 5 points net higher.
The improvement ex¬
tended later to levels 5 to 10 points above the previous finals,
Financial
1044
but prices eased
towards the close.
Local
Shipments of lard for
PRICES
Sat.
OF
LARD
Mon.
H
May
July
September
O
L
6.40
6.57
6.72
....
FUTURES
Tues.
6.45
6.65
6.82
6.95
Wed.
Thurs.
6.62
pi
March
6.76®
6.77®
6.96®
6.97@
April
lay
June
6.78
n
July
August.
September
u
7.05®
7.05®
7.07
n
7.14®
7.15® 7.19
October
Rubber—On the 11th inst. futures closed 19 to 24
points
higher. The opening range was 2 to 9 points up from the
previous finals.
Transactions totaled 2,360 tons.
Spot
standard No. 1 ribbed smoked sheets in the actual trade
net
'advanced 3-16c.
to 15%c.
Unusually heavv buying was
responsible for today's substantial rise in values. Most of
the purchasing came from trade short
covering and factory
The outside market had its usual
Offerings from the Far East were scarce.
accounts.
Saturday duiness.
Local closing:
Feb., 15.60; March, 15.63; May, 15.59; July, 15.60; Sept.,
15.64; Dec., 15.64. On the 14th inst. futures closed 47 to
53 points net higher.
This vigorous surge upward was due
almost entirely to the decision of the International Rubber
Regulation Committee to leave the rubber export quota for
the second quarter unchanged at
50% of basic quotas. This
the signal for a broad advance in international rubber
markets today.
Up tp a few days
was
ago an increase in the
quota to 55 % for the second quarter had been widely ex¬
pected.
Transactions on the local Exchange totaled 456
contracts, with the market very strong throughout the ses¬
sion.
Opening prices were 29 to 41 points higher. Spot
standard No. 1 ribbed smoked sheets in the trade advanced
%c. to 16%c. All positions in the actual market were
quoted
at 1634c.
Local closing: March, 16.10; May, 16.12; July,
16.08; Sept., 16.12; Dec., 16.12. On the 15th inst. futures
closed unchanged to 8 points
up.
The opening range was
4 points lower to 8 points
higher. Transactions totaled 5,440
tons, including 1,960 tons which were exchanged for physicals
in the actual market.
Spot standard No. 1 ribbed smoked
sheets in the outside market remained the same at
1634c.
A feature of the session was the
exchange of 196 lots of March
futures for actual rubber by manufacturers.
Commission
houses were active on the buying side again. There also was
some
profit-taking and trade selling. Some dealers in the
reported doing a fair amount of ship¬
business.
Others state that the activity was
quiet.
actual rubber market
ment
%
a
futures.
The advance in tire
further decrease in United
factors in the rise.
business.
Oils—The action of Linseed Oil reflects
Cottonseed Oil sales, including switches, 241 contracts.
Crude, S. E. 5%c.@5%c. Prices closed as follows:
opened
London closed 1-16 to 34J-
Hides—On the 11th inst. futures closed 1 point lower to 1
point higher. The opening range on the old contract was 4
points decline to 1 point advance and the newrcontract from
4 points lower to 2 points higher.
The market ruled irregular
during most of the session, with trading fairly active. There
was no trading in the old contract.
Transactions totaled
3,520,000 pounds in the new contract. There has been little
or no change in the spot hide situation.
The market's recent
weakness in futures has been ascribed largely to the down¬
ward movement in securities market.
Local closing: New
contract: March, 10.87; June, 11.30; Sept., 11.64; Dec.,
II.96.
On the 14ith inst. futures closed unchanged to 2
points net higher.
The market opened weak at 5 to 15
points net lower. As the session progressed values improved
and at the close all early losses were virtually wiped out.
Transactions totaled 120,000 pounds in the old contract,
while sales in the new contract totaled 12,240,000 pounds.
There was a little more interest displayed in tha spot markets.
Further trading was reported in the Middle West on a basis"
of 10c. for light native cows, or unchanged from the last
previous business.
In the Argentine it was reported that
16,000 frigorifico steer hides had been sold for United States
account at 10%e., a decline of %e. from the last previous
6.90
7.05
no material pick-up
ice tone is reported firm.
Tank cars are
quoted 7.9c. bid and Tank wagons 7.9 to 8.1. Quotations:
Chinawood: Nearby, Tanks—15c. bid.
Coconut: Crude,
Tanks, nearby—.03 bid; Pacific Coast—.02% bid.
Corn:
Crude, West, tank nearby—.05% bid. Olive: Denatured,
drums, carlots, shipment—85 to 86; Spot—87 bid.
Soy
Bean:
Crude, Tanks, West—.04% offer; L.C.L. N.YV—
6.8 bid.
Edible: Coconut, 76 degrees—.0834 offet.
Lard:
Prime, Ex. winter—9c. offer; Strained—8%c. offer.
Cod:
Crude, Norwegian, light filtered—28c. offer.
Turpentine:
30% to 32%. Rosins: $3.90 to $8.15.
market
while Singapore was
.
demand, but
The
Kingdom stocks
higher,
l-32d. higher.
London dealer interest
was
credited with buying here.
Local closing: March,
16.18; May, 16.18; July, 16.15; Sept., 16.16; Dec., 16.18.
were
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: Firmer.
Pickled Hams:
Picnic, Loose, c.a.f.—4 to 6 lbs., 14%c.; 6 to 8 lbs., 12%c.;
8 to 10 lbs., 12c.
Skinned, Loose, c.a.f.—14 to 16 lbs., 18c.;
18 to 20 lbs., 17%c.
Bellies: Clear, f.o.b. New York—
6 to 8 lbs., 16%c.; 8 to 10 lbs., 1634c.; 10 to 12
lbs., 1534c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs.,
1134c.; 18 to 20 lbs., ll%c.; 20 to 25 lbs., ll%c.; 25 to
30 lbs., 1134c.
Butter: Creamery, Firsts to Higher than
Extra and Premium Marks: 25% to 2634c.
Cheese: State,
Held '37, 20 to 22c.; Held '38, 16 to 17c.
Eggs: Mixed
Colors, Checks to Special Packs: 1634 to 20c.
in
contracts.
tons of rubber were traded for
prices and
6.72
6.92
217
setback, in which prices closed at about
Sales to early afternoon totaled about
I,220 tons.
London closed unchanged to 1-16d. lower.
Singapore also was easier.
Local closing: March, 16.10;
May, 16.10; July, 16.03; Sept., 16.04; Dec., 16.02.
Today
futures closed 8 to 16 points net higher, with sales totaling
211 contracts.
In response to what was regarded as favor¬
able news, the rubber futures market opened 13 to 20 points
higher and held most of its gains.
Trading was fairly active,
with a total of 1,010 tons done to early afternoon.
Thirty
6.57
6.80
6.95
7.12
totaled
followed by another
the lows of the day.
Fri.
6.50
1939
easier, prices slipping 6 to 12 points under the previous
finals.
Later, however, there was a slight rally, only to be
IN CHICAGO
6.65
6.82
IS.
closing: Feb., 16.12; March, 16.18; May, 16.16; June,
Transactions
Glasgow and Rotterdam. Liverpool lard futures were firmer
following the sharp advance in American prices on Tuesday.
Closing prices there were 6d. to Is. higher per cwt. Chicago
hog prices closed 10c. higher, the late top price being $8.25
with scattered sales at prices ranging from $6.75 to $8.25.
Western hog receipts were moderately heavy and totaled
61,500 head, against 46,800 head for the same day a year ago.
Oil the 16th inst. futures closed 12 to 15 points net higher.
The undertone of the lard market the past few days has been
decidedly firmer, this being influnced largelv by the persist¬
ently heavy export demand for lard.
Very heavy lard
exports were reported today from the port of New York.
Clearances totaled 931,300 pounds, destined for Hull, New
Castle, Stockholm, Gothenburg and Antwerp. England was
an
active buyer of lard late on Wednesday and today.
Liverpool lard futures were very steady and prices on the
close were unchanged to 3. pence higher per cwt.
Chicago
hog prices closed 5 to 15c. higher. Sales ranged from $7.75
to $8.35.
Western hog marketings were moderate and
totaled 52,800 head, against 48,100 head for the same day
a
year ago.
Today futures closed 8 to 2 points net lower.
The heaviness that prevailed today was attributed largely
to profit taking sales.
DAILY CLOSING
Feb.
16.15; July, 16.13; Sept., 16.15; Dec., 16.14.
On the 16th inst. futures closed 6 to 12 points net lower.
export today from the Port of New York were heavy and
totaled 496,985 pounds, destined for Liverpool, Manchester,
March
Chronicle
.
Certificated stocks of hides in warehouses licensed
by the exchange increased by 8,220 hides to a total of 974,557
hides.
Local closing: New contract: March, 10.89; June,
11.30; Sept., 11.66; Dec., 11.97. Oldcontract: March, 9.94.
On the 15th inst. futures closed 2 points net lower to 3 points
net higher, this on the new contract.
The old contract closed
unchanged, with sales of only 7 contracts. Sales in the new
contract totaled 230 contracts.
During the earlier trading
the market was easier on reports that the spot hide market
had a soft tone.
The trading was mixed in character with
commission houses generally reported as sellers:
During
early afternoon the market was 6 to 7 points lower, with
March old at 9.87c. and March new at 10.83c.
Up to early
afternoon sales in the old contract totaled 240,000 pounds,
•while 4,720,000 pounds changed hands on the new contract.
Certificated stocks in warehouses licensed by the exchange
now total 976,902 hides.
Local closing: Old contract: March,
9.94. New contract: March, 10.87; June, 11.28; Sept., 11.66;
Dec., 12.00.
N
Today futures closed 9 to 13 points net higher in the old
contract, with sales^ of 11 contracts.
The new contract
'closed 7 to 4 points net higher, with sales of 388 contracts.
Commission house buying, based apparently on the im¬
provement in the stock market, caused
in
recover
market
active
was
12
to
selling at 11c. and June
that
time
were
in the
totaled
new
raw
hide futures to
trading.
During early afternoon
points net higher, with March
13
new
9,240,000
contract.
at
11.40c.
pounds,
of
the
new
Transactions to
which
8,920,000
Certificated stocks of hides in
warehouse^ licensed by the exchange decreased 2,725 pieces.
They now total 979,627 hides.' Local closing: Old Contract:
March, 10.03^ June, 10.53.
New Contract: March, 10.93;
June, 11.^5;. Sfcpt.,' 11.72; Dec., 12.04.
Today futures
closed 10 to 7 points net lower in the new contract, with
sales totaling 353 contracts.
The old contract closed 11 to
16 points lower, with sales of
only 20 contracts.
Commis¬
sion house buying, based on the
higher prices of securities,
gave the hide futures market a fillip.
The, market stood 9
to 10 points higher during early afternoon, with
trading
active.
_
Sales
Trades in
to
that
time
totaled
9,360,000
pounds.
contracts alone amounted to
8,680,000 pounds
closing: New Contract: March, 10.83; June, 11.25
Sept., 11.65.
Old Contract: March, 9.92; June, 10.37.
new
Local
Ocean
Freights—The market for charters has not been
active the past week, the demand being decidedly
spotty. Charters included: Grain: Gulf to Antwerp or Rotter¬
dam, picked ports United Kingdom, Feb. basis 3s 6d. Scrap:
A steamer, Atlantic range to.Japan end Feb.
early Mar., 19s.
Gulf to Japan, Mar., 20s.
Atlantic range to Genoa or
Savona, Feb., $5.05.
Atlantic range to Japan, Mar., 19s.
Atlantic range to Japan, end Feb.-early Mar., 19s.
Sugar:
Cuba to United Kingdom, Continent, Feb., 15s 6d,
option
San Domingo loading 14s 6d. Time: One or two round
voy¬
ages West Coast-South American trade, delivery north of
very
Volume
Financial
148
Hatteras, Feb., 78%;.
Chronicle
1045
One round voyage, West CoastTwo to three months
South American trade, Feb., 67%;.
general trading, Feb., $1.15.
Coal—Latest advices report that anthracite production in
Pennsylvania for the week ended Feb. 4 has dropped off
somewhat.
Production is estimated at
201,300 tons
1,208,000 tons,
or
day, a decrease of 103,000 tons, or nearly
8%, when compared with tonnage in the preceding week.
In comparison with the week of Feb. 5, 1938, there was an
increase of 7 %, according to the reports by the Department
of Interior.
It is stated that greater stability of soft coal
production will result if coal operators can induce large con¬
sumers to make contracts
beyond the 30-day limit.
The
provision for price changes after 30 days was inserted over
a year
ago, and was designed originally to be used for only
four
months.
however,
As
the
limitation
was
allowed
to
run
on,
have taken advantage of the situation
and in many cases asked for new bids at the expiration of
each 30-day period to get lower prices.
The result was the
development of a spot market for much coal heretofore
mined on an annual contract basis, so observers state.
Wool—The outlook for wool appears to be more
promising.
a
year ago and there is much confidence in the near future
regarding a steady consumption of wool by the mills, which
is expected to at least keep prices on a very firm basis.
Boston dealers are said to be holding on to their wool.
Some
of them would even prefer to withdraw offerings and await
a higher selling level.
To most observers there seems little
likelihood of lower prices in the West and Southwest, and
there is a growing tendency to go slow and await develop¬
ments.
The new clip is coming in for more consideration, and
the question uppermost in many wool quarters is what price
the new clip will demand.
Meanwhile consumption by the
mills is encouraging and strength in the top futures market
is held to foreshadow the absence of anything like cheap wool
in the near future. " News from Australia appears to be
having a wholesome effect on wool sentiment here. In the
Australian markets there is said to be
of
Friday Night, Feb. 17, 1939
The Movement
the
of
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For
the
week ending this evening the total receipts have reached
25,681 bales, against 29,078 bales last week and 35,546
bales the previous week, making the total receipts since
Aug. 1, 1938, 3,034,145 bales, against 5,458,751 bales for
the same period of 1937-38, showing a decrease since Aug. 1,
1938, of 2,424,606 bales.
consumers
Some observers look for moderately higher prices for the raw
material.
It is said that dealers are in a better position than
ment
COTTON
per
wool
a
substantial
move¬
and
prices are very firm, particularly topmaking merinos, while in New Zealand the Continent bought
most of the average crossbreds offered.
Wools in the South
American market are very firm.
Sat.
Receipts at—
Galveston
Houston
Corpus
Mon.
1,017
537
Christi.
4-
_
New Orleans
825
Silk—On the 14th inst. futures closed lc. higher to 2%;.
lower.
This market ruled heavy during most of today's
session, and
was
due largely to the apparent lack of interest
prices and
the part of the trade, the easiness of Japanese
the lower trend of security values.. Transactions
on
bales, including 60 bales
on
the No. 2 contract.
on
totaled 80
the No*. 1 contract, and 20 bales
There
were
no
sales in the old
con¬
in 2 yen higher to 8 yen
lower, while Kobe was unchanged to 7 yen easier. Grade D
remained the same at 995 yen in both centers. Spot sales in
tract..
Futures at Yokohama
came
the
primary markets totaled 175 bales, while futures totaled
5,550 bales. Local closing: Old contract—Feb., 1.97. Con¬
tract No. 1—March, 1.92% April, 1.90% May, 1.89%
Contract No. 2—March, 1.99; May, 1.88. On
the 15th inst. futures closed unchanged to 3%;. net higher,
this range covering all three contracts.
The market was
reported steady in rather quiet trading. Statistically the
situation is strong, particularly Jthe spot market in Japan.
In the late trading the market
developed considerable
strength, prices advancing materially in many options. The
New York spot price on crack double extra silk was un¬
changed at $2.05 a pound. In Yokohama Grade D silk was
5 yen cheaper at 930 yen a bale.
Last week it sold at 950
yen, the official maximum price.
Yokohama futures were
1 yen higher to 7 yen lower.
Local closing: Old contract—■
Feb.; 1.99% No. 1 contract—March, 1.94% April, 1.92;
May, 1.91 %
1.86% Aug., 1.81% Sept., 1.79%
July, 1.85.
No. 2 contracts-March, 2.00; April, 1.96.
On the 16th inst. futures closed 4%;. to
380
387
1,076
5,829
7,965
1,511
9,548
35
2
149
233
84
4,595
6
134
1
—
7
6
Wilmington
Norfolk
—
Baltimore
_
6
Totals this week.
12
12
172
305
121
100
100
6,798
25,681
----
2,385
36
'
-j-.L
«■*.
—
----
8
36
—
6,520
6,276
1,853
1,849
The
following table shows the week's total receipts, the
Aug. 1, 1938, and the stocks tonight, compared
with last year: ■
•
.,::
total since
.
1938-39
^1937-38
Receipts to
This
Feb. 17
Week
Houston..
Corpus Christi
9,548
__—
233
Mobile
70,362
3,591
119,214
178,642
1,246
42
77,875
534 V 20,121
801
47,905
134
8
..
Charleston
Charles
Lake
Wilmington
36
,
12
.
Norfolk.
305
W
—
m
180
390,053
"328
:
a
Baltimore.
—
m
M
__
««
15",646
100
.
.
11,280
3,092
149,267
68,350
25,022
21,897
30,101
100
100
1.943
1,225
;l
Boston.
892,815
921,942
58,118
16,315
829,722
61,650
683,811
777,314
54,285
31,849
645,532
64,720
5,349
1,856
149,813
36,754
7,735
16,499
28,840
3,690
m
m
1938
1939
1 1937
10,529
1,585
37,415 1,779,382
183,771
3,186
Pensacola, &c
Jacksonville
Savannah
Week
26,428 1,725,782
29,190 1,681,640
9,549
1,872
31,032
15,626
38,605
10,648
12,451
'
Stock
,
Since Aug
907,596
943,097
280,053
16,678
701,899
49.393
Beaumont
New Orleans
1936"
1
5,829
7,965
1,511
Galveston..—
his
Since Aug
"841
M
V
—
15,597
975
25,681 3,034,145 101,785 6,304,464 2,507,625 3,094,336
Totals
The exports
for the week ending this evening reach a total
of 62,966 bales, of which 20,708 were to Great Britain,
4,914 to France, 6,394 to Germany, 3,929 to Italy, 9,468
to Japan, 2,950 to China, and 14,603 to other destinations.
In the corresponding week last year total exports were 123,729
bales.
For the season to date aggregate exports have been
2,363,295 bales, against 4,141,783 bales in the same period
of the previous season.
Below are the exports for the week:
Exported to—
Week Ended
17,
Feb.
1939
Ger¬
Great
Exports from—
France
Britain
Galveston
...
,
Corpus-Christi..
7,867
.......
Japan
Italy
...
20,033
3,634
13;905
443
724
"48
5,023
104
""50
3,089
62
100
3,318
1,505
100
San Francisco—
Total
16,332
498
.1,664
"281
—
8,334
2,664
2,8*5
2,222
556
1,529
"l4
.
Angeles..
Other
285
"
Mobile
Norfolk
„Los
China
2,585
3,284
2",265
4_, 889
1,104
3,605
2,580
New Orleans.—.
Houston
many
1,675
3,453
3,243
10
10
0,468
2,950
14,603
62.966
42,947
9,225
23,6P6 123,729
24,599
150
Seattle...,
20,708
4,914
6,394
3,929
19,499
Total........
4,844
16,138
8.548
650
13,021
7,470
10,678
'
1938—
Total
Total
1937—-.
•
12,064
69,710
Exported to—
From
Aug. 1 1938 to
Houston.....
at one.time showing, gains of 6c. above the
previous finals. On this rise prices touched new high levels.
Spot silk also advanced. During early afternoon the market
was 5 to 5%l higher, with Mar. No. 1 selling at $1.99%
May No. 1 at $1.97 and Sept. No. 1 at $1.84%
In the
uptown spot market the price of crack double extra silk
advanced 2c. to $2.07 a pound.
The pronounced strength
displayed in the Japanese markets was largely responsible
for the strength in local markets.
Grade D silk in Japan
rose to 940 yen a bale,
this being a gain of 10 yen.
At
Yokohama Bourse prices were 12 to 17 yen higher.
Local
closing: No. 1 contract: Mar., 1.99; April, 1.98; May, 1.97;
July, 1.91% Aug., 1.86% Sept., 1.85.
Old contract:
Feb., 2.04.
Today futures closed 2^ to lc. net higher on
the No. 1 contract, with sales totaling 102 contracts. No. 2
contract closed 1 to 4c. net higher, with sales of 4 contracts.
Old contract closed 2%?. up, with sales of 8 contracts.
The
bull movement in silk futures continued with unabated
.
enthusiasm, resulting in prices reaching the highest levels
a
pound, while
crack double extra silk in the uptown spot market was 2%.
Sales of futures to early, afternoon totaled
The Yokohama Bourse closed 12 to 13 yen higher.
higher at $2.09%
Grade "D'y silk in the actual market advanced 15 yen to 955
4,634
V
soared today,
230 bales.
645
44
Lake Charles
Feb.
Futures advanced y2 to 3%.
7
#.
■»_
6c, net higher.
Transactions totaled 130 contracts in the No. 1, but only 3
contracts in the old contract.
The market for raw futures
in two years.
675
962
•
■
Charleston
Total
801
47
Savannah
Fri.
Thurs.
208
1,083
2,285
Mobile
New York
:
798
549
.
Wed.
Tues.
2,330
1,059
1939
17.
Exports from—
Ger¬
Greal
Britain
France
Other
many
Italy
Japan
China
63,270
197,998
12,695 161,775
27,017 141,294
1,965 55,135
7,210
58,011
94,145
91,104
71,536'
102,441
08,947
83.063
143,402
Corpus Christi
Brownsville..
27,971
60,808
54,851
24,376
21,671
27,542
12,606
1,240
Beaumont.—
173
Orleans.
Galveston
2,214
866
84,092
68",731
3 7~ 96 5
42" 370
Lake Charles.
10,303
5,057
6,7.30
967
Mobile
25,658
1,111
5,073
144
New
-
Jacksonville
__
Pensacola, <fcc.
Savannah
Charleston...
Norfolk
..—
Boston
..
Philadelphia
Francisco
San
1~770
Total
Total
353,920
11,587
5,935
40,419
585
110
34,644
179
4,725
""§3
1,042
8,125
7,932
505
1,100
16,184
500
468
3,820
61
885
"166
5,053
19"079
14,762
600
47
1,019
7,198
2,889
3,381
172,161
67,344
10
90
1,215
66
6,201
2,696
714
331
155
10
29
29
11,810
5",489
1,936
1,416
126,098
51,580
2,739
Seattle
Total
77,901
"728
~
„
111
"260
_
Los Angeles..
6,516
36,345
'
7,288
7,475
6,443
2,707
56
York...
New
246,777
50,812
1,039
'
214
767
150
Gulfport
Total
687,294
659,404
351,970 344,659
1937-38 1302,665 657,667
1936-37 824,857 597,764
340,307 217,967
579,964
50,937 477,491 2363,295
690,940 371.753
301,833
46,066 770,859 4141,783
496,652 232.368 1043,655
19,553 491.338 3706,187
NOTE—Exports to Canada—It has never been our practice to Include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It la Impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow In coming to hand.
In view,
however of the numerous Inquiries we are receiving regarding the matter, we will
say that for the month of September the exports to the Dominion the present season
have
the
been
11,990 bales.
exports were 10,169
were
In the corresponding month of
bales.
For the two months ended
27,721 bales .exported as gainst
the preceding season
Sept. 30, 1938, there
16,348 bales for the two months of 1937;
Financial
1046
In addition to above exports,
our telegrams tonight also
the following amounts of cotton on shipboard, not
cleared, at the ports named:
give
Feb.
Chronicle
Today prices
closed
while
deliveries,
us
points down.
two
three
six points upon the near
months were unchanged to
to
distant
the
1939
18,
Prices for cotton futures turned slightly
irregular late this afternoon in a limited volume of sales.
On
Shipboard Not Cleared for—
Feb. 17 at—
Leaving
Ger¬
Other
Coast¬
many
Foreign
wise
Great
*
France
Britain
Galveston
1,844
789
New
Orleans,.
28,600
21,709
8,199
6,000
1,000
1,478
1,600
Houston
400
291
1,854
Stock
Total
3.000
7.571
643,611
751,781
626,828
149,813
36,754
64,517
28,840
120,841
Savannah
Charleston
....
"50
"150
4,283
18,878
27,705
2,919
10.007
38,866
Mobile
"203
Norfolk
Other ports
Total
Total
1939__
1938.
...
Total 1937
8,254
58,511
7,277
7,652
65,043
10,673
84,640 2,422,985
5,759 106,964 2,987,372
5,322 157,164 1,957,454
77,619
Speculation in cotton for future delivery
was
showed
only mod¬
erately active,
with the usual general downward trend to
There still appears
prices.
no
incentive to operate in
either side of the market, and with
substantial way on
a
so
uncertainty regarding the forthcoming legislation, no
appreciable activity is looked for in the markets for fu¬
tures, at least until the jilans of the Government concern¬
ing cotton are more clearly defined.
much
the
On
11th
prices closed 1 to 8 points net lower.
a narrow range until the last half
hour when selling from Wall Street and New Orleans sources
increased, carrying values off to a net loss of 4 to 11 points.
In contrast with the recent pressure in current deliveries,
to-day's selling centered in the forward months. No special
news became immediately available to account for the sudden
reaction. Previously last week the new crops had held firm
in the face of losses of up to $1 a bala in old crops. The mar¬
ket opened steady at an advance of 2 points to a decline of
3 points.
Some, Southern hedging and foreign offerings
nst.
The market held within
accounted
The
later
for
the
initial
losses
in
the
distant
deliveries.
decline carried
May down to 7.98c., but a fair
volume of spot house buying was uncovered at that basis.
Average price of middling at the 10 designated spot mar¬
kets
was
8.44c.
The market received quite
higher.
net
On the 14th inst. prices closed 4 to 10 points
from indications that
no
a
stimulus today
loan cotton would become available
at less than full
prices during the current crop season ending
July 31, 1940. There was active buying of the near months
by trade houses, but gains in new crop deliveries were modi¬
fied by uncertainties over future loan releases.
Over-holiday
advances at Liverpool and New Orleans accounted for open¬
ing gains of 6 to 9 points in the local market. Reports from
Washington that Senator Ellison D. Smith had introduced
his loan cotton disposal plan in the Senate with some modi¬
fications from the version of the bill available here late last
week, brought more active demand from both domestic and
foreign sources. The principal changes reported in the, Smith
bill concerned
from
proposed delay in the distribution of cotton
stocks of the Commodity Credit Corp.
It was indi¬
cated that growers would not receive cotton from loan
sup¬
plies at a cheap price as a reward for greater acreage reduc¬
tions than called for under the 1939 soil conservation
pro¬
until they had proved compliance.
Southern spot
today were generally 5 to 10 points higher, with
middling quotations ranging from 8.10 to 8.93c. Average
price of middling at the 10 designated spot markets was 8.52c.
On the 15th insf. prices closed 2 to 9
points net lower. Selling
from Bombay was rather
conspicuous at the opening when
prices fell off 4 to 8 points. The offerings were attributed to
the reversing of a long straddle account here
against previous
sales at Bombay.
Yesterday's differetices between the two
markets were at practically the widest for the season and
were
believed to have attracted
profit-taking.
Sales were
estimated at 10,000 bales in
May, but they were absorbed
by trade price-fixing as that month approached the 8c. level.9
Evening up in the March delivery was noticeable, there
remaining but 51^ trading days prior to first of March notice
day on Feb. 23." Although volume was large, fluctuations
three
to
one
but
quiet
were
four
comparatively narrow limits.
enough price-fixing to check the decline.
There
seemed
Southern
markets remained quiet, with
8.04c. up to 8.87c., and
to six
unchanged
steady
On
the
16th
noon
the
Futures
with initial priced
points above yesterday's last
quotations.
A
South and Southwest figured in the selling.
bought moderately.
Foreign brokers transacted
very little business during the early trading.
Because of
the narrow parity between Liverpool and New York, AngloAmerican houses
March
Liverpool
are
in
80
.only
be preparing to take delivery
Liverpool.
The near months in
said to
are
contracts
to 90
points
above
the
American
market, whereas the shipping parity is about 160 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
,
Feb. 11 to Feb. 17—
Sat.
Mon.
8.95
Middling upland
Holiday
Tues.
Wed.
9.01
Thurg.
8.99
Fri.
8.94
8.94
Premiums and Discounts for Grade and
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
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 %-ineh cotton at the 10 markets on Feb. 16.
H
inch
15-16
1 in. A
inch
Longer
Mid. Fair
.62
on
.80 on
.94 on
Spotted—
Good Mid
St. Good Mid-
.56
on
.74 on
.88 on
St. Mid
Good Mid
.50
on
.68 on
.82 on
Mid—
St. Mid
.34
on
.51 on
.67 on
•St. Low Mid— 1.38 off 1.32 off 1.27 off
•Low Mid
2.10 off 2.08 off 2.06 off
white—
Basis
.17 on
.32
.67 off
Mid
St. Low Mid
.41 off
.29 off
on
1.29 off 1.22 off 1.17 off
Low Mid
•St. Good Ord. 2.00 off 1.96 off 1.95 off
2.60 off 2.57 off 2.66 off
•Good Ord
H
inch
.50
on
St. Mid
.34
on
.51 on
.25
on
.38 on
.06 off
.10
on
.23
.51 off
on
.37 off
.48 off
•Mid
.37 off
.26 off
.71 off
St. Mid
.61 off
.52 off
1.47 off 1.42 off 1.37 off
Even
.17
.32
St. Low Mid—
.57 off
.41 off
•St. Low Mid— 2.14 off 2.12 off 2.12 off
•Low Mid,
2.80 off 2.79 off 2.79 off
.67 on
Mid
Good Mid
Longer
on
.65 off
Tinged—
Good Mid
1 in. a
inch
.09
—
15-16
*
Extra White—
.68
on
on
.82
on
on
.29 off
Low Mid..
1.29 off 1.22 off 1.17 off
•St. Good Ord. 2.00 off 1.96 off 1.94 off
•Good Ord
2.60 off 2.57 off 2.56 off
Yet. Stained—
Good Mid
1.10 off 1.03 off
.94 off
•St. Mid
1.61 off 1.57 off 1.64 off
•Mid
2.27 off 2.25 off 2.23 Off
Gray—
Good Mid
.59 off
St. Mid
•Mid
.46 off
.35 off
.79 off
.68 off
.57 Off
1.35 off 1.28 off 1.24 off
..
•No* deliverable oo future contract.
New York
1989
...
...
1936
1934
11.05c.
1930 .....15.65c.
.12.80c.
.12.55c.
...
1983
1932
...
6.15c.
.
1921
1927
14.15c.
1922
1920
1919
1926 .--.-20.60c.
1925 .....24.70c.
1918
1924
1916
.'6.90c.
...
1923
1929 .....20.25c.
1928
_18.35c.
.11.55c.
...
...
Quotations for 32 Years
1931
9.06c.
.12.97c.
.
1937
1935
8.94c.
.
1938
31.45c.
1917
Market and Sales
...,28.50c.
.
18.10c.
.
--_.13.65c.
.
39.40c.
.
.
-..-27.20c.
....31.45c.
.12.90c.
.12.70c.
1912 .....10.35c.
1911
14.00c.
1913''
1910 _L-._14.80c.
1909
9.85c.
1908 .....11.35c.
.....
New York
Futures
__
_
_
SALES
Market
Closed
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
Closed
Nominal
.1.
Nominal"
Nominal,:
Nominal
Nominal.
Steady.2
Holiday
Steady
Steady
Spot
Contr'ct
Total
5,50
550
"200
"200
300
300
...
Steady
Steady
500
Total week.
Since Aug. 1
Futures—The
New York for the
500
1,550
50,281
tv
1,550
124,981
74~706
highest, lowest and closing prices
past week have been as follows:
Saturday
Monday
Tuesday
Feb. 11
Mar
8.55c.
1914 :
15.95c.
.
.
at
1915
11.60c.
_
Spot Market
Feb. 13
Feb. 14
Wednesday
Feb. 15
at
Thursday
Friday
Feb. 16
Feb. 17
(1939)
Range.,
8.32- 8.40
8.39-
8.43
8.35- 8.41
8.37- 8.41
8.41- 8.44
Closing.
8.35
8.41- 8.42
8.39- 8.40
8.40
8.44
—
April—
Range
Closing.
May—
8.14ft
8.24 n
8.20ft
8.21ft'
Range._
7.98- 8.03
8.04- 8.08
8.01- 8.04
8.00'
8.03
8.05- 8.06
Closing.
7.98
8.08
8.02-8.03
8.02-,8.03
8.07- 8.08
7.86ft
7.88rt
7.94ft
'*
8.25ft
,
•
—
—
June—
inst.
prices
closed
unchanged to 5 points
net higher.
The market was irregular during most of the
day, with the undertone barely steady.
Volume was light.
At
Around midday
points higher.
opening,
the
on
positions
dealers in the
spot
middling prices ranging from
averaging 8.46c. in the 10 desig¬
nate^ spot markets.
active
Liverpool
markets
within
business
level of the previous day.
gram,
were
of
points to decline of one point
leading spot house was a good buyer of the May and July
contracts.
Brokers with New Orleans connections and
on
,
doling
market was
the
the close
advance of
an
from the
40,200
25,533
18,704
102
before
time
short
A
market
was
Range..
Closing.
July—
Range.,
point higher to one point
of activity was in evidence at
the opening, with initial prices
registering a decline of one
Closing
Aug.—
point
7.84ft
7.93 n
HOLI¬
7.68- 7.73
DAY.
7.74-
7.74
7.70- 7.76
7.78- 7.82
7.70- 7.71
7.75- 7.76
7.81
7.46ft
7.46 ft
7.49ft
7.36 n
7.79
7.70-
7.36ft
7.39ft
7.34- 7.36
7.34- 7.37
7.37-
7.36
7.36
7.39
Sept.—
lower.
A moderate
to
finals.
sessions
an
advance of
Trading
of
the
one
volume
was
one
point compared with previous
similar in
week.
Brokers
character to
with
the
previous
Bombay connections
again were heavy sellers of the near months, while
coopera¬
tive brokers and spot houses absorbed most of
the contracts.
Foreign hedges were reported in the distant months, prin¬
cipally in the October option.
Locals and New Orleans
bought the distant months.
Futures steadied after the call,
and held within a five-point
range.
Foreign selling dimin¬
ished
somewhat
in
later
trading.
Liverpool futures closed
four points higher to four points lower.
of
Bombay reversing
straddles, selling here and buying in the Far East, fea¬
the trading.
.
7.71
7.79
—
Range.,
Closing
_
7.47ft
7.51n
Range..
Closing.
7.37 n
7.41n
Range..
7.32- 7.45
7.39-
Closing
7.37
7.41
Oct.—
_
—
7.43
—
—
—
7.40
Nov.—
Range._
7.37 n
7.41ft
Range..
7.35- 7.45
7.40-
Clos) ng
7.38
7.42
Closing
D
.
7.36w
7.36ft
7.38ft
c.
.
—
7.45
-
7.357.37
7.39
—
7.35- 7.37
7.36- 7.40
7.37
7.37
—
Jan. (1940)
Range._
7.40- 7.45
7.42- 7.45
7.37-
Closing
7.40
7.45
7.37
_
Feb.—
Range..
Closing.
tured
—
n
Nominal.
—
7.39
—
7.38- 7.40
7.38- 7.40
7.40
7.38
—
Volume 148
Financial
Range for future prices at New York for week ending
Feb. 17, 1938, and since trading began on eacb option:
Chronicle
1047
the week and
the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Option for
Range for Week
Movement to Feb.
Mar. 1939
Apr.
Range Since Beginning of Option
8.32 Feb. 11
11
8.43 Feb.
7.77 May 31 1938
9.25 July
8.37 Aug. 23 1938
14
8.34 May 25 1938
7.81 May 31 1938
8.11 Oct.
4 1938
7.60 Dec.
5 1938
8.12
Oct.
3 1938
9.05 July
8.12 Oct.
7.30 Jail.
..
24 1939
7.26 Jan.
10 1939
1939
'May 1939
7.98 Feb.
11
8.08 Feb.
Jane 1939
7*68 Feb" 11
•July 1939
Aug. 1939
7l79 Feb"
14
Sept. 1939
Oct.
1939
-
7.32 Feb. 11
7.45 Feb.
11
Towns
Receipts
7 1938
8.20 Nov. 21 1938
Stocks
Ship¬
9.27 July
Season
Week
31938
Ala., Birm'am
8.07 Sept. 30 1938
8.01 Oct. 24 1938
Dec.
1939
7.35
Feb.
7.45 Feb.
11
7.26 Jan.
26 1939
7.71 Dec. 30 1938
Jan.
1940
7.37
Feb.
7.45 Feb.
11
7.29 Jan.
27 1939
7.54 Feb.
Eufaula
169
6 1939
26
344
28
Ark.,Blythev.
Forest City
220
25
8,942
313
10,676
3,253
1,957
47,341
501
60
14
52,086
58,792
48,378
2,368
4,669
68,259
166,102
53,916
96,183
64,692
1,326
1,054
87,242
•78,237
166,312
1,550
59,882
200
171
19,310
301
35,683
"381
Bock
102,584
1,453
139,796
723
39,855
131,408
48,523
12,745
30,867
277
42,205
127,932
43,846
350
Newport.
Pine
281
"268
Bluff-
Walnut
B-ge
24
Ga„ Albany—
18
Athens
173
Atlanta.
1,334
...
Augusta
2,788
Columbus-
546
311
381
21
273
March
Man,
14 Feb.
15 Feb.
Feb. 16
16
26,500
October
December
.....
19,900
50,800
28.400
8,500
40,000
30,100
5,000
11,300
18,300
15,200
.10,700
8,500
18,800
18,800
840
43,971
163,509
149,106
610
37,829
4,759
157,791
2,147
139,427
34,450
35,813
21,794
68,650
77,235
126,159
8,364
152,786
.768
500
200
16,613
20
La., Shrevep't
19
Miss., Clarksd
1,497
85,551
124,138
3,489
34,000
36,393
32,850
85,870
65,479
,40
26,266
712
41,333
Greenwood.
843
191,315
3,417
109,504
5,010
75
31,678
300
134
17,300
6,100
517.600
5,800
2,700
200
800
600
January (1940)
Holi¬
3,600
day
75,500
12,700
Inactive months—
100
August (1939) ..-'.
September
Jackson
252
7,535
27,710
193
City
38
45,164
316
Mo., St. Louis
N.C., Qr'boro
5,103
118,810
5,114
330
4,387
129
457
337,550
1,833
107,000
72,800 127,500 101,300 2,279,600
44,600
2,112
68,772
29,704 1679,816
2
21,946
3,149
44,573
Open
Feb. 8
Mar.ch
Feb.
Feb. 9
10 Feb.
15 towns *
S. C.f Gr'vUle
Tenn., Mem's
Texas, Abilene
8,700
650
6,750
1,850
4,800
7,300
2,950
2,000
4,650
200
1,000
350
150
100
100
100
1.15Q
6,850
28,500
13.500
4,050
3,650
3,100
3,450
4,150
500
December
.
;
200
11,000
12,450
21,700
9,000
85,900
81,500
135,950
10,550
Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
The Visible
Feb; 17—
Stock at Liverpool
,
219,000
"270,000
14,000
-
-
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
620,000
95,000
1,193,000
920,000
259,000 ,,.198,000
326,000
278,000
'
14,000
ju.000
Total Great Britain.—..—.1,012,000
Stock at Bremen..
1937
814,000
106,000
715,000
235,000
207,000
14,000
1939
V 1938
913,000 1,004,000
. 99,000
189,000
bales.
...
atock at Manchester...-------*
—
47,000
11,000
• 8,000
593,000
Stock at Venice and Mestre
Stock at Trieste
665,000
5i9,000
,
-
Total Continental stocks
71,000
*76,000
*11,000
5,000
12,000
11,000
9.,000
619,000
-
—.1,605,000 1,858,000 1,439,000 1,334,000
134,000
141,000
243,000
203,000
European stocks.
India cotton afloat for Europe.-American cotton afloat for Europe
187,000
289,000
260,000
268,000
Egypt, Brazil,&c.,afTt for Europe
98,000
101,000
161,000
119,000
Stock in Alexandria, Egypt
434,000
363.000
380,000
313,000
Stock in Bombay, India..
932,000 * 795,000
999,000
593,000
StockinU. S. ports
—2,507,625 3,094,336 2,114,618 2,417,702"
Stock In V. S. Ulterior towns—-3,174,825 2,570,224 1,926,804 2,124,667
U. S. exports today
.
15,184
22,380
9,112
4,270
Of the
9,087,634 9,223,940 7,532,534 7,376,639
supplyx-—
jibove, totals of American and other "descriptions are as follows:
Liverpool stock*
Bremen stock.._
Havre
—
Othen^feanental
stock.
—
American afloat for Europe
U. S. port stock....——
328,000
223,000
301,000
65,000
149,000
242,000
65,000
187,000
—
stockF..
350,000
62,000
150,000
196,000
54,000
289,000
17,000
260.000
64,000
191,000
192,000
54,000
268,000
385,000
—-..
Manchester stock.
...
653,000
142,000
2,507,625 3,094,336 2,114,618 2.417,702
-—3,174,825 .2,570,224 1,926,804 2.124,667.
U. S. interior stock
9,112
4,270
Total American-———6,742,634 7,348,940 5,133,534
5,643,639
U. S. exports today
15,184
—-—
East Indian; Brazil, &c.—
Liverpool stock——......—
Manchester stock
22,380
.
528,000
351,000
37,000
47,00086,000
25,000
26,000
141,000
69,000
74,000
Other Continental stock-.39,000
Indian afloat for Europe——.
134,000
Egypt, Brazil, &c., afloat
98,000
Stock in Alexandria, Egypt
434,000
Stock in Bombay, India
932,000
Bremen stock.
Havre stock—
...—
101,000
363,000
795,000
292,000
464,000
41,000
.
31,000
46,000
15,000
50
1,214
7,509
557
33,699
7,141
103,908
29,179
452
287,193
63,933
17,896
850
49,390
733
552
75,007
123,738
3,930
1,660
5,448
396
3,025
3,442 507,696
6,158 101,655
71,057 2131,647
9,788
4,280
65,394
189,706
86,314
5.457
239
Bobstown—
.47
408
76
12,326
21.538
37,723
2,359
*
Includes
186
72
53,933
84
149
193
30
895
96
2,650
37,526
26,127
1,030
92,578
823
15,657
-
a3
a7,564
a36
a282
35
35,901
23,477
298
684,872
8,614
1,546
413
17.393
13.394
108,956
41,626
88,947
357
20,369
17,899
531
708
85,449 3174.825 131,390 5698,722 136,381 2570,224
47.301 4127,888
Total,56towns
45,388
76
3,317
•
884
.
203
43,630
43,657
1,188
2,642
35
f
27,118
73
Waco
32
6,4
13,271
41
San Marcos
73,973
the combined totals of 15 towns In Oklahoma,
a
San Antonio.
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 since
Aug. 1 in the last two years are as follows:
•——1938-39
Feb. 17—
»
"•
Since
Week
Aug. 1
Aug. 1
5,114
4,925
118,623
120,496
2,364
5,448
4,675
317
Via Louisville
1—*
Via Virginia points.--..-.*..— 3,287
5,919
107,767
446,216
1,736
32,224
123,994
90,891
2;691
3,809
105,320
635,148
801,385
44,480
961,853
15,957
841
Via St. Louis...
Via Mounds, &c_- —
Via Rock Island.. —
,
1937-38
Since
•
Week
Shipped—"
;
...
—
Via other routes, &c.——11,319
Total gross overland....
—24,645
Deduct Shipments—
Overland to N. Y., Boston, &c.—
Between interior towns
163
6,145
198
15,385
5,987
5,096
274,769
8,060
160j524
5,359
296,871
9,099
181,896
19,286
504,514
35,381
779,957
.
Inland, &c,, from South.....
Total to be deducted—
..
Leaving total net overland *
*
Including movement by rail to Canada.
——1938-39Since
In Sight and Spinners'
Aug. 1
;
Takings •
Week
,
Receipts at ports to Feb. 17-
25,681
3,034,145
504.514
3,448,000
174,967
—*38,148
takings
consumption to Feb. 1__._
Total marketed.....
over
Since
19,286
— ,.--
South'n consumption to Feb. 17.-130,000
Excess
-1937-38Week
.
Net overland to Feb. 17
of
Southern
6,986,659
1,221,902
101,785
35,381
85,000
—-
♦Decrease.
Movement into
/
12,480,035
8,641,076
854,990
20,567
Bales
201,763
147,426
118,680
years:
Bales
Since Aug. 11936.--.
1935
—
1934
i.11,694,614
11,141,236
7,316,134
-
closing quotations
119,000
Saturday
Feb. 11
market for
203,000
313,000
593,000
866,068
.
sight in previous
—
h526,721
for leading contracts in .the New Orleans cotton
the past week have been as»follows:
161,000
380,000
999,000
779,957
3,050,000
217,175
New Orleans Contract Market—The
49,000
36,000
26,000
243,000
6,304,464
.
222,166 10,134,421
*4,991
1,818,893
432.515
taking to Feb. 17 - 24,026
Week—
1937—Feb. 19--*
1936—Feb. 21
1935—Feb. 22
Aug. 1
mill
Came into sight during Week—-.136,819
Total in sight Feb. 17- - — - i - a North. spinnV
80
'
100
Interior stocks in excess
Total visible
500
23,900
43,298
16,497
258
145,147
8.456 238,514
156]
37,534
819,570
13,514
4,615
32
14,399
43,608
63,080
114
...
Texarkana
'936
—
...
58,000
23,000
9,000
Stock at Genoa
11
15,317
32
_
Dallas
Paris
76,900
200
Total all futures..
Total
Brenham
399,p00
6,500
16
Austin.
Feb. 14
14
500
■
7,000
3,850
2,150
.-y—
July
October
January (1940)
March
May.
13 Feb.
1,700
2,550
2,150
2,650
(1939)
May
11 Feb.
3.550
2,800
••
37,528
17,381
Oklahoma—
Contracts
New Orleans
2
Vicksburg—
85,81,0
203
20
284,956
Natchez.
Yazoo
3,000
Total all futures
500
407
40,444
16,234
22,727
49,645
3,451
'3,429
...
813
1,372
1,590
2,606
*430
7,700
26,245
292,000
593,500
36,038
141,375
16,598
600
785,200
11,300
800
July
13,500
33,000
21,200
17,800
7,700
(1939)
....
357
61,493
5,890
3,074
570
32,256
45,284
26.537
27,799
99,195
26,254
2,569
1,590
51
Columbus..
13 Feb.
61,019
112,229
5,259
98
"25
Borne
740
2,312
17,803
.41,465
340
44,176
8,186
53,196
1,521
45,622
175,536
103,460
102,550
Macon
II Feb.
58,827
1,752
38,804
Jonesboro..
Little
55,362
1,580
108
Hope..
Open
Contracts
>"eb.
18
38,944
...
Montgom'y
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery ana open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
10
Feb.
Week
68,234
12,574
85,292
43,601
130,862
Helena
Feb.
Season
Slocks
ments
17
Week
22 1938
Selma
New York
18, 1938
Ship¬
Receipts
Feb.
ments
Week
Nov. 1939
Volume of Sales for Future Delivery—The
Movement to Feb.
17, 1939
7 1938
121,000
Tuesday
Feb. 14
Wednesday
Feb. 15
Thursday
Friday
Feb. 16
Feb. 17
Feb.(1939)
—2,345,000 1,885,000 2,399,000 1,733,000
6,742,634 7,348,940 5,133,534 5,643,639
Total East India, &c—
Total American
April-—
Total visible supply
—-9,087,634 9,233,940
5.15d.
5.16d.
Egypt, good Sakei, Liverpool
Broach, fine, Liverpool.——.—
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple, s'fine.Liv
*
8.94c.
9.00c.
8.46d.
4,02d.
10.lid.
4.37d.
6.41d.
4.49d.
5.60d.
4.07d.
7js2,534
7,376.639
6.17d.
x2.96c.
1.46c.
11.02d.
9.42d.
5.74d.
5.37d.
8.94d.
5.76d.
7.22d.
8.53
8.58
8.14
8.15
8.19
7.84
7.87
7.93
J.47- 7.48
7.48
7.52
7486- 749a
7486- 749a 7.516-7.52a
—
8.19-
May.
Middling uplands, Liverpool...*
Middling uplands. New York....
8.52
8.55
March
£.20
June
July
August
7.90
—
September
October
7.52
—
November
7.54
Jan.(1940)
February
Figures for Jan. 24; later figures not available.
December.
7546- 756a
7486- 750a
7496- 750a
March
7566- 758a
7506- 752a
7516- 753a 7.556-7.57a
—
7.52
_
Continental imports for past week have been 90,000 bales.
The above figures for 1939 show a decrease from last
week of 117,719 bales, a loss of 146,306 from 1938, an
increase of
1,555,100
bales
over
1937,
and
a
gain of
1.710.995 bales over 1936.
At
the
Interior
Towns
Quiet.
.»
Quiet.
Quiet.
Quiet.
Quiet
Steady.
Steady.
Steady.
Steady.
Steady
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
the
movement—that
is,
the
receipts for the week and since Aug; 1, the shipments for
Tone—
Spot
Options
of the week:
Financial
1048
Middling Cotton
Closing Quotations for
Week Ended
Feb. 17
Savannah
8.21
8.59
8.13
8.80
Norfolk
Montgomery—.
8.80
8.35
New Orleans..
Mobile
8.26
8.26
8.66
8.66
8.48
8.48
HOL.
8.23
8.87
8.17
8.85
8.85
8.37
8.17
8.22
HOL.
8.85
8.43
HOL.
HOL.
...
8.93
8.35
8.93
8.35
HOL.
8.40
8.85
8.85
8.37
8.87
8.25
8.35
8.87
8.35
8.30
Memphis
Friday
8.35
8.15
HOL.
8.25
8.20
HOL.
8.10
8.04
8.10
8.04
8.30
France
20,741
22,036
31,399
-
Italy
-
Germany.
........................
8.04
8.25
8.09
8.09
-
293,834
173,150
200,135
1,519
62,077
422,664
628,351
39,206
439,051
131,389
54,502
143,156
198,993
647,481
2,192,285
3,832,247
9,653
20*929
68,869
70,954
18,595
14,606
10,072
108,584
289,614
—-
.....
Total-.
..
1,195,120
614,813
333,193
545,368
49,225
-
49,989
Canada
disbursed by the Corporation and lending agencies of $193,802,145.35 on 4,228,033 bales of cotton.
The loans average
285,458
4
Spain
Other European.
Allother
Cotton Loans of CCC Through Feb. 9 Aggregated
$193,802,146 on 4,228,033 Bales-~On Feb. 10 the Com¬
modity Credit Corporation announced that "Advices of
Cotton Loans" received by it through Feb. 9, showed loans
1939
206,884
76,144
53,560
41,741
41,465
United Kingdom
1938
1938
1039
8.40
8.04
HOL.
8.92
8.15
8.00
8.00
8.87
8.85
8.42
6 Mos. Ended Jan. 31
January
Country to Which Exported
8.31
8.54
8.83
8.35
Augusta
Houston
Little Rock
Dallas
Fort Worth
8.31
HOL.
1939
18,
Exports of Domestic Cotton—Excluding Linters
(Running Bales -See Note for Linters)
on-
Wed'day Thursday
Tuesday
Saturday Monday
Galveston
Feb.
Chronicle
21*545
132*934
228,505
214
18,319 bales during January
in 1939 and 25,551 bales in 1938; 116,872 bales for six months ended Jan. 31 in 193»
and 153,487 bales in 1938.
The distribution for January, 1939 follows: United:
Kingdom, 5,729; France, 5,669; Belgium, 53; Netherlands, 47; Poland and Danzig,
34; Germany, 4,103; Italy, 190; Canada, 1,364; Panama, 17; Japan, 1,153; South
Note—Linters exported not included above were
AA
Afrw
■
8.81 cents per
pound. "
Figures showing the number of bales on which loans have
been made by States in which the cotton is stored are given
below:
Bales
304,856
59,895
State-*-
Alabama...
......
Arizona..
Arkansas
California
..........
...
Georgia
Louisiana
Mississippi.
Missouri
...
—-——...........
.
Stale—
New Mexico
Bales
38,479
12,241
681,575 Oklahoma..........
182,119
156,596 South Carolina........
49,693
307,902
164,939 Tennessee
284,112 Texas
-..-1,206,542
147
669,761 Virginia.-.—...
109,176
...
15—-The Commodity Credit
Corporation announced on Feb, 13 that the time within
which it would purchase acceptable wool loans from banks,
cooperatives and others which qualified as lending agencies
under its regulations, had been extended from Feb. 28,1939,
to April 15, 1939, subject to all terms and conditions of the
present regulations, except that interest would be allowed
lending agencies for the period subsequent to Feb. 28, 1939,
at the rate 011%% instead of 2%%.
The CCC further
announced:
With respect to loans repaid during this period, lending agencies will be
required, however, to remit to the corporation, only the amount specified
under the existing contract to purchase, namely, 1H% Interest. .
As of Dec. 31, 1938, when the loan program expired, loans had been
made of $14,916,065.09 upon 82.587,824 net grease pounds.
Through
Feb. 11, 1939, repayments reported to the Corporation include $7,206,679.96, covering 40,068,600 net grease pounds.
Of the loans presently
outstanding $7,290,002.92 secured by 40,008,025 pounds are carried by
banks and other lending agencies.
A previous reference to the extension of time appeared in
our Jan. 14 issue, page 299.
•
on
New York Cotton Exchange on Proposed
Changes in
Exchange has
Futures Contract—The New York Cotton
.....
CCC Extends Time for Purchase of Wool Loans from
Report
147,000,000.
North Carolina
Lending Agencies to April
Census
WORLD STATISTICS
estimated world's production of commercial cotton, exclusive of
linters, grown in 1937, as compiled from various sources was 35,591,000
bales, counting American in running bales and foreign in bales of478 pounds
lint, while the consumption of cotton (exclusive of linters in the united
States) for the year ended July 61, 1938, was 26,748,000 bales.
The total
number of spinning cotton spindles, both active and idle, is about
The
Cotton Consumed and
on
not taken any position as to the merits or demerits of pro¬
posed changes in the cotton futures contract, and in consider¬
ing such changes it will endeavor to serve the best interests
of all sections of the industry, said Frank J. Knell, President
of the Exchange, in a statement issued Feb. 14.
Mr. Knell's
statement follows:
The New York Cotton Exchange, its executive officers, and its board
of managers do not in any way represent either the cotton shippers or the
manufacturers in their differences over the present futures contract nor
Exchange proposed any change in the contract nor taken* any
the
has
as to the merits or demerits of any change suggested.
The facilities of the Exchange are used by the entire cotton industry
position
throughout the world, and it is and wiU continue to be the constant effort
of the Exchange to strive ,to serve the best interests of all sections of the
industry . '
>
The New York Cotton Exchange stands squarely on this position.
This
statement is made because of the publication of articles in the press which
may have been construed as indicating that the position of the Exchange
is different from that here stated.
,
Census
Cottonseed Oil Production—On
following state¬
ment showing cottonseed received, crushed and on hand*
and cottonseed products manufactured, shipped out, on
hand and exported for the six months ended with January
Report
„
1939 and 1938,
COTTONSEED
RECEIVED,
Hand,
.
AND
ON
HAND
Crushed
Aug. 1 to Jan. 31
State
Aug. 1 to Jan. 31
1939
1938
1939
252,353
440,637
145,619
265,070
352,646
573,820
262,412
470,066
Louisiana.
165,585
248,628
Mississippi
Texas..
619,070
885,340
127,791
254,151
262,096
175,825
137,930
221,749
399,564
347,088
949,051 1,541,314
All other States..
174,321
Arkansas.
California.
Georgia...
North Carolina
Oklahoma
South Carolina
,
Jan. 31
1939
301;966
388,357
124,418
414,776
217,246
581,419
215,478
222,885
205,016
283,710
850,401 1,220,946
117,548
146,715
243,916
(TONS)
On Hand at Mills-
1938
217,023
328,391
109,896
225,735
153,764
425,634
120.275
160.276
128,369
242,037
,
Tennessee
1938
47,291
132,468
57,437
54,620
17,703
235,234
15,311
19,220
11,113
117,661
280,723
64,812
.
50,96 J:
185,34?
143,462
57,618
31,586
311,88?
39,084
39,713
17,383
116,267
343,240
97,797
3,800,340 5,715,702 3,079,348 4.322,932 1,053,602 1,434,345
JANUARY REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES
(Cotton In running bales, counting rdund as half bales, except foreign, which Is in
500-pound bales)
,
CRUSHED,
Received at Mills *
&c., in January—Under date of Feb. 14, 1939, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton, on hand, active cotton spindles and
imports and exports of cotton for the months of January,
1939 and 1938.
Cotton consumed amounted to 591,991
bales of lint and 65,054 bales of linters, compared with 565,307 bales of lint and 65,676 bales of linters in December,
1938, and 433,258 bales of lint and 45,032 bales of linters in
January, 1938.
It will be seen that there is an increase in
January, 1939, when compared with the previous year, in
the total lint and linters combined of 178,755 bales, or 37.4%.
The following is the statement:
on
Feb. 11 the Bureau of the Census issued the
*
Includes seed destroyed at mills but not 337,118 tqns and 42,394 tons on hand
nor 24,355 tons and 106,435 tons reshlpped for"l939 and 1938, respectively.
Aug. 1
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND ON
HAND
Cotton Consumed
Cotton
on
Hand
Jan. 31—
During—
Produced
Cotton
Six
In Con¬
In Public
suming
Storage
Jan.
{Bales)
United States..
3)
{Bales)
Establish¬ & at Com¬
"{
presses
January
{Bales)
{Bales)
CNumber)
1938
49,865
369,937
1939
All other States
14,807
11,220
91,972
1938
80,722
213,099
43,811
56,509
78,017
5,788
0,639
4,814,530
615,280
614,322
1939
5,064
3,532
3,947
1939
5,706
1,716
29,697
28,305
30,309
46,143
5,929
1938
377
3,798
1939
Egyptian cotton.......
65,054
45,032
410,870
368,408
1938
Other foreign cotton
1939
—
1938
Amer.-Egyptlan cotton.
15,442
21,782
22,435
Crude oil (lbs.).
1938-39
Refined oil (lbs J
1938-39
1937-38
1937-38
Cake and meal,
....
1938
1937-38
1938-39
Linters, running
1938-39
1937-38
1937-38
214,611
41,952
133,153
43,422
457,464
,
"
1,378,667
1,924,239
798,611
1,303,892
1,753,379
764,432
1,021,524
662,817
1,106,040
753,712
1938-39
61,547
30,534
1937-38
1,828
41*793
1938-39
36,592
1937-38
7,379
289,286
212,812
167,332
127,938
548,359
464,055
681,057
983,565
fiber," 50(F
lb. bales.....
37,688
51,886
Hull
20,933
9,143
3,521
bales
11,763
34,421
27,359
8,371
26,563
r
28,023
16,786
29,074
\
26,835
x
*
500 lb.?
.....'
Includes 11,339,523 and 37,038,490 pounds held by refining and manufacturing
sumers
4,894
x
Aug. 1, 1938, and Jan. 31,1939, respectively.
Includes 5,199,739 and 7,898,555 pounds held by refiners, brokers, agents and
warehousemen at
353,853
114,344
261,223
79,602
and
places
other than refineries and manufacturing establishments
7,696,711 and 6,496,922 pounds In transit to manufacturers of shortening,
soap, Ac., Aug. 1, 1938, and Jan. 31, 1939, respectively,
Produced from 798,880,911 pounds of crude oil.
oleomargarine,
z
EXPORTS
(500-Pound Bales)
AND
IMPORTS
OF
MONTHS
January
1938
3,767
Egypt
1939
2,732
152
22,098
230
610
769
24,996
4,070
2,495
5,038
245
13,093
2,171
2,062
16,303
342
490
735
12,674
1,614
12,281
6,450
77,455
46,477
,
British India—
,
.
1938
25,308
Exports—Oil, crude, pounds
....
.......
Oil, refined, pounds
.........
Cake and meal, tons of 2,000 pounds...........
Linters, running-bales
Imports—Oil, crude, pounds
Oil, refined, pounds
.........
Linters Imported dhring five months ended Dec.
equivalent 500-pound bales.
FOR
FIVE
1937
31, 1938, amounted to 15,824
100,805
2,169,686
1,541,775
2,332,177
13,375
52,828
98,553
127,936
.................
None
4,094
—.—...........
*33,829,787
20,859,226
Cake and meal, tons of 2,000 pounds......—*.
1,125
3,013
5,383
Linters, bales of 500 pounds
Total
PRODUCTS
31
1938
""639
—
All other
DEC.
Item
China
1
COTTONSEED
ENDED
6 Mos. Ended Jan. 31
Country of Production
1939
40,717
41,176
33,563
18,089
establishments and 12,855,220 and 21,783,240 pounds in transit to refiners and con¬
Imports of Foreign Cotton
Mexico..
Jan. 31
953,901,982
*33,833,717
844,160,042 *178,202,644
11,141,266 1,314,673,254 1,233,550,540
210,084,271
x487,927,952 z752,322,368
*609,949,946
999.916,886
441,052,343
492,820.202
1938-39
....
Hulls (tons)....
Ac.,
2,833
Not Included Above—
Peru
On Hand
Jan. 31
Grabbots, motes.
Included Above—
Linters
Shipped Out
Aug. 1 to
Aug. 1 to
Jan. 31
Aug. 1
(tons)
1939 502,872 2,875,041 1,409,717 14,721,305 17,056,876
1938 372,173 2,627,013 1,489,088 11,727,709 16,896,620
1939 74,312
424,795
173,065
65,140 4,788,122
New England States...
On Hand
During
ments
1939 591,991 3,391,808 1,626,593 14,782,233 22,440,278
1938 433,258 3,077,672 1,758,696 11,815,365 22,325,472
Cotton-growing States..
Season
Active
Ended
Jan.
Item
Spindles
Months
Year
15,824
•Amounts for January not included above are 1,972,654 pounds refined "entered
direct for consumption," 188,843 refined, "withdrawn from warehouse for consump¬
tion," and none "entered direct Into warehouse."
-'
,
Volume
Returns by Telegraph—Telegraphic advices to us this
evening denote that except for some rain in the extreme
east the weather has been dry over the cotton belt.
Tem¬
peratures have been near normal.
Rain
Days
Rainfall
Inches
Texas—Galveston
1
0.01
Amarillo
1
Austin
1
0.02
0.02
Abilene
2
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 are cabled,
for three years, have been as follows:
Mean
Low
68
64
72
76
16
32
22
1
0.01
84
82
52
44
2
1.00
68
0.01
74
68
78
70
68
76
22
34
dry
Del Rio
1
Oklahoma—Oklahoma City
1
0.04
72
16
Arkansas—Fort Smith
Little Rock
2
70
Louisiana—New Orleans
3
0.28
1.02
0.93
64
82
20 /
22
48
0.62
74
32
2
2.76
76
38
57
0.54
76
32
0.06
0.44
0.04
0.06
Palestine
Port Arthur
San Antonio
1
1
Shreveport
Mississippi—Meridian..
40
30
40
34
0.69
78
43
2.56
1.14
72
32
82
42
0.46
82
80
70
42
64.
48
Montgomery
Florida—Jacksonville
dry
Miami
0.48
3
Pensacola
54
36
54
59
53
48
1.56
72
2
0.90
78
2
2
4
2
0.28
76
1.07
1.34
0.70
76
74
70
3
1.26
72
3
3
3
Augusta
Macon
South Carolina—Charleston
-.
Carolina—Charlotte
Asheville
Raleigh
-
Wilmington
Tennessee—Memphis
Chattanooga—
Nashville-.
0.94
2.35
4.28
2.60
74
62
74
34
23
60
22
2
-
1
•
.
graph* showing the heights of rivers at the points
8 a. m. of the dates given: •
■
New
■
Above zero of gauge.
Shreveport
Vicksburg
-
-a
46.2
n
1938
•
tele¬
23.
30.
89,957 169,362 211,898 3508,828
77,815 165,506 133,018 3496,222
64,534 169,711 143,595 3471,589
54,236 139,333 lit,319 3448,226
44,595 141,563 117,605 3434,970
17,000
129,000
10,000
32,000
112,000
244,000
202,000
314,000
30,000
46,000
196,000
338,000
534,000
5,000
26,000
379.000
608,000 1144,000
25,000
34,000
39,000
81,000
157,000
22,000
130,000
341,000
342,000
23,000
30,000
29.000
82,000
236,000
511,000
828,000 1575.000
13,000
all—
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
*
weekly
dria, Egypt.
a
_
.
2663.852 2253,715
30,873 162,762
2668,348 2250.247
6.
—
32,000 585,645
38,827 121,714
20.
37.387 116,840
43,199 120.588
27.
86,716
26,355
23,351
30.702
5,798 119,744
17,573
Feb.
35,546 104,958
3__
10.
29,078 112,608
17.
25 681 101.785
54,826 3246,532 2598,040 2001,896
57,820 3212,973 2575,215 1952,548
82,257 3174,825 2570.224 1926,804
Nil
74.203
10,309
Nil
135,433
96,794
8,472
"
Nil
56.513
plantations since Aug. 1, 1938, are 4,392,943 bales;
bales, and in 1936-37 were 6,188,854 bales:
(2) That, although the receipts at the outports
the past week were 25,681 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 38,148 bales during the week.
from the
in 1937-38 were 8,114,855
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
are
the last two seasons from all sources from which statistics
obtainable; also the takings or amounts, gone out of
sight for the like period:
"
.
"
1938-39
Cotton Takings,
1937-38
Week and Season
Bombay receipts to Feb. 16-Other India ship'ts to Feb. 16
Alexandria receipts to Feb. 15
Other
supply to Feb. 15 * 6..
7,858",941
136,819
63,000
17,000
373,000
1,134,800
30,000
9,000
9,087,634
—
Of which other
9,087,634
4,339", 022
12,480,035
1,094,000
314,000
2,470,200
279,000
9,538.459 19,976,257
9,233,940
9.233,940
304,519 10.742,317
230,519 7,548,517
74,000 3,193,800
night from Manchester states that the market in both yarns
and cloths is teady.
Demand for yarn is improving. We
Embraces receipts in
This total embraces since Aug. 1
the total estimated consumption by
3,448,000 bales in 1938-39 and 3,050,000 bales in 1937-38—
1936
1937
Lbs. Shirt¬
ings, Common
8M
32« Cop
d.
s.
18-
8K@
8K®
Cotton
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
d.
d.
s.
s.
d.
s.
2.
8H®
9.
8K®
9H
9K
9K
9K
m
9 10K@10
5.22
5.14
ioH®im
9
ik
4.97
9
IK
10H@ 9
8 10H@ 9
IK
5.24
ik
5.25
ioK®ny4
10K@11H
iok@IIH
10X@11H
9
5,16
@ 9
3
5.08
9
3
@9
9H
16-
8K@
23.
8K@
8h@
3
@
9
8 10K®
8 \0K®
9
8
d.
d.
9 10K@10
IK
IK
4.55
K
4.65
4.64
Jan,
6.
13.
20.
27.
8H@ 9K
8H@ 9H
8
10k® 9
8
10^® 9
9K
9K
8
9
@
9
8
9
@
9
8H® 9H
8K® 9'H
8H@ 9x
8
9
@ 9
8
9
@
9
8
9
@
9
8H@
8K@
9
9
9
10H@10
10M@10
10K@10
10K®10
10K@10
K
4.70
IK
IK
IK
4.81
•
ik
1M
'
10.
17.
4.84
5.30
10Ji @12
9
10H@10
IK
4.97
5.19
10^@11$*
10K@11M
10K@11K
9
10H@10
K
<5.02
9 10K®10
IK
IK
4.93
9
5.07
ioK@nx
10^@11^
5.15
10^(&1T Vr,
9
5.18
5.10
9
10K®10
Feb.
3.
4.88
19 38
19 39
,
,
5.13
9
9
9
@10
10^@10
4.82
4.93
@10
5.02
1W
5.16
previous page, tha
the past week have
in detail, as made
mail and telegraphic reports, are as follows: Bales
Shipping
News—As shown
on
a
exports of cotton from the United States
reached 62,966 bales.
The shipments
up
from
(GALVESTON—To Liverpool, Feb. 11, West Cobalt, 1,582---To Manchester, Fpb. 11, West Cobalt, 1,871----'-^ —
—
To Antwerp, Feb. 8, Edam, 8.
— ----- —
To Ghent, Feb. 8, Edam, 550; Feb. 15, Dryden, 1,180
—
To Dunkirk, Feb. 11, Vermont, 349
To Rotterdam, Feb. 8, Edam, 1,511; Feb. 15, Dryden, 755
To Copenhagen, Feb. 8, Stureholm, 1,157To Oslo, Feb. 8, Stureholm, 300
To Gdynia, Feb. 8. Stureholm, 867
..J.....
To Gothenburg, Feb. 8, Stureholm, 2,006
To Japan, Feb. 8, Spreewald, 2,585
To China. Feb. 8, Spreewald, 285
To Havre, Feb. 15, Dryden, 1,326
HOUSTON—To Copenhagen, Feb. 15, Svanheild, 1,262.--------To Bremen, Feb. 15, Kiel, 2,707; Feb. 13. Klausschoke, 1,682-To Hamburg, Feb. 15, Kiel, 500
To Gdynia, Feb. 15, Svanheild, 200
To Puerto Colombia, Feb. 1, Margaret Lykes, 403; American
To Havana,
Feb. 1, Margaret Lykes, 26; Feb.
Jan. 28, Chester
To
To
2,585
285
1,326
1.262
4,389
500
200
,
421
1, American
46
735
1.479
-
Feb. 10, Ida Zoo, 1,479—
Naples, Feb. 10, Ida Zoo, 786
To Japan, Feb.
To China, Feb.
1,730
349
2,266
1,157
300
867
2,006
Valley, 229; Feb. 1, American
...
To Genoa,
To
1,582
1,871
„
-
-
To Valparaiso,
Press, 20
To
»
Shirt¬
32s Cop
10«@12
10^ @12
9%
25.
To
'
Lbs.
Middl'g
Upl'ds
to Finest
Dec.
7,692,317 bales in
which 3,914,583 bales and 4,498,517 bales American,
b Esti¬
spinners, 6,849,183 bales in 1938-39 and
mated.
8A
Cotton
Nov.
available—and the aggregate amount taken by Northern
takings not being
previous weeks
give prices today below and leave those for
of this and last year for comparison:
Press, 506
Europe from Brazil, Smyrna, West Indies, &c.
*
1937-38, of
275,000
373,538 10,297,183
252,538 7,362,583
121,000 2,934,600
a
and foreign
.
78,000
32,000
18,000
10,000
bales.
Market—Our report received by cable to¬
Manchester
Press, 18
Total takings to Feb. 17 a
Of which American
-
Southern mills,
217", 175
8,641.076
1,102,000
ll
;
Season
9,183,284
9,205,353
9,461,172 19,384,817
Total supply
Deduct—
Visible supply Feb. 17
Week
Season
Week
Visible supply Feb. 10
Visible supply Aug. 1
American in sight to Feb. 17--
30,000 708,220 32,000 754,489
150,000 cantars and the foreign shipments 32,000
30.
World's Supply and Takings of
139,702
ll",5o6 136,167
18,000 448,463
3,000 30.157
5,000 121,696
8,000 114,287
16,000 455,012
1,000 17,225
(1) That the total receipts
The above statement shows:
1
Aug.
1937
7,605 128,497
Nil
133,463
7,896
96,101 3400,270 2619,799 2180,501
61,240 3369,048 2613.016 2142,612
82,643 3329,120 2629,639 2090,671
01,831 3291,719 2628,795 2046,413
Since
This
Week
1
Aug.
Note—A cantar is 99 lbs.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ended Feb. 15 were
82.567
1938
1939
Week
1
Aug.
Since
This
Since
Week
Total exports
d.
42,596 125,265
165,000
8,067,207
Liverpool
Jan.
13.
90,000
7,386,970
84,062
To Manchester, &c
io~,666 99,621
To Continent and India. 22,000 388,072
13,890
To America..
To
31,339 147,067 112,749
1937
1936-37
This
2640,423 2290,467
1938
1937-38
150,000
5,676,417
_.
1_
73.964 213,711 181,327
94,354
65,209 230,448
39,901 199,284 106,109
1939
1937
1938
19.38-39
Alexandria., Egypt
Twist
1939
813,000
Alexandria
ceive
Exports (bales)—
1936
1937
1938
254,908 2366,617
8,000
14.9
Receipts from Plantations
2610,850 2327.953
373,000
4,000
Since Aug.
Dec.
9.
499,000
828,000 1041,000
16,000
This week
17.8
18. 125,857 195,034 251,440 3518,088 2459,694 2373,757 133,637 267,158 282,311
25.
88,143 160,560 217,563 3524.821 2501,669 2397,188 94,876 202,425 240,994
2.
771,000
342,000
173,000
Receipts (cantars)—
Nov.
16.
608,000
139,000
15,000 bales.
Exports from all India ports record a decrease
bales during the week, and since Aug. 1 show an
increase of 331,000 bales.
13.8
20.5
1936
1937
1938
1936
1937
135,000
18,000
40,000
of 42,000
Plantations—The following table
planta¬
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Stocks at Interior Towns
28,000
36,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
the
Receipts at Ports
22,000
49,000
1937-38-
The
Week
15,000
1938-39-
Feet
10.6
33.0
from
Receipts
8,000
34,000
29,000
13,000
1,000
7~666
1936-37..
indicates the actual moveihent each week from the
tions.
Total
Feb. 15
-
Above zero of gauge.
Above zero of gauge,
Nashville
China
22,000
Total
9.1
33.8
nent
1937-38..
named at
11,6
Above zero of gauge.
Memphis
Britain
Feb. 18, 1938
Feb. 17, 1939
Feet
Above zero of gauge.
Orleans...
Total
1936-37-
54
43
53
41
32
China
Japan &
1938-39-
51
30
nent
Conti¬
Oth. India—
52
32
following statement has also been received by
The
1938-391936-37-
57
32
41
32
26
80
4
Atlanta
1
Great
Jap'ndk
1937-38-
60
82
0.85
'
1
Conti¬
Britain
68
40
0.12
4
Tampa..
Great
Bombay—
62
72
59
•
3 '
4
Georgia—Savannah
From—
63
2
2
Birmingham
Since August
'
54
59
52
3
Vicksburg.
Alabama—Mobile.
North
.
714,000
98,000
78,000 1,094,000
1,102.000
63,000
Aug. 1
Week
Aug. 1
For the Week
53
dry
2
3
2
Houston
Week
Aug. 1
Exports
45
99
50
54
55
44
45
43
65
2
Bombay
Since
Since
Since
Week
45
54
22
Feb. 16
Receipts—
68
63
Dallas--
1936-37
1937-38
1938-39
56
40
52
49
44
Corpus Christi
El Paso
Porta—The receipts
India Cotton Movement from All
of Indian cotton at
Thermometer
High
0.12
Brownsville
1049
Chronicle
Financial
148
786
3,284
2,222
n
10, Spreewald, 3,284
10, Spreewald, 2,222.
Bordeaux, Feb. 10, Vermont, 1,003
Dunkirk, Feb. 10, Vermont, 101
Liverpool, Feb. 15, West Cohas, 1,687
Manchester, Feb.15, West Cohas, 4,918
-
1,003
101
1,687
t.,918
,
Financial
1050
Biles
NEW ORLEANS—To Liverpool, Feb. 13, Historian, 1,814; Feb. 8,
Clair Hugo Stinnes, 1,170
To Manchester, Feb. 13, Historian, 3,406; Feb. 8, Clair Hugo
Stinnes, 1,471
-
2,990
Taurus, 800--
4,877
800
-------
To Gothenburg, Feb. 13, Taurus, 300
300
To Havre, Feb. 14,
859
Dryden, 514; Feb. 8, Arica, 345
To Antwerp, Feb. 8, Arica, 124; Feb. 15, Edam, 30
To Dunkirk. Feb. 8, Arica, 070To Rotterdam, Feb. 15, Edam, 1,191
To Venice, Feb. 15, Lucia C, 414
To Trieste, Feb. 15-—Lucia C, 1,050
To Naples, Feb. 15, Lucia C, 200
To Arica, Feb. 14, Contessa, 400—
CORPUS CHRISTI—To Ghent, Feb. 14, Michigan, 140—-To Dunkirk, Feb. 14, Michigan, 211
To Havre, Feb. 14, Michigan, 345
To Enschede, Feb. 14—Michigan, 208
—;
To Rotterdam, Feb. 14, Michigan, 150
,To Liverpool, Feb. 11, Davisian, 996
To Manchester, Feb. 11, Davisian, 1,584-NORFOLK—To Antwerp, Feb. 14, Black Gull, 48
To Liverpool, Feb. 14, Artigas, 14
*
MOBILE—To Japan, Feb. 3. Spreewald, 281To China, Feb. 3, Spreewald,443SAN FRANCISCO—To Great Britain, (?) 3,089
To France, (?) 50
-7
To Holland, (?) 100
To Australia, (?) 4
SEATTLE—To Canada, Feb. 10. Bervin, 10--LOS ANGELES—To Liverpool, Feb. 10, Celtia Star, 100
To Hamburg, Feb. 12, Schwabeu, 1,505
To Japan, Feb. 14, Bonnington, 200; Niagara Maru, 2,586;
President Garfield, 532To Bombay, Feb. (4, Hoegh Silverstone, 100—
30
670
—
1,191
414
1,050
200
400
-
—
140
211
345
—
208
150
u-
996
1,584
48
—
14
—
281
443
3,089
50
—
■
r
100
4
—
.
r
10
——
—
100
1,505
—
—
3,318
-
100
-
Total
-----
—
—
.
——
—
62,966
—
Cotton Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
Stand-
Density
.
High
ard
Stand-
High
ard
Density
Stand-
Density
ard
.45c.
.60c.
Trieste
d.45c.
.00c.
Piraeus
.85c.
1 00
Manchester.45c.
.00c.
Flume
d.45c.
.60o.
Salonlca
,85c.
1.00
d.85o.
1.00
Liverpool
m
Antwerp
.46c.
.61c.
Barcelona
Havre
.45c.
.60c.
Japan
♦
*
Rotterdam .46c.
.61c.
*
*
.60c.
Shanghai
Bombay x
.75c.
.90c-
.56o.
.71c.
Bremen
.46c.
•61c.
.01c,
.76c.
Hamburg
.46c.
.01c.
■
d.65c.
Genoa
"
Oslo
Stockholm
♦
No
quotation.
x
small Pots,
Only
Venice
Copenhag'n.66c.
.71c.
Naples
d.55o.
Leghorn
d.55c.
.60c.
,56c.
.710.
•
Gothenb'g
mills
to
.80c.
d Direct steamer.
Jan. 20
Of which American
Total Imports
Of which American..-
Feb. 3
Feb. 10
.
Feb. 17
39,000
44,000
44,000
53,000
1,066,000 1,029,000 1,034,000 1,012,000
468,000
462,000
456,000
447.000
32,000
32,000
52,000
34,000
6,000
13,000
14,000
12,000
124,000
126,000
137,000
140,000
46,000
43,000
41,000
51,000
Total stocks
—a—
Amount afloat.
Of which American
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
resented small orders in connection with wheat
Tuesday
Quiet
Quiet
Quiet
(
\
Market,
12:15
Wednesday
Thursday
Friday
Quiet
Quiet
Quiet
t
P.M.
On the 16th inst. prices closetP, unchanged to %C; lower.
The market dipped as much as V2C. at one time today, but
showed surprising absorptive powers when offerings be¬
freer
pressure
Futures
5.01 d.
5.07d.
.
5.07d.'
Quiet, st'y, Barely st'y
\ 1 to 3 pts. 4 to 0 pts.
{
Market
in
the
milling interests.
of
rain
more
also
in
detected
national
advance
opened (
Steady at
Prices of futures at
Feb. 11
3 to 4 pts.
Sat.
5.15(1.
Quiet, st'y,
Steady at
1 to 3 pts.
2 to 4 pts.
un¬
r
decline
M.
5.08d.
Steady,
advance
2 to 6 pts,
advance
4
Steady at
decline
Quiet at
1
point
Market,
5.05d.
changed
decline
advance
,
Quiet, "st'y, Quiet, st'y, St'y, 4 pts. St y, 7 pts-.
1
pt. adv. unchgd. to adv. to 2
adv.to 2
to 4 pts.dec 5
pts.
dec.
pts.
Tues.
nts.
are
Wed.
Feb. 17
'
New contract-—
d.
d.
d.
d.
4.71
4.66
4.09
May
4.67
d.
d.
d.
d.
4.72
4.72
4.70
4.72
4.73
d.
4.76
d.
d.
4.80
selling
Slight declines at Liverpool and receipt
India
bearish
were
factors.
Pit
dealers
spreading against purchases at Winnipeg,
In¬
in the wheat market recently in con¬
nection with this type of selling suggested new business of
some
nature, they said.
The Robinson Elevator Co. at
Kansas City reported the Kansas crop was only a little
creased open interest
than
month
a
ago.
Today prices closed unchanged to %c. higher.
Moderate
buying of wheat credited partly to milling interests, fol¬
lowing increased flour business overnightt helped to lift
as
quiet,
however,
much
as
%c. at times
the
and
full
.
Trade
today.
advance
could
remained
not
be
held.
Liverpool quotations closed M to %c. up, and export trade
remained quiet.
The domestic Southwest received light
scattered moisture overnight, but the forecast was for gen¬
erally clear skies with rising temperature.
Some largeflour
scale
business was reported in the' Southwest late
Announcement that the Canadian Government
will
abandon its present
price guaranty policy at the end
and will substitute
a program of encourage-,
meat to wheat pools and continuation of the futures trad¬
Close Noon Close Noon Close Noon Close Noon Close Noon Close
March 1939
to
and cash and
selling, presumably from large inter¬
interests, which they said may have been
of the crop
year
Fri.
t
to
Resistance
sources
more
grain
deed.
given below:
Thurs.
trading.
hedging of
yesterday.
Liverpool for each day
Mon.
dec.
later
largely from Eastern
came
prices
Mid. upl'ds
P.
Monday
flour sales.
or
Lagging export business and absence of outstanding trade
developments played their part in the feeling of lethargy that
seemed to prevail generally among traders.
Southwestern
interests were reported buyers of wheat late in the session.
Liverpool closed M to
higher, extending the net gain
for the last two days to % to lb^c.
Foreign demand for
North American wheat continued poor over the holiday, with
Canadian sales estimated at 400,000 bushels, largely from the
Pacific Coast to the United Kingdom.
On the 15th inst.
prices closed Me. lower to Me. higher.
The market was
quiet during most of the session today, prices fluctuating
nervously without definite direction.
The undertone was
barely steady throughout the session. Selling attributed to
an
international grain house was regarded as spreading
against purchases on foreign markets. Slight fractional dips
in sympathy with lower quotations at Liverpool attracted
enough commission house buying to bring about some re¬
coveries.
Some purchasing was associated with improved
flour business.
Milling interests said low prices had stimu¬
lated domestic and export flour demand.
Liverpool eased
slightly on selling by a larger miller despite reports of bigger
international trade recently than had been indicated.
Spain
and United Kingdom were reported taking Southern Hemis¬
phere wheat while sales of Rumanian to British interests
during the past week were confirmed.
better
Saturday
Spot
1939
the Board of Trade today, but local shippers re¬
ported sales of about 80,000 bushels of wheat. On the 14th
prices closed M to Mc. net higher. The market on the
whole was a dull affair.
A light demand developed in the
final hour, influenced somewhat by substantial gains in the
Liverpool market over the week-end. The news was devoid
of anything that could be regarded as a real incentive to
operate on either side of the market.
Most dealings rep¬
came
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Forwarded
on
Feb. 18,
inst.
r
To Gdynia, Feb. 13,
Chronicle
4.83
4.6*2
4.65
4.68
4.67
4.65
4.67
4.66
4.70
4.74
4.53
4.55
4.58
4.57
4.53
4.55
4.53
4.55
4.58
4:60
4.49
4.44
4.45
4.47
4.46
4.42
4.42
4.40
4.41
4.43
December.,
January 1940-
4.51
bushels.
4.76
4.58
October
ing system under Government supervision, attracted much
Open interest in wheat totaled 88,281,000
attention here.
July.
—
—
March
4.52
«.
__
July.
~
4.47
,
4.55
May
-
«
4.57
,
4.58
„
-
_
_
...
4.47
4.47
-
4.49
4.50
4.48
4.49
4.43
.
4.44
4.41
4.44
4.41
4.41
4.42
~
-
4.51
M
-
4.53
CLOSING
4.47
4.44
4.44
4.53
4.49
4.46
4.50
'
-T-
4.47
-
4 45
DAILY
87
CLOSING
PRICES
-
„
—
ness
in
the. local
no
area.
appreciable change in
Iland-to-mouth
It is stated that moderate deliveries
for current needs.
cations
point to
on
buying
contracts
flour
busi¬
continues.
are
ample
Advices from the West state that indi¬
a more
active trade in flour soon, consid¬
During a brief two-day flurry
ering the decline in prices.
last
week
hard
spring wheat mills sold as much as 200%
of their capacity.
It is said that bakers' stocks are gradu¬
ally being depleted.
Wheat—On the 11th inst. prices closed
higher.
The market opened lower, but
cash wheat seemed to offset
chief of which
were
a
unchanged to Mc.
good demand for
number of bearish influences,
weakness in other world
a
markets, lack of
export demand and weather reports that generally were con¬
strued as being more favorable to the domestic winter
wheat
There
was considerable apprehension,
however, that
has been caused by the variable weather, but
traders pointed out that until the
growing season arrives,
the extent, if any, will not be known. Weather was
expected
crop.
damage
to be fair and
warmer
two
tomorrow
over
much of the belt and
precipitations late next week were forecast as
likely. Other domestic markets reflected the lower opening
here.
Export interest'in North American grains was dis¬
appointing overnight. There was lit tie if any buying credited
one
or
March
...
May—
July
September
DAILY
.
—
i
.
Season's High and
was
OF
73%
74%
71%
72%
CLOSING
When Made
July 23, 1938
July 23, 1938
Jan.
4, 1939
Jan.
4. 1939
PRICES
OF
—
Tues.
H
O
L
YORK
Thurs.
87%'
87%
IN
Wed.
Low
....
Fri.
87%
CHICAGO
Thurs.
Fri.
68
___
„67%
68%
68%
Season's
March-
62%
63%
NEW
Wed.
87%
FUTURES
Mon.
WHEAT
____
IN
Tues.
Hoi.
May——
July.
September
62
October—
Mon.
67%
67 %
.67%
68%
Sat.
May
July
WHEAT
WHEAT
Sat.
March
May
July
September-
Friday Night, Feb. 17, 1939
OF
Sat.
4.45
BREADSTUFFS
Flour—There
PRICES
No. 2 red..
4.43
4.51
4.54
«,
DAILY
4.44
4.*3
67%
68
68%
67%
67%
68%
and
When
62%
62%
62%
67%
Sept.
Sept.
Made
8,
7,
5,
Dec. 29,
Oct.
67%
68%
69
1938
1938
1938
1938
FUTURES IN WINNIPEG
Tues.
Wed. Thurs. Fri.
62%
62%
62%
62%
O
63%
63%' 63%
63%
L
63%
63%
63%
64
Mon.
H
Corn—On the 11th inst. prices closed unchanged to Mc.
higher.
This market seemed to parallel the action of wheat
values, starting about steady, sagging and rising in the closing
minutes. There was very little trading, and only small buy¬
ing was necessary to hold prices up. May corn again was
bought against sales of July contracts at about lMc. differ¬
ence.
stock
Weather conditions
were
favorable for heavier live¬
feeding in some corn belt States. Buenos Aires closed
unchanged to Mc. lower. On the 14th inst. prices closed Mc.
off to Mc. up. This grain was lower much of the time, due to
declines at Buenos Aires, but the market closed slightly
higher in sympathy with wheat. Argentine prices also were
higher. Export business was quiet, although some domestic
corn was sold to British interests
today. On the 15th inst.
prices closed Y%o,. off to Mc. up. This market held steady
during most of the session, being influenced by further gains
of hogs and lard. The recent decline in corn
prices, traders
said, had given the market a sold-out appearance. Argentine
Volume
Financial
148
higher today, reflecting a private estimate that
exceed 208,000,000 bushels. .
On the 16th inst. prices closed % to %c. net higher.
This
grain showed independent firmness, and was attributed to
cold weather reports, lack of pressure from the country,
and an official report that the hog population during the
12 months ending Jan. 1 had increased 11%.
Shorts cov¬
prices
were
the current crop would not
ered
and there was some buying
houses.
The Buenos Aires market
trading,
during the late
attributed
Eastern
to
Remaining supplies of old corn in
quality, and as a result the
export demand has been very poor recently, so advices
state.
Today prices closed unchanged to %c. lower.
De¬
spite slight reactions after yesterday's sharp upturn, corn
held fairly steady during most of the session, with Buenos
Aires quotations higher.
Export sales of 300,000 bushels
of afloat corn to the United Kingdom and Ireland were
Vs to
was
the
%c. lower.
Argentine
of
are
1051
Chronicle
poor
First
give the receipts at Western lake and river ports
for each
we
for the week ended last Saturdav and since Aug. 1
of the last three years:
bush 56 lbs bush 48 lbs
201,000
729,000
476,000
10,000
285,000
456,000
174,000
152,000
78,000
417,000
240,000
31,000
50,000
24,000
153,000
8,000
3,000
348,000
136" 000
...
188,000
96,000
163,000
Chicago
79,000
65,000
4,000
Minneapolis
Duluth
Ygf.ooo
Milwaukee.
Toledo
"
4"666
17,000
231,000
174,000
7,000
264,000
110,000
30,000
6,000
19,000
66,000
8,000
46,000
36,000
48,000
Indianapolis
123*660
Louis..
St.
Barley
Rye
bush 32 lbs
lbs
56
lbs bush
60
bbls.l96lbs bush
Oats
Corn
Wheat
Flour
Receipts at—
Peoria
45,000
18,000
366,000
Kansas City
15,000
662,000
140,000
211,000
120,000
33,000
27,000
43,000
20,000
50"666
"3" 000
52,000
264,000
178,000
Omaha
St.
Joseph.
Wichita..
Sioux
233,000
—
City.
Buffalo
20",660
66,000
OF CORN IN NEW YORK
Sat. Man. Tues.
Wed. Thurs.
,
62% HOL.
PRICES
CLOSING
IN
H
March.
July
September
166,000
1,229,000
367,000
388,000
2,109,000
3,621,000
1,099,000
228,000
1,573,000
2,515,000
1,011,000
81,000
1,5/8,000
857,000
-----
56
May
July-.
September
60%
55%
56%
Oct. 18, 1938
Oct. 18, 1938
Feb. 11, ,1939
___
prices closed Y%c. net lower.
Oats—On the 11th inst.
with Northwestern connections
This
Houses
heavy during most of the session.
ruled
believed buying May
were
1937
V-
—
Flour
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
18,000
Baltimore.New Orl'ns*
22,000
42~666
224,000
1
20,000
144,000
Boston
.Trading was light and without
higher.
prices closed 34 to %c. net higher. The
attributed largely to short covering
On the 16th inst.
was
was
and the firmness of
in influencing a firmer oats mar¬
Today prices closed % to 34c. net higher.
Trading
light, with the market's undertone firm during most
influenced
ket.
oats
of
by
weather reports,
cold
also played its part
of the
session.
DAILY
OF
May
July...
September
— —
—
"
-
—
DAILY
27%
26%
26%
H
O
L
27%
26%
26%
Wed.
Tues.
and
30%
29%
29%
PRICES
CLOSING
Mon.
Sat.
Tues.
28%
27%
26%
26%
26%
1,315,000
262,000
56,000
18,000
26,000
1,818,000
9,411,000
4,596,000
384,000
104,000
275,000
Jan. 1
1939
244,000
1,308,000
596,000
57,000
28,000
122,000
1,659,000
11,209,000
7,746,000
372,000
724,000
1,451,000
Week 1938.
Since Jan. 1
*
on
not Include grain passing through New Orleans for foreign ports
Receipts do
through bills of lading.
from the several seaboard ports for the week
1939, are shown in the annexed
The exports
ended Saturday, Feb. 11,
statement:
T
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
"
Bushels
Barrels
Bushels
Bushels
Bushels
-
38,941
124,000
2,000
36,000
H
O
29
28%
29%
28%
L
28%
Halifax
29%
28%
Rye—On the 11th inst. price's closed 34c. to
net lower.
Trading was light and almost entirely on the downside, this
being reflected in lower prices and heavy undertone that
10,666
"2*666
26*660
799,000
— _
"2" 000
_....
22Y 600
Houston
29%
28%
320,000
142,000
Galveston
St. John, West.
----
289,000
3i~66o
New Orleans
WINNI.PEG
Fri. '
2~63~666
78.OO0
Thurs.
Wed.
28%
28
—
October
315,000
28%
27%
27
Sept. 6, 1939
Oct. 18. 1938
Feb. 10,1939
28
May.
July
Fri.
When Made
IN
FUTURES
OATS
OF
Thurs.
28
Season's Low and
When Made
23%
Jan.
4, 1939 May..
July
24%
Jan.
3, 1939
Jan.
4, 1939 September-— 26%
Season's High
May-—
July
September
Mon.
4,660
20,000
CHICAGO
IN
FUTURES
OATS
Sat.
"
%
2,000
■Exports from—
PRICES
CLOSING
24",606
■
295,000
19.38
firmness
corn
since
2,000
18" 000
375,000
Galveston—
Tot. wk. '39
feature.
17,000
21,000
2,000
110,000
St. John, W
bush 56 lbs bush 48 lbs
10,000
57,000
160,000
302,000
56,000
Barley
Rye
45,000
104,000
151,000
22,000
York-
New
Phlladelphia
Halifax
selling September oats at 1 ^. difference. On the 14th
prices closed %c. to J-^c. net higher. Trading was very
light, though the undertone was firm in sympathy with the
firmness of wheat and corn. On the 15th inst. prices closed
net
the seaboard ports for
1939, follow:
bbls 196 lbs
Receipts at—
inst.
34c.
77,959,000 21,513,000 69,502,000
53,013,000 11,806,000 63,706,000
the week ended Saturday, Feb. 11,
and
Mjc. to
69,524,000 18,986,000 67,686,000
12,550,000 231,032,000 157,090,000
10,692,000 215,194,000 171,976,000
11,996,000 160,153,000 105,361,000
1938
1936
Total receipts of flour and grain at
48%
50%
50%
49%
50%
50%
When Made
Oct. 15, 1938
Season's Low and
When Made
46
July 28, 1938 March
47%
July 23, 1938 May
48%
Sept.24, 1938 July
49%
Jan.
4, 1939 September
and
High
March
Since Aug. 1
46%
■
48%
49%
50%
48%
'49%
50%
O
L
48%
49%
50
May.
market
1,310,000
Thurs: Fri;
Wed.
Tues.
Mon.
Fri.
63% 63
CHICAGO
62%
62%
FUTURES
CORN
OF
Sat.
Season's
2,683,000
Same wk'37
No. 2 yellow
DAILY
2,453,000
CLOSING PRICES
DAILY
.,
499,000
Same wk'38
reported late yesterday.
Tot. wk. '39
24,000
42,000
1,373,000
2,980,000 1,014,000
3,079,000 3.362,000
1939..
1938
Total week
Same week
—-
24,000
4,000
112,941
96,119
6,000
SUOOO
141,000
,
prevailed during most of the session.
On the 14th inst.
prices closed unchanged to %c. up. Trading in rye was dull,
with the undertone reported steady. On the 15th inst. prices
closed 34c. off to 34c- UP- There was very little of interest
in this market, the session being a very dull one.
On the 16th inst. prices closed unchanged to 1c. up.
This
market was. very dull, though the undertone was steady.
Today prices closed 34 to %c. net higher.
This market
proved the strongest of all the grains, and was attributed
largely to evening up on the part of the short element.
DAILY
CLOSING PRICES
RYE FUTURES IN CHICAGO
OF
Man..
Sat.
May
44%
45%
46%
-
July
September..."
Season's
High and
53%
49%
49%
May
——
July...
—
September
DAILY
—
—
_
H
O
L
Season's
When Made
May.
July.
September
July 25, 1938
Jan.
4, 1939
Jan.
3, 1939
CLOSING PRICES OF RYE
Sat.
May.—V.
July
*
-
-
41%
44%
45
Tues.
' 43%
Mon.
37%
May
July...
October—
—
Closing quotations were as
45%
47%
■ Made
Sept. 7, 1938
Nov. 7, 1938
Dec. 23, 1939
When
Wed.
Thurs.
43%
43%
43%
—-
H
O
Fri.
43%
-
Tues.
37%
36%
IN WINNIPEG
Wed.
Thurs.
37%
36%
37%
36%
Fri.
37%
36%
L
York—
yellow, all rail
All th3 statements
63
Feb. 11,
July I,
Feb. 11,
July 1,
Feb. 11,
July 1,
1939
1938
1939
1938
1939
1938
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
59,150
6,541
1,437,107
494,581
Amer.
16,500
West Indies...—
24,250
6^500
Rye, United States c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
64%
So. &Cent.
Other countries...
Total 1939
of grain
&c.—are prepared by us
York Produce Exchange.
-"2*666
3,447,497
96,119
3,311.595
supply of
at principal
seaboard ports
g.ain, comprising the stocks in
points1 of accumulation at lak8
Saturday, Feb. 11, were as follows:
GRAIN
Boston
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
— -
...
Fort Worth
—
Wichita
-
Hutchinson
St. Joseph..
423,000
'
273,000
575,000
4,888,000
r5,041,000
1,802,000
4,458,000
1,442,000
—
23,186,000
—-
Indianapolis
Peoria
Chicago
1,109,000
11,833,000
10,538,000
Duluth
••
»
232,000
afloat—
—8,121,000
afloat.—
-
1,000
'2,000
4.318,000
ifi", 000
518,000
20,000
659,000
34,000
1,572,000
100,000
171*666
8,000
1,000
71,000
10,000
Vilooo
■
,
67,000
194,000
9,000
1,000
756,000
3,174,000
7,081,000
1,116,000
527,000
1,760,000 1,743,000
620,000 1,393,000
361,000
20,000
7.588,000 12,699,000
1,291,000
afloat
Milwaukee
Minneapolis
'
202~666
------
York...31,000
Philadelphia---
Galveston.;
and
STOCKS
Bushels
-
United States-
New
100.000
96,910,000 1,014,000 61,057,000
86,400.000 3,362.000 25,484,000
3.079.000
•—
granary
13,000 25,494,000
5,000
1,047,000
2,980,000
visible
The
270,000
30,000
112,941
-
1938
Total
40,365,000
876,000
4,000
51,000
Col.
Brit. No. Am.
1,175,000
1,846,000
5,339,000
4,200,000
219,000
535,000
309,000
393,000
15,000
130,000
81,000
308,000
1
29,000
13,000
44,000
108,000
2,60M66
642,000
469,000
77,000
307,000
4,220,000
626,000
15,000
1,549,000
3,397,000
4,733,000
1,905,000
5,088,000
1,013,000
114,000
288,000
478,000
1003)00
~~2~666
"5" 000
"YOOO
iYo",666
2,614,000
368,000
830,000
516,000
532,000
439,000
14.587,000 8,049,000 9,952,000
14,730,000 8,079,000 10,247,000
37,652,000 23,650,000 4,045,000 10,040,000
Note—Bonded grain not included above:
Wheat—New York, 480.000 bushels:
New York afloat 18,000; Buffalo, 410,000; Buffalo afloat, 2,435,000; Erie, 890,000:
Albany
851,000; Boston, 162,000; Philadelphia* 126,000; Baltimore, 87,000; total,
5,459,000 bushels, against 2,641,000 bushels In 1938.
11. 1939
Total Feb
55
54
55,198,000 1,001,000 35,456,000
176,809
.
Continent
Buffalo
40%
2,100,000
405,250
882,750
Kingdom
United
Detroit
below regarding the movement
Since
July 1 to—
St. Louis-
Oats, New York—
No. 2 white
—receipts, exports, visible supply,
from figures collected by the New
Week
Sioux City
GRAIN
No. 2
Since
Omaha..--
Rye flour patents.
3.65@
Spring pat. high protein—4.95@5.05
Seminola, bbl., Nos. 1-3—5.15@5.50
Spring patents
4.65@4.75
2.55
Clears, first spring
4.10@4.30 Oats good
1.55
Hard winter straights
4.45@4.55 Corn flour
Hard winter patents
4.50@4.60 Barley goods—
Coarse
3.25
Hard winter clears
Nom.
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.50 @5.00
Corn. New
Week
Kansas City—
follows:
87%
73%
Since
Baltimore
FLOUR
Wheat, New York—
No. 2 red, c.i.f., domestic..
Manitoba No. 1, f.o.b. N. Y.
Week
New Orleans
PRICES OF BARLEY FUTURES
Sat.
45%
L
----
—
DAILY CLOSING
H
O
-
October
and
Low
45%
45%
45%
46%
FUTURES IN WINNIPEG
Mon.
42%
-
-
45%
45%
4-6%
Corn -
Wheat
Flour
Exports for Week
and Since
Thurs. -Fri.
Wed.
Tues.
below:
July 1, 1938, is as
Total Feb
Total
4
Feb". 12^
1939
—
94,299,000 47,243,000
97,533,000 47,868,000
1938-.- 65,000,000
1052
Financial
Wheat
Canadian—
Corn
Bushels
Oats
Bushels
Chronicle
Barley
Bushels
Bushels
Rye
Bushels
Lake, bay, river <k seab'd 27,839,000
1,171,000
88,000
"907,000
913,000
6,864,000
1,091,000
984,000
5,052,000
8,942,000
2,092,000
8,858,000
2,100,000
6,587,000
5,565,000
9,236,000
1,289,000
9,222,000
94,299,000 47,243,000 14,587.000
8,049,000
2,092,000
Missouri
Feb.
soil-moisture
condition
is
1939
18,
satisfactory, while wheat
shows improvement in most of Texas, although some dry planted in westcounties is still poor.
In Oklahoma growth is reported as slow
with some unfavorably low temperatures in the extreme northwest; con¬
dition is fair in north-central and northwestern counties but
mostly poor
551,000
Ft. William & Pt. Arthur 39,994,000
Other Can. & other elev. 80,882,000
In
now
9,952,009
6,687,000
central
elsewhere;
Total Feb.
11, 1939..148,715.000
Total Feb.
4, 1939
150,375,000
Total Feb. 12, 1938
48,042,000
some oats were seeded during the week.
In Kansas cold, windy
was unfavorable,
but it is too early to appraise the extent of
In the western part of this State stands are thin and poorly rooted.
In the upper Mississippi Valley and northern plains from Nebraska north¬
ward, there is mostly sufficient moisture for present needs.
weather
effect.
Summary—
American
Canadian
148,715,000
Total Feb.
Total
Feb.
8,942,000
THE DRY GOODS TRADE
11, 1939.-243,014,000 47,243,000 23,529,000 10,141,000 16,539,000
1939
247,908,000 47,868,000 23,588,000 10,179,000 16,812,000
113,042,000 37,652,000 32,886,000
5,334,000 19,262,000
4,
Total Feb.
New York, Friday
12, 1938
The world's
shipment of wheat and
Broomhall to the New York Produce
ended Feb. 11, and since
shown in the following:
corn, as furnished
by
Exchange, for the week
July 1, 1938, and July 1, 1937,
Improved weather conditions caused
sales during
in general
Feb.
Since
Since
Week
Since
Since
July 1,
10,
July 1,
Feb. 10,
1939
July 1,
July 1.
1938
1937
Bushels
Bushels
Bushels
1939
No. Amer.
Bushels
1937
Bushels
4,688,000 153,607,000 119,911,000
1,808,000 72,487,000 62,866,000
2,149,000 42,308,000 33,579,000
3,609,000 58,123,000 56,326,000
7,344,000
11,592,000
Black Sea.
Argentina.
Australia
1938
Bushels
.
India
1,005,000
531,000
1,442,000
63,771.000 25,872,000
10,433,000
3,144,000
93,267,000 176,756,000
revival,
24,144,000
792,000
697,000
30,334,000
63,316,000
3.675.000 197.805,000 269.088,000
Corn Loans of CCC Aggregated $81,454,530 on
143,071,403 Bushels Through Feb. 9—The Commodity Credit
Corporation announced on Feb. 10 that, through Feb. 9,
loans made by the Corporation and lending agencies under
the 1938-39 corn loan program aggregate $81,454,530.31 on
143,071,403 bushels.
The loans by States in which the corn
follows:
are as
Statu—
Amount
Bushels
State—
Amount
Bushels
loraclo.
—Xtolofado..
$10,638.41
19,486 Minnesota.$6,413,686.30 11,260,894
18,282,680.56 32,084,427 Missouri.. 2,694,105.27
4,730,060
Indiana.1,930,952.39
3,388,774 Nebraska
7,461,857.27 13,153,213
Iowa.
40,711,508.61 71,432,918 Ohio......
339,583.06
595,721
Kansas
1,612,623.84
2,850,637 So. Dakota 1,883,045.85
3,350,277
Kentucky78,197.50
142,450 Wisconsin
35,651.25
62,546
.
Illinois
.
Report for the Week Ended Feb. 15—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Feb.
Early in the week
from
the
ture."
By
central
a
February
Kansas
an extensive area of extremely cold polar air advanced
provinces southeastward over the northern
drop of 20 degrees to 30 degrees, or more, in tempera¬
Canadian
western
Great Plains with
15, follows:
and
10
subzero
eastward
readings
into
the
extended
southward
to
south-
Mississippi yalley.
Later,
this high moved slowly southeastward, but with
decreasing intensity, and
a marked abatement of the
attending cold weather, so that south-central,
southern and eastern localities experienced
only a moderate drop in tem¬
perature.
In fact, freezing weather did not extend into the more southern
upper
districts.
The
most
extensive
precipitation of the week occurred in connection
with the movement on February 8-10, of an energetic
depression from the
Great Basin of the West southeastward to the lower Plains and thence
northeastward over the western Lake region.
This storm brought pre¬
cipitation to nearly all sections east of the Rocky Mountains with heavy
fails in parts of the interior.
1The week closed with abnormally high tem¬
peratures in the East and mostly seasonable whether elsewhere.
There were great contrasts in temperature between eastern and western
portions of the country.
East- of the Mississippi River the weekly means
were abnormally high
practically everywhere, ranging mostly from 6 de¬
grees to 9 degrees above normal.
They were higher than normal, also, in
the southern trans-Mississippi States and the west Gulf area.
Elsewhere
the week was colder than normal,
markedly so in most areas.
From the
upper Mississippi Valley northwestward the period averaged from 4 de¬
grees to as many as 21 degrees colder than normal, the greatest
tempera¬
ture departures being in the northern Great Plains.
*
Subzero temperatures were reported from the interior of the
Northeast
and
over
large northwestern area, extending southward to the lower
Valley and southwestern Kansas.
In the northern Plains the
minima ranged from'—30 degrees to —10
degrees, the latter reported from
a
Missouri
•
Havre, Mont., on February 10.
A little farther north, at Meplicine Hat,
Alberta, an extreme.low of —50 degrees was reported on the same
day.
However, the cold wave did not come through, first-order stations report¬
ing the freezing line extending only to central North Carolina, northern
Georgia and central Mississippi.
In the Ohio Valley the minima ranged
mostly from 15 degrees to 20 degrees and in the Mississippi Valley from
—24 degrees at Minneapolis-St. Paul, to 48
degrees at New Orleans, La.
In extreme southern Florida the lowest
temperature for the week
was
70
degrees, making an unusually wide range, 110 degrees, in minimum tem¬
perature between northern Montana and southern Florida.
More or less precipitation occurred
throughout the country, although the
falls were inappreciable, usually too light for
measurement, in much of the
western and southwestern Plains; considerable snow
occurred in the northren
Plains area.
From the
Mississippi Valley eastward precipitation was
moderate to heavy practically
everywhere, except in the extreme South¬
east.
There was also considerable rain in the Pacific
coast area, ranging
from 0.2 inch in southern California to
nearly 5 inches along the coast of
Washington.
Snow storage in the western mountains was
appreciably in¬
creased over large areas, improving the outlook for
The
irrigation
marked contrast between conditions in
the
water.
Eastern and
States
Southern
and those prevailing in the Northwest and West made a
variable
effect.
Considerable snowfall, and the coldest weather of the
season so
far, were hard on livestock in the Northwest and West and
necessitated widespread, heavy feeding.
Also, drifting snow in NorthCentral States blocked highways and
impeded traffic, although the addi¬
weather
tional moisture
and
was
favorable.
There
was
fruit trees
some
frost damage in Arizona
were rather
unfavorably affected by low temperatures in
central Rocky Mountain sections; also frost
on the 9-10th necessi¬
heating in the citrus groves of California though no
important dam¬
age is reported.
There was an increase in snowfall rather
generally in the
western mountains which inproved the outlook
for irrigation water.
some
tated
In the
Southern States
winter
crops made good growth quite
generally
was no harmful cold.
However, additional precipitation kept the
largely too wet to work and preparation for
spring planting was in¬
active.
The South, especially the
Southeast, needs colder weather to
arrest too rapid development of fruit.
Fruit trees are
blooming in some
Gulf sections, while trees and shrubs are
budding as far north as Ten¬
nessee
and extreme southeastern
Virginia.
There was very little field
there
While merchants
seasonal
fears continued to be expressed relating to the
pick-up
in
consumer
for the week
demand.
Department
ending Feb. 4, according to the
Federal Reserve
survey
real
a
sales
store
Board, averaged 6% below last
of the
For
decline in sales reaching 13.8%
reported by the Federal Reserve Bank of New York,
was
City
year.
area a
while in Newark establishments the loss in volume went
as
high as 16.8%.
During the entire month of January sales
department stores, the country over, were 2% below
January, 1938, with the New York district showing a decline
of 9%, while in the Atlanta district a gain of
6% was regis¬
of
tered.
Trading in the wholesale dry goods" markets failed
to
show any sustained improvement.
With the majority
retailers having completed their initial
purchases of
of
spring
goods, merchants
awaiting elearer indications of
adding to their commitments.
Underwear lines attracted increased interest, and some sub¬
stantial orders for future delivery came into the market.
are
now
the trend of retail sales before
Purchases of
most
other lines
were
.
Weather
drop in tempera¬
buying will show the usual
consumer
some
the New York
14,552,000
Total... 13,046,000 358,013,000 298,826,000
is stored
severe
.inadequacy of existing merchandise assortments for
Other
countries
recurrent
adhered to the belief that, with improved weather
Corn
conditions,
Week
Exports
a
tures, business resumed its spotty trend.
Wheat
upturn in retail
an
the early part of the week, but, subsequently,
under the influence of
are
.
Night, Feb. 17, 1939
for
the
total
restricted
to
spot lots
immediate
delivery.
Although the reduction in fall
prices for outing flannels stimulated buying to some extent,
volume
of
orders
remained below
expectations.
Business in silk goods turned fairly active, with attention
again centering in sheer fabrics.
Prices ruled higher, re¬
flecting the firmer trend in the raw silk market.
Trading
in rayon yarns con tinued at previous levels.
were able to maintain the recent increase in
Weaving plants
operations, and,
weaving yarns reached
result, additional orders for
producers.
With shipments continuing at
as
a
pace,
reversal
no
in
the
favorable
a
fairly active
statistical
trend
is"
anticipated.
Domestic
Cotton
Goods—Trading in the
gray
cloths
markets remained very quiet, and prices
experienced further
moderate recessions.
While the uncertain situation in the
raw cotton market continued to
supply the chief hindrance
to
a
revival
appearance
in
of
activities,
it
was
also
due
the finished
to
goods market and
retail sales that users
the
to
spotty
the
dis¬
appointing volume of
maintained
their waiting attitude.
Another discouraging influence was
the fact that nothing further .was heard about the
con¬
templated curtailment measures of the Southern mills,
although it was believed that a continuance of the present
stagnation will inevitably result in measures to curb the
output.
Business: in fine goods remained dull, but prices
ruled steady, and increased
inquiries on the part of buyers
seemed to point to an early revival in activities.
A steady
call
continued
for
hopsaekings,h and reports were current
pique voiles have been paid, because of
tight spot situation in these goods.
Closing prices in
print cloths were as follows:
39-inch 80s, 5^ to 6c.; 39inch 72-76s, 5M to 5Kc.; 39-inch
68-72s, 4^c.; 38)4-inch
64-60s, 4^c.; 38^-inch 60-48s, 3^c.
that premiums
on
the
Woolen
Goods—Trading in men's wear fabrics remained
quiet pending the opening of the new fall lines scheduled
to take place about the middle of next
month, at slightly
higher prices.
Meanwhile, however, mill operations con¬
tinued at
an
active rate, based on the still
very substantial
backlog of unfilled orders now estimated in the neighborhood
of 20,000,000 yards.
A fair call existed for tropical worsteds
as
well
centers
as
for
bore
overcoatings.
Reports from retail clothing
a
spotty appearance, as the vagaries of the
weather interfered with the steady flow of
goods in con¬
suming channels.
Business in women's wear fabrics, while
not quite as active as
heretofore, nevertheless continued to
make a fairly good showing, with interest
again centering
in tweeds, boucles and shetlands.
soil
work accomplished anywhere east of the
Mississippi River because
erally wet soil.
Some corn was planted in southern Texas.
toes are coming up in some east Gulf
districts.
of gen¬
Early
pota¬
Small Grains—Wheat fields in the northern
Great Plains and rather
generally in most districts from the Rocky Mountains westward
were pro¬
by snow from the prevailing low temperatures in those
sections
tected
In the eastern half of the Wheat Belt conditions
continue
largely satisfac¬
tory, except that some heaving is reported in the Ohio
Valley, particularly
parts of Indiana and Kentucky; also there are some
complaints of
harm from standing water on fields in the
lowlands of the latter State
in
Foreign Dry Goods—Trading in linens received an
impetus from the annual show which brought the usual
influx of buyers to the New York market.
foreign primary centers stress the receipts
Reports from
of substantial
United States orders on damasks and
housekeeping linens.
Business in burlap continued fairly active
although trans¬
actions were again chiefly confined to
spot lots.
After an
early substantial reaction, prices again moved higher, in
sympathy with Calcutta, where rumors of additional British
sandbag orders gained currency.
Domestically lightweights
were quoted at
4.25c., heavies at 5.75c. "
-
Volume
Financial
148
1053
Chronicle
A 2% sales tax, advocated by the Association of Towns and others
opposed to new real estate and business turnover taxes, was proposed in a
bill introduced by Senator John J. McNaboe, New York Democrat.
Senator McNaboe's measure would earmark the entire proceeds
Specialists in
of the
unemployment relief and allocate 90% to localities. All sales would
subject to the provisions. Food, now exempt under the New York City
sales tax, would be taxed.
tax for
be
I in nois &M issouri Bonds
State and Local
Expenditures Found Higher Than Average—
Cost of State and local government in New York is 67%
more than the average unit cost in other States, according
StifelNicolaus & Co,Irtc.
to
105 W. Adams St.
WIRE
ST.
of expenditures by the New York State Bureau
Research.
The Bureau's findings are re¬
survey
ported in reply to questions of whether tax increases are
necessary and whether costs can be reduced as an alternative
to higher taxation.
314 N. Broadway
DIRECT
CHICAGO
a
of Governmental
Founded 1890
LOUIS
or
Total expenditures in New York State were reported at $1,639,406,000,
about $127.96 per inhabitant, a figure $654,000,000 higher than the
of other States. It was also $741,000,000, or 82%, higher than that
according to the survey.
In Ohio costs are $701,000,000
capita basis.
These two States are used as measuring rods, the Bureau states, because
average
of Pennsylvania,
News Items
less
California—Delinquent Tax Moratorium Extended—Gover¬
Olson has signed two emergency measures, to extend the
delinquent tax moratorium and redemption without penalties
of delinquent property.
The Acts extend the present tax moratorium to Aug. 20,
1939, and reenact the 10 annual instalment plan for payment
of delinquent taxes without penalties to April 20, 1940.
nor
Massachusetts—Changes in List of Legal Investments—
bulletin (No. 6), showing the latest revisions
the list of investments considered legal for savings banks
Massachusetts, was issued by the Commissioner of
The following
in
in
Banks
on
Feb. 9:
....
*
•
Added
to
the
y
.
List of July 1,
1938
Municipal Bonds (only)
As of Feb. 3, 1939
Municipal Bonds and Notes
As of Jan. 25, 1939
City of Bath, Me.
Town of Farmington, Me.
Town of Warren. R.I.
As of Feb. 3. 1939
Removed
from
1995
1st 4s,
*
&
the List
Gen.
1995
1995
1995
2000
2000
1996
Ref. & gen. series C
Ref. & gen. series D
Ref. & gen. series E
Ref. & gen. series F
1st mtge. 4s, 1948
1st mtge. 5s, 1948
Baltimore & Ohio RR. (Southwestern
Division) 1st 5s, 1950
Pittsburgh Lake Erie & West Vir¬
ginia ref. 4s, 1941
Cleveland Terminal & Valley RR.
Virginia
William
Gen. dons. 4
Baltimore & Ohio RR.:
jglj 4s
Pittsburgh
RR.
cons.
5s, 2003
4 J^s
6s
leaves to
a
ment of
trust ser. B (serially) 4}^s, '40
trust ser. C (serially) 4^s, '41
trust ser. F (serially) 4Ms, '44
trust ser. I (serially) 2^s. '47
Public Utilities
'
Buffalo
General
Electric
Co.
1st
Equip,
Equip,
Equip,
Equip,
mtge. gold 5s, 1939. Matured Feb*
1, 1939
Mountain Power Corp.
1st
Green
1948.
Called
Co. of Hartford,
market are responsible for the current elimination of tax dis¬
sharp contrast can be drawn between the amount of the
discount, usually between 3 and 6%, and the rate of interest paid by a
municipality on a short term loan in anticipation of taxes..
For example, let us suppose that $100,000 of a town's tax levy was paid
immediately after its assessment, allowing the taxpayer to take advantage
of a discount of 4%, although the tax was not due for nine months.
The
money
counts, in that a
municipality would lose $3,000 in revenue through this process.
On the other hand if the same municipality allowed no discount on taxes,
for nine months at 1% (estimated average current
rate) the cost to it would be $750.
Therefore, the town or City would have
saved precisely $2,250 in the transaction.
Using the amount of the saving for comparative purposes, .the $2,250
represents a tax of 2)4. mills on a grand list of $1,000,000.
and borrowed $100,000
Signed to Reduce. 1938 Relief Deficit—
which had been passed by the Legislature
New Jersey—Bills
signed by Gov. Moore on Feb. 14, dealing with the
State's 1938 relief deficit.
The first provides that relief re¬
imbursement claims held by municipalities against the State
^
The Executive Department, Depart¬
General, Treasury Department,
Department of Coordination and Finance, Department of Social Welfare,
Department of Public Works, Department of Business Regulation, De¬
partment of Education, Department of Labor , Department of Agriculture,
and Conservation, and Department of Health.
Independent agencies set up undpr the Act include a Sinking Fund
Commission, a Commission on Interstate Cooperation, a Commission on
Uniform State Laws, an
Unemployment Compensation Board, and a
12 Departments:
The Act sets up
State, Department of the Attorney
Retirement Board.
section of the Act deals with "State Colleges"—Rhode Island
College at Kingston and the Rhode Island College of Education
Separated from the Department of Education by the Act,
A separate
State
in Providence.
they are to be under control of an executive committee of five,
within 30 days after appointment shall report to the Assembly and
Governor
"a proposal plan for
municipal debts to the State Highway Depart¬
second measure allows the discharge of such
debts to be spread over eighteen months.
Bond Issue Advocated for Relief Needs—We quote in part as
follows from a United Press dispatch out of Trenton on
Feb. 15, dealing with a recommendation by the State
ment.
The
Treasurer for a State
State Treasurer
relief bond issue:
William H. Albright appealed to the
and
the Assembly
the Act makes no other stipulations as to
diem pay for some
York
Tax Bill Introduced in Legis¬
dispatch from Albany on Feb. 14
State—Sales
had the following to report:
compensation except to set per
boards and commissions;
Transfer of Functions Postponed—In connection with the
quote in part as follows from the Providence
"Journal" of Feb. 8, which noted that the Governor had
above report we
deferred
putting into effect the actual
new Act: < "
'
under the
Governor
.
H.
William
transfer of functions
.
Vanderbilt signed the State
Reorganization Act
yesterday and then,issued an executive order, under a provision of the
Act, postponing the atetual transfer of functions between the existing agencies
puch time as the
until
also
retains, all
present
reorganization can be put into effect. The order
Department heads and their subordinates until
\
they are replaced.
Bond
Proposals and Negotiations
ARIZONA
NAVAJO COUNTY SCHOOL
Ariz.—BOND OFFERING—It is
until 10
of
a
a. m. on
$2,000 issue of not to
Dated Feb.
$500.
DISTRICT NO. 16 (P. O. Holbrook)
reported that sealed bids will be received
Sharar, District Clerk, for the purchase
Feb. 20, by Chester
I, 1939.
exceed 6% semi-ann. school bonds.
Denom.
A certified check for 5% must accompany
the bid.
ARKANSAS BONDS
in
all
State, County & Town
Issues
Senate and Assembly
procedure from every viewpoint.
We can save real estate from confisca¬
tion, and discharge our obligations to the needy.
.
.
I see no indication
that any adequate alternative program can be or is being developed.'
New
which
to the
Colleges," and
then cease to function.
Markets
yesterday to approve a bond issue as a "sound financial procedure" to
finance State relief for 1939.
Mr. Albright urged that proposed new taxes be killed so that "additional
State spending would be curbed to a degree."
By issuing bonds, he said,
"we can prevent the levying of new burdens on the consumer.
We can say
in effect to industry:
'Go ahead and expand, and promote recovery.,"
"The State absolutely cannot extend an adequate amount of relief aid to
local governments on the basis of present revenues, with substantial State
deficicts impending," he said.
"This means we must get the funds required
either through new taxes or through a bond issue."
"Solution of our difficulties through a bond issue would be sound financial
lature—A United Press
organization of the State
Also set up under the Act is a Legislative Council of three Senaotrs
four Representatives.
This is designed to guide members of
in the formation of legislation and general legislative programs.
While a maximum of $6,000 annual salary is set for Department directors,
were
be offset by
of administrative
Code Act of 1935.
skeletal governmental structure new in many respects, but
the Governor and to Deaprtment heads wide discretion in choosing
up
subordinate staffs
The practice of allowing discounts for the early payment of taxes is
gradually being discontinued by towns and cities in New England.
The
measures
It sets
Baltimore & Ohio RR.:
5s,
Government
top place in Governor
Administrative Act of
1939 sweeps into the discard the complex structure
divisions established by the Democratic Administrative
Lehigh Valley Ry. 1st 4Hs, 1940
Railroad Equipment Trusts
system has caused much loss of revenue when emoloyed by municipalities
with large tax assessments.
The low rates of interest prevailing in the short
Two
State
tin
7, when if wis signed by Governor
Yanderbilt, according to an Associated Press
H.
Occupying with the pending civil service bill a
H. Vanderbilt's legislative program, the
,
Consol. annuity irredeemable
Consol. annuity irredeemable
pal News," published by F. W. Home &
we take the following item of interest:
*
Reorganization Bill—The
William
fie, 2003
mtge.
gold
Feb. 1, 1939
1990
Signs
reorganizing
dispatch from Providence.
Municipal Tax Discount^ Losing Favor in New Eng¬
land—From the current issue of the "New England Munici¬
term
Island—Govenor
Rhode
Lehigh Valley RR.:
1st 4s, 1948
Gen. cons. 4s, 2003
Railroad Bonds
West
will be held Feb. 22, and a State-wide movement to
$64,000,000 in new taxes and record high budget is farlly well
Recently representatives of small business men met in Albany
to complete plans for attacking the State budget and accompanying tax
program.
Meetings of other groups have been taking place for several weeks.
Opposition to the new taxes has been expressed by a number of associa¬
tions, some representing taxpayers, some civic and other business organiza¬
tions.
Largely responsible for the size of the present protest has been the
Westchester County Taxpayers Association, which has circularized other
organizations and has been instrumental in bringing a number into linej
against the increased budget.
First public hearing
oppose the
under way.
measure
became law on Feb.
Municipal Bonds and Notes
in spending, some
Opposition Mounts Against Budget Increase—The first
genuine public protest which has made its appearance in this
State against tax and expenditure increases has become
apparent recently as various civic bodies make their prepara¬
tions to protest the proposed increases in New York State's
new budget:
legislative
Town of Sanford, Me.
5s,
6s,
6s,
5s,
6s,
5s,
a per
recently elected Governors there point out huge excesses
of which they are taking steps to remedy.
St. Louis, Mo.
Terre Haute, Ind.
City of Norwalk, Conn.
Ref. & gen. series A
Ref. & gen. series B
on
SCHERCK, RICHTER
LANDRETH BUILDING,
COMPANY
ST. LOUIS, MO.
ARKANSAS
of—LOCAL BOND ISSUES APPROVED—The
Education on Feb. 10 approved the issuance of the following
ARKANSAS,
State Board of
bonds:
State
,
$113,000 Camden School District 4% refunding and construction bonds.
16,000 Cherry Valley School District 5% bonds.
1,500 Greenway School District construction bonds.
50,000 Hot Springs School District temporary debt bonds.
15,000 Sulphur Springs School District 5% building and funding bonds.
2,000 Whitehall School District construction bonds."
1054
Financial
Chronicle
:
ALABAMA
State of—SUPREME COURT UPHOLDS MUNICIPAL
special dispatch from Birmingham to the "Wall Street
Journal" of Feb. 10 had the following to say:
Alabama Supreme Court yesterday refused to enjoin the municipalities
of Bessemer and Tarrant City, adjacent to Birmingham, from constructing
electric distribution systems using Tennessee Valley Authority power ana
operating in competition with the Birmingham Electric Co.
The court upheld the Jefferson Circuit Court in dismissing the electric
company's complaint.
The decision marks a step toward completion of
negotiations for sale of Alabama Power Co. properties to TV A.
callable in the inverse order of their maturities at 105 and
interset.
The Merchants National Bank of Mobile is Trustee.
accrued
are
Principal and interest (J-D), payable at the Irving Trust Co., New York
City.
Legality approved by Chapman & Cutler of Chicago.
Clyde C. Pierce Corporation
Barnett National Bank Building
JACKSONVILLE
CALIFORNIA, State of—WARRANT SALE—The $3,000,000 issue of
unemployment relief, registered warrants offered for sale on Feb. 9—
V. 148, p. 91£—was awarded to the Bankamerica Co. of San Francisco, at
2%, plus a premium of $14,007.
Dated Feb. 11, 1939.
Due on or about
Aug. 30 1939.
ADDITIONAL
WARRANTS SOLD—'The $3,595,884 issue of registered
general fund warrants offered for sale on Feb. 10—V. 148, p. 912—was
awarded to R. II. Moulton & Co. of Los Angeles, at 2%, plus a premium of
Dated Feb. 15, 1939.
Due on
or
for this purpose.
COUNTY
WATER
WORKS
DISTRICT
NO. .6
(P.
O.
Ana). Calif.—PRICE PAID—It is now reported by the County
the $5,700 6% semi-ann. water works system bonds sold to
Clerk that
G.
W.
Bond
purchased at
&
a
Son of Santa Ana, as noted here—V. 148, p. 912—were
price of 100.017, a basis of about 5.99%.
SACRAMENTO
COUNTY
(P.
O.
Sacramento),
Calif.—NOTE
OFFERING—It is stated by T. F. Patterson, County Clerk, that he will
receive sealed bids until 10 a. m. on Feb. 20, for the purchase of a
$300,000
issue of tax anticipation notes.
Interest rate is not to exceed 5%.
Dated
Feb.. 24, 1939.
Denom. $100,000.
Due May 30, 1939.
The approving
opinion of Orrick, Dahlquist, Neff & Herrington of San Francisco, will be
furnished.
Enclose a certified check for $5,000, payable to the
Couqty
Treasurer.
SAN DIEGO COUNTY (P. O. San
Diego), Calif.—SPECIAL DIS¬
TRICT BOND OFFERING—We are informed by"a. B. McLees,
County
Clerk, that he will receive sealed bids until 11 a. m. on Feb. 20, for the pur¬
chase of a $200,000 issue of County Special District refunding of 1936
bonds.
Interest rate is not to exceed 6%, payable A-O.
Dated Oct. 1,
1936.
Denom. $1,000.
Due $40,000 in 1947 and $160,000 in 1948.
Rate,
of interest to be in multiples of K of 1%, and must be the same for all the
bonds.
Each bid must state that the bidder offers par and accrued interest
to the date of delivery and state
separately the premium, if any, and the
rate of interest offered for the bonds bid for.
'Prin. and int. payable in law¬
ful money at the Treasury of the County.
The approving opinion of
O'Melveny, Tuller & Myers of Los Angeles, will be furnished the pur¬
chaser.
Enclose a certified check for 3% of the amount of bonds bid for,
payable to the Chairman of the Board of Supervisors.
(These are the bonds mentioned in our issue of Feb. 11—V. 148, p. 912.)
Conn.—BOND
OFFERING—George
II.
Gabb,
City
Feb. 20 for the purchase
Treasurer, will receive sealed bids until noon on
$4,500,000 W2% coupon bonds, divided as follows:
of
$450,000 general obligation public school bonds, issue No.
$30,000 on March 1 from 1940 to 1954 inclusive.
1,050,000 general obligation public works bonds, issue No.
$70,000 on March 1 from 1940 to 1954 inclusive.
All of the bonds
36.
Due
37.'
Due
dated March 1, 1939.
Denom. $1,000.
Principal
payable at the City Treasurer's office.
The bonds
are free from
present Federal income taxes and, by Act of the General
Assembly, are exempt from taxation in the State of Connecticut,
Separate
bids may be made for either or both issues or for the issues in combination.
Bids must be made on the basis of $100 and accrued interest and are to
be
accompanied by a certified check for 2% of bonds bid for, payable to
order of City Treasurer.
Legal opinion of Storey, Thorndike, Palmer &
Dodge of Boston will be furnished to the purchaser without charge, and
signatures and identity of signing officials and aggregate number of bonds
issued will be certified by the Phoenix State Bank & Trust Co. of
Hartford.
and
interest
NEW
of
are
(M-S)
BRITAIN, Conn.—NOTE OFFERING—W. H. Judd, President
Board
of
Finance and
Taxation, will receive sealed bids at the New
Britain National Bank, New Britain, until 11.30 a. m. on Feb. 21 for the
purchase of $200,000 tax anticipation notes.
Due June 20, 1939, in such
denominations as the purchaser may request, on a straight discount basis.
Payable at the National City Bank, New York.
Legal opinion of Storey,
Thorndike, Palmer & Dodge of Boston will be furnished the successful bid¬
der.
Signatures Will be certified by the New Britain National Bank.
LONDON, Conn.-BONDED DEBT CUT $1,005,000 IN PAST
YEARS—According to a financial statement dated Feb. 1, 1939, the
city had a bonded debt of $2,262,000 on Sept. 30, 1938 as compared to
$3,267,000 on Sept. 30, 1933, the total having been reduced by $1,005,000
during the period.
During each of the fiscal years since 1933 the city was
able to report a substantial operating surplus
and, moreover, the tax rate
was lowered
from $30 in 1933 to $26 in 1937.
Tax levy for the later year
$256,920.84 less than that in the earlier period.
In addition, thes"e
despite the restoration of all slary and wage cuts made
results were obtained
in 1933 and the establishment of
compensation insurance for all city em¬
ployees. The report, issued by Carey Congdon, Director of Finance, states
that the city has never defaulted on its debt
charges.
NORWICH, Conn.—BOND SALE—The $392,000
bonds
offered
Feb.
15
were
awarded
to
the
coupon gas and elec¬
Bankers Trust Co. and
Kidder, Peabody & Co., both of New York, in joint account, as
2s, at
101.239, a basis of about 1.87%.
Dated March 1, 1939, and due March 1
as follows: $20,000 from 1941 to
1959, incl., and $12,000 in I960.
Principal
and interest payable, at the Hartford-Connecticut
Trust Co., Hartford
Legality to be approved by Day, Berry & Howard of Hartford.
Other bids:
Bidder—
Tnt. Rote
Rate Bid
Bancamenca-Blair Corp__
Goldman, Sachs & Co. and Eastman, Dillon & Co_
Harris Trust & Savings Bank, Lazard Freres & Co.
and F. W. Horne & Co__
Taylor & Co
2%
2%
101.105
101 06
2%
2%
2%
100 119
Corp.
___2K%
100.647
10o!557
Pierce, Resident
Manager
O.
Inverness),
Fla.—BOND
TENDERS
or
highway, bonds, time warrants, certificates
special
of indebtedness and (or) negotiable notes of the Florida counties and
road and bridge districts therein, as follows:
Desoto County
& B. District
Jensen
Beach
R. & B. Districts No. 3, 8„ 17, 21 and Cross State Highway Bridge
Brevard,
Broward,
Punta
Gorda S.
R.
No. 3, and S. R. & B. Districts No. 4 and 5 only, Glades, Hardee,
S. R, & B. District, Levy District No. 7, Okeechobee and Palm
S.
District.
submitted must be firm for 10 days subsequent to the date
of opening, i.e., through March 13, and must state full name, description
and serial numbers of bonds, interest rate, date of issue, date of maturity
and price asked.
The offer must specifically state exactly what coupons
are attached'and will
be delivered with the bonds for the price asked.
Bonds that are in default of interest must be offered at a flat price, which
price shall be understood to be the price asked for such bonds with all
maturities of past due defaulted or unpaid coupons attached, and notice is
hereby given that if any such coupons have been detached prior to delivery
of any bonds accepted and (or) purchased hereunder, the face value of
such missing coupons will be deducted from purchase price, and offerings
must be submitted on this basis.
Sealed
envelope containing offerings of bonds shall plainly state on its
a proposal for sale of road and bridge bonds.
Separate tenders
face that it is
shall be submitted covering the bonds of each county, but any
such sealed offerings may be enclosed in one mailing envelope.
The right is reserved to
FLORIDA,
State
reject any and all offerings
of—BOND
or
number of
portions of offerings.
TENDERS RECEIVED—In
connection
with
the call for tenders of $3,000 Sarasota County Special Tax School
District No. 8 bonds, Series A, 3-5% refunding, at $500 each, dated July 1,
1936, due on July 1, 1966, it is reported by the State Treasurer that offer¬
ings
were
LIVE
received from three parties.
SCHOOL DISTRICT (P. O. Live Oak). Fla .—BONDS
is reported that at an election held on Feb. 7 the voters
approved the issuance of $35,000 in school construction bonds,
OAK
VOTED—It
MONROE
COUNTY
O.
(P.
RECEIVED—In connection
Key
Wjst), Fla.—BOND TENDERS
with the call
for tenders of road
and bridge
refunding bonds, dated July 1, 1936, it is reported by W. V. Knott, State
Treasurer, that offerings were received from four parties. .
Fla.—SINKING FUND BONDS SOLD—It is reported
Fund
ORLANDO,
that $290,000 refunding bonds were purchased from the City Sinking
by the First National Bank of Orlando, for a price of 103.05.
We under¬
stand that the city had previously exchanged these 1939 bonds at par for
1937 refunding bonds held by the said sinking fund.
Legality has been
approved by Caldwell & Raymond of New York.
COUNTY
(P.
O.
Clearwater), Fla.—BOND TENDERS
INVITED—It is Stated by G. V. Fuguitt, Secretary of the Board of Public
Instruction, that he will consider offerings until March 15, at 10 a. m.,
for bonds of the
following special tax school districts, dated Oct. 1, 1933:
No. 1, Tarpon Springs Refunding bonds.
No. 2, Clearwater Refunding bonds.
No. 3, St. Petersburg
Refunding bonds.
No. 5, Dunedin Refunding bonds.
No. 6, Safety Harbor Refunding bonds.
No. 7, Lealman Refunding bonds.
••
.
No. 8, Largo Refunding bonds.
No.
12, Gulfport Refunding bonds.
No. 15, Pinellas Park Refunding bonds. ...
The offerings must be firm for a period of 10 days, subsequent to March
and must be identified by series.
"
v
TAMPA,
Fla.—CERTIFICATE
VALIDATION
PENDING—It
15
is
stated by P. R. Bourquardez, City Clerk, that $2,934,690 sewer revenue
certificates have been validated by the Circuit Court and the matter of
final adjudication is now pending in the State Supreme Court.
VOLUSIA COUNTY (P. O. Deland), Fla.—BONDS AUTHORIZED—
It is reported that a resolution calling for the issuance of $78,000 in 5%
refunding bonds was passed recently by the County Commissioners.
Due
from 1940 to 1952.
WINTER
HAVEN
SCHOOL
BONDS DEFEATED—It is
the
voters
turned
down
DISTRICT
(P.
O.
Bartow),
reported that at an»election held
the, proposed
issuance of $30,000 in
on
6%
Fla.—
Feb. 7
school
construction bonds.
GEORGIA
COFFEE
COUNTY
(P.
O.
Douglas),
Ga.—BOND OFFERING—
Sealed bids will be received until noon on Feb. 20, by Janfes B. Jardine,
Commissioner of Roads and Finance, for the purchase of a $66,000 issue of
3% semi-annual court house bonds.
Denoms. $1,000 and $300.
Dated
Jan. 1, 1939.
Due $3,300 from Jan. 1, 1940 to 1959, incl.
Prin. and int.
payable at the Coffee County Bank of Douglas.
These bonds carried at
an election held on Jan. 18, were validated on Feb, 4 and are to be sold to
be delivered on April 1, accompanied by the approving opinion of Spalding,
Sibley, TrOutman & Brock of Atlanta. The purchaser is required to furnish
the bond forms and to pay for the printing thereof.
Enclose a certified
check for $500 payable to the Commissioner of Roads and Finance.
IDAHO
EMMETT,
Idaho—BOND SALE— The $29,002.51 issue of coupon
Local Improvement Oil Surfacing District No. 2 bonds offered for sale on
Feb. 6—V. 148, p. 763—was purchased by Sudler, Wegener & Co., Inc. of
Boise, as 5Ms at par.
No other bid was received, according to the City
Clerk.
YORK COMMON SCHOOL DISTRICT NO. 38 (P. O. Idaho Falls),
Idaho—BOND SALE—The $4,000 issue of coupon semi-annual building
bonds offered for sale on Feb. 10—V. 148, p. 913—was awarded to a local
investor,
as
3Ks, according to the District Clerk.
1939 to 1959.
Due
on
Jan. and July 1
from July 1,
ILLINOIS
FLORIDA
ALACHUA COUNTY SPECIAL ROAD AND BRIDGE
DISTRICT
NO. 1 (P. O. Gainesville), Fla.—BOND CALL—It is
reported that the
Board of District Trustees is calling for redemption on
July 1, 1939, $2,994,-
000 refunding bonds, dated July 1, 1935, at par and accrued interest.
The issue called includes the following bonds: $226,000 Series A
refunding
5%s; $289,000 Series B 6s; $521,000 Series C 6s; $1,075,000 Series D 5Ms;
$118,000 Series E 6s and $765,000 Series F 5s.
The. bonds will cease to
bear interest after the redemption date.
S.
101.556
Estabrook & Co. and Putnam & Co
Halsey, Stuart & Co., Inc., and the Ii. F. Griggs Co.
Union Securities Corp., Equitable Securities
and Kean,
(P.
refunding road and bridge,
FIVE
tric
T.
considered.
NEW
was
Building
TAMPA
INVITED—It is stated by F. E. Marlow, Chairman of the Board of
County Commissioners, that he will receive sealed tenders until 10 a. m.
on April 3, of county road and bridge refunding bonds, dated Nov. 1, 1933.
The amount of bonds to be purchased will oe determined by the above
chairman.
Offerings must be firm for at least 10 days or same will not be
PINELLAS
CONNECTICUT
HARTFORD,
COUNTY
All offerings
State of—BONDS TO BE PURCHASED—We were
informed by Walter F. Dexter, Chairman of the State Teachers' Retirer
ment Salary Fund Investment Board, that the said board was scheduled to
purchase bonds for investment on Feb. 17, having about $200,000 available
ORANGE
Bank
FLORIDA
CITRUS
about Aug. 30, 1939.
CALIFORNIA,
Santa
National
FLORIDA
-
Branch Office:
First
FLORIDA (State of)—BOND TENDERS INVITED—The State Board
of Administration will receive until 10 a. m. on March 3, at the Governor's
office in Tallahassee, sealed offerings of matured or unmatured original or
CALIFORNIA
$16,915.
BONDS
FLORIDA
MOBILE, Ala.—BONDS OFFERED FOR INVESTMENT—The $175,000
Alabama State Docks extension revenue bonds that were purchased jointly
by Newman, Harris & Co. of New Orleans, and Watkins, Morrow &. Co. of
Birmingham, as 4>£s at par, as noted here on Jan. 7—V. 148, p. 150—
were offered by the said firms for public subscription at prices to yield
from 2.50 to 4.05%, according to maturity.
Dated Dec. 1, 1938. Denom.
$1,000.
Due Dec. 1, as follows: $11,000 in 1940 and 1941: $12,000 in 1942
and 1943; $13,000 in 1944 and 1945; $14,000 in 1946; $15,000 in 1947, and
1948; $16,000 in 1949; $17,000 in 1950; $18,000 in 1951, and $8,000 in 1952.
18, 1939
7
ALABAMA,
UTILITIES—A
The bonds
Feb.
CHICAGO, 111.—AWARD OF LONG-TERM WATER CERTIFICATES
—The
$2,300,000 coupon certificates of indebtedness offered Feb. 15
—V. 148, p. 913—were awarded to a syndicate composed of Phelps, Fenn
& Co., Inc., Kean, Taylor & Co.; Paine, Webber & Co.; L. F. Rothschild
& Co., Hemphill, Noyes & Co.; Eastman, Dillon & Co.; Shields &
Co.,
Equitable Securities Corp., First of Michigan Corp., all of New York;
'Harold E. Wood & Co., St. Paul;Jackley & Co., Des Moines; Charles K.
Morris & Co., Inc., Chicago, andWilliam R. Compton & Co., Inc., New
York,
as
follows:
Volume
Financial
148
SI,600,000 water works system certificates sold as 2%s, at par plus a
premium of $36,096, equal to 102.256, a*basis of about 2.60%.
Dated Feb. 15, 1939 and due Feb. 15 as follows: $100,000 in
1958 and $1,500,000 in 1959.
<00,000 3% water works system certificates sold at par plus a premium
of $35,175, equal to 105.025, a basis of about 2.60%.
Dated
Aug. 1, 1938 and due Aug. 1, 1954.
REOFFERING
TO
INVESTORS—The banking group, in
reoffering the
priced the $1,600,000 2Ms at 103.25, a
yield basis of about 2.54%, and the $700,000 3s at 106, to yield about
certificates for public investment,
2.52%.
All of the certificates are payable solely from revenues of the
Other bids at the sale were reported as follows:
municipal water system.
For $1,600,000 Issue
Rate Bid
Int. Rate
Bidder—
R. D. White & Co
101.363
2%%
Harris, Hall & Co., et al
First Boston Corp., et al
Halsey, Stuart & Co., Inc., et al
2%%
2%%
3%
For $700,
101.31
100.13
103.218
*
00 Issue
104.211
3%
R. D. White & Co
3%
3%
3%
Harris Hall & Co., et al
First Boston Corp., et al
Halsey, Stuart & Co., Inc., et al
104.31
103.15
103.038
*.■
KENTUCKY
101.476
101.18
SUMNER, 111.—BOND SALE DETAILS—In connection with the report
in V,
148, p. 913 of the sale of $65,000 bonds to A. S. Huyck & Co. and
Paine, Webber & Co., both of Chicago, jointly, we are advised that the
$10,000 general obligation sewer bonds bear 3XA% interest and the $55,000
water revenues are 4 Ms.
All of the bonds are dated March 1, 1939, with
the $10,000 issue maturing serially from 1941 to 1950, incl. and the $55,000
loan from 1951 to 1969, incl.
Denom. $1,000.
Interest M-S,
DISTRICT NO. 152,
III,—BOND SALE—An issue of $90,000 building bonds was sold to
man & Main of Chicago following its approval at an election on Feb,
Ball11.
according to a resume which has just been released.
The activities of the committee cover most of the counties in that State
which are experiencing difficulty in meeting debts, and its purpose is to
negotiate a solution on the basis of maximum ability to pay, in co-opera¬
tion with the State local finance officer of the Kentucky Department of
Revenue.
As a result of conferences with officials of Perry, Letcher,
of
the
committee,
Whitley and Crittenden counties,
WASHINGTON
COUNTY
Legality approved by Matson, Ross, McCord &
Clifford of Indianapolis.
Ind.—BOND SALE— The
offered Feb. 10—V. 148, p, 464—were
awarded to Lewis, Williams & Co. of Chicago as 3s, at par plus $3,276
premium, equal to 101.56, a basis of about 2.88%.
Dated Feb. 1, 1939
and due $7,000 on Jan. 1, from 1941 to 1970, incl.
R. W. Pressprich & Co.
of Chicago, second high bidder, offered a price of 101.43 for 3s.
The a Dove bonds represent the first instalment of a total authorized
issue of $1,760,000.
The sewerage project will cost $3,195,075,.of which
45% will be furnished as a grant by the Public Works Administration
DISTRICT,
SANITARY
HAMMOND
$210,000 series A sanitary bonds
TOWNSHIP
HARRISON
SCHOOL
TOWNSHIP "(P.
Monroe
O.
City), Ind.—BOND SALE—The $2,300 refunding bonds offered Jan. 31
—V. 148, p. 151—were awarded to McNurlen & Huncilman of Indiana¬
polis as 4s, at 100.478, a basis of about 3.91%.
Dated Jan. 1, 1939 and
due Jan. 1 as follows:
$300 in 1944 and $1,000 in 1945 and 1946.
HOWARD
COUNTY
(P. O. Kokomo), Ind.—NOTE SALE— The
$105,000 tax anticipation notes offered Feb. 15—V. 148, p. 913—were
awarded to the Albert McGann Securities Co. of South Bend at 1 % interest
plus $25.50 premium.
Dated Feb. 15, 1939 and due May 15, 1939.
Har¬
highest bidder, named a rate of 1%
rison & Austin of South Bend, next
plus $19.38.
■
O. Springfield), Ky.—BONDS OF¬
following issues of bonds aggregating
$46,000, are being offered by Stein Bros. & Boyce of Louisville, for public
subscription at various prices and yields from 2.50% to 3.50%.
$20,000 3 lA % semi-annual school building revenue bonds. Dated Dec. 1,1938.
Due Dec. pas follows:$500 in 1942 to 1945, $1,500 in 1946 to 1953, and
$1,000 in 1954 to 1959, callable on any interest payment date, on
30 days'- notice at 102 through Dec.,1, 1941; thereafter at par
and accrued interest.
Prin. and int. payable at the County Treas¬
26,000 3M%
School Corporation, closed first mortgage bonds.
Due Nov. 1 as follows: $500 in 1940 to 1942.
Public
Dated Nov. 1,1938.
$1,000 in 1943 to 1946, $1,500 in 1947 to
to 1958.
Prin. and. int. payable at the
Springfield.
Denominations $1,000 and $500.
Dawson & Hobson, of Louisville.
1953 and $2,000 in 1954
Springfield State Bank,
approved by Woodward,
Legality
LOUISIANA
DISTRICT NO. 5 (P. O
is stated by the Secretary
to exceed 6% semi-ann.
bonds offered on Feb. 14—V, 148, p. 614—were not sold as
bids received. Dated Feb. 1, 1939. Due from Feb. 1, 1940 to
PARISH
CARROLL
EAST
DRAINAGE
Lake Providence) La.—BONDS NOT SQLD—It
of the Parish Police Jury that the $15,000 not
were no
•'
JACKSON PARISH CONSOLIDATED
SCHOOL DISTRICT NO. 1
(P. O. Jackson) La .—ADDITIONAL BONDS SOLD—In connection with
5M % semi-ann. school bonds 16 a syndicate headed
by Scharff & Jones, Inc. of New Orleans, as noted here in January, it is
now stated by the
Superintendent of the Parish School Board that the
remaining $50,000 of the original $185,000 bonds were sold to the abovementioned syndicate.
•
the sale of the $135,000
Ind,—NOTE SALE—The
Feb. 9—V. 148, p. 614—was awarded to
South Bend as Is, at par plus $10 premium.
Due May 10,1939. Of the issue., $50,000 are dated Feb. 9,1939 and a similar
arriount bear date of March 9, 1939.
The only other bid received, an offer
of $14.21 premium for 1M», was made on behalf of the following Indianap¬
olis institutions:
Flether Trust Co., Union Trust Co., Indiana National
Bank, American National Bank, Merchants National Bank, Indiana Trust
Co. and Fidelity Trust Co.
INDIANAPOLIS SANITARY DISTRICT,
SEYMOUR SCHOOL CITY, I nd.—BONDS SOLD—Th e Fletcher Trust
of Indianapolis purchased an issue of $10,000 3% building bonds.
Co.
1, 1939.
Legal opinion of Matson, Ross,
McCord & Clifford
of Indianapolis.
»
Iowa—BOND SALE DETAILS—
Treasurer that the $16,500 funding bonds pur¬
of Davenport, as 2s, as noted here—V.
148, p. 913—are. dated Jan. 1, 1939, and mature on April 1 as follows:
$8,000 in 1940 and 1941. and $500 in 1942.
It is stated by the County
O. Algona), Iowa—BONDS SOLD—It is
reported that $15,336.88 paving bonds were purchased on Feb. 2 by the
(P.
Carleton D. Beh Co. of Des Moines.
'
**"
•
-nyczzgggmmmmm
Iowa—MATURITY—In connection with the sale of
the $40,000 water works bonds to the Security State Bank of Mount Ayr,
as 2 Ms, paying a price of 100.001, as noted here—V.
148, p. 913—'-it is
stated that they mature as follows: * $1,000 June and Dec. 1, 1941, $500
June and $1,000 Dec. 1, 1942, $1,000 June and'Dec. 1, 1943. $500 June and
$1,000 Dec. 1, 1944, $1,000 June and Dec. 1, 1945 to 1949, $1,500 June and
$1,000 Dec. 1, 1950, $1,000 June and Dec. 1, 1951, $1,500 June and $1,000
Dec. 1, 1952 to 1955, $1,500 June and Dec. 1, 1956, $1,000 June and $1,500
Dec. 1, 1957, and $1,500 June and Dec. 1,1958.
AYR,
POLK COUNTY (p.
for
the purchase of a
,,
,
These
will mature on
certificates
*0. Des Moines) Iowa—BOND ISSUANCE CON¬
County Supervisors intends
bond issue ih the amount of
posed of White, Dunbar & Co., Inc. of New Orleans,
Co. of New York; Scharff & Jones, Inc. of New Orleans;
Ayr;, Iowa—CERTIFICATE
be received until 10 a. m. on
Feb. 20, by Earl Hoover, Courtty Treasurer, for the purchase of a $33,400
issue of secondary road construction certificates.
The certificates and the
approving opinion are to be furnished by the successful bidder.
(P.
O.
Mount
OFFERING—It is reported that bids will
KANSAS
RUSSELL COUNTY (P. O. Russell), Kan.—BONDS OFFERED FOR
INVESTMENT—An $80,000 issue of 1%% semi-annual bridge bonds is
being offered by Beecroft, Cole & Co. of Topeka, for public subscription
at prices to yield from 0.35% to 1.75% up to 1948, and at 99.75 and 99.50
for the 1949 maturities.
Dated Feb. 1, 1939.
Due $4,000 on Feb. and
Legality to be approved by Bowersock,
This offering is being made subject
to rejection of the bonds by the State School Fund Commission.
SEDGWICK COUNTY (P. O. Wichita) Kan.—BONDS SOLD— It is
stated that $80,000 coupon public works relief bonds were purchased re¬
cently by the Harris Trust & Savings Bank of Chicago, and Estes, Snyder
& Co. of Topeka, as 2s, paying a price of 102.40, a basis of about 1.55%.
Aug. 1 from 1940 to 1949 incl.
Fizzell & Rhoues of Kansas City,
Mo.
$8,000 from 1940 to 1949 incl.
KENTUCKY
ERLANGER, Ky.—BONDS NOT SOLD—It is stated by Ervin L.
Bramlage, City Attorney, that the $135,000 4M% semi-annual sanitary
sewer revenue bonds offered on Feb.
14—V. 148, p. 913—were not sold
as no bids were received.
He reports that a suit was filed in the Circuit
Court of Kenton County to enjoin this sale.
Due from 1943 to 1959;
callable on and after Jan. 10, 1948, at 103.
R. W. Pressprich &
the Union Securities
Shober, and
Corp. of New York; Fenner & dBeane; Woolfolk, Huggins &
Wheeler & Woolfolk, paying a premium of $322, equal to 100.0536, a
interest cost of about 2.85%, on the bonds divided as follows: $360,000
as
Jan. 1, 1943 to 1954; tne
2Ms, maturing $30,000 from Jan. 1, 1955 to 1962.
3s, maturing $30,000 from
BONDS OFFERED FOR
net
remaining $240,000
INVESTMENT—The above issue was
offered
public subscription.
Of the issue $360,000 are 3% bonds, priced to
yield from 1.50% to 2.85%, according to maturity. The remaining $240,000,
2M% bonds are priced from 99M for the 1955 maturities to 97 for the
for
1962 maturities.
JOHN
ST.
(P.
BAPTIST PARISH, SCHOOL DISTRICT
La.—BONDS SOLD—We are now informed
THE
Edgard),
O.
NO. 1
by the
Parish School Board, that the $29,000 coupon school
bonds offered for sale without success on Jan. 18—V. 148, p. 615—were
of the
Treasurer
purchased jointly by Bronson & Scranton, Inc. of New
Bank of St. John, of Edgard, as 3 M&, for a premium of $40,
Dated March 1,1939.
Due from March 1, 1940 to 1959.
Orleans, and the
equal to 100.1379.
SCHOOL DISTRICT NO. 35 (P. O. Minden)
issue of cpupon school bonds offered for
awarded to the peoples Bank & Trust
Co. of Minden, as 3Ms, paying par, according to the District Superin¬
tended; He states that several other bids were received.
sale
on
PARISH
Feb. 7—V. 148, p. 615—was
MARYLAND
BALTIMORE, Md.—BOND OFFERING—Sealed bids will be received
at the office of Eugene H. Beer, City Register, until noon on Feb. 20, for
the purchase of $4,025,000 1M % registerable as to principal only em ergency
relief bonds.
Dated Dec. 1,1938.
Denom. $1,000. Due Dec. 1, as follows:
$800,000 from 1941 to 1944, incl. and $825,000 in 1945.
Principal and
interest (J-D) payable in Baltimore.
A certified check for 2% of the issue,
payable to order of the Mayor and City Council, must accompany each
proposal.
,
,
,
,
.
.(Original sale of the above issue to a banking group last November was
canceled by the city on Dec. 28 after counsel to the bankers had questioned
the right of the city to contract the debt without a vote of the people.
The Court of Appeals, the highest court in the State of Maryland, has
approved the validity of the
loan.—Y. 148, p. 764.)
MASSACHUSETTS
Bank of
0.247%
Dec. 8,
of Boston, second high bidder, named
BRAINTREE, Mass.—NOTE SALE—The National Shawmut
was awarded on
Feb. 13 an issue of $300,000 notes at
Due in instalments of $150,000 each on Nov. 24 and
approximately $300,000.
COUNTY
1940;
LOUISIANA, State of—BOND SALE—The $600,000 issue of coupon or
registered highway, State Highway Fund No. 2, series E bonds offered
for sale on Feb. 15—V. 148, p. 309—was awarded to a syndicate com¬
TEMPLATED—It is stated that the Board of
to calf for bids in the near future on a funding
RINGGOLD
March 1 as follows: $7,400 in
$8,000, 1941; $9,000, 1942 to 1945; $10,000, 1946 to 1948, and $11,000 in
1949.
Prin. and int. (M-S) payable at the First National Bank of Lafayette.
La.—BOND SALE—The $25,000
chased by the White-Phillips Corp.
COUNTY
La .--CERTIFICATE OFFERING—It is reported that
City Clerk, until 11 a. m. on March 7,
$92,400 issue of certificates of indebtedness.
The
payment of these certificates is said to be pledged on the revenues of the
Municipal Light and Water Plant.
'
,
„
Denom. $i,uu0, one for $400.
Dated March 1, 1939. Due on March 1
from 1940 to 1949.
A certified checK for 5%, paya ale to the City Trea¬
surer, must accompanv thp bid..
LAFAYETTE,
sealed bids will be received by the
WEBSTER
IOWA
JONES COUNTY (P. O. Anamosa)
KENTWOOD, La .—PRICE PAID—It is now reported that the $20,000
sewerage,
water and street bonds purchased jointly by J. G. Hickman,
Inc. of Vicksburg, and Max T. Allen & Co. of Hazlehurst, as 5s, as noted
here—V. 148, p. 913—were sold for a price of 100.497.
as
issue of $100,000 notes offered
Albert McGann Securities Co. of
Due
(P.
FERED FOR INVESTMENT—The
,
ELWOOD, Ind.—BONDS SOLD—An issue of $20,000 2 M% city bonds
was sold to McNurlen & Huncilman of Indianapolis.
Dated Jan. 1, 1939.
MOUNT
refunding programs have been prepared.
for the payment of interest has been in effect in
Perry County since July 1, 1937..
The committee also has investigated
refunding proposals which have been submitted by bond houses for Bell,
Breathitt, Clay, Johnson, MacLean, Marshall and Pulaski counties.
A temporary agreement
1954 incl.
COUNTY
bond counsel.
KOSSUTH
Kentucky county bonds,
represented by members
quarters in Chicago now services some $5,000,000
of which a large part are owned oy institutions
there
(P.
O.
Columbus),
Ind.—NOTE
OFFERING—Leonard R: Thayer, County Auditor, will receive sealed bids
until 10 a. m. on Feb. 18, for the purchase of $38,000 not to exceed 6%
interest tax anticipation notes.
Dated Feb. 25, 1939.
Denom. $1,000.
Payable June 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,
is required.
County will furnish legal approving opinion of recognized
Dated Jan.
ISSUED ON COUNTY BONDS
Bondholders' Committee with head¬
(State of)—RESUME
SERVICED—The Kentucky Counties
improvement
INDIANA
BARTHOLOMEW
1055
urer's office.
For $2,300,000 (All or None)
Blyth & Co., Inc., et al
2M%~3%
Inc., et al_.__„
2M%-3%
A. C. Allyn & Co.,
WOODSTOCK COMMUNITY HIGH SCHOOL
{
Chronicle
Boston
discount.'
The Merchants
1939.
a
rate of
National Bank
0.26%.
BOSTON,
Mass.—NOTE SALE—Halsey,
Stuart & Co., inc.. New
York, obtained the award on Feb. 14 of $5,000,000 notes on a bid of
0.40% interest, plus $145 premium.
Dated Fed. 17, 1939 and due Nov.
1939.
Re-offered oy the cankers to vield 0.30%.
The notes are regarded
by the bankers as legal investment for savings banks in New York and
Massachusetts and in the opinion of counsel, will constitute general obliga¬
3,
tions
of
the
debt
as
city,
i938, is
valuation,
valorem tax's. Assessed
$1,550,407,500 and net bonded
payaole from unlimited ad
officially reported
$13*.098,043.
as
Other bids:
^
Premium
$42
1-1
CHICOPEE, Mass.—BOND SALE—The $35,000 coupon water oonds
offered Feb. 15 were awarded to Estabrook & Co. of Boston as 1 Ms, at a
price of 100.66, a basis of about 1.635%.
Dated Feb. 1, 1939. Denom.
$1,000.
Due Feb. 1 as follows: $3,000 from 1940 to 1950 incl. and $2,000
in 1951.
Prin. and int. (F-A) payable at the First National Bank of
Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of
7?d. Rate
0.42%
0.47%
Bidders—
Corp
Salomon Bros. & Hutzler
First Boston
Boston.
Other bids:
Bidder—
,
Int. Rate
Rale Bid
100.93
100.574
,___-___.-_2%
100.109
DEDHAM, Mass.—NOTE SALE—The issue of $100,000 notes offered
Feb. 15 was awarded to the Merchants National Bank of Boston at 0.10%
Kennedy, Spence & Co
*
First National Bank of Boston
Whiting. Weeks & Stubbs
2%
2%
1056
Financial
Chronicle
discount.
Dated Feb. 16, 1939 and due Nov. 17, 1939.
The Boston Safe
Deposit & Trust Co., Boston, second high bidder, named a rate of 0.11%,
A certified
Feb.
check
ROYAL OAK
EAST
EAST HAMPTON,
Mass .—NOTE SALE—The issue of $30,000 notes
offered Feb. 15 was awarded to the New England Trust Co. of Boston at
0.184% discount.
Due Nov. 27, 1939.
The Merchants National Bank of
Boston, second high bidder, named a rate of 0.20%.
MALDEN, Mass.—NOTE OFFERING—Walter E. Milliken, City Treas¬
urer, will receive bids until 7:30 p. m. on Feb. 21 for the purchase at discount
of $500,000 revenue anticipation notes.
Dated Feb. 23, 1939 and payable
Dec. 20,
1939 at the National Shawmut Bank of Boston.
Notes will be
as to genuineness and validity by the National
Shawmut
authenticated
18,
1939
of the bonds bid for. payable to order of th
district, is required.
plus $7.
BRIDGE WATER, Mass.—NOTE SALE—R. L. Day & Co. oBoston purchased on Feb. 14 an issue of $60,000 notes at 0.22% discountf
Due Dec. 15, 1939.
F. W. Home & Co. of Hartford, second high bidder,
named a rate of 0.264%.
for 2%
DISTRICT
interest
TROY TOWNSHIPS FRACTIONAL
AND
NO.
Lyle Baker,
11
District
SCHOOL
(P. O. Clawson), Mich.—TENDERS WANTED—
Secretary, states that sealed tenders of 1937 non-
bearing certificates of indebtedness, dated Oct. 1, 1937 and due
1,1947, will be received at the office of the School Superintendent until
March 8. Certificates are outstanding in the principal amount of
$45,043.54 and the amount currently available for purchase of such instru¬
ments
is $4,421.63.
Tenders must accurately describe the certificates
Oct.
8 p. m. on
thus offered.
SUMMIT TOWNSHIP SCHOOL DISTRICT NO. 8
(P. O. VanderLake), Mich.—BONDS PURCHASED—In connection with the call
of series A refunding bonds dated Aug. 1, 1935—V. 148, p.
466, F. L. Yoss, District Secretary, reports the purchase of a block of
$10,000 from Crouse & Co. of Detroit at a price of 84.95.
cook
for tenders
Bank of Boston, under advice of Itopes, Gray, Boyden & Perkins of Boston.
METHUEN, Mass.—NOTE SALE—The $150,000 notes offered Feb. 14
awarded to the Second National Bank of Boston at 0.285% discount.
1939.
The New England Trust Co. of Boston, second high
bidder, named a rate of 0.29%.
MINNESOTA
were
Due Nov. 7,
MILLBURY, Mass.—NOTE SALE—The $125,000 revenue notes offered
Feb. 15 were awarded to the Merchants National Bank of Boston at
0.29%
discount.
Due $50,000 each on Nov. 15 and Nov. 30, and $25,000 Dec.
15,1939.
SOMERVILLE, Mass.—BOND SALE—The $100,000 coupon sewer
bonds offered Feb. 14—V. 148, p. 914-—were awarded to
Kennedy, Spence & Co. of Boston as 2^s, at a price of 102.175, a basis of
about 2.31%.
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,
construction
The Merchants National Bank and the National Shawmut Bank, both
2 Ms.
incl.
of Boston, joined in submitting the second high bid of 101.326 for
Other bids, also for 2Ms. were:
Bond. Judge & Co. and Burr & Co.,
jointly,
100.817; Ohace, "Whiteside & Symonds,
101,266; Graham, Parsons & Co.,
100.56.
until
noon
Feb.
on
Oct. 24, 1939.
20
for
the purchase
receive
FARMINGTON
SCHOOL
DISTRICT
NO.
5
(P.
$8,166 issue of 3%
semi-ann. sewer warrants offered for sale on Feb. 2—V. 148, p. 466—was
purchased by the First National Bank of Fairmont, paying par, according
to the City Clerk.
No other bid was received.
Due from 1940 to 1949.
LE SUEUR, Minn.—BONDS SOLD—It is stated by the City Clerk that
$20,000 swimming pool and piayground bonds approved by the voters
to local purchasers.
last June, have been sold
'
VIRGINIA, Minn.—BOND SALE—The $450,000 issue of coupon
general obligation community ouilding bonds offered for sale on Feb. 14—
V. 148, p. 765—was purchased by a group headed by the Wells-Dickey
Co. of Minneapolis, and the First and American National Bank of Duluth,
2Ms, paying a premium of $450, equal to 100.10, a basis of about
2.74%.
Dated Jan. 1, 1939.
Due from Jan. 1 1940 to 1953 incl.
O.
(P. O. Monroe), Mich.—BOND OFFERING—
of Board of County Road Commissioners, will
receive sealed bids until 10:30 a. m. on Feb. 20 for the purchase of
$1,073,000
not to exceed 4% interest highway
refunding bonds of 32 road assessment
districts, to wit:
40 to 43 incl., 45, 47 to 71
inc., 72-a, and 72-b.
COPIAH
date,
days'
30
upon
publiched
Denom.
notice.
COUNTY
$1,000.
Rate
rates of interest to be expressed in multiples of M«of
1%.
Bids will
be considered separately for each issue.
The aggregate amount of bonds
or
maturing on May 1 of each year is as follows:
$119,000, 1940; $127,000,
1941; $147,000,- 1942; $145,000, 1943; $159,000, 1944; $117,000, 1945;
$121,000, 1946; $53,000, 1947; $54,000, 1948; $16,000, 1949, and $15,000
1950.
Principal and int. (M-N) payable at County Treasurers' office/
Complete schedules of maturities and other data pertinent to the several
bond issues comprising the aggregate offered may be obtained from the
above-mentioned official.
A certified check for 2%
of bonds bid for,
payable to order of the Board of Road Commissioners, must accompany
each proposal.
These bonds are being issued under the provisions of
Act No. 59, Public Acts of Michigan, 1915, as
amended, known as the
Covert Act, to refund a liue amount of bonds of the iasues dated
May 1,
1933, at a lower interest rate.
The bonds are to be issued in "combined"
form with the percentages of
liability of Monroe County,' the several town¬
ships and road assessment districts stipulated in the bond form.
The
bonds, together with favorable legal opinion of Miller, Canfield, PaddocK
& Stone of Detroit, will be furnished without cost to the
purchasers.
O.
(P.
Hazlehurst), Miss.—MATURITY—It. is
stated by the Clerk of the Chancery Court that the $143,000 4% semi-ann.
general obligation bonds purchased at par by Lewis & Co. of Jackson,
as noted here—W148,
p. 914—are due on Jan. 1 as follows:' $6,000,
1940 to 1949: $7,000, 1950 to 1954, and $8,000 in 1955 to 1960.
MACON,
Miss.—BONDS SOLD—It is reported that $27,000 3K%
light plant bonds were purchased jointly by the First
Memphis, and Cady & Co., of Columbus, paying a price
Dated Dec. 1, 1938. Due from 1942 to 1958.
semi-ann.
electric
National Bank of
of 100.83.
MOSS POINT, Miss.—BONDS SOLD—It is reported that $5,000 4M %
semi-annual street improvement bonds were purchased recently by Kenneth
G. Price & Co. of McComb, at a price of 101.02, a basis of about 4.28%.
Dated Jan. 1, 1939.
Due $500 from Jan. 1,1910 to 1949, inclusive.
MISSOURI
Bonds
will be dated March 1. 1939, mature in various amounts on
May 1 in each
of the years 1940 to 1950 incl., with option of prior
payment on any interest
paying
a
SALE— The
MISSISSIPPI
TOWNSHIP
Olerk
the
Miss.—BONDS SOLD—It is reported that $18,000 4M%
semi-ann. paving bonds have been purchased by the Bank of Clinton.
unlimited ad valorem taxes.
Successful bidder to pay the cost of
printing the bonds and opinion of attorneys as to validity of issue.
A
certified check for 2% of the bonds, payable to order of the District Trea¬
surer, must accompany each proposal.
Gillespie,
that
2Ms, paying
CLINTON,
from
E.
Minn.— WARRANT
FAIRMONT,
as
of $300,000 notes payable
Mich.—BOND OFFERING—'Florence E. Lee, District
Secretary, will receive sealed bids until 8 p. m, on Feb. 21, for the purchase
of $52,000 not to exceed 4% interest coupon school bonds.
Dated March 15,
1939.
Denoms. $1,000 and $500.
Due April 1 as follows:
$3,000 from
1940 to 1943, incl. and $2,500 from 1944 to 1959, incl.
Kate or rates of
interest to be expressed in multiples of M of 1%.
Principal and interest
(A-O) payable at the Farmington State Bank.
The bonds are payable
F.
is reported
purchased by the First National Bank of St. Paul,
price of 100.625.
Farmington),
COUNTY
Minn.—BONDS SOLD—It
—were
.
MICHIGAN
MONROE
HAMMER,
as
WELLSELEY, Mass.—NOTE OFFERING—Town Treasurer will
bids
BLACK
$20,000 road and bridge bonds offered for sale on Oct. 10—V. 147, p. 1958
KANSAS
Mo.—BONDS OFFERED FOR INVESTMENT—
Stranahan, Harris & Co., Inc., the Bancamerica-Blair Corp. and L. F.
Rothschild & Co. offered on Feb. 14 a block of $298,000 2% % trafficway
bonds, dated Feb. 1, 1939, and due Feb. 1, 1941 to 1971 incl.
The bonds
are priced to yield from 0.70% to 2.65%, according to maturity.
They
are legal investment for savings banks and trust funds in New York State,
CITY,
in the opinion
of the bankers.
in
TENDERS WANTED—Clerk of the Board of
County Road Commis¬
sioners will receiye sealed tenders of
highway improvement refunding bonds
dated May 1, 1933, until 11 a. m. on Feb. 25.
The bonds in question,
aggregating $128,40Q, are described below, and tenders must fully describe
offered, stipulating lowest price, not in excess of par
and accrued interest, at which they will be sold to the
sinking fund.
nature of the bonds
$300,000 issue of electric plant
revenue
bonds.
*
COLUMBUS, Neb.—BOND SALE— The $110,000 issue of coupon
refunding bonds offered for sale on Feb. 10—V. 148, p. 914—was awarded
to Green way & Co. of Omaha, as 2 Ms, paying a premium of $951, equal to
100.864, a basis of. about 2.06%; to the optional date.
Dated June 1,
1939.
Due from June 1, 1940 to 1952; optional on June 1, 1944.
The otfyer bids were as follows:
Bidder—
Int. Rate
Wachob, Bender & Co
Steinauer & Schweser
Kirkpatrick-Pettis & Co
*
First Trust Co__u__
Premium
2M%
2M%
—2M%
2M%
2M%
3 M %
--
The Continental National
.....
Walter V. Raynor Co__
$950
825
675
525
450
Par
______
•
Road
Road
Assess.
Amount
Rate
Par
Dist.
Maturity
of
Assess.
Amount
Vat.
$3,400
Int.
May 1
Dist.
4M
1941
56
4M
1941
57
2,000
40
4M
1942
58
500
41
,3,500
4H
1941
59
4,000
Rate of
$3,000 •
2,000
4,000
34
40
42
.
2,000
4M
•
'
1941
4M
9,500
43
Par
Vat.
1942
4M
1941
59
Maturity
Int.
May I
5M
GRAND
1943
1945
—An
6
1941
as
5
.
ELBA SCHOOL DISTRICT (P. O. Elba), Neb.—BONDS SOLD—It
is reported that $35,000 building bonds have been purchased by the Elba
State Bank.
1941
6
*
2,500
42
-
1942
4M
4M
1944
submitted
1945
ment
7,000
4M
1942
61
3,000
5H
1942
8,000
4%
1942
61
1943
4H
1942
62
48
1,000
1,000
2,000
5M
500
5K
4H
1942
1944
2,000
4H
1943
63
49
3,000
4H
1942
65
4,000
4H
1944
49
1,000
4M
1943
67
<5,000
4M
1944
50
5,000
4M,
1942
67
3,000
4M
1945
51
8,000
4%
1942
68
2,000
4M
1944
52
6,000
5K
.1942
69
1,000
52
4 M
1944
1,000
5M
1943
Neb.—UNSOLICITED BOND BIDS RECEIVED
dispatch from the above city reported recently
the* City of Grand Island enjoys, because of its
were shown when four investing houses
sewer bonds to the City Council.
Pay¬
optional in March and refunding has been
contemplated, but the offers, carrying what is considered a very attractive
interest rate, came as a surprise.
The city has not„ yet advertised for
bids.
The interest rate in the offers, Chairman Carl Hehnke of the Finance
Committee, stated, averages about 2% for a 10-year period.
6
2,000
48
Press
"Benefits
outstanding
1,000
4,000
60
43
ISLAND,
Associated
follows:
60
"
47
financial stability
on
$119,000 in
bids
of the
bonds
becomes
KNOX COUNTY SCHOOL DISTRICT NO. 1 (P. O. Center) Neb.—
BONDS SOLD—It is stated by the District Secretary that $12,000 con¬
struction
'
and equipment bonds were purchased by Green way & Co.
Omaha, subject to the result of an election scheduled for Feb. 17. -
of
'
70
2,000
53
4M
1943
500
4H
1942
71
2,000
54
4M
1943
2,000
AH
1941
71
2,000
4M
1944
55
6,000
5H
1942
72-A
1945
2,000
5H
1943
3,000
2,000
4M
55
NORTH
'
MUSKEGON,
sewer revenue
bonds
was
72-B
„
1944
,
Mich.—BOND SALE—An issue of
locally as 4s. at par, on Jan. 23.
PORT
HURON, Mich.—BOND OFFERING—Harry
of Finance, will receive sealed bids until
24, for the purchase of $25,000 emergency bridge
March 1, 1939.
It is the intention of the City Commission
Feb.
issue for the
4M
C.
2:30
Schuberth,
p.
bonds.
m.
on
Dated
to purchase the
sinking funds.
Bonds will be in coupon form, in denoms. of
$1,000 and bear interest at
rate or rates not in exesss of 2%.
Bidder to express the rate in multiples
of M of 1%
Due March 1 as follows: $8,000 in 1942 and 1943 and $9,000
in 1944.
Principal and interest (M-S) payable at City Treasurer's office.
City is authorized and required by law to levy on all of its taxable
property
such unlimited ad valorem taxes as
may be necessary to service the bonds
A certified check for
2% of the bonds bid for, payable to odrer of the Cty
Treasurer, must accompany each proposal. Bids shall be conditioned
upon
the unqualified opinion of the purchaser's
attorney approving the legality
of the bonds.
Purchaser to pay cost of
legal opinion and expense of printng
ROMULUS TOWNSHIP SCHOOL DISTRICT No. 1
(P. O. Romulus),
Mich.—BOND
OFFERING—Reuben
Wilson,
District
Secretary,
will
receive sealed
bids until 8
Feb. 20 for the purchase of $85,000
refunding bonds.
Dated March 1, 1939.
Denom. $1,000.
Due March 1
as follows:
$5,000, 1940 to 1943 incl.; $6,000 from 1944 to 1948 incl.,
and $7,000 from 1949 to 1953 incl.
Rate of interest must be expressed
in a multiple of M of 1
% and must not exceed 3M% for the first year
and not more than 4% thereafter.
Principal and interest
the Romulus
may be
p.
State Bank,
mutually agreed
District will furnish at its
m.
on
(M-S) payable
or at such other paying agent as
by the purchaser and the school, district.
Romulus,
upon
own
expense printed bonds and coupons and the
approving legal opinion of Miller, Canfield, Paddock & Stone of Detroit.
JERSEY
the voters
oa
Feb.
14.
NEW JERSEY
(State of)—REPORTS INCREASE IN MUNICIPAL
DEFAULTS CITED—Walter R. Darby,
State Commissioner of Local Government, reports on Feb. 14 that municipal
tax collections increased 2% last year over 1937 to a peak for recent years
of 73.99%.
Of the total levy of $251,985,506 reported, Mr. Darby said
local
governments
collected $186,446,938.
No
collection
statements
were received from 28 municipalities with a total tax levy of $4,436,722.
The 1937 levy was $241,098,262, of which $172,406,284, or 71.51%.
was collected.
Darby's report lists total assets of $12,721,317 for the
21 county governments as of Dec. 31, 1938, and liabilities of $3,930,650.
Total assets of municipalities the same date were $233,969,245, of which
$81,569,851 were tax title liens outstanding.
Approximately $59,000,000
represents back taxes prior to the 1938 levy.
Municipal liabilities were
listed at $41,367,821.
The largest liability item is $23,710,791 due local
TAX COLLECTIONS—LOCAL
a
the bonds.
NEW
COLL1NGSWOOD SCHOOL DISTRICT, N. i.—BONDS DEFEATED
issue of $50,000 gymnasium aid laboratory bonds was defeated by
—An
$16,000
sold
Commissioner
at
NEBRASKA
ALLIANCE, Neb.—BOND OFFERING—It is reported that sealed bids
by the City Manager, for the purchase of a
will oe received until March 2,
schools for the 1938-39 year.
"
.
Defaults on principal or interest on bonds and obligations were listed
for 22 municipalities, but none for counties, according to report.
Bonds
in default totaled $5,083,979 and interest aggregated $2,107,534.
Tem¬
nodes in default subject to issuance of temporary bonds amounted
$3,157,875, while $1,979,144 interest was overdue on temporary
porary
to
obligations.
Fort Lee and Brigantine obligations comprised a major portion of those
in
default, it
was
said.
Fort
Lee bonds in
default totaled $3,166,200,
with interest in default of $1,122,470, while Brigantine bonds and notes
in default amounted to $1,131,508 with interest overdue of $616,897.
NORTH
BERGEN
BONDS
SOLD—The
received
on
TOWNSHIP
(P.
O.
North
Bergen),
$222,000 refunding bonds for which
Feb. 1—Y. 148, p. 766—were sold on Feb. 15
N.
J.—
bids were
4%s at par
to the State Sinking Fund.
Dated Sept. 1, 1938 and due Sept. 1 as follows:
$32,000, 1940; $40,000 in 1941, and $50,000 from 1942 to 1944 inclusive. •
no
as
Volume
proposal.
BIDS—Follow¬
an official list of the bids submitted for the $104,000 school bond
award of which was made to Charles Clark & Co. of New York as
J.—LIST OF
PRINCETON SCHOOL DISTRICT, N.
noted in—V.
148,
p.
154:
No. of Bonds
Bid For
Int.
Rate
-.2%
Bidder—
103
Charles Clark & Co., Phila.,Pa
2%
Dougherty, Corkran & Co., Phila
H. L. Allen & Co., N. Y. City...
-.2%
Lehman Bros., N. Y. City
.2%
E. H, Rollins & Sons, Inc.; Stroud &
Co., Inc., and Suplee, Yeatman &
Co., Inc., Phila
2%
Campbell & Co., N. Y. City, and Buck¬
ley Bros., Phila..
;
-.2%
J. S. Rippel & Co., Newark
2%
Geaham, Parsons & Co., Trenton
2%
B. J. Van Ingen & Co., N. Y. City
2%
Wilmerding & Co., Inc., and Washburn
& Co., Inc., N. Y. City
2%
Kean, Taylor & Co., and Van Deventer,
Spear & Co., Inc., N. Y. City
2%
Princeton Bank & Trust Co., Princeton.2%
Butcher & Sherrerd, Phila----.234%
First of Michigan Corp., and Burr & Co..
Inc., N. Y. City
J2\i%
H. B. Boland & Co., N. Y. City
—2
2M%
Adams & Mueller, Newark._i
Union Securities Corp., N.Y. City—.2 34%
M. H. Freeman & Co., Inc...
2%
Ira Maupt & Co..
234 %
First National Bank, Princeton
2 H%
Halsey, Stuart & Co., Inc
234%
x
Successful
103
104
104
.
Amount
of Bid
$104,423.46
104,196.40
104,873.60
104,842.40
104
104,568.88
104
104
104,405.60
104,292.37
104,101.50
104,083.20
104
104,062.40
104,048.88
104.354.45
104
104
103
104,748.80
104,539.76
104,529.00
104,291.20
104,222.22
104,108.50
104,101.00
104,441.44
104
104
104
104
104
104
104
103
of New York,
successful bidder at the
taking
int.
Rate
No. Bonds
Bid For
Bidder—
Goldman, Sachs & Co.
and Mackey, Dunn
— —
——
—
—
"
J. Van Ingen & Co., Inc., and J. S.
Rippel & Co
:
Minsch, Monell & Co.; Colyer, Robinson
& Co. and Dougherty, Corkran & Co
A. C. Allyn & Co., Inc., E. H. Rollins &
Sons, Inc.; Schlater, Noyes & Gardner,
Inc. and MacBride, Miller & Co
M. M. Freeman & Co.; C. A. Preim & Co.
and C. P. Dunning & Co..
—
*
.
417
100.51
3%
418
'3H'
100.82
418
3
H%
418
334%
100.62
COUNTY
Statesville) N. C.—BOND SALE—The
sale
of
cost of
maturing
maturing
Cincinnati, and associates, paying a price of 100.104, a net interest
about 4.13%, on the bonds divided as follows:
$40,000 as 4Ks,
$20,000 on March 1, 1953 and 1954; the remaining $29,000 as 4s,
$20,000 in 1955, and $9,000 in 1956;
INVESTMENT—1The successful bidders re% bonds priced to
priced at 101. The following is an
FOR
OFFERED
BONDS
offered the above
bonds for public subscription, the 4M
yield 4.00%, while the 4% bonds are
official tabulation of the bids received:
Bidder—
Price
Rate
.
Fox, Einhorn & Co.; Kalman &
& Hardin,
Inc
& Arnold,
jBalance
_
JACKSON
69,014.00
69,021.00
434 %
434 %
Horner list $40,000
Inc.; Scott.
69,048.50
434%
[Balance
& Mason, Inc..
R. S. Dickson & Co
69,097.00
Youngllst $40,000 434%
/Balance
434 %
—list $55,000 434%
Weil, Roth & Irving Co
Kirchofer
69,066.93
/
434 %
Co__ —
Equitable Securities Corp.; Vance,
,
| $69,072.00
Seasongood & Mayer; Chas. A. Hinsch list $40,000 4M%
& Co.; Lewis & Hall, Inc--^-..
I Balance
4%
F. W. Craigie & Co.; Wm. B. Greene Co. _ list $40,000 434%
/Balance
434%
69.035.00
434%
———— — —
•
.
(P. O. Sylva), N. C —BOND TENDERS IN
W. Ashe, Chairman of the Board of County
Board will receive tenders until March 6, at noon,,
COUNTY
VITED—It is stated by T.
Commissioners, that the
purchase by the respective sinking funds of the following:
County road and bridge refunding bonds, dated June 1,
County road refunding bonds, dated June 1, 1937.
All tenders must be considered firm for five days following date
for
1937.
ing unless otherwise specified in
E.
HOLLY,
N.
the tender.
of open¬
.
C.—BOND OFFERING—We are informed by
Local Government Commission, that
Secretary of the
Easteriing,
obligations;
419
334%
100.31
AUTHORITY,
N* Y.—REPORTS
Bidders
about March 9, 1939 at place of purchaser's
requested to name the interest rate or rates, not
annum in multiples of 34 of 1%.
Each Did may name
are
exceeding 6% per
HEAVY
JANUARY— Unusual increases in motor truck
using interstate bridge and tunnel facilities is announced by the Port of
New York Authority for January over the corresponding month a year ago.
.The percentage gain on the Lincoln Tunnel reached as high as 13£%, with
increases also marked in the Holland Tunnel and on the George Wash¬
ington Bridge.
The upward trend in truck traffic extended to the Bayonne
Bridge and to the Goethals Bridge, with a slight falling off only on the
Outerbridge Crossing.
An increase in several Other classes of traffic was
noted, although the weather at times had its customary adverse effect on
passenger cars.
Particular interest was expressed in the heavy movement
of trucks, as these figures in the past have reflected changing business con¬
ditions.
Trucks in the Holland Tunnel totaled 168,729, an increase of 9%;
the Lincoln Tunnel, which is restricted to fast moving trucks, 24,000, an
increase of 132%; George Washington Bridge 39,349, a gain of
17%;
Goethals Bridge 8,800, a gain of 15%; Bayonne Bridge 5,535, a gain of 7%;
Outerbridge 2,561, minus 5%.
The George Washington Bridge con¬
tinued to lead all crossings in bus traffic with a total of 52,000 for a frac¬
tional gain.
The Lincoln Tunnel with 17,121 buses was up 33%; the
Holland Tunnel with 23,705 was slightly less than a year ago.
_
sale
bonds to the
oasis of about
1813—was not consummated. A new offering was made
'
"
,
- *
NOT CONSUMMATED—The
$7,000 3 34% fire department equipment
Traders Trust Co. of Buffalo, at 100.759, a
,
another
part of the bonds (having the earliest maturities) / and
balance, but ho bid may name more than two rates, and each
his bid the amount of bonds of each rate.
required on forms to be furnished with additional information,
and each bid must be accompanied by a certified checK upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $200.
The approving opinion of Masslich and Mitchell,
New York City, will be furnished the purchaser.
one
TRAFFIC GAIN DURING
3,20%—V. 147, p.
O.
(P.
$69,000 issue of coupon refunding bridge and road bonds offered for
on
Feb. 14—V. 148, p. 915—was awarded to Seasongood & Mayer
unlimited tax; delivery on or
of
Feb, 15.
purchaser.
IREDELL
choice.
YORK
WAVERLY, N. Y.—BOND SALE
and accrued
1953,
100.68
A
NEW YORK
No Did of less than par
be accompanied
until 11 a. m. on Feb. 21, at his office in Raleigh,
for the purchase of a $10,000 issue of coupon water works extension bonds.
Interest rate is hot to exceed 6%, payable J-D.
Dated Dec. J, 1938,
maturing annually, June 1, $500 1941 to 1946 and $1,000 1947 to
all
incl., without option of prior payment.
There will oe no auction. Denom.
$500; coupon bonds registerable as to principal alone; principal and interest
(J-D), payable in legal tender in New York City; generxl
bond
on
must
he will receive sealed bids
EASTCHESTER (P. O. Tuckahoe), N. Y.—BOXD OFFERING—
Arthur N. Ferris, Town Clerk, will receive sealed bids until 10 a. m. on
Feb. 24, for the purchase of $38,500 not to exceed 6% interest coupon or
registered general (improvement) bonds.' Dated March 1, 1939. One
for $500, others $1,000 each.
Due March 1 as follows: $8,500 in 1940 and
$10,000 from 1941 to 1943, incl.
Bidder to name a single rate of interest,
expressed in a multiple of 34 or 1-10th of 1%.
Principal and interest
(M-S) payable at the First National Bank & Trust Co., Tuckahoe.
certified check for $770, payable to order of the town, must accompany
each proposal.
Legal opinion of Hawkins, Delafield & Longfellow
New York City will be furnished the successful bidder.
Bonds are payable
from unlimited ad .valorem taxes.
•
last Sept., 12 of
Manufacturers &
the
W.
COUNTY (P. O. Elizabeth), N. 3.—NOTE SALEr-County
banks purchased $500,000 tax anticipation notes, due Dec. 26, 1939, at
0.50 %, it was announced on Feb. 9 by Arthur N. Pierson, County Treasurer.
NEW
maturities.
by a certified check upon an incorporated
bank or trust company, payaole unconditionally to the order of the State
Treasurer for $3,500.
The right to reject all oids is reserved. The approv¬
ing opinion of Storey, Thorndike, Palmer & Dodge, Boston, will be furnished
Bids
MOUNT
Bid
UNION
OF
bonds until their respective
interest will be entertained.
Rate
*
B.
PORT
will be
composed of Kean, Taylor
Campbell. Phelps & Co., Inc., all
Inc., Newark, was the
offering of $420,000 high school bonds on Feb. 14—V. 148, p. 915,
a principal amount of $418,000 as 3s, at a price of $420,204.26, equal to
100.527, a basis of about 2.96%.
Dated Feb. 1, 1939 and due Feb. 1 as
follows:
$10,000, 1940 to 1945 incl.; $15,000 from 1946 to 1968 incl. and
$13,000 in 1969. Bankers reoffered the bonds to yield from 0.75% to 3%,
according to maturity. Other bids:
'
for
the
♦Successful bid.
RAHWAY, N. J.—BOND SALE—A group
.& Co.
in
of
*
bidder.
& Co., H. L. Allen & Co.,
and Van Deventer Bros.,
bonds registerable as to
principal only; principal and interest (M-N) payable in lawful money
New York City; general obligations; unlimited tax; delivery at place
pin-chaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of J4 of 1%,
Each bid may name one rate
part of the bonds (having the earliest maturities) and another rate for
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
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the city, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
104.063.44
104
104
Denom. $1,000; coupon
There will be no auction.
Director of
ORANGE, N. J.—BOND OFFERING—Ovid C. Bianchi,
Department of Revenue and Finance, will receive sealed bids until 8 p.m.
Feb. 21, for the purchase of $240,000 not to exceed 6% interest coupon
or registered general funding bonas.
Dated Feb. 1, 1939. Denom. $1,000
Due Feb. 1 as follows:
$5,000, 1940 to 1956, incl.; $10,000 from 1957 to
1959, incl. and $25,000 from 1960 to 1964, incl.
Bidder to name a single
rate of interest, expressed in a multiple of 34 of 1 %.
Principal and interest
(F-A) payable at the Orange First National Bank, Orange.
The price for
which the bonds may be sold cannot exceed $241,000.
A certified check
for $4,800, payable to order of the city, must accompany each
Legal opinion of Reed, Hoyt, Washburn & Clay of New York City will be
furnished the successful bidder.
on
ing is
issue,
1057
Financial Chronicle
148
rate for
rate for the
bidder must specify in
Bids are
NORTH CAROLINA, State of—LOCAL BONDS
reported that bonds and notes of the following
palities have recently been sold;
-—It is
4% semi-annual water and street
$16,000 Bethel
the Public
Works Administration at par.
AND NOTES SOLD
counties and munici¬
,
improvement bonds to
15,000 Burke County revenue notes to the Wachovia Bank
of Winston-Salem at 134% plus a premium of $1.31.
25,000 Burlington revenue notes to the Wachovia
Winston-Salem at 134% plus a premium of
42,000 Creedmoor 4%
& Trust Co.
Bank & Trust Co. of
$1.33.
semi-annual water and sewer bonds
to the PWA
at par.
of Concord
'3,000 Kinston revenue notes to the Concord National Bank
at 2 34 %
i
12,000 Mars Hill 6% refunding bonds exchanged with the
•
holders of the
-
old bonds.
40,000 Rural Hall Sanitary District
bonds to the PWA at par.
45,000 Stoneville 4% water and sewer
Commission at par. *
4,000 Valdese revenue notes to
at 3 %.
NOTES SOLD—The
4% semi-annual water
and sewer
»
•
bonds to the
the Concrod
Reconstruction Finance
National Bank of Concord
sold on Jan. 31*
anticipation notes to the Waccamaw Bank of
following issues of local notes were
$2,000 Ohadbourn revenue
Whiteville, at 6%.
,
Sinking Fund at 2%.
Concord National
2,500 Clayton revenue anticipation notes to the Town
1,200 Elizabethtown revenue anticipation notes to the
Bank at 3%.
National Bank,
50,000 Hickory bond anticipation notes to the Security
Raleigh, at 6%, p}us a premium of $201.40.
"
4,000 Hillsboro revenue anticipation notes to the Concord
at 234%'
.
25,000 Wake County revenue anticipation notes to the Security
Bank, Raleigh, at 6%, plus a premium of $628.50.
v
'
■
National Bank
2,000 Wilkesboro notes to
at 5%v
the Bank of North
National
„
,
Wilkesboro on Feb. 7
"
.
and bonds were sold on Feb. 14:
$8,000 Enfield revenue, notes to the First National Bank
The following notes
Salem, at 334%-
■
'
,
,
-
-
.
of Winston-^
bond anticipation notes to the William B. Greene Co.
Co. of Winston-Salem, at 2%, plus a premium of $359.
33,000 Oakboro 4% water and sewer bonds to the Public Works Adminis¬
10,000 Mount Airy
$10,000
RUTHERFORD CO., N. C.
Due
Courthouse4i/2s
tration, at par..
F. W. CRAIGIE
are
3 9137
& COMPANY
NORTH
A. T. T.
of
omuls
unlimited
Tel. Rich. Va. 83
CAROLINA
COLUMBUS COUNTY (P. O. Whiteville), N. C.—NOTES NOT
SOLD—It is stated that $55,000 bond anticipation notes were offered
sale without success on Feb. 14, when no bids were received.
Dated Feb.
1939.
Due on April 15, 1939.
~
for
15,
HICKORY, N. C —BOND OFFERING—We are informed by
Secretary of the Local Government Commission, that
Easteriing,
W. E.
he will
his office in Raleigh, until 11 a. m. on Feb. 21, for
the purchase of an issue of $175,000 coupon water and sewer bonds.
Interest
rate is not to exceed 6%, payable M-N.
Dated Nov. 1, 1938, maturing
annually on Nov. 1, $6,000 1941 to 1946, inch, $12,000 1947 and 1948;
$15,000 1949 to 1955, $10,000* 1956, without option of prior
receive sealed bids at
informed by W. E.
mission, that he will
on Feb. 21, for the
Richmond, Va.
Phone
O. Wilson), N. C.—BOND OFFERING—We
Easteriing, Secretary of the Local Government Com¬
receive sealed bids at his office in Raleigh, until 11 a. m.
purchase of an $88,000 issue of school bonds. Dated
Nov. 1, 1938, and maturing annually on Nov. 1, $4,000, 1941 to 1944,
$6,000, 1945 to 1954, $8,000 1955 and $4,000 1956, without option
prior payment.
There will be no auction. Denom. $1,000; coupon
registerable as to both principal and Interest; jirincipal and interest (M-N)
payable in lawful money in New York City; general obligations;
tax; delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of one-fourth of 1%.
Each bid may name one
rate for part of the bonds (having the earliest maturities) and another rate
for the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase tne bonds at the lowest
Interest cost to the county, such sost 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 interest will be entertained.
Bids must be accompanied by a certified check upon an incorporated
WILSON COUNTY (P.
July 1, 1941, at 100 and interest.
payment.
bank or trust company,
Treasurer for
Clay of New
payable unconditionally to the
order of the State
$1,760. The approving opinion or Reed, Hoyt,
York City will be furnisned the purchaser.
Washburn &
1058
I
Financial
OHIO
Chronicle
MUNICIPALS
CANTON
AKRON
offerea to the extent of the approximately $50,000 available for that
purpose.
WILLIAMSBURG
VILLAGE SCHOOL DISTRICT, Ohio— BONDS
SOLD—Fox, Einhorn & Co., Inc. of Cincinnati purchased last November
issue of $50,000 3)4% coupon school addition bonds at par
plus a pre¬
mium of $405, equal to 100.81.
Dated Sept. 1, 1938.
Denoms. $1,250
and $1,000.
Due serially from 1940 to 1962 incl.
Interest M-S.
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
IS, 1939
WICKLIFFE, Ohio—TENDERS WANTED—Joseph C. Witz, Village
Crnrk, will receive sealea tenaers until noon on Feb. 2i8, for refunding
bonds, dated Oct. 1, 1936.
Purchases will be made at xrie lowest price
MITCHELL, HERRICK & CO.
700 CUYAHOOA
Feb.
$500 on Oct. 1 from 1940 to 1949, Incl.
Bidder may name a different rate
of interest, provided that fractional rates are
expressed in a multiple of
J4 of 1%.
Interest A-O.
A certified check for $250, payable to order of
the village, must accompany each proposal.
SPRINGFIELD
an
OHIO
BUTLER TOWNSHIP (P. O. R. F. D. NO.
2, Shiloh), Ohio—BOND
OFFERING—P, G, Krichbaum, Clerk of Board of
Trustees, will receive
sealed bids until 8 p. m. on March 2, for the
purchase of $14,000 3%
coupon
township house bonds.
Dated April 1, 1939.
Denom. $500.
Due $500 on April 1 and Oct. 1 from 1940 to
1953, incl.
Bidder
R. J. EDWARDS, Inc.
may name
different rate of interest provided that fractional rates
are expressed in a
multiple of M of 1%.
Interest A-O.
A certified check for
$700, pay¬
able to order of the trustees, is required.
a
Municipal Bonds Since 1892
Oklahoma City, Oklahoma
CUYAHOGA HEIGHTS SCHOOL DISTRICT
(P. O. Cleveland),
Ohio—BOND SALE—Otis & Co. of Cleveland
purchased $110,000 build¬
as 2 lis, at a price of 101.07.
Sale was completed prior to Feb. 17,
ing bonds
the date
be
on
AT&T Ok Cy 19
which it was
Long Distance 787
originally announced that bids for the issue would
148, p. 618*
Issue dated Feb. 15, 1939 and due serially
1954, inclusive.
opened—V.
from 1940 to
OKLAHOMA
COLUMBUS, Ohio—LIST OF BIDS—Following is an official list of
unsuccessful bids for the $435,000
refunding issue awarded Feb. 9 to
Fullerton & Co. of Columbus and Braun, Bosworth &
DURANT,
Okla.—BOND SALE DETAILS—It is now reported that
the $50,000 city hall bonds purchased jointly by two local banks, as noted
here—V. 148, p. 916—were sold as follows: $2,100 as 3s, maturing in 1941;
Co., Toledo, jointly,
2s, at par plus $5,830 premium, equal to 101.34, a basis of about
1.82%.
—V. 148, p. 916:
as
Bidder-—
■
Int. Rale
First Boston Corp., New York City
Blyth & Co., Inc.; Paine,
Merrill, Turben & Co_
Webber
&
$2,827.50
2%
Co.,
2,505.60
"2%
2,256.00
and
_
Middendorf & Co.; Geo. Eustis &
Co.; Seufferle &
Kountz (Cincinnati, Ohio);
Eldgredge & Co. and
Bond & Goodwin, Inc. (New York, N.
Y.)
Harriman Ripley & Co., Inc.; The Northern Trust
Co., and Wells-Dickey Co
Lowry Sweney, Inc. and George T. Lennon Co.
(Columbus); Hayden, Miller & Co. (Cleveland),
Ryan, Sutherland & Co. (Toledo)
C, F. Childs 8c Co. and Kelley, Richardson & Co
Pohl & Co., Inc., and Seasongood &
Mayer (Cin¬
cinnati), and R. W. Pressprich & Co. (New York)
Fox, Einhorn & Co.; Walter; Woody & Heimerdinger; P. E. Kline, Inc., and Katz & O'Brien (Cin¬
cinnati); McDougal & Condon (Chicago); E. H.
Rollins
&
Sons
(Philadelphia), and Johnson,
Kase & Co. (Cleveland)
Halsey, Stuart & Co., Inc..
$16,800 as 2lis, maturing $2,100 in 1942 to 1948, the remaining $31,100
3s, maturing $2,100 in 1950 to 1962, and $3,800 in 1963.
as
Premium
2%
2%
1,478.57
2%
2%
reported
SEDAN
CONSOLIDATED
SCHOOL
DISTRICT
NO.
9
(P.
O.
Route 2, Mountain View), Okla.—BOND SALE—It is stated
by the
District Clerk that the $6,400 building bonds offered on Feb. 14—V.
148,
689.04
657.50
•
768—were sold
p.
as
follows:
$4,000
as
3s, and $2,400
as
2%s.
Due from
1948.
1942 to
„
is
913.50
2%
OKLAHOMA, State of—NOTES OVERSUBSCRIBED—It
by Carl Sebring, State Treasurer, that the $3,000,000 State Treasury,
series D, 1938-1939 notes, offered on Feb. 9—V. 148, p. 768—were over¬
subscribed about 14 times at the rate of 1)4% ■
Due on May 1, 1939.
OREGON
COOS'COUNTY
SCHOOL
DISTRICT NO. 9 (P. O. M«roilfield',
Ore.—PRICE PAID—It is now reported by the District Clerk that the
$165,000 school bonds purchased by the Coos Bay National Bank Of Marshfield as 3 Ms and 3 Ms as noted here—V. 148, p. 768—were sold for a
price of 100.07.
'
2%
__
j.
BancOhio Securities Co___
480.00
2
_
374.10
2)4%
Stranahan, Harris & Co^ Inc.- (Toledo), and the
Milwaukee Co., Milwaukee, Wis
G. Parr Ayers & Co.; Field, Richards &
Shepard,
6,525.00
2%%
.•
6,090.00
Bank of Bend
__
2M%
.
6,046.50
Savings Bank & Trust Co.; Van Lahr,
Doll & Isphording Inc.; Weil, Roth &
Irving Co.
(Cincinnati); and Pruddfen & Co. (Toledo)
Harris Trust & Savings Bank, Chicago, 111
5,701.57
618—were also bid for
as
2M%
2)4%
5,350.50
4,609.00
follows:
Int. Rate
.
1
BancOhio Securities Co
Prudden & Co., Jnc
r__
Merrill, Turben & Co
Van Lahr, Doll & Isphording, Inc
Provident Savings Bank & Trust
Weil, Roth & Irving Co___
Charles A. Hensch & Co.; Inc
Braun, Bosworth & Co
Grant, Brownell & Co
$271.00
266.00
222.00
214%
*
r__
-
216.60
121.60
68.40
2)4%
2)4%
_
51.00
363.28
258.40
217.00
206.00
155.80
345.00
2)4% '
23-1%
First Cleveland Corp ...
Mitcheii, Derrick & Co
Middendorf & Co.. and Seufferle &
2)4%
2)4%
..
Kountz.2M%
MONROEVILLE, Ohio—BONDS VOTED—An issue of $42,820
pal electric
power plant
bonds
was
p.
coupon water im¬
768—was awarded
j^s, paying
DatedNov. 10,1938.
a price of
DuefromNov. 10,
■
bonds.
munici¬
authorized by the voters on Feb. 14.
-
,
MULTNOMAH
COUNTY
SCHOOL
DISTRICT
Faloma), Ore.—BOND OFFERING— It is stated
received until
Jurchase of
a
8 p.
m.
on
Feb. 20,
by A. Braun,
$10,000 issue of school bonds.
NO.
33
(P.
that sealed bids will
O.
be
District Clerk, for the
Interest rate is not to exceed
6%, payable M-N.
Dated March 1, 1939.
Due $2,000 May 1, 1940 to
1944.
The approving opinion of Teal,
Winfree, McCulloch, Shuler &
Kelley of Portland, will be furnished.
Principal and interest payable at
the fiscal agency of the State in New York City, or at the
County Treas¬
urer's office.
Enclose a certified check for $200.
ROSEBURG, Ore.—BOND OFFER ING—It is stated by A. J. Geddes,
City Recorder, that he will receive sealed bids until Feb. 25, for the purchase
a $25,000 issue of 3 M
% semi-ann. sewage plant bonds.
Dated March 1,
1939.
Due from March 1, 1941 to 1950.
These bonds were approved by
of
the voters at
MONTGOMERY TOWNSHIP
RURAL SCHOOL DISTRICT
(P. O.
SALE DETAILS—The $55,000
building bonds
Securities Co. of Columbus—V. 148, p. 916—were
issued as 3s, at par.
Dated Oct. 1, 1938.
Denom. $1,000
Due Oct. 1
as follows:
$2,000 from 1940 to 1959, incl. and $3,000 from I960 to
1964,
inclusive.
to. the
basis of about 3.19%.
3
BONDS REOFFERED—It is stated by Mr. Bowman that new bids are
being called for opening at the regular meeting of the City Council, on
March 7, at 8 p. m., for the sale of these bonds.
an
election held
on
Feb. 9.
"
.
COMMONWEALTH OF PENNSYLVANIA
Ashland), Ohio-—BOND
sold
a
as
HILLSBORO, Ore.—BONDS NOT SOLD—We are informed by E. M:
Bowman, City Recorder, that the $7,500 general fund airport bonds sched
on Feb. 10, as noted here —V.
148, p. 768—were not sold
at that time as all the bids were returned unopened.
Tihs action was taken
due to a non-conforming schedule of retirement- which was set
up for the
Premium
214%
214%
214%
214%
2)4 %
__
_____
100.36,
148,
uled for award
DAYTON, Ohio—OTHER BIDS—^The $38,000 park and public play¬
ground bonds awarded to Seasongood & Mayer 9f Cincinnati as 2
lis, at
par plus $305.85 premium, equal to 100.804, a basis of about
2.12%—V.
p.
price of 100.54.
a
1943 to 1948.
2M%
___
Provident
Bidder—
3Ms, paying
provement bonds offered for sale on Feb. 6—V.
to the Baker, Fordyce, Tucker Co. of Portland
Derrick & Co^.;
Otis & Co.; Banc-America Blair
Corp., and HawleyHuller & Co._,
148,
as
DUNDEE, Ore.—HOND SALE—The $2,500 issue of
Inc.; Breed & Harrison, Inc.; First Cleveland
Corp.; McDonald-Coolidge & Co., and Mitchell,
Ryan, Sutherland & Co
DESCHUTES COUNTY SCHOOL DISTRICT NO. 6 (P. O. Bend),
Ore.—BONDS SOLD—It is now reported that the $14,000 school bonds
for sale on Oct. 25—V.
147, p. 2575—were purchased by the
offered
BancOhio
TURNPIKE
REVENUE
BONDS
BOUGHT—SOLD—QUOTED
...
MOUNT
VERNON
CITY
SCHOOL
DISTRICT,
Ohio—PRICE
PAID—The $198,000 2)4% building bonds purchased
by Ilawley, Huller
& Co. of Cleveland—V.
l48, p. 916—were sold at par plus a premium of
$361.50, equal to 100.18.
"
JOHNSON & McLEAN
Incorporated
PITTSBURGH
iNEW
fire
LEXINGTON, Ohio—BONDS'SOLD—An
engine and station repair bonds
nati.
Dec.
Dated Dec.
1
NORTH
authorized
bonds by
approved
a
a
issue
Due $1,500
RURAL
SCHOOL
916—were issued
as
3s at
a
Administration has
DISTRICT
price of 100.40,
1940
a
to
basis of about
1956
inclusive,
Dated Dec. 1, 1938, and due $4,200 on Dec. 1 from
1939 to
Ohio—BOND
COUNTY
(P. O.
Pittsburgh), Pa .—FINANCIAL
STATEMENT—The county recently awarded $6,000,000 bonds to Halsey,
Stuart & Co., Inc., New York, and associates as 2Ms, at 102.18, a basis of
about 2.06%—V. 148, p. 917—and in connection therewith we give the
following:
'
-
Financial Statement
.
(as Officially Reported Dec. 31, 1938)
Assessed valuation 1938_'__
Total bond debt, including these issues
Ms, at
1948, incl.
DE¬
were
par.
OFFERING—Robert R. Miley, Village
noon on March 6, for the
purchase of
ana system
mortgage revenue bonds.
Dated Feb. 1, 1939.
Denom. $1,000.
Due Oct. 1 as follows:
$2,000 from
1940 to 1954, incl. and $3,000 from 1955 to
1964, incl. Bidder may name a
different rate of interest
provided that fractional rates are expressed in a
multiple of M of 1 %. Principal and interest (A-O) payable at the
Peoples
State Bank, Wauseon.
A certified check for 1% of the
bonds, payable to
order of the Village
Treasurer, must accompany each proposal.
The bonds
are secured only
by a mortgage constituting a first lien on the
property and
of
the sewage system
including all additions and improvements,
replacements and alterations, at any time made in
respect thereto after
provision only for the reasonable operation and maintenance
expense thereof,
and by the covenant of the
village to maintain certain rates and a
under which in
franchise
of foreclosure the purchaser mav
operate same, ana are
issued under Section XII of Article XVIII of
the Constitution of Ohio and
the Uniform Bond Act of the General
Code.
WEST
case
CARROLLTON, Ohio—BOND OFFERING—Village
receive sealed bids until
storm
water
sewer
Clerk will
March 4, for the purchase of $5,000
3)4%
Dated March 1, 1939,
Denom. $500.
Due
noon on
bonds.
$2,372,192,170
110,419,000
14,891,000
95,528,000
Sinking funds
Population,
ment
!
1930
United
States
census,
1,374,410.
The
above
does not include the debt of other political subdivision which
state¬
have
levy taxes against the taxable property within the county.
As of
Dec. 31, 1938, the county reported tax anticipation loans outstanding in
the amount of $1,000,000.
power to
Clerk, will receive sealed bids until
$60,000 4% sewage disposal plant
revenues
289
ALLEGHENY
Net bond debt
TIFFIN RURAL SCHOOL
DISTRICT, Ohio—BOND SALE
TAILS—The $42,000 stadium bonds mentioned in V.
148, p. 916,
purchased by the Commercial National Bank of Tiffin as 2
WAUSEON,
A. T. T. Teletype—PITB
PENNSYLVANIA
Feb. 14 the voters
(P. O.
Ohio—BOND SALE
DETAILS—The
$33,000
school
sold to Walter, Woody &
Heimerdinger of Cincinnati—
2.96%.
Due Sept. 1 as follows:
$1,000 from
and $2,000 from 1957 to 1964 inclusive.
PENNSYLVANIA
'
Telephone—Atlantic 8333
on
$221,000 murticipal electric light plant construction
TOWNSHIP
bonds
148, p.
of
vote of 675 to 618.
The Public Works
grant of $87,000 for the proposed plant.
Harrisburg),
addition
1938.
Denoms. $1,000 and $500.
1949, inclusive.
BALTIMORE, Ohio—BONDS VOTED—On
an
PLEASANT
V.
1,
from 1940 to
was
issue of $15,000 3H%
sold to Pohl & Co., Inc., Cincin¬
Tax Collections (as
Levy
$17,593,701
19,289,576
20,253,806
18,568,172
1935
1936
1937
1938
Offocially Reported Dec. 31, 1938)
Collected at End of
Year of Levy
$14,325,960 (81.43%)
16,166,802 (83.81%)
18,027,003 (89.01%)
Collected Dec. 31,1938
$16,584,568 (94.26%)
17,571,828 (91.09%)
18,503,271 (91.36%)
16,381,895 (88.23%)
The fiscal year of the county begins Jan. 1.
Taxes are payable Sept. 1,
and if not paid by that time are subject to a penalty of 5 % •
A discount
of 5% is allowed on all taxes paid prior to Aug. 1.
BELL TOWNSHIP SCHOOL DISTRICT (P. O. Salina), Pa.—BOND
McWilliams, District Secretary, will receive sealed bids
the offices of Crowell & Whitehead, Solicitors, Bank & Trust Bldg.,
OFFERING—W.
at
Greensburg, until 10
on Feb. 28, for the purchase of $21,000 school
Denom. $1,000.
Due $1,000 on March 15
The 13 last maturing bonds will be callable on
any interest date, with the highest numbered bonds to be first redeemed,
upon 30 days' notice to holder.
Bidder to name a single rate of interest,
bonds.
from
a.
m.
Dated March 15, 1939.
1942 to 1962, incl.
expressed in
a
multiple of )4 of 1% and payable M-S 15.
Bonds will be
Volume
Financial
148
of
sold subject to approval of proceedings by the Pennsylvania Department
Internal Affairs.
A certified check for $500, payable to order of the Town¬
Bonds
ERIE COUNTY (P. O. Erie), Pa.—BOND AND NOTE OFFERING—
Harvey M. Willis, County Controller, will receive sealed bids until 11a.m.
Feb. 28 for the purchase of $150,000 1, 1M, IK, IK, 2, 2M, 2H, 2K
or 3% coupon, registerable as to principal only, refunding bonds.
Dated
March 15, 1939.
Denom. $1,000.
Due March 15 as follows: $50,000 in
1940 and 1942 and $25,000 in 1943 and 1944.
Bidder to name a single rate
of interest, payable M-S 15.
The county assumes and agrees to pay any
tax or taxes, except succession or inheritance taxes, which may be levied
on
future law of the Com¬
A certified check for 2% of the bonds bid
for, payable to order of the County Treasurer, is required.
Bonds will be
sold subject to approving leval opinion of Townsend, Elliott & Munson of
Philadelphia.
NOTE OFFERING—Mr. Willis will receive sealed bids at the same time
for the purchase of $200,000 tax anticipation notes to be issued in antici¬
pation of collection of taxes already levied and assessed for the year 1939,
as well as the other current revenues for that year.
Notes will be in dis¬
count form and awarded to the bidder naming the lowest discount.
They
will be dated Match 10, 1939, and mature Aug. 10, 1939.
Bidder may
designate denqms. in multiples of $25,000.
A certified check for $2,000,
payable to the order of the County Treasurer, is required.
Notes will be
issued subject to approving legal opinion of Townsend, Elliott & Munson
on
the bonds under any presen tor
monwealth of Pennsylvania.
of Philadelphia,
Pa —BOND SALE— The $30,000 4%
refunding bonds offered Feb. 10—V. 148, p. 469—were
Deane & Scribner and Glover & MacGregor, both of
Pittsburgh, jointly, at a price of 103.11, a basis of about 3.51%.
Dated
Feb. 15, 1939, and due Feb. 15 as follows: $3,000, 1944; $4,000, 1945;
$5,000, 1946 and 1947; $6,000 in 1948 and $7,000 in 1949.
The First
National Bank of Ebensburg,
second high bidder, offered a price of
FERNDALE (P. O. Johnstown),
coupon funding and
awarded tckSinger,
103.01.
MILLVALE, Pa.—BOND OFFERING—J. F. Torrence, Borough Secre¬
8 p. in. on Feb. 28 for the purchase of
$100,000 not to exceed 3)4% interest coupon funding and street improve¬
ment bonds. • Dated March 1, 1939.
Denom. $1,000.
Due March 1 as
follows: $5,000 from 1945 to 1954, incl., and $10,000 from 1955 to 1959,
incl.
Bidder to name a single rate of interest, expressed in a multiple of
M of 1 % and payable M-S.
Sale of bonds is subject to approval of proceed¬
ings by the Pennsylvania Department of Internal Affairs.
Principal and
interest payable at the Bank of Millvale.
A certified check for $1,000,
payable to order of the Borough Treaurer, is required.
Borough will print
the bonds and furnish the approving legal opinion of Burgwin, Scully &
Churchill of Pittsburgh.
COUNTY
Aspinwall), Pa .—BOND OFFERING—
until 8 p. m. on
interest coupon
township bonds.
Dated March 1, 1939.
Denom. $1,000.
Due March 1
as follows: $3,000 in 1944 and $4,000 in 1949, 1954 and 1959.
Bidder to
name a single rate of interest, expressed in a multiple of 34 of 1% and pay¬
able M-S.
Sale of bonds will be subject to approval of proceedings by the
Pennsylvania Department of Internal Affairs.
Township will pay for
printing the bonds and the purchaser will be furnished with the approving
legal opinion of Burgwin, Scully & Churchill of Pittsburgh.
A certified
check for $500, pay able to order of the Township Secretary, is required.
O'HARA TOWNSHIP
Pa.—BOND OFFERING—Eugene Sajko, Borough Secre¬
tary, will receive sealed bids until 8 p. m. on Feb. 23 for the purchase of
$35,000 not to exceed 314% interest coupon street, sewer, truck, police and
fire alarxn system bonds.
Dated March 1,„1939.
Denom. $1,000.
Due
$5,000 on September 1
from 1951 to 1957 inclusive.
Principal and
interest (M-S) payable at the- Braddock National Bank, Braddock.
A
certified check for $1,000, payable to order of the Borough Treasurer, is
required. Sale of bonds is subject to approval of proceedings by the Pennsyl¬
vania Department of Internal Affairs.
The legal opinion of Burgwin,
Scully & Churchill of Pittsburgh, to be furnished the successful bidder,
will state" that the bonds are payable from ad valorem taxes on all of the
borough's taxable property within the tax limits prescribed by law."
RANKIN,
Pa .—BOND SALE—The $47,500 3 V2% coupon
sewer
bonds offered Feb. 6—V. 148, p. 313—were awarded to Singer,
Deane & Scribner of Pittsburgh at par plus $129 premium, equal to 100.271,
a basis of about 3 .34%
Dated Nov. 1, 1938. Due Nov, 1, 1968. Callable
on any interest date on or after Nov. 1, 1940.
SPRING,
.
Gibson, Borough
SHINGLEHOUSE, Pa.—BOND OFFERING—A. E.
Secretary, will receive sealed bidsuntil! 8 p. m. on March 7 for the purchase
of $16,500 2, 2K, 2)4,2%-,3, 3%. 3)4, 3% or 4% coupon or regis.borough
bonds.
Dated Jan. 1,
1939.
Denom. $500.
Due Jan. 1 as follows:
$500, 1942 to 1947, incl.?$1,000, from 1948 to 1956, incl., and $1,500 from
1957 to 1959 incl.
Bidder to name a single rate of interest, payable J-J.
Bonds will be issued subject to approval of proceedings by the Pennsyl¬
vania Department of Internal Affairs.
A certified check for 2% of the
bonds bid for,
UPPER
,
SCHOOL DISTRICT (P. O. New
Pa.—BOND SALE DETAILS—The $19,000
State Public School Employees' Retirement
917—were issued as 4s, at par.
BURRELL TOWNSHIP
Kensington,
bonds
Board—V.
payable to order of the Borough Treasurer, is required.
R.
sold
148,
p.
D.
to
2),
the
Pa.—BOND SALE—The $100,000 funding, street
1939, offered Feb. 15—V. 148,
awarded to E. H. Rollins & Sons, Inc. of Philadelphia, as 2s,
100.839, a basis of about 1.88%. Dated March"l, 1939 and
1 as follows:
$5,000 from 1940 to 1943 incl. and $10,000
WASHINGTON,
and
sewer
improvement bonds, series of
p. 917—were
at a price of
due
rom
March
1944 to 1951 incl.
Other bids:
Halsey, Stuart & Co., Inc
Moore, Leonard & Lynch
lb
unsuccessful bids:
Premium
$1,886.60
Int. Rate
2M%
Bancamerica-Blair Corp., Philadelphia
Burr & Co., Inc., Philadelphia
W. H. Newbold's Son & Co., Philadelphia
Union Trust Co. of Pittsburgh
Citizens National Bank, Washington
Leonard &
1,589.00
1,129.90
207.14
1,000.00
2H%
Co., Inc., Philadelphia, and
2K%
2K%
2%
2K%
1,537.90
C. F.
Childs&Co
483.00
2%
Singer, Deane & Scribner, Pittsburgh, and Dougherty,
Corkran & Co
Stroud
&
Co., Inc., Philadelphia, and Johnson &
► McLean, Inc
Hemphill, Noyes & Co., and Phillips, Schmertz & Co._
Halsey, Stuart & Co., Inc
M. M. Freeman & Co., Inc
Glover & MacGregor, Inc.; S. K. Cunningham & Co.,
„
Inc., and Geo. G. Applegate
--
of interest,
A certified check for 2%
payable A-O.
Director of Accounts
of the bonds bid for,
Bonds will be
& Munson
of
Philadelphia.
ISLAND
RHODE
NARRAGANSETT, R.
I.—PLANS LARGE BOND ISSUE— Serial
would be issued by the Town of Narragansett under
an enabling Act introduced in the upper branch of the General Assembly.
This money would be used for the erection of bath houses, parking facilities
and for general rehabilitation of beach facilities.
The town suffered heavy
losses to its beach property from the hurricane of Sept. 21.
bonds up to $300,000
NEWPORT, R. I .—NOTE
SAZiE-^The $100,000 notes offered Feb. 16
awarded to the Boston Safe Deposit &
were
Trust Co., Boston, at 0.13%
1939.
discount, plus $3 premium.
Dated Feb. 20, 1939 and due Aug. 30,
The next highest bidder, Second National Bank of Boston, named a
of
rate
0.135%.
WARWICK,
I.—BOND SALE—A group
R.
composed of the Harris
Co., Inc. and Kennedy, Spence
on Feb. 16 a total of $344,000
bonds, described below, on a bid of 100.8397 for the bonds to bear interest
as follows: $79,000 l^s, due March 1 as follows: $1,000, 1940 to 1942 incl.;
$10,000 in 1943 and $11,000 from 1944 to 1949 incl.; $265,000 as 2K*,
due March 1 as follows: $11,000, 1950 to 1953 incl.; $16,000 from 1954 to
1964 incl. and $15,000 from 1965 to 1967 incl.
Bid figured a net interest
cost of about 2.38%.
The offering consisted of:
Trust & Savings Bank, New York, Tyler &
& Co., Inc., both of Boston, was awarded
from 1943 to
Due serially on March 1
$319,000 Gorton School bonds.
1967 incl.
Due serially on March 1 from
bonds.
1964 incl.
1940 to
.
All of the bonds are dated March
1, 1939.
Prin. and
Denom. $1,000.
(M-S) payable at the Rhode Island Hospital Trust Co., Providence.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
Bonds will be payable from unlimited ad valorem taxes on all of the city's
taxable real estate and tangible personal property.
Other bids at the sale
int.
were
as
follows:
Maturity-Int. Rate Rate Bid
Bidder—
Bond, Judge & Co., Burr & Co. and Kidder, Pea- [1943-1967,
Bancamerica-Blair Corp. and Bacon, Stevenson
Symonds, and Mackey, Dunn
& Co
Harriman Ripley & Co.,
First Boston
,101.10
*2^%
101.03
x2)4%
x2 K%
& Co,
x2%%
Corp
Phelps, Fenn & Co. and Charles Clark & Co
Goldman, Sachs & Co. and Schlater, Noyes &
Gardner, Inc
Estabrook &.,Co. and Stone & Webster and Blodx
on
100.66
.
100.007
2K%~3%
Inc__l
Rate bid
100.809
100.70
101.56
101.03
100.95
x2K%
*2K%
x2K%
Inc.
Perrin, West&Winslow
Blyth & Co. and F. S. Moseley
get,
2)4% 1101.058
x2K%
& Co..
entire $344,000
bonds.
SOUTH
CAROLINA
BISHOPVILLE, S. C.—BOND TENDERS INVITED—It is stated by
J. T. Munnerlyn, Town Clerk, that the sum of $3,000 is available for the
purchase of bonds of the town, under the terms of an agreement made with
the holders of more than a majority in amount of the outstanding obliga¬
Tenders may be made at the office of the Town Clerk, postmarked
not later than March 15, and Should describe fully the series and maturities
of the bonds offered.
tions.
SOUTH
DAKOTA
COUNTY (P. O. Aberdeen), S. Dak.—BONDS SOLD—
It is stated by Mabel O'Connell, County Treasurer, that $250,000 refunding
bonds were purchased on Feb. 13 by the Allison-Williams Co. of Minneaapolis, as 3Ms.
•
BROWN
4
LAKE
District
COUNTY
INDEPENDENT
CONSOLIDATED SCHOOL
3 (P. O. Rutland), S. Dak .—PRICE PAID—It is now
No.
reported by the District Clerk that the $70,000 refunding
E. J. Prescott & Co. of Minneapo is, as noted here on Dec.
4090-—were purchased as 4s, paying a price of 100.142, a
3.97%.
bonds sold to
31—V. 147, p.
basis of about
CONSOLIDATED SCHOOL DISTRICT NO. 1 CP. O.
S. Dak.—BONDS OFFERED—It is reported that sealed and
received until 1:30 p. m. on Feb. 14, by 8. H. Strom, District
Clerk, for the purchase of a $46,000 issue of not to exceed 3K% coupon
ORLAND
"Madison),
oral bids were
semi-annua
Jan.
bonds. Dated Jan. 1,1939. Denom. $1,000.
$3,000 in 1940 to 1953 and $4,000 in 1954, all
refunding
1, as follows:
Due
bonds
Jan. 1, 1950, being subject to redemption on any interest
date.
Prin. and int. payable at any bank or trust company designated by
purchsisGr#
BONDS PARTIALLY SOLD—The District Clerk states that a block of
$30,000 of the above bonds was purchased by Wachob, Bender & Co.
Omaha, as 3Jis.
It is reported that the remaining $16,000 will be taken
care of in the near future.
maturing after
of
informed
that he will receive
of an issde of
$1,450,000 coupon rural credit refunding, series A of 1939, bonds.
These
bonds, issued to refund presently outstanding indebtedness of equal amount,
will be dated March 15, 1939, will bear interest at a rate to be named by
the buyer, with the interest rate to be a multiple of M of 1% payable on
Sept. 15 and March 15, will be non-callable, and will mature March 15,
1949.
The bonds will be in the denomination of $1,000 each, and will
be issued in coupon form, with the privilege of registration as to principal
only.
Prin. and int. will oe payable at the Guaranty Trust Co. in New
York City.
Each bid must be accompanied oy a cashier's check or a
certified check upon an incorporated bank or trust company for $14,500,
payable to the State Treasurer, as security for the performance of such bid.
Purchaser will be furnished with the opinion of Chapman & Cutler of
Chicago that the refunding bonds arc valid general obligations of the
State.
Bonds will be ready for delivery March 15, 1939, and delivery
will be made without cost to the purchaser at a bank in Minneapolis,
St. Paul, Chicago, or New York, satisfactory to the purchasers.
SPINK COUNTY (P
O. Redfield), S. Dak.—BOND SALE POST¬
PONED—It is stated by J. D. Fargo, County Auditor, that the sale of the
$120 000 not to exceed 4% semi-annual funding bonds, which had been
scheduled for Feb. 10—V. 148, p. 918—was postponed to Feb. 14.
BONDS SOLD—We were informed later by the said County Auditor that
the above bonds were purchased on Feb. 14 by Kalman & Co. of St. Paul,
3Kz, paying a premium of $350, equal to 100.291, a basis of about
3.17%.
Coupon bonds, dated March 1, 1939.
Due $15,000 from Jan. 1,
1941 to 1948, subject to redemption on and after Jul y 1, 1944.
The Allison-Williams Co. of Minneapolis offered $340 premium on 3 Kb,
while a premium of $200 was offered by the C. W. Britton Co. of Sioux City.
TULARE INDEPENDENT SCHOOL DISTRICT (P. O. Tulare),
S. Dak.—BOND OFFERING—It is reported that sealed bids will be
received until 8 p. m. on Feb. 23 by Walter Avery, Clerk of the Board of
Education, for the purchase of a $7,000 issue of 4% semi-annual school
construction
and equipment of 1908
bonds. Denom. $500. Dated
Oct. 1, 1938.
Due $500 from Oct. 1, 1941 to 1954 inclusive.
SOUTH
DAKOTA,
State of—BOND OFFERING—We are
by A. J. Moodie, Secretary of the Rural Credit Board,
sealed bids until 1:30 p. m. on Feb. 20 for the purchase
.
437.00
2%
2^%
2K%
2%
'
1,799.00
1,280.00
511.00
2%%
1,539.00
2K%
1,553.00
WILKES-BARRE, Pa.—BOND OFFERING—Lucius K. Eldridge, City
Clerk, will receive sealed bids until 2 p. m. on March 14 for the purchase
of $250,000 2, 2\i, 2)4, 2K or 3% coupon, registerable as to principal
only, funding bonds.
Dated March 1, 1939.
Denom. $1,000. Due
March 1 as follows: $5,000, 1944 to 1947, incl.; $15,000 in 1948 and 1949
and $25,000 from 1950 to 1957, 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, must accompany each
r
<
as
Lynch, Pittsburgh, and Barclay,
Moore & Co.
►
100.483
2%
Bidder—
Moore,
100.511
2%
-
The following is an official list of the
Mackey, Dunn &
Rate Bid
Int. Rate
Bidder—
Townsend
payable to the order of the City Treasurer, is required.
issued subject to approving legal opinion of Townsend, Elliott
(P. O.
S. G. Schade, Township Secretary, will receive sealed bids
March 2 for the purchase of $15,000 not to exceed 3K%
ROARING
opinion of
favorable legal
receive sealed bids until 9:30 a. m. on March 10 for the
purchase of $125,000 1, IK, IK, IK, 2, 2%, 2)4, 2% or 3% coupon,
registerable as to principal only, improvement bonds.
Dated April 1,
1939.
Denom. $1,000. .Due April 1 as follows: $20,000, 1943; $30,000,
from 1944 to 1946, incl., and $15,000 in 1947.
Bidder to name a single rate
Chace, Whiteside &
(P. O. Easton); Pa.—BONDS SOLD—
The county issued $156,000 2% refunding bonds, dated Dec. 1, 1938, in
order to provide in part for the $200,000 4K % road and bridge improvement
bonds, dated Feb. 15, 1924, which became due on Feb. 15, 1939." The
other $44,000 was taken from the sinking fund account.
The refunding
bonds were issued to M. M. Freeman & Co. of Philadelphia, in exchange
for maturing obligations, and then resold by the bankers to the County
Sinking Fund at par and accrued interest.
The new bonds mature Dec. 1
as follows:
$10,000 from 1939 to 1953 incl., and $6,000 in 1954.
Callable
at county's option at par and accrued interest on any interest payment date
on 30 days' published notice in newspapers published in the County and
City of Philadelphia.
NORTHAMPTON
to
and Finances, will
,
"
subjedt
25,000 Lockwood School
tary, will receive sealed bids until
school
issued
be
YORK, Pa.—BOND OFFERING—John L. Snyder,
BOYERTOWN SCHOOL
DISTRICT,
Pa.—BOND OFFERING—
Secretary of the Board of Education will receive sealed bids until 7:30 p. m.
on Feb. 27 for the purchase of $15,000 school bonds.
Denom. $1,000.
hereafter
will
Elliott & Munson of Philadelphia.
ship Treasurer, must accompany each proposal.
now or
1059
Chronicle
proposal.
TENNESSEE
(P. O. Shelbyville), Tenn.—BOND
sealed bids will be received until 1 p. m. on
BEDFORD COUNTY
It is states that
1940 ana
OFFERING
Feb. 20. by
County Court, for the purchase of a $45,BOO issue
Feb^ 1, a 939) Due Feb. 1 as follows: $5,000 m
1941 -$3,000 in 1942 and 1943, $2,000 in 1944 and 1945, $3,000
Eugene Hix, Clerk of the
of school bones.
Dated
1060
in
Financial
1946, $2,000 in 1947
Chronicle
to
1950, $3,000 in 1951, $2,000 In 1952, and $3,000
1953 to 1955.
Bidders to name the rate of Interest
payable Feb. and
Aug. 1.
The bonds shall be sold for not less than par and accrued interest.
The validity of the bonds is to be
passed upon and approved by attorneys
agreeable to the county and purchaser.
'*
following bonds have also been sold;
Moulton School District bonds to local investors.
Sweeney School District bonds locally.
Tyler School District building bonds to Garrett & Co. of Dallas.
Tyler School District building bonds to Citizens National Bank of
Tyler.
UTAH
OGDEN, Utah—BOND SALE DETAILS—In connection with the sale
of the $30,000 refunding bonds that was noted here on Feb. 11—-V.
148, p.
918—it is stated by the City Auditor that the bonds were
DECATURVILLE, Tenn.— BOND
SALE—The $4,000 gymnasium and
auditorium bonds offered for sale on Feb. 10—V.
148, p. 619—were pur¬
chased by the Decatur
County Bank of Decaturville, according to Mayor
Austin.
purchased by the
Security Trust Co., and Edward L. Burton & Co., both of Salt Lake City,
jointly, as 2Ms.
Denom. $1,000.
Dated Jan. 1, 1939.
Due $10,000 from
Jan. 1, 1951 to 1953.
KNOXVILLE, Tenn.—SINKING FUND
prices:
BOND PURCHASES—It is
Finance, that the Sinking Fund Board
following amounts and at the following
SOUTH SALT LAKE CITY (P. O. Salt Lake
City), Utah—BONDS
an issue of $175,000 Works
Progress Administration
project bonds approved by the voters last November, have been sold
to Edward L. Burton & Co. of Salt Lake
City, as 3s at a price of par.
Due in 1941 to 1956.
SOLD—It is stated that
$16,000 at 103.75, $30,000 at 102.20, $3,000 at $102.40, $6,000 at
102.50, $9,000 at 99.74, $10,000 at 103.00. $6,000 at 103.75,
$10,000 at
100.70, and $7,000 at 104.00.
sewer
RIDGETOP, Tenn.—BOND SALE—'The $5,000 issue of 5% Semi-ann.
public works bonds offered for sale on Feb. 15—V,
148, p. 619—was pur¬
chased by the Commerce Union Bank of
Nashville, according to Mayor
Rude. Dated Feb. 1, 1939.
Due from Feb. 1, 1940 to 1944; callable prior
to final maturity.
UNIVERSITY OF UTAH (P. O. Salt Lake
City), Utah—BONDS
SOLD—An issue of $100,000 field house bonds is said to have been sold
'
early in January.
,
VERMONT
WHARTON INDEPENDENT SCHOOL DISTRICT
(P. O. Wharton)
Texas—BOND OFFERING—It is reported that sealed bids will be received
until 7:30 p. m. on March 1,
by Floyd G. Betts, District Secretary, for the
purchase of a $10,000 issue of building bonds.
MONTPELIER,
Vt.—BOND SALE—The $288,000 coupon bonds of¬
148, p. 770—were awarded to Shields & Co. of New
York and Chace, Whiteside & Symonds,
Inc., Boston, in joint account, as
1 Ms, at a price of 101.156, a basis of about
1.63%.
Sale consisted of:
fered
incl.
Due $5,000 on Dec. 1 from 1943 to
1949 incl.
All of the bonds are dated Dec. 1, 1938.
They were re-offered to yield
from
1% to
following:
BRAZOS RIVER CONSERVATION
AND
RECLAMATION
DIS¬
TRICT (P. O. Temple), Texas—HIGH BID—It is stated that the
highest
bid received for the $1,000,000 issue of water
system bonds offered for sale
on Feb. 16—V.
148, p. 620-—was submitted by Phelps, Fenn & Co. of New
York, and associates.
The award is said to have been deferred until Feb.
20.
The best bid was an offer of par on the bonds divided as follows;
$323,000 maturing May 1, $47,000 in 1940, $55,000 in 1941 to 1944 and
$56,000 in 1945, as 2^s; $292,000 maturing $73,000
May 1, 1946 to 1949,
as 2 Ms, and $385,000
maturing May 1, $74,000 in 1950, $91,000 in 1951
and $55,000 in 1952 to 1955, as 3s.
>
COUNTY
(P.
O.
Cooper),
SOL^D-t-It
O. High¬
reported by
Gates, Director of Finance, that "the $39,000 refunding bonds
pur¬
py Frederick E. Nolting, Inc. of Richmond, as noted h re—V. 148,'
p. 918--were sold at par for 3s, payable M-S.
Denom. $1,000.
Dated
March 1, 1939.
Due on March 1 as follows:
$2,000 in 1940 and 1941;
$3,000, 1942 to 1951, and $5,000 in 1952; subject to call on any interest
payment date on and after March 1, 1949.
chased
WASHINGTON
DAYTON, Wash.—BOND SALE— The $60,000 issue of funding bonds
14—V. 148,
p. 770—was purchased jointly by Richards & Blum,
„
complete list of the bids submitted for the various
issues and for the total offering, but it is far too
lengthy to be given here.)
INDEPENDENT
SCHOOL
DISTRICT
Instruction
that
(P.
Feb.
Paine, Rice & Co., both of Spokane, and E. M. Adams & Co. of Portland,
paying a premium of $27, equal to 100.045, for the bonds divided as follows:
3Ms, maturing from March 1, 1941 to 1944, the remainder as 4s, maturing
O.
is stated by the County
Superintendent
$10,000 construction bonds approved by the
from March
FLOYDADA, Texas—BOND TENDERS ACCEPTED—In connection
with the call for tenders of
refunding bonds, dated March 1, 1935, it is
stated by S. E. Duncan, City Secretary, that he has
purchased two bonds at
a price of 94.50, and four bonds at a
price of 96.00.
HOUSTON, Texas—BOND OFFERING—It is stated by W. H. Maun-
sell, City Comptroller, that he will receive sealed bids until 11 a. m. on
Feb. 21, for the purchase of the
following issues of bonds aggregating
$242,000;
$10,000 2H% drainage bonds.
Dated June 1,1937.
Due on June 1,1939.
8,000 3% street opening and widening bonds.
Dated Jan. 15, 1938.
Due $2,000 on Jan. 15 from 1940 to 1943
incl.
6,000 2H% street opening and widening bonds.
Dated June 1, 1937.
Due on June 1, 1939.
15,000 3% parks bonds.
Dated Jan. 15, 1938.
Due $4,000 from Jan.
15, 1940 to 1943 incl.
5,000 2%% parks bonds.
Dated June 1, 1937.
Due on June 1, 1939.
75,000 4% street improvement bonds.
Dated June 15,
1936.
Due
$5,000 on June 15 from 1942 to 1956, incl.
15,000 2M% concrete base streets bonds.- Dated June 1, 1937.
Due on
June 1} 1939.
29,000 2H% concrete base streets bonds.
Dated Jan. 15; 1938.
Due
$17,000 on Jan. 15, 1940, and $12,000 on June 15, 1941.
10,000 3% Houston Avenue extension bonds.
Dated Jan.
15, 1938.
Due on Jan. 15, .1940.
60,000 3% flood control bonds.Dated Jan. 15, 1938.
Due $10,000,
Jan. 1,5, 1940 to 1945 inch
4,000 2K % swimming pool bonds.
Dated Jan.. 15, 1938.
Due $1,000,,
Jan. 15, 1940 to 1943 incl.
4,000 2% % swimming pool bonds.
Dated June 1, 1937.
Due $1,000,
June 1, 1939 to 1942 incl.
Denom. $1,000.
Bids must be for all or none.
File all bids with H. C.
Jacobs, City Secretary.
The city pays printing of bonds and attorney's
opinions, and has no provisions for registering principal or interest.
Bonds
issued under authority of City
Charter, Article 4, Section 1.
Enclose a
certified check for 1 % of the par value of the bonds
bid for, payable to O. F.
Holcombe, Mayor.
1, 194.5 to 1959.
It is stated by the City Clerk that the State was the next
highest bidder,
calling for bonds maturing over a 20-year period, with a 5-year option, as
4s.
voters last September, have been sold.
FOLLETT INDEPENDENT SCHOOL DISTRICT
(P. O. Follett),
Texas—BONDS SOLD—It- is reported that $25,000
4% semi-annual build¬
ing bonds have been purchased by the State Board of Education.
100.281
100.139
101.788
101.67
J. A.
a
HILL
100.649
HENRICO COUNTY SANITARY DISTRICT NO. 2 (P.
land Springs), Va .—BOND SALE DETAILS—It is now
is
EL PASO COUNTY
(P. O. El Paso), Texas—SINKING FUND
SECURITIES SOLD—It is stated by the County
Judge that the $446,000
constituting investments in the sinking funds of the county
road bonds, series 1923, and the county
refunding road bonds, series 1935-A,
offered for purchase on Feb. 13—V,
148, p. 470—were sold jointly to the
El Paso National Bank, and J. S. Curtiss &
Co., both of El Paso, paying
a price of 110.85.
FLORENCE
100.697
'.
These are 4% coupon
water softener and municipal bujlding bonds,
maturing serially.
Denom. $1,000.
Dated Oct. 1,1938.
Interest payable
Sept. 1.
The purchaser was W. B. Bowles Jr. & Co. of Roanoke.
worth of bonds
Dallas). Texas—BONDS SOLD—It
the
Rate Bid
VIRGINIA
by the County Judge that $32,500 of the $130,000 road bonds
approved by the voters at the election held on Dec. 10 have been sold.
Dated Jan. 1, 1939.
(We have received
Rate
BLACKSBURG, Va.—BONDS SOLD—It is stated by the Town Clerk
that $16,000 general obligation bonds were offered for sale on Feb.
14 and
were sold at a price of 106.81.
Texas—BONDS
Texas—BONDS
Int.
Southgate& Co
1M%
&
Webster and
Blodgett, Inc. and Harriman
Ripley & Co., Inc—
1
l%%
Phelps, Fenn & Co. and F. S. Moseley & Co_
--1M %
First Boston Corp
1% %
Halsey, Stuart & Co.. Inc. and First of Michigan Corp
2%
Kidder, Peabody & Co.
2%
approved by the voters
last September, have been purchased by the State Board of
Education. •
stated
were
4
COUNTY
DECATUR SCHOOL DISTRICT (P. O.
Decatur),
SOLD—It is reported that $50,000 building bonds
Among other bids
'
.
(P. O. Gainesville). Texas— WARRANTS SOLD
by the County Judge that $60,000 road improvement war¬
by the County Commissioners last October, have been
local banks at 3 %.
of Public
according to maturity.
Stone
approved
DELTA
1.80%
Bidder—
Burr & Co. and
—It is stated
sold to
16—V.
35,000 public improvement bonds.
BLANCO, Texas—BONDS SOLD—It is reported that $30,000 4%
semi-annual light and water bonds have been purchased at
par by the
Ranson-Davidson Co. of San Antonio.
Due in 20 years.
COOKE
Feb.
$198,000 school bonds.
Due Dec. 1 as follows: $15,000 from 1943 to 1955
incl. and $3,000 in 1956.
55,000 recreation field bonds.
Due $5,000 on Dec. 1 from 1943 to 1953
TEXAS
ANSON, Texas—BONDS SOLD—It is stated by the City Secretary that
$12,000 swimming pool, park and golf course bonds have been sold
recently.
rants
18, 1939
Fund.
The
$25,000
34,000
75,000
75,000
CUMBERLAND COUNTY (P. O.
Crossville), Tenn.—BOND SALE
DETAILS—It is now reported that the $100,000
funding bonds purchased
by C. H. Little & Co. of Jackson, as noted hefe—V. 148,
p. 918—were
sold as 4s, are dated Jan. 1,
1939, and mature on Jan. 1 as follows:
$4,000,
1942 to 1944; $5,000, 1945 to
1948; $6,000, 1949 to 1952; $7,000, 1953 to
1956, and $8,000 In 1957 and 1958.
stated by A. P. Frierson, Director of
has purchased refunding bonds in the
Feb.
3,000 Maud Independent School District to the State Permanent School
in
WEST
VIRGINIA
RAVENSWOOD, W.Va.—BONDS SOLD—We are informed by Mc
Gregor, Irvine & Co. of Wheeling, that they purchased recently a $30,000
issue of 4% waterworks revenue bonds,
Denom. $1,000.
Dated Jan. 15,
*
1939.
to Jan.
State
Due $1,000 semi-annually on Jan. and July 15, from
July 15, 1939
15, 1954 incl.
Prin. and int. (J-J 15) payable at the office of the
Treasurer
whole
or
in
Charleston,
W.
Va.
These
bonds
are
redeemable in"
in part on any interest date on
or after Jan.
15, 1946.
Bonds
principal.
Legality to be approved by Chajpman &
Cutler of Chicago, the Town Solicitor, and McCamic & Clarke of
Wheeling.
may be registered as to
*
„
.
.
,,
HOUSTON COUNTY (P. O. Crocket), Texas—BONDS
SOLD—It is
stated by the County Judge that an issue of
$120,000 4% semi-annual court
house and jail bonds were sold some time
ago.
MARSHALL, Texas—BONDS A WADDED—It is stated that the
$200,000 school bonds offered for sale on Feb. 7, the award of which was
deferred until Feb. 9, as noted here—V.
148, p. 918—were sold on that
date to Miller, Moore & Brown of
Dallas, on their bid of 101.114, a net
interest cost of about 3.10%, for $124,000 as
3s, and $76,000 as 3 Ms, matur¬
ing in all from Feb. 15, 1941 to 1969.
PORT ARTHUR, Texas—BONDS
DEFEATED—It is now reported
by the City Clerk that at the election held on Nov. 30, the voters turned
a
proposal calling for th8 issuance of $531,356 in various
WISCONSIN
BEAVER DAM, Wis.—BOND OFFERING—We
are informed by William
A. Gergen, City Clerk, that he will receive sealed buids until 7:30
p. m. on
Feb, 20, for the purchase of
an issue of $185,000
not to exceed 3% semi¬
relief bonds.
Dated Feb. 15, 1939.
Denom.
follows:
$6,000 in 1941, $4,000 in 1942, $14,000
in 1943 and 1944, $13,000 in 1945,
$10,000 in 1946, $13,000 in 1947, $23,000
in 1948, $25,000 in 1949, $27,000 in 1950 and
1951, and $9,000 in 1952.
Prin. and int. payable at the City Treasurer's office.
The bonds are
annual
coupon
$1,000.
emergency
Due Feb. 15,
as
offered for sale at not less than par and accrued interest.
The purchaser
bonds ready for the signatures of the proper officials free of
the city.
The city will furnish a legal opinion by a competent"
bond attorney on the issue.
Any expense incurred by the purchasers in
must furnish
expense to
ascertaining legality of the bonds is to be borne by the purchaser.
a certified check for
1%, payable to the City Treasurer.
JUNEAU
Enclose
COUNTY
(P. O. Mauston), Wis.—BOND OFFERING—
It is reported that Willard
Franke, (pounty Clerk, will offer for sale at public
auction on Feb. 24, at 2 p. m., an issue of $36,000
2% semi-annual court
house addition and jail bonds.
Dated Jan. 1, 1939.
Denom, $1,000.
Due Jan. 1, as follows:
$4,000 in 1940 to 1945, and $3,000 in 1946 to 1949.
No bid for less than par will be considered.
The bonds will be sold subject
to the approving opinion of
Chapman & Cutler, of Chicago, which will be
furnished free of charge to the successful bidder.
A certified check for 2%
of the par value of the bonds,
payable to the County Treasurer, is required
with bid.
MILLTOWN, Wis.—BOND SALE— The $14,000 issue of
3 X % semiplant, general obligation bonds offered for sale at auction
148, p. 918 was awarded to Bell & Farrell of Madison,
paying a price of 1C4.00, a basis of about 2.97%.
Dated March 1, 1939.
Due $1,000 from March 1, 1941 to 1954 incl.
ann.
on
sewerage
Feb. 15—V.
RIPON, Wis.—MATURITY—It is now stated by the City Clerk that
the $137,500 school bonds purchased by the First National Bank of
Ripon,
at a price of 101.12 for
2Ms, as noted on Jan. 7—V. 148, p. 156—are due
on June 1 as follows:
$3,500 in 1940; $3,000, 1941 and 1942; $7,000, 1943 to
1947; $8,000, 1948 to 1953, and $9,000 in 1954 to 1958, giving
a
about 2.14%.
basis of
down
purpose
bonds.
TEXAS, State of—LOCAL BOND ISSUES SOLD—It is reported that
the following issues of bonds have been sold:
$220,000
55,000
25,000
20,000
Nacogdoches School District construction bonds.
Rockport 5% semi-annual water system bonds.
San Augustine light bonds.
Rusk Independent School District construction
bonds
to
the
State Board of Education as 4s, at
par.
15,000 Pilot Point 4% semi-annual water works bonds to the PWA
at par.
15,000 Port Lavaca Independent School District bonds to
the State
Board of Education as
3Ms, at par.
WYOMING
SWEETWATER
COUNTY
SCHOOL
DISTRICT
NO.
6
(P.
O.
Granger), Wyo.—BOND OFFERING—It is
stated by Mary Bagley, Dis¬
trict Clerk, that she will receive sealed bids until March
2, for the purchase
of an $18,000 issue of school building bonds.
CANADA
ST.
JOSEPH De GRANTHAM, Que.—BOND SALE—An issue of
$50,000 4% schpol bonds was sold to L. G. Beaubien & Co. of Montreal.
Dated Sept. 1, 1938 and due serially on Sept. 1, from 1939 to
1963, incl.
-
@FedFRASER