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*us. ADM.
U*XARV
FEB 27 1939
finanrtal
THf
V
ommctria
COPYRIOHTEDIN 1939 BY WILLIAM B. DANA COMPANY, NEW YORK.
rorttrk
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK. UNDER THE ACT OF MARCH B, 1879.
NEW YORK, FEBRUARY 25, 1939
VOL. 148.
BROOKLYN
William
cor.
TRUST
BANK
COMPANY
Chartered 1866
THE CHASE
NATIONAL BANK
OF THE CITY OF NEW YORK
OF
.
George V. McLaughlin
The
President
BROOKLYN
NEW YORK
N E W
Deposit Insurance
Corporation
YORK
chase
ditionally
For
Member Federal
NO. 3844.
SprucaSU., N.Y.City
a
banks
of
New
and
and
York
reserve
it
years
has
number
large
a
tra-
bankers' bank.
many
served
is
bankers
as
correspondent
depository.
Member Federal Deposit Insurance
Corporation
FUNDAMENTAL
BANK
INVESTORS
AND
.
INSURANCE
INC.
Harriman
STOCKS
Ripley & Co.
Incorporated
Prospettut available from
local dealert
Underwriters of capital issues
and
dealers in
ment
The
U.
S.
Govern¬
Bonds, Municipal Bonds
and other investment securities.
FIRST BOSTON
CORPORATION
63 Wall
BOSTON
NEW YORK
Hallgarten & Co
chicago
NEW
and other
Chicago
Representatives in other leading Cities
san francisco
philadelphia
EstablUhed 1850
Street, New York
Philadelphia
Boston
principal cities
Formerly Brown Harriman & Co., Inc.
YORK
London
Chicago
City of
The
Philadelphia
Ne w York Tr u s t
BEAR, STEARNS & CO.
Commonwealth of
Pennsylvania
Company
ONE WALL STREET
Bonds
NEW YORK
Capital Funds
.
.
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
raj ® Kg
IOO
40TH
HOMER & CO., INC.
40
ST. & MADISON AVE.
FIFTH
Exchange Place, New York
BROADWAY
AVE. & 57TH
ST.
Service
to
Banks and
Dealers since
NEW YORK
i
888
HORNBLOWER
European Representative s Office:
8
CAR1M. Loeb, Rhoades & CO.
61
&
WEEKS
Established 1888
KING WILLIAM STREET
40 Wall Street
LONDON, E. C. 4
NEW YORK
BROADWAY
Members
NEW YORK
Chicago,
Philadelphia and
New York, Boston,
Cleveland,
Detroit Stock Exchanges
London
Paris
Amsterdam
Member of the Federal Deposit Insurance
I
Corporation
Feb.
Chronicle
Financial
II
25,
1939
Leading Out-of-Town
Bankers & Brokers
Investment
DETROIT
The Baltimore and Ohio Railroad Company
INVESTMENT HOLDINGS
Baltimore, Maryland
ANALYZED
February 20, 1939
To Holders of
Charles A. Parcells &,
Refunding and General Mortgage Bonds, Series D and F,
of The Baltimore and Ohio Railroad
Company:
Pursuant to the Plan for Modification of Interest
Co.
Members of Detroit Stock Exchange
Charges and
PENOBSCOT
BUILDING, DETROIT, MICH.
Maturities dated August
15,, 1938, there will be paid on March 1,
1939, 1/5 of the interest payable on that date on Refunding and
General Mortgage Bonds, Series D and Series F, being the fixed
interest payable under the Plan.
This amounts to H of 1 % of the
principal of the Bonds or $5.00 per $1,000 Bond.
HARTFORD
Specialists in Connecticut
Securities
Contingent interest on these Bonds for the period from Sep¬
tember 1, 1038 to December 31, 1938 is payable under the Plan
PUTNAM & CO.
May 1, 1939, if and to the extent that the earnings for that
on
Members New York Stock Exchange
The contingent interest
the principal of
the Bonds, and the earnings for the period were sufficient to provide
for such interest.
This amounts to $13.33 per $1,000 Bond.
period
sufficient for the purpose.
were
accrued
6
the Bonds for such period was 1 1-3 % of
on
For the convenience of the bondholders and to
save
CENTRAL ROW
Tel. 5-0151. A. T. T.
expense
HARTFORD
Teletype—Hartford 554
BIRMINGHAM
make payment of this amount, on March
that the total amount of fixed and contingent
the Company proposes to
1 instead of
May 1,
bonds,
of the
so
payable on" March 1 will be 1 5-6% of the principal amount
interest
or
$18.33
MARX & CO.
$1,000 Bond.
per
BIRMINGHAM, ALABAMA
In order to receive this payment,
holders should present
cou¬
of March 1, 1939, in the usual way (preferably through their
pons
Coupons should be accompanied by the usual owner¬
local banks).
SOUTHERN
letter of transmittal duly filled out and
Coupons will be stamped to show the amount paid thereon
ship certificates and by
signed.
a
MUNICIPAL
AND
CORPORATION BONDS
and returned to the bondholders, and should be reattached to the
appropriate bonds.
MILWAUKEE
:
Security holders who have not received copies of the Plan or who
desire additional information, will please address the Company or
WISCONSIN
Telephone Whitehall 3-9770
CORPORATION SECURITIES
25
.
Broadway
New York
Teletype—Milwaukee 92
City
THE BALTIMORE AND OHIO RAILROAD
EDGAR, RICKER&, CO.
COMPANY
207
by J. J. JENKINS, Treasurer
East
Michigan St.,
Milwaukee, Wis.,.
ST
LOUIS
The "EXPANDIT" BINDER
A
St/x
Practical and Serviceable Binder for Your
Co.
SAINT LOUIS
Magazines and Publications
The
Binder
"Expandit"
structed
that
it
»09 OLIVE ST.
.
will
is
always
so
con¬
open
flat,
Members St. Louis Stock
Exchange
whether It be filled to its capacity of sixinch
expansion,
issue.
only
or
whether
it
contains
one
Its
back
adjustable to
is
the size of
the number of Issues it contains,
eliminating
all
waste
space
greatly to its appearance.
exclusive
feature.
held in place
and
can
be
The
and
thereby
adding
This is
an
Cotton-
magazines are
by means of a wire holder,
inserted
takes to tell about
in less time that it
it. without
,
punchin *
Friendship—
holes, pulling strings, or mutilating copies
in
any
be inserted
"
1
way.
Successive
intervening
or
without
particular
insert
or
Advertising—
You handle only
that
copy
remove;
may
the necessity of dis¬
turbing other issues.
the
*
issues
desire
remain
others
the
to
in
you
A
large part of the cotton
business is done through per¬
their proper position.
Whether
the
to
an
issue
"Expandit"
Its
thickness.
that
featur
value
and
it
has
thick
be
Binder
It
all
of
that
sonal
thin
or
sort
adjustable
embodies
proved
avoids
is
friendship—the
necessary
every
to
objec¬
In sizes up to
Price
Plus
on
you
ever
stop to
think of the large part played
13x8 H inches
by consistent publicity in
developing the initial intro¬
duction?
Postage
larger sizes
An
application
advertisement
"Chronicle"
The "Expandit" Binder
business.
BUT-—did
$2.00 each
Prices for
Spruce St.,
every
practical
are
tionable.
25
same
of mutual faith which it
New York City
in
the
will
help you
form new friendships amog
the people
constituting L *e
"backbone"
Cotton
of
the
Industry.
World's
Volume
148
Financial
Chronicle
in
Dividends
CORPORATION
Convertible Preference Stock,
$4.25 Series of 1935, Dividend
A regular
quarterly dividend of $1.06)4 on the
Convertible Preference Stock, $4.25 Series of
1935,
of
COMMERCIAL
INVESTMENT
TRUST CORPORATION
payable
April
1,
has
been
of
the close
at
Common
76th ANNUAL
STATEMENT
Stock—Regular Dividend
A regular quarterly dividend of $1.00
per share
in cash has been declared on the Common Stock
of COMMERCIAL INVESTMENT TRUST
CORPORATION,
10, 1939.
DECEMBER
31,
1938
payable
stockholders of record
March
COX, President
1939,
to stockholders of
of business on March 10,
1939. The transfer books will not close. Checks
will be mailed.
record
Boston. Massachusetts
GUY W.
declared
at
April 1, 1939, to
the close of business
The transfer books will
not
close. Checks will be mailed.
INSURANCE IN FORCE totalled
JOHN I. SNYDER. Treasurer.
ADMITTED ASSETS
February 23, 1939.
were
LIABILITIES totalled
legal
and
$839,497,228.26, including the
of $761,541,356.00
reserve
dividends
to
$4,175,557,199.00
$920,507,589.11
on
policyholders
policies in force,
of $19,567,271.14
payable in 1939.
TOTAL
DIVIDEND
A
cash
share
been
outstanding
of
corporation,
payable
the
close
of
TOTAL PAYMENTS TO POLICYHOLDERS for the
equalled
1938
$308,277 for
—
$92,791,267
— an
business day. Such
every
organization
11,
plus
reserves
held
POLICYHOLDERS
maintained
and the
FOHS, Treasurer.
of
Houston, Texas.
—
of
since
total
now
.
DIVIDENDS
February
average
payments
$2,177,390,680.
as
25, 1939.
CORA B.
of
fund of
year
March
business
surplus
to
the
1939, to stockholders of record
of
and general
reserve
per
on
stock of this
common
amounted
contingency
$56,010,360.85.
$.15
declared
RESOURCES
including
$2 5,000,000.00
NOTICE
distribution
has
SURPLUS
$81,010,360.85,
Fohs Oil Company
on
TO
the
amount to
$1,163,482
same
be
over
scale
as
for
for
1937
paid is $19,567,271,
the
amount set
1939
and
an
are
1938;
increase
aside for last
year.
l 1
Dividends
Wilmington, Delaware: February 20, 1939
The Board of Directors has declared this
day a
of $1.50 a share on the
dividend
Debenture
share
on
Cumulative,
and
dividend
a
outstanding Common Stock, payable March 14,
1939, to stockholders of record at the close of
on
■
KENNECOTT COPPER CORPORATION
of
stockholders of record at the close of business on
April 10, 1939; also the first quarterly "interim"
dividend for the year 1939 of $1.25 a share on the
business
WAN TED
outstanding
$1.121/2 a
outstanding Preferred Stock-$4.50
both payable April 25, 1939, to
Stock
the
120
CHRONICLES
February 21, 1939.
Jan.
F. RASKOB, Secretary
The
Directors
from
the
dend
per
declared
have
Accumulated
plus of the
Company
Fifty Cents
of
share
CO.
Sur¬
dividend of forty cents
(40c.) per share on the common stock, payable
April 15, 1939 to all holders of record at the close
of business on March 20, 1939.
on
SANFORD
Stock
and
the
Preferred
Stock, payable
March 30, 19.39, to stockholders of record of
'
Philadelphia, February 17, 1939.
May
Two Rector
YORK
TRANSIT
26
POWER
A
&
STOCK
LIGHT
CO.
ary
March 24,
Jan.
March
10, 1939.
These amounts are one-half of the
quarterly dividend rates of $1.50 per share on the
Preferred Stock ($6) and $1.25 per share on the
$5 Preferred Stock.
D. W.
JACK,
Jan.
Preferred Stock and
25 cents
Stock
tive
have
a
share
been
a
dividend of
on
Common
declared,
pay¬
able March 31, 1939, to
respec¬
holders of record
February
28,
1939.
THE UNITED GAS IMPROVEMENT CO.
I. W.
MORRIS, Treasurer
January 24, 1939
»
Philadelphia, Pa.
9 1932
7 1933
R.
Jan.
FAST, Secretary.
6 1934
Jan.
J.
4 1936
INTERNATIONAL SALT COMPANY
15
A
Exchange Place,
quarterly
dividend
Jersey City, N. J.
of
THIRTY-SEVEN
and
ONE-HALF
CENTS
a
share
has
been
declared on the capital stock of this
Company,
payable April 1, 1939, to stockholders of record
at the close of business on March
15, 1939.
The
stock transfer books of the Company will not be
closed.
H.
J.
Treasurer.
The current
quarterly dividend
of $1.25 a share on $5 Dividend
3 1931
10 1931
Jan.
1939.
DIVIDENDS
holders of record at the close of business
19 1929
26 1929
Jan.
1939i
(15) Cents pet share has
been declared on the Capital Stock
($5.00 par
value) of this Company, payable April 15, 1939
dividend of 75 cents per share on the Pre¬
Stock ($6) and a dividend of 62 H cents
23, 1939 for payment April 1, 1939, to stock¬
12 1929
Oct.
COMPANY
Broadway
New York, February 16,
ferred
per share on the $5 Preferred Stock of American
Power & Light Company were declared on Febru¬
6 1929
Oct.
A dividend of Fifteen
Street, New York, N. Y.
PREFERRED
4 1929
Oct.
WHITE,
Secretary.
to stockholders of record at the close of
business
AMERICAN
6 1929
26 1929
Oct.
NEW
these classes of stock at the close of business
on March 9, 1939.
Checks will be mailed.
H. C. Allan, Secretary.
B.
7 1928
Jan.
pany declared a quarterly
divi¬
($.50)
both the Common
'8 1927
Jan.
The Directors of International Harvestor Com¬
a
9 1926
Jan.
KLUGESCHEID, Secretary.
61924
Jan.
Jan.
C.
R.
ELECTRIC STORAGE BATTERY
71922
Jan.
INTERNATIONAL HARVESTER COMPANY
THE
17 1920
Jan.
Copper
Corporation,
payable
on
March
31,
1939, to Stockholders of record at the close of
business on March 3, 1939.
February 27, 1939.
W.
Broadway, New York
A cash distribution of twenty-five (25c.) cents
per share has today been declared by Kennecott
.
ANACONDA
OSBORN, Secretary.
COPPER
MINING
CO.
25
New
Broadway,
York, N. Y., February 23, 1939.
DIVIDEND
NO.
shares of record at the close of business at 3 o'clock
P. M., on March 7, 1939.
B.
QUOTATION
January—1914
December—1916
January—1916
February—1916
January—1918
January—1919
January—1926
January—1931
January—1933
123
The Board of Directors of the Anaconda
Copper
Mining Company has declared a dividend of
Twenty-five Cents
(25c.)
per
share upon
its
Capital Stock of the par value of $50. per share,
payable March 23, 1939, to holders of such
D.
BANK &
HENNESSY, Secretary.
Will pay 25 cents per
copy
WM. B. DANA CO.
26
Spruce Street
NEW YORK
Feb.
Chronicle
Financial
IT
25,
1939
PENNSYLVANIA RAILROAD
THE
' ' '
'
1
SUMMARY
1938
FOR
•
'
'
'
•
■
•
'
•
'
*
'
•
j
REPORT
ANNUAL
OF
*
.
" "
■
• '
.
•
.
THE 92nd Annual presented the the stockholders at theCompany covering operatio11,
Report of Pennsylvania Railroad annual meeting on April ns
for 1938 will be
to
21.0%. Operating
expenses decreased $80,914,050 or 23.9% (due to falling off in business and decreased
outlays for maintenance of roadway, track and equipment). Net income was $11,046,100,
compared with $27,278,638.in 1937. Surplus was $3,010,781 equal to 0.46% (23 cents
per share) upon the outstanding Capital Stock (par $50) as compared with 2.9% ($1.45
per share) in 1937.
' »
1939. Total
operating
revenues were
less than 1937 by $95,549,267 or
as
OPERATING RESULTS
Comparison with 1937
'
1938
$360,384,241
257,047,243
Leaving Net Revenue from
Leaving Net Railway
Income
from
Rental
'
and
for
was.
...
of.
Other Charges
Appropriations to
A
Sources
amounted to.
....
15,668,029
D
1,333,047
D
17,001,076
D
768,538
Stock)
16,232,538
D
109,147
3,010,781
;.
D
8,035,319
of.
dividend of 1% ($0.50 per share) was
3,140,234
D
82,512,978
.
Sinking and Other Funds, etc
(Equal to 0.46% on Capital
2,107,422
L
Company's Debt
Leased Lines, Interest on the
Leaving Net Income
Surplus
Operating Income of
Investments and Other
Making Gross Income
.....
8,778,772
57,332,898
Rents were..
14,635,217
D
93,559,078
Equipment and Joint Facility
of
D
36,226,180
Railway Operations of
Taxes amounted to
$95,549,267
80,914,050
37,225,328
Total Operating Expenses were,
D
D
103,336,998
Total Operating Revenues were.
Hire
Increase or Decrease
D
16,123,391
11,046,100
■
paid December 20, 1938, and charged to
Profit
and Loss.
FINANCE
Total funded debt
was
maturity of $9,646,000 Equipment Trust
$1,100,000 Thirty-year 4% Bonds,
$1,349,500 Sunbury, Hazleton & Wilkes-Barre Railway Company First Mortgage 6% Bonds and redemptions made through operating of sinking funds.
On a 2.70% basis, $6,330,000 Fifteen-year 2%%
Equipment Trust Certificates were sold during the
year to pay for new equipment.
payment at
Obligations,
ELECTRIFICATION
,
Electrification program east of Harrisburg has
reduced $6,482,910, due to
,
been completed thus greatly improving and speeding
up east and west transportation of through passen-
and freight.- These electrified services have resuited in improvements and economies in operation
comparable with those realized from the electrified
operations inaugurated in 1935 between New York,
gers
Philadelphia, Baltimore and Washington,
Stockholders
can
obtain copies of the Annual Report from
Volume
148
Financial
NEW
Chronicle
senger rate
EQUIPMENT
round
At
approximating $8,456,000,1,000 gondola
cars, 8 special type freight cars, 2 new design pas¬
senger coaches and 20 electric passenger locomotives
were ordered. More than
1,000,000 man-hours, of
a cost
basis which will reduce the rate per mile for
trip tickets
the distance traveled increases.
as
For those
York
a
visiting both San Francisco and New
special flat round trip rate of $90 in coaches
and $135 in Pullman
cars
with
a
choice of
routes
will be available.
employment in the Company's shops besides further
employment in. outside industries will be required
to
complete this work.
IMPROVED SERVICE
The
revenues.
largest fleet of advance design passenger
trains in the East—between New
York, Philadelphia,-
Washington, and Chicago and St. Louis—was placed
in service
on
faster and
The Broadway
and
Chicago
more
convenient schedules.
Limited schedule between New York
was
reduced
to
16 hours and to 14}^
the fastest
hours between Philadelphia and Chicago,
established for this train between these cities.
ever
Other schedules
were
quickened and rearranged tq
provide the maximum of service and more convenient
times of arrival and departure for the public.
„
Fast
freight service operating on regular schedules
now furnish quick reliable service for carload and
less than carload traffic, thus affording shippers the
opportunity of'developing wider markets and mak¬
ing possible lower inventories, accelerated sales and
increased production.
v
PASSENGER AND FREIGHT
RATES
:
On March
on
certain
almost
Since 1921 the
a
tax
burden has shown
an
steady upward trend and has practically
doubled. Other forms of transportation pay much
lower
taxes
iq relation
because they do not
beds
over
which
to
they
their revenue,
primarily
the rights of way
own
operate.
or
road¬
The maintenance and
protection of tracks owned by the railroads together
with
all
dollar of
taxes
cost
the railroads
31,7
cents
per
in 1937.
revenue
In 1938 the railroad's taxes equalled the interest
paid on their debt, were about the same as their net
railway operating income and amounted to about
$367
per
employee.
NATIONAL RAILROAD POLICY
The management
has been
of this Company for many
years
endeavoring to aid in the development of
constructive
national
a
transportation
policy. On
September 20, 1938, the President of the United
States appointed a committee of railroad labor and
management to consider the transportation problem
and recommend
5% increase in freight rates
items and 10% on others was authorized
8, 1938,
TAXES
During 1938 American railroads paid in taxes
almost ten cents of every dollar of their
operating
legislation. On December 23, the
committee presented
hensive report,
to
including
the President
of all
a survey
a
compre¬
transporta¬
by the Interstate Commerce Commission. These in¬
tion
though helpftil, fell far short of meeting the
financial needs of the railway transportation industry.
petitive relationship between the various agencies
and the extent, of government subsidies to some of
creases
On
fares in Eastern
2% cents per mile in
experimental period of eighteen
July 25, 1938, basic
Territory
coaches
were
for
an
increased
passenger
to
com¬
them. The committee's basic recommendation
that
a
was
definite national transportation policy of
equalization be adopted which would provide a fair
favors for none, particularly
field for all and special
months.
Basic passenger
structed
agencies, with particular reference to the
on
a
fixed
fares generally have been
the distance traveled
by the
con¬
mile without regard
rate per
passenger.
with respect to
regulation, taxation and subsidies.
to
STOCKHOLDERS
The railroads
World'sFair in New York and the Golden Gate Inter¬
Capital stock of the Company at the end of the
year was owned by 214,532 holders, a decrease of
l',097 compared with December 31,1937. The average
national
number of shares owned
in Eastern
mission
The
Territory have filed tariffs with the Com¬
proposing, effective during the time of the
Exposition in San Francisco in 1939,
a pas¬
was
61.4.
cooperation extended by the security holders, the public and the employes in
getting people to travel and ship via The'Pennsyivania Railroad is appreciated.
M. W.
Clement, President
RAILROAD
SHIP
J. Taney
AND
TRAVEL
VIA
PENNSYLVANIA
Willcox. Secretary, Broad Street Station Building, Philadelphia,
Pa.
TV
financial
rontrle
onttMrtft1
No. 3844.
FEBRUARY 25, 1939
VoL 148
CONTENTS
Editorials
PAQB
...1061
The Financial Situation
1073
Successful Industry Requires Stable Government—
Monetary Management in Historical Perspective— ...1074
Comment and Review
Gross and Net Earnings of United States
the Calendar Year 1938..
Week
on
the European Stock
Railroads for
—1081
J
1065
1066
,.1070 & 1116
Exchanges.....
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
__1087
Course of the Bond Market.
Indications of Business Activity
Week
on
the New York Stock Exchange
—1087
1063
Week
on
the New York Curb Exchange
—1115
...
News
.1096
Current Events and Discussions
Bank and Trust Company Items
General
1114
;
1158
Corporation and Investment News...
.
1195
...
1196
Dry Goods Trade
State and Municipal Department
i1
Stocks and Bonds
Foreign Stock Exchange Quotations
.1123 & 1125
Bonds Called and Sinking
Fund Notices..
Dividends Declared
;
Auction Sales
New York Stock
New York Stock
New York Curb
New York Curb
-
...
1118
.
1118
...
1118
...
Exchange—Stock Quotations.
1126
Exchange—Bond Quotations.. 1126 & 1136
Exchange—Stock Quotations...
.1142
Exchange—Bond Quotations—...
and Bond Quotations
Other Exchanges—Stock
Canadian Markets—Stock and Bond Quotations
1146
.1148
1152
Over-the-Counter Securities—Stock & Bond Quotations. 1155
Reports
Foreign Bank Statements
.1069
...
Course of Bank Clearings.
.1116
'
Federal Reserve Bank Statements
General Corporation and Investment
*.1096 & 1123
News
1158
Commodities
The Commercial Markets and the Crops
*
1186
Cotton
1188
Bread 8 tuffs.
1193
Published Every Saturday Morning by the William
B. Dana Company, 25 Spruce Street, New York City.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert. President and Treasurer; William D. Biggs, Business
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3,1879. Subscriptions In
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Transient display advertising matter, 45 cents
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Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
The Financial Situation
the
FOR SOME time past machinery toothe Admin¬
well coor¬
dinated propaganda the none of
istration has been
has
in
appeasement
business.
been
regards the
as
Of
course,
no
termed
policy
a
be
to
of
various
the host of official
makers in
Federal
the
doubt
the
cast
trator,
now
attitude
of
ported
and
ministration
utility
supposedly in the
national defense
and
ness,
recent
more
re¬
Ad¬
certain
name
Tennessee
of
late
dent
again said in effect
that
the
-are
of the
Administration
not to
be.
pressed
vigor,
At the
he
not
additional
far
so
for
taxes,
he is
as
latter the
on
vestor to furnish the funds
for
enterprise which is not
likely to produce full re¬
with those who have
turns until" a considerable
period of time has elapsed,
is
permitted
To this
That he
Thursday
—and
is to
do so, and
be counted a gain.
actually does
must
one
as
suppose
that it is this kind of
fidence that is
now
con¬
wanted
by the President and his
followers.
Certainly it is
the kind that
they ought to
want.
Real Confidence
given effect would induce a
use" attitude in the business
can
as con¬
it has been for years past
p.
to say, rob the business man
incentive, or rob him of so much of it that
industry and trade would lose its vigor. Such
objections have, one after another, been
waved aside, however, and the New Deal
plans with their restrictive, costly and even
punitive features have been pushed forward
with determination.
Evidently the Secretary
of the Treasury is now able to disceirn the
chickens as they come home to roost.
or
apparently about
spicuous by its absence
world—that is
Secretary Of the
Treasury
time
The
which per¬
distant future and the in¬
to understand what makes the
round (both literally and figur¬
the
of
or
boldly for the
lay plans
longer such.
to
insurance
suades the entrepreneur to
Lacking
That confidence of this
,
.
this
variety
is
moment
of
at least
to have his way.
no
time
that
new
go
"what's
time
fear
that various types
confidence
they have been repeatedly*
warned by men of judgment and experience
that the programs being projected and from
the
same
business
assured
need
it
phe¬
From the first
further, with"
least
at
present.
same
termed "the normal business risks" but which
yard-
stock utility policies,
were
troubled by this
could feel certain that they
atively) in industry and trade.
They have
seemd to suppose that they could impose
conditions which enormously enhance the
risks of doing business, outrageously enlarge
the difficulty of making profit, and take
away in taxes an unconscionable portion of
any profits that are made—and still find the
industrialist, the distributor, the financier,
the investor, and the purveyor of services
eager to
assume
what are euphemistically
Presi¬
so-called
we
One of the troubles
wheels
sailing
the
If
not far away.
appeared
sold to the
week
last
are now
been in positions of authority in Washington
for the past six years is that they have never
prepared-
before
ances
early
assur¬
guarantees bring.
'
Valley Author¬
Just
ity.
and
immediate
future, and in the
Government
was
agreement
were
greater faith in the
consumption goods in
the
and that at long length they also have
to some real understanding of, what
causes
such an attitude to develop in the
business community, and what is causing it
now, we should feel quite confident that the
beginning of f undamentally better conditions
under which certain utility
properties
of
'what's the use'
come
much of the
as
a
cate
on
nomenon.
executives "
company
to indi¬
seems
markets for various kinds
are,
the
between
inspire.
At most it
himself,
ago
understanding
an
tion is now eager to
Thursday,
on
It is most earnestly to be hoped that other
advisers of the president, and the President
was
months
some
interview
call normal business risks."
constructive friend of busi¬
deal
an
•
Secretary of
great
of
Use" Attitude
going ahead.
I feel this 'what's
the use' attitude is holding back business
men from
expansion and taking what I would
Commerce, in the role of,
A
course
presumably the
Washington Administra¬
of them—have what I call
former
Progress Adminis¬
made
inspired t)y it is hardly the kind of confidence
Secretary of the Treasury said to repre¬
sentatives of the precs.
"For myself, the thing-that bothers me is
that business men—and I see a good many
and
Works
ness.
event the confidence which inspired it or has
any
been
the
under
obviously
to
on
been,
has
still,
way
the inti¬
The "What's the
In the
continuance
so-called
which
can
active,
more
a
further development of this activity.
a
the
confident of
speech
A determined
point.
campaign
is
perhaps
more
and about the
leave
in the next few months.
appeasement program had
anything to do with this enlargement of activity
is, to say the least, debatable, however, and in
none
"spokesmen," and of most of
Government
scarcely
further increase in activity
words, business has become
Whether
or
expected, but the general tone of most
of the recent official pronouncements, of
mations
and
be and
that
powers
a
appearance
and doubtless is
of
official announcement
admission to this. effect has been made, and
was
In other
directing its efforts toward what
quarters
some
general belief that
will make its
strong or general
is
easily to be.
the record of
flotations.
tion of
at
not
seen
Our
.
from
capital
new
compila¬
flotations dur¬
new
ing themonth of December
so,
last showed something over
added the statement that
$47,000,(J00 in "new
"I
money"
sincerely hope that
Congress will take
and
if
see
there
and
business
commitments.
a
careful look at the tax laws
are
deterrents holding back
any
business
men
from
making further
I think the business
man
ought to
feel that the Administration wants him to go
ahead
and take normal business risks and make money."
Yet air this
which
in
is
to
be
failing of its objective,
presumably that of instilling confidence
the business community.
that
a
rather
business
of
seems
It is true, of course,
extraordinary increase in the rate of
activity occurred during the last few months
1938, and that, while
noted during the past few
some
recession has been
weeks, it
appears
to be
by
the
sale
of
with a little
over $50/000,000 during December, 1937, somewhat
more
than $218,000,000 during the corresponding
month of 1936, less than $67,000,000 in 1935, and
corporate securities.
less
than
This
$35,000,000
in
compares
November
The
1934,
figures for the same years were, respectively, $43,000,000,
and
$36,000,000,
$8,000,000.
$109,000,000,
Last month, after
$33,000,000,
considerable
a
period of effort to induce confidence, "new money"
raised
by
corporations
$5,500,000.
In
$46,000,000,
in
January
amounted
last
year
to
it
less
than
was
over
1937 nearly $97,000,000, in 1936
nearly $73,000,000, and in 1935
a
little
more
than
Feb.
Chronicle
Financial
1062
25,
1939
substantial volume
vain hope that business borrowing would be stim-
financing in immediate pros-
ulated, the Administration has taken various steps
pect, as analysis of registrations under the Securities
from time to time that have resulted in a veritable
$5,000,000.
of
this
Act
Nor is there
type of
of
1933
new
readily
any
If much
discloses.
scheduled for the next month
of it is
flood of lendable funds.
two, the financial
or
community has not heard of it.
artificial watering of the money supply and the
This failure is due doubtless in
tencies
in
the
pro-
raising of enormous amounts of money on the taxpayers' promise to repay—have created a situation
Europe.
is
and spending is made necessary by the fact that
actions, and actually is
business is not borrowing and spending, but the
While "official spokesmen"
filing them in court.
doing what they
soft
fact is that business is not borrowing and spending,
to calm the fears and to
in part at least, because the Government is doing so
can
much of it.
feelings of the business community with
,
words, the Secretary of the Interior is hurling
epithets.
It is, of course, often as-
sorted that this large volume of public borrowing
to business, his Department of Justice
up
soothe the
apparently being sought.
Secretary of Commerce is
new
threatening anti-trust
are
highly destructive of the type of confidence ,now
about, and
worry
vaguely about possible explosions in
While his
snuggling
by
appeasement
one
community that it has nothing to
the next talks
extensive use made of it by Government for the
part to inconsis-
day tells the business
of
program
The President
paganda.
Idle money has come to
But the very processes—the
be taken for granted.
Lack
doubt, in part
worries about
of
likewise,
is
response
Taxes and Deficits
This brings
without
result of conditions abroad, but
a
Europe
are not
lessened by the
seems
It
is,, furthermore, in part
to that question of taxes which
and Secretary of the Treasury.
con-
There can be no
doubt that our present system of taxation is need-
stantly reiterated and imprudent utterances of the
President himself.
us
to bulk large in the minds of the President
lessly painful.
an
This is particularly true of such
outgrowth of the fact that the public is endowed
imposts as those on undisturbed profits and pay-
with
rolls.
better memory
a
forgotten that on
It would be a great help if our whole tax
than the politicians
are usu-
Business
have not
system could be overhauled with the purpose of
occasion in the
rendering imposts less directly injurious to busi-
ally willing to concede it.
than
more
past the President has had
a
one
men
good deal to say about
The business man is not likely, however, to
ness.
"breathing spells" and the like, only to forget them
lose sight of the fact that any system of taxes which
within
produces the revenues now collected would be bur-
do
is
a
when it
of
inch
taken.
expedient to
densoine in the extreme.
they overlooked the fact that there
the
On
the
lost sight of it.
demanding
continuation of practically
a
tion
must
whether
therefore
tale
the
words
much
many
minds
meaning
even
soft.
are
But the real
ministration
in
arise
has
.
trouble,
nowhere
we
has
tail expenditures.
every pro-
The
What, Congress did, regarding
ques-
Works Progress Administration funds for the re-
to
mainder of this fiscal year, is hardly a drop in the
as
bucket—and it remains to be seen whether the* at-
though
titude taken
*
h
suspect, is that the Adindication of
given
There
is nowhere in evidence any determined effort to cur-
stubbornly belligerent in
that has heretofore been initiated.
gram
the ever present danger of drastic inflation.
contrary, the disposition has been
be
At least, he has not yet
But to reduce tax revenues at this
time, or even fail to increase them, is but to add to
positions that the President has
repeatedly shown to
the
seemed
disposition in Administration circles to yield
no
an
time
short
Nor have
so.
an
,
on
that occasion is not to be an excep-
tion to the general rule. At least, the Administration is definitely on record as opposed to any re-
understanding of what is really needed to induce
duction in expenditures, and similarly-minded ad--
confidence
ministrations in the States and municipalities are
likewise more than ordinarily loath to reduce out-
desired.
of
We
have
required, and presumably
already referred to the dearth
corporations.
by
situation
of this
certain other
usual
sort
financing
new
causes
the
of
is found
One
of
the
types of new financing.
refunding offering of bills, there
present, but it is fully as deficit-minded.. The Presi-
Save for the
dent is not likely to induce great confidence in the
was no new-
large Treasury offering during the month of Janubut the sale of United States savings bonds—
ary,
all
"new
the
money"—totaled nearly $146,000,000.
In
preceding month, the Treasury borrowed more
than
$780,000,000
over
The business community is tax-minded at
lays.
of
in the wealth
and above refundings.
total for the
year—most of it during the last
amounted to
nearly $2,600,000,000.
Government
agencies
The
half—■'
Farm loan and
longer term future in the minds of business men so
long
as
$4,000,0(H),000 deficits are the rule, and so
long as lesser governmental units are disposed to
follow in the footsteps of the national Government
in spending and borrowing.
It
may
be that a certain type of stimulation to
industry, particularly in the consumer branches,
is imparted by such policies as these.
Confidence
$118,000,000
that the demand for certain types of goods will be
during January, $55,000,000 during the month
greater for what is popularly known as the near
before, and nearly $481,000,000 during 1938. States,
governmental units raised
term or the itermediate term, may be increased in
this way.
Every one who has cut his eye teeth
net
cities
and
other
borrowed
local
over
$76,000,000 in January, more than> $116,000,000
knows full well, however, that spending and bor-
during the month before, and nearly $962,000,000
rowing cannot continue forever, and no one is ever
during 1938, all exclusive of funds obtained from
quite free of uneasiness as to when it may have to
over
any agency
Under
no
of the Federal Government.
existing circumstances there is, of course,
question
funds.
large
of
serious
competition
for existing
Indeed, in order to make certain that this
public
without
borrowing
serious
program
difficulty, and
could
continue
apparently in the
be discontinued and what the results may be when
it is discontinued.
Moreover, it is obvious that
funds spent to relieve the needy and the allegedly
needy,
many
to
construct
extravagant
school
houses,
other edifices, and parks, to pay farmers not
to produce goods, or to support an army of gov-
Volume
eminent
endless
ness
Financial
148
employees to whom is entrusted tasks of
supervision, restriction and control of busi-
enterprise, creates little
additional ca-
no
or
pactity to produce in the future. Meanwhile, debt is
increasing rapidly, not to
serviced at
to all
this,
or as a
enormously, to be
say
Whether incidental
future date.
some
separate but kindred policy, the
monetary and credit mechanism of the country, al-
ready in
condition much to be deplored, is grow-
a
steadily
ing
this sort is
free
more
inspired to
or
uncomfortable.
A situation of
hardly one in which business men feel
what would otherwise be
assume
normal business risks.
There are,
of
course, a
and situations which
tend to
number of other conditions
also, in
important degree,
an
destroy the sort of confidence that is now
Relations Act, the
The National Labor
sought.
and hours law, the strait jacket which has
wages
strapped about the body of the securities mar-
been
kets, the Federal Communications Commission, and
more—all these are veritable thorns in the
many
flesh of
industry and trade.
taxation
with
do
utilities
or
with
None of these have to
the
so-called
yardstick
Nor does the mere fact that the
policies.
large utility systems have felt themselves obliged
to
yield to laws which they have not been able to
persuade
•
they like, these statutes or the regula-
tions under
Yet
mean.
them,
sidered
none
that they feel free of uneasi-
the
of
program
(if it exists)
appeasement.
the part of the Adbusiness men make money, is
on
ministration
that
not
Much more, indeed, is needed.
enough.
ness
may
of these matters appears to be conin
all
at
desire
Mere
or
uncertainty as to what compliance
or
ness
unconstitutional,
courts to declare
the
that
mean
Busi-
permitted those conditions and those
must be
prospects which lead it honestly and firmly to
,i.« th. Sa„e
suaded to
to
down $20,000,000 to $640,000,000.
The Treasury reimbursed itself for most of the gold
acquisitions of the weekly period by depositing
$43,501,000 gold certificates with the 12 Federal
Reserve Banks, raising the holdings of those institutions to $12,049,719,000. The regional banks also
found their "other cash" higher, and total reserves of
the 12 banks moved up $51,929,000 to $12,505,853,000. Federal Reserve notes in actual circulation
moved $5,374,000 lower to $4,344,462,000. Total
deposits with the 12 regional institutions advanced
$58,793,000 to $10,516,217,000, with the account
variations consisting of a gain of member bank reserve
balances by $133,357,000 to $8,840,548,000; a decline
of the Treasury general account balance by $69,626,000 to $1,180,791,000; a drop of foreign bank
balances by $40,366,000 to $225,974,000, and an increase of other deposits by $35,428,000 to $268,904,000. The reserve ratio moved up to 84.2% from
84.1%. Discounts by the regional banks fell $642,000
to $4,417,000. Industrial advances dropped $15,000
to $14,647,000, but commitments to make such advances
increased $27,000 to $12,907,000.
business
men
their energies, and their
wholeheartedly to the launching of new
the - expansion of existing enter-
prises unless they are able to feel fairly certain of
and a feeling of assurance of success is de-
pendent upon
many
into discussion in
factors which do^not enter
Administration circles.
■
Federal
A LTHOUGH
/\
on
price changes were small
.
remained at
improve in the later sessions.
The dulness was pro-
n0Unced at all times, with the holiday interruption on
Wednesday* aggravating this unfortunate aspect
a
process
that
was
interrupted recently by
United States Treasury financing Through
indirect
the flotation of U. S. Housing
Authority and Recon-
struction Finance Corporation notes.
The swollen
general account of the Treasury with the 12 Federal
Reserve banks diminished somewhat in the abbreviated weekly
period to Feb. 21, and this, together
with monetary
gold imports of $46,000,000, added to
reserve
balances.
The excess re-
member
serves
bank
over
legal requirements
were
estimated at
$3,300,000,000 as of Feb. 21, an increase of $130,-
currency
Holiday and
increased
in circulation by $13,000,000, which re-
strained
the
000,000 over the figure for Feb.
other
15.
requirements for hand-to-hand money
additions
to
bank
reserves.
Other
nominal.
only a six-day
that modest level in
and did not greatly exceed
the other two.
this week cover
Both traders and
and the lack of
1 to 3 points in
market leaders, even though there was hardly any
selling pressure. After uncertain and meaningless
variations Tuesday and Thursday, improvement
finally took place during slightly more active dealings
The final upswing represented the most
placed
a number of prominent stocks at levels 1 to 3 points
higher than those prevalent a week earlier. Steel
stocks especially were favored, in the belief that
modest gains in this key industry may take place
soon.
Other industrial securities showed smaller net
advance^, with airplane manufacturing stocks in
demand. Railroad and utility stocks developed sufficient strength to place them at fractionally improved
yesterday.
sharply defined movement of the week and it
figures.
Continued concern about the foreign situation was
changes affecting the reserve position were
The banking statistics
of
Equity turnover on the New
Exchange was less than 500,000 shares
the financial markets.
OFFICIAL banking statistics this week bank re- ' investorsinterest aloof last Monday,
were ,caused declines of
resumption of the upbuilding of idle reflect a
buying
serves,
this week
and trading
diminutive levels, sentiment tended to
the New York Stock Market,
York Stock
•
\
.
The New York Stock Market
vin two of the full sessions,
Reserve Bank Statement
Open
ur5c^ianSe(i f-t
be-
It is too much—a great deal
their .savings,
enterprises and
success,
likewise will tend to interrupt the process. Meanwhile, it appears that a modest demand for accommodation is manifesting itself, probably on the basis
of seasonal influences. Business loans of the New
York City reporting member banks increased a
further $3,000,000 to $1,361,000,000, in the statement week. Brokers loans on security collateral were
be per-.
I, wlb ,b. candle i, it i,
than will be obtained—to expect
devote
abilities
period, for the holiday on Wednesday made necessary
figures as of Tuesday evening. It would appear that
the current tendency toward expansion of credit resources will continue for some time, unless interrupted
by fresh drafts on the capital market for Treasury
account.
The March income-tax payment period
proceed as Administration spokesmen say
they want it to do.
more
1063
Chronicle
a
prominent factor at all times*, and promises to re-
Financial Chronicle
1064
main
industry will not be burdened with new or
indefinitely.
important consideration almost
an
he intimated
the Caribbean that the
holdings
tained
of this comment wore off the
effects
As the
statement
with
Morgenthau made the encouraging
Thursday that business is not to be
Treasury
on
The heaviest losses were sus¬
Monday.
on
by those stocks that responded so well in
three
to
Secretary of
cially with regard to domestic affairs.
by the
Saturday last over new developments
on
previous session; declines ranged from fractions
the
financial markets reflected improved sentiment, espe¬
the
higher
traders
Europe brought on sizable liquidation of equity
in
March 4, the date originally
set.
among
day proposition, and the solicitude shown
President
foreign situation might neces¬
sitate his return before
chord
The fortunes of the market remain a day-to-
values.
holiday cruise in
his departure for a
on
responsive
a
materially in the upward trend of stock
and aided
unless aug¬
mented for special reasons.
President Roosevelt
supplied such a reason over the last week-end, when
longer have their former effect,
no
struck
taxes
developments in Europe and
Rumors of unfortunate
Asia
Feb. 25, 1939
suit
Political developments at home
points.
respect to industry such as the Government
agaist certain tire manufacturers for alleged
subjected to fresh taxes, and the impression spread that
further conciliating comments and possibly even some
violations of the anti-trust laws and Senator
hopeful actions will be emanating from Administra¬
tion circles.
If it should actually develop that Mr.
proved
not
stimulation
Secretary of the Treasury on the general attitude
of American business men and his reiteration of the
the
issues market
new
dull
re¬
were
There
absorbed readily.
was
much
✓
informal discussion of the need for modifications in
the securities
of
no
legislation, which is
a
firm.
were
Stock
York
New
f
Exchange
high levels for the
new
new
On
levels.
low
73 stocks touched
year
the
97
York
On
new
Stock
Electric
while 84 stocks
New
York Curb
Call loans
low levels.
Exchange
New York Stock
half-day session
shares;
remained
on
on
Monday they
on
were
birthday and
a
holiday;
were
the
693,340 shares;
on
was
Thursday, 455,320
Friday, 967,390 shares.
On the New
Exchange the sales last Saturday
154,170 shares;
on
Monday, 155,315 shares;
day, 96,585 shares;
on
on
Washing¬
on
were
Tues¬
on
Thursday, 141,995 shares, and
The stock market
on
Saturday last had much to
optimistic about, and
active and
terest
in
worthy
and
on
as a consequence
issues
was
particularly
very
dent Roosevelt's
33% against 32%; Columbia Gas & Elec.
8% against 8; Public Service of N. J. at 36%
against 35%; J. I. Case Threshing Machine at 86
against 88; International Harvester at 60% against
58%; Sears, Roebuck & Co. at 73% against 72% ;
Co.
against
52
50%;
Montgomery
,
Ward
Wool worth at
48% against 48%, and American Tel.
&
Tel.
closed
last
at
157%
&
at
against 157%.
Western
yesterday at 21% against 21%
on
Union
Friday of
week; Allied Chemical & Dye at 172% against
174 ;
E. I. du Pont de Nemours at 148% ex-div.
against 150; National Cash Register at 22% against
Dairy
National
23%;
Products
at
14%
against
own
needs.
The
helpful to the steel shares,
Sulphur at 31 against 30%; Continental Can
38%
against
39%;
Eastman
Kodak
at
171
against 174%; Standard Brands at 7 against 6%;
trend
Presi:
pronouncement that business and
•1
at
Westinghouse Elec. & Mfg. at 111% against 111%;
the increase, and
on
Gulf
In¬
presently to be placed by the United
production continued
proved
General
yesterday at 41% against 40% on
note¬
the strength of European commitments
States Government for its
thus
trading
prices closed the day higher.
aviation
orders
of steel
points
bas been usual of late,4
As
14%; National Biscuit at 25% against 25%; Texas
Friday, 161,840 shares.
was
at
409,110
York Curb
be
lifted
Friday of last week; Consolidated Edison Po. of
unchanged
shares, and
on
levels.
closed
N. Y. at
Exchange the sales at
Saturday last
Tuesday, 465,580 shares;, Wednesday
ton's
were
modest turnover of sales,
ably with those on Friday of last week.
*
the
Yesterday prices
a
Final prices yesterday compared favor¬
provement.
4
stocks
1%.
the
on
aviation, steel and kindred stocks were in best de¬
,
New
former
above
Exchange 114 stocks touched new high levels and
at
higher ground
mand, with other groups showing more modest im¬
the
touched
Of the securities to show
against sterling, for
pressure
•
touched
under the steadying influence
come
trading.
advanced to the best level of this year.
long sustained
French francs also
On
active
with well-known issues one to two or more
great consequence, but the undertone was firm.
of the
more
to
Foreign exchange dealings begin to reflect a release
that unit
of
outstanding examples.
small and
were
subsequently
improvement, steel, aviation and copper stocks were
hopeful indication.
commodity markets changes
session, but gave ground after the second hour
to
inactive, but the few small offerings of high
grade bonds
Opening
imposition of new or increased taxes.
prices reflected the best levels of the day in a rather
prompted by the sharp gains recorded in these
The
business need not fear
President's statement that
did most other speculative groups.
on profit-taking, which
as
instruments last week.
In the
The market received further
Thursday from the comments of the
on
Secondary railroad liens hovered around
figures,
mained
Trading was suspended on Wednes¬
Washington's birth.
demand, and fresh high records
Local traction bonds reacted
was
high side but soon relinquished their
lacking, especially in United States Treasury
obligations.
former
gains and finished the day at irregularly
day to celebrate the 207th anniversary of George
changes of im¬
Best rated investment
noted.
portance are to be
media remained in
were
the
lower levels.
few
market
a*virtual
equities inclined slightly
modest
Administration proved most
bond
listed
the
Much
toward
depressing.
In
market operations came to
as
At the opening
standstill.
More than words are necessary,
however, for the string of lecent appointments to
key positions in the
stumbling block to higher prices.
a
previous day's news was largely discounted,
day's session
high importance.
Nye's
Powers
negative price changes were reflected in Tues¬
and
this circumstance will prove of
interests,
sales to foreign
aircraft
restricting
of the
modifying his hostility toward
Roosevelt belatedly is
business
bill
Lorillard at 24
against 23%; Canada Diy at 18%
against 18; Schenley Distillers at 15% against 15%,
and National Distillers at
The
steel
stocks
show
United States Steel closed
59%
on
27% against 26%.
further
gains this week.
yesterday at 62% against
Friday of last week; Inland Steel at 90
Volume
Financial
148
1065
Chronicle
against 91; Betlileliem Steel at 721/4 against 69%,
at 2.65c.
and
last week.
Youngstown Sheet & Tube at 48% against 46.
In the motor
group,
at
Auburn Auto closed yesterday
3% bid against 3%
General
Motors
49
at
78% against 76%
against 48%;
Hupp Motors at 1% against 1%.
Rubber
closed
at
CCTLE activity was reported European financial
this week on stock
exchanges in the leading
centers, and price changes also
In the rubber
instances.
at
closed
from the declaration that the costs will be met
The railroad shares
borrowing.
week
a
canceled
Atchison
Topeka
&
Santa
Fe
17% against 16%; Southern Railway at
American
and
on
In
industrial
of
cQntinuance
previous
reflect
merely
business levels,
but
Although
a
month ago,
of
duction
Feb.
and 30.4% at this time last year.
electric
energy
for
the
at
week
of
cars
44,205
As
580,071
the
cars over
cars,
which is
an
attention.
increase
in
on
The spot price for rubber
yesterday was 16.42c. as against 16.15c. the close
on
Friday of last week.
Domestic copper closed
price of bar silver yesterday was
20% pence per ounce as against 20% pence per
the close
on
close
In
on
transfers
matter
on
London closed yesterday at
against $4.68 13/16 the
cable
$4.69%
as
close on Friday of last
week, and cable transfers on Paris
gilt-edged
issues
closed yesterday
Fresh attention was paid the
In a more active
gilt-edged issues were main¬
tained, while industrial stocks and international
issues
improved.
Business
the
on
initial
the Paris Bourse was at low
levels
trading session of the week,
for a
good deal of apprehension existed regarding Spain
and the demands of Italy for French territorial
the
foreign exchanges,
Thursday,
yesterday,
market,
closed yesterday at 42%c., the
the
on
mining and commodity groups.
French
of
stocks further,
«Anglo-American favorites were
international issues.
concessions.
Friday of last week.
the
start
Friday of last week, and spot
silver in New York
gilt-edged
finally recovered slightly at London.
British in¬
dustrial securities remained in favor, along with
in
week.
ounce
the
Some buying interest again appeared
industrial issues and in rubber shares, but min¬
uncertain
yesterday at ll%c., the close on Friday of last
In London the
more
£800,-
'
here in New York
yesterday at 8.90c, as against 8.94c. the close
Friday of last week.
attracted
announcement that
good despite the closing of the New York market
in observance of Washington's birthday.
After an
yesterday at 28%c. as against 28%c. the close on
closed
formal
ing stocks receded.
May oats at Chicago closed
,t
The
depressed
rowing,
May corn at Chicago closed
price for cotton
fair
Wednesday.
yesterday at 49%c. as against 48%c. the close on
spot
in
OOOJOOO of rearmament costs would be met by bor¬
yesterday at 69%e. as against 67%c. the close on
The
The international group,
well.
did
kets, the May option for wheat in Chicago closed
.
Industrial securities were
lower.
demand, however, and the commodity issues also
the similar week of last year.
Friday of last week.
taxation, and the gilt-edged division again
new
drifted
indicating the course of the commodity mar¬
Friday of last week.
in
The market received hints on Tuesday that
by loans rather
than
preceding weekly period, and
Friday of last week.
other mining shares were
armaments increases would be met
reported by the Association of Amer¬
over
and
while international issues suffered from
neglect.
ended
2,059,165,000 kilowatt hours at this time in
1938.
Car loadings of revenue freight for the week
of 153
Gold
demand,
and
ican Railroads at
account was opened in the Lon¬
Monday, dealings remained small,
on
Gilt-edged issues showed small losses, but
tended to improve by small
fractions.
Pro¬
2,268,387,000 kilowatt hours in the previous week
to Feb. 18 are
unsatisfactory
most industrial stocks
2,248,767,000 kilowatt hours against
was
decidedly adverse factor.
general air of dubiety regarding the budgetary
position.
18, which contained the Lincoln's birthday sus¬
pension,
a
owing to the uncertain international situation and
a
53.7% of capacity against 54.8% last week, 51.2%
a
activity in the European
industrial reports are not es¬
business
a new
market
don
the
Steel Institute
Iron and
by American
irregularity and
week of indecision.
operations for the week ending today are esti¬
mated
The
edge and held trans¬
The net result of all this was another
hope is spreading that a spring rise may develop.
Steel
restrain
to
Trade and
international
Friday of last week;
reports
primary
dulness.
pecially encouraging, with declining tendencies in.
Smelting & Refining at 45% against 44%,
and
on
Persistent
minimum.
a
centers.
Phelps Dodge at 39% against 38%.
Trade
and
relating to Spain and northern Africa
tended
also
Anaconda Copper closed yester¬
day at 29% against 28%
uncertainty
Interna¬
a
extremely small trading "on the New York market
Fri¬
13, and Atlantic Refining at 21 against 21%.
market
actions to
day of last week; Shell Union Oil at 13% against
the copper group,
of
kept all informed centers
Among the oil stocks. Standard Oil
on
political difficulties remained as
maneuvers
19% against 18%, and Northern Pacific at 11%
yesterday at 48% against 49
entirely unimportant.
were
day
one
that net movements
cause
18%; Union Pacific at 97 against 95%; Southern
against 11%.
so
tional
against 34%; New York Central at 18% against
of N. J. closed
with variations of
by those of the next,
for the week
36
at
by
The French and German markets were
stagnant throughout,
Pennsylvania RR.
ago.
yesterday at 20% against 20% on Friday of
Pacific at
a
pushed rapidly, but the gilt-edged section suffered
on
47% against 46.
week;
modest in most
stimulated to
was
Friday of last week; B. F.
Friday
on
were
The London market
21% against 21%, and United States
at
yesterday above the levels prevailing at the
close
last
Chrysler
degree by announcements that rearmament will be
34% against 33%
Goodrich
Friday of
European Stock Markets
Goodyear Tire & Rubber closed yesterday at
group,
on
Friday of last week;
on
Packard at 4% against 4%, and
;
against 2.64%c. the close
as
sues
Rentes
drifted slightly lower, while
equities were idle at previous figures. With
exception of a few oil stocks, international is¬
lost
ground.
Another uncertain session was
reported Tuesday, with dealings smaller than usual
because of the Mardi Gras festival.
Rentes and
French
equities closed without important changes,
1066
Financial
and most international securities likewise
Chronicle
in
dull.
were
Feb.
stacle to such transactions.
regime in Spain worried the Bourse, Wednesday,
hardly any business was done.
Rentes and
disservice to the commercial interests
equities showed small and irregular changes,
while most international issues drifted lower.
there
was
Thursday.
Rentes developed
French
but
improvement in the
any
equities
neglected and unchanged.
were
slightly yesterday,
and
equities
proved, but international issues
The
Small losses
ments
and
interest group
mained
inconsequential.
firm.
was
last
the tone of
changes
were
depressed
vious
the
specialties regained
In
listless
a
dull and
were
were
unimportant.
they
break out.
made
when he
The
tion
virtually
was
are so
a
un¬
don and
sooner
perhaps
THERE hasconfusion ofintongues weeks anforeign
recent to the extra¬
ordinary developed
actual
to pursue,
and the varied opinions make
imperative
tion
ultimate intentions.
are
during the week that
unidentified
being made
ship, which
These
On the
country against German and Italian governmental
ings, and in the occasional call£ for the alignment
of
small and
Im¬
tremendous
a
and air
well may
with naval
It
is
States, taken
semi-official
or
evitable
conflict.
as a
course
whole, favors
As
a mere
matter of
traditional
did,
on
had
was
on
ton
The presidential statement
frontier in France,
our
rowing
voted
as
*
Committee, has not
the incident that different
have taken it upon
States
a
Senators and
result of
Congress¬
themselves of late to steer
upon
one
course
or
another.
decided
program
approval.
alternative.
end
the
the
promised, but
held
After
on
similar "
con¬
arms
Prime
House
Chamberlain
saw
an
arms race
at
berlain added.
It is
readily
the
little hope of an
may
come
to
will be grasped, he
was
not
If continued at its
present dizzying speed, the arms
that
Minister
deplored
international conference
every
increases
£800,000,000 bor¬
Tuesday, the
Mr.
likely to bring results.
bankruptcy to
a
Parliamentary debate started
upon.
folly of the
airplanes and other supplies to qountries
have aroused intense discussion,
its
Versailles
the first of its kind
Every opportunity that
Sales of
peace
The
Saturday
The British launched
Tuesday,
necessity for such outlays, but
v
yet been disclosed, but it is largely as
are
since
Neville Chamberlain defended the
when he dis¬
in the dis¬
London, Monday, regarding the plan of the Brit¬
recently
was
foreign affairs with the Senate Military Af¬
Committee, on Jan. 31.
What actuallv was
United
last
in
"obviously" against
disputatious reply to intimations that he
placed
launched
battleship
signed.
are
getting into full
ish Cabinet to borrow for most of the
we are
said at that discussion with the
the
35,000
years,
becoming prohibitive.
Feb. 3, that
/
men
Government
vessel
cussed
fairs
is
cost
now
enough to declare, as President Roose¬
foreign alliances.
in
race
even
The land
recent origin owing
and
the
lack of
going pell-mell for
more
now
structed in It years.
It is not
made
competition of
is
treaty
policy of avoiding foreign entangle¬
ments.
velt
has been
But the naval
first
guidance, it is plainly
incumbent upon the highest authorities to restate
our
arms race
German
European general
no
competition that is forcing
stride
official
could not
information, all of it indicative
card.
that would make almost in¬
involvement in any
our
an
a
apprehension.
to the limitation treaties which
highly questionable whether opinion in the
United
a
merely to in¬
utterly pacific nations to join.
plied in the forensics, however, is a bellicosity that
war.
vessels
mentioned
are
question of armapients there is
of the United States with Britain and France.
drift toward
rumors
definite and official
obviously is reflected in such hear¬
a
the
Another listed
rescue
dicate the current state of
The revulsion of the
on
on
"submarine" attack far out in the Atlantic upon an
the fascist
start the country
troops
than 80 casualties and
more
sounding boards for rather extreme views against
tendencies quite
may
before
ear
One unconfirmed report told
clash between Italian and French
locate.
regimes of Europe.
Roosevelt's
good chance of wider hostilities;
Senate and House
hearings and debates in Washington
a
occasion for the Presi¬
have reached 'Mr.
Libyan border, with
ever more
indications from the Administra¬
some
to
as
of
ought
or
This
undisclosed, although there
rumors
they became public.
as
than expected.
good deal of uncertainty in Lon¬
The
occasional
were
a vaca¬
perturbing that he might shorten
dent's remark remains
Foreign Policy
Saturday for
Paris, and the usual harsh retorts in Ber¬
Rome.
and
a com¬
Mr. Roosevelt remarked that reports
holiday and return
lin
of
as a consequence
about to sail last
comment caused
'
all busily preparing, soon will
are
week-end,
cruise.
from abroad
his
profess to dread and
by President Roosevelt at Key West,
pre¬
Thursday,
policy that the United States is pursuing
of in¬
are
A mild attack of "war nerves" occurred
the last
over
ment
The Boerse remained dull yesterday, and
changes again
only American interests
which all nations
war
for which
by small fractions and fixed-in¬
terest securities likewise
changed.
on
re¬
plain notice to all
a
was
that the
vary
of their
some
session
part,
on our
The clear
EUROPE and the apprehension week withat times
haste, continued to arm this
acute frantic
re¬
Boerse, and only the usual minor
varied only
stocks
Wednesday to
reported in the leading stocks.
losses.
contingency.
European War Nerves
Fixed-income securities drifted
on
unfortunate
an
that may
war
of evidence points to
move¬
The German market
Nothing developed
European
advisability of complete aloofness
The fixed-
again were minute. A few specialties showed sharp
losses, however, on particular developments relat¬
ing to the stocks.
any
every scrap
terest to Americans.
quiet Tuesday, and changes in most issues
lower.
England in
concerned that
sessions.
predominated at the close but all
were narrow
quarters the view sedu¬
some
quirement of the situation is
inactive trading
customary
the
in such
soft.
were
In
develop, although
im¬
also
closely controlled Berlin Boerse resumed
Monday its
France and
securities
Rentes advanced
French
judgment.
our
lously is advanced that the United States must aid
on
slightly better tone,
a
international
and
genuine
a
involved, and
they are a grave danger because they tend to impair
Nor
situation
ob¬
no
Attempts to give such
dealings political significance constitute
and
1939
disregard of the simple fact that there is
Delay in the French recognition of the insurgent
French
25,
race
"must bring
country in Europe," Mr. Cham¬
now a
commonplace, of course,
Volume
Financial
148
that Great Britain and France
longer find their
110
manufacturing facilities sufficient
arms
peacetime program.
even
talks, for the Reich has become more than ever
for a
admitted openly
ing to the United States, for a Russian naval mission is
route to New
en
"export
effect military
to
a consequence
now are
the areas that
being watched most closely for developments
are
Jan. 30 that Germany must
a
sharp drop even
from the poor level of last December, apparently as
purchases.
Spain and northern Africa
on
The January foreign trade figures
die."
or
of expanded Germany showed
York, while missions from
soon
of its trade troubles since Chancellor Hitler
aware
Other nations also are turn-
the Netherlands will arrive
1067
Chronicle
man
of the international aversion to Ger-
goods that followed the anti-Semitic excesses
of the closing months of 1938.
.
that
might lead to general hostilities in Europe.
A fresh indication of the importance placed upon
The
Spanish
Great
hand, and the Rome-
the Anglo-German trade conversations was supplied
last Tuesday when Frank T. Ashton-Gwatkin, eco-
Clear about the
nomic adviser of the British Foreign Office, arrived
however, is only the circumstance that
in Berlin to prepare the ground for the March discussions. It was announced officially in the Ger-
problem
Britain and France
•
on
Berlin axis Powers
on
situation,
London
great
are
the
one
the other.
endeavoring to prevent too
degree of fascist influence in the regime
a
headed
Paris
and
continues to divide
destined
to emerge as
capital that Foreign Minister Joachim von
man
Ribbentrop had received the distinguished Briton,
by General Francisco Franco, which seems
and the disclosure was made at the same time that
the victor in the civil war.
member of the Reich Economics Ministry had de-
The Italian Government fears that it will not share
a
sufficiently for its purposes in the fruits
of the
parted for London to clarify certain questions con-
Overshadowing this problem at times was
nected with the impending visit of the British Min-
victory.
the
attach great importance to the coming conversations,*' for it was rumored in Berlin that German
Deputies laid claim in a Chamber "demonstration."
The French determination
of soil under
chant last year.
to
up
not an inch
plain
Libya
was
Reports that the Italian garrison
being strengthened brought the French
was
on
force
or
to
give
way
Hudson concludes his duties in Germany he will
go to Russia for trade negotiations, and thereafter
either to threats of
will
mediation" in the
by the British Overseas Trade Minister' doubtless
not
will be welcomed in the countries concerned, for
desire for "third party
efforts
He added that Italy had
dispute.
yet indicated the precise points of difference
between Rome and Paris.
This extension of the tour to be pndertaken
tries.
Thursday that neither the French nor Italian
Governments had shown any
conduct similar conversations in the Polish
capital and also in some of the Scandinavian coun-
The British For-
eign Secretary, Lord Halifax, announced in London
on
matters
After Mr.
Continental countries.
relations with
Premier Edouard Daladier
Tuesday by still another statement
blackmailing tactics."
political
authorities merely would inaugurate an ex-
man
ceded to Italy some years ago sud-
that "France will never
other
tended series of endeavors to better British trade
denly was reoccupied.
followed this
and
might figure in the talks. In London it was announced on Monday that the discussions with Ger-
action, last Saturday, when a Tunisian border
strip that
ambitions
colonial
on
occasions since the Italians first raised the
many
in
to give
threats has been made
war
German authorities appeared to
isters to Berlin.
question of French Tunisia, to which Italian
being made in Eastern Europe to im-
are
prove
ment
'
trade.
was
A new Russo-Polish commercial agree-
announced in the respective capitals last
Sunday, on the principle of the most-favored-nation
European Trade Plans
clause.
Each
country agreed to absorb larger im-
NOTWITHSTANDING that many international ports from the other.
political difficulties the
troubling Europe
are
at
Spain.
present, plans are being made in various quarfor
ters
trade
improved
Britain and
an
also
countries
increase of mutual
are
this week in Spain.
improve these
taken
appears
Madrid-Valencia
possibly indicate that the war alarms
than the political reports
problems with German leaders.
closed
will be
in
It
was
their rapid conquest of Catain
Barcelona, Tuesday, while 400 airplanes soared
above the marching men.
Loyalist leaders obviously were divided as to their future course. President Manuel Azana remained in Paris and insisted
from that point upon surrender and an end of the
slaughter. But defense fortifications were rushed
Ionia.
dis-
augmented by the presence in Berlin of twro
Board of
Stanley, President of the
Trade, and Robert S. Hudson, Parliamen-
tary Secretary
of the Overseas Trade Department,
The British Mission and its
British and
French last Saturday were reported to have ap-
proached General Franco with a proposal for sur-
remarked that Great Britain would prefer to avoid
render on a mere assurance that there
that will give
and Germany a fair share of
preparation for still more fighting,
In behalf of the loyalist regime the
proceed to Germany early in March. In explaining
these moves to the House of Commons, Mr. Stanley
both Great Britain
Some 80,000 of the effectives paraded
at Valencia, in
official attendants will
trade wars and desires an agreement
The insurgent leader,
Franco, permitted his fascist
troops to rest after
London, late last week, that such talks
British Ministers—Oliver
salient.
Francisco
General
less seriously
suggest.
The Federation of British Industries took
thfe initiative some, time ago for conversations on
trade
The principal internal problem
to be that of capitulation terms for the loyalists who still hold the fourth of the country in the
The fact that such consid-
still have force in the sorely beset Euro-
pean area may
are
QAVE for an occasional artillery shelling, of
O Madrid and a few aerial bombings of Valencia
and Alicante, military operations were suspended
Great
trade, but other
endeavoring to
pacific arrangements.
erations
relationships.
Germany appear to be particularly con-
cerned about
'
v
.
reprisals.
will be no
The insurgent leader made it clear on
degree of
Thursday that he is anxious to end the conflict and
optimism was occasioned by the impending trade
fully intends to be lenient with his enemies, but he
available
markets.
Within Germany
a
1068
added
the
that
loyalist surrender must be
uncon¬
British and French efforts to influence
ditional.
the
Financial
.
insurgent faction apparently met with little suc¬
After long
cess.
decision
Franco
delay and secret negotiations, the
reached to extend recognition to the
was
regime, and it is now expected that this
will be done within a day or two.
The view
was
Chronicle
Feb* 25,1939
of the aggressor
Chinese
country to close entirely the coastal
that supplies
so
areas,
lack of
Japanese maneuvers
interior of China gave
that
mors
chukuo-Siberian
sible hostilities this
loyalists to continue a hopeless struggle.
General Franco refused to give
that
pears
It
in return for
assurances
ap¬
any
recognition.
frontier, in preparation for
spring.
was
Belgian Cabinet
as
crisis which followed the
headed
diate
by Paul-Henri Spaak, on Feb. 9.
problem of forming
surmounted
was
resignation of the regime
last
a successor
The imme¬
regime finally
Tuesday by Premier Hubert
envisaged this week in the tangled situation
aided the enemy or were
the
ures
and
ment.
a
appointed by M. Pierlot
and the coalition
of various parties,
are
regime is expected to confine its
activities largely to the preparation and Parliamen¬
tary approval on a new budget.
of
controversy regarding the appointment of
a
war-time
Flemish
sympathizer with
Walloon
ancient .controversy
the
mediately
Flemish
and
the Germans
to
language
between
groups,
and
problem became additionally complicated by
in the
tive
Belga and
a
antagonisms.
M. Pierlot named
Finance
Catholic
party
of the
three
the
a
the
the
fall
revival of Liberal and Conserva¬
In reconstructing the Cabinet,
Liberal, Camille Gutt, to the
a
post, while the conduct of foreign affairs
entrusted
was
a
This brought to the surface im¬
Academy.
to
the
Socialist, Eugene
members
appointees
also
are
Soudan.
participated,
and
non-Parliamentarians.
Notwithstanding this wide choice, it would occasion
no
surprise if
by
a
new
elections
soon were
precipitated
Government defeat.
ports of Japanese aggressions in many parts of
China, and of Japanese unwillingness to tolerate
of
kind of halt
"the
interference.
or
strategically
brought
week, of
an
a
located
The occupation
island
inquiry from Washington, late
United
the action
to the
was
assured
"vigorous protest" to Tokio.
a
The Americas
ALTHOUGH realism is
Jx
official relations
occupation will not last longer than
This is
practical meaning.
are
a
familiar formula,
Chinese objections
certain to last decades
perhaps centuries, if the Japanese succeed in
no
of
subjugating Eastern Asia, and there
foreseeable
end
to
the
"need"
for
ernment with the Lattin American
were
better
the
name
curious
that
in
of the "Good
in the
States Gov¬
countries, there
change for the
a
melange which
goes
Neighbor Policy."
under
For
pur¬
of its own the Administration in Washington
poses
is
making much of the trend toward dictatorship
in
Europe and of the dangers inherent in that tend¬
Dictatorship in Latin America is all but
ency.
universal, and that simple fact is not
nized iii official
Fla., for
an
Washington.
even recog¬
On leaving Key West,
extended cruise in the Caribbean, Presi¬
dent Roosevelt
urged that the Americas be united
in
aspiration to defend and maintain
"common
a
their
self-governing
"lifted
be
of life,"
so
that democracy
The ostrich-like shutting of the presi-
realities of Latin
to the
eyes
affairs is
way
high above the ugly truculence of
no
better than the undue
European autocracy^
concern
In either sphere
a
-
American
about
simple
re¬
gard for United States interests would be far more
advisable and
ditions.
A
more
stern
in
keeping with American tra¬
insistence
upon
American
*
prop-
erty rights in Mexico would prevent that continual
aggravation of difficulties which results from
more
"bald confiscation" of oil and
The "trade
policy so far pursued by Secretary of
State Cordell Hull is
perhaps the least objectionable
feature of international relations in the
about loan
manifest.
States
augmented by
defaults, such
In
place of
a
as
a
•
Americas,
reasonable
concern
the British authorities
unified and reasonable pro¬
leading departments of the United
gram, we have
about
ever
agrarian lands.
Government
United
taking widely varying views
States
statements that
interests,
and
presidential
simply do not accord with obvious
facts.
Discount Rates of Foreign Central Banks
Sino-Japanese conflict remained largely a
guerrilla operations against the
matter of Chinese
invaders.
indications this week of
no
necessary
holding
Hainan.
The
glaringly
of the United
that
only by military necessity,
Japanese invasion
their aim
is
no
The British Government promptly
dozen Chinese.
sent
but it should be
dictated
necessity dictates.
which has
and
inquiries from London and Paris.
States Government,
was
and that the
such
The/answer
pat, of course, since it already had been made
in response to the
The
last
similar nature to those already made by
the British and French Governments.
was
of "Hainan
of Hongkong,
railway station ij^side the colony
dential
re¬
test of the British reaction to
Tuesday," killing a British Indian policeman and a
autocracy."
EVENTS in the Farthe interminable previous
East were merely of a piece,
this week, with
military occupation of the settle¬
as a
occupation, Japanese bombing airplanes raided
can
Far East
any
of
even
Possibly
Former Premier
Spaak found it necessary to resign chiefly because
The Japa¬
militarists talked openly of restrictive meas¬
the upper
The Minis¬
suspected of siding with
invaders, for one reason or another.
nese
Pierlot, who represented a Catholic constituency in
Chamber of the Parliament.
A wave of assassina¬
place in the Shanghai international set¬
tlement, the victims being prominent Chinese who
an
ters
Another threat
eventualities of this sort.
tions took
CABINET crises are frequent in Belgium, but
they seldom continue for 12 days,
did the
pos¬
Tokio reports suggest
being prepared within Japan
that fresh divisions are
for any
The
large scale in the
011 a
support to the Shanghai ru¬
presented by the Far East.
'
Japanese landing
troops are being transferred to the Man-
in
encourage the
longer will reach the
But the
parties met stern resistance in some sections.
expressed in London and Paris that further delay
recognizing-General Franco might
no
routes.
over sea
Attempts
were
made by the naval forces
THE Danish National Bank on Feb. 23 reduced4%
discount
from 4% to 3J^%.
The its
rate
rate had been in effect since Nov.
19,1936rai which
,
Volume
time it
Financial
148
was
raised from
leading centers
Present rates at the
334%-
BANK
Date
Argentina.
Date
Rate
Feb,24
Holland
Established
Rate
4
July
1 1935
Hungary
4
Aug. 29
1935
Belgium
24
Oct.
27 1938
3
India
3
Nov. 28
1935
34
6
Aug. 15 1935
7
Italy
4V,
May
24
Mar. 11
3.29
Apr.
1937
Feb. 27,
1935
£
44
Bulgaria
Feb. 26,
1936
£
1939
24
Feb. 24,
Feb. 23,
1938
Feb. 22,
2 1936
Dec.
2
COMPARATIVE STATEMENT
OF ENGLAND'S
vious
Effect
Country
1 1936
Mar.
34
_
vious
Established
Effect
Feb. 24
show the dif¬
we
comparisons for preceding years:
Pre¬
Rate in
Pre¬
Rate in
Country
Below
£220,131, from securities.
ferent items with
shown in the table which follows:
are
1069
Chronicle
Batavla
Canada
mm
Japan
1935
Colombia.
16 1936
4
Java
July
18 1933
5
Lithuania.
Morocco
Czechoslo¬
2 1937
5
Poland
44
Dec.
4
Portugal
4
June 30 1932
34
Rumania
30 1932
24
SouthAIrica
3V,
1
34
Eire
3
England
2
June
1936
4
34
__
17 1937
4
X
4X
4X
5
44
__
Greece
1935
5
Spain
3
1934
44
Sweden
2V,
Deo.
1933
3
Jan.
4 1939
24
Switzerland
IX
Nov. 25 1936
2
Sept. 22 1932
5
Yugoslavia.
5
Feb.
6
Germany
1
Dec.
4
___
France
Oct.
2
Finland
5
4
Estonia
Public deposits
Bankers' accounts.
Other accounts
securities
Govt.
Other securities
5
1937
May
5 1938
May 15 1933
July 15 1935
Circulation
Other deposits
4
Aug. 11
Feb
_
44
23 1939
Jan.
_
May 28 1935
Jan.
5 1938
34
4
Danzig
Denmark
54
Norway
Jan.
___
3.65
1 1938
14
July
34
3
vakia
_
Jan.
5
64
Dec.
4
_
6 1936
1937
3
3
Chile
5
18 1936
Jan.
4 1937
_____
472.734.000 474,523,750 455,067,116 399,881, 499 377 ,437,751
19 ,353,412
8,823, 334
12,970,954
16.347,000 16,731,642
138,267,663 141,136,535 138,295,001 141,646, 616 136 ,233,189
95 ,518,851
103.135.001 105,600,420 100,419,121 106,189, 421
35,132.662 35,536,115 37,875,880 35,457, 195 40 ,714,338
82 ,421,044
97,426,164 85,043,044 82,105, 001
78,941,164
39,175,057
17.528.991
_
Securities
26,001,307
6,546,899
25,187,823
25,126, 851
10,998, 547
15 ,783,958
4,914,419
21,646,066
54.689,000
_____
Disct. & advances
19,454.408
52,657,495
20,273,404
14,128, 304
9 ,537,696
6 ,246,262
59,266,704 61,475, ,174 75 ,621,129
Goin and bullion.___ 127,424,475 327,181,245 314,333,820 201,356 ,673 193 ,060,880
Proportion of reserve
48.60%
40.85%
to liabilities.
39.10%
33.3%
35.3%
2%
2%
2%
2%
Bank rate
2%
Reserve notes & coin.
7
1
6X
1935
1
New York
Money Market
Foreign Money Rates
IN LONDON open market discount rates 9-16% on
Friday
9-16%, as against for short
bills
on
were
three-months
bills, as against 9-16% on Friday of last week.
Money on call at London on Friday was 3^%.
At
Paris the open market rate remains at 2lA% and in
Friday of last week, and 9-16% for
Switzerland at 1%.
ONLY routine business was done with rates un¬
market, this week on
the New York money
bankers'
of
weeks and
ous
issue
of
note
brought the total outstanding down to
Notes in circulation a year
110,785,034,370 francs.
ago
ago
85,380,429,385 francs.
French commercial bills
discounted, advances against securities and creditor
francs
no
recorded
accounts
decreases,
namely 915,-
35,000,000 francs and 555,000,000
francs,
000,000
respectively. The Bank's gold holdings showed
change, the total of which is now at 87,265,829,349
proportion of gold on hand to sight
The
francs.
liabilities
rose
again and
now
stands at 63.19%,
Below
pared with 48.89% a year ago.
othe various items with comparisons
we
com¬
furnish
for previous years:
The Treasury sold another
months..
Call
loans
New York
the
on
Stock
to 1% for all transactions, while
Exchange held
1%% for maturities, to 90
time loans remained at
days, and D/2% for four to six months' datings.;
New York Money
Rates
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
Stock
v
ruling quotation all through the week for
and
loans
continues
renewals.
only
The
quiet.
both
new
The market for time money
transactions
reported
occasional renewals at rates previously reported.
were
Rates continued
nominal at 134%
up
to 90 days and
The market
has been very quiet this
134% for four to six months maturities.
for
prime commercial paper
The demand has been good but the supply
week.
paper is very light.
Rates are unchanged at
5A@H% for all maturities. ,
•
of
COMPARATIVE STATEMENT
FRANCE'S
BANK OF
continued
0.004%, computed on an annual bank dis¬
basis.
aggregated 91,945,931,445 francs and two years
current
commercial paper
$190,000,009 discount bills due in three
count of
THE statement for the week ended Feb. 16 showed
decline
circulation of 467,000,000
in
and
slowly at figures carried along from previ¬
to trade
count
a
bills
months, and awards were made at an average dis¬
Bank of France Statement
francs which
The diminishing totals
changed in all departments.
,
,
Changes
Feb. 16, 1939
\
Feb. 17, 1938
Feb. 19, 1937
Francs
for Week
Fti ncs
Francs
Francs
87,265,829,349 55,806,467,935 57,358,742,140
14,258,629
20,261,136
15,233,854
No change
Gold holdings
Credit bais. abroad.
to Bills
—915,000,000
_
7,124,586,569 11,080,949,745
7,959,432,759
837,630,029
1,308,099,282
3,593,045,789
747,630,595
No change
bought abr'd
3,387,237,342 3,740,957,502
—35,000,000
—467,000,000 110785,034370 91,945,931,445 85,380,429,385
—555,000,000 27,322,901,940 22.199,614,075 18,227,765,981
Adv. against secure.
N ote circulation
Credit current accts.
c
Temp. advs. with¬
a
48.89%
63.19%
+ 0.47%
Figure® as of Eeb. 2,
Includes bills
20,627,440,996 31,903,974,773 17,772,095,857
No change
out int. to State..
Propor'n of gold on
hand to sight liab.
•
55.36%
1939.
purchased in France,
b Includes bills discounted abroad,
c In
of revaluing the Bank's gold under the decree of Nov. 13, 1938, 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
?ntry 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
the
THE market for , prime bankers' The demand has
acceptances has
quiet this week.
'
been very
aFrench commercial
bills discounted.
Bankers' Acceptances
process
three entries on the
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 Sept. 26, 1936, the value
was 49 mg. per franc; and before Sept. 26, 1936, there were 65.5 mg. of gold to
decree of Nov. 13, 1938, was
the franc.
been good but prime
bills
are very scarce.
and
no
9-16% asked.
The bill-buying rate of the New
Reserve Bank is
York
34% for bills running from
The Federal Reserve Bank's holdings
acceptances remain unchanged at $553,000.
1 to 90
of
change in rates.
days.
Discount Rates of the
.
Bank of
England Statement
There has
Dealers' rates as reported
by the Federal Reserve Bank of New York for bills
up to and including 90 days are 34% bid and 7-16%
asked; for bills running for four months 9-16% bid
and 34% asked; for five and six months, %% bid
been
Federal Reserve Banks
THERE haverates ofno changes this week banks.
been the Federal Reserve in the
rediscount
THE statement of thecontraction the £486,000 in
Bank for of week ended
Feb. 22 shows
a
circulation attended by a very
small gain of £972 in
The following
for
the
Reserve banks:
The result was an increase of £487-,
reserves.
Public deposits rose £3,871,000
gold holdings.
in
000
is the schedule of rates now in effect
classes of paper at the different
various
DISCOUNT RATES OF
FEDERAL RESERVE BANKS
-
Rate in
while
other
Of the
reduction in
deposits decreased £7,759,948.
latter amount,
£7,394,399 represented a
Effect on
Date
Previous
Feb. 24
Federa iReserve Ban
Established
Rale
2, 1937
2
IX
Sept.
1
Aug. 27, 1937
Philadelphia.-
14
Sept.
4, 1937
2
Cleveland..--
IX
May 11. 1935
2
IX
Boston
£365,549, in other accounts.
bankers' accounts and
The
reserve
week
earlier
proportion rose to 35.3% from 34.1% a
and compares with
Government
other
securities
£813,846.
securities
£593,715
was
decreased
from
33.3% last
£3,550,000
year.
and
Of the latter decrease,
discounts
and advances and
New York
_
Atlanta
-
Aug. 27, 1937
2
IX
Aug. 21. 1937
2
14
Richmond
Chicago
14
Aug. 21. 1937
2
Sept.
St. Louis
\x
2. 1937
2
Minneapolis
IX
Aug. 24, 1937
2
Kansas City
IX
Sept.
3, 1937
2
1.4
Aug. 81.1937
2
14
Sept.
3, 1937
2
Dallas..
San Francisco
*.
1070
Financial
Course of Sterling
Chronicle
Exchange
Feb. 25, 1939
The British authorities
making strenuous efforts
are
STERLING exchange continuesangle, is and on the thepromote of European appeasement. Negotiations
to policy international economic accord as part of
whole, from the commercial steady inclined to
The market in New York, as
firmness.
past several weeks, is dull.
of
ance
Washington's Brithday there
in New York.
The range
during the
On Wednesday in observ-
.
market
was no
this week has been between
in progress to facilitate trade between Great
are now
Britain and Russia.
In March British industrial leaders will meet with
competitors in Germany with
view to organizing
a
$4.68 9-16 and $4.69% f°r bankers'
sight bills,
com-
pared
$4,68 5-16
and
While industrial leaders will conduct the negotiations,
The range for cable transfers
it is clear that they will have the assistance of official
with
a
has been between
with
a
between
of
range
$4.68 13-16 last week.
$4.68% and $4.69 3-16, compared
of between $4.68% and $4.68%
range
week
a
ago.
There is
riothing really
exchange situation.
of
in the general foreign
new
Undoubtedly the stronger tone
sterling is due to the immense addition to the
British
exchange equalization fund early in January.
In the
past fortnight the supporting operations of
the British
exchange fund
a
rise
in
about
now
sterling.
forced to
by selling dollars the
This change has been brought
London
uneasy
more
than
a
year
fugitive capital domiciled in
taking flight to New York.
were
By far the
major part of this capital flight, whether represented
by securities
is
at
end.
an
remain
or
deposits held in London
The
London
in
ments and there
substantial
by gold,
or
that
amounts
now
be long-term invest-
to
appear
clear indications of renewed
are
con-
fidence that London is less likely to be jeopardized as
safe
a
refuge for capital.
balances
Thus,
seasonal
commercial
account
London require the
fund
zation
Even
the
purpose
to
Therefore foreign-owned
factors
and
London
on
confidence
in
favoring
enhanced
purchase of dollars by the equali-
prevent
enormous
an
undue rise in sterling.
increase
in
borrowing for the
of rearmament expenditure
Parliament, which must ultimately
the position of the
have
pound,
authorized by
adverse to.
prove
at present only to
seems
strengthened confidence in London
depository for
necessary
as
a
safe
balances.
large extent by foreign
in
the
owners
of capital,
steady increase in the
United
as
reflected
gold stocks of the
States, which in- all probability will
,
exceed
$15,000,000,000.
They
exchange equalization fund continues
in the gold market
so as
to keep the dollar
equivalent sufficiently low to make arbitrage shipments to New York available at
Fully $1,000,000,000 of
lated in the
a
reserves
United States
fair
profit.
have been
a
It is
act in
by foreign central banks/
protection against unsettled conditions abroad,
believed that
gold held here under earmark is
the largest amount of record.
The huge stocks of
earmarked
gold here reflect the policy of several
European nations of shifting part of their gold to
The ultimate
have
large
reserves
in
a
European conflict.
Holland, and Sweden
reserves
San
earmarked here.
Francisco.
As
are
known to
Japan has gold
further
precaution
against possible eventualities Great Britain has
marked
gold in Canada and South Africa.
at the
A few weeks
ago Mr. Stanley in a speech to the
Commons said that he hoped "British industrialists
will avail themselves extensively of the opportunity
of directly contacting their German competitors,
With
goodwill
sure,
to
arisen
* or
both sides it will be possible, I
on
solve
am
have
arise between the two countries in
may
respect to trade and
other measures."
to
of the problems which
many
so
obviate the need of
recourse
to
'
While Mr. Stanley did not amplify.his reference
other measures,*it was assumed that he meant
recent British threats to meet
subsidized
English
by
exports
industries.
competition of German
Government
For
assistance
the
time
some
to
United
Kingdom has been suffering from a steady loss of
business* in its normal foreign markets.
Much of
this loss was traced to German trade tactics—price
cutting, government
subsidies, and special bilateral
barter agreements.
has been
a
source,
Government
At the
time the
same
Reich's
as
well
as
ear-
possibility of political
commercial domination.
The German
in
of especial anxiety to the British
it implies the
as
while endorsing the negotiations
press,
general way, point out
a
some
difficulties in
a
singularly lacking in the goodwill essential
to their successful conclusion.
A minimum of success,
it is held, would be the avoidance of
war
an
outright trade
which might be achieved by international cartel
the
among
industrial
various
groups
regarding markets and prices, for which the existing
international steel cartel agreement and a similar
agreement reached between British and German coal
industries in January might serve as models.
The German press warns of Germany's
tions
to
such
an
agreement.
apparently include
eastern
Europe,
credits," and the
materials in the event of
can
The negotiations mil inevitably
political significance.
assume
rency
war
of these endeavors
success
most be only partial.
New York where it would be safe from possible war
Great Britain,
repre-
negotiations.
operations and would facilitate financing of purchases
of
of
to go to Berlin and will doubtless
are
advisory capacity to the delegation
an
agreements
acumu-
and governments; most of which has been built
up
as
Overseas Trade,
manner
The British
to operate
ministers,
and Mr. R. S. Hudson, Parliamentary Secretary
soon
stand at $14,-
now
818,000,000.
V
British
Two
steady economic penetration of the European neutrals
Nevertheless New York continues to be favored to
a
between the two nations.
again inclined to return to London.
seem
both
In utterances before
Mr. Oliver Stanley, President of the Board of Trade,
buy dollars to prevent
through the fact that for
large amounts of
advisers in both governments.,
Parliament Mr. Chamberlain expressed the hope that
these negotiations would promote a spirit of goodwill
to have been reversed. '■ senting the Federation of British Industries in the
seem
Instead of supporting sterling
British fund is
plans to promote trade between their two countries,
the
To
reserva-
reservations
position
discontinuance
cessation of
devaluation.
Korrespondenz,
Germany's
the
These
in
of
south-
"political
dumping through
these
Foreign
the
Office
cur-
Diplomatische
organ,
adds
colonies.
This journal in fact credits Britain with the initiative in the trade negotiations and
warns
tones against attempts to represent
efforts to promote
British trade
interests
as
a
in irritated
generous,and peaceful
Volume
Financial
148
economic aid to
organ
sight
transfers
$4.68%@$4.68 15-16.
Germany
grant
British
to
access
and
colonies
The
materials
raw
mandates
the
without
Money in Lombard Street continues abundant and
Two-, three-, and four-months bills are 9-16%,
six-months bills
London open
On
The gold
£595,000,
Wednesday £439,000,
offer in the
on
taken for unknown destina¬
was
Saturday last there
Monday
on
11-16%.
market
offer £240,000,
was on
£528,000,
Tuesday
on
on
Thursday £534,000, and
on
At the Port of New York the
the week ended Feb. 22, as
Bankers'
fers
gold movement for
On
The
quiet and exchange
was
was
was
$4.68%@$4.69.
and
On Tues¬
steady.
was
$4.68 9-16@$4.68%, cable trans¬
Thursday sterling
sight
range
sight
bankers'
for
$4.68%@$4.68 13-16.
Bankers'
to
was
Wash¬
On Wednesday,
was no
market in New York.
in demand and
sharply.
up
$4.68%@$4.68%; cable transfers
On
-
pound continued
Friday the
Commercial
bills
Gold Earmarked for Foreign Account
for
at
$4.68 15-16®
was
Closing quotations
Friday
on
were
sight bills finished at $4.68%, 60-day
$4.68%, 90-day bills at $4.67%, documents
(60 days) at $4.68%, and seven-day
payment
$5,258,000
Cotton and grain for
grain bills at $4.68 9-16.
of gold waa
Note—We have been notified that approximately $249,000
range
$4.69 1-16 for demand and $4.69% for cable transfers.
None
Decrease:
The
rise.
a
cable transfers..
Exports
Imports
prevent
$4.69% for bankers' sight and $4.69@$4.69 3-16 for
FEB. 16-FEB. 22, INCLUSIVE
$32,727,000 from England
ment finished at
Francisco, of which $193,000 came from Australia and
San
sight
ington's Birthday, there
reported by the Federal
GOLD MOVEMENT AT NEW YORK,
received at
$4.68 9-16@$4.68%
day the market
Reserve Bank of New York, was as follows:
Net Change in
slightly easier.
was
the
Monday
On
steady, with the British exchange fund intervening
Friday £456,000.
on
pound, while steady,
was
cable
$4.68%@$4.68 13-16;
was
$4.68%@$4.68 13-16 for cable transfers.
return of colonies to the Reich.
tion.
steady, unchanged from Friday.
was
Bankers'
apparently refers to the revised British
and manner"
easy.
Saturday last
phrase "form
wish in this form and manner."
plans to
Referring to day-to-day rates sterling exchange on
Germany, which the Foreign Office
insists Germany has not asked and "does not
within
1071
Chronicle
pay¬
$4.68%.
$56,000 from New Zealand.
The
above
figures
Continental
on
On Thursday $10,702,000 of gold was
Wednesday.
came
and $1,007,000 from
There
Canada.
exports
were no
account
decreased $6,000,000.
It
reported
was
situation
ment.
On Friday $5,795,000 of
San Francisco of which
and $2,426,000 from
$5,514,000
came
Australia.
*
credit
between
The
At
which
was
at
$181,826,000
on
been increased to $195,726,000
Towers of the Bank of
issued
on
reserves
to
risk
should be maintained in
gold
a
availability in
the bank
reserve
has been further increased.
Government authorities at Ottawa have been at
to
pains
emphasize that the increase has no inflationary
motive but is intended as a
safeguard against
emer¬
gencies originating in Europe.
The following
rate on
tables show the
mean
MEAN LONDON CHECK RATE
Monday,
Tuesday,
London check
paid for gold by the United States:
176.99
176.98
176.94
Saturday, Feb. 18.
Feb. 20
Feb. 21
Monday,
Friday,
Feb. 24
176.99
176.98
176.98
Tuesday, Feb.
Wednesday, Feb. 22—148s. 4d.
148s. 5d.
Thursday,
148s. 4Md.
21
PAID
Friday,
Feb. 23
148s. 4d.
Feb. 24_148s. 3J^d.
FOR GOLD BY THE UNITED
STATES
Monday,
Tuesday,
Feb. 20
Feb. 21
$35.00
35.00
35.00
on
a
even
deficit of
balance.
will still have to meet
relatively
and
of obtain¬
means
has
a reserve as a
'The
than 9,000,-
more
Even if the 1939 budget
probable, the State
30,000,000,000 francs of extraor¬
dinary expenditures this year by borrowing.
It is
thought that it will be necessary to issue a consolida"
Such
loan.
tion
the
before
an
issue
for
summer,
accommodation rate is
continue at a
loans
the
will hardly be
although
the
launched
short-term
considerably lower, long-term
high rate.
This is attested by
yield at present prices and by the fact that the
Treasury has to have recourse to Amsterdam.
Belgas have been displaying ease during the past
This week the unit was weak in London.
The
market
Wednesday, Feb. 22
Thursday,
Feb. 23
Friday,
Feb. 24__
Nervousness
here is largely nominal.
regarding the European political situation caused a
movement of Belgian funds to New York.
The
early in
This cause
longer opera¬
February by political tension at home.
of pressure,
Hoi.
$35.00
35.00
however, seems to be no
On Feb. 21, M. Hurbert Pierlot
forming a
business
new
succeeded in
cabinet, which he designates as a
government, 12 days after the resignation
predecessor, M. Spaak.
The
(FEDERAL RESERVE BANK)
Saturday, Feb. 18
supply
in
The Government
000,000 francs
of his
PRICE
is
money
budget showed
tive.
148s. 3}4d.
18
Feb. 20
extended
Feb. 17.
belga has also been adversely affected since
ON PARIS
Wednesday, Feb, 22
Thursday,
Feb. 23__
LONDON OPEN MARKET GOLD PRICE
Saturday, Feb.
present
on
The
granted by Dutch
few weeks.
Paris, the London open market gold price,
and the price
in
November, 1938 in the form of
should .be balanced, as is hardly
form
Since the Governor's report was
loss."
or
guilders
100,000,000
term bills.
1938
Governor
of need and which would not expose
written the
weeks ago, is still in progress.
result of the latest loan from the central bank.
Canada in his annual report
which would insure their immediate
case
5-16%.
Dec. 14, 1938, had
by Feb. 15.
up
ing all the funds it requires through issues of short:
Feb. 21 remarked: "We have felt it essen¬
tial that such
Production is
from that due to rearma¬
cheap in Paris, giving the Treasury
of the Bank of Canada,
reserve
some
for the first time
from Japan
discount of %% and a discount of
gold bullion
aftermath to the '
three months bills renewable four times, was
,
Montreal funds ranged during the week
a
as
of
bankers to France in
Canadian exchange is steady and inclined to greater
firmness.
an
Repatriation of French funds, while not so
marked
was
as
disputes.
the industrial regions, apart
on
received from England. There were no
exports of the metal, but gold held earmarked for
foreign account decreased $126,000.
It was reported
on
Friday that $7,940,000 of gold was received at
gold
Exchange
Foreign
is
of labor
settlement
Thursday that $654,000 of gold was received at San
Francisco from Australia.
Other
marked increase in business
metal, but gold held earmarked for foreign
the
and
FRENCH francs are steady.improved. There is a
The French domestic
undeniably
from England
received, of which $9,695,000
of
week ended
for the
are
following
table
shows
leading European currencies
dollar:
of the
United States
the relation
to the
1072
Financial
Old Dollar
New Dollar
Parity
b
c
France (franc)
Parity
6.63
13.90
16.95
Italy (lira)
2.64 M to
2.65 K
16.82^ to 16.86
5.26
8.91
Switzerland (franc)
19.36
32.67
5.26K to 5.26^
22.69^ to 22.75H
Holland (guilder)
40.20
68.06
53.20
a
to 53.65
New dollar parity as before devaluation of the European currencies
Feb.
20.92% and 20.92%.
against
This Week
a
3.92
Belgium (belga)
Range
Chronicle
Checks
closed at 24.16 and cable transfers
at
25,
1939
Sweden
on
24.16, against
24.14 and
24.14; while checks on Norway finished at
23.57% and cable transfers at 23.57%, against 23.55
and 23.55.
between Sept. 30 and 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
francs to the pound, or 2.79 cents a franc.
179
EXCHANGE on the South from those of
American countries
presents
features
no
The London check rate
at
177.02,
against 176.98
In New York
at
2.65,
sight bills
Paris closed
on
on
on
on
Friday
Friday of last week.
the French center finished
2.64%; cable transfers at 2.65,
Antwerp belgas finished at 16.83%
bankers' sight bills and at 16.83% for cable trans¬
against
against 2.64%.
for
fers, against 16.85% and 16.85%.
for Berlin marks
and
40.13
40.13 for bankers'
were
cable
for
transfers,
40.13% and 40.13%.
for bankers'
fers,
Final quotations
in
sight bills
comparison with
Italian lire closed at 5.26%
sight bills and at 5.26% for cable trans¬
5.26%
against
Czechoslovakia
and
closed
at
5.26%.
3.43,
Exchange
against
on
3.43;
on
Bucharest at 0.73, against 0.73; on Poland at 18.91,
against 18.91, arid
Greek exchange
weeks.
closed at 0.86%, against 0.86.
commercial treaty
paper
currencies
guilders,
steady and inclined to firmness due
are
close
relationship with the
however,
pound.
to
Holland
showing marked weakness.
are
of
the
desirous of concluding
a
with the United States favorable
States
Buenos
in
men
Argentine
consumers
automobiles,
Aires
not have the
these
the
few
days
refrigerators,
and
"For the
ago
that
United
to
agricultural
we
do
pay
for
moment
foreign exchange with which to
purchases."
Faced with the unusual situation,
asserted, Argentina must take special
but these cannot be regarded as permanent.
minister
measures,
They have
purely commercial background.
a
Argentine
pesos closed on Friday at 31.27
sight bills, against 31.25 on Friday of
paper
week; cable transfers
The unofficial
or
23.00@23.10.
5.19
at
31.27, against 31.25.
free market close
Brazilian milreis
(official), against 5.90.
at
a
accustomed
are
machinery, but he added:
last
their
members
The Minister of
Foreign Affairs,
Cantilo, took occasion to point out to news¬
Jose M.
for bankers'
war
are
all
to both countries.
——
EXCHANGE onmixedcountries' neutral during the
presents the
trends.
The Scandinavian
recent
that
seem
Argentine Government
Finland at 2.07, against 2.07.
on
new
would
It
was
are
23.10, against
quoted at 5.90
Chilean exchange is quoted
(official), against 5.19.
Peru
is
nominally
quoted at 20%, against 20%.
During the past few weeks guilders have ruled lower
than
at
future
time since the September crisis, with
any
guilders, at discounts, whereas for
or more
prior to that time future guilders
either flat
at
or
with respect to
cause
two years
quoted
were
slight premium over spot. Anxiety
the European political situation is one
EXCHANGE on the Far Eastern countries presents
features
importance. So far
dayno
of the pressure on
the guilder, due largely to
moving through there from other countries have
been
transferred
dollars
into
sterling.
or,
Dutch
funds have also been
steadily moving into American
Banking interests in Amsterdam seem
investments.
to view this exodus not
have
entirely without favor.
undoubtedly offered
fully able
drives.
to
The
as
concerned these units
are
move
in close
a
sympathy with sterling, although the currencies of
the
defend
gold
resistance
some
the
unit
against
of
reserves
the
They
and
are
Dutch
Holland
the fact that Jewish-owned funds held in Amsterdam
or
of
new
to-day rates
East
Indies reflect
the
weakness of the
guilder.
Closing quotations for
27.36, against 27.33
on
yen
checks yesterday
Friday of last week.
were
Hong¬
kong closed at 29%@29 3-16, against-29 3-16@29%;
at 16.00@16%, < against 15 15-16@16%;
Shanghai
Manila at 49.85, against
49.85;
Singapore at'54.58,
against 54.52; Bombay at 35.11, against 35.03; and
Calcutta at 35.11, against 35.03.
speculative
Bank
Gold Bullion in
of The
European Banks
(V
Netherlands
believed
is
holdings
Swiss
are
the
are
highest in its history, although it
fully one-quarter of the Bank's
that
under earmark in New York.
francs
are
on
30-day and 90-day futures.
Swiss currency is
due to
neighboring countries.
an
The
a
slight premium
The firmness in the
influx of capital from
Swiss
bullion
par
of
This is at present the
strong.
only European unit to command
THE following table indicates the amounts of gold
(converted into pounds sterling at
National
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to
us
are
by special cable yesterday (Friday); comparisons
shown for the
four years:
corresponding dates in the previous
-
Bank
Banks of—
1939
1938
pointed out in its annual report that the influx of
foreign capital ipto Switzerland continued throughout
1938 despite the gentlemen's
agreement between the
National
and
private
foreign deposits
and
banks
designed
hoarding.
In the
to
reduce
middle
of
127,424,475
327,181,245
314,333,820
France
201,356,673
295.815,490
193,060,880
293,718,252
2,521,900
87,323,000
25,232.000
347,628,740
2,452,550
87,323,000
523,499,951
3,007,350
c63,667,000
42,575,000
72,465,000
105,304,000
42,575,000
6,555,000
656,317,786
2,937,500
90,733,000
62,952,000
67,547,000
72,524,000
68,261.000
16,080,000
7,395,000
6,602,000
6,852,000
Spain
Italy.
Netherlands
Nat. Belg..
Switzerland
February, 1938, sight deposits in the National bank
Norway
years
preceding
sight
on
Amsterdam finished
53.20, against 53.62
transfers'
.
_
Prev. week.
Bankers'
at
Denmark
Total week.
1930.
at
on
Friday
Friday of last week; cable
53.20, against 53.62; and commercial
on
sight bills at 53.15, against 53.57.
at 22.73 for checks and at
Swiss francs closed
22.73 for cable
against 22.69% and 22.69%.
transfers,
a
a25,232,000
121,770,000
99,123,000
112,504,000
32,856,000
6,555,000
8,222,000
117,985,000
100,262,000
70,327,000
83,512,000
26,232,000
6,544,000
25,578,000
6,551,000
7,515,000
6,603,000
2,667,300
90,125,000
56,218,000
97,099,000
47,077,000
23,875,000
896.176,315 1,073,841,397 1,093,326,000
1,097,649,924 1,244,460,166
895.214.ooo
1,074,074,443 1,094,057,351 1,094,638,159 1,244,487,320
Amount held Dec. 31,
1936, latest figures available,
b Gold holdings of the
Germany are exclusive of gold held abroad, the amount of which
is now
reported at £529,300.
c As of April 30, 1938. latest
figure available.
Also flint
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
Banki'
holding*
Copenhagen checks
finished at 20.94% and cable transfers at
20,94%,
1935 «
England
almost 20 times the
the
1936
Germany b.
Sweden
average in
1937
(7.9881 gr. gold ll-12ths fine equals £1
sterling), the sterling equivalent of 296
francs gold in the Bank of France Is now just about
£1; when there were 43 mg. gold
to the franc, the rate was about 190 francs to
the £1; when 49 mg.,
bout 165 francs
per £1; when 65.5 mg., about 125 francs equaled £1.
Volume
148
Financial
Successful
Chronicle
Industry Requires Stable
nothing
more.
It conveys no suggestion that prevailing public policy has been altered, 110 admission
Government
From Key West, last week, the President of the
United
States, departing for
ation upon the
mood
a
of
a
that either righteousness
Caribbean, addressed the country in
His parting
message was
remarkable, in comparison with his recent utterfor its omission of accusations against politi-
anees,
cal
opponents and gibes at business men for ina-
bilitv to expand production to eliminate unemployment
sion
immediately.
all
to
Indeed, about the only
wholly conforming to type
those
who
accumulation
are
appalled
expres-
the challenge
was
■
by the continued
of budget deficits and governmental
debt to take up
or
expediency should pro-
tect tax-paying industries against attacks supported by their own tax contributions and those of
others subjected to extraordinary levies to finance
^le warfare against them; still less is there any
declaration of principles upon which they might
relv
fr°m which they could derive comfort and
confidence. In short, this is a mere statement of
the limits of existing plans and, coming from an
Administration so prolific of plans and experimentation, which, as in the matter of taxation already
referred to in this article, can change and develop
literally overnight, the statement, as such, is simply
and entirely worthless. Its source is too impulsive,
emotional and volatile.'
President Roosevelt took office almost six years
brief period of relax-
good-humored tolerance, unusual since
the elections of last
year.
1073
the task which he has but too evi-
dently abandoned, of devising and recommending
specific economies in public expenditure.
In substance, the President invited each citizen who has
aS° Pledged to sound money, reduction of the Fed-
the
ing his first campaign for the presidency, to step
eral bureaucracy, budget-balancing by rigid curtailment of public expenditures and relentless economies> promotion of recovery by these methods and
into the
common
he
as
to hate waste and
sense
extravagance,
represented both should be hated when mak-
dined
that
vacuum
to
his
has
de-
without Federal usurpation
own
ex-
rights of the States
Administration
fill, and offer remedies for his
travagance that probably would neither be adopted
nor
fairly examined and considered.
That this is
complete and unwarranted abdication of
a
a
primary
function of the presidential office seems not to have
entered
of
his mind.
In
other
respects the occasion
chiefly significant because of the declaration
was
opposition to
new or
Precedents
increased taxation and the
attitude expressed toward
expansion by private capital.
When thus
seemingly committing himself against
find
-Jan. 5, he had specifically asked Con-
on
not only to continue all existing levies, but to
gress
new
from which to raise
sources
an
additional
$210,000,000 for military and naval expansion and
$212,000,000
increased
for
with his various
outlays
in
connection
attempts to extend aid to agricul-
ture.
Whether
eilable
deliverances, this Administration
sidered
.
or
not, in view of these irrecon-
subjects of taxation,
new
dens
can
be
con-
pledged, for the time being, not to seek
as
to increase the bur-
or
those already taxed, there
upon
be
can
no-
question that the country, by the fast accumulating
of
aggregate
and
more
the
the
Roosevelt deficits, is becoming
firmly bound to heavy taxation in
more
future,
taxation
ultimate
at
rates
that
only be augmented by delay in accepting the
can
inescapable
consequences
have been created and
The comment
remarkable
President,
these
still
deficits- which
being created.
concerning the utilities
and
as
are
of
incongruous.
he felt and expressed himself
for
the
pledges
were
forgotten,
change
•
and must be made over.
lack
of intelligence..
The
ordinary
incentive
of
legitimate profit, which spurs on to success when
]'t accrues with a reasonable margin on both sides
of most transactions, was held up to sterile scorn
and public contumely. The gold standard was suddenly and needlessly abandoned, and public and
private credit diluted by degradation of the dollar
to 60% of its long-established value, the Government thus repudiating two-fifths of its obligations
and forcing integrity and good fhith in private en.
terprise to follow suit. Taxation, justly the sup-port of every government and never- warranted
beyond .the necessities of sound and economical administration, was not utilized to meet the expenditures of the National Government and -sustain its
credit by balancing its budget, as had been promised
during the pre-election campaign,-but was trans--
the
on
this
formed into a device for punishing political and personal opponents and redistributing the aecumulations of thrift and providence.
Never in
any
similar
an
period of American history, or in any much longer
improvement and expansion program, without asking for any assurances other than those that have
period, were so many new and strange devices of
legislation introduced and adopted; administration
already been
was never
says,
be
vouchsafed.
for about
no
further
hydroelectric
equivalent to
capital
new
a year
and
expansion
press
forward
They have known,
a
of
he
half, that there is to
federally
sponsored
further
of disturbance to established order and equilibrium,
Once before, from the same source, industry was
declaration that the President him-
told that the radical program was for the time corn-
Now
this is
self has not at this time determined to favor any-
thing
before so sudden, startling, and dramatic
in its expedients, never so reckless in its disregard
exactly
development.
a
and
in
tax-supported competition
private capital in the utility field.
with
It is this, and
.
Business was sweepingly condemned because it had
rmt achieved the impossible and business men were
attacked with accusations of greed, duplicity and
less
occasion, the utilities ought vigorously to appeal to
investors
upon
to
was not
According
and
had become outmoded
for-
gotten that in his budget message, only six weeks
earlier,
intrusion
seemed to be considered in itself a good, and Amermaris were told that nearly everything in their past
was to be deplored and even their ways of thinking
public utilities and their
additional taxation, the President must have
or
the orderly processes of
local self-government and home-rule. Almost' immediately, following a half-hearted and quickly
abandoned effort to enforce the promised economies> a period of wild experimentation and reckless
expenditure was inaugurated and it has continued
without cessation throughout the entire six years.
or
plete and that a "breathing spell" was to be per-
mitted.
But the period that immediately ensued
is not now distinguishable, in this respect, from
.
Financial
1074
and the effort
by the attack on the Supreme Court,
punitive taxation and the
undermine thrift by
to
holding out of extravagant promises to large classes
frugality.
formerly sustained out of the proceeds of
A
President of the
ratification of
and promoting other Federalist
grandson's grandson, who now occupies
His
House, might well give heed to a para¬
the White
graph penned by the great patron and friend of his
ancestor in that time of stress.
For Number 62 of
"Federalist," Alexander Hamilton wrote:
the
The country
.
results
injury
great
.
.
from
The want of confidence in the
unstable govern¬
an
useful undertaking, the success and profit of which
may depend on a continuance of existing arrangements."
What prudent merchant will hazard his fortunes in any
new branch of commerce when he knows not but that his
RESTRICTION
THE BANK
of the great powers at war with
In 1796 England was one
and
assisting her allies mainly by subsidies
She was
France.
But while its note issue was
February, 1797, its specie reserve
reduced to £9,000,000 in
diminished to but little more than
of
government
the
£1,000,000, and the
greater than
were
ever.
February, 1797, an Order in Council Avas
to pay specie until the will of
issued forbidding the Bank
in which
From the manner
be known.
could
Parliament
belatedly
specie reserves of the Bank, which
tried to reduce its note issue.
had
His drafts began
England for necessary supplies.
to exhaust the
the
began to draw against
Minister, Pitt,
Prime
her
Bank of
necessities
public councils damps
system."
II
On the 27th of
ment.
of the country and
or
operating under what
was
be described as a "free banking
may
instrument
Federalist party in obtaining
Constitution
the
ScotcTi bankers.
half ago, Isaac Roosevelt was
Bank of New York, then controlled
by Alexander Hamilton, and used as an
aims.
of the Bank of England
issues
note
There
the amount of the
time governing
that
at
and a
century
of the
laws
no
were
The Bank
were not.
Scotch, and Country notes
England,
of
25,1939
tender.
silver coin only were legal
Gold and
before, and was soon characterized
what had gone
Feb.
Chronicle
every
be rendered unlawful before they can be exe¬
will lay himself out
for the encouragement given to any particular cultivation
or establishment when he can have no
assurance that his
plans
may
What farmer or manufacturer
cuted?
not render him a
victim to an inconstant government? ■ In a word, no great
improvement or laudible enterprise can go forward which
requires - the
auspices of a steady system of national
advances will
labors and
preparatory
tors to the
to the
until
in complete agreement
States
established
was
It continued
1789.
George Washington in
March
Since that date government
4, 1933.
not
was
States has been neither democratic
velt, it has been bureaucratic, personal, uncertain,
whimsical and erratic.
Except
as
limited by
a
Con¬
there was
that appears gradually to be recovering its
independence and awakening to its responsibilities,
likely to remain like that until Jan. 20, 1941.
it is
By
.
the
During
about
year
John
$1,000,000,000
and
the value
low
of
$4.60,
be
of
gold
in
of
England
decline of 8%
and
causes
help to have
the important
from
its
equivalent
Equalization
in
one
it
that to
and
the
of
cause
'
But
changes.
'
The year 1795 will
and
to
Banks
der
in
England
was
£21,000,000,
to
£4 10s per
risen to
of
of
shortly demonitized,
will be
and
reduced
to
was
then
as
now,
silver was
token money only, it
disregarded hereafter in this discussion.
ard of value
The stand¬
the pound sterling, consist¬
ing of 123.27447 grains of English standard gold, composed
of
eleven
copper.
parts of fine gold and one part of alloy,
the value
or
"mint price"
£3 17s KP/l'd.
(the basis
reserves
An
on
ounce
Coin
.
of
an ounce
a
troy ounce we find
of standard gold to be
today).
estimates
available,
ex¬
Country
the
ounce
public works
Scotch
and
price
of
gold
to put it the other way,
or,
depreciated over 15%.
Great
The
were
A speculative mania
undertaken and all
This state
January, 1810, prompted Mr. Horner, a mem¬
Parliament, to
for
move
high price of gold
the state of the
a
committee "to inquire
bullion and
to
tgke into con¬
circulating medium, and of the
Great Britain and foreign parts."
THE BULLION REPORT
The
report
Bullion
not
Report,
come
.The
this
of
this
of
The value of
an
(only
medium
on
If
to
is at
and
subordinate
very
a
a
"
The limit of
or
premium
depreciated.
preciation.
the credit
one
the
to
convertible
the
If
the
did
depends on its
in
paper,
other
into
there
is
degree
the
on
of the issuer).
is re¬
the paper
possible fluctuations in the exchanges be¬
gold).
a.
of transmitting bullion
(when the paper of each is freely
Par
drain
exchange
of
metals, weight for weight,
4.
1810,
The premium measures the de¬
•; "
tween two countries is the expense
from
as
but
known
be summed up thus:
report may
inconvertible currency
which it is based
gold
dundant
3.
is
August,
relatively to the needs of the country for circulat¬
security
2.
in
for discussion in the House until May, 1811.
up
doctrines
ing
which
committee,
published
was
in
of gold,
is
the
par
of
the two coinages.
it is due,
aside from ex-
portations to purchase food of pay armies, etc., to the pres¬
ence
it
5.
will
is
of
an
inferior currency
of
some
sort
in the country
leaves.
If
the
inferior
be turned,
currency
be
removed,
the
exchanges
the outflow will stop, and, if any vacuum
created, gold will flow in to supply it.
Gold will not
in while the inferior currency fills the channels of
flow
England in 1795, according to the
was
.
Bank of England notes
Country notes and Scotch notes
Total of England and Scotland
was
IU
of pure gold was equal to 84s 10^d
which the Bank of England carries its gold
The total circulation in
best
chiefly
By dividing the number of grains in the pound
sterling into the number of grains in
of
£30,000,000.
joint stock companies were "floated."
the
1.
CENTURY
As
notes
the adverse
disregarded.
were
that
estimateed
an
broke out.
At this time the legal ten¬
silver only.
gold and
bank
and
„gold
on
of
issue
excess
opunions
their
bank notes had
'
be arbitrarily chosen as the starting
point of this historical sketch.
the
premium
By 1810 the circulation of the Bank of England had in¬
creased
amount
MONETARY SYSTEM—18TH
ENGLISH
,
that
the
of
monetary policy. *'
"
Lord King and Mr. Fox argued
Fund
the historical background
I
the
When
specie payments was the way to make them
resume
favorable,
ber
significance of these events, it
events affecting British
£15,000,000.
to
argued that resumption was impossible because the
was
exchanges were adverse.
In trying to
year.
risen
had
exchanges between
the
to
question of the Restriction came up at the Peace in 1802,
sideration
lost
per ounce
1802, the circulation of the
In February,
increasing.
pound declined from over $5.00 to a
of the
a
understand the
should
England
1938
price" of £3 17s 10*4 d
The amount of bank notes in circulation was stead¬
Bank
into
Lionbebgeb
S.
While
and exported.
shows that by 1801 the price of gold in notes
had risen from the "mint
of affairs in
Perspective
It
unfavorable.
gold market and quotations were not official,
no
the evidence
kinds
Monetary Management in Historical
became
circulation was melted
coin in
Gold
had
gress
legal to export gold.
exchanges
the
before
long
During
Restriction.
Bank
the
as
which was to continue, through Parlamen-
tary extensions, until 1821, it was
In the hands of Franklin Delano Roose¬
stable.
nor
United
the
the United
111
were
By their efforts a stable gov¬
foregoing.
for
ernment
under
"Federalist,"
Jay, the other contribu¬
known
is
the Restriction,
ily
James Madison and John
it
ernment,
£4 6s.
policy.
as
suspension came about, by an injunction of the, gov¬
this
as
follows:—
circulation.
There
are
certain
more
fundamental
prin¬
cipals involved:—
£25,000,000
If
gold is chosen as the standard of value in a country,
10,500 000
7,000,000
...£42,500,000
anl
the
use
of
a
paper currency
of its greater economy
is resorted to on account
and convenience, it is of the utmost
Volume
Financial
148
Importance that the paper currency should be kept at the
value with
same
vertible
into
the gold
it represents, and be freely con¬
1075
Chronicle
from
the
of the eloquent
gold.
The total amount of the circulating medium
of
or money
Lord
clared that
it
exported from
country it is because it is
a
will purchase more, abroad than in the country
prices in the
The effect of the export of gold is to lower
a
•conform
maintained, its amount should be made to
be
to
what
to
been
have
of
\
,
is the only
gold
variations
the
of
have
would
currency
paper issued.
no
efflux
and
influx
would
metallic
purely
a
•been, had there been
The
used, and its convertibility and
is
currency
paper
are
what
test of
sure
metallic cur¬
a
of
support
Horner
resolutions
offered
That
doctrines
above
the
of
Mr.
report,
House
the
before
the
as
follows:
pound sterling is 123.274 grains of English stand¬
a
ard gold.
That Bank of England notes
promise to pay pounds ster¬
ling.
he
would
danger,
almost
•worth
Bank
what
That the
the
of
England
notes
depreciated—are not
are
stipulate to pay.
they
of this is an excessive issue
reason
the
That
the
That
the
1816
of
in
could
.
followed
on
the
the
of
a
voted
were
to
opposition
Mrs»- Vansittart,
down.
Horner's
Mr.
resolutions,
pro¬
be
to
-generally
a
given
equivalent to the legal coin of the realm, and
as such, in all pecuniary transactions
accepted
coin is
to which
lawfully applicable.
resolution
This
passed
was
in
itself
period
a
•classes,
manufacturers
-close to
a
starvation
^continued
the Bank
laborers
and
£5
breaks
Notes
4s.
of
wild
By
1814
and
loans
curred in
Wages
alike.
all
among
the
were
circulation
note
of
The price of gold in notes
depreciated therefore
about 25%.
1819 was characterized by successive out¬
speculation followed by collapse.
of
over-issue
the fall
The
ures.
had
banks failed
country
many
distress
England had risen to £26,900,000, that of the
The period up to
as
contraction
of
The
crash
which
see
an
caused
occurrence
circulation.
note
duced by
Notes
aftermath
the
a
of
■
'
Country
Banks
re¬
were
The Bank of
"
IV
'
^
RESUMPTION.
/
•
understanding how
such
a
the Bank
sincerely believed that not only would
for the maintenance of such
until
tober 1st,
October
Both Houses of Parliament ap¬
of England
The plan proposed
should redeem its notes in
1st, 1820 at £4 Is per ounce;
1820 to May 1st,
1822 at £3 19s 6d;
from Oc¬
and after
y
OF
great fall in prices and in
became
changes
more
of
these
it
and
of many
circumstances
note issue.
own
Mr.
Peel
Mr.
opened the debate and
urged
report and the Committee's plan
regretted
the part he had taken
Horner's resolutions and
principles
nature
of
and
the
laws
Bullion
of
the
Report
English
the adoption
for resumption.
of
He
1811 in opposition to
in
stated
that he conceived
to
represent
monetary
opposition to Resumption came from
crisis in
banks.
Bank
the
of
The ex¬
Taking advantage
Its holdings of coin
ments, at £3 17s lO^d
set
ounce,
per
reduced
England
its
and-bullion increased
able, by its own volition, to
was
1818, there "was
commercial activity.
favorable and the demand for gold
discredit
or
1819
The Country Bank issues declined due
export ceased.
failure
OF
ACT
As the result of the commercial
a
on
specie
resume
pay¬
May 1, 1821, a year
by Parliament.
Bullion Report had pointed out t,lie rules to be fol¬
The
lowed
in
regulating the
paper
to insure conver¬
currency
But these rules,
avoid over-issue.
and
while they
have been understood by the statesmen who passed the
may
Resumption Act and by the officials of the Bank of Eng¬
land, were but imperfectly understood by the country bank¬
Besides,
ers.
sibility for
of
a
they
had
feeling
no
and
push out their note issues.
been carried too
During
respon¬
period
a
speculation, with interest rates
atively high, the country bankers
to
individual
of
general over-issue of notes.
great activity
rel¬
constantly tempted
were
When domestic prices had
high by the speculative boom and in con¬
gold was being exported, they did not heed these
sequence
by
to the public and
curtailing their accommodation
exercised by the
balanced by
reaction
So that whatever prudence
Bank of England
was more
which
collapse
occurred
became thoroughly
The
the business
when
alarmed
de¬
was
than counter¬
the imprudence of the country bankers.
and
community
the
system.
the
true
The
the "city men" and
England's reserve,
of
the
when such
actute
a
by the persistent
hands
prior
was
over-issue
crisis occurred,
more
of
the situation
small
denominations.
laborers
of
small
and
banks
sulted
in
to
a
tradesmen,
numerous
of
bank
England
£2,400,000 in
from
February,
1825,
made more
large amount
were
the
class
in
The
bullion
£13,800,000
1826,
and
in
the
most
They caused a run
failures.
fell
violent
In
by demanding specie for their notes,
Bank
1824,
and
was
These notes
susceptible to panicky conditions.
the
sudden
bank-notes.
by the presence in the circulation of
of notes of
the
May 1st, 1822 at £3 17s 10y2d.
the
voice be. raised
no
system in commerce, but not
a
war."
in
because
gold ingots of sixty ounces weight after February 1st, 1820
and
whence the evil fell upon them,
or
spectacle would fill their lordships with horror; and
Bank of
brought to public attention the question of
pointed committees on the Resumption.
that
.
PEEL'S ACT OF 1819
resuming specie payments.
was
of
of all ages,
drain of gold and the consequent serious impairment of the
■
These events
If their
and classes, who had unconsciously suffered without
sexes,
of
great decrease in the bank¬
the
the failure of many of the banks.
'
Not
danger signals soon enough and take the proper precaution
England circulation had fallen to £25,000,000 by February,
.1819."'
desolation.
at their bar, not merely the victims
creasing their note issues.
-such
force of the system, in¬
mere
kingdom in one general
oc¬
by numerous fail¬
is
that
A great
improvident
result
the
bank-notes.
of 1818 was followed
normal
which
legislative
by
paper
commercial failure, but those numerous persons
tibility
The circulation of bank notes
-Country Banks to £22,700,000.
was
great
of
basis.
increase.
to
of
bank
suddenly consigned to total and inexplicable ruin.
lordships could
incontrover¬
of
face
gold; and the Restriction continued.
followed
like
he
preceding year;
classes the most remote from connection with,
even
before the date
the
bank notes would only buy £86
tible evidence that £100 in
There
the
knowledge of, the paper system, found themselves
even
or
for
pound sterling has no relatiton to any weight
of
considering
now
only its trade and commerce, but its agriculture, its landed
so
fineneses and that bank-notes have
hitherto been, and are at this time, held in public estima¬
metal
were
fearful depreciation, and without any
individuals, by the
volved the whole
to
the
of
issues
OPERATION
posed as a counter-resolution:
That
tliey
as
He could show how the miseries
.
.
maintain
not
fault
two years.
resolutions
led
proportion to the extent of that
in
the price
remedy is to return to convertibility.
law extending the Restriction be amended
resume
These
in
his decided conviction, that in
and the exchanges.
(in notes)
That
tion
under any
could show how the excessive issues of country paper,
even
Bank ought to regulate its issues by
the
-of bullion
who
owing
depreciation of the notes.
That
'Of
say,
(The Restriction)
measure
he
of notes.
depressed chiefly
been
have
exchanges
•
to
de¬
He
part.
in
the impolicy and desperate madness of such a
was
even
That
.as
quoting
greater evil than good; that "he hoped it
a
would be recorded of him, as
interest,
ulating the fluctuations of a paper currency.
.to
worth
is
and
enactment, led to
•
and therefore serve as the only safe guide for reg¬
rency,
In
an
howr to rescind.
reached.
equilibrium is
If
The outflow will stop
with prices elsewhere.
again
value
bring its price level into equlib-
leaves and to
•country it
rium
One
proportion to the danger under which the country labored,
left.
when
The
itself.
England
irredeemable paper currency was,
circumstances,
worth more,
of
Bank
the
speeches in favor of the bill was made by
Grenville
country affects the general level of prices in that country.
When gold is
.a
of
directors
statesmen, however, won out and the bill was passed.
which
reserve
on
re¬
of
February,
suspension
of
specie payments was avoided by the narrowest of margins.
By
Act of
withdrawn
Parliament, the small
from circulation in
notes
It took the crisis in 1839 to prove
notes
was
ment
of
only
the
one
(under £5)
that the issue of small
of the mistakes made in the
currency.
were
1829.
Over-issue
by
the
manage¬
Country banks
Q. Is there any common cause to
in 1825. But it also became
Bank of England did not
again played the same part as
1839.
A drain of gold began in January,
port.
corresponding diminution in the
fell
almost entirely
management of ordinary banking and issue?
A. It seems to me that the distinction between
issue is as clear and
and
amounting only to £600,-
During this period, also, the
Bank obtained a foreign
distinction can possibly be. Issue is the privilege
of creating that which is the common
of value in the country; banking is the duty of
creating money,
measure
,
to
low
so
point that the position of the Bank was un¬
a
questionably rendered insecure, and without the aid of
circulation, by which alone this course
the decrease of the
of
the convertibility of the
could be checked and
things
circulation
increasing!
actually
was
again,
And
1825, suspension was avoided by the narrowest of
;
.•
'
in
as
special Committee of Par¬
authorities of the time,
(afterwards Lord Overstone).
As
of the
Following are some
given.
questions and answers:
ciples?
'
.
A. In
issuing bodies man¬
1833 according to sound prin¬
with sound
various issuing bodies have not
circulation, since 1833, in conformity
the
principles.
the Bank of England as
Do you apply this as well to
provincial issuers?
I think it is true both of the
ing to, which the
A metallic currency,
I conceive, by virtue of its own
but a paper currency,
be subjected to some
artificial regulation respecting its" amount.
The use of
paper currency is resorted to on account of its greater eco¬
nomy and convenience, but it is important that that paper
currency should be made to conform to, what a metallic
currency would be, and especially that it should be kept
of the same value with the metallic currency, by being kept
at all times of the same amount.
Now, the influx and ef¬
having no intrinsic value, requires to
gold is the only sure test of what would have been
a metallic currency, and, therefore, I con¬
the variations of
ceive
that
that
constitutes
the only
rule by which
proper
regulate the fluctuations of a paper currency.
to
Q. What are the circumstances which
efflux?
an
A. The
value
this country, in consequence
amount; the other would be a demand
by
a
corresponding increase in the ex¬
therefore be paid
and which must
of commodities,
in gold.
Q. When
.
the
preceeds from
efflux
causes
so
different,
the same course by reducing the amount
of the circulation in conformity with the efflux?
Yes; I apprehend that it is so, whatver the
of
efflux
circulation
gold
were
be.
may
a
of
It is quite clear, that if the
circulation,
metallic
apprehend
diminished,
and
rule
similar variation
a
in
I
In the second place,
culation.
it,
take
it
cause
be
would
so
therefore, to be a good
place in the paper cir¬
though the causes of
a
drain
distinctly separable in theory, they are not equally so
are
practice; in fact the cause of a drain is generally of a
mixed
character, and if you make the slightest mistake in
estimating
the causes,
and
proceed
to act
upon
the sup¬
position that it is a drain proceeding exclusively from the
excessive import
of
fact,
some
preciation
of
of
a
particular commodity, when, in point
portion of the drain is attributable to
the
value
of the currency,
a
de¬
however slight,
will get into a very serious difficulty.
In the third
place, even if the cause is of the pure nature supposed, if
a certain quantity of bullion in store be drained
out of it,
that quantity is to be recovered, and it Seems to me that
you
have
prevalent on
subject of the circulation or the currency, arise out of
confused
those
of
view
two
.The
functions.
different
principles of currency are in themsselves simple enough;
but by mingling the management 'of circulation with bank¬
ing operations great confusion has arisen; for instance, the
what
their
was
what
was
seen
in their banking capacity.
pamphlets,
issues
implied manner,
in an
always
the
of
circulation, and
Again, I
managing their
in
duty
their duty
which say, sometimes directly, and
that it is the duty
Bank to regulate prices; that it is the duty of the
to regulate the rate of interest; that the country
ought to be regulated by the supposed wants of their
almost
respective districts; that a rise of prices requires and jus¬
tifies am increase of issues, and a variety of other ideas of
same
want
of
all of which seem to me to spring out of
kind;
the
write
the minds of those who
due separation, in
a
of the functions of issue and of
the subject,
upon
banking.
'
Q. Do you consider it expedient that some control
A.
notes payable on
of
suers
should
is¬
by the Government over the issues of all
exercised
be
demand?
It seems to me unavoidable
-
that control, either direct
indirect, must be exercised over all the paper issues of
or
If the control is indirect, of course it is slow,
in its extent, and, in effecting it, there
the country.
it is also uncertain
must be
additional
an
community;
that
upon
the
was
and unnecessary pressure
im¬
not arise if the control
would
mediately upon the issues themselves; therefore, it appears
to
that
me,
direct control is more advantageous to the
a
public interests and more safe for- the object in view than
control.
indirect
"
•
;
VII
BANK CHARTER ACT OF 1844
It
to
was
cure
no means,
by contraction.
upon
the mismanagement of the
circulation de¬
scribed above and to insure the convertibility of note issues,
which
the
in great danger in
was
this Act
was
Issues"
"Country
1825, 1837, and in 1839, that
It provided for the elimination of
passed.
and
therefor
substitution
the
of
The Bank of England was divided
Bank of England notes.
into
principle, of recovering it, except
two
for
departments,
all
intents
and
purposes
separate establishments, the Banking Department
Issue
with
Department,
notes
retired
to
that
estimated
latter being
the
of
issue
the
Issues"
of
£14,000,000.
amounted to
amount
that
this
were
amount
issued
amount
was
"Country
the
Bank of England
Against these notes
to hold
than
the
the Issue Department
securities.
For
gold had
every
to
note
that time.
in
gold
compelled
was
notes.
on
everywhere,
Bank itself.
The
Bank
issued,
over
and
above
be deposited with the
partment, 123.274 grains of
in
absolute
£14,000,000 in Government or other interest bearing
£14,000,000,
£1
It was
in their stead.
less
two
and the
concerned
exclusively
The
notes.
minimum circulation required by the country at
no
you
limiteed
.
4s it right to pursue
that
be
the currency of
of
accompanied
A.
think that
of the circulation, if she had been
to that function; and it seems
a manager
to
that almost all the fallacies which are
me
efflux of bullion may be
would be the depreciation in
one
pot
the
to
the
an
the gold of this country,, arising from an qnusual
extraordinary importation of some certain commodity,
for
upon
understood
generally precede
and
ports
thrown
producing an
causes
of the excess of its
upon
Yes, certainly; I have already stated that I
.
divided into two classes;
the
superintend
issues?
value, will regulate itself;
intrinsic
flux of
body, which like the Bank of England, has to
the
principle accord¬
circulation should be regulated?
in your opinion, is the sound
Q. What,
A.
Bank of England
provincial issuers.
and the
mind as to what the proper duties are of a
the public
in
Bank
the various
A. Yes;
Q. Then you are of the opinion that the union of these
functions in the same body tends to produce confusion
two
have
*
■
opinion,
my
managed their paper
Q
actions of life.
charges against the conduct of the bank in 1835, seem to
me
to be entirely founded
upon the confusion
between
.
Q. In your opinion, have the various
aged their circulation since
bushel is deter¬
mined, and the use of those measures in the ordinary trans¬
a
influential in fram¬
legislation which followed, extracts from his evi¬
dence before the committee are
similar to the distinction between the
is, very
supporting public credit has been thrown upon
the Bank to a much greater extent than it would have been
opinions and testimony were very
ing the
to
money,
authority by which the standard yard or
A.
witness one of the foremost
a
Samuel Jones Loyd
his
the
of
the duty of
This committee called before
Banks of Issue.
on
of
or
VI
July 17, 1840, there met a
On
liament
Mr.
as
margins.
PARLIAMENTARY INQUIRY OF 1840
.
it
bank
During most of the period described, the country
000.
distributing that money in the conduct of the
the country.
The distinction between issue,
creation of money, and banking, which is the use
using and
business
insured, amounted only to the trifling sum of £600,-
notes
/
the
been desperate; while
foreign credit, would probably have
banking
marked as any distinction is
as
as any
or
of
Thus we see a decrease in the bullion
£2,500,000.
credit of
distinction are you prepared to draw between
Q. What
the
liabilities of the Bank
circulation within the same period
0001
exists
circula¬
very closely connected with the union
between the functions of banking and the
is
functions of issue.
the deposits; the decrease of the
upon
generally
which
Between
£9,330,000 to £2,522,000, a decrease of £6,814,000.
The
apprehend that the mismanagement of the
I
A.
tion
October of that year the Bank's bullion de¬
January and
clined from
which you attribute the
of issuers?
doctrines of the Bullion Report,
certainly violated the rules laid down in that re¬
yet fully understand the
for they
1939
25,
circulation by the different classes
mismanagement of the
the officials of the
obvious that
Feb.
Chronicle
Financial
1076
the
Issue De¬
English standard gold for each
was
required to redeem
its notes
demand, and its notes were made legal tender
except for the payment of debts owed
by the
The amount of the notes, under this Act, was
longer left to the discretion of the Bank's officers.
gold was deposited with, the Issue Department, the
If
equiva-
Volume
Financial
148
lent amount of notes
sented for
retired.
could
The
held
notes
circulation,
if the
as
separate
departments were
two
as
mit
of
form
Answer.
the Bank,
by
rendered
statement
actual
statement is here set out:
Issue
Notes issued
Government debt
Answer.
__
Other securities
£11,015,100
3,459,900
9,326,395
Banking Department
£10,326,131
.£14,553,000 Government securities
18,302,575
3,302,357 Other securities
4,723,920
6,264,419 Notes
Gold and silver coin....
706,007
•
9,225,549
.
Rest
Public deposits
Other deposits
.
'
Marshall, Chief Cashier.
M.
VIII
especially
enemies,
occurred
opponents
crisis
on
of
the
sulted
in
crisis
and
the
examined
For
parliamentary inquiry
a
part played
the
by
given
as
reason
testimony are here set out.
Question. "Will you
in
gree,
opinion,
your
and failed
have
to
be¬
from
discounts
arisen
that
desirable
be
and
rise in
the rate of interest, are
effort to suppress those
by artificial contrivances will in the end
pressure and more inconvenience than would
from
leaving them to take their natural
and
any
you
for
trade of the country,
possible the accommodation
do not doubt that it is desirable
wellbeing of the circulation and
keep
should
nearly
as
equal
as
Combine
so
the
that
trading
that
world
circumstances
should not be
if the causes
subject to any strong or violent changes, but
On Feb-,
extracts
necessarily produce changes are ac¬
in operation, it is not desirable by any artificial
to endeavor to prevent those violent results."
which
naturally
tually
means
his
and
subject as follows:
House of Commons in 1848 on the same
Question. "When you speak of the mismanagement
be so good as to state in what de¬
the commercial crisis which took
to
up
April, the- Bank permitted its banking reserve to
a continuous
and serious reduction of amount,
it 'was brought down to a point which was unsafe
undergo
connected with the conduct of the Bank
and the state of the circulation of the bank paper?"
Answer. "I do not consider that the pressure which took
and
place in April last, or the subsequent pressure in October,
was in any degree connected with the management of the
Question. "Up to what time do you consider
conduct of the-Bank was objectionable?"
-
of last year, were
I consider that pressure to have
circulation.
mercantile character.
a
the hands
until
been entirely
notes in
system
any
vision
made
was
originated,
distinguishing those causes which were in operation in the
early part of the year, and those which may have been
in operation in the subsequent part Of the year?"
Answer. "That pressure,
I conceive, was caused by a
deficiency of capital to sustain the mercantile engagements
opinion, were the causes in which the pressure
that
in
were
from
existence.
That deficiency Of
failure of the harvests
the
capital arose
both in this country and
diver¬
sion of capital from trading,, purposes to the construction of
railways.
The pressure was further intensified in the
throughout Europe, and also from the extraordinary
the
by
autumn
extent of the commercial
time, and the general alarm
rise."
extraordinary
failures which occurred at that
to
which
those failures gave
Question. "Will you state, that pressure existing, what
effect, in your opinion, the Act of 1844, commonly called
Sir Robert Peel's Act, had either in alleviating or in ag¬
apprehend
it had no effect whatever in aggravating the pressure.
I
conceive that the Act of 1&44 protected the public from the
Answer.
additional evil
failure
the
in
the
"For
reasons
already
stated
I
which would have otherwise occurred of a
of the notes, and
destruction of our monetary sys¬
maintaining the convertibility
consequent complete
tem."
Question. "You are of the opinion then that the pressure
occurred, and have been as severely felt, had
no such act been in existence?"
would have
Answer.
"I
am
of that opinion,
certainly.
I see no ground
saying that the act in the slightest degree
tended to create or to increase the pressure."
whatever
for
Question. "Are you not sensible that a reduction of the
accommodation to the public, in the shape of discount or
1847;
months
during
being, raising
the principle of those measures
powerfully and more rapidly than
it did.
It was a course contrary to all sound principles
of banking; the Bank of England, during that period, kept
increasing its securities, paying for those securities out of
"its banking reserve, that payment so made out of its hanking
reserve being immediately taken to the issue department,
•
and gold taken for
it; so that, taking the two
departmentts
Bank from the beginning
of January to the middle of April, continually' increased
its securities, paying
for those securities in gold, which
gold was going out of the country; and it did that without
together, the result was that the
raising its rate of interest in a manner
sufficient to protect
reserve."
"•
Questioh. "You consider that from that step the difficulty
of April mainly arose?"
,
Answer. "The abrupt character of it, I think, was pro¬
its banking
duced
entirely by that .course."
"if the Act of 1844 was. supxx)sed to prevent
Question,
the
is
difficulties, what advantage
the hands of the
of producing the suddenness of the
abrupt character of those
if
there,
after all there remains in
Bank, the same power
difficulty
gravating that pressure?"
"My objection applies to the first three
year
the rate of interest more
-
Question. "Will you be so good as to state what, in your
the
that reserve,
circulation in which adequate pro¬
for securing the convertibility of the
of
notes."
that the
those three months the Bank
allowed its banking reserve to run down too low, and did
not take the measures it ought to have taken to protect
of
large, and I apprehend that the same , degree of pressure
must
have taken place under a metallic circulation, or
under
therefore alarming."
Answer.
of bank
public during that period was unusually
the
of
The amount
of the
Bank, what are the points to which you allude?"
Answer. "I allude to the fact that, from the year 1847
place in the month of April, last year (1847), and the fur¬
ther disturbance of credit, which took place in the autumn
of
of the
Loyd also testified before a Select Committee
Mr.
"
;
the part of the Bank
on
given "by the Bank to the public?"
Answer. "It
is1 certainly
desirable
Esq., was called
above,
the time to them."
very
would
Question. "But
the
into the causes of the
of 1844.
at
opinion that fluctuations
course."
This re¬
Act.
inconvenience
unavoidable,
produce more
in and
Secret Committete of the House of Lords.
a
same
of the
by the Act
Samuel Loyd,
28th, 1848,
ruary
restrictions
it
consequences
many
severity of the
the
of
absolutely
failed to give the proper
business community,
the
arbitrary
test
mercantile class.
When
severe commercial crisis
blamed
Act
the
a
the fact that the Bank
accommodation to
cause
the
among
of
The Act had
passage.
April, 1847,
in
these
its
and
and
traction
Act of 1844 was to have a real
following
shortly
'
OF mi
CRISIS
it happened, the
'
creates
they should be
from which they
proceed.
Any attempt to obviate such fluctuations, with¬
out
really remedying the causes which produced them,
would only increase the mischef and not diminish it. When,
for example, from any cause whatever, there occurs a great
diminution of the capital which had been previously cal¬
culated upon for carrying on the trade of the country, the
inconvenient consequences which arise from that, viz., con¬
£34,058,633
£34,058,633
Dated the 4th day of June 1957-
individuals con¬
avoided, but we must look to the causes
713,308
_
"It
time,
one
jurious,
...
Seven day & other bills.
although
restricted accommodation on the
part of the Bank at another time, are very injurious to
trade, and much to be avoided?"
Answer. "There is no doubt about it, that violent fluc¬
tuations in matters of that sort are inconvenient and in¬
at
£23,801,395
£23,801,395
Proprietors' capital
apprehend that pressure on
inconvenient, is extremely sal¬
I
because
iQuestion. "Are. you also of the
between abundant accommodation
Department
£23,801.395
"No;
cerned in trade?"
C. 32, for the
Gold coin and bullion
there
rather
'injury'
and
Question. "But it presses severely upon
An account pursuant to the Act 7th and 8tli of Victoria,
week ending on Saturday, May 30, 1857
very
'inconvenience'
not
utary and beneficial."
ENGLAND
BANK OP
As
ac¬
hesitate to ad¬
'injury.'"
occasions,
many
an
undoubtedly
synonymous?"
the
show
the word
should
I
inconvenience.
Question. "Are
es¬
tablishments.
To
considerable pressure
with
attended
always
with
companied
of the
part of the banking reserve, were counted as part
is
injury to the trade of the country?"
Answer. "A reduction of discounts is
and
notes
Department,
Banking
the
in
otherwise,
If notes were pre¬
issued.
be
payment gold had to be paid out and the
1077
Chronicle
as
Answer.
existed before?"
"In
reference
to
that
question,
we
must dis¬
the management of the circulation and
the management of the banking business of the Bank.
Be¬
fore the Act of 1844 was passed, the Bank was vested with
tinguish
between
the power
both of mismanaging the
circulation, and of mis¬
the Act of 1844 placed it
out of the power of the Bank to mismanage the circulation,
and in so far as it was perfectly effectual in its purpose,
but it left the Bank, as a banking concern, with full dis¬
cretion to manage its banking affairs according to its own
judgment; that is, it left the Bank wih the power of mis¬
managing its banking affairs, and of inflicting a serious
injury upon the public."
Question. "Then, in point of fact, the mismanagement'
of the hanking department by -the" Bank of England, is
managing its banking business;
Financial
1078
Feb.
Chronicle
25, 1939
there practically ceased to be a foreign
the suddenness of the difficulty is
fixed figure, and
concerned, of the same inconvenience to the public as was
exchange market.
As the war progressed funds raised in
caused previously by their general mismanagement?"
Answer. 'The mismanagement of the banking business
this manner
supplemented by direct loans from our
productive,
far as
as
government, and by the proceeds of English dollar bonds
certainly produce inconveni¬
public, but still the effect of
the Act is to protect the circulation; if the Act of 1844 had
not been in operation in the spring of 1847, I apprehend
t hat the course pursued by the Bank up to April would have
been further pursued by the Bank, until the bullion then
standing at about £8,000,000, had been reduced to £2,000,000 or £3,000,000, and then you would have had a, convul¬
sion still more abrupt, still more severe, and rendered more
oppressive in consequence of a further feeling being thrown
into it of serious alarm as to the safety Of the monetary
system; from all those evils the Act has protected the
public."
In 1857, in 1866, and thereafter, similar crises occurred,
of England may
the Bank
of
to the American
sold
in an abrupt form to the
ence
were
con¬
that the Gold Standard was
time in nearly
the first
for
and,
suspended,
Under such
people themselves.
ditions it was not surprising
hundred
a
impossible to convert Bank of England notes
years, it was
gold on demand.
into
ended, England, as well as all other na¬
When the war
resuming a peace-time
tions, had the difficult problem, of
complicated by the hysterical political conditions
usually exist at similar times.
England Owed the
status,
that
United
States an
similar
sum
True, she was owed
sum.
enormous
a
,
by the war, and collecting what was owed her was another
by adhering to the principles of the Act of
Nevertheless,
disturbances between that, year
questions
vexing
and the outbreak of
inter-allied
of
far from
which
tioned the fact that a Bank of England not was "as good as
mestic economy had to
It is in
English
pound
became
sterling
world's
the
best
Demobilized
basis.
small measure due to this fact that the
no
are
known
-
had
troops
had
,
be
to
to
absorbed
be opened
goods.
cial
Do¬
in-
into
British
fpr
Unemployment was
Taxes were oppressively high.
monetary unit, and that London was known as the finan¬
indemnities,
and
be changed from a war to a peace
markets
Foreign
dustry.
debts
being settled to the present day.
the World War in 1914; and during that time no one ques¬
gold."
familiar with the
Everyone is now more or less
question.
1844, England went through all the commercial and finan¬
cial
But her allies and enemies alike were impoverished
nities.
called arbitrary restrictions of the Act.
so
under compulsion, promised her large indem¬
enemies had,
always there were some who attributed them, or their
and
severity, to the
vanquished
by her continental allies and her
general.
capital of the world.
It
During these seventy years tremendous economic changes
took
place due to the rapid growth
dustry
introduction of
and the
and electricity
steam
in
astonishing, therefore, that, when the
not
was
peg was
removed from foreign exchange, the pound should sag and
of commerce and in¬
„
that for
some
time
specie payments were not resumed.
The
November 13, 1918 showed
Bank
of
period no voice, in responsible circles, was raised against
notes
outstanding £64,900,000 and gold reserve £74,600,000.
convertibility and the gold standard.
The
transportation.
production and
as
automatic
is
true
in
And
during
all
yet
Its operations were
the system of weights and measures.
as
metallism and that the United States
was
on
no
talk of
of
"stabilizing
of
"commodity
the
the wbole
not
unusual
demands
gold
the
standard
been
are
cash
made
were
of the war
all
on
banks.
the
Treasury issued, through the Bank of England, its own cur¬
abandoned
-
'.'outgrown its usefulness" in the opinion of
Why
Moreover,
At the outbreak
story.
for
how¬
reserve,
number
England and practically all of the civilized world?
people the world over?
banking
index
or
a
temporary measure to meet this emergency, the British
by
Why
so many
the "Bullion'Report" and
denominations of £1 10s,
rency notes in
issues did
has
The
As
Price fixing by the government had not become
Why then
notesi
at the dangerously low level of 16.6%.
parity,"
fashionable.
has it
this is
the terms
power
"currency wars," of "purchasing
funds,"
gold held
ever, was
against
departed from
not
to the amount of notes issued or the
in
There was
on
Department had
as
inconver¬
an
tible paper basis from the Civil War until 1879.
Issue
bi¬
European countries tried
most
England statement
of the Act of 1844
This
spite of the many wars during the period';
spite of the fact that
money."
this
stead,
not
cease
British
the
with
the
Government
lished, but
In¬
emergency.
continued
during and following the war.
rency notes
Unfortunately the
temporary
to
issue
notes
The amount of these cur¬
outstanding at the end of the war was not pub¬
probably
was
than the total of the Bank
more
the principles of the Act of 1844 old fashioned and out of
of
date?
by the Government against their currency notes from time
age,
Why
hateful acts of tyranny, popular today?
once
answers
repudiation and debasement of the coin¬
are
we
For the
to
•
.
•
.
■:
of
a
in which England and most of
war,
European nations became involved,
was
bound to dis¬
rupt all commercial relations, not only between the warring
nations, but between them and the neutral powers. Normal
avenues of trade were-closed and new
ones, created by war
demands,
opened.
were
It
was no
tain the proper balance between
normal
rules
of
trade
and
longer possible to main¬
imports and exports.
finance
discarded.
were
All
The
successful prosecution of the war became the all important
thing to each nation involved.
Foreign exchange
was,
'
'
of course, in a state of complete
demoralization following the outbreak of
were
fantastic.
Stock
exchanges
Quotations
war.
closed.
were
When
things settled down it became apparent that the warring
nations,
with
their whole
business
structures
on
a
large amount of supplies and
not
the
Their
pared to quantity of
ment
is
material.
hope to purchase these entitrely by their
neutrals.
gold
supplies
were
They could
own
being
were
borrowed by the English Government and
These
advances
needed to
try.
secure
or
loans
were
made
raw
and
drawn
upon
materials in this
The dollar-pound rate of exchange
were
advances from American bankers.
purchase supplies and
the
23.22
113.0016 grains.
was
grains
of
pure
A
and all
its
paper issues were
you could
money
market,
the
the pound
States
an' English
dollar
pound
buy
it
on
the gold standard
freely convertible into gold.
pound for $3.20 in the foreign ex¬
a
meant
therefore,
had depreciated about 34%.
measured
this de¬
eyes
The par of exchange, therefore was ? £1=
The United States remained
change
the maximum de¬
United
gold,
$4,866.
When
English paper
all
war
the quotations of
by
foreign exchange market.
contained
confidence
or
English
that
paper
This depreciation fairly
lack of
of
confidence
the
fi¬
nancial world in the ability of the Bank of England and the
English Government to redeem its promises in full.
However,
set
out
as
resolutely to put her house in order.
Government
done
Germany and France,
in
'
■
.
.
trade resumed its peace time status, England
meeting
kept her budget
deficits
with
paper
Instead of
money,
she raised
her
as
was
taxes
less in balance.
more or
and
increased.
-
The value of her
The exchanges became more favor¬
able.
X
1925—BACK
The arrange¬
England and the United States
typical of what had to be done to meet the situation.
These
held
was
com¬
English citizens held large amounts of American securities.
pledged to it by
if any,
about 34%. * To American
evidenced
exports to
bagatelle
a
such supplies needed.
worked out between
reserve,
following the
years
was
paper money
raw
gold
war
basis, would have to depend upon the neutral nations for
a
two
preciation
in
The outbreak
the
preciation
ix
THE GREAT WAR
the
What
issues had depreciated in terms of gold,
the business world.
on
issues.
time, was.not announced.
In
must turn to the events of the World War and
their after effect
England
as
coun¬
pegged at
a
TO
THE
GOLD
STANDARD
In April, 1925, by Act of Parliament, all currency issues
made redeemable in gold on the old pre-war
basis: 123.274
grains of English standard gold for each one pound note.
True, there
was
the
usual crop of criticism from the
called anti-deflationists, but on
greeted everywhere with
By
reading
so-
was
enthusiasm, and had the all but
unanimous approval of the
papers.
the whole this action
British banks and leading
the contemporary
accounts,
news¬
however,
Volume
find
you
Financial
148
a
of
general feeling that this resumption
very
gold payment at the old parity was a bold and courageous
principles, based
There should have been no risk if sound
issues
excessive
when
of
Redundant and
should have been retired
been followed.
had
experiences,
past
on
paper money
The Bank of England
gold payments were resumed.
statement
gold
April 29, 1925, following resumption of
on
payments, showed:
Notes outstanding
Issue
Department
1844 and there
how many
£148,386,000
*,
£155,742.000
—_—
still adhering to the Act of
was
when
the
news
On
November
the
Issue
000 limit
Bank
this
fiduciary note issue
intended
He
stated
it
that
always
was
be
avoided
by cooperation
among
would
stances
would
have
been
These
measures
but
in
capital
was
ready to flee from a country at the first breath
of
unsettled
The trouble
1931.
of
for
Here
is
brief
a
advances
to
short
Germany
While
habilitation.
these
for the lenders were bound by a
the
not
were
in
to
call
time
same
the
back
these
banks
the form
notice.
owed
of
1929
the
ment
crash
to
internal conditions
Taxes were
in the saddle.
was
the
Confidence was at a low ebb.
fiscatory.
Labor Govern¬
high
so
as
to be con¬
Certainly all in
explosion -was touched off by the credit collapse in
Austria, which spread to Germany, tying up English credits
to
Germany tighter than ever.
of
capital
from
London
on
dropped from £165,000,000 on
July 22.
rate
for
was
the
advances
withdrawal
in
France,
July 15 to £150,000,000
2%% to 3%%.
was
The bank
Germany's request
turned down at a conference in
By July 29 the Bank of England's gold holdings
dropped to £135,000,000.
4^%.
a
interests
Sterling exchange dropped to $4.84.
raised from
further
London.
had
There started
private
Gold holdings of the Bank of Eng¬
Belgium and Holland.
land
by
The bank rate was raised to
The first week in August the Bank of France
Federal
the Bank
Reserve Bank of New
of England a credit of
getting
always
to
because selfish interests
of Peace
are
be just as sensible
would
It
days.
proved monetary
us
into war.
and
York jointly granted to
$250,000,000.
The Bank
As nothing was agreed
the
draft resolution:
following
of wholesale
level
return
economic
and
to restore
a recovery
to
the producer
of primary, commodities
equilibrium between cost of production and
;
is
.
.
,
in world prices, monetary
of the essential factors.
The fundamental
In order to obtain
action
In the world
commodity prices sufficient to yield an
prices generally.
2.
English delegates who
give the official view of the
It Is essential to bring about
1,
abortive London
chapter in the tragedy is the
introduced
one
recovery
monetary conditions of recovery
should cease, that cheap
and
available,
all, it was a situation loaded with dynamite!
The
the circula¬
claimed
accomplished at the conference, it is only necessary
or
here to
The
£359,000,000, and the
Also,
America.
in
impossible
was
obsolete and a relic of the
Economic Conference in June, 1933.
to
England were bad due in large measure to after effects
in
it
1938—THE LONDON CONFERENCE
At
net
sudden withdrawal.
In addition,
monetary system.
whole
the
that politically
institution
nations
selfish
The next
.
rate was 2%%!
collapse of
buggy
the
of
England statement at this time showed gold hold¬
ings of £165,000,000, notes outstanding
of the severe
but there was no need to add to
XI
the form,of bank deposits
and short term credits subject to
discount
a
maintained
have been
There might and probably would
financial re¬
short
on
English
foreign centers £250,000,000 in
Bank of
and
condemn
so-called gentlemen's agree¬
advances
same
fill the vacuum,
in to
avoidable calamity, and a tried and
an
and
have
Maybe that was true, but then they should be
horse
the situation
credits, they were in reality semi-frozen assets,
term
ment
country's
advances
should
notes could
England
of
France, had made very large
aid that
to
of
summary
The English banks, along with
early in July of that year.
those of the United States and
flowed
have
Bank
system should not be held to be
less than three years later in the sum¬
came
They
yield to the demands of the anti-deflationists and
to
tion.
suspicion, it was asking for trouble.
mer
would
troubles
been
The
If their retirement
war.
that, therefore, it was not practical to decrease
timid
when
period
post-war
of the
serious banking crises as a result
been
has
not
in normal
enough
bad
It
prudence..
and
deficiency in the circulating medium of the
a
which
these
sense
should never have been added
circulation.
England
unsettlement of the time;
repudiation.
times,
the
banking reserves, is to fly in the
issued under the old law.
management and
bound to end at the first crisis in disaster and
of
gold
have
practically- agreed
had
they
common
at the close
against
course con¬
a
caused
had
but
banks
Bank
retired
country,
for permission
take
of
rule
every
the
been
Here is the curious picture
trary to all sound principles of currency
of
to
the central
Government asking the Bank to
of the
Germany which
to
in the face of inadequate
in gold
in an
they had accepted enormous temporary bal¬
Government currency notes
sum
gold
of pre-war circulation,
than the total
recall, and to have maintained a bank rate of 2%%
not to
would probably
justify asking the Treasury
expand the fiduciary issue.
to
advances
face
unbacked by
currency
rule of
remain in
permitted to
have
subject to immediate withdrawal and had made great
ances
be insisted upon, the circum¬
if withdrawals should
that,
at a time when
realization of their
He continued that such an event
balances.
fiduciary
a
owing to a
possible that,
might be withdrawn in a short time in
To
management.
far greater
brought
of every known and tried
violation
the
by
amount
was not
this conclu¬
suspension was
"The
justified.
hesitation."
with
and
banks, a large
of foreign
policy
of
change
"reluctantly
used
be
to
gold standard itself to meet modern con¬
from
circulation
spokesman stated that
House, the Government
provision for expanding the
far
currency
under discus¬
failure to avoid the suspen¬
growing number as proof of
a
It is enough to say at this point that
is
about
for permission to
the Treasury
At the time the Act was
limit.
in the
sion
the
to ask
empowered
exceed
accepted by
the failure of the
ditions.
and the Governor of the
fiduciary issue,
the
on
the suspension of the Gold Standard Act.
has
the term of the
allowed to exceed the £260,000,-
the Bank was
Act of 1928
the last by every means in their
sion
sion
Government and the
the British
that
unfortunate thing is that
been
England
inconvertible paper basis.
doubt
to avoid
power
Furthermore, by
Department.
an
no
Gold Stand¬
Sterling exchange fell to $3.46.
The
to the gold holding of
notes, showed no addition
currency
banks.
the drain of gold out of England.
Bank
asumption of the Government
following the
immediately
There is
And its statements,
culating notes of the Bank of England!
credit of $400,000,000 was
new
a
Bank of England strove at
1928 £234,19(1,000 was added to the cir¬
29,
again on
was
sup¬
infla¬
exhausted and the withdrawals con¬
were
ard Act of 1925.
increased to £260,000,000!
issue of the Bank of England was
this
pure
as
On Sept. 21 Parliament suspended the
tinued.
By that act the authorized fiduciary
out.
came
September
Parliament, that
England were amalgamated by Act of
of
Early in
Both the credits
them?
the Government and of the
issues of
situation,
criticized
was
arranged with J. P. Morgan & Co. and the French
The
not until November, 1925,
not published. It was
were
the note
British
the
"Commercial and Finance Chronicle" in Amer¬
by the
ica.
in
The action
the need.
tion
notes of the British Government were
currency
outstanding and wrhat gold was held against
figures
But
Bank of England notes.
were no excess
£275,000,000, which permis¬
action was needed to thoroughly
any
confidence
demoralize
plied
If
granted.
was
But it was too late to stop
Gold coin and bullion
The
England then applied to the Treasury for permission to
of
increase the fiduciary issue to
sion
step attended with some risk.
1079
Chronicle
that
of prices are that deflation,
and plentiful credit should be
its circulation
made
should be actively en¬
couraged:
3. The
countries should
securing these con¬
should announce their intentions of pursuing
policy of cheap and plentiful money by open
central
undertake to
and
ditions
vigorously
market
It
a
banks
the principal
of
cooperate with a view to
operations.
almost
seems
incredible
that
ence.
What
When
this
resolution
followed
was
Roosevelt's famous messages the
out
the
above
resolution
official British view at the confer¬
changes had taken place in two short years!
represent the
should
shortly after
by Mr.
conference broke up with¬
accomplishing anything.
It
is
abundantly clear,
from
may
be described as
the above declarations of
authorities were obsessed by what
"the price complex." They concerned
policy, that the British
I
Financial
1080
the
with
themselves
wealth and not
ol'
measure
wealth
production and distribution of goods).
itself (goods and the
Feb.. 25, 1939
Chronicle
agreement itself is temporary and completely vague as to
ultimate aims.
any
XII
conditions in a
crop failure into a
Tinkering with money standards to improve
turn a
country is as futile as trying to
Only
increase the amount of grain.
one sure
result follows
tinkering with the standards of value, and that is demoral¬
As
ization of confidence and credit.
one
of the French dele¬
Conference put it, after the British
to the London
gates
resolution was offered:
consumption and trade is possible
sense of security—political, eco¬
nomic and monetary.
...
Who would be prepared to
lend, with the fear of being paid in depreciated currency
always before his eyes?
Who would find the capital for
financing vast programs of economic recovery and. abolition
of unemployment as long as there is a possibility that eco¬
nomic struggles would be transported to the monetary field?
re-creating
As
the
1938 and the value of the pound
In the early summer of 1938 the British
great sum in gold during
declined about 8%.
situation
monetary
against which it held £327,000,000
(notes not covered by gold)
currencies
as
the Bank were almost enough to redeem
production and to equalize the intolerable burden of debt,
there
are
odd effects that
some
appreciated.
are
of
class.
It lowers the real income
who live
the burden
and
whole laboring
lowering the real wages of the
class and all
eases
not always seen
this artificial price rise has the
Internally
effect
of all the thrifty saving
annuities of fixed
on
It
incomes.
all debtors alike, regardless of when the
on
debts were contracted, doing injustice to the great
majority
Externally
have
depreciating its
a country
The contrary is
A merchant in a country whose
true, as is easily proved.
when buying goods abroad, will
is depreciating,
currency
assumed "
currency is
advantage in foreign trade.
an
have to give more of his own
same
inoney to buy those goods at
least the amount of the depreciation.
prices by at
own
It means buying dear
public became aware of the fact for the first
when
10%d
(at 84s
foreign currency are increased.
currency
No
A depreciating
or
"fluctuat¬
is particularly harmful to a country like Eng¬
Transactions all
English
fiduciary currency had been increased from £200,000,000 to
Is it logical to believe that this is a measure
£400,000,0001
the world used to be made in
over
cleared
London
through the
afford to make future contracts in
London
currency.
confidence in the English situation,
calculated to restore
the value of the paper currency, and to stop the
to hold up
gold out of England?
of
drain
wouldn't
war,
paper?
On
July 1,
1938,
has
lost
and
is
fluctuating,
a
the price of gold
140s
9d
most
a
that the
gold holdings of the Bank and the Government had
was
at
that time,
at 140s to the ounce of fine
United States-British par of
new
been
£=$5.00.
and
would
Government
the
ment?
the
The very idea of a
maladjustments of
human experience and
have
Government
or
is
trade
as a cure
any
bank
to
utterly repugnant to all
of 1844
or
The
to take away from
was
board "management" of
the currency, and the Act was passed
as
the "result of 50
years' unfortunate experience with "management."
The
safe
the Bank
to
on
Department
*
Notes issued..
turned over to the Government.
world
system.
have
restored,
the
foreign exchange.
by buying
This method
can
or
selling gold
and has been used
successfully to prevent undue speculation in exchange and
to
mitigate fluctuations due
countries
also
signed
a
vided for cooperation in
But
them.
rency
no
ro
temporary
causes.
Tripartite Agreement
These
which
pro¬
stabilizing exchange rates between
such devices
can
maintain any country's cur¬
at any given level for any length of time when its
internal currency,
fiscal and tariff policies
the opposite direction.
which
reserve
has
devalued
since the
This is proved in the
twice
and
lost
over
Tripartite Agreement
are
case
half
was
working in
of France,
of
made.
of
over
holding would
£300,000,000 at
the
instantly restored confidence
stability of
and
been
would
Adherence
well
to
in
the
the
world trade.
materials with
released
old
As
it
position.
than
emergency
and, what is
short
time
unnecessary
have
rules
she
rectified
she cannot buy
had
her
war
gold indefinitely, and she had better face
the situation sooner than later.
weaker her
is,
a
better
into the banking
monetary
would
past
In
been
have
infinitely
become
have
could have been
funds
in
crisis that arose.
Fund
would
the "kingdom
prestige would
have
monetary
the British
capital from
would
any
Equalization
in
used to prevent, if possible, large fluctua¬
400,000,000
£500,000,000
little
a
credit
she
and
position
gov¬
the
Her
ceased.
so
operated by the respective
to
The flight
learned
or
in
over
amounts.
tions in foreign exchange rates,
increased
These measures would have
the
system.
are
£100,000,000
i
rate.
new
and its
ernments and
_..
The Government Equalization Fund's gold
been
,
Government and other
£500,000,000
£500,000,0001
France, England and the
are
profit should
no
statement would have read ;
securities
have
a
the operation, the gold over £400,-
000,000 could have been
Issue
reduced to
In order that
figure of say £100,OCX),000.
United States have set up equalization funds of very large
These funds
£427,-
authorized fiduciary issue could have been
position to meet
Since the London Conference the currency .policy of all
nation§ has been simply drifting.
from
increased
(XX),000 at the "mint price" to £704,000,000 at the new.
Assuming
especially to British experience.
main purpose of the Act
the
"managed currency"
exchange would have
The combined gold holdings of the-Bank
Gold coin and bullion-...
authority when they are in proper adjust¬
assume
pound, by statute, at about 74.75 grains of standard gold.
losing the profit she
that prices and costs are ill adj listed, who is wise enough to
any
Let us
ounce.
per
This would have meant resetting the content of the
gold.
The
important point.
the
on
market
center, and her prestige has suffered immeasurably.
Then there remains
(in paper)
London
market.
used to get from serving as the world's greatest financial
say with
Faced with the threat of
been wiser, just because of that
it have
payments early last summer at the then gold value of the
accrue
and
money
one can
had been transferred from the
ounce)
per
time
announced that £200,000,000
was
Equalization Fund, and that the authorized
the
to
Public and private debts due from for-
proportion to the depreciation; debts due foreigners in
land.
1939, it
Jan. 6,
on
Bank
The
selling cheap.
eigners payable in local currency are automatically reduced
ing
lost by
was
exportation, the greatest part coming to the United States.
price in the buyers' money; and he will get less
when he sells abroad unless he raises his
and
1939, it is thought,
in the Equalization Fund
gold
been revalued
the
in
the
threat, to have strengthened her credit by resuming gold
of creditors.
to
of
most
raise
to
they say, more in line with costs of
gold at the statutory figure.
Between August, 1938, and January,
The
depreciated
deliberately
are
In
words, at that time the total gold holdings of the
the whole note issue is
When
The
£100,000,000 (figured also at 84s 10%d per ounce).
other
Government and
prices and put them,
£200,000,000.
was
gold holdings were estimated to be
Equalization Fund's
Wide fluctuations of the exchanges do not merely imperii
modern society, which is
based on credit.
In a word, without stable currency there
can be no lasting confidence; while the hoarding of capital
continues there can be no solution.
and £173,000,000 in
The authorized fiduciary
Government and other securities.
issue
(valued at 84s
in gold
10%d per ounce, the pre-war standard)
about
The
approximately as follows;
was
Department showed notes outstanding 1500,000,000,
national currencies or natural economies, they may shake to
its foundation the whole system of
paragraph, England lost a
stated in the opening
was
Issue
No durable recovery of
without
CURRENT PROBLEM
THE
It does not
bumper crop by changing the bushel measure.
any
more
The longer she waits the
Good credit is more important in an
other time.
She is now losing gold
important, credit.
If she has not lost
any
considerable part of the gold recently transferred to
the
Equalization Fund, it is not yet too late to adopt the
course
sons
suggested.
and
should
go
its gold
example,
And the
many
If there is anything of good in the les¬
experience of her past, such a course of action
a
a
good
way
toward ridding her and,
by her
good part of the rest of the world of a great
of' the evils that now beset them.
Volume
Gross and Net Earnings
In
was
almost
seriously adverse
a
of United States Railroads for the
for the railroad trans-
one
The busi-
portation industry of the United States.
ness
paralysis that settled
traffic
tion
that
latter
was
on
half of 1938
evidence in
reach
principal transporta-
During the
modest scale.
a
improved tendency was in
an
general business affairs, but it failed to
stage that offset in any important degree
a
the adversities
the annual
statistics
suffered
period
the
as a
worst
whole, financial operating
hardly better than
were
bankrupt-
finally put approximately 39% of the
which
Both gross
mileage into the hands of receivers/
earnings, were sharply diminished, even in
and net
comparison with
results
that
of the depression
years
started in 1929 and that led to railroad
cies
Taking
early in the year.
carriers
of the
of
those
the
offered
was
agencies
the country in the
far into 1938, and the
upon
late months of 1937 extended
years
far from
were
like 1937 and 1936, when
When the figures are
devastation
good.
contrasted with those of the 1920's the
wrought
field is
transportation
railroad
the
in
glaringly evident, and the need for remedial meas-
;ures
also is
fact
It may be added that this
apparent.
impressed itself increasingly upon the Wash-
ington Administration
and the national Legisla-
ture, with the result that some long-needed steps
toward
improved conditions finally were inauguThe Administration-fostered a study
rated.
occasioned
which*
legislative proposals in the session of
Congress that started early in January, 1939, and
the debates
suggest that some good may come of
this.
Events
of
importance to the railroads
securities
holders of their
There
no
was
lack
made inevitable
-
the very
of
drastic
and the
numerous
were
actions
in 1938.
along lines
by the poor revenue returns.
At
start of the year, or on Jan. 3, 1938, the
Erie BR. announced that it was unable to meet its
debt
ditional
the
and soon thereafter a petition in
payments,
bankruptcy
The situation of two ad-
filed.
was
large systems, the Baltimore & Ohio and
Lehigh Valley, became serious as the year pro-
Late in August the managers of these rail-
gressedt
started
roads
negotiations with large holders of
their
fixed " debt
tions
of
This
obligations for voluntary redue-
interest
expedient
rates
was,
outstanding securities,
on
of
course,
far preferable to
receivership, and it appears that a large measure
of
success
was
achieved in the
new
method thus
developed for dealing with railroad troubles.
ns
no
denying,
reflects
It
of the railroad industry,
hardly
any
progress was
important railroad systems in
the many
receivership.
business
and
that
added
throughout 1938 toward financial reorganizaof
tion
be
There
the other hand, that the method
the parlous state
must
made
on
In former periods of financial stress
adversities
such
reorganizations
relatively few years,
continuing uncertainty of these times has
always were effected within a
the
but
prevented such action.
These matters are of concern not
road
of
only to the rail-
managements and employees, and the holders
rail
whole.
business
but
securities,
also to
The intertwining
affairs
are
the country as
that
each
light utilities or whatnot,
important
the power
contributes to the
branch, be it industry, transportation,
and
a
relationships of modern
such
Calendar Year 1938
welfare of all the others. The situation of the railroads is such that they have for many years been
unable to make their ordinary contribution to the
important respects the year 1938
all
1081
Chronicle
Financial
148
general sum total of business transactions. Ordinarily the railroads are large consumers of capital
or durable goods, and it is well established that
lasting business improvement depends in good part
upon sustained activity in the durable goods industries. Recovery from the 1929 depression has not
yet proceeded to the point where a good rate of
durable goods manufacture could be noted, and the
plight of the railroads is one obvious factor in this
unhappy situation. This is a matter of necessity
and not of choice, for the railroads made a valiant
start toward improvements of all kinds in 1936 and
early in 1937. The business paralysis which swept
over the country in the late months of 1937 halted
all but a few of these improvement projects, which
means that the wheels of industry in general must
turn more slowly. Another factor which recently ,
bas suggested the need for a rail transportation
system in good repair and high efficiency is to be
found in the vital role played by the railroads in
national defense. The vague and uncertain foreign
policy pursued by the Administration in Washington has centered attention on this aspect of the
railroad problem.
Of significance in such connections are certain
.difficulties under which the railroads have been
struggling in recent years, largely as a consequence
of Administration views and activities which favor
labor at the expense of map^gement and capital,
Wage increases for the several ^at groups of railroad employees are prominent in this respect, and
of continuing importance. It is not to be forgotten
that arbitration awards in August and October,
1937, added approximately f130,000,000 annually tothe costs of rail personnel, and put the wages of a
great majority of the individual workers at levels
over those paid even in 1929. Attempts were made
by the railroads in 1938 to remedy this situation
and adjust the inequalities that arise from the highest wage scales on record at a time when general
living costs are comparatively low. ; An application was made early in the year for a 15% reduction of wage rates, and the matter promptly was
submitted to arbitration. The unions of railroad
employees strenuously opposed any concession, and
the arbitrators were forced to announce in Chicago,
on Aug. 31, that their efforts toward adjustment
of the differences were fruitless. The railroads sig¬
nified that they fully intended to make downward
adjustmtents of wages, but President Roosevelt intervened in the dispute on Sept. 19 and 20, when
long conferences were held at the White House by
rail managers and employees. An Emergency FactFindihg Board finally was appointed, and after a
brief study the Board suggested on Oct. 29 that the
application for a reduction of wages by 15% be
denied. It was maintained by the Board that a
horizontal reduction of wages would not meet the
problems of the industry, since it would apply to all
carriers and not merely to needy railroads. A wage
reduction would run counter to the general trend
of national affairs, it was added. Mr. Roosevelt on
Oct. 31 urged railroad executives to accept these
for a
the circumstances the rail-
recommendations and abandon the proposal
15% cut in wages, and in
1082
Financial
roads could
the
hardly fail to accede.
railroads
needed
steps toward economy.
Attempts also
increase
their
success was
June
and
the
In this
from
prevented
were
achieved.
5,1937, for
the
made
were
An
railroads to
small
a
measure
application
of
filed
on
was
increase of 15% in freight rates,
an
Interstate Commerce
Commission
question for many months.
handed down on-March
studied
A ruling finally was
8, 1938, which granted
mission
for
selected
list
average,
per-
these advances
than
rate
of
half the
advances
of
5%
to
the
as
great interest
of Eastern railroads for
to
which
in 1937.
fares
were
passen-
mile, from the 2c.
a
arbitrarily reduced
The Commission decided
against this
Govern-
the
The problems
subject
to
approval
by
the proposed
a
It
special Federal Court
be organized to deal with financial
reorganizations
of the carriers.
The annual report of the ICC, submitted to Congress on Jan. 3, 1939, made it clear
a
remedy for the situation requires the
of
all
interests.
coopera-
Basically, the Commission
added, the financial condition of the railroads
be
improved,
only by
from
apart
increase of
an
expenditures, or both.
Government
a
revenues
or
decrease of
a
When Congress reassembled
early in January, 1939, note finally
the railroad
can
subsidy,
problem, and
taken of
was
number of bills
a
were
introduced to give effect to the various suggestions,
Hearings
on
for
time to come, and the eventual form of
some
such proposals
expected to continue
are
the legislation is not yet clear,
A mere glance at the operating results of the
April 14, 1938, but reversed its position
July 6, when the passenger fare increase was
railroads for 1938 makes clear immediately the need
on
permitted
and
promptly
financial condition of the
mission, "is such that
placed
in
effect.
"The
applicants," said the Com-
every reasonable
opportunity
should be afforded to
permit them to increase their
revenues."
This comment
encouraged the railroad
executives to
their efforts for
renew
freight rates to the full
extent
increase of
an
originally sought,
but the Commission failed to act
on
that matter.
The
plight of the carriers attracted continuing
attention, however, and some slow progress toward
remedial
measures
be noted.
can
.
President Boose-
asked the ICC early in 1938 to submit
velt
mendations for
alleviating the troubles of
recom-
the rail-
roads, and after receiving such advice the President
■
of
pro-
posal
on
the
application
an
and withdrawal
barge-line competition.
suggested also that
was
tion
freight rate
1939
Transportation Board, the committee argued.
that
were
25,
of consolidation should be handled by the carriers
a
the action of
was
permission to raise
fares in coaches to 2%c.
rate
ruling
effect of the
an
regulatory body with respect to
ger
On
$200,000,000 might be added annually
Also of
from
themselves,
the
on
were computed to be less
increases requested by the railroads,
to railroad revenues
advances.
10%
important commodities.
Unofficial estimates at the time of the
that close to
grant provisions,
ment
.
Feb.
clause, termination of the reduced rates of the land
taking much-
by the
and
revenues,
manner
Chronicle
sent
a
special message to
which contained
gress
to
subsidies
trols
'
Mr.
to
concluded
with
a
*
j
_
,
permanent
1
•
objected
ownership
numerous
con-
advisable, and the
suggestion
that,
difficulties between
financial
and
operating
and the
convening of the
When that Congress adjourned in
June, however, no remedial action of any kind had
next
taken,
Perhaps
or even
more
seriously considered.
indicative
were
ments in the administrative and
which permit
of
a
more
develop-
legislative spheres
interpretation,
in October, 1938, a
special committee of three representatives each of
labor
and
management to report
railroad situation.
This group
to Mr. Roosevelt
Dec.
on
submitted
a
23, 1938, in which
on
nite national
policy was urged, for impartial
forms
all
favors for
the powers
none.
of
transportation
and
the
report
a
lation
of
no
less than
amounted
year
$599,528,218,
to
only $3,558,a
14.41%.
or
the
Gross
decrease of
When refer-
is made to previous annual periods, it will be
ence
1 noted that gross
revenues
only
were
little lower
a
than those now recorded even in the deep depression
followed
that
years
the
1929
earlier figures back to 1915
larger.
1938
Operating costs
:•
by the alert
collapse,
were
reduced sharply in
were
managers
whereas
consistently far
of the railroads, but
the most energetic measures could not suffice
even
offset the
to
ingly,
full
loss
of "gross
Accord-
returns.
find that net earnings amounted in 1938*
we
to only $843,060,935 against $1,047,043,262 in 1937,
a
decline of $203,982,327, or 19.48%.
ing tables
we
In the follow-
show the totals for 1938
as
compared
with 1937, both for the full annual periods and for
the
first
six
months
the
and
second
six
months,
separately:
1938
V,
1937
234,482
orDe?> M
Inc-
.
235,470
0.41%
»—988
Gross earnings
......$3,558,925,166 $4,158,453,384 —$599,528,21814.41%
operating expenses
.....
Net earnings.
3,111.410,122 -395,545,89112.71%
2,715,864,231
(76.31)
(74.82)
$843,060,935 $1,047,043,262 —$203,982,32719,48%
......
defiregu-
special
The committee recommended that
of the IOC be extended and
portation Board be organized.
a new
Immediate
Trans-
measures
that should be
six'Months
-First
second six Months——
Grossearning8......»i,a&^fs.25012,o82?853,oo3
Operating expenses.. 1,328,675,897
Net earnings.....
further
favorable
President Roosevelt appointed
railroad
the
on
and the ICC.
now
Congress.
been
kindlier attitude
a
925,166 against $4,158,453,384 in 1937,
Ratio of exps, to earnings..
...
serious
for
revenues
Mileage of 136 roads.
being studied. Congress
immediate legislation "in
.
prevent
traffic and for
more
while
are
some
,
to
held
Con-
*■
solutions
might well enact
order
Roosevelt
Government
was
April 12
on
two suggestions.
Unification of the
the carriers
over
message
that
and
of the railroads.
Congress
one or
informed
was
both
only
for
part of the Administration
Our
$304,542,359
division
of the
51,025,706,910 »2,075,600,mi,
1,554,700,377
1,387,188,334
1.556,709,745
$528,152,626
$538,518,576
$5i8,89o,636
earnings into
semi-annual
periods is instructive, not only
as
general
indication
trends
degree of
but
success
also
as
an
a
reflection of
of
the
achieved by the railroads in meet-
ing their difficult problems.
In the first half of
1938 these carriers suffered inordinately from the
effects of the depression that clamped down
the country late the previous year.
then made
son
a
particularly
poor
Gross
upon
revenues
showing in compari-
with the similar period of 1937, and much of
the loss in gross
also
traction
earnings,
of
net
was
reflected in
despite
sistent efforts to lower expenses
in
a severe con-
great and
per-
properly
eom-
a
taken, the committee suggested, are
increased lending by the Reconstruction Finance
mensurate degree.
Corporation,
improvement then was in progress and the levels
repeal
of
the long
and
short
haul
In the latter half of 1938 the
comparison in slightly less perturbing, for business
.
Volume
of trade and
the
Financial
148
industry
somewhat restored from
Actual
in the final six months of 1938 still
gross revenues
considerably under those for the same period
were
of
were
complete stagnation of earlier months.
1937, but the efforts to reduce costs were bear¬
comparisons
is
all
to note, however, that the
necessary
business,
desperately bad period for
was a
well
as
for
as
the
transportation
Railroad
the business of
conditions often affect
Weather
railroading to a decided degree, and 1938 was not
adverse developments
first two months of 1938
such
favorable for the time
in
operations
Southern California
Inc.
January
282,571
267,741
272,073
281,607
March
April
May___
—.
June..
August
September
its
effect
retarding
October
December..
rail
_.
April
the hurricane which swept the New
was
June
July
England States
on
Sept. 21, 1938, and paralyzed
activities and communications over a wide area
August
September.
for
October
November.
number
of
Agricultural conditions were
days.
December..
good in 1938, on the other hand, and in this respect
the
history.
our
We have
ment
purchases
their
through
stimulating
operations,
of equipment,
maintenance
and
January
March
April
May
June
July
goods industries.
—-—
September!
October...-
activities.
November
December.
of Jan.
-12.31
—5.21
+ 0.48
+ 5.99
234,372
235,501
235,390
234,486
234,479
235,324
235,308
234,423
234,242
235,161
234,166
233,889
235,051
235,098
1936
236,857
234,285
+ 7.07
235,990
233,515
+ 22.53
236,158
+ 12.19
4.69
236,093
235,873
235,744
235,636
235,321
235,304
235,173
—11.25
235,104
—19.29
235,052
+ 10.81
+ 9.87
+ 6.34
+ 4.41
+ 2.59
+ 1.68
1
236,607
236,389
236,357
236,281
236,126
235,879
235,886
235,750
235,624
235,431
September
November..
—51.48
—45.69
—34.98
—25.71
—21, 166,900
'
—21.49
—6.24
>—5, 706,468
—9, 859,213
+ 8, 436.165
.
—9.82
+
8.22
+ 19, 458,537
+ 28.23
+ 28, 486,815
+ 49.87
,§60,619
+ 15.67
+ 13 ,140,009
+ 39 ,806,551
+ 20.34
+ 11 ,202,672
+14.30
+ 5.69
+ $10
+ 4 ,598,257
+ 55.51
,782,401
,893,738
—3.13
104,255,716
—12 ,831,096
—12.30
108,622.455
130,196,850
110,214,702
114,883,828
57,116,581
December
—40.19
—54.09
—22, 136,115
—8 226,506
—7.57
—2
88,850,296
102,560,563
68,915,594
October
of this sum devoted to
Per Cent
-—29, 852,562
—2
101,379,262
91,424,620
100,395,949
August
—$31, 338,550
—42, 072,645
—57, 398,923
—40, 818,983
71,708,880
78,326,822
80,737,173
86,067,895
98,485,524
July.-...'.
) or
1936
.85,335,430
May-
7, 1939, amounted only to $72,-
371,000, with $56,378,000
-17.95
Decrease (—)
$67,380,721
64,603,867
77,743,876
111,515,431
89,529,494
June.r
issue
235,547
-22.70
102,560,563
68,915,594
57,115,973
$771941,340
March-
financing for the carriers in 1938, as disclosed in
our
235,829
233,928
234,759
234,626
1937
77,778,245
111,501,626
89,532,796
85,335,563
86,072,702
98,476,937
91,404,620
100,396,950
} 937
January..
capital
affairs,
234,828
-23.67
$77,971,930
85,602,788
February
As might be expected
of railroad
state
sorry
235,620
-25.04
1937
88,374,131
April
the
from
299,827,816
85,698,152
90,537.737
110,996,728
August
improve¬
contributions thus made, to the business of
the durable
317,550,416
$46,633,380
35,705,600
54,102,703
48,713,813
65,483,001
63,936,687
77,310,037
,
February
Financing by the carriers affords a good indication
of the
358,995,218
362,454,728
372,283,700
-21.98
Increase ( +
business
general
-11.13
364,488,504
1938
,
in
—40,346,921
—19,403,211
+ 1,543,989
+ 17,968,050
350.994,558
236,041
Net Earnings
already referred to the part played by
railroads
the
—69,387,450
—65,450,296
—44,205,082
-19.76
1937
1938
235,42?
234,851
Month
thought the earlier year was itself one of the
best in
-15.77
1936
comparison with 1937 leaves little to be desired,
even
Cent
Dec. (—)
$330,959,558 -$52,208,245
321,149,675 —70,590,873
376,997,755 —94,426,288
350,892,144 —83,150,967
351,973,150 —79,900,042
1937
February
Per
( + ) or
$330,968, 057 $298,664,465 + $32,303,592
+ 21,226,647
321,247, 925 300,021,278
+ 69,335,247
377,085, 227 307,749,980
+ 38,136,014
350,958, 792 312,822,778
+ 31,630,038
352,044, 249 320,414,211
351,047! 025 330,095,850 + 20,951,175
+ 15,407,987
364,551, 039 349,143,052
+ 9,071,860
358,995 217 349,923,357
+ 6,005,266
362,454, 729 356,449,463
372,283 700 390,633,743 —18,350,043
317,550 416 357,792,100 —40,241,684
299,827 815 371,494,494 —71,666,679
January...
May
earnings
,108
,108
319,094 ,405
317,795 ,866
November.
of the
upon
,177
322,107 ,807
352,880 ,489
.
March
in
drastic
,467
299,038 ,208
314,690 ,136
July...
tie-ups in the history of that State.
worst railroad
$278,751 ,313
250,558 ,802
—
February..
visited by a gigantic rain¬
was
1937
1938
1938
of
March
In
Mileage
Qross Earnings
the Ohio
storm that flooded lowlands and caused one
a
In the
comparisons of the
furnish
Month
being with 1937, for in the
areas.
some
we
monthly totals for all of 1938 and 1937:
relatively free from
were
tables
following
damage and necessitating the suspension of
less
easily
Good progress apparently was
throughout 1938.
Valley during the month of January, causing im¬
No
not
suddenly was called upon to face late in 1937 and
The
of this nature.
floods swept and ravaged
year
mense
are
adjustments to such situations as the country
for
events, and in this respect the comparison was
earlier
expenditures
great extent, and much time is required
a
made, however, despite the many obstacles.
industry.
without
As already noted, the
closing months of 1938 than was the case with gross
modestly better than for the same period of
It
of 1937.
somewhat more encouraging in the
earnings was
varied to
latter half of 1937
made with the exceptionally stag¬
performance of the railroads with respect to net
earnings.
1937.
were
nant final months
ing fruit and net earnings for the six months thus
were
1083
Chronicle
—2.85
—27 636,287
—21.22
*—41 299,108
—37.47
—57 767,247
—50.28
refunding of existing debt and only $15,993,000 de¬
*
to
voted
In 1937 the
ments.
that
year
with
figures are more favorable, for
$360,649,000 of railroad financing,
saw
$125,099,000 devoted to refunding and $235,-,
550,000
years,
strictly
to
new
money
financing.
Both
it may be added, fell far under anything that
might be regarded as normal in the way of railroad
Even in such a year as 1936, for in¬
financing.
stance,
carrier
borrowings
in
the
open
market
amounted to
$796,058,900, of which $528,645,415
devoted
refunding
to
and
$267,413,485
to
was
new
money purposes.
Turning
now
of railroad gross
dar years
distinctly
months
to
month-by-month comparison
a
and net earnings during the calen¬
1938 and 1937, we find that results were
unfavorable
of
for the
entire
first
nine
1938, and better from the comparative
viewpoint in the final quarter.
the
It is obvious that
general business prostration in the first part
of 1938 accounts
largely for this situatiton,- as the
early half of 1937 wras a period of relatively good
trade
We
equipment additions and similar require¬
and
reversed to
industrial
a
when business
activity.
This position was
degree in the final months of 1938,
regained
some
of the lost ground, and
proceed to
now
statistics relating to
our
usual presentation of
the activities of industry and
basis for railroad
simplified form
we have brought together in the subjoined table the
figures indicative of activity in the more important
industries, together with those pertaining to grain,
agriculture, which constitute the
In order to do this in a
earnings.
cotton
and livestock receipts
and revenue freight
ended Dec. 31, 1938,
corresponding period of 1937,
1936, 1932 and 1929. • On examination it will be
readily seen that, with the single exception of the
building industry, which showed much greater
activity, the output of all the industries covered
was on
a greatly reduced scale as compared with
1937.
Receipts of cotton at the Southern outports
and livestock receipts at the leading cattle markets
car
as
loadings for the 12 months
compared with the
were
as
a
also
on
a
reduced scale, and it follows, too,
matter of course,
revenue
that the number of cars of
freight moved was very
the other
hand, receipts of the
much smaller. On
various farm prod¬
with the excep¬
ucts at the
Western grain markets,
tion of oats
and rye, were very much larger, as were
the
receipts of flour and grain at
the seaboard:
1084
Financial
Chronicle
Feb.
25, 1939
DCCTCdSC
12 Moi. End. Dec. 31
1938
1937
1936
1932
Chicago & Eastern III
Lake Superior & Ishpem
Yazoo & Miss Valley
1929
Automobiles (units):
Production
cars,
(passenger
Central of
trucks, <fec.).a..
2,489,635
4,808,974
4,454,115
1,370,678
Building ($000):
Chicago Great Western.
51,866,000 54,760,000 49.855,221 73,828,000
Car
loadings, all (cars)
Cotton
ern
receipts,
ports
30,468,544 37,670,464 36.062,675 28,179,952 52,827,935
e
South¬
(bales).f...
4,490,405
6,810,207
6,351,430
9,342,444
8,662,715
88,386
41,147
91,361
102,586
149,714
48,197
41,965
27,506
31,191
28,517
61,390
51,140
221,328
97,673
81,253
Livestock receipts: g
Chicago (cars)
Kansas City (cars)...
Omaha (cars)
...
....
Western flour and grain
receipts: h
Flour (000 barrels)...
20,807
19,869
20,469
19,451
Wheat (000 bushels)..
Corn (000 bushels)...
34,689
341,703
324,495
230,373
277,391
326,701
183,198
Oats (000 bushels)...
150,616
92,830
96,665
194,080
87,359
Barley (000 bushels)..
Rye (000 bushels).
91,232
75,490
96,091
82,115
34,013
22,562
24,474
22,493
8,155
Seaboard flour and grain
receipts: h
Frour (000 barrels)
Grain (000 bushels)..
14,200
16,233
16,291
24,578
165,050
170,443
208,016
221,457
Iron & Steel (gross
tons):
,
Pig Iron production, k.. 18,782,236 36,611,317 30,618,797
Steel Ingot production. 1. 27,839,261
49,502,907 46,807,780
Shipments,
m
Orders recelved.m
8,686,443 42,285,759
13,322,833 54,312,279
9,666.272 12,036,516 12,045,468
10,143,482 11,844,815 11,912,615
10,282,842 10,978,544 12,480,925
5,772,613 20,267,035
7,169,421 19,731,520
6,988,691 19,533,564
Note—Figures In above
table Issued by:
United States Bureau of the Census,
b F. W. Dodge Corp.
(figures for 37
east of
Rocky Mountains),
c National
Bituminous Coal Commission,
d United States Bureau of
Mines,
e Association of American
Railroads,
f Com¬
plied from private telegraphic reports,
g Reported by major stock yard companies
In each city,
h New York Produce Exchange,
k "Iron Age."
1 American Iron
and Steel
Institute,
m National
Lumber Manufacturers' Association
(number
of reporting mills varies in different
years).
a
States
In all that has been said above
have been deal¬
we
ing with the railroads of the country as a whole.
Turning now to the separate roads and systems,
we
find the exhibits in consonance with
the results
shown for the roads
find
we
obliged
no
to
less
report
amounts in
case
to
74
roads
losses
of
excess
road recorded
collectively.
than
in
of the net
show increases
Central
above
PRINCIPAL CHANGES IN NET EARNINGS FOR
THE 12 MONTHS
ENDED DEO. 31
Increase
case
case
for
not
net.
Total (3 roads)
were
The two. great trunk
the
New
of
York
the
a
loss
and $14,-
gross
$67,544,931 in
cover
only the
operations of the New York Central and its leased
When
decrease of
$76,435,568 in
gross and of
$23,456,081 in net.) The Atchison Topeka & Santa Fe, after reporting a loss of
$16,346,718 in gross earnings, heads the list of three
showing increases
$3,143,008.
In
the
in
net,
with
following table
gether without further
comment all
we
gain
a
of
$1,000,000, whether increases
in both gross and
,bring to¬
IN
or
excess
decreases, and
GROSS EARNINGS
with which the railroads had to contend
in 1938 is
still more
clearly brought out, as it is found that
all
the
three
great districts—the
Eastern,
ENDED
$95,549,268
New York Central
a67,544,931
Baltimore & Ohio
34,714,106
Southern Pacific (2 rds.)
23,956,905
Chesapeake & Ohio
20,970,219
Duluth Missabe &
Irop R 17,739,259
Norfolk & Western
17,698,561
Atch Topeka & S Fe
16,346,718
Great Northern
15,726,761
Erie (2 roads)
14,496,874
Union Pacific11,851,097
Missouri Pacific
11,669,624
Louisville & Nashville
10,800,433
Reading
10,274,353
Elgin Joliet & Eastern
9,261,012
Bessemer & Lake Erie._
9,040,276
Southern Ry
9,016,304
Pittsburgh & Lake Erie.
8,890,637
Chicago & North West'n
8,746,667
Chicago Milw St P & Pac
8,225,430
N Y N
& Hartford
8,062,446
Northern Pacific
7,829,616
Lehigh Valley
7,388,706
_
...
.
.
and
the
Western—together with
the
all the
various
regions comprising these districts, without
single exception, record decreases in both gross
and net
earnings alike.
below.
as
As
Our summary by groups is
previously explained,
we group the*
roads to conform with the classification of the
ICC.
The boundaries of the different
groups and
are indicated in the footnote to the
table :
regions
SUMMARY BY GROUPS
District and Region
dross
—
Jan. 1 to Dec. 31—
Eastern District—
1938
Earnings—
1937
$
$
$
.
642,220,064
779,937,630
Central Eastern reg'n (18 roads)
687,751,340
869,322,355
144,867,531
——
Inc. (+) or Dec.
-
New England region (10 roads).
Great Lakes region (24 roads)..
163,414,483
(—)
.%
-18,546,952 —11,34
-137,717,566 —17.65
-181,571,015 —20.88
roads)...........1,474,838,935 1,812,674,468 —337,835.533 —18.63
Southern District"**"*1
"
•
Southern region (28 roads)
Pocahontas region (4 roads)...
Total (32
471,305,776
516,590,872
250,993,067
210,561,592
roads)...681,867,368
/)4o/W/"fin
—45,285,096
—8,76
—40,431,475 —16.10
767,583,939
—85,716,571 —11.16
476,250,045
771,216,757
330,728,175
—68,583,555
—69,177,531
—38,215.028
i.
Northwestern region (15 roads)
Central Western region (16 rds.)
Southwestern region (21 roads).
Total (52 roads)
407,666,490
702,039,226
292,513,147
-14.40
-8.96
-11.55
1,402,218,863 1.578,194,977 —175,976,114 —11.15
Total all districts (136 roads)..3,558,925,166
4,158.453,384 —599,528,218 —14,41
District and Region
Jan. I to Dec. 31
Net
Mileage—
Eastern District—
1938
6,864
New England region.
1937
6,983'
Great Lakes region.. 26.334
26,511
Central Eastern reg'n 24,709 ' 24,763
Total............
57,907
Total.....
1938
$
26,574,853
38,743
6,045
Earnings
1937
1
'
Jnc,{+)
$
or
Dec.(—)
$
%
37.689,744 —11,114,891 29.49
131,405.280 182.878,879 —51.473,599
28.14
180,856,797 229,346,521 —48,489,724 21.14
58,257 338,836,930
Southern District—■
Southernreglon..... 38,607
Pocahontas region^..
6,049
449,915,144—111078,214
113,821,524 126,035,220
84,076,543 109,959.733
-12,213,696
24.68
9.69
-25,883.190 23.53
44,656
44,788
197,898,067 235,994,953 —38,096,886 16.14
46,062
80,280,023 112,067,349 —31,787,326 28.36
163,075,891 169.691,912
—6,616,021
3.89
62,970,024
79,373,904 —16,403,880 20.66
Western District—-
Central West'n reg'n
FOR
12
MONTHS
56,648
56,889
Southwestern region.
29,401
29,474
DEC. 31
Total
Decrease
Pennsylvania
are
Northwestern region. 45,870
net:
PRINCIPAL CHANGES
of
changes for the
separate roads and systems for amounts in
the roads
arranged in groups or geo¬
graphical divisions, according to their
location, the
large part played by the various unfavorable factors
Uf/3cf&r71
roads
Del Lack & Western
St Louis-San Fr (2
roads)
Missouri Kansas Texas.
Atlantic Coast Line..
_
Decrease
Total (52
gross and
lines; when, however, the Pittsburgh & Lake Erie
a
$3,342,058
2,874,681
2,861,411
2,729,622
2,700,301
2,559,467
2,467,142
2,409,206
a$21,046,875 Pittsburgh & Lake Erie.
Pennsylvania
14,635,218 Wabash..
2i286;245
Duluth Missabe & Iron R 13,985,204 Minn St
Paul & S S M._
2,228,071
Chesapeake & Ohio
12,887,079 8eaboard Air Line
2,227,152
Norfolk & Western
10.961,958 Wheeling & Lake Erie
1,904,665
Baltimore & Ohio..
10,838,611 Chic Milw St Paul & Pac
1,761,173
Erie (2 roads).
9,470,975 Lake Superior & Ishpem.
1,741,448
Great Northern
8,866,146 Lehigh Valley
1,723,711
Southern Pacific (2 roads)
8,466,887 Western Maryland.
1,694,806
Bessemer & Lake Erie..
6,279,547 Detroit Toledo & Ironton
1,685,225
Missouri Pacific
4,820,233 Virginian
1,461323
Reading
4,424,578 Texas Pacific
1,399.400
Boston & Maine
4,320,397 Colo Southern (2 roads).
1,305,375
N Y N H & Hartford
4,157,298 Cine N O & Tex Pac
1,262,236
Elgin Joliet & Eastern..
3,864,237 Central of New Jersey...
1,118,534
Grand Trunk Western__
3,740,638
Louisville & Nashville
Total (43 roads)
3,704,485
$192,213,618
a These
figures cover the operations of the New York Central
and the
leased lines—Cleveland Cincinnati
Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville
Indianapolis & Terre Haute.
Includ¬
ing Pittsburgh & Lake Erie, the result is a decrease of
$23,456,081.
decreases in both
(These figures
is included the result is
$5,709,505
New Yprk Central
a
of the net, while the New York
Central reports a loss of
$21,046,875 in
Decrease
Atch Topeka & Santa Fe $3,143,008 Pere
Marquette
Chicago & North Western
1,561,081 Northern Pacific
Denver & Rio Gr West..
1,005,416 N Y Chicago & 8t Louis.
a
earnings, the former showing
$95,549,268 in the
$580,928,575
were
earnings
$1,000,000, while 43
System—top the lists of
635,218 in the
of
gross
Pennsylvania RR. and
gross and net
of
Maine Central
a These
figures cover the operations of the New York Central
and the
leased lines—Cleveland Cincinnati
Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville
Indianapolis & Terre Haute.
Includ¬
ing Pittsburgh & Lake Erie, the result is a decrease of
$76,435,568.
Southern
systems
$1,000,€00, while
obliged to report decreases.
lines—the
In the year 1938
and
single
gain above that amount, and in the
earnings, but three roads were able
a
1,141,194
1,108.253
1.029,558
1,028394
1,013,488
-
14,737
236,345
—
Lumber (000 board feet):
Production, m
62,492
25,398
_
Chic St P Minn & Omaha
N O Texas & Mex (3 rds.)
453,536
272,497
140.617
,
'
-
1,726,294 Detroit & Toledo Sh Line
1,703,195 Pitts & West Virginia
1,699,963 Gulf Mobile & Northern
1,568,408 Monongahela
1,482,842 Duluth S S & Atlantic..
1,425.781
1378,787
1,320.324
Total (74 roads)
Alton
Coal (net tons):
Freight Traffic:
$1,280,008
1,278,758
1,270,748
1,194386
.
Constr. contr. awarded b $3,196,928
$2,913,060 $2,675,296 $1,351,159 $5,750,291
Bituminous.c
342407000 442455 000 434070000 309709872 534988598
Pa. anthracite.d.._
45,054,000
Georgia
Western Pacific
Cine N O & Tex Pac
Chic Ind & Louisville...
5,358,420
Decreas
$2,093,614 Central Vermont
2,083,063 Long Island
1,843,021 Internat'l Great North'n
1,784,443 Kansas City Southern
131,919 132,425 306,325,938 361,133.165
-54,807,227 15.17
Decrease
Chicago Burl <fc Quincy__ $7,081,076
Pere Marquette
6,784,508
Illinois Central
6,756,961
Boston & Maine
6,179,667
Grand Trunk Western..
6,034,899
Del Lack & Western
5,986,523
St Louis-San Fr (2
rds.).
5,896,723
Wabash
5,661,407
N Y Chic & St Louis
5,231,035
Wheeling & Lake Erie...
4,989,109
Missouri Kansas Texas.
4,262,586
Delaware & Hudson
4,021,259
Western Maryland
4,000,606
Texas & Pacific
3,968,368
Chic R I & Pac (2
roads)
3,865,444
Atlantic Coast Line.
3*808,155
Minn St Paul & 8 S M_.
3,392,198
Denver & Rio Gr West..
3,377,821
Central of New
Jersey
3,326,095
Seaboard Air Line
2,781,134
St Louis
Southwestern..
2,623,781
Detroit Toledo & Ironton
2,413,657
Colorado & Sou (2 roads)
2,230,738
_
Total all
districts...234,482 235,470 843,060.935
1047043,262—203982,327 19.48
NOTE—Our grouping of the roads conforms to the
classification of the Interstate
Commerce Commission, and the following Indicates the
confines of the different
groups and regions:
EA8TERN DISTRICT
New England Region—Comprises the New
England States.
Great Lakes Region—Comprises the section on the
Canadian boundary between
New England and the westerly shore of Lake
Michigan to Chicago, and north of
a line from Chicago via
Pittsburgh to New York.
Central Eastern
Region—Comprises the section south of the Great Lakes
Reglor
Chicago through Peoria to St. Louis and the
Mississippi Rive,
east of a line from
to the mouth of the Ohio River, and north of
the Ohio River to
and a line thence to the southwestern corner of
Parkersburg, W. Va..
Maryland and by the Potomac
River to Its mouth.
SOUTHERN DISTRICT
Southern Region—Comprises the section east of the
Mississippi River and south
near Kenova, W. Va., and a line thence
following the
Kentucky and the southern boundary of Virginia to the
of the Ohio River to
eastern boundary of
a
point
Pocahontas Region—Comprises the section north of
the southern
Virginia, east of Kentucky and the Ohio River north to
and south of
thence
a
Atlantic.
boundary, of
Parkersburg, W. Va.,
line from Parkersburg to the southwestern
corner of Maryland and
River to Its mouth.
"
by the Potomac
Volume
1085
Financial Chronicle
148
Northwestern Region—Comprises the section adjoining Canada lying west
Great Lakes Region, north of a line from Chicago to Omaha and thence to
and by the Columbia River to the Pacific.
the
which
table
and net
190,801
2,673,813
_
3,815,007
1,192,606
2,084,421
+56,456
—891,815
Erie
13,405,779
def43,3l7
927,519
444,024
846,526
9,715,941
2,091,480
22,927,922
-9,522,143
def94,485
+ 51,168
—144,730
—57,807
—7,273
follows,
furnish
we
sum¬
a
69,509,060
83,925,726
New Jersey &NY
661,198
2,957,895
1,493,949
3,392,744
741,406
3,234,936
1,650,949
Lehigh & Hud River
l^ehigh & New Engl.
Lehigh Valley
of the yearly comparisons as to both gross
mary
247,257
Erie System—
boundary
Pacific.
In
3,689,201
48,618,849
4,468,539
2,464,868
41,230,143
Monongahela
earnings for each year back to and includ¬
$
885,445
N Y Susq & West.
from St. Louis to Kansas City and thence to El Paso and by the Mexican
Inc. or Dec.
877,856
Detroit A Mackinac
Det & Tol Sh Line.
.
$
$
$
$
1937
1938
1937
1938
of the
Portland,
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
to the
-Net-
-Gross-
WESTERN DISTRICT
3,440,045
1,678,482
Montour
570,503
1,072,249
501,831
853,799
-1,723,711
11,439,652
2,571,428
1,037,406
—479,948
—466,903
New Haven System—
N Y
ing 1907:
N H & Hartf—See New England region
N Y Ont & West.
6,480,030
465,499
680,859
298,681,195 366,226,126
Pitts & Lake Erie. 14,179,067
23,089,704
N Y Chic & St Louis 30,381,231
41,612,266
Pere Marquette
25,444,602
32,229,110
61,178,812
1,379,415
10,355,373
3,957,267
82,225,687
3,788,621
13,216,784
7,299,325
6,439,655
—215,360
N Y Central Lines—
NY Central
Mileage
Cross Earnings
Year
12,287, 501,605 12,090,595,451
2,235 164,873
2,536,914.597
2,322,549.343
2,60o, 003,30.
„.
1908
11992734—-.—,
1909
...
Year
Year
Cent
Dec. (—)
Preceding
Given
1907
Per
Inc. (.+) or
Year
Year
Given
Prcced'g
171,316
197,237
173,028
+$196,906,154 + 9.42
—301,749,724 —11.89
+282,453,959 + 12.16
+239,011,258 + 9.20
—30,024,816 —1.06
199,726
228,508
225,027
237,554
241,423
def56,973
1,022,230
4,092,691
197,341
661,064
927,559
—266,495
3,468,358
40,472,327
3,920,393
46,133,734
524,022
681,453
10,304,051
—157,431
1914
Ann Arbor..
3,180,792,337
—208,178,035
3,013,674,851
+ 152,539,765
+ 5.06
249,081
,940,241
3,702,
...
1915
...
1916
1917
+ 547.647,836
3,155,292,405
+430,679.120
3,707,75*. 140
+863,892,744
4,036,866,565
+258,130,137
4,915,516,917
5,178,639,216 + 1,026,235,925
—664;<fe7,980
6,216,050,959
+43,693.964
5,478,828,452
+ 733,687,222
5,608,371,650
+ 17.36
249,098
+ 11.62
250,193
233,01*
249,879
232,639
Akron Canton & Y_
1918
234,264
Bait & Ohio System—
4,138,,433,260
...
4,900,
,759,309
...
1919
1920
1921
5,173,
,647,054
...
6,204,,875,141
5,552,,022,979
...
...
1922
1923
1924
5,522,.522,416
...
...
1926
...
1927
1929
1930
1931
,1932
1933
1934
...
4,230 ,360,663
...
3.157 ,463,014
...
3,128 ,862,541
3,267, 044,444
...
...
1935
3,445 521,612
...
1936
...
1937
1938
4,046 637,111
4.158 453,384
3,558 925,166
...
...
246,356
+21.*0
+ 5.25
+ 19.82
233,986
235,766
—10.68
235,690
+0.80
235,654
235,461
234,796
+ 13.08
—5.8 V
—371,687,892
Wabash
Total (24
235,705
234,622
236,139
235,809
242,043
241,111
236,891
238,527
240,626
237,799
239,536
241,626
239,482
242,517
242,764
242,169
242,582
242,056
225,053
134,722,330 169.436,436
1,560,605
17,585,189
2,806,854
Chic & East Illinois.
14,288,786
Chic & 111 Midland.
3,506,#33
16,382,400
3,904,687
10,057,076
Staten Isl Rap Tr_
Pennsylvania
937,968,711
877,617,878
+ 60,340,833
—33,487,100
940,509,412
904,448,054
828,650,401
—75,925,113
—8.39
+ 211,653,900
765,876,029
402,150,071
951,497,925
1,161,243,340
1,409,433,583
1,428,508,949
1,602,513,558
1,735,075,393
—303,953,253
958,653,357
1928—,
1929—
—
r—.
-
1,424,240,614
1,604,400,124
1,731,509,130
1,579,621,895
—
—
-
1933
—
1934.
—
1938-
We
+ 12.31
128,995,572
+ 8.05
—8.96
+
+ 105,169,783
+ 91,282,713
—432,368,693
.
+6.57
+ 5.35
—24.02
—244,431,640
—25.00
843.060,935
,
126,471,171
+ 17.25
—16,120,430
+25,928,611
—1.90
262,823,841
+ 30.62
—74,111,024
—203,982,327
858,41*,431
+
+3.11
3,366,942
1,669,961
44,164,025
Atl Coast Line..
2,164,131
Charles & W Caro
5,900,718
Clinchfield.
3,474,615
Georgia
LouIbvA Nashv— 79,394,560
NashChatt A St L 13,659,542
.
Ala..
1,630,122
Columbus & Greenv
1,283,312
9,594,391
1,111,065
6,497,571
West Ry of
Florida East Coast.
Georgia A Florida..
Gulf Mobile A Nor.,
add
our
by
classified
years,
districts and
STATES RAILROAD FROM JAN, 1 TO DEC.
Eastern
District
-Net-
-Gross-
1938
8
6,185,676
46,372,693
Region—
Aroostook
Maine
Can Nat SystemCan Nat Lines In
New England-w
Boston &
1938
$
1937
$
5,615,878
40,193,026
New England
Bangor &
31
1,480,370
7,438,192
1,361,812
1,439,135 defll7,969
4,963,715
.6,243,723
212,§67
Dul Winn A Pac—See Northwestern region ■
Grand Trunk Western—See Great Lakes region
Central Vermont.
1937
Inc. or Dec.
$
$
def53,627
806,097
—64,342
—593,230
Can
866,691
1,135,119
358,936
2,414,811
388,224
—29,288
def377.689
defl33,261
-244,428
Internat—See Northwestern region
Central...-- 11,118,829
12,499,153
New Haven
System—
73,080.141
81,142,587
N Y Ont A West—See Great Lakes region.
N Y Connecting...
2,487,155
2,497,952
NYNH&Hartf.
Total (10
2,710,671
13,282,021
26,574,853
Cambria A Indiana.
1937
1,217,492
1938
$
1938
$
$
1,299,528
System—
Nat Lines in N E—See New
3,326,050
—615,379
1,851,163
—71,221
222,075
—414,563
37,689,744 —11114,891
394,525
1937
%
503,571
Inc. or Dec.
$
—109,046
3an Nat
Can
+
51,778
146,001
+ 77,915
+ 411,889
69,233
2,179,903
135,448
1,926,389
2,419,375
—492,986
—66,215
2,165,334
—429,223
251,222
23,529,565
—245,587
—934,922
933,014
151,895
4,871,214
786,268
5,573,730
142,797
985,881
40,009,744
42*790,878
5,826,216
8,053,368
—199,613
-2,227,152
6,796,233
1,760,934
5,187,601
250,105
2,593,130
1,997,601
6,449,837
-1,262,236
444,260
—194,095
2,402,769
NO A Northeast.
7,328,179
16,943,744
2,408,078
12,104,795
3,276,273
1,069,379
1,247,428
+ 190,361
—178,049
North Alabama..
788,578.
215,539
356,242
—140,703
98,435,414
25,826,110
26,624,210
»—798,100
2,512,134
690,611
665,824
—75,213
Seaboard Air Line..
4,638,808
+ 622,875
+ 9,098
Southern System—
Ala Gt Southern.
CinNOATexP. 15,240,549
Ga South A Fla—
2,061,107
'
11,447,872
3,048,641
574,532
Southern
——89,419,110
Tennessee Central__
2,279,175
-Net-.
-Gross-
1937
1938
Pocahontas
•
$
"
$
Chesapeake A Ohio.106,376,482 127,346,701
Norfolk A Western. 77,162,942
94,861,503
Richm Fred A Po—
7,754,108
8,603,221
Virginian.
19,268,060 20,181,642
Region—-
Total (4
— .
.
—246,667
471,305,776 516,590,872 113,821,624 126,035,220—12213,696
Total (28 roads)
— ..
roads)...210,561,592 250,993,067
1938
$
41,930,461
30,792,223
1,693,581
9,660,278
1937
Inc. or Dec.
$
$
54,817,540—12887,079
41,7.54,181 —10961,958
2,266,411
—572,830
11,121,601 —1,461,323
84,076,543 109,959,733 —25883,190
Total South'n Dis1
trict
(32 roads)
.681,867,308 767,583,939 197,898,067 235,994,953—38096,886
1938
Region—
$
Can Nat Lines in
District
-Net-
1937
$
1938
$
1937
$
Inc.
or
Dec.
%
England region
Vermont—See New England region
Pac—See Northwestern region
Grand Trk West. 18,272,199
24,307,098
])el & Hudson.!
21,498,569
25,219,828
>el Laok-A Western 44,188,481
50,175,004
N E—See New England region
New England region
1,102,202
1,421,621
def44,407
Great Lakes region
261,855
—306,262
Can Pac System—
Maine—See New England region
Vermont—See New England region
1,832,785
2,846,273
85,041
MStPASSM— 24,328,460
27,720,658
3,414,612
Spokane Internat.
741,198
834,371
147,606
Chic A North West. 81,055,869
89,802,536 10,009,485
2,375,026
CblcStPMAO. 16,752,334
18,178,115
3,900,301
Chic Great Western. 17,141,964
18,710,372
18,763,659
Chic Mil St P A Pac 99,436,846 107,662,276
2,388,863
Dul Miss A Ir Range
9,016,807 26,756,066
Great Northern
79,215,531 94,942,292 24,698,423
Can Pac Lines in
West. _
Lake Sup A Ishpem.
Green Bay A
Minn A St
Northern
Central
Louis—
Pacific.
Spokane Portl & S
Dul Winn &
-3,704,486
+ 922,404
Can Pac Lines In
17.439,319 —4,157,298
-Net
-Gross-
Region—
223,916
2,691,792
Dul So Sh A Atl—
roads)..144,867,531 163,414,483
Great Lakes
1,789,261
175,746
Grand Trunk Western—See
3,483,634
2,955,226
22,090,246
227,524
5,635
Dul Winn A Pac.
1,779,942
defl92,488
Rutland......
18,385,761
2,711,665
'
Central Vermont—See
Atl—See Northwestern region
St P & S S M—See Northwestern region
8pokane
Maine
787,869
3.241,027
600,693
574,042
1,736,111
Western
Dul So Sh &
Minn
519,352
2,627,333
—18,392
|—10,374
-2,467,142
—268,517
—613,694
+ 73,349
Can Nat System—
Pac Lines in
Vermont
347,698
192,506
11,139,379
24,152,440
Northwestern
2,225,058
Maine
182,132
-Gross-
Can Pac System-
Pac Lines in
-7,527,129
329,306
8,672,237
1,543,040
97,694,402
16,321,407
.
Can
3,653,448
1,788,864
47,972,180
2,521,102
6,880,009
3,674,891
90,194,993
14,299,433
1,682,448
1,301,108
9,303,206
1,291,201
16,549,710
—
2,085,115
—604,745
11,758,589 —4,320,397
Dec.
$
14,765,267
1,164,746
90,937,441
Yazoo A Miss Vail 14,478,386
Mississippi Central.
793,933
Norfolk A Southern. - 4,378,085
Illinois Central...
table above, and giving
figures for each road separately:
EARNINGS OF UNITED
or
Island
Gulf A Ship
regions, the same as in the
the
Inc.
$
Central of Georgia
—19.48
detailed statement for the last
1937
Illinois Central System-
Mobile & Ohio—
now
1938
$
Atlanta & W Point
—6.61
+
733,168,657
1.047.043.262
calendar
two
+ 175,891,175
—155,453,498
-
1,121,154.894
—
+ 1.05
—28.94
859.473,948
1937.
+ 21.50
+ 14,807,031
—395,804,589
1,121,241,272
1,047,043,870
1935—r —
1936
•
Net-
$
Atl Birm & Coast.
+ 19.98
+ 249,725,296
846,562,604
833,545,337
..—,.
+ 138.38
977,800,101
733,368,461
859,639,828
830,442,174
—
556,503,286
1,706,917,540
1,799,945,914
1,367,459,116
971,654,527
—-
1932—
-1,904,665
District
1937
—
+ 190,100,146
+
1,600,896,886
1,706.067,669
1,798,200,253
1,367,577,221
—— — .
—
1930—
1931
1,141,598,071
1.410,968.636
-
2,893,881
Atl Coast Line System—
—39.69
1926
-1,118,534
-4,424,578
-1,694,806
.
Southern Region—
+ 22.84
-—4.71
461,922,776
-
1921——
1925—
—563,916
8,650,138
17,286,417
6,047,848
4,798,546
1812674,468 338,836,930 449,915,144—111078214
Southern
—16.80
—
445,866
7,531,604
12,861,839
4,353,042
-Gross-
—23.92
.
defl18,050
869^322,355 180,856,797 229,346,521 —48489,724
1938
+ 25.54
+ 236,623,427
—60,079,749
1,036,016,315
1,272,639,742
1,215,110,554
3.56
—143,479,608
—
(18roads)..687,761,340
trlcfc (52 roads). 1474838935
+ 6.88
—
—284,771,620
1924.
58,754,351
17,626,270
15,970,839
Reading
—2.68
908,058,338
1923
6,304,813
32,577,715
Central of N J...
+ 1.00
—24,288,388
1,275,190,303
1,190,566,335
—
+ 701,114
-14635,218
—7.13
905,794,715
—
—170,087
+ 20.12
+8,996,848
764,578,730
1922—
452,404
Penn Read SSL.
—0.68
1918
1920
282,317
4,763,919
24,586,449
5,465,033
360,384,241 455,933,509 103,336,998 117,972,216
Pennsylvania System—
Long Island
23,307,691
Total Eastern Dis-
—53,371,196
828,622,941
.
1,526,419
Southwestern region
1,476,178
1,167,658
Missouri Illinois..
Cent
1919—-
—
6,196,308
Missouri Pac System—See
Per
(+) or
Decrease (—)
+ 151.040,332
1,040,304,301
1917—
7,507,246
21,340,188
5,301,961
8,357,113
5,093,589
Det Tol & Ironton
Total
900,473,211
907,914,866
907,022,312
—
12,079,170
Chic Ind & Louisv..
Elgin Joliet & East.
Illinois Terminal
9,086,401 —6,279,647
3,851,597
—804,904
1,205,057
—278,362
1,413,110
—186,801;
3,639,784 —1,685,225
6,420,341 —3,864,237
2,189,716
—663,297
.
3,046,693
926.695
1,226,309
1,854,559
2,556,104
5,341,631
29,251,620
48,479,998
Western Maryland- 13,625,664
Wheeling A L Erie— 10,981,730
750.685,733
_
1916——
154.694
Reading System—
883,626.478
1915
—249,210
40,576,920 —10838,611
defl6,466
+ 171,160
29,738,309
1,622,767
8,544,913
Bait & Ohio
Bessemer A L Erie—
237,918
235,991
235,470
909,470,059
1911
—
$
v
Alton—See Central Western region
238,960
235,413
234,482
—$4,526,646
-
—
Inc. or Dec.
$
662,707
413,497
2,122,096
1,694,439
236,759
$665,280,191
748,370.244
1909
1910...
$
237,659
901,726,065
1908-*-
1937
1938
$
240,840
$660,753,545
694,999,048
1907
1912-...
Increase
Year
Preceding
1937
$
239,075
Net Earnings
Year
-2,286,245
-Net
-Gross-
1938
Region—
Year
Given
8,017,806
roads)..642,220,064 779,937,630 131,405,280 182,878,879—51473,599
Central Eastern
234,679
234,777
235,338
236,330
4,229,261,833 —1,071,798,819 —25.34
—27,892,564 —0.88
3,156,755,105
+ 5.68
+ 175.551,942
3,091,492,502
+5.46
+ 178,356,824
3,267,164,788
+601,299,505 + 17.45
3,445,337,606
+ 2.81
+ 113,818,463
4,044,634,921
—599,528,218 —14.41
4,158.453,384
5,335 131,510
...
+ 4.72
——6.54
+ 3.3*
+ 199,593,392
5,977,687,410
+266,086,139 + 4.31
6,169,453,120
—253,305,228 —3.93
6,448,564,574
—30,265,342 —0.49
6.198,384,829
+2.63
+ 162,305,781
6,176,941,101
6,349,330,347 —1,014,198,837 —15.97
5,335,664,398 —1,105,303,735 —20.72
6,195,,259,346
6,168 ,119,487
6,339 246,882
1928
239,691
242,931
+ 7.94
+ 142,521,797
6,332,874,535
6,435,,539,259
...
+ 221,579,96.9
-
6,342,,058,872
5,961,,186.643
,280,802
6,177,
...
...
1925
136,041
'
Wabash System—
233,829
238,275
236,000
239,625
243,636
247,936
247,868
3,166,,214,616
,390,205
3,012,
—.
1913
•
654,962
896,329
Pitts & W Va__
2,972,
,614,302
,084,723
2,805,
...
1912
5,457
480,936
Pitts Shawm & No.
3,162,,451,434
1911
-2,409,206
-2,861,411
-3,342,058
—62,430
+ 61,300
2,984,438
Pitts & Shawmut...
2,597,783,833
2,835,109,539
2,790,810,236
3,019,929,637
2,836,
,795,091
1910
-21046,875
■
1,531,881
5,235,359
8,165,571
5,272,519 —3,740,638
4,356,7?5
+ 878,624
10,895,193 —2,729,622
Total (15
1.560,210
1,184,245
9,079,676
57,021,585
8,196,778
383,988
1,687,011
3,267,308
8,660,085
64,851,201
9,964,857
8,909,860
2,197,473
roads)..407,666,490 476,250,045
203,111
1,791,985
699,974
—614,933
5,642,683 —2,228,071
208,424
—60,818
+ 1,561,081
+ 145,400
2,229,626
4,448,861
—548,560
20,524,832 —1,761,173
8,448,404
16,374,067 -13985,204
33,564,569 —8,866,146
446,969
—62,981
1,944,559 —1,741,448
1,535,108
+256,877
12,839,538 —2,874,681
2,897,880
—700,407
80,280,023 112,0^7,349 —31787,326
Financial
1086
-<Jr088-
1938
1937
1938
1937
%
Western
L'entral
%
%
I
Region—
Fe—154,323,227 1 70,669,945
Atch Top & S
Chronicle
Year End.
-Net-
Inc.
Dec. 31
Dec.
or
33,911,213
30,768,205
3,971,158
1938
+3,143,008
3,329,921
{bush.)
{bush.)
{bush.)
1,669,000
3,626,000
475,000
1,030,000
333,000
2,810,000
1,042,000
616,000
261,000
341,703,000 326,701,000
1937 —19,869,000 324,495,000
6,478,991
23,404,171
Ft Worth & D C.
Den A Rio Or West.
Denver & Salt Lake-
25,982,916
1,301,643
1,867,397
7,404,759
26,781,992
2,806,256
691,856
244,383
4,836,969
4,782,035
1,444,972
72,940,838
Chic R I & Pac..
25,873,207
+109,709
1,726,373
—424,830
2,747,942
—880,546
2,656,275 +1,005,416
784,103
—89,851
337,604
—93,221
3,66(1,691
2,264,604
570,958
76,861,216
3,722.849
Northern..
Rock Island SystemChic R I & Gulf.-
694,252
-53,397
11,465,776
1,498,369
11,634,080
def547,983
141,240
—689,223
-168,304
Southern Pacific System-
3,020,999
Northwest Pac
St L Southwestern—See Southwestern region
Pacific. 151,698,277
Southern
Rye
{bush.)
1,843,000
—
1938 —.20,807,000
Central Eastern region
93,070,136 100,151,212
Southern6,396,180
7,701,150
Cb Burl &. Qulncy
Nevada
Barley
Total All—
Burlington Route—
Colo &
Oats
—641,237
16,886,836
Bait & Ohio—See Central Eastern region
Staten Isl Rap Tr—See
Corn
{bush.)
(bbls.)
1937
15,403,994
1939
Wheat
Sioux City—
%
Bait <fc Ohio System—
Alton
Feb. 25,
Flour
33,451,069
170,744,278
40;348,926 —6,897,857
92,830,000 19,232,000 22,562,000
96,665,000 75,490,000 24,474,000
183,198,000
Receipts of grain at the seaboard
much
the
also very
were
larger than in 1937, indicating graphically
increase
demand for
include
which
has
grain.
the
place in the export
These seaboard receipts—which
movement
United States
taken
Montreal
to
well
as
to
as
ports—during the 52 weeks of 1938
Texas & N O—See Southwestern region
Tol Peoria & West—
Union Pacific
682,581
Utah
—41,264
709,388
45,229,732
-189,976
999,264
+ 43,220
76,070
1,042,484
(16 roads)..702,039,226 771,216,757 163,075,891 169,691,912 —6,616,021
-Gross-
Southwestern
1938
Region—
Net-
1938
1937
$
S
1937
i
Inc.
$
or
Dec.
%
■
Isl
1,435,853
1,375,325
166,795
161.496
+5,299
St L-San Fran...
43,027,457
4,891,319
-2,855,932
St L San Fr & Tex
•
Burlington-Rock
aggregated
less
no
than
236,345,000
bushels
as
-747,669
266,046
44,482,063
1,243,853
16,310,973
14,584,679
Western Pacific..-Total
668,124
2,149,408
2,393,236
150,213,214 162,064,311
against only 165,050,000 bushels in 1937 and 170,-
443,000 bushels in 1936.
Going further back,
com¬
parison is with 208,016,000 bushels in 1932 and 221,457,000 bushels in 1929.
The details of the seaboard
Frisco Lines—
movement for
grain
1,660,575
49,020,519
1,564,236
357,594
7,747,251
201,963
Kansas City South.
12,980,448
14,174,834
4,604,897
5,126,796
—521,899
Kansas Okla & Gulf
2,315,353
2,424,713
Louisiana & Ark—
6,148,554
5,993,800
1,141,433
2,154,637
1,157,720
Midland
1;387,099
984,201
1,299,925
1,535,244
1,135,476
32,120,316
1,283,675
1,965,313
297,307
—142,242
+ 189,324
La Ark & Texas
630,315
146,505
707,586
174,394
—77,271
8,013,216
-2,559,467
Flour
.1,070,713
1,045,124
2,016,974
+ 25,589
—833,326
Wheat...
1,183,648
five
last
years
set
are
—27,889
5,453,749
the
Valley
Missouri & Arkansas
Mo-Kansas-Texas.M issouri Pac
27,857,730
System—
2,726,698
BeaumSL&W..
174,506
2,841,625
13,071,957
11,801,209
v
+ 155,631
forth in the table
GRAIN AND
introduce:
we now
FLOUR RECEIPTS AT SEABOARD
PORTS FOR 52 WEEKS
—122,801
1938
Receipts of—>
bbls.
1937
1936
14,200,000
14,737,000
1935
15,233,000
90,380,000
35,652,000
Oats.
7,598,000
6,491,000
Missouri Pacific..
80,749,074
92,418,698
-4,820,233
Barley
2,662,000
12,309,000
2,338,475
6,754,535
2,547,488
586,907
830,004
—243,097
Rye
3,468,000
6,765,000
2,058,932
2,791,027
47,180
4,926,000
87,591,000
9,362,000
11,379,000
3,205,000
4,826,000
3,065,000
4,581,000
7,809,382
1,229,688
30,350,072
17,335,000
13,066,000
7,932,000
3,917,000
N O Tex&Mex_.
13,457,000
71,635,000
bush. 132,237,000 103,833,000 140,947,000
Corn
1934
13,165,000
—732,095
Iuternat Gt Nor..
Missouri Illinois—See Central Eastern region
St 1> Brownsv & M
S A Uvalde & Gulf
1,124,410
Texas & Pacific.. 26,381,704
Okla C-AdarAtoka.
433,500
16,126,760
20,946,993
defl33,998
8,026,527
116,144
514,406
9,425,927
202,405
Total grain.______ 236,345,000
—181,178
-1,399,400
—86,261
15,573,000
165,050,000 170,443,000 114,295,000 114,602,000
As to the cotton traffic
Southern
over
Southern Pacific System—
Northwestern Pac—See Central Western region
St L Southwestern 18,492,202
21,115,983
4,927,728
5,261,458
41,806,819
Texas Mexican.....
949,531
Total
-1,569,030
386,893
—273,872
5C3CS 11' 1
The
*
1937, which, in turn,
While the
below those of the
greater
the
as :
|
,
tn\
v,
:,,
>
^
year
a1,1
'ru
■
1 *
or
(taking
roads
under review was
on
was very
much larger than
receipts of oats and of
fell
rye
less
degree
contributed
receipts
the
corn,
much larger than in 1937.
of. which
Altogether,
shipments overland
bales in 1938
cereals, wheat,
oats, barley and rye,
corn,
111
The
port movement of the staple for the calendar
back to and including 1933 is shown inv the
years
table which follows:
RECEIPTS
OF
COTTON
DEC.
Ports
875,028,000 bushels,
as
bales.
Houston, &c
Corpus Christ!..
Charleston
396,000 bushels in 1936.
Jacksonville
in 1929 it reached
lowing table
grain
we
movement,
954,540,000 bushels.
in
our
usual
form,
for
the
52
weeks of 1938 and 1937:
Year End.
Dec.
Flour
Wheat
{bush.),
{bush.)
Oats,
,
Barley
Rye
{bush.)
{bush.)
{bush.)
29,962,000 134,896,000
38,293,000
65,498,000
24,329,000
10,713,000
3,325,000
24,805,000 10,860,000
5,31)3,000
1
TO
1934
1933
and business conditions in
the
statistics
showing
6,154,501 5,153,627 8,498.089
best index of trade
very
is revealed in
any year
the
loadings
the
as
of
as
revenue
these
car
it were, a composite picture of
general freight traffic and
These
figures,
revenues
of the roads.
by
Car
compiled
as
the
__
17,173,000 35,248,000
13.095,000
22,141,000 29,621,000
7,719,000
show that in the 52 weeks of 1938
51,783,000
27,545,000
16,367,000 14,393,000
9,565,000 11,574,000
7,234,000
cars
29,009,000
6,605,000
910,000
5,916,000
12,975,000
756,000
6,689,000
3,667,000
1,021,000 24,579,000
1,670,000 16,739,000
10,570,000
6,123,000
6,753,000
205,000
139,000
10,246,000
2,363,000
5,700,000
244,000
329,000
...
...
...
1937
were
loaded
with
revenue
6,459,000
556,000
1,273,000
Toledo—
...
Service
Division of the Association of American Railroads,
30,612,000
M Uwaukee—•
1937
Perhaps, however, the
60,231,000
*
1938
1938
1935
52,455,000
3,000
...
1937
Duluth—
1938
JAN.
9,140,000
Minneapolis—
1937
FROM
„
1938 ...10,923,000
1937
.10,517,000
1938
1936
bales. 4,490.405 6,810.207 6,351,430
loadings furnish,
GRAIN RECEIPTS
Corn
{bbls.)
31
1937
PORTS
INCLUSIVE
freight by the railroads of the country,
WESTERN FLOUR AND
Chicago—
Total...
In the fol¬
give the details of the Western
1938,
.
Savannah
Wilmington
Norfolk.....
Back in 1932 the grain
SOUTHERN
1933 TO
1,233,937 2,156,615 1,912,923 1,639,303 1,335,920 1,766,935
107,228
325,300
358,658
195,683
279,791
249,599
7,821
85,629
33,689
123,667
109,995
138,284
48,565
165,428
141,582
146,911
215,774
296,617
14,942
31,624
48" 6 92
166" 150 224,179
198", 704
153,170
201,680
43,280
76,522
54,629
57,859
57,930
136,661
29,311
21,382
23,692
22,527
21,429
'35,398
30,303
42,904
61,719
44,042
57,679
50,952
1,867
6,043
4,025
8,400
4,151
17,051
Mobile
Lake Charles
aggregated only 552,290,000 bushels, but
AT
1,265,709 1,695,962 1,812,836 1,452,743 1,387,422 2,145,047
1,283,973 1,592,417 1,524,849 1,586,829 1,357,221 3,020,216
370,729
457,718
314,700
302,031
313,122
447,769
18,990
19,708
17,912
30,733
4,965
.10,907
Beaumont.
against only 704,322,000 bushels in 1937 and 630,movement
31,
1938
Galveston
Brunswick
the 52 weeks of 1938 totaled
outports.
only 1,380,052
1,265,934 bales in 1936, but comparing with only
472,476 bales back in 1932 and 913,635 bales in 1929.'
Pensacola.,
five
Southern
reached
against 1,450,116 bales in 1937, and
as
New Orleans
receipts at the Western primary markets of the
as
but
the in¬
to
roads, this
greatly reduced scale, both
receipts of the staple at the
Gross
t
^
compared with that of
as
a
on
regards the overland movement of cotton and the
previous year, all the other items
particularly
very
if
Western
over
greatly increased scale
were
79.373,904—16403.880
62,970,024
J
^
grain traffic
crease,
i,
3558925166 4158453,384 843,060,935 1047043,262—203982327
collectively) in the
in 1936.
„
.1402218863 1578194,977 306,325.938 361,133,165—54807.227
(136 roads)
them
i
•
districts'"
all
Tii,,"r,,",1,:,1,,1!1
Dls-
trlct (52 roads)
Total
in
113,021
1,466,765
(21 roads)..292.513.147 330.728.175
Total West'n
a
9,171,892
46,717,723
was
—333,730
10,740,922
Southern Pacific—See Central Western region
Texas & New Orl.
find
we
37,670,464
cars
only 30,468,544
freight
in 1937 and 36,062,657
In 1932 the number of
cars
having reached 52,827,935
fell to
as
against
cars
in 1936.
28,179,952, after
in 1929.
cars
In the fol¬
Detroit—
1938
...
1937
...
lowing
~
67,000
2^666
54~666
80"666
63,000
Indianapolis & Omaha1938
28,893,000
39,080,000
12,765,000
29,000
561,000
1937
28,142,000
26,255,000
16,110,000
3,000
table
764,000
...
6,028,000
22,806,000
29,481,000
5,056,000
LOADING
OF
1,973,000
1937
...
5,825,000
24,371,000
28,825,000
6,560,000
2,461,000
REVENUE
UNITED
1937
329,000
411,000
1938
2,155,000
3,027,000
26,444,000
3,457,000
3,062,000
details
regarding
the
ON
THE
STATES FOR 52
RAILROADS
OF
THE
WEEKS
2,101,000
2,108,000
19,057,000
3,690,000
3,292,000
1,800.000
788,000
99,315,000
12,363,000
3,016,000
Coal
670,000
96,717,000
12,547,000
3,419,000
Coke
1937
1936
1935
1934
891,000
...
...
...
1938
3,433,000
2,294,000
1.840,000
......
Merchandise, L. C. L
M iscellaneous—
*
1937
21,010,000
123,000 s
26,058,000
180,000
104,000
69,000
1
»•
1,967,798
1,788,966
1,804,088
1,577,053
1,645,893
703.003
Ore
2,314,000
Wichita—
...
.
.......
Forest products
6,521,000
8,497,000
1937
Grain and grain products.
Livestock
St. Joseph—
1938
FREIGHT
1938
...
Kansas City—
1937
the
(Number of Cars)
Peoria—
1938
give
separate items going to make up the grand totals:
St. Louis—
1938
we
721,601
758,472
714,495
1,074,457
5,544,928
6,976,938
6,952,647
6,144,691
6.135,428
274,705
507,817
479,003
339,628
333,017
1,417,815
1,828,032
1,148,929
2,207,632
1,678,769
1,618,761
1,383,872
845,924
1,036,432
8,080,675
793,169
7,685,891
8,465,868
8,267,056
8,241,390
12,028,480 15,173,610 14,503,879 12,227,288 11,473,677
54,000
2,000
Total.
30,468,544 37.670,464 36,062.675 31.504,134 30.845.960
Volume
Financial
148
1087
Chronicle
activity in the local traction issues
The Course of the Bond Market
panies operating in
The bond
fined to
continued dull, with fluctuations con¬
market
narrow
Speculative as well
ranges.
issues, in the great majority of
as
receded.
high-grade
Taken
United States Government bonds changed but slightly
ally.
week
Atchi¬
4s, 1995, closed at 108%, compared with 109 a week
with
113%.
Lower-grade
showed
obligations
railroad
Baltimore & Ohio ref.
a
5s, 1995, were up %
1968,
4%s,
closed
51%
at
compared
with" 51%
with
changes
no
of
levels, with
significance.
particular
any
Power & Light 3%s, 1960; Detroit Edison
Gas & Electric 3%s,
homa
Edison 3%s, 1945.
registered by the French
120
Att
1939
Govt.
Chechoslovakian
issues, which registered an exceptionally
sharp advance in the previous week; continued unchanged.
Moody's computed bond prices and bond yield averages
4%s, 1961; Okla¬
1966, and Southern California
are
given in the following tables:
f
MOODY'S BOND YIELD AVERAGES f
Bonds
(Based
120 Domestic Corporate *
Domes
Dally
Averages
120 Domestic
tic
Baa
RR.
U.
Indus.
Averages
84.14
90.14
109.05
113.27
Feb. 24——
119.69
114.30
101,06
84.01
90.14
108,85
113.27
23
4.61
3.51
3.30
3.00
3:25
3.94
5.04
4.61
3.52
3.30
Exchan ge Clos ed
3.94
3.00
3.25
5.04
4.01
3.52
3.30
113.48
20
3.80
3.00
3.24
3.93
5.04
4.61
3.51
3.29
113.48
18—
3.80
2.99
3.25
3.93
5.02
4.60
3.50
3.29
83.87
89.99
109.05
113.27
3.81
3.00
3,25
3.93
5.05
4.62
3.51
3.30 »
101.23
83.87
89.84
109.05
113.48
17—
16
—
3.81
3.00
3.93
5.05
4.63
3.61
3.29
101.23
101.23
83.73
89.84
109.05
113.48
15—
3.81
3.00
3.25
3.25
3.93
6.06
4.63
3.51
3.29
83.73
89.69
109.05
113.48
14—
3.81
3.00
3,26
3.93
5.06
4.64
3.51
3.29
Exchan ge Clos ed
3.93
2.99
3.20
5.05
4.63
3.52
3.28
3,52
3.52
17— 113.30
103.38
119.69
16— 113.35
15— 113.29
103.38
103.38
119.69
119.69
114.30
114.30
101.23
101.23
14— 113.25
103.38
*
'•
83.87
89.84
83.60
82.00
89.69
108,85
108.85
113.48
11
112.45
112.45
108.85
Stock
10
108.85
3.81
—
13...
101.23
101.06
Stock
—w-
3.81
—
3.82
3.00
9........
3.82
3.94
5.07
4.64
3.94
4.05
3.27
3.27
3.28
3.94
3.94
6.08
5.07
3.52
3.29
3.29
3.28
5.06
4.65
3.52
3.29
3.94
5.06
4.65
3.52
3.28
3.28
3.28
3.95
3.95
5.08
4.67
3.53
4.68
3.53
3,29
3.29
*3.96
3.97
4.70
3.53
3.29
3.00
3.27
3.27
5.10
3.51
5.13
4.72
3.54
3.28
3.89
3.03
3.31
4.01
5.19
3.57
3.32
3.82
3.00
3.29
3.94
6.05
3.85
3.01
3.31
3.35
3.37
3.97
4.76
4.65
4.68
4.70
3,53
4.57
3.58
3.29
3.30
113.89
101,06
113.89
101.06
101.06
83.60
89.55
89.40
8
3.82
83.73
89.55
108.85
113.08
113.48
2.99
2.99
7.
3.82
3.00
113.68. 101.06
83.73
89.55
108.85
113.68
6
2.99
113.68
100.88
83.46
89.25
100.88
83.19
89.10
113.48
113.48
4.—
113.08
113.89
83.06
88.80
102.84
119.69
113.89
100.53
82.79
88.51
108.46
113.48
113.68
2........
1
3.84
3.84
3.84
3.01
100.70
108.66
108.66
108.66
3.82
3.83
102.84
102.84
119.92119.69
119.47
119.47
7— 113.16
6— 113.18
103.20
103.20
4—
113.15
103.02
3
113.16
103.20
2— 113.20
1— 113.10
113.89
...
3—
'
'
-
Weekly—
,
3.20
3.27
119.92
119.92
119.69
103.20
Indus.
109.24
101.23
114.30
113.18
8— 113.15
U.
109.05
114.51
119.92
9—
P.
90.14
119.69
103,56
10— 113.21
5.03
3,81
3.81
A
90.29
103.56
18— 113.31
11- 113.23
RR.
3.94
84.28
84.01
Stock
Baa
3.25
84.01
101.06
114.09
Exchan ge Clos ed
119.92 114.09
103.38
103.20 119.69 114.09
Aa
3.00
113.27
114.30
119.69
Aaa
108.85
119.69
114.30
Corporate by Groups
90.14
103.38
—
P.
120 Domestic
by Ratings
22————
21.—
21— 113.32
20— 113.29
-
Corp.
A
101.06
Aa
individual Closing Prices)
tic
114.30
Aaa
on
120 Domestic Corporate
Domes¬
119.69
Exchan ge Clos ed
Stock
13—
1939
120
Daily
103.38
23.. 113.31
*
All
Corporate, by Groups *"
by Ratings
Corp.*
22—
'
103.38
Feb. 24— 113.38
bonds, reflecting their
being called for redemption in the latter part of this year.
(Based on Average Yields)
V. 8.
Advances have also been
railroad
*
Lower grades declined moderately, and
MOODY'S BOND PRICES
did issues of companies in
tions also advanced fractionally.
Prices
highs recorded in the instance of Dayton
new
as
'
tendency among higher-grade bonds has been firm, particu¬
larly among Danish and Norwegian issues.' Belgian obliga¬
been maintained at peak
better grade issues have
strength,
foreign issues, including Japanese, Italian and
obligations, continued to show weakness.
The
Chilean
Trading in utility bonds this week has been rather dull,
among
moderate
Various
a„
/
ago..
financing.
mixed,
the rubber group.
ing 4s, 1955, were off % point to 54%, and Southern Pacific
week
new
whole, the industrial section of the list this
has been
showed
point from last week's price of 21; Illinois Central refund¬
deb.
area
$4,500,000 Central Maine Power
Steel bonds, aside from those above mentioned, are down
fractionally; oils have been mixed, with changes confined
to fractions; metal company obligations have been generally
unchanged to fractionally higher; building company issues
and Union Pacific first 4s, 1947, at 113%, compared
mixed trend.
as a
com¬
and
to fractional ones.
High-grade railroad bonds displayed a firm tone.
ago;
of
in bonds of
Valley Authority
with most changes being confined
Republic Steel 4%s, 1961, were up %
at 92%; Jones & Laughlin Steel 4%s, 1961, were off % at
94%, and United Drug 5s, 1953, were off 1% at 71%.
from their recent peak levels.
son gen.
offering
3%s, 1968, constituted the only
moved only fraction¬
cases,
An
the Tennessee
3.00
3.01
4.60
Weekly—
Jan. 27— 112.59
20— 113.18
13— 112.93
101.04
6— 112.95
102.48
High 1939 113.38
Low 1939 112.59
103.56
High 1938 112.81
Low 1938 109.58
Yr. Ago
Feb.24'38 110.45
2 Yrs.Ago
Feb.24'37 112.03
101.76
103.20
102.66
101.94
88.80
119.03
119.69
119.47
119.25
119.92
118.60
118.60
112.45
113.07
89.55
107.88
108.06
112.86
113.48
89.10
107.88
113.27
88.80
107.69
112.86
6—
3.86
90.29
109,24
113.68
High 1939..
3.89
3.02
3.05
4.01
5.11
5.11
5.19
4.70
3.60
3v32
3.34
-87.93
107.30
112.45
Low 1939......
3.80
2.99
3.24
3,93
5.02
4.60
3.60
3.28
107.11
112.05,
High 1938.—.
4,70
3.34
3.85
6.11
3.90
3.05
3.39
6.17
4.73
4.23
3.61
3.76
Low 1938—1 Year Ago—
4.08
3.99
6.98
104.30
Feb. 24,1938—
2 Years Ago—
Feb. 24,1937—
4.18
3.19
3.49
4.18
5.86
4.95
4.04
3.55.
3.78
3.24
3.43
3.88
4.57
4.07
3.78
3.48
99.83
101.06
82.00
.87.93
83.87
100.53
83.06
83.06
114,51
100,53
101.23
84.28
111.84
99.83
82.00
111.43
102.66
100.18
89.10
82.27
88,36
71.15
113.48
113.07
112.25
62i76
96.11
96.94
115.57
109.44
96.94
73.87
85.24
99.31
114.51
110.63
102.12
9Q.75
98.80
103.93
20——
13——
108.27
103,93
Jan. 27—
109.64
3.97
0
3.36
.
*
These prices are computed from average yields on the basis ot one 'typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
level or the average movement ot actual price quotations.
They merely serve to lUustrate in a more comprehensive way the relative levels and the relative movement ot
yield averages, the latter being the truer picture of the bond market.
t The lastest complete list of bohds used In computing these indexes was published In the Issue pf Feb. 18, 1939, pages 939 and 940.
THE
OF
STATE
TRADE—COMMERCIAL
EPITOME
Friday,Night, Feb. 24, 1939.
Business activity a little more;than held its own the
past week. Increasing optimism is noted in many quarters,
and recent developments would seem to justify the bullish
predictions of many expert observers.
Political conditions
abroad are not any worse; as a matter of fact, it looks
now as though the Spanish problem is about to be removed
as a menace to general European peace, latest advices assert¬
ing that the Franco Government has won Anglo-Frencli
recognition.
This should do niuch to ease .the war tension
abroad.
Secretary Morgenthau's promise that business men
need
have
no
worry
concerning new taxes would
seem
to
President Roosevelt
along the same lines.
He went further, however, in ex¬
pressing the hope that Congress would search out and
the
emphasize
eliminate
statement
recent
deterrents
mental
regulations.
showed
little
to
business
However,
disposition
to
of
in
the
respond
tax
laws
or
securities
to
these
govern¬
markets
optimistic
having heard this soothing language before.
However, there are not a few who believe that the Admin¬
istration s about to make a serious effort to cooperate with
statements,
substantial way, and the speech of Secretary
follow shortly, is expected to confirm this
Business activity was about steady, according to
business in
Hopkins,
opinion.
the
a
to
"Journal
of Commerce"
weekly index.
For the week
ended Feb. 18 the index rose fractionally to 84.8 and com¬
with a revised figure of 84.7 for the previous week
Gains'for car loadings and steel
ingot production more than offset moderate declines for
electric output;
petroleum runs-to-stills and automotive
pares
and 69.6 for a year ago.
»
•
activity, according to this survey.
Although the rate of
steel production has dipped a little, the strength of steel
scrap prices seems to point to an early resumption of the
upward trend, says the "Iron Age."
It reports that the
scrap composite price is at the highest level since October,
1937.
"While the trend of steel buying in February has
not been uniformly
upward, several important products
have registered gains over the January volume," the review
continues.
"Caution marks the buying policies of all steel
users as it has for some time, but the orders being received
by the mills are numerous, indicating a broadening of
activity.
The steel trade expects larger" orders for auto¬
mobile steel next month.
As stocks of finished cars are
low, the expected spring rise in automobile sales will be
quickly
one
of
reflected in assemblies.
Railroad buying is
major factors of current interest."
The
the
still
pro¬
by the electric light and power indus¬
2,248,767,000 kilowatt
hours, a decrease of 0.9% from output of 2,268,387,000 kilo¬
watt hours in the previous week, but an increase of 9.2%
over the output of 2,059,165,000 kilowatt hours in the com¬
parable week of 1938.
The Edison Electric Institute re¬
ported percentage increases over 1938 in all major geo¬
graphic regions.
Engineering construction awards for the
short week due to the Washington's Birthday holiday total
duction of electricity
try for the week ended Feb. 18 was
$60,863,000,
a
44%
gain over the preceding week and a
56% gain over the corresponding week in 1938, "Engineer¬
ing News-Record" reported.
The current week's volume
brings the 1939 construction total to $515,536,000, a 29%
increase over the $399,667,000 reported for the eight-week
period in 1938.
Private construction for the week reaches
Financial
1088
the highest level
since April 14,1938, due to gains in indus¬
It is 88% above both last
Public awards are 22% above a
trial and commercial building.
week and the 1938 week.
freight were
increase of 153 cars compared with the pre¬
on
Feb. 25,
the quota announcement
of the regulation committee.
1939
Hides were easy
and were one of the few major commodities to lose ground last week.
"ANNALIST" WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES
THE
39% above a year ago.
The Association of
reported today 580,071 cars of revenue
loaded during the week ending last Saturday.
This was an
Chronicle
week ago and
<192e=100)
American Itailroads
ceding week; an increase of 44,205 cars, or 8.2% compared
with a year ago,
and
compared with 1937.
that
forecast
a
decrease of 131,243 cars, t or 18.5%
A group of Government economists
a
further
business
uptrend
would begin in
improvement which carried the Federal
Reserve-Board index of industrial production from 76 last
After
April.
an
May to 104 in December, factory paces have been unchanged
since Christmas, it is pointed out.
The economists viewed
this recent leveling off as a necessary breathing spell.
Pro¬
Feb. 18,1939
products
Food products—.*
Textile
nearly in balance, since retail trade has been
Federal spending looms large as a stimulus
Because of the curtailed production at
the Plymouth plant, caused by a labor dispute, automobile
output this week declined 4,200 units from the preceding
Week to a total of 75,660 units, according to the estimate of
Ward's Automotive Reports, Inc.
The total for this week
was 30% greater than a year ago.
The report said thai
parts releases are being made by motor companies in antici¬
pation of higher production schedules and the industry is
poised for an advance, which will move steadily ahead
starting not later than piid-March.
A satisfactory upturn
in sales is generally expected for the early spring months
just ahead.
Retail trade showed a tendency to flatten out
in most lines this week after the sharp upswing experi¬
enced in the previous week, Dun & Bradstreet, Inc., re¬
ported today. Intensive advertising, according to the credit
agency's weekly review, helped to maintain consumers in¬
terest in home furnishing and appliances, but retailers were
reporting February sales of furniture and household goods
as a whole were not up to expectations, despite the attrac¬
tive prices offered.
"Extremes of temperature during the
week made the showing of apparel departments of stores
particularly spotty," said the review.
Total retail volume
was estimated approximately 1% to 4% larger than last
year at this time.
Outstanding features of the weather the
past week were a tornado at Windsor, N. C., that killed
four people and demolished many farms and homes.
Also
on Wednesday snow a foot deep and high winds
disrupted
travel in northern New York, with the mercury dropping
holding up.
in their forecasts.
to near zero after several
days of thaw.
Snow fell through¬
the upstate area.
Low temperatures charac¬
weather of the week in most northern sections
of the country, but in the East and most of the South
generally warm, spring-like conditions prevailed.
On the
out
of
most
the
extensive area of dense arctic air
an
moved
from
Canadian (Provinces into the northern Plains
attended by a drop in temperature of from 20'
western
and
was
degrees to 40 degrees
or
and Southeast,
especially
the latter, has
advanced vegetation abnormally, with prema¬
development of fruit buds.
Early buds are showing
ture
color
pears
as
far noth
and plums
central
Georgia
as
are
eastern and southern North Carolina,
South" Carolina, and in
to bloom.
Cool
blooming in
peaches
are
weather is needed in this
area
84.4
beginning
to check premature advance.
During most of the week in the New York City area sharp
cold weather, has prevailed, though skies have been gen¬
erally clear. Today it was fair and cold here, with tempera¬
tures ranging from 25 to 39 degrees.
The forecast was for
partly cloudy and colder weather tonight and Saturday.
Overnight at Boston it was 20 to 28 degrees; Baltimore,
89.9
102.9
97.3
Miscellaneous-
.......
All commodities
Preliminary,
88.7
69.5
73.2
79.4
r78.7
82.4
Revised.
Freight Car
Revenue
72.0
86.7
70.1
....
r
69.6
80.7
...,
97.4
09.6
...—.—-
Loadings During Week
8.2% Over Year Ago
Feb. 18 Rise
Ended
Loading of revenue freight for the week ended Feb. 18
580,071 ears, the Association of American Railroads
announced on Feb. 23.
This was an increase of 44,205 cars
or 8.2% above the corresponding week in 1938 but a decrease
of 131,243 cars or 18.5% below the same week in 1937.
Loading of revenue freight for the week of Feb. 18, was an
increase of 153 cars above the preceding week.
The As¬
sociation further reported:
totaled
Miscellaneous freight loading totaled 221,703 cars, an increase of 3,024
cars
above the preceding
week, and
an increase of 18,370 cars above the
corresponding week in 1938.
y
Loading of merchandise less than carload lot freight totaled 148,250 cars,
decrease of 154 cars belov, the preceding week, but an increase of 1,335
a
cars
above the
corresponding week in 1938.
Coal loading amounted to
the preceding week,
129,424
decrease of 5,719
cars, a
but an increase of 26,745
cars
cars
Grain and
cars
below
grain products loading totaled 28,587
cars, a
decrease of 222
the preceding week, and a decrease of 3,288 airs below the
products loading for the week of Feb. 18, totaled 17,112
cars,
an
increase
of 207 cars above the preceding week, but a decrease of 2,660 cars below
the corresponding week in
1938.
Live stock loading amounted to 11,120 cars,
an
increase of 1,420 cars
above the preceding week, but a decrease of 83 cars below the corrsponding
week in 1938.
In the Western Districts alone, loading of live stock for the
-
week 111 Feb. 18, totaled 8.016 cars, an increase of l,05j. cars above the
preceding week, but a decrease of 50 cars below the corresponding week in
1938.
Forest products loading, totaled 24,387 cars,
increase of 848
an
ing week in 1938.
Ore loading
ajnounjted to 8,944 cars, an increase of 515 cars above the
preceding week, and an increase of 784 cars above the corresponding week in
1938.
Coke loading amounted to 7,656 cars, an increase of 441 cars above the
preceding week,and
in
an
increase of 2,241
cars
above the corresponding week
1938.
All districts
reported increases compared with the corresponding week in
1938 except the
Southwestern which reported
decrease.
a
All districts
reported decreases compared with the corresponding week in 1937.
D
1939
4 weeks In January.....
1938
1
1937
2,302,404
576,790
2,250,717
Week ended Feb. 11
579,918
688; 523
Week ended Feb. 18
580,071
542,991
535,866
4.039,243
3.900.314
4,785,513
Week ended Feb. 4-.
Total
2,714,449
671,227
564,740
711,314
The first 18
major railroads to report for the week ended
a total of 274,829 cars of revenue
freight on their own lines, compared with 272,748 cars in the
preceding week and 251,822 pars in the seven days ended
Feb. 19, 1938.
A comparative table follows:
Feb. 18, 1939, loaded
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded
on
Ovm Lines
Receivedfrom Connections
Weeks Ended—
•
Feb.
•
18 \Feb.
1939
Atchison Topeka & Santa Fe Ry.
11
1939
Feb.
Weeks Ended—
19 Feb.
1938
18 Feb.
1939
11 Feb.
1939
17,901
25,405
17,382
18,170
4,075
5,051
4,304
22,445
14,159
16,278
14,254
12,551
0,598
17,655
16,608
8,164
6,984
7,290
13,052
7,442
12.209
19,916
14,142
Chesapeake & Ohio Ry
*
Chicago Burlington & Quincy RR.
Chicago Milw. St, Paul & Pac. Ry
Chicago A North Western Ry
25,796
20,413
Baltimore & Ohio RR
6,487
5,991
8,507
1,759
2,768
2,670
7,884
29,750
12,488
3,185
12,011
16,555
12,763
9.410
8,976
3,626
3,769
1,488
1,050
1,712
1,779
2,325
Missouri-Kansas-Texas RR...a.
3,787
3,669
12.486
3,615
2,470
1,384
2,132
2,426
Gulf Coast Lines
Moody's Commodity Index advanced from 143.5
week
to 144.5 this Friday.
There were no changes of importance in prices of individual commodities.
The movement of the Index
Fri.
Feb. 17—
Sat.
Mon.
Feb. 18
Feb. 20..
Feb. 21
Tues,
Wed.
143.5
143.9
144.4
...
143.8
Feb. 22
Thurs. Feb. 23
Fri.
Feb. 24.
was
1938 High
144.5
Low-
Jan. 10
June!
"
Missouri Pacif ic RR
12,211
New York Central Lines...
N. Y. Chicago & St. Louis Ry...
Norfolk & Western Ry
34.156 '34,097
Pennsylvania
follows:
Two weeks ago, Feb.
Month ago, Jan. 24
Year ago, Feb. 24
H
...144.1
as
52,566
...
....
1939 High- -Feb. 24
Low— Jan. 26.-
—142.5
—151.2
—144.5
—141.8
18,283
52,213
15,409
40,235
4,726
Southern Pacific Lines
34,209
8,344
35,383
6,235
9,097
7,843
4.056
3,494
29,427
35,609
4,773
Wabash Ry
5,176
4,611
3,207
4,390
4,392
3,368
22,282
23.879
7,499
7,444
7*320
4,731
__
4,302
4,622
.....
4,735
4,736
8,237
7,950
7,162
Total
4,688
10,106
4,227
7,164
22,041
Pittsburgh <fc Lake Erie RR
—152.9
130.1
8,577
29,679
3,841
36,684
4,479
18,400
RR
12,549
4,690
Pere Marquette Ry
10... .—142.5
19
1938
International Great Northern RR
ago
cars
above the preceding week, but a decrease of 1,899 cars below the correspond¬
82 ;
a
cor¬
In the Western Districts alone, grain and grain
responding week in 1938.
Pittsburgh, 16 to 32; Portland, Me., 12 to 24;
Chicago, 12 to 36; Cincinnati, 30 to 38; Cleveland, 20 to
Moody's Commodity Index Higher
below
above the corresponding
week in 1938.
26 to 32;
Detroit, 20 to 28; Charleston, 32 to 40; Milwaukee, 8
to 26; Savannah, 34 to 44; Dallas, 48 to 58; Kansas City,
26* to. 58; Salt Lake City, 28 to 36; Seattle, 38 to 48;
Montreal, 10 to 18, and Winnipeg, 18 below to 4 above.
r84.4
Metals
It is reported that con¬
more.
tinued mild weather in the East
72.7
59.4
Building materials..
terized the
14-15th
09.5
r59.5
...
duction, they said, got ahead of consumption, but now the
two appear
78.0
70.8
——
Chemicals
p
Feb.16,1938
75.5
p5 9.7
...—
products
Fuels
Feb,11,1939
76.9
Farm
3.992
272.748 251.822 176.370 171,873 151.176
TOTAL
LOADINGS
AND
H—Holiday
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
Weeks Ended—
"Annalist"
Index
of
Wholesale
Commodity
Prices
Feh.
Advanced 0.7 of Point for Week Ended Feb. 18
The "Annalist" announced
on
Feb. 20 that better
feeling
in financial markets enabled commodity prices to recover
sharply during the week ended Feb. 18, and the "Annalist"
Weekly Index rose 0.7 of a point to 79.4.
The "Annalist"
further says:
Chicago Rock Island & Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry.......
Total......
.xxx
vxxo
ry v
Feb. 11,
21,426
27,891
uuuox i/oao
1939
Feb.
19, 1938
21,126
i/v
26,978
60.837
.
21,293
28,182
11,529
11,378
60,695
.....
xvuunrxug
18, 1939
59.340
ouuw
CU.BIS
11,069
UUC
lUrtUiUgS
Livestock prices were particularly strong with hogs rising to the best
level since late last September.
Lard and cdttonseed oil both recovered.
for separate roads and systems for the week ended Feb. II,
1939.
During this period 81 roads showed increases when
Wheat,
compared with the
corn,
oats and cotton aU improved.
Rubber prices moved upwards
same
week last
year.
Volume
1089
Chronicle
Financial
148
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED FEBRUARY
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1939
1938
1939
Southern District—(Concl.)
Mobile & Ohio
Eastern District—
546
524
484
2,198
7,124
2,655
6,616
2,273
8,653
1,438
1,366
35
27
1,175
4,843
8,972
1,186
3,845
266
Ann Arbor
Bangor & Aroostook
Maine
Boston &
Chicago Indianapolis & Louisv.
Central Indiana
Central Vermont
Delaware & Hudson..
..
Delaware Lackawanna & WestDetroit & Mackinac
999
1,177
240
1,700
56
50
1,624
7,044
7,968
1,368
4,968
9,336
6,241
1,375
6,290
5,325
263
320
90
91
1,321
2,809
10,864
2,114
1,586
3,322
1.303
220
176
252
11,400
4,372
9,608
3,220
12,437
3,385
139
133
181
Lehigh & New England
1,538
Lehigh Valley
7,930
1,311
6,679
1,213
9,187
3,699
3,318
11,040
7,029
1,768
1,043
6,927
2,690
Detroit Toledo & Ironton
Detroit & Toledo Shore Line
Erie
...
Grand Trunk Western
Lehigh & Hudson River...
....
3,132
3,702
Maine Central
Monongaheia
Montour.
N. Y. Chicago & St. Louis
Pittsburgh & Lake Erie._j—.
Pere Marquette..
...
Pittsburgh & Shawmut.
362
8,678
8,662
18,360
18,525
8,693
20,869
1,076
4,529
4,298
13,013
4,323
4,107
13,080
389
375
456
653
491
146
151
172
92,136
91,082
12,905
2,307
Southern System
i
Tennessee Central
Winston-Salem
...
Southbound.
Total.
539
743
260
280
3,860
8,646
5,926
4,514
24
20
422
207
1,296
1,320
983
4,735
3,184
4,639
2,271
5,408
4,324
7,950
2,865
131,358
113,061
155,531
143,171
387
581
734
25,796
1,686
22,031
34,122
12,657
824
2,779
13,652
1,087
Total.
Ohio..
Lake Erie
5,389
8,826
Pacific
110
216
183
1,263
1,090
1,063
65,079
76,849
37,223
35,780
17,382
2,465
19,057
20,039
3,017
6,051
1,935
4,422
2,409
302
352
460
58
83
14,254
1,972
9,740
2,574
12,492
16,156
2,349
6,598
6,436
541
572
11,354
3,300
7,583
2,381
7,409
2,073
778
730
980
966
993
2,814
2,146
4,022
1,949
1,927
773
Total
455
1,069
11
5
1,105
1,536
1,016
2,223
1,100
1,114
1,292
1,103
312
249
Central Western District—
Bingham & Garfield
Chicago Burlington & Qulncy..
Chicago & Illinois Midland
699
6
Chicago Rock Island & Pacific
22
7
Chicago & Eastern Illinois
8,099
9,926
9,121
586
390
867
54
40
Denver & Rio Grande Western-
266
208
366
24
24
Denver & Salt Lake..
152
158
218
31
10
Fort Worth & Denver City
C07
2,589
2,182
Illinois
1,753
864
797
1,315
Missouri-Illinois
46,420
1,019
65,712
14,228
15,424
1,380
53,213
11,691
8,932
34,609
15,393
29,221
Nevada
12,817
North Western Pacific
1,339
1,386
5~385
4,397
Valley
Long Island..
Penn-Readlng Seashore Lines.
Pennsylvania System
Co
(Pittsburgh)
.....
10,382
6,358
& Southern..
Terminal..
365
532
995
1,401
1,637
114
88
421
265
661
285
271
44
99
28
17,323
17,087
18,319
3~9l6
3~ 825
245
229
247
12,312
12,192
13,924
1,066
5,983
5,408
589
297
928
5
5
1,038
857
1,416
1,497
873
89,802
88,284
103,677
42,637
89,724
•
.
Peoria & Pekin Union
Toledo Peoria & Western
Union Pacific System
115,013
Utah
74,420
86,228
147,944
97,822
1,869
930
Northern
Southern Pacific (Pacific)
3,904
2,901
3,283
Maryland
.
Colorado
92
34
48
West Virginia Northern
Total.
1,805
10,807
2,675
1,098
489
*
Cumberland & Pennsylvania..
3
342
2,608
83
1,147
1,584
159..
72
1,554
1,987
2,487
62
1,310
4,974
354
60
1,550
1,754
1,077
571
Cornwall
Western
,440
1,433
1,661
5,501
Buffalo Creek & Gauley
Central RR. of New Jersey
Union
338
1,406
4,621
7,850
International...
Spokane Portland & Seattle...
Alton
Cambria & Indiana
Reading
484
161
Atch. Top. & Santa Fe System-
Ligonler
144
2,143
516
63,724
Spokane
Alleghany District—
Akron Canton & Youngstown.
Bessemer &
186
2,125
629
1,251
4,450
7,184
Minn. St. Paul & S. S. M
■538
Wheeling & Lake Erie
Baltimore &
309
8,167
513
Lake Superior & Ishpemlng
128,461
408
346
8,341
543
Minneapolis & St. Louis
7,155
2,277
,
179
99
328
Green Bay & Western...
Northern
7,164
2,472
7,505
Great Northern
774
3,569
6,195
Ft. Dodge Des Moines & South-
1,113
578
Elgin Joliet & Eastern
145
732
8,962
2,254
6,601
2,873
772
4,773
485
8,976
2,221
517
31,156
9,602
1,383
8,658
3,360
4,656
320
14,950
2,015
19,015
3,885
1,029
413
35,383
11,328
1,636
9,097
4,210
751
60,662
16,502
Duluth South Shore & Atlantic.
521
62,566
2,152
16,608
3,267
'
-
639
99,422
12,011
St. P. Minn. & Omaha.
Duluth Mlssabe & I. R
560
1,496
3,624
679
,
Great Western..
19
404
8,095
897
& North Western
Milw. St. P. & Pacific-
164
3,196
4,489
29.246
«
Northwestern District—
Chicago
Chicago
Chicago
Chicago
6,626
3,027
Rutland
Wabash
479
289
Seaboard Air Line...
751
Pittsburgh & West Virginia
Pittsburgh Shawmut & North-.
377
315
19
346
N. Y. N. H. & Hartford.
New York Ontario & Western.
1,010
390
184
2,334
42,246
11,107
1,722
5,005
7,793
4,750
427
New York Central Lines...
892
2,502
5,172
2,987
2,484
1,430
1,638
34,097
8,925
1,630
4,479
4,793
4,688
...
1,925
2,302
1,865
2,474
1,238
1,674
Nashville Chattanooga & St. L.
Norfolk Southern
6,196
1,452
,
1,444
2,099
2,567
1,060
2,934
987
Richmond Fred. & Potomac
8,848
1,702
36
1938
1939
1937
1938
Piedmont Northern
253
9,851
1,721
from Connections
Freight Loaded
1938
1939
1937
Total Loads Received
Total Revenue
Railroads
11
i
Western Pacific
999
Pocahontas District—
Chesapeake <fc Ohio—....
19,916
19,642
22,753
Norfolk & Western.
18,283
.4,583
16,684
3,592
22,596
7,442
4,036
1,069
6,742
3,444
3,972
42,782
39,918
49,321
12,547
11,098
Virginian
Total.,
Southwestern District—
912
107
130
264
363
193
249
3" 526
3,568
1,810
4,307
2,223
1,384
1,784
Burlington-Rock Island
Total.
Fort Smith & Western.*
Gulf Coast Lines....
2,132
231
217
175
1,087
2,024
1,508
1,919
1,478
1,011
1,032
1,928
1,163
177
163
327
453
244
372
766
652
707
227
189
159
253
281
3,797
13,007
4,384
2,426
8,344
2,673
1,712
.
Kansas Oklahoma & Gulf
Alabama Tennessee & Northern
187
171
292
193
207
Atl. & W. P.—W. RR. of Ala-
671
667
787
1,284
1,201
Atlanta Birmingham <fc Coast.
523
521
681
1,094
903
9,500
9,206
3,673
9,565
4,408
4,673
2,722
131
Litchfield <fc Madison
353
381
378
445
4,593
2,894
1,211
2,080
Louisiana Arkansas & Texas
3,748
1,156
Midland
620
587
1,792
Missouri & Arkansas..
146
461
293
291
Missouri-Kansas-Texas
3,669
12,616
•
Line
Atlantic Coast
Central of Georgia
.......
Charleston & Western
Carolina
1,113
...
1,457
1,152
202
Clinchfield
404
Columbus & Greenville
Kansas
City Southern
1,284
Louisiana & Arkansas
Valley
j
Lines..
138
151
169
370
393
Missouri Pacific.
Florida East Coast
1,261
1,455
1,129
852
861
Quanah Acme & Pacific
Gainsvllle Midland
28
32
40
69
99
Durham & Southern....
.
St.
1,478
Illinois Central System
527
488
939
Texas & Pacific
9,656
4,641
1,078
9,030
4,711
Wetherford M. W. & N. W.
131
208
671
208
270
363
Macon Dublin & Savannah
19,354
16,921
•'
148
Mississippi Central..
125
revised!
Note—Previous year's figures
"" Previous figures,
Texas & New Orleans
within
the
a
Bureau
narrow
recently
have
Statistics'
index
3.5%* below the level of
Feb. 18 is
remained
has
advanced
un¬
on
to
say:
rise
to
late
September.
in
2.0% below
foods,"
and
3.1%
0.3%
month
a
as
the
to
index
is
lowest
0.5%
point
below
a
reached
month
since
is
the
0.3%
steady.
,
'
same
as
for
Higher prices were
than
Both
indexes are
group
a year
at the level
farm
products
in
the
of one
and
Jan.
21.
' "
remained
steel
the week
during
steady.
and
paper
and
pulp
declined 0.1%.
s'teer hides and sole and side leather caused the
leather products group to decline 0.2%.
No
as
the
wholesale prices of shoes and other leather
belting, gioves, and luggage.
products group declined 0.2% as a result
in
harness,
textile
cloth," underwear, raw
silk, silk yarns, burlap,
Higher prices were reported for cotton yarns and woolen,
fractionally.
registered in the fuel
advanced
goods
0.1%
of
was
and lighting materials
Wholesale prices of Oklahoma
Wholesale prices of coal and coke
gas.
A
prices for fats and oils, chlorine, and
slight
babbit
fall 0.1%.
drugs group index to
index
changed
wholesale
It, is 3.9% below the corres-
lower for
and
for print
prices
declined
index
week.
Quotations were
(Chicago), hops, tobacco,
the week ended
were
tankage, caused the chemi¬
Quotations for castor oil were
higher.
No changes were reported in prices for mixed fertilizers.
In the housefurnishing
goods group, higher prices for furniture were
more
than counterbalanced by lower prices for furnishings and the group
cals
during the
ponding week of last year.
3.1%
because of a decline in
and kerosene were higher.
Lower
they show decreases of 3.4% and
ago
Prices
0.3%.
steady.
were
The
of
0.1%.
caused
index
gasoline
and
ago
dropped
Structural
reported
such
for
jute.
decline
group
The index for "all commodities other than farm prod¬
the movement in prices of industrial com¬
prices
rose
common
oil,
for
hides
were
lower
A
commodities, reflected
in the
farm products," advanced 0.1%
non-agricultural
other
of
ago.
-
Compared with
rose
equal the level of a month ago.
to
building brick, yellow pine flooring
the building materials group index
Average wholesale prices of rosin, turpentine, gravel,
prices
the
index
The
markets of the
higher for rye,
steers,
hogs,
eggs,
apples
white potatoes
(Chicago), and wool.
Lower prices were reported for barley, corn, oats,
calves, cows, lambs, live poultry (New York), cotton, lemons, flaxseed,
and white potatoes (New York).
The current farm products index, 66.9,
Average
0.3%
Wholesale prices of cattle feed
manufactures,
respectively.
country
34,882
advanced
Weakening
reflecting
remained
modities,
month ago.
level
group
commodities
during the week.
ucts
of
32,519
-0.1%.
index .for
,
ago.
prices
"all
for
index
same
The
a year
Wholesale
during the
advanced
and
declined
commodities
factured
rose
for
lower.
were
worsted
the
at
55.779
rubber
Crude
and
are
47,745
vegetables
tung
0.3%.
to
sand
and
V
and
timbers,
raw
and
41
3,949
prunes,
prices
Advancing
and
and
groups
drugs, and housefurnishing goods
0.1%
50
canned spinach, cured pork, oleo oil, pepper,
sugar, corn oil, and peanut oil.
Compared with a year ago, whole¬
sale food prices are lower by 2.7%.
Compared with a
year ago,
the raw materials group index is down 3.8% and that for
finished products is down 3.5%.
Average wholesale prices of semi-manu¬
commodity
major
0.2%,
index
and
meal,
changes
declined
products
64
34
1.1% and dairy products
fruits
corn
fuel and lighting materials, chemicals and
decreased 0.1%.
The metals and metal
products group remained unchanged at last week's level.
The
raw
materials and
finished products group indexes
each rose
ten
37
32
..
and
flour,
week.
Farm
products, foods and building materials advanced 0.3% and mis¬
cellaneous commodities rose 0.1%.
Hides and leather products and textile
the
of
279
canned apricots, mutton, pork, canned salmon, lard,
tallow, and cotton seed oil.
The cereal products subgroup, declined
advanced
Four
224
raw
The Depart¬
a year ago.
Labor's announcement went
of
ment
2,820
3,455
167
.
0.5%
fluctuated
and for the past three weeks
prices
range
Labor
of
7,556
4,888
reported for butter,
76.6% of the 1£26 average, it was
at
foods, group
The
Meets
announced
on
Feb. 23 by the United States ■ Department of Labor.
The combined index of 813 price series for the week ended
changed
2,473
6,720
4,007
edible
commodity
very
2,730
2,502
2,994
Southern
Total.
secutive Week
Wholesale
80
3,951
2,252
Discontinued Jan. 24, 1939.
x
Labor Index of Wholesale
Unchanged for Third
Con¬
Prices
Falls &
Wichita
United States Department of
Commodity
103
3,853
442
171
84
8,200
45.104
1,450
35/)
1,873
20,183
19,536
873
19,207
Louisville & Nashville
7,933
138
6,443
27
Louis Southwestern
980
294
1,423
.
Gulf Mobile & Northern
15,972
185
68
350
690
—
Georgia & Florida
1,728
6,471
•2,126
6,525
3,483
St. Louis-San Francisco..
1,334
19,089
Georgia.....
208
2,646
1,842
International-Great Northern.
Southern District—
157
at
0.1% to 86.6% of the
for
94.5%
decline
metal
the
and
of
in
metals
and
the
1926
prices
of
solder,
was
average for the fifth consecutive week.
non-ferrous metals, principally pig tin,
offset by
higher prices
for scrap steel and
Average wholesale prices of agricultural implements and
plumbing and heating fixtures were firm.
The
following table shows index numbers for the main groups of
commodities for the past five weeks and for Feb. 19, 1938, Feb. 20, 1937,
quicksilver.
«
1926 average.
products group has remained un¬
metal
Feb.
22,
1936, and
Feb.
23, 1935. '
1090
Financial
Chronicle
(1920=ilOO)
Wholesale
Ended
Feb.
18.
Feb.
Jan.
Feb.
Feb.
Feb.
11.
4,
28,
21,
19.
20,
22,
1939
1939
1939
1938
1937
1936
1935
commodities
76.6
76.6
76.6
76.7
76.6
79.4
86.0
80.8
79.6
products
66.9
66.7
67.1
67.3
66.9
69.6
91.4
81.6
79.9
—
71.3
71.1
71.0
71.2
71.3
73.3
86.9
84.3
92.7
92.9
93.3
93.8
94.9
103.6
90.5
and
65.6
65.5
65.6
65.4
68.1
77.0
70.5
73.7
73.5
73.4
73.6
78.6
77.8
77.2
73.9
94.5
94.5
94.5
94.5
94.5
96.2
91.1
85.9
85.1
89.4
89.1
89.3
89.4
89.1
92.8
metal
products
...
Building materials
91.1
a
in recent months, recorded no change in the
week ended Feb. 18, remaining at 72.7% the same as in the
previous week.
A month ago the index (based on the 1926-28
average of 100%) stood at 72.9%; a year ago at 76.3%; two
years ago at 85.9%, and three years ago at 78.3%.
During
the past six months it has never been higher than 73.8%
nor lower than 72.3%.
The Association's announcement,
dated Feb. 20, went on to say:
69.7
73.6
weekly wholesale commodity price index of the Na¬
narrow
86.8
65.5
Commodity Prices Unchanged During Week
Feb. 18, According to National Fertilizer
tional Fertilizer Association, which has fluctuated within
leather
and
products
.
Textile products..
Fuel & ltg. mat'ls.
Metala
The
83.2
92.5
Foods
Hides
25, 1939
Association—
23 ,♦
1939
Groups
Farm
Jan.
Feb.
1939
Commodity
All
Feb.
Feb.
range
85.2
84.8
Chemicals & drugs
76.0
76.1
76.2
76.1
76.3
78.8
87.7
79.9
81.0
goods
86.6
86.7
87.2
87.2
87.2
89.7
89.4
82.8
81.9
Miscellaneous
72.9
72.8
72.9
73.0
73.0
74.6
77.2
68.0
70.2
Raw materials
70.4
70.3
70.4
70.7
70.4
73.2
88.1
80.0
a
Semi-mftd. articles
74.4
74.6
74.7
74.7
74.8
75.9
85.6
74.7
a
and farm products, but these were offset by fractional decreases in some of
Finished products.
All commods. other
80.3
80.2
80.2
80.2
80.3
83.2
85.3
82.3
a
the
78.8
78.7
78.7
78.8
78.8
81.6
84.8
80.6
79.5
80.4
80.4
80.4
80.4
80.4
83.0
84.2
7.9.0
77.7
Housefurn'g
than farm
prods.
Slight increases took place last week in two of the principal groups, foods
scrap
prods.
and foods
were
also
were
fertilizer
Not computed.
a
commodity
A
groups.
lumber
In
drop
quotations
took
the
Lower prices for tin and lead which more than offset an advance in steel
All commods. other
than farm
other
building material index to the lowest point reached since last November.
much
responsible for
decline in the metal price averagq.
a
Declines
registered by the indexes representing the prices of fertilizers,
materials, and farm
machinery,
but
these groups do not carry
weight in the all-commodity index.
.
Twenty-five price series included in the Index advanced during the week
"Annalist" Business Index for January Again Declines
and at Faster Rate than in December
and 29 declined; in the
WEEKLY
Reflecting the current recession, business activity declined
during January, and at a faster rate than in the
month previous, according to the monthly review of domestic
business conditions by H. E. Hansen in the current issue of
the "Annalist" (New York).
The most important factor
in the recession again was a sharp drop in seasonally adjusted
steel ingot output, which in turn was reflected in a contrary
to seasonal decrease in pig iron production.
Automobile
output, on a seasonally adjusted basis, showed a further
decrease but the rate of decline was reduced and activity still
stood at a comparatively high level, said the announcement
issued by the "Annalist," which went on to say:
lower,
PRICE
INDEX
(1926-1928=100)
Latest
Preced'g
Week
Week
Feb.
Group
Total Index
181, Feb.
1939
Foods
25.3
Year
1939
69.7
70.9
74.1
1938
51.7
Farm products
49.6
52.3
64.3
65.3
.
Cottonseed oil
23.0
Month
Ago
Ago
11, Jan. 21, Feb. 19.
1939
.
69.8
Fats and oils
60.6
66.9
78.6
67.2
64.1
64.2
Cotton
47.2
47.2
47.5
Grains
53.0
53.0
55.5
71.0
Livestock
70.7
70.8
70.1
69,5
81.4
64.2
.
-
50.7
17.3
Fuels
75.9
75.5
10.8
Miscellaneous commodities.-.
76.7
76.7
77.8
79.2
Textiles
60.0
60.0
59.3
61.3
7.1
Metals
90.4
90.5
90.6
96.9
6.1
1.3
Indicative of reduced
fluctuations.
for seasonal
allowance
after
COMMODITY
Per Cent
Bears to the
8.2
were
WHOLESALE
Each Group
also
and zinc production and cotton consumption
power
11 advances and 25 de¬
were
Compiled by the National Fertilizer Association,
further
Electric
preceding week there
clines; in the second preceding week there were 16 advances and 33 declines.
75.9
Building materials
83.7
84.3
80.7
92.4
92.6
95.4
.3
Chemicals and drugs
Fertilizer materials
92.4
miscellaneous freight car loadings, the first decline since AprU. 1938; "other
71.1
71.4
71.6
loadings" showed
Of the statistics available,
.3
Fertilizers
77.7
78.2
78.2
78.7
the best showing was made by lumber production, our index rising to the
,3
Farm
94.9
95.1
95.1
98.0
72.7
72.7
72.9
76.3
demand
for
highest
manufactured
moderate decrease.
a more
level since
recovered
goods was a greater than seasonal decrease in
August,
Silk consumption also increased
1937.
but
100.0
machinery
All groups combined
84.0
72.3
only part of the preceding month's decline.
Actual steel mill operations were approximately the same as in December
but normally a substantial rise in production occurs.
point of 95.4,
From its 1938 high
the June to November rise of 58.6 points.
pares with
Electric
steel index has now declined 22.3 points, which com¬
our
Above
production apparently has been closely geared to demand.
With assemblies
at
an
operations of about 90%
of about 53%
average
for the country
as a
Is reported to be
pending.,
inquiries
demand; considerable business
Structural steel demand declined sharply from
the high level of last December.
-Retail demand for automobiles, judged by General Motors
showed
a
sales figures,
greater than seasonal decline in January, partly because of un¬
favorable weather
than seasonal decrease in
moderately
to
That
conditions.
decrease
production and
fractionally
below
the
our
October
reflected
was
in
a
With
the
PERCENTAGE
passing
have
made
fairly good showing.
a
Cotton mills stepped
operations by nearly the usual seasonal amount and
cotton
consumption was
Idvel for December.
whole,
our
were
mixed.
"ANNALIST"
OF
Week Ended
Jan. 28, 1939
'
14.9
16.3
17.2
10.1
10.1
.9.0
11.9
11.9
1.4
0.9
7.7
6.7
9.8
1.8
7.4
7.5
7.7
9.8
9.2
1.4
—
.
6.8
Rocky Mountain
9.1
0.8
5.9
3.3
.
'
Pacific Coast
but subsequently a
,
3.6
Total United States.
DATA
INDEX
COMPONENT
Week Ended
Feb. 4.T939
Ended\
1939]
Feb. 11,
12.7
Southern States
adjusted index of
marked slackening in demand occurred.
1—THE
PREVIOUS YEAR
8.0
West Central
up
Week
\
Good reports, on the
featured the first three weeks of the month
TABLE
FROM
14.4
Central Industrial-
only moderately below the comparatively high
Sales conditions
re¬
elec¬
11.1
Middle Atlantic...
few non-durable goods industries have reported for January but
those that
Feb. 18, 1939
New England
to maintain production near the retail demand level.
a
INCREASE
Week Ended
Major Geographic
Regions
of the initial rush to build up dealer supplies, manufacturers are attempting
Only
Institute, in its current weekly
greater
preliminary index declined
level.
1939 9.2%
current week's output is 9.2% above the output of the cor¬
responding week of 1938, when production totaled 2,059,165,000 kwh.
The output for the week ended Feb. 11,
1939, was .estimated to be 2,268,387,000. kwh., an increase
of 10.5% over the like week a year agb.
whole at the end of January.
The highlight of the month, however, was a marked pick-up in
18,
week
of capacity in Detroit as compared with
for railroad equipment and a sharp rise in rail
Feb.
Year Ago
tric light and power industry of the United Stat s for the
ended Feb. 18, 1939 was 2,248,767,000 kwh.
The
has given great support to steel mills, as is strikingly revealed by the high
rate of
a
port, estimated that production of electricity by the
comparatively high level, the automobile industry
a
Edison Electric
The
industries, unusual caution has characterized the buying policies of leading
consumers, and
Output for Week Ended
As in many other
BUSINESS
ACTIVITY
FOR
RECENT
10.5
.9.2
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
AND
GROUPS
Percent
Change
Jan., 1939
Dec., 1938
NOV., 1938
Week Ended
.
1938
1937
1938
■
1932
1936
1929
from
Freight
car
loadings
82.8
Miscellaneous.
84.2
81.0
79.1
Other..
90.3
Electrlo power production
Manufacturing
P98.8
p9 3.5
.
Steel Ingot production
Pig iron production
80.9
90.7
90.8
r99.3
98.9
rl00.4
102.7
,
73.1
85.1
95.4
84.2
2,133,511
+ 5.6
2,242,916
+ 5.9
2,085,186
+ 13.3
2^278,303
2,274,508
1,998,135
+ 6.1
2,080,954
73". 7
J>125.2
139.0
J>100.5
104.8
114.5
84.0
76.0
68.3
...
Cement production
72.1
71.6
74.6
75.3
r78.8
73.4
66.3
79.0
Mining
73.2
Lead production
Combined index
TABLE
2—THE
P91.8
COMBINED
INDEX
January
P91.8
1938
1,554,473
1,414,710
1,718,002
1,806,225
1,840,863
1,860,021
1,637,683
'
r94.6
SINCE
95.2
JANUARY,
1937
1936
1935
1938
from.
'
,
-
'
•
1938
Jan.
7
Jan.
14
2,169,470
2,269,846
Jan.
21.
2,289,659
Jan.
28
2,292,594
2,287,248
Feb.
4..
11
2,268,387
Feb.
18
2,248,767
25
Feb.
Mar.
4
2,139,582
2,115,134
2,108,968
2,098,968
+ 9.2
2,082,447
+ 9.8
2,052,302
2,059,165
2,031,412
2,035,673
+ 10.5
+ 1.4
+ 7.3
+ 8.6
——
+9.2
1934
Private
1939
1,563,384
1939
1939
Feb.
Zinc production
1,510,337
1,518,922
86.6
.....
Rayon consumption
Boot and shoe production
Automobile production
Lumber production
+ 6.2
2,202,200
78.7
98.5
2,152,643
2,196,105
2,120,555
Dec. 24...
2,285,623
2,318,550
2,332,978
2,362,947
...
132.1
71.9
17...
,123.4
146.3
3
10
Dec.
115.3
128.4
Dec.
Dec.
85.4
rl20.8
124.0
Cotton soncumptlon.
Wool consumption
Silk consumption...
r91.9
P117.3
Textiles..
1937
84.2
Construction
1934
79.5
104.2
92.3
87.2
79.6
February
78.5
105.7
89.0
76.7
83.2
March
77.5
106.9
89.5
84.4
84.6
74.2
107.1
94.1
82.8
Year
in January 39% Higher Than
Ago, Dodge Reports
85.9
April
May
73.9
109.0
95.9
81.8
86.4
June
74.4
107.8
97.6
82.0
83.8
July
79.0
108.9
102.4
82.7
78.0
August
82.8
111.2
102.5
84.9
75.1
September
85.2
106.5
102.9
86.1
71.4
October.
88.9
98.4
103.3
89.1
November
95.2
87.8
107.1
92.0
76.0
81.3
110.5
96.7
82.4
'
December
V
Preliminary,
r94.6
r
Revised.
74.6
The
strong upturn in building activity which got under
way
during the spring of 1938 has shown continued expan¬
sion
since
the
opening
of the new year.
Contracts for
projects awarded in the 37 Eastern
States during January recorded a 30% gain over January
of last year, according to F. W. Dodge Corp.
The January,
1939, figure for private work amounted to $103,757,000 as
compared with $74,630,000 for January, 1938.
During
December privately-owned construction totaled $110,036,000.
private
construction
Volume
Financial
148
construction record,
W. Dodge Corp.,
stated:
"In the past the building industry moved forward
as
private construction advanced.
As early as February,
1938,' advance indications of increased private residentfal
work
began to appear.
By May privately-owned small
house construction ran ahead of the preceding year.
In
In
S.
January
the
about
commenting
Thomas
This upward trend
continued to the end of 1938 and
expanded still further during January, 1939."
With reference to publicly-owned construction, January
has
contracts in the 37
States amounted to
$147,916,000
as com¬
pared with $117,601,000 for January a year ago, represent¬
ing a gain of 26%.
Not all Public Works Administration
for last
projects were put into the Dodge contract figures
year
Weekly
Report
because in some instances only fractional portions of
projects were started, leaving the major portions
The lumber industry during the week ended
stood at
58% of
of
Ended
Lumber Movement—Week
Feb. 11, 1939
of
Vice-President of F.
Holden,
September the total volume for all types of private con¬
struction was greater than the corresponding period
of
1937.
10913
Chronicle
Feb. 11, 1939,
51% of the 1929 weekly average of production and
of that
week's
week's order,
67%
Production was about
1929 shipments.
average
the corresponding week-of
1929; shipments, about 68%
of that
shipments; new orders, about 60%
according to reports to the National Lumber
Manufacturers
Association
from
regional associations cov¬
ering the operations of important softwood and hardwood
mills.
production and new business
preceding week, pro¬
duction showing loss of 6%; shipments and new orders,
each, decline of 13%.
New orders were 1% below the
corresponding week of 1938. Reported production was 19%
above last year's week; shipments were 17% above.
For
Reported
shipments,
all considerably less than in the
were
the entire
softwoods,
under contract later. Consequently there remains
a
considerable carryover of public projects which should
mature into the contract award stage later this year.
respectively, 20% greater, 16% greater and 3% less than
in corresponding week of 1938.
New business (hardwoods
and softwoods) was 11% above production, and shipments
3571—CBPRDohscitlanmgdep.
to be put
•
public and private
$251,673,000, a 30% in¬
crease
over
January, 1938; this was the largest opening
month's total for any year since 1930.
January total for both
The combined
construction contracts amounted to
.
1% LowerJThan
feet
by banks in
week
All
of
the
by the
13%
or
reported
totaled
mills.
same
feet,
above
Pine
and
Cypress
the
ended
week
11,
week
same
Production
production.
Feb.
1939,
by
446
11% above the production of
or
reported for the
as
174,435,000
were
154,386,000
was
feet.
•
hardwood mills give new business as 11,208,000 feet,
4% above production.
Shipments as reported for the same week were
9,358,000
13% below production.
feet, pr
Identical Mill
.
week's
Production was 10,802,000 feet.
Reports
' ;
production of 434 identical softwood mills was 153,065,000
$439,965,000
$397,372,000
3,148,222,000
3,665,113,000
3,061,694,000
350,139,000
435,805,000
379,608,000
366,685,000
172,676,000
471,592,000
435,720,000
feet
244,864,000
241,511,000
929,787,000
203,682,000
263,216,000
231,454,000
997,236,000
213,141,000
254,615,000
224,179,000
reported production last week and a year ago 8,819,000 feet and 8,702,000
137,309,000
231,877,000
183,731,000
124,914,000
573,497,000
193,441,000
588,013,000
$7,787,739,000
$7,086,960,000
25
....
24
.....
26
....
41
16
......
feet, and
a year ago
and
it was 127,586,000 feet; shipments were, respectively,
and
feet
148,366,000
175,116,000
In
feet.
orders
feet, and
feet; shipments, 7,949,000' feet and 5,753,000
feet and 6,797,000 feet.
978,031,000
213,999,000
received,
the case of hardwoods,
169,934,000
95 identical
mills
feet, and orders, 9,351,000
'
.......
29
111,827,000
227,310,000
185,819,000
557,313,000
......
274
17,041,624,000
17
28
18
Automobile
Reports
(including, foreign
in
vehicles
run
half its
course,
conditions are variable.
The automobile
in
December,
comiirising
statistics,
\released this week by
of
fairly satisfactory level since the New Year began.
A pre¬
liminary index of the sales of department stores shows the
January figure at 3% below that of January, 1938."
The
following is also from the bank's "Summary":
manufacturing field
59,112
were com¬
vehicles in
These
industry, were
209,528
1938;
January, 1938, and 379,003 vehicles in January, 1937.
snowfalls have
both wholesale and retail trade have been maintained at a
or
consisted of 339,152/ vehicles,
trucks, and road tractors, as compared with
388,346
already
a
units
complete
as
of which 280,040> were passenger cars and
Summary"
parts made in
assemblies from
reported
for January, 1939,
vehicles)
business
on
and
States
United
relatively stable basis.
Heavy
hampered trade in the rural areas of the
Prairie Provinces and Eastern Canada, but on the whole
remains
Output in January
Factory sales of automobiles manufactured in the United
States
reports that "with winter
\
—-—♦
248,297,000
the
Montreal
•
'
cars,
the
for
171,641,000 feet,
Shipments
mercial
In
Southern
except
Reports from 109
Canadian Business
January Remained Relatively Stable
Canada
regions
$405,345,000
The Bank of Montreal in its Feb. 23 "Business
in
Pine
corre¬
18
10—Kansas City
Bank
Northern
and
orders above those of
15
_
Total......
orders
mills
Last
6—Atlanta..;
12—San Francisco.
Lumber
softwood
Feb. .18, 1938
Feb. 8, 1939
Pine
AH regions but Southern Pine, Western
17
4—Cleveland
9—Minneapolis.
Feb. 15, 1939
Cypress
Hardwood reported production above the 1938 week.
and Northern
Hemlock
Week Ended—
Incl.
211,-
'
'
Southern
,
Redwood,
Pine reported
All
1938.
shipments,
>
above production in the week
Western
Coast,
feet;
preceding
reported.shipments above last year, and all except Southern Pine, Northern
or
2—New York
8—St. Louis
of
week
Northern
Centers
Federal Reserve District
"
and
the
for
feet;
,
California
Pine,
West
1939.
11,
Pine, Redwood
sponding
174,841,000
Hardwood reported new orders
Feb.
reported shipments above output.
RESERVE DISTRICTS
of
Southern
regions but
ended
figures
209,574,000 feet.
165,188,000
183,793,000
shipped
Revised
feet.
v
mills produced
combined;
production,
546;
feet; orders,
538
1939,
11,
hardwoods
182,819,000
Mills,
were:
and Northern
$6,478,000,000, corripared with $7,178,000,000 the pre¬
ceding week and $6,505,000,000 the week ended Feb. 16 cf
No.
of
orders
..
,
Feb,
ended
and
softwoods
881,000
to
SUMMARY BY FEDERAL
of
booked
leading cities for the week ended Feb. 15, which included
only five business days in many of the reporting centers,
aggregated $7,042,000,000, or 10% below the total reported
for the preceding week and 1% below.the total for the corre¬
sponding week of last year, which also included only five
business cays in mahy of the reporting centers.
/
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted
.
'
During the week
last year.
'.
: '
These figures are as reported on Feb. 20, 1939,
Board of Governors of the Federal Reserve System.
were,
also 11% above output in the week ended Feb. 11.
Reported production for the six weeks of the year to date
was 29%
above corresponding weeks of 1938; shipments
were 16% above the shipments, and new orders were 9%
above the orders of the 1938 period.
The Association fur¬
Last Year
"Debits to individual accounts, as reported
orders
new
were
ther reported:
Bank Debits
and
shipments
production,
data
for the
entire
Director William L. Austin, Bureau
Department of Commerce.
1939, are based on data received73 manufacturers in the United States, 22 making
the Census,
Statistics for January,
from
passenger cars
;
road tractors
and 62 making commercial cars, trucks, and
(11 of the 22 passenger car manufacturers
making commercial cars, trucks, and road tractors).
he noted that those making both passenger cars
plants and allied industries have been less
busy, but a number of firms are
demand for machinery is steady.
also
occupied with armament orders and the
It should
operating at a lower level thap a year ago; the silk, rayon
and
Cotton mills are
and knitted goods firms are
working
inactive.
was some
but the
as
maintaining a satisfactory level of operations.
The "heavy" industries are not,
at nearly their capacity, and the construction industry is still
Flour milling is maintaining its better level of operations.
There
Furniture plants are
fairly busy.
.
.
.
abatment of activity In the production of base
metals in January,
production of gold showed a substantial gain, being 438,699 oz.
compared with 420,891 in December
and 359,549 a year ago.
commercial cars, trucks, and
road tractors have been
included in the number shown as making passenger cars or
and
trucks,
road
tractors,
respectively.
commercial
cars,
The figures
for passenger cars include those for taxicabs.
The figures for
commercial cars, trucks, and road tractors
funeral cars, fire ai>paratus,
include those for ambulances,
street
sweepers,
and buses, but the number of special pur-
vehicles is very small and hence a negligible factor in
any analysis for which the figures may be used.
Canadian
production figures are supr>lied by the Dominion Bureau of
irnse
January Business Activity in California Held Steady
with December and Increased Over Year Ago, Re¬
ports Wells
Francisco
Fargo Bank & Union Trust Co., San
Business activity
with
Statistics.
in California during January held even
December and showed a slight increase over a year
released
by the Wells Fargo Bank & Union Trust Co., San Francisco.
The Wells Fargo index, measuring California business activity
in terms of the 1923-25 average equaling 100, stood at a
preliminary figure of 101.8 in January, as against 102.6 for
December and 100.7 a year earlier.
As compared with a
month ago one factor of the index (freight carloadings) rose
slightly, another (industrial production) held even, while
the two other (bank debits and department store sales)
of
Figures
1937
the
production
automobile
1636 appeared
and
in
December,
1938,
in the January 28, 1939, issue of
"Chronicle," page 501.
NUMBER OF VEHICLES
(INCLUDING CHASSIS)
earlier, according to the current "Business Outlook"
declined.
United Slates (Factori/ Sales)
Canada (Production)
Year and
Pas¬
Month
Passenger
Trucks,
Cars
u<r
Vehicles)
&c.
244,385
81,849
20,652
19,583
14.384
70,109
14,097
425.365
73,345
20.248
15.957
4,291
280,040
December, 1938-..
388,346
326,006
59,112
62,340
January, 1938
210,450
150,387
54,063
320,234
379,603
t.
'
December. 1936...
498,710
Trucks
,309,494
339,152
January, 1937
Cars &
Cars
3,390
3,152
4,239
6,268
4,886
January, 1939.
December, 1937...
Total
Comm'l
senger
Total
.
14,794
18,670
17,624
11,404
15,518
13,385
1092
Financial
Petroleum
and
Its
Chronicle
Feb.
25,
1939
Estimate—
Nation's capital on Feb. 21.
The position of the United
States has so clearly been stated, he held, that there was
in
Week—Oil Industry
Thompson Renamed to
Compact Commission—Texas Oil Policy Attacked—
Industry Under Heavy Tax Burden
any need for clarification.
He also said that he could
useful purpose in the American Government revealing
af the present time any details on any exchanges or nego¬
tiations which might be in progress.
Petroleum
Be
to
Products—Daily
Above
Production
Stocks
Probed—E.
Market
Average
Demand
Crude
Lower
O.
Daily average crude oil production soared above the
February market demand estimate of the U. S. Bureau of
Mines during the Feb. 18 week, the first time in months that
this condition has ruled with full proration regulations in
force.
While once or twice during recent months, produc¬
tion has exceeded the market estimate figure set by the
Federal agency, this has been due to the fact that Texas had
temporarily loosened its rigid 5-day week production regula¬
tions.
The American Petroleum Institute report
disclosed a gain
barrels in daily average production of crude oil
during the Feb. 18 period, with the total rising to 3,324,000
barrels daily.
This is approximately 125,000 barrels in
excess of the February market demand
figure of 3,220,000
barrels set by the Bureau of Mines.
Louisiana was the only
member of the "Big Five" oil-producing States to show a
hardly
see no
In the
meantime,
ment
of the
Feb.
20 that
California showed the largest gain in production during the
period under review, output there rising 12,200 barrels to a
daily average of 632,900 barrels.
The next in line was
Oklahoma with a gain of 11,300 barrels to a daily average of
444,500 barrels.
Kansas showed an increase of 7,800
barrels daily to hit 152,400 barrsls.
Texas was up 3,200
barrels to a daily average of 1,304,300 barerls.
Louisiana's
deeline of 600 barrels brought production there down to
264,650 barrels daily.
Inventories of domestic and foreign crude oil held in the
United States showed a deeline of 661,000 barrels during
the week ended Feb. 11, the U. S. Bureau of Mines reported
on Feb. 21.
The decline was comprised of losses of 472,000
barrels in domestic crude stocks, and of 189,000 barrels in
holdings of foreign crude oil.
As of Feb.11, stocks of domes¬
tic and foreign crude oil stood at 270,753,000 barrels.
JHReports from Washington indicated that the petroleum
industry is slated to be investigated by the Temporary
National Economic Committee on the. largest scale wit¬
nessed by the industry in many years.
It was indicated
that the monopoly committee will probe every phase of the
industry, tracing the progress of the oil from the well to the
filling station. Members of the committee will have added
data at their service in addition to that gathered at their own
investigations for they plan to use all data gathered by the
Department of Justice, Department of the Interior and other
Governmental agencies which have from time to time been
concerned with the industry.
Further news from Washington disclosed that the Senate
Finance Committee had appointed a subcommittee to con¬
sider and report upon the "hot oil" bill offered by Senator
Connally, who is seeking to have the measure which he
sponsored originally extended, or, if possible, made perma¬
nent legislation. Members of the subcommittee are Senators
Connally, Townsend and Guffey. Senator Connally stated
Administration
Ambassador
Najera had been ordered home
from Washington in order to
terminate his report
the
on
Eighth Pan-American conference in Peru was hailed in some
quarters as an indication that President Cardenas was in
the process of negotiations with representatives of the oil
companies involved in the expropriation and wished the
Ambassador to be present.
There were no crude oil
price changes.
Prices of Typical Crude per Barrel at Wells
of 40,600
decline.
by the Press Depart¬
in Mexico City on
an announcement
Cardenas
,
(All gravities where A. P. I. degrees are not shown)
.
Bradford, Pa.'.—
$1.88
—
(Ohio Oil Co.)
L,lma
Corning, Pa
u,
Illinois
-
Western
..
Kentucky.__
Mid-Cont't., Okla., 40 and above..
Rodessa, Ark., 40 and above.;
Smackover, Ark., 24 and over
— ...
REFINED
Eldorado, Ark., 40
1.25
1.02
1.25
RISE
£-• 1.02
over
Darst Creek.
1.09
Michigan crude..
7.82
1.20
1.10
Sunburst, Mont
1.25
Kettleman Hills, 39 and over
1.25
Petrolia, Canada.
2.15
.75
IN
1.22
Huntington, Calif., 30 and
PRODUCTS—MOTOR
DARK—STEADY
£.$1.05
..-.u
Rusk, Texas, 40 and
FUEL
STATISTICAL
STOCKS
SEEN
over...
1.24
OUTLOOK
HARMFUL—IN¬
VENTORIES OF GAS AND FUEL OILS OFF 2,200,000 BARRELS
—MICHIGAN
SETS
GAS
PRICE
MARGIN—PHILADELPHIA
MARKET STRUCTURE FIRMER
Statistical
developments, which were mixed in trend,
all other developments in the Nation's re¬
fined- products market during the week of Feb. 18.
The
consistent rise in gasoline stocks to a figure far above that
expected at this time of the year has thrown a pall of un¬
certainty over the gasoline market's future course which is
arousing considerable fear among oil men that prices this
spring will be under a distinct threat.
Stocks of finished and unfinished gasoline rose 2,125,000
barrels during the Feb. 18 week, the American Petroluem
Institute report disclosed, with the total rising to 83,075,000
barrels.
Thus far this year, inventories have gained more
than 11,000,000 barrels, in contrast to expansion of
only
10,000,000 barrels in the comparable 1938 period.
Unless
the present trend is halted, oil men fear that April 1 will see
stocks at around 90,000,000 barrels, which would be
only
3,000,000 barrels less than the all-time high set last March.
Daily average runs of crude oil to stills during the Feb. 18.
period were off only 5,000 barrels to 3,125,000 barrels daily,
the trade institute reported.
A fractional decline was noted
in refinery operations which were at 75.6% of
capacity,
against 75.8% of capacity a week earlier.
On the basis of
economists' estimates, present daily average runs of crude
oil to stills are around 280,000 barrels too high.
Production
of gasoline also gained during the week, rising 251,000 barrels
to 9,641,000 barrels.
A cheery note in the otherwise pessimistic
picture was the
500% increase in the rate of inventory drain in the gas and
overshadowed
•
.
fuel oil division.
The
closed that stocks
were
did not think that the subcommittee would hold
hearings on the bill because of the time required. He antici¬
industrial demand.
pated that
American, Petroleum
Institute dis¬
of 2,145,000 barrels in the Feb. 18
only 348,000 barrels.
that he
favorable report would be returned shortly
without further testimony.
In
a
a
statement released at the
same
time of his
reappoint¬
Compact
Commission, of which' he is Chairman, E. O. Thompson re¬
iterated his belief that the State-, not the Federal Govern¬
ment, should control the production and marketing of oil.
"The greatest accomplishment of the
compact is that it
has successfully prevented Federal control of the oil in¬
dustry," he commented. "If it had done nothing else, the
compact could have been proud of its accomplishments."
The bi-monthly proration
meeting of the Texas Railroad
Commission was featured by a bitter attack
upon the
present proration program of the Commission on the ground
that it is unfair and
discriminatory. Oil men from north
Texas submitted a substitute for the
present proration
setup which they claimed would remove many of the present
inequalities. The proposed plan would provide a new allow¬
able of one barrel for each 100-feet
depth of a well, in spacing
up to 20 acres.
Several major changes in the personnel of the Kansas
Corporation Commission were announced on Feb. 21 by
Governor Payne H. Ratner. Andrew F.
Schoeppel, attorney
of Ness City, is the new Chairman,
replacing J. R. Sloan,
Chairman, who resigned to become associated with the legal
staff of the Phillips Petroleum Co.
Arnold R. Jones of
Topeka is associate member. E. E. Blincoe is the holdover
ment
as
Texas representative
on
the Oil States
member.
petroleum industry last year again played "sugar
daddy" to the Nation's tax collectors, on the basis of figures
compiled by the American Petroleum Industries Committee.
During 1938, the preliminary figures of the trade group
indicated, petroleum taxation totaled $1,277,680,972, or
slightly better than 10% of the estimated $12,200,000,000
in taxes collected from all
in
$1,250,000,000.
No
year
sources.
which petroleum
This is the second
taxes
ran
better
colder
weather
and
increased
12.78 cents and compares with 14.28 cents on the comparable
1938 date.
Federal, State and other taxes increased the
national average retail cost of gasoline to the consumer, the
American Petroluem Institute report also disclosed, to 18.55
cents per
year
gallon, in contrast to 18.72 cents
earlier.
on
the like date
a
v
Under the
provisions of the Michigan Fair Trade Act,
an effort to establish Wayne
County retail prices at a minimum margin of 3 cents per
gallon over cost.
The 3-cent a gallon level was fixed after a
survey by the University of Michigan's Professor Taggert
had indicated that this was the lowest possible margin for
marketing costs for retailers in the Detroit area.
Previous
attempts to establish a price failed when the courts held that
the cost survey was inadequate/,
*
The Philadelphia market picture continued to brighten
during the week as oil companies strengthened both the retail
and whoesale price structures.
In Scranton, a 5-months'
price war ended on Feb. 17 when major companies advanced
the price to dealers from 11.9 cents to 13.5 cents, and the
dealers in turn raised the retail price from 13.9 to 15.5 cents
a
gallon.
Representative price changes follow:
Feb. 20, marked the debut of
Feb.
17—Major companies raised the price of gasoline to
11.9 cents to
13.5 cents
a
dealers
in
gallon, and the dealers in turn
advanced the retail price from 13.9 to 15.5 cents per gallon.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York-
New York—
Stand. Oil N. J..$.06%
Texas
Socony-Vacuum—
.06
Gulf
Tide Water Oil Co
.08 X
Shell
Richflled OIKCal.)
Other Cities—
Chicago
$.07H
.08 %
Eastern
New
07 H
$.05
-.05H
.06%-.07
Gulf
Orleans-
ports
Tulsa...
.07%
Warner-Qulnlan_
.05H
.07%
_
.04%-.04%
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)
I North Texas
.$.04%
note has
been,sent to Mexico by the Department
of State regarding the oil expropriations of last
March,
Sumner Welles, Undersecretary of State, disclosed in the
new
the
In the previous week, stocks were off
'
The national average retail price of gasoline on Feb. 1 was
13.11 cents per gallon, on the basis of reports from 50 cities,
the lowest average since Jan. 1, 1935, when the average was
con¬
than
to
response
Scranton from
The
secutive
period in
I
Los Angeles.-
$.04
.03%-.05
| New Orleans.$.05%-.05%
I Tulsa.
.03%-.04
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
BunkerC
Diesel
$0.95
| California 24 plus D
i New Orleans G
$1.00-1.25 Phila.. Bunker C
1.651
I
,
$0.90
1.45
1
Volume
Financial
148
N. Y. (Bayonne)—
27 plus.
$.04
(Chicago—
I
28-30 D
Weekly Coal Production Statistics
I Tulsa———$.02 J+.03
|
$.053
—
The National Bituminous Coal Commission, in its current
Gasoline, Service Station,Tax Included
z
New York
z
Brooklyn
>--.$.1951 Newark
weekly coal report, stated that the total production of soft
S.17
$.15. QBuffalo
—
1815Philadelphia_—— .135-.15
.1951 Boston—_.
zNot including 2% city sales tax.
coal in the
net
Daily
Average
Ended
The
Feb.
18,
American
1939,
Institute
Petroleum
During
the
that
estimates
a
daily
average
There
the
and
corre¬
1937-38; cumulative production
year
U.
The
S. Bureau of Mines, in its weekly coal report,
production of anthracite in Pennsylvania
during the weekended Feb. 11 is estimated at 1,106,000 tons,
or 184,300 tons per
working day.
Compared with the week
of Feb. 4 there was a decrease of 102,000 tons or 8%.
Pro¬
duction in the corresponding week of 1938 amounted to
845,000 tons.
120,857 barrels daily for the four
ESTIMATED
UNITED
PRODUCTION
STATES
SOFT
OF
WITH
COAL,
OF CRUDE PETROLEUM
ON PRODUCTION
(In Thousands of Net T9ns)
with a daily average of 16,000 barrels
for the week ended Feb. 18 compared
11
of soft coal in the present coal
12.8% below that in the
13.7% below 1937-38; production of all coal,
COMPARABLE DATA
Feb.
5.8%.
or
stated that the total
18.
for the week ended
preceding
tons,
13.6% below that in 1937-38.
receipts of California oil at Atlantic and Gulf Coast ports
were no
of 470,000
8,545,000
at
the
in
output
corresponding week of 1938, declining
to date now stands
of hard coal,
137,286
of 109,857 barrels, compared with a daily average of
weeks ended Feb.
in
11 is estimated
the
increase
an
sponding period of the
ended Feb. 18 totaled 769,000 barrels,
barrels for the week ended Feb. 11 and
shows
Cumulative production
year
principal
Imports of petroleum for domestic use and receipts in bond at
this
with
sharply, amounted to but 6,866,000 tons.
average gross
United States ports for the week
week ended Feb.
Compared
Production
crude oil production for the week ended
Feb. 18, 1939, was 3,324,300 barrels.
This was a gain of
40,600 barrels from the output of the previous week, and the
current week's figure was above the 3,220,000 barrels cal¬
culated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during February.
Daily average produc¬
tion for the four weeks ended Feb. 18, 1939, is estimated at
3,324,550 barrels.
The daily average output for the week
ended Feb. 19, 1938, totaled 3,369,250 barrels.
Further
details as reported by the Institute follow:
daily
tons.
week,
Week
Placed at 3,283,700 Barrels
Production
Oil
Crude
1093
Chronicle
Gas Oil, F.O.B. Pefinery or Terminal
11,964 barrels daily for the four weeks
Coal Year to Date
Week Ended
c
ended Feb. 18.
Feb. 11,
1939
Reports received from refining companies owning 85.8% of the 4,268,000
barrel
estimated
whole ran to stills, on a Bureau of Mines*
that all
basis, 3,125,000 barrels of crude oil daily during the week, and
had in storage at refineries, bulk terminals, in transit and in
companies
83,075,000 barrels of finished and
23,747,000 barrels of gas and distillate fuel oil, and
pipe lines as of the end of the week,
unfinished
gasoline;
Bituminous Coal
111,349,000 barrels of heavy fuel oil.
Total gasoline production by
companies owning 84.9% of the total daily
DAILY
AVERAGE
barrels.
CRUDE OIL PRODUCTION
(Figures in Barrels)
Coal equivalent of weekly
M.
State
Week
Change
Weeks
output
Ended
from,
Ended
Feb. 18
Previous
Week
Feb.
Feb. 18
1939
Feb. 1
1939
PRODUCTION
:
+ 7,800
432,650
146,450
—3,750
63,750
71,900
79,500
+ 600
81,250
64,200
East Central Texas
30,500
206,350
91,800
East Texas
372,400
248,200
482,500
428,000
444,500 + 11,300
148,600
153,900
152,400
60,450
:
;
178,080
:
Penna.
Total,
Panhandle Texas
—
West Central Texas...
■
West Texas
,.
•;
■
Southwest Texas
30,700
26,250
178,650
94,100
89,900
—350
391,200
425,050
251,950
220,700
a
1,050
214,150
184,300
70,750
195,350
192,650
264,650
255,140
246,800
Total Louisiana
—600
263,400
253,800
18,300
845,000 6,804,000 6,614,000 9,569,000
273,400
186,100
194,400
140,800
803,000 6,464,000 6,188,000 8,880,000
2,950
b Excludes colliery fuel,
of working days in the three years.
48,200
Illinois.
Eastern (not lncl.IU.)
Michigan
Wyoming
__
.
New Mexico
+ 150
52,650
(In Thousands of Net
145,350 )
(The current weekly estimates are based on railroad carloadings and river ship¬
revision on receipt of monthly tonnage reports from district
ments and are subject to
94,450
—250
52,500
50,850
52,550
+3,800
49,500
45,750
12,900
+ 100
13,200
13,850
3,850
+ 50
3,950
101,000
105,100
101,850
102,600
4,0.50
580,000
3,220,000
California........
3,324,300 + 40,600 3,324,550 3.369,250
include any estimate of any oil which
"a These are Bureau of Mines* calculations of the requirements
February.
duction,
of domestic crude
premises outlined in its detailed forecast for the
month of
from new pro¬
Inventories must be deducted
determine the amount of new crude
As requirements may be supplied either from stocks, or
contemplated withdrawals from crude oil
from the Bureau's estimated requirements to
Jan.28,
Feb. 5,
Feb. 6,
Feb. 2
I939p
1939p
1938
1937
1929
1
b Base allowable effective Jan. 16.
Shutdowns
are
ordered for all Saturdays and
Sundays during February.
Calculated net basic 7-day allowable for week ended
Saturday morning, Feb. 18, approximately 1,270,800 barrels daily.
c Recommendation of Central Committee of California Oil Producers..
2
2
3
2
273
246
295
50
47
88
110
180
87
137
124
155
239
310
231,
1
1
—
Alabama
—
Arkansas and Oklahoma
Colorado
Georgia and North Carolina..—.
UNFINISHED
GASOLINE AND GAS AND FUEL OIL WEEK ENDED FEB. 18, 1939
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND
(Figures in Thousands of Barrels of 42 Gallons Each)
*
*
1,194
1,069
1,414
E674
1,993
348
410
376
445
455
613
Iowa.
104
92
90
130
112
154
138
187
205
199
174
Kentucky—Eastern
670
745
634
315
981
556
218
196
193
58
399
226
35
34
Western
......—
Montana
....
Crude Runs
to Stills
Stocks of
Finished and
38
66
51
16
16
29
17
26
74
65
87
90
80
29
32
33
58
62
52
70
65
70
80
863
s37
435
474
372
609
444
694
1,717
1,820
1,592
2,665
2,887
3,087
103
123
108
113
115
127
18
18
18
17
25
83
North and South Dakota
61
69
144
148
96
288
256
265
273
212
41
42
34
63
64
77
1,372
1,630
1,459
1,708
2,035
1,127
429
702
745
673
115
165
171
156
...
Ohio
Pennsylvania bituminous
Tennessee
—
....
...
'
Utah—
Virginia
274
—
Virginia—Southern .a
Wyoming.
Stocks
Unfinished Gasoline
30
12
Michigan...
West
136
73
Maryland..
Northern.b....
'
409
369
1,187
Washington......-
Daily Refining
Capacity
s
Indiana.—
Illinois
Texas
February allowable is not yet available.
d This is the January allowable.
Avge.
I923e
271
Alaska
New Mexico.....
'
to be produced.
Feb.
Feb. 4,
Kansas and Missouri....
Note—The figures indicated above do not
might have been surreptitiously produced.
oil based upon certain
Week Ended—
State
'
2,691,400 + 28,400 2,703,150 2,628,850
.740,400
621,400
C605.000
632,900 + 12,200
Total east of Calif— 2,640,000
from the operators.)
141,900
+ 2,200
BY STATES
COAL,
Tons)
48,050
+ 650
96,700
53,950
47,200
57,100
12,100
3,600
99,600
■_
Montana
Colorado
53,300
150,450
d52,000
102,500
94,300
18,908
;
•
and State sources or of final annual returns
Arkansas
680,700
4,536
OF
PRODUCTION
WEEKLY
ESTIMATED
163,300
2,986
and coal shipped by truck from authorized
c Adjusted to make comparable the number
Includes washery and dredge coal,
operations,
107,500
27,200
4,533
17,700
3,050
176,700
69,300
c
Beehive Coke—
United States total...
77,100
Coastal Louisiana
1929
c
col¬
Daily average.
+ 4,600
+
1938
1939
1938
—
214,400
+3,200 1,348,050 1,254.450
Feb. 12,
Feb. 4,
1939
1939
a——— 1,106,000 1,208,000
201,300
184,300
Daily average.
Commercial produc'nb 1,051,000 1,148,000
+ 850
—3,100
+ 2,500
North Louisiana..
-
\ '
.
..
Anthracite-
Including
+ 300
1,297,500 bl767000 1,304,300
Feb. 11,
liery fuel
—100
215,100
Coastal Texas
Texas
AND
ANTHRACITE
Calendar Year to Date
Week Ended
19
532,300
Total
PENNSYLVANIA
OF
(In Net Tons)
V
1938
(Feb.)
North Texas
5,325 236,451 254,902 198,756
Ended
merits
*
5,513
Includes for purposes of historical comparison
Week
Allowable
Require^
Kansas
6,866 305,699 350,650 457,346
1,729
1,329
1,144
1,158
BEEHIVE COKE
'
laled
—
1,346
and statistical convenience the
production of lignite, semi-anthracite and anthracite outside of Pennsylvania,
b Total barrels produced during the week converted to equivalent coal assuming
6,000,000 B.t.b. per barrel of oil and 13,100 B.t.u. per pound of coal,
c Sum of
of 45 full weeks ended Feb. 11,1939, and corresponding periods In other coal years.
Four
Calcic
Oklahoma
8,075
5,260
—
Crude Petroleum b—
a
B. of
8,545
1,424
fuel—'—
Daily average-
ESTIMATED
*
a—
Total, including mine
a
refinery capacity of the country amounted to 9,641,000
1938-39 1937-38 1929-30
1938
1939
United States,
refining capacity of the
daily potential
indicate that the industry as a
Feb. 12,
Feb. 4,
.
....
558
555
—
...
.
106
112
—
s5
*
*
*
Other Western States.c
•
23
s7
10,956
12,858
...
of
Gas
District
Poten¬
Rate
East Coast—
615
Total
P. C.
Daily
Oper¬
in
P. C.
Aver¬
Reporting
tial
ated
age
502
615 100.0
81.6
At Re¬
fineries
6,350
Appalachian.
149
128
85.9
107
83.6
1,428
Ind.,Il|.tKy.
574
514
89.5
448
87.2
9,339
419
Okla.,
Terms.,
&c.
12,436
1,649
4,398
8,563
1,208
Total bituminous coal....
and
Naptha
8,075
1,311
1,129
1,093
11,889
1,655
9,874
8,832
11,043
13,544
7,703
9,950
1,902
Fuel
Distil.
1,196
OH
Pennsylvania anthracite.d—...
.
9,076
249
751
556
5,965
268
Kan.,
342
81.6
250
73.1
316
159
50.3
129
81.1
4,509
1,568
2,891
Inland Texas
69
301
4,228
1,912
Texas Gulf..
1,000
895
89.5
706
78.9
8,803
289
1,523
8,017
Total, all coal
9,283
...
....
N. & W.; C. & O.; Virginian; K. & M.; B. C, & G.:
and on the B, & O. in Kanawha, Mason and Clay Counties,
b Rest of State,
including the Panhandle District and Grant, Mineral and Tucker Counties,
c 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.
8 Alaska, Georgia, North Carolina and South
Dakota included with "other Western States."
* Less than 1,000 tons.
a
Includes operations on the
1,493
Mo
La. Gulf
149
145
97.3
119
82.1
1,449
719
448
No. La.-Ark.
100
55
55.0
41
74.5
306
114
75
Rocky Mtn.
California-
118
64
54.2
45
70.3
1,603
828
745
90.0
422
56.6
11,799
2,159
—
3,662
85.8
2,769
75.6
47,154
24,724
unrptd.
606
356
4,300
4,268
3,125
3,130
51,454
y3,149
Reported
Est.
856
93
664
1,378
98.994
Feb. 11 '39
4,268
4,268
4,268
U.S.B.ofM
xFeb. 28 *38
x
y
Call
for
Lead
Follows
Price—Other Metals Quiet
700
6,197 135,096
6,092 137,241
reported that as soon as the
49,734
25,424
25,124
56,900
26.010
7,082 120,940
"Metal
Estimated Bureau of Mines' basis,
Metals—Active
10-Point Decline in
xEst.tot.U.S.
Feb. 18 '39
Non-Ferrous
6.087 131,956
110
3,140
February, 1938 daily average,
and
Mineral
Markets,"
in
its issue of Feb.
23,
domestic price of lead was
lowered 10 points at the outset of the week (Thursday,
Feb/ 10),
business improved materially, confirming the
ideas entertained
in
many
directions that actual consump-
♦
Financial
1094
Zinc
the depressed
quiet, reflecting disparity in the price situation.
slowly,
moved
buyers
gain
further change, but
the
$5 per flask under the dutypaid quotation named by importers.
The publication fur¬
Copper
Spot
411*ie
46*
211*
3M
211
14'u
142ii
13*
13*18
42
42*ie
47
213*
212*
14h«
14*
13*
13l,«
42»i«
42 *
213*
213*
14*18
147«
13*18
13*
42 *
47 *
47
213
415*
212*
14*
14»1«
137is
13*
22
Feb
a
a
a
a
a
a
-
a
a
little
All are in pounds sterling per long ton (2,240 pounds)
prices.
price
clarification of the price situation.
Producers maintained
the basis of ll%c., Connecticut Valley.
So-called outside
pending
their
on
which Coramodiy Exchange warrants play an important part,
so
freely as in recent weeks.
Metal in the last-named
classification was booked during the week at prices ranging from 10.375c.
World
in
World
offered
Industry sales for domestic account for the last week
10.450c., Valley.
amounted
Production
of
During 1938
in 1938, excluding Russia,
according to an estimate by
gold
31,837,000
to
oz.,
Bureau of Metai
American
the
Gold
production
This compares
Statistics.
amounted to 8,702 tons.
of
Rumors
States
trade,
the
in
which
foreign
producers stand ready
foreign
with
the
market
Figures on Russian production are not available, but
private estimates place the output for the last year at
around 5,200,000 oz.
World production of gold in 1938,
including Russia, is estimated at around 37,000,000 oz.,
a new high.
'
'
The figures of the American Bureau of Metal Statistics
for 1937 and 1938, excluding Russia, in fine ounces, follow:
It is generally thought that
production
restrict
to
United
short notice
on
to
prices.
fabricators
Domestic
the
outside
news
lessened pressure in this country.
support
of
supported
production
in
reduction
further
a
circulated
were
abroad and
shipped
during January
products
contained
that
December.
These figures
Fabricators, as a
group, have been reducing their inventories in recent months, it is claimed.
Organizations in the copper-producing areas of the West are agitating
69,000
of
tons
of the import tax on copper of
for the renewal
embodied
of
4c.
limitation
by
expires
The tax is
pound.
per
1939,
June 30,
London
in
copper
Exchange official
Metal
warehouses
on
long tons, which compares with SI,816 tons a
week previous.
«
Western Australia.
1938
1937
From—
Canada..
6,414
846,000
442,000
522,000
Yugoslavia...
11,527
7,010
United States
23,395
Sweden...
4,534
52,001
6,244
Elsewhere.
15,391
14,821
39,931
376,000
289,000
South Africa
Other America
846,000
167,000
863,000
217.000
240,000
Belgian Congo
Rumania
.-.
929,000
168.000
445,000
430,000
Br.
332,000
Other Africa
723,000
321,000
755,000
1,145,000
127,000
1,159,000
145,000
818,000
621,000
720,000
402,000
West Africa..
398,000
Brltlsh Indla.c..-.
457,000
808,000
Rhodesia
167,000
151,000
11,735,000 12,156,000
467,000
'—29,888,000 31,837,000
Totals-b
76,500
29,608
1,167,000
300.000
New Zealand
316,000
Queensland
18,994
40,006
62,330
.
New Guinea.-...
Mexico-*-—.
.Chile
Other Asla.b
1938
1937
1,001.000
Other Australia.e.
Japan.d
excluding copper in ore, scrap, &c.:
From—
5,008,000
4,697,000
4,753,000
4,096,000
1938
1937
1938
1937
United States _a_.
Canada
Other Europe.b..
.
into Germany during 1937 and 1938, in metric tons,
Imports of copper
output of 29,888,000 oz. in 1937.
an
Colombia—
by Congress.
amounted to 32,064
4
that
Act
the Revenue
in
unless renewed
Stocks
in
against 55,000 tons
copper,
good rate of actual consumption of copper.
point to a
Feb.
a
London quotations for Feb. 22 will appear in March
reflected in larger purchases of the metal, but buyers are doing
should be
to
3M
Spot
21
Feb. 17
Feb
a
Consumption of copper in this country is moving along at a rate that
not
(Bid)
2 Issue of "M. & M. M.'
Prices for lead and zinc are the official buyers' prices for the first session of the
London Metal Exchange; prices for copper and tin are the official closing buyers'
ther stated:
copper,
Spot
3M
3M
4 I'M
Feb. 20
no
domestic quotations closed only
was
Electro.
Feb.16
showed
quicksilver
of
price
tin-plate
in
Zinc
Lead
Tin Standard
Copper
Copper Sid.
Spot
The feature in tin was another
operations here.
The foreign
market.
state of the London
moderate
influenced by
being
1939
Dally London Price*
Copper buying
been holding up well.
tion of the metal has
was
Feb. 25,
Chronicle
5,314
United Kingdom
Rhodesia
.
........—
Belgian Congo.....
5,931
1,816
Belgium.
633
Chile
*
Totals
19,920
of
trade
the
4.85c. to
4.75c., New York,
sales
satisfactory
in
on
volume.
the
Feb. 16,
Lower
nearly complete,
World
surprised by
was
quotations
from
reported booking
were
lead
for
Business during the week
price, which the trade quickly met.
and
stantial
6,414
two weeks
tons
in
was
Call
sub¬
a
by sheet-lead and pipe fabricators and pigment
tonnage, followed
manufacturers.
Battery manufacturers took
ago.
for
delivery
prompt
metal
was
feature
a
the
of
transactions.
closed
Quotations
tract
firm
basis
settling
of
at
the
4.75c.,
New York,
American
Smelting
which
was
also the
Refining
&
con¬
and
Co.,
at
Zinc
'
buyers showed
fair
a
of
the
grades
common
of
amount
tainty surrounding the London market
Sales
for., the last
chiefly galvanizers, held at
consumers,
the
week.
With
feel
confident
that
The
quotation
on
World
1,710,442
the
American
amounted
and
Pripie Western
to
of zinc
short
tons,
Bureau
152,613
160,793 tons in
of
to
uncer¬
low
level.
1,491
to
4^c.,
Statistics.
soon.
at
tin," published by the Hague Office of the International Tin
Research and. Development Council,
in 1938 amounted
to
but
still
cycle
above
the
average
output
during the last trade
The signatory countries produced 81%
against 87 % in 1937. The announce¬
ment issued Feb. 23 by the New York office of the Council
continued (figures in parenthesis refer to the corresponding
period of the previous year):
World apparent tin consumption in 1938 amounted to 151,600 (198,700)
tons, being a decrease of 24%.
dom amounted to 1,596
625
(2,227) tons.
Apparent consumption in the.United King¬
(1,016) tons in January, 1939, and in the U. S. S
1937,
4,330 (5,550) tons.
The table below shows consumption statistics of prin¬
according
in
to
.
December
with 145,433 tons in November
.
'
'
1937
'
United States.
the
18,290
—30
25,125
16,174
—36
Germany (Including Austria)
12,392
13,491
holiday week closed
at
45.40c.,
or
only
+ 9
8,190
11,000
+ 34
9,175
9,049
—1
.
France
.
_
Italy
Other countries
tin,
99%, was nominally as follows:
Feb.
16,
43.400c.;
43.700c.; Feb. 18, 43.800c.; Feb. 20, 43.700c.; Feb. 21, 43.700(i ;
22, holiday.
World
Dom.,Refy. Exp.t Refy.
Straits
Tin
Lead
tinplate production in
from
the
United
\
St. Louis
1938 amounted to 2,975,000
,
(4,258,000)
It is interesting to note that production In
States
Tinplate
decreased from 359,492 tons in
1937
to
329,492 tons, Germany from. 133,850 tons to 117,574 tons, Italy from
21,678 tons to
19,503 tons, whereas exports from France increased from
7,670 tons to 24,366
New York
—24
161,466 tons in 1938, exports from the United Kingdom from 462,255 tons
Zinc
New York
+2
151,600
Spain increased from 8,948 tons in 1937 to 35,369 tons in 1938.
to
Electrolytic Copper
*
198,700
+29
.
28,255
27,600
tons, being a decrease of 31%.
exports
METALS ("E. & M. J." QUOTATIONS)
4,618
3,584
-
Total apparent consumption
Chinese
Feb. 17,
PRICES OP
Decrease
—41
50,723
25,971
Japan..
of
% Increase
or
U. S. S. R
4
end
1938
86,663
December of 1937.
the
{
'
"
Production
R.
Deliveries qf foreign tin in the United States amounted to
"
compares
a week ago.
Sellers found little business,, with orders
chiefly to small lots.
Tin-plate operations are moving upward,
being estimated at 52% of capacity, against 50% a week ago.
Quotations
in London were irregular
during the week, but showed little net change.
DAILY
as
1929-1937.
confined
.
heavy decline
a
compared with the record output of 1937 (208,300 tons),
slightly higher than
Feb.
world tin production
148,100 tons, being
cipal countries for 1937 and 1938 (in tons of 2,240 lbs.):
k
Tin
tin
but
87% Last Year
metallurgical works
in
tons
tons
producers
placed
St. Louis.
1938 by primary
1,830,335
tons,
he
must
;
Straits
only,
mines
Including FIJI and Papua,
According to the February issue of the "Statistical Bulle¬
tons,
zinc to
common
29,822
business
Metal
which
amounted
the
a
good level, involving 3,748
down
against
of
tons,
zinc,
Shipments of
continued at
during
in
business here at
week
a
orders
substantial volume
a
production
was
undelivered
interest
kept
against 2,464 tons in the preceding week.
for
Principal
c
of the world total in 1938
4.60c., St. Louis.
Though
e
Russa.
Production
Total Against
London
the
in
good volume, sales totaling 8,937 tons, against 3,000 tons in the previous
week
d Conjectural,
of
and Consumption of Tin in 1938
Heavily
from
1937—Countries Under
International Agreement Produced 81% of World
market, however, threatened,entry of foreign ore and one producer lowered
his
b Exclusive
Declined
the lead price
drop in
producers
as
Philippines,
.....169,920 272,400
Lead
Most
Includes
a
St. Louis
tons.
World automobile output amounted to 3,980,000 (6,358,000) vehicles in
4.50
1938, of which the United States produced 2,489,635 (4,808,974) vehicles,
11.025
9.575
45.400
4.75
4.60
4.50
and Canada 166,142
Feb.18
11.025
9.675
45.500
4.75
4.60
4.50
Feb.20
11.025
9.675
45.400
4.75
by the automobile industry in 1938 is estimated at 12,000 (15,000) tons.
4.60
4.50
Feb. 21
11.025
9.650
Feb.22
Holiday
Feb.16
Feb. 17...
11.025
__
9.600
45.100
4.75
4.60
a
45.400
4.75
4.60
Holiday
Holiday
Holiday
a
a
45.360
4.75
Quotations will appear in March 2 Issue of "M. & M.
4.60
4.50
The above quotations are "M. & M. M.'s"
appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash. New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both
prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are
quoted on a delivered basis that Is,
delivered at consumers' plants.
As delivery charges vary with the
destination,
the figures shown above are net prices at refineries on the Atlantic
seaboard.
De¬
livered prices in New England average 0.225o.
per pound above the refinery basis.
Ik 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.
Havre and Liverpool.
price—Hamburg,
The c.l.f. baste commands
a
premium of 0.325cl
of
by 2,400 tons to 11,024 tons.
January at 32,948 tons represented
Arnhem
The total visible stocks at the end
a
consumption of approximately 12
(7) weeks.
M."
Average prices for calendar week ended Feb. 18 are:
Domestic copper fob
refinery, 11.025c.; export copper, 9.654c.; Straits tin, 45.270c.; New York lead'
4.790c.; St. Louis lead. 4.640c.; St. Louis zinc, 4.500c.; and silver. 42 750c
above f.o.b. refinery quotation.
more than
1,000 tons to 21,924 tons, and the carry-over with the Straits and
smelters
11.025
The total quantity of tin consumed
During January, 1939, the visible supply of tin increased by
4.50
Holiday
(207,463) vehicles.
per
pound
The tin exports from the signatory countries in January,
1939, amounted to:
Long Tons
Belgian Congo
—
1,498
Bolivia
French Indo-China
Malaya
4.905
Netherlands East Indies
-
2,199
—
Nigeria
Slam
The
392
-
.
preliminary figures
Council's
"Bulletin"
Feb. 4, page 652.
as
were
2.083
given in the January issue of the
referred to in these columns of
,
"
,
Volume
Financial
148
Steel Ingot Production Off Slightly to
The
"Iron
The
54%
Age" in its issue of Feb. 23 reported that
although steel ingot production this week has dipped a
point to 54% of the industry's capacity, the strength of steel
scrap prices seems to point to an early resumption of an
upward trend. An advance at Chicago brings the "Iron
Age" scrap composite price up to $15.08, the highest level
since October, 1937, and 8c. above the 1938 peak for this
index.
The "Iron Age" further reported:
While
the trend
of steel
buying in
February has not been uniformly
upward, several important products have registered gains over the January
volume.
this
In all
week
business
probability the declines in operations which have occurred
several
in
as
cated rates of steel operations since
1Q1Q
1938—
Feb.
30.7% May 23
in
the
two
stock of ingots, so two
than offset by
more
output in several areas, notably Youngstown,
districts,
largest
Cleveland-Lorain,
The decline at Detroit from 93%,
Mar. 21
Mar.
Apr.
Apr.
Apr.
admittedly due
Apr.
open-hearth furnaces were taken off by
May
79%,
was
Oct.
May
51.7%
52.7%
24
23
31
.66.8% Jan.
30
51.2%
52.8%
63.4%
Nov. 21
Nov. 28—
60.7%
.30.7% Aug. 29. —.44.0%
16
9
16
7
Nov. 14
Dec.
Dec.
30.4% Aug. 22
50.7%
51.4% Jan.
49.4% Jan.
53.7% Jan.
0
61.0% Feb.
62.6% Feb. 13
61.9% Feb. 20
Nov.
38.8%
1939—
46.7%
2
47.9% Jan.
17
Oct.
51.7%
45.3% Dec. 26_.
10
Oct.
5
19
47.3%
3
Oct.
follows:
1938.
1938—
Sept. 26
Oct.
42.8%
9
Weekly.indi¬
7,
39.9% Dec.
6
Sept. 12
Sept. 19
22.4%
28
35.7% July 11
32.3%
4
32.6% July 18—.36.4%
11. —32.7% July 25.
37.0%
18
32.4% Aug.
1
39.8%
25
8
32.0% Aug.
39.4%
2
30.7% Aug. 15
40.4%
May
Caution marks vhe buying policies of all steel users, as it has for some time,
33.7% July
Sept.
29.0%
26.1%
26.2%
27.1%
28.0%
28.7%
6
29.3% June 13
29.9% June 20
.32.1% June 27
7j
Feb.
1938—
7
28
independent plant there.
an
This represents a
Mar. 14
excess
one
and 30.4%~~one yearjago.
decrease of"* 1.1 points or 270%" from tile
ago,
estimate for the week ended Feb. 13,1939.
Mar.
slightly
20,^compared with 54.8%
month
one
Feb.
which had been the rate there for two weeks, to
an
beginning Feb.
51.2%
30.4% June
Wheeling-Weirton, Buffalo and Detroit.
to
week ago,
31.0% May 31
upward
an
capacity of the industry will be 53.7% of capacity
14
Pittsburgh and Chicago, but these gains have been
reduced
of the steel
for the week
21
currently
Feb. 20
on
cated that the operating rate of steel companies having 97 %
Feb.
reflection
a
Steel Institute
telegraphic reports which it had received indi¬
Feb.
much
so
required.
have moved
Iron and
American
nounced that
of poor steel
not
are
of
which have built Up larger stocks of raw and finished steel than are
Operations
1095
over-anticipation by some steel companies,
districts
indication
an
Chronicle
5
64.8%
63.7%
'
59.9%
kSeJCI h
r
__
12—57.6 %
n
but the orders being received by the mills are numerous, indicating a
by
a
markets,
Price advances ranging from $10 to $56 on automobiles in the lower-price
class have been made within the last few days, but it appears that these have
What the effect of these advances may be on automobile
sales is not clear in view of the short time that has
elasped since they were
The ostensible reason for the price rises is to give dealers a
announced.
rate and more
actual orders in hand, and they are buying steel in the
to
As stocks of finished cars are low, the expected rise in auto¬
next month.
mobile sales will be quickly reflected in assemblies.
the Chicago & North Western will buy 20,000 tons of
tons of accessories,
rails, and
Chicago
Chicago
the
&
Eastern
Illinois has ordered 3,750 tons from
for
numerous
betterments,
1,000 steel box
The
2,000
cars
it will build in
Chicago & North Western expects to buy 900 cars and the Santa Fe will
ing equipment purchases, but in some instances financing must be
There is
an
arranged.'«
unfavorable note in the small amount of fabricated structural
For the third week, awards of
coming into the market.
steel work
now
fabricated
structural
steel
have
been
unusually
They
light.'
A water pipe
line at Bethlehem, Pa., to be fabricated by the
N. J., will take 8,500 tons of steel, mostly
Lock Joint Pipe Co., Ampere,
sheets.
and
ened, two
moves
one case
steel markets will be strength¬
in that direction having been made within the past week.
mills have withdrawn the functional allowances that
granted to jobbers on galvanized flat sheets and
advance of $2 a
merchant
wire
being based
have been
galvanized formed roofing,
roofing.
An outright
barbed wire has been announced.
Hereafter all
extra setup on
ton
on
products will be considered as individual items
sheets and strip in particular and possibly some other products
expected within the near future.
be advanced
*
-
.
Based
2.286c. a Lb.
Feb. 21, 1939,
for 1939
small
One month ago--
One year ago..
on
2.512c.
2.512c.
1
2.249c.
2.062c.
2.118c.
1.953c.
-----1.915c.
--2.192c.
2.402c.
1———
-
-
-
1935
1933
1932-.-—
1927
;
general increase is not looked for,
a
items are thought likely to be affected.
light, but a number of roads have yet to enter rhe market
Backlogs are substantially heavier than a year ago,
expectations 1939 production will double the extremely
1938 output.
Rail mill operations will provide increasingly greater
support to steelmaking during coming weeks.
Railroad equipment
the
Outstanding Is
markets are only moderately active.
proposal of the Milwaukee road to build 1,000 box cars in its own shops
and plans
of the Chicago & North Western to order 900 freight cars .
latter also may buy 20,000 tons
Smaller
concrete
since
of
volume
new
inquiries for fabricated structural shapes and
reinforcing bars is without influence on output of these products,
against heavy tonnages booked previously are expanding.
releases
activity is quickening.
At the same time, residential building
way or
also is aided by shipbuilding now under
in prospect for the navy and commercial lin'Os.
Automobile assemblies dipped 4,640 units to 79.860 last
with
59,100
decrease
a
year ago
week, compared
and 95,698 the corresponding 1937 period.
'*
20,645 to
19,745.
'
.
Chrysler down
.
Tin plate production is up to a new
further gains
2.211c.
2.249c.
2.016c.
2.056c.
1.945c.
1.792o.
1.870c.
1.962c.
2.212c.
high for the year to date at 52% on
Additional improvement is in sight with the
iu demand.
approach of the more active season for food packing.
favorably with the January
with dnly small change indicated in totals for the two months.
Pig iron shipments so far this month compare
daily average,
May
implications
are
-
drawn from the recent tendency of ingot
production to edge upward, since a February rise in the past, frequently
has been indicative of additional betterment in March and April.
A year
ago
steelmaking was declining and for the week was
2
.
Two years ago
.
.
These included
1 point at Pittsburgh to 47.1.5 points at Chicago to 52.5.1 point in eastern
Pennsylvania to 37, 2 points at Wheeling to 66, 3 points at Birmingham to
83, 5 points at St. Louis to 55 and 1 point at Youngstown to 45.
Buffalo
was down 2 points to 35 and Detroit was off 5 to 89.
Unchanged districts
were
Mar. 15
Oct. 29
Nov. 1
31%
rat£ was 83.
Gains
Oct.
8
Mar. 2
Mar. 10
Jan.
8
Jan.
2
The
Ford's curtailment from 21,750 to 16,600.
largerly was due to
General Motors increased from 34,065 units to 34,715, with
from
The
of rails.
the
These products represent
Low
May 17
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Sept. 6
Jan.
7
Jan.' 4
-
1930
plates,
85% of the United States output,
High
1938
While
quarter.
are some
Favorable
steel bars, beams, tank
rolled strips.
are
requirements,
and there
wire, rails, black pipe, sheets and hot
2.286c.
2.286c.
-.2.512c.
desfte of steel
Foundry operations are slow to expand.
Finished Steel
in
This is reflected in indications that some products may
next
Rail orders
AGE" COMPOSITE PRICES
THE "IRON
One week ago
operations last week were well distributed.
in
Cleveland at 56.5, Cincinnati at 55
and New England at 70.
in several. A 50-cent advance
17 cents to $14.96. The finished steel
Scrap is steady in most areas and stronger
Chicago raises the scrap composite
at
composite is unchanged at $56.50.
Pig Iron
One year ago
-
23.251
-
furnace and foundry Irons at Chicago,
Philadelphia,
Buffalo,
Valley
and
Southern Iron at Cincinnati.
Low
High
1938
-
1937
-
1930—
-
—
-
1934---
-
-
1933
-
1932------1930
-
1927
-
Steel ingot
[Based on average of basic Iron at Valley
21, 1939, $20.61 a Gross Ton
One week ago.-...$20.01
One month ago
20.61
Feb.
$23.25
23.25
19.73
18.84
17.90
1690
14.81
18.21
19.71
June 21
Mar. 9
Nov. 24
Nov. 5
May
1
Dec. 6
Jan.
Jan.
Jan.
5
7
4
$19.61
20.25
18.73
17.83
16.90
13.56
13.56
15.90
17.54
July
Feb.
Aug.
May
Jan.
Jan.
Dec.
Dec.
6
16
11
14
27
3
0
16
Nov. 1
production for week ended Feb. 20 is
Ton
[Based on No. 1 heavy melting stec
$15.00 i
quotations at Pittsburgh, Philadelphia
month ago---—-----------15.00 I
and Chicago.
Feb.
of
and 533^% two
weeks
U. S. steel is estimated at
weeks.
The "Journal" further states:
The following
preceding
5814%. compared with
51 X%, against 51 H% in the two
Leading independents are credited with
5614% in the week before,
with
ago.
and 5414% two weeks ago.
table gives a comparison of the percentage
the nearest corresponding week
approximate changes, in points, from the
week immediately preceding:
U. S. Steel
Industry
of production
of previous years, together with the
Independents
21, 1939, $15.08 a Gross
-
13.67 1
One year ago
-
.
-
-
1937
1936——
1935...
1934
—
1932
193q"
19271
$15.08
15.00
21.92
17.75
—13.42
13.00
12.25
8.50
15.00
—
15.25
Feb. 21
Nov.
Mar.
Dec.
Dec.
Mar.
Aug.
Jan.
Feb.
Jan.
22
30
21
10
13
8
12
18
17
$14,875 Jan. 31
11.00
June
9
12.92
Nov. 18
12.67
June
10.33
Apr. 23
Sept.25
9 50
6.75
9
Jgn.
July
3
11.25
Dec.
9
13.08
Nov. 22
6.43
55H
1939.
1938
-
+ 114
20
30>4
68 >4
5U4
—214
+2
34
+2
1937
Low
High
1939
1938
1933
placed at
capacity, according to the "Wall Street Journal"
Feb. 23.
This compares with 54% in the previous week
of
Steel Scrap
One week ago.One
instead of
consumption.
price uncertainty constitutes a factor in the
certain of the less profitable
A clarification of the deduction and
the wire nail price.
on
preventing accumulation of mill backlogs, but
Outlook for heavy rolled products
amounting to $2 a ton on flat sheets and $4 a ton on
is
not
or
toward firmness.
unlikely either in steel or pig iron, there are further indications that week
spots which have arisen largely in secondary
The resulting large
reluctant to order far ahead.
years.
Whether
,
Although general price advances for second quarter are held to be very
In
are
buyers to restrict Inventories, the tendency in quotations recently has been
only
were
13,500 tons in the past week and only 16,400 tons of new projects came out
for bids.
rods
still
users
relatively small lots but more frequently than was the general practice in
Other roads are contemplat¬
rebuild 500 refrigerator cars in its own shops.
miscellaneous consumers are furnishing a large share
some areas
Automobile companies ure following a similar buying policy, ordering
including the construction in its own shops of
The Illinois Central will soon buy 1,000 hopper cars, the
shops.
own
provide
75 cabooses and repair of 26 passenger cars.
cars,
Union Pacific, has distributed orders for parts for
its
In
mills.
The Milwaukee Road has approved a budget of $11,000,000 to
in the national steelmaking
the steady flow of such business is indicative of sustained
The
New York Central will buy 50,000 tons or more cf rails and several thousand
A steady or upward trend in demand
point to 55%
strength in scrap prices in certain district contribute to an
number of small purchases is
past
of the major factors of current interest.
Railroad buying is still one
better tone.
of latest gains in business.
The steel trade expects larger orders for automobile steels
same manner.
a
bookings, but the difference between the two periods is expected to be
slight.
Steel
Meanwhile, the automobile manufacturers continue to gage their pro¬
of the iron and steel
The shorter month will work against February's comparison with January
in
larger trading margin in exchange for used cars.
duction schedules
summary
improved situation.
effect by local dealers in various cities rather than by the
manufacturers.
Cleveland, in its
Feb. 20 stated:
for most products, a gain of 1
by last fall's low-price coverages.
been put into
on
Steel markets have
good many consumers and jobbers from the heavy shipments brought
about
1199338745
'Steel" of
broad¬
Sheet and strip business suffers by reason of the lean
ening of activity.
buying in the automobile industry and the farily large stocks carried over
5
86
+ 1H
82
+3
89
1936
54
+1
48
59
+2
60
—2
40
+ 14
—I
62
—3
45
+3
42
1935
1934
-
1933
1814
1932
25
1931
52
1930
80
1929—
8914
83H
1928
1927
-
87
—114
—114
+ 114
—1
1514
25J4
53
+4
91
14
—2
24 >4
+ 1
61H
-2
+214
75
—2
87
+1
77
+314
94
+1
80
4-414
+i~~
90
—
+2
21
—I
-14
8514
+ 1
46H
+
3~"
1096
Financial
Chronicle
The Week with the Federal Reserve Banks
During the week ended Feb. 21 member bank
balances
bank
increased
$134,000,000.
Additions
Holdings
from decreases of $19,000,000 in Treasury
cash, $69,000,000 in Treasury deposits with Federal Reserve
banks and $5,000,000 in non-member deposits and other
Federal Reserve accounts, and increases of $5,000,000 in
Reserve bank credit, $46,0(10,000 in gold stock and $2,000,000
in Treasury currency, offset in part by an increase of $13,000,000 in money in circulation.
Excess reserves of member
banks on Feb. 21 were estimated to be
approximately $3,300,000,000, an increase of $130,000,000 for the week.
and
%
Bills discounted
or Decrease
Since
1938
U. S. Government securities
Industrial advances (not including
$13,000,000 commitm'ts—Jan. 21)
Gold stock
Treasury
+ 5,000,000
A
8,841,000,000
+134,000,000
showing
to
+ 13,000,000
2,752,000,000
—19,000,000
—69,000,000
+1,026,000.000
749,000,000
—5,000,000
+ 48,000,000
'
Feb.'21, Feb.15.
■
1939
Assets—
—631,000,000
—120,000,000
813,000,000
+ 27,000,000
+ 66,000,000
533,000,000
—*1,000,000
—83,000,000
—3,000,000
—24,000,000
securities
Other
—
loans
dealers
purchasing
or
*
for
.
in
carrying securities......
Real estate loans..
1,134,000,000
Loans to banks
104,000,000
Other loans...
1,539,000,000
U. S. Govt, direct obligations
fully
guaranteed
—2,000,000
+22,000,000
+8,000,000
8,182,000,000
+22,000,000
by
1,975,000,000
+167,000,000
+ 269,000,000
—281,000,000
410,000,000
—13,000,000
+1,549,000,000
+130,000,000
2,522,000,000
+7,000,000
+484,000,000
.
'
-
»
15,951,000,000
5,181,000,000
—125,000.000
+1,466,000,000
+ 7,000,000
—67,000,000
§31,000,000
—1,000,000
Iiitcr~b8'Dl5 deposits *
Domestic banks.
1938
1939
1
+14,000,000
+ 960,000,000
547,000,000
—25,000,000
+164,000,000
Foreign banks....
Borrowings
—1,000,000
,\
Figures lor Feb. 8 revised principally to eliminate fgures of
Member
1938
7,733
7,725
Loans—total
2,805
2,917
3,242
524
524
620
1.361
1,358
1,698
347
345
416
124
125
163
16
16
29
640
industrial
$
$
$
2,121
2,129
1,940
paper
Loans to brokers and dealers..
The
percentage
660
578
33
33
40
Feb. 4,
187
212
66,
66
71
dealers
108
108
126
13
13
'12
79
Real estate loans
Loans to banks
Other loans
83
40
395
396
425
49
51
2,621
3.127
1,154
1,156
Obligations fully guaranteed by
51
(Feb.
956
1,044
Reserve with Fed. Res. banks..
1,046
318
324
264
4,274
1,028
1,159
4,161
2,741
655
658
591
Cash in vault.
53
53
54
26
27
25
Balances with domestic banks..
Other assets—net
1
74
73
65
196
197
160
406
477
50
50
61
5,901
1,545
1,546
1,421
669
470
470
469
343
83
83
62
2,094
332
672
685
563
10
10
6
1,165
♦.
.
393
Liabilities—
411
Demand deposits—adjusted.
6,809
6,903625
Time deposits
United States Govt, deposits
Inter-bank deposits:
125
624
115
116
2,609
2,615
481
'
•
125
100
Foreign banks.
Borrowings
492
Other liabilities
1.485
of
....
289
338
13
13
16
1,484
298 "
-Capital account..
1,486
255
254
240
Member
Banks
of
the
Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
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
of
reporting member banks
in
101
cities
the
24)
on
Stock
own
Exchange,
account, except odd-lot
Securities
higher
was
was
and
of Governors of the Federal Reserve System
15:
15:
statement
On
loans,
of
weekly
reporting
member
banks
in
101
following principal changes for the week ended
$16,000,000 in commercial, industrial and agricul¬
of
$27,000,000 in loans to brokers and dealers in securities, and
$167,000,000 in obligations fully guaranteed by the United States Govern¬
ment,
and
Reserve
decreases
banks
Commercial,
New
to
York
brokers
City and
and
of
$281,000,000
$125,000,000
industrial
City
and
and
dealers
and
In
in
reserve
demand
agricultural
balances
loans
increased
$16,000,000 at all reporting member
in
securities
with
Federal
deposits—adjusted.
increased
$24,000,000
$27,000,000 at all reporting member banks.
the
Commission.
Exchange
the
the
on
New
the
York
Curb Exchange members traded for
during the week ended Feb. 4 to the
amount of 357,730 shares,
against total transactions of
755,090 shares, a percentage of 23.69%.
In the preceding
week ended Jan. 28 member trading on the Curb Exchange
was 21.27% of total transactions pf
1,221,260 shares, the
.member trading having amounted to 519,480 shares.
The data issued by the Commission is in the series of cur¬
rent figures being published weekly in accordance with its
program embodied in its report to Congress in June., 1936,
on the
"Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for the week ended Jan. 28 were given in these columns of
Feb. 18, page 956.
The SEC, in making available the
figures for the week ended Feb. 4, said: \
their
own
account
York Stock Exchange and the New York Curb Exchange by their respective
members.
These reports are classified as follows:
New
$7,000,000 in
banks.
in
New
York
New
York
Stock
Total number of reports received
1. Reports showing transactions as specialists
2. Reports showing other transactions initiated on the
Curb
Exchange
Exchange
1,090
817
211
105
268
floor
the
Increases
in
Commission noted, or 21.49% of total
Exchange of 4,601,230 shares.
This
corppares with 3,266,165 shares of stock bought and sold on
the Exchange for the account of members during the previous
week, which was 19.47% of total transactions that week of
8,387,350 shares.
respecting the
body of reporting member banks of the
Federal Reserve System for the week ended with the close
shows
than
announced yesterday
returns of the entire
condition
the New York
Exchanges during the week ended
The data published are based upon weekly reports filed with the New
compiled.
In the following will be found the comments of the Board
business Feb.
New York
Week Ended Feb. 4
of trading in stocks
the
by
transactions
.
...
body
York Stock and
by members for their
on
transactions,
*
>
,
Chicago member banks
New
Member trading on the Stock Exchange during the week
ended Feb. 4 amounted to 1,977,310 shares in 100-share
v
United States Government
Other securities
Returns
on
preceding week ended Jan. 28, it
1
....
2,629
U. S. Gov't direct obligations..
tural
—9,000,000
bank in the New
^
carrying securities..
Domestic banks
Trading
Stock and New York Curb
188
Other loans for purchasing or
Feb.
a
14.
Curb Exchanges During
and
agricultural loans
cities
*
•
6,285,000,000
Feb.'23,
1939
Loans and investments—total-.
leading
—7,000,000
*
-Chicago
Feb.23, Feb. 21, Feb.15,
1939
$' •
7,826
The
+825,000,000
—54,000,000
7,171,000,000
a
$
of
+ 31,000,000
+3,000,000
.
3,246,000,000
York district closed Feb.
$
-
entire
(—)
Feb. 16, 1938
—3,000,000
and
Demand deposits—adjusted
'
' •——New York City—
„
the
or
Decrease
Since
8, 1939
(In Millions of Dollars)
i
'
cannot be
a Feb.
+16,000,000
paper.
brokers
to
Time deposits
*
Complete
(+)
Increase
3,761,000,000
321,000,000
Loans
United States Government deposits
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
Open market
re¬
+ 377,000,000
Liabilities—
System for the New York City member
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
Commercial
City.
borrowing on Feb. 15.
"—739,000,000
Balances with domestic banks.r_.
banks and also for the Chicago member banks for the current
'
New York
mem¬
Deposits
+37,000,000
Cash inf vault
Below is the statement of the Board of Governors of the
■
no
week.
Reserve with Fed, Res. banks....
Chicago—Brokers' Loans
,
$21,000,000 in
the
Other securities
Returns of Member Banks in New York City and
CITIES
for
+158,000.000
Open market
,
CENTRAL RESERVE
$14,000,000
of
increase
United States Government
IN
increased
cultural loans..
—868,000,000
1,181.000,000
City,
York
Philadelphia
and
of the principal assets and liabilities of
summary
Obligations
Reserve
the
..L
8.205,000,000
Commercial, industrial and agri-
+384,000,000
Non-member deposits and other Fed¬
Federal
New
$11,000,000 in New York City, all reporting
an
banks decreased
foreign
Loans and investments—-total.—21.608.000,000
+1,601,000,000
6,708.000.000
eral Reserve accounts........
in
in
member banks,
Loans—total
+1,000,000
Treasury cash
Treasury deposits with F. R. bank..
$54,000,000 at
City and
$78,000,000
Feb. 15, 1939
+156,(XX),000
reserve balances.....
Money in circulation..
•_
increase
porting member banks, together with changes for the week
and the year ended Feb. 15, 1939, follows:
+2,034,000.000
+ 2,000,000
district,
total
.
+ 46,000,000
Member bank
Chicago
the
of
increased
Holdings of "other
$11,000,000
district,
Weekly reporting member banks reported
+10,000,000
2,821,000,000
...
decreased
and
banks
credited
—3,000,000
+ 6,000,000
York
all
at
,
...14,818,000,000
......
currency
decreased
Chicago
$125,000,000
the
in
districts,
Boston
Holdings
Government
$167,000,000.
New
decreased
the
Deposits credited to domestic banks increased $10,000,000 in the Chicago
ber
.
2,592,000,000
....
the
in
in
other
1939
.
....
8,000,000
Total Reserve bank credit....
$50,000,000
deposits—adjusted
and
being
banks.
States
$15,000,000
the
in
banks
reporting member banks.
United
City,
amount
-..J
15,000,000
Other Reserve bank credit
decreased
the
—6,000,000
2,564,000,000
....
small
district
%
—1,000,000
York
$15,000,000 in
member
reporting
25.
obligations
direct
increased
reporting
$11,000,000 in the San Francisco district.
(—)
Feb. 23.1938
%
-
4,000,000
1.000,000
Bills bought....
(+)
15,
by
New
in
$19,000,000
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
Increase,
all
member
district,
and
at
relatively
Demand
Government
City
guaranteed
fully
securities"
all
States
York
reporting
a
all
at
United
New
$8,000,000
$105,000,000
The statement in full for the week ended Feb. 21 will be
found on pages 1124 and 1125.
F.eb.
and
obligations
reserves arose
Feb. 21,i939
in
district
member
to
of
$15,000,000
reserve
Feb.
61
3. Reports showing other transactions initiated oft the
floor.
271
4. Reports showing no transactions
87
523
585
Note—On the New York Curb Exchange the round-lot transactions of specialists
in stocks in which they are registered are not strictly comparable with data
similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
dealer
as
well
as
those
qt the specialist.
Loans
The number of reports in the various classifications may total more than
York
the number of reports received because, at times, a single report may
carry
entries in more than one classification.
Volume
Financial
148
STOCK TRANSACTIONS
ONJTHE NEW YORK STOCK EXCHANGE FOR
ACCOUNT4OF MEMBERS* (SHARES)
Week
Ended Feb. 4,
1939
Per
Total for
Cent
Week
A
Total round-lot volume
a
amount
for
proposed
financial and
$250,000
4.601,230
Consequently, the electric and gas utility
proposed for sale by issuers.
industry led all other industry
total
,
1097
Chronicle
investment
with $107,435,000, or 79.0%, of the
groups
by
sale
Next
issuers.
companies with
importance were
in
(of which all but
$22,390 000
for investment and trading companies), or 16.5%
was
of the total.
Registrations during January, as in recent months, again showed a large
B. Round-lot
transactions
for
account
members
of
(except
volume of fixed
transactions for odd-lot accounts of specialists and odd-
consisting
Transactions of specialists In stocks in which they are
registered—Bought
Sold...
527,110
represented
with
the
long-term
$38,462,000,
North
debenture
or
American
secured,
interest
became fully
amounting
to
$22,140,000,
16.3%,
or
and
common
-
the 17 registration statements which
(exclusive of one reorganization and exchange issue
$266,667).
to
Of this
$598,000 of common stock
convertible
amourtt,
be reserved for the conversion of other securities having
was to
4.18
384,600
second
effective in January included 47 issues of securities, aggre¬
gating $139,672,000
194,700
Total..
amounted
The detailed analysis shows that
6.30
securities
ranked
stock
stock to $3,525,000, or 2.6%.
189,900
Sold
Preferred
bonds.
North
the
28.3%, of which the preferred stock registered by
Co.
accounted for
$36,222,000.
Certificates of
beneficial
579,550
Total
Other transactions Initiated off the floor—Bought
by
registered
issues
The remaining $900,000 of fixed interest-bearing
292,710
the floor—Bought
on
Sold
3.
Long-term unsecured bonds totaled $70,912,000,
three
of
286,840
Other transactions initiated
2.
1101
1,013,160
Total
entirely
American Co.
486,050
.
interest-bearing secuirities, these amounting to $71,812,000
52.8% of the total.
or
lot dealers):
1.
features and $3,135,000 (of which $2,658,000 was proposed for sale) repre¬
4.
Total—Bought
Sold
■
sented
968,660
1,008,650
of
Total
Transactions
the
for
of specialists
odd-lot accounts
21.49
and
1.
Estimated
ventures.
$4,013,000,
odd-lot dealers:
$904,000,
129,760
In round lots—Bought...
In odd lots—Bought
2.
2.51
230,880
.....
Sold
tirement
of
1,264,194
Feb.
4.
was
Total for
Per
Week
Cent
Round-lot transactions for account of members:
1.
of
$71,219,000, or 54.4%, of the net proceeds
use
The
stock.
investment
principal
third
securities
in
proposed
(chiefly
$3,590,000,
amounted to only
uses
of net
and
total.
2.7%, being divided
or
proposed for sale by
total,
offerings
included
issuers, 80.8%
through underwriters, 16.8% through agents and only
Offerings to the public accounted
directly by issuers.
Not
security
to
holders
28.7%,
for
and
for 69.8%
offerings to
1.5%.
in
statistics
these
for
January
reorganization
one
was
be
exchange security covering an issue of certificates of deposit to
offered in
exchange for first mortgage bonds valued at
$266,667.
131,385
Sold........
TYPES OF SECURITIES INCLUDED IN 17 REGISTRATION
240,485
Total
2.
use
investment
by
working capital in the sums of $1.915,000
$135,939,000 of securities
be offered
to
the
and
109,100
registered—Bought
for
"others" for only
Transactions of specialists In stocks In which they are
was
were
expenses
$1,675,000, respectively.
Of the
2.4%
a
755,090
Total round-lot volume.....
B.
and
was
1939
A.
&c.,
agents,
indebtedness and $35,523,000, or 27-1%. for the re¬
between plant and equipment and
-
TRANSACTIONS ON THE NEW YORK CURB EXCHANGE FOR
ACCOUNT OF MEMBERS* (SHARES)
Week Ended
underwriters,
to
other issuing and distributing
and
preferred
New money
STOCK
sale by
trading companies) to the extent of $20,399,000, or 15.6%, of the
654,434
-
Total
"account
for
0.7%, leaving net proceeds to issuers of $131,022,000.
proceeds
609,760
proposed
of securities
compensation
2.9%,
or
or
for the repayment of
Total
$135,939,000
The issuers proposed to
101,120
Sold
left
for the
being registered
outstanding securities
This
$133,289,000 for established enterprises and $2,650,000 for new
———
1,977,310
C.
already
others."
issuers:
Other transactions Initiated on the floor—Bought..
15.92
THAT
BECAME FULLY EFFECTIVE
37,925
38,175
Sold...
STATEMENTS
DURING JANUARY,
1939
of Securities
Gross Amount
Type of Security
*.
Total
3.
76,100
Other transactions initiated off the floor—Bought...'.
No.
No. of
Issues
5.04
or
of Units
Face Amount
Amount
26,230
Sold..
14,915
Long-term secured bonds
•_
2
900,000
$900,000
3
_.
70,000,000
70.912,500
Short-term secured bonds *
"
Total
41,145
2.73
Long-term unsecured bonds
unsecured bonds*.
Short-term
4.
...
i-.-r-r
Face amount instalment certificates
Preferred stock.
»
Total
Certificates
Total
22,139,996
2,143,832
433,258
members, their firms and their
Gross Amount of Securities,
Reserved for
New
on
■
The Securities and
York Stock
Exchange for
on
Feb. 17 made
for the week ended Feb. 11, 1939, of the
a summary
continuing a series of current figures being published weekly
by the Commission.
The figures for the week ended Feb. 4
were given in our Feb. 11 issue, page 803.
The data published are based upon reports filed with the
Commission by odd-lot dealers and specialists.
ODD-LOT STOCK TRANSACTIONS OF ODD-LOT
ISTS ON,,NEW
Long-term secured bonds.
DEALERS AND SPECIAL¬
YORK STOCK EXCHANGE—WEEK ENDED FEB. 11,
•
1938
$900,000
0.6
14.6
70,912* 500
5V.0
387
_
„
Jan..
Jan.,
1939
Amount
Jan'.,
1938
$900,000
0.6
14.0
70,912,500
52.2
43*6
Short-term sefcured bonds*.
Long-term
Exchange Commission
Jan.,
1939
corrected figures on odd-lot stock transactions of odd-lot
dealers and specialists on the New York Stock Exchange,
1939
Gross
Gross
■
Week Ended Feb. 11
,
Percent
Percent
Amount
*•
*
Securities
Proposed for Sale
by Issuers
conversion
Type of Security
includes only sales.
Trading
Gross Amount of
Less Securities
aJShares In members' transactions as per cent of twice total round-lot volume.
In calculating these percentages the total of members' transactions Is compared with
twice the total round-lot volume on the Exchange for the reason that the total of
members' transactions includes both purchases and sales while the Exchange volume
Odd-Lot
$139,672,095
47
110,006
includes all Exchange
"members"
partners, including special partners.
public
2,477,828
47,642
term
^
38,762,160
6,524,181
beneficial
participation,
«
The
•.
23
of
interest, &c
*
*
~
,12
62,364
Sold.
4-
3
23.69
357,730
Odd-lot transactions for account of specialists—Bought...
-
1821,580
1,174,845
4
Common stock
C.
«.
••
-
~
_
-
173,255
184,475
Total—Bought
Sold
.
unsecured bonds
Short-term unsec. bonds*..
Face amt. instalment ctfs._
"
2*8*3
1.0
2.6
14.7
22,139,996
16.3
26.7
100.0 $135,939,373
100.0
100.0
38,762", 160
27:9
0.9
5,926,681
4.3
22.1
38,462,160
3,524,717
22,139,996
433,258
15.9
23.7
...
...
$139,074,595
100.0
Preferred stock
,
..
Common stock.
Certificates of participation,
beneficial interest, &c...
Warrants or rights.
Total
*
.
0.3
•
Securities having maturity of three or years
;
0.0
0.0
less are classified as
"short-term"
securities.'
A similar
analysis covering effective securities
registrations
1938, was given in our issue
during 1938 and December,
of Feb. 11, page 806.
+.
PURCHASES
SALES
(Customers' Orders to Buy)
(<Customers' Orders to Sell)
New
Trade Date
No. Ord.
Shares
Feb.
6_.
4,820
132,724
Feb.
7—:__v.
3,383
90,430
Feb.
8—.
73,088
Feb.
9
2,735
3,101
Feb.
Registration
18.336
of 47
4,712,978
3,231,220
2,853,708
3,121,943
No. Ord.
152,627
91,511
94,144
4,856,920
3,162,231
3,037,055
3,586
90,492
2,975,988
124,445
4,410,083
3,733
4,525,474
5,075
21.868
553,219 $18,442,277
New Issues Totaling $139,672,000
Securities
Act
Became
Fully
Effective
During January
Capital Requirements for Member
York Stock Exchange—Aggregate
Indebtedness Not to Exceed 1,500% of Firm's Net
Rules
Firms
Value
Shares
3.721
5,753
488,436 $18,445,323
4,297
10 and 11
Total for week..
Under
81,108
111,086
Value
New
Required
completion of the
15-point program announced by the New York Stock Ex¬
change on Oct. 31 last, new rules fixing revised capital re¬
quirements for member firms doing a general business with
Die public were promulgated on Feb. 21 by the Committee
on Member Firms, to become effective on April 1, and were
also submitted to the Board of Governors, according to the
Exchange's announcement of Feb. 21, which also stated:
Capital—Minimum of $25,000 Net Capital
Marking another important step in the
The rules
P During January, 1939, a gross amount of $139,672,000
of securities registered und^r ^the Securities Act of 1933
became fully effective, according to an analysis prepared
by the Research and Statistical Section of the Trading and
Exchange Division, it was announced by the Securities
and Exchange Commission on Feb. 24.
Of this amount
$135,939,000 was proposed for sale by issuers.
This was
slightly larger than the comparable figure of $130,492,000
for December, 1938, and was considerably greater than the
$69,999,000 for January, 1938.
The Commission added:
\ A single registration statement in January, 1939, that of the North
American Co., accounted for ,$107,135,000, or 78.8%, of the gross amount
Revise
of
business
fixing capital requirements
of member firms doing a
general
to
authorities.
member firm subject to the new rules shall permit,
with the public make an
exception of member firms subject
supervision by State or Federal banking
It is
provided that no
in the ordinary course
of business as a broker, his or its aggregate
indebted¬
capital, which net
capital shall not in any case be less than $25,000, unless a specific temporary
exception is made by the Committee on Member Firms in the case of a
particular member or member firm due to unusual circumstances.
ness
to all other persons to
exceed 1,500% of his or its net
The announcement also says:
The rules set forth in
and net capital shall
the total of:
detail the method by which aggregate
be, computed.
indebtedness
The aggregate indebtedness will be
Financial
1098
(a) Money borrowed other than borrowings adequately collateralized
by securities or "spot" commodities owned by the member, member firm
or general partner thereof;
(b) Money borrowed ijn ominbus accounts with correspondents other
than borrowings adequately collateralized by securities or "spot" com¬
modities owned by the member, member firm or general partner thereof;
(c) Money payable against securities in "stock loaned" account other
than securities owned by the member, member firm or general partner
thereof;
Money payable against securities "failed to receive" other than for
(d)
Customers' free credit balances;
(f) Credit balances in customers' accounts having any short securities
position;
(g) Equities in customers' commodity accounts in excess of any funds
segregated under the Commodities Exchange Act;
(h) Market value of securities borrowed (other than for delivery against
(e)
customers' sales) for which no equivalent value is paid or credited; and
All other money liabilities.
The rules specify that there may be excluded from aggregate indebted¬
the following;
ness
Any liabilities subordinated to claims of general creditors pursuant to a
separate agreement filed with, and satisfactory to, the Exchange;
Money borrowings adequately collateralized by securities exempted
from registration under the Securities Exchange Act of 1934 otherwise than
by action of the Securities and Exchange Commission;
Liabilities on open contractual items;
Rentals not due;
"Fixed" liabilities secured by any asset which is not included in the com¬
putation of net capital under this rule; and
,
Any liability specifically excepted from aggregate indebtedness by clauses
(a) to (h), inclusive.
Net capital, the rules prescribe, shall be the current or liquid net worth
of the member
member firm and of the general partners thereof individ¬
or
ually and collectively, In the possession of the firm and at the risk of the
business,
between
with
values adjusted
security
the following
"credit" and
follows,
as
i.
the difference
e.,
"debit" items:
facdKBci)
'*
1
Net profit? in future commodity contracts, realizable In cash, carried for
*
of any securities long and any net profits, realizable in cash, in future com¬
modity contracts carried for such accounts.
of securities which have
In the
ready market,
no
Made Over 6,000 Loans Last Year to Finance Pur¬
Last year
Securities Exchange Act of 1934, otherwise than by action of the Securities
Commissioner made
percentages of market value
it may deem
as
necessary
There has been
but iu is
other accounts rightly to
be comprehended in
the
computation of the net worth of the firm and the market value of any
securities short and any net losses irS future
commodity contracts carried
for such accounts.
"
Cash required to provide proper margin in customers' undermargined
accounts in accordance with the
With
respect
both
to
accounts
with current outstanding
accounts
are
expected
and
debit Items,
most
prescribed by
Regulation T of the Board of Governors of the Federal Reserve System
by the Exchange margin requirements.
are
not
eligible
as
The annual rate of interest
but
emergency rate of
an
for
business.
confronting
train
of
and
budgetary
He
also
heavier
declared
Nothing,
taxes
or
Federal
to
Associated
the
integrating
their
systems
all
private
statements
"business
third
It
made at
appeasement"
this
budget.
Discount
Following action
of
Rate
the
1
to
Boards
of
the
12
that
holding
said,
there
thau
and
expenses
The
the
to
banks
which
obtain
not
are
period,
provision
the earnings
for
Government
their
the
of
banks, after payment of
amounted
reserves,
of
franchise
to
$12,327,000,
amounting to $1,501,000.
lending funds through the issuance of debentures
guaranteed either
as
to
principal
interest
or
The
rate
4%%
by
money
these
year
district
banks
buying
one-half
similar
main
at
and
and
on
The
selling
of( 1%, and
reduction.
for
reduce
selling organizations.
ers'
business,
related
Credit
will
mean
cooperatives
their
commodities
new
and
interest
rate
cooperatives
on
handled
since
to
rate
of
The
saving
rate,
on
approximately
Central
on
new
Bank
loans
for
"I
or
loans
a
made
for
to
farm¬
reduction
of
on commodity loans the new rate will be 1%%, a
Facility loans by the banks for cooperatives will re¬
4%.
replied
it
no
appropriated large
no
one
needed
outside
sums
of either
prospect
on
the
part
that was. just one
had
a
gradually
come
complete understanding,
to
of
the
these things
of
some
utility
the
in
example of how generali¬
in
and
registered
under
he
said",
that the Government
in mind.
program
expressed by
and
ness
men
"I
see
go
Mr.
that
hope
if
from
think
to
Secretary of the Treasury Morgen¬
23, said the Associated Press, which reported
saying:
sincerely
laws
that
there
Congress
are
will
take
deterrents
any
making further
a
careful
ness,
look
at
the
tax
holding back business and busi¬
commitments.
the business man ought to feel that the administration wants
ahead and take normal business risks and make money."
Morgenthau is likewise
the proposals
for
reported to have
and
he
said
it
indicated
taxes to pay for increased
new
maments have been sidetracked for fear of
was
"likely"
that
ar¬
depressing busi¬
further
spending would be financed by borrowing.
Co¬
cooperative buying or
2%%,
Roosevelt
defense
To quote fur¬
ther from the Associated Press:
members.
the
farmers'
be
to
if
was
"fears"
two
power
Feb.
on
as
in¬
discount
new
of
of
marked
was
him
by the
6%
rate
operating capital
will
from
the
the
Banks.
a
charges
to
loans
reduced
today,
to production credit association
will
purposes
is
be
will
beginning
Intermediate
of
production
associations
associations
Federal
volume
$800,000 this
12
by
the
operatives also
operating
agricultural
advanced
present
The
on
credit
charged
charged
the
interest
all
on
terest
of
production
the
to
up
The hope for improvement in present taxes to help busi¬
him
local
was
Company Act.
further
no
ness
by the Gov¬
ernment.
535
That
before
taxes
it
help balance the budget.
Mr.
Or
there
were
hut
company
the present rate.
payment
contended
people
to
destroyed when viewed in the light of specific facts.
for a year and a half about 95% of the utility people had
accepted as fact that the Government was not going in for
further power development.
During that time, he added, every
had
all
on
and
Feb. 23, it was announced by the Farm Credit Administra¬
tion.
The FCA pointed out that during the
past five years
the loan and discount rate has been reduced from 3% to
6ame
comment
said,
the Holding
During the
for
query
He said there would be need for worry if Congress did
he
told
Intermediate Credit Banks, the loan and discount
rate of the banks was reduced to
1%% per annum effective
•
another
considering
was
-v
Federal
The FCA likewise said:
Act
said.
are
known
any
Directors
holding
power
They
and
some
happening.
He
lA%
of
the
of
and a .half.
going
he
Utility
for
part
conference aboard his train.
press
taxes
new
expiring taxes.
But,
year
of
way
the
the
on
and
plans,
.moves,
observed,
question
about taxes.
a
score
for'a
been
under
further programs
no
in business who hesitate to do anything with
some
recommend
to
was
When
and
outside
Press' advices,
whether the Administration
field, the President remarked
Loan
hjs
on
spending
this
on
the
in
construction
were
questioner
renew
fears
had
6tand
on
the part of
budget unbalanced.
A
that
groundless and
prompted by a question
any
Government had
and
should
with
His
Federal
mind
were
therefore,
companies
ahead
ties
Reduce
President,
the
according
limits,
development in
power
-
Banks
17,
from which we also quote:
worry
Federal Intermediate Credit
Feb.
industry that they had nothing to fear in the way
and
new
not
reported in
On
route to Key West, Fla., undertook to assure busi¬
en
ness
were
individual commitment.
Secretary Morgenthau had
something to say this week with regard to the tax situation
if at all, only upon issuance may
was
,
22,
is charged.
Business Man to "Go Ahead"
series of contracts of sale, of a stated amount of the same
security conditioned
referred to above
these columns Nov. 5, page 2806.
4%
Imposed on Business According to
Roosevelt—Secretary Morgenthau Hopes
Improvement
in
Present
Taxes to
Enable
President to
program
regardless of
loans by the corporation continues at 5%
on
President
actual, except that this treatment of any Individual commitment shall not
operate to increase net capital.
A series of contracts of purchase, or a
15-pomt
•
No New Taxes To Be
"fears"
"■
periods but for the
all interest payments on instalments falling due between July
on
1937, and July 1, 1940,
the
The
same
Federal Land bank loans.
which makes the loan.
ments, including underwriting and "when issued" contracts, but excluding
as an
made for the same general
now
and only a single appraisal of the farm property is necessary
open commodity contracts, by applying the amounts due thereon and any
valuation of securities involved as though such amounts and valuations were
X1L.
are
Federal Land bank loans and for the
These loans continue to be handled by the Land banks for the corporation
or
The credit and debit items be adjusted for open contractural commit¬
be treated
When
part they are used to supplement the bank loans or to make loans
which
customers' margin
calls and customers' bona fide "cash"
be cleared up within the times
to
Mortgage Corporation have totaled $967,000,000.
added to the holdings of the 12 Federal Land banks they total close to 40%
of the total farm mortgage debt in the United States.
private utilities
margin requirements of the Exchange.
credit items
during the emergency refinancing
was
Since the emergency of 1933 loans by the
Both President Roosevelt and
counts, and in customers' accounts in deficit.
Net losses in future commodity contracts carried for the firm and its
general partners and for customers' accounts in deficit.
Debit balances in accounts for memberships, furniture and
fixtures, and
other fixed assets.
any
Farm
Federal
Debit Items
in
continuing demand for this type of farm mortgage loan,
a
nothing like what It
now
of 1933-1934 and 1935.
years
or
Debit balances in firm's and general partners' accounts and in customers'
unsecured accounts and accounts in deficit.
Market value of securities short in firm's and in general partners' ac¬
balances
"Such loans averaged from $3,000
$4,000 each and as a rule the purchaser had experience,
equipment and savings so that what the lending institution
advanced was supplemented by the new owner in com¬
pleting the deal.
It is noted that Commissioner loans to
an individual farmer can be as high as 75% of the normal
value of the property which he wishes to purchase but cannot
exceed $7,500."
Governor Hill pointed out that this year
there would probably be 100,000 farms sold throughout the
United States to satisfy the demands of the farm real estate
market.
On an average, there are about 30 farms coming
up for sale in each county.
Long-term farm mortgage Com¬
missioner loans from the Federal Farm Mortgage Corpora¬
tion in 1938 amounted, it is said, to more than $29,000,000,
a decline from about
$40,000,000 in loans of the year previous.
The FCA announcement also indicates Mr. Hill as saying:
appropriate.
Debit
than 6,000 loars to finance the
more
to
provided, however, that the Committee may require the deduction there¬
of such
•
the Federal Land banks and the Land Bank
purchase of farms, said F. F. Hill, Governor of the Farm
and Exchange Commission, the entire market value thereof may be included;
from
25, 1939
Commissioner
value may be
no
of securities exempted from registration under the
case
Bank
Land
Commissioner loans by the FFMC
cus¬
the firm and its general partners, and for customers' accounts in deficit.
Credit balances in any other accounts rightly to be comprehended in
the computation of the net worth of the firm and 70% of the market value
case
and
chase of Farms
purposes as
in
Seventy per cent of the market value of securities and "spot" commodities
long in the-firm's and general partners' accounts and in customers' accounts
in deficit (85% of the market value of "spot" commodities if they are
In the
Bank
Land
Federal
Credit Items
Balances in capital accounts of general and special partners.
Credit balances in firm's and general partners' accounts and
tomers' accounts in deficit.
included.
Feb.
Credit Administration.
the account of the member, member firm or general partner thereof;
(i)
Chronicle
Mr.
say,
Morgenthau
at least yet,
tax
laws.
the
Treasury
be
He
told
added
and
that
that
ready to testify
The
a
press
whether there
on
if
was
from
any
that he was not willing to
deterrents to business in present
constant
studies
of
Congress
asked
for
taxes
were
being made
any
suggestions
for
increased
he
in
would
the subject.
Administration's only
asserted,
conference
are
hope
stimulating
at
present
business
increasing the yield from present tax rates.
and
business
revenue,
profits,
he
thereby
Volume
While
Financial
148
indicating
excise taxes, Mr.
the
possible
was up
expiring
of
re-enactment
Morgenthau said it
to Congress to
decide
Chronicle
ice.
1099
Justice Reed is Chairman of this committee, which
appointed under the executive order of Jan. 31, as was
was
whether there will be any new taxes to meet; the
$212,000,000 farm parity payments. The New York "Herald
Tribune," in Washington advices in the matter, Feb. 23,
noted in these columns Feb.
said:
its
The
Secretary
asked
tell
what
the
was
"Mr.
Secretary,
is
6aid
for
reason
you," he replied.
tion
the
President's
dropping the
budget
idea of
new
and
message
"I
taxes.
can't
connection
with
no
considering the repeal of that section of the Social
Security Act which increases social security taxes 50 per cent next year,"
he
first
of government
of vital
Mr.
Morgenthau
sonal
Act
adviser.
legislation
on
Professor
that
Although
declining to
repealed,
be
would
replied
Douglas
Brown,
he
whether
reveal
ventured
the
this
that
opinion
Princeton
of
studying the whole problem of social security
was
as
his
the
would
I
have
Feb.
18
to
designated under
greet at
your
chair¬
comprehensive study of methods of attracting, selecting
have
professional
for
and
high-grade administrative
efficient civil service.
an
asked
with
men
and business to
responsibilities in
your
undertake
this
study
if I
did
other
fields
not deem it
growing
of
complexities
trained
a
and
breadth
modern
of
of
personnel
of
men
mind
government
and
require
the
develop¬
of
outstanding ability,
willing to devote their lives to the
women
public service.
per¬
of
feature
there
which
said:
on
importance to the Nation.
resourcefulness
University,
Washington
posts under
not
Reed
be in
personnel
should
811.
page
committee
the
maintaining
technical
I
ment
Security Studied
session
21,
Justice
will not
and
The
Social
that I
sorry
a
told.
was
am
letter to
manship to make
the Administra¬
heavier taxes,
be
to
I
and
don't know."
"I
in
of
reminded
was
The President's
Upon the development of such
in
,may
no
small
a
personnel the future of
our
democracy
depend:
measure
be
social security at the present Bession of Congress.
President
Roosevelt
in
Greetings to Golden Gate
Exposition at San Francisco Says
Western States Participating in Exposition Con¬
stitute
Area
of
"Incalculable
Importance"
to
Prosperity of Country
International
New Offering of $100,000,000, or
Thereabouts, of 91-Day
Treasury Bills—To be Dated March 1, 1939
Tenders to
a new offering of $100,000,000, or thereabouts,
91-day Treasury bills were invited on Feb, 23 by Secretary
of the Treasury Henry Morgenthau Jr.
The tenders will be
received at the Federal Reserve Banks, or the branches
thereof, up to 2 p. m., Eastern Standard Time, Feb. 27,
but will not be received at the Treasury Department, Wash¬
ington.
The bills, which will be sold on a discount basis to
the highest bidders, will be dated March 1 and will mature
on May 31, 1939; on the maturity date the face amount of
the bills will be payable without interest.
There is a ma¬
turity of a similar issue of bills on March 1 in amount of
$100,304,000.
The following is from Secretary Morgenthau's
of
announcement of Feb. 23:
$1,000,
of
$10,000,
$100,000,
$500,000,
and
or
$1,000,000
(maturity value).
No
for
tender
amount
an
less
than
tender must be in multiples of $1,000.
$1,000 will
be considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g., 99.125.
on
Tenders will be accepted without cash deposit from incorporated banks
of
Tenders from others must be accompanied by a deposit
10% of the face amount of Treasury bills applied for, unless the tenders
accompanied by an
are
bank
or
guaranty of payment by an incorporated
express
The President described the 11 States
"partners in this Exposition" as constituting "a
great area which is of incalculable importance to the pros¬
perity of the United States." He referred to Treasure Island
(the site of the Fair) as "America's newest insular possession"
and "an outstanding example of territorial extension without
aggression." In wishing the Exposition "all possible success"
are
The President's greetings, extended by radio
neighbors."
from Key West, Fla., during his Southern cruise, follows:
Commissioner
27,
the closing hour will be opened and public announcement of the ac¬
ceptable prices will follow as soon as possible thereafter, probably on the
The Secretary of the Treasury expressly
reserves
the
"an instrument of interna¬
tional goodwill as well as an expression of the material and
cultural progress of our own West and of our Pacific Ocean
Creel,
President
Culter,
friends
of
the
Golden
Gate
International Exposition:
Although I have commissioned Mr. Roper to act and speak for me in
1939, all tenders received at the Federal Reserve Banks or branches thereof
following morning.
the other also."
seen
trust company.
Immediately after the closing hour for receipt of tenders on Feb.
up to
Feb. 18 of the Golden Gate Inter¬
on
the President declared it to be
Fractions must not be used.
and trust companies and from responsible and recognized dealers in Invest¬
ment securities.
opening
ings from President Roosevelt, a message of welcome from
Governor Olson of California, as well as from Mayor Rossi,
who spoke "for the chief executives of all the cities in the San
Francisco Bay area." President Roosevelt took occasion to
state in his greetings that "the San Francisco and New York
World's Fairs do not in any way duplicate each other. Their
themes and their exhibits" he said, "cover different fields.
If you have seen one," he observed, "you have not in effect
which
They (the bills) will be issued In bearer form onJyt and in amounts
denominations
The formal
national Exposition at San Francisco was marked by greet¬
the ceremonies
that
mark the opening of the
Golden Gate International
Exposition, I cannot forego this further and more personal expression of
From what I saw with my own eyes last July I can well
deep interest.
my
right to reject any or all tenders or parts of tenders, and to allot less than
imagine the beauty of the completed undertaking, and I look forward
the amount applied for, and his action in any such respect shall be final.
real eagerness to the visit this coming summer that
Those submitting
be advised of the acceptance
tenders will
made at the Federal Reserve Banks in cash or other
funds
or
March 1, 1939.
on
V
'
Were the West and things Western less close to my
rejection
Payment at the price offered tor Treasury bills allotted must be
thereof.
immediately available
be constrained to wish the
its
gain from the sale or other disposition thereof will also be exempt, from all
except
and
estate
inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
No loss from the sale or other disposition of the Treasury bills
gift tax.)
shall be allowed
as a
of any tax now or
a success even
heart I would still
beyond the hopes of
builders, for the Federal Government is in close partnership with
deduction, or otherwise recognized, for the purposes
hereafter imposed by the United States or any of its pos¬
has helped financially to build the Bay Bridge
One Government agency
and
Golden
the
Gate
Bridge—both
of them engineering marvels of the
century; another agency has helped with men and
funds to raise this new
construction
island from the ocean bed, and still another has assisted in the
of the hahgars and
and
ends
other buildings that will remain when the
the site reverts
its intended purpose—a
to
Treasury
measurably helpful to the commerce of the Pacific Coast and a
Treasure Island, with an
Department Circular No. 418, as amended, and this notice
insular
prescribe the terms of the Treasury bills and govern the conditions of their
newest
issue.
extension
im¬
vital and
$321,469,000
Tendered
to
Offering-of
$100,000,000
Accepted
Treasury Bills—$100,782,000
Average Rate of 0.004%
90-Day
of
at
possession.
area
It
is
of more than 400 acres, is
an
outstanding
'
quite open and unashamed In my liking for
am
Americans; know their America and their fellow Americans.
I have never thought it unfortunate that New York and San
«
Treasury Henry Morgenthau Jr..an¬
nounced on Feb. 20 that the tenders to the offering last week
of $100,000,000, or thereabouts, of 90-day Treasury bills
totaled $321,469,000, of which $100,782,000 were accepted
at an average rate of 0.004%.
The Treasury bills are dated
Feb. 23 and will mature on May 24,1939.
Reference to the
offering appeared in our issue of Feb. 18, page 959.
The following regarding the accepted bids to the offering
is from Secretary Morgenthau's announcement of Feb. 20:
Secretary of
the
our
as
(87% of the amount bid for at the low price was
of our resources
essential unity of
Getting acquainted with the United States is about
blessings, and, more important, emphasize the
American interests.
good a habit as I know.
.
Francisco and New York World's Fairs do pot
Furthermore, the San
duplicate each other. Their themes and their exhibits cover
different fields—make different appeals.
Most decidedly, if you have
In any
seen
way
one,
you
have not, in effect, seen the other also.
The II Western States which are partners
great area which is of
from
99.999 Equivalent rate approximately 0.004%.
Average price
and
United States.
99.999 Equivalent rate 0.004%.
Low
the whole American circle—that will give some realization
a
100.
High
Francisco
picked the same year for their world fairs. Instead of one Incentive, people
have two. and it is my sincere hope that 1939 will witness a swing around
Total accepted, $100,782,000
applied for, $321,469,000
Range of accepted bids:
America's
example of territorial
without aggression.
expositions. They
perform a distinct service in acquainting people with our progress in many
directions and with what other people are doing.
They stimulate the
travel that results inevitably in a larger degree of national unity by making
I
-
exposition
great airport
integral part of our national defense.
sessions.
Total
this
national enterprise.
♦
The Treasury bills will be exempt, as to principal and interest, and any
taxation,
exposition
with
I have promised myself.
in this exposition
constitute
incalculable importance to the prosperity of the
inheritance
The vigor and boldness of these States—a direct
pathfinding forebears—is equally helpful in the
been commanded by today's necessities.
social pioneering
that has
accepted).
call the good neighbor policy,
Western
Americans—North Americans,
Americans—for nothing is more true than
carry the hopes fo millions of human beings
Many times, In the elaboration of what I
I have stressed the point that
the maintenance of peace in the
Hemisphere must be the first concern of all
Roosevelt
President
Says
Development
of
Trained
Needed
Letter to
Personnel Under Efficient Civil Service Is
for
Government—Views
Expressed
in
Supreme Court Justice Reed, Recently
Committee to Study Merit System
Roosevelt
President
government
devote
sent
Feb. 18,
in
a
letter to Supreme
said the complexities of mod¬
trained personnel "willing to
the public service."
The letter was
of the organization meeting of the
the President to make a study of
scientific, certain administrative and
Government service under civil serv¬
in other less fortunate
on
their
the
committee
require
lives
to
occasion
named
by
bringing professional,
technical positions in
a
World
lands.
By setting an example
trust
of international solidarity, cooperation, mutual
we may keep faith alive in the heart of
and mutual helpfulness,
anxious
and
troubled
humanity, and at the same time,
lift democracy
of autocracy.
I wish the Golden Gate International Exposition
high above the ugly truculence
And
Justice Stanley Reed,
Court
ern
on
Named to
Americans and Central
South
that we here in the New
so,
when
possible success, it is as an instrument
as
an
all
of international goodwill as well
of our own West
expression of the material and cultural progress
and of our Pacific Ocean
neighbors.
A further reference to
the opening of the Fair, the greet¬
ings of Governor Olgon
these columns today.
and others, appears elsewhere in
1100
Financial
President
Roosevelt,
Greetings to Pan American
Exposition at Tampa,
Fla.,
Says Peoples of New World Are United in Common
Aspiration to Maintain Self-Governing Way of
Hernando
de
in
on
Feb. 18, greetings to President Brorein,
Commissioner
extending,
Dye
and "my friends of the Pan American
De
Soto
Exposition," at Tampa, Florida, Presi¬
Hernando
Roosevelt
dent
declared
World," although of
"the
that
peoples
of
the
origins, "are united in
many
New
a common
life."
"To
show
faith
our
in
democracy,"
said
"is another link
brotherhood."
I
like
link
the
the
Balboa,
in
the
spirit
of
dominate
the
and
and
of
instinctive
pursuit
all
the
in
be
consistent
we
with
neighbor's
our
We
travel
desire
by
territorial
we
shall
expansion,
gression
;
in
three
the
the
but
consent
This
in
abhor
we
we
our
and
to
not
exchange of
cooperate
maments ;
say
the
of
encroach
In
Americas.
right
peoples
That
the
It
the
means
to
the
of
New
is
fulfilment
not
of
covetous
in
our
trade
and
We
seek
neighbor's
goods;
in
of
the Western
be
ar¬
ag¬
Hemisphere—
democracy—government
governed—must and shall
with
maintained.
Exposition is another link in the forging of that chain of brother¬
Approval by Senate Committee of Bill Abolishing Tax
Exemption of Salaries of Employees of Federal
and
State
Governments
vote of 14 to 3 the Senate Finance Committee on
Feb. 22 approved the bill which would
provide for reciprocal
taxation of income of employees of Federal and State
a
State governments.
The bill was passed by the House on
Feb. 9, and reference thereto appeared in our issue of Feb.
11,
page 814.
The three members of the Senate Committee
who voted against the bill were Senators
King, (D. Utah),
Bailey (D. N. C.), and Radcliffe (D. Md.),
The following, it is stated, voted in favor of the bill:
Senators
Harrison
(D. Miss.), Chairman; George (D. Ga,)f Walsh
Clark (D. Mo.), Byrd (D. Va.), Guffey (D. Pa.), Browii,
Herring (D. Iowa), Johnson (D. Colo.), La Follette (Prog. Wis.), Capper
(R. Kan.), Vandenberg (R.Mich.), Townsend (R. Del ), and Davis (R.
Pa.)
(D. Mass.),
In
it
Associated
was
Prentiss
M.
(D.
formal
Mich.)
who
has
been
said members
a
doubt whether the Court would
uphold the legislation.
Some
legislators
have
contended
that
a
constitutional
amendment
special committee con¬
sidering reciprocal taxation of Federal and State employees,
and Federal and State
securities,
was,reported
on
Feb. 20
saying:
the
right to tax
a
we
on
a
From its
find
a
substantial ground for distinction between
State salary and the right to tax the interest
bonds, because the effect
the effect
on a
on
State
State of taxing a salary is very slight, while
He [Senator
Washington Bureau advices Feb. 20
Brown] also made it clear
at
Federal sectirities.
a
the
to the New
(D.,
mittee; Glass
Del.).
named
the
Va.)j Byrnes
following Senators to
(D.,
TVA issue—with
S. C.); Russell
differ¬
adjust
House
a
(D.,
com¬
Ga.); Adams
(D., NeV.); Hale (R., Me.) and Townsend (R.,
Senate leaders predicted the House would
and continue the vast
reverse
its previous vote
TVA program.
The Senate struck from the bill
Administration to
payrolls this
use
a passage authorizing the Federal Housing
$2,500,000 next fiscal year's funds to meet certain
year.
Some Senators contended this was
FHA officials had contended that
violation of the budget law although
a
expansion of their duties had increased
and threatened to deprive hundreds of employees of their salaries
from March
to June 30.
1
'
.
Objectives of Smith Cotton Bill Indorsed by Secretary
of Agriculture—At Senate Committee Hearing on
Bill * Secretary
Wallace
Submits
Proposals
for
Dealing with Cotton Surplus
A bill designed to increase the income of cotton farmers
through subsidy payments and relieve the market situation
by providing an outlet for the 11,000,000 bales cotton held
by the Government as collateral for loans to cotton growers
was
introduced on Feb. 13 by Senator Ellison D. Smith
(Dem.), of South Carolina, Chairman of the Senate Agri¬
cultural Committee.
Hearings were begun before the Com¬
mittee on Feb, 23 on various bills looking to the disposition of
the cotton surplus, and Secretary of Agriculture Wallace is
represented as indicating on that day his approval of the
objectives of the Smith bill.
At the hearing Mr. Wallace
maintained that the present administration farm program is
"fundamentally sound," asserting that it had kept cotton
prices from falling below present levels, and the surplus from
growing larger than it is at present. He conceded, however,
that the program could not continue to pile up stocks of
cotton under Government loans and
ignore the decreasing
exports of American cotton to the world.
According to
Associated Press advices from Washington Secretary Wallace
said there were three possible ways of
dealing with the
surplus problem, viz.:
"
To continue the present loan program and find some
way to place
1.
American cotton in world markets "on
2.
up
a
competitive basi?."
A program of increasing cotton growers' income so
they
Government loans and permit a
large amount
would give
of cotton to flow into
domestic and foreign channels.
3.
>
A plan for fixing a high price on domestic cotton that would let the
In part
the Associated Press continued:
Recalling that cotton
growers
and benefit program with its
had voted to continue the present control
mandatory loans, Mr. Wallace said
change
any
breaking faith with growers."
Nevertheless, he said, continuation of loans required a definite control
production.
The Secretary said
the second plan
Government appropriations.
He made little comment
of the
a
great increase in
on
,
the domestic price-fixing plan, which is one
proposals before the Committee, other than to indicate this would
a
very high price, possibly 40 cents a pound, compared with present
Answering
Mr.
would require
"
prices of about 8 cents.
an
*
question by
a
Wallace said
a
Senator Bankhead, Democrat, of Alabama,
possible world conference among
effort to work out some share basis
on
cotton-producing
production
was
under
this
time
regarding reciprocal taxation
The committee
was
He said this had been discussed at the White House, but added this in¬
volved
that the committee is making no
created
of State and
by the Senate last June
comprehensive study of the whole subject of reciprocal taxation
salaries and securities of State and Federal
governments.
.
a
long-time program.
Representative Jones,
ment may
have to try some
Payment of Taxes
Under the resolution which created the Brown committee last
session it
has until March
1 to make its findings to the Senate on the taxation of
Government bonds, but Senator Brown said he
plans to ask for an extension
or 90 days to give the
question more study.
This would indicate that
of 60
the controversial issue will not come up until near the end of
the session.
of taxing salaries:
the
special
Senators
committee
Brown,
voted
Chairman,
unanimously in
Byrd
(D.
Va.),
favor
Miller
(D. Ark.), Logan (D. Ky.)f Townsend tR. Del.).
Senator Austin
(R.. Vt.). remaining member, attended today's meeting
vote.
of
Texas,
Chairman
of
the
House
Without elaboration Mr.
approach to solving the farm problem.
sure
we're not
Jones
asserted during committee hearings on
going to have to work out something along
a
different line (than the present plan)."
Federal employees pay the Federal tax, and State
employees
pay only the State tax on their salaries.
of
new
cost-of-production bills:
.
At present
Five members
Democrat,
Agriculture Committee, expressed the opinion, meanwhile, that the Govern¬
"I'm not
but did not
Garner
bill—principally over the
consideration.
recommendation
on
in
nations in
bond is quite direct and substantial.
York "Journal of Commerce" said:
to make
Vice-President
ences
require
I want to say that
the huge appropriation
ment.
over
Senator Brown, Chairman of the
as
on
this year in loans "might be
would be needed to attain the end in view.
<
only record vote in the Senate
commissioned
report on the legislation,
''clear-cut determination" of the issue by the
Supreme Court.
Senator Brown said the report would
express the opinion that there was
some
the
surplus flow into world markets for what it would bring.
Brown
write the committee's
wanted
Washington, Feb. 22,
stated:
Senator
to
Press advices from
was
.
honestly put forward to limit
physical force except to repulse
to
a
the Tennessee
this
move
bounds.
nations.
among
of
to
on
With the TVA matter out of the way there was practically no disagree¬
expenses
hood.
By
vote to strike out
•
This test
to
of life
way
promote freedom
ideas
River.
is
life,
to
aspiration
common
his metes and
on
the world that
all
more
all
proposal
appeal
to
inserted by the Senate after the
measure.
(D., Colo.); McCarran
Hemisphere.
ideals.
our
cultural
are
we
every
the
com¬
we
Americas—the ..institutions
of
we
have made the policy of the good
foreign relations.
No other policy would
legitimate
every
the
three
a
Their
and
more
actions
the
in
of the Western
ideas
the
of life.
way
today,
coming
Although
or
Americans.
heed the ancient Scriptural admonition: not
landmarks,
in
and
no
of
were
Administration supporters won a victory in the Senate yesterday on the
domains- they
inalienable
our
united
are
democracy,
our
to
purpose
of
happiness.
they
is
and
comprise the
self-governing
neighbor the cornerstone
policy
happily,
which
peoples
faith
our
These
TVA issue when the chamber refused by a 49 to 31
townsman,
extent.
So,
Pan
to
contemporaries
The
era.
first
aspirations
safeguard
of
the
$17,206,000 to continue construction of dams by the
totaling
House had rejected them.
400
narrow
fellow
geographic
new
a
shores
nothing
their
and
decided
you
these
his
World.
in
the
of
one
and
origins,
many
in
show
as
cultures
maintain
heroic
were
Americanisin,
unfailing
the
and
are
defend
Soto
thoughts
peoples and
World
To
Pan
the
certain
liberty
De
They
New
a
glad
was
of
or
Ocean,
of
am
reached
There
Soto
the dawn of
to
I
who
idea.
De
vision
Sovereign
Hernando
memorate
of
Pacific
a
fitted
was
Exposition,
explorer,
American
the
from
their
imagination
diverse
of
ideas
for
this
intrepid
Pan
perspective
discoverer
their
claimed
The
the
the
items
$4,252,000 fund to begin building the Watts Bar dam
of
name
of
with
restricted
to
of
The President's address, by radio from Key'
very
name
ago,
drew
forging of that chain
Florida, follows.
West,
years
in the
Had
The chief reason for returning it to the House was to obtain agreement
Tennessee Valley Authority,
said,
House
Feb. 22 said:
the cornerstone of
he
Grant
The Senate on Feb. 22 without a record vote passed the
Independent Offices Appropriation Bill, granting approxi¬
mately $1,898,000,000 to operate 40 governmental agencies
for the next fiscal year, and then sent the measure back to
the House.
The House had already passed the bill (reference
to which was made in these columns last week, page 961)
but the Senate made two changes in the House bill. Regard¬
ing this action Associated Press Washington advices of
the
The Exposition,
TVA
Rejected
on
foreign relations."
Full
Restores
President, "we have made the policy of the good neighbor
our
1939
Independent Offices Appropriation Bill
—Senate
,aspiration to defend and maintain the self-governing, way
of
Feb. 25.
Passes
Senate
Soto
Life
In
Chronicle
In advices from its
Washington bureau Feb. 23 the New
York "Journal of Commerce" said, in part:
Oscar
Johnston,
President
of
the
National
manager of the Government cotton pool,
Cotton
Council,
former
who followed the Secretary before
the Committee, also emphasized the need of early action on the legislation
and the
importance that something be done to free the cotton from the loan.
Contrary to the estimate of the New York Cotton Exchange of 5.000,000
bales of "free" cotton in existence on Jan. 31, last, Mr. Johnston said,
closer analysis showed
derabie cotton
stocks
of
and
a
only 4,580,000 bales in existence including unten-
he predicted
spinable cotton
left.
that by Aug. 1 there would be
If loan cotton
was
no
free
made available, he
Volume 148
Financial
declared, the markets could easily absorb 1,000,000 bales at
around 8 cents.
portance
price of
a
for demands that loan cotton be released
the
it
he had not heard of this.
In the market.
facilitates
industrial,
positions
He suggested that Dr. J. W. T. Duvel,
chief of the admin¬
compile the information for the Committee at the earliest
istration,
opportunity.
the
for
basis
nor more
pound Govern¬
minimum of 11,000,000 bales.
a
under the
I
lack
of
.
(4) the fact that other governments are in many
financial
would
it
business
assistance
available, to
their
to
American
that
mean
with
them
and the
commerce
would
producers
of
measure
some
greatly hope that Congress will
Without
restricting too
ourselves
to
relations
charter of the
the
renew
narrowly the scope or nature of
I foresee that circumstances will bring before the Bank
proposals of
many
consumption for the product, ex¬
lose '
credit
/
therefore
Bank
than 2,500,000 bales annually of the 1937 and
and
credit and
its operations, for
panding marketsand distribution to the needy.
more
unusually hard for the exporter or
himself; (3) the virtual cessation of
by
assistance.
supply held by the Government for loans to the Federal Surplus Commodities
Not
giving
substantial
It would not affect 1939 allotments,
new
handle
to
facilities
them through theit ordinary trade fluctuations and help to finance
complete
would authorize transfer of 1,600^000 bales from the 1934
Corporation for use in developing
conditions
create
banker
of Latin America—could ordinarily look for the credit
ones
ways
Agricultural Adjustment Administration and growers would con¬
measure
which
their development;
than 75% pf allotments.
tinue to receive soil conservation payments.
The
trade
to carry
which
Reductions would
The bill would fix the national acreage allotment for cotton for any year
at
situation increase the necessity of having
these opera¬
the Export-Import Bank to carry out
as
private capital investments to which other countries-—especially the grow¬
ing
have to be not less than 20
trade
permanent
countries.
(1) the existing unem¬
ployment and agricultural surpluses in this country; (2) the widespread
existence of various types of controls over trade and delays in payment
nearly to parity price as payments for corn,,
a
enlarged
other
tions, among which I may mention the following:
the average
wherever practical—to the extent to
and
such institution
some
wheat, rice and tobacco."
own
undertakings in
goods and
relations between the
productive
States
for
Growers would be permitted to redeem at three cents
general
on
of
the
commercial
they reduce 1939 acreage below their allotted quotas.
bring
Several features of the existing
Subsequent payments would be authorized "to bring
ment-held cotton—their
to
branches
in
United
said:
as
calculated
both
laying
fourths of parity.
parity of
Second,
countries.
products,
involving substantial purchases of American
price at 10 designated spot markets on the day prior to sale and threetotal payments to
furnishing relatively
by
First,
it.
be available through ordinary channels,
of American
movement
foreign countries,
permit Government payments on the day of sale of not more
than 5 cents per pound, designed to give the farmer 75% of
the parity price for his crop. As to his proposals the United
The Federal subsidy • would equal the difference between
the Bank serves these American interests in
understand
I
as
other
to
arrangements
Smith in his bill introduced Feb, 13 asked the
Senate to amend the 1939 Agricultural Adjustment Act to
Senator
Press Feb. 13 further
this note.
you
agricultural "and
trade, such as
railway and electric equipment, where purchases are customarily only
paid for in instalments over a period of months or years, it participates
in the necessary provision of this intermediate credit.
Third, it stands
ready to consider sound, limited and carefully selected participation in
Chairman Smith (Dem., S.
C.) said, however, that the Commodity Exchange Administration would
be requested to file with the Committee a complete list of the short
ways,
of the world,. I take
interests with the rest
short-term credit when it may not
contracts.
Mr. Johnston said
general
American
developing
and
sustaining
of
program
continued operation of
three
fill their
whole
our
and other economic
liberty of writing
The
that cotton traders
was
unable to meet delivery because of lack of available cottop to
are
in
commerce
...
During Mr. Johnston's appearance before the Committee, Senator
Thomas (Dem., Okla.) said that he had received reports that one of the
reasons
1101
Chronicle
rigidly
or
long run, sound economic character of mutual benefit
countries, especially in connection with our trade
republics.
a
and other
with the other American
1938 loan held
'
cotton would
be released to producers at
a
current market level to compensate the grower for
Senator
Smith said hjs bill would
Mr. Jones's letter to Chairman Steagall, outlining the
history of the Bank's organization and operations since its
price sufficiently below the
handling and selling.
"protect the income of the cotton
creation by executive order Feb. 12,
farmer and establish a long-range policy which will save the cotton-growing
The Bank
industry of the United States."
"It is designed to stop further piling up
which
now
total nearly eleven and
a
Capital
of cotton in Government loans,
earlier
Reference to the cotton legislation proposed
by Senator Smith, and proposals of Senator Bankhead ap¬
peared in these columns Feb. 4, page 662.
Industrial
and
Bank's
agricultural
House
of
23 without
the Senate on Feb.
the-House
to
for
concurrence.
a
on
In
of
the
...
In
the first test the House,
amendment
an
offered
of
the Bank of China,
by
1942.
New York* sought to
annually
finance
to
congressional consent.
tb
prohibit the bank from lending
exports
outside
This amendment
Total
Hemisphere
or
not
Lee
and H. A.
rearranged
to
mature July
1936, to December,
and
No part of the recent $25,000,000
part of it is to be used for the
no
including the
aforementioned items
vided
...
Moore,
President and General
Hampson
Gary,
Solicitor;;
Chairman^ of the Board;
Counsel;
W. D.
Hawthorne
Whittemore,
Arey,
Secretary,
Mulligan, Treasurer.
State,
Treasury,
Agriculture,
Commerce
and
the
pn the Executive Committee.
.
...
.
Export-Import Bank of Washington, D. C., was created by
order March
for
12, 1934, with a common capital of $250,000 pro¬
funds held
from NIRA
Commerce
benefit of
by the Secretary of State and the Secretary
the United States, and $2,500,000 preferred
stock subscribed by the RFC.
needed assistance to the
this
Walton
R.
are:
represented
are
executive
*
was
>•
by, the Bank,
used.
Pietson,
The Second
of
China
31, 1938.
disbursed
Departments »of
Tjbe
RFC
a
airplanes without the
been
officers
Bank's
Warren
■
Representative Edith Nourge Rogers, "Republican of Massachusetts, tried
amend the bill to bar extension of credits to foreign governments or
$9,212,826, of which
by the Second Export-Import' Bank, have been $63,repayments, $36,297,546 ; 181 loans have been authorized, 88 of
were
The
vojted down, 150 td 113.
principals for the purchase of arms; munitions
consent of Congress.
made Dec.
was
disbursements
618,965;
which
without
Western
rescinded
disbursements
and
$5,000,000
was
was
bushels of wheat to China
and quarterly from September,
purchase of War materials.
Republican of
the
Only $17,105,386
commitment
been
having
authorization has
Trading Co. backed
more than
$50,000,000 for the
country.
the
have been made regularly, $5,272,187 principal and
paid from September, 1937.
The- last payment,
Payments
$772,812,
a
Fish Jr.,
of
completed.
China of
this
;
indebtedness of
the
1936,
interest
part:
Representative "Hamilton
China
of
September, 1936,
Vice-President;
$25,000,000 to the Chinese-owned American
to
in others, the transactions
The total purchase price of this wheat was
1931.
May,
the
ranking Republican member of the House Banking Committee.
Basing hie, opposition to the Banlc on its recent action extending
credit
in
and
standing vote, of 152 to 114, defeated
by Representative Jesse P. Wolcott of Michigan,
by
request
The balance
used.
was
credit
a
the applicants were
cases
some
not
were
wheat and flour in
cotton,
the
The pre¬
,
$6,141,884 had been paid.
The adoption of the bill by the House on Feb. 21
(by a vote of 280 to 77) came,, after a Republican motion
to recommit the measure was defeated by a vote of 201 to
150.
In advices from its Washington bureau, Feb. 21, the
New York "Herald Tribune" said, in
that in
reasons
authorized
balance due from China on the sale of 15,000,000
,
last week was reported in our Feb. 18 issue,
measure
the
were
the RFC authorized
credit
$45,000,000.
$13,537,388, the unpaid balance of the above,
was transferred
to the Bank April, 1936.
The Bank' also took over from the Farm Credit Administration $3,070,942
961.
page
to
the credit from private sources;
the loans
this
at
House completed final action, and the bill now goes to the
President.
A reference to the Senate committee's action
on
manner
to aid in the exportation of
Commitments have been made
$210,613,930, of which amount $92,204,740.
amount of
canceled for
secure
1933
this
manufactured products.
and
purchase of
record vote and sent back
(Feb. 24)
to
which
for
increased in
principal activity has been
aggregate
later
able
Feb. 21 passed,
Yesterday
the
.was
by a
vote of 280 to 77, the bill continuing the operations of the
Export-Import Bank to June 30, 1941. /The measure also
includes a provision to extend the life of the Commodity
Credit Corporation to that date and increases its capital
from * $500,000,000
to $900,000,000.
The Bank's lending
authority is limited by the bill to $100,000,000.
On the
same
day the Senate Banking and Currency Committee
favorably reported a similar measure, which was passed by
Representatives
Secretary
Treasury with the approval of the President.
of the
The
Congress Approves Bill Extending Export-Import Batik
and Commodity Credit Corporation—Secretary of
State Hull and RFC Chairman Jones Urged Con¬
tinuance of Bank's Operations
funds held by the
Recovery Administration
Secretary of Commerce for benefit of the United States,
ferred stock has been
,
The
the
$10,000,000 preferred stock furnished by the RFC upon request of the
Secretary
in
1934, pursuant to executive order, with
$1,000,000 common stock provided, from
$11,000,000,
of State
and
An
of
National
quarter million bales, and at the same
time turn the cotton into trade channels," he added.
1934, stated, in part:
created Feb. 12,
was
stock
This Bank was created primarily to furnish
silver in
Republic of Cuba in buying and mining
country for Cuba,
Having completed the purpose for which it was created, the Bank
dissolved June 30, 1936, and the capital stock retired.
There was
was
no
loss
in
its
operation.
+
Steagall, Democrat of Alabama, Chairman of the
Banking Committee, defended the Bank's operations.
Representative Henry
House
Hearings
on
Export-Import Bank of Washington were held in the House
Feb. 20 with Republicans attempting to either liquidate
on
the Bank
or
to limit its operations under the powers granted
when the agency was
Jesse
H.
first created.
Jones, Chairman
of
During the discussion
the Reconstruction Finance
Corp., of which the bank is a subsidiary, made public two
letters urging continuance of the Bank's operations.
The
first letter
was
from Secretary of State Hull to Mr. Jones,
and the second one was from Mr. Jones to
Steagall,
Chairman
of
the
Representative
House Banking and Currency
I
have
Hull's
letter, which Mr.
Steagall, follows, in part:
Secretary
Air
Passes
Vinson
Bill
Bases—Provision
Providing for New Naval
Improvements at Guam
for
Island Stricken Out
The Vinson bill
authorizing the establishment of 10 new
the Atlantic and Pacific, was passed on
Feb. 23 by the House of Representatives, after it had
stricken out the proposal for improvements on the Island of
Guam, an American possession 1,300 miles from Japan.
Reporting the adoption of the bill by the House, United
Press accounts from Washington, Feb. 23 stated in part:
naval air bases in
The controversial Guam item was defeated by a coalition of Democrats
and
Republicans who contended that harbor and airport Improvements
proposed in the measure would be an affront to Japan and might provoke
Committee.
Chairman
House
the proposed extension of tbe charter of the
followed
with
Jones
great interest the current
also sent
tb
The roU call vote was 168 to 205 against the project.
Passage of the rest of the measure came on a standing vote of 368 to 4.
Final action on the bill completed ah but one phase of President Roose¬
discussions in Congress
regard to the proposed extension of the charter of the Export-Import
Bank of Washington.
Because I deem the matter to be of such im¬
with
war.
velt's emergency defense program in the House.
an
increase in
ered.
A measure authorizing
naval plane strength and air research remains to be consid¬
....
1102
The
Financial
amendment
eliminate
to
Guam
offered
was
by
Chronicle
Representative
Feb. 25, 1939
Since their transfer to the FCA they have made additional loans of ap¬
William Stuphin (Dem., N. J.), who said the $5,000,000 authorization for
proximately $100,000,000.
the South Pacific project would only project the Nation's line of defense
except approximately $12,000,000.
into "troubled Asiatic waters" and
In
"provocation act."
serve as a
A substantial bloc of Western Republicans deserted their leadership to
vote for Guam and Democratic ranks
Mr. Roosevelt
similarly
were
bursements made by direction of Congress for which we receive no benefit.
The
against the Guam
or
All the loans made by them have been repaid
asked Congress to authorize and direct the Sec¬
we
retary of the Treasury to cancel our notes given to the Treasury for dis¬
split.
openly expressed himself for
never
February, 1938,
Act
authorizing
such
cancellations
Feb.
approved
was
proposal but at the beginning of the dispute he pointed out that the Naval
Pursuant to this Act, notes aggregating
Bases bill,
As stated, much of this money was used for direct relief but
the
bearing the
House
Naval
of Chairman Carl A. Vinson (Dem., Ga.), of
name
Affairs
Committee, merely authorized certain improv-
capital stock of governmental corporations,
work.
carry out such
.
.
Previous reference to the Senate passage of
our Feb. 18 issue, page 961.
Under the Navy's proposals a substantial fleet of scouting planes eventu¬
ally would have been maintained at Guam, together with
fleet.
base might serve to hold off an
was
In addition to scounting work, they believed that the vessei strength
of the
the bill
made in
segment of the
a
other obligations, or has been
or
converted into cash.
that funds necessarily would be asked to
mean
,
approximately
$850,000,000 is carried by the Treasury and other agencies in the form of
ments on the Island.
This, he said, did not
1938.
24,
$2,699,236,946 have been canceled.
fleet until reinforcements
enemy
Dismissal of 11 Defendants in Madison
(Wis.) Oil Case
Upheld by U. S. Circuit Court of Appeals in Chicago
arrived from the East.
Considerable pressure was exerted by Ray burn and other House leaders
to retain the
tentatively
which
Guam authorization
on a
in
the
bill when
teller vote of 193 and 64.
brought the final rebuff.
No debate
was
first
it
Dismissal
roll call,
a
•
The
caused by the other projects authorized:
and Pearl Harbor, Hawaii;
defeated
was
Mr. Ray burn forced
—Denies Government Motion to Set Aside Order of
Kaneohe Bay
Feb.
Palmyra Island, all in the Pacific; Kodiak, Alaska; Sitka, Alaska; San Juan,
Puerto Rico; Pennsacola, Fla., and Tongue Point, Ore.
at
Jacksonville, Fla.,
as
the
Guam
Is
item
expected.
An
influential
bloc
of
fight to
a
of the
one
motion
to
and
aside
set
the record Judge Stone's order of dismissal.
16 corporations
individuals;
panied
isolationist
Dak) and Bennett
Government
a
Appeals in
"Daily
Chicago
the
to
of 30 defendants and 12 of 16 corporatiohs convicted in
January, 1938, of conspiracy to raise mid-Western gasoline
prices.
At the same time he granted outright dismissal to
naval air station
recommended by the Hepburn Naval Board which
by Gerald P. Nye (Rep., N.
according
his order, on July 19 last (referred to in our issue of
July 23, page 508), Judge Stone sustained the guilt of five
no cost to
The bill, as passed by the House now goes to the Senate, where
Senators, led
denied
States Circuit Court of
court,
In
suggested the Guam and other projects, will come up in a separate bill after
Mr, Vinson's committee determines whether Miami would make a better siterestore
The
expunge from
the Government land at Corpus Christi, Texas, to be used for the
purpose
of establishing a naval aviation training station.
a
by the United
Tribune,"
The measure also authorizes $500,000 for improvements at the
Hampton
Roads, Va., naval station and $1,800,000 for construction of laboratory
materials buildings at the naval aircraft factory, Philadelphia.
In
Another item which would authorize construction of
15
by Federal Judge Patrick T. Stone of 11
Madison (Wis.) oil case was upheld on
in the
Chicago.
and
addition, the Secretary of the Navy is empowered to accept at
dismissal
defendants
Midway Island, Wake Island, Johnston Island,
C. Clark
Feb.
trials
new
cision
of
originally convicted, and to 10
individuals and three com-
in the case of 15
the
ordered
were
United
States
by Judge Stone.
Circuit
Court
of
The de¬
Appeals
on
15
threat of filibustering the whole measure unless the Guam Item
stays out.
Funds for the authorized projects probably will be provided later in
upholding Judge Stone's dismissal order was writ¬
by Justice Otto Kerner, both Justices Evan A. Evans
and J. Earl Major joining him in his conclusions.
In this,
regular naval appropriation bills,
his
(Dem., Mo.), might succeed in forcing
The bill
1
authorizes
or
kind of compromise under
some
ten
first opinion from the Appeals bench,
according to the United Press, said:
in special Navy Deparrtment requests.
appropriation of $48,800,000 for
the defense program.
Items bearing on the bill appeared
in our issues of Jan. 28, page 515; Feb. 4,
page 663, and
Feb. 18, page 961.
The bill was favorably reported to the
House on Feb. 18 by a majority of the House Naval Affairs
Committee; the minority members, five Republicans and one
Democrat filed a report saying in part:
Although the work is of
ment
has
an
a
To
no
intention
present
to
21.
'
the jury
right that
right in
Bill Extending
in
Government
his
RFC
to
"To
The House of Representatives on Feb. 20
passed a bill
extending the life of the Reconstruction Finance Corporation
until June 30, 1941, after defeating Republican
attempts to
in
that
the
emergency powers granted President
1933.
The bill originally extended the
Corporation's
poweis to
Jan. 15, 1941, but
amended to
was
conform with the measure passed by the Senate on Feb. 16.
The House defeated by 110 to 89 an amendment
sponsored by
Representative
Wolcott (Rep. of Michigan) to deny the
President the power of suspending RFC credit unless the
RFC directors recommended it.
The House also defeated
amendment offered by Representative Luce
an
(Rep. of
Massachusetts) to abolish the section extending the Electric
Home and Farm Authority.
This bill extends the life of the
Disaster Loan Corporation to make loans for rehabilitation
of property damaged by floods,
earthquakes and other
catastrophes and increases the Corporation's capital from
$20,000,000 to $40,000,000.
With the passage of the bill, Jesse H.
Jones, Chairman of
the RFC, on Feb. 20 made public a letter to President
Roosevelt and to Congress in which he summarized the RFC
activities since its organization Feb. 2, 1932.
in part,
The summary
follows:
$13,208,639,807.
Of this amount
by direction of Congress in which our Directors had no
was
Judge Kerner
The
reservation
defend-,
quote
we
the
of
power
to
the
wrest
case
on
that
had
the
also
deferring
accused
his
shall
twice
not
be
put
in
offense."
same
argued
ruling
that
under
the
postponement
mere
Judge
Stone
which
not
was
he
freed
the
ruling
a
in
favor
of
11
declared.
Is
'
■
^Government Sues
Fixing
the
ruling completely is going beyond all bounds in giving
purely on a change in procedural form,"
given in the item in
was
of
right based
a
of' defendants freed
list
18
Jqdge
;
^tone's order
July 23d issue.
our
Tire
Charged
under
Firms
Aginst
for
$1,053,474—Price
Manufacturers
Tbe -United States Government late
on Feb. 20, filed a
institution of which Attorney General Frank
Murphy announced Feb. 19, against a group of automobile
.
suit,
the
tire
manufacturers
and
dealers
for
$1,053,474.
The
sum
represents three times the amount of damages the Federal
Government alleges it suffered through a
conspiracy aimed
violation of the Sherman Anti-Trust Law
by fixing the
price of tires on the sale of automobiles.
at
Named
defendants
as
facturing
the
are
Cooper Corp.,
Dayton
Rubber
Manu¬
Co.,
Dunlop Tire & Rubber Corp., Falls
Rubber Co., Fisk
Corp., General Tire & Rubber Co., B. F. Goodrich Co., Goodyear
Tire & Rubber Co., Kelly
Springfield Tire Co., Lee Tire & Rubber Co. of
Rubber
New York,
Mohawk Rubber Co. of New York, Norwalk Tire &
Rubber
Pennsylvania Rubber Co.,
Co.,
Rubber Co.,
Tire Dealers
Allen
Total RFC authorizations have been
$2,900,601,066
say
Government
the
since
against the
case
the defendants.
trial, after judgment of dismissal had
new
limb for the
attorneys
the
Roosevelt
a
turned
case
Constitution
or
rights
defendants bars
of
its
prove
upon
defendants.
$7,243,873,197 Repaid
some
to
a
purely legal question, is to create
before existed," the opinion said.
"The creation of a
would come very close to violating the ancient doctrine
case
our
June 30, 1941—
Jesse Jones Reports 74% of
Corporation's, Loans of
curtail
failed
its
pursuant' to
if the
jeopardy of life
•
.
never
the
codified
within
House Passes
has
penalty to impose
the prosecution
rendered
a
general
Feb.
Government
monstrous
from
On Feb. 20 the House Rules Committee voted
right of way
the Vinson bill, and provided for six hours of
on
the
a
been
improvement at Guam, it is obvious that this work is the
debate thereon
is
"To grant
first and essential step to the ultimate fortification of the Island.
to
after
As to4 Justice Kerner's further
findings,
following from the Chicago "Tribune":
seek
.
,
with the petitioner that the prosecution is entitled to a new
after the issues have been fully tried in a trial by judge and jury
trial,
and
Justice Kerner,
,
agree
ants,
minor military nature and the Navy Depart¬
definitely declared that there is
further Naval
„
F. G. Schenuit Rubber Co., Seiberling
United States Rubber Products,. Inc. and the United States
Corp.
Dobey, assistant
to the Attorney General, filed the suit in the
United States District Court for the Southern District of New York.
discretion.
,
Authorizations for
$10,306,038,741.
celed; either the
carried into
which
Directors
our
have
responsibility aggregate
Of this amount $2,293,568,866
was
withdrawn
or
for which the authorizations were made were not
the applicants found
they did not need the money.
been
disbursed and
$768,596,678 remains available
the authorizations
were
to the
$5,372,565,029,
borrowers
or
or
was
made.
was
repaid by counties and
municipalities, and of the latter amount $37,000,000
stock of regional agricultural credit corporations.
May,
1933,
In addition
we
was
repaid from capital
From October, 1932, to
invested $44,500,000 in the capital stock of 12
credit
to
Congress, $1,-
for direct relief, and $1,001,112,169 to other
governmental
Of the former amount $17,158,858
agricultural
74%, repaid.
for the purposes for which
Of the amount authorized and disbursed
by direction of
799,984,009
Price-Fixing
Under National Bitijminous
Coal
Act
Upheld by Three-Judge Federal Court in Wash¬
ington—Action Brought by City of Atlanta, Ga.
can¬
purposes
effect
$7,243,873,197 has
agencies.
or
corporations
this
investment
to
in
make
loans
principally
their capital stock,
we
on
regional
livestock.
advanced them
$173,243,641 to enable them to make loans principally on livestock.
these loans have ,been repaid to us, and the
companies have sufficient
hand to retire the balance of the
capital stock.
transferred to the Farm Credit Administration
on
by
May, 1933.
All of
money
These agencies were
Executive
Order
in
In
dismissing, on Feb. 16, an action brought by the City
Atlanta, Ga., to have the Bituminous Coal Act declared
unconstitutional, three Justices of the District Court, Wash¬
ington, D. C., upheld Federal price-fixing in the soft coal
industry.
According to the Washington "Post," the priceof
fixing
and
declared
other
the
States in the interstate
tion.
sat
Justice
Chief
Court,
Miller
Justice
wrote
the
of
powers
clearly within
of
the
Coal
commerce
the
Wheat
were
granted the United
clause of the Constitu¬
Court of
and
opinion,
Commission
authority
Justice
said
the
Appeals,
Adkins
with
of
Washington
whom
District
"Post,"
which further stated:
Atlanta
asked
that
the
Ccfrnmission
fixing order and restrained
tion
cost
schedules
compiled
from
be "forbidden
to
issue
any
price-
enforcing any such order.
The produc¬
by the Commission, said the city, indicated
Volume
that
to
it
Financial
148
would
set
price
a
far
above
certain Kentucky producers.
pay
that
Such
which
contracted
had
Atlanta
increase would ruin Atlanta's
the
the
said
Act,
price-fixing orders ought in
agency,
if
even
Justice
the Act
that
labor
conditions.
Congress
charges
by regulating
or
be
all
of
free
"create
regulation."
"ought
together,
which com¬
be,
sphere in
a
said the court, cannot
This,
be
to
equal
the
all
to
of
objects
the
gov¬
its
Miller,
the
end.
marketing
that
result
impaired.
that
It
said
Act
declared,
health
coal
does
which
not
appeared
to
action,
further
of
Since
necessary.
order
an
As
and
Justice Miller
excessively,
procedure,
the
states
"the inadequacy
be fixed and
the
of
lawful power, said the
was
no
usurpation
a
State
give
must
and
Commission
circum¬
standards
of
does not
court, the in¬
because when
way
may
be
ordered
far
so
to
as
for
Atlanta
were
and submit it to the justices for
6G2, the
page
Jan. 30 that the
Commission may disclose data
ruled
Court
Supreme
Coal
Bituminous
submitted
by 10 coal companies.
Wage
by Administrator Andrews to Enforce
Hour Law—Suits Filed in New York
and
State and Elsewhere
and hour law)
of the law, in the United States
Court in New York City on Feb. 10.
The suit is brought
against
the
Manufacturing
Trueworth
Co.,
whose, factory
in
Jesup, Ga., but whose offices and salesrooms are in
New York City.
Irving J. Levy, chief of the litigation sec¬
tion of the Wage and Hour Division of the United States
Department of Labor, who drew the complaint, is reported
saying:
6
enabled
the
of
has
business
goods
New
the
not
the
strictly
a
criminal
The
called
established
rates
to
secure
other
in
by
competitive
a
States,
and
has
Telegram"
Feb.
of
10
it
was
work
12
that it is
added
was
'
of
Administrator
the
officials
added:
Jesup,
of
"
heurs
apply for relief
The
It
the country.
civil action and makes no attempt to invoke any
day
a
Action
the
the
case
same
Section 7
of
hours
Federal court
Fair
Labor
was
action
from
production
15c.
less
were
for
hour
an
of
the
establish
the
complaint alleged
of
at
had obtained
in
ing
York,
New
to
tion
of
Officials
last Oct.
It
said
that
the
to
decree
the
enforce the provisions
violating the
Jan. 27
Act,
which employs
company,
more
of
employed
weavers
by
the
in 1932."
.
.
character
enjoined
Powers
and
accord¬
than 150
defendant
defendant's
business,
the
produced by the corporation was made
the State, includ¬
thread shipped to North Carolina from
rayon
State
York
New
had
We
been
President of
given
ments.
was
been
the company, who has
quoted
paying
only
until the end of
on
a
penny
or
as
This is
so
a
offices in New
saying:
under the, standard and
the'month to. bring
We have been doing that.
Jan. 27
had
Judge
District
Federal
Co.,
Iowa, from
Waterloo,
paying
Andrews.
F.
Supreme Court Invalidates the New
Milk Marketing Law
State
Supreme Court Justice Francis Bergan,
sioner
Agriculture
of,
Markets
and
the
fixes
minimum
prices to be paid to producers for milk distributed in pre¬
scribed
suits
Justice Bergan dismissed
marketing areas.
begun by Commissioner Holton V. Noyes against four dis¬
tributors
The
of
Niagara-Frontier
the
marketing
milk
area.
Bergan was given, in an Albany
dispatch, to the New York Herald-Tribune, under date of
Feb. 22, from which the following is taken.
Justice
the
of Justice
opinion
held, in
Bergan
Commissioner to fix
and
long opinion, that the power conferred upon
a
prices
"an
was
the power conferred
that
enforce
Sketching
the
equalization
an
without
power,
1933
history
oh
the
when
declaration
clared
by
policy
based
was
1937 the Legislature made a
an emergency, .found or de¬
in
upon
founded
but
Legislature,
the
Court,
enacted
was
"not
since the enactment of
upheld by the State
Justice Bergan pointed out
control
which
law,
Supreme
present law
of
milk
State
of
States
United
invalid delegation of legislative
him under the law to set up
delegation of legislative
"naked"
a
was
price-fixing
emergency
that
fund
standard."
adequate
the
and
courts
of
upon
have
who
dealers
average
be
paid
a
declaration,
general
marketing
to all producers in
their
ip
Commissioner the
the
various
hands,
to 6uch
the
minimum
determining
bargaining
"producers'
ducers
the
of
who
producer
and
to
also
given area "by
producers in
a
the average, in turn
'
goes
prices,
1
to
state,
the
acts
upon
the
at
least
75%
on
favored
agency"
power
due
money
less than
producers
owe
producers."
statute, the opinion
areas,
ap¬
„
tp deposit such excess in a fund
price in the arefi,
to dealers
paid
Under
in
the
to equalize the payments
the
in
vests
in
prices
producer
be
to
noted,
he
statute,
new
by
Commissioner,
petition of a
of the pro¬
area.
Finds
held
Bergan
that
No
the
Equalization
Legislature
did not
state as
a
finding
the dairy industry are to be
it was "significant that the
equalization provisions of the statute are not based upon any finding
by the Commissioner, with or without evidence, that public interest
requires that the policy declared by the Legislature shall be made ef¬
fective by such equalizations, or upon any expressed declaration by the
remedied
the
by
price-fixing."
that
itself
such
found in
that
And
equalization
public policies elsewhere declared in
this
"In
order
the
respect,"
which
fixes
the
court
minimum
goes
on,
prices,
finding by the Commissioner.
some
on
conditions
"that
policy
a
or
of prices has
the statute."
of
any
relation
to
"it differs from that part of
which must be based, at least,
The only prerequisite to the
order by the Commissioner setting up
is the approval by 75% of the producers affected."
an
an
pro¬
equalization
that the power of the Legislature to regulate the dairy in¬
and, as an incident to that power, to fix
"undoubted," Justice Bergan added:
Legislature may provide, under adequate standards, fixed by it,
Declaring
the public interest,
dustry
it up to the require¬
complete surprise.
by
22, ruled against the constitutionality of the New
York State miik marketing law under which the Commis¬
mulgation
City,
in
Feb.
on
plan
The
been
has
York State
Legislature
the
to Fayetteville from points outside
of
signed
was
Manufacturing
Elmer
Administrator
Hour
in
.
of
which
These advices added:
employees less than 25c. an hour and from shipping its products in inter¬
state commerce until the legal. minimum wage is paid.
The decree also
directed the company .to keep records as required by regulation of Wage-
excess
for operating six looms than they had been
interstate
Standards Act
24.
Scott.
C.
George
Labor
Fair
the
power
necessary
25c. an hour.
on
Iowa, its first perma¬
minimum
Tennessee.
York
Sioux City,
injunction restraining an employer from alleged viola¬
compelling
gre
Feb. 16, it was
and Hour Administration announced
it
that the cloth
silk shipped
raw
the
of
nent
Justice
earnings
during such period
operating two looms
To
official
an
the
that in the latter part of 1938 and in
defendant's employees were paid less than
extent
an
many
while
Levine,
injunction,
that
also quote:
such
to
1939,
January,
a
for overtime payment for more
Herman
fix
had "depressed wage standards and employed 'speed-up' methods of
persons,
week.
required
the Eastern District of North
allegedly
charged that the
The complaint
employing
firms,
said any violations were unin¬
present the Act is being fully complied with by his
ing to United Press accounts from Washington, on Jan. 27,
we
of
parently permanent, of facts in relation to the dairy industry."
Carolina, at Fayetteville, to enjoin the Central Weaving &
from which
group
He said the injunction was obtained to enjoin
per
that the Wage
The
Standards Act was filed
States Court for
Corp.
second
Levy, chief of the litigation section of
In United Press advices from Washington,
stated
to
first
Spinning
have been com¬
entire United States was issued
That issued by Judge Kalod¬
the Act, providing
of
agreed to the
that
and
the
against
work
of
who
companies,
may
.
.
paper,
were
and that they found it
$1,
to earn
The
United
.
by Irving J.
Division.
Wage-Hour
than
tentional
several
receiving
second.
brought
persons,
violation
,
permitted under the Act
wages
of, the
the
66
44
and that
Act,
firm in Waterloo, Iowa.
a
Nation's
was
of
the
violations that
any
unwittingly.
Injunction of the sort in the
the
was
by
hours a week without
due them for overtime.
contended
action,
new
,
when working steadily.
even
minimum
to
said
;
,
■
that employees frequently
Levy said,
reported, Mr.
;
,
firm, filed by the local office of
up
of 44
excess
compensation
made
first
Thursday against
ner
set
■
.
penalties.
by relief
They
to
in
attention
which
the
w£re
The
power,"
"World
York
second
/
Race, who represented the defendant company in court, but did
contest
mitted
noted that the action was the first to be filed in New York
and
supplies.
Contested
alleged that employees there were paid less
minimum
worked in
time-and-a-half
and
in
hour
an
were
Herman
of its competitors in other States
many
them.
from
minimum
defendant
similar
undersell
to
the
the
enabled
producing
defendant
divert
below
far
wages
Act
firms
over
the
to
and
of
payment
advantage
management,
common
dry-cleaning
and
Hour Division,
25c.
employees
(the so-called
filed at the instance of Elmer F.
was
Andrews, Administrator
The
the
payments called for
wage
Standards Act of 1938
under the Fair Labor
Section
than
New York
to enforce minimum
An action
as
laundry
under
complaint against the Race Bros,
the Wage and
on
Actions Brought
is
companies
companies.
indicated in these columns Feb. 4,
National
of 2418 S. Swanson
manufacturing
and the Beacon Chemical Corp., both
Corp.
affiliated
distributing
the
power
pursuant to the opinion
States
folding
manufacturers of
and Lehigh Avenue,
Street
Third
effect since
was
wage
Bros.,
Chemical
total
signature.
United
overtime provisions
and
boxes,
Street,
its recurrence,
prevent
sovereignty
Coal
the
for
part,
also, in
restrained the following concerns from
decrees,
consent
violations of the wage minimum
.
Counsel
draft
to
Usurpation
invoking
was
those
conflict
the
and
chaotic,
Act."
Atlanta's
of
with
lees
or
and
fact-finding
may
which
employing 30 persons; the Sterling Supply Corp., 1 Porter
Street; the Carson Textile Co., Inc., 2415 S. Water Street; the Crescent
in
been seriously burdened
has
legislative
a
18,
Feb.
of
respectively:
Act,
paper
per¬
Conditions
other Acts condemned by the Supreme Court
Coal
Congress
fringement
powers
all
alleged
the
the
a
interstate commerce."
protect
delegate
prices
in
the
in
appear
to
with its primary
inhabitants.
more
coal
in
this evil,
eradicate
prescribes
it
which
in
stances
were
wise.
or
appropriate
"are
its
of
been
long
commerce
thus
acted
comfort
and
have
of
to
was
for
Congress
of
sound
were
opinion,
the
No
The
methods
the
vitally essential to the existence of the country's indus¬
flow
Congress
The courts, said
soft coal industry supplies the Nation
of
the
whether
on
whether its policies
adopted,"
the
to
pass
not on
The
energy,
and
tries,
but
methods
of
source
voiding of Atlanta's
property without due process of law.
could
constitutional,
"The
United
the
"Inquirer"
stated:
The
took
on
Action Not
rejected the idea that the apprehended
court
contracts
missible
granted
group
a
Permissible
Held
Justice
in
of employers
Feb. 17 by Judge Harry E.
States District Court, said the
Philadelphia against
'
ernment."
The
city
Philadelphia
Race
he said, to hold that
regulate interstate trade,
fix the prices would
could not
taken
was
The
to
power
quoting James Madison as writing that the powers of the States and
Nation,
that
.
cannot
States
would
merce
powers
had
unquestionably
prices indirectly, by setting transportation
the
in
the general public.
to
as
Congress
affect
Since
and
governmental
sovereign
its
on
to be applicable to a
no case
upheld
was
observed
Miller
infringed
city,
be issued
Kalodner
Charged
Infringement
Coal
and hour law
The first set of injunctions under the wage
to
in
an
budget, the action contended.
The
1103
Chronicle
in
prices
was
"The
for
the
execution
of
its
legislative
policy
by
administrative
agencies,
1104
and
Financial
confer
may
discretion
of
powera
the
legislative
"Here
fixing
been
found
found
exist
within
to
the
minimum
of
expressly
within
declared
It cannot surrender
officers
by
the
prices
producers
to
Legislature
the
milk
of
not
Commissioner
relation to those evils.
In the ab¬
expressed finding or declaration, the grant of power to the
to determine that the fixing of
prices should be under¬
taken
public
of such
sence
of
the
in
price fixing, is
makes
the
which
may
a
statute,
by
the
is
policy
declared
a
policy,
legislative
read
nevertheless
an
implication, that price-fixing
the power, conferred upon
invalid
delegation of
legislative
for
State,
Commissioner
under
well
as
sources
the
which
The
conferred,
there
is
distributors in
Trevett
tion,
evidence adduced
power
the Erie and
are
obtained
'otherwise'
from
as
delegated
for
processes
has
before
standard.
no
whose
,
since
20 the issuance of the first of
and
digests of trade data with respect to products on which con¬
were
granted by the United States in the trade
agreement with Canada, effective Jan. 1, 1939, together
with a general discussion of the agreement.
The report will
Other volumes will be released
The contents of the four volumes
pleted.
the
Vol.
II (now
2—Earths,
Schedule
Schedule
be
affected.
Associated
Ap
given
Press
dispatch
from
as
"Judge
program
follows:
Bergan's
"The
Federal
troversy
arising
Federal
area
Buffalo
with
courts,
any
the Federal
which
under 'the
have
influence
way
present
does
and
area
order.
order,
constitutional
over
and
legal
any
have
con¬
consistently,
the
order
held
promul¬
IV—Schedule 10—Flax, hemp, jute and manufactures of.
Vol.
Schedule 14—Papers and books.
Schedule 15—S cm dries.
Schedules 16, 17 and 18—Free list.
The release of the United States Tariff
scribed the contents of the various volumes
applies
intrastate
to
not affect the
operations
policies of the two countries and of conditions leading up to the
States-Canadian
United
rest of the world, over a
Disbursements
involved
of
in
Federal
Since
The annual report of the
to two
Volumes II,
the
1934
in
1938—
Totaled
Export-Import Bank of Washing¬
lie
Pierson, President,
said that the activities of the bank increased
but
were
confined,
as
heretofore, largely
and
the
financing through
medium
and
exchange
the report stated.
Since its creation in 1934,
the Export-Import "Bank (in¬
cluding the Second Export-Import Bank of Washington,
D. C.) has made commitments aggregating
$208,863,930, of
which
approximately $101,261,000 were canceled either
because the applicants found they did not
require the facilities
or arranged to obtain the credit from
private sources. Total
have
amounted
to
$61,436,535,
of
which
$35,235,345 has been repaid.
From the report we
During the calendar
of
sum
Products
Which Concessions Were Granted by the United States,"
on
new
rates of
year
■
,
on
agricultural products
Earnings for 1938
as
to
$18,602,974; and received
repayments
of
Dec. 31, 1938, active commitments of the
China.
are as
1938
Grossj__i
Export-Import Bank did
not operate
existence, substantial dividends accrued
stock.
During
1937
dividends
of
$1,056,164
follows:
1936
$905,668
853,910"
$659,512
597,258
upon
were
its preferred capital
paid
Commission
from
earnings.
was
originally
by the Export-
In 1936 the Second Bank
was
liquidated and the full
of its common and preferred stock returned to
the
amount
Treasury of che United
States and the RFC, respectively.
1938 total administrative expenses amounted to
$49,469.
As the business of the bank expands, the sum
allocated for such
expenses must necessarily be increased.
According to the bank's statement of condition as of
Dec. 31,1938, total assets amounted to
$48,910,364, of which
$24,594,766 were loans, $20,762,724 advances to the Re¬
construction Finance Corporation and
$1,733,202 total cash.
Total capital of the bank amounted to
$47,470,620, made
of $45,000,000 of preferred stock owned by the RFC,
$1,000,000 of common stock held jointly by the Secretary of
up
Secretary of Commerce for the benefit of the
$179,139 reserved for contingencies
and
States,
$1,291,481 undivided profits.
the Trade Agreements
to
based
on
the
Committee, which is the inter-de¬
Only those commodities, however,
program.
States made concessions
are
treated in the
on
agree¬
which the United
digests.
Copies of Volume II may be obtained by writing the United States Tariff
Commission,
Washington,
D.
C,
Operations of Federal Housing Administration Since
Amending National Housing Act Last Year Re¬
viewed by Stewart McDonald, Administrator
.
Marking the first anniversary of the liberalized National
Act,
Federal
Housing
Administrator
Stewart'
Housing
McDonald
written
Feb. 10 reported a
on
the FIIA's
on
Individual
homes,
books in
it is stated,
billion dollars of business
a
More than 100,000
year.
have
been built
or
started,
all of them approved by the FHA before construction, since
passage of the amendments on
said.
The
FHA
addition,
Feb. 3, 1938, Mr. McDonald
in
announcement
than
more
have modernized
men
ness
the
matter ' went
on
400,000
or
home
and
farmers
owners,
altered their properties
small
busi¬
during the 12 months'
period through the restored property Improvement Credit Plan.
Approxi¬
mately 12,000 family units have been provided in large-scale rental housing
projects
put
into operation or
under
construction
during
the
same
period.
'
-
„
_
During January construction
than
10,000 families,
over
7,000
inspection and
more
than
for
be
which
ground
approved
was
was
started
financed
new
with
on
new
FHA
dwelling quarters for
insured
mortgages.
This
single-family homes commenced under FHA
3,000 family units in rental housing apartments
broken.
did
This
not
include
homes,
new
yet
to
by the FHA, which'will be bought with insured loans.
"It appears at this time," Mr. McDonald said, "that the
FHA's mortgage insurance business in 1939 will exceed last
of
United
preface,
a
briefly summarizing the imports from Canada by
partmental administrative body charged with carrying out the trade
ments
year
Washington, D. C.
State and the
volume of digests also contains
The material presented is substantially that made available by the Tariff
dining the first 18 months
1934 to handle certain financing for the
Republic of Cuba.
To simplify administration its functions were later
assumed
year
agricul¬
Canada.
than
established in
During the fiscal
on
type of concession, and imports of concession items from countries other
Additional profits are now sufficient to
pay all accrued preferred dividends.
The Second Export-Import Bank of
Import Bank.
Each
figure included
1937
$1,130,816
1,081,346
Since the
of its
products.
introductory volume,
more
compared to 1936 and 1937
Net.
between imports and domestic production.
as
in two parts; Part I, containing digests
products other than fish; and Part II, containing digests on fishery
In
1938 the bank authorized commitments In the
bank aggregated $46,165,508, which sum included a
commercial credit of
$25,000,000 authorized to facilitate the exportation.of American industrial
and
tural
:
■
As of the close of business
duty, domestic production, imports and exports, and
conditions
to say:
further quote
$74,808,092; disbursed
$9,772,940.
tables and summaries
many
III and IV, subtitled "Digests of Trade Data with Respect
long-term
credits of the exportation of industrial products. No advances
were
made in 1938 against foreign obligations issued in
settlement of American claims arising out of blocked
disbursements
will
It
This volume of the report
period of several years.
Volume III will appear
major fields, namely, the financing through short-term
accommodations of the exportation of agricultural commod¬
ities,
1939.
and
summarize, for each United States concession, information regarding the
recently issued by Warren
year,
1936
of
agreements
by the present agreement, and will contain
Order
$61,436,535—
$35,235,345 Repaid—Net Earnings in 1938 $1,081,346
Compared with $853,910 in 1937
during the
trade
will be chiefly devoted to an analysis of the concessions made on both sides
to
interstate operation
Export-Import Bank Increased
was
follows:
also give an analysis of the composition and trend of the trade between the
the competitive
in which it
Commission de¬
as
The Introduction (Vol. I) will contain a summary of the trade relations
old and
ton was
7—Fishery products.
showing the trade involved by type of concession and commodity groups
(governing the metropolitan market)."
Activities of
fishery
(whiskey).
and tariff
tpe
(except
United States and Canada and between each of the two countries and the
jurisdiction
metropolitan
marketing .agreement
gated unper it valid.
"The Bergan decision
27
in
not
of the agency in its efforts to compel compliance by distributors
of the metropolitan
the
will
products
8—Spirits, wines and other beverages
Part II—Schedule
re¬
•
■
decision
and maple sirup).
sugar
7—Agricultural
Schedule
,
will
program
Syracuse, under date of Feb. 22, indicated Mr. Cooke's
marks
5—Sugar, molasses and manufactures of
(maple
decision, Edmund F. Cooke of Buffalo,
attorney for the Metropolitan Co-operative Milk Producers
agency's
,
products).
After hearing the
not
I—Schedule
Ill—Part
earthenware and glassware.
upon
Dairy, Inc., and Arthur E, Landel, all of the
Niagara-Frontier milk marketing area.
the
follows:
4—Wood and manufactures of.
Vol.
herst Farms
that
on
com¬
3—Metals and manufactures of.
uncertain
was
as
ready)—Schedule 1—Chemicals, oils and paints.
that
wholly
decision
issued
soon
are as
Schedule
Schedule
the
was
as
I—Introduction (General Analysis of the Agreement).
Vol.
Wyoming Farmers' Co-operative Corpora¬
Inc., Sterling Am¬
said
Volume II of the series
be in four volumes.
Feb. 20.
Co-operative Association,
Bargaining Agency,
Agreement Between the United
The completed report will contain
cessions
.
favor
Trade
Canada."
and
States
determination,
based
"Second
entitled
Feb.
on
series of volumes of its report
a
admit
power
His
be
the
is
information
him.
thus
may
the
Digests Covering Second Trade Agree¬
Between the United States and Canada
ment
Commissioner
power,
unfixed
from
milk
the
sought to be established for the exercise of
arbitrary determinations of legislative policy upon
the
from
a
standards
of
aspect
desirable public policy.
construed as a determination
be
entirety,
respect
is he who
It
every
by
the
of
its
in
in
in
silent
of legislative power.
essentially
be viewed, Whether price fixing is
Legislature
public
under
delegation
naked
a
determination,
it
"If
public policy in
interest
1939
The United States Tariff Commission announced
has
be a solution for the evils
or been expressly incorporated
to
dairy industry,
Feb. 25,
Summaries and
delegate
or
itself.
power
the
administrative
the
upon
charged with the execution of its policy.
Chronicle
by
a
considerable margin.
amendments
country
of
we are
residential
And last year, as a result
Housing Act, was by far
in the FHA's history.
From all over the
to
the largest year
the
National
receiving optimistic reports as to the volume
construction
expected this year."
The text of the Act amending the National
approved
Feb.
12,
League
Feb.
page
of
3,
976.
1938,
Nations
given
was
Work
in
Housing Act,
these
Commended
columns
in
Note
of
from
Secretary of State Hull
In
to a communication from the League of
17, 1938, the State Department at Wash¬
ington on Feb. 22, sent a note to the League Secretary,
General Jules Avenol, in which Secretary Hull said that the
response
Nations
on
Oct.
United States Government would "consider, in
spirit,
means
Associated
of making its collaboration
Press advices from
a
sympathetic
more
effective."
Washington Feb. 22 stated:
Volume
The technical and
League in
and the like.
political collaboration involves working
non
economic
I
with the
It does not involve the
concerted
same
advices said:
exchange
fields
in
history.
The United States Government is keenly aware of the value of
this type of general interchange and desires to see it extended."
Much still remains to be done, the Department said, in health, social,
humanitarian
econonic
scientific
and
through by voluntary
certain parts of the
program would require the assistance of Government to carry them into
action.
It could then call upon government for such assistance as it felt
was
necessary in aiding this program of increased production.
financial
and
than
fields.
program
a
and
concerned
Should
Attention
Restrictions
Would
It
Mistake
Capital—Says,
However,
Spending
In
address at Detroit,
an
stated
System,
restrictions
removing
ernment."
around
community buy¬
ing power, since our experience in the last decade lias
proved that government spending is not a deterrent but a
withdraw the government's, contribution to
stimulant
Mr.
since
in
dance.
This
is
limitation
such
upon
However,
we
than
general
of
balanced
a
investment
the
on
of
the
on
through the
can we
attain
•
purchasing
consumer
power
existing investment, but also to provide
only to sustain
,
not
profitable nutlets
in
"If
objectives progress can
today," he continued, "is how
business, labor and farmers can manage to work together
so
that they develop price and production policies which
lead to increasing and full employment and production—
the objective that we all desire."
to
Secretary Wallace added:
of
establishment
clearing
central
a
house
policies of
where the
industry, lobar, agriculture and government can be tested. in the light
of the general welfare would be one definite step toward such a program
of abundance.
Such a central clearing house need not be located in the
though
Government,
Government
and entirely
with
should, if
The
the
on
the
to
the
considered.
matters
of
democracy
their own
form
would
council,
on
be
their
for
initiative
council, if
one
groups.
better understanding of what is
The council could improve the
mutual understanding of the problems
of the different groups and the
need for keeping the activities of the different groups in balance with
each
other.
This greater mutual understanding would
in itself build
mutual confidence.
Furthermore, the council would be in a better position
than any other type of agency to obtain reliable explanations of govern¬
mental policies in the matters of spending, debt and regulation, which
directly affect confidence.
It could avoid unwarranted rumors of govern¬
mental policies never contemplated.
It could make recommendations' con¬
general
needed
welfare,
to
and
improve
cerning proposed
or
work
the
to
general
create a
welfare.
current policies.
the Nation's economic
hours law as a step in
a
the very lowest
in our country will"be lifted
month is added to the income of
.
.
.
of the National Grange,
Master
Taber,
with
result
the
that the
agricultui'e,"
shortening of hours, increasing of wages,
as
they affect agriculture, must not
conditions,
farm income."
of
expense
Wage
"rightfully
and changing of
be done at the
farmer
and
that
earners,
farmers, manufacturers and investors
the beneficiaries of the solution of
throughout
the
the problem of
increasing the consumption of factory-made goods and farm products,
Secretary Perkins said.
Her solution was to raise the income of the
lower
groups, but outside of the wages-and-hours
law, which does not
affect agricultural labor, She offered no suggestion as to how this, could
would
country
be
done.
be
'
Predicts
conditions
Mr.
to the
his
farmer's
share
his
men
Every
tested
Mr.
agency
1939.
talk
optimistic
predictions of prosperous
...
AAA naturally brought hint close
problems, said that the farmer will be unable to "contribute
toward consumption so long as such great inequalities
prevail."
confronting us is how to
and our resources to work," he stated.
"All else is subordi¬
policy and act of government business and of labor should
selling price and his buying price
economic and political problem
by
its contribution
Hoffman
said
that
as
to that end."
a
dealer in cars
"I want no price-fixing
customers. I have found by
be built, px-ovided customers are
controlling my transactions with my
experience that a successful business
offered
"It
Prosperity
with
central
get our
be
during
her
Davis, whose experience with the
full
nate.
closed
Perkins
Miss
on
welfare, find out wnether certain policies help or injure the
Secretary of Labor, told the insti¬
purchasing power of the low income
labor
labor
"The
possible, be biased only
the prosperity of all
regimentation is certain,
of our economy is in¬
demands
behalf of the general welfare.
is formed, should try to define what is meant by
promoting
more
control
direction.
dollar
a
J.
between
in
Fascist
in the next few years sales of goods
attained," she said.
It
Government
"more and
of
form
some
levels heretofore never
of
.
agriculture,
own
independent of the Government, but prepared always to cooper¬
the
general
of
Probably the plan most
warned,
he
end
which claims a mem¬
bership of more than a million men and women living on the farms, ex¬
pressed concern tonight over the possible imposition of wages-and-hours
legislation on agricultural workers, and declared that increased costs of
processing and distributing farm products, because of wage-and-hour laws
already in effect, should not be taken out of the farmer's income.
He said that "the sit-down strike and some seemingly unfair decisions
of Labor Relations Boards have made the farmer reexamine the problems
benefit of the best judgment
should have
traditions
our
labor
and
industry
ate
experts
with
consistent
it
■>
monopolistic
and
of the country would solve
Louis
method of setting commonly-shared
The
.
government
...
only
groups
Ac¬
The real question of
the
the proper
to
be made.
.
and
"business
problems and cited the wages and
there
of labor,
conflicts between vari¬
groups."
relief
contended
don't,"
we
in
groups
Secretary Wallace, "the first step in resolving
these conflicts is a recognition that through the democratic
cording
the Agricultural Adjustment
price-fixing in agriculture would
to the farmer if the practices of
doubt
tute that a boost in the
"We must face the fact that
industry and agriculture, as well as
ous elements within each of these three great
17, to the New York
correspondent stated that
staff
Miss Frances Perkins,
Iowa, on Feb. 17 and 18
seeming conflicts between the interests
many
a
a
monopoly
attacking
"If
industry and labor* Sec¬
Secretary of Labor Per¬
kins
were
the principal speakers.
The remarks of the
former, on Feb. 18, having to do with the subject as to
"How Agriculture, Industry, Labor and Government Can
Work Together for a $100,000,000,000 Income." / "When we
ask how business, labor and farmers can cooperate for in¬
creased national income we must face facts as .they are,"
are
I
income of not less
Feb.
Moines,
minimum of production.
a
Hoffman
evitable."
retary of Agriculture Wallace and
said Secretary Wallace.
technical progress.
our
national
in the industrial field,
sanction or otherwise.
From the "Herald
promised
or
for,
and
representatives of agriculture,
of
a
should join forces
practices" that tended toward
price-fixing in order to "start the tide flowing in the opposite direction."
Agriculture, Labor and Industry
conference at Des Moines,
at
Admin¬
bring the
corporate
industry and of organized labor continue without change.
Industry should
look for profits in increased production rather than higher in prices, he
said, while lal>or should concentrate on obtaining a high, annual wage
through steady production rather than on the highest attainable hourly
Suggested by Secretary Wallace to Work Toward
Larger National Income and Increased Production
—Gathering at Des Moines, Iowa, Also Addressed
by Secretary Perkins, Chester G. Davis, President
Hoffman of Studebaker Corp., and Others
a
efforts
member of the Board of Governors of
System, and Paul G. Hoffman, Presi¬
Studebaker Automobile Corp., criticized the
expressed
istration,
desired
Mr.
At
and
resources
Davis, former Administrator of
Mr.
wage
Creation of Council by
this
account we also quote:
Tribune"
investment.
new
back
Reserve
by Government
power
tends,
fell
increasing trend toward price-fixing
an adequate flow
continuous and increasing
-
effective
of
maintenance
a
and
economists tell us the total
Now
our
from
Davis,
the
of
dent
coupled with
balance,
1a
of real wealth.
production
The
such
economy,
all
Des
from
Chester C.
by overemployment
hand and effective consumer purchasing
one
with
only
other;
money
for
evidenced
be
national
our
Tribune"
"Herald
development.
the fundamental domestic problem
is the maintenance
relationship between the accumulation of funds seeking
Essentially,"
new
would
inflation
"from a
fell to
$100,000,000,000.
the Federal
a
1937
in
$70,000,000,000
1938.
in
drive
should
Advices
general rise in costs and we are far from such a
a
address that
his
in
be around $70,000,000,000 once more.
may
considering
improved.
and
reached
income
national
$65,000,000,000
think
policy is
a
a
But our population now
is 8% greater than it was in 1929, and to have a flow of wealth equal to
what we enjoyed in the twenties, our national income ought to be around
$90,000,000,000.
Even that figure is less than the income we ought to
year
available manpower,
this country material resources and money are available in abun¬
It
is widely
claimed that this policy -Will lead to inflation.
a matter
fo proper concern and our means to control it should
real
only
noted
Wallace
have,
of Detroit.
Eccles
The
be
private enterprise,"
to
spoke before the Economic Club
Eccles is likewise quoted as saying:
Mr.
The
below
toward
people, will
our
about $80,000,000,000 in 1929, our income
$40,000,000,000 in 1932."
He likewise said:
high of
investment, whether the
private
on
all
for
done.
be
Secretary
policies lie at the door of capital, labor or gov¬
"But," he added, "it would be a mistake to
restrictive
will
and
Reserve
should be concentrated on
"attention
that
Eccles,
Feb. 20, Marriner S.
on
Chairman of the Board of Governors of the Federal
democracy.
abundance
greater
Government
Withdraw
to
a
larger national income and
be the willingness of each
of these great groups to forget whatever differences they may have had
in the past and join together in building a greater and a finer America.
Dictatorships declare it is impossible for these three great groups to
cooperate efficiently with a democratic government.
America says it can
Reserve
Private
on
Be
to
Such
public.
important of all, as we work
Most
System Declares
Be Concentrated on Removing
Federal
of
problems and
the groups and agencies
council would not bring
constructive forward step in the evolution of a
conclusions
of
general
the
to
economic
true
Eccles
from clear analysis of national
presentation
straightforward
Utopia, but it would be a
Chairman
be carried
can
agriculture, industry and labor would have no power
council of
a
except the power that comes
of that national
real peace."
and international order which it believes is essential to
such
of
by industries themselves. It may also find that
Such
(i
"regards each sound step
step toward the establishment
as a
part
large
action
other organization
any
"This Government," it informed the League,
forward in these fields
a
greater extent and in more
a
endeavor
be consistent
would
"The League has been responsible for the development of mutual
and discussion of ideas and methods to
to
activity and to the price and wage policies in each industry which
with such a program of expansion.
It may find that
mercial
Secretary Hull's reply according to the
take steps
now
that this
mittments, officials said.
of
labor and agriculture, acting on their own
establish such a council.
I suggest also
council give its immediate consideration to the development of a
program
of expansion in the volume of industrial and com¬
business,
that
suggest
initiative,
white slavery elimination,
United States in any political com¬
opium control,
matters,
1105
Chronicle
Financial
148
good
seems
value and
to
me
that
can
good service.*
the present ills of our
national economy, in so far
concerned, do not come out of free com¬
petitive enterprise, but, on the contrary, proceed from restrictions that
have been placed on free enterprise by business men themselves and to an
increasing extent by the Government, too often at the request of timid
as
industry
business
and business
men."
are
*
1106
Chronicle
Financial
Republic Steel Corp. Says Industry
Prosperity When Freed from Unsound
Legislation, Etc.
That industry is set to achieve prosperity the moment it is
no
that the
the victims of intoler¬
of so-called 'prosperity spending*
into non-productive channels."
are
has taken
in fact, already
great outpouring of private capital into productive
channels."
He said the utilities industry was ready to spend $1,000,000,000 to create
400,000
Jobs and that
men
"many hundreds of thousands of other jobs 1
would be created in supply industries,"
aviation, air conditioning, rural electrification,
db with housing,
Diesel engines, television,
electric welding, paper products, auto trailers and electrical appliances are
awaiting the day when they will not "be chained down by bureaucratic
restrictions and
We do
so
the stun
of
in the firm conviction
the construction or reconstruction of highways
or upon
the public benefit which
would result
from the avoidance
an
unwarrantably pessimistic view as to the prospective necessary
unbearable taxes."
IBg
Taking into consideration the fact that the
pump-priming expenditures will really begin to be felt
this spring, that large appropriations are now being made for rearmament,
that only $31,500,000, or less than 4%,
of the $800,000,000 Federal grants
for bousing was under construction as of Feb.
1,
1939, that there are in
prospect large additional authorizations for housing by the State and its
municipalities,
well
as
the increased business which may be expected
as
from the World's Fair, we believe it is entirely reasonable to expect that
there
will
be
considerable
during the next fiscal
of home relief
cost
In addition, hesaid, "a host" of new industries having to
This would leave
by $10,000,000.
expected amount of Federal aid in
cost for this purpose next year.
wearying of flase doctrines and unsound experiments," he said.
a
the
We believe the Governor, in making his recommendation for home relief,
"It has been
If industry could be liberated from the threat of "State capitalism com¬
bined with confiscatory taxes and soaring national debt,"
Mr. Girdler
said, "there would be
parkways
effect of Federal
convinced that the American people will weary,
We make
The amount proposed for the home-relief portion of the
budget is deemed excessive and after saying that "In esti¬
mating the amount really needed for home relief one man's
guess is as good as another's," the plan went on to say:
He added that the situation is not "hopeless,"
am
departments.
The remaining
of additional taxes.
demonstrated that deficit spending provides only a temporary stimulus."
"I
nine
public benefit which would result from expending this $10,000,000
upon new
T
"We cannot spend our way out of our difficulties," he said.
this total be reduced
match
to
is far Jess than
Tax Burden
were
between
sums
$5,572,813, and $1,727,187 in addition.
Mr. Girdler, President of the American Iron & Steel Institute, addressed
years
relatively small
#
We ask that
sufficient
Mining and Metallurgical Engineers
in New York City on Feb. 13. Mr. Girdler was reported in
this effect in the New York "Journal of Commerce," on
Feb. 14, which also reported him as follows:
The mining and metal industries, he said,
Approximately $2,000,000 of this
$17,300,000 is allotted for the construction and reconstruction of highways
American Institute of
with billions, being poured
into
recommendation with respect to either of these sums.
an(j
that legislation," was the view expressed by Tom M. Girdler,
Chairman of the Republic Steel Corp., in addressing the
able tax burdens resulting from "six
The amount the
capital outlays from the general fund.
divided
$10,500,000 is allotted for maintenance and repair of highways.
"political attacks, unsound tax policies, vicious
legislation and the equally vicious administration of
Blames
is
total
freed from
the mining engineers at their 150th meeting.
the item for
is
Governor recommends is $29,892,935.
Tax Policies, Vicious Labor
labor
1939
25.
The second part of the State budget proper in which we ask a reduction
Chairman Girdler of
Is in Line for
Feb.
can
really deserving help.
to the actual
in
improvement
in
the unemployment situation
Considering all these factors,
year.
be materially
we
believe the
reduced without injustice to those
We believe the appropriation should be comparable
expenditure of $44,500,000 made in 1935-36 when the trend
business and
employment
upward.
was
Accordingly
we
recommend
a
reduction of $10,000,000 in the Governor's recommendation for this item
during the fiscal
year
1939-40.
The fourth and
Plan
for
Balancing
Additional
New York State Budget Without
Taxes
Presented
to
Joint
Legislative
Committees
1
A
plan for balancing the New York State budget without
additional taxes, was presented to the Joint Legislative
Committees at Albany on Feb. 22, on behalf of The Mer¬
chants' Association of New York, The Real Estate Tax¬
payers' Federation of the Slate of New York, The Real
Estate
Association
Associated
the
of
Industries
McCaffrey,
of
Director
Association.
'
State
New
of
of
York, and The
State, by George H.
of
The
Merchants'
Research
■
•
The plan submitted in a 12-page
pamphlet contained a
brief introduction which commended Governor Lehman for
choosing the pay-as-you-go policy and reviewed the State's
fiscal policy in recent years and said that the
following four
choices
1.
were
Support
open:
of
the
notes that
We ask that the Governor's recommended appropriation for St?ite aid to
program
to
as
both
expenditures
and
as to
expenditures, but adoption
3.
4.
Balance
the
some
house doors, we say, you would still have some $250,000,000 to
pay the
current costs of the schools for
We know that
budget without
any
by
a
program
of
policies and services.
Business, industry and real
estate
flatly and emphatically oppose the
feel
that
the
Governor and
past
Legislatures have treated the
in
the
districts State aid
runs as
high
75% of the total. " If this reduction
as
applied pro rata to all school districts it would impose
upon some of them.
We, therefore, suggest
as one
a
were
serious hardship
method of relieving the
situation which this reduction will create, that the appropriation be divided
into two parts, in the same manner as has been done with the appropriations
One part to be divided pro rata on the present formula,
and the remainder to be divided by the Board of Regents in such a way as
minimize the
difficulties
of school
districts
receiving
an
exceptionally
The net result of the proposed plan would mean a saving
$8,700,000 for personal service; $10,000,000 for capital
outlays; $10,000,000 for home relief and $31,000,000 for
State aid for common schools or a total of $59,700,000, which
the basis of the Governor's estimates it is stated would
a balance of
$2,350,000.
on
Governor's program or any variation of it which involves additional taxes.
We
close them If you dare.
year,
larger school districts represents
roughly one-third of the current school expenditures, in some of the smaller
of
additional taxes
a
while State aid
high proportion of State aid.
additional taxes; and
economy and curtailment of
That is only approximately
exclusive of debt service.
expenses,
To those who will claim that any such reduction would close the school-
Dodge the real issue by advocating some sort of compromise involving
economies and
by $31,000,000.
11% of the total for current
to
Support of the Governor's program
of alternative methods to provide the additional
revenue.
some
schools be reduced
common
for home relief.
Governor's
revenues.
2.
90% of the expenditures of the school system is
for salaries, and goes on to say:
New
York
.
largest general division of the budget is
that for State aid to localities, the largest item of which is
common schools.
The plan after giving the views as to
the necessity of maintaining a good public school system
for
leave
tax¬
with gross unfairness by ending reductions in expenditures and
expanding governmental services and policies before the deficit was wiped
The plan then went on with a brief outline of the outlook
for the future and arrived at the following conclusion:
out, and while the emergency taxes were still in force.
done more than ,our part to put the State finances on
are
payers
past six years.
Now that another crisis has arisen
fairness and in recognition of the fact that
ability
ever,
to pay, that this
and
we
we
We taxpayers have
Viewing the present and prospective financial situation of the State
sound basis in the
a
demand, in
have reached the limit of
yfear than next.
governmental
be balanced by economy and curtailment of
functions and policies.
ability to sustain.
mize this
our
crisis be met without any additional taxes whatso¬
that the budget
wrecking
*
As for the debt service the
pamphlet said that the
tution and common sense forbid
if
we
an
average,
approximately 6M%.
passed, which has resulted in
a
In
1937
the
Feld-
general upward revision
of State
salaries, with four of the five increments still to become effective.
The working conditions of State
employees with respect to vacations, sick
leave, pensions, security of tenure, and exemptions from the
Federal income
tax also make their lot
very enviable in
comparison witb private employees.
In the light of these facts,
disagreeable though it is at any time to propose
reduction in salaries, we ask that the total
a
appropriations for personal
would result in
the
current
we
It will be easier to
econo¬
face the issue and reduce
which
be
can
sustained
our
without
We will still be doing at least our full share
meet
the present crisis.
We cannot bear additional
We have submitted
taxes.
We
are
prepared to accept the curtailment in
plan implies.
be glad to support
yours.
If you can devise
But make
no
a
govern¬
better plan,
mistake about it, this
budget must be balanced solely by reductions in expenditures.
After the reduc¬
The purchasing power of the dollar
today is more than 17% above what
it was in October, 1929, when the
depression started.
The lot of State
employees since that time has indeed been fortunate.
The only reudction
in pay which they have suffered was
from April 1. 1933 to
July 1, 1935,
service be reduced
to
shall
Opposition
New
by
10%, effective April 1, 1939.
We estimate
that
this
saving of approximately $1,700,000 in the last
quarter of
fiscal year, and $7,000,000 in the next
fiscal year, or a total of
a
$8,700,000.
Propose
to
York State
William
McC.
to
Make
Permanent
Stock Transfer
Martin
Tax
Present
Rate
Jr.—President
Voiced
New
York Stock Exchange Submits Statement at State
Budget
employees to fill new positions; the
adoption of the eight-hour day; and increases in salaries.
was
level
business and industry or ruining our homeowners, the better
mental services which that
Governor now recommends an appropriation of
$69,525,083.
That is an
increase of slightly more than $15,500,000 in four
years.
The increase is
due to three main factors; additional
Hamilton law
sooner
have to continue to pay the present taxes.
additional
sum.
were restored on
July 1, 1935, the item of per¬
sonal service for the fiscal year
ending in 1936 stood at $54,022,799.
The
on
a
we
level beyond our
of highways and parkways and said:
The first of these is with
respect to personal service..
was,
to
a
a definite, realistic
plan to reduce expenditures $59,700,000 and balance the budget without
Consti¬
reduction in this
we
taxes
tions made effective in 1933
that
We must economize.
The
expenditures
in sound condition pined 1932.
For the State budget proper recommendations were
made
for reducing the cost of personal services as well as a
reduc¬
tion in the proposed
expenditures for construction and
and
State services to
We taxpayers have done more than opr share to
keep the State's finances
divided the appropriation budget into four main
parts, namely (1) Debt service; (2) State budget proper;
(3) Home relief and (4) State aid to localities;
reconstruction
our
our
it will be for all in the long run.
The plan
any
convinced that we have raised
economic
common
New
Bill
Hearing
in
Albany
Also
of
Opposes
Taxes
The proposal to make the present "emergency" rates of
on the transfer of securities
permanent and the proposal
tax
"
to
subject the New York Stock Exchange and its member
firms to either
income
a
or a tax
"turnover tax" of 1-5 of 1 % of their gross
of
2% upon the gross receipts from business
by them are certain to have an adverse
and employment in New York State,
according to William McC. Martin Jr., President of the
Exchange.
Mr. Martin yesterday (Feb; 24) submitted a
statement to that effect before the Taxation and Ways and
Means Committee of the State Assembly and the Finance
Committee of the Senate at a hearing in Albany on State
budget bills.
Stating that neither the New York Stock
Exchange nor its member firms objects to bearing their fair
services rendered
effect
on
business
Volume
Financial
148
sharejof the taxes of
State, Mr. Martin went on to say,
our
in part:
The New York Stock Exchange is not local in character.
1107
Chronicle
Our members
broad national and
the fact that persons residing in all
References to the Federal-State Milk
in
the
Metropolitan
York
New
Marketing Program
appeared in these
area
1424.
Aug. 27, 1938, page 1274 and Sept. 3, page
columns
provide facilities at their own expense for conducting a
international
Because of
business.
parts of the United
of
States and indeed all over the world, make sales
amounting to
many millions of dollars from people outside our borders.
Moreover, the
fact that the leading stock market of the United States is located in New
York has long been an extremely important factor in enabling the State to
collect large amounts of income, inheritance, property, and miscellaneous
taxes which it would not otherwise obtain.
The presence of the Nation's
stock
Lack
only a
of business as well.
The
business is of great importance to the people of our State,
primary stock market in
New York City would normally attract not
Confidence
of
Towards
Exchange, we are able to collect transfer taxes
our
on
Are
Due
Increasing Taxation
Cobean
G. G.
Industry,
Problems of
Merchants
Major
Tells Paper
Attitude
Load
Government's
to
and
Buisness
convention of the
States,
by an
G. Cobean of Chicago.
Mr. Cobean, in
opening session of the 36th annual
The
Trade Association of the United
held in New York on Feb. 20, was featured
National
Inc.,
Paper
large security business but many other kinds
address by
prosperity of our
addressing the gathering, said:
quite aside from the taxes we pay.
Without
...
to
in
competition with ours when he stated in his budget message "we cannot
plan our State taxation with complete disregard for the taxation policies of
other States."
The Legislature, I submit, should consider whether the
proposed changes in our tax structure may not intensify the recent tendency
of our taxing bodies to "eat the seed corn" and, in effect lessen business
jft Governor Lehman recognized the present tendency of other States
frame their tax policies so as to create advantages for their markets
unemployment in our State.
I think we should bear in mind, from the experience
activity and increase
In this connection,
that mere increases in or
of the past,
give every legitimate encouragement
planned as to
so
year
the bad depression year of 1932. The
the need for a reduction, rather than an
by $2,690,000 than in
would seem to indicate
results
lower
further diminution of the revenue of
to prevent a
increase in taxes,
the
State.
entirely
seem
appropriate, therefore,
before "freezing" the
transfer tax into our revenue system, and before
imposing any new taxes, to examine closely the effects of existing taxes on
an important business of the people of New York State.
The securities brokerage business of this State turned approximately
$20,000,000 into the State's treasury in the form of stock transfer taxes
in 1938.
In addition, members and firms of the New York Stock Exchange
will have paid to the State many hundreds of thousands of dollars on last
year's business in the form of income and unincorporated business taxes;
and New York City collected gross receipts, sales, occupancy, and per¬
sonal business taxes.
The Exchange is subject at present to 20 separate
direct taxes levied by Federal, State, and City governments. Most of our
member firms are subject to at least 13 different forms of taxation.
We
cannot go on blindly adding tax after tax and expect business to prosper
present
rate of stock
and unemployment
Last year the
decrease.
Mr.
If there is
be recovery, we need your
to
help.
I feel that I would be
of our State's leading Exchange if I failed
attention, and to offer my services and those
derelict in my duty as President
to
draw these matters to your
of my associates
of these problems with the deepest
in working out solutions
sympathy for and in harmony with your objectives in serving the people
of New York State.
We respectfully solicit an opportunity for our tech¬
nicians tp sit
down with yours and review
this problem.
We are ready and
willing to cooperate in this work.
Agreement for New
Held Unconstitutional
by Federal District Judge Cooper at Utica
Milk
Federal-State
York
Marketing
Area
Metropolitan
Judge Frank Cooper
held unconstitutional the operation of a
years-
Utica, N.
Y.
Federal-State milk marketing agreement
for the New York
He based his conclusions on the ground
that the operation of an equalization fund was ''confisca¬
tory.From Utica Associated Press advices yesterday
metropolitan
area.
situation
ment
is
"most discriminatory" a section of the marketing
provides for the blending of all the net profit of all these
sales in all markets and all classifications."
.
.
.
The Secretary of Agriculture was criticized for permitting only 22 of 193
cooperatives to vote on the proposal.
Elaborating
some
other difficulties with which our country
The Association represents
the distributors of paper and
products and specialties throughout the United States
claims to be one of the oldest trade associations in
and
existence.
Depressions Study Report National Association of
Manufacturers Regards Seven Major Points Essen¬
tial in Relations Between Government and Business
As Essentials to Regaining Prosperity
In
the
In
phase of the report on the
second
Study of De¬
pressions, prepared by a committee of the National Associa¬
tion ^of Manufacturers, there are listed seven major points
should determine the relation¬
and business if prosperity is to
be regained and sustained.
These are:
1. Absence of governmental activity which prevents the effective func¬
tioning of private enterprise.
'
2. Support by the general
public of governmental policies Which will
promote vigorous and efficient functioning of private enterprise, based on
historic and logical demonstration
that, because of its accomplishments,
it is superior to any other system yet tried or proposed.
3. Recognition by private business that regulation, for the public good,
of
certain aspects of private enterprise
is an essential function of gov-
which, the committee feels,
ship between Government
by government.
tion
,
'
,
government
by
Recognition
4.
performance of this func¬
of business hostility toward the
Absence
ment.
that
regulation of private .business is
and does not justify, direct control of the facilities of
private business engaged in the production or exchange of goods and
services.
Necessary rules prescribing the regulation of business should be
embodied in specific statutes and administered, in so far as is possible,
different
from,
by
established
the
executive departments of government, subject to
the law and the facts by the regular judicial
adequate Federal review of
government.
Moderate and equitable taxes
on
the
"confiscatory"
,
features of the agreement/Judge
Dairymen's League received a total of $288,763 in
September and October from the Producers Settlement Fund, a feature of
the agreement or "about $175,000 more than it paid in," while the Jetter
Dairy Company, a defendant in the case at issue, "received nothing."
"In less than a year it is practically certain that all of the assets of the
Jetter company would be taken by the operation of the order," he continued.
"In short its entire property would be confiscated."
The Court did not pass on the constitutionality of the Federal Act under
trol.
which the agency was
created.
The decision was made known
similar order for the Greater
Two days ago two
law
were
in an opinion filed here 24 hours after a
provisions of New York State's Rogers-Allen milk con¬
Supreme Court Justice Francis Bergan in
Albany.
Judge Cooper said:
"The final conclusion is that the
stitutional
as
conditions here existing; that the
the provisions
statute as applied in the order is uncon¬
to all the defendants in its
application to the situation and
order was not approved in accordance
with
of the statute and should not be enforced."
action brought by the Government against
The decision was made in an
four milk
Central
distributors—the Jetter Dairy Company of
New York Cooperative
Oriskany Falls, the
Junction Co¬
of Cortland, the Schuyler
operative of Frankfort and the Rock
The Government contended that
Royal cooperative of Delhi.
the concerns refused to
marketing pact, which became effective
comply with the
last Sept. 1, by failing to
participate in a producers' settlement pool as required by its provisions.
The order affects more than 60,000 dairymen in New York, Vermont,
Massachusetts,
Connecticut,
Pennsylvania,
New
Jersey and Maryland
ship milk to New York City and is binding on
handlers in New York State.
approximately 700
.
,
agriculture or commerce.
of public debt to levels which do not
currency
and
interest
domestic
.
constitute a threat'
stability, impose undue burdens on the taxpayers to meet
amortization requirements or leave no margin to meet
emergencies.
foreign
or
expenditures, including
and maintenance of
government income and national income.
government
of
Restriction
7.
and
local, within government income,
tion
between
Federal, State
reasonable rela¬
committee's report, issued Feb. 12,
Feb. 18, page 965; there
was outlined therein causes of the depression-and govern¬
mental, business and labor policies which must be avoided
The first
phase of the
referred
was
to
in our issue of
forward.
was based upon conclusions of the
M.'s Committee on the Study of Depressions, and
if recovery is to go
Boston area was upheld by a Federal judge.
invalidated by
not having as their purpose the con¬
individuals or corporations engaged in
Restriction
6.
to
of
restriction
uneconomic
or
industry,
Cooper declared the
who
as
present time.
paper
5.
Judge Cooper called
agreement "which
milk
well
as
the
at
beset
evidence than during the past
a
degree
we
occurs
more
sincere desire to play fair with business before any
of confidence will be reestablished.
And until, such
cannot expect any appreciable improvement in the unemploy¬
of
branches of
said:
trol
Government must show
present
substantial
Yesterday (Feb. 24) Federal District
at
lack of confidence by commerce and
existing
the
as
is changed,
few
mately $600,000 before taxe>-, to more
time.
proportions.
there cannot occur much improvement in the unem¬
ployment situation, and this situation represents what is perhaps this
country's most serious problem.
The only solution to unemployment must
be the return of the unemployed to useful work in industry .and commerce.
loss from approxi¬
than 1H million dollars after taxes.
This despite drastic economies and reduction in personnel.
Business and
employment are at a very low ebb in the securities markets at the present
time
such
Untitl
thus causing steady increases in
continued:
Cobean
industry
paid out in taxes 16 2-3% of
and thus increased its total operating
partisan discussion
any
debt which has already reached fantastic
public
*
New York Stock Exchange
total gross income
not in
covering our current cost of government,
our
The
would
It
to become mixed in a
any manner
speaking personally and
is
For
than doubled
1932, the State's revenues from this source were
in New York since
wishing in
official capacity, I believe our
industry, like most other industries, as well as most of our citizens, is
seriously suffering from two major causes, viz.:
,
First, lack of confidence as to the future, caused primarily by the
past hostile attitude of the Federal Administration towards business.
Second, the rapidly increasing taxation load,
coupled with justified
misgivings as to the ultimate outcome of our Government's fiscal policy
when it is realized that even this heavy tax load is not anywhere near
and
to business.
stock transfers have more
example, although tax rates on
last
continuation of presently high tax
increased revenues unless our tax system
always result in
rates do not
George
over-all
The
A.
N.
report
represents an 18-month study by a group comprising
than 50 leading industrialists and economists.
W. T.
more
Ilolli-
day, President of the Standard Oil Co., Cleveland, is Chair¬
man of the committee,
and E. Y. O'Daniel, Vice-President
American
the
of
man.
York, is Vice-Chairthe N. A. M., in mak¬
Cyanamid Co., New
Howard Coonley, President of
ing public the present
phase of the report, said:
of the Committee on Study of Depressions represents the
first extensive examination of this vital problem by a large authoritative
The
report
group.
Turning
depression
still
taining
American
lems
and
further
first
to
a
scrutiny of the
stood in the way of
projected its study
and
factors
which have caused
recovery, the committee has gone
into the future problem of main¬
prosperity, once recovery is attained.
This is in line
industry's ever-continuing effort at long-range solution of
affecting not only it; but th£ whole
prosperity for the United
natiqnal well-being.
States can only be secured by a
with
prob¬
Sustained
general
agree-
1108
of
tnent
Financial
all
prosperity
the
upon
groups
which
conditions
prevail
must
if
such
be maintained.
is to
Chronicle
does
of prosperity and depression
have alternated throughout the history of this country, the
that
periods
is
and
continuance
tended
to
during
prevent,
determine
to
periods
of
conditions
and
recovery
whose
prosperity
existence
have
would
that
already
were
on
Act went into
necessitated by poor business conditions is difficult to estimate.
was
There should be written into the Act
the term
Congressional definition of
a
"regular rate" of pay and a clarification of Section
18
so
to
as
make it clear that it was not the intention of Congress to freeze all wages
and hours at the level in effect in
subsequent relapses.
alleviate,
or
the
of fact most major industries
The average throughout industry was less but the extent to which
effect.
5.
therefore,
important,
25, 1939
industry should not voluntarily reduce hours below
basis of somewhere around that figure before the Federal
report declares:
It
Feb.
that
mean
that figure, and as a matter
a
Pointing out
not
October, 1938, irrespective of what the
future may hold in store.
Touching
the report
the
on
relation
and
government
said government should base action
truth"
that
of the
United States
and
of
on
business,
the "tested
of goods and services to the
provision
people
be performed "most economically
can
beneficially"
Bearing
of
nance
sustained
factors.
trial
by private business.
competition, prices and wages in tlie mainte¬
on
Among
prosperity, the committee cited several
these
were prices of agricultural, indus¬
commodities, services and labor hav¬
commercial
and
a relationship as will encourage sufficient buying
selling as to provide steady employment for those able
and
willing to work; avoidance of unnecessary and uneco¬
nomic price or wage ridigities, either public or private, and
absence of either government or private restrictions on pro¬
duction or marketing of goods in an effort either to control
prices
to
or
The
other oppressive effects.
secure
committee
should
be
further
encouraged
stated
and
under the immediate
upon
test
it
utility
expedient),
of
type
"natural
or
in
industry,
monopoly"
which
(the
experience
that
The
committee stated
dized
business
industry
discourages
that
cannot
equal
on
it
should
be
with
compete
recognized that
government-subsi¬
and that such
terms,
in good
competition
7.
should
be
properly
fully
considered
calculated
other
costs
costs
publicly
which
all
at
times,
allocated,
with
including
all
all
aspects
elements
capital
j
credit
value
of
of
total
cost
taxes,
charges,
private industry would have had to1 pay,
reported.
Discussing
requisite
and
activity
and
to the
H,
the
report
listed
as
prosperity reasonable availability
of adequate credit for financing of existing
agricultural,
commercial
and
industrial enterprises, for scientific re¬
search, and for new enterprises, with the absence of either
a surplus of credit leading to
speculative booms which will
bring subsequent collapse
to subsequent contraction
a shortage of credit
of economic activity.
leading
or
,
United
Most of the difficulties
-
now
to
Pointing out that
attempt,
Not
Attempt to
Police
Upturn in Spring
Trade
cannot police the world and should
we
so, Henry H. Heimann, Ex¬
Manager of the National Association of Credit Men,
states in his monthly business review released Feb. 21 that
"in
to
foreign affairs this is
have
sober judgment
time for the American people
a
silent tongues."
Turning to business conditions,'Mr. Heimann stated that
recent
a
and
of
survey
the
Board
Directors
of
Presidents, the question
sion
it
deferred.
be
About
was
'
30% indicated that they had planned certain expansion of facili¬
but
that
that
actual
work
for
causes
as
ernmental
the
the
upon
had
programs
postponement: uncertainty
been
deferred.
arising from
They
our
gov¬
policies, taxation, labor conditions and chaotic conditions abroad,
order.
Mr.
Heimann
conditions in
to
the
or
added:
He
past
plant expan¬
any
and, if so, did they intend proceeding with it
to
in
and
whether
asked
was
companies they represented had in mind
declared
is
it
"the
softening
business
of
unexpected."
He
went
on
.
perhaps only the
that
movements
that
January was not
in part:
say,
And
be
can
first of
expected
Amendment
In enumerating these,
That there should be
exempted from the overtime provisions of the law
but
upturn,
series of
a
during
it
.
.
the
after
is
world
this
conditions
relatively short cyclical
Aside from
year.
holiday, activity.
reasonably
certain
it
natural
was
to
the
con¬
experience
The leveling process
followed
be
to
by
late
a
'
.
The
to
This
whenever
the
Continued
here
industry.
really
of
To
impossibility
the
business
But
further
of
is
deferment
goods
the
certain
sound
would
heavy
by
mo6t
industries
will
field.
because
partly
the
by
the
to
easily
of
replacements
needed
foundation
the
on
expected
»
lines
whole
sustain
recovery
reasonable
a
years.
some
foundation
and
men
at
present, and
investors,
whether national,
government,
of
industry
of
not
anticipated
is
a
such
no
business
influence
is
is
•
durable
goods
prosperity for
there
servative
its
that
With
^durable
exert
the needs
pro¬
There
goods
consumers
it
with
closer,
slowly
expansion
way.
the
the
spring
'
substantially clear.
aid
will
draws
broad
a
however,
outlook,
pace
is
for
is under
will
abroad,
whole,
utilities
ready
program
improvement
general.
in
structure
in
degree the
some
industry
and
business
forward
move
and the
be
spending
the
On
the
will
atmosphere
clearing
Government
rearmament,
goods
students
Government
industry
political
believe the
to
reason
and
between
impasse
solution.
a
well
may
.
gram
wage-hour legislation are du9 to the fact that several in¬
consistent objectives are being pursued, said John C.
Gall,
Counsel, National Association of Manufacturers, in address¬
ing the annual meeting of the Pennsylvania State Chamber
of Commerce at
Harrisburg, Pa., on Feb. 16.
Saying that
if administrative interpretations on the Act are sustained
by
the courts, Mr. Gall asserted that
important Congressional
changes in the Act will be needed.
He discussed seven points
which, he said, Congress "should consider and which no
of adverse
hesitancy
continue,
of
f
Should
nation, to do
as a
tributing factor
faced in the administration
doubt it will be asked to consider."
he said:
States
.
Changes Needed in Wage-Hour Legislation Noted by
John C. Gall, Counsel for National Association of
Manufacturers—Presents Seven-Points Which Con¬
Should Consider Incident
Policies, Taxation and Condi¬
Hampering Plant Expansions—Says
World—Looks for
some
gress
Government
Abroad
tions
ties
sustained
to
for determination.
Heimann of National Association of Credit Men
Finds
not
which
The definition should either be limited
recognized meaning of production or the interpretation of the phrase
should be left to the courts
listed
banking,
em¬
The statutory definition of "production
in facts acts of production.
are not
and with such
,
and
outside
of goods for commerce" is so broad as to comprehend many activities
National
business
such
that
so
The present law applies to employees engaged in commerce or in the
production of goods for commerce.
in
"
in
either
that the employer will be protected if he has
faith instructed such employees not to work beyond the maximum
that:
engages
be amended
so
employees did exceed the maximum permitted.
private
government
a
worked
are
hours fixed by law, and cannot be shown to have had knowledge that such
industry, diminishes employment and
tends to prevent sustained prosperity.
It also pointed out
Where
it is
cases
ecutive
competition cannot be made to work well).
private
should
Act
ployees will be exempt or
of
public
shows
The
services.
efficiency and guarantor of national progress, with monop¬
oly to be prevented, except in such cases as "legal monopoly"
(patents, copyrights, &c., in which the interests of society
make
In these
except upon the information given him by the employee who performs the
competition
the
as
supervision of any superior.
physical impossibility for the employer to know what hours
H.
fair
that
relied
in every industry and in most establishments certain em¬
are
ployees who perform their duties off the premises of the employer and not
ing such
and
There
6.
State
will
in
be
not
the opinion
long
so
the
as
of
con¬
cost
of
local, continues to grow, unabated.
or
all
office, clerical, supervisory and technical employees being paid on a
salary basis of over a certain amount.
Obviously if the purpose of
under-provileged, that can be accomplished without
regulating the hours and overtime compensation of those
receiving satis¬
factory compensation on a salary basis.
full time
'Threat
the law is to protect the
I
f
a 44-hour-week maximum beyond which overtime
paid.
This has been interpreted by the Administrator, and
doubt properly in the light of the law's
provisions, as preventing the
no
averaging of work hours
In other words, if an
over a season or any
period of
more than one
week,
employee works 48 hours "in
one week he mast receive
overtime for the extra four hours, although in the
following week he may
be required to work only 35 hours.
Consideration should be given to the
averaging of work hours
over
to
deal
maximum
lishing
a
with
hours.
longer periods.
wages
only.
They have
no
Neither is there any other provision in
procedure for securing any general flexibility in
maximum hours.
ties of the
ances
minimum
are
author¬
authority
over
the law estab¬
the matter
of
Consideration should be given to broadening the activi¬
Industry Committees
so
that they could also recommend toler¬
and flexibility in hours unless the Act is amended to
specifically permit
the averaging of hours.
Ji Consideration should
be given to revision of the Federal Act with
respect
to the number of hours that
may
overtime pay.
is 44;
be worked
per week in future years
without
Under the present Act the maximum for the cyrrent year
year it will be 42; and after that year it will be
during the second
40 hours per week.
It is questionable whether there is
fixing the maximum work week
tendency to
encourage
at
less than 44 hours.
wage rates.
any
It
necessity for
has d
definite
decreases in employment and the substitution
technological improvements in order
to
avoid
Impartial studies indicate that
the payment
even
on
a
of
of overtime
44-hour
basis
we
lie
observed
that
has
country
row
"for
been
at
eight successive
Frank
in
Continu¬
to
incur
J.
about $4,000,000,000."
What, I submit to
neither
those
ticable
plan
has
to
it
first,
expenditure
more.
As
of
and
we
are
at
to say:
on
opposition
The
only
brought
of
ray
forth
hope
is
any
that
statesman-like determination
intended
independence
it
to
be,
by
the
has
undertaken
informed,
least
$8,000,000,000
will,
for
per
commitments
to
years
annum
an
charter
of
awakening,
that,
come,
and
a
greatest,
And it is high time for that
best
of
to reassume
under
far,
prac¬
which
in
involve
perhaps
the
an
much
...
I
have
failure
with
already said, for
pf
condition.
view
Government
at
in
legislative
the
those
Hogan went
a
lot
of
officially
Congress which is giving evidences
a
departments of government.
Federal
estimated
those
the
judgment
year
deficit,
deficits.
from
reestablish
the
obliged to bor¬
is of primary concern—that for nearly a decade
danger, and
and
made
8
has been
has
the ninth
Mr.
nor
the
stop
of
sense
responsibility
which
you,
power
since Jan.
come
awakened
in
the
Government
Now in
further
a
and
in which
years
Federal
the
peace
$20,000,000,000.
some
about
the
can be no basis from the standpoint
the maximum work week below 44 hours.
This
by
Association
.
the
Certainly there
Rights Seen
Bar
Federal
in
"Debts, Deficits and the Bill of Rights" was the subject
of an address on Feb. 16 by Frank J.
Hogan of Washing¬
ton, President of the American Bar Association, in which
would not produce the goods necessary to sustain and
improve our material
for reducing
Deficit
Financing—Address at
Banquet of A. B. A. Trust Conference
standard of living.
of health
Civil
failed to balance its accounts
The Industry Committees appointed under the Federal Act
ized
Basic
American
of
of
ance
The present law fixes
rates must be
Our
to
Hogan
anyone
Able
great
in
men,
concern
years
power
and
the
now
to make
there
are
spectacle,
the most alarming fact has been
any serious attempt to remedy
plenty of them in the Congress,
while
the
majority
there
talked
Volume
becoming
winds
run
of
spending
become
had
the
halt
the
in
rather
than
the
to the
increased,
that thereby the public debt has
in July, and annual deficits have
of
has been given
themselves
people
the
of
mass
an
on
No indication
the
sense
common
and bring to a
grapple with the situation
to
financing.
spoke
who
Division
exception.
or
Mayors
city
and
Governors
continuous, but
a
fact
the
Federal
the
Waldorf-Astoria
New
the
of
banquet
annual
American
in
solve the
at
Association
Bankers
City, had the following
York
be'
situation
problem solely by retrenchment.
ment, there must be
It is too late now to
squarely.
Of
Whether
it
here
is
to
problem
has
stock
of
terms
been
effect
intelligence and the
have the
will
question
is the
longer be extended,
no
can
inescapable
the
business
on
prices;
in
this
one,
I
of
by all
you
and
your
been
too
condition;
in
discussed
little
from
the
face
even
distress.
or
that
the fact
will—have
instability
The guarantees contained
the
are
while
cents
can
be printed
In
those, 462 words,
in
the
English
on
Sooner
later
or
exacted
ever
small
one
friends,
my
language
and
by
a
for
page,
you
the
ernment
Those
language.
any
and the soundness of
piled
sists of silver,
government
those
has
liberties
no
subjects,- sofar
Bill
of
At
the
of
this
continuance
a
public
as
the
most
who
our
society
of
free-born
men.
vital
of
guarantees
liberty
of
believe,
American
every
as
Thus,
repeated,
lead
to* national
liberties, and under such a government
friends,
my
is
inseparably
concerned,
of liis
the
remarks
of
connected
debts,
deficits
are
and
the
the
Ilogan alluded to
Mr.
Council
Executive
of
the
American
Labor, issued at its Miami, Fla., meeting on
Hogan quoted from the A.
relief
to the effect that it is
folly to attempt to make temporary
permanent program,
and echoed the call,
issued from the A. F. of L. meeting at Miami, for encourage¬
expedients
a
ment to American
industry and business from the National
which bred fear
An item bearing on the
Government to replace the hostile attitude
and
many
thereby prevented
recovery.
midwinter conference of the Trust Division of the A. B. A.
appeared in our issue of Feb. 18, page 968.
there
use as
Warning that private industry may be destroyed unless
there is a reversal of the government policy of recent years,
the Committee on Taxation of the Chamber of Commerce
of the State of New Y^ork on Feb. 18 declared it was "high
time to call a halt to increases in government expenditures."
The statement was made in an interim report which will
come before the Chamber at its next meeting on March 2.
said:
It should not be forgotten that the
value of any property
by excessive taxation; and that there are subversive
of government
American public now con¬
1933 and there
1933..
holds
over
80,000
Who knows but in time the famous Washington shaft may have a
who visit the National
would be
we
also quote:
,
The silver policy has not only been a sad failure in the attainment
its major objectives, but
which
been & few mining
by the government purchases.
profited
The best thing
be said in its favor is that it increased the empl oyment rolls
some
for only
wages
the country into the hands of foreign pro¬
The greatest beneficiaries in this country have
can
of all
82% of all the money spent by the government in
silver purchases has gone out of
ducers.
rival
A monument that high
Mecca for the millions of tourists
a
Capitol.
From Mr. Guest's address
extent, but the government could have paid
in the
these men full
fraction of what it has spent for the useless hoard of silver
a
it has accumulated.
Bank Investment Problem Discussed in New York
can
be destroyed
elements in our popula¬
thus destruction in order to bring about a form
M. Foster and Robert L. Garner Deal with Various
Phases of Question
At
gathering attended by bank executives, representa¬
a
tives of statistical and advisory organizations from the offices
of the National Bank Examiner, the State Superintendent
of Banks and
held
on
Directing its attack particularly at the New York State
of which Jesse S. Phillips
is Chairman, urged the Legislature to abandon some of the
less important state activities and curtail others in order to
reduce the cost of state government and bring about a revival
1939-1940 budget, the Committee,
in business and industrv.
Federal Deposit Insurance
the
Corporation,
Feb. 20 in the auditorium of the Federal Reserve
York, bank investment problems were dis¬
George M. Harrison, President of the New York
Reserve Bank in an address of welcome noted the changes
Bank
of New
cussed.
which have taken
place in bank assets from loans to invest¬
ments, and said:
In
1929 approximately
75% of member bank assets were in the form
of
Today bank loans are
one-half what they were in 1929 and investments have about doubled so
that investments now comprise about 50% of the banks' total earning
assets as contrasted with 25% 10 years ago.
We see, therefore, that banks
today are not only institutions of loans and discount but they partake in
loans
and
only about 25% were in investments.
some measure
In part,
of the character of investment trusts.
Mr. Harrison also said:
Within this broad shift in the type of
bank assets there has been a further
change in the kind of investments available in the market.
growth in the private issues of securities which in
periods of
and
easy
the late
In
money
place
filled with Government securities.
commercial banks in the aggregate were investing in
1920s
corporation securities at a rate of about
for
The usual
the past has accompanied
and recovery from depression has not taken
considerable part of the gap has been
a
moderate increase in the year
a
Except
$1,000,000,000 a year.
ended in June, 1936, there has been no
expansiop in such corporate investments in recent years, whereas the volum,e
of Government securities, both direct and guaranteed, held by such banks
$4,000,000,000 to $13,000,000,000.
has increased from
In the earlier
portion of his remarks Mr. Harrison stated:
From time to time the
suggestion has been made to us that the Federal
Reserve Bank itself should set up an
investment advisory service for its
We often claim that we are a
service institution designed
community as a whole. That
being so, it might well be asked why we do not undertake the task of advising
banks on investment matters.
There are, I think, obvious difficulties. As
administrators of the ultimate credit resources of the country, as fiscal
interest and through you the
agents of the Government, as
supervisory authorities, we have
responsibilities that might prove to be quite
such
an
Bankers'
unavoidable
inconsistent with our rendering
advisory service.
However
that
may
be,
the present program of the New
Association is, I think, a far better way of attacking
York State
the problem.
done by
invaluable contri¬
bution to better thinking and better banking, and may lead to a systematic
self-study of self-service far preferable to any centralized or paternal'stic
advisory service that we might render.
This series of conferences following
Mr. Massie and his committee,
the careful preparatory work
will, I believe, make an
which was the first of a series of
Vice-President of the New York Trust
spoke as Chairman of the Committee on Bond Portfolios
a summary of his remarks follows:
At the Feb. 20 meeting
four, A. M. Massie,
Co.
and
which would rob us of all our liberties.
City
Bank—George L.
Harrison, President of Bank, A. M. Massie, Stephen
in Auditorium of Federal Reserve
member banks.
Report of New York State Chamber of Commerce
Urges Reduction in Cost of Government to Revive
Private Enterprise
tion who would gladly see
in
were
built of solid silver surely
to serve your
The report
and
standard silver dollars and silver certificates in
perhaps named the New Deal Silver Monument ?
F. of L. declarations that
in direct relief or on so-called
projects does not constitute a solution of
the unemployment problem which, he said, as the A. F. of L.
pointed out, is as serious today as it was six years ago.
Mr. Hogan emphasized the labor organization's declaration
on
44.8
market remains
silver, most of it purchased in the last five years.
Comparing this with the total computed weight of the 555foot Washington Monument—81,120 tons—he said:
(referred to in these columns last week, page 966).
Government spending'either
work
open
silver dollar of 371%
of
tons
ever
money.
civil
government
beginning
statement
Feb. 14
as
He estimated that the government now
our
Rights.
Federation of
Mr.
for
use
cease.
a
compared with less than 8% in February,
three times
will find the finest piece of literature
indefinitely
deficits
up,
says
Over 25% of the currency in the hands of the
eco¬
bank¬
ruptcy as surely as to individual bankruptcy.
In times of national bank¬
ruptcy, either revolution or dictatorship comes; a strongly dictatorial
Debts
price of about
average
The price in the
The government
Referring to the part silver is playing in inflation
debasement of the currency, the speaker stated:
mines to
implications than
important
more
deficit financing
continuance of
a
must
believe, in the unbending maintenance of those guarantees, in the militant
defense of every one of them, must recognize that now
is the time to
unite in an effort to compel our governing agents, irrespective of party,
to face up to this question of the fiscal conditions of the National Gov¬
into
put
producers received an
grains is worth $1, but 371% grains of silver at the open market, artifically
Bill of Rights consists
of only 4^2 words, and by a peculiar coincidence can be read in exactly
two
monutes and 35 seconds, the time
which Abraham Lincoln took to
deliver the immortal
address on the blood-stained fields of Gettysburg.
They
foreign
during the last fiscal year.
in the Bill of Rights of the Federal Constitu¬
sacred
most
Its
how much an ounce of silver is really worth.
stationary at 42% cents.
companies who
condition will carry a threat to our basic civil rights.
tion
knows today
one
cents,
how
production, and of
industrial
of
terms
fiscal
of this
confidence
has
fully
associates in
know
is
as
liberties.
time to
indeed
may—yes,
composed
the subject
But
standpoint of civil
nomic
this
discussed
market
unemployment.
Now
greater
inevitable retrenchment and
face
to
audience
an
the bad
terms of
time
scale probably
a
large
at
the
both
No
Flatbush Re¬
Mr. Guest said;
monetary value here is $1.29, the treasury pays domestic producers 64.64
now.
Speaking
this
The
on
people
sustain
to
taxation.
new
the
not
or
resolution
taxation
new
address before the Forum Group of the
an
publican Club in Brooklyn.
there must be retrench¬
course
real and continued economy, but there must
economy,
than has ever
before been contemplated in this country.
This new and heavier taxation
will indubitably involve all economic levels.
And the great question is:
heavy
in
are
to face the
come
1109
Chronicle
sustained price are worth only about 33 cents.
the
at
in conclusion:
The time has
also
on
leaders
our
loose
Hogan,
to say
State
have thrown
money
only
of
the will
or
of
riot
Trust
spending.
easy
not
spite
that either
ability
Mr.
on
Washington thermometer
a
the rule
years
the
increased
have insisted
like
up
for
and
intoxicated
and
orgy
Financial
148
retrenchment
Committee on
The
State Bankers
which
under
Bond Portfolios was
Association
to
Association
the
appointed by the New York
endeavor to find
a
method of procedure
could help its members with
their bond
portfolio problems.
A study
1.
2.
3.
showed the banking
problem to be:
How to improve and strengthen the quality of the assets.
How to obtain a satisfactory operating income.
How to increase the capital funds in order to safely support
^
.
,
the large
deposits.
Silver
as
Standard of Value
Throughout
World De¬
stroyed by Silver Policy of U. S. According to Harry
F. Guest of New York Chamber of Commerce
of the United States Government has
destroyed silver as a standard of value throughout the world,
Harry F. Guest, director of public relations of the Chamber
of Commerce of the State of New York, declared on Feb. 20
The
silver policy
These things must be
done while rendering a
completely sound, adequate*
banking service to the community.
problem can be defined by simply changing the
efficient and courteous
The investment
first part
quality of the investment assets."
Bonds constitute 50% of the earning assets in commercial banks and so
a banker who says he does not know anything about bonds or the bond
market cannot be more than 50% efficient.
He cannot shift the responsi¬
to read
"To improve and strengthen the
bility to some paid advisor.
There has been
years to come;
and
the
Chronicle
Financial
1110
a
change in banking, and bonds will be a problem for
The solution
bond
of the
specific points except as they
problem lies not in regulation nor in blind
a
There is need
for cooperation
rules
bank counselors.
and methods for solving
will be given covering
A series of talks
educational.
is
elementary
It has set up a program in two parts.
the problem.
the
The cost of money and its bearing on the investment problem; a statement
of sound principles for investing for a
commercial bank; how to study
and
analyze the different types of bonds; the money market and the bond
of getting
information from the banks in the State
questionnaire and analyzing the banking situation in the State
a
from 1923 to 1938.
/
been given by Thomas Wilson, President of the
New York State Bankers' Association, but owing to the lat¬
ter's illness, he, Mr. Massie, was speaking in his place in
extending
welcome
a
on
In the four years ended with
$1,000,000,000
out over
lot of money,
as
1937 the commercial banks in FDIC paid
the cost of their money.
average cost
1% per annum.
use
ences are
expressed as the percent of time deposits.
be
It amounted during those four
years to
almost exactly 2% per annum in a period when short
tions of
integrity and security comparable with those of commercial bank
obliga¬
term
The
prediction
reason
that I bring this point up
show the
to
to show in
is because in this talk to
of money
a very
business in general; and I want
direct relationship between the cost
and the investment policy of a bank.
commercial
I
you
importance of the cost of banks' money, that is, the
particular that there is
I might almost
that if
say
banks paid no interest on deposits there would be no banking
problem today.
this preamble that I
am
argument for the elimination of interest on time deposits.
I
making
an
am not even
arguing in favor of necessarily cutting down the amount of interest paid.
relatively high percent of interest is applied to
a
a
that
high operating expense, then the resulting total
high percentage of time
bank's portfolio managers to acquire and
begins to get into trouble.
Hour
as
more
one
It
year.
basis.
semi-annual
or
added that Mr. An¬
was
formal memorandum pre¬
a
on
in
The
be followed.
its
on
A
security
emphasized
and
"It
that they m ight lead to so radical a scaling down of interest
urge precipitate action in such a matter as this.
If
on
time deposits
I don't think
ensue.
a
be the
never
bank has been
one
a
the
It may be that
program a bank would lose some of its time
said,
was
Congress
ployee worked in
an
another,
yet
tinued in
regular
The
receive
if
of
that
be
must
however,
contracts
"employees
long terms.
be
may
a
worked
bona fide
12
to
up
requiring
intended
the
(of the section)," the
employees
be
to
the employee be
that
memo-,
employed
'on
an
guaranteed
either
employer
might
annual employment.
attention
his
of
Congress that
$30
employees
a
regardless of
an
week .for
the number
52
of
weeks,
hours
or
an
a
em¬
particular week.
$30
the
pay
the
over
payments,
under union
week without the payment of overtime."
a
$1,560
of
any
wage-hour
contracts
he said,
employee might work
effect
rate
the weeks
and working periods
the
guarantee
wage
overtime
worked
the legislative history
by
brought to
annual
from
employees
,
"that
basis,'
example
even
for
employer
for
all
62
each
hours in
week.
required to
was
hours
worked
law
provides
week and but
could
plan
pay
in
not
time and
excess
of
a
44
in
16
be
con¬
half the
hours
in
hours."
employee worked 52
certified
one
This
that
union
organizations
by the Labor Relations
making .such
Board.
Conference
on
Security to Children and Greater Op¬
portunities to Youth Called by Secretary of Labor
under such
deposits to nearby savings
Experience, however, does not substantiate the fact
that
an
Perkins—First Session
im¬
portant loss of deposits does, in fact, follow from the cutting down of the
emphasize this point.
become
production
up
to cut down its interest
rate, not from 2% to 1% immediately, but from 2% to 1H% now, and 6
later from 1H % to 1 %.
step
to
bargaining agreements arrived at between
employer,"
fixed annual wage or
"It
to
paying
direct
courts
annual wage basis would
them the right
exemption
whose
its time deposits, and it finds that it should not pay more than
1%, then the thing to do, I should think, would be
giving
the
is apparent from
"Thus
I would
that
day and 66 hours
a
annual
time deposits.
I suppose that some of you will feel that these suggestions for determining
the amount of interest to be paid on time deposits are
pretty radical, and
for alarm in this connection.
by
employers
"Under collective
That is where the banking problem
one to
the
quote further:
we
the guaranteed
calling for specific wages
receive
unless
said,
emergencies without paying employees overtime.
He
hours
considerable loss of time deposits would
to
Press
Associated
Andrews indicated
attractive
fixed
a
noted
Washington
such
Administrator
to the
From the
Mr.
hold high yielding securities
can
by
In report¬
employees cannot be re¬
than 1,000 hours in six months or more
applied dnly to industries
into satisfactory relationship to total receipts by a
manipulation of the other highly elastic item of income and outgo, interest
who have had
Act
his prediction
guide
union
on
of this situation should be the
I can even
annual
an
on
wage-hour
usually necessitates
expenses
rate of interest.
from
20
Feb.
Division, interpreting two sections of the law.
was
intended to serve, Mr. Magruder
a
bring its total
banks.
on
otherwise.
for
a
made
was
Press advices from
paid
are
the
fandum
months to a year
Act
pared by Calvert Magruder, general counsel for the Wage-
holdings if they are invested with ultra conservatism in securities entirely
suitable for commercial bank holding.
It would then be in a position to
on
annual
guaranteed annual wage contract is one under which
a
drew's based
time deposits forces
bank should determine what rate of return It
2% rate
Elmer F*
Method
Payment
"guaranteed
of
use
Administrator of the law.
than 2,000 hours in
fairly
a
really begins.
cause
Andrews,
quired to work
definitely puts the cart before the horse and
high and predetermined rate of interest
reverse
Standards
I think you will all
expense
excessively high yield from the security portfolio.
admit that this situation very
very
F.
employees
I
predetermined and
deposits, and if the resulting expenditure on interest is added to
Exactly the
Labor
...
If, for example, as is the case with many banks,
that the bank
April 17 and May 15.
From Overtime
Contract
wider
that
ing this, Associated
arguing in favor merely of a method of procedure, a policy to be pursued
determining the amount of interest to be paid.
a
against
memorandum
...
I do not want you to gather from
it is where
Fair
Under
deposits yielded anywhere from \i to 1 % to 1 %.
interest paid to depositors, to the banking
of prime,
wage" contracts by seasonal industries might result
Elmer
interest should, perhaps,
as
Employers
Under 2,000 Hour Yearly
of 6-10ths
interest on demand deposits is paid at all,
banks paid out
require.
scheduled for March 20,
Exempting
$1,000,000,000 that
no
he may
as
Wider Use of "Guaranteed Pay" Predicted by
Andrews of Wage and Hour Law—Sees
the
a
a
As indicated above, this week's conference was the first
a series of four on bank investments.
The other confer¬
the
there is
high
.
,
of prime longer term spaced maturities.
5.
Amortize all investments and use profits to set up reserves
more
a
.
.
depreciation and losses.
But
that
.
Provide for additional required income through an investment account
4.
or
In other words commercial banks have been paying
particularly, since
such outside advice
use
6-10tbs of 1% per annum on the average of all monies entrusted to them.
on
being too broad and unspecific to be useful
3.
Provide for liquidity through a secondary reserve account
short term maturities readily convertible into cash.
That payment of $1,000,000,000 represented
for all the money of which banks had the
an
of
paid
others
realized
It was
1.
Work out a written policy and program to meet your particular
situation, and have it approved by. Directors.
2.
Fix responsibility for carrying out this program on one officer, who
And $1,000,000.000 is
when it is expressive of items of current income
even
outgo of commercial banks.
a
as
and that others would disagree on the ground that they require too
of
Stephen M. Foster, of the City Bank Farmers Trust Co.,
speaking on "The Cost of Money and the Investment
Problem" made suggestions as to the cutting down of in¬
terest on time deposits, saying in part:
an
useful guide in their investment thinking, and to
as a
would
experience and tradition might serve to
on
standard for the average bank.
behalf of the State Bankers' Asso¬
ciation and the committee.
in
agreed that no specific investment
was
•
was
have
am
based
would critize them
some
should
Mr. Massie indicated that the first talk of the series
The
It
.
It appeared, however, that a statement of a few
The Statement of Principles boils down to five points Its recommendations:
consists
two
through
want
before
freely expressed as to whether
sufficient irritant to stimulate discussion and argument.
that
market.
a
principles
bankers
some
as a
following:
to
was
ratios could be applied generally to all banks, and that they
or
be futile, if not harmful.
The Committee has invited all these groups to join in finding principles
Part
doubt
men,
considerable number of bankers.
and understanding between ail groups—
banks, correspondents, supervisory authorities, and
one
of bank Investment
group
anything could be worked out which would be of practical value to any
its solution.
Part
'
When the proposal of drafting a Statement of Principles was put
understanding of the problem and of the principles which underlie
an
giving
related to the facts and figures involved in
are
individual bank.
each
banks, but in having each
individual banker gain the self-reliance and the self-confidence which comes
with
In the first plaee, any value which a discussion
In the second place, I have no answers on most of the
you my answers.
market.
dependence on paid advisors or correspondent
1939
of this kind may have lies in raising questions in your minds, not in
therefore, bankers must learn about bonds, the bond market,
money
Feb. 25,
various problems involved.
lot of opportunity to observe, I find that banks which take
to
Be Held at White House
April 26
In checking with people
Secretary of Labor Frances Perkins announced
on
Feb. 19
the inisiative in making reasonable cuts in interest below the
existing level
for their communities, have been surprised to find that
that at the request of President Roosevelt she was cabling
a "Conference on Children in a
Democracy," the first session
deposits.
to
they do not lose
I will admit that if any one commercial bank
were to
and were to cut the interest that it paid on time
while all other commercial banks
lose
a
deposits from 2% to
still paying 2%, that bank might
considerable volume of its time deposits, but if all commercial banks
will take the
on
were
take the initiative
same
time deposits
view of the matter, if they will all be
ready to pay out
only such amount of interest
as
they
can
conveniently
and conservatively afford, then very few time
deposits will be lost by the
commercial banks in general.
R. L.
Garner, Vice-President and Treasurer of the Guar¬
anty Trust Co. of New York, in discussing "The Develop¬
ment of Bank Investment
Policy," stated in part:
In December, 1937, the American Bankers
Association, through its Bank
Management Commission issued
a
"Statement of Principles and Standards
of Investment for Commercial Banks."
This afternoon I shall review this
Statement, point out the line of reasoning
attempt to outline
an
Approach
on
which it
was
to the bank investment
background for the specific subjects which will be dealt with
Within the time available I
important
opportunity to youth."
The invitations
do
no more
out
by Miss Perkins at President
The President has directed
me to
invite you to serve as a
member of
a
planning committee which will be responsible for organizing and directing
the work of
a
conference
on
children in
a
democracy.
calling this conference because of his conviction that
democratic principles finds
and
a
The President is
society founded
upon
both its aim and its security in the happiness
well-being of its people, and especially its children, and in recognition
of the
growth and development depend.
at
as
a
subsequent
primary claim of children for those essentials of life
than summarize
some
of the
upon
which their
The conference membership will include men and women from all parte
of the country
can
sent
Roosevelt's direction follows:
problem,
aspects In the development of investment policy.
I shall
largely avoid giving my personal opinion as to the proper solution of the
White House on April 26 and the final
early in 1940. Secretary Perkins said that about 70
prominent men and women had been invited to serve on a
planning committee.
The President will serve as Honorary
Chairman of the conference, whose activities it is hoped will
give "greater security to childhood and a larger measure of
developed and
sessions.
most
be held at the
session
many
who will bring to its deliberations the fruits of experience in
walks of life.
Preparatory work will be gotten under
will be held at the White House, April
way at
once.
The first session
26, 1939, and the final session will
Volume
be early in 1940.
too
Financial
148
Every effort will be made to plan the work so as to avoid
heavy demands
to
me
serve as
Bureau to
The President has asked
conference, and the Chief of the Children's
committee members.
upon
chairman of the
childhood
and
larger
a
result
give greater security
that the activities of the conference will
in practical suggestions as to ways
to
in which we may
of opportunity
measure
strengthen the foundations of
and it is
youth,
to
and thus
We, here
democratic
Milburn
L.
Under-Secretary
Wilson,
Chairman
of
of
Miss
Committee
to
Health and Welfare Activities; Homer Folks, Secretary of the
ties Aid Association of New York City; Dr. Frank P.
of the University of North
the
of
Archdiocese
New
York,
State Chari¬
Graham, President
University of Minnesota; the Right
and
Charities of
Kepecs, Executive Director
Jacob
1915, tended
in
to
different nations which must
world peace.
the shores of the Pacific, finding peace and progress through
are
for advancement of our
in a spirit of cooperation
processes
shocked by the horrors of war from which our fellow-
suffering in foreign lands.
are
We pray
for world peace, which can only come through a determination
by
representative
In
peaceful
and
disarmament
to
spirit of hospitality, characteristic of the Western world, and in the
a
name
of humanity, we express
the hope that this exposition shall be a beacon
between nations; that its rays will reach the people of the rest of
for amity
light the way to their peace and happiness.
the world and help to
Hawaii,
Japan, Indo-Cbina and other lands of the Orient are here.
the East Indies and the Antipodes
America,. the
join the South Sea Islands in this pageant
With them are the colorful nations of South and
of the Pacific.
Jewish Children's Bureau of Chicago.
devoted
governments
settlement of territorial and economic disputes.
Keegan, Executive Director of the Catholic
Robert F.
Rev.
Josephine
Coordinate
Carolina; Dr. Henry F. Helmhose, Professor of
Pediatrics at the Mayo Foundation,
here
by people who are being led to war; that warlike leaders shall be replaced
Agriculture;
Interdepartmental
the
had agreed to serve
on
welfare,
common
national life.
our
The Secretary said that the following
Vice-Chairmen:
Roche,
held
hoped that this World's Fair will definitely tend to cement those ties
be relied upon for
beings
as
Exposition,
Panama-Pacific
California's
bring the nations of the Pacific closer together in their industrial relations
of human brotherhood between the people of
serve as secretary.
It is the President's hope
1111
Chronicle
countries of Europe
major
and
the
Central
States of this great
nation.
35 nations are all
Union
Dispute
Two U.
Between
Brief Shut-down of
Caused
A.
W.
Factions
A.
Automobile Plants in
Detroit—NLRB Asked to Hold Bargaining
Election
A union
dispute between the two factions Of the United
Automobile Workers of America, which had made 28,000
workers idle in the Plymouth and Dodge divisions of the
Chrysler Corporation and in the Briggs Manufacturing Co.
plant in Detroit, was temporarily settled on Feb. 23 after
a
24-hour shutdown when a petition was filed with the
National Labor Relations Board for a bargaining election
among Plymouth workers.
The strike was called by the
faction supported by the Congress of Industrial Organiza¬
tions in protest of the company's recognition of the local
officers of the Homer Martin group.
From a United Press dispatch from
California is indeed
educate, to
to
explain.
enchant, to
will dramatize their products and services.
proud
of its accomplishments, which always have
Natureset America's highest mountain peak, the deepest
been spectacular.
within her boundary.
Detroit, Feb. 23, the
supported by the C. I. O., the Plymouth union local apparently is
highest and one of them throws
longest possible span of any like engineering construction yet attempted
the
'
by man.
■
California should celebrate the completion of these great
It is logical that
bridges and other evidences of its progress through the ages with
the most
spectacular World's Fair ever offered.
We see an architecture combining the mystery and charm of the antique
We
civilization of the Pacific.
are
in an atmosphere of peace and good¬
will, surrounded by the branches of nature parading the cultures and
of the West.
the Pacific will march on for 288 days, but the
cooperation between our nations will, let us hope,
behalf of California
Governor of and in
Aa
world
wonders
Pacific, the Orient, the South Seas, Latin America and
the robust empire
This pageant of
with the
These two imposing structures > once
Francisco Bay.
the San
believed impossible, are the longest, the
and
Although Briggs and Dodge U. A. W. A. members are allied
built
Through the initiative of her people two great bridges have been
crossing
of California, the
following is taken:
group
here to amuse,
leading industries
valley, the most productive soil and the widest variety of scenic wonders
Plymouth Plant
at
America's
welcome.
friendship
march on forever,
and her people, I bid the
»
evenly divided.
that
would
it
which
file
charges
against the
tomorrow
Chrysler Corporation,
the Plymouth and Dodge divisions, because it refused to
manages
Dewey,
Labor Department conciliator, was en route to Detroit
from Washington to take charge of negotiations.
R.
J.
Thomas,
Martin's group,
Mr.
called the workers back to the plants after noon.
which
minority seeking to enforce a "rule or ruin" policy.
Our story is one
Opening of Golden Gate International Ex¬
position at San Francisco—Address of Welcome of
Gov. Olsen
Golden
Francisco's
Treasure
on
Gate
Island,
in
International
San
Exposition,
Francisco Bay,
was
formally opened on Feb. 18, and it was indicated in an As¬
sociated Press dispatch that an island-wide address system
carried the words of the speakers to the ears of the thousands
streaming to the scene as well as to a packed grandstand in
the Court of Nations, where the'ceremonies took place.
In part
W. P. Day,
-
'
threw
open
continued
the exposition
its gates at 7 a. m. an hour ahead of Schedule,
on
those not
yet finished,
and construction
was
Workmen
just into its
God by whose grace California has been
hours after
Six
nounced
as
the gates opened,
the official paid attendance was an¬
55.C03 and exposition officials said the volume was running
about as they expected.
They had forecast an attendance of 250.000 to
300,000 for the first day.
By far the greatest number of visitors went by ferry boats,
leading
the $77,000,000
from
celebrate completion of the giant
Gate
operating
The rest of the crowd streamed in via a con¬
from both sides of the bay.
course
Bay
bridge.
The exposition is to
bridge, the companion $33,000,000 Golden
span.
They included Japan with a $1,000,000
participated.
building and an $8,000,000 art display; France with an extensive
and
Italy with $35,000,000 worth of art masterpieces and a separate
outlay,
Italian
Germany was not represented.
exhibit.
The
contributed toward the
fair
is
to
rim
288
days,
ending Dec. 2,
deems it worth while to continue the show into
pects to have at least 20,000,000 paid
unless the management
1940.
The exposition ex¬
admissions in the 288 days.
.
the name of all the citizens
In
to be with us often on
you
Seven
An
the
hope "that this Exposition shall be a beacon for amity
Mayor Rossi of San Francisco was also
among
those whose remarks featured the opening ceremonies.
The address of Gov. Olson follows:
gathered here today on Treasure Island, the largest man-made
We are
island in the world, located in
of the Golden Gate
historic San Francisco Bay, for the opening
International Exposition.
As Governor of California, I am
proud to participate in this memorable
event and to greet and welcome you
from other States to join our own
tion
all.
of industrial and cultural progress
hibits from other parts
I welcome you who have come
exhibi¬
of California and wonderful ex¬
citizens in viewing this interesting
of the world.
of the Pacific and
of world-wide interest.
They are here in a spirit of friendship to which our hearts respond.
A
spirit certain to aid in continued cooperation and peaceful relations between
I greet
and welcome the representatives of the nations
of Europe
who are here presenting their exhibits
their countries and our own.
sale
advance
of admission
World's Fair 1939, in the
politan
area,
25c.
tickets to the New York
interest of residents of the metro¬
has been announced by Grover A. Whalen,
Fair.
The regular price of admission to
of the
President
grounds, Mr. Whalen said, will be 75c. for adults and
for children up to 14 years of age.
On one special
week children will be admitted for
day each
10c.
These
prices will admit the purchaser to every attraction on the
grounds except concessions.
However, beginning on Feb: 24,
and for a short time only, metropolitan New Yorkers will
privileged to buy seven types of tickets,at substantially
rates which will permit them to visit the Fair
be
reduced
times and bring their friends,, relatives and
than the single price of admission.
These
less
at
be honored on any day,
will
admission
concession
$1.65.
Savings,
2.
sale
tickets.
tickets
Sales
price,
$3.75.
This issue is limited and will
follows:
tickets and six
Face value, $5.40.
be available during the
only.
non-transferable
A
season
ticket
with
identifying
photograph
This ticket entitles the owner to unlimited admissions
20-admission ticket with identifying
$15.00.
visitors
including Saturdays, Sundays
and holidays. - These types were described as
1. A souvenir book
containing five general admission
The
between Nations."
invite
Treasure Island during 1939.
Tickets for Admission to New York
of
Types
of the bay area, I most cordially
World's Fair to Be Available at Reduced Rates
advance
greetings extended to the Exposition by President
Roosevelt are referred to in another item in this issue.
In
his address of welcome of Gov. Olson of California, expressed
and all others who have in any
culmination of this dream, we offer our sincere
thanks.
many
35 foreign nations
granted to the city,of its servant, St. Francis, a
To the Federal and State Governments
way
the
final stride on the gayway, 40-acre concession area.
From this Treasure Island we
ships soaring to the shores of Asia, another
showered with the
mighty
privilege.
Those who have striven here have worked with the intent of
presenting to the world something precious, something beautiful, some¬
thing dignified by the highest of our artistic and spiritual endeavor.
works director, said the fair as a whole was about 80% ready
But the main exhibits were available for the crowds when
of continued progress.
qualities.
richest of gifts has
these advices (from San Francisco Feb, 18, stated:
for visitors.
this
washed by the waters of the Pacific.
Romance, beauty, art and culture are so closely entwined in this area that
wherever men travel the name of 8an Francisco brings to mind these dis¬
The good
Formal
located
of the West since the days
magic tie, binding the great nations
tinctive
San
all the cities
We join with the Western States and the
gentle Spanish padres trod over our rolling hills to carve out
when the
shall send the gigantic clipper
threatened to make factory as¬
sembly lines the battleground in the bitter union dispute, was caused by.
a
privilege today to speak for the chief executives of
in the San Francisco Bay area.
mighty empire.
President of the U. A. W. A. faction opposing Homer
said the shutdown
Martin
It is my
Mayor Rossi said:
nations of the Pacific in recounting the story
bargain exclusively with it.
James
In his address
O.-supported faction asked the election and also announced
The C. I.
for
to the Fair.
photograph.
Price, $7.50.
Face value, $15.00.
Savings, $7.50.
Tickets in this book
entitle the bearer to 20 admissions to the Fair at any time on any day.
This issue is limited and will be available during the advance sale only.
4. A
children's non-transderable season ticket with identifying photo¬
graph salable to children between three and 14 years of age at $5.00.
This ticket entitles the owner to unlimited admissions to the Fair.
5. A
school
children's non-transferable
20-admission ticket.
Price,
$2.00.
This ticket requires the signature of the owner and of the appro¬
3.
non-transferable
A
priate
school authority.
A
6.
college student
the
owner
and
owner
the
7.
A
ticket.
requires
and school teacher's
non-tranBferable season ticket
This requires an identifying photograph
of the appropriate school authority.
$7.50.
at
and the signatures of
This ticket entitles
admissions to the Fair.
college student and school teacher's non-transferable
Price, $5.00.
Face value, $15.00.
Savings, $10.00.
to unlimited
an
20-admission
This ticket
identifying photograph and the signature of the owner and
appropriate school authority.
Financial
1112
of a souvenir book may visit the grounds
and
The purchaser
five times and see six concessions, or he may go once
take
The souvenir book is transferable
party of four.
a
be loaned to anyone in the owner's circle.
Whalen's further announcement says:
and
that
and
be issued and there will be no similar
further books will
The
held
price reduc¬
pictures taken at the time of the sale at the Fair offices or
have their
when
they pay their
grounds.
first visit to the
Arrangements will ,be
made, with college and school authorities for approving those who may
wish to purchase the school or student tickets.
will take the form of a civic
The ticket sale in general
enterprise, with leaders in various fields lending their time
and effort.
Mayor Fiorello II. LaGuardia will act as
Honorary Sponsor and Thomas II. Melnnerney, President
the National Dairy Products, will serve as General
Sponsor. Other sponsors will he selected from the different
segments of community life.
The ticket sales campaign
will he in general charge of Bayard P. Pope, Treasurer of
the Fair Corporation.
of
Death
of
York State Senator
New
—Legislature
Perley A. Pitcher
Following Adoption of
Adjourns
Resolution of Tribute
New York State Senator Perley A. Pitcher of Water town,
■N* Y., died suddenly on Feb; 20.in his room at the Hotel
Ten
Eyck, Albany, N. Y.
Mr. Perley was President pro
Republican majority leader of the New York State
tern and
Governor Herbert H. Lehman,
Senate for the 1939 session.
Lieutenant Governor Poietti, as well as legislative leaders
of both parties, joined in expressions of regret.
The State
Legislature adopted a resolution and out of respect for Senator
Pitcher adjourned until Monday of next week., The reso¬
lution is
follows:
as
Whereas,
committee,
special
discussions
certain
Almighty God, in His infinite and inscrutable wisdom, has
our midst one of our most loved members, the Hon. Perley A,
Pitcher, President Pro Tern of the Senate of the State of New York, and
taken from
creation
1939
25,
time to time, with the
from
•
Which began its work
on
the subject of
on
Jan. 17 last, has
possible advisability of
legislation
existing
revisions in
the
continues to
and
relating to the subject.
of
the
followed
committee
special
with
conversations
representatives of ether exchanges on the subject of the desirability of
equalizing competitive conditions affecting securities traded in over-thecounter and securities listed on organized exchanges.
As
of tickets, purchasers who require photographs may
other types
On the
Commission.
the
extended
The
after the Fair opens.
tion
of
recommending
it was emphasized, will
book,
the souvenir
of
issue
it may be possible to consult,
progresses,
officials
assemble material
be so limited
there will be only one to every 10 residents of the metropolitan area
only two will be sold to a purchaser.
When the issue is exhausted
The
no
Mr.
may
Feb.
Chronicle
result
a
conference
of
the discussions which have already been held, a general
of
all
exchanges
will
be
called
for
some
March, the time and place to be selected, at which all exchanges
time
in
will
have
to the
of
representatives
an
opportunity
to
their
express
views
relating
questions
on
revision of existing legislation.
Dr. Eduard Benes,
United
in
Former President of Czecho-Slovakia
States
to
Teach
and
Lecture
Dr. Eduard Benes,
former President of Czecho-Slovakia,
arrived in New York on the United States liner Washington
on Feb. 9, and was welcomed by Mayor La Guardia and a
distinguished citizens committee at an official reception in
the City Hall Council Chamber.
When interviewed on his
arrival from London; where he had been staying since his
resignation in October, Dr. Benes said he believed war in
Europe could be averted if the heads of the various govern¬
ments were determined to avert
it.
"
.
Dr. Benes left for
Chicago where he is to teach at the
University of Chicago and to lecture, remaining there until
May 20, when he expects to return to Lond on. In an address
On Feb. 11 at a dinner of the University of Chicago Club he
said that the policy of the "appeasement" of the dynamic
states serves its purpose of postponing war, but there is no
decrease in the number of those who believe .such a policy
will ultimately fail.
Dr. Benes on Feb. 17 in an address during his first public
appearance under the auspices of the University of Chicago,
outlined four alternatives m an analysis of European affairs—
peace, disintegration, revolution and war—but predicted that
ultimately the democratic spirit would triumph. Dr. Benet
address as reported in Associated Press dispatches to the
New- York
Tribune
Herald
date
under
of
Feb.
17
from
.
Whereas,
We are fully conscious of the irreparable loss suffered by us,
Chicago, follows in part:
by the State of New York, by his host of friends, and* most of all, by his
M
loving and devoted companion and wife, and
cause
Whereas,
Senator Pitcher has served the State in the Legislature and
to the Constitutional Convention of 1938, of which he was the majority
tions are
We are fully aware that his whole life has been characterized
That the Legislature
side
beloyed colleague and friend, the Hon.
Perley A. Pitcher, and "be it fqrther
Resolved,
That a copy of these
suitably
engrossed,
John
J.
*
nounced
the
Expelled from Membership in New York
Stock Exchange
Feb.
21, following
An
on
announcement
Governors.
Stock
Exchange
the
at
a
meeting of the Board of
made
the
to
members
of
opening .of the Exchange on
Feb. 23 said:
Charges
gradually sweeping all its countries and states, overthrowing
Caragher,
Specifications
having
been
preferred
against
John
J.
of. the Exchange, under Article XVI of the Con¬
were considered
Exchange, the charges and specifications were considered
by the Board of: Governors at a meeting on Feb. 21, 1939.
of
the
stitutlon
of
the
The
of
the
he
that
was
Board
The
Governors
specifications
and
against
withdrawal
caused, the
John
of
J.
$1,800
of
The
having
found
John
specifications, John J. Caragher
soon,
hut said there had been little or no decrease in fears of
Caragher retired
Co.,
on
Feb.
J.
Caragher
was
He envisaged a
He mentioned
central
quilty
of
and
European countries, and colonial problems,
Italy's
the
Pacific and Indian Oceans and national and
This might lead, he said, to & "collision of power politics."
He asserted that these forces could not
a
"be harmonized unless they had
"great moral and political example."
"That
,
great example the United States, as
democracy in the world, is giving today.
the greatest and strongest
It holds the leadership in the
fight for world democracy."
Herbert L. Seward
Appointed Part-Time Professor and
of Maritime Economics at
United States Coast Guard Academy
as
member of the
a
firm
of
Richard
were
L.
Simon
the basis
of
Knowledge of the other partners of the firm.,
Markets—To
Recommend
Acts
Flow
Aid
to
of
Possible
Capital
of
Function
of
Markets
In response to
of
firmed
the
the
M.
Wardle,
inquiries, William McC. Martin, Jr., Presi¬
New
fact
York
that
Hancock,
has
been
Stock
a
Prof. Herbert L, Seward of Yale
Joseph
Exchange, on Feb, 23, con¬
committee, consisting of
Klingenstein and H. Allen
for
created
the
purpose
of
making
a
thorough study of Federal legislation affecting the securi¬
markets, particularly the Securities Exchange Act of
Securities
the
Act
of
1933, according to an
announcement issued by the Exchange.
The purpose of
the study, the Exchange said, is to determine what recom¬
mendations, looking to the revision of the Acts, may be
appropriate in the interest of facilitating the flow of capital
improving the functioning of the securities markets.
It was further stated i
and
Martin
the Securities
committee
and
6aid
and
that
he
had
acquainted
Chairman
Exchange Commission with the
that
be
is
hopeful
that,
as
the
W.
purpose
work
of
O.
Douglas
of
of the special
the
University
as
a
at
the
United States
committee
Coast Guard
Academy,
New
London, Conn.
Prof. Seward will coordinate all
subjects being taught at the Coast Guard Academy which
have to do with the maririme affairs of the Nation in time
of peace, placing emphasis upon
of the merchant service.
the operation and regulation
Robert S. Parker Elected President of Federal Reserve
Bank of Atlanta
special
ties
and
Department
part-time professor and head of the Department of Maritime
Revision
and
of
Secretary Morgenthau announced, on Feb. 19, the appoint¬
ment of
Economics
Mr.
"scene of possible conflict" of "gigantic proportions."
Germany's program of "so-called Pacific penetration" of
eastern
economic rivalries.
Head
Special Committee of New York Stock Exchange
Studying Federal Legislation Affecting Securities
1934
"heavy
policy in the Mediterranean and Africa, the positions of Japan, China and
expelled.
1'939, shortly after the acts which
8,
the .dharges came to the
John
a
conflagration eventually."
Exchange announcement also said:
Mr.
dent
Or will everything be
great war?"
account.
the charges and
&
charges
improperly
customer's
a
a
Dr. Benes favored the theory that no European conflict would break out
Exchange, the Charges and Specifications
substance
•
Caragher
from
solved at the end in
member
a
stitution
social regimes and unleashing revolutions, here
national, there liberal and there again communist?
Russia, maneuvers in
and
and
war?
"Olr will the present Europe fall to pieces in some great revolutionary
movement
.
Caragher was expelled from membership in the
Stock Exchange on Feb. 21, the Exchange an¬
York
years
sphere of menace and political, social and economic chaps and tension which
be
the present political and
New
number of
will the European nations and people continue to live in the present atmo¬
is neither peace nor
resolutions,
transmitted to his. wife.
J. J. Caragher
military prepara¬
peacefully?
"Or will the present dist ingestion continue for a
until next Monday evening out
recess
as
Does it mean that the conflict will break out then ?
expect that the different kinds of regime will come together,
will settle their differences, develop more normal relations and live side by
standing and consideration for his fellow men: be it therefore
Resolved,
that there will be resistance as soon
mean
complete^?
"Can one
by devotion to duty as he saw it, tempered by unusual kindliness, under¬
of respect to the memory of our
they were not prepared, he outlined the alternatives in question form:
"Does this
leader, with unfailing loyalty and devotion to public duty, and
Ife Whereas,
Recalling hints that democratic states had yielded in recent crises be"
The
election
of
Robert
S.
Parker,
as
President of the
Federal Reserve Bank of Atlanta, to succeed the late Oscar
Newton was announced on Feb. 18 by Frank H. Neely,
Chairman of the Board of Directors.
Mr. Parker, who has
been First Vice-President of the Bank since March 1, 1936,
will serve the unexpired term of Mr. Newton, which runs
until March 1, 1941.
The following regarding the election
is from the Atlanta "Constitution" of Feb. 19:
Ih announcing Mr. Parker's election, shortly after the close of the special
meeting of the hoard, Mr. Neely said that his performance
as
Vice-President
and General Counsel of the Bank had been so outstanding the hoard had
considered no other candidate for the office.
Mr. Parker's election
was
by unanimous acclaim, Mr. Neely stated.
"He has been closely associated with the Bank through its entire,existence,
and for the last five years, has been
Vice-President and General Counsel,"
Volume
said
Financial
148
"His
Chairman.
the
of all
understanding
make
functions
its
him
entire
and the
its
Bank,
the
of
knowledge
intimate
operation, the fundamental principles for which
it was founded
ideal man to succeed
an
the first sentence in the plan of
Feb.
to the
970.
page
Committee
Stock Exchange
Feb. 21 approved of the appointment
on
Committee
the
of
on
Admissions until the next
Court Justices Join in Letter Faying
Justice Brandeis—Express Regret at
Admissions—Charles M. Finn.
on
Arbitration—Sherman M. Bijur.
Appointive
Supreme Court expressing regret at the
made
was
which
was
nolds, paid
of
retirement of Louis
regular active service as Associate
extraordinary
capacity as President pro tem, Mr. Bettman made
appointments of Chairmen:
In his
General Committee
letter to Justice Brandeis follows:
Dear
Justice
We
and
distinction
has
extend
We
profound
observe
permitted to disturb
gratifying
and that
service,
public
been
been
never
to you
our
you
to
that
enjoy many, years of continued vigor.
the assurance of our affection and
may
best wishes and
esteem.
yours,
CHARLES
PIERCE
HUGHES,
F.
STONE,
OWEN
J.
L.
FELIX
My dear Chief Justice:
General Committee
on
REED.
*
Our friendship gives
throughout the years to come we shall remain
companions.
Business Conduct—Edward J. Shean.
Committee
on
Communications and Commissions—H. N.
Committee
on
Finance—Austin K. Neftel.
Committee
on
Public Relations—Alpheus C. Beane
LOUIS D.
The retirement of Justice
BRANDEIS.
Brandeis was reported in these
971.
columns Feb. 18, page
was
Appointed
Governor
wireless dispatch to
of
issue of Feb. 18, page 972.
our
Named
M. F. McGuire
La,dislaw Dvoraks Vice Governor
Bank
Joseph B. KeenaU, who resigned last week to return to the
private practice of law.
This resignation was noted in our
Feb. 18 issue, page 972.
Regarding the new appointee
Washington advices of Feb. 18 to the New York "Times"
said:
Mr.
Bettman
Board
H.
to
lie has been one of the two first assistants to
other
and
N.
departments,
Until Paid President Is Elected—•
Named
Vice-Chairman—Other
W.
Reelected
Bell
Ray
slate is
said in part:
it.
In our work we
organizations interested
clean; today we start to write upon
help of all individuals, groups and
the improvement and development of this Exchange.
Criticisms and
suggestions of Federal and State authorities, of the public directly, and
of the press, through which the public speaks, will be welcomed.
But the responsibility remains with us and I know that you join with
me in the determination to approach our problems thoughtfully and to
reach our conclusions intelligently, conscious th^t our job, to be well done,
jn
requires that we keep constantly in mind
President
of
widely
Association of
Cotton Textile Merchants of New
York
meeting of the directors of the Association of Cotton
Textile Merchants of New York, held Feb. 21, W. Ray Bell
was reelected President" and Secretary for the current year.
a
Frederic A. Williams, of Cannon Mills, Inc., was
elcted Vice-
Wellington Sears Co.,
Treasurer of the Association.
To serve with these officers
as an executive committee, the following were named:
Saul F. Dribben of Cone
Export & Commission Co.
P. Stevens &. Co., Inc.
Pepperell Mfg. Co., Inc.
A reference to the election
meeting
was
made in
of directors at the Association's
Feb. 11 issue, page 825.
our
S. Miller for U.S.Court
Kentucky-—Senate Confirms Three Other
Judicial Appointments
in
Post
President Roosevelt on Feb.
16 sent to, the Senate the
Jr., to be United States
Judge for the Western District of Kentucky.
who was campaign manager for Senator Alben
the fundamental expressed in
Mr. Miller,
W. Barkley
Democratic primary contest, has been counsel
for the Reconstruction Finance Corporation in the Louisville
the last
in
branch.
The Senate confirmed this
nomination on Feb. 20,
protest made by the
American Federation of
a
Labor.
On Feb.
16 the Senate
confirmed three other judicial dis¬
trict nominations. They were former Governor
Allred for the Southern District of Texas; Frank
the
for
T. Alan
Eastern District of
James V.
A. Picard
Michigan, and Representative
Goldsborough for the District of
Columbia.
objections to these appointments which
had caused a delay in confirmation, Washington advices of
Feb. 16 to the New York "Times" said, in part:
Regarding
some
Mr. Allred was
approved after Senator
King withdrew an objection
confirmation.
said his objection to Mr. Allred was
that
heretofore had lacked
Senator King
based on his under¬
long recognized rule that Federal judges should
district to which they were appointed. Mr. Allred is not a
standing that it had been a
reside in the
resident, he said,
of the district in question.
Goldsborough, the Utah Senator saw
two grounds
several Senators had been asked not to
submit names of possible judicial appointees who were more than 60 years
old.
Mr. Goldsborough is 61.
Senator King said he also felt that a District
of Columbia lawyer might have been chosen for the post, instead of a resi¬
In
•
In his address to the Governors, Mr. Bettman
The
become
...
disregarding
meeting of the new Board of Governors
of the New York Curb Exchange, held Feb. 23, Clarence A.
Bettman, Chairman of the Board, was elected President
pro tem, pending the election of a permanent paid President.
Herman N. Rodewald was elected Vice-Chairman of the
Board.
Following the Governors' meeting, Mr. Bettman
announced the appointment, ad interim, of Charles E.
McGowan as Secretary and Christopher C. Hengeveld as
Treasurer.
Mr. Rodewald, the new Vice-Chairman, has
been a member of the firm of Callaway, Fish & Co. since
1928 and a member of the Curb Exchange since 1933.
He
has been on the Board of Governors since his election in
1934.
Mr. McGowan has been First Assistant Secretary
since 1931 and Mr. Hengeveld an Assistant Secretary for the
count upon the
has
nomination of Shackelford Miller
circles.
At the organization
i
he
McGuire entered the department as a member of the Criminal
where he served for two years under Mr. Keenan, who then
/Mr.
M. Dvorak is 49 years old and he
Appointments Announced
past year.
which
President Roosevelt Nominates
York Curb Exchange Elect C. A.
President Pro Tem—New Chairman of
Serve
in
headed that division.
M. Englis's resignation is reported to be con¬
Rodewald
the Attorney
personnel operations and contact with
General, dividing his work between
annual
New
as
the department for
who is 39 years old, has been with
McGuire,
five years,
of the Czecho-Slovak National Bank,
been prominent in Czech banking
of
Ml
the New York "Times" from
nected with his extreme conservatism.
Governors
Special Assistant to
Attorney General Murphy on Feb. 18 named Matthew
F. McGuire as his Acting Special Assistant succeeding
appointed Governor following the retirement of Karel Englis at the
end of his five-year term.
Acting
as
Attorney General Succeeding J. B. Kennan
Czecho-Slovak
Prague, Feb. 23, it was stated:
has long
Jr.
held on Feb. 14, at which
elected Chairman of the Board, was made
"William J. Gallon of J.
National
was
,
„
Reference to the annual meeting
Donald B. Tansill of
a
„
Rodewald.
President and Charles A. Sweet, of
Cordially,
In
'
Member Firms—Morton F. Stern.
on
At
the Associate Justices are very generous.
Dvorak
Stern.
Outside Supervision—Morton F.
on
Committee
FRANKFURTER.
'
L.
J. Shean
Division,
*
:
Mr. Brandeis said:
that
Bond Transactions—Edward
Quotations—E. Burd Grubb.
BLACK,
STANLEY
.
assurance
N.
N. Rodewald.
ROBERTS,
HUGO
•
and
Quotations—Herman
and
Committee
known.
E.
BUTLER,
HARLAN
■You
on
Committee on
Congress
Faithfully
.
In reply
Transactions
on
Stock Transactions—Herman
on
have found it advisable to retire from your,
influence.
far-reaching
always
has
Security Rulings—Henry Parish II.
Committee
as
the intensity of your
your serenity of spirit and
we
shall have an abiding memory of your never-failing friendliness.
We
trust that, relieved
of the burden of regular court work, you may be
able to conserve the strength which has been so lavishly used iri the
It
labors
Securities—Robert B. Stearns.
Unlisted Securities—Austin K. Neftel.
Roaewald.
in
you
Associate Justice, a service which you have
rendered for over 22 years with a vigor and devotion which have never,
been
surpassed.
Your long practical experience and intimate knowledge
of affairs, the wide range of your researches and your grasp of the most
difficult problems, together with your power of analysis and your thorough¬
ness
in exposition, have made your judicial career one of extraordinary
service
active
on
General
on
Formal Listing—Robert B. Stearns.
on
on
Mr. Bettman
Brandeis:
deeply regret that
regular
Committee
far-reaching influence."
and
distinction
The
Finn,
M.
Committee—Charles
the following
Committee
Justice
public in Washington on Feb. 18.
The letter,
signed by all members except Justice McReytribute to Mr. Brandeis's judicial career as "one
D. Brandeis from
Executive
of
members
E. Burd Grubb and Edward J. Shean.
Committee
of the United States
joint letter from seven members
As Chairman he appointed
Exchange.
Chairmen:
on
Committee
'
Retirement and Praise His Record
A
and
Committee
Committee
annual election.
Seven Supreme
Tribute
to
announced ad interim appointments
members of the various standing
also
Chairmen
committees of the
by
Edward E. Bartlett Jr., Chairman, of Charles B. Harding,
Basil B. Elmer and Jacob C. Stone to serve as alternate
members
Bettman
the
Committee
Exchange
Approved
The Board of Governors of the New York
meeting
of
This must be our guide.
the following
Three Alternate Members of New York Stock
at its
of
reported in these columns
was
"The primary
exchange, is service
reorganization, which reaas:
exchange, the economic usefulness of an
an
public."
Mr.
death
Newton's
18,
of
purpose
Mr. Newton."
Mr.
1113
Chronicle
for
the case of Mr.
objection.
dent
of Maryland.
Mr.
who
endorsed by Senator Radcliffe,
The latter approved the Golds¬
appointment despite the fact Mr. Goldsborough acted as host
Roosevelt last falLduring the President's attempt to "purge" Sena¬
Goldsborough's confirmation was
spoke also
borough
to Mr.
tor
One was because
Tydings.
for Senator Tydings.
Financial
1114
Chronicle
J. Howard
National Foreign Trade Convention to Be Held in New
^York This Year
At
the
recent annual meeting of the Board of the Na¬
Foreign Trade Council, Inc., James A. Farrell pre¬
tional
siding, it was decided to hold the annual National Foreign
Trade Convention this year in New York.
The directors
influenced
were
the New
that
World
the
Council
in
is
making this
World's
York
Fair
Trade
of
Center
the
decision
will
be
the
of
by
the fact that
opened this year, and
Fair,
of which the
would
provide a
opportunity for uniting these various plans for the
tion
one
of foreign
sponsors,
trade, according to the Council's
"Our last convention
ment.
New
in
announce¬
York," said Mr. Far¬
Ardrey,
25, 1939
former Executive Vice-President of
a
the Guaranty Trust Co. of New York, died on Feb. 23 at
home in Dallas, Texas.
He was 63 years old.
Mr.
his
Ardrey resigned from active banking to become Deputy
of the Federal Housing Administration in
September, 1934, later becoming assistant to the Adminis¬
trator.
He resigned from the FHA in May, 1937.
The
following regarding Mr. Ardrey's career is from the New
Administrator
York "Herald Tribune" of Feb. 24:
He began his career at the age of 21 years as a private banker, merchant,
unique
promo¬
Feb.
postmaster and railroad agent at Godley, Tex.
the real estate and mortgage
National
Gaston
the
Bank
Six
later he went Into
years
loan business in Dallas and in 1901 he joined
of
Dallas,
of which
he
was
Director and
a
Cashier.
rell, "was a remarkable testimony to the interest aroused
From 1908 to 1915 Mr. Ardrey was City
Treasurer of Dallas.
Later he
official in several banks in Dallas, including the City National Bank
throughout the country in the work the Council is carrying
was an
on."
of Dallas, of which he was Vice-President until 1915, when he came to
The Board of Directors presented Mr. Farrell with a
bronze statuette commemorating the 25 years of his identi¬
fication
with
G. 'Pfeiffer,
work
the
of the Council
President,
as
Chairman.
Curt
Council of American
National
the Board.
E. P. Thomas, President of the Council,
spoke on his recent visit to Latin America and other speak¬
ers
included Fred I. Kent,
Director, Bankers Trust Co.,
York; James S. Carson, Vice-President American and
Foreign Power Co., and William S. Swiggle, Vice-President
National Foreign Trade Council, Inc.
Director and Executive Vice-President of the Guaranty Trust Co.
James T.
Metal
Mining
American
Convention of Western Division of
Mining Congress to Be Held at Salt Lake
sixth
annual
sition, Western
the hank,
Mining
Convention
and
over
interest.
At
men
Los
Angeles, 'in
attended,
and
it
October,
is
expected
the past record attendance will be surpassed
industry meets in Salt Lake City in August.
40th
Annual
National
New
Automobile
York, Oct.
Show
1938,
that
when
the
Open in
to
15
The 40th annual National
Grand
Central
announced
on
Automobile Show will open at
Palace, New York City, on Oct. 15, it was
Feb. 14 by the Show Committee of the Auto¬
mobile Manufacturers Association.
The date
said,
last
is
three
weeks
earlier
than
selected, it is
in
year,
order
to
meet the annual model announcements, and furnishes deal¬
ers with a longer fall selling
period for used cars as well
as
for the
tion's
■
A
new
consideration
tion
it will
bile
industry
make
to
necessary
demand
offerings in
and
to
the
its
>
in
the
Savings Bank.
is
stabilization
network
created
demand in the fall and
Machine and
in
of
what
of
this
date
of employment
in
otherwise
be
contribu¬
both the automo¬
supplying 'industries.
would
the
was
The
the
Colonel
In 1921 he became President.
Spanish-American War he
Governor Morton's
on
model customer
the
period of
Progress Exhibition
to
Be Held in
Brookings
Speaker at Preview Dinner
opening of the Machine and
Progress Exhibition in Detroit on March 13.
The
dinner, sponsored by a group of leading industrialists, in¬
Tool
Incident
closing
to the
maximum
the
amount
payment
to
any
individual
.,
he received
the
State
Up
$5,000.
was
passbook for
being identified and having his account verified.
than $5,000,
the remainder.
that
to
Check, after
a
If the account
was more
check for that amount and signed a claim for
a
Such claims will be paid with other creditors' claims when
Banking
Department
Everybody who presented
bank.
liquidates the assets of the
paid!
claim was
a
.
.
.
FDIC and bank officials
estimated that in 10 days or two weeks almost all of the 39,000 depositors
$17,000,000 to $18,000,000 that will be paid to them.
Previous experience that some depositors
"are
slow about making claims
very
indicates that it may be some time before all are paid.
„Payments
made at the main office and
were
all
five
branches, where
FDCI agents and bank employees cooperated.
Announcement was made Feb. 19 by Robert J. Kiesling,
President of the Camden Trust Co., Camden, N. J., that
the institution in cooperation with the Federal Deposit
Insurance Corp. had assumed the $700,000 deposit-liability
of the First National* Bank & Trust Co. of
Blackwood, N. J.
Philadelphia "Inquirer" of Feb. 20, added:
In noting this the
The acquired
bank will be operated
University, has been studying the relation of the machine
employment and standard of living, will present its pre¬
liminary report at this dinner.
to
BANKS,
annual
dinner
TRUST
dance
of
COMPANIES,
&c.
the
savings banks
City will be held
the metropolitan area of New York
April 15 at the Hotel St. George, Brooklyn, N. Y.
of
on
"The action
was
"A survey of the
district and
taken," Kiesling's statement said, "to protect the de¬
«
a
need for banking facilities for that
Camden Trust will operate a
branch office to provide those
Following the closing, last week, of the New Jersey Title
Guarantee & Trust Co. of Jersey City, N. J., announcement
made, on Feb. 21, of the proposed merger of the West
Bergen Trust Co. into the Trust Co. of New Jersey, both
of Jersey City.
The proposed union of these banks is to
was
become effective
Newark
when
"News"
the stockholders
plans.
it
is
of each
institution
From Jersey. City advices to the
learned
that
statement
by
Leo
Crowley, Chairman of the FDIC, said, "there is under
con¬
sideration
ties
a
tion
a
by Federal and State bank supervisory author^
that will accomplish a similar rehabilita¬
program
of
other
insured
banks
Hudson
in
by Mr. Crowley, Jesse H.
County."
The
an¬
Jones, Chairman of
Reconstruction
Finance
Corporation
and
Louis A.
Reilly, State Bank Commissioner, as given in advices from
the
the
staff
"The
Henry P.
was elected
Turn bull, Senior Vice-President of the
company,
member of the Board of Trustees.
Mr. Turnbull entered
the employ of the Hanover National Bank on
stock
correspondent
cash
Aug. 6, 1900.
At the time of its merger with the Central Union Trust Co. in
1929 to form the Central Hanover, he was a Vice-President
and director of the company.
Since the
con¬
Vice-President of the Central Hanover.
RFC
has
the
Trust
of
make
loan
a
for the
"We
a
he has
National.
territory disclosed
facilities."
4
merger
Practi¬
at
Jersey
City,
of
the
Newark
"News," stated:
At a meeting of the Board of Trustees of Central Hanover
Bank & Trust Co., New York, held Feb.
21,
Trust, with
branch of Camden
cally all of the personnel of the Fifst National will be retained.
nouncement
ABOUT
as
A.I. Haines, formerly Cashier of the First National, as Manager.
have approved the
Feb. 14 of the New Jersey Titla
depositor merely exchanged his
dent since its formation.
'
The Fact Finding Committee of the A. S. T. E.
which,
under the direction of Prof. John M.
Younger, Ohio State
serve as a
on
.
The
positors of the First
fined to
war.
Corp. on Feb. 23, began the payments, totaling more than
$17,000,000, to approximately 39,000 depositors, on ac¬
counts up to $5,000—D.
W. Lynch, Supervising Claim
Agent, had charge of the distribution for the FDIC, assisted
by James A. Markham, Chief Counsel, and Fred C. Kellogg,
Chief of the Liquidation division.
During the first day
$3,167,171 was paid out of 3,888 depositors.
In its report,
of the distribution, yesterday's New York "Times" in a
Jersey City dispatch said in part:.
cluding K.T.Keller, President of the Chrysler Corp.,
W. S. Knudsen, President of the General Motors
Corp., and
Alvan Macauley, President of the Packard Motor Car
Co.,
in cooperation with the American
Society of Tool Engineers,
has as its topic "The Effect of the
Development of the
Macine on Employment and Standard of
Living."
The Brookings Institution, of which Dr. Moulton is
President, was formed in 1927 as an amalgamation of the
Institute, of Economics, the Institute for Government Re¬
search and the Robert
Brooking Graduate School of Eco¬
nomics and Government. Dr. Moulton has been its Presi¬
18th
staff and put in charge of
slack
Harold Glenn Moulton, President of the
Brookings Insti¬
tution, Washington, D. C., is to be the featured speaker at
the preview dinner
preceding the
The
At the out¬
commissioned
was
Guarantee & Trust Co. of Jersey City, N. J., (noted in our
issue of Feb. 18, page 793) the Federal Deposit Insurance
employment
new
Detroit March 13—President Moulton of
ITEMS
He resigned the office in 1915
early winter.
Tool
Institution
of
will have received the
selection
manufacture dealer Stocks and to satisfy
thus
The Associa¬
and trucks.
cars
added:
announcement
major
Niagra Falls.
elected Assistant Secretary of the Niagara County
was
break
Division, American Mining Congress, will
City, Utah, from Aug. 28 to 31, it was
2,000 mining
at
Expo¬
Washington by the Mining Congress.
Each
annual
industry conventions have attracted
these
year
attack
the arsenal in New York for the duration of the
Metal
in
nation-wide
on
of Customs at
be held at Salt Lake
announced
Falls, N. Y., died of a heart
21.
He was 16 years old.
Feb.
Following
his graduation from Hobart College, Mr. Low entered the
coal business, but in 1901 was appointed Deputy Collector
a
City, Aug. 28-31
The
Low, President of the Niagara County Savings
Niagara
Bank,
and
♦
—
New
Vice-President and Director of the Na¬
tional Bank of Commerce in New York and from 1929 until his retirement.
of
New
was
Im¬
made the presentation in behalf of his associates
porters,
From 1915 to 1929 he
York.
about
Co.
the
estimate,
this
Mr.
no
Crowley
situation
of
way
loan
an
$6,000,000
to
Jersey
and
the
of
FDIC
preferred
new
has
consented
to
satisfactory assets of the two banks, substituting
will
loan
institution had
involve-
will
be
acquired.
outlay
an
made
on
by
the
assets
of
corporation
the
old
of
banks
obligation of the merged institution."
the
said
Hudson
subscribe
New
assets the
The
be
to
of
less
non-bank
$15,000,000.
and will in
of
on
agreed
"plan
will
materially
strengthen
the
banking
will make the Trust Co. of New Jersey one
the largest and strongest insured banks in the country and will involve
absolutely
deposit.
no
loss
County,
to
the
depositors,
no
matter
what
the
size
of
the
Volume
closing of the New Jersey Title Guarantee
"The
firat
the
was
Financial
148
with
institution
& Trust Co. last
cleaning up the situation.
Consolidation
another
insured bank was
impossible because
in
step
week
of that
of the
taken
action
of
Stockholder
holders.
held
the
meetings
the
for
of
purpose
accomplished
by
ratification will
be
the
New
available at
be
Jersey.
offices
All deposits of the West Bergen Trust
of the Trust Co. of New Jersey as soon
effective.
of New Jersey will continue to be
becomes
merger
will continue as branches
of the West Bergen Trust Co.
of
Co.
Trust
will
Co.
as
be
shortly.
"Present offices
of
will
banks
City
directors of the Trust Co. of New Jersey
Bergen Trust Co.
The merger will become effective as soon
directors of the two banks receive sanction of the stock¬
yesterday by the
the West
boards
as
the Trust Co.
"Deposits of
insured
by the FDIC.
"There
other
a
in
banks
the
banks
In
The
or
Hudson
in
of
be accomplished
services
Federal
and
accomplish
State
bank
supervisory
similar rehabilitation of
a
County.
the
case,
banking
by
will
that
present
county will
surance
consideration
program
insured
"As
the
under
is
authorities
readjustment contemplated elsewhere in
without any interruption of deposit in¬
without loss to any depositor of the
and
Co.
Trust
about
of
was
for years
long known
as
the Heppenheimer Bank because it
by the late General William C.
$2,000,000.
>
FDIC
Program
today is said to be part of a program of
banks that have not materially improved their position
The merger
FDIC to eliminate
since the banking
holiday in 1933.
Joseph G. Parr is president of the Trust Co.
of New Jersey.
of Dec. 31,
1938, the Trust Co. of New Jersey has total deposits of $50,826,086 and total assets of $56,799,311.
It is capitalized at
$2,500,000 and has surplus and undivided profits of $1,500,000.
On tiie other hand, the West Bergen Trust Co., in its
condition statement of the same date,: reported capital of
According
to its
statement of condition,
$400,000; surplus and undivided profits of
as
$62,660; deposits
$3,080,433 and total resources of $3,616,643.
It has one
branch in Jersey City, besides its main office.
The Trust
Co. of New Jersey on the other hand, has five branches in
Jersey City, one in Hoboken, one in Union City, one in
Weehawken, and one in West New York.
of
the
Harriman & Co. of
Philadelphia, Pa., was recently elected President of the
Western Saving Fund Society of that city.
Mr. Lee, who
.
P.
Blair
Lee, for the past eight years a partner in
private banking firm of Brown Bros.
succeeds James E. Go'wen, who resigned the office to become
President of the Girard Trust Co. of Philadelphia, will as¬
sume his new duties on March 1.
Mr. Lee has been active
in
Before
banking in Philadelphia for more than 10 years.
Co., he was
a Vice-President of the First National Bank of Philadelphia.
He recently resigned from the Board of Managers of the
Philadelphia Saving Fund Society, of which he had been a
member for more than five years.
Following his graduation
from Princeton, he was associated for several years with the
Birdsboro Steel Foundry & Machine Co., Birdsboro, Pa.
During the World War he served for two years as a Captain
of Infantry, being overseas for One year.
At present, Mr.
Lee is a director of several industrial corporations, including
Edward G. Budd Mfg. Co., Sharp & Dohme, Inc., and the
Pennsylvania Glass .Sand Corp.
In 1937 he was Chairman
of the United Campaign drive.
his association with Brown Bros. Harriman &
Light
top for
Specialties were moderately active and a
1938-39 at 7634.
popular trading stocks in this group moved
ahead under the leadership of Brown Co. pref. which gained
1 point to 1734Prominent among the declines were Brill
pref., 234 points to 25; Columbia Gas & Electric pref., 434
points to 65; Fisk Rubber pref., 2 points to 75; New Jersey
Zinc, 2 points to 5534; Niles-Bement-Pond, 2% points to
5734; and Pepperell Manufacturing Co., 3 points to 65.
Mixed price changes with a tendency toward lower levels
were the outstanding features of the dealings on Tuesday.
The transfers were down to 96,605 shares with 306 issues
traded in.
Of these 107 declined, 95 advanced and 104 were
unchanged from the preceding close. Aircraft stocks forged
ahead though the gains were small and without special
significance.
Industrial specialties were stronger, Chicago
Flexible Shaft moving up to 75 at its high for the day, while
Niles-Bement-Pond climbed back 134 points to 58The,
declines included among others National Power & Light pref.,
pref. B.B. stock, 334 points to 41; Aluminum CJo. of America,
1J4 points to 11324; and Midvale Co., 1 point to 101.
On Wednesday the New York Curb Exchange, the New
York Stock Exchange and the commodity markets were
closed in observance of Washington's Birthday. Higher prices featured the trading during part of the
on Thursday.
The gains were not particularly note¬
worthy but they were well distributed and gave the market
an
appearance oh moderate strength.
Aircraft shares at¬
tracted considerable buying due, in a measure, to recom¬
session
mendation by the Senate military affairs committee that the
Army Air Corps plane allotment be raised from 5,500 to
6,000 ships.
Industrial stocks moved briskly upward, some
of the more active shares showing gains of a point or more.
utilities also joined the upward swing and several of
trading issues registered substantial advances
in the late trading.
Oil stocks and mining and metal shares
were in demand but to a lesser extent than the utilities and
Public
the
favorite
industrials.
Curb stocks moved
THE
CURB
during most of the session. Air¬
demand at higher prices and in¬
dustrial specialties attracted a moderate amount of buying.
The transfers totaled 162,000 shares against 142,000 on
Thursday. As compared with Friday of last week prices were
generally higher, American Cyanamid B closing last night
at, 25 against 24% on Friday a week ago; American Gas &
Electric at 3824 against 3734; American Light & Traction at
1634 against 16; Carrier Corp. at 17 against 1624; Con¬
solidated Gas Electric Light & Power Co. of Baltimore at 78
against 7524; Electric Bond & Share' at 1124 against 1134;
Fairchild Aviation at 1534 against 1324; Fisk Rubber Corp.
at 1034 against 10; Lake Shore Mines at 4734 against 46 24>
and United Shoe Machinery at, 8134 against 8134*
ward swing which lasted
craft stocks continued in
DAILY
TRANSACTIONS AT THE
Feb. 24.1939
Monday
96,585
changes in minor
fractions.
apparent in the aviation stocks, and while the changes were
small, both Bell Aircraft and Fairchild Aviation worked into
new high ground for the current movement.
Lockheed was
higher by 234 points at 36 and there were fractional gains in
Grumman and Bellanca.
Public utility stocks were paced
$7 pref. which
Power & Light
pref. which mcrved into new high ground at its top for the
day. Other active stocks closing on the side of the advance
were
Childs Co. pref., 1 point to 53; Aluminum Co. of
America, 134 points to 117; Niles-Bement-Pond, 13€ points
to 60; and Royal Typewriter, 134 points to 6634Narrow price movements prevailed during most of the
trading on Monday, and while there were occasional strong
spots to be seen, the list, as a whole, was below the preceding
close. Aircraft shares failed to hold the gains of the previous
session both Bell and Lockheed moving down to lower levels.
by Jersey Central Power & Light issues
climbed up 134 points to 97 and Memphis
$2,000
34,000
58,000
14,000
$2,232,000
1,899,000
1,515,000
16,000
1,430,000
7,000
HOLIDAY
161,840
1,405,000
1,965,000
9,000
9,000
23,000
1,997,000
709,905
$8,900,000
$111,000
$62,000
$9,073,000
141,995
Thursday....
Jan.
Week Ended Feb. 24
Sales at
New York Curb
Exchange
1 to Feb
24
1938
1039
1938
1939
709,905
708,240
6,850,430
6,732,469
$8,900,000
Stocks—No. of shared.
$5,553,000
$80,592,000
Bonds
111,000
166,000
672,000
62,000
115,000
671,000
$46,285,000
1,071,100
1,152,000
$9,073,000
$5,834,000
$81,935,000
$48,508,000
*
Domestic
Foreign government--.
Foreign corporate
Total
—
•
Quiet trading and a firm tone were the chief characteristics
of the dealings on the New York Curb Exchange during the
short session on Saturday.
There was considerable interest
Total
$1,000
$2,229,000
1,858,000
1,443,000
Wednesday
Irregular price movements characterized the trading on
the Curb Exchange until Thursday when the market turned
Foreign
Corporate
Foreign
Government
Domestic
155,316
.
Tuesday
Total
Aviation stocks were unsettled on
Monday but registered substantial advances as the week
progressed.
Public utilities have shown occasional gains,
particularly in the preferred group and industrial specialties
have, at times, registered modest advances. Oil shares and
mining and metal stocks have been quiet with most of the
Bonds (Par Value)
164,170
Saturday
EXCHANGE
NEW YORK CURB
Stocks
{Number
of
Shares)
Week Ended
EXCHANGE
upward.
briskly forward on Friday many active
stocks going up a point or more.
There were some soft spots
scattered through the list but they failed to check the up¬
Friday
definitely
a new
points to 79; Newmont Mining Co., 1% points to 7134;
Pittsburgh Plate Glass, 134 points to 102; Cities Service
said:
part, the advices to the same paper
headed
forged ahead to
& Power Co. of Baltimore
2
concerned."
Heppenheimer. It
has deposits of more than $50,000,000.
The West Bergen Trust was
headed by Senator Edward P. Stout of Hudson County.
It had deposits
was
Injthe publicjutilities group Consolidated Gas Electric
number of the
liabilities involved.
"Rehabilitation
of
the Jersey
contingent
and
1115 i
Chronicle
■
CURRENT
—Baker, Watts &
notices
Co., members of the
Exchanges, announce
New York and Baltimore Stock
Jr., J. Faunce Brady, Lorlng
that James H. Brady
Herbert N. Strawbridge
A. Cover Jr.,
and certain personnel of
Strotber,
associated with them,
Mr. Cover and Messrs. Moss
Brady were partners in Strotber. Brogden & Co., which firm has announced
its retirement from active participation in the investment banking business.
Brogden & Co. are now
—First of Michigan
booklet containing
City of Detroit,
Corp., 1 Wall Street,
the current finances of the
financial statements, tax collections, debt
information of special interest to bondholders.
which includes
schedules and other
of New York City announces
department under the management
—Fitzgerald & Co., Inc.,
a
municipal
New York City, has prepared a
their periodic report on
bond
the opening of
of Donald K.
Stevenson.
Guy Wheeler
and Oliver Jennings have become associated with R. E.
in the sales department of their New York City office.
Swart & Co., Inc.,
—James
H.
—Thomas
become
E.
has become associated with Kennedy
their public utility trading department.
Cunningham Jr.
Hall & Co., Inc., to manage
Albert M. Greenfield & Co., has
Co. in their mortgage department.
Russell, formerly with
associated with Dunne &
1116
Financial
FOREIGN
EXCHANGE
cable transfers in the different countries of the world.
FOREIGN
We
record for the week just passed:
a
EXCHANGE
RATE8
CERTIFIED
BANKS TO TREASURY
FEB. 18,
Feb.
BY
FEDERAL
UNDER TARIFF ACT OF
Conditions have been quiet but as the result of moderate Indian
enquiry
a poorly supplied market, prices have shown some
improvement.
on
Today's cash quotation is above the American buying parity but the mar¬
is narrow and prices might therefore be
fairly readily influenced in
ket
either direction.
The following were the United Kingdom imports and exports of
silver,
registered from midday on Jan. 30 to midday on Feb 6:
*
RESERVE
Imports
Exports
France
1930
1939, TO FEB. 24, 1939, INCLUSIVE
Other countries
Noon Buying Rate Jot Cable Transfers in New York
Value in United, States Money
United States of America
£121,588
29,250
10,370
1,747
Netherlands
Belgium
Country and Monetary
25, 1939
SILVER
^Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
give below
Chronicle
RATES
£17,600
22,835
2,646
6,330
Germany
Denmark
Other countries
£162.955
Unit
Feb.
18
Feb.
$
20
21
Feb.
Feb.
22
Feb.
23
Feb.
24
Europe—
Belgium, belga
$
$
S
.168419
.168350
.168222
.168238
.012175*
.012125*
.012125*
.012075*
.012125*
.034250
.034239
.034239
.034244
.034244
In London
f
.168502
Bulgaria,
lev
CzechoBlov'la, koruna
S
.209209
.209143
.209177
Denmark, krone..-.
Engl'd, pound sterl'g 4.687361 4.686250 4.686736
.020042
.020620
.020600
Finland, markka
.026476
.026477
.026479
France, franc
.401187
.401188
Germany, relchsmark
.40)227
.008575*
.008585*
.008585*
Greece, drachma
.209240
.209338
4.688611
4.690555
.020620
.020630
.026485
.026492
.401100
.401143
.008589*
.008600*
Hungary, pengo
Italy, lira
.190000*
.196300*
.196300*
.190300*
.052600
.052601
.052600
.052601
Netherlands, guilder.
Norway, krone
.535672
.535266
.532911
.235403
.235436
.235534
.188975
.188950
.188925
.188875
.042487
.042478
.042509
.007285*
.007285*
.007278*
Feb.
19%d.
Feb.
3
20d.
19 11-16d.
Feb.
4
20 1-16d.
Feb.
6
20 1-16d.
Feb.
7
Feb.
8
19%d.
19%d.
19 13-16d.
19%d.
-20%d.
20%d. '
20.052d.
Average
1
,
43 cents
—
Feb.
2
43 cents
Feb.
3
43 cents
Feb. 4
43 cents
Feb.
6
43 cents
Feb.
7
43 cents
19.729d.
The highest rate of exchange on New York recorded during the period
.042512
.007271*
{Per Ounce .999 Fine)
2 Mos.
19 15-16d.
.188925
.042625
Rumania, leu
Cash
2
.235633
Poland, zloty
Portugal, escudo
{Bar Silver per Ounce Standard)
York
.532422
.235462
In New
Feb.
.196300*
.052600
.536147
£49,411
Quotations during the week:
Spain, peseta
a
a
a
.241262
.241325
.241393
.227122
.227361
.227275
.022800
.022800
.022800
.022800
Holi-
China—
'
day
Ohefoo (yuan) dol'r
.159250*
.159250*
.1592.50*
.159250*
.159250*
Hankow (yuan) dol
.159250*
.159250*
.159250*
.159250*
.159250*
Shanghai (yuan) dol
Tientsin (yuan) dol
Hongkong, dollar.
.158187*
.158187*
.158187*
.168187*
.158187*
.158500*
.158500*
.158500*
.158500*
.158500*
.290453
.290375
.290375
.290093
.350177
.350125
.350168
.350467
Japan, yen..
.272993
.272992
.273051
.273178
Straits Settlem'ts, do)
Australasia—
.544437
,544437
.544437
.544437
.544500
Australia, pound
3.735250
3.733671
3.734296
3.735312
3.736953
New Zealand, pound.
Africa—
3.750250* 3.748250*3.748375*
per oz._
W. L
Holiday
Union South Africa, I 4.640000
4.639750
4.639875
4.640156
.994980
.995019
.995078
.995800
.999250
.999333
.999333
.999333
.999333
.200200*
.200280*
.200280*
.200280*
.200280*
.992500
.992500
,992500
.992500
.993437
.312480*
.312380*
.312420*
.312495*
.312690*.'
.058600*
.058600*
.058600*
.058525*
.058600*
.051733*
.051733*
.051733*
.051733*
.051733*
.040000*
.040000*
.040000*
.040000*
.569940*
.569940*
.569940*
.569940*
.616595*
.616533*
.616562*
.616765*
.617150*
Tues.,
Wed.,
Feb. 21
Thurs.,
Feb. 22
20 ll-10d.
'
Fri.,
Feb. 23
Feb. 24
20 9-16d.
20%d.
20%d.
148s.4%d. 148s.4d.
£69%
£70
£70 U16
£97%
£97%
£97%
£97%
£107%
£107%
148s .4d.
£69 13-16
£107%
£107%
£107%
£97%
Holiday
1960-90
The
price of silver
States
U.
148s,3%d.
the
on
(in cents) in the United
days have been:
same
Closed
per
ounce
42%
42%
64.64
64.64
Holiday
S. Treasury
42%
64.64
»
42%
'
■
(newly mined)
.040000*
.569880*
,
CABLE
British 4%
BarN.Y. for'n)
3.750375* 3.751812*
Mon.,
Feb. 20
20 3 l-16d.
20%d.
Gold, p. fineoz. 148s.3%d. 148s.5d.
Consols 246 %Holiday
£69%
British 3% %
.350665
.273116
Sat.,
Feb. 18
Silver,
.290093
British India, rupee-
MARKET—PER
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
.227233
.022920
Asia—
FINANCIAL
$4.69, and the lowest $4.67%.
The
as
.241488
.226944
Switzerland, franc...
Yugoslavia, dinar...
a
.241365
...
ENGLISH
.007285*
a
Sweden, krona
from Feb. 2, 1939, to Feb. 8, 1939, was
64.64
64.64.
64.64
4.643000-
North America—
Canada, dollar,.
Cuba, peso...
Mexico, peso
Newfoundl'd. dollar.
.994960
South America—
Argentina,
M
export.
Colombia,
peso
Uruguay, peso
*
Nominal rate
a
^
of'KTationarbank notes,
(all of which are secured by legal tender deposits)
beginning of January and February, and the amount
decrease in notes afloat during the month of January
~The following shows the
afloat
at the
peso
Brazil, mllreisChile, peso—official.
"
CHANGESIIN NATIONAL BANK NOTES
_
of the
for the years 1939
amount
and 1938:
National Bank Notes—All Legal Tender Notes—
Amount afloat Jan. 3
—
Net decrease during Jknuary
1939
1938
$202,963,857
—
$242,185,925
5,271,810
2,079.080
—
No rates available.
Amount of bank notes afloat Feb. 1
THE ENGLISH GOLD AND SILVER
*
MARKETS
We
reprint the following from the weekly circular of
Montagu & Co. of London, written under date of
Feb. 8, 1939:
—
*$200,884,777
*$236,914,115
Includes proceeds for called bonds redeemed by Secretary of the
Treasury.
Note—$2,235,026.50 Federal Reserve bank
by lawful money, against $2,258,881.50
on
notes outstanding Feb.
Feb. 1,
1,1939, secured
1938.
Samuel
CURRENT
GOLD
—Julius
The Bank of England gold reserve against notes amounted to
£126,414,257
Feb. 1, showing no change as compared with the previous
Wednesday.
Last Wednesday evening, too late for comment in our
previous letter,
a measure styled the
Currency and Bank Notes Act, 1939, was introduced
in the House of Commons by the Chancellor of the
Exchequer.
on
The proposed new law does not herald any radical
change in monetary
policy, but, formally recognizing the system of managed currency evolved
since Great Britain's abandonment of the gold standard in 1931.
seeks,
by granting legal powers to the Bank of England, to alter its methods of
accounting to facilitate the Working of that system.
Events of last year
which necessitated strategic alterations in the disposition of our
gold re¬
serves emphasized the rather cumbersome methods of
making such altera¬
tions with the machinery intended for the
working of a fixed gold standard.
The most important feature affecting gold is the clause
empowering the
Bank of England to value its gold holding at the current London market
price instead of its former statutory price of 77s. 10 %d. per standard ounce
(equivalent to about 84s. 11 %d. per rine ounce).
This change is to become
effective on the first Wednesday after the
Royal Assent has been given to
the bill.
On the basis of present holdings the Bank of
England Issue
Department's weekly statement will then show a gold reserve of some
£221,000,000, instead of the £126,000,000 shown under the old valuation.
Instead of a proportionate increase in the note
issue, the bill directs that
the total reserves shall be reduced to conform with the
present note issue
by a transfer of sufficient fiduciary reserve to the Exchange Equalization
Fund.
Each subsequent Wednesday the Bank's
gold reserve will be re¬
valued at the current London market price and
any alteration in the sterling
value of the reserve will be met by a transfer of
Kenneth
from
the
Exchange
of gold,
reminder of the days when
the sovereign (cohtaining gold of ll-12th
fine) freely circulated in this
country, will now almost comoletely disappear as a unit of calculation.
It survives only in the clause of the
Currency and Bank Notes Act of 1928,
still to remain in force,
empowering the Bank of England to compel any
person In the United Kingdqn to surrender at the old
gold standard price
all gold in excess of £10,000, not bona fide held for
immediate export or
required for industrial purposes.
There have been no fresh features in the open
market, where the £3,100,000 bar gold offered during the week has been absorbed
by Continental and
arbitrage demand.
Most of the supplies continue to come from resales
of maturing forward
purchases, although the authorities have given out
a
as
NOTICE
of Newark,
Vice-President.
Mr.
has
Spear
announced
was
the
election
of
formerly President of
been in the investment business sincei 1921, having had most of his
experience
as a
specialist in New Jersey municipal finance.
COURSE
OF
BANK
CLEARINGS
Bajik clearings this week will show
an increase compared
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Feb. 25)
bank clearings from all cities of the United States from which
it is possible to obtain weekly clearings will be
11.2% above
those for the corresponding week last year. Our
preliminary
total stands at $4,739,469,963, against $4,262,835,125 for
the same week in 1938. At this center there is a gain for the
week ended Friday of 12.0%.
Our comparative summary
with
a
year ago.
for the week follows:
Clearings—Returns by Telegraph
Per
Week Ending Feb. 25
is to be avoided.
ounce
Spear
Inc.,
recently dissolved firm of Van Deventer, Spear & Co,, Inc., in which
capacity he had served since the formation of the firm in 1933.
He has
Fund.
Incidentally, the standard
Rippel,
the
gold or fiduciary reserves to
Thus, any alteration in the note issue,
obligatory under the old system when the Bank's gold reserve changed,
or
A.
New York
i
1939
$1,985,364,988
186,150,484
251,000,000
Philadelphia.;'
Boston
i
—
Kansas City..
St. Louis..
San Francisco
:
Pittsburgh
+ 12.0
187,026,043
215,000,000
+ 16.7
123,227,530
61,688,260
.56,600,000
97,193,000
58,373,555
-
1
$1,772,792,993
137,667,019
—
Chicago
1938
58,300,000
112,817,000
79,103.753
Cent,
—0.5
+ 11.7
—5.3
+3.0
+ 16.1
76,291,333
+3.7
Detroit
64,083,410
55,241,027
+ 16.0
Cleveland
55,720,957
45,235,849
50,416,117
39,326,131
+ 10.5
$3,033,817,015
$2,734,752,434
566,991,000
+ 10.9
+ 12.4
1,027,893,992
$3,301,743,434
961.091,690
$4,739,469,963
$4,262,835,124
+ 11.2
Baltimore
+ 15.0
small amounts.
Eleven cities, five days
Other cities, five days...
Quotations per Fine Ounce
Feb.
2
Feb.
3
Feb.
4
Feb.
6
Feb.
7
Feb.
.
_
8
Average
The following
N
Total all cities tor week.
148s. 4d.
148s. 5.92d.
.
were
the United Kingdom imports and exports of
gold
on Jan. 30 to midday on Feb6 :
Union of South Africa.
West Africa
_
British
Southern
Rhodesia
British East Africa,
Sudan.
British Guiana
Netherlands
France
£83,553
151,522
358,967
22,500
4,879
18,907
Switzerland
Egypt
Peru
Total all cities, five days
All cities, one day
148s. 4d.
„
registered from midday
Imports
Anglo-Egyptian
148s. 7%d.
1488. 7%d.
148s. 7d.
148s. 5%d.
*
Brazik
Other countries
__
83,346
28,311
77,136
57,862
65,574
191,475
12,039
£1,156,071
Exports
United States of
Amer__£10,983,7l7
Switzerland
Netherlands
Palestine
Canada
France
Syria,.
Other countries
121.278
66,877
13,241
4,330
6,174
5,300
1,281
+ 19.5
+ 7.0
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day of
the week in all
cases
has to be estimated.
In the elaborate
detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Feb. 18.
For that week there
was a decrease of
4.1%, the aggregate
clearings for the whole country having amounted to
$5,331,325,907, against $5,557,609,17\ in the same week
in 1938.
Outside of this city there was a decrease of
7.8%,
of
£11,202,198
677,758,956
$3,711,575,971
Volume
Financial
148
the bank clearings at this center having
recorded
a
loss of
the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record a decrease of 1.6%, and in the
Philadelphia Reserve District of 14.6%, but in the Boston
Reserve District the totals register an increase of 9.9%.
In the Cleveland Reserve District the totals are smaller by
1.1%.
We
1117
Chronicle
Week
group
7.1%, but in the Richmond Reserve District the totals are
larger by 0.8% and in the Atlanta Reserve District by 7.2%.
The Chicago Reserve District suffers a loss of 10.9%, the
St. Louis Reserve District of 5.3%, and the Minneapolis
Reserve District of 16.0%.
In the Kansas City Reserve
District there is a fading off of 1.5%, in the Dallas Reserve
District of 6.7%, and in the San Francisco Reserve District
of 19.5%.
■
In the following we furnish a summary by Federal Reserve
Inc.
1939
18
or
1938
Dec.
$
1937
Seventh Feder al Reserve D istrict — Chi cago —
—0.9
352,316
349,091
660,551
249,601
92,324,367
99,700,735
—7.4
125,078,851
78,782,662
2,804.549
2,838,475
—1.2
4,089,011
1,908,091
1,110,514
—25.6
2,062,342
868,875
—21.8
17,278,000
—3.8
1,298,978
21,191,000
1,671,806
5,576,141
22,889,131
1,135,493
7,780,030
3,219,098
1,997,495
1,144 057
818,990
16,638,000
Detroit
Grand
1936
%
Mlch.-Ann Arbor
Rapids.
Lansing
1,422,198
Ind.—Ft.
Wayne
Indianapolis.
South Bend
1,350,806
1,554.770
—13.1
Terre Haute.
4,733,365
4,293,448
+ 10.2
21,188.465
1,059,491
19,699,650
+ 7.6
1,106,534
7,996,909
3,258,385
—14.4
Wis.—Milwaukee
la.—Ced.
Rapids
Des Moines
6,844,437
Sioux City
3,140,075
—4.3
—3.6
10,915,000
874,110
3.713,824
14,532,049
653,397
5,583,700
2,004,004
221,555
275,894
316,554
—12.8
417,523
Chicago
264,297,307
306,771,732
—13.8
364.418,764
Decatur
960,330
960,732
—0.1
3,605,793
1,138,635
1,204,178
4,075,376
—11.5
963,340
5,301,993
1,667,338
—31.7
1,082,626
1,269,086
—5.1
1,332,635
760,654
424,205,856
476,158,645
—10.9
570,069,313
354,683,757
101,200,000
41,059,757
21,249,839
72,500,000
26,124,430
12,196,418
111.—Bloomington
Peoria
Rockford
districts:
Springfield
SUMMARY OF
Ended Feb.
Clearings at-
227.837,609
577,363
3,238,538
779,149
BANK CLEARINGS
Total (18 cities)
Inc.or
Week End. Feb.
1939
18. 1939
1938
1937
Dec,
1936
1 Reserve Dis trlct—-St. Lo uls—
Eighth Federa
+ 3.3
Mo.—'St. Louis.
Federal Reserve Dlsts.
$
12 cities
1st
Boston
2d
New York. .13
3d
PhlladelphlalO
"
4th
Cleveland..
7
"
+ 9.9
308,862,612
206,928,720
3,197,593,714
—1.6
4,573,9o5,501
—14.6
437,409,106
—7.1
349,100,548
78,600,000
40,995,481
—13.9
18,097,668
22,508,685
—19.6
509,000
557,000
—8.6
581,000
379,000
135,099,444
142,661,166
-5.3
164,090,596
111,199,848
299,537,178
293,201,630
35,292,776
3,004,042,142
403,236,897
81,200,000
Ky.—Louisville..
Tenn.—Memphis
200,553,565
246,497,819
223,341,975
3,145,889,546
344,519,107
272,279,449
•
111.—Jacksonville
x
Quincy
x
x
x
-
+0.8
90,670,851
5th
Richmond--
6
"
6th
Atlanta
10
"
168.514.855
157,181,308
+7.2
168,849,210
110,676,096
7th
18
"
"
424.205.856
476,158,645
—10.9
670,069,313
354,683,757
8th
Chicago
St. Louis
135,099,444
111,199,848
9th
Minneapolis
4
126,331,844
125,302,705
138,402,533
142,661,166
—5.3
164,090,596
"
"
84,771,957
100,933,113
—16.0
102,263,268
68,436,890
10th Kansas City 10
119,944,877
121,804,326
—1.5
147,196,618
113,403,437
6
"
70,346,690
75,377,727
—6.7
75,700,145
50,804,894
193,924,364
240,816,565
—19.5
5,331,325,907
5,557,609,771
Total (4 cities)
7
11th Dallas
12th San Fran—10
"
281,028,470
178,857,920
7,316,927,920
4,789,695,298
_
Ninth Federal
Reserve Dis trict
St. Paul
N.
cities
2,288,658,321
2,482,029,580
2,888,200,806
1.870,805,477
279,426,836
284,768,929
360,697.647
390,361,239
Mont.
—
—26.6
2,788,506
2,563,249
—17.9
27,954,755
—11.3
67,234,568
26,598,866
2,191,327
44,523,389
17,685,285
1,349,560
403,657
313,055
Helena
—15.2
-20.5
677,060
2,185,117
84,771,957
.
669,667
2,081,626
Billings
2,413,703
532,622
618,758
D.—'Fargo
S. D.—Aberdeen.
pa Total
113
Outside N. Y. City
Minn eapolis
2,687,498
64,345,313
2,047,691
Minneapolis
'
—
1,973,331
52,814,575
24,803,354
Minn.—Duluth
•
100,933,113
654,396
625,760
23.4
—
2,169,845
1,598,695
102,263,268
68,436,390
mm
—--32 cities
Canada
We
add
now
our
Total (7 cities)
_
detailed statement showing last week's
figures for each city separately for the four years:
Reserve Dis trlct
Tenth Federal
Ended
Feb.
18
1936
1937
Dec.
Kan.—Topeka.
_
Wichita
$
First
Federal
Reserve Dist rict
Portland..
_
2,028,494
—
213,686,260
745,038
Mass.—Boston
Fall
Boston
413.962
1,695,162
189,668,339
528,638
+ 19.7
+ 12.7
589,650
2,075,885
269,691.596
599,549
458,859
29,869,611
2,005,826
—12 0
3,088,2*2
—12.2
80,120,870
2,672,123
696,211
+ 11.9
—5.1
2,654,759
32,160,676
2,453,713
3,162,145
101,963,810
3,157,857
683,723
644,269
—8.1
674,884
511,865
121,804,326
-1.5
147,196,618
113,403.437
Colo.—Col. Sp&s.
660 802
Pueblo
-
Total (10 cities)
+ 40.9
-1.6
727,036
+ 3.6
760,050
2,743,431
+ 6.9
3,259,106
1,236,765
Eleventh Fede ral Reserve
1,854,662
1,692,796
+ 9.6
2,002,758
9,458,979
11,749,623
—19.5
13,060,099
8,385,987
Texas—Austin...
3,720,924
4,566,695
—18.5
4,888,781
10,851,700
424,219
2,925,020
Dallas........
7,177,900
Fort Worth
53,930,465
6,756,906
8,994,000
8,795,700
+ 2.3
483,707
409,239
+ 18.2
Total (12
cities)
223,341,975
+ 9.9
Second
Feder al Reserve D istrict—New
—30.2
1,884,682
—0.6
308,862,612
'206,928,720
N. Y.—Albany
Binghamton—
Buffalo
Elmira..
9,952,963
1,873,872
30,090,000
484,141
12,275,422
1,291,286
42,600,000
803,184
Jamestown
New York
—
34,400,000 —12.8
850,948 -43.1
—0.1
803,280
—1.1
3,042,667.586 3,075,580,191
-
7,892,141
868,197
509,196
884,668
481.366
,428,727,114
,918,889,821
2,134,528
Calif.—L'g Beach
4,675,451
3,538.665
501,726
+ 18.1
*280,000
16,466,583
26,187,808
19,559,565
29,287,981
—15.8
23,151,727
350,000
13,666,076
—10.6
41,437,099
23,662,142
San
Francisco.
San Jose...
'
Santa Barbara.
407,741
Bethlehem—
534,722
353,077
461,641
445,158
•651,513
299,386
—23.5
357 867
1,186,122
334,000,000
Wilkes-Barre..
1,338,970
2,343,000
755,048
York.
1
1,579 043
421,000.000
778,125
Total (10 cities)
+6.9
14.4
-
8.3
500,000
fourth Feder
Cincinnati
—5.5
868,042
—13.0
1 536 366
—25.0
4,285,600
—41.5
5,978,000
403,236,897
-14.6
437,409,106
299,537,178
al Reserve D istrict—Clev eland
1,936,970
56,557,125
97,606,319
2,082,541
63,580,-568
968,575
1,930,230
1,660,811
74,404,938
*42,252,649
58.566,232
10,302,700
1,446,627
+ 1.5
2,126,771
2,146,046
—0.9
105,769,203
13,853,300
2,102,512
2.820,651
103,031,480
127,403,236
—19.1
148,219,714
86,239,912
272.279,449
293,201,630
Reserve Dist rict
Fifth Federal
1939
C.—Wash'b'n
—7.1
90,057,609
20.988,330
349,100,548
15,834.714
12,033,789
4,579,748
Vancouver
Ottawa
9,316,200
Quebec
1,501,770
2,207,703
85,048,200
Halifax
200,553,565
".
Calgary
i
Victoria
-Richm ond—
2,011,081
2,939,272
2,215,179
Edmonton
355,102
376,172
—5.6
363,310
2,275,000
+0.1
2,591,000
198,617
1,812,000
35,909.011
+ 2.7
1,183,073
1,105,163
+ 7.0
39,315,895
1,339,375
24,509,440
816,110
62,967,691
—0.1
47,026.839
Moose Jaw
22,720,087
22,669,668
+ 0.2
71,076,547
23,716,406
16,307,845
Brant ford
126,331,844
125,302,705
+0.8
138,402,533
90,670,851
Reglna
Brandon
201,037
Lethbridge
330,204
953,422
428,374
701.411
460,828
532.412
133,470
470,583
Saskatoon
Sixth Federal
Nashville—
Ga.—Atlanta
„
Augusta
Macon
Fla.—Jack'nville.
Ala.—Birm'ham.
Mobile
Miss.—Jackson..
Reserve Dist rict—Atlant
4,184,843
4-27.3
4,247,141
2.757,566
18,695.702
60.300,000
1,197.157
21,402,531
—12.6
20,375,732
53,000,000
+ 13.8
61,200,000
1,123,672
1,366,747
878,174
+6.5
+ 3.5
16,646,000
—2.0
19,286.000
22,332,546
11,889,841
38,400,000
982,964
597,681
15,580,000
13,028,535
1,140,772
■908,716
16,311,000
21,524,498
18,558,116
+ 16.0
1,657,199
1,519,037
+ 9.1
x
x
—
Peterborough
5,328,956
937,404
1,597,702
x
x
145,039
153,518
—5.5
148,518
La.—NewOrleans
42,446,588
39,715,417
+ 6.9
37,357.420
84,384
26,114.353
Total (10 cities)
168,514,855
157,1SI,308
+ 7.2
168,849,210
1,777,433
178,857,920
7.8 2,888,200,806
1,870,805,477
Ended Feb.
16
1937
Dec.
%
—6.1
112,538,666
87,717,007
20,725,176
14,726,880
12,111,345
4,301,580
2,111,079
4,452,968
—14.6
3.813,055
—11.8
1,610,734
1,425,233
2,182,522
2,967.175
2,454,336
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnla
Sudbury
Total (32 cities)
Estimated,
+ 2.7
+ 1.3
+ 7.5
—0.2
+ 6.5
—3.5
-^-7.6
+ 11.5
—7.9
-
0.9
—9.7
1936
%
131,735,667
120,026,630
27,869,133
21.518.833
13,795,892
5,154,612
2,286,175
4,532,558
7,362,430
1,605,281
1,707,686
2,707,260
3,735,275
2,973,891
166,284,351
112,269,184
38,801,908
16,998,318
18,386,580
3,876,867
2,063,562
3,634,673
5,169,470
1,971,250
1,561,194
2,840,137
2,876,687
2,260,180
271,275
213,873
313,428
—6.0
+ 5.4
258,808
332,560
955,300
——0.2
1,292,668
1,088,423
478,174
—10.4
554,342
422,049
703,266
176,226
505,025
344,440
728,470
—3.7
585,670
—21.3
503,685
125,114
533,814
616,571
+ 5.7
905,171
763,570
498,304
+ 6.7
165,919
—11.8
575,399
—11.7
596,054
492,098
967,696
—14.7
2,774,792
—13.8
1,013,855
3,429,488
2,637,242
231,183
+ 11.2
285,596
279,426,836
544,456
825.817
Shrebrooke
*
X
-4.1 7,316,927,920 4,789,695,298
1938
x
523,833
443,794
918,565
598,682
—6.4
655,905
292,949
588,141
403,594
545,518
6.1
475,301
428,358
—11.4
555.202
387,835
4.0
419,0.50
767,774
+ 10.9
909,232
410,198
387,848
734,148
284,768,929
—1.9
360,697,647
390,361,239
110,576,096
Vicksburg
*
2,392,845
257,099
560,072
379,158
483,476
372,189
851,790
New Westminster
Medicine Hat
Tenn.—Knoxville
2 037 217
3,801,708
3,364.778
1,396,153
1,588,915
Hamilton
Fort William
Total (6 cities).
281,028,470
,
105,649,700
Winnipeg...
62.917.479
Md.—Baltimore
D.
19.5
Canada—
36,878,103
Richmond
240,816,585
2,063,867
985,446
1,677,625
+ 2.8
Inc. or
2,278,000
S. C.—Charleston
193,924,364
Week
London
W.Va.—Hunt'ton
2,968,670
—30.8
.
Clearings ai-
St. John
Va.—Norfolk
—21.7
New York 2,288,658,321 2,482,029,580
Montreal
-
1,468,284
Total (7 cities).
2,661,890
1,606.689
1,720,069
1,033,685
11.0
9,552,500
.
171,176,000
2.226,871
—7.0
—
Mansfield
Youngstown—
4,840,281
—23.6
5,331,325,907 5,557,609,771
cities)
Outside
5,572,000
Columbus...—
Pa.—Pittsburgh
—21.6
144,795,000
552,882
852,229
2,480,112
—
+ 13.2
—7.3
Cleveland..—
—26.3
4,619,298
4,102,603
.
(113
Grand total
Toronto
Ohio—Canton...
3,215,159
110,582,576
2,084,132
1,111,611
1,769,007
—5.0
25,765,312
21,281,921
10,749,320
3,961,397
2,913,073
108,651,219
2,219.917
287,000,000
1,502,068
2,840,817
1,135,963
1 918,677
152 152
344,519,107
14.4
-
1,237,820
390,000,000
1,459,575
2,506,900
N. J—Trenton.
—12.3
306,307
—4.2
*500,000
Chester
Scranton
30,688,066
14,886,468
41,482,913
1,134,761
32,620,378
18,228,140
4,835,835
—8.0
3,404,199
Pasadena
Total (10 cities)
349,116
Reading
50,804 894
Reserve Dls trict—Phila delphi
Pa.—Altoona
Lancaster
677,279
2,576,320
SCO—
—14.3
906,033
—1.6 4,573,955,501 3,004,042,142
(13 cities) 3,145.889,645 3,197,593,714
Philadelphia—
Franci
34,830,449
14,145,921
Utah—8. L. City
Stockton
Total
75,700,145
26,926,723
2,867,636
592,476
Third Federal
3,796,000
974,299
3,446,401
—
833,292
15.2
J.—Montclair
Northern N. J.
2.9
23.6
—
29,851,744
Yakima
36.9
—
20.9
38,472,449
6,256,139
2,067.000
-
Twelfth Feder at Reserve D istrict—San
Wash.—Seattle..
+ 10 5
—
755.707
6,555,444
—6.7
75,377,727
5,612,682
3,098.371
3,167,482
3,587,809
Newark
70,346,690
8,436,462
6 460,439
—15.7
3,040,940
N.
La.—Shreveport.
958,699
3,653.705
Ore.—Portland-
Westchester Co
5 815 142
3,180,000
1,410,299
59,517,702
+ 8.1
,908,038
25,200,000
Conn.—Stamford
Syracuse
Galveston.....
'
5,991.257
6,651.784
3,668,295
3,.500.013
Rochester.—
—5.7
58,110,254
6,252,267
4,019,000
1,254,885
3,762,330
Total (6 cities).
353,608
York-
14,262,767
245.497,819
649,314
—7.2
1,978 991
Wichita Falls._
R. I.—Providence
2 752 659
District—Da Has—
1,866,915
New Haven—
N.H.—Manches'r
+ 2.0
'
Conn. —Hartford
Worcester..
+ 21.8
81,218
1,869,249
23,749,652
2,125,985
2,898,901
78,795,097
380,658
578,744
2,313,871
431,285
753,274
2,934,032
Springfield—s.
1,532,452
180,999,573
799,909
424,497
River
Lowell
New Bedford.-
444,593
69,497
—5.0
St. Joseph....
—4.6
106,319
173,732
2,585,582
81,689,421
2,990,406
Mo.—Kan. City.
5
_%
434,031
City
—6.3
—14.5
119,944,877
Omaha
Inc. or
1938
as
500,042
Lincoln
1939
Kans
79,552
142,000
2,455,109
26,296,229
2,443,872
2,713,042
Hastings
Clearings al—
—
74,554
*121,400
Neb.—Fremont..
Week
Me.—Bangor..
16.0
No figures available.
Financial
1118
SINKING
AND
CALLS
REDEMPTION
FUND
Per
NOTICES
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
stocks of
Page
1018
724
576
z4050
Date
Mar. 14
Company and Issue—
Aroostook Valley RR., 1st mtge. 434»
Budd Realty Corp.. 1st A ref. mtge. 6s
Chicago Union 8tation Co., 4%
Mar.
guaranteed bonds—
1
Apr.
1
pipeline 534«
Feb. 28
Cities Service Gas Pipeline Co. 1st mtge. 6s
Feb. 28
♦Cleveland-Cliffs Iron Co. 1st mtge. 424s
—
Apr.
4
Consumers Power Co. 1st mtge. 4% bonds—
May
1
Family Loan Society, Inc.. partic. pref. stock
Arp.
1
♦Gulf States Utilities Co. lOyear 434s
Mar. 23
Hackensack Water Co
first mortgage 4s 1952
—
Apr. 26
Holland Furnace Co., preferred stock
-----Apr.
1
Illinois Iowa Power Co., 1st & ref. mtge. gold bonds
Apr.
1
Illinois Northern Utilities Co. 1st & ref. 5s, 1957------—Apr.
1
Illinois Water Service Co., 1st mtge. 5s
-Apr.
5
International Salt Co. 1st mtge. 5s
---June
1
International Salt Co. 1st mtge. 5s—
;
July 17
Iowa Public Service Co.. 1st mtge. 5s
Mar. 1
Libby, McNeill & Libby 1st mtge. 5s__
Apr.
1
Manufacturers Finance Co. 4J4% notes
Apr.
1
Massey-Harrte Co., Ltd. 20-year 5% bonds._—
Mar. 1
Metropolitan Corp. of Canada, Ltd., 6% gold bonds.
Apr.
1
♦Nord Railway Co. 634% bonds
-Oct.
1
North American Co., 5% debentures
t
Mar. 6
Cities Service Gas Co. 1st mtge.
—
—
*4051
1165
z4051
1027
•
—
1169
X2533
733
734
280
734
x3469
440
735
585
283
587
737
1176
740
North American Edison Co.
$6 preferred stock
741
741
741
741
Mar. 6
Apr.
1
Mar. 15
Mar. 15
;
5% debentures A
5 34% debentures B
r
5% debentures C
-—*;
Northeastern Water &. Electric Co. coll. trust 6s
—-Aug.
1
Panhandle Eastern Pipe Line Co. 1st mtge., series A_ —Mar.
1
♦Paris-Orleans RR. 534% bonds
—---Sept. 1
Railway Express Agency, Inc., 5% serial bonds--—
Mar. 1
Sayre Electric Co., 5% gold bonds
Apr.
1
St. Monica's Congregation 434 % bonds
—Mar. 1
Scott Paper Co. 334 % con v. bonds
;
Mar. 1
Skelly Oil Co. serial notes—
—Mar. 15
Scruggs Vatidervoort-Barney, Inc., 7% notes
Mar. 1
Spang Chalfant & Co. Inc. 1st mtge. 5s
Mar. 10
Toho Electric Power Co., Ltd., 1st mtge. bonds
Mar. 15
Virginia Elec & Power Co.. 1st & ref. mtge. bonds—
Mar. 7
♦Worcester Street Ry. Co. series A 5% bonds
Mar. 8
♦Announcements this week,
x
Share
Name of Company
bonds, notes and preferred
Below will be found a list of
Feb.
Chronicle
887
592
1179,
X4065
1040
X4067
289
890
745
290
290
z2406
1185
When
1939
Holders
Payable of Rtxord
50c
Mar.
Mar. 15
Quarterly
Quarterly
50c
June
June
50c
Sept.
Sept. 15
Quarterly.
preferred
preferred
preferred
preferred
50c
Dec.
Dec.
Mar.
Mar. 15
June
June
Co., I no. (quar.)
Aluminum Mfg.
$124
$1M
$124
$124
(quar.)
(quar.)
(quar.)
(quar.)_-
7%
7%
7%
7%
Extra.
-
----i
Dec.
Mar. 14*
Apr.
Apr.
Apr.
Apr.
Mar.
3
Mar.
3
5c
60c
t75c
t6234c
$5 preferred
30c
American States Insurance Co.
(quar.)
(quar.)__
American Tobacco Co., preferred (quar.)
Anaconda Copper Mining Co
Anheuser-Busch, Inc. (quar.lArmour & Co. (Del.), pref. (quar.)
Asbestos Corp., Ltd. (quar.)
25c
American Sumatra Tobacco
Extra
Dec.
(quar.)__
134 %
25c
50c
$124
—
50c
-
-
Atlanta & Charlotte Air Line Ry.
50c
-
(s.-a.)
$4 34
-
Bangor & Aroostook RR. Co
Cumulative convertible preferred (quar.)
Sept. 15
Sept.
Apr.
Light Co. $6 preferred--
American Power &
15
15
25c
—
American Motorists Insurance Co.
15
20c
American Home Products Corp. (monthly)
American Insurance Co. (semi-annual)—
63c
—
134%
12 34c
1824c
$124
Basic Dolomite. Inc
Bayuk Cigars, Inc., com. (quar.)
1st preferred (quar.)
Beech Creek RR. (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone Co. (Penna.) pref. (quar.)
Birmingham Fire Insurance Co. (quar.)
Black & Decker Mfg. Co. (quar.)
Boston & Albany RR. Co
Briggs & Stratton Corp. (quar.)
British-American Tobacco Co. (interim)
British Columbia Electric Power & Gas—
50c
$2
15
Mar. 25
Mar. 10
1 Mar. 10
Apr.
1 Mar. 15
Apr.
1
Mar. 15 Mar.
1 Mar. 10
Apr.
Mar. 23 Mar.
7
Mar. 10 Feb. 23
1 Mar. 10
'
Apr.
Mar. 31 Mar, 15
Mar. 31 Mar. 15
Mar.
1 Feb.
20
1 Feb. 28
1 Feb. 28
Mar. 15 Mar.
1
Apr.
Apr.
Mar. 15 Feb. 28
15 Mar. 31
1 Mar. 15
Apr.
Apr.
Apr.
Apr,
15 Mar. 23
15 Mar. 20
1 Mar. 15
25c
Apr.
25c
Mar. 31 Mar. 17
Mar. 31 Feb. 28
$2
75c
10d
Mar. 15 Mar.
Mar. 31 Mar.
3
4
6% preferred (quar.)
Brunswick-Balke-Collender.
t$134
Mar.
Mar. 20
Mar.
6
$5 preferred (quar.)
Buckerfield, Ltd--
Apr.
$134
til 34' Mar.
Mar.
$124
Mar.
$124
Mar. 15
Mar. 17
Quarterly.
25c
:
;
.
Budd Wheel Co.,
partic. pref. (quar.)
15c
Burlington Steel Co. (quar.)
Calamba Sugar Estates (quar.).-Preferred
40c
35c
(quar.)
Canada Malting Co.
Apr.
Mar. 20
Mar. 15
Mar. 15
Apr.
Apr..
Apr.
Mar. 15
Mar. 15
3734c
t*2
$124
Feb.
Apr.
Apr.
Mar. 15
Mar. 31
3c
(quar.)
Mar.
Mar.
$134
(quar.)
Canada Permanent Mtge. (quar.)_Canadian Industries Ltd., 7% pref.
Canadian Malartic Gold Mines
Volume 147.
25,
Mar.
1 Feb.
Apr.
Apr.
1 Mar.
1 Mar.
-—
28
Mar.
9
Canadian Western Natural Gas, Light, Heat &
NATIONAL
Power, preferred (quar.)
;
Cariboo Gold Quartz Mining Co. (quar.)-
BANKS
Extra—'
following information regarding National banks
The
from the office of the
is
Comptroller of the Currency, Treasury
Department:
succession
Amount
$50,000
14—Peoples National Bank of Groveton, Groveton, N. H__
Capital stock consists of $25,000 common stock and $25,000
preferred stock.
President, Philip
G. Colby; Cashier,
Lin wood
A.
Hawes.
Succession
of Groveton National
PREFERRED STOCK "A" DECREASED
11—The First National Bank of Milltown, Milltown, N.J.
From $75,000 to $25,000; amount of decrease
Feb.
50,000
,
50,000
17—First National Bank in Tuscumbia, Tuscumbia, Ala.
From $25,000 to $30,000; amount of increase
The following securities were sold at
of the current week:
.
o
5,000
:
auction
on
Wednesday
Slocks
20
Columbian National
45 Haverhill Gas
6 Boston
Trust,
$ per Share
13
common..!.
Life
Light Co.,
70
Co_.._.
Insurance
48 J4
$25
par
pref., a unstamped, par $100; £8 Hanover Street
$100, $530 China Mutual Insurance Co., ctfs of profits.-»-..$141ot
& Maine RR.,
par
Properties, Inc., class B, par $10; 2 Brookline Chronicle Publish¬
ing Co., pref., par $50; 2 National Invested Savings Corp., pref., par $10.$6.60
lot
By R, L. Day & Co., Boston:
Stocks
$ per Share
•
1 Boston Athenaeum, par $300
------
3-10 Sierra Pacific Power Co., common
6 28-30 National Food Products Corp., B, par 50c.
43 6-8 warrants Commonwealth & South Corp
CURRENT
announces
-
3
j
201
18
134
.__$31ot
-
that he is
—Colonel Oliver J. Troster of Hoit,
trustee of the
Mar.
Feb.
Apr.
Mar. 20
25c
-
Mar.
Mar. 16
$124
pref.
50c
25c
$1
now
associated with Edward D.„
Rose & Troster, has been elected
Peoples Savings Bank of Yonkers.
7% pref. A,
6% preferred (quar.).
Compo Shoe Machinery Co. (quar.)
25c
J25c
(quar.)
we
grouped in two separate tables.
In the
bring together all the dividends announced the
Then
we
show
the
we
follow with
dividends
a
second table in which
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
News
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week
are:
Aetna Ball Bearing Mfg. Co
25c
Akron Brass Mfg.,
20c
Alabama & Vicksburg Ry. Co. (s.-a.)
Allied Laboratories, Inc. (quar.)
3%
American Chain & Cable
Preferred (quar.)
15c
Fire Insurance.
American Forging & Socket Co
15c
$134
_
_
Mar. 15
Mar. 15
Apr.
Apr.
Cushman's Sons, 7%
Delaware Fund, Inc.
8734c
35c
15c
De Long Hook & Eye Co. (quar.)
w
Denver Union Stockyards, pref. (quar.)._
Detroit Steel Corp
$134
$124
__
2
Mar. 15 Mar.
Preferred (quar.)
;
Courtaulds Ltd., Am. dep. rec. (final.)
l__
Credit Acceptance Corp., $1.40 conv. pref. (qu.)
1
Mar. 15
Mar. 15
Mar. 25 Feb.
21
Mar. 15 Feb.
28
27
Mar*
1 Feb.
Mar. 15 Mar.
1
Apr.
1 Mar. 20
Mar.
1 Feb.
20
25c
Mar. 25 Mar. 15
Diesel-Wemmer-Gilbert Co
25c
Mar. 25 Mar. 15
37c
Apr.
Dominion Textile Co.
(quar.)
Preferred (quar.)
Dover & Rockaway RR. Co. (semi-annual)_
Duncan Electric Mfg. Co
du Pont (E. I.) De Nemours
Debenture (quar.)
(interim),
—
—
—
$134
$134
$124
$3
3234c
$134
$134
$134
—
•Jfc
-_
6234c
$124
25c
Edison Bros. Stores (quar.)
Preferred (quar.)
Egry Register Co.; 534% pref. (quar.)
846 South Broadway Co
Extya
:—
— __
50c
When
Holders
Payable of Record
Mar. 15 Mar.
3
Feb. 28 Feb. 24
Apr.
Apr.
1 Mar. 8
1 Mar. 15
Mar. 15 Mar.
Mar. 15 Mar.
6
1 Mar. 15
1 Feb.
20
1 Mar. 15
15 Mar. 31
Apr.
l Mar. 31
22 Feb. 11
Feb.
Mar. 14 Feb.
27
Apr. 25 Apr. 10
Apr. 25 Apr, 10
Apr. 15 Mar. 15
Mar. 25 Mar. 15
Mar. 15 Feb.
28
Mar. 15, Feb. 28
Mar. 20 Mar. 10
Feb.
Feb.
50c
Apr.
28 Feb.
28 Feb.
20
20
1 Mar. 17
1 Mar. 20
50c
Apr.
50c
(quar.)
Emporium Capwell Corp., 434 % pref. A (quar.)
434% preferred A (quar.)
434% preferred A (quar.)
7% preferred (semi-ann.)
7% preferred (semi-ann.)
434% preferred A (guar.)
Engineers Public Service Co. $5 pref. (qu.)
$534 preferred (quar.)
$6 preferred (quar.)
Faber Coe & Gregg (quar.)
Fafnir Bearing (irregular)
Mar. 30 Mar.
9
50c
Mar. 30 Mar.
9
5634c
5634c
5634c
$334
$334
5634c
$134
$124
$134
50c
$1
—
Oct.
1 June 22
2 Sept. 21
Jan.
2 Dec. 21
July
Mar. 23 Mar. 13
Sept. 23 Sept. 13
Apr.
1 Mar. 21
Apr.
1 Mar. 16
Apr.
1 Mar. 16
1 Mar. 16
Apr.
Feb.
20 Feb.
15
Mar. 31 Mar. 24
Stock div. of one sh. for each three shs. held.
734c
25c
334 c
Financial Security Fund (quar.)
Fohs Oil Co., common
(monthly)
Preferred (monthly) (payable in script)
General Acceptance Corp. (quar.)
Mar.
9
Mar. 15
Feb.
28
25
15c
—
Mar.
Feb.
Mar.
Mar.
Mar.
Mar.
50c
—
Gas Securities
Ma.
Apr.
Mar.
234c
$134
—
(quar.)_
Gameweil Co., preferred (quar.)
Mar.
Feb.
15
15
1
6
Mar.
Mar.
1 Feb.
1 Feb.
General Box Co. (quar.)
Apr.
1 Mar.
General Cigar Co.
--
-
Mar.
6
Mar.
Mar.
6
15c
50c
Feb.
Mar.
5c
Class A (quar.)
E'xtra
Mar.
15c
Mar.
Mar.
5c
Mar.
Mar.
lc
Apr.
Mar. 10
Mar.
Feb.
34%
Extra
$234
1234c
Mar.
Apr.
Apr.
25c
—'
u
—
Franklin Brewery Co.
American Druggists
Extra
Apr.
25c
Falconbridge Nickel Mines (quar.)
Share
Inc
Apr.
$124
234%
preferredi,
4
Mar. 15
Apr.
30c
Faultless Rubber Co. (quar.)
Per
Nairn of Company
Maf. 15 Mar.
Mar. 23 Mar.
90c
Electric Controller & Mfg. Co. (reduced)
Electric Storage Battery Co., com. (quar.)
are
current week.
25
Mar. 31 Mar. 10*
$134
Power
5% preferred (quar.)
Preferred
first
Mar; 15 Feb.
Mat;. 31 Mar. 15
Apr.
1 Mar. 15
15c
Electric Auto-Lite
DIVIDENDS
Dividends
Mar. 15 Mar. 27
$1.0634 Mar. 31 Mar. 10*
Mar. 10*
$1
Apr.
Mar. 10*
$1.0634 Apr.
Mar. 15
Apr.
$124
June
May 15
$124
Mar. 15
Apr.
$134
preference (quar.)
Consolidated Gas Electric Light &
27
__
preferred (quar.)
Commonwealth Utilities Corp.,
6 34 % preferred C (quar.)
$134
(q uar.)
Preferred (quar.)
Duquesne Light Co., 5% cum. pref. (quar.)
NOTICES
Jones & Co., Boatmen's Bank Building, St. Louis, Mo.
a
Mar. 21
$2334
$124
-
Economy Grocery Stores (quar.)
—C. E. Hasselbach
8
Mar. 21
Mar.
Columbia Baking, $1 pref. (quar.)
Commercial Credit Co. (quar.)
conv,
8
Mar.
Mar.
:
Coast Co unties Ga^ & Elec. Co. 6 %
Colt's Patent Fire Arms (quar.)
$4*4
9
Mar.
__
(quar.)
Churngold Corp
Clark Equipment (no action)
Preferred (quar.)
conv.
Mar. 31
Mar.
Dominion Coal Co., 6% preferred (quar.)
Dominion Foundries & Steel preferred (quar.)-.
3 A. P. W.
Shares
28
Mar. 31
1
-
Consolidated Investment Trust (quar.)-.__
>
Co.,
28
Feb.
Apr.
Apr.
Apr.
Apr.
Apr,
_
Continental Steel Corp
By Crockett & Co., Boston:
Shares
(quar.)
Consolidated Biscuit'
,
20 Galveston-Houston
Feb.
Mar.
$1
Coasolidated Bakeries of Canada
SALES
AUCTION
Mar.
50c
Commercial Investment Trust (quar.)
17—The First National Bank of Waukegan, Waukegan, 111.
$150,000; amount of increase
From $100,000 to
Feb.
Preferred
$434
COMMON CAPITAL STOCK INCREASED
Feb.
$124
35c
Preferred
$50,000
$50,000; amount of reduction
From $100,000 to
8
8
$134
$124
Chesapeake Corp. (liquidating).
Chesapeake & Ohio Ry. Co
Christiana Securities^
„
11—The First National Bank of Milltown, Millwotn, N.J.
Feb.
lc
$7 prior lien preferred
$6 prior lien preferred
Central Power Co., 7% cum. pref. (quar.)
Extra..'
REDUCED
STOCK
4c
-
Chicago Flexible Shaft Co. (quar.)._
Bank, Groveton, N. H., Charter No. 13,808.
CAPITAL
•
Central & Southwest Utilities Co.—
6% cumulative preferred
-
Feb.
COMMON
'
15
A-1
50c
6
•
6
27
„
Volume
Financial
149
Share
General Candy Corp., class A
General Railway Signal Co., pref. (quar.)
Georgia Power Co., $6 preferred (quar.)
$5 preferred (quar.)
Gillette Safety Razor
Preferred (quar.)_._
Glidden Co. (quar.)
Mar.
——.
—
-
*
— —
...
.....
...
Hewitt Rubber Corp
...
Honolulu Oil Corp. (quar.)
Hooven & Albison Co., 5% href, (quar.)...;
■>
—
Mar. 31 Mar.
Mar. 31 Mar.
22Xc
1()C
3%
.
....—
25c
1 Feb. 15
1 Mar. 31
Mar.
1 Feb. 23
Apr.
1 Mar. 15*
Apr.
1 Mar. 15
Mar. 15 Feb. 28
1
Mar. 15 Mar;
Mar. 31 Mar. 20
Apr.
1 Mar. 14
Aih\ 11 Mar. 15
Mar.
1 Feb. 18
37 He
...
25c
37^c
15c
Kalamazoo Vegetable Parchment Co____
15c
Kansas
City Power & Light, pref. B (quar.)
SIX
..
Keith-Albee-Orpheum Corp., 7 % pref. —,
t$l%
Kemper-Thomas, 7% special pref, (quar.)
§1 X
7% special preferred (quar.)
six
7% special preferred (quar.)....
SIX
7 % special preferred (quar.)
%1H
Kennecott Copper
25c
20c
Keystone Steel & Wire
i.
Kings County Lighting Co., 6% cum. pf, (qu.)
SIX
7% cum. preferred B (quar.)
..
SIX
5% cum. preferred D (quar.).."....
......
Knudsen Creamery Co
.............
t37Mc
Lava Cap Gold Mining.
2c
30c
Lehigh Power Securities (increased)
Lehn & Fink Products Corp......
25c
65c
Leslie Salt Co. (quar.)
65c
Quarterly.
.......
30c
Lionel Corp. (additional)
........
20c
Liquid Carbonic Corp..
;
Little Miami RR. (original)
$1
50c
Special guaranteed.
Loew's (Marcus) Theatres, Ltd., 7% preferred-.
t$21
Longhorn Portland Cement Co.—
SIX
5% refunding partic. preferred (quar.)......
June
1 Aug. 22
1 Nov. 21
3
Mar. 31 Mar.
Apr, 15 Mar. ,27
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Feb. 25 Feb. 15
Dec.
...
...
....
■
Mar. 31 Mar. 10
Mar.
1 Feb. 23
1
Mar. 14 Mar.
——
.........
...
Mar. 15 Feb. 28
June" 15 May 31
Feb. 28 Feb, 21
Apr.
1 Mar. 16
Mar. 10 Feb. 24
—
...
——
Mhr. 10 Feb. 24
Mar. 31 Mar.
8
—
...
Extra..
......
5% refunding partic. preferred (quar.)———
...
..
L-—
3::::::::::::::
Midland Steel Products....................
—— ——
1st preferred (quar.). .
.....
Midvale Co
,
Mid-West Rubber Reclaiming $4 pref...
Mock Judson Voehringer—.....—.....—
Preferred (quar.)
—..
Monsanto Chemical Co. (quar.).....
....
—-
(quar.)....
—
7% preferred (quar.)—
.
a..-.
Morris Finance Co., common A (quar.)
Common B (quar.)
...
....
.
.
.
...
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6% preferred (quar.)
.....
6% preferred (quar.)
——..
6% preferred (quar.);
.......
National Bond & Investment Co..——
5% preferred (quar.) —
.....
National Breweries, Ltd. (quar,)
...
Preferred (quar.)
....—
National Brush Co
National Life & Accident Insurance
Northwestern Yeast Co. (liquidating) ..
Liquidating
.....
No-8ag Spring Co
Oahu Railway & Land (monthly)-.Oahu Sugar Co. (monthly)...
;
Ohio Finance Co
—
(quar.)
(quar.).......
Omar, Inc., preferred
Oneida Ltd. (irregular)
7% partic. preferred (quar.). —
Pacific Indemnity Co. (quar.)
Special
Extra
— ..
Mar,17
Mar. 25 Feb.
3c
43 He
43 Xc
43 He
Mar. 15 Feb.
Feb.
28 Feb.
:
Nov. 30 Nov. 29
Mar. 15 Feb, 28
Apr.
Apr.
30c
25c
50c
1 Mar. 11
Mar. 11
Mar,
Mar.
Mar.
Mar.
IIP
Sl*%
SIX
SIX
SIX
1
1
Mar, 16
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Feb. 28
Feb, 28
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
2
Mar. 11
Mar. 31 Mar,
8
1 Mar.
1
Apr,
1 Mar.
1
Apr.
Apr.
...
1 Mar. 15
Mar. 24 Mar. 10
1 Mar. 20
Apr.
1 Apr.
Apr.
1
Apr.
—
-
Preferred Accident Insurance
:
Public Nat. Bank & Trust Co. (N. Y.)
(quar.)
Public Service Co. (Ollahoma) 7% prior lien
,—-
6% prior lien (quar,)
>
Public Service Electric & Gas Co. $5 pref. (qu.)
7% preferred (quar.)
Pure Oil Co. 5% preferred (quar,)-.
5X% preferred (quar.)
—
6% preferred (quar.)
Quaker Oats Co. (quar.)
-
Apr.-
Preferred (quar.)..
—
Radio Corp. of Amer. 1st pref. (quar.).
May 31 May.
1 Mar.
Apr.
1 Mar.
Apr.
B preferred
(quar.)---Robertson (H. H.) Co
Rubinstein (Helena) class A (quar.)
San Gabriel River Improvement (mo.)
Schenley Distillers, pref. (quar.)
Scott Paper Co., common (quar.)
S4X cum. preferred (quar.)—-
-----
-----
650 So. Grand Bldg. Co. common
Mar. 24 Mar. 23
—
-----
Mar.
Feb.
17
Mar.
Feb.
Apr.
Mar.
50c
$2
75c
$1
Apr.
Apr.
Apr.
Mar.
Mar.
25c
1
Mar. 11 Mar.
Apr.
1 Mar. 15
50c
150c
tsix
$2X
50c
SIX
SIX
SIX
SIX
Six
Mar.
Mar. 15 Mar.
1
Mar. 15 Feb, 28
Mar. 15 Feb. 28
Mar. 31 Mar. 16
Mar. 31 Mar. 15
Mar. 31 Mar. l5
Mar. 29 Mar. 18
Mar. 28 Mar, 16
June 28 (June 15
Sept. 28 Sept. 21
Dec. 28 Dec.
Mar. 21 Mar.
Mar. 21 Mar.
Apr.
1 Mar.
Apr.
10c
Mar. 10 Feb.
30c
20c
50c
SIX
SIX
SIX
SIX
SIX
S2
$2
i2m
5c
40c
SIX
SIX
18Hc
43 He
40c
15c
10c
25c
62 Xc
25c
Mar.
------
20c
Feb. 28 Feb.
...
3c
;
(s.-a.)
50c
25c
-
-----
—
SIX
62Xc
37 Xc
34li
25c
"
2%
X
...
— -- -
68Hc
50c
50c
.
SIX
20c
.
62Xc
50c
-----
...
Thermoid Co.
Mar. 15 Feb. 28
Mar. 6 Feb. 25
25c
Sontag Chain Stores Co. (quar.)------....
7% preferred (quar.),
Southern & Atlantic Teleg. gtd. (s.-a.)
Southern Calif. Edison orig. pref. (quar.)--—5X% preferred O (quar.)
—
Southern Colorado Power,7% cum. pref--..
South Porto Rico Sugar Co. (quar.) ——— •
Preferred (quar.)-.:.
V—
Staley (A. E.) Mfg. Co, $5cum. pref, (quar.)
Sunray Oil Corp
———•—
Preferred (quar.)
-• —.—^
—
Tacony-Palmyra-Bridge (quar.).
Class A (quar.)
Preferred (quar.)
Tamblyn (G.) (quar.)
5% preferred (quar.)
—
....
Texas Corp. (quar.).
------Tex-O-Kan Flour Mills Co.
1 Mar. 23
Mar. 15 Mar,
7*,
1 Apr. 20*
May
Mar. 31 Mar. 15
Apr.
40c
SIX
■
—
-
,
8
28
1 Mar. 20
Apr.
-
Selby Shoe Co.. (quar.)
:
Shepard-Niles Crane & Hoist Corp,
Simon (Wm.) Brewery (quar.)---
1
8
Mar. 15 Feb.
-
Seeman Bros., Inc. (quar.)------
Siscoe Gold Mines-
1
1
Mar. 31 Mar.
1
1 Mar. 10
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Apr.
Mar. 25 Mar,
1
-
Scranton Lace Co----
1 Apr.
Mar. 31 Mar,
-
7% preferred.-.
—_
f$lX
40c
$3 preferred
Tide Water Assoc. Oil,pref. (quar.).-.——
Tokheim Oil Tank & Pump Co—
.........
Twin Disc Clutch
Union Pacific RRPreferred (semi-ann.)__.
25c
50c
-----
1 Feb. 21
18
Mar. 15 Feb. 28
1 Feb. 15
Mar,
Mar.
1 Feb. 20
Mar.
1 Feb. 20
1 Mar. 16
Apr.
Apr. 15 Mar. 20
Apr, 15 Mar. 20
Mar. 15 Feb.
28
1 Mar, 14
1 Mar. 14
Apr.
Apr,
Mar. 20 Mar. 10
9
Apr, 27 Mar.
1 Mar.
9
Apr.
Mar. 31
Mar. 31
1
May
1
Apr.
1
A.pr,
•
Mar. 15
Mar. 15
Mar. 17
Mar. 16
Mar. 16
Apr-
1 Mar,
Mar.
3
1 Feb.
15
Mar, 15 Mar.
2
1 Mar. 10
Apr.
Mar. 15 Mar.
1
Apr.
1 Mar. 20
Apr.
1 Mar.
6
Apr.
1 Mar.
6
Mar.
Mar.
Mar.
1
4
Apr,
Mar. 10
10c
Feb.
Feb.
40c
Mar.
—
SIX
5% preferred (qhar.)_.
United-Carr Fastener Corp
United Dyewood Corp., pref. (qtiar.).
United Printers & Publishers (initial),
Universal Products (irregular)
Vicksburg Shreveport & Pacific Ry
Preferred (semi-ann.)
—
Wagner Electric Corp
—
—,.Waldorf, System, Inc.
Walker & Co., class A
Washington Water Power, preferred (quar.)
Western Exploration Co. (quar.)——
Western Tablet & Stationery 5% pref. (qu.); - A
West Virginia Pulp & Paper Co———
Wheeling Steel, prior preferredWisconsin Power & Light Co.—6% cumulative preferred (quar.)
7% cumulative preferred (quar.)--------...
----- -
21
10
10
15
1 Mar. 15
28
Feb. 30
1 Feb. 20
Apr. 15 Mar. 31
Feb. 23
Mar.
Mar. 31 Mar. 10
Feb. 28
Apr.
Mar.
Mar.
Feb.
28
Feb.
Apr.
Mar.
28
3
Mar. 15 Mar.
June 15 June
3
Jan. 25 Jan. 20
Feb. 15 Feb. 11
Mar. 15 Mar. 4
Mar. 10
Apr.
Mar. 10
Apr.
_
Mar. 31 Mar. 10
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar. 15
Apr.
iij£
Wisconsin Public Service
-
-- --
... —
20c
SIX
,
15
Mar. 21
Mar.
8
Apr.
Apr.
25c
10c
Apr.
8
Mar.
1
Mar, 20
t50c
Mar.
Feb.
20
SIX
Mar.
Mar.
Feb.
24
Mar. 15
§fk°
Mar.
Mar.
Mar, 20
Mar. 10
5c
t50c
Apr.
Apr.
Apr.
SIX
Mar. 15 Feb.
Mar. 16
28
$1.31 M Mar. 15 Feb. 28
SIX
iiH
—
Mar.
2X%
2X%
Corp.—,,
7% series A preferred (quar.)
6X% series B preferred (quar.)
6% series C preferred (quar.)
Mar, 20 Feb. 28
Mar. 20 Feb. 28
Mar. 20 Feb. 28
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.
Below
we
28
28
50c
SIX
2i
28
28
20
3
3
3
25
44c
..
28
27
May 31 May 30
Aug. 31 Aug-30
43 He
iSlX
SIX
SIX
28
1 Mar. 18
Apr.
50c
...
$6 preferred (quar.)
—
Northwestern Utilities, 6% pref. (quar.)
Mar. 15,
Mar. 15
37 Xc
40c
20c
National Steel Car (quar.)
New Bedford Cordage Co. 7% pref. (quar.)
New England Telep. & Teleg. Co
(quar.)
Nov. 20
Mar. 10
Apr.
Apr.
Apr.
SIX
SIX
—
New Jersey Power & Light Co. $5 pref.
Dec.
Dec.
Mar.
30c
SIX
—
Motor Finance Corp., pref. (quar.)
—
—-
-
(quar.)..
Maryland Fund (quar.)..
-.j,
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quar.)...
7% preferred (quar.)—......
7% preferred (quar.)
•
MacKinnon Steel Corp., 7% conv. pref..
Memphis Power & Light, $7 pref. (quar.)...
$6 preferred (quar.)
Mercantile Acceptance 6% pref. (quar.).
5% preferred (quar.)
Mesta Machine Co.—.—
Metropolitan Edison Co. $7 pref. (quar.)....;.
$6 preferred (quar.)
$5 preferred (quar.)
............
$7 prior preferred (quar.)
$6 prior preferred (quar
$5 prior preferred (quar
Meyer (H, H.) Packing Co. 6pref. (qu.).
$2 preferred
20
20
20
21
21
Nov: 20
Sept.
Sept.
\u
,
20
May
May
Aug.
Aug.
June
%2X
...
Marsh (M.) & Sons, Inc.
6% preferred
25c
SIX
25c
75c
....
Lord & Taylor (quar.)—
Lorillard (P.) Co. (quar.)
Preferred (quar.)
Louisville Gas & Electric Co. (Del.)—
Class A & B common (quar.)
Extra
Mar.
June
SIX
SIX
5% refunding partic. preferred (quar.)__
Extra
Feb.
Feb.
Mar.
25c
■
Mar. 15 Mar.
1
Mar. 31 Mar. 16
Feb. 15 Jan. 31
Mar. 31 Mar, 20
—_
,
Holders
United Artists Theatres Circuit, Inc.
25c
:
—
5% refunding partic. prefeiTed (quar.)
1 May 22
Sept*
....
—
3
Mar,
Apr.
60c
--
3
3
aMr. 31 Mar.
Mar.
1 Feb. 15
87 Xc
SIX
(quar.)...
International Ocean Teleg. Co.
(quar.).
International Safety Razor, class A (quar.)..
International Salt Co. (quar.)
*
Irving Air Chute Co., Inc
;
Irving (John) Shoe, 6% preferred (quar.)
Jamieson (O.E.) & Co
Montreal Cottons, Ltd.
Preferred (quar.)—
15 Mar. 31
Mar. 21 Mar. 10
Mar. 31 Mar. 20
...
*
3
Mar. 31 Mar. 21
Preferred (semi-ann.)
Industrial Credit (Lynn) (quar.)
Lone Star Cement
2
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Maryland Mines Corp. (monthly)
Extra
Mar. 24
Plymouth Oil Co. (quar.)
Philadelphia Co
$6 cum. pref. (quar.)..
$5 cum. preference (quar.)-.-.-----Potash Co. of Amer. (initial)---.
Apr.
Illinois Bell Telephone (quar.)
Imperial Tobacco of Canada (final)
Extras..
Mar.
6
Mar. 10
Mar. 1 Feb. 15
Mar. 27 Mar. 11
Apr. 15 Mar. 31
Preferred B (quar.)
2nd preferred (quar.)—
Idaho
Preferred
Perron Gold Mines (quar.)-.-Pet Milk Co.. common-
Mar. 15 Mar.
Mar. 15 Mar.
—
Hoskins Mfg. Co (irregular).
Household Finance (quar.)
Preferred (quar.)
j
Howes Bros., preferred A (quar.).-I
Mar. 15
Mar. 15
Mar.
1 Feb. 16
Feb. 25 Feb. 20
1
Apr.
1 Mati
1
Apr.
1 Mar.
Mar. 24 Mar. 13
-
——
;
...
—-—
-
Mar. 17
Mar. 31
Mar.
——
Interim
—-
class A (quar.)—--Penney (J. O.) Co. (quar.)--...
Peoples Thrift & Investment Co. 7% pref
Perfection Stove (quar.)
3
When
Payable of Record
Apr. 15 Apr.
1
Mar, 27 Mar. 10
1 Mar. 20
Apr.
Mar. 15 Mar.
3
-
Apr.
.
-■
Group No. 1 Oil--,
Hart & Cooley Co. (irregular).
Stock dividend of 100%Hathaway Mfg. Co. (resumed)
Haverty Furniture Co., Inc
Hedley Mascot Gold Mines (quar.)..
Hercules Powder Co
Penn Electric Switch
Apr.
Common (quar.)
Pathe Film Corp. $7conv. pref. (quar.).
Penick A Ford, Ltd., common..
Mar,
-
Extra
Mar. 10
May
Apr.
Apr.
Apr.
Apr.
—
Gold & Stock Tel eg. Co. (quar.)
Green (D.) Co. (irregular)
.
Mar.
8
Mar. 10
Mar. 15
Mar. 15
Share
Paraffine Cos., preferred (quar.)-
Apr.
Apr.
Apr.
Mar,
—
r—
Preferred (quar.)
Greene Cananea Copper
Per
Name of Company
Payable of Record
_
-
Holders
When
Per
Norm of Company
1119
Chronicle
Mar. 15
Mar. 15
Per
Name of
Abbott Laboratories
Share
Company
Mar. 31 Mar. 14
Mar. 31 Mar. 14
(quar.)---
Extra.
—-—
Apr. 15 Apr.
Preferred (quar.)--Abbotts Dairies, Inc. (quar.)
Acme Steel Co. (quar.)- —
^
,
,
.
AgriculturalInsur. Co.(Watertown, N.Y.), (qu.)
Alabama Water Service, pref. (quar.)
Allegheny-Ludlum Steel, pref. (quar.).——— Allied Products (interim)- — -.-—--.
Class A (quar.)
Portland Cement...
Aluminum Goods Mfg-
---------
-v".
Aluminium Ltd., preferred (quar.)
American Arch Co. (irregular)
American Bank Note.
Preferred (quar.). —
American Box Board Co. pref. (quar.).
American Business Shares.--—
^
4
17"
Feb.
Mar. 13*
Mar. 13*
Feb. 15
Feb.
Apr.
Mar. 17
Feb. 15
M.ar,
17
Mar. 15 Mar.
1
Mar. 15 Mar.
2
Mar.
Mar. 15
Feb.
20*
f0 preferred A (quar.)-------
Ltd. (monthly) — ———— —
General Corp., $3 conv. pref. (qu.) —
American Factors
preferred (quar.)----
Feb. 25
June
May 25
Aug. 25
Dec.
—
Mar.
Sept.
(quar.).
7% preferred A (quar.).
Nov. 25
Feb
28
Mar.
Mar.
Mar.
Mar.
Mar.
$2 conv. preferred (quar.)----*American Hide & Leather preferred—
Mar.
Preferred (quar.)-American Home Products Corp. (monthly)-.-American Indemnity Co-- --American Investment Co. (111.)---------
Preferred (quar.)
15
Mar.
4
1
Mar. 25 Mar.
Mar. 16*
Apr.
Mar.
Feb. 14
Apr.
Mar.
Corp. Part, pref—
Co. 7% pref. A (quar.)-
American Laundry Machinery
American Mai ze Products
Mar.
Apr.
Apr.
share held.
%2X conv.
Mar. 20
Feb. 20
Feb.
Mar.
A^riS^lec^'Vecurities
American
Mar.
Mar.
Apr.
Mar.
preferred (quar.)———--prior preferred (quar.),
American Chicle Co. (quar.)
>•
American Cigarette & Cigar (stock div.)l-40th sh. of Am. Tob. Co. common for each
.
15
Mar. 15
Apr,
Apr.
American Capital Corp.,
7% preferred A
15
21
Mar.
American Can Co.,
American Envelope
1
1 Feb.
Mar. 11 Feb.
Mar.
Feb.
Mar.
—
Agnew-Surpass Shoe Stores (s.-a.)
Preferred (qtmr.)-----
Alpha
Holders
When
Payable of Record
Co. (quar.)—.,
—-—
Mar.
Apr.
Mar.
Mar.
Mar.
Mar.
Feb.
Feb.
Feb.
14
14
14
Mar. 17
Mar. 17
Feb
14*
Mar.
1
Feb. 10
Feb. 18
M&r. 24
Mar. 24
Financial
1120
Per
Name
Share
of Company
|
Mar.
15
15
Mar. 31 Mar. 25
17
3
6 June 24
1 Feb.
15
1 Feb.
18
1 Feb.
8
1
9
Mar.
1 Feb.
15
Mar.
1 Feb.
10
Apr.
preferred__
—
1 Mar. 15
Mar. 15 Feb.
*
--
pref. (s.-a.)
(quar.)*— —
._*
1 Feb.
1 Feb.
Mar.
Mar.
3
1 Mar.
1 Feb.
14
1
Feo.
20
Mar. 15 Mar.
1 Feb.
Mar.
6
Common
1 Feb.
Mar.
50c
...
7 He
$134
60c
$2
nx
10c
Brown Fence & Wire
SI
Preferred A (semi-annual)
50c
...—-—*.
50c
Buckeye Pipe Line Co
%1X
tlx
Bucyrus-Erie Co. preferred (quar.) — —
Buffalo Niagara & East. Power 1st pref
Preferred (quar.)
—*:
15
15
Feb. 28 Feb. JO
Mar.
1 Feb. 28
Feb.
28 Feb.
15
4
Feb.
28 Feb.
15
May
Apr.
28 Feb.
Feb.
Feb.
June
Sept.
May 24
Aug. 26
Dec.
Nov. 24
Apr.
Mar.
Feb.
10
Jan.
28
Feb.
9
annas
Mar.
Mar.
_
1
Mar. 15 Mar.
17
Mar.
1 Feb.
1
Mar. 20 Feb.
Mar.
1 Feb.
28
Mar.
15
U$1M
1 Feb.
Mar. 15 Feb.
15
28
Dec.
28
Mar. 15 Feb.
_
28
Apr.
—
Apr.
(quar.)
11 Mar. 24
1 Mar, 17
1 Mar. 17
Apr.
Apr. 29 Mar. 31
Apr. 15 Mar. 31
Apr.
1 Mar. 20
.
—
SIM
38c
SI
$2
SIM
50c
Mar. 31 Mar. 20
Mar. 31 Mar. 20
Mar.
1 Feb.
20
Mar.
1 Feb.
15
Apr.
1 Mar. 25
Feb.
25 Feb.
25 Feb.
15
SIM
Feb.
Apr.
1 Mar. 11
SIM
Mar.
1 Feb.
15
Central Illinois Public Service Co.—
Mar. 15 Feb. 20
Mar.
1 Feb. 17
Mar.
1 Feb. 15
Feb. 25 Feb. 15
*
Central Tube Co
Common.
Mar.
*
—
1 Mar. 20
1 Feb.
1 Feb.
Mar. 27 Mar.
Mar. 27 Mar.
Chesebrough Mfg. Co. (quar.)
Extra.
1 Feb. 20
Apr.
Mar.
Mar
Century Ribbon Mills, preferred (quar.)
Champion Paper & Fibre Co., 6% pref. (quar.)
Chartered Investors, Inc., $5 pref. (qu.)
—
1
;
Corp., $3 preferred
Mail Order Co
Rivet & Machine
Towel Co
Preferred (quar.)
Chicago Yellow Cab Co. (quar.)
Chrysler Corp. common (quar.)
Mar.
1 Feb.
15
Mar.
1 Feb.
10
Mar. 15 Feb.
2*
Feb.
1
13
1 Mar. 20
Apr.
Mar. 15 Feb.
Mar. 15 Mar.
Mar.
1 Feb.
June
28
1
1 May
10
10
1 Aug. 10
Sept.
*
*—
'
Feltman & Curme Sho6 Stores pref. (quar.)
Fifth Avenue Coach (quar.)
Feb.
10
Feb.
10
6
Mar.
Feb.
17
Mar.
Feb.
17
Mar. 10 Feb. 24
1
Mar. 15 Mar.
Mar. 10 Feb. 17
Feb.
28 Feb.
17
Apr.
Nov. 18
20 Mar. 31
Feb.
28 Feb;
21
1 Feb.
1 Feb.
20
tSIM
t50c
$2
4%
SIM
SIM
SIM
SI 34
tS134
SI 34
$134
$134
$134
Mar.
Mar.
Apr.
„
15
1 Mar. 20
Mar.
1 Feb. 23
Mar. 31 Mar. 20
June 30 lune 20
Mar.
1 Feb. 20
Mar.
1 Feb. 20
Mar. 15 Mar.
1
Mar.
1 Feb. 10
Mar.
1 Feb. 10
Apr.
Apr.
1 Mar.
1 Mar.
4
4
50c
50c
$134
Apr.
1 Mar. 20
Mar.
1
25c
Mar.
1 Feb.
SIM
.
Feb.
Mar.
40c
25c
25 Feb.
Feb.
10
17
23.
1 Feb. 23
Mar. 15 Feb. 15
Mar. 15 Mar.
l
15 Mar. 31
1 Feb. 18
$134
SIM
Apr.
1234c
Mar.
1 Feb.
18
M
Mar.
1 Feb.
16
Mar.
1 Feb.
18
$134
Mar.
Mar. 15 Mar.
1
50c
Mar. 10 Mar.
1
30c
Apr.
1 Mar. 21
Mar. 10 Feb.
28
80c
Mar. 10 Feb.
28
75c
Mar.
1 Feb.
17
50c
Mar.
1 Feb.
15
28 Feb.
11
8734c
7% preferred class A (quar.)—
:
Firestone Tire & Rubber, pref. (quar.)
Fiscal Fund, bank stock series (stock div.)
40c
40C
$134
SIM
25c
15c
8Mc
$134
234%
234%
10
Apr.
1 Mar.
1
Mar. 31 Mar. 15
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Mar.
1 Feb. 15
Mar. 15 Feb.
Mar. 15 Feb.
23
Mar.
1 Feb.
15
Mar.
1 Feb.
15
Mar.
1 Feb.
15
25c
Mar. 18 Feb.
25
25c
Mar.
1
14
Apr
1 Mar
15
Mar
1 Feb
16
Apr.
Apr.
1 Mar. 23
$1
$3
SIM
50c
20c
SIM
25c
Preferred
(quar.)
General Cigar Co., Inc., pref. (quar.)
—
General Gas <fc Electric (Del.) $5 prior preferredGeneral Motors Corp
Preferred (quar )
68 Mc
SIM
SIM
75c
SIM
Feb.
1 Mar.
Mar. 15 Feb.
18
1
28
Mar. 15 Feb. 28
Mar.
1 Feb. 16
Mar. 15 Feb
15
Mar
13 Feb
May
Apr.
Apr.
1 Aor.
50c
Mar.
1 Feb.
16
Mar.
10c
SI 34.
25c
40c
(qu)
23
1 Mar. 15
Mar. 15 Feb.
Apr.
20c
General Printing Ink Corp
$6 cum. preferred (quar.)
Gibraltar Fire & Marine Insurance (s.-a.)
Extra
Gillette Rubber Co. (quaar.)
Co.. 7% pref.
1 Feb.
SIM
8734c
(quar.)
Gaylord Container Corp. (quar.)
Globe & Rutgers Fire Ins. 2d pref. (s.-a.)
Globe & Wernicke Co.. pref. (quar.)
Mar.
Mar.
1 Feb. 15*
Mar. 15 Mar.
1
Mar. 20 Mar.
6
15c
—
Preferred
Golden Cycle
May 31 May 16
1 Mar. 18
Apr.
Apr.
2 Apr. 15
Mar.
1 Feb., 16
50c
A. & B—
Glens Falls, Inc. (quar.)
Globe-Democrat Publishing
Feb.
15c
8734c
Finance Co. of America (Bait.), com
1 June 19
Mar
18
Dec.
SIM
Federal Compress & Warehouse (quar.)
*—
Federal Compress & Warehouse Co. (quar.)
Federal Light & Traction, preferred (quar.) —
Federal Mining & Smelting pref. (quar.)
Federal Mogul Corp
July
Mar.
Feb.
25c
3c
1 Mar. 20
Mar.
May 18
Aug. 18
Mar.
15c
—
*
Apr.
Apr.
10
Mar. 10
Sept.
_
—
*
Cincinnati Union Terminal 5 % pref.
20
10
Feb.
30c
150c
Gatineau Power Co
Feb.
Feb.
Mar.
June
.*
Preferred (semi-ann.)
Fansteel Metallurgical Corp.. $5 pref
17
Mar.
Mar.
Apr.
Growers Association.
15
Oct.
1 Sept. 18
1-1-40 Dec. 18
Mar. 31 Mar. ,15
Mar.
Feb. 15
10
Aug. 10
3-1—40 2-10-40
30c
—
24
Feb.
75c
—
Feb.
1
Nov. 10
Feb.
Sept
30c
*
x
Mar.
Dec.
Mar.
$2
Mar. 14 Feb.
1
25c
Mar.
Commoil Ltd
Mar.
Mar. 25 Mar. 15
62 34c
30c
'
Cincinnati New Orleans & Texas Pacific, pref—
Mar. 20 Mar. 10
Mar. 20 Mar. 10
_
1 Apr
"
7% preferred (quar.)
Ford Motors (Canada) class A & B (quar.)
Freeport Sulphur Co. (quar.)
Fuller (Geo. A.), 4% pref. (quar.)*
S3 conv preferred (initial)
Fuller Brush Co. 7% pref. (quar.)
Galland Mercantile Laundry Co. (quar.)*
*
15
17
Apr
25c
—
Florida Power Corp.. 7% pref. A (quar.)
20
5% preferred (quar.)
*
5% preferred (quar.)
5% preferred (auar.)
City Ice & Fuel Co
Preferred (quar.)
City of New Castle Water Co., 6% pref. (qu.) —
Cleveland & Pittsburgh RR, 7% guaranteed
Special guaranteed
Colgate-Palmolive-Peet, preferred (quar.)
Collins & Aikman Corp
Preferred (quar.)
—
Columbia Broadcasting, class A & B (quar.)
Columbia Pictures Corp., stock dividend
Columbian Carbon Co. (quar.)
1 Feb.
1 Feb.
50c
—
3
4 Feb.
(quar.)
20
Mar.
75c
Insurance stock series (stock div.)
Fishman (M. H.) Co. (quar.)
1
Mar.
—
1 Feb.
Mar.
5
75c
3
Chestnut Hill RR. Co. (quar.)
Chicago
Chicago
Chicago
Chicago
15 June
Mar.
25c
.N.* *
Quarterly
15
SIM
Light & Power, pref. (quar.)
5
50c
Falstaff Brewing Corp. (quar.)
Mar. 15 Mar. 10
Central Arkansas Public Service Corp.—
$6 and 6% preferred
17
Mar. 31 Mar. 21
1
Mar. 15 Mar.
Apr.
1 Feb. 28
5
SIM
—
—.
15 Nov. 30
Mar. 15 Feb.
— — *
Central Ohio Steel Products
Feb
Mar. 15 Mar.
SIM
*
*
*
15 May 31
Sept. 15 Aug. 31
(quar.)
Central Ohio
17
Sept. 15 Sept.
SIM
*
_
1
1 Feb.
*37 34c
J30c
:$i
1--*
14
28 Feb.
.28 Feb.
35c
—*
Feb.- 9
Mar.
—
7% preferred (quar.)
Feb.
28*
1 Feb.
Mar.
25c
*
11
25c
*
1 Mar. 10*
Mar. 15 Feb.
30c
i
Quarterly
18
SIM
t25c
Co., preferred (quar.)
1
Mar. 15 Mar.
1 Feb. 10
Mar
Apr.
75c
*
Dominguez Oil Fields (monthly)
Dominion & Anglo Investment Corp., 5% pref—
Dominion-Scottish Investors, 5% preferred
Duplan Silk Corp., preferred (quar.)
Duro-Test Corp., payable in common stock
Early & Daniel Co., pref. (quar.)
Preferred (quar.).*
East St. Louis & Inter urban Wat. 7 % pf. (qu.)
6% preferred (quar.)—„
—
Eastern Massachusetts Street Ry. Co.—
6% cumulative 1st preferred
Eastern Shore Public Service Co. $6 pref. (qu.)_
$634 preferred (quar.)
—
Eastman Kodak Co. (quar J
Preferred (quar.)
* —
Eaton Mfg. Co
n
Electric Controller & Manufacturing*—*
Electric Shareholdings, $6 pref
Optional div. of cash or common stock.
Electrographic Corp. (quar.)
Preferred (quar.)—
Electrolux Corp. (quar.)
Elgin National Watch
El Paso Electric (Texas), $6 preferred (quar.)***
El Paso Natural Gas, preferred (quar.)
Ely & Walker Dry Goods*
Emmart Packing Co., 6% preferred (quar.)
Empire Bay State Teleg. 4% pref. (quar.)*
Empire Power Corp. $6 cum. pref. (quar.)
Participating stock
Emporium Capewell Corp
Erie & Pittsburgh RR. (quar.)*.
Erie & Pittsburgh RR. gtd. betterment (qu.)*»_
Equity Corp. $3 preferred (quar.)
—Fajardo Sugar Co* j
Incl.
a
div.
declared
by
Fajardo Sugar
18
Mar.
10c
15c
*
15 Mar. 31
25c
Dome Mines, Ltd (quar.)
1 Apr. 15
1 Mar. 15
Mar.
37 Mc
(quar.)
*—;
Capital Wire Cloth & Mfg.—
$134 convertible preferred (quar.)
* —
Carmen & Co., $2 class A
Carolina Telephone & Telegraph Co. (quar.)*
Carter (Wm.) Co. 6% pref. (quar.)
—
Caterpillar Tractor Co. (quar.)
31 Mar
Apr.
June
$134
— *
*
Quarterly
Mar.
1 Feb. 20
Mar. 15 Feb. 17
Apr.
1 Mar. 20
Feb.
(quar.)
Preferred (quar.)
28
$1X
tlX
SIM
SIM
Preferred
1
17
Mar
50c
_
—
Participating preferred (s.-a.)
Participating preferred (s.-a'.).
Participating preferred (s.-a.)
Dictaphone Corp
Preferred (quar.)
Dixie-Vortex Co.. class A (quar.)
Dr. Pepper Co. (increased quar.)
Quarterly
June
Canfield Oil
_
Common
28
1 Feb.
$1
(quar.)*
Case (J. I.)
Mar. 15 Feo.
Mar. 15 Feb.
50c
—
Industries, class A & B_—j
Preferred (quar.)
Canadian Oil Cos., Ltd., pref. (quar.)
17
50c
Common
1 Mar. 10
25 Mar. 10
Mar.
40c
5%
5%
5%
5%
Preferred
25c
17
1 Feb
Mar. 10 Mar.
'
Bristol-Myers Co. (quar.)__
.*
Brooklyn Edison Co. (quar.)
i
Brooklyn Telegraph & Messenger Co. (quar.)***
Canadian Cottons, Ltd.
_
,
Brewing Corp. of America
Bridgeport Gas Light Co. (quar.)**—
Bright (T. G.) & Co.. Ltd. (quar.)
6% preferred (quar.)
.*
Canadian
$2
%1%
Dewey & Almy Chemical Co
$5 cum. conv. pf.
Diamond Match Co., common...—
Mar. 15 I Mar.
1
Mar. 31 Mar. 10
Canadian Car & Foundry, pref
SIM
—
Detroit Harvester Co
:
Devoe & Raynolds preferred (quar.)
Devonian Oil Co
1
30c
.v
$1X
tlX
tlX
87 34c
t25c
5634c
tlX
30c
7% preferred (quar.)
Detroit Gasket Co., pref. (auar.)*
Mar. 31 Mar. 25
Mar.
— -*
40c
*
_.
3
Mar.
15
6
1 Feb
Mar
_uarterly
Dayton Power & Light, 434% pref. (quar.)
Deere & Co., preferred (quar.)*
*
Dentists' Supply Co. (N. Y.) (quar.).,
1 Feb. 20
Mar.
— —
1 Feb.
50c
1 Mar. 15
1 Mar.
Mar. 10*
1
Mar.
Curtis Publishing Co., 37 preferred
Daniels & Fisner Stores Co. (quar.)
Mar. 15 Mar.
18
Mar. 31 Mar.
—
1 Mar. 15
Apr.
Apr.
Feb.
Apr,
—
—
—*
1 Mar. 10
1 Mar. 10
(quar.)
15
1
Mar. 31 Mar. 15
Common A & B
Preferred
Apr.
Mar.
—
10
1
Mar
Crum & Forster 8% pref. (quar.):
Cuneo Press, Inc., preferred (quar.)
Apr.
(resumed)-**
Preferred (quar.)
10
1 Mar. 15
Apr.
May
,
15
60c
Class B
15
15
*
15
Bower Roller Bearing <Jo__,
Class A (quar.)
Class A
1 Feb.
Mar. 15 Feb.
10
Apr.
Apr.
Apr.
Apr.
Bigelow-Sanford Carpet Co. pref—*
Bird & Son, preferred (quar.) —_
— — Birmingham Water Works Co., 6% pref. (qu.)—
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.)—*—
Class A
Mar.
18
Mar.
preferred (quar.)
preferred (quar.).
preferred (quar
preferred (quar.)
Burma Corp., Amer dep. roc. (interim)*
.
Burroughs Adding Machine Co
—
Butler Bros, (interim)
—
.•**
Preferred (quar.)
—Butler Water Co., 7% preferred (quar.)
California Art Tile Corp. $1U class A pref
California-West States Life Insurance Co
Canada Cement Co., Ltd. preferred
—
Canada & Dominion Sugars, new (quar.)
Canada Vinegars Ltd. (quar.).
—— *
Canada Wire & Cable class A (resumed)
Consolidated
25 Feb.
Feb.
—
Bullock's, Inc
Bun to Bros
Feb.
(qu.)—
Cigar Corp. 7% pref. (quar.)——
Feb. 25 Feb.
1 Feb.
6% preferred (quar.)
Brown Shoe Co.
1
1 Mar. 10
Mar.
---
pref. (quar.)
15
Mar.
Cosmos
1 Mar. 10
Apr.
Apr,
15
I Feb.
Copperweld Steel Co. (old stock)
—.———
Coronet Phosphate Co
imperial Mills Ltd., pref. (quar.)
Crane Co., 5% cum. conv. pref. (quar.)
*
Creameries of America, Inc
S3 X pref (qu.)
Crown Cork International Corp., class A
Crown Cork & Seal Co., Inc.; cum.pref. (quar.)*
Crown Zellerbach Corp., $5 cum. pref. (quar.)
Crum & Forest Insurance Shares Corp.—•
15
Mar. 10 Feb. 28
Mar.
6 Feo. 28
Mar.
1 Feb. 18
* ——
1 Feb.
Mar.
Cook Paint & Varnish (quar.)
Preferred (quar )
21
1 Feb.
Mar.
Mar.
(IN. Y.) (quar.)
Consolidated Film Industries, pref
Consolidated Laundries preferred (quar.)
Consolidated Paper Co
Continental Assurance (quar.)
*
Continental Can Co., Inc., $434 pref. (quar.)
Continental Casualty (quar.)
*
*
Continental Oil Co
5 June 24
Feb.
1 Mar. 15
Apr.
Consolidated Edison
10
1 Feb.
4
Connecticut Power Co. (quar.)
Connecticut River Power 6% preferred
—
3 Mar. 6*
15 Mar. 15
Mar. 15 Mar.
Mar. 22 Mar.
Belding-Corticelli Ltd. (quar.) —
—
Preferred (quar.) —i——
—~—
Beneficial Loan Society (Del.) (quar.)
Bethlehem Steel Co., 7%
1
(Ont.) (quar.)
Connecticut Light & Power Co. (quar.)
5)4% Pref. (qu.)
*
1 Feb.
—
—-—
Berghoff Brewing Corp
Mar.
Confederation Life Assoc.
Mar.
.
6% preferred (quar.)
-Bangor Hydro-Electric 7% pref. (quar.)
6% preferred (quar.)
**__ — *
Bankers Nat l Investing Corp. (Del.), cl A & B—
60c. preferred (quar.)
Barlow & Seelig Mfg. Co., class A (quar.)
Beech-Nut Packing Co. (quar.)
Extra
1
Mar.
;
Baltimore Radio Show, Inc.
25
1 Feb.
Mar.
* — -
■*—
Atlas Press Co. (quar.)
Baldwin Locomotive Works,
28
1 Jan.
Mar.
July
July
(qu.)
preferred (quar.)*.—:*
Atlas Corp.,
Atlas Powder Co
'Feb.
Mar
Mar.
Archer-Daniels-Midiand —•
Armstrong Cork Co. (interim)
Preferred (quar.)
*
Art Metal Works (quar.)
Artloom Corp., 7% preferred.
Associated Dry Goods Corp., 6% 1st
Atlanta Gas Light, 6% pref. (quar.)
Atlantic Refining Co
—
Mar.
Commonwealth Loan Co. (Indianap.) pfd. (qu.)
Commonwealth Utilities Corp $6 34 pref. C (qu.)
Compania Swift Internacional (quar.)
Feb. 28 Feb.
(s.-a.)
Preferred
Anglo-Canadian Telephone Co., class A
Commonwealths Distributors._
3
Mar. 16 Mar.
Apr.
Apr.
Holders
Payable of Record
Name of Company
17
Mar. 15 Feb.
A nr.
1 Apr.
Mar.
1959
17
28
1 Feb
1 Feb
Mar.
(quar.)
American Meter Co
American Oak Leather Co.,5% cum.pref.(quar.)
American Paper Goods 7% preferred (quar.) —
American Radiator & Standard Sanitary Corp.
Preferred (quar.)
American Smelting & Refining Co
American Sugar Refining, preferred (quar.)——
American Telep. & Teleg. (quar.)* — *
—
American Tobacco Co., com. & com. JLJ (quar.)**
Amoskeag Co. (s.-a.)
Preferred
25,
When
When : Holders
J Payable of Record
American Metal Co
Feb.
Chronicle
SIM
$234,
SIM
SI
10
1 Mar. 14
1 Mar. 14
15
1 Feb. 15
Mar. 20 Mar., 1
1 Mar. 15
Apr.
Mar.
1 Feb. 20
Mar.
1 Feb.
Apr.
1
Mar.
Mar. 10 Feb.
20
28
"
Volume
Financial
148
Share
Company
25c
Goodyear Tire & Rubber Co
$5 convertible preferred (quar.)
•IK
Gorham Mfg. (irregular)
Gossard (H. W .) Co. (quar.)
__
Holders
When
Per
Nam* of
25c
25c
1121
Chronicle
Payable
of
Mar. 15 Feb.
15
Mar. 15 Feb.
15
Name of Company
Louisville & Nashville RR
Ludlow Mfg. Associates
Lunkenheimer Co., preferred
1
Mar. 15 Mar.
Mar.
1 Feb. 15
Preferred
3%
Mar.
1 Feb.
24
Preferred
Grand Union Co., $3 preferred
Great Northern Paper
50c
Mar.
1 Feb.
17
Preferred (quar.).-
5l)c
Mar.
1 Feb.
20
t$IK
Mar.
1 Feb. 18
1 Mar. 22
_
Greenmountain Power
Corp., $6 preferred.
Greyhound Corp. (quar.)
5K % preferred (quar.)
..
Grlesedieck-Western Brewery—
5K % con*, preferred (quar.)
Griggs, Cooper & Co 7% pref. (quar.)
Gulf States Utilities, $6 pref. (quar.)
*
$5 K preferred (quar.)
Hale Bros. Stores, Inc. (quar.)
Hamilton Cotton Co., Ltd., $2 conv. pref
Hamilton Watch Co., preferred (quar.)
:
Hancock Oil of California class A & B (quar.)—
Class A & B (extra)
-Hanes (P. H.) Knitting (quar.)
Class B (quar.)
7% preferred (quar.).
Hanna (M. A.) Co., $5 pref. (quar.)
20c
Harbison-Walker Refractories Co
1
Mar.
1
•IK
Apr.
1 Apr.
•IK
Mar.
15 Fe
j.
28
Mar.
15 Feb.
28
Preferred
Mar.
1 Feb.
15
(quar.)
Preferred
t50c
$114
Magnin
Apr.
1 Mar. 15
Mar.
1 Feb.
17
1 Fet>.
15
25c
Mar.
1
llFeb. 15
15c
Mar.
1 Feb.
20
15c
Mar.
1 Feb.
20 J
Apr.
1 Mar. 20
Mar.
1 Feb.
15
Mar.
1 Feb.
10
20 Apr.
1 Feb.
15
•ik
•1 k
50c
$1
•IK
Apr.
Mar.
_
.
1 Mar. 17
Apr.
1
75c
Mar.
15 Mar.
Hecla
10c
Mar.
15 Feb.
15
Heileman
25c
Mar. 15 Feb.
21
40c
Mar.
1 Feb.
20
Corp. (quar.)
Mining Co
(G.) Brewing Co. (quar.)
Hey den Chemical Corp
Hibbard Spencer Bartlett (monthly)
Hires (Chas. E.) Co. class A common (quar.)
Hobart Mfg. Co. class A (quar.)
Hollinger Consolidated Gold Mines (monthly)..
Extra
HolophaneCo., Inc. (irregular)...
Holt (Henry) class A
Homestake Mining Co. (monthly)
Horn & Hardart (N. Y.), preferred (quar.)—..
Houdaille-Hershey, class A (quar.)-Humble Oil & Refining Co
Huntington Water, 7% pref. (quar.)
6% preferred (quar.)
Indianapolis Water Co., 5% pref. A (quar.)
...
Imperial Life Assurance
Inland
Mar.
1 Feb.
37 He
Mar.
1 Feb.
Feb.
25 Feb.
•11
Feb.
25 Feb.
11
1 Feb.
15
1 Feb.
9
15c
37 He
Mar.
•ik
62 He
37 He
...
...
Feb.
Mar.
Apr.
Apr.
July
Mar. 11*
Monarch Machine Tool
Mar. 31
Monroe Chemical, preferred (quar.)
Monroe Loan Society, 5K % conv pref
June 30
2 Sept. 30
1-2-40 Dec. 30
Oct.
Mar.
1 Feb
6
l|Feb.
Mar.
Apr.
vp
x
14
„—
40c
loc
Interlake Steamship Co
International Business Machines Corp
Stock divi dend.-
1 Mar. 15
1
Apr. 10 Apr.
Apr.
1 Mar. 5
Apr. 15 Mar. 20
Mar. 20
• ik
5%
International Harvester Co. (quar.)..
—
International Mining Corp
International Nickel Co. (Canada)
...
t50c
--
International Silver Co., preferred—
$2
Feb.
28
1
Mar. 31 Mar.
Apr.
1 Mar. 17*
Quarterly
Quarterly
—
*
......
Quarterly
Mar.
1
20
1 May
10
National
1 Nov. 10
Iron wood to Bessemer Ry. & Light Co.—
•ik
•ik
7% preferred (quar.)
Knitting Mills, preferred (quar.)
Jantzen
35c
Jefferson Oil, Inc., 7% pref. (s.-a.)
....
Jersey Insurance Co. (N, Y.) (initial, s.-a.)
Jewel Tea Co., Inc. (quar.)
Kable Bros. Co., 6% preferred
1 Feb.
15
Mar.
1 Feb.
25
Feb. 25 Feb.
8
•1
Mar. 20 Feb.
16
•IK
(quar )
—
Mar. 15 Mar. 15
31 Mar
21
1 Feb.
15
Pipe Line & Gas Co
Katz Drug Co. (resumed)....
Preferred (quar.)..
Kaufmann Dept. Stores, pref.
—
Mar. 15 Feb.
28
....
15c
Mar
10c
Co
Mar.
■I m
• IK
(quar.)
•IK
(initial).....
Kendall Co., cum. & Dartic. pref. ser. A (quar.)
Kerlyn Oil Co.. class A (quar.)
Kimberly-Clark Corp
•„».
Preferred (quar.)
Kingston Products, 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 Shore Mines, Ltd. (quar.)
Lake Superior District Power 7% pref. (quar.)-6% preferred (quar.)
—Lake of the Woods Mills preferred
Land is Machine Co. (quar.)
.
tut
Apr.
1 Mar. 15
6
31 Mar.
Mar. 15 Mar.
Mar.
Mar.
1
Feo.
1
10*
Apr. 10 Mar. 10
1 Mar. 10
Apr.
...—--
Lane-Wells Co. (increased)
Lang (J. A.) & Sons (quar.)
Langley's Ltd
--Leath & Co., preferred (quar.)
Lehigh Portland Cement Co., 4% pref.(quar.) —
Le Tourneau (R. G.), Inc. (quar.)
Lexington Utilities, $6K preferred..
Lexington Water Co., 7% pref. (quar.)
Libbey-Owens-Ford Glass
- —
Life & Casualty Insurance Co
(Tenn )
Life Savers Corp. (quar.)
—
Liggett & Myers Tobacco (quar.)_
Common B (quar.).
Preferred (quar.)
Lily-Tulip Cup
-
Lincoln Service Corp
6% preferred (quar.)
7% preferred (quar ).
Lincoln Stores, Inc. (quar.)
7% preferred (quar.)
Link Belt Co. (quar.)
Apr.
1 Mar. 20
Mar.
1 Feb.
18
Preferred
Little Miami RR., original
capital (quar.)
—
Louisiana Land &
Exploration Co. (quar.)
Feb.
20
Feb.
21
34Kc
Mar. 10 Feb.
0
#2K
Apr.
•IK
_
June
25c
Mar. 11
1
Apr.
1
28
May 10
Apr.
15 Mar. 20
Mar. 20
35c
Mar.
Feb.
10c
Apr.
Mar. 15
40c
Mar. 10
Feb.
lc
Mar.
Feb.
•2
Mar. 15 Mar.
15
17
15
1
Mar.
Feb.
1/
Mar.
Feb.
15
Apr.
Feb.
15 Mar. 14
28 Feb. 14
Mar
15 Feb.
_
.
•IK
37 Kc
•IK
•IK
•2K
•3K
25c
15c
Apr.
Apr.
25
Mar.
2
Mar.
1
2
Apr.
Mar. 15
Mar.
Feb.
16
Mar. 15 Mar.
3
Mar.
Feb. 20
Feb.
Mar.
Feb.
20
18
Mar.
Jan.
31
Mar.
Mar.
Feb.
Mar.
Feb.
14
Neisner Bros., Inc. (quar.)___
25c
Mar. 15 Feb.
28
Newberry (J. J.) Co. (quar.)
Newberry (J. J.) Realty Co.. 5% pref. (quar.)_
New Amsterdam Casualty Co. (s.-a.)
New Jersey Zinc Co
Newmont Mining Corp
50c
Apr.
$6 preferred
•IK
•IK
,L_
(quar.)
•IK
32 Kc
Mar. 16
Mar.
Feb.
Apr.
Mar.
50c
Mar. 15 Mar.
40c
New World Life Insurance
Mar. 10 Feb
50c
___
Mar.
1 Feb.
Mar. 14 Mar.
__
•IK
Mar.
14
1
Feb.
16
1
18
1
14
3
10
15c
25c
Niagara Falls Semlting & Refining Corp
Niagara Shares Corp. (Md.)'cl. A preferred (qu,
Apr. 15 Mar. 24
Mar. 31
Mar. 15
Mar. 22
Mar. 10
• IK
Mar. 13 Mar.
3
Niles-Bement-Pond
50c
Mar. 15 Mar.
4
30c
40c
June
13 June
1 Feb.
Mar.
2
1900 Corp., class A (quar.)
Class A (quar.)-__
50c
May 15 May
Aug. 15 Aug.
1
1
•ik
Apr.
May
50c
50c
$1H
•ik
•ik
•IK
3
1 Mar. 18
1
Mar. 15
Apr. 20
Mar. 1
Mar.
1 Feb.
Mar.
1 Feb.
15
15
Mar.
1 Feb. 15
5
May 15 May
5
Aug. 15 Aug.
25c
Nov. 15 Nov.
Mar. 15 Feb.
25c
"til
62
Ti
25c
•ik
•IK
Apr.
4
21
1 Mar. 15
Mar. 15 Mar.
1
Nov.
(quar.)___
Mar.
•1
Noranda Mines, Ltd. (interim)___
Mar.
Norfolk & Western Railway, (quar.)_
Mar.
North American Edison, S6 preferred (quar.)__
Feb.
North Pennsylvania RR. Co
Col
1__
North River Insurance (N* Y.) (quar.)
25c Mar.
Northam Warren Corp. preferred
75c Mar.
Northern States Power (Wise.) pref. (quar.)_$ 1.41 2-3 Mar.
Northeastern Water & Electric, J4 preferred--_
$1 Mar.
Northwestern Public Service 7 % pref
•! K Mar.
6 % preferred
—
S1K Mar.
Norwalk Tire & Rubber pref. (quar.)
;
87Kc Apr.
Class A
—
|2K
•!
>1
1 Feb.
20
17
8
Mar.
Feb.
15
50c
58 l-3c
Mar.
Feb.
15
28
15
40c
Mar.
1
Feb.
4
•1
Mar.
1 Feb.
14
Ohio Water Service Co., class
•I
•IK
Mar.
1 Feb.
14
Oklahoma Gas & Electric Co., 6%
Apr.
1 Mar. 10
preferred (monthly)
7% preferred (monthly)
6%
i
7% preferred (quar.)
—
30c
May
1
Aug.
Nov.
1 July
1 Oct.
27
Otis Elevator Co
Mar. 13 Feb.
28
Mar. 13 Feb
28
Preferred (quar.)
Ottawa Light, Heat & Power
23
Mar.
1 Feb.
10
Apr.
1
Mar. 15
•ik
•1
•1.10
Mar. 10 Feb.
•1.10
Sept.
•1.10
9 Aug. 24
Mar. 10 Feb. 24
50c
June
24
10 May 24
9 Aug. 24
Dec.
50c
June
50c
Sept.
10 May 24
50c
Dee
9 Aug. 24
9 Nov. 24
25c
Mar.
1 Feb.
67c
18
Mar. 31 Mar. 21
66c
67c
67c
66c
S3H
•ik
20c
-•ik
10c
10
Feb. 28 Feb.
29 Apr. 19
May 31 May 31
June 30 June 20
Mar. 25 Mar. 25
Apr.
1 Mar. 18
Apr.
Apr. 20 Mar. 18
Mar.
1 Feb.
Mar. 15 Mar.
17
1*
A___'__
_r__
pref. (quar.)_
Omnibus Corp., pref. (quar.)
Oshkosh B'Gosh, Inc. (quar.)_.____
Preferred
_ _•
—
Mar. 15 Mar.'
1 Feb.
Mar. 20
15
Mar
13 Feb. 28
1 Feb. 23
20
Feb.
1
Mar.
Feb.
Mar.
.
Apr
Mar,
10
20
Feb.
Mar. 15 Feb.
Mar
18
Feb.
Mar.
51
—
12c
Apr. 26
27
15
Ogiivie Flour Mills Co. pref. (quar.)
— _
#1K
Ohio Power Co. 6% preferred (quar.)
Ohio Public Service Co. 5% pref. (monthly)... 412-3c
25c
._
Nova Scotia
50c
1
Feb.
Feb.
24
1 Feb.
Mar.
1 Feb.
Feb.
Feb.
Mar.
Light & Power preferred (quar.)
Oakonite Co., preferred (quar.)
8
28
Feb.
Norwich Pharmacal Co. new common
Mar. 15 Mar.
18 Feb.
1 Feb. 15
25 Feb; 20
10 Feb. 24
Mar.
1 Mar. 15
1 Mar. 14
15*
1
15 Nov.
15 Feb. 22
Mar.
Apr.
Apr.
25c
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)
Monthly
Monthly
Monthly
Monthly
Lockhart Power Co., 7% preferred (s.-a.)
Loose-Wiles Biscuit Co.,5% preferred (quar.)..
Lone Star Gas Corp
Lord & Taylor, 1st pref. (quar.]
:
---
Mar. 16
Feb. 16
18
28
30c
25c
(guar.)
Feb.
Mar.
New York Transit Co..
25c
Mar. 18
Mar. 21
Mar.
.___
1 Feb.
•ik
Apr.
Mar.
(quar.V
1 Mar. 10
2,4
Feb.
Apr.
semi-ann.)
Mar.
•ik
^
20
Mar
20c
Apr.
37 He
87Hc
—
20
1 Feb.
25
•IK
7Kc
National Power & Light Co. (quar.)_
Nebraska Power Co. 7% pref. (quar.)
25c
(quar.)
Feb.
Mar.
•IK
National Lead Co., preferred A (quar.)
National Linen Service Corp. $5 pref. (s.-a.)_-
30c
30c
Quarterly
Quarterly
Mar.
Dairy Products (quar.)
30c
Lincoln National Life Insurance (quar.)—
Feb. 20
•IK
•ik
25c
__2_.
Feb. 20
_
(quar.)__
• ik
25c
quarterly
Feb.
Mar.
35c
87 Kc
New York & Queens Electric Light & Power.
Preferred (quar.)
25c
1
Mar.
30c
_
Preferred A & B (quar.).
National Grocery Co. prior preferred (initial)
National Gypsum Co. new pref. (initial)
National Oats Co.
20
Mar. 31 Mar. 20
Mar. 10 Feb. 28
Feb. 24
Mar.
•IK
•IK
(quar.)
$7 preferred
•I
(quar.)--
Kalamazoo Vegetable Parchment
5% preferred
Mar.
Mar. 10
Feb.
Mar. 10 Ma..
•1
National Container Corp. (Del.)
June
Dec.
15
Mar.
40c
25
Feb.
Sept.
15
Feb.
Mar.
National Biscuit Co. (quar.)
9 Feb.
30c
— —
—
17
Feb.
•IK
•IK
Muskogee Co., preferred (quar.)
Mar.
Aug. 10
Feb.
Mar.
75c
•1
30c
30c
17
•IK
Murphy (G. C.) Co. (quar.)
Preferred
15
Mar.
•IK
Monsanto Chemical $4K class A pref. (s-a)___
Montgomery Ward & Co
Class A (quar.).
Moran Towing 7% cum. partic. pref. (quar.)_
Morristown Securities Corp. common
Motor Wheel Corp. (quar.)
:
Mt. Diablo Oil Mining & Development
Muncie Water Works, 8% pref. (quar.)
30c
Inter-Ocean Reinsurance Co. (s.-a.)
Iron Fireman Mfg. Co. (quar.)
Kansas
_
Feb.
Feb.
Mar.
15c
75c
preferred A (quar.)__
20
3
Mar.
•1
20
20
Mar.
u
Feb.
Feb.
Mar. 31 Mar.
•1
•1H
•IK
81 Kc
Feb.
1 Mar. 20
Mar.
1 Feb. 20
3
Mar. 31 Mar.
75c
50c
(quar.)
10
1
Mar. 10
•IK
___
Feb.
Mar.
Apr.
$1K
Mar.
50c
5
5
4
Nov.15 Nov.
Mar. 10 Feb. 28
37 He
Mar.
25c
May 15 May
Aug. 15 Aug.
25c
Mathieson Alkali Works (quar.)
Preferred (quar.)
• ik
SIM
t#3 k
10
27
10c
•ik,
-
Steel Co
2
10
Feb.
•IK
Minneapolis Gas Light (Del.) 6% pref. (quar.)_
5K % preferred (quar.)
5% preferred (quar.)_
Minneapolis Honeywell Regulator4% preferred B (quar.)
Mississippi Valley Public Service—
Preferred A (quar.)
^___,
Preferred (quar.)
Mississippi Valley Utilities (liquidating)
Mitchell (J. S.) & Co., 7% pref. (quar.)
Mitchell (J. S.) & Co., Ltd. (irregular)
Missouri Utilities 7% pref. (quar.).
20
8
1 Feb.
Mar. 20
Mar.
28 Feb.
1
Mar. 15 Feb.
20c
:
Milwaukee Gas Light, 7%
25 Feb.
Apr.
Apr.
■
Manischewitz (B.) Co., preferred (quar.)
Masonite Corp
Middlesex Water
18
Mar.
j.
7% preferred (quar.)
15
5c
28
•IK
•IK
•IK
(I.j Co., preferred (quar.)
Michigan Steel Tube Products (resumed)
Mar. 31 Mar. 21
t*3K
(Can.) (quar.)
Quarterly
Quarterly
Quarterly
Ingersoll-Rand Co
15o
25c
Mar. 15 Feb.
Mar.
1 Feb.
Metal & Thermit
50c
5c
—_—
28
25c
May Dept. Stores (quar.)
May Hosiery Mills, class A.
•4 preferred (quar.)
Mead Corp., $6 preferred (quar.)
S5H preferred (quar.)__
Metal Textile, partic. pref. (quar.)
6
1
Mar. 15 Feb.
25c
___
Preferred (quar.)
8
Mar. 15 Mar.
1 Feb.
Mar.
50c
*
Manhattan Shirt Co
Mar.
Dec. 23
1-2-40
5c
Mallory (P. R.) & Co__
50c
1 June 21
I Sept. 22
Oct.
2Hc
(quar.)
25c
28 Jan. 30
4
1 Feb.
1 Mar. 22
Mar. 15 Mar.
-
Macy (R. H.) & Co. (quar.)
Madison Square Garden
Magma Copper Co
1
Apr.
July
3c
Macassa Mines, Ltd. (quar.)
Extra
Mar. 22
Mar.
J50c
McKenzie Red Lake Gold Mines (quar.)
13%c
•ik
Hazeltine
-
Mclntyre Porcupine Mines, Ltd
34 He
15c
Preferred (auar.)
Hart-Carter Co. $2 conv. pref. (quar.)
Hartman Tobacco Co., prior pref. (quar.)
Hazel-Atlas Glass Co
.
Apr.
Apr.
Feb.
•1
•IK
•IK
•IK
•IK
•IK
(quar.).
(quar
Grace National Bank
Payablt of Record
Share
(quar.).
Holders
When
Per
Record
1.
70c
Mar.
Feb.
Mar. 31
Mar. 15
Mar. 15 Feb.
15
28
Mar. 15 Feb. 28
Apr.
1 Mar. 15
Mar.
1
Feb.
20
Mar.
1
Feb.
20
24
Mar. 20 Feb.
24
Apr.
Apr.
convertible preferred (quar.)
1 Mar. 15
Apr.
(quar.)
1
1
Apr.
(quar.)-
preferred (quar.)
1
Mar. 15
Mar. 20 Mar.
-
1
_
Mar. 31
Parke Davis & Co.
Mar. 18
25 Feb. 15
Mar.
1 Feb. 10
Mar.
1 Feb. 20
Feb.
Parker Pen Co
Parker Rust-Proof Co.
_
-
5% preferred (quar.)
Park & Tilford,
11
Mar. 20 Feb.
(quar.)___
Paramount Pictures, Inc., 1st pref.
2d
,
Mar. 10
(quar.)
Parkersburg Rig & Reel pref. (quar.)
Co., 7% preferred (quar.)
Patterson-Sargent Co
Paton Mfg.
Pender (David) Grocery,
class A (quar.)
Pennsylvania Salt Mfg
Pennsylvania Water & Power (quar.)
Preferred (quar.)
Peoples Drug Co
u
6K% preferred (quar.)
—
Peoples Gas & Fuel Corp. (initial)
Peoples Telep. (Butler, Pa.), 6% pref. (quar.)__
Petroleum Oil & Gas
Pfaudler Co., 6% preferred (quar.)__
Phelps Dodge Corp
Philadelphia Co., 5% preferred
...
Philadelphia Germantown & Norristown RR
Philadelphia Suburban Water Co., 6% pf. (qu.)
Mar. 15 Feb.
21
Mar.
1 Feb.
16
Mar.
1
Feb.
20
Mar. 15 Feb.
28
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
8
1 Mar.
Mar. 15 Mar.
1
Mar.
1 Feb.
20
Mar.
28
Mar.
1 Feb.
1 Feb.
Mar.
1
Feb.
20
25
Mar. 10 Feb.
15
Mar.
Feb.
10
Mar.
4 Feb.
20
Mar.
Feb.
10
Financial
1122
Per
Whsn
Share
Name of Company
Mar.
Feb. 15
Feb. 28 Feb. 20
42c
50c
Mar.
Mar.
Mar.
87 Xc
15c
Mar.
Apr.
Apr.
Mar.
-
—
...
20c
25c
,
Raybestos Manhattan, Inc.
Beading Co. 1st pref. (quar.)
Reeves (Daniel), Inc. (quar.) (cash or pfd. stk.)
Preferred (quar.)
Reliance Electric & Engineering
c_
Reliance Mfg., common..,
7% cumulative preferred (quar.)
Republic Insurance Co. (Texas), (quar.)
Reynolds Metals Co. 5X % conv. pref
RheemMfg. Co. (quar.)
Rich'8, Inc. 0X% pref. (quar.).-
50c
12Xc
SIX
i2m
six
30c
SIX
20c
SIX
Rochester Button Co. preferred (quar.).
Rochester Gas & Electric, 5% pref. E (quar.)..
37 Xc
SIX
SIX
six
6% preferred C & D (quar.)
Roll and Paper Co., 6% preferred (quar.)
8c
Roxborough Knitting Mills, pref. (quar.)_...._
Roxy Theatre, Inc., pref. (quar.)
37Xc
Royalty Income Shares, series A
:
$ 0.0051
Rustless Iron & Steel, preferred (quar.).
St. Joseph Water, 6% preferred (quar.)
Savannah Gas preferred (quar.)
43 Xc
SchiffCo. (quar.)
25c
7% preferred (quar.)
SIX
5X % preferred (quar.)
Seaboard Oil of (Del.) (quar.)
75c
Sears, Roebuck & Co
,
Second Investors (R. I.), $3 preferred (quar.)
75c
Secord (Laura) Candy Shops (quar.)
20c
25c
Servel,
l.lnc--—
Preferred (quar.).
SIX
Preferred (quar.).
SIX
Preferred (quar.)
SI X
Preferred (quar.)
six
Shattuck (Frank G.) Co. (quar.)
10c
Sheaffer (W. A.) Pen Co
i
SI
"fill
.......
...—
Extra
25c
3c
(quar.).
Extra.
lc
Shell Union Oil Corp., 5X% conv. pref.
SIX
SIX
six
(quar.)
Shenango Valley Water Co. 6% pref
Sherwin-Williams Co., preferred (quar.)
Sherwin-Williams Co. (Can.), pref
mix
20c
r
Simmons Broadman Publishing, $3 preferred.
Simonds Saw & Steel Co
t50c
—
10c
Smith-Alsop Paint & Varnish, 7% pref. (quar.)
87 Xc
Socony-Vacuum Oil Co.
Sonotone Corp., preferred (quar.)
SossMfg.Co. (resumed)
Soundview Pulp Co. preferred (quar.)
South Bend Lathe Works (quarO
South Carolina Power $6, 1st preferred (quar.).
Southeastern Greyhound Lines—
Convertible preferred (initial, quar.)
Non-convertible preferred (quar.)
Southern Pipe Line Co
'
-
1 Feb. 18*
1 Mar. 10
1 June 10
Oct.
"
1-2-40
25c
15c
12Xc
SIX
—
30c
SIX
Sept. 10
Feb.
15
Feb.
15
Feb.
15
Union Premier Food Stores
Mar. 15 Feb.
Mar. 15 Feb.
15
_
United Gas & Electric Corp.,
Apr. 20
Feb. 25 Feb. 10
1 Mar. 21*
Mar. 15 Mar.
1
Mar. 30 Mar. 15
Feb. 21
Mar.
Feb. 10
Mar.
Apr.
15
31
20
Preferred
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar.
Feb.
Feb.
Preferred
Mar.
Feb.
Apr.
June
Oct.
Feb. 25 Feb.
14
14
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Feb. 25 Feb.
Apr.
1 Feb.
20
Mar.
1 Feb.
15
1 Mar. 15
Apr.
1 Mar. 10
Mar. 10 Mar.
1
Mar. 15 Feb. 24
Mar. 15 Feb. 20*
Mar. 10
Apr.
Preferred
15
15c
Feb. 28 Feb.
Feb.
Mar.
Apr.
15*
37 X c
Mar.
Mar.
nn
11m
Mar.
Feb.
Mar.
Mar.
Mar.
Mar.
1
Apr.
Feb.
17
June
June
40c
Feb.
Mar.
Mar.
Mar.
Feb.
15
Feb.
Feu.
18
25c
.60 cum. conv. pref. (qu)
California (quar.)
Mar.
40c
Dredging, $]
1
15
40c
I.
Strawbridge & Clothier, preferred A (quar.)
Stromberg-Carlson Telep. Co. pref. (quar.)
Stuart (D. A.) Oil Co., Ltd.. class A partic. pref.
Correction: previously reported
Tampa Gas Co. 8% pref. (quar.)
7% preferred (quar.)
Feb.
Feb.
17
Apr. 20 Apr.
July 20 July
10
Mar.
Mar.
Feb.
10
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Feb.
15
Feb.
18
1
1
17
10
20 Oct.
10
28 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
24
Mar. 15 Feb.
20
Mar.
1 Feb.
28 Feb.
15
Oct.
Feb.
Feb.
June
18
20
15
May 15
Mar.
Feb.
June
May 15
Apr.
Mar. 17
Mar.
Mar.
Feb.
15
Feb.
15.
Feb.
28
28 Feb.
14
1 Feb.
Mar.
1 Feb.
1 Feb.
(quar.)"
Mar.
Apr.
Mar.
Whitaker
Apr.
Apr.
Whitman (Wm.), 7% pref. (quar.)
Will & Baumer Candle Co., Inc., pref.
Apr.
Apr.
Paper Co. (resumed)
7% preferred (quar.)...
15
17
10
(quar.)..
Feb. 10
Mar. 15
Feb.
8
Mar. 18
Mar. 18
Mar. 18
Mar. 15
Williamsport Water, $6 pref. (quar.)
Mar.
Wilson Line, Inc
Wilson Products, Inc.
Mar. 15 Mar.
May
Extra
1
28
Apr. 15
Apr. 15
July
July
15
15
Oct.
Oct.
Feb.
241
Mar.
1
Feb.
17
Nov.
Wolverine Tube Co., preferred (quar.)
Woolf Bros., Inc., 7% pref. (quar.)
Woolworth (F. W.) Co. (quar.)
Mar.
Wright-Hargreaves Mines, Ltd. (quar.)
Extra
20
Mar.
xtra
Extra
Feb.
Mar. 10 Feb.
(quar.)
Winsted Hosiery Co. (quar.)
Nov.
Apr.
Apr.
15
15
Feb.
10
Feb.
15
Feb.
15
Wrigley (Wm.) Jr. Co. (monthly)
Mar.
Mar.
Feb.
15
Apr.
Apr.
Apr.
Mar. 15
Monthly
Yellow Truck & Coach Mfg., preferred
Feb. 15
Feb. 20
1 Pel
ar. 20
I IMt
Apr.
3 Mar. 13
Mar. 15
67 Xc.
.
Mar.
Mar.
Quarterly
15
25
68 Xc
SIX
May
Aug.
Aug.
50c
as
25c
guarterly
Feb.
5c
15
8
Feb.
5c
15
Feb.
Mar. 20
1
Mar. 15 Mar.
1
Mar. 15 Mar.
Feb. 18
Mar.
Mar. 20 Feb. 28
Apr.
15
Mar.
15c
Feb.
Mar.
18
30c
Talcott, Inc., common (quar.)
5X% participating preference (quar.)
Mar.
Feb.
Mar.
25c
Dec.
1
June 15
Feb.
40c
Swift International Co. dep. ctfs
Sylvania Industrial Corp
Sylvanite Gold Mines (quar.)
Extra
Sept.
Dec.
Feb.
SIX
common
Sept.
July
Mar.
25c
Preferred
1
1
1
$2
50c
Mar.
20c
Sim Oil Co. common-
(quar.)
Sutherland Paper Co.,
Swift & Co. (quar.)
Feb.
15
1
Mar.
Weston Electric Instruments, class A.
cli
1
Extra
•
Mar.
Mar. 10 Mar.
Mar. 10 Mar.
June 10 June
28 Feb. 14
28 Feb. 14
Apr.
1 Mar. 20
Mar. 15
Apr.
25c
18
25c
Feb.
5% cumulative preferred (quar.)
Stedman Bors., Ltd. (quar.)
'
Feb.
SIX
$1^
SIX
SIX
six
Feb.
Feb. 28
Feb. 28
Feb.
15
Mar.
Participating preferred (quar.).
Mar.
Mar.
12Xc
12Xc
SIX
SIX
Feb.
Feb.
May 31 May 15
Aug. 31 Aug. 15
Westinghouse Electric & Mfg.
25c
Mar.
1
Mar.
SIX
Preferred (quar.)
1
Wesson Oil Sc Snowdrift, preferred (quar.).
Western Auto SuDply Co,
(quar.)
Western Public Service Co. SIX pref. A..
Standard Oil Co. (Ohio) (quar.)
95c
1
50c
10c
Weston (Geo.), Ltd.
Sterling Products, Inc. (auar.)
Storkline Furniture Co. (quar.)
15
Mar.
18
25c
15
Mar. 20
Mar. 15
Feb. 15*
10
Mar.
60c
...
Feb.
75c
27
27 Feb.
1 Feb.
25c
Grape Juice Co.
Mar.
40c
Feb.
Mar.
Feb.
50c
25c
SIX
5
5
27
Apr.
July
Mar.
M
Westvaco Chlorine Products (auar.)
West Virginia Water Service $6 pref. (quar.)
Wheeling Electric Co. 6% pref. (quar.)
—
15 Apr.
15 July
Mar. 15 Feb.
Mar. 15 Feb.
S2X
SIX
SIX
15
6% convertible preferred (quar.)
Mar.
$9
15
Stein (A.) & Co., preferred (quar.)
Dec.
Anr.
SIX
20c
Feb.
Mar. 31
15
50c
Mar.
Mar. 20
Mar. 20
15
20c
5c
Apr.
Apr.
Apr.
Apr.
Apr.
SIX
SIX
six
SIX
SIX
SIX
Standard Oil Co. (Ind.)
Standard Oil Co. (Ky.) (quar.)
Extra
25 Feb.
25 Feb.
Feb.
Mar.
20 Nov. 29
1 Mar. 16
1 Feb. 18
1
Mar. 15 Mar.
37 Xc
60c
25c
Preferred (quar.)..
,
Apr.
Apr.
Feb.
Sept. 20 Aug. 31
SIX
....
(quar.).
Preferred (quar.)
1
15
1 Feb. 15
1 Mar. 15
10 Mar. 20
10c
...
Weisbaum Bros. Bower Co. (quar.)
21
1 Mar. 15
Mar.
.16 2-3 Apr.
Apr.
$1
5% preferred (quar.)
Welch
Apr.
Mar. 15
15
5c
5% preferred (quar.)
Wayne Pump Co
Mar. 10
Feb. 17
20c
Preferred (quar.)
Standard Cap & Seal Corp. (quar.)
Preferred (quar.)
Standard Oil of
Extra
Mar.
.88
1 Feb.
June 20 May 31
25c
Washington Ry. & Electric Co..
5% pref. (s.-a.)__
Mar. 20
Feb. 20
1
50c
43 Xc
Walgreen Co., 4X% preferred (quar.)..
(H.) Walker-Gooderham & Worts, Ltd..
Preferred (quar.)...
J
Warren Foundry & Pipe
i
25c
...
(quar.)
Waialua Agricultural Co
30c
1 Feb.
Apr.
28
32c
15
15
Mar.
Mar.
50c
(quar.)
16
Apr.
15
28
50c
Feb.
15
1
28
Mar. 20 Feb.
50c
Feb. 25 Feb.
Mar'
Feb.
1 Mar. 15
1
Mar. 31 Feb.
Mar. 31 Feb.
50c
.1
-
18
8
1 Feb.
S3X
?.
Victor-Monoghan Co., 7% pref. (quar.)
Viking Pump Co. (special)
Preferred (quar.)
Virginia Coal 6c Iron Co. (quar.)
Virginia Electric & Power, pref. (quar.)
Virginia Fire & Marine Insurance..
Vogt Mfg. Corp
Vulcan Detinning. pref. (quar.)
Preferred (quar.).
Apr.
Feb. 28 Feb.
58 l-3c
•
...
Extra
1 Mar. 10
Mai-.
SIX
_
Dec. 15
1-3-40
Mar. 23 Mar. 3
3
Mar. 15 Mar.
Mar. 15 Mar,
25c
.....
16
Sept. 30
1 Feb.
Mar.
1X%
Valley Mold & Iron Corp., prior pref. (quar.)
Van Raalte Co., Inc
:
1st preferred (quar.).
Vapor Car Heating Co., Inc.
7% preferred (quar.)
7% preferred (quar.).
7% preferred (quar.)
:
7% preferred (quar.)
Vermont & Boston Telegraph.
Vick Chemical Co. (quar.)
Sept. 15
16
Oct.
Mar. 24 Mar.
SIX
$6 preferred
16
Mar. 17
July
10c
Mar.
1
17
1 Apr. 13
May
Apr. 15 Mar. 31
July 15 June 30
SIX
......
15
Apr.
1 Mar. 21
1 Feb. 14
15c
15c
„
Universal Commodity
Universal Insurance Co. (quar.)
Utah Power & Light, $7 preferred.
15
Mar.
1
1 Feb.
15c
United States Tobacco Co., common
1
Mar. 15 Mar.
Mar. 10 Feb. 10
Apr.
25c
pref. (quar.)—.
United States Potash Co. 6% pref.
(quar.)...
United States Sugar Corp. preferred (quar.)—
20
1 Feb.
1
Mar.
$1^
United States Playing Card
United States Plywood Corp.,
15
1 Feb.
Mar.
15 June
1
Mar. 15 Mar.
1
Mar. 15 Mar.
Mar. 31 Mar. 10*
Mar. 15 Mar.
....
15
Feb.
15
Feb. 21
Feb. 23
Mar. 15 Feb. 20
Mar. 15
SIX
United States Envelope Co. pref. (semi-annual)
United States Pipe & Foundry Co. (quar.)
15
Feb.
15
Feb.
Mar.
June
15
Feb.
30c
pref. (quar.)
Quarterly
Quarterly
Quarterly
Feb.
Mar.
58 l-3c
7% prior preferred (monthly)
53c
6.36% prior preferred (monthly)...
53c
6.36% prior preferred (monthly)
*
50c
6% prior preferred (monthly)
6 % prior preferred (monthly)
50c
United New Jersey RR. & Canal (quar.),
$2X
United Printers & Publishers, Inc., %2 preferred
mx
Common (resumed).,
10c
10
Mar.
Mar.
Mar. 15 Feb. 25
Feb. 20
Mar.
Feb. 15
14
34c
United Light & Rys. 7% prior pref. (monthly).
1 Mar. 21
1 Feb.
1 Feb.
50c
United Gas Improvement (quar.)
Preferred (quar.)
Mar. 15 Feb. 28
Mar. 31 Mar. 25
Mar.
1 Mar. 20
25c
...
Mar. 10 Mar.
7
Mar. 15 Feb. 28
Mar. 9 Feb. 16
Mar. 15 Feb. 28
1
Apr.
Mar.
20c
(quar.)
(quar,)
Union Tank Car Co. (quar.)
Union Twist Drill Co. pref. (quar.)..
United Biscuit of America
Preferred (quar.)
United Bond & Share Corp., Ltd. (quar.)
Quarterly
Quarterly
United Elastic Corp..
United Gas Corp. $7 pref. (quar.)
United Gas & Electric, 7% pref. (quar.)
15
8
Mar. 15 Mar.
SIX
SIX
SIX
six
Preferred
Feb. 16
Feb. 28 Feb.
1
Mar. 15 Feb. 28
Mar. 10
Fe.j. 25 Jan.
Mar.
1 Feb.
Feb.
65c
—
Apr. 15 Mar. 15
Mar. 15 Feb. 24
Feb.
Feb. 21
Mar.
$1U
pref. (monthly)
16
Mar.
Mar.
Mar.
10c
25c
18
1
Mar. 31 Mar.
Mar. 15 Feb. 15
Mar. 15 Feb. 15
1
Mar. 15 Mar.
50c
Si?*
Feb.
18
15
20
SIX
(quar.)
Feb.
Feb.
Feb.
25c
Feb.
Mar.
I Mar.
Mar. 15
Mar.
six
Mar.
May
Apr.
Apr.
Mar.
50c
41 2-3c Mar.
30c
Original preferred (special)
6% series B preferred (quar.)
Sparks Witbington Co., pref. (quar.)
Spear & Co., 1st & 2d. pref. (quar.)
Spencer Kellogg & Sons, Inq
Spiegel, Inc., preferred (auar.)_.
Standard Brands, Inc. preferred (quar.) «:
60c
Six
prior pref. (quar.)
Mar,
Mar.
Mar.
Mar.
Feo.
Mar.
25c
58 l-3c Mar.
Feb. 17
Mar. 15 Feb. 24*
_
Mar.
Timken-Detroit Axle, pref.
15
15
Mar. 15
60c
Timken Roller Bearing Co
Toledo Edison Co. 7 %
_
Mar.
Feb.
Apr.
15
Southern California Edison Co. Ltd.—
Standard
50c
6% preferred (monthly)
5% preferred (monthly)
Toronto Elevator Co., Ltd., 5X % pref. (quar.)
Trane Co. 1st $6 pref. (quar.)
Troy & Green bush RR. Assoc. (s.-a.)
Truax-Traer Coal 6% pref. (quar.)
5X% rpeferred (quar.)
Underwood Elliott Fisher Co. (quar.)
Union Gas of Canada (quar.)^.
Mar.
Mar. 15
Mar.
20
1
Mar. 15 Mar.
Mar.
Feb. 17
Mar.
Mar. 15
50c
...
Feb. 20
Mar. 15
ll^
—
Thompson Products,
Mar.
Mar.
8
Mar. 15
Apr.
Apr.
Apr.
$1.80 Apr.
SIX
5% 1st preferred (quar.)
6% 1st preferred (quar.).
7% 1st preferred (quar.)
7.2% 1st preferred (quar.)
6% 1st preferred (monthly)
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)
7.2% 1st preferred (monthly)
Terre Haute Water Works, 7% preferred (qu.J.¬
Texas Gulf Sulphur (quar.)
Texas-New Mexico Utilities, 7% pref. (quar.).
Texas Pacific Coal & Oil Co. (quar.)
Thew Shovel 7% pref. (quar.)
Tide Water Assoc. Oil (quar.)—
Tilo Roofing Co. (quar.)
Feb. 28 Feb.
Feb.
Feb.
Mar. 15 Mar.
20c
Tappan Stove Co
Holders
Payable of Record
Tennessee Electric Power Co.—
12-10-39
Mar.
SSDIc
-
Silverwood Dairies
1 Feb. 25
1 Mar. 15
Apr.
July
—
—
Share
Company
25, 1939
When
Per
Name of
__
Pittsburgh Bessemer & Lake Erie (semi-ann.)—
Pittsburgh Coke & Iron.jpref. (quar.)
Pitts. Ft. W. & Chicago Ky. 7% pref. (quar.)—
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
—
Pittsburgh Youngstown & Ashtabula By.—
SIX
7% preferred (quar.)
—
50c
Portland & Ogdensburg KB
Potomac Electric Power, 6% preferred (quar.).
SIX
SIX
5H % preferred (quar.)
10c
Powdrell & Alexander (resumed)-70c
Prentice-Hal 1, Inc. (quar.)
75c
$3 preferred (quar.)
—
Procter & Gamble, 5% preferred (.quar.)
SIX
10c
Progress Laundry Co. (quar.)
Public Electric Light Co. 6% pref. (guar.)SIX
Public Finance Service, Inc., $6 prer. (qu.)
Public Service Co. of Colorado 7% pref. (mthly.)
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
—
60c
Public Service Corp. of N. J. (irregular).
$2
8% preferred (quar.)
7% preferred (quar.).
....
$5 preferred (quar.)
—...
50c
6% preferred (monthly).
6 % preferred (monthly)
50c
25c
Pullman, Inc
15s
Purity Bakeries Corp
SIX
Quaker Oats Co. pref. (quar.)
—
20c
Quaker State Oil Refining Corp
Kainier Brewing Co., partic. pref. A
20c
Sheep Creek Gold Mines, Ltd
3
1 Mar. 15
1 Feb. 15
Apr.
6X% cumul. preferred (semi-ann.)
Pills bury Flour Mills Co..,
Pioneer Gold Mines of B. C. (quar.)
Class B
1 Feb.
Feb. 17
1 Feb. 15
Mar. 25 Mar. 10
50c
Feb.
Voders
Payable of Record
SIX
Philip Morris & Co. pref. (quar.)__
Philippine Long Distance Telephone Co..Phillips Petroleum Co
Phoenix Hosiery Co. 7% preferred (quar.)
Photo-Engravers 6c Electrotypers (s.-a.)
Pierce Governor Co. (.interim)
Pilot Full Fashion Mills, Inc.—
J
Chronicle
S2
Mar.
Feb.
20
SIX
Mar.
Feb.
20
...
_
*
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,
a tax of 5% of the amount of such dividend will be made.
uction of
Financial
Volume 148
Condition of the Federal Reserve Bank of
New
The
York City
Weekly Return of the New
York
Clearing House
following shows the condition of the Federal Reserve
The
Bank of New York at the close of business Feb. 21, 1939,
in
1123
Chronicle
weekly statement issued
New York City
the
by
Clearing House is given in full below:
comparison with the previous week and the corresponding
date last year;
STATEMENT
OF
MEMBERS
OF
THE
NEW
YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, FEB.
Feb.
Feb. 15,
21,1939
1939
18, 1939
23,1938
Feb.
*Surplus and
$
$
$
Time
Deposits
Average
Deposits,
Average
Capital
Members
Gold certificates
band and due from
on
5,627,500,000 5,525,492,000 3,806,930,000
United States Treasury _x
Redemption fund—F. R. notes
129.497,000
$
1,221,000
1,293,000
127,688,000
1,293,000
Other cash t
Total
Net Demand
Undivided
Profits
•
Clearing House
Assets—
Bank of New York.
Bank of Manhattan Co.
98,697,000
National City Bank
Chem Bank A Trust Co.
5,758,290,000 5,654,473,000 3,906,848,000
reserves
Bills discounted:
$
Guaranty Trust Co
by U. 8. Govt, obligations,
direct or fully guaranteed..
Other bills discounted
1,081,000
443,000
229,000
/
437,000
42,243,000
Cent Hanover BkATr Co
Corn Exch Bank Tr Co.
2,552,000
1,710,000
90,000,000
Manufacturers Trust Co
Secured
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
First National Bank
...
.
Bills bought In open market
1,939,000
213,000
3,848,000
2,989,000
217,000
Irving Trust Co..
4,319,000
Chase National Bank
237,660,000
343,525,000
143,478,000
Total hills dismount, ad
237,660,000
343,525,000
206,140,000
143,478,000
724,663,000
724,663.000
1,524,000
213,000
.
^
Industrial advances
3,847,000
Continental Bk A Tr Co.
United States Government securities:
Treasury notes
Treasury bW«.
.
100,270,000
Fifth Avenue Bank
Bonds
-
500,000
Bankers Trust Co......
25,000,000
Title Guar & Trust Co..
194,472,000
y6,000,000
Marine Midland Tr Co.
5,000,000
12,500,000
739,554,000
Comm'l Nat Bk A Tr Co
338,942,000
New York Trust Co
Total U. S. Government securities..
747,079,000
730,247,000
730,663,000
66,000
3,216,000
Total bills and securities
66,000
63,000
3,620,000
3,296,000
188,001,000
116,098,000
9,021,000
13,846,000
13,140,000
Totals.
Uncollected Items
Bank premises
Other assets
154,135,000
9,021,000
13,923.000
...
6,668.898,000
6,429,000
61,727,000
95,357,000
41,194,000
25,152,000
3,445,000
5,517,000
1,507,000
52,764,000
4,505,000
31,222,000
2,186,000
4,416,000
85,548,000
21,322,000
1,498,000
50,321,000
630,930,000
9,355, 600
519,013,000
"
*As
„
official reports:
per
31, 1938; State, Deo. 31,
y Jan. 31, 1939.
National, Dec.
companies, Dec. 31, 1938.
9,956,000
Surplus,
a:
Includes deposits in foreign branches as follows:
c
Total assets
11,101,000
44,309,000
166,958,000
918,899,900 10,703,136,000
7,000,000
7,000,000
Public Nat Bk A Tr Co-
Due from foreign banks
Federal Reserve notes of other banks...
160,113,000
522,027,000
60,054 900 al, 594,631,000
55,632, 700
538,234,000
182,808, 400 61,460,279,000
45,129 400
533,796,000
71,537 000
C810,443,000
19,038 800
254,378,000
109,072, 800
530,086,000
a:52,935, 000
511,815,000
4,319, 700
47,338,000
135,516 700 <12,230,893,000
3,741, 400
47,478,000
79,464 100
C843.602.000
y4,966 900
13,861,000
9,252 700
103,113,000
27,881 ,500
328,120,000
8,297, 700
87,381,000
13,716 ,400
26,178 200
6,000,000
20,000,000
77,500,000
20,000,000
6.599.690.000'4.796.480.000
$5,128,000; d $98,627,000;
a
1938; trust
$271,720,000; b $81,669,000;
$31,639,000.
e
Liabilities—
F. R. notes In actual circulation
Deposits—Member bank
reserve
993,198,000
997,237,000
909,597,000
Foreign bank
94,981,000
176,444,000
80,704,000
Other deposits
208,318,000
..........
LONDON STOCK
THE
acc't.. 4,805.703,000 4,691,632,000 3,281,871,000
66,831,000
332,334,000
317,061,000
U. S. Treasurer—General account
52,477,000
each
252,839,000
Deferred availability Items
Other liabilities incl. accrued dividends..
186,866,000
1,131,000
143,783,000
1,056.000
Mon.,
18
British Amer Tobaccoi
6,549,823,000 6,480,625,000 4,677,277,000
Canadian
Feb. 22
40/6
by cable
97/6
98/£4434
4/-
4/6
£1834
Capital Accounts—
,
50,980,000
52,463,000
capital accounts
,
a..
£18%
£1834
£1834
62/6
62 '6
27 /6
28/£7%
62/6
28/-
63/9
29/—
Courtaulds 8 A Co
-
50,981,000
52,463,000
7,457,000
8,175,000
7,457,000
8,164,000
Surplus (Section 13-b)..
Other
£18U
Cons Goldfields of S A.
Surplus (Section 7)
*,,
50,945,000
De
51,943,000
Distillers
7,744,000
£7%
90/-
Beers
Ford
6,599,690,000 4,796,480,000
£n%
Holiday
Ratio
of
total
to
reserve
deposit
and
F. R. note liabilities combined
bills
on
89.9%
89.9%
1/-
Imp Tob of G B A I
London Midland Ry...
85.6%
purchased
Metal
298,000
for foreign correspondents
Box
to
make
Industrial
ad¬
£13
\
Rolls Royce..
Royal Dutch Co
Shell Transport
4,385,000
Federal
t "Other cash" does not Include Federal Reserve notes or a bank's own
Reserve bank notes.
*
100
cents
to
the United States Treasury for the gold taken
when the dollar was, on Jan. 31, 1934, devalued from
33/-
West
136/1034
£1134
£12
-
.
73/1034
•
<
74 h
3/3
1 h
22/138/£1234
75/-
-
£834
£1394
£13 %
£1334
16/-
~~~
~
£834
£834
•
15/6
113 /9
113/9
113/134, 113/134
£3534
£3534
£434
27/434
£3534
£434
'
£5H
'
Weekly Return for the Member Banks of the
Following is the weekly statement issued by the Board of Governors of
27 /6
33/6
22/6
23/134
-
£35%
£4Ji«
£434
27 /0
27/8.33 /9
23/6
23/9
34/-
-
23
23/6
/6
23 '134
23 '3
£534
£534
£534
£534
Federal Reserve System
the Federal Reserve System, giving the principal
liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
and
System
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 later.
week behind those for the Reserve banks themselves.
These figures are always a
the Federal Reserve
"17/6
3/1/22/—
136/6
Witwatererand
Areas.....
under the provisions of the Gold Reserve Act of 1934.
resources
93/12/17/-
16/-
.
22/6
22/10 H
Vickere
difference, the difference Itself having been appropriated as profit by the Treasury
items of the
'
United Molasses
these certificates being worth less to the extent of the
59.06 cents,
£4)4
27/6
Ltd....
Unilever
These are certificates given by
over from the Reserve banks
£3534
Swedish Match B
2,561,000
2,700,000
£734
16/734
£8 X
%
16/112/6
Roan Antelope Cop M.
vances
64/434
28/6
£7 %
92/12/9
'
£8 X
Rand Mines..
Rio Tlnto--.-
Commitments
74/-
16/3/-
A
Hudsons Bay Co......
Contingent liability
£11%
74/-
Ltd.....
£734
92/3
13/3
91/11/16/3/l/~
22/6
136/-
.11/-
,
Gaumont Pictures ord.
Total liabilities and capital accounts.. 6,668,898,000
22/8
135/-
Co
Electric A Musical Ind.
8,571,000
40/6
40/6
Central Mln A Invest..
Capital paid In
Feb. 24
£4434
4/-
Marconi
Fri„
Thurs.,
Feb. 23
40/7H
97/6
£4234
97/6
£41J4
£41
Cable A Wire ordinary.
Total liabilities
Wed,,
Feb. 21
40/3
97/6
Boots Pure Drugs
1,021,000
Tues.,
Feb. 20
Sat.,
Feb'.
112,641,000
received
as
day of the past week:
5,411,786,000 5,295,391,000 3,654,018,000
Total deposits....
EXCHANGE
Quotations of representative stocks
wpon
mmediately preceding which
the figures for the latest week appears in our department
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
described in 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.
This
.
.
■
„
classification has been changed primarily to show the
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and 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 "all other loans,
as formerly.
Subsequent to the above announcement, it was made known that the new items
commercial, industrial and agricultural loans and other loans,
.would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions^was published in the May 29, 1937, issue of the
Chronicle, page 3590. ,
amounts of
_
ASSETS AND LIABILITIES OF
Federal
Reserve
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
New York
Boston
Total
Districts—
CITIES BY DISTRICTS ON FEB. 15, 1939 (In Millions of Dollars
Cleveland Richmond
PhUa.
Chicag
Atlanta
St
.
Louis Minneap, Kan. City
Dallas
San Fran.
%
$
$
$
$
21,608
1,142
8,559
1,132
1,858
662
598
3,202
702
393
661
505
2,194
8,205
3.267
408
642
232
307
848
309
154
258
243
970
Loans—total
567
Commercial, Indus, and agrlcul. loans
3,761
248
1,456
178
227
98
172
483
177
76
154
160
332
321
66
132
23
8
9
4
30
4
4
18
1
22
7
37
6
1
5
3
13
78
12
7
12
14
49
98
48
19
379
S
$
ASSETS
Loans and Investments—total
Open market paper
Loans to brokers and dealers In secure
813
29
666
19
24
533
25
249
32
26
16
13
1,134
80
196
53
169
104
Other loans for purchasing or
3
2
84
2
2
carrying
securities
—
Real estate loans
Loans to banks
Other loans
35
27
7
23
1
4
7
83
118
55
*"59
45
"46
174
155
1,642
229
183
216
161
793
1,539
-
United States Government obligations
117
484
101
186
"71
8,182
403
2,886
364
831
319
1
1
1,975
92
109
51
246
63
16
54
45
Obligations fully guar, by U. S. Govt.
126
3,246
131
1,319
268
276
66
85
466
101
40
133
56
305
Other securities
7,171
319
4,297
260
359
147
112
877
155
70
156
108
—
Reserve with Federal Reserve BanksCash in
vault
41
1,087
45
-
Balances with domestic banks
139
71
17
39
17
11
57
10
6
11
10
22
150
179
172
282
156
158
414
145
84
268
250
264
104
106
36
47
82
24
17
22
30
236
...
1,272
82
486
15,951
5,181
Other assets—net.—
1,031
7,381
777
1,124
432
359
2,276
443
259
498
431
940
250
1,004
283
740
198
182
892
188
119
145
135
1,045
42
128
20
2
22
34
111
923
289
125
352
216
274
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits ._
Inter-bank deposits:
Domestic banks
Capital account
631
14
134
54
42
28
325
355
240
244
10
1
1
11
-"7
16
5
*"§
3
"294
91
386
,91
56
98
344
6,285
Foreign banks
Borrowings..
Other liabilities
311
410
2,522
-
-
—
251
2,691
547
-
22
482
A
J
—
-
-
707
21
293
3,081
243
1,607
*
15
15
26
221
367
94
1
19
Financial
1124
Chronicle
Feb.
1939
25,
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the 12 Reserve banks at the close of business
The first table presents the results for the System
weeks.
weeks and with those of the
for each of the 12 banks.
corresponding week last
as a
whole in comparison with the figures for the eight preceding
The second table shows the
year.
Thursday afternoon, Feb. 23,
on
Tuesday of this week and Wednesday of previous
on
resources
and liabilities separately
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.
of the Federal Reserve System upon the returns for the latest week
appear
The comments of the Board of Governors
in our department ofli Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 21. 1939
Feb. 21,
1939
Three Ciphers (000) Omitted
Feb.
Feb.
15,
1939
Feb.
1,
Treas. x.
1939
%
ASSETS
Jan
Jan.
25,
1939
18,
Jan.
11,
Jan. 4,
1939
Dec.
28,
Feb. 23,
$
1939
1939
1938
1938
12,049,719
12,006,218
11.837,719
10,441
440,142
11,905,217 til,896,274
10,193
9,193
449,111
t435,230
11,867,720
8,856
438,850
11,979,223
9,908
441,930
11,947,218
10,259
445,875
8,433
418,025
9,874
9,873
9,155
364,763
325,471
439,4i»l
12,505,853
12,453,924
12,431,067
12,397,801
12,364,521 tl2,340,697
12,294,178
12,212,356
12,123,063
9,616,196
2,289
2,128
3,078
5,294
1,981
2,100
2,880
1,993
2,729
1,966
2,255
2,106
2,635
2,119
2,334
1,973
4,931
2,049
4,417
Gold ctfs. on hand and due from U.S.
5,059
7,394
4,873
4,695
4,361
4,754
4,307
6,980
Redemption fund (Federal Reserve notes),
Other cash *
—
Total reserves
8,
1939
-
—
-
11.787,719
9,167,600
Bills discounted:
by
Secured
Government obligations,
U. 8.
direct, or fully guaranteed
Other bills discounted
Total bills discounted.
6,661
3,
:
87
10,1;8
•
553
553
14,647
Bills bought In open
14,662
840,893
507,656
556
556
556
'556
549
549
549
550
14,738
14,811
15,131
15,390
15,550
15,505
15,688
17,517
840,893
1,215,466
507,656
840,893
1,209,931
513,191
840,893
1,209,931
513,191
840,893
1,209,931
513,191
840,893
1,209,931
840,893
1,179,577
543,545
840,893
1,150,947
500,175
840,893
1,156,947
560,175
1,175,103
513,191
2,564,015
2,564,015
2,564,015
2,564,015
2.564,015
2,504,015
2,564,015
2,564,015
2,564,015
2,564,015
2.583,632
2,584,289
2,586,703
2,584,255
2,584,397
2,584,322
2,584,868
2,584.370
2,587,232
2,592,230
market.
Industrial advances
United States Government securities—Bonds.
,
1,215,466
Treasury notes
Treasury bills
-
Total U. S. Government securities.
Other
.
714,683
674,229
securities-
Foreign loans on gold.
Total bills and securities
Gold held abroad
169
169
166
166
166
166
172
172
172
17,480
22,337
623,879
48,391
26,324
583,874
42,831
47,870
30,307
565,290
42,804
50,181
21,247
701,774
42,827
49,512
31,089
t660,761
42,925
47,349
35,537
597,740
42,928
45,973
29,426
739,742
42,928
44,641
25,402
687,215
44,076
44,332
15,788,872
15,853,742
15,755,374
15,683,121
15,635,632 115,707,309
15,601,396
15,053,641
15.511,492
12,807,932
Federal Reserve notes In actual circulation....
4,344,462
4,349,836
4,344.753
4,347,209
4,319,451
f4,338,417
4,374,962
4,441.050
4,470,462
4,126,230
Deposits—Member bank—reserve account....
United States Treasurer—General account..
8,840,548
1,180,791
8,707,191
1,250,417
9.046,811
9,166,063
260,340
767,179
171,571
268,904
233,476
283,161
298,213
176,767
282,712
8.819,243
891,119
189,916
245,684
8,577,167
941,004
207,703
296,843
7,240,498
887,021
185,706
t9,130,409
799,950
158,713
t275,936
8,956,139
225,974
9,017,844
931,295
208,215
279,377
-
10,516,217
10.457,424
10,436,731
10,402,759
10,403,026
10,365,008
10,288,561
10,145,962
10,022,717
7,839,008
-
580,973
699.503
627,021
566,467
657,676
664,149
495,425
2,947
2,589
2,208
591,268
2,298
720.789
2,955
586,093
3,131
1,981
5,703
3,831
15,444.607
15,509,710
15,411,094
15,339.192
15,291,370 tl5.363,309
15,257,089
15,309,782
15,163,031
12,464,494
134,930
134,913
134,899
134,790
134,818
134,911
133,217
149,152
149,152
149,152
27,264
27,683
27,682
32,966
27,264
32,723
149,152
27,264
32.980
147,73^
27,264
32,703
149,152
27,264
32,766
147.739
27,264
32,919
134,723
149,152
27.264
32,720
134,451
149,152
38,588
34,800
15,788,872
15,853,742
15,755,374
15,683,121
15,035,632 tl5,707,30?
15,601,396
15,053,641
15.511.492
12,807,932
84.2%
84.1%
84.1%
84.1%
83.8%
83.7%
83.0%
80.4%
29
76
830
banks..
Due from forelgD
Federal Reserve notes of other banks.
Uncollected Items
Bank
588,753
premises
Other assets....
—-
Total assets
42,831
42,913
48,038
169
16.155
493,619
44,929
44,634
LIABILITIES
(
bank
Foreign
Other
deposits
-—
Total deposits
Deferred availability Items
-
-
yOther liabilities Including accrued dividends.
Total liabilities
—
'•
2.426
872,943
155,041
145,809
297,660
CAPITAL ACCOUNTS
Capital paid In
-
Surplus (Section 7)
Surplus (Section 13-b)
yOther capital accounts
...
Total liabilities and capital accounts........
134,841
149,152
27,264
33,005
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined—
liability on bills
correspondents
Contingent
foreign
purchased
84.0%
83.9%
for
—
Commitments to make Industrial advances
12,800
12,905
12,892
13,004
13,131
13,339
13,558
14,161
13,078
4,031
12,907
6,267
3,804
3,670
3,359
3,715
3,267
Maturitv Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
3,316
10-30 days bills discounted...
152
•
381
.
172
5,845
8,093
178
144
132
82
185
321
424
303
138
31-00 days bills discounted
30.1
272
221
259
274
295
202
894
464
-
258
Total bills discounted.
15 days bills bought In open market—...
313
334
293
262
261
170
175
335
341
285
367
349
422
390
437
273
4,417
Over 90 days bills discounted
238
324
01-90 days bills discounted
5.059
7,394
4,873
4,695
4,361
4,754
4,307
6,980
10,148
83
48
23
256
271
304
10 days bills bought In open market
'"226
106'
23
)0 days bills bought In open market
179
25
23
23
106
237
179
271
271
23
106
262
~~262
262
71
200
143
23
30 days bills bought In open market......
179
264
264
"264
101
47
402
00 days bills bought In open market..,..
>r
'otal bills bought In open market
553
16-30 days Industrial advances...
553
556
556
556
556
549
549
549
550
2,143
1-15 days Industrial advances...
2,283
2,036
2,096
2,232
2,282
1,908
2,049
1,784
1,676
147
149
331
310
101
116
525
512
579
163
31-00 days Industrial advances...
648
434
501
296
390
395
403
358
596
692
61-90 days Industrial advances...
Over 90 days industrial advances.
266
357
326
555
573
567
542
409
387
365
,
11,443.
11,439
11,544
11,554
11,835
12,030
12,172
12,177
12,342
14,621
14,647
Total Industrial advances.
14,662
14,738
14,811
15,131
15,390
15,550
15.505
15.688
17,517
111,390
101,988
198,465
74,848
111,390
176,733
123,720
2,077,324
88,872
102,685
199,268
152,720
2,020,470
107,684
74,848
209,378
174,265
1.997,840
105,340
88,872
198,570
154,893
2,016,340
2,055,900
147,733
101,710
101,988
i)5,,885
15 30 days U. S. Government securities._.
74,745
103,383
31-60 days U. S. Government securities...
78,510
124,720
61-90 days U. S. Government securities...
179,703
2,056,359
164,203
2,098,359
152,720
114,348
2,097,679
71,018
2,081,154
102,685
95,885
205,093
77,510
2,082,842
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
4,645,819
301,357
4,657,531
4,670,386
325,633
4,678,715
331,506
4,686,380
366,929
4,702,829
364,415
4,741,206
307,664
4,788,995
347,945
4,800,507
330,045
4,450,417
366,244
4,344,462
4,349,867
4,344,753
4,347,209
4.319,451
4,338,414
4,374,962
4,441,050
4,470,462
4,126,230
4,771,000
3,656
4,778,000
4,778,000
6,678
4,781,000
4,153
4,791,000
3,930
4,816,000
3,581
4,855,000
4,011
4,888,000
3.699
4,888,000
4,536,632
1-15 days U. S. Government securities...
Over 90 days U.S. Government securities..
Total U. S. Government securities
Total
40,367
174,018
120,256
173,474
other securities..
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal
Reserve Bank
actual circulation
In
324,187
Collateral Held by Agent as Security for
Notes Issued to Bant—
Gold ctfs.
on
hand and due from U. S. Treas..
By eligible paper
4,304
United States Government securities...
Total
•
x
collateral.
"Other cash**
4,774,656
does notl nclude Federal Reserve notes,
4,782,304
4,784,678
4,785,153
4,794.930
4,819.581
4.859.011
4,891,699
gold taken
over from the Reserve banks when the
new
Items appeared,
28, 1938 and Feb. 23, 1938 have been revised
as
profit by the Treasury under
*
two items corresponds exactly to the total of two items formerly
statements for Dec.
4,570,776
dollar was devalued from 100 cents to
59.06
1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated
With the statement of Jan. 4, 1939 two
4.894,283
t Revised figure.
provisions of the Gold Reserve Act of 1934.
y
9,144
25,000
These are certificates given by the United States Treasury for the
cents on Jan. 31,
0,283
"Other liabilities, including accrued dividends," and "Other capital accounts."
In the statement but
on
now
excluded, vis.:
the new basis and they are Bhown
The total of these
"All other liabilities," and "Reserve for contingencies."
accordingly.
The
Volume
Financial
148
Chronicle
1125
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
BANKS AT CLOSE
OF BUSINESS FEB. 21, 1939
Three Ciphers (000) Omitted
Federal Reserve A gent at—
Gold
Total
Boston
,Vew York
PhUa.
ASSETS
%
$
$
$
certificates
from
United
hand
on
States
and
Atlanta
Chicago
St. Louis
S
S
%
$
Afinneap. Kan. City
%
San Fran
Dallas
i
S
S
445,875
reserves
779,152
329,031
256,863 2,028,690
912
968
534
426
1,168
764
518
407
639
129,497
38,865
28,950
24,802
20,272
63,578
17,843
10,200
18,151
15,432
712,234
1,525
38,042
743,517 5.758.290
10.259
notes..
'582,183
702,169 5.627,500
1,105
1,293
12,049,719
.
Other cash *
Total
1
due
Treasury
Redemption fund—Fed. Res.
Cleveland Richmond
621,960
809,070
354,367
277,561 2,093,436
327,936
257,741
308,000
202,174
751,801
60
40,243
12,505,853
247,023
309,329
186,103
289.442
Bills discounted:
Secured by U. S. Govt, obligations
direct or fully guaranteed
2.289
12
1,081
623
161
25
180
35
25
55
32
Otber bills discounted..
2,128
10
443
540
64
115
138
8
90
71
394
164
91
Total bills discounted
4,417
22
1,524
1,163
225
140
318
43
90
96
449
196
151
Bills bought In open market
Industrial advances,.
'•
553
42
213
56
52
24
.20
70
2
2
16
16
40
14.647
.
1,868
3,847
2,919
464
1,248
822
453
8
870
231
620
1,297
39,296
26,386
38,140
43,323
34,901
70,853
62,0iO
50,447
102,415
15.929
26,154
21,070
42,777
132.097
106.418
216,043
132,793
107,250
217,531
U. 8. Government securities—Bonds
Bonds
840,893
Total U. 8.
Total
61.659
237,660
67,514
84,588
43,790
38,832
1,215,466
Treasury notes.
Treasury bills
89,123
343,525
63.297
58,129
92,091
133,113
37,224
143,478
97,586
40,759
122,269
507,656
.51,067
26,437
23,443
55,596
56.S02
23,724
2,564,015
188,008
724,663
205,859
257,924
133,524
118,404
280.800
119,822
80.455
189,938
730,247
258,665
134,936
119,564
281,366
119,922
81,423
i
Govt, securities
bills and securities
2,583,632
Due from foreign banks.:
209,997
'
12
66
16
15
7
6
20
3
2
6
5
12
558
3,216
747
892
1,137
2,036
2,041
2.248
724
1,100
536
1,645
52,869
154,135
38,502
66,724
74,051
26,126
14,258
27,886
24,485
33.236
2,940
4,689
5,992
2,070
3,955
2,287
1,620
3,235
1,255
3.226
50.181
3,269
9,021
13,923
49,714
2,614
26,767
42,804
Items
4,467
5,652
3,210
2,292
4,975
2,148
1,584
2,367
1,9/0
4,324
880,378 1,147,010
545,985
,480,670
357,252
475,386
588.753
'
Bank
premises
Other assets
'
169
17,480
Fed. Res. notes of otber banks
Uncollected
.
....
Total assets
15,788.872
993,103 6,668,898
,
430,296 2,460,444
337.675 1,011,775
LIABILITIES
F. R. notes In actual circulation
993,198
317,041
419,662
195,786
148,818
982,844
178,854
134,119
167.681
76,732
350,975
406,065 4,805,703
110,354
317,061
4,344,462
Deposits:
395,130
66,515
21.915
475,467
232,156
184.762 1,079,158
217,971
117,302
228,690
179,190
518.954
127,040
42,345
21,011
9,715
1.980
378,752
*
Member bank—reserve account...
U. 8
Treasurer—General account.
8,840,548
1,180,791
Foreign bank.
225,974
Other deposits
268.904
Total deposits
Deferred
lnci.
208,3,18
7,350
5,132
538,270 5,411,786
490.910
52,028
143,783
40.007
66,005
2,955
257
1,056
237
15,444,607
Capital Accounts—
Capital paid In
Surplus (Section 7)
6,955
5,090
5,183
5,051
826
6,552
4,410
65,134
10,266
13,025
243,191 1,356,505
200,210
269,507
223,396
603,379
27,083
13,744
27,980
26,554
32,617
232
61
121
326
81
122
277
73
112
531,204
417,805 2,415,981
470,235
348,195
465,445
326*755
987,113
9,405
50,980
12,049
52,463
13,696
2.874
7,457
4,416
14,323
1,007
1,434
8,175
2,022
.
13,679
10,083
1,248
.5,079
4,983
4,522
13,601
3,967
2,912
4,240
3,962
10,534
5,630
22,666
4,685
3,153
3,613
3,892
3,293
713
1,429
545
1,001
1,142
1.266
9,965
2,121
3.452
1,426
1,626
6,767
1,238
1,991
946
1,800
2.042
880,378 1.147,010
993,103 6,668,898
12,907
.
848,195 1,114,540
969,307 6,549,823
15,788,872
Commitments to make Indus, ad vs...
33,244
6,652
264,217
32,919
Total liabilities and capital accounts
72,661
5,196
33,439
6,552
76,306
27,264
Other capital accounts
34,511
27.337
25,675
149,152
1
244,920
7,907
49,101
134,930
Surplus (Section 13 b)
43,567
•
286,196
628,650
580.973
accrued dlvs
Total liabilities
♦
80,704
'
10,516.217
availability Items.
Other liabilities,
16,267
5,584
.
545,985
430,296 2,460,444
480,670
357,252
475,386
418
195
689
1,508
2,700
1,406
153
1,152
58
337,675 1.011,775
44
3,33$
"Other cash" does not Include Federal Reserve
notes.
:
Three Ciphers (000) Omitted
Federal Reserve Bank of—
FEDERAL RESERVE
Total
New York
Boston
NOTE
STATEMENT
Cleveland Richmond
PhUa.
Atlanta
Chicago
St. Louis
$
i
$
San Fran.
Dallas
Minneap. Kan. City
"
Federal Reserve notes:
S
Issued to F. R. Bank by F. R. Agent
In
%
$
S
%
4,645,819
301.357
398,749 1,092,131
332,725
439.475
205,352
19,997
98,933
15,684
19,813
9,506
4,344.462
378,752
993,198
317.041
419,662
4,771,000
420,000 1,105,000
12
1,507
345.000
3,656
672
4,774.656
420,012 1,106,507
345,672
Held by Federal Reserve Bank....
actual circulation
Collateral
*
-
held
by
%
%
t
%
160,644 1,016,014
33,170
11,826
194,121
15,267
138,837
4,718
175,042
84,260
408,469
7,361
7,528
57,494
195,786
148,818
982,844
178,854
134,119
167,681
70,732
350,975
443,000
210,000
169,000 1,035,000
199,000
143,500
180,000
140
43
25
46
429
87,500
191
434,000
217
443,217
210,140
169,251 1,035,043
199,025
143,546
180,429
87 691
434,123
Agent as security
for notes issued to bank:
Gold
certificates
hand
on
from United States
and
due
Treasury
Eligible paper
Total collateral..
"
United States
Treasury Bills—Friday, Feb. 24
251
United
Rates quoted are for discount at purchase-.
Government
States
York Stock
Mar.
1
1939
Mar.
8
1939
0.05%
0.05%
0.05%
Mar. 15 1939
Mar
22
Asked
1939
5 1939
April 26 1939
3
May
.
1939
Asked
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
April 19 1939..
.
0.05%
0 05%
0.05%
April 12 1939
Bid
April
1939
.
May 17 1939..4>
May 24 1939
New
the
at
New
Stock
York
Exchange.
il 1 » 1 I
1 1I1
Daily, Weekly and Yearly—See page 1141.
Stock and Bond Averages—See page
0.05%
Mar. 29
May 10 1939
the
on
Exchange—See following page.
Transactions
Bid
Securities
123
«
•
•
1141.
«
THE
BOURSE
PARIS
Quotations of representative stocks as received by cable
of the past week:,
each day
Feb.
Quotations for United States Treasury Notes—Friday,
Feb. 24
18 Feb.
Francs
Bank of France
Figures after decimal point represent
one
32ds of
more
or
-
.
Cle Dlstr d'Electriclte
....
Cie Generale d'Electriclte
Int.
Rate
Maturity
Bid
Asked
Maturity
...
Cle Generale Transatlantlque
Int.
Bid
Ra{e
Asied
B
Citroen B
,
Comptolr National# d'Escompte
Mar. 15 1939...
1K%
June
2H%
101.29
Sept.15 1939...
Dec.
15 1939...
100.2
June
101.31
15 1941...
\%%
102.23
102.25
Coty 9 A
Dec.
15 1941..
1 X%
102.27
102.29
Courrlere
104.4
105.13
Credit
104.8
104.10
Eaux dee Lyonnalse cap
15 1943...
101 9
101
Energle Electrlque du Nord
15
IH%
101.7
101.9
102.2
102.4
Sept.15 1942...
\%%
102.14
102.16
Dec
15 1942...
June 15 1940
m%
102.14
102.10
June
Deo.
15 1940.—
IK%
102.23
102.25
1X%
102.25
11
102.27
1943
Lyonnalae..
...
L'Alr
HOLI-
DAY
Llqulde
Lyon (P L M)
Nord Ry
THE
BERLIN
STOCK
Closing prices of representative stocks
each day
as
Patbe
received by cable
Capital
Pechlney
Rentes Perpetual 3%
Rentes 4%. 1917
of the past week:
-
Orleans Ry 6%——.......—
EXCHANGE
1918—
Rentes 434%. 1932, A
Rentes 4>4%, 1932, B.....—.
Rentes. 6%. 1920
Rentes 4%,
-Per Cent of
Par-
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
18
20
21
22
23
24
,) 122
121
121
158
118
118
123
123
.112
112
111
.
Ill
•
-
-
-
.
~
111
110
Saint Gobaln
Schneider &
123
Soclete Francaise Ford
111
111
Societe Generale Fonclere
151
Soclete Lyonnalse......
......
112
180
197
C A C
Cle
159
118
123
-
-
J-
111
Societe Marseilles
180
112
181
197
-
151
152
.112
Royal Dutch
159
111
152
120
118
158
.118
1.123
120
180
Tubize Artificial Silk preferred..
197
197
Unlo
111
111
d'Electriclte
Wagon-Llts
1,196
182
16,160
740
1,430
40
645
875
230
229,
544
229
■<
Francs
7,800
230
535
534
661
Energle Electrlque du Littoral..
Kuhlmann
7,800
1,190
460
228
542
1,630
1,410
324
Credit Commercial de France...
105.11
Mar. 15 1942...
IH%
Dec.
....
104.2
101.31
15 1939...
Mar. 15 1940...
Mar. 15 1941...
....
1 H%
2%
IV<%
1H%
1H%
101.29
Francs
7.800
550
872
230
«
Canal de Suez cap
*
,
Francs
7,800
182
16,600
741
1»420
41
Banque de 1'Union Parlslenne__
Canadian
Pacific. 4
__
point.
21 Feb. 22 Feb. 23 Feb. 24
Francs
1,190
465
Banque de Paris et Des Pays Bas
a
20 Feb.
Francs
7,800
._
633
-
'1,630
1,340
326
561
637
1,190
1,180
918
892
436
32
1,710
83.i0
84.90
84.00
87.40
88.25
113.90
6,220
1,958
1,255
58
70
1,415
641
83.10
84.70
83.80
87.40
88.10
114.00
6,230
1,977
1,260
58
72
1,425
646
95
,445
70
96
474
69
905
889
436
32
1.710
466
1,198
"
474
"
183
184
16,485
16,400
16,400
737
738
1,420
1,420
"40
40
42
550
548
870
877
135
1,625
230'
1,620
1,420
"330
556
230
1,640
1,430
325
556
632
637
1,190
1,200
911
1,200
915
891
897
438
"~32
439
32
1,702
1,710
82.85
83.25
83.40
85.30
85.80
84.30
84.80
87.45
88.00
88.90
89.40
114.00
114.50
114.80
6,230
6,270
1,965
1,980
1,250
88.60
1,250
58
74
73
1,395
1,418
647
648
98
98
472
472
69
70
59
Feb.
1126
1939
25,
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
taken of such sales In computing the range for the year.
No
account is
United States Government Securities
Below
furnish
the New York Stock
on
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 32ds of a point.
1
■
we
a
18 Feb.
Daily Record of V. S, Bond Prices Feb.
20 Feb.
21 Feb.
22 Feb.
23 Feb.
119.9
Low
119.9
119.10
.Close
119.9
119.14
2
4>is. 1947-52
High
114:27
Low
114.27
Close
114.27
21 Feb.
22 Feb.
23 Feb.
(High
103.29
103.31
jLow.
103.29
103.28
104
(Close
103.29
103.28
104
1
24
104
Total sales in $1,000 units...
119.14
Total sales in $1,000 units—
18 Feb. 20 Feb.
Daily Record of U. S. Bond Prices Feb.
24
High
Treasury
2
Treasury
2%8, 1956-59
High
114.29
—
1
103.14
103.15
103.10
103.14
103.12
103.16
103.10
103.14
103.12
103.16
5
27
8
2
6
103.13
103.14
103.18
103.18
Low.
103.13
103.13
103.16
103.16
103.13
103.14
103.18
103.16
16
10
3
33
Total sales in $1,000 units..
18
(High
Low.
113.28
113.28
114.2
Close
113.28
114.2
3XB, 1946-56
103.14
103.14
103.15
•
2Xb, 1958-63.
114.29
8
Total sales in $1,000 units..
103.15
Close
114.26
...
Low.
(High
4s, 1944-54,-
2Xb, 1960-65—
114.2
total sales in $1,000 units...
■
Close
.
Total sales in $1,000 units...
(High
2X8, 1945
100.21
106.28
Low.
*3
106.25
106.28
High
104.30
105
104.29
[Close
Low.
3%b, 1940-43.
104.30
105
104.29
Total sales in $1,000 units...
Close
104.30
105
104.29
■
>
:
103.19
106.25
106.28
7
Total sales in $1,000 units...
7
2X8, 1948
4
■
Low.
3Xb, 1941-43
2X8, 1949-53
Total sales in $1,000 units...
110.3
110.3
110.2
Close
110.3
110.2
105.20
105.25
105.21
105.21
105.25
4
10
._
105.25
2
103.3
103.4
103.7
103.8
Low.
103.3
103.4
103.5
103.5
103.3
103.4
107.1
HOLI
107.4
1
107.1
103.6
103.8
103.8
103 6
103.5
103.6
103.7
103.8
[Close
103.5
103.6
103.6
29
5
102.21
102.21
102.16.
102.21
102.20
102.16
'[Close
102.21
102.20
102.16
50
37
2s, 1947
107
Total sales in $1,000 units..
Federal Farm Mortgage
units.-
fHlgh
—JLow-
110.1
109.30
110.2
109.30
110
109.31
110.1
109.30
110.1
109.31
Total sales in $1,000 units...
1
41
Close
Mortgage
102.21
102.21
102,21
102.21
6
HOLI¬
102.21
1
DAY
107.28
107.28
Total sales in $1,000 units...
Federal Farm
1
3
102.21
107.28
Low
110.2
110.1
[Close
1
(High
3^8, 1944-64
103.8
103.8
2
(High
-{Low.
107
107
day
6
9
103.7
Low.
2 X8, 1950-52
107
107
107.1
103.6
103.7
1
103.6
Total sales in $1,000 units...
(High
-(Low
[Close
3X8, 1943-45—
105.21
(High
Total sales in $1,000 units..
n$l,0
-
110.2
Low.
3X8, 1941
Low.
Close
Total sales in $1,000 units
High
•
105.24
High
Close
3%b, 1943-47
105.21
Total sales in $1,000 units.
High
Total sale
(High
Close
.
»
(High
107.11
107.14
107.15
107.13
Low
3s, 1944-49
107.15
107.15
107.11
107.14
—:
107.13
110.6
110.9
110.8
Close
107.15
107.11
107.14
107.15
107.13
Low.
110.6
11,0.6
110.7
Total sales in $1,000 units...
5
1
3
16
2
[Close
3^8, 1944-46
107.12
(High
110.6
110.9
110.7
Total sales in $1,000 units..
2
[High
109.31
•jLow.
63
12
Federal Farm Mortgage
3s, 1942-47.
4
110
109.30
110.3
109.31
110
109,30
110
[ Close
109.31
110
109.30
110.3
Total sales in $1,000 units...
2
(High
| Low.
3X8. 1946-49
(Close
1
Mortgage
2^8, 1942-47—
5
—
109.9
Low.
—.
to
109.11
107.28
107.29
107.27
107.28
107.26
107.28
107.27
107.29
107.26
107.28
25
3
«.
-»
-
107.26
1
105.5
105.7
105.5
105 7
105.4
105.5
105.4
105.4
105.5
105.6
9
12
107.25
107.23
107.23
107.25
Low.
107.25
107.23
107.22
107.23
107.23
107.22
107.25
107.25
75
I
2
8
2
106.15
106.17
108.15
106.17
(High
2Xb, 1948-51
10
5
1
102.14
102.18
102.17
102.14
102.14
102.16
102.16
102.15
102.14
102.14
102.18
1
Low.
-
-
-
Total sales in $1,000 units...
106.17
15
(High
104.18
104.19
104.18
104.19
Odd lot sales1,
2
25
t Deferred delivery sale.
1
**
i
Note—The
above
table
includes
only sales
Transactions in registered bonds were:
bonds.
3 Treasury 4s 1944-1954
1 Treasury 3Ks 1941:.
2 Treasury 3X3 1943-1945
2
..109.28 to 109.28
.-.'..102.14 to 102.14
—_
10
104.27
104.31
104 27
104.26
104.30
United States
104.26
104.30
United States
3
7
coupon
106.30 to 106.30
...
•
,
of
114.25 to 114.25
,
Home Owners Loan 2X8 1939-1949
4
«»«.«»•»
9
Low.
10427
Low.
102.17
5'
104.19
104.27
2^8, 1951-54
*
1
•
104.18
'
107.25
106.15
~
1
(High
107.24
107.25
51
Close
Total sales in $1,000 units...
*
High
Total sales in $1,000 units...
107.12
102.14
2^8, 1942-44...
105.9
•
10719
[Close
105.8 •
105.5
11
107.10
Total sales in $1,000 units...
105.9
105.5
4
107.12
107.11
102.15
Home Owners* Loan
2
(High
1
107.9
102.15
107.30
jLow.
[Close
Total sales in $1,000 units
107.12
107.8
Low.
2%b, series B, 1939 49—
Low.
Total sales in $1,000 units...
107.9
107.9
(High
Home Owners' Loan
1
—
1
107.10
Total sales in $1,000 units...
109.11
109.9
—
•>
(High
2^8, 1945-47
105.13
107.11
Close
[Close
2J*s, 1955-60
105.13
Low.
109.11
109.9
Close
Total sales in $1,000 units...
—.
Low.
(High
3s, series A, 1944-52
High
3s, 1951-55
1
105.13
(Close
Home Owners' Loan
Total sales in $1,000 units
•
106.3
(High
Total sales in $1,000 units...
Low.
[Close
3s, 1946-48
106.3
Total sales in $1,000 units...
Federal Farm
(High
3^8, 1949-52
106.3
Total sales in $1,000 units...
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
HIGH
Saturday
Feb.
18
Feb.
$ per share
58%
SALE PRICES—PER
Monday
58'4
$
per
'Tuesday
20
Feb.
share
5734
Feb.
per share
58
58l4
SHARE,
Wednesday
21
22
$ per share
58
NOT
PER
CENT
Sales
Feb.
Friday
Feb. 24
23
$ per share
58
58
the
$ per share
Shares
*57%
900
*11878 126
42
*36
42
*37
42
*37
42
*38
39*2
*37
42
*38%
3818
391?
*3818
878
39
39
39
201?
*20
24^4
2012
2434
58'4
39i2
9's
♦19&8
2434
57'2
5714
58
78
7S
78
91?
78
938
*20
*23
59'4
78
9'2
9
2038
*1958
20%
2478
*24
2478
5914
57
7«
*68
78
68
9i2
95?.
*7S
11
11 *8
*9l2
10
14
23
9%
14
23'4
9%
173
173
*11
12
*12i4
97g
*66
4212
I8I4
*2
1278
10
*68
Stock
78
10*4
9%
IOI4
9%
10%
9
9
*12l4
2134
13*2
10i8
*8i4
*8i4
*12I4
2U2
*55l2
*834
978
9
2278
»
-
-
-
9
17112 173
*107s
12
*12i8
1314
12
914
*66'4
78
IOI4
Washing¬
*834
9
ton's
*1214
Birthday
22
*834
Holiday
91?
66
4134
66*2
4234
41
4134
18'2
1712
181?
*1714
1778
2
*2
2'4
2
19
6284
61
19l4
15'8
*19
60
*5719
*1519
1412
67
*172
58
*34
238i8 Feb 20
Adams Express
No par
85s Jan 27
35i2 Feb
Corp
5,400
2,800
9U
9U
200
914
1312
22i4
914
500
14i2
400
Allegheny Corp.
No par
5X% pf A with $30 war. 100
5X % pf A with $40 war. 100
5X% Pf A without wai.100
$2.50 prior conv pref.No par
2314
7,200
9
2214
*55l2
914
""206
172l2172*2
912
173
700
*9
1278
1278
""600
978
978
1014
7,400
667g
6678
4034
*17l2
4134
67
67
2i8
4278
5,900
18i2
800
2i8
300
1914
*19
1934
6OI4
19l2
1478
*14l2
1434
15
58
58
6134
^
Allied Mills Co Inc
Allied Stores Corp
400
1514
58t4
t in receiversnip.
19l2
1,700
59
a Def.
m
No par
Alpha Portland Cem__No
Amalgam Leather Co Inc
conv
Chem(Del)— No
r
6
18
11
Jan
4
21*4
27%
6558
Us
Jan 17
Jan
68
Feb 20
10
Jan
3
Jan
4
78 Mar
4
6% June
4
5
3
Feb 15
'8
Jan 25
10
Jan 26
9
Jan 26
87g
Jan 26
5
Jan
4
40
20
Jan 26
52
Jan 19
52
8U Jan 24
170»2 Jan 24
,
193
13
Feb
4
3
3
4
Jan 19
IHa Jan
Jan
4
3
131*
Jan 21
1
133«
Jan
4
113s Jan
3
113jj Feb
83s Jan 26
61
Jan
9
39l2 Jan 26
15i2 Jan 24
67
Feb 24
483s Jan
1978 Jan
3
Jan
3
2%
19
5
Jan 20
Cash sale,
Oct
Jan
1284 July
24
Oct
30
Aug
6778 Nov
1 5jj July
Aug
6j%" Oct
67
1
834 Mar
Mar
3g
Feb
.53
Jan
78
17'4
1738
Jan
»
1
jan
5i2 June
734 June
14&S Sept
2112 Nov
2934 Nov
28
28
May
4% Mar
124
Mar
7
Mar
8% Mar
4% Mar
38
Mar
3414 Mar
11% Apr
1*4 Mar
Jan
May
1414 Aug
197
Oct
1234 Oct
1478 July
13i2 Nov
70's Oct
5584 Oct
20
314
Oct
Oct
10
Mar
24
Jan
78
July
6912 Jan
24% Jan
3
55
May
3
22
Dec
1378
Jan 26
1734
Jan
3
10
56
Jan 24
60
Jan
6
46'
Ex-dlv.
Ex-rlghts.
Oct
52
May
x
y
Nov
58 Mar
3
IH4 Jan 13
178 Jan 13
10
Jan
share
45
6I4 Mar
14% Mar
165s Mar
1478 Jan
13% Jan
1234 Jan
1878 Jan
28% Jan
17*2 Jan 23
60U Feb 24
1918 Feb 16
par
1*4
pei
61
12334
June
50
6% preferred
New stock,
Jan
1
No par
American Bank Note
»
par
45
50
preferred
Amerada Corp
Am Agric
120
delivery.
No par
100
Allis-Chalmers Mfg
6%
"3", 100
61
No par
5% preferred
19i2
1914
MI4
19
Allied Chemical & Dye. No
par
Allied Kid Co.
.5
600
41U
*17i2
2l8
*16
18^8
"60
12
_
Alghny Lud Stl Corp. .No par
Alleg & West Ry 6% gtd—100
Allen Industries Inc
1
36U Feb
1195s July
30U Mar
2
5414 Jan 26
s4 Jan3C
Highest
share $
Feb 20
No par
7S
4
Feb 18
per
35% Feb
195s Feb
24
10
Air Reduction Inc
2
58i2 Jan
126
$
Feb 14
No par
Address-Multlgr
1114
1834
__25
10i2
12ig
*58
No par
91s
9%
6134
Abraham & Straus
Acme Steel Co
IOI4
*1012
*2
Feb 18
Air Way El Appliance. No
par
Alabama & Vieksburg Ry__ 100
500
1134
*16
Jan 27
126
Alaska Juneau Gold Mln.._10
14
Year 1938
Lowest
$ per share
100
pref
10
615?
no sales on this day,
2,300
conv
$ per share
55
3,300
*605s
15l
""266
*X%
Adams-Minis
1
Range for Previous
Lots
Highest
No -par
912
*16
60*
2,000
*1078
12i8
214
Par
Abbott Laboratories
7,
8
9l2
171?
\* Bid and asked prices;
9%
20i2
2478
*68
1
61
19%
"""460
5878
*24U
34
*5512
12
67
*20
9%
22
4234
9U
*68
Closed
9
*17U2 17234
12
*1078
121?
95?
9's
9%
9
s4
Exchange
9%
78
*16
*57
571?
919
*61
19'4
15's
2434
7S
*55
*55'4
9l2
68
9'4
912
1
*9
91?.
Lowest
100
126
*11878 126
On Basis of lwyshare
EXCHANGE
58
*36
*1187a 126
Range Since Jan. 1
YORK STOCK
Week
126
*11878 126
STOCKS
NEW
for
Thursday
Mar
1
Apr
28i2 Oct
23'8 July
63
1 Called for redemption.
Nov
New York Stock Record—Continued—Page 2
Volume 148
LOW
AND HIGH
SALE PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
NEW
for
Saturday
Monday
Feb.
Feb.
per
18
$ per share
65s
$
65*
*44
share
$ per share
$ per share
*6%
45
6i2
43%
435g
*12014 129%
90i2 91l2
6%
131
129i2 130
89l2 90%
22
Feb.
89
203s
27%
28
27%
28
46
44
4434
44
44
207*
20i8
116
20%
914
645*
116
112
112
*116
117
117
117
300
17k
17%
7
7
9ig
9i4
914
64
—
7
7%
87g
9
9%
9%
63%
9
63
414
4*4
4%
6%
5
.
4%
4%
*5%
5
3
3
278
17
17
*1612
17%
16%
16%
7lz
734
734
734
*12
14
*1%
17%
4%
31%
*4334
634
24%
*66%
69i2
14i4
3l2
34l2
14
334
34i2
3%
*24l2
5% Jan 24
5J£%
*117
124
*117
700
I,300
4%
*5%
7%
100
2%
3%
3,200
Feo 16
Feb 21
100% Jan
Preferred
100
Am Chain & Cable Inc.No
par
preferred
100
American Chicle
No par
Colortype Co
10
Comm'l Alcohol Corp. .20
American Crystal Sugar
10
1st preferred
100
Amer & For'n Power...No par
No par
$7 2d preferred A
No par
12%
13%
200
$6 preferred
No par
44%
1%
17%
17%
6%
1734
6%
25%
68%
13%
*3%
3334
*6%
*65%
14
67%
14
*3%
3%
33%
33%
*117
1,300
Amer Hawaiian SS Co
300
American
50
American Ice
1734
1,200
4,600
70
400
14
1,400
Home Products
I
No par
6% non-cum pref...
400
6%
26
1
6% preferred
300
k
1%
10
American Hide & Leather
300
4434
*117
124
400
434
*44
1%
24% "25
124
14%
32
ICO
Amer Internat Corp
No par
American Locomotive. .No par
Preferred
100
Amer Mach & Fdy Co..No par
3%
400
Amer Mach & Metals..No par
3334
800
Amer Metal Co Ltd
No par
6% conv preferred
124
24%
"_240
6%
II,200
Jan 13
8% Feb 21
8% Jan 26
61
Feb 11
100
Feb 21
2% Jan 26
15% Jan 26
7%
Jan
9
43% Jan 27
1% Jan 24
14% Jan 23
Jan 26
120% Jan 25
6%
6
45
45
46
4634
3,200
$6 preferred
No par
38
40
40%
40%
41%
4,100
$5 preferred
No par
3258 Jan 26
15%
16%
12,800
Am Rad & Stand San'y.No par
"5", 500
American Rolling Mill
65
18%
65%
1434
14%
I,200
43^% conv pref
...100
American Safety Razor.. 18.50
*16%
700
American Seating Co...No par
70
Amer Ship Building Co.No par
4,400
15*8
1534
*159
65
1478
*17
18
*30
15%
30 38
1434
62%
183s
63%
145S
147s
16
17
17%
155
*150
3312
1078
34
107g
14i2
*20
1412
2034
*87
88
18
*12%
*20
86
158
*83
86l2
8234
85%
86'2
152
*150
63s
63s
1318
13%
*85
6%
12%
90
64%
64%
1434
15
15
16
16
16%
30 %
30%
44%
30%
30%
17
30%
44%
44%
45%
130
150
150
*12%
15
20
20
20
20
85%
86
86
87
18
18
*17%.
8234
85
6%
6%
12%
1234
90%
5%
90%
*87%
*37
*27
33
*26
*13
46
17%
*113
17%
114
*13
14i2
3
6
156% 157%
8234
8234
84%
85%
Closed
150
Washing¬
6%
1234
ton's
*87%
2734
*46
*17
*113"
1234
3
9018
*5478
90%
48i2
4834
48%
48%
*1114
11%
9i8
11%
11%
9
8%
77
*73
9
9l2
93s
47
11%
-
8%
77
*73
*54%
9%
70%
8%
*73
9
3834
6
28%
33
28%
50
*45
1784
*17
114
113
1234
*11%
3
*2
11%
8%
11%
*8%
*70%
77
9%
9%
*73
Preferred
Amer Zinc
$6.50
600
4,800
900
58
*50
7%
35
*33%
35
94l2
*93%
97
*93
'97
*94
95%
*94
95%
97
*91
97
*93
95
*93
*1278
2134
*106
*93
34
34%
34%
36
7^466
*61
63
*6%
7%
*1134
1334
62%
2234
*6%
12%
8is
*45i2
64
*64%
♦1265s
*5i2
*314
*2i2
*21i4
7%
14
64
*126%
6~i->
4
*5%
334
"
3
734
14'g
*45%
29
7%
14
*21%
3?8
*2%
3
7%
64
2%
29
29
7%
7i2
6
6i4
7i2
73g
6%
13%
7%
25%
79
17%
6
IOI4
*9
11
7%
*24%
*75%
17%
*934
32
31
31
*31
23
24
*74
80
.
25
*75%
17%
18
18
*95s
*31
15
165s
1514
203S
*112i4
2II4
19%
~19%
19%
*99% 100
124
*119
778
*7334
*99
*19
300
6
3
3
200
28%
29%
*7334
26
8
Jan
3
Jan 24
7% Jan 24
.100
Nichols,..
122
par
No par
...No par
Aviation Corp. of Del (The).3
Baldwin Loco Works v t c—13
Baltimore & Ohio
—.100
4% preferred...
6
Jan 26
.
5
Jan 26
3% Jan
3
2% Jan 24
Jan
Jan
72
Nov
Jan
4
Mar
*52
May
12% Feb 24
Feb 24
Dec
Mar
94% Feb 18
72
Mar
95
Nov
Jan
95
Nov
91
9
Jan
9
23% Jan 10
110
8%
Jan 18
Jan
5
66% Jan
127
3
36
Jan 11
105
7
2% Jupe
6%
Jan
2
5%
Dec
17% Jan
5
Mar
8% Jan
4
Mar
Feb 11
5
Jan
5
Jan 19
14% Feb 21
18
Jan 26
19% Feb 24
3
21% Feb 18
114% Jan 16
25
17% Jan 26
19% Feb 24
98% Jan 20
Jan
100
20
Jan 24
125
98
July
Dec
12% Mar
Oct
Nov
10% Mar
Mar
21
Apr
115
11% Mar
90% Apr
Jan
Apr
534 Mar
73% Jan 25
67
22% Jan 26
1878 Jan 26
51% Feb 18
29%
20%
51%
3
8% Mar
30%
Dec
Feb 18
15% Mar
21
Dec
56
Nov
27%
29
20
20
900
5134
5134
5134
400
53
53
53
49
Jan 28
55
Jan
3
70%
70%
1734
72%
32,800
Bethlehem Steel (Del).No par
60%
Jan 26
80
Jan
4
1734
900
16% Jan 26
18
Jan 11
2678 Mar
39% May
1234 June
113% 113%
25%
2534
106% Jan 26
115
Jan
75
25%
400
preferred
20
preferred
100
BIgelow-Sanf Carp Inc-No par
Black <fc Decker Mfg Co No par
Feb 18
Jan 19
10% Mar
13% Apr
Feb 24
*51
51
51
68%
69%
*50%
69%
17*2
1734
1734
17%
17%
17%
114
114*4 IUI4
26i2
2612
114
25%
19%
*24%
19%
19i2
14i4
*43
'
29%
23%
114
*113
25%
*24%
20
*19%
19%
*19%
14
14
1334
1334
1334
19
19
45
*43
4434
*43
*19%
20
1434
500
Jan 26
19
Feb 23
100
43
Feb 17
44
Boeing Airplane Co.,
%.5
24% Jan 24
22% Jan 26
31%
32%
28,900
23%
*23%
24%
*23%
24%
24%
24%
300
22
Blumenthai & Co pref
44
31%
E
5%
7%
Bloomingdale Brothers.No par
19
44
30%
.
par
No par
20
*18
3034
a Def.
priorpf$2.50div ser'38No
Best & Co
20
19
44
297g
t In receivership,
5
Beneficial Indus Loan..No par
26%
22%
17%
*20%
400
3,200
3034
Bid and asked prices; no sales on this day.
'cdift—
114
*17
1384
*16%
45
3134
25%
19
13%
19
*113
17%
200
delivery,
Blaw-Knox Co
No par
Bohn Aluminum
Brass
New stock,
Cash sale.
n
r
30% Mar
94% Apr
20%
53
Oct
4
2734
Aviation
Jan
Dec
8% Jan 20
*20
•
102
Nov
Jan 24
7%
*51%
Bendix
19%
72% Jan 11
No par
Belgian Nat Rys part pref
4~O"O66
2138 July
9
109
51%
2684
Oct
14
34
5
20
27%
2334
Mar
2l% Mar
51%
75%
Jan
July
82
20
*73%
July
36
25
121
11
13%
24% Dec
Feb 24
50
Belding-Heminway
8% Dec
17% Dec
5% Mar
13
114
Dec
*
10% Jan
30% Jan
87% Jan 11
21% Jan
par
Mar
12% Mar
2% Mar
8% Jan
No par
$5 preferred w w
Beech Creek RR
Nov
4% Jan
31
Creamery..
Dec
8
6% Jan 24
12% Jan 26
5% Jan 23
70
Nov
126%
4%
15% Jan 26
9% Feb 16
-.5
68
Jan
Apr
5
30% Jan 14
No
Mar
6% Jan
5
..100
Bayuk Cigars Inc
109% Aug
9% Jan
48% Aug
.5% Mar
3834 Mar
50
Barnsdall Oil Co
6% Mar
17% Mar
6
•6% Jan 23
10
8% July
14% Jan
27% July
101%, Apr
4578 Feb 16
No par
preferred
4% Mar
378 Jan
20% Feb 15
100
15
3
Jan
30% Jan
50
Conv 5%
8
5134
75%
Dec
27
20
*51%
*73%
Nov
9
48
20
511
75%
13
77% Dec
12s8 Nov
75
Aug
73% Sept
39% Nov
3
Jan
75%
27%
*7334
26-%
July
Jan 21
Jan 24
23
100
Bangor & Aroostook
Beatrice
11
*20% Feb 20
Jan 24
No
$5 prior A..,
%
Jan 26
6% Jan 26
107
tAuburn Automobile..No par
Austin
20
Jan
Beech-Nut Packing Co
500
9
57
1st preferred
124
Jan
44
5% conv preferred
Barker Brothers
8
70
50
100
100
7% Jan 26
.No par
preferred.
180
*120
Jan 23
100
5
Corp
6%
Atlas Powder
600
8
Jan 26
100
.
10
124
8
73
—100
Refining.
18%
*7%
5
par
100
4% conv pref series A
31
70
*
Jan
Dec
24% Mar
5% Mar
2% Mar
26%
2OI4
24
Jan
5% preferred
Atlantic
10
53
24
58
7
Jan
31
68%
305s
Jan
45% Jan 26
9% Jan 12
94%
59%
Mar
Dec
*17%
171
*43
72
50
30
10
7114
*1678
378 Mar
28% Mar
Jan
■
Mar
17%
70ig
19l2
HI4
Jan
Jan
Jan 24
May
31
"""566
Mar
14
*9
19%
Apr
July
82
52
Atlantic Coast Line RR
31
7,300
20
116
72
32
12,300
6
4
Jan 10
65
preferred
Barber Asphalt Corp
15%
Jan
Jan
40
100
20%
Apr
69% Jan
30% Jan
76
*120
Mar
59% Jan 26
76
8
Mar
2
9
2.100
75%
124
*77S
10
Jan
44% Nov
75
*120
97
2%
29%
121%
103%
6%
72
79
17%
10
100
Jan 31
15% Jan 15
Oct
Oct
2178 Aug
113% Oct
20% Oct
4% July
31 % Aug
122% Oct
10378 Oct
22% Mar
800
19%
114
42%
6434
7
2,200
100
Mar
10% Mar
Oct
4
8%
19%
19%
*99% 100
29
5
Nov
July
Jan
2434
19%
May
5478 Jan
9%
43
4278 Jan
*24%
15
7% July
45
4% Mar
31% Jan 26
2434
20%
16% Nov
Aug
91
23% Mar
36% Jan
Oct
Dec
Jan 26
5% preferred..
*113
Apr
20% Jan
Dec
9% Nov
Mar
Jan 18
50
152
Mar
21
Oct
Topeka & Santa Fe._100
Atlas Tack Corp.;
"206
915g
3% Mar
25
90
Atlas
Jan
6
68
Jan
Jan
88% Aug
Apr
Jan
Jan
7%
14%
33
90
*23%
20%
7%
130
150%
378 Mar
Feb
5% pref with warrants..100
$5 pref without warrants 100
10,100
6,600
1434
Jan 24
8% Jan
35
13,400
*20
Mar
58% Mar
Feb
7%
*113
Mar
89% Jan 16
Dec
117% Mar
120% Oct
12% Mar
58
51% Feb
200
31
Dec
Jan
100
6%
*119% 124
8
4,600
19
June
111
33
100
12
1134
Dec
5
1
Atch
4034
65
Goods
14%
15%
25% Jan 25
100
7%
20%
Jan 23
11% Jan 26
2% Jan 26
15% Mar
6% Mar
44
Corp.
No
6%
7%
100
8
Constable
1334
....
4
Deo
6
preferred..
7%
*99
75i8
28*4
20i8
5H2
*52i8
19%
1434
20%
*112%
6184
150
Jan
No par
6%
7%
100
778
2714
15%
2034
19%
*112
Jan 26
6% 1st preferred...
7% 2d preferred
120
.
Apr
No par
100
13%
17%
Jan 26
17
Jan 30
7%
7%
45
111
Feb 24
13%
25
Jan 26
120
„6%
6%
26
Atl G & W I SS Lines..No par
4
2%
29
8%
46
64
126% 126% *126%
*534
6
*534
4
*3%
*3%
6
3%
13%
*45%
64
"
6%
2,000
7%
8%
46
64
127
*534
2334
3,600
*45%
64
36% Jan 28
5% Jan 26
101
Associated Dry
"""366
8
45%
130
35% Jan
5838 Nov
140
Mar
2
10%
76%
10%
74%
5278
"
12%
8
45%
*63
6%
334
2%
*2%
*21%
7%
13%
28
8
127
*63
"
8
95
21 #
20%
21%
21%
*106
107% *106% 107%
21
107
103
87% Jan 19
153
100
conv pref
7% preferred
Armstrong Cork Co
600
22%
7%
13
61%
22%
63
*22
61%
22%
21
Jan
5% Jan 27
&Co(Del)pf7%gtd 100
$6
10
95
107
147
Jan 31
Armour & Co of Illinois
400
74%
34
*11%
80% Jan 26
83% Jan 26
30
No par
preferred
Armour
58
*33
*6%
149% Jan
Jan
Assoc Investments,Co.-No par
v*8~5(j6
.
*50
22
2314
22%
7i2
7%
*6%
1334
1278
1278
2134
*20% 21%
107
10712 *106
8
8
8'g
4578
45% 45%
_
25
Archer Daniels Midl'd.No par
7%
35
*6i2
1
preferred.No par
Copper Mining
.20
Andes
Arnold
58
23
Smelt
conv
Artloom Corp
70%
63
&
pref...-.
conv
1,000
*33
63
10
..100
Lead
2,100
*50
6314
7
6% Jan 10
43% Jan 10
9%
74%
64% Feb
151% Jan 18
14% Jan 20
2", 6 00
9:
6
90
77
9%
Jan
Jan
12%
9
134
Jan 27
4834
*65
6314
22% Apr
28% Mar
5
90%
58
33%
5
53% Jan' 5
11% Jan 26
"""306
5%
46%
35%
35
33% Jan
Jan 24
4158 Jan 26
129% Feb 17
82
30
*33
33%
23% Nov
29
No par
50
26%
*63%
355s
7% Mar
No par
22,800
120
11%
'
80% July
2078 Jan
3
American Woolen
A P W Paper Co
*50
35
—100
200
74
Dec
Jan
$6 1st preferred
49
58
*91
preferred.
6%
$5 prior
36
94l2
.25
Am Type Foundries Inc.
3O0
70i8
70%
12
20
7
II,200
2,500
9%
8
15% Jan 27
13% Jan
"""600
6%
*33
'
Common class B
33
9
77,
165% Jan
24% Nov
9
Mar
Am Water Wks & Elec.No par
38%
*50
*6312
25
3
4734
Mar
148% July
13% Mar
4
Tobacco
13
47%
4
Jan
7% Oct
47% NOV
41% Nov
19% Oct
Mar
18% Jan
American
*2
47%
162
3% Mai'
158% Feb
38
5
16% Mar
Jan 23
5%
45%
19
6
18
Am Sumatra Tobacco..No par
Amer Telp & Teleg Co
100
90%
*54%
4734
1134
6
29%
Dec
13
90%
6
82
3
5%
4534
Feb
9
5
101% 101% *102% 103%
5
7
48% Feb
43% Feb
18% Jan
9178 Jan
13
45%
Nov
Mar
Jan 31
AnchorHockGlass Corp No par
*54%
Oct
122
20
84
700
90%
45
99% Mar
3
Dec
100
Jan
Mar
Jan 24
19%
1,500
29%
5%
Jan
40% Jan
3
200
6%
1334
26%
23
Nov
17% July
122
22% Jan
900
85%
834 July
x26
19% Feb 11
600
84%
20% July
2% Mar
Refining.. 100
1,400
2,600
120
79
American Sugar
200
*25% 26%
*118% 121
30% Dec
400
3,300
*46
13% Nov
4% Mar
12% Mar
9
No par
Preferred
Nov
Jan
American Stove Co
1734
17% 1734
114
113% *113
49
5
Nov
578 Nov
45% Dec
2% June
13% Feb 20
14% Feb 18
18
28%
Jan
15
36
Oct
1%
8% Jan
14% Feb 18
Anaconda Copper Mining. .50
Anaconda W & Cable..No par
28%
30% Mar
8
No par
83
6%
3
American Stores.
158
*26
Jan
Feb
Feb
41
18
,
46
100
8234
6%
13%
*87%
Mar
29% Jan 26
157
6
*26
Holiday
27l2
25%
25%
*118'2 122
*118% 121
*118% 121
101
*10178 10314
10134 *10078 103%
5
5
618
5%
5%
5%
47
47
4734
*46i2
*45%
47%
*5478
90%
5%
*37%
Birthday
27
*2
6%
13%
Mar
Amer Steel Foundries..No par
7,000
150% *149% 152
*5
6
33
14%
*2
*25
*2
*26
39
*26
28%
46
18
114
5
6%
28
49
49
*17l4
*113
85%
Exchange
*150% 151%
5%
39
29i4
18
157%
8234
May
2
12
58
Jan
15
157
3
Jan
*12%
9
2
4
60
14%
7
3
4
150
*12%
J an
5% Feb
34% Feb
Feb
1234 July
2078 July
5
25
15,100
25%
Jan
100
100
Mar
5% Mar
22% Jan
72% Jan
15% Feb
6% preferred
12
Stock
Jan
American Snuff
12
86
Jan 26
16% Jan 26
62% Feb 20
100
12%
20
14
160
800
12
86
Preferred
par
Jan 12
62
12%
20
Smelting & Refg.No
5% Jan 30
155
61%
*150
12
.
25
Jan 14
400
34%
*87
'
62%
150
Amer
100
23
130
32%
*5%
*37%
29
130
3234
6%
30
130
900
32%
13%
6
I
32%
39
514
62
150
18%
32%
*38
514
44%
129% 129%
62%
62%
83
86%
152
Preferied
18%
30%
43%
86
*17%
18
15678 15734
8312
*150
13%
15
20%
1*159
17%
16
333s
1034
153s
17%
64
1434
154
32%
IS
158
15%
*159
63%
30% 30%
4434
45
44%
44%
*12734 1291- *12634 12978
63
63
*6278 63
*150
15%
*159
17%
10
Mar
39%
I8I4
5
10
4434
16
13% Mar
4% Jan
39%
...
7% Nov
5% July
2% Mar
5
Nov
6% July
Mar
15% Jan
44 %
I818
*63i2
Jan
4
Jan 25
40
1534
Jan
3% Jan 27
56
*159
1634
13
32
39
6%
July
978 Nov
June
44
6%
3% Jan 20
1978 Jan
Oct
20
15
44
41
American News Co ....No par
Amer Power & Light ...No par
4
Dec
125
83
Jan
6i2
46%
24
5734 Nov
23% Nov
117
Mar
Jan 26
Jan 30
4012
24%
Jan
9
Dec
8% Mar
67% Dec
2% Mar
65
6
21% Jan 26
46
6
24%
Feb 16
66
178
18%
7%
30%
79%
6
63s
2434
8% Feb 24
11% Jan 5
10% Jan 4
15
4% Jan 25
Mar
3
15% Jan
13% Feb
30
3478
9% Mar
122% Jan
Oct
176% Nov
89% Feb
88% Mar
13% Sept
4% Mar
Jan 27
2434
24%
27
3
9% Jan
2434
2434
5
4
Feb
Jan 24
12
Aug
105%
160% Mar
Jan
55
5% Jan 26
par
$7 preferred
434
6%
Nov
135
Jan
24% Jan
113
share
14% July
52
12% Mar
5
European Sees ...No
600
14%
116% Feb 18
70%
4
5%
900
32
27
Jan
3% Jan 27
8%
5
Jan
Feb 24
35
Amer
17%
14
19
178% Feb 17
American Encaustic Tiling. .1
8%
33%
41% Jan 26
112
3
Allegh Co NJ 25
American
2%
1634
*13
173% Feb 23
24% Jan 26
per
6% Mar
23% Mar
114
Apr
88
100
Highest
per share
4
129
American Car & Fdy. .IVo par
6%
Jan
$
25
_
Preferred
Am
share
-.100
pref
American Can
5%
per
54% Jan 4
131% Feb 21
8%
1%
1334
3%
34%
*3%
*33%
4%
conv
Lowest
8
$
42% Jan 26
200
7
44%
67
1334
3434
4%
1,500
9%
64
*4%
*31%
24%
66%
9%
64
$ Per share
1
1634
14
4%
33%
44% ' 4434
*1%
13.i
*17
17%
6%
6%
3%
*33%
124
*117
14
4%
14
9
9
"2", 2 00
Corp
12%
♦30%
24%
834
9%
Bosch
2%
*16%
*784
12
*1334
1%
17*4
6%
247S
69
6%
25i2
3
12
44l2
1%
*16*2
17%
*6i2
25i4
*6634
*1334
3
13%
13%
4%
3134
13U
5
34
45
134
*4414
3
7%
9
63
63
*414
14
American
Am Coal Co of
17%
734
834
64
4%
8l4
17%
Year 1938
Highest
Am Brake Shoe & Fdy.No par
100
6%
*434
3,300
*112
117
*4%
*32i4
800
116
*4i4
*1234
*1314
2,600
116
9
9%
*9
Par
100
*112
7
Ranoe for Previous
100-Share Lots
Lowest
100
2,800
117
*10
*64
*8
800
1,200
116
734
*914
Shares
116
171*
_
20%
On Basis of
EXCHANGE
*112
1163s 116%
*7
2034
$ per share
Ranoe Since Jan. 1
YORK STOCK
Week
6%
6%
683
447g
44% 45
*131% 14134 131% 131%
89
88%
8834
90%
17378 17378 *168% 17434
28
27% 28
29%
46
*44% 45
46%
21
2034 21
21%
13134
28S4
Febu 24
*6%
4478
175
28%
the
23
$ per share
44
88
*45
*112
Feb.
Friday
Thursday
6%
44
1747* *168% 17434 *170
*165
V—
Wednesday
20
Tuesday
Feb. 21
1127
5
17% Jan 26
13
Jan 27
*Ex-dlv.
y
Jan
Dec
9
July
83
Jan
Feb 24
7
Jan
3
Jan
4
34% Jan
28% lan
Ex-rlghts.
Sept
117
Mar
17%June
934 Mar
37
May
3
19
Sept
3
153# Mar
78%
Dec
18% Nov
114% Nov
2934 Oct
24% Nov
19% Nov
21% Oct
55
July
35% Dec
30%
^ Called for redemption.
Oct
New York Stock Record-Continued—Page 3
1128
Monday
$
t per share
110
110
19
U%
25%
2%
7%
13U
25%
*35%
7%
13%
20
33
7%
13%
24%
*34%
*44%
1%
45
2
18
13%
25
39
45%
2
9
9
9%
1234
12%
13
41
40
18
*33
25%
2%
24%
13%
19%
*2
25
*9%
12%
40%
54%
*24
*24
2
110
24%
13%
45
share
54%
13%
18%
55
13%
*2
per
110
55
25%
20
35
17%
*34
41
17%
Feb.
21
Feb.
Feb.
S per share
22
Feb.
19
19%
24%
*2
*9
35.
9
9
12%
40%
17%
17%
*34
35
3934
17%
1734
35
„
28
Feb
1,100
400
8%
13
40%
18%
6,400
2,200
3,100
12
10%
11%
6%
48
4%
*27%
*13%
17%
7%
*22
*14%
*48
29%
26
26
13
13%
*3%
1334
17%
2%
11%
7%
22%
3%
10
10
17
17
1%
11%
134
10%
10%
*1%
*10%
8
7%
7%
7%
22
22%
22%
3%
*2134
3%
*33
14%
1634
*48
3%
10
10
34%
14%
33
33
14%
17
16%
14%
1634
*48%
51
1%
0%
1434
18%
684
*30%
*6%
6%
*6%
42%
*39%
85
*81
42%
85%
*39%
84
*6%
18%
3%
18%
*3%
*17%
3%
*44
19
3%
,
84
85
*105% 107
106
106
42%
*39%
85
*81
85
20
19
100
*17%
3%
3%
86
82%
20%
*120
89
17
15%
Stock
*70
72
71
*110
*110
8
*7
*4
*;
4%
4%
*88%
4%
95
*42%
43%
10%
10%
,
20%
3%
7
,7
*6%
5
4%
*4%
*4
Closed
7%
4%
4%
*4
95
*88%
42
42
41%
4%
95
42
10%
10%
10%
40
41
41
41
*39
•20%
t
101
*99
101
*99
*8%
29%
8%
27
27%
35
35%
88
*8%
22
35
34%
88
*38
2%
*6%
*434
9%
12%
*29
11%
-%
34
34
34
34
34
34
*2%
234
*2%
234
34
234
*2%
16%
3534
*45%
234
17
17%
17%
17%
17%
3534
4634
37
37
%
*%
*1%
17
*35
37
*45%
4634
*12
10%
31
29
29
*28
76%
10%
*79%
77%
10%
80%
74%
*10
76%
10%
*10
80
80
*54
62
*54
62
3%
*20
*68
74
*68
*114
115
*114
28
*74%
*42
51%
29
28
2734
93
*74%
—
51%
29%
*42
50%
28%
*130
*130
131%
*128
131% *127
61%
*1000
61%
„
_
15%
15%
*102% 103
29
29
*10334 106
*15
18%
*5%
3%
*61%
12%
27%
*42
5%
6%
7
*1534
15%
6134
103
6134
*1000
103
28
*27%
*104% 106
18,000
6134
5%
19%
5%
834
*5
7
*5
20
1534
16
16
30%
8
29%
734
84%
*75
5234
*108
84%
54%
5534
54%
54%
55%
111%
111% *108% 111% *107
12%
13
13
12%
12%
13%
134
1%
134
1%
134
1%
60
60
61
60%
61
61%
2734
27%
2734
28
28
28
5534
Bid and asked prices; no sales on
this day.
5434
1234
134
60
27%
5
Jan
3% Jan 23
18% Jan 26
13%
Jan
Feb
6
59
4% Jan
24% Jan
3
4
24
Feb 10
Jan
3
1
Feb
69
Feb
115
Feb
70
Apr
23% Jan
3
07% July
76
Jan
3
44
45
Feb
49% Feb 23
23% Jan 26
5
30% Feb 24
60% Jan
5
132
Feb 14
Jan 26
133
Jan
127% Jan
6
7
61% Feb 21
11% Jan 27
101% Feb 1
15% Feb 16
Jan
25
Jan 26
10334 Feb 20
104
Jan
36% Jan
106
Jan
10% Jan 28
5
..100
Jan 23
6% Jan 24
5% Jan 13
15% Jan 28
23% Jan
a
Def. delivery.
June
26% Jan 26
preferred-No par
Oct
Feb
9% Mar
3% Mar
23% Nov
4% Mar
1134
7% Jan
4
10
17% Jan
Apr
13% Mar
9
Jan
Mar
25% Dec
884
Jan
Jan
June
22«4 July
22% July
98% July
19
Nov
35% July
7
57
83
Feb
8
50
May
May
57
Jan
3
23
Mar
59% Nov
84
Mar
108% Nov
Jan 26
10% Jan
Sou ..No par
x
29
46
$6 preferred series
No par
Commonwealth Edison Co..25
Cash sale,
Dec
3934
107% Nov
88% Feb
100
r
Nov
74% Jan 3
62% Jan 13
100
New stock,
May
17
104%
9
6% Jan 13
5% preferred
n
61% Nov
970
Feb
No par
Commonw'lth A
2534 July
129
Nov
14234 Aug
Jan
110
£ In receivership,
May
60% Nov
9% Jan
7
49% Jan 27
107% Jan 11
11,800
4,900
7% Mar
20
No par
Comm'l Invest Trust.-No par
117,800
57% July
May
13% Mar
8734 June
$4.25 conv pf 8er '35.No par
Commercial Solvents. .No par
28
Jan
105% Mar
5
9
4,100
1%
62%
111
78
40,400
134
32% Mar
10% Max
9
109% Feb 24
5934
Dec
976
105% Jan 10
28
30% Nov
6
Jan
100
1%
15% Mar
Feb
4 H% conv preferred
28
Aug
77
100
,60%
Mar
42
3
JaD
109% 109%
13%
Oct
75
115
"
74% Jan 23
6% preferred series a
10
27%
Nov
106
10
5734
Feb
5% Nov
10% Mar
Apr
1,000
111%
Dec
60
4
Commercial Credit...
13
80
Mar
9
4,100
13
Jan
Mar
2
42
100
Columbia Gas A Elec
Oct
88% NOV
Mar
conv
51
May
9
9
$2.76
Jan
1234 Jan
19% July
13% Nov
3% Mar
25
Jan
35% Mar
7% Sept
54%
56
5534
111% *107
Mar
Mar
13
8
53%
2%
Nov
July
54
79
50
v t c
47
Dec
8
82
t 0
3934 Nov
1%
12
10% Jan
Jan
3
5384
8
*107
%
13% Jan
Jan
6% July
1934 Dec
Dec
1
8% Feb
14% Jan
Jan
1%
Dec
15% Jan
29% Jan21
100
*108
*109
Feb 23
Jan
134
Mar
%
Jan
1
37% June
Jan 10
84 Feb
178 Jan
1% iJan
July
15% July
678 Mar
16% Jan
30%
8%
85
53
22
48
Jan 24
Jan
Jan
Feb
1%
Mar
93
*29%
53
2
Jan 28
v
Oct
5%
Dec
Dec
Feb 23
30%
80
%
Jan
11
*29
84%
%
1
15% Jan 28
Columbia Plot
4
% Nov
81
Columbian Carbon
700
1%
878 Mar
No par
300
89
1% Mar
% Aug
2% Sept
334 Jan
1% Jan
3
38%
Dec
No par
200
Oct
33% Nov
Apr
%
Columb Br'd Sys Inc cl a.2.50
Class B
2,50
15%
20,300
70
% Jan 14
Jan
938 Jan 26
100
12%
53
.
"""266
12%
May
9% Jan 24
4% 2d preferred..
83
*75
18
Jan 28
28
100
12%
80
3
Jan
30
% Jan
8% Jan 13
Colo Fuel & Iron Corp.No par
15%
84%
Mar
June
3
12
No par
83
84%
Oct
106
94
Jan
58
1234
*75
46
3% Jan
20% Jan
37% Feb 24
No par
15%
734
59%
No par
-.100
100
5
4% 1st preferred.
Apr
4% Mar
17% Mar
5
Colorado A Southern
30
Jan
6% July
26% Mar
Jan 24
125
81
80
—
200
8%
104
5
4
101% Jan 13
34% Jan 26
100
*12
*15%
81
7%
"""800
Mar
4
Jan
% Jan
(The)—No par
Colonial Beacon Oil
Jan
13
Jan 11
5% conv preferred
Dec
4
3% Mar
88
Aug
45% Jan 26
No par
Class A
6%
28
5% July
111% Nov
14
July
5278 Jan
47% Jan
3% Jan
1234 Jan
15
Climax Molybdenum..No par
Glueft Peahody A Co.-No par
7
Zl534
Feb 24
Feb 24
Coca-Cola Inter Corp..No par
16"700
24
18
5
3
5% Jan
Jan
Collins & Aikman
*634
9% Jan
84
2,200
7%
Apr
33
28
30%
*104% 106
18%
5%
Mar
99%
Sept
19% Dec
72% July
Dec
2
6
4
Jan
78 Feb 17
2,000
*034
Jan 9
Jan 30
% Jan 16
1
Jan 30
*102% 104
*15
Jan 24
2% Feb 17
Clev Graph Bronze Co (The) .1
Clev A Pitts RR C j 7% gtd_50
500
187g
3
Jan
5%
%
Colgate-Palmolive-Peet No par
6% preferred
100
15%
Dec
Mar
Jan
22% Jan 11
111
Feb 23
Preferred
46
1234 July
68
Coca-cola Co
Feb 21
48% Mar
111
50
200
...
15%
*18%
5%
5%
834
7
*29%
I
62
"l5%
30%
145
12934
18
*6%
12%
29%
*108
15%
29%
18
*5
16%
16
53%
*6134
29%
24
16%
16
80
29
7,700
96
71
66% Jan 26
Special gtd 4% stock
51%
*15
85
*
4984
24
*12
*108
*50 ~
700
93
*15
*5%
*15%
*15%
86
.
103
103
*80
53
28
Mar
July
106%
Dec
Clev El Ilium $4.50 pf.No par
...
9
12%
Jan
June
CCCAStLoulsRyCo5% preflOO
74
*68
*42
*1000
15%
12%
54
74
11434 *11384 11434
28
85
54
Clark Equipment
*75
12
85%
300
93
85
*77
20%
29
1234
31
8%
8734
20%
*42
29%
!
Aug
58
82
5
preferred
City Investing Co.
120
4
100%
%
25
21%
*75
128
20
62
98% Jan
29% Mar
6
9
4
%
No par
Copper Co
Chrysler <_orp
City Ice & Fuel
City Stores..^
*27%
49%
400
Child' Co..
C hile
300
93
5934
80
3%
27%
*1000
*5
80
*114
80
•
1.400
40,200
62% Mar
June
11
10
Chlckasha Cotton Oil.:
7
6
%
Chicago Yellow Cab...No par
300
Jan
2% Mar
20
100
—;
3%
*132
19
80
*54
6% preferred
Nov
22% Nov
4% Jan
107% July
22
100
3%
129% *128
*1734
87
*79%
62
*132
19%
5%
734
80
*19
...
87
8%
10%
*68
*85
*29%
10%
78 %
10%
*126
24
*15%
11%
29
7638
*3%
74
11434
*15%
1234
U
29
*79%
21%
16%
16
*1534
1034
76%
*54
28
28%
28%
28%
10334 10334 *104% 106
5%
13
13
*10
3%
100
45
89
Apr
12% June
Jan
2% Jain 28
Chicago Pneumat Tool.No par
$3 conv preferred. __No par
7% preferred
34% Mar
63%
4
3
10% Feb 24
2%
100
Preferred
Jan
July
834 Aug
24% Jan 5
39% Jan 4
88% Feb 24
%
Pr pf ($2.60) cum div No par
JChic Rock Isl & Pacific—.100
93s
*83g
9%
12
800
34
%
131% 132
6134
4,400
%
127
62
18%
3734
4634
200
8%
42
May
4% Mar
19% Jan
94
95
Jan 26
Mar
21
July
Dec
26% Nov
107% Jan
243g Jan
2
Jan 26
86
JChic A East 111 Ry Co
100
6% preferred
100
tChicago Great Western.. 100
4% preferred
100
Chicago Mall Order Co
5
{Chic Mil St P & Pac._No par
5% preferred
100
^Chicago & North West'n.100
1%
130
15%
15%
102% 103
1,900
*1%
,
51
2934
131%
49%
2834
1,700
34
234
28
62
*75%
1%
1%
%
1034
*54
*3%
3.
300
400
,
37%
*45%
*%
4634
,
%
■
28
10%
29
*79%
*68
*1000
6%
12
10%
80
74
*15
*5
*8%
*74%
11434 *114
24
7
9%
*%
75%
74%
*19
28%
93
,
*1%
'
10%
21%
„
1%
1%
*1
*8%
*45%
*%
*%
*1%
938
12%
11
3%
500
rll%
*a8
*8%
12%
10%
21
%
100
*%
*3%
8,200
200
%
Feb 18
Apr
5
Oct
Jan 27
8
""206
*11
7% Jan 9
42% Feb 17
37%
Jan
20% Aug
21% July
46% Nov
19% Jan 26
31
2%
Jan
5%
99% Jan 25
23% Jan 27
—5
3534
8834
3
37% Jan 27
100
100
4
3
32% Jan 31
6%
Jan 12
9%
No par
Common
Jan 26
Feb 24
39% Jan 26
Checker Cab..
%
.
6% prior preferred.
8
4% Feb
1
Cham Pap & Fib Co 6 % pf.
7
Jan
88
100
—
Chesapeake Corp
No par
Chesapeake A Ohio Ry_.
25
Preferred series A
-..100
*%
Jan 18
Jan 26
Jan 28
900
35%
8834
8% May
12% Mar
Feb 24
Jan 24
400
2%
%
1%
1%
20
35%
5% Mar
4
49
7
10%
21
5
Jan
122
4%
21
9
9
2%
*%
%
*8%
*12%
10%
1,000
*38
%
%
1%
1%
28
2%
%
*%
*%
27%
28
%
11%
*1%
*%
10
Preferred
250
2%
11%
11%
17%
41
101
2 34
11%
46%
3.
41
*99
*%
*2%
*11%
36
10
99%
*2%
234
36
Certain-Teed Products
20%
Jan
4
3% Jan 27
Cerro de Pasco Copper .No par
2,000
%
*2%
*45%
2,200
1034
234
*2%
%
234
*16%
42%
8834
%
234
20
Century Ribbon Mills.No par
10%
*%
*%
%
2%
400
42%
*88%
*2%
11%
*%
2%
300
10%
27%
*8%
20%
4
Jan 23
Feb
110
10%
41
2%
10a4
17% Jan 26
pref-,-100
Oeutral RR of New Jersey .100
Central Vloleta Sugar Co—19
41%
Holiday
Mar
14% Jan 26
Central 111 Lt4^S%
95
%
*2%
-
100
7%
434
5%
5
1
105% Feb
x06%
95
35
%
%
*2%
*6%
434
7%
4%
Jan
Aug
Jan 17
Jan 25
5% preferred
100
Central Agulrre assoc.No par
Central Foundry Co
1
July
24%
Jan
89
22
51
Jan 26
42
NO par
Celotex Corp
4%
95
42%
*4%
*88%
Birthday
99%
2%
11%
*2%
700
20%
20
*39
-
30
1.000
89
•
200
3,800
4
35
*38
13,600
82
Mar
13
Mar
44% Jan
116
Mar
15% Mar
Jan
100
Oct
20
45
30% Feb 15
6% Jan 28
40% Jan 23
—
July
5
15% Nov
44% Nov
Jan 13
Jan 26
100
-No par
5% preferred
.... .100
Celanese Corp of Amer.No par
7% prior preferred
100
Co
Preferred
24
Mar
Jan
4% Jan 26
Caterpillar Tractor
Dec
16% Aug
22% July
3% Jan
17% June
10
July
18
Jan 27
3%
0% Mar
6
17% Jan
49'4
2%
8%
17%
20%
44
1
10
29
13% Mar
Jan 26
17
25
Jan
Oct
July
Feb 24
% Feb 15
6% Jan 26
—
5%
2% Mar
Jan 11
37
54%
Dec
39
6% Mar
Jan
14
50
7%
5% May
16% Mar
13% Jan
Case (J 1)
111
ton's
4
Oct
100% Nov
14% Mar
1% Mar
9% Jan
22% Feb
Carpenter Steel Co.,
5
Carriers & General Corp.-—1
4
834
*88
%
.
20
20%
Jan 26
29% Jan 26
14% Feb 20
15%
No par
Cannon Mills
9
49
-.1
Heda Cons C op..5
Calumet A
19% Jan 28
3% Jan 28
5
238 Jan
12% Jan
85
111
22
34%
5'.T preferred. .
Callahan Zinc Lead—
Jan 24
20% Jan
3% Jan
94% JaD
4
27%
*20
88
%
*%
27%
8%
9
*20%
22
Byers Co (A M)
Jan 26
2
100
71
.
A Zinc..;
Butte Copper
7%
3
111
101
29%
10
Jan
5% Feb 24
18% Jan
Feb
4
41
*100
*21
JBush Term Bldg gu pf rtfs 100
J
17% Feb
*110
Washing-
10%
*88%
*64
30
83
250
1634
71
Jan 26
Oct
13%
Mar
1234 Jan 28
12% Jan 28
1% Jan 28
Jan
14%
Mar
3
23%
preferred
41
15% Mar
1,200
89
16
62
Carolina Clinch & Ohio Ry 100
5.000
23%
89
16
71
Exchange
20%
4
11034
22%
90
22%
71
*110
22%
16
90
55% Jan
Jan
Nov
46% Nov
23% Oct
3% Mar
5% Jan
3234 Jan
Dec
14% Nov
Apr
Jan 26
N'o par
1
Burroughs Add Maeh..No par
Bash Terminal
1
conv
75
Jad 24
Bujlard Co.
10
...30
2%
12
5% Mar
4%
1,100
83
121% *120
5
Oct
40% Aug
43
Dec
10% Mar
27% May
5% Mar
Feb 17
24%
Burlington Mills Corp
Butler Bros....
16
Xl634 Mar
Jan 1"
193,
42% Jan 26
No par
S3 preferred A
3%
*88
10
*88
*17%
3%
83%
Jan 18
42
a-34
—No par
5^
Feb 16
13
Jan
Bulova Watch
8% Aug
37% Aug
1% Mar
8
Capital Admin class A
46%
21%
20%
16
18%
3%
400
31
86
12134
47
49
4634
*105% 107
*105% 107
*
121%
46%
46s4
*105% 107
31
Jan 12
Jan 26
31% Jan
10% Feb
Mar
28
3% Mar
5% Mar
Jan 26
Budd Wheel.
42%
*81
4%
37%
15%
4
Jan 20
2
6
Canadian Pacific Ry
*39%
4%
10% Jan 23
Mar
9% Jan 16
100
Mfg......No par
preferred
100
5,700
48
6%
89
20%
4
*43
634
20%
20%
3%
48
Jan
1% Jan 18% Jan 26
Jan
5% Mar
1234 Mar
Feb
5,500
*6%
17
4%
1858
634
91
72
20%
17%
Jan 28
Dec
14
Jan
98
Campbell W A C Fdy—No par
Canada Dry Ginger Ale
5
Canada Sou Ry Co
100
*6%
20%
*4
200
*30%
17
*69%
*20%
2,800
4%
31
*88
20%
7
15
434
*120
4634
6%
1434
42%
85%
18%
*82
121
46%
6%
22,400
1%
6
27
Jan 26
California Packing....No par
100
Jan 23
96
300
49
24
2% Jan
13% Jan
13% Jan
1,200
20
Jan 23
Jan 26
5
No par
Participating preferred..100
Byron Jackson Co
No par
2,000
1,000
14%
17%
*43
7%
2
10
Budd (E G)
400
3034
*17%
3%
120
47%
49
20
4%
*81
86
47
51
800
1,000
6%
48
434
121
86
121
*32%
*1434
16%
1434
2,000
17%
1%
11%
8
22%
3%
1034
34%
15%
17
*14%
17%
5
31%
*22%
3:%
10%
900
6,000
15%
1
17%
48
734
600
1%
17%
4%
*30%
*30%
1
634
*14%
*42
4%
17%
1%
16%
*48
27
1,100
23% Feb
5
Bucyruo-Erle Co.--.
150
4%
30
*10%
34%
16%
1%
6%
15
5
31%
f
42%
18%
*37%
*32%
1434
51
1
*14
17%
"
10
1
7
17%
17%
134
No par
Bruna Balke-Collender.No par
7% preferred.
6,300
47
2534
13%
26
13
15%
18%
48
*14%
47
29%
20
10
1%
K
29%
13
3%
51
6%
29%
700
3.100
6%
4%
29%
America—3
Brewing Corp ol
Brlggs
99%,
6%
46%
4%
20%
22
17
33%
4%
*7%
3%
10%
33%
15
*16%
46
4%
29%
1034
1%
*10>8
22%
3%
*10%
4%
13
17%
>»
*45%
4%
29%
25%
2%
11%
8
*10
48
4%
28
13%
*1%
46%
31
*97
Bond Stores inc
Brown Bboe Co
35
1134
4%
Jan
46% Feb 11
""500
1%
10%
6%
47%
Oct
4%
43
39
11%
*30
36%
1% Dec
52%
Mar
45%
*34
99%
6%
16% Mar
18
1034
6%
19%
39% Jan
11%
*97
14% July
May
34% Feb
1134
6%
46%
June
7% Feb
10%
9!
Jan
9
15
1578 Jan
31% Jan
10 "8
6%
40
Jan 12
*11%
*97%
Jan 10
16% Feb 24
20% Feb 24
32
Jan 3
11% Jan 26
11%
6^8
55
16% Jan
Jan
22%
11%
99%
110
12% Jan
Manufacturing.No par
Brlgg.* A Stratton
No par
Bristol-Myers Co
-.5
Brooklyn A Queens Tr.No par
86 preferred..No par
Bklyn-Manh Transit—No par
$6 preferred series A.No pa
Brooklyn Union Gas...No par
10%
*97%
0%
Jan 23
Highest
$ per share $ per share
82
107
Dee
Apr
Bridgeport Brass Go...No par
*11%
99%
51
share
Feb 18
per
5,700
11%
*97%
104
No par
Class B
$
3,200
5,100
1134 '11%
11%
No par
Bon Atnl class A
share
"""366
2%
*35%
*44%
1%
8%
12%
45%
2
per
1
Borden eo (The)
15
Borg-Warner Corp
5
Boston & Maine RR100
Bower Roller Bearing Co—.17
1,100
27,400
8,700
23
7%
39
12%
40%
1234
40%
*34
13%
25
*34%
45%
*1%
9%
.
12%
40%
17%
7%
13%
25
13%
100
270
%
7%
24%
24%
Par
Lowest
Highest
.
13%
*2
7%
7%
13%
25
39
45%
1%
Lowest
Shares
Year 1938
of 100-Share Lots
24%
25
2%
24%
24%
On Basis
26
24%
1939
Range for Previous
Range Since Jan. 1
STOCKS
25,
EXCHANGE
Week
109% 109%
5434
55
15%
13%
19
29%
*2
24%
24
% per share
24%
2%
24%
7%
1234
24%
*34%
44%
134
Feb.
108% 109%
5434
5434
14%
15%
18%
19%
14
23%
23
% per share.
$ per share
109% 109%
*5434
55
14
Friday
NEW YORK STOCK
the
NOT PER CENT
Thursday
Wednesday
Tuesday
Sales
for
SALE PRICES—PER SHARE.
AND HIGH
LOW
Saturday
Feb. 18
Feb.
9
1% Jan 3
45% Jan 3
2034 Jan 25
Ex-dlv.
y
60
Jan
3
Feb 14
13% Feb 17
2% Feb
31% Mar
90
Jan
578 Mar
1
Mar
63%
Feb
6,
25
Mar
28
Feb
6!
22% Mar
Ex-rights,
6
5% Mar
9%
Oct
83
Oct
70
Oct
64
Nov
112% Oct
12% July
2% Oct
5584
28
f Called for redemption.
Oct
Ma*
Tuesday
Wednesday
Thursday
Feb.
Feb. 21
Feb. 22
Feb, 23
Feb. 24
per
18
share
♦81*
26%
8%
27
7%
*0
*514
2114
*7%
6*4
21%
8*2
20
$ per share
$ per share
8%
8%
8%
*0%
21
27
*6
*6
684
21
85
85
85
1%
11%
33%
1%
11%
33%
0
6
0
8%
*2%
8%.
*2%
234
2%
2»4
234
*12
8%
13
87
1%
87
1%
11
33%
10334 103%
6%
6%
8%
2%
2%
32%
1%
1%
I
97% 97%
38% 38%
*114% 114%
7%
7%
98
98
38% 38%
114% 11434
784
734
34%
34%
3%
26%
25%
53%
64
3
26%
25%
53%
63%
32
33%
40
34
1284
34%
5%
40%
8%
27%
*74%
*44
63
18
*7%
734
♦110% 111
20% 20%
25% 25?8
14%
5%
40%
7
27%
77%
63
26%
*74%
*44%
21
.
7%
20
20%
19
6%
1%
1
6%
119% 120
120% 121
*28
84%
*10%
10%
34
34
1778
31%
6%
7584
*113
118%
*9%
10
1384
1384
1778
31%
*5%
73%
11
*10
7%
29%
32%
41
7%
7%
18% 18%
*79
84%
*10%. 10%
*33% 34%
16%
17
30% 31%
*5%
0
72
74%
32%
*40%
116
116
9%
13%
*8%
12%
*10
11
19%
25%
14
19
21
Exchange
6%
*1
0%
Closed
ton's
Birthday
29%
32%
*40%
7%
18%
*81
Holiday
29%
32%
41
7%
18%
82%
10%
34%
17
"*6%
182
*180
*24%
*2%
32
13%
*2%
11
3734
33%
29%
*1%
*30%
*39%
106%
10
*71
83
*78
4,600
5%
*4
4%
30
4%
400
*5%
41%
42
7
2034
83
6%
26%
*74%
27%
63
*45
117
*10
884
12%
11
.
60
6%
684
7
4,400
4,800
1
1
200
121
123
1,200
1%
*120% 125
30
30
30%
32%
32%
*7
32%
41
7%
*40«4
7%
18%
18%
19
*4084
*81
84
10%
84%
*10%
34%
16%
31%
3484
,17
31%
74%
*115
*8%
13%
*10
30%
32%
41
784
19%
84%
10%
35
17%
*110%
*110% 115
148
14884 147%
139% 139% 139%
118«4
*117%
II784 118
16%
1534. 16%
6
6
6%
119% 119%
9%
13%
11%
115
149
140
119%
118
17
6%
172
170
171
171
171%
180
180
181
181%
180
180
180
180
*73
*77
7634
82
*1%
*1%
1%
1%
1®4
1%
3%
3%
*3%
1%
1%
3%
2
2
*2
2%
*29%
*1
30
1%
30
30
2%
IO84
3684
33%
*39%
42
10634 10634
9%
9
*70%
72
*74
78
*77
82
1%
1%
334
*2
2%
1%
384
2%
100
115% Jan 18
107
Jan
10% Jan 5
6
June
1,000
3,700
38
Jan
3
19
Jan
Jan
Mar
Jan
3
7
85
29
Jan
31
Jan
10% Jan
41% Jan
5
3
Dayton Pow & Lt 4H% P* 100
Deere & Co-—-.
—No par
Preferred..————1—20
Diesel-Wemmer-GIlbert.... 10
13%
5
— .
Devoe &
....—No par
Doehler Die Casting Co No par
Dome Mines Ltd
—No par
Class A
Dresser Mfg Co
7
.
300
*4,506
900
.....No par
8% preferred..——100
Du P de Nem (E I) &
6% non-voting
Co.-.20
deb.—-.100
$4.50 preferred......No par
30
Duquesne Light 5% 1st pf.100
Eastern Airlines, Inc.
— 1
400
1,800
100
400
Eastern Rolling
5
114%
J)-Nq par
10%
115%
13
12,300
3,900
80O
1,100
2
10
10%
11,800
71%
71%
300
$5 conv preferred.—-No par
"""300
$534 preferred w w..No par
$6 preferred........No par
Equitable Office Bldg—No par
77%
3%,
2%'
1,700
1,700
1,100
200
30
{Erie Railroad
..—100
4% 1st preferred——.—100
4% 2d preferred...—100
50
Eureka Vacuum Cleaner..—5
Evans Products Co—.—-.5
Ex-Cell-O Corp
—3
Exchange Buffet Corp .No par
Fairbanks Co 8% pref.——100
Fairbanks Morse A Co.No par
08
10%
22%
*1%
984
21%
22
*134
2
39
24%
24%
14
*13
*84ia
86
110
*90
6%
2
6%
*5%
*38%
5
5%
10%
2234
5%
38
*23*4
13%
84%
*90
10
6
38%
24%
13%
84%
110
4%
4%
3
3
1%
*1%
*24%
1%
2
*18%
10
22%
22%
*184
2
*1*4
5%
10%
22%
2
1,900
1,500
3,700
100
0
150
*37%
39
38»4
39
1,000
*24
24%
25
25
400
*12%
13%
85%
13%
13%
14%
700
84%
70
*83%
534
110
*90
5%
*5%
13%
83%
*90
*96
—
-
-
*4%
"~4%
3
3
*2%
4%
3%
1%
1%
1%
*1%
188
24%
*22
*87%
33%
*18%
8934
88
88
34
338s
33%
24%
24%
*18%
Bid and asked prices; no
sales on this day.
Fajardo Sug Co of Pr Rico—20
Federal Light A Traction.—15
*96
6
Jan
.
Jan
11% Jan 5
19% Jan 13
15684 Jan
140
121
8
186%
Feb 24
Jan
23%
200
Federated Dept Stores.No par
8984
100
Fed Dept
3334
33%
33%
2,100
*18%
24%
*18%
24%
23%
89*4
*88
{In receivership,
a Pef. delivery,
Stores 4 H% pf-100
Y..2.50
Co. No par
Fidel Phen Fire Ian N
Filene's tWm) Sons
n New stock,
r Cash sale.
Mar
Jan
40% Oct
30% Oct
42
Deo
8%
109% Apr
III84 Jan
1384 Nov
3% Mar
121% Mar
8
Jan 5
Jan 4
Jah 4
Jan 4
2% Feb 23
12% Jan 19
41% Jan 20
Feb
Jan
10% Mar
25%
3%
34%
15%
2
Mar
13% Mar
6
Mar
2% Sept
6% Mar
22% Mar
18
6
Mar
2l»4 Mar
% Mar
30% Jan 19
}84 Jan 5
3184 Feb 6
4334 Jan 7
111
Jan 30
17
Feb
33
8%
Jan 16
71%, Jan
76
3
Apr
04% Apr
Jan 14
18s Jan 30
1% Jan 23
3% Feb 18
1% Jan 23
2% Mar
38% Mar
,10% Jan 20
78
Jan 20
80
Jan 20
83% Feb
134 Jan
2% Jan
5% Jan
0
0
4
4
3
Jan
5
5%
Jan
6
Jan
3
40
Mar
40
.
Mar
1%
Jan 3
9% Jan 27
18% Jan 26
I84 Feb 16
5% Feb 11
35
Jan 26
24% Feb 17
12% Jan 24
13
24% Jan 3
2% Jan 20
6% Jan
43% Jan
29% Jan
5
5
4
15% Jan 17
Feb 7
Jan 16
Jan
6
8
8
6
D ec
1% Dec
284 Mar
1% Dec
62
4
2%
5%
10%
1%
3%
19%
22%
0%
07
Oct
Mar
Mar
Apr
Mar
Mar
May
May
Mar
Apr
52% Apr
96% Feb
2% Mar
17.
Mar
1
Sept
12% Mar
677g Jan
22% Mar
15
Jan
80*4 Dec
141
I84 May
8% Mar
Apr
90% Mar
13034 Mar
157
Oct
Oct
3478 Aug
102
4
Jan
183% Feb
38
Mar
jah 5
8984 Feb
3434 Jan
18% Feb
23%
33%
23%
*88
87%
6
86% Jan 3
32% Jan 27
18% Jan 23
Federal Water Serv A .No par
31
78%. Jan 3
3% Jan 7
1% Jan 19
25% Jan 4
Federal Screw Works. .No par
300
Jan
Jan
27% July
4% June
6
6
400
2084
31%
Jan
4% Jan 26
2% Jan 26
1% Jan 24
21
Jan 26
1,300
Nov
Deo
87
1%
Jan
17
25% Dec
17
102
3%
25
25%
Jan 24
4%
884 July
17% Dec
11% July
111% Dec
25% Feb
35
Feb 17
4%
*2%
*1%
Nov
29% Nov
12
81
Federal Motor Truck—No par
Oct
50
Jan
Jan 16
Jan 3
Jan 6
97
-100
Co 100
Preferred..—.—-—100
$0 preferred—
83
11
Federal Mln & Smelting
110
*90
3%
4%
6
*82%
84
110
4%
24%
5%
10
24%
*22
24%
9*4
22
5%
38
*5%
37%
8934
34
34
5
*24
24*4
*87%
♦
4%
*3
9%
21%
5%
9%
2184
2
*96
*96
*96
5
7% Dec
28% Nov
91% Nov
Erie & Pitts RR Co.—
5%
8% Aug
56
Aug
'
Jan 12
Jan
21% July
23% Nov
Jan 20
Feb 23
87
Mar
Feb 24
Jan 25
28
38% Jan 19
106
94% Jan
13% Feb
6% July
Mar
17
Jan 24
Nov
37% Nov
15% Nov
92% Nov
44% Jan
5
Jan 24
Jan 26
Nov
July
II
118
Jan 24
40
Nov
65% June
8% Sept
28»4 June
4
Jan 23
Oct
Nov
Jan
Jan 18
2884, Feb 1
1% Jan 24
3
Corp....50
IO684 *105% 106%
3%
Mar
Jan 25
Jan 20
42%
117%
29%
10%
4384
884 Nov
25
Jan 16
12
3
5% Nov
2% Jan
115% Dec
Mar
110
Jan
Oct
Dec
Mar
76
4
Jan 26
Jan
-
70*4
177
Jan 12
135
Feb 23
29% Nov
56
84 Nov
-4
Jan
Jan
Feb 24
Feb 24
Jan
Mar
7% Mar
Nov
12%
35%
22%
33ia
Feb 24
984 Jan 26
34% Jan 26
El Paso Natural Gas
Endicott-Johnson
43
*2
9
9% Jan
Feb
5% Jan 27
170
shares...
Electric Power & Light-No par
$7 preferredNo par
5% preferred.—1——100
Engineers Public Service..-.1
2
Jan
Jan
June
1178 July
30% Nov
3% Dec
3534 July
86
Jan 31
Jan 26
136®4 Jan 26
117% Jan 26
Elec & Mus Ind Am
"""160
2
102% Jan
1384 May
1934 Mar
49
116
20.
Jan 26
142
175%
20%
2%
26%
11%
1%
30%
3%
Jan 26
111% Jan
100
Co
4
Eitlngon Schild
..No par
Electric Auto-Lite (The)..—5
Electric Boat...
.....3
6% cum preferred
Eaton Manufacturing
42
1«4
Jan 26
15%
25%
8%
1%
6% June
.
Feb
123
5% Jan 24
11% Feb 14
Mills—.....5
Eastman Kodak (N
*40
1%
Jan
20
Mar
13% Mar
4% Mar
13% Mar
20% Jan
9
62% Jan 24
Duplan Silk
*29%
1%
111
5
Jan 26
15% Jan 27
Elk Horn Coal Corp.—No par
1%
1%
18
8% Jan
30% Jan 26
No par
1
—
600
19,600
.33
Dunhill International—.
300
83
Jan
17
15% Jan 26
7984 Jan 23
10% Jan 30
Dominion Stores
200
83
Feb
24% Jan
6% Jan
«4 Feb
113% jan
27
June
3% Mar
12% Mar
48% Jan
46
.
1284 Jan 26
18% Jan 26
6
Jan 24
5% pref with warrants..100
-No par
1%
82%
35
Jan
78
Jan 24
Jan
Mar
4% Mar
7% Jan
28% Jan
Jan
17
3
58% May
12
May
48
45
Raynolds A...NO par
*1
82%
1%
Jan
2384 Jan
5% Mar
Jan 21
6% Jan
Feb
110,
70
Jan
16
74%
Delaware Lack & Western..50
{Denv & R G West 0% pf-100
Detroit Edison..
100
6
4% Jan
65% Jan
Jan
40
Mar
19% Mar
Apr
4
6
Apr
58
Jan 10
Jan
Jan 24
884 Jan
59% Feb
ICO
Delaware & Hudson
29%. 29%
*74
21% Apr
5% Mar
22%' Mar
4
4784 Jan
484 Jan 27
6
29%
10
91
96
82
$6 preferred
No par
Elec Storage Battery—NO par
71
14% Jan
18% Jan 26
5% Feb 15
16% Jan 28
0% Jan 28
35
77%
Apr
Apr
162
Apr
234 Mar
110
Cutler-Hammer Inc...No par
39%
-934
Feb 17
Mar
Jan
5% Jan
2I84 Jan
10%
.70%
*75
6
Jan
10
40
z53
Feb
.
34
106
Feb 17
Curtlss-Wrlght........
1
Class A.—,..
...'— 1
Cushman's Sons 7% pref.. 100
$8 preferred.
No par
200
5,100
3,900
2,600
31
54% Feb 24
6684 Jan 8
I7684 Jan 6
Feb
10
100
.....
400
1,500
13%
30»4
Jan 16
21% Mar
% May
21% Mar
3%
28%
99%
26%
,884
Cudahy Packing——.
50
Curtis Pub Co (The)—-No par
Preferred..-.———No par
Ltd-,--No par
Douglas Aircraft—.—.No par
Dow Chemical Co
No par
3184, 3234
*40
4,
Feb 18
31% Jan 3
29% Jan 4
61% Jan 26
100
38
*1
35
284 Feb 10
26% Feb 9
Cuba RR 0% preferred...100
1034
3784
33
37%
32%
29%
4
20% July
28« July
103% July
8684 Jan
34% Jan
13%
284
11%
2»4
10%
Jan
8% Mar
6
Dixie-Vortex Co
13
284
44
Jan 26
Jan
Jan
1% Mar
05% Mar
36% Mar
784 Feb 20
32
Jan 28
26
31%
2%
98% Feb 24
984 May
$5 conv preferred
No par
Crucible Steel of America—100
6% partic preferred
1,800
2%
3
Distil Corp-Seagr's Ltd.No par
24%
2%
23%
2%
Jan
Diamond T Motor Car Co.-.2
116
10%
2
4,500
100
11
13
Jan 26
1% Jan 27
89
Jan 26
""700
17,100
9%
13%
31
16
44
5
110
23
12% Jan 26
32% Jan 132% Feh,20
75
13%
2234
2%
95% Nov
17*4 Oct
Jan
Preferred
Jan
Jan
Apr
12
Cuban-American Sugar
7%
6%
78
25% Apr
7% Mar
......
7% Oct
10*4 July
9584 Jan 20
16% Jan 3
20% Feb 3
Jan 12
.......
Nov
104
Jan 13
35
Preferred
86% Aug
2% Oct
12% Dec
34% Oct
94
40% Feb 17
5
118
2% Sept
2% Mar
Dec
76
22
28% Jan 26
"""76
Mar
7
6
Diamond Match..—.No par
220
Mar
2% Mar
3
1,000
74
6
171
23%
2%
31%
12%
400
31%
171%
*2284
*2%
31%
12%
2%
10%
3634
*31%
500
8,500
1,000
24%
3% Jan
384 Jan
4% Mar
17
88% Apr
Deo
Oct
July
Nov
Nov
Mar
Conv 6% preferred
25
Davison Chemical Co (The).l
7
.
Feb
Davega Stores Corp
20%
25%
14
20%
Mar
33
100
6%
73
884
12%
0%
1984
Jan
Feb 8
Feb 6
Feb 24
Jan 6
Jan 6
Jan
I
29
900
110% 110%
Apr
71
Feb 24
"'966
13%
20%
6
31
117
7
55
40
6%
18
10% Sept
4% Mar
9
Jan
21«4
19%
25%
13%
20
73%
31
*6%
*17
7
*5
•fl6%
21«4
6%
17
19%
*25%
*12%
19%
72
*34
21%
20
83
3
5
36
90
63
Dec
$2.25 conv pref w w..No par
Pref ex-warrants
No par
Crown Zellerbach Corp
5
500
84
83
172
23%
24%
24%
2%
2%
2%
31%
32
32%
1284
13%
13%
2%
2%
234
10%
10%
11%
3034 3734
38%
33% *31% 31%
29% *29% 30%
1%
1%
1%
30% 3034
3084
*39% 42
42
107
100% *106
9%
9%
10%
72% *7012' 72
78
*74
50
42%
6%
5%
*10%
34%
16%
31%
*5%
*10%
*112% 115
*110% 115
147
148% 140
142
*139% 142
119
119% 119
*117% 118
118
15
15%
15%
6
6
*584
6
034
174% 174%
4084
*1
*110% 115
150
150
14084
*139
138% 139
*11834 11934 119%
117% 117% *117%
14%
15%
16
2,200
87%
*86
5
110% 111
Washing¬
1%
*119% 125
•
Crosley Corp (The).—-No par
Crown Cork & Seal....No pat
4184
17
19%
19%
1
28%" 28%
*31% 32%
*40%
41%
*7%
778
18%
18%
*75
5%
*25%
*12%
13%
19%
6%
13%
100
1,600
1,000
1,700
26,500
8,100
18
*6%
7%
9%
33%
28%
5%
21
5%
*15
19%
26
Cream of Wheat ctfs—No par
800
110% *110% 111
19%
*25%
700
Coty Inc
4
.
Aug
9%
2984
884
147s
26%
10%
10
100 173
Preferred
500
3,600
14%
*45
25
Corn Products Refining
1
Crane Co...
......25
5% conv preferred
100
60
Stock
5
Mar
Jan 10
38
.....1
Mar
15
113
Continental Oil of Del
15
Feb 16
20
Continental Motors
Highest
12
84.50 preferred.;
No par
Continental Diamond Fibre
100
13,600
14
5
Feb 23
Jah 26
103
*9
2%
11%
34%
104%
6%
9%
2% Feb 15
49
60
6%
26%
*74%
—.100
Jan 27
2%
Corn Exch Bank Trust Co.20
14
41
8
210
1,800
61
5
21
5%
54%
6384
13%
6%
26%
74%
63
8% preferred
Continental Can lire
Jan 24
Jan 26
61
40%
9
29% Jan 13
10184 Jan 4
5% Jan 16
No par
J—...No par
3% Apr
1
5
Jan
21
14%
6%
26%
74%
*44%
86
Continental Steel Corp.No par
10C
4%
Class B...
8% Jan
8284 Jan 11
1% Jan 25
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t c—25
5% preferred v 10
100
Consumers P Co$4.60 pfNo par
Container Corp of America. 20
Continental Bak cl A
No par
25% Jan
Feb
900
3%
2684
27
54%
64%
174
5%
31%
200
40 84
18
110 %
13%
*1
5
21%
5%
*15
13%
*6%
14%
'
26%
32%
84
5%
Consol Oil Corp—
Jan
80
3484
61
*60
.
26%
33%
1284
*81%
*4%
*384
$5 preferred
—.No par
Consol Laundries Corp
8
Jan 12
76
Continental Insurance—.$2.50
40
*81%, 83%
*484
5%
*334
4
62
34%
3%
3284
12%
86%
40%
1
$2 parti c pref
No par
Consol Edison of N Y—No par
8% Feb
30% Jan
584 Jan
I8S4 Jan 24
6% Jan 26
1,400
11,400
4,900
33%
12%
12%
Consol Film Industries
Lowest
$ per share $ per share
$ per share
6
1,300
40
39%
No par
E per share
7% Jan 3
2484 Jan 27
8%
8
33%
86%
*60
300
40
12%
5%
3%
4,400
*33
39«4
—
984
600
98%
38%
114
*30%
80
*484
3%
38%
114
28%
28
1,000
33%
12%
♦82
I84
97%
103
102
1,500
Conde Nast Pub Ino
Congoleum-Naim Inc..No par
Congress Cigar- .—
No par
Conn Ry & Ltg 4H % pref-100
Consol Aircraft Corp
1
Consolidated Cigar
No par
7% preferred
—.100
634 % Prior pref w w
100
2.600
1»4
40
39
6%
40%
7
27%
77%
21%
5%
32%
86
*5%
21%
*5%
27%
984
32
86
14%
*15
102
""306
19
6384
*17234
173
173
5'4
5%
5%
3084
2934 3034
4084
4
6%
*37%
33%
3%
27
26%
5384
63
86
14%
40%
.
34%
3
26%
*2584
-53%
39%
61
95%
1334
19
*37
4
13
18%
*3284
.12%
14%
400
13%
54
*53
61
500
3
18%
I84
800
1,600
24,400
3,500
3,200
13,200
3
13%
1%
6%
8%
50
3
*2%
18%
18%
484
5%
*94%
13%
34
13
82
104%
13
40
4%
104
9584
*33%
82
11
3384
*94%
13
87%
41%
1%
11
33
*11
*36
4O84
87
1%
95%
13%
64
,64%
65%
*173
*173
174
174
*172«4 175
5% .
5%
5%
5%
684
-0
2984 30%
31% 31%
30% 30%
*102
101
103
101% 10J34 101
*28
28%
28% 28%
28% 28%
*9
9
*9%
9%
*9%
,984
*12%
87%
*84«4
95%
13%
*18%
18%
8
85
8%
2%
2%
6,100
22%
*80
*8484
*1%
10%
32%
11
21%
*7%
8
85
*11
13
33%
218s
*7%
*80
13
05
33%
684
20%
8
400
7
*6
13
*94%
54
*6%
684
*11
1%
184
IS4
1'4
97% 97%
*97% 98%
38% 39%
39% 39%
*114% 11478 *114% 114%
8
8
784
784
3478
35
34% 35
3
3%
3%
3%
27
26% 26%
27%
20% 28%
*20% 27
54
7%
95%
*11
95%
13%
19%
95%
13%
19%
2%
234
1,300
*6
85
11
27%
27
Lots
Highest
Lowest
Par
Shares
*6%
32% 3234
103% 103%
6%
6%
8%
8%
*2%
2%
3
*2%
,6
8»;
8J
27
On Basis of 100-Share
Week
$ per share
*8
8%
shar
*8484
*1%
84% 8434
*1%
1%
11%
11%
32% 33
10334 103%
103'4 10378
per
26%
♦80
85
*80
27
2034
*7%
8
*7%
*80
$
*8
7%
7%
21%
*6
$ per share
8%
27%
034
27
Range for Previous
Year 1938
Range Since Jan. 1
STOCKS
EXCHANGE
Friday
Feb.
$
Monday
NEW YORK STOCK
the
NOT PER CENT
HIGH SALE PRICES—PER SHARE,
Saturday
Sales
for
LOW AND
1129
New York Stock Record—Continued—Page 4
Volume 148
June
*Ei-dlv. y Ex-rights, j Called toy redemption.
Deo
New York Stock Record—Continued—Page 5
1130
LOW AND HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Feb.
Feb.
Monday
Feb. 20
$ per share
18
$ per share
*34
$ per share
22
2234
22%
*101% 102
47%
47%
27% 2734
22
22%
22%
101% 101%
27%
34%
20
3
*31
33
234
30%
20
*19
30
26%
30
105
2384
86
86
*5%
16%
*2
3*8
10%
*13
*96%
*38
*3
1034
13
48
24
2
*3
3%
*10%
13
*11%
96
13
96
*96
*5%
*16*8
16%
16%
*48
50
*7
5
4
15
15
30%
*65
7%
*128
40%
39%
*115*8
%
*46
,
128
*27
68
24
*65
24
128
30
*46
76%
126
49*8
125
125
*36
39
*5%
9%
75*2
*125
109
76*2
76
*108
22%
109
1%
21%
90
*87
1%
*46
76
46%
47%
125% 125%
38%
47%
5%
*108
1%
109
*1%
90
1%
21%
*87%
1%
*17%
*31
1%
21%
♦87%
1%
90
32
1%
1%
17%
31
17%
32%
25%
1 734
3234
26
24%
26
2434
24%
1334
1334
12%
12%
14*2
13
13
3234
*14%
15%
99%
22
14%
*
1134
*57
22%
7%
21%
7%
47
7*4
47
47
12%
21%
58*2
21%
45
45
2%
2%
*72
2%
2%
*14%
99%,
22%
*2%
11%
57%
21
46
2%
2%
2%
2%
33
72%
72%
72%
21%
19%
64
64
34
*104% 106
*4*4
4%
78
78
1
1%
6%
*1%
6%
1%
*12%
*16%
29%
30
*23*8
23%
1434
13%
1634
15
25% 26*8
24?g 2478
*135i2 138
*36
66
30
30
*32
39
33'
31%
105
*62%
31%
*4%
4%
77%
Holiday
64%
32%
105% *104
*75
105
*4%
4%
*75
77%
1
1
1
6%
•6
6
1%
*1%
*1234
*15%
29%
*12%
13%
16%
29%
23%
14%
25%
*15.%
2934
23%
14%
2434
24%
25
136
138
*36
66
28%
29%
*33
1834
*1134
11%
11%
*78
1%
39
18
*%
*16
18*2
4%
1
*16
*4
18%
11%
*4
29
•
18%
4%
*15%
*29%
33%
10%
*4
*16
17
*16
17
9934 100
100
100
*100
101
101
101% 101% 101
*100% 104
*26'
27%
*26f
26
27%
26
*130% 137
*130% 137% *130
137%
*75
79
75
6%
<
75
6%
*75
6%
95
3
3
3
3
3
*102
103
*102
103
*10?
102%
11
11%
11%
*164
*1334
77
11%
111%
110
166
*110
164
1434
77
11%
*1'4
76
11%
110
*102% 110%
164
161% 1611a
14%
1334
13%
*76
76%
77
134% *132% 134%
*133*2 134*2 134
54
*54*4
54
54*2
*10684 110
"106% 110
*18
20
47
47%
107*2 107%
*9*8
9%
*12%
*95
13
110
*18
47%
107% 107%
*9%
9%
12%
12%
*14
63%
63
32%
6334
*31
*31
14%
14
69
*107
110
63%
32%
14
*68
108
*68%
*107
20
47
*95
678
6%
6%
6%
48*2
*1%
1%
48%
*1%
48%
1%
*5%
33%
7*8
134
5%
33%
7*8
1%
1%
1%
16%
16%
15%
27
26%
16%
26%
*43%
*8%
*25
44
*9
44
9%
*53%
54%
*106% 110
*18
46%
107
*8%
19
46%
107
9%
62%
*31
13%
*5%
5%
32%
33%
7
6%
48%
*1%
*5%
33
7
1%
15%
25%
66
29%
"2,100
30
39
18%
19%
24,000
11%
*%
11%
*16
300
*4
18%
4%
16
16
*29%
*33%
10
12
.
1,500
17
*75
95
2%
54%
5%
2% Jan 9
l34>Mar
27g Jan 4
2% Sept
60% Apr
4
Jan
18% Jan 26
Jan
3
13
Mar
Apr
28% Nov
51% Jan
75
Feb
9
2434 Jan 4
65% Feb 24
Jan 26
38% Jan
Jan 26
10934 Jan
75
Gt Nor Iron Ore Prop .No par
Great Northern pref
100
Great Western Sugar..No par
Preferred
Green Bay & West RR....100
Green (H L) Co lnc
...1
Greene Cananea Copper..100
Greyhound Corp (The).No par
5
5
Jan
78
3
Feb
10
Mar
32
June
15% Mar
6934 June
2% Mar
52% Mar
Hall
*95
47%
6J4% preferred
2
30% Feb 24
10% May
19
Apr
22%
24
Jan 23
1284 Jan 26
21 s4
Jan 26
24% Jan 28
135% Jan 13
~2~506
400
cum
conv
33%
34%
3,900
6%
7%
2,000
1%
4,100
16%
16%
26%
44%
*8%
1%
17
7,700
26%
Houdaille-Hershey
32
Jan
142
Dec
50
30% Feb 17
13% Mar
28% Nov
40
Jan
34% Mar
50
June
Jan
7% Mar
22
Dec
7%
13
16
Jan 26
20
11%
%
Jan 27
12% Jan
3
1% Jan
15
Jan 26
5
18% Feb
Jan
Feb
78 Mar
12
Mar
134
28
4
Jan 25
3
Mar
16
Feb 24
22
Jan
8
Mar
24
Jan 27
31
Jan
24
Apr
30
Nov
Jan
5
34
Feb 18
'30
Apr
35
June
Jan 27
12
Feb 24
5
Mar
13% Nov
21% Jan
87S
Jan 26
Feb 18
478
71
Jan
Feb
5
3
Jan 19
Jan 25
5% Jan.
16% Jan 12
102
Jan 26
12
Mar
6% July
8884 June
101
Nov
June
100
Nov
4
15
Mar
138% Jan 11
120
Apr
32
Jan
6% Feb 21
75
Jan
5
Jan
5
Jan
4
1134 Feb
3
4%
50%
1%
76%
June
Mar
3434 July
140
Dec
z734
75
4
81
May
111
Feb 17
140
Jan
161
10
Mar
4%
106
165
17
Jan
5
71
Jan 26
86
Jan
3
133
135%
Jan
5
4
Jan
stk.No par
100
v
t C..25
5
....
100
..100
90
1000
Cash sale,
x
Feb
2
57
Jan 20
June
June
5% Mar
42% Mar
12634 Jan
40
Jan
17
Jan
Jan
98
Jan
9% Jan
15% Jan
5'4 Mar
11%June
3
6
Mar
3
46%
Jan
6%
9
Feb 20
Jan 27
1% Jan 12
Jan 14
Jan 27
Jan 27
Jan 24
3234 Jan 10
107
Feb
6
8% Jan
6
Jan
5
52%
134
6%
35%
87g
Dec
Oct
Feb 17
44
135%
Dec
51
103% Jan
Oct
Dec
60
110
17% Jan
70% Jan
Dec
87
105%
104% Jan 12
6434 Jan 17
68
Dec
Mar
8
7
20%
Mar
Jan 26
Feb
Oct
Dec
11% Nov
Sept
Jan
Jan 26
111
Jan
Nov
15
19
Feb
6%
80
109% Feb
104% Jan 12
61% Jan 24
Jan 27
30
12% Jan 26
100
Leased lines 4%
RR Sec ctfs series A
7%
12
100
6% preferred series A
60
42
106
5%
30%
6%
1%
14%
Hudson Bay Mln & Sm Ltd 100
Hudson Motor Car
No par
Hupp Motor Car Corp
1
Illinois Central
100
9%
18
Nov
83
101% Feb 18
116% Feb
cl A. No par
Oct
Jan
Jan
29%
Jan 21
100
Oct
Jan 26
Jan 21
Jan 26
No par
com
r
July
Feb 20
12.50
5% preferred
New stock,
23% Apr
Apr
122
24%
13%
No par
Howe Sound Co
Hudson & Manhattan
n
5
4
July
24% Dec
15% Nov
30% Dec
159
5
44%
delivery,
4
100
Class B
300
Jan
30
35
No par
Jan 28
54
preferred....No par zl04% Jan 24
5% preferred
Houston OH of Texas
1%
2(6% Jan
138
Jan
110
preferred
200
6%
9% Mar
12% Mar
No par
Household Fin
33%
5
Oct
-ilOO
Hollander & Sons (A)
Holly Sugar Corp
7% preferred
Homestake Mining
""166
16% Jan
31% Jan
Jan
8%
...25
100
3,100
2,300
20
2
2% July
14% Nov
22% Nov
Jan 24
Hlnde & Dauch Paper Co..10
Holland Furnace (Del)
10
55 conv preferred
98
2,200
7
35
Hershey Chocolate
54
Jan
Dec
6% Nov
7234 Dec
Feb 15
Hercules Powder
150
a Def.
2434 Jan 27
108
10
25
1,600
6%
Mar
Jan
Nov
26% Oct
68% Dec
38% Dec
...]
..No par
60
8
Jan
Mar
3% July
3%
85
2%
102%
Preferred.....
Hercules Motors
1%
| In receivership,
1.
110
500
14
14%
*68%
69
*107% 109
6%
6%
6%
100
w w
800
9%
12%
49%
10
Hecker Prod Corp
110
48%
25
Pilnting
20
1
July
32
r100
Helrae (G W)____
107%
9%
*12%
100
7% preferred class A.....25
200
46%
T_10
No par
Hazel-Atlas Glass Co
19
107
preferred
Guantanamo Sugar
100
107% 107%
*18
100
Jan 28
Feb
1534 July
37
Jan 26
15
61
24% Jan 5
56
3
June
27% Nov
11% Feb
45% Janl2
29
Feb
Mar
100
67
101
3>4 Jan 26
5
Nov
1634 Nov
20% Nov
37% June
par
7,200
6%
Bid and asked prices; no sales on this
day.
Jan 26
6% June
46% Dec
5
20
Hayes Body Corp
200
13%
9
Mar
8% Jan 3
8
Mar
Jan
preferred
900
54%
69
44
June
9
Jan 27
Jan 4
....100
Preferred
200
1%
8%
99% Feb 8
24-% Jan20
98
Jan 26
Feb
Jan 18
7
44
34
138
1%
9%
13
8% Mar
14% May
Jan 27
6% preferred
100
Hat Corp of Amer class A... 1
5%
*8%
15% Mar
15% Jan 4
1634 Jan 9
""866
*1%
9%
41
No par
No par
conv
July
32% Jan 4
Jan 24
70
95
Jan 25
Jan 26
*5%
44
Mar
Feb 10
1.100,
1%
43%
1
2% Jan 23
2% Feb 15
No par
preferred
Gotham Silk Hose
10
3
107
261a
Jan 3
1% Jan 3
Nov
2% July
27% Nov
2% July
26% Oct
41% Nov
16
5%
16%
90
5
9% July
12% July
110
13% Mar
100
23
30
5%
33%
*25
Jan
Mar
6% Mar
101% Apr
1% Dec
12% Mar
x85
Sept
Jan 27
29
23%
11%
13%
99%
19%
678
44
Au3
53% Nov
124% Nov
45
July
20% Jan 5
Hamilton Watch Co...No par
160
*1%
16%
3
Jan
1% Jan 24
17% Feb 17
6% preferred
100
Hanna (M A) Co 55 pf.No par
Harbison-Walk Refrac.No par
104
104
.
1%
26%
90
1% Jan20
28
Oct
125
21% Mar
4
1%
,
Jan
25% Mar
111% Apr
108% Febl6
40% Nov
117% Nov
Dec
118
6% Jan 5
1078 Jan
Nov
Nov
Jan
5% Jan 28
8% Jan 26
106% Jan 11
1% Jan 27
19% Jan 27
34
Feb
Nov
48
79
Jan 27
_
Nov
28
'50
19
5% preferred
."40
5%
33%
51
125% Jan 13
37% Feb
Jan
87
13#"
Jan
45
Gulf Mobile & Northern.. 100
500
48%
127
Jan 26
3
Jan 26
1
6% preferred.
Hackensack Water
600
6%
2
Feb
387g Nov
Mar
No par
50
(Adolf)...
100
100
'
64%
48%
50%
51% Jan 4
13% Jan 3
200
0%
34
32
6%
25
Jan
60
8% preferred
63%
48%
Feb
78
Jan 26
Goodyear Tire & Rubb.No
1,400
1
32
13%
45
Jan 24
No par
40
32
*25%
*43%
27%
145
63%
*68%
3
Jan 26
Jan
72%
123%
42%
123%
3,200
13,600
2.500
102-% 10234
11
11%
11%
113s
*102% 110m *102% 110%
*161
165
*161
J 65
13%
13%
13%
14
*76
77
76%
77
*132% 134% 134
134%
107
% Mar
15%
100
63
13%
39
Jan 12
1% Jan
10
Goodrich Co (B F)
100
31%
69
40% Feb 11
117
78 Jan 13
53
4conv preferred
55
3
Jan
44% Jan
2,500
62%
107
36% Jan 27
114
Jan
30%
23%
*23
32
107
Mar
130
Oct
5% July
19% Oct
Mar
207g Mar
108% Apr
27% Mar
2278 Mar
108% June
s4 Mar
2%
12
11
35
2% Mar
102% 102%
110
Jan
Jan
25% Jan
1% Jan
26%
26%
*130% 137% *130% 137%
6%
6%
6%
6%
12
35
75
Jan 31
No par
$6 preferred
Glidden Co (The)
80
26%
*95
2534 Jan 28
68
21% Jan 28
125% Jan 31
37% Jan 26
.No par
Girnbel Brothers..
136
•
534 Mar
778 Jan
184 Jan
14% Feb
*16
12
6% preferred
100
General Tire & Rubber Co...5
Gillette Safety Razor..No par
55 conv preferred
No par
2% Mar
4
100
*101
110
par
59% Dec
11% July
Apr
13%
16%
*100
12
par
Sept
9% Nov
102% Dec
Mar
Jan 27
17
9%
Corp.No
Corp.No
Jan
Oct
52
6% Mar
115
1% Jan 25
11% Jan 26
10%
46%
General Refractories...No par
Gen Steel Cast 56 pref. No par
Gen Theatre Eq
Gen Time Instru
29
10% Feb 16
137% Feb
4% Jan
18
Dec
19% Nov
Mar
1
4
107%
1
Jan 26
July
8%
4% Mar
82
5% Jan 27
*32
9
100
4%
3% Jan 24
Jan
100% Jan
60% Jan
1
30%
39
46
100
No par
Jan 18
18
June
5
*38
107
preferred
56 preferred....
48
Jan 17
Grand Union (The) Co.
1
53 conv pref series...No par
Granite City Steel
No par
Grant (W T)___.
10
25%
19
6%
Gen Realty & Utilities
600
600
50% Jan 27
8% Jan 26
July
97
Sept
52
Oct
578 July
18
Mar
13
9
Nov
Sept
37g
4% Mar
18% Jan
Jan 26
Jan 26
58
9% Mar
85
Granby-Consol MS&P
101
*18
Jan
7% Jan
Jan
32
Mar
Graham-Paige Motors
14%
54%
*107% 109
14
96% Jan 17
Oct
Nov
5%
2% Mar
10
400
14%
*54
Jan
1,600
25%
95
Jan
3,300
104
2%
4
13
1%
100
*75
1% Mar
1%
*101
*26%
No par
4%
197g Mar
*12%
16%
2934
18%
29%
23%
*95
69
109
48*2
7
3
*16
No par
Gen Railway Signal
91
6%
'
*33%
*9%
Gen Public Service
29%
Mar
*6%
1%
16
33%
10%
30
77
1
30%
34
17
6%
4%
*76
*15
*16
6%
16,400
%
10
10%
65
65%
33%
34%
104% 104%
*29%
No par
2%
8,100
30%
$6 preferred
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
21%
18%
---1
700
20%
64%
*16
..No par
Printing Ink
Gobel
11%
4
300
75
18%
4%
16
Common
General
600
66
29%
10
200
25
24% 24%
*138
*135% 145
*32t
...100
No par
...
1,900
1
*36
preferred
General Motors Corp
$5 preferred
21%
6
14%
24%
6%
..No par
2%
77
*23
General Mills
47
2%
18%
10
34
2,800
75
%
17
~8~706
7%
21
18%
30%
200
72
*11%
*16
*6*4
77
No par
.No par
56 conv pref series A.No par
20%
*45%
2%
32% 33%
105% 105%
*4%
4%
1
*29%
*33%
*9%
570
20%
45%
2%
2%
11%
18
1,100
*20%
45%
2%
2%
13%
29%
34
1,200
13%
600
64%
$4.50 preferred
109% Nov
Mar
Jan
7
Gen Gas & Elec A
800
10,400
13%
*15%
29%
29%
33%
800
12%
'
No par
No par
General Foods
10
1%
57
18%
<
400
1,300
24
48
100
No par
100
7% preferred
General Electric...
30
48%
20%
Class A
7% cum preferred
General Cigar lnc
Mar
11
50
Jan 13
Feb 16
13
Jan
85
2% Jan
Feb 14
134
Oct
21
Oct
37% Nov
55
96
5
Gen Outdoor Adv A...No par
600
12%
72
No par
No par
1,200
99%
1%
29%
*16
700
...6
General Cable..
10
,48,900
56
1
39
17%
11%
*%
""MOO
Baking
No par
100
900
12%
6
66
*33
5,600
18%
33%
26
7%
47%
*1%
..
14%
14%
24% 24%
24% 24%
*135% 145
*36
33,600
76%
22
7%
13%
16%
29%
23%
*23
20
.No par
58 1st preferred
General Bronze
600
800
15
'
99%
General
400
15
22%
1%
_
500
4,500
59
11%
1
6
'1*2
18%
*16
ton's
Birthday
20%
6434
*63
72%
20
50
*55%
Washing¬
2%
2134
46%
33%
2534
*13%
15
7%:
46
73*2
21%
Closed
"
11%
55%
20%
-
*2*2
Exchange
49
.
13%
21%
7%
11%
55%
20%
*45%
*2%
31%
*.•_..
3,800
90
*1%
18%
25
*14%
22
90
1%
13
$6 prefert-ed-...
Dec
39%
Mar
18
30
Feb 23
48% Jan 31
Gen Amer Investors...No par
Gen Am Transportation.....5
37
18
31%
'
*47
""466
49%
124%
90
24
15
*21%
7%
7%
1%
21%
18
Stock
09%
47
11*2
*55%
20%
*45%
1%
18%
-
108
50
~i~700
5%
5%
9%
9%
10734 107%
1%
1%
2134 2234
9%
108
21%
22%
5%
*9
5
54* % conv preferred
24%
*36
39
5%
9%
No par
$6 pref No par
31%
1% Mar
Jan 11
Jan
Jan
Jan
Oct
NOV
43% Nov
1934 June
15
Apr
Feb 24
16
conv
267g
100
24% Mar
107g Mar
Feb 18
Gaylord Container Corp
126
48%
3
16% Mar
Apr
76
3% Jan
108%
2984
9034
334
Highest
$ per share % per share
2% Mar
25
Apr
600
124
125
*36
5%
,
*9
48
125
pf.100
1
Game we 11 Co (The)
Gannet Co
50
76%
*125
Jan 26
Gar Wood Industries Inc....3
41%
*46
77
2%
42%
23%
1%
10
.50
3934
40%
115% 115%
%
1
126
Jan 26
$3 preferred
60
130
40
Jan 26
Galr Co lnc (Rojbert)
70
*128
50
76%
*125
*36
5%
129
39%
40%
39%
39%
*115% 116
%
125
9
9
129
50
125
126
*5%
1%
22%
*46
46%
48%
*124% 125%
*36
38*2
5%
9%
•1*4
50
68
Feb 10
80
Free port Sulphur Co...
10
Gabriel Co (The) cl A..No par
50
*23%
35-% Jan
8
Feb
.500
*48
24%
28
5%
13
96
5%
68
Feb 24
10% Jan 26
11% Jan 27
95% Jan 28
5% Jan 24
50
68
Jan
19
22
500
16%
*24
*128
F*k'n Slmon&Co lnc 7%
400
36
104
800
I
4834 Feb 16
Jan 27
10
No par
Feb
102
17% Jan 16
2% Jan 30
100
Francisco Sugar Co
conv
Jan 16
No par
preferred
$7
70
*16
68
No par
4H% conv pref
1,600
2
3%
11%
16
24
23%
129%
41%
39%
40*2
39%
39%
40
38%
39%
39%
39%
116% ♦115
116% *115% 116
%
*%
1
%
%
50
*75%
30
♦65
24
129%
96
5%
_.
Foster-Wheeler
200
*7U
8
7%
7%
*100% 103% *100% 103%
55
55
56% 57%
10%
10%
10%
10%
137% 137% *136% 140
3%
3%
*334
3%
14%
14%
14%
15%
28% 28%
29% 30
55%
10%
30
30%
68
23%
3
*10%
*11%
13
70
30
24
*48
*98% 103%
54%
55%
10
10
10%
137
137
*136% 140
312
3%
3%
3%
14
14*8
14%
14%
138
134
101
X Follansbee Brothers.-No par
Food Machinery Corp
..100
48
23%
11%
30
Florshelm Shoe class A.No par
800
2%
16
50
*7
7%
55
55%
10%
*38
1%
3%
31% Jan
Florence Stove Co
200
85
234
24
5%
16%
*48
2%
*3
10%
2%
30
85
46
23%
1%
10%
*11%
5%
7*2
♦39
2
90%
»334
13g
1734
,
*40
*2%
*98*2
*136
*87
2%
*23%
5*2
7%
*108
*2%
50
55%
10*4
48%
88
Jan 12
Jan 26
5,300
10434 104%
24% 25%
25
96%
*98
*125
*24
*85
23%
2%
3%
10%
*2
19
86
48
23%
33
19
19%
99%
41%
24%
200
28%
33
24
Jan 27
6% preferred series A... 100
First National Stores...No par
Fllntkote Co (The)
No par
200
27
19%
234
*29
10
share
2484 Jau <
per
300
2684
24
.16*2
*48
29%
Firestone Tire & Rubber.
5
Range for Previous
Year 1938
Lowest
Highest
5 per share
600
1,800
47
*2%
Par
500
47
*85
2%
21%
22%
*101% 102
2%
*28% 30
*104% 106
104% 105
23*2
90
*234
3
Lowest
Week
33
26%
Range Since Jan. 1
On Basis of IMS-Share Lots
EXCHANGE
Shares
48
*45%
27
29%
26
234
43
24%
2%
3*4
10%
13%
101
5%
22%
*31
*18%
*284
25
42*2
-23%
22
46
24
$ per share
101% 102
27
33
*18%
*2%
Feb.
$ per share
STOCKS
NEW YORK STOCK
the
Friday
Feb. 23
22
$ per share
46
*85
234
Feb.
Thursday
47%
105% *103
*103
21
Wednesday
46%
19*2
♦29*2
Feb.
101% 101%
34%
*18*2
234
Tuesday
Sales
Sot
Saturday
1939
25,
102
21% Nov
52% Oct
118
Aug
1334 July
2-5%
Jan
Mar
108
May
48% Apr
17% Mar
66
Aug
83%
Jan
5
Mar
23% Mar
35%
Oct
18% Oct
72% Nov
105% Nov
934 July
53%
Jan
Jan 20
1
May
3% July
9
3
Mar
9% July
20% Mar
35% Nov
Jan
Jan 10
Jan
5
5
Mar
10
Jan
% June
Jan 26
o218
Jan
20 84 Jan
25
Jan 26
35
Jan
6% Mar
12
Apr
20% Dec
35% Dec
41
Jan 28
44% Jan
23
44
8% Feb 23
11% Jan
Ex-dlv.
y
Ex-rights.
Mar
3% Apr
234
Oct
Nov
11% Dec
\ Called for redemption.
Volume
PRICES—PER
SALE
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
EXCHANGE
jf
if onday
18
Feb.
Feb.
$ per share
$
7
*65s
20
per
share
108t2 110
*150
91%
91%
14
—
7
7%
7%
26%
26
9234
9234
*92%
13%
13%
434
434
434
24
59
58%
57
7
8
26
25
26
9234
92%
9284
338
1234
2U
3
2%
3%
11%
634
6%
*3%
3%
*3%
834
8%
8%
11%
43
41
5
45«
45
4%
45
4534
*32
*31%
3334
11%
41%
51%
11%
4034
40%
5,700
Internat'l
51%
52%
11,700
10,100
7,000
2,180
26
1,100
97%
834
13,900
8%
2,500
13%
1,300
20
20
122
*118
123
75
9%
8%
8%
90
10
123
*122
*74
75
90
90%
92
10
*16s4
18
*16»4
700
18
*16
10
10
*10
10%
*10%
98
*90
98
*90
98
*1514
1534
*15%
1534
15%
*14%
15%
*82
95
88
88
11
10%
1034
7
7
300
10%
*90
1034
*7
7%
*11%
83%
37%
11%
*23
25
83i2
3634
*
35%
11%
*2
2%
*2
*32
42%
*34
17%
*227g
*5
17%
23%
5%
*85
90
10%
*10%
10%
1034
11%
1,300
7
7
*7
7%
7%
7%
700
83%
50
*79
36%
11%
35%
11%
25
2%
58
Mar
122
Jan
Feb 21
64
B No par
117% Jan 27
100
100
preferred
Class
B
Kendall Co $6 pt pf A
.
20%
14%
Birthday
*19%
21
15%
Holiday
*14%
4%
4%
*4%
*28%
*21%'
29%
293s
22
2238
19%
15
15
*4%
5%
30 •
30
28%
2834
28%
29
22%
23
23
23
<22
22
115
*113
115
*113
115
4%
21%
*15
80
1,500
29%
22%
115
*113
115
*113
300
4%
4%
900
*,
—
-
—
4%
4%
434
434
4%
4%
4%
4%
600
*%
%
*%
%
%
%
%
%
600
*2%
5%
100
No par
No par
preferred....
Bryant.
5
Lee Rubber AT ire
Lehigh Portland Cement...25
100
50
4% conv preferred
Lehigh Valley RR
Lehigh Valley Coal..
No par
-.50
1
21"
*2%
2%
100
23
22%
23%
23%
Lehman Corp (The).
12
1134
12
1134
12
12.
12
24%
12%
5,300
12
23%
1134
23g
23%
*2%
24
2%
23%
*2%
24
1,500
Lehn A Fink Prod Corp
*28%
5%
53s
5%
4634
5%
5%
32
*41
44
3034
*28%
30
30
30
400
Lerner Stores Corp
No par
47%
6%
*37%
47%
5%
48
49%
2,100
Lib bey Owens Ford
Gl.No par
5%
1,300
Llbby McNeill A Libby No par
5%
*
*41
1634
16%
4934
47%
105% 106
32
41
31%
*40%
1095s *107
10%
5434
4
*3%
*19%
*105%
23%
20%
109
2334
148% 149
17%
17%
50
50
*31%
*126%
32
9-%
52%
1,000
48%
4,100
53%
53
109
48
*48
48
*31%
*126%
23%
14934 14934
17%
1734
49%
49%
1
50
2834
27%
28%
27
41%
42
41%
18
19
18%
18%
*32%
33
33
33
*1%
134
*5%
6%
*12%
14%
1%
*5%
*12
*1%
1%
*5%
6%
14
*12%
27%
42
42
19
27%
27%
43
19
42
*18
18%
'
32
32
1%
*1%
1%
*5%
6%
*13
14
.
3%
19%
3%
19%
v
6%
14
......
34,600
3,300
Long Bell Lumber A
140
150% 150%
17%
17%
70
50
31%
31%
28
18%
*1%
*5%
Louisville A
100
MaeAndrews A Forbes
2,300
3,000
18%
2,000
300
1%
100
6%
.......
14
*12
8%
81*
7%
8%
8%
8%
8%
8%
*11%
12%
*11%
11%
*11%
11%
*11%
11%
*11%
*1%
1%
47g
1%
1%
1%
*1%
1%
1%
1%
478
1%
4%
4%
4%
5
4%
5
6le
*6%
7%
6%
61"
*6%
7
15%
3734
13%
14%
14%
14%
14%
1438
6%
14%
15
36%
37%
36%
37%
37
38
38%
39%
4%
6%
15
37
*358
*4914
3184
4%
50
31%
176
*175
50%
5%
50%
5%
334
48
334
49
31
30
5%
50%
5%
32
*100
102
*100
102
12%
*
12%
98
1234
11%
*95%
1234
12%
98
49%
*5%
*31%
100
*1234
11%
*9534
3,400
130
7,800
61,700
5%
*30
33
5%
33
11%
100
12%
*1234
12%
11%
98
*9534
9934
100
12%
this day.
98
*9934101%
12%
13
500
100
50
600
12%
12%
7,500
96%
96%
100
X In receivership,
4'8 Jan 24
% Jan
2
Jan 26
22
Jan 26
108s Jan 28
276s Jan 27
43
Jan 26
5i8 Feb 21
36
s Def. delivery,
Jan
Jan
IOI4 Mar
13i2 Mar
Jan21
95
Jan
3
Mar
313s
24i2
11412
558
68
Jan
Jan
3
3g
Jan
17g
2784 Jan
12% Jan
19%
678
32i4 Jan
1934
2314
54
Jan
518
638 Jan
25
Mar
81
Mar
Jan 23
8
10634 Feb 17
Jan 10
176
Jan 24
157
_
40
105t4 Feb
Jan 24
Jan 26
Feb 21
46
Jan
16
Jan 26
19
Jan
81% Mar
40i2 Jan
4584 Jan 27
IO6I4 Jan
818 Jan
9
3
Jan 27
314 Jan 12
Jan 26
Jan
6
2O84 Jan 26
147i2 Jan
3
1534 Jan
4
48
Jan 23
2984 Jan 27
124
Feb
2
22i2 Jan 26
37i2 Jan 26
1634 Jan 26
'30% Jan 28
114 Jan 24
5i2 Feb 16
12
Dec
Jan 10
Jan
100U
173%
16i2
2914
4012
52
Dec
Mar
Mar
Mar
Mar
Mar
Jan 28
29
,
Mar
12% Mar
Mar
33
5412 Jan
107
Apr
1458 Mar
2014 Mar
1734 Jan 20
Dec
99
Feb
84 Mar
llig Jan 19
62
4i2
1978
107U
24l4
Jan
5
Mar
26
Jan 4
Feb 16
21 i Mar
1484 Mar
Jan24
92
Feb 24
153i2 Jan 28
18i2 Feb
6
58
Jan
3
33
Jan
5
125t2 Jan 27
3084 Jan 4
43i2 Feb
June
1384 Mar
125
Apr
12i2 Mar
297g Apr
Mar
22
1166s Mar
16
Mar
247g Mar
19i2 Jan
10
38i2 Jan
I84 Jan
I8I4 Mar
Mar
84 Mar
7
Jan 10
45g jtfar
16
Jan 17
684 Mar
25a Mar
87g Jan 17
13'
Jan
9
6
Mar
H4 Mar
45g Sept
27lg Jan 24
395s Feb 24
384 jan 30
46i2 Jan 27
27l2 Feb 23
57i2 Jan
3
3
25
36
4
1984 Mar
pr
pref. 100
L) Co
Masonlte Corp
1,600
Mar
8'2 Mar
3% May
1
Martin (Glenn
Mathleson Alkali
50
Mar
15
II84 Jan 30
1,000
300
8
Marshall Field A Co...No par
Market St Ry 6%
1,100
50
Jan 24
Mar
123s Mar
7
6
7% Jan 6
15% Feb 17
4
175%
50
50%
5%
*5%
33
*31%
Jan 26
1984 Jan 26
■IH4 Jan 23
114 Feb 20
29
*175
25
113
....25
Maracaibo Oil Exploration.. 1
Marine Midland Corp
5
49%
49%
5%
49%
Bid and asked prices; no sales on
300
22
5U Jan
714 Feb 10
4
175
1
Mar
15% Mar
2i2 Mar
Feb 15
Jan 24
100
49%
2834
175
10
No par
Bros
Modified 5% guar
Manhattan Shirt
4
27%
175
50
Mandel
49%
29
No par
Magma Copper
Manatl Sugar Co...
4
30
175
6%
Inc..
Macy (R H) Co Inc...No par
Madison Sq Garden—.No par
*48%
4%
49%
176
32
*94%
*334
49
31
33
1278
4%
*175
*32
*1234
*8
Mack Trucks
10
No par
preferred
X Manhattan Ry 7% guar.100
1,800
11%
8
,
6%
Nashville....100
Jan
9
1312 Jan 20
23% Jan 20
4
...100
500
li4 Mar
12%
2312 Feb 24
5% Jan 16
i27U Jan 19
25
143s
10ig
Feb
19
lfii2 Jan
18
5% preferred
LoriUard (P) Co
Jan
5
6
6
4
1712 Feb 17
Jan 27
105
800
43
32
*32
No par
,
Jan
Jan
14
Biscuit—.....25
10
7% preferred
,100
Louisville Gas A El A..No par
......
28%
>42%
Inc
Loose-Wiles
8,600
50
No par
....No par
Lone Star Cement Corp No par
preferred
56.50
Loft
100
24%
2334
...No par
Liquid Carbonic Cor p.. No par
Loew's Inc
....No par
100
107 '
107
*126%
*126%
42%
34%
32
*31%
32
28%
*32%
109
23%
*
32
-J-.-
20%
*107
23%
23%
23%
14934 I4934 *148% 150%
1734
17%
1738
17%
*31%'
334
*19%
<
23
*126%
.
*3%
334
*3%
20%
*19%
10634 10634
3«4
17U Jan 12
Link Belt Co
41%
16%
107% *107 - 107%
9%
10%
1038
54%
53%
53%
Jan 14
600
16%
4734
10
20%
*106
41%
5
Life Savers C orp
478 Jan 25
251s Jan 28
2084 Jan
700
16%
*107
*3%
32
48
53
Jan 12
Feb 15
Lily Tulip Cup Corp—.No par
Lima Locomotive Wks.No par
1,500
16%
10%
54
40
32
......
47%
9%
51
IOOI2 Jan 27
16%
934
263g May
6i2 Mar
Jan 27
Liggett A Myers Tobacco..25
Series B
25
Preferred
•100
47%
109% *107% 109%
*19%
31%
41%
*3034
'
9%
54%
10534 106
200
......
16%
4834
*107%
*37
38%
*10334 105
47%
16%
49
38%
105
5%
*176% 17884 *176% 17834
17%
*16%
17%
*16%
40%
43
*16%
*103
*30%
3034
5
30
38%
32
6% conv preferred
47%
39
38%
*37%
*37%
105
*103
*104% 105% *103% 105
106
106
106
106%
106% 106%
*17634 180
*176% 179%
*17678 180
*16%
17%
17%
*16%
17%
*16%
38%
Jan
Jan 26
Lane
*19i*»
19%
30%
443s
12i2
2784
258
10
22
200
1134
49
100
5
1134
30%
Jan
Lambert Co (The)
*11
48%
80
300
1134
31
Jan 11
16
*10%
49%
92
10
1,000
24%
3078
Mar
Laclede Gas Lt Co St Louis 100
26
23%
Dec
91
3
300
26
24
Apr
434 Mar
12%
2134
5
25%
63
3
4,900
5
25%
23%
16
4
3,500
No par
55 prior preferred
Oct
100
Jan
23%
ton's
12
Dec
.
Jan 18
22%
Washing¬
Dec
IOI2 May
11
100
8i4 Jan
22%
5
Mar
Jan
13ig July
24i2 July
13
1312 Jan 11
2038 Jan 28
25%
23%
12
6
9978 Jan 17
J 6% Jan 20
17g Jan 26
1
Co
4
Jan
78
24i2 July
123
95
No par
Kresge (S S) Co
10
Kresge Dept Stores
No par
Kress (S H) A Co
No par
Kroger Grocery A Bak.No par
5
49%
'
No par
preferred
Jan
11
Mar
5ig Mar
4
23
118
Feb 20
Kinney (G R)
$8
4984 Apr
12i2 Mar
74% Dec
11112 Oct
130
July
984 Jan 27
270
-
m
m
4414 Mar
4
ID2 Jan
618 Jan 24
83is Feb 18
33% Jan 26
400
2%
'
Jan
7
12134 Jan 20
3
88
.No par
Kennecott Copper
11314
19i2 Jan
4
145g Jan
1
........
Feb
17%
2%
23%
1134
2%
97
..100
Kayser (J) A Co
...5
Keith-Albee-Orpheum pf..l00
Kelsey Hayes Wb'l conv cl A.l
17
2%
25%
21%
15%
5%
2%
-
1
Kaufmann Dept Stores
Jan
7512 Feb 14
784 Jan 26
16i2 Feb 10
834 Feb 1
22
Closed
22%
*19%
4%
3
Jan 10
17%
22
*10%
%
Jan
132
50
*2
23%
5%
YT%
*4%
105
Jan 26
*17
Exchange
'
14%
Jan 26
128
*25
2%
22%
*5
87
100
Keystone Steel A W Co .No par
Kimberly-Clark
...No par
*33
,
No par
100
2,400
*16%
*10%
4%
29,100
12%
17
25%
24%
1134
*113
25
2%
42%
24
*4%
25
36%
11%
*23
1634
2.534
*15
3638
11%
37
11%
25
36
Stock
11%
25
*23
*75
83%
83%
83%
36%
26
24%
20
90
*85
90
2434
*2578
500
15%
4%
Nov
Jan 26
5% conv preferred
10%
*75
83%
*23%
15%
200
1*
Jan
124
70
City Southern
Kansas
1234 July
24
Apr
Jan 27
Preferred
8314 Nov
Mar
June
....No par
Jewel Tea Inc..
Oct
Oct
Nov
8
120
Johns-Manvllle
18
Jan
16
1
preferred
Kan City PAL pf ser
...
8%
18%
8%
Feb
63
Feb
115g
117g
Jan
1084 Jan
15*2 Jan 28
18%
10%
15%
124
Feb
618 Mar
6
48i2
20i2 Jan
Kalamazoo Stove A Furn._.10
*117% 120% *117% 120%
18%
80
Feb
6
1484 Jan
77% Jan 9
9% Jan 26
1938 Feb 8
100
No par
....1
5i2
3
9% Jan
Jan 26
300
98
10%
56
778 Jan 27
11
51
*90
*16
1034
46i2 Mar
Jones A Laughlln St'l pref. 100
98
18%
12
Feb 23
968 Jan 19
400
*90
*9%
Jan 20
92
17%
52
8%
—
2,600
29
4
Jan
778 Jan 26
No par
Foreign share ctfs
No par
Interstate Dept Stores.No par
.....
Mar
35% Jan 21
Inter Telep A Teleg
Intertype Corp
Island Creek Coal...
Mar
84
60
100
preferred..
Feb 18
Mar
Mar
3184 Jan 7
22% Jan 27
Shoe....No par
International Sliver
7%
29
No par
5
52
53
*16
-
m
129% 129%
*50
8%
,400
20%
100
preferred
5%
Preferred
-
200
10
*9%
*19%
75
*73
300
100
*81
9%
1934
*12834 130
8%
18%
*8%
133g
123
*122
_
9
8%
19%
75
*73
8%
834
13
9%
20
9%
83s
100
*81
*81
10%
*197S
91
92
90
90
92
*88%
*12834 130
*12834 130
*128% 130
51
61
52%
52%
52%
5212
17
17
*17
1778
16%
17%
*117% 120%
*117%
*117%
*8%
*1718
Mar
3534 Jan
353s Nov
96% Dec
*9234
*10
*73
June
92
*81
75
*73
28
26
8%
122
30i4 Nov
92
1234
123
19i2 Mar
25%
8%
*122
Feb 10
International
12%
-
Feb 20
34
900
8%
1034
1934
46
Jan 12
33%
27%
*12%
—
3
33
13%
1934
5134 Jan
33
8%
15ig Nov
627g Nov
4O84 Jan 26
3% Jan 23
39% Jan 9
34
8%
576s Nov
July
140
5% conv pref
..100
Internat Rys of Cent Am.. 100
3334
25%
Jan
4%
18&8
214
28i2
International Salt
'95
367g Mar
132
3
400
25-
3
Feb 17
137
9i8
478
1178
1484 Jan
600
■
*10
Jan 11
32%
*91
5534 Jan
Jan 26
Mar
684 Marl
IO84 Jan 26
46
*33
2
5
70
164%
15
Inter Paper A Power Co
31%
8%
*80
46
318 Mar
Jan
87g
Jan 24
134
4534
83s
8%
Mar
8i4 Jan 5
484 Jan 12
100
Preferred
32%
91%
141
4
63s Jan 26
3% Jan 3
Int Nickel of Canada—No par
4534
25
185
Mining Corp
*4%
8%
29
Mar
May
73a
200
*30
90%
Mar
48
Mar
15
6OI4 Jan
16212 Jan 31
15978 Jan
100
Apr
563 July
1618 Nov
37g Jan
2
Jan 26
800
98
H30
52
8%
*135% 138
12%
11%
11%
42
43%
4134
4%
4%
4%
Mar
6% Mar
97g Nov
34i2 Nov
3i8 Jan
No par
8%
52
2
418 Jan
1534 jan
Jan 26
Int Hydro-Elec Sys class A.25
Int Mercantile Marlne.No par
8%
Mar
June
275g Jan
18434 Jan
173
Preferred...
-
2,200
15
80
Jan
2% Jan 26
..100
Int Business Machlnea.No par
Internat'l Harvester
Apr
278 Mar
198s Oct
514 Nov
2284 Jan 27
Internat Agricultural..No par
Prior preferred
3%
93
10% Jan 26
Iron
*45%
25
8%
1234
No par
lnterlake
7% Mar
83$ Jan 16
28i2 Jan 3
Jan 25
91% Jan 9
278 Jan 27
4%
*32%
23
No par
6% preferred
100
Intercont'l Rubber..—No par
31
27
9
Nov
Jan
478 Feb 15
4% Jan 14
6% Jan 25
t Interboro Rap Transit... 100
4534
95
13%
Sept
95
1
Interchemlcal Corp
4'')
*90
9
146
4
5
31
*26
*13
Feb
56% June
8
1714
4534
35
834
135
Feb
9458 Jan
46
33%
812
151
preferred
5
35
35
Mar
Jan 26
100
----
60
Jan 26
200
•.
3
Jan 10
*135% 138
11%
41%
11%
24
182
*8%
50%
50%
52%
51%
51%
*135% 138
13734 *135% 138
12%
24
*179
Jan
29% Jan 16
12
700
2%
*2%
2%
119
79
500
24
Jan 23
150
4,600
60%
58%
5734
57%
*160% 162% *160% 162%
7
6 34
634
6%
3%
3%
3%
3%
3%
*8
12%
10U July
303s Aug
119i2 Deo
4
Jan 25
100
70
Mar
143s Mar
6
Jan
24
105
Insuranshares Ctfs Inc
500
183
*178
634
35s
3%
3%
12
*2%
*22%
2%
25
*23
8%
1178
42%
8%
12
11%
83s
5D4
5,300
1,600
6,300
8%
8%
*25%
*91%
*3%
*135
434
8
No par
No par
No par
6%
14%
4*%
13%
13%
434
6% Jan 27
5 per share S per share
Inspiration Cons Copper.-.20
—
7%
181% 181%
184%
57
57%
583s
162% *160% 162%
6%
Inland Steel
-
90
92%
3
24
162% *160
7
300
»
90
2534
12%
26
*160
Industrial Rayon
Ingersoll Rand
7%
3
1134
2%
600
92%
9234
*278
184% *178
1,600
*25%
7%
26
3%
*2%
"
91
Highest
5 per share
10
7
27%
*150
_
*89
89%
12%
2%
*24
*181
*150
_
89%
12%
434
434
*2 512
3%
1212
111%
-
Indian Refining
*61"
Highest
Lowest
Lowest
2634
2634
108
13%
13
5
—
108
of 100-<S/iare Lots
5 per share
Par
Shares
109% 109%
7
*6%
*2534
On Basis
Week
24
Feb.
$ per share
$ per share
7
91%
23
Feb.
2634
#•
*89%
14%
*434
*6%
2534
Friday
Thursday
Feb. 22
$ per share
7
111% *108
*150
*107
*150
21
Feb.
% per share
2534
*6%
2534
26
26
Wednesday
Tuesday
Range far Previous
Year 1938
Range Since Jan. 1
Sales
for
HIGH
AND
LOW
Saturday
1131
New York Stock Record—Continued—Page 6
148
—No pari
No par
Wks.No par
Martin-Parry Corp
7% preferred
100
May Department Stores... 10
Maytag Co
No par
$3 preferred w w
No par
$3 preferred ex-warr.No par
56 1st cum pref
No par
McCall Corp...!
No par
1
McCrory Stores Corp
6 % conv
n New
preferred
Stock,
r
100
Cash sale,
x
434 Jan 25
6
164
Feb
Jan
2
6
4418 Jan 26
47g Jan 27
28i2 Jan 30
1% Jan
5% Jan
55S Jan
175
Jan
Feb 14
6012 Feb 18
6I4
Jon
6
3214 Feb 17
6% Dec
6i2 Mar
14% Mar
214 May
156
Jan
3
101
Feb 14
75
•
1184 Jan 24
984 Jan 26
88
Jan 13
Ex-dlv.
y
1714 Jan 20
1278 Feb 24
9612 Feb 24
Ex-rights.
Aug
28i2 Mar
3i2 Mar
16% June
20
93
Mar
Mar
Apr
884 Mar
6
Mar
61
Mar
^Called for redemption.
New York Stock Record-Continued—Page 7
1132
LOW
AND
HIGH
SALE PRICES—PER
Monday
Tuesday
Feb.
Feb.
$ per share
$ per share
20
20
20i2
20i2
9
20
21
Feb.
$ per share
19%
9%
*9%
53%
13%
04%
94
94
10%
*9%
10
9%
*64%
*55%
69
59
*64%
*56%
52
52
62
*5%
26%
Range Since Jan. 1
14%
9%
834
*93
*9%
*64%
69
*55%
69
53%
*62
*5%
26%
5%
53%
*1334
884
*94
53
5%
2612
36%
26
26%
16%
37
*15%
16
16
35%
36
10
10
*14%
14%
26%
26%
*111% 111%
*71
73
5%
5%
5%
*46
*U
♦12%
1%
1%
5%
*35
39
♦113s
60%
1234
60%
♦109
110
7%
110
7
23%
23
23
12%
12%
14%
1438
113% 113%
*112% 113
7
7
-
100
6%
26%
1634
26%
6%
2 6'4
16
16
14
13%
13%
♦16
14
>*6
*101% 104% *101
*50 %
*3%
*10%
*18%
14%
3984
14%
3934
*37
*1%
*37%
*34
13%
3934
17%
17%
38%
12
18%
18%
19%
31%
19%
33
6%
48%
22%
Closed
303s
39%
41%
39%
*3
3%
.
*7%
8
*3
7%
Mueller
5%
39
5%
38%
13
120
7
49
7
7%
*48
49%
200
."8%
7,200
784
20
*55
1434
13,900
113% 113%
*111
113
50
*16
634
7%
800
6%
27%
16%
10,300
14%'
14%
14%
6,900
23
31
39
3984
18
,
\
3
55%
17%
I8S4
*84%
88
*84%
8
11%
11%
1034
11%
*106% 107% *1Q7% 10734
*30
32%
*30%
32%
*4
4%
334
*33%
38%
33%
34%
9
9
8%
9
26
26%
24%
25
18%
18%
17%
18%
19% Jan 27
*18
20
*68%
73%
*36% 38
37% 37%
*106% 110
*106% 110
1334
1334
14%
13%
40
40
3934
43'
18
18%
18%
19
17%
18%
19
17%
32
31%
32
33%
3934 41%
40%
43
3
*234
110
109
109
*7
7%
*634
7%
21%
22%
21%
23 34
*140% 143
*140% 143
12%
12%
11%
12
48
*21%
*42%
*115
22%
45
...
*64%
6
65
6
*3
14%
*4%
*10%
3084
45%
*11%
123
3%
14%
5%
1234
31%
45%
12%
123%
*149% 151
*21%
23%
*45
*20%
*42%
*115
63%
534
*3
*13
49
22%
45
...
3%
4H %
300
10
4,300
1,300
25,300
1,700
3,900
16,300
3%
10%
107
30%
160
7%
300
122
122
150
151
*21%
22%
3%
1
3%
2,900
3%
%
800
20
Dock
18
Dec
30
July
59% Jan
55
Dec
82
July
70
Feb
75
Feb
3% Jan 26
4% Jan
11% Feb
Jan 21
25%
25%
2584
55%
55%
55%
5534
2,600
18%
18%
19%
44,200
18%
11%
11
107
30%
30%
88
11%
107
30%
*84%
,11%
88
24
Jan
37%
Feb 24
28
Jan
Jan 27
9
Jan 17
115
.....100
*107
7%
21%
*634
X20%
143
*140
1134
1134
*42%
49
22%
109
7%
20%
145
1134
49
*20
22%
*42%
45
45
*115
...
64
64
584
*5%
3%
3
14
*13
109
*140
31
31
31%
45%
45%
46
461
11%
11%
11%
11%
1,300
50
10
5%
*4%
5%
11%
11%
"360
31%
32
46
4634
7,400
2,700
11%
300
125
*123
125
150
150
*150
15034 *150
this day.
6
11%
*122
*21%
1,700
23%
123
123
15034
*21%
{ In receivership,
50
190
23%
a Def.
5
1
Jan
5
Jan 26
16%
Jan
3
Jan 25
88
Jan
5
delivery.
63% Nov
234 Jan
7% July
1% Jan
16% Dec
Mar
90
June
198
Jan
.100
109
Jan 10
110
Jan
6
100
.Mar
110
Dec
21%
Jan 13
26
Feb
6
55
Jan 23
57
Jan
9
14%
Jan 24
3
82
Jan
19% Jan
84% Feb
14% Jan
1334 Mar
45% Apr
5% Mar
7
75
10
1
3
10% Jan 24
102% Jan 4
Feb 24
30
8% Jan 27
107
32%
434
39%
10%
25
Jan
Feb 24
1% Mar
1234 Mar
8% Sept
19% May
7% Mar
Feb 17
83% Apr
4
104
6% Jan 27
8%
Jan
4
Feb 23
27%
Jan
3
140
Jan 13
No par
6% preferred
100
No par
1st pref..No par
Outboard Marine A Mfg
5
conv
No par
100
Owens-IUlnols Class C..S2.50
Pacific Amer Fisheries Inc
5
Coast..
10
No par
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
Pacific Ltg Corp
No par
No par
Pacific Telep A Teleg
Jan 23
Jan 20
10%
Jan 26
15
Jan
5
Feb 18
54%
22%
Jan
4
zl9% Jan 24
40% Jan 24
114% Jan 26
60
Jan 12
5%
Jan 27
3
Jan 13
12% Jan 26
4% Feb 10
45
114%
70
Jan
6
Jan
9
3
40
Mar
5%
2%
10%
384
Jan
Jan
4
Jan
3
Jan
5
6
Jan
4
6
12%
Jan
Jan
5
Jan 30
Jan
Ex-dlv.
y
3
Apr
Apr
Apr
32
21%
6% Mar
30%
Mar
Jan 13
146
Jan
10
Feb 17
121
122
39%
10%
41% Jan 30
11% Feb 23
Mar
115
16
6%
3%
4
1334 Mar
Dec
Mar
Mar
Mar
Feb 24
9% Mar
x22% Mar
46% Feb 24
32% Mar
Jan 20
9% Mar
87
Apr
rl32% Mar
17% Dec
14%
125
Feb 11
151
Feb 20
25%
Jan
Ex-rlghts.
7
Dec
Jan
14% July
103
May
Jan 26
28
100
x
143
48
6% preferred..
100
Pac Tin Corp (sp stk).No par
Cash sale,
110
Oct
Dec
9384
6% Mar
Jan 18
26%
57%
92% Sept
Jan 19
Dec
20
-
June
4
Feb 21
t20%
„
r
•pr
June
% Dec
2% Mar
% Jan
484 Mar
38
6% preferred A
100
Oppenhelm Coll A Co..No par
« New stock,
54
133
Otis Elevator
Pacific Mills..
120
3
Telegraph... 50
1st preferred
2d preferred
1134 Mar
Apr
Mar
Jan
6% preferred series....-.50
Pacific
Mar
5% Mar
101
193
Preferred
65
Mar
Jan 25
North Amer Aviation
$5.50
,
Dec
38% Jan
3734 July
484 Jan
168
Co
Otis Steel
2184 Nov
23
100
Adjust 4% preferred
Outlet Co
3
31
23%
45
14%
*11%
*4%
100
200
5%
1034
*11
40
200
22
5%
4% Jan
Feb 17
6
...
3
4
5
400
*13
5
Jan
4,000
6
Jan
1% Jan
Jan
12%
3
14%
78%
Jan 26
56""
19%
48%
64%
Jan 19
Feb 15
30
12
22
7
%
3%
%
10%
65
Jan 26
5,400
Mar
Mar
110
Jan 26
48%
*42%
6
15
21%
145
100
Jan
19% July
48% Nov
Mar
2
5
22%
8,500
7%
*115
64%
9
109
7
2034
Jan
Jan
Feb 24
Oliver Farm Equip
No par
Omnibus Corp (The) vtc No par
1,400
110
preferred
Nov
7
3% Jan 26
33% Feb 20
100
71
40
10834 Nov
10
Norwalk Tire A Rubber No par
Preferred
50
Ohio Oil Co
No par
20,800
3%
36
834
>3%
July
20
.50
preferred
American
Jan 25
Jap
26
Mar
7
Jan 26
35%
Northwestern
19%
8%
6
900
26%
834
110
Northern Central Ry Co...50
Northern Pacific
100
North'n States Pow Co $5 pf.1
8,200
19%
9
35
9
240
30
3%
3%
35
8
Jan
111
Norfolk A Western
North
Feb
4%
12% Aug
99% Apr
9% Mar
6
500
11%
*106% 107
30
28,300
7%
36
108
'
2% May
7% Mar
14% June
68
Apr
18
N Y Lack A West Ry Co..IOC
JN Y N H A Hartford—.100
Feb
Jan
52% Feb 24
Feb 24
..No par
preferred
N Y A Harlem
Conv
9% Opt
8184 Nov
23
43
50
*85
107
on
York
Mar
12% Sept
Jan 14
par
July
4484 Mar
32%
2%
Corp..No
111
10*34
Feb 23
3D
12% Mar
*110
2434
18%
Bid and asked prices; no sales
5
Nov
178% Oct
145% Sept
28% Nov
13% Mar
8% Jan 19
Jan
1,300
2534
*21%
27% Jan
38
182
19%
*4%
June
June
17% Mar
27% Jan 28
*109% 111
86
*3
154
127
Feb
Jan
182
25
*13
27% Jan
169% Feb
—50
NYC Omnibus
5%
20% July
1634 Oct
23%
6% preferred series A...100
New
30
Apr
Jan 26
179
179
18%
63%
534
1
Mar
Mar
145
Jan 26
ie
4
16% July
115% Nov
Mar
Jan 26
20
25
*42%
18% Jan 10
16% Jan
103% Feb 24
Oct
113% Oct
10% Oct
634 July
Mar
10
83
18%
*20
Jan
6% Feb 17
28% Jan
Oct
Nov
25%
Mar
16
No par
Dec
Nov
168%
Mar
No par
Y. Air Brake...
New Yoik Central
No par
N. Y. Chic A St Louis Co..100
*80
83
25
*115
8
106%
105%
3%
3%
17%
11%
Feb 20
17% Jan
47% Jan
22% Jan
JN Y Ontario A Western..100
18
11%
*45%
N,
14%
28
Jan
11% Sept
117% Jan
113
81% Jan
15% Jan
127g Jan 26
.1
N Y Shipbldg Corp part stk.. 1
3%
143
pref series A
Newport Industries
200
32%
*63.1
No par
100
5%
2,900
%
k
13
3%
21%
Jan 26
Jan 30
Jan 27
Jan
serial pref...100
Newberry Co (J J)
13
13
3384
*106
conv
1
10% preferred
25
5%
11
31%
45%
12%
%
10
3%
3%
*11%
•
3334
8%
6%
*4%
*1034
3084
45%
7%
%
%
*12%
*78%
18
65
14
7%
60
34
*8434„
3
Nelsner Bros Inc...
12%
109% 110
24%
24%
55%
55%'
25I4
55%
Jan
10
%
179
24%
137%
18%
x7%
68%
11%
6% prior preferred
.100
National Tea Co—No par
Natomas Co
No par
3
83
55%
19%
Jan 14
100
300
*%
25%
Jan 23
preferred B
74
12%
*109% 110
Feb 10
22
5H% prior pref erred ...100
7%
3%
.177
Jan 24
$2
1
1821
12
100
334
Mar
15% Mar
26% Jan
12% Feb 16
14% Feb 2
6^4 Jan 26
4% Jan 13
23% Jan 27
15% Jan 27
900
60
179
2
16%
*55
183
12% Jan 13
52%
11%
6
14% Jan
25% Jan
175
Jan
Nov
30% July
16%
74
14% Nov
Sept
12% Mar
52%
*50%
*3%
*1034
8% Mar
20
National Supply (The) Pa.. 10
3%
15% Jan
23
Feb 10
2,300
*55
*109% 112
12
12%
11%
20
73%
12%
29
Jan 26
20
21% Jan 26
102
40
July
6% Mar
7% Mar
19
165
preferred
54 "
37% Mar
25% Jan
94% Nov
Jan 20
...25
Jan
9% Jan 20
Oct
Mar
Feb
No par
Mar
15% July
62%
110% Dec
10% July
10% May
10
Corp
Apr
4
Oct
65
111
Nat Mall A St'i Cast Co No par
9% Apr
3484 Mar
95
Jan
Nov
8% July
64% Jan
15% Jan
92% Jan 25
Jan 26
100
Lead
Feb 18
Feb 15
July
Jan 13
92
No par
32
150
109
preferred.No par
conv.
51
Mar
Oct
Aug
Nov
Jan 17
.
12%
60
♦79
Jan
Feb
12%
16%
56%
63
81
Jan 26
Jan ""
Jan
Jan
8
11% Mar
9% Jan
7% Jan 28
18%
11%
10%
23%
168%
13%
National Steel
*55
81
48
preferred A
7%
6%
110
6% Jan 27
National Pow A Lt
900
123
3
Jan 27
Jan 10
100
Nat Enam A Stamping.No par
Nat Gpysum Co
-.1
$4.50
11% Feb 20
52
1,800
*110
13%
Mar
7,900
8%
123
*U
26
76
22
.8%
*110
338
Jan
Jan 28
75
123
12%
Mar
22
123
lo
4
8%
75
16
17%
13%
Jan
*52%
41
81
7%
43%
12%
60%
5% Jan 23
19
Dec
54%
383s
40%
2234
17%
10% Mar
Jan
100
6% preferred
10
Nat Distillers Prod—..No par
Jan
15% Jan
Jan
117% Sept
Mar
30
22
*110
lo
Dairy Products...No par
25
"
QI
13%
Corp newNo
Register.No par
110
22% May
7
Jan
Jan 26
12%
13%
81
100
w
7% pref class A
7% pref class B.
Nat Dept Store
National
Mar
Jan 27
8%
74%
38
*55%
*%
*3%
Cash
Jan
25
Feb 24
Jan 27
*50%
17%'
17%
1
Nat
70
115
1 -
Nat Bond A Share
Nat
200
4,700
141% 144
115
%
5
10
100
National Cylinder Gas Co.—1
170
118
3%
48
200
24
*166
*116
63
*106
300
103% 103%
23
*141% 14234
*20
50
6%
27%
16%
170
2234
600
6%
6% |
27%
17%
*102% 104%
Corp
pref
5% pref series A w
400
14%
1
Biscuit
cum
111
1%
14
1
Nat Bond A Invest Co.No par
2,700
*18%
*68%
*110
7%
30C
23
12%
7%
7%
7%
116% *115
116%
%
25%
65%
18%
Nat Aviation
National
300
100
*115
3%
*180
5,400
Mar
May
119% Jan 17
4
3%
11% July
2% Jan
3% Jan
20% Nov
Dec
Dec
13
108
8,900
10
67
%
21
1
National Acme
3,900
1% Mar
484 Mar
3
36
Nash-Kelvlnator Corp.-..-.5
Nashv Chatt A St Louis—.100
50
.
123
*110
1,400
10% May
5
July
1% Jan
1% July
1734 Jan
Dec
6
38% Jan
5% preferred..
:
100
Murray Corp of America.-.10
Myers (P A E) Bros...No par
900
Jan
Dec
5
6
Jan 25
conv
Oct
84
4
Jan
Jan 26
Co
8
3
111
Oct
72%
Jan
32
preferred..-No par
Munslngwear Inc
No par
Murphy Co (GC)
No par
300
Feb 15
1
1434
Feb
2% Jan
17% Jan
Jan 24
36
$7
110
60
20
1
47% July
Mar
%
%
%
% Jan 12
14% Jan
2% Jan
9% Jan
7% Nov
Mar
4
35
34
Mull Ins Mfg Co class B
1,500
110
Brass
3
50
Motor Wheel
500
Nov
Jan 20
52
Motor Products Corp.-No par
-——5
900
117
*115
*
1,500
15
73
% Jan 31
Jan 12
115% Jan
Oct
Jan
22% Jan
30% Nov
15% June
111
76
July
Apr
92
Oct
49% Jan
Nov
100
Apr zll7
3
6% Jan
44% Jan 26
Essex
25
23%
*166
3%
3
15%
Morris A
15
22%
13%
74
31
""116
4
No par
Morrell (J) & Co
39
34 %
*22%
*6%
Birthday
preferred
No par
Montg Ward & Co. Inc.No par
23,600
*12
6%
ton's
Holiday
qi
40%
3%
52
10
$4.50
110
12
20
73%
*40
300
23
22%
*37
18
1,400
80
26% Mar
584 Mar
12% Mar
4
Jan
53
1% Feb 18
6% Feb 21
*4
Apr
50
111% Jan 10
85% Jan 4
111% F"eb 21
1% Feb 3
14% Feb 21
96
""160
60
113
10
No par
55
5
Jan
Monsanto Chemical Co
1%
15
22%
*111
100
;
6% Mar
Jan 12
29
3
% Jan 31
% Jan 26
12% Feb 17
%
Feb
39% Jan
12% Jan
16% Jan
47a Jan 26
49% Feb 23
7% preferred series A.., 100
tMissouri Pacific
—100
5% conv preferred100
Mohawk Carpet Mills
..20
9934
*12%
14%
14%
113% 113%
Washing¬
Jan 16
5,600
12
Exchange
Jan 28
7%
117
*92
4
69
100
Mission Corp
J
*109
100
Dec
Mo-Kan-Texas RR
14%
14%
1434
12%
13%
12%
13%
25
25%
25% 25%
168% 16834 *167
170%
14
14
*1384
14%
*92
Dec
1684
200
60
14%
30
June
1,500
24%
734
May
11
107% Jan
Moline Power lmpt—1
4% leased line ctfs
*37%
34%
H84
20
14
16
3
134
50%
38%
57% July
1234
117
38%
3434
734
*19
*106% 110
1734
32%
6%
1
32% Apr
3% Mar
110
$6.50 preferred
No par
tMlnn St Paul ASS M...100
%
12
*18%
*68%
40
300
110
*58%
Minn
2,900
7% preferred
1234
1%
634
♦84
*1%
14%
9934
1%
14%
*3%
*1012
13%
7„
13%
14%
24%
5%
5%
5%
50%
*%
*%
%
14%
11
11
14%
5%
50
6
53% Feb 17
6% Jan 3
28% Jan 9
13% Jan 26
20% Jan 26
8% cum 1st pref
100
Minn-HoneyweU Regu.lVo par
4% conv pref series B
100
70
Nov
1534 July
58
Jan 27
34
No par
95
Jan 26
8% Jan 26
Midland Steel Prod
1,400
Apr
Jan 19
5
Copper
Mar
5
13% Jan 25
'
5
70
Jan 25
70% Jan
6
Mid-Continent Petroleum.. 10
600
1484
27
5%
49%
14%
*23%
13%
*3%
Miami
1434
99%
99%
*117
118%
49% 49%
27
103
2,400
26%
1%
14%
*14
Stock
16%
10%
170
5%
49%
27%
*50%
108
9%
1,100
1,000
110
6%
36
35%
9%
36%
12% July
53% Oct
26% Jan
11% Nov
7
4
24% Feb
60
Mar
35% Mar
13% May
11% Jan
4% Jan 26
1
5% conv 1st pref
94
Jan 13
9% Jan 27
No par
_
Merch A M'n Trans Co No par
Mesta Machine Co
5
50
110% 11034
1%
100
103
38
108
*16
*34
13%
384
11
20
73%
*68
MengelCo (The)
180
1
*6
74
3i
11
20
73%
38
*68
800
7
26%
*16%
103%
74
*36%
*106% 108
5%
27%
17%
5%
*25%
17%
73%
75%
111% 111% *111% 112
2234
22%
22%
22%
22%
2234
*166% 170
*166
*166% 170
170
*141% 144
*141% 144
*141% 144
21
21
2034
21%
20%
20%
8
83S
8%
8%
8%
8%
*7638
74
7534
74%
75
74
12
12%
12%
12%
12%
12%
*16%
17
16%
16%
*16%
16%
*52%
67
*52%
57
*52%
57
*50%
*3%
*10%
*1934
Melville Shoe
1%
634
23% *2234
23%
22%
22% 22%
12
12
12%
14
14
14%
14%
112% 113% *112% 113%
113
113
*112% 113
634
684
*6%
684
6%
51
49
100
400
*%
*3$
*12%
*22%
22%
12%
26%
Feb
62
*%
*92
69
59
5%
26%
7% Jan 26
$6 preferred series A .No par
55.50 pref ser B w w.No par
52
14%
26%
110% 110%
73%
73%
7
1
Highest
$ per share $ per share
10
Jan
20% Nov
22% Jan 21
10% Jan 5
54% Jan 19
18% Jan 3
9% Jan 16
Jan 27
88
*52
„
7
8% Jan 30
100
No par
53
5%
7
7%
Stores
57
,
18% Jan
10
Mead Corp
600
69
26
110
1
6% conv preferred
80
10%
*64%
50
110
94
10
69
*5
14%
'1%
14%
9984
100
*92
100
McLellan
26%
52
*48%
52
*48%
52
7%
8
7%
7%
7%
7%
*18%
20
*1918
20
*18%' 20
14
14
14%
1434
14%
14%
13%
13%
1234
13%
12%
13
25
253s
25%
26%
25%
253s
169% 169% *168% 170% ♦168% 170%
*13%
14%
13%
13%
*13%
14%
*92
1,200
9%
*93
9%
57
*48
*22%
9%
9%
94
Elec
*51
14%
9934
117% 117% *117
11834
49
48%
49%
49%
*37% 40%
*37%
40%
34
34
34% 34%
15
15
15%
1584
14%
15
14%
14%
*22% 24
*22.2 24%
5%
5%
6%
5%
*36
39
*35%
39
11%
113i
11%
1134
60
60
69%
59%
7%
13% Jan 27
*20
*64%
9%
6%
*%
16%
*14%
110
McKeesport Tin Plate
9%
*12%. 14
1%
1%
1%
1%
15%
1,900
25
1
24%
634
14%
*35%
9%
14%
7
*%
*15%
15%
*23%
*5%
14%
♦%
*%
*%
*1%
♦1434
51
40%
34%
15%
14
*%
7
60%
*37%
♦3334
50
35%
5%
13
99
Mclntyre Porcupine Mines..t
*9
110% 110%
1%
15%
McGraw
McGraw-Hill Pub Co..No par
94
5%
*45
1%
♦99% 100%
117% 117%
500
500
3,300
14
72% 72%
,1J1% 111%
50
13
13
20%
9%
55%
*16
♦%
*%
*%
Co
$ per share
9%
17%
5%
*45
50
*%
*h
$ per share
Par
Highest
54 %
25
Yll% *111% 112
111%
Shares
Year 1938
Lowest
Lowest
934
20
1939
Range for Previous
100-Share Lots
543s
35%
934
1434
934
9%
*14%
1434
24%
24%
110% 111%
•713s
73
$ per share
On Basis of
54%
*9
25,
EXCHANGE
Week
23
*19%
9%
53%
14%
834
9434
9%
69
68%
*16
STOCKS
NEW YORK STOCK
the
CENT
Friday
Feb. 24
t per share
26%
54
93,
5384
14%
8%
Feb.
$ per share
62
'63%
NOT PER
Thursday
22
19%
14%
*9%
SHARE,
Wednesday
Sales
for
Saturday
Fed, 18
Feb.
35
Dec
5
,
Sept
hJov
41
Sept
14%
Jan
32%
Feb
1934 Nov
111% Sept
10
Nov
29% Nov
147
Nov
15% Nov
60
Nov
22% Aug
52
Oct
115
Apr
76% Nov
11%
5%
Jan
Jan
21% Nov
9% July
15% July
30
Nov
43% Dec
19% July
121
Dec
149
Nov
30
June
^Called for redemption.
Volume
AND
HIGH
18
Feb.
Feb.
*10%
107g
4%
14i2
4%
14%
6
6
20
Feb.
10%
*10%
4
4%
14%
14
14%
*534
*1
1%
52%
1034
1034
*92i4
1034
95%
*20
*10%
4
18%
100
1%
1%
500
Panhandle Prod & Rel new__l
52%
52%
100
Paralflne Co Ino
1%
1
1
*51%
52%
10
10%
10%
*92
95%
*92%
10%
10%
23
22
2
*17g
2
42%
42%
18
17%
17%
*16
2%
9%
11%
51%
83%
*2
'
0i4
9%
8%
iii4
52i2
11%
52%
11%
51%
8334
83
83i2
*U4
2%
27
2012
*25l2
♦II314
*3
14%
197g
*2378
*113%
39
38%
3%
*234
*3
*13ig
15%
*31
3U4
31
28%
2734
1734
9%
2734
18
*634
37%
46%
9%
7
38%
39
46%
46%
*83i2
15%
197g
25
«,
*237g
*9%
7
7
*4434
46
*45%
*80%
85
*80%
3%
*%
95%
*237g
*4i2
*6
73g
43
*42
*24
2434
*24%
38
*36%
8
135
67
*60
38%
*234
8%
*36%
47g
*%
95
4%
*167g
*6
•
*60
--
"*4%
4%
20
*167g
*6
6%
67
175% *174
7
7%
*60
175%
*173
7%
•
*4%
*30%
4%
40
7
38
Stock
67
39
*35
*18
*32
35
*29
12%
*11%
*l4
207s
38
*%
%
20%
20%
1U2
.11%
*8
13
*1%
*8
13%
2%
'
%
%
107g
11%
*1U2
12
36
%
*20%
*8
13
100
80
80
*79%
*80
*13%
13%
12%
*1%
*%
107g
2%
•
%
7%
2%
64%
2%
*19
20
*12%
13%
*20
2034
*15
15%
•11
35
119
137
25
*19
20%
*434
5
*78
79%
127g
12
7
678
100
64%
2%
*18%
*1234
20%
*14%
*80
64%
2%
20
15
10
434
647g
8%
13%
75
67%
*66%
67%
1%
207g
1%
21%
20
1%
2034
63
63
*66
1%
*58%
16%
8%
11%
*8%
*10%
*60
*50
*8%
60%
16%
15%
*30
6434
'
20%
13%
12
7
100
*80
64%
19%
*22%
.19%
"1
*4%
434
*50
647g
*8%
10
*8%
2%
25
*23%
*10%
13%
13%
7534
*73
67%
*66%
1%
Ug
20%
20%
10%
13%
-
«:
2,900
14%
100
75
80
67%
-
3,200
28,600
66
*60
68
62
61
61
16%
1634
800
*30
117g
86
38
*30
38
11%
*80
8%
38%
8%
37%
*53
57
12
*30
86
*8%
38%
8%
38
*53
57
56
117g
387g
557g
9%
*7%
*1434
2934
87g
9
87g
8
*7%
8
1534
14%
14%
29«4
29%
*78
1%
*7g
*3934
40%
39%
*7%
29%
1%
40%
*%
%
%
%
1%
1%
1%
1%
3%
3%
*3
9
*5
38%
*95%
39
98
*3
*5
37%
97
9
38
97
*14%
*2734
*7g
38%
*%
1%
*3
*5
3634
97
106
*15%
•
105% 106% *106
110%
106
*110
110% 111
17%
*15%
17%
110
*15%
9
87g
3 884
9%
3%
-
*7s
97%
97
*106
106%
9
38%
97%
106%
110% 110%
110
*15%
17
this day.
16
{ In receivership,
a
174
Mar
42
Jan 14
2434
Jan
20i2
lli2
3612
Jan
23
1U2 Feb 23
1534
Jan
6
i4
Jan
9i4 July
1634 Jan
52
Aug
30
July
45
Jan
17i2 Nov
s4 Jan
15
Mar
25% July
8
Mar
II
Jan
I6I4
Dec
Mar
ig
20U
Jan 27
8
Jan 16
22i2 Jan 3
Sia Jan 31
Jan 30
1634 Jan
4
6i8 Mar
Jan
6
li2 Mar
i2 Oct
434 Mar
1U2
Us Jan 26
% Feb
214
34 Jan 17
6
Jan 27
14% Jan
"10%
Jan 26
14l2
3U2
z53%
Jan 24
110
Jan 21
11914 Feb
8
114
Nov
9
3658 Feb
6
25
Mar
10
Jan 26
3134 Jan
1037g Jan
4
Jan
4i2 Mar
1384 Mar
43%
Jan
57
Feb 16
39l2 Mar
>108% Feb 24
86U Mar
4
120>4
Feb
12912 Jan 10
13512
Jan 23
112
Apr
Apr
6
132
Mar
Jan 19
112
Jan
115
Jan
150
Jan
4
llfl«4 Jan 25
Jan 26
32
834 Jan 24
83
Jan 23
Jan 26
75
15812 Feb
11714
8
1017g
8614 Jan
6
21% May
8i4 May
81
Apr
Jan
3
74i2 June
137g Feb
3
7
Mar
5
9
June
4
484 Mar
39% Jan
4
1U4 Jan
3
8U2
10»4 Jan 26
Jan 21
I2i2 Jan
6«4 Jan 26
8i2 Jan
6Us "jaii 27
677g Jan
5
Jan 26
Jan
22i4 Jan
5
9
3
12
60'4
27g
Jan
37U Mar
ia4 Sept,
1434 June
8% May
18
Mar
J 4% Jan 28
183s Jan
103g June
7
25i2 Jan
18
23
Feb
17»4 Jan 26
Jan 18
47i« Feb
8
7
Jan 24
75s Jan 27
10U Jan 27
12% Jan 27
Feb 17
4
U4 Jan 23
3
14% Jan 30
5012 Jan
5
6% Feb 11
60
Feb 8
6
5
113g Jan 12
17% Jan 5
75i4 Jan 25
68
Jan 20
Jan
9>4
Mar
13% June
Jan
2034
934 Jan
234 Mar
3414 Mar
Apr
5
5% Mar
9
June
9*8 Mar
49i2 May
40
Apr
1
Dec
1% Jan
2538 Jan
5
70
*Jan
5
39i2 Mar
71
Jan
5
38
1U4 May
May
2014 Jan
778 Mar
Jan
17U Mar
77
Jan 23
65
54
Jan 18
45
Dec
10
Sept
4018
H34 Jan
4
Jan 27
Apr
113g Jan
5
4*« Mar
45
Jan
4
3334 Mar
Jan 26
58
Jan 31
IOI4
Jan
10,500
% conv preferred
Common
5,500
10
15%
Jan
914 Nov
Apr
Apr
80
2,100
38%
7i2
Dec
% Jan 20
Jan
■
May
Feb 20
%
112
15%
June
7834 Jan 4
73g Jan 27
1%
100
97
145
914
...100
1
B.10
2,000
1,100
106% 106%
111
Nov
Reynolds Spring
Reynolds (R J) Tob claBS
Riehfie'd Oil Corp
Ritter
Mfg
Dental
5,500
10
A Pow.
No par
No par
Copper Mines.
iThe)
No par
100
XRutland RR 7% pref
Joseph Lead
;
10
St
JSt Louis-San Francisco... 100
6% preferred
..100
tSt Louis Southwestern... 100
5%
9
*5
75
Reynolds Metals Co—No par
3%
37%
Mar
2,000
1%
37%
3%
41
67
Jan 25
76
38
37%
Jan 12
7i2
Jan
..100
100
preferred
fiK% preferred
7%
Roan Antelope
3%
35
Jan 11
18i2 Dec
37g Mar
Feb 14
Jan
Rubernld Co
37%
July
314 Mar
5
20
Jan 26
100
*5
9
37%
90
4
20l2 Jan
30
40
300
%
July
3
40
58
A
15%
1%
May
7i2 Mar
10
6% conv prior pref ser A;
29%
*3
52
47g May
100
100
5
6% conv preferred
Revere Copper & Brass
8
%
Oct
5
Feb
29%
1%
39
5
60
*14%
*%
*1%
%
26i4 nov
Jan
Jan 26
38
1%
Jan
113g Jan 24
100
8
July
20i2
Jan
18
8
1%
July
9
14
JReo Motor Car
5
Republic Stecx Corp—No par
15%
1%
3934
Nov
43
Jan 27
Jan 24
*2734
30
Jan
10
Jan 13
30
*7%
Jan 27
6% Jan 25
64
55%
9
4
Jan
Mar
4
17234 Feb 16
6U Jan 26
7314
*14%
8
15%
Bid and asked prices; no sales on
9
Mar
2
30i4
90
Jan 25
18
Remington-Rand.-..
... 1
Preferred with warrants. 25
Rensselaer & Sara RR Co.-100
5 Vi
38%
50i2 Mar
443g July
Sept
1,200
9%
Oct
814 July
Jan
5
6
1.100
Co 1st pref. 100
Reliable Scores Corp...No par
Reliance Mfg Co .....
10
—
12
Oct
14414
2714 Mar
3
9
Mar
14334
44U Feb
4
Rhine Westphalia Elec
*9
June
I
4Jg Mar
Jan 6
25I4 Jan 27
Jan
10
8%
*53
4
Jan
86
*80
114
8i2
17
Class
77
*52
8%
i4 Mar
7514 Mar
Feb 20
2318
38
*72
12
*80
1134
86
Jan
2i2 Jan
43
Jan 26
300
16%
'
4334
Feb 10
100
*57%
77
7
20
Preferred
10%
*15%
56
Jan
25
50
50
50
Rels (Robt) A
300
8%
*00
♦52
Jan 10
638 Nov
2i4 Mar
6
150
2ig
I8I4 Jan 25
-
100
16%
*72
37%
<»
59
65%
Nov
3s Jan
1212
—
4% 2d preferred
Real Silk Hosiery...
200
4%
10
16%
*60
56
*53
200
59
65%
60%
1534
77
57
300
19%
207g
*52
39%
25
1%
*72
387g
157g
21%
77
*53
14
Nov
3
Inc
52 preferred
Reading..
4% 1st preferred....
Rayonier
500
1%
56
8%
*10%
Nov
74
Apr
tKadio-Ke»th-OrpbeumNo par
Ray best os Manhat tan. No par
«... -
200
67%
77
117g
«•»«,
400
1%
21
*52
*80
8%
43
Apr
U4
Jan
"
'
09%
56
834
-
13
647g
*73
75
77
12%
-
3,100
2%
20.
«*'*.
1,100
'
*52
86
4%
*50
8%
*72
8<%
19%
*8%
10
38
12%
15?g
4%
647g
^
•
647g
conv
Purity Bakeries.-
16,600
20%
*20
19%
7%
100
64%
20%
1584
*30
*80
*
_■
200
12
*11%
7
127g
*15
100
100
No par
Quaker State Oil Ref Corp.. 10
Radio Corp Of Amer...No par
55 preferred B
-No par
53.50 conv 1st pref.-No par
2,400
.....
preferred
preferred..
6%
*5%
1,500
1334
2%
*18%
*10%
67%
1%
80
13%
13
10%
13%
85
80
20
20%
5,600
*80
*12%
21
6,000
80
2%
*18%
2%
......
85
1234
8%
*73
*64
20
9%
9%
20
*8%
38
63
*80
100
23
23
*18%
*4%
*50
67g
$5
400
120
1 '29). 100
N J..No par
preferred
No par
6% preferred
100
7% preferred...
100
8% preferred
.100
Pub Ser El & Gas pf $5.No pat
Pullman Inc
-Aro par
Pure Oil (The)
No par
300
*154% 156%
9%
Pub Serv Corp of
138
*135
*13%
*11%
15%
23
75
14
*75
*20%
20
14
*10%
1234
108% 108%
r5% pf (ser of Feb
80
•
No par
Procter & Gamble
7,200
156
79%
-
36%
35%
138
*>80
7
-
5
50
5% conv 1st pref
5% conv 2d pref....
*•—W
1,600
*116% 117% *116% 119,
33
3434
33%
x3234
79%
13%
12%
*+
5634
118% -119
56%
156
85
15%
7534
8%
2%
*18%
13%
20%
8%
8%
11%
1334
*8%
64%
*18%
434
647g
*50
80
36%
M
1
Pressed Steel Car Co Inc
4*400
m.
*135
9%
Class B_
100
12
cl A-No par
........No par
Porto Rlc-Am Tob
....
1134
119% 11934 *119
119
*135
5534 5534
*117% 118%
35
35%
*107% 108%
.
11%
*11%
*35
*33
1034
*%
B—..No par
Poor & Co class
2,000
17g
%
*10®4
23
*23
*1%
12
12%
67g
*80
100
*80
*6334
•2%
%
*%
5
Plymouth Oil Co—...
Pond Creek Pocahontas No par
13%
35
13%
*12
7
13%
*1034
100
13
*12
13
*134
13
156
154
154
*16334 156% *153
*116% 117% *116% 117% *116% 117%
33
3334
33%
34%
327g
33%
9lo
9%
9%
9%
9%
9%
*85
1,200
8%
*8
'
*32
137
900
207g
20%
8%
11%
1134
*1187g 119%
*135
137
*135
230
"
57
56%
*56%
56%
55% 56
*117% 118l2 *117% 118% *118
118%
35
36%
3534
347g 35%
36!4
107% 107% *107% 108
*107% 108
*119% 120
......
%
*%
21
......
12%
12
%
12
*33
No par
7% pref class B
100
5% pref class A
100
5 ^ 1st ser conv prior pref 100
Pittsburgh <tr West Va
.100
Pittston Co (The)—No par
34
1134
Mar
60
434
10034 Jan 10
37g Jan 30
64
Pittsburgh Steel Co
400
38
*29
11%.
30
Feb 16
784 Mar
32
166
.No par
Pitts Screw & Bolt
3,200
23%
34
36
*11
*34
13
*35
*20
*29
ton's
38
Holiday
9
1134
13i8 Jan
8i2 Oct
47i2 Nov
Jan 24
37ig Jan 26
212 Jan 9
36
Jan 3
7ig Jan 26
*23% Feb 14
36i2 Feb 23
July
17% Mar
Jan" 4
Us Fob 14
334 Jan 23
4
414 Feb 15
No par
$5 conv preferred
...
7%
iu4
23%
Birthday
*20% -207*
9
12
Jan
38'8 Jan
1734 Nov
Mar
8i2 Mar
Feb 17
934
Feb 20
91 ig
141
Pitts Ft W4Ch7% gtd pf 100
67
7%
preferred
6%
Pitta Coke & Iron Corp No par
*173
-
7%
100
100
Pittsburgh Coal of Pa
200
*35
12%
%
Jan 11
43
15
Pitts C C & St L RR Co... 100
6%
*60
-
10
300
434
*6
67
--
......
20
20
6%
pref... 100
Pillsbury Flour M1113...—25
Pirelli Co of Italy "Am shares"
Pierce Oil 8% conv
135
"4%
20
.............
2,300
38
*35%
*
4%
*20
Washing¬
23%
34%
12%
36%
135
*11
%
20%
20
44
*42
44
..No par
prefened
.•
100
Phillips Petroleum— No par
Phoenix Hosiery
5
Preferred
1100
......
2434
7
12
12%
3
14
Jan
173g Mar
„
7%
6,100
39%
*2%
*24%
*173
Closed
1234
38%
3%
2434
*60
Exchange
38
23%
%
*30%
Philip Morris & Co Ltd.. ..10
5% conv pref series A.-.100
......
38%
*6
7
*18
314
No par
Phila & Read C & I
Phillips Jones Corp.
40
8%
*17
■
175%
*29
2%
86
6
4%
*4%
5
40
4%
6%
*35
*%
47
7
500
8%
*
20
35
*1%
3
Jan
1% Feb
2,800
8%
36%
y
434
23%
;3%
Jan
75
9734
*24%
135
39
13%
42
100
*%
Oct
5
3g
96
42
4
Jan
3%
8%
8%
2434
*18
11% .*11%
*234
*42%
'
44
*35
11%
38
3834
3%
12
9%
7i2 Jan
145% 145%
%
95%
142% 142%
Dec
5
4434
834 Jan_.
"
141
*1U2
*8
*3
Feb
11534
Mar
Dec
4
63g Jan 26
2
*1%
3%
u
3884
3%
135
•
*4%
*30%
8
6%
*173
4%
'
42
•
141
40
*234
20
*17
*4%
*303g
38%
39
*37
*_.__
141
3%
8%
2434
2
*3
u
%
94% 95%
95%
141
44
*1%
•
31
24i2
Jan
3434 Jan 26
300
157g Nov
121
Jan
25
Philadelphia Co 6% pref.._50
?6 preferred
..No par
JPhila Rapid Trans Co
50
7% pi eferred
50
85
July
3312
Jan
Jan
Pfeiffer Brewing Co ...No par
46
85
2
8
38%
46
Mar
10
Jan
558 July
12018 Dec
14ig Mar
19i4 Mar
1734 Feb 20
.5
2i2
30
38
17
..
85i2 July
Dec
6i4 July
24i2 Jan
Phelps-Dodge Corp
5858 Aug
Mar
1734 July
Petroleum Corp of Amer
7,000
Mar
Us
134 Mar
500
7
39%
Oct
512 Mar
28
preferred
14*8 nov
13i2 July
22% Mar
No par
prior preferred
Oct
Oct
7
17
5%
Oct
2U2
234
Jan
12% Jan
5%
33g
423g
40% Feb 6
314 Jan 24
Jan
234 Feb
100
100
100
300
7
38%
38%
37%
33
100
Pet Milk
9%
9%
8
200
7
*43
*3
*42i4
18
9%
Feb
Peoria A- Eastern
20
28%
*17
24
243g Jan 4
27i2 Jan 25
preferred—100
conv
Peonies GL4C (Chic)... 100
80
*25
17
*80%
*134
39%
6M %
«
Deo
July
110
187g Jan 26
Pere Marquette.
30
28%
46%
2
4%
»
^
86
38%
1
3%
%
40
Peoples Drug Stores..-No par
Dec
55
Jau20
100
*113%
x38
*3
*4lg
*303g
39ig
*234
16
25
9%
*634
9%
*1S4
%
25
30
10% Mar
5
RR
Dec
13ig July
2i2 Mar
Jan
Pennsylvania
103
Mar
6
14
No par
50
$7 conv pref
-.
■
9%
Jan
Penn G1 Sand Corp v t o No par
w
17,400
207g
25
«.
15%
2
"9634
20%
30
5ig
Nov
1358
41
1% Jan 16
•Jan 19
*12
3%
145%
*
20%
30
1U2 Feb 6
5712 Jan 3
843g Feb 24
31
15%
17
•
300
15%
35%
4
Jan 27
100
*U2
142
Penney. (J C)
2
61 ig
102
312 Mar
834 Mar
5
Jan
Oct
Dtec
Feb
Aug
114 Mar
3
11
812 Jan 23
10% Jan 16
Mar
Jan
6
6% Mar
13
Jan
2l2 Jan
Jan 26
Mar
65
400
28
15%
No par
Penlck & Ford
2,600
30
158
2%
157g
I8I4
9i4
684 Mar
26
3%
*25%
U2 Mar
31% Mar
14ig
$7 conv pref ser A...No par
36%
,
3
19
378 Jan 24
*3
*
Jan
4258 Feb 21
15U Jan 24
Cement...No par
234
18
Us Jan 26
4058 Jan 27
2.50
Penn-Dlxle
36%
271"
16
400
•234
30%
17
5
1%
35%
30
Jan
300
3%
*25%
26
51% Feb 20
75i8 Jan 13
Us Jan 17
38%
*10
1812 Feb 20
No par
Penn Coal & Coke Corp
10
*121
*113%
~
5
4%
*26
15%
20%
M
11%
28
*14%
*121
*3'4
*14
*96
*4
*26
1434
*
1734
*80
90
28
15%
7
*914
*634
4%
*10
31
*2734
*17
*13%
2,300
1%
20%
257g
39
3%
11%
*4%
*121
*113%
40
*38i2
3,500
4%
*1%
•
Jan
No par
Pathe Film Corp
...Aro par
Patino Mines & Enterpr No par
900
1%
13%
Par melee Transporta'n.
4,700
15
*23
26
9%
51%
*26
27%
19%
207g
9%
84%
1%
15
2%
9%
51%
4
*26
2%
1,100
83%
1%
4
1
2%
51%
Mar
8884 June
10712 Jan
Parker Rust Proof Co
11%
29
4
1
200
837g
1%
5
No par
17%
51%
97g Jan 26
Dec
6I4 Nov
1
Sept
Feb 14
104
Mar
314 Mar
1534
4
Tilford Inc
17%
17%
10
Jan
Park Utah C M._...
Parke Davis & Co
8334
,
10
800
11%
4%
*121
1,100
83%
4
15
400
2
52%
*11
100
3
U2 Jan
6012 Jan
Feb 16
0i2 Jan 26
9012 Jan 26
6% 2d preferred
Park
Feb
5
Jan
163g Jan 4
634 Jan 20
100% Jan 27
1
1st preferred
42%
83
*1%
27
23
*17g
*42
*11
1%
*1412
6%
2,600
*50
4%
*121
107g
23
178
'
*4
22
42%
2%
9%
9%
10%
10%
15,300
95
Feb 18
100
Paramount Pictures Inc.
100
95
1%.
*16
~10~7g
10%
97
42%
17%
9%
To%
6
Jan
434
Jan 24
52
No par
4% conv preferred
*101
*101
117g
Jan 23
13
1
5
Pan-Amer Petrol <fe Tiansp._5
Highest
$ per share $ per share
5 per share
4
Corp
7
42%
*2
Pan Amer Airways
14%
42%
2%
10
No Par
Packard Motor Car
*6%
2
*2
12,200
1,800
14%
42%
*17i2
Pac Western Oil Corp
300
4%
4
7
52%
*21
io84
*10%
4%
Lowest
Highest
Lowest
14%
*1
19%
1034
100-Share Lots
5 per share
103s Jan 23
Par
*584
2
1%
Shares
23
14%
*51
10%
Week
$ per share
On Basis of
7
10%
10%
EXCHANGE
14%
42l4
•
Feb.
$ per share
95%
10%
10%
20%
share
*101
*92
1034
22
per
4%
*534
*101
Feb.
$
Range for Previous
Year 1938
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
Feb. 24
Thursday
1G34
4
7
*50
53
21
NOT PER
SHARE,
Wednesday
% per share
10%
1%
u8
*101
PRICES—PER
Tuesday
$ per share
% per share
*51
SALE
Monday
Sales
for
LOW
Saturday
1133
New York Stock Record—Continued—Page 8
148
100
No par
100
preferred
Safeway
Stores
30
5%
preferred
150
6%
7%
preferred
180
100
Def. delivery *
preferred
Savage Arms Corp
n New stock,
100
100
No par
r Cash gale,
x
3712
z55
77i2
5114
Dec
Jan
5
85s Jan 27
7U Jan 17
13i2 Jan 25
27
Jan 24
Us Jan 24
375g Feb 24
i2 Jan 20
U4 Jan 25
3
Jan
3
29
Aug
5
Mar
9i2 Jan
7
7
16is Jan
3
14»g Mar
Jan
4
13
4634
Jan
Jan
Jan
4
3
4
25i2 May
84
Jan
4
Ug Mar
314 Jan
3
134
34
U4
2
7i2
84
3g
3?g
Dec
Dec
Dec
12
Mar
58
Mar
9
68
Mar
Feb 24
79
Mar
3
4
96
3
107
Feb
104i2 Jan 11
13
Jan 26
112
Ex-dlv.
Dec
395g Feb 6
97% Feb 15
Jan
82i2 Jan
Jan
Apr
Mar
18'4 Jan
yEx-rlghta.
3
8'4 Mar
t Called for redemption.
Jan
Jan
Dec
New York Stock Record—Continued-Page 9
1134
SALE
HIGH
PRICES—PER
Feb.
AND
Monday
Feb.
18
Feb.
*68
Feb.
$ per share
15%
15
22
Feb.
$ per share
7
7
7%
.7%
*47
48
*47
48%
*114% 115
*114% 115
*6%
*47%
115
7
15%
115
68
*
%
%
%
*%
2
*1%
19%
*1%
1%
19%
*19%
*2%
72%
3
*2%
8
72%
70%
16%
16
16%
16%
*16%
71%
16%
*16%
65
*61
65
*60
6
6
6
300
72
16%
71%
16%
20%
2%
71%
16%
17%
2,500
6%
7%
47% 48
*114% 115
6%
47%
20%
*17
16%
17%
*60
65
*61
5%
6%
6%
2%
70%
%
*1%
1,300
400
Seaboard Oil Co. of Del-No par
3%
100
Seagrave Corp
73%
5,500
6,300
17%
64
*61
62
3%
16%
5%
16%
17%
6
50%
10%
50%
*47
53
*47
53
11
*10%
33
*10%
32%
11
33
11%
33%
11
33
33
*32%
12%
12%
12%
13%
12%
*105% 107
*105% 107
*10534 107
12%
5%
5%
28%
28%
27
3%
*3
*3
*19%
21
*24%
24%
*95
96%
*85
92
*19%
.*94
*94
14
15-%
14%
12%
16%
14
12%
12%
111% 111%
2%
2%
17%
137
25%
24%
16%
17%
111
*136
16%
17%
26%
16%
18%
26%
19
18
18%
25%
26%
*33%
3%
3%
46
46
3
2%
8
*7
21
21
46%
47%
*14
14%
*19%
45%
13%
*43
48
*43
*136
-
25
27%
39
2%
25%
16%
37
*33%
3%
,
46
47
3
3
3%
7
*6%
*19%
8
7
21
*13%
14
14%
14%
14
46
*44
46
46
45
14%
68%
*27
634
100%
27%
6%
27%
6%
99% 100
1%
1%
1%
1%
1%
3%
3%
3%
3%
9%
9%
8%
9
*3%
8%
3%
8%
*16%
18%
17%
21
22%
*%,
26%
48%
49%
31%
*31
21%
*%
27%
26%
*45%
48%
%
28
26%
*45%
17«4
51
21
2
%
26%
50%
26%
*45%
48%
31%
70%
10%
*%
27%
Washing¬
ton's
26%
*45%
26%
47%
Holiday
70%
48%
32%
70%
10%
31
31
71%
71%
10
10%
5%
5%
*5
5%
*5
5%
14%
14
14%
7%
7
7%
14%
7
*60
63
*125
127
60
9%
34%
2%
*17%
28%
*9%
*18%
*27%
8%
*6%
*6%
*37%
34%
2%
■
60
60
125
125
2%
17
*28%
*9%
18%
11%
*9%
18%
18%
28
26%
18%
27%
26%
8
8%
6%
6%
*6%
6%
44%
5
*38
5
31
*33%
34%
-
1
43%
13,200
4%
5%
2,800
9
5H% preferred
Telautograph Corp
50
1,400
Texas Pacific Coal & OH
2,700
17%
19%
17%
200
Texas Pacific Land Trust.
Texas & Pacific Ry Co
*19
19%
*19
19%
300
Thatcher Mfg
59
*57
59
*57
59
20
2%
3%
2%
3%
25%
2%
26%
*12
2%
13
,2%
*3%
26%
2%
"
19%
2%
2%
4
*3%
25%
26%
2io
12%
12%
95
95
14%
95%
14%
45%
46%
-
6%
*94
*85%
87%
*85%
4%
*10%
2 334
*32%
*3%
*20%
10%
*3%
4%
4
*4
2234
33%
3%
32%
*3%
3%
24
23
23
*23%
10
10
10
*3%
4
58
58
10%
10%
83%
83%
18%
95%
18%
18%
10%
83%
18%
96
94%
95
83
82%
*22%
40%
11%
*55
10%
81%
57
83
22%
41%
12%
16
16
*115
118
57%
*15%
57%
16
22%
*32%
3%
10%
22%
10%
81%
18%
*93%
*82%
*22%
40%
12
3%
24
57%
*15%
22%
*32%
*8%
3%
3%
87
4%
86
9
3%
86
*4
4%
11
Feb 15
5% Jan 26
42% Jan 24
4% Jan 26
29% Feb 1
10
8% Jan 27
1
100
7% Jan 24
23%
10%
*3%
23%
Mar
40
35
4
100
37
1
preferred
.10
Jan
3
Feb 20
3% Jan 26
16
Jan25
1% Jan 17
25
par
3% Jan 3
20% Jan 26
$4.50 conv pref
Tlmken Detroit Axle
Jan 10
21
Jan 10
Jan
8
Jan 26
3
Jan 24
100
400
Truax Traer Coal
100
Truacon Steel
No par
85
4
Feb
4
Jan 24
10
10
Jan 24
20th Cen Fox FUm Corp No par
$1.50 preferred
No par
Twin City Rap Trans._ATo par
21
Jan 26
Preferred
100
Twin Coach Co
300
1
No par
31% Jan 28
3
23
Feb 23
Feb
7
8% Jan 26
3% Feb 23
81%
18%
84
18%
18%
9,100
1,700
Union Oil of California
Union Carbide & Carb. No par
25
81% Jan 27
18% Jan 26
94%
95
97
2,400
Union Pacific
83%
22%
40%
12%
*83%
22%
40%
12%
84%
22%
41%
12%
84%
*22%
88% Jan27
81
Feb 7
85
22%
42
12%
12%
600
200
42,500
23,200
100
4% preferred
100
Union Tank Car
No par
United Aircraft Corp
Un Air Lines Transport
600
United Biscuit
*114
118
*59
61
""466
United Carbon
17
300
16
*
57
Jan 27
9% Jan 26
21
Jan 28
5
33% Jan 24
5
9% Jan 26
No par
1578 Feb 24
100
Preferred
113% Jan 23
No par
United Carr Fast Corp .No par
10% Jan
107g
Mar
3% Mar
8% Mar
1% Mar
534 Mar
10% Mar
77% Apr
3
8
Mar
31% Mar
Jan 10
734
Mar
1
~
3
Jan
Transue & Williams St'lNo par
Ulen & Co
41
334
300
7% Jan 24
15
278 Feb 15
37g
28%
Apr
Apr
2% Mar
Jan 10
5,800
Trl-Contlnental Corp..No par
$6 preferred
No par
27g
Jan
434
3,200
9
94
16%
22% Jan
Jan
..No par
94%
16%
Mar
Mar
81%
18%
16%
9
15
Under Elliott Fisher Co No par
Union Bag& Pap new..No par
15%
Mar
7
634 Mar
Jan
10%
13
4.100
16
26
Jan
Jan
32%
53%June
10%
58%
2% Mar
19%» Jan
58
118
32% Mar
597g Feb 17
4% Feb
100
300
Apr
378 Mar
3
Jan 28
Thompson (J R).
Thompson Prods Inc..No
3%
Mar
Jan 24
Third Avenue Ry..
1.100
5
'4% Mar
Jan 27
No par
...
10%
378 May
34
18
Preferred
20
Mar
17
10%
58%
*15%
k
Jan
400
23%
*15%
6% Jan
48% Jan
5% Jan
Feb
100
*23%
*114
42% Jan
5% Feb
18%
2,900
15
22% Mar
434 Mar
4
4
7
24
17
56
57
16
Jan
54%
33%
6% June
No par
57%
57%
834 Mar
1778 Mar
No par
10%
81%
118
Dec
Jan
3
5%
4
Dec
Mar
Jan
478
4
Jan
2% Mar
88
Jan
77
478 Jan
1334 Jan
26% Jan
34% Jan
Apr
June
128
Bid and asked prices; no sales on this day.
s.
t In receivership,
a
Def. delivery,
n
New stock,
r
Cash sale,
x
-
Oct
23% Nov
32
July
15% Aug
21
Nov
29% Oct
10% Nov
8% Jan
9% Oct
49% Nov
6% June
8
Jan
49% Aug
57g Dec
38
Oct
12% Aug
11%
Feb
26
July
25% Oct
60% Oct
57g July
56
Jan
5% July
18% Nov
2% Jan
5% July
287g Nov
4 • July
19
July
15% July
98
July
19% Nov
55% Nov
12'4 Jan
10% Oct
12% Nov
4% July
91
Nov
Jan
16
Mar
12% Jan
434 Jan
6
Mar
13% Nov
Mar
Mar
Mar
2% Mar
3% Jan
30
-
1% Mar
41
6% Jan
15% Nov
28% Nov
38
July
6
Jan
44
Jan
6
Oct
66
Jan
12%
Jan
7% Mar
90% Jan
1934 Jan
98% Jan
Mar
9078 Nov
17% Mar
55% Mar
22% July
85
57
Feb 24
23% Jan 5
42% Feb 18
13%
Jan
17
Jan
3
7
113% Jan 23
59%
20
Mar
Apr
Mar
19% Mar
5
Mar
14
Sept
100%
Jan
Jan
3
39
Jan
15% Jan 23
17
Jan
5
12%
Apr
y
Jan
Mar
65
Ex-div.
Nov
14% Mar
43% Oct
4% Aug
70% Nov
15% Aug
99% Nov
83% Nov
23%
Ex-rights,
Jan
43% Dec
13% Nov
20
Nov
118% Aug
73% Nov
20% NOV
■S
•
Nov
3%
5%
16%
25%
Jan 26
54
Jan
Nov
July
17% Nov
9% Oct
65% Dec
Mar
17% Mar
134 Mar
Jan
8% Jan
7% Jan
6% Feb 15
10%
81%
18%
10%
Feb
8%
96
23%
3%
119%
13% Jan 27
*33
3
3%
*55%
45
6
43% Jan27
6% Feb 23
*10%
22%
3
3%
4
Jan
10
33%
10
10%
50%
58%
34%
71%
Mar
Jan
1978 Jan 19
28% Feb 16
4% Jan 26
25
pref
conv
Jan 12
5
Thermoid Co
$3 div
Jan 26
Apr
3934 Mar
Jan
Tlmken Roller Bearing.No par
Transamerica Corp
2
Traascont'l & West Air Inc. .5
11%
22%
3
9%
58
9
8%
3
10%
*15%
*115
*9%
*
33%
*3%
*55
3%
66
94% Jan
9%
8%
*8
5% Mar
3% Mar
15% Jan
14% Jan
9
3%
87
8%
11
2% Jan 27
11% Jan 30
2,400
8%
June
12% Jan 24
6%
3%
5
Tide Water Associated OH..10
6%
858
8%
12% Dec
Thornpson-Starrett Co.No par
$3.50 cum preferred.No par
1,900
6%
May
100
2,700
6%
6
6,000
15%
95%
49
13%
13
46%
3%
24
2%
100
95%
8%
101o
12%
1,000
3,300
1,300
15%
3%
*
*2%
2%
3%
27%
45
8%
*4%
10%
120
15%
8%
*85
20
45
3%
4%
11%
23%
32%
19%
*2%
45
>
9
87%
500
15
.
9%
4%
90
4
*12%
conv
The Fair
4%
40
3%
*3%
26%
17% Mar
6
127%
11%
38%
3%
Jan 24
6
Tennessee Corp
Texas Corp (The)
$3.60
500
*3%
*85
2%
12%
6%
6%
13
12
15%
.
2%
*11%
12
12%
47
1
26
Jan 25
9% Jan 27
38
35%
3
Jan
26% Jan 26
7% Jan 26
6% Jan30
Talcott Inc (James)..
Jan
3478 July
Feb
Swift International Ltd
"*20
July
1
32%
3
8% Jan 17
2% Jan 28
18
28
Mar
72
Jan 14
Jan
Jan 13
Symington-Gould Corp w w_ .1
Without warrants
..I
Jan
Jan
July
13
5
10%
■
5%
11%
23
% Dec
25% Mar
2434 Mar
Jan
100
3,300
14%
46%
16
Superior Oil
31
Mar
10% Sept
12% Jan
8% Jan 27
Superheater Co (The)..No par
31
Dec
Dec
July
July
Jan
30
43%
*4
55
Mar
Dec
Nov
9% Jan
107% Feb
3% Jan
4% Mar
22% Jan
400
49
1% June
July
29%
50%
53%
3334
120% Jan 27
10
Mar
Mar
2
24% Jan 19
% Jan 14
29% Feb 6
16% Jan 28
5%
3%
19%
2%
3%
19% Jan 26
% Jan 14
26% Jan 26
26% Jan 26
50% Jan 14
47% Jan 26
27
5%
4%
Jan 27
Sutherland Paper Co
10
Sweets Co of Amer (The).. .50
Swift & Co
..25
7
31
94
2% Jan 4
5% Jan 20
10% Jan 20
2012 Feb 6
Jan 26
i.100
8%
6%
16
6% preferred
Sunshine Mining Co
85S
94%
16%
6%
40
3
Feb 23
Superior Steel
1,800
40
1% Feb 18
3% Jan 24
11
24
49%
17%
45%
157g
70%
Mar
6%
5
Jan
29
48% May
12% Mar
6% Mar
5
8%
94%
57%
8%
Jan
7%
101
Jan
8%
*4'
30
Jan
100
5%
*3%
*17%
Jan 26
6% Jan 27
800
5
*36%
4
17%
8%
.
6
Jan
Feb 24
6% Jan 27
8%
3%
Jan
4% July
19% Dec
15% Mar
734 Mar
Jan 16
13% Jan 26
8%
4%
Mar
No par
*8
44%
4
8tudebaker Corp (The)
1
Sun OH
No par
30%
95%
118
2,200
*39
17%
Jan
Jan
8%
12% .12%
57%
400
40
30%
46
6%
8%
*8%
*115
6%
*6%
Oct
Mar
Feb 17
8%
*3%
*17%
2%
42%
12%
34%
2%
1,200
2,800
2,000
*17%
13%
22%
3,400
Dec
Mar
5
3
Stone & Webster
33%
2
15%
5
22% Jan
23% Dec
6% Mar
8% Mar
29
71
1
July
5
9
x45
Stokely Bros & Co Inc
25
4
42% Jan 25
17
Jan
Nov
40% Nov
11% Jan 26
452% Jan 28
8
Jan
141
17% June
2% Sept
3% Jan
8% Feb
6% Jan 25
98
3%
28
Jan
47% Feb 24
2% Jan 26
9% Jan 26
120
9%
2,400
6%
8%
*82%
22%
41%
11%
*16%
800
127
19%
6%
4
4
4
35% Jan 17
6,100
27%
*4
Jan 23
24
Nov
19% Mar
9% Mar
378 Feb 24
15,'100
18%
27%
8%
*36%
37
Jan
2% Jan 25
5
*8%
4%
Jan
7%
61%
18%
27%
8%
4
Jan
33%
15%
18%
17%
23%
15
1% Mar
15% Dec
25% Feb 16
21%
Oct
16% Jan
114% Nov
Apr
128
4
Jan 26
15
7%
60%
9%
*33%
2%
Feb
16% Jan 26
23% Jan 26
37
Jan 23
700
127
Jan
18% Jan 20
141
23% Jan 24
14%
,
3
3
Jan 11
5%
27%
8%
*17
2*8 Jan
111
Nov
19% Aug
8% Mar
1034 Mar
4
114% Jan 21
16% Jan 16
132
5
18%
19%
Mar
1334 Jan
Jan 30
27
*17
10
1234 Jan 26
Stewart-Warner
31
*57
Aug
4,100
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
17%
19%
Oct
24
10%
43
59
105
Apr
10
44%
4%
8%
8%
May
13
Jan 26
__10
43%
4%
30%
30%
91
26
10%
*4%
104% Feb 23
19% Jan 5
16% Jan 3
14% Feb 24
69
*9
38
4
4
25
44%
4%
Jan 18
Sterling Products Inc
11%
7
101
Starrett Co (The) L 8..No par
*9
6%
*6%
122
1,200
18%
29%
*38
98
Mar
1,000
17%
7
Apr
45
71%
*28%
6%
10
Standard Oil of N J
Jan
z84
Feb 21
11", 100
18%
39
25
Standard Oil of Kansas
50%
29%
8%
Standard Oil of Indiana
Jan
101
48%
33%
*28%
3%
2%
10%
2%
Stand Investing Corp..No par
Standard Oil of Calif
No par
5%
43%
t4%
30%
*4
27%
11%
10,700
*17%
13
9
26%
~
5%
37
20
15%
6,900
5%
19%
4%
46 %
%
27%
5%
*57
4%
*94%
*15%
4634
6%
9%
1,800
22%
*%
27%
26%
*45%
47%
32%
71%
5%
17%
19%
40
13
21%
$6 cum prior pref....No par
$7 cum prior pref
No par
*5%
43%
4%
30%
61
*334
100
5
8%
26%
2%
*12%
19%
4%
8%
*17%
*2%
900
3,700
5%
8%
18%
*4
3%
17
6%
*6%
39
2
29%
11%
8
No par
*4%
8%
*4
7
62%
9%
2%
1
.»
$4.50
5%
8%
*38
6%
39
14%
7%
*60
2%
Square D Co class B
Standard Brands
X Stand Gas & El Co...No par
$4 preferred
!
No par
10%
5%
*125% 127
34
2,600
2
....
Conv $4.50 preferredNo par
*4%
-
*8%
19%
8%
14%
50%
7
..
9%
2%
17%'
29%
44%
5%
*
17
5%
*57
2%
34
*28%
*5%
*17
33%
9%
18%
5%
30%
9-%
28%
11%
*5
10
126
9%
*33i2
40
32
60
125
,
9%
.
Spiegel Inc
680
34%
Jan
Jan 30
16%
21,200
9%
3%
80
94% Jan
Jan 28
9%
%
24% Nov
13
*3%
21%
1478 Mar
18% Mar
Jan26
21% Jan 3
4778 Feb 18
8%
28
35% Nov
Jan 24
preferred.....No par
X 8tand Comrn Tobacco
.1
*18
12% Mar
2% Apr
Jan 24
1,500
2,800
18%
Jan
3% Jan
2134 Jan
29% Jan
95% Jan 19
19
10,000
2
32%
40
7
3%
Birthday
50%
48%
31%
70%
10%
7%
28%
6%
Mar
4% Mar
Sperry Corp (The) vtc
1
Splcer Mfg Co...
.No par
$3 conv preferred A_.No par
No par
1
100% 101
1%
*17
Closed
27%
26%
71%
15%
28
7
9
*21
*%
27%
10%
7%
15%
27%
93
Jan
Spencer Kellogg & Song No par
9,100
71
3%
8%
Exchange
21
%
71%
15
14%
69%
101
Feb
7
Sparks Wlthlngton
Spear & Co
400
14%
69
1%
27%
48%
101
Stock
107
104% Jan
37,400
45
*44
*
Spalding (A G) & Bros.No par
1st preferred
..100
49% Nov
12% Nov
100
13%
14%
27%
160
47%
14%
68%
100
Aug
28% Oct
18% July
106% Oct
200
46%
13%
100
No par
5% preferred
Mobile & Ohio stk tr ctfs 100
9,500
20
4612
67%
Southern Pacific Co.
Southern Ry
-
1,900
7
20
46
14%
22%
*6%
20%
46%
69%
27%
6%
19
7%
*19%
45%
21
46%
13%
6%
*
3
68%
27,
37
46
15
100
11,300
11,800
5,200
3
70
7
17%
25
70% Nov
9% Nov
36
5
'
Southern Calif Edison
Mar
Mar
Feb 21
..100
Mar
3
10
111
8% preferred
Nov
45% Mar
J«n
Jan
Solvay Am Corp5H% pf--100
South Am Gold & Platinum __1
23
10
Jan 11
15%
11*4 Jan 26
.Jan 26
So Porto Rico Sugar ...No par
Oct
July
9% Mar
634 Mar
12
50
Jan
18
Jan 10
Jan 5
20% Apr
13^2 Jan 26
1,800
5%
80%
Jan
Socony Vacuum Oil Co Inc. 15
1,500
Dec
Mar
Feb
18i2 Jan 27
No par
Feb
2%
47
11%
21
O) Corp
Jan
July
36
Jan
Skelly Oil Co
$6 preferred
6
5
50% Feb 16
Jan 25
7g
3
27%
%
6
Jan
Jan
1% Mar
15% Mar
5
5
Jan
10% Nov
507g Oct
113% Dec
3434 Mar
112% Dec
5
Jan
Mar
3
4
Jan
1% Nov
10% Jan 24
Simonds Saw & Steel.-No par
100
Jan
June
% Sept
28
Smith & Cor Typewr..No par
Snider Packing Corp
No par
400
19%
46
47
Jan
7%
2% Jan 14
6% preferred
Jan 25
69
Jan26
5% Jan 27
100
1,500
21,500
28
2%
Jan 24
14% Jan 26
16%
18%
26%
45%
15
.10
16%
*33%
3%
Jan 25
Smith (A
3,000
3%
2i2 Feb 21
67
10
SIoss Sheffield Steel & Iron .100
Feb
%
5% Jan 23
2512 Jan 27
25
Jan
85
2%
22%
3%
74%
18%
21%
Jan 26
,.No par
Simmons CO
— —
25%
3
.
—
25%
37
100
preferred
Sliver King Coalition Mines..5
27%
62
% Feb
1% Jan 27
19
15*4 Jan 28
No par
1334 Sept
9
115% Feb 14
300
-
46
i
—
25%
18%
Shattuck (Frank G)
5H% conv
Jan
60
Sheaffer (W A) Pen Co.No par
Shell Union Oil....
No par
3
Jan 20
10%
48%
Jan
45% Jan 23
No par
$5 conv pref
Jan
Jan
1
No par
Sharon Steel Corp
Sharpe & Dohme
No par
$3.50 conv prelser A.No par
100
.
3%
47%
14%
27%
~
_
330
15%
*15%
14%
12%
12%
111% 111%
2%
2%
17%
17%
26%
*33%
3%
*
m.
mt
^
104%
*138
-
16%
18%
3%
68
*100% 101
25
—
-
f,600
15%
16%
14%
15%
25%
37
3%
16
14%
12%
*111% 112
2%
2%
17%
17%
17%
~
-
99% 100%
.
111
25
18%
*18
96%
*15%
*15%
14%
12%
15%
14%
12%
2%
17%
17%
137
27
6%
*94%
21
No par
1
Slmms Petroleum
...
25
104% 104% *104
*137
26%
*19%
24%
16
*15
2,200
3%
21
103
16%
800
-No par
Servel Inc
______
29
25
103
96%
1,500
5%
25
*15
92
70
*19%
24
15
"
*7
*3
96%
111% 111%
2%
2%
17%
*17%
2%
3%
99%
15
12%
46
*3
*5%
*94
14
*33%
3%
28
*95
12%
16%
*27%
5%!
27%
*102% 103
14
25
24
2,700
—
Sears Roebuck & Co
*
100
11%
106%
27%
3%
20%
*19%
24%
96%
53
*105% 106%'*106
5%
-
1,500
13%
5%
*3
3%
20%
*•
33
13
13%
101
17
*15%
5%
26%
*48
92
*85
*102% 103
*15
23%
5%
27%
300
m
6%
100
4-2% preferred
17
% Jan
6
Highest
$ per share $ per share
72
13% Jan26
Jan
113
Lowest
$ per share
68
,
Range for Previous
Year 1938
Highest
share
per
par
%
11
5%
par
1%
20%
5%
'
par
%
300
$
5
100
1
100
1%
*19%
*2%
72%
16%
16%
34
13
70
Schenley Distillers Corp
53^% preferred
JSehulte Retail Stores
8% preferred-Scott Paper Co
No
$4.50 preferred
No
tSeaboard Air Line
No
%
19%
11
53
600
Par
1%
19%
*2%
*33
*49
300
%
%
115
*%
*1%
%
2,800
15%
68
20%
2
Shares
%
6%
47%
47%
Week
share
15%
%
115
Lowest
24
per
$
69
15%
On Basis of 100-Share Lots
EXCHANGE
Feb.
23
*68
%
Range Since Jan. 1
NEW YORK STOCK
the
Sales
CENT
Friday
$ per share
68
%
NOT PER
Thursday
15%
68
%
%
%
21
Feb.
SHARE,
Wednesday
70
14%
15%
70
%
20
9 per share
9 per share
15%
*68%
Tuesday
STOCKS
for
LOW
Saturday
25, 1939
fCalled for redemption.
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
148
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
Sales
CENT
Monday
18
Fed.
Feb.
$ per share
314
3i4
36
36'4
584
*634
57g
7
*67
Tuesday
20
Feb.
i per share
3
$
per
21
Feb.
share
3%
3
36
36%
5%
634
634
3%
3634
5%
5%
6%
6%
7134
*67
7134
5%
514
5
5%
4%
*31%
33i2
70i4
32%
70%
1278
*30 »2
69%
6%
33
70
70
*30l2
69i2
*68
13
12%
12l2
*114% 115% *114l2 115%
8
778
778
8%
6
6
578
5%
8%
878
8%
8%
*84
87i2
*85
7134
71
4%
5%
70
70%
12%
12.400
*84
6
600
United Paperboard
9
800
U S A Foreign Secur
834
%
*3s
%
*%
%
*%
%
*3g
5i2
83g
5%
*5%
634
*534
7
8%
*8%
9%
*8%
9%
*83g
94
95%
92
6%
33
*26
«
634
2134
*4i4
8l2
434
434
4614
4678
1041* 105%
5534
*63l2
603s
21%
21%
4%
8%
*4%
4%
*50
44%
63
*42%
43%
4%
4%
4%
4%
4334
4434
44%
10134 102%
102% 103%
5434
5434
64%
*63%
59%
6114
5834
60%
59%
5834
115% 116-% *115% 116%
5434
*63%
35%
3534
35%
35%
r35%
35%
*44U
4534
44%
45
*43%
44%
3%
734
*7%
2
2%
2
,2
*51%
*10%
*7434
77
11
*51%
*10%
55
11
*7434
77
*7434
*3
77
10 34
*160
84
♦38
*17
65%
%
26
26
34l2
347g
1034
*7434
*160
"255s
2578
"24%
334
271*
~25~
*72
»*1%
*214
*ll4
*7i8
*1734
*87i2
7%
72
70
40
*
7%
177g
89
88
2%
7
~Y%
*116% 117
2%
*1%
Stock
*6
Closed
*6.7%
Washing¬
*1%
ton's
*2%
*1,%
2%
89
*87%
7
•
7%
Holiday
6%
47i2
47l2
47
47%
*46
47
197g
20
19%
i9%
*18%
1934
13
*12
13%
47%
*19%
*12%
2%
2%
*12
23g
1334
2-%
42
*39
5i4
41
*2%
2%
2%
2%
40
40
5%
41%
25g
*12
5
*39
41
*39
42
5%
41%
4134
2%
2%
40
5
5%
2%
41%
2%
2%
12
*8%
11
*3
6
*3
27
*26
10
6
27l2
2134
*3%
*26%
6
27i2
2134
*29i4
234
27
*814
*1%
25ig
234
1%
25U
75
*73
94i2
*12212 124
116
116
2814
*3ig
*558
*%
1%
21%
2634
104
6
104
27
%
2%
400
7%
100
5% preferred B
Waldorf System
1734
300
Walgreen Co..
100
89
6,300
7%
47%
1,400
47%
20 '
*12
800
1334
*2%
_
«.
-
~
~
400
2%
400
40
40
5%
5%
17,900
.41%
2%
41%
'234
310
5%
41%
234
6
*3%.
*26%
2034
29%
*234
*1%
263.J
21%
29E
2%
5,500
200
21%
800
29%
2%
400
Wayne Pump Co—.—
300
Webster
6
6%
*%
%
109
65
75
5%
*%
1%
2034
2534
38
60
19%
19%
400
*30%
31%
100
65
25
25%
95
*79%
95
*54%
*11%
10%
*5%
1%
57
*55%
56
12%
*11%
55l2
54%
54%
50%
55%
12%
*11%
12%
*11%
12%
11
1034
1034
6
6
*1%
16%
10
90
24%
'■1034
6%
1%
38
*79%
*11%
1634
200
90
*54%
1%
20
18
25
24%
1634
65
5,300
148
90
*79%
1%
112
*17%
*72%
90
1%
17
*72%
10%
11
6%
6
26%
3,400
200
12%
2,000
700
6
13s
1%
1%
400
17%
17%
17%
400
314
3%
3
3
*234
3%
3%
3
3%
400
234
234
2%
234
2%
234
234
5%
5
5%
5%
414
512
4%
5%
4%
5%
4%
234
5%
11,300
5i2
2%
5%
4%
4%
3,100
4514
45l2
4%
4%
44%
4%
4%
*44%
45
*181*
21%
48%
19%
*58
68
*50%
70
*51
63
22%
47%
*18%
*51%
*52
61
*48
65
*55
60
*47
22%
4734
18%
32%
*32!%
34%
*44
48
*43
47
113
113%
109
109
*78
79
79
79
30
3012
29
29
18is
1812
18
110
1634
17
16%
17
46l2
47%
45%
46
4,100
800
*105
2234
22%
23%
48%
48
48%
1,800
12,300
19
19%
900
70
*51%
70
65
60
60
18%
*3034
32
*32
33%
200
43%
*42
47
45
45
200
113
113
111% 111%
79
*7834
109
*78%
79
*28%
17%
29
28%
17%
17%
*109% 112
*16%
17%
110%
*16%
45%
17%
4534
17%
45
110
30
4634
*79
8034
140
79%
79
*2834
1734
300
31
500
18%
111
111
19,000
130
17%
17
4634
900
48%
19,700
80 34
*79
Telegraph-100
55
Dec
Mar
3
134
May
159l2
Dec
76t2 Feb 24
83
Dec
Jan
Feb 23
%
17
22
Jan 16
Jan 26
Jan 27
30
Feb
»4
Jan
Jan
5
30% Jan
6
Feb 17
35
6
114% Feb 24
36l2 Jan 24
41% Feb 24
113
27% Mar
3
19%
Feb
7% June
i2 June
16
Mar
1U2 Mar
14% Mar
97
June
Jan 11
114
134 Feb
6% Jan 24
2578 Feb 18
478 Jan 4
317g Jan
4
Feb 18
117
13t2 Sept
234 Mar
1534 Mar
105
Mar
Apr
2% Jan
3
15g
8
9
5>4 Mar
Jan
Jan 11
120
Jan 11
6712 Jan 24
72
Jan 21
120
113
June
40
2184 Jan 26
3i2 Jan 26
2434 Jan 26
ll8 Jau
2834 Oct
287s Nov
36% Nov
30% Mar
100
Mar
37
Mar
116% July
1
Feb 14
134 Jan
2% Jan 30
184 Jan 19
6is Jan 25
16% Jan 26
3% Jan
1884 Jan
85
88% Jan 30
1
Jan
3
6% Jan 28
4214 Jan 26
19% Feb 20
Jan 23
12
214 Jan 23
34i2 Jan 24
Feb 20
Feb
3
2t2 Feb 20
Jan 28
10
2
Jan
3
734 Feb 16
9% Jan
50% Jan
203s Jan
14i4 Jan
278 Jan
3
5
Mar
1% Mar
U4 Dec
634 Mar
1334 June
74
Mar
4t2 Mar
Mar
30
1734 May
8
Mar
2
Mar
Feb 20
40
3
23
Mar
334 Mar
678 Jan
42% Jan
20
Mar
134 Mar
37« Jan
12
Jan 10
5
Mar
6*4
Dec
25i2 Jan 26
18% Jan 27
303s Jan
16% Mar
243s Jan
11
2712 Jan 25
23g Jan 28
3234 Jan
17
1
Jan
7
247b Feb 17
7u2 Jan 26
13s Feb 20
28%
Jan
3
79
Jan
4
92t2 Jan 18
1027s Jan 31
105% Jan 18
Feb
Mar
II4 Mar
314 Jan
3
89
Mar
84 Sept
25% Mar
71
Apr
70
Apr
8238 May
89
3
,
j^p26
5% Jan 26
11612 Jan
x29
3
Feb 16
4% Jan
4
Mar
% Mar
1&s Jan
20%, Jan 26
23% Jan 26
2% Mar
84 Jan
Feb 16
Jan
1234 May
3
Jan
8
l2 Feb 20
111%
3134- Jan
1
24i2
34
Jan
3712 Jan 23
i8i2 Feb 16
103
205s
Jan
38
Feb 24
Mar
9% Mar
31% Mar
10
100
5H% conv preferred— —100
Wheeling Steel Corp---No par
75
Feb 20
75
Feb 20
65
——100
$5 conv prior pref—
-No par
8 S)20
1
White Motor Co
Spr Co No par
White Sewing Mach—No par
W hlte Rock Mln
preferred----No par
Oil A- Gas
5
$4 conv
30% Feb
22t2 Jan 26
80
25
Yellow Truck & Coach cl B —1
Preferred
...100
Young 8pring A Wire-.No par
Youngstown S A T
No par
SH% preferred
100
Vale A Towne Mfg Co
26%
1,300
Youngst'wn 8teel Door.No par
18
3,200
Zenith Radio Corp
1,100
Zonlte Products Corp
No par
1
r Cash sale.
3134 Jan
4
Mar
42
May
Jan 23
5% Feb 14
1% Jan 13
15% Jan 27
278 Feb 15
7
Jan 12
41% Jan 26
107
Jan 19
19% Jan 26
46% Jan 26
1684 Jan 26
Apr
14% Mar
75
Jan
4% Jan 13
Mar
Mar
.
Jan 27
12
Jan 11
Mar
80
60
4
100
Prior pref 4J^% series...
10
Prior i>t 4H% conv series 10
Wright Aeronautical. ..No par
Wrigiey (Wrn) Jr (Del).No par
Jan
4
No par
$6 preferred..
100
Wisconsin Elec Pr 6% pref. 100
Woodward Iron Co
10
Woolworth (F W) Co
10
Worthington PAM(Del)No par
Preferred A 7%
.100
6% preferred B
22l2
*32%
10% Jan 6
95« Jan 26
2
Wilson & Co Inc
Jan 27
54t2 Feb
1
10
Wiilys-Ovei land Motors
6% conv preferred
8
Dec
16% Mar
1534 Mar
6134 Mar
60
n New stock,
Nov
48
Jan 28
20
3%
delivery,
Dec
15
86
37
Jan 23
10l2 Feb 24
751,8
4
17%
a Def.
52
Feb 24
1234 Jan 21
8384 Jan 3
161% Feb 15
Jan 27
50
Jan 13
20
584 July
"Jan 12
3%
J In receivership,
June
47i2 Sent
3i8 July
60
17%
3%
Oct
36
1014 July
Jan 12
30
Mar
Nov
121
Dec
60
Wilcox
Nov
Nov
Oct
1% Mar
Jan
....
56i2
109i8
7234
7018
7U4
758 Nov
Jan
5% conv preferred
Wheel & L E Ry Co
Oct
July
3
140
26
this day.
7
Nov
7
238 Jan 19
120
17%
Bid and asked prices; no sales on
9i34 May
29% Mar
40
Apr
71
4958
3% Jan 20
8% Jan 12
Jan 26
26
*3
4534 Jan
Jan 26
17
3%
Mar
Jan 26
26
*3
38
16
1634
3%
Mar
4
11884 Jan 20
357s Jan 3
98
26
3
255
130
17%
18
a:4434 Mar
9
;—„-60
26%
27%
8034
5
Jan
Instrum't-No par
Class A.
No par
Westvaco Chlor Prod--No par
preferred
Weston Elec
..
10
32%
32%
43%
100
173s
*27
•
18%
18%
100
Maryland
26
*79
3%
48
45% Jan
Jan
Jan
70
Feb 17
7i8 Oct
13i2 Nov
Mar
6% preferred
1st
Mar
Jan
3014 Nov
Feb 20
22i2 Jan 26
80 84
80'4
31s
22%
47
45
45
21
Jan
3514
134 Jan 25
7%
10
*79
*79
177g
2134
109
44 %
*105
*107
6234
105%
65l2
66%
Mar
10U July
Mar
White Dent'J Mfg (The
—
11%
234
45%
578 Jan
74
4% 2d preferred
—100
Pacific---—.---100
Preferred
*16%
*234
*107
5% Mar
50
21% Mar
278 Mar
116
Westingh'se Air Brake.No par
Westinghouse El A Mfg.---50
*
Jan
Feb
47i2 Jan
Jan 17
Western
19%
63% Jan 26
113i2 Jan 27
5
Jan
Feb 10
6,300
31%
Jan 23
Western
Union
Nov
June
97
Western Auto Supply Co.-.
Western
Nov
173
12384
4,300
109
Jan 26
Jan 20
114t2 Jan 24
27%
19%
*72%
17*2
200
115
4
500
*134
8
61%
,.—-.100
6% preferred
Mar
162% Mar
4% Mar
7% Jan
3
%
21
Feb
37% Jan 26
4% Jan 30
Oct
Nov
914 July
55
Jan
177
13
1258 Nov
Jan
1%
2134
26
113
Jan 21
Jan 26
Nov
1014 Aug
,3% Mar
pref. 100 zl20% Jan
*%
*30%
*-__■-
•
preferred..—-——100
-100
*1%
21%
26%
*3734
65
7,000
7%
6% preferred
West Penn Power 7%
%
18%
31%
18%
24%
17%
Co
-1
Snowdrift No par
Wells Fargo A
1%
38'
*79%
110
1
Elsentohr—No par
800
18
*3734
220
500
6
38
*30%
70
3
148
90
11
3
*5%
*17
26
90
3%
*130
1734
*
230
95%
123
5%
108% 10834
107% 108%
135% 135%
*17
70
104
94
123
*3
%
26
25%
94%
116
115% 115% *115
23%
28%
28%
28%
116
♦80
11312 114
$3 convertible
104
26%
32%
No par
tWarren Bros
27
100
104
122% 122%
*92
Feb 21
62
114
534 Mar
Jan
6
5
*103
94%
91
*2 Jan 24
7i2 Jan 4
IOI4
173
36
104
123
Jan 26
5
130
2034
18%
--.—100
7% preferred
92
1%
Jan
8
$3.85 conv pref- ——No par
Warner Bros Pictures
92
26
47%
A-No par
--No par
92
20%
21%
Class B
92
3%
1834
4778
Ward Baking Co cl
92
3
31%
21t2
Walk(H)Good & W Ltd No par
Preferred
...—-No par
$4 conv preferred
No par
West Penn El class A..-No par
21%
26%
45
No par
Walworth Co
Wesson Oil &
*5%
1834
*107
No par
—No par
4M % Pref with warrants 100
70
5%
*30%
*17
—,
pref—No par
$1 1st preferred
No par
Warren Fdy & Pipe
No par
Waukesha Motor Co
5
12
*10
10
100
100
100
XWabash Railway
5% preferred A
21.1
200
20%
2578
6
1%
100
900
3%
19l4
6'2
'
-
-
20
2%
-
30
-
20
1334
-
1%
28%
30i2
*6ig
72
47%
40
w
73
28
3012
*1%
6%
-
25%
1
10%
7
»
73
1
"75"
89
*
25%
116
*1834
90
preferred.—.
100
Virginia Ry Co 6% pref... 100
Vulcan Detlnning
100
Preferred
-——100
5%
75
1
65
Virginia Iron Coal A Coke. J 00
10
25
94
*125% 138
*13518 138
*17
177s
1734
1734
38
38
*3734
*3734
*75"
--No par
50
25
1%
1
108
Va El & Pow $6 pref.
120
117
*7,1
123
28%'
•
100
6% preferred
"
73
103
116
*3%
400
2634
Works
*91%
•
94%
94%
122% 122%
%
25%
*28%
*2%
*1%
234
5
No par
Va-Caiolina Chem
73
92
5%
1*8
21%
21%
*25
1-%
91%
*3%
2634
*2034
29
75
2734
3U
21%
*28%
234
*1%
25%
25%
116
29
111
111
234
1%
*73
92'
*9U2
10334 10334
9412
21%
29%
234
21%
29
30
12
*8%
Victor Chem
1,000
-
II4
38 Feb 11
Jan 26
5lg
7 is
Vlckabg Shrev A Pac Ry Co 100
2,200
7%
1734
*87%
1734
*86
5
Vlck Chemical Co
1,300
2%
7%
*115% 123
7%
1734
Birthday
No par
100
-
334
*67%
*6%
7%
18
-
25%
*119%
1%
1%
2%
2%
2%
*1%
Dec
50
2%
72
8784
Jan 26
Van Raalte Co Inc.
900
80
117
4% Apr
May
% Dec
60
7%
7
*115% 123
2%
*1%
*6%
*1734
7%
2634
*119%
•
88
7l2
71%
*119%
1%
*1%
2%
2%
*25%
4
157
334
2634
334
Jan
Feb 10
—100
~25%
25
11
87
5218 Jan 24
Am-No rar
6
7% 1st preferred
100
30
*
8%
90
Vandium Corp of
4,000
114% 114%
41%
41%
Mar
Jan 26
Corp 1
preferred-.-
Preferred-
30
26%
34%
34
41
*3%
Exchange
17%
26%
114%
80
"25"
25
*67%
*119%
U4
*1%
*2%
2i2
*1%
2i4
*678
7i2
1778
18ig
25%
33%
3
40%
No par
Vadsco Sales.
700
18
Sept
5
3378 Jan 24
8%
460
84
*%
%
Mar
6
Jan
Universal Pictures 1st pref. 100
„
76%
100
938 Feb 24
13i2 Mar
3i4 Mar
No par
Oct
115U Feb 14
Jan
Universal Leaf Tob...-No par
^
74
Mar
834 Mar
Jan
878 July
Jan
7i4
514 Jan 24
734 Jan 26
82l4 Jan 24
438s Feb 16
3>8 Jan 3
Un 1 versul-Cyclops steel
9
80l2
111% Jan
No par
$6 conv pref A
200
77
*160
17
*114
*3%
26%
75
*11912
»
25%
33%
80
2534
—
17
334
3%
3%
26%
26%
2634
117
117
116
116
116% 117
27g
2is
2i8
*1%
*1%
2%
8
8
*6
7
*0i2
*6%
*115% 123
♦1153s 123
*115% 123
334
*26i4
-
73"
%
«4
19
♦
«.
65%
67i2 Aug
1278 Nov
Feb
247s
578
10%
6134
United Stores class A-.No par
100
10%
10%
*76
60
13
18% Jan 26
4I8 Jan 27
100
-
Conv ptef (70c /
500
55
55
55
77
63%
*17
80
900
*51%
2434
33%
80
2%
*10%
24% 25%
2534
34
*33%
33%
*113
114l2 *113% 114% *113% 114%
40
39
39
*3914
39%
39%
♦
3%
7%
2%
7U2 Feb 24
IDs Jan 13
7% preferred
25
United Stockyards Corp..—1
400
*7%
IO84
*%
19
*3%
7%
2%
3%
55
63%
%
*17
19
3%
7%
*1%
3%
734
*160
64
66
"
3914
50
U S Tobacco
110
3%
7%
2178 Mar
par
-No par
Prefen ed
1,500
4534
2l4
64l2
1,800
1078 July
Apr
Mar
60
U S Steel Corp
59,300
35%
734
*160
62%
116% 11634
Oct
Oct
Jau
3
100
-
4% Mar
738
60
xR>
Preferred
5
458
38
Feb 11
24
Imp—---No par
8% 1st preferred.
834 Jan
74
Jan 18
20
U 8 Smelting Ref A Mln
^
Mar
32
—100
U 8 Rubber
700
64%
60%
U S Realty A
Mar
4% June
30% Jan 27
No par
cl A
conv
Prior preferred—
2
22
5% Feb 17
50
No par
-
U S Pipe & Foundry—
1,600
35,700
5,600
35%
314
55
47%
*63%
115% 116%
Partlc A
M
*43%
*2ig
*5 U8
434
10334 104%
5534
5534
60%
6478
*7%
44i2
4%
64i'>
55%
^
•
2,500
'
5434
55
«
45
4534
45%
102% 103%
63
43%
4%
45%
44
U S Leather
700
8%
*8%
*50
*50
35%
44i2
314
355g
"
8%
*8
63
4234
42%
600
5H % conv pref
U S Industrial Alcohol-No
5
—
4%
*4%
preferred
U S Hoffman Mach Corp
200
22
21%
*63%
1163s 11612
*21
7%
200
32
4%
8%
65
5534
*24
U 8 Gypsum
30
~
6%
33
*23
30
3,400
*.
No par
100
No par
20
100
U S Freight
300
94
~
*6%
100
Conv preferred
90
.
9
93
*176
6%
6%
21%
63
4%
92
177
6%
*23
8%
8%
43
177
*6%
4%
*50
63
44%
91
177
91%
177
-
22
2U2
4I2
8%
-
33
*438
443s'
-
634
*24
2134
*55
91
93%
*176
*6%
No par
U S Distrlb Corp
%
634
6%
10
first preferred
S83i
*84
88%
6i4
9ls
*176
No par
9%
6
834
834
89
$5 preferred
United Mer & Manu Ino vtc.l
7,300
9
6
6
Feb 24
38
Jan 30
63
9
334 Feb
Highest
$ per share $ per share
Jan 26
30
No par
% per share
63s Jan 4
3314 Jan 12
Jan 12
4% Jan 26
5
United Gas Improv't—No par
300
114% 114%
5i2 Jan 26
65
6
United Eng A Fdy
United Fruit
5,000
12%
70%
1234
71%
12%
10
100
United Electric Coal Cos
200
'
115
434 Jan 26
Preferred
1,200
32%
8%
*534
31% Jan 26
5
No
United Dyewood Corp
30
5
32
♦114
par
No par
Corp
$3 preferred
Lowest
Highest
$ per share
2% Jan 13
United Drug Inc
300
7
71
5
*83
•
534
*67
5
*512
*8%
United
21,200
9,800
7,000
38
*6%
6%
71%
Par
Shares
3%
3%
37%
5%
Range for Previous
Year 1938
100-Share Lots
Loioest
Week
24
32%
834
*84
3%
On Basis of
EXCHANGE
*31
6%
*8%
89
Feb.
$ per share
37%
5
12% 1234
114*2 114%
8%
8%
*534
23
% per share
3%
36%
5%
35%
5l2
Feb.
22
$ per share
the
Friday
Thursday
Wednesday
Range Since Jan. 1
STOCKS
NEW YORK STOCK
j"'
Saturday
1135
4
IO84
Dec
1334 Jan
4
6% Mar
Jan
4
5
134 Jan
1934 Jan
3
1'4 Mar
Sept
3
834 Mar
35g Jan 12
1% Mar
3*8 Feb
6% Feb
8
D4 June
33a June
5
5
3
Mar
4912 Jan 5
108% Jan 12
255s Jan 4
32
Mar
103
503g Jan
5
36
4
Jan
8
Oct
10'a Mar
Jan
1U4 Mar
2318
Jan
60
Jan 31
65
Jan 24
42
68
Feb 16
65
Jan 18
7034
32is Feb 21
38
Jan
4
27
Feb 15
53
Jan
5
28U Mar
10134 Jan 26
120
Jan
3
6512 Mar
773s Jan 13
26u Jan 28
16% Jan 26
7912 Feb 24
6114 Mar
33
42
105
Jan 30
Jan
4
2134 Jan 6
114% Feb 17
2O84
83s
71
Mar
Oct
Mar
Jan
Jan
Mar
93g Mar
1534 Jan 26
21U Jan
5
39
Jan 26
557$ Jan
4
24
80
Feb
Jan
5
3U4 Jan
22i8 Jan
35s 'Jan
4
6214 Mar
11% Mar
9
23i2 Jan 26
16
Jan 26
3
Jan 27
xEx-dlv.
y
85
Ex-rights.
4
9
3
284
Mar
Mar
Jan
^Called for redemption.
Nov
Feb.
1136
NEW
YORK
Bond Record,
STOCK
2S,
EXCHANGE
Friday, Weekly and Yearly
"and Interest"—-except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote.
In the week in which they occur.
No account is taken of such sales in computing the range for the year.
NOTICE—Prices
are
Friday
Friday
Range or
Friday's
<c v
Sale
Price
Bid
Since
Asked
&
Low
—..---1946-1956
1940-1943
.1941-1943
3Mb*—*—1943-1947
3%a.
--.1941
3Mb
...—1943-1945
3M8
1944-1946
3Hs.—.....—1946-1949
3Ms-.
1949-1962
3s-.--.-.—-1946-1948
3s-.........—1951-1965
2 Ms
1956-1960
2Mb*.*
1945-1947
2Mb
....1—1948-1951
2Ms...195M964
2M&.1956-1959
2 Ms---1958-1963
2Mb...
...1960-1^66
2Mb..——————1946
2 Ms
1948
2 Ms
1949-1953
Treasury 8%a
Treasury 3 Ms-Treasury 3 Ha
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
119.14 119.9
114.26
M 8 nl 14.2 113.28
J D
104.29
M
J
..,.—
•*
»
Jan. 1
High
No.
119.14
3
114.29
20
113.28
4
-
8
105
10
*106.15106.23
I)
Low
_
118, 26119.16
114 .17114.29
113 .10114
104 .29105.8
106 ,18106.27
3
109 .30110.9
6
107
110.9
110.3
109.30
110
18
110.2
110.6
109 .22110.12
110.3
......
109.9
9
*109.26110
mmmmmrn
,
109 .2
109.11
2
107.30
31
107 .4
107.28 107.26
105.9
109 .11 iio.4
105.4
109.26
108 .19109.14
107.30
105,9
37
104 .12105.9
107.25
88
107
106.17 100.15
100.17
25
105 ,19106.17
104.30 104.20
104.31
14
104
104.31
104
104
103 .4
104
107,26 107.22
103.28
103.16 103.10
8
107.26
3a
19%
25%
25%
25%.
99 M
23 %
26
87X
94%
J
A
O
F
102 .13103,8
102 .16103.11
95
102
102.20
107.9
103
102.21 102.10
107.28
107.15
106.3
106.3
1
106
1 1942-1947
105.13
105,13
1
105.3
107.12 107.8
107.12
67
106.26107.12
102.17 102,14
102,18
17
102
104.19 104.18
104.19
27
104,1
1
■>'
27
106.26107.15
106.5
105.13
28
26
26
3
26
3
25K
*25 X
92 X
92
91X
F
A
*45
F
A
44
J
J
77
M
77-
1951 MN
7s
100 X
100 K
*103 X
101M
66
"94 %
"68
92 M
55
25
"'I
46
105*
.Foreign
&
Govt
102.20
104.19
Municipal—r
2
25%
94 M
Akershus (King of Norway) 48-1968 M 8
♦Antioqula (Dept) coll 7s A—1946 J
♦External b f 7s series B—1945
♦External a f 7s series C
1945
♦External s f 7s series D..—1945 j
♦External s f 7s 1st series-.—1957
♦External sec s f 7s 2d series. 1957
♦External sec b f 7s 3d serles.1957
12%
mm*mm*
100 X 102 M
60
55%
140
2
1
102% 103 M
68 %
73 M
70
72
3
49%
72
Sinking fund 8s Ber B—
1962
71
71
3
50
71
102 K
102 iM
103
31
A
99%
99%
100
34
O
92 M
92 X
*67 X
1942 J
extl 6s
External gold 6Ms~—
External g 4Mb—--Apr
15
Dominican Rep Cust Ad 5 Ms— 1942 M S
A O
lstser 6 Mb of 1926
— 1940
1940 A O
2d series sink fund 5 Ms
100% 103%
97% 100M
97 M
89 M
2d ser 1961 M
Mb..
A
"
F
.1955
95 %
O
.1958
.1941
13 M
44
9M
10M
10M
9%
9M
9M
90M
11
9
12M
12%
6
12 %
2
12%
16
.95
.1957
.1957
60
66M
66M
69
68M
65
68M
18
18
10
18
*15
16
14M
14%
.1958 F
.1950 J
♦Budapest (City of) 6s....,
.1962 J
*68 stamped
3% external b f $ bonds... —1984 J
Bulgaria (Kingdom of)—
76M
38
100 H
26
96 M
97 M
101M
101M
95 M
16
85
91M
12M
17M
♦7s part paid
—.1964
♦Sink fund secured 6a....—1968 F
—1967 J
2°M
114
115M
13
112
115%
+
m
-
18
1
18
*14,
m
19
M.
14%
20
18M
29
HM
16 H
17
13%
13M
-
11X
95%
97
3
97%
97%
1
9M
9M
9M
93 M
89
8
97
11
U%
-
32
1
100
100
10 M
3
10 X
1
64
65
.49
52
7
49
51M
53
16
52%
11
,
64
%
52 M
52
*_
41H
110M
110M
110
110M
110M
103 M
103 %
103 %
110M
103 M
104 %
26
102 M
100 M
47
♦Farm Loan
s f
6s..Oct
♦6s Oct coupon on
♦Chile (Rep)—Extl 8 f 7b
♦7s assented
-
A
J
J
J
J
102 x
103 %
102 %
J
J
100
100
J
*14
M S
28 M
23 %
J
♦6s assented
s
1942 M N
15M
m-----
14%
11M
14%
,14%
J
11M
14M
♦Extl sinking fund 6s..Sept 1961 M S
♦6s Assented—
Sept 1961 M S
♦External sinking fund 6s...1962 A O
♦6s assented
*.1962 A
♦6 Ms assented
♦Sink fund 6Ms of 1926
♦6Ms assented—
O
M
55
15%
15%
9
"24 X
*22 X
"24%
"48
16%
16%
16%
3
16
23%
23 M
4
22M
30
23 M
16
19,X
27%
19M
75
74%
75
16%
15M
13M
16K
103 M
103M
"26M
Irish Free State extl 8 f 6s—1960 MN
Italy (Kingdom of) extl 7s
1951 J D
~65M
*8
22M
23M
16%
20%
73 M
75
—
—
12
8%
*28
37 M
26 M
25^
103
103
7
103
62
65
48 X
49
77 X
80
31
69 M
31
M
11
U%
—
X
1965 MN
104 M
34 M
34 M
18
♦4 Ms stmp assented
.1943 MN
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 6s of 1899.—.—.1946 Q J
♦Assenting 6s large———.
♦Assenting 6a small.....
—
*%
*%
IX
D
1
23
27
♦Assenting 4s of 1904—
.1954 J
♦Assenting 4s of 1910 large—
♦Assenting 4s of 1910 small—.
(♦Treas 6s of *13 assent (large) *33 J
J
(♦Small
D
8
34
38 M
18
2
16M
18
10M 13M
X .*
%
IX
1M
%
IX
1
-
"21% "27"
23 M
11
18 M
16
14M
18H
12
11M
16 M
21
14M
12
1
11 M
18M
16M
15M
11M
15%
11M
9
15M
11M
18M
16M
14%
1
3
Milan (City, Italy) extl 6 Ms —1952 A
Mlnas Geraes (State)—
s
12
4
15M
11M
14M
6
1
18M
New So Wales (State) extl 5s..1957 F
51
8%
External s f 5s
.Apr 1958
Norway 20-year extl 6s.—.
1943
20-year external 6s.....——1944
16M
16M
A
O
F
A
F
47%
7%
7X
16
4s
10
1961 J
1961 J
D
Municipal Bank extl
14
14
5
14
14 M
16 M
10
10'
1
10
14M
s
f ext
9M
45 M
48 %
98 %
99 X
5
95
100%
99 X
12
104 M
20
103
104
105
24
104
22
103 % 105M
102 M 105
102 X
103 X
102 X
%
21
100M 103 M
101X
100 X
101X
21
102
102 M
4
99 X
A
loan.............1963 F A
s f 5b
1970 J D
9M
52
99
102
14M
2
3
*45
103%
3
66 M
7M
7M
48
External sink fund 4Mb ....1956 M S
External s f 4Mb..
1965 A O
10 x
47%
9
48
U3X
10M
8%
7X
50
104
D
37
51
*45
A
16M
18 M
18 M
%
IX
x
*x
1959 MN
14M
11M
15M
11M
"x TT~
J
O
f 6 Ma
♦6s series A
%
1M
%
H
1958 M 8
♦Sec extl s f 8Mb
—..—1959 M S
♦Montevideo (City) 7s..
..1952 J D
♦Sec extl
IX
X
H
J
HM
15M
"IS"
55
85M
65M
34 M
*%
15M
76
75%
66M
■
%
1M
1954 J
15
76M
48 M
D
♦4s of 1904
2
103
%
Extl sinking fund 5 Ms
32
2
9M
30
3
Italian Public Utility extl 7s—1952 J
27
11
9M
31
88
65 M
65
"78M
9M
24 M
62 M
J
10%
30 X
65
5
11
9
.
16 M
16
105
9
19H
15M
11M
103
9%
19
11
15M
13M
5
9
*M
101M 103
98 M 101
19M
1
5
'
Italian Cred Consortium 7s ser B '47 M S
A
26 M
24
9
9
23M
26 M
20
11%
*7M
11H
111M
111M
10.'M 104
4
22
10
•
9%
9%
*8
—
D
109 M
-
17M
26M
.
5'
13M
♦Medellln (Colombia) 6 Mb—1954 J
109 M
17
14%
11M
14%
♦11*
*23 X
A
♦Mexican Irrigat'on gtd 4 Ms.. 1943 MN
37
-
21M
18
19M
""3
24
A
48
-
15
14M
17M
33M
24
♦Leipzig (Germany) s f 7s
1947 F
♦Lower Austria (Province) 7 Ms 1950 J
29
103
19
Japanese Govt 30-yr s f 6 Mb.—1954 F
32 H
8
-
*28
Halt! (Republic) s f 68 ser A...1952
♦Hamburg (State) 6b
1946
♦Heidelberg (German) extl 7 Ms *60
Helslngfors .(City) ext 6 Ms
1960
Hungarian Cons Municipal Loan—
J
♦7 Mb secured s f g
1945 J
♦7s secured s f g
J
1946 J
♦Hungarian Land M Inst 7 Ms. 1961 MN
♦Sinking fund 7 Ma ser B
1961 IVJN
♦Hungary (Kingdom of) 7Ms—1944 F A
Extended at 4Ms to..
1979 F A
D
-t
19
..1968
♦6s part paid
.1957 J
D
19M
German Prov & Communal Bks
...1957 J
For footnotes see page 1141.
104
113M 114M
103 % 105
—
63 M
42
20M
29
*14M
11M
15M
HM
14 %
♦External sinking fund 6s.—1963 MN
♦6s assented
—.1963 MN
♦Chile Mtge Bank 6 Ms
50M
63
12
Feb 1961 F
......Jan 1961 J
49 M
52 M
52
30 M
23M
*19
f 6s—.—.Jan 1961 J
♦6s assented
23M
23 %
1960
♦External sinking fund 6s..-I960 A O
♦68 assented
1960 A
♦Extl sinking fund 6s..Feb 1961 F
♦Ry ret extl
28 M
2
19M
28 M
*19
15 1960 AO
1942 MN
_
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
F
J
64
M
38
28M
J
,97 M
'
52
'
22 %
25-year 3 Ms
1961
7-year 2Mb.
1944
30-year 3s
..—..1967
♦Carlsbad (City)*
8s
1954
♦Cent Agrlc Bank( Ger) 7s
1950
♦Farm Loan si 6s.. July 15 1960
♦6s July coupon on-.....I960
12 M
97 M
100M
9M "M
50 M
52
64
50X
'
22
1960 A O
115M
14
13
t.
-
15M
12M
12M
11M
14M
11
J
..1952 MN
98 M
1965 J D
♦5 Ms unstamped
1965
♦5Mb stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped. 1949 AO
♦7s unstamped
—1949
♦5Mb of 1930 stamped.*.i
106 M
108 '
*27
...
79
16
20
J
..
18 M
107M
104
15%
♦(Cons Agrlc Loan) 6Ms-—1958 J D
♦Greek Government a f ser 7s—1964 MN
.
♦Stabilization loan 7 Mb—. —1968 MN
lO^yearZ Ms——J—Aug" 151945
106
17M
all4M
*103 X
45
103
s
6a
105M 107.
17M
107 M
M
all4
D
77%
104
,—1977 MS
f 4MS-4MS—. ..1976 F A
External re-adj 4Hb-4Hb. —1976 A O
External e f 4Ms-4Ms
—1976 MN
•
307
*103
1949
— .—
17%
.
100
97
*106 %
17M
D
100 M
76
39
,—1961 M 8
External
Canada (Dom of) 30-yr 4s
J
110
92M
87M
78M
28
D
—
MN
7 Ms unstamped
—1941
External 7s stamped———1949 J
7b unstamped..
*100
J
M S
77 M
♦Buenos Aires (Prov of)
f 7s.
J
85M
108
D
a
18
J
89M
106%
A
.....
♦Secured
dep——1948
Estonia (Republic of) 7s.
1967
Finland (Republic) ext 68—1945
♦Frankfort (City of) s f 8 Ms—1953
French Republic 7 Ms stamped. 1941
♦El Salvador 8s ctfs of
79
106 X
.1957 M 8
f 4%A%a
66 M
69
40
*15
D
20-year
s
12M
12M
12M
96M
105%
o
.1952
Sinking fund gold 6s......
Refunding
68
69
92 M
86 X
94 M
*12 M
-
O
,
13M
13 M
13 M
106%
D
♦External s f 6 Mb of 1926.
♦External s f 6 Ms of 1927.
♦7b (Central Iiy)
....
f 6s.
10M
12
66
65
68
99 M
99 M
D
a
6
12 M
-13
107
D
.1950
♦External sinking fund 6s.
♦Brazil (U 8 of) external 8s..
.
12%
66
65
O
1969 A
76%
'
A
♦Berlin (Germany) 8 f 6Ms-.
Brisbane (City) s f 6s
94 M
65
70
1969 A O
5 Ms 2d series—
—
♦Dresden (City) externa! 7s— 1945 MN
70
77%
100
.1949 M S
.1955 J
J
External 30-year s f 7s
93
%
70
26
1
68
66
S
62
68
*67 H
68
93M
German Govt International—
External g 4Mb of 1928——1956 MN
♦Austrian (Govt's) s t 7s
J
1957 J
Belgium 25-yr extl 6 Mb
External s f 6s
25M
1956 F
1962 A
91%
85 M
91%
86 M
76M
8 f extl conv loan 4s Apr——1972 A O
Australia 30-year 6s.——.1955 J
J
External 5s of 1927
1957 M S
.1045
3
94 M
93%
8 f extl conv loan 4s Feb—..1972 F
♦Bavaria (Free State) 6
26
11%
1948 MN
—1971 M N
4Mb
8 f external'4 Mb—
25 M
12%
Antwerp (City) external 6s
1968
Argentine (National Government)—
8 f external
3
25'M
25%
94 M
12X
12M
12 M
12M
12 %
12 X
i
26
"26
105
105
....
101M
1951
5Mb 1st series.*.—
26
80%
Czechoslovak (Rep of) 8a
Customs Admins 5 Mb
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s.....——1947 F A
♦Gtd sink fund 6s
..1948 A O
96%
30
22 M
108
100
'
1 1944-1962
38 series A-.--May
2Mb series B..Aug
1 1939-1949
2%a series G-.-..-—-1942-1944
*
26
77
24
103-M
70%
26
"42" "61M
1
28%
100%
67 M
103 X
69 X
"S9J4
23 X
77
28 X
66
4Mb external debt-.*——— 1977
Sinking fund 5 Ms—Jan 16 1953
♦Public wka 6 Ms—June 30 1945
Denmark 20-year
•
23
25M
20
17M
22 X
22 X
D
MN
14
22 M
22 M
A
J
Cuba (Republic) 5s of 19044.—. 1944 M 8
External 5B of 1914 ser A— 1949 F A
External loan 4Mb ser C—— 1949
105 .1
17
107,28
Home Owners' Loan Corp—
119
J
MN
105.25
16
107.13 107.11
Mar
24
♦Costa Rica (Rep of)
Mar 15 1944-1964
—
19X
O
106.28
May 15 1944-1949
.Jan
16 1942-1947
2MB
.
19
66
A
106 .6
40
6
M
16M.
102 .20103.10
102 .20103.18
103.8
102.21
10
\2%
14
105.25
10 %
16%
14%
16%
14%
14%
10
Vi%
10%
16^
62
103.8
6
16 Ys
48
103.6
12
M S
103.18
103.3
14M
10 M
13M
13
103.19
103.6
15
10
13M
13M
35
100.28
105.26 105,20
High
12 M
J
106.25
103.8
Low
*14%
Ry) 5s
1951
♦Cologne (City) Germany 6 Mb.1950
Colombia (Republic of)—
♦6s of 1928Oct 1961
♦6s extl st gold of 1927-Jan 1961
♦Colombia Mtge Bank 6 Mb-—1947
♦Sinking fund 78 of 1926—1946
♦Sinking fund 7s of 1927——1947
Copenhagen (City) 5s—-—1952
25 year gold 4Ms_„
-—1953
§♦ Cordoba (City) 7s unstampedl957
(♦7s stamped
-—-1957
Cordoba (Prov) Argentina 78—1942
103,16 103.13
,.-1950-1952
No
D
♦Chinese (Hukuang
110.7
Since
Jan. 1
—.1960 M S
♦Chilean Cons Munlc 7s
107.1
Range
Asked
High
O
♦6s assented———1* 61 A O
♦Guar sink fund 6b..——1962 MN
♦6s assented.———,—1962 MN
110.3
109.31 109.30
dt
(Con.)
Chile Mtg Bank (Concluded)
♦Guar sink fund 6s———1961 A
107
107.12
109 .22110.8
Bid
Low
110.2
Federal Farm Mortgage Corp—
3s......
Price
High
107
Treasury 2s_.——-.1947
3MB-..-—
Range or
Friday's
110.2
—
Treasury 2Mb
N. Y. STOCK EXCHANGE
Week Ended Feb. 24
Sale
Foreign Govt. & Mun.
Treasury 4M*
---..—1947-1962 A O
Treasury 4s......——-1944-1964 J D
Treasury
Treasury
Last
Range
U. S. Government
Treasury
Treasury
Week's
BONDS
Week's
Last
£1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 24
102
94 % 100
99 M
102
104 X
101H
104
Volume
148
New York Bond Record—Continued—Page 2
VS3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 24
Week's
Friday
Last
fe3
E fe
Range
Sale
1952 F
Oriental Devel iuar 6b
1953
Extl deb 6 %s
Oslo
A
17
1958 M N
High
1955 A
(Rep) extl 6 Ha
♦Panama
1953 J
D
♦Extl 8 f 58
1947 M 8
1959 M S
s
♦Nat Loan extl
b
O
9%
8%
9%
28
8
O
33%
34%
2
1947 A
O
33%
*41%
1950 J
♦Poland (Rep of) gold 6s
♦Stabilization loan
b
4%s assented
f 7s
8b
J
32%
->.1958
31
D
1986 J
J
Prague (Greater City) 7%s
1952 MN
♦Prussia (Free State) extl 6 Ha. 1951 M S
65
60
2
7
*16%
16%
17
10H
9H
"6
104%
104%
4
30
30%
14
7%
17
6%
8%
7%
19
5%
7%
7%
■7
7%
O
D
s f g
♦78 municipal loan
Rome (City) extl 6 Ha
D
1967 J
—1952 A O
♦Roumanla (Kingdom of) 7s.-.1959 F A
♦8s extl secured
b
9%
10%
1
69%
7*4
2
58H
13
6%
7%
7%
57%
20
30
4e stamped
9%
O
D
D
debs
11
3
11
8%
8%
2
8
8H
12
7 H
2
20 H
35
6%
19 H
117%
117%
131H
12
11
7%
10
6%
17%
Bklyn Manhat Transit 4%s—1960
3 Ha—1966
cons mtge
23
Bklyn Qu Co A Sub
20%
22%
22%
1st 6s stamped
Bklyn Union El 1st g 6s
Bklyn Un Gas 1st cons g 6s
*27
33
25
25
25
*24
99%
*52%
43
-----
1
14
99%
56
—
mi
con
gtd 6s.1941
1941
1950
1945
107 H
5
54
56
*41
47
33
25
28
Brown Shoe
-
-
"65% 166%
s
f deb
1957
1950 F
—
*Buff Roch A Pitts
♦Certificates of deposit
54
43
49
*|*Burl C R A Nor 1st A col 15s 1934
50%
58
46
♦Certificates of deposit
Bush Terminal 1st 4s
Consol
1
42%
45
♦External
8
f 6b
1964 MN
43%
43%
4
40
4i%
{Bush Term Bldgs 6b gu—
Calif-Oregon Power 4s
37
40%
Canada Sou
Canadian Nat gold 4 Ha
Guaranteed gold 5s
3%-4-4 Ms ($ bonds of '37)
39%
39
40
cons gu
1960
1979 MN
*37
39%
-
36
-
-
D
35
36
*8
1978 F
A
40
40
1
♦
.1984 J
38
40
35
39H
37%
41
36 %
49,
1962
1967
5s A
*15%
♦Warsaw (City)
.1958 F
A
30%
30%
1
29 H
A
26%
27%
14
26 H
31
1961 J
D
56%
58%
25
65
59
Yokohama (City) extl 6s
RAILROAD
AND
56 %
-
-
14H
»
.15%
J
D
57
58
18
60
101
101
102 H
102 H
37
66 H
66 H
2
Ala Gt Sou 1st cons A 6a.
1943
*106 H
1st
cons
4s series B
1943
6s with warr assented
105%
Alb A Susq 1st guar 3 Hs
Alleghany Corp coll trust 5s
Coll A
conv
♦Coll A conv 5s
68
♦5s stamped.-
1960
1949
4s
Cart A Adlr 1st gu gold 4s
60
108H
105 %
105H
104
Celotex Corp deb 4 Ha w w
♦Cent Branch U P 1st g 4s
72
74
♦Ref A gen 5Hs series B
79
40
74
83
♦Ref A gen 6s series C
65%
68
16
63
72 %
38
2
38
38
29
39
52
52
3.1 *4
20
33
59
105%
-
~22
106K
98
2
A
91
90 H
91
11
1952 M S
110
109 H
110
♦Alplne-Montan Steel 7s
Am A Foreign Pow deb 5s
1955
M
8
2030
M
S
American Ice 8 f deb 5s
1953 J
Amer IG Chem conv 6 Hs
1949 MN
1951 F
98
85
1
39
♦Mid Ga A At Dlv pur
♦Mobile Dlv 1st g 68
97
93
_
102%
3 Hs debentures
102
101H
.101
102 H
100H 102H
100H 104 H
48H
101H
1943 MN
-.1961 A O
111%
111 H
112,
107%
107 H
108
D
107%
106 %
107%
3 Hs
debentures
1
1966
Type Founders conv deb_.1950
J
J
*103 *4
Amer Wat Wks & Elec 6s ser A. 1975 MN
106%
106*
80
.
86
67
107
105 %
Am
Anaconda Cop Mln s f deb 4 Hs 1950
J
A
O
General
102H
1967
Jan
105 %
JAnn Arbor 1st g 4s
1995 Q
Ark A Mem Bridge A Terra 5S.1964 M
104H
—
.
111%
105%
105H
105%
107%
111%
105
s
23
3
23
2
30%
96
98
A
"98 %
98
J
98H
98
B.1955
f 4s ser C (Del)
1995 A
♦Adjustment gold 4s
1995
O
Nov
98 *4
98 H
*
*225
97 H
98 *4
91
97 M
98 H
J
Conv 4s of 1905
1955 J
D
1960
1948
J
D
Conv gold 4s of 1909
1955
4a of 1910
Conv ueb 4%s
J
Rocky Mtn Dlv 1st 4s
1965
Trans-Con bhort L 1st 4s
1958 J
Cal-Arlz 1st A ref 4Hs A
1962
1946
M
86 H
J
J
Atl A Charl A L 1st 4 Ha A
J
1948
1948
1959
Atl A Dan 1st g 4s
Second mortgage 4s
Atl Gulf A W I 88 coll fr 6s
Atlant'c Refln'ng deb
3s——1953
""7
For footnotes see page
-T'
rmn
'
110
109H
75
91H
90
53%
92
96%
90% ,96%
115H
115H
115H
27
119
119%
23
*118%
118%
"~8
"81
80 H
116
16
39
99%
114%
98 %
98H
99%
19
93
D
98 H
113H
93
94
24
99
106%
106%
107%
116
114%
117%
118%
116%
119%
119%
118%
115
116%
113% 114%
122% 124
82%
79%
97% 100%
112% 114%
98% 100%
91% 94%
40
40
44
*40 H
D
12
114% 110
*40
105
107%
*88
17
109
107 H
H
General
63 H
73
75
73
68
68
72
55 H
104M
21 H
71 H
4%
4%
4%
*7 H
8%
7%
,
*
12%
4%
0%
6%
10
15
"*4H
5%
5%
7%
10
8
8
101
97
107
70
75
*8
M S
*98 H
70
S
*109%
A
103 %
104*"
*110%
*29 Hl
*32%
70
109% 110%
103
104%
110% 111%
28%
39%
22%
20%
21
21
24
107
110
1962
1941
4a__
109H
109%
72%
71%
65%
65%
76%
69%
55%
*56*
74
65 Mm
73
56
50
62
55%
52
*
M N
-.1948 M S
115%
79%
2
115%
79
80
14
54
116
115%
76%
81
'
M
S
100%
100%
1
100% 101%
M
S
101 H
101
101%
7
M
8
123
123
123%
98%
18
51
98%
36
100% 101%
118% 123%
96
98%
95% 98%
M N
98%
F
98
A
J
98
98
105%
105
116
J
1946 J
J
116
114
104%
111
109%
105
J
1989
1989
1941
*104%
J
33 H
28H
62
55 H
103 H 105H
22 M
21
J
M
8
'
116%
104% 111
A
O
11
7
J
J
99
98
99
26
102
102
103
8
4s
1977
1971
F
A
F
A
11
98
97%
98%
204
89%
90%
14
96 H
96
96%
12
100
"l8%
17%
"21%
10%
14%
97% 100
101% 103%
97
89%
94%
99%
-
93%
98%
100
17
3
97
35
100
10
22%
17%
19%
15
21
85
16%
*81%
1982 MN
^♦Chicago Great West 1st 4s—1959
J*Chlc Ind A Loulsv ref 6s
1947
♦Refunding g 5a series B
1947
♦Refunding 4s series C
1947
11
90%
O
♦Certificate# of deposit-—
-
111
J
1949 J
1958 M 8
1949
3H8—1949
Chicago A Erie 1st gold 5s
40 H
34
J
t{♦Chicago A East III 1st 68—1934
J*C A E 111 Ry gen 6s
1951 MN
70H
78 H
H
32
8%
4%
O
A
86
92
21 H
19%
32
8%
8%
4H
24%
1st A ref 5s series A
87 H
103 *4
16
36
8%
23
1st A ref 4 Ha series B
110
63 H
33*4
15%
*31H
*
18
21
2d consol gold 4s
110%
109%
85
40 H
*87" *91%
91%
"4%
A
92
52
~9o"
A
A
98 H 100
"22
88%
91%
*
91 H
21
Illinois Division 4s
89%
*67
119%
O
Chic Burl A Q—111 Dlv
65
54
8
115H
119
J
♦Chio A Alton RR ref g 3s
92
33
103%
49
19
95
86
39 H
J
3
56
93
113%
A
99H 102
68
63H
51
96H
92
24H
Warm Spring V 1st g 6s
85 H
40%
J
95
92
33 %
S
91H
86
*85
J
M
87H
110
♦110H
J
J
"49
103
109%
J
J
1141.
101%
J
1941 J
Austin A N W 1st gu g 6s
"92 % "ll
109 H
J
J
^{•Auburn Auto conv deb 4%sl939
99%
*100 H
109%
D
1944
J
1st 30-year 6s series B
1944 J
Atl Coast line 1st cons 4a July 1952 M 8
General unified 4 Ha A
1964 J D
10-year coll tr 5e
May 11945 MN
L A N coll gold 4s
Oct 1952 MN
91%
41
——1987 J
4s
R A A Div 1st con g
90 H
89
91
*89
100%
S
J
Atl Knox A Nor 1st g 5s
"92 H
38
J
Potts Creek Branch 1st 4s
106 H 109
92 H
D
J
101
D
Couv gold
109
91
~91~~
-—.1995 M N
♦Stamped 4s
108 H
108 %
------
1
38 H
J
S f deb 4Ha (1938 Issue)
Atchison Top A Santa Fe—
General 4s
F
F
1950
1950
Ches A Ohio gen g 4 Ha
1992
Ref A imp mtge 3Hs ser D..1996
Ref A lmpt M 3 Hs aer E
1996
Craig Valley 1st 5s
May 1940
38 H
97
1941
1941
Champion Paper A Fibre—
S f deb 4Ha (1935 Issue)
25 H
38H
F
8
70
O
Certaln-teed Prod 6Hs A
106
23
H
8
68
75
A
Central Steel 1st g s f 8s
102 H 107
S3
38 H
*95
30%
7
95%
A
Through Short L 1st gu 4a...1954 A O
Guaranteed g 5s
1960 F A
Central RR A Bkg of Ga—
MN
6s extended to May 1 1942
108 H
38 H
8
25%
7%
8%
115%
Cent Pacific 1st ref gu gold 4s..l949 F
H2H
23
1957 J
Armour A Co (Del) 4s series
1st m
J
"20% "31%
J
Central N Y Power 3 Ha.
♦Anglo-Chilean Nitrate—
8 f Income deb.
3
10
1987 J
56%
102 H
Amer Telep A Teleg—
20-year sinking fund 6H8
45
28
115%
O
M N
1966
-.1961
f*Cent New Eng 1st gu 4s
Central of N J gen g 5a
102%
J
31
*7%
J
1951
Cent Illinois Light 3 Ha
Am Internat Corp conv 6 %s.—1949 J
111% 112%
27%
1946
Cent 111 Elec A Gas 1st 6s
40
56 H
56
99
93
106% 108%
51
J
Cent Hud G A E 1st A ref 3 Ha. 1965 M
108H 110%
54 %
D
58
*108 %
4s__1951
1946
m 6s. 1947
Gen mortgage 5s
98 H
89
1959
1959
Central Foundry mtge 6s
103 *4 106 H
40
35
*28
107 %
31
♦Chatt Div pur money g
♦Mac A Nor Dlv 1st g 6s
*48
106H
*111%
92
1950 MN
1981 F A
1947 J D
1948 J D
^♦Central of Ga 1st g 6s—Nov 1946
♦Consol gold 5s
1945
35
75
1950 A O
debentures
guar
Deo 1 1954
75
105%
48
24
1944 J
J
34
.
33
98 %
14
Carriers A Gen Corp deb 5s w w
100% 104%
107
Allis-Chalmer8 Mfg conv 4s
4 Mb
106 H
81
%
20
35
33"
1950
1998
1942 M 8
7
97
123%
81%
36
1950
Allegh A West 1st gu 4s
Allegh Val gen guar g 4s..
Allied Stores Corp deb 4 He
106
78
98 H
114%
50
"~79~~
1949
5s_——
106
81
123
38
!—1946
1944
106
114H
36
36
80%
87%
106% 108%
103% 106
81
72%
114%
*72
1948
5
21
108
115%
*36
Albany Perfor Wrap Pap 6s..-1948
87 H
40
49
65
107 %
104
102
101 %
1952
102%
J
Caro Clinch A Ohio 1st 6s ser A1952 J
104
Adriatic Elec Co extl 7s-
1947 MD
40
H
86 H
50
107% 109%
79
70%
35
38%
117H
115H
t*Car Cent 1st
66
2
4
10-year deb 4%s stamped—1946 FA
50 H
102 M
102
47
8
118*4
Coll trust gold 6s
Collateral trust 4 Ha
1948 M 8
"*4
309
D
June 15 1955
6s equip trust ctfs
INDUSTRIAL
ti»Abltlbl Pow A Paper 1st 5s.l953
50
108 %
79
95 %
Canadian Pac Ry 4% deb stk per pet J
Coll trust 4 Ha
1946 M S
COMPANIES
Adams Express coll tr g 4s
Coll trust 4s of 1907
25
Guaranteed gold 4 Ha
1956 F A
Guaranteed gold 4Ha..Sept 1951 M S
Canadian Northern deb 6 Ha.-.1946 J
34
.1958 F
external 7s
4 Hs assented
*
97% 101
106% 107
24
30%
25
31%
23
28%
6%
10%
8%
38H
J
Guar gold 4 Ha
.1952 MN
*41
'
*68 H
July 1969 J
36%
♦Vienna (City of) 6s
5
49
*36
A
49
"49"
107%
75 H
O
A
Guaranteed gold 6s.—-Oct 1969 A
Guaranteed gold 6s
1970 F
O
A
74
28
A
1966 A
3%-4-4%% (I bonds of '37)
1978 J
48 M
77
1956 J
5s
45
Bank 7s.. 1952
26%
106% 108%
101% 102%
*107
1952 A
45
Venetian Prov Mtge
"l3
136
101
*5H
1960 MN
conv
102H
—
f 6s
40
D
M N
A
F A
J F>
consol4H®. 1957 MN
3%a.
s
external conversion
102H
100H
Buffalo Gen Elec 4 Ha series B.1981
Buff Nlag Elec 3 Ha series C—1967
♦External
3%-4%-4*ns extl
107%
101
1947 M N
43
8
A
4-4 % -4 % % extl read J
3 He extl readjustment
107
102 H
...I960 J
49%
-
43%
43
54
27
.
99%
♦Uruguay (Republic) extl 8a—. 1946 F
external readjustment
28
19
107%
Bklyn Edison
8%
20%
O
1979 MN
21%
M N
MN
M N
J
J
F A
M N
9%
7
25 H
1961 A
f 5Hs guar
3
7
1st lien A ref 6s series A
s
"20% "28"
5
10
46
Debenture gold 5s
1st lien A ref 5s series B
External
.
28H
28
1952 M S
22
.
31H
25%
Tokyo City 6s loan of 1912
24H
r
30 H
22 %
*18
J
25 H
24
-
26H
*7H
20%
1971 J
"24 H
117% 118%
129% 131%
56
—
29 H
22%
Taiwan Elec Pow a f 5 Ms
37
117H
130H
24
101%
•
29 H
8
A
85
131H
"25 H
89
46
k
27%
3
1955 F
8
92
91%
*32
44
104% 108%
84%
98%
31
24
f 5 Ms
5
38
38
6
23
86
30 H
26%
s
44
104 %
1961 A
1st M 6s series II
23%
Sydney (City)
42
'■
49
39%
34%
1
1955 M N
Boston A Maine 1st 6s A O
22%
20
D
36
33
"2 i
O
^♦Boston A N Y Air Line 1st 4s 1955 F A
Brooklyn City RR 1st 6b
1941 J
J
9%
8%
20%
1958 J
38
D
1967 M S
1962 MN
4 Ha assented
1958 J D
♦Slleelan Landowners Aasn 68—1947 F A
"44"
52
44%
37%
37%
1944 J
1962 MN
♦Slleala (Prov of) extl 7a
14%
38
1952
♦7b 8erle8 B
extl
14%
7
50
36
J
3%s series E——1966
conv
♦8s secured extl-sec
10%
11
34
19
6%
1946 J
Serbs Croats A Slovenes (Kingdom)
290
23
*22
19
8H
1945 J
22%
13H
12H
♦Berlin Elec El A Undergr 6 Ha 1956
Beth Steel cons M 4Ha ser D..1960
24 %
J
1940 A
16%
22
Cons mtge
J
7a
40
1955
3H8 8 f
6%
6Hb
22 H
1960
1st g 4 Ha series JJ
f 7b
20
cons
♦Debenture 6s
10
6%
J
23%
48
3H8--1943
♦Berlin City Elec Co deb 6%s..1951
♦Deb sinking fund 6Ha.-—.1959
20
6H
1968 J
10%
%
1948
1st A ref 5s series C
20%
8H
♦6a extl dollar loan
124
1951
Bell Telep of Pa 6s series B
15
6%
1956 M S
23 H
Battle Creek A Stur 1st gu 3s—1989
Beech Creek ext 1st g 3 Hs
1951
15%
*6H
1950 J
20
21
84 H
24
1957 MN
1936 J
g
7%
11
9
1952 MN
|*8b extl loan of 1921
21
"23 H
m"s
104H
*15
♦7b extl water loan——
s
4
9H
17H
19
}""}
♦88 external
♦Sinking fund
8H
7%
57 H
58
16%
1959
Big Sandy 1st 4s
f
♦Saxon State Mtge Inst
30%
30
8
*7%
16
9
1951
*15
1953
♦6 H8 extl secured s f
San Paulo (State of)—
♦Secured
102H 105
101
106%
7*4
♦February 1937 coupon paid
♦Saarbruecken (City) 6b
8ao Paulo (City of, Brazil)—
7
8
8H
.1966 M N
♦7s extl loan of 1926-
77
21
1943
Belvldere Delaware
1968 J
♦6b extl
—1996
Con ref 4s
8%
8s..-1946 A O
1953 F A
22%
23
20 H
Toledo Cln Div ref 4s A
18 H
18
103
6 Mb
18%
20 H
Bangor A Aroostook 1st 6s
64
14 H
14
104%
sec
33
23
—
Certificates of deposit
♦3'western Div 1st mtge 5S-.1950 J
♦Certificates of deposit
103
♦Extl
22%
35%
104%
Rio Grande do Sul (State of)—
♦8b extl loan of 1921----.-.1946 A
21%
18%
11%
49 H
A
♦Rio de Janeiro (City of)
22
17
84
12H
O
30%
16%
20
22
12H
Queensland (8tate) extl a f 7a.. 1941 A
25-year external 6s
1947 F
1950 M S
104
21H
13H
O
♦Rhlne-Maln-Danube 7s A
21 H
19H
20 H
20 H
1960 FA
55
18
17
m"s
1
20
22
22 H
6s series C
♦Certificates of deposit
gen
♦Certificates of deposit
P L E A W Va Sys ref 4s__.1941 M N
1952 A
f 6a
b
j~~D
53%
21H
j"D
59
50
10 H
58
49
47%
36 H
32 H
9H
10%
10%
65
~~7
*10%
10%
48%
19
33
31%
High
102
100
162
31
2
62
53 %
♦Certificates of deposit
♦Convertible 4Hs
H
Low
1
53 H
53 H
30 H
~~2
101%
52 H
51
40
33%
*33
1961 J
%
30H
45
..
31
1968
—
♦Porto Alegre (City of) 8
♦Extl loan 7%s
♦External
38
8%
No.
Jan. 1
21%
♦Certificates of deposit
♦Ref A gen 5s series F
5%
9H
40
Since
CQ<?
21H
♦Ref A gen 5s series D
10 H
10 %
5
9%
6%
1995
2000
11
9%
8%
10%
9
f 6s 2d ser—1961 A
♦External sink fund g
4 %s assented
4
7
♦
Ref A
53 H
1995
♦Certificates of deposit
56
101 %
51 H
53 H
O
s
Asked
High
<fc
53 H
♦Certificates of deposit
♦Ref A gen 5s series A
51
7%
D
f 6a 1st ser„ 1960 J
♦1st mtge g 5s
60
14
49%
1940 A
♦Peru (Rep of) external 7s
♦Nat Loan e^tl
62 %
O
1948 A
July 1948 A
43 H
57
49
49%
Bait A Ohio 1st mtge g 4s_July
Range
or
Friday's
Bid
MN
Baldwin Loco Works 5s stmpd.1940
100H 103
101
102
102%
*55%
1963 MN
Range
Sale
Low
18 H
57
48 %
5
Last
Price
H gh
17
39
*102
1963 MN
A
8er
♦Stamped
♦Pernambuco (State of) 7s
52
101%
Week Ended Feb. 24
1
52 H
33
100%
N. Y. STOCK EXCHANGE
Low
5
17
56%
51
O
8 f
No.
17
51
4%s
(City)
£3
SS-o
fe -2
e fe
BONDS
Since
Jan.
56
S
Ml
Range
e2
Asked
&
Low
♦Nuremburg (City) extl 6e
j
or
Friday's
Bid
Price
1137
Week's
Friday
81%
84
19%
24%
13%
M
S
J
J
10%
21%
10%
10%
J
J
*9
13%
9%
J
J
15
11%
*7%
12%
11%
♦1st A gen 6s series A„
MN
3%
3%
4%
3%
5%
♦1st A gen 6s series
J
J
4H
4%
4%
4%
0
1966
B—May 1966
,
New York Bond Record—Continued—Page 3
1138
3*1 FTri<t2V
5
Last
BONDS
N. Y. STOCK EXCHANGE
MN
MN
1939
25,
Range
or
Since
Friday's
Bid
Asked
MN
*109%
MN
104 M
106% 108%
107% 109
2
109
109%
104%
*103%
38
108
38
109%
104%
103% 104%
103% 105
98% 100
..1943 J
D
D
108%
108
108%
119
A
104M
104%
104%
12
104
106
106%
16
104% 106%
104
*34*
....
99
99
Crown Cork A Seal s f 4s......1950 MN
Cuba Nor Ry 1st 5%s
1942 J D
<Dlgby 4-3200
%andolph 7711
ti. T. 1-761 4- Sell System Teletype 4- Cgo. 343
20
34
33
1952 J
7%s series A extended to 1940... J
J
6s series B extended to 1946
^
BONDS
Range or
IS
Friday's
Last
| «2
Sale
N. Y. STOCK EXCHANGE
Week Ended Feb. 24
nq-
Price
Bid
Asked
&
1st Aref 4%s
39%
4
36
40%
2
39
35%
39%
44%
34
36
Low
{Chic Milwaukee A St Paul—
♦Gen 4a series A——May 11989
♦Gen g 8 %s series B_.May 1 1989
♦Gen 4%s series C...May 1 1989
♦Gen 4 %s series E—May 11989
♦Gen 4%s series F...May 11989
{♦Chic Mllw StPAPac5a A—1976
♦Conv adj 5ff...
Jan 1 2000
{♦Chic A No West gen g 3%S-1987
♦General 4a._.
1987
♦Stpd 4s non-p Fed lnc tax 1987
♦Gen 4 f^s stpd Fed lnc tax.-1987
♦Gen 6s stpd Fed lnc tax....1987
♦4 Mb stamped
1987
(♦Secured 6%s.— ... ... ...1936
1 2037
1 2037
1 2037
♦Cony 4MB series A
194!
X (♦Chicago Railways 1st 6s stpd
Aug 1938 26% part paid
....
{♦Cblo R IA Pac Ry gen 4s.. 1988
♦Certificates of deposit
"
...1909
High
71
66 M
111
3
26 H
25%
3
26%
*20%
9%
O
2%
MN
MN
*14%
M N
9
22%
25%
26%
35
22%
26%
14
22%
26M
8%
2M
26%
9%
25
23%
151
16
m
106%
106%
Stamped as to Penna tax.... 1951 MN
*105%
11%
*11%
""4%
4%
4%
4%
7%
7%
9
9
J
D
F
A
J
J
14%
14%
10%
Dow Chemical deb 3s
1951 J
Dul MlssabeAIr Range Ry 3 %sl962 A
2
9%
9
4%
12
1
9
4%
14
73
3
51%
15
*14%
19
82
47
*33
"10" *20""
7%
7%.
12%
11
8
11
4%
.
5%
47%
57
14
18%
16%
13%
7M
6%
9
Erie A Pitts g gu
0%
6%
6
7M
7M
7%
T7
7
8%
9%
6M
6%
2
0
8
3
3%
46
3
Orleans 6s—1951 J
-June 16 1961 J
Memphis Dlv 1st g 4s...—1961
Chic T H A So'eastern 1st 6S..1960 J
"sU
*75
D
*61M
57 M
46M
D
57 M
.Dec 11960 M 8
57%
47%
67%
48
Chicago Union StationGuaranteed 4s............. .1944
.1963
1st mtge 4s ""Heft D
O
J
1st mtge 3%<> series E...... .1963
8Mb guaranteed........... 1961 M S
J
Chic A West Indiana con 4s... 1962
1st A ref M 4Mb series D— ,1962 M S
Chllds Co deb 6s
1943 A
...
O
{♦Choc Okla A Gulf cons 6s... ,1962 MN
1966 F A
Cincinnati Gas A Elec 3Mb
1st mtge 3%s
Cln Leb A Nor 1st con gu
"l07"
102%
89M
90M
76
1967 MN
1971
105%
1943 J
J
.1940 J
A
107% 109
65
69
85
77
77%
55 M
56
55
61
57
57%
63%
50%
63%
*—
...
*88
J
106 M
68%
.98
96
93%
J
109%
106%
♦106 %
MN
*
*1C6
77
105% 105%
109%
106%
111
109
108
105'"
,
*76
87
15 1961 J
Commercial Invest Tr deb 3 Ms 1951 J
Commonwealth Edison Co—
105
107
J
44
73
13
....
103%
9
43
.14
100%
100%
109M
99%
109%
*109%
101%
101%
101%
109%
144
23
■180
1
....
108
103 %
102M
108
103%
102%
104
37
103
43
106
108%
106%
♦Debenture 4s.....
1955 J
J
♦Debenture 4s..
1955 A
O
J
J
108%
108%
39
110%
111%
399
98%
112%
107 M
107 M
J
108 %
*85%
112%
*108%
109%
105 M
105%
106 M
106%
J
D
109
1,08%
109%
63
109M
106%
107%
107%
104
103%
107%
106%
*18
24%
104%
13%
*10
11%
*10
*10
44%
10
75
.
70
85%
89%80%
75%
106% 106%
102% 104
58
39
63
43%
92% 102
94
101%
92% 102
109% 110%
107% 110%
103
104%
102% 103%
107
106% 108%
107% 109%
107% 109
107% 111%
105
106%
106% 106%
105
107%
105% 107%
51
19% 21%
102% 104%
10
10%
13%
13%
-
15
46%
......1954
Ernesto Breda 7s
Fairbanks Morse deb 4s
43
21%
10
19
18%
16%
18%
18%
"10%
11%
18%
17%
11%
93
12
11%
22
21%
*10% "U"
10%
14
43%
41%
42%
40%
40
45
90
*41%
J
143
47
22%
.
41%
90
90
90
74
76
*38
J
90
*50
M S
F
75
A
1st lien
s
....1942
30-year deb 0s series B——1954
D
Tire'A Rubber 3 Ms. 1948
O
1943
{Florida East Coast 1st 4%s
95%
1956
95%
5
103%
102
44
*01
62%
100
100% 101%
102% 103%
87% 95%
102% 104%
4Q
40
.
62
8%
7%
8%
67
8%
7%
8%
25
64%
7
7
*3
*1
♦%
100%
41%
.....
Francisco Sugar coll trust 6s
.10
103%
D
deposit..
Fonda Johns A Glov 4%s_....1952
{(♦Proof of claim filed by owner. MN
(Amended) 1st cons 2-4s...11982
{(♦Proof of claim filed by owner MN
♦Certificates of deposit
,
98
*37
....1974 M S
♦1st A ref 5s series A
105%
100% 101%
101%
103%
102%
J
1959
{♦Fla .Cent A Pennln 5s
104
*98
101%
103%
95%
103%
MS
Firestone
105%
101%
101%
f 6s stamped....:.1942 M S
1st lien 6s stamped...
70
105.
105%
101%
D
1956
J
102
MN
42
Gas A El of Berg Co cons g 5s__1949
D
*124
Gen Amer Investors deb 5s A..1952
A
102%
*100%
1947
•
J
3
Gen Cable 1st
s
f 6%s A
D
1940
1948 MN
♦Sinking fund deb 6%8
s f deb 0s...
♦20-year
10
.
9%
17%
.
2%
1%
102
100% 102
40
43%
42
125
10?%
102% 105
99% 104%
1C1%
62 "
*104%
50
56%
52%
56%
52
56%
65%
52%
45
1951
A
103%
105%
J
101
101%
Gen Steel Cast 5 Ms with warr.1949
J
{♦Ga A Ala Ry 1st cons 5s Oct 1 *45
{{♦Ga Caro A Nor 1st ext 6S..1934
♦Good Hope Steel A Ir sec 78..1945
Goodrich (B F) conv deb 6s
1945
J
A
64
59
62%
105% 107%
100% 101%
57% 65%
64
14
14
14
16
J
*15%
17%
15%
18
O
*35%
48
40
45
100%
101
100
101
100
100%
*87
90.
*46
85
D
'iol*1
10G%
D
1st mtge4%s
.........1956
Gotham Silk Hosiery deb 5s w w '46 M S
J D
Gouv A Oswegatchle 1st 5s
1942
Grand R AI ext 1st gu g 4 %s..l941
Grays Point Term 1st
62%
'
59%
103% 107%
104%
106%
1939
*105%
gu 5s___1947
99
-34%
106%
*79%
"80%
80
Gt Cons EI Pow (Japan) 7s__.1944
1st A gen 8 f 0%s_......... 1950
76%
*10% "12""
44%
52
104%
94%
Great Northern 4%s series A..1961
General 5%s series B.
General 5s series C
.1952
76%
Gen mtge 4s series H
"80%
'
100%
90%
103% 105%
20
52
z 78
98
61
83%
86
57
75
75
3
86
*49%
6
1940 MN
1950 A O
77%
73%
64%
"80%
78
Gulf States Steel
1901
O
.1966
o
108%
o
1110-year deb 4 Ms
....1940
J
YHackensack Water 1st 4s.....1952
J
♦Harpen Mining 6s
...1949
J
Hocking Val 1st cons g 4%s
1999
o
Hoe (R) A Co 1st mtge
1944
{(♦Housatonic Ry cons g 5s
1937 MN
Houston Oil sink fund 6 Ms A.1940 MN
Hudson Coal 1st s f 6s ser A
.1962 J D
68%
4%s
J
1949 MN
Hudson Co Gas 1st g 5a
ser
.
100% 104%
94
99%
87% 93
79
85
78%
85%
100%
83% 88%
68% 76%
94
60
.....
6
""7%
95
78%
77%
78%
77
77
69
78
*90
77
O
s f
9
4
81
96%
1950 A
Gulf A Ship Island RR—
1st ref A Term M 5s stamped 1952
Gulf States Utll 4s series C
27
81
81
Feb
....
94%
87%
"80%
81
....1940
♦Debentures ctfs B
94 •'
104%
107
98
Gen mtge 3%s series I......1907
Feb
♦Green Bay A West deb ctfs A.
Greenbrier Ry 1st gu 4s
GUlf Mob A Nor 1st 5%s B
1st mtge 5s series C
104
*
.1973
General 4%s series D.__
1976
General 4%s series E.......1977
General mtge 4s series Q
..1946
100
94
95
68%
*30
iolM
34%
101%
33%
*124
A
"49%
A
O
15
93% 95
107% 109%
102% 105%
108% 109%
*10223J2 103%
*1057i» 106
*33%
120%
A.1957 F
♦Adjustment Income 5s .Feb 1957
45%
21
.18%
"n%
Federal Light A Traction 1st 5s 1942 M S
5s Internationa series
1942 M 8
Hudson A Manhat 1st 5s
For footnotes see page 1141.
44%
.19
109% 109%
110% 112%
108% 108%
109
109%
109%
105%
106%
*10
86%
106
HIM
Conn Rlv Pow
1960 J
87%
78%
60
101
J
Conn A Passump River 1st 4s..l943
Conn Ry A L 1st A ref 4 Ms
1951
.......1956 J
82
6
59
101M
101
O
15-year 3%s deb.........
Gen Pub Serv deb 5%s_
42
A
1st mtge g 4s series F.......1981 M S
1st mtge 3Mb series H
1965 A O
{♦Consol Ry non-conv deb 4s..l954 J
103%
60
1963
Gen Motors Accept Corp deb 3s 1946 F
84
*100
1st mtge 3Ms series I...—..1968
Conv debs 3 Ms
1958
Stamped guar 4Mb.
...1951
s f 3%s A
1961
Consol Edison (N Y) deb 3%s_1946
8 Ms debentures
1948
8mb debentures.....
1956
8Mb debentures...
.....1958
♦Consolidated Hydro-Eleo Works
of Upper Wuertemberg 7s
1956 J
Consol Oil conv deb 3 Ms
1951 J
78%
72%
72%
1948 A O
1955 F
87
78 M
A
107
*103
♦Gen
♦Gen Elec (Germany).7s_..._..1945
106% 106%
F
A
106
75
95%
*103
O
Fort St U D Co 1st g 4%s....l941
98
J
A
107
*50
139
90
90
*107
F
107
*50
♦Certificates of
O
Columbus Ry Pow A Lt 4s_
1965 MN
Commercial Credit deb 3Ms—-1961 A O
2Mb debentures......
1942 J D
f 6s
109
63%
J
A O
Columbia G A E deb 6s...May 1952 MN
Debenture 6s*.
.Apr 15 1952 A O
s
105»*x«
57
J
Colo Fuel A Iron Co gen s f 6s..1943 F
♦6s Income mtge...
1970 A
Colo A South 4 Ms series A....1980 MN
♦Debenture 4s—
105 %
*77%
56
J
1st s f 4 Ma series C.......—1977 A
Coal River Ry 1st gu 4s.....*.1946 J
Consolidation Coal
13%
108% 110%
110% 111%
100% 103
105% 108%
MN
J
79
15
70
68 M
1990 MN
..1940 M S
f Cleve-Cllffs Iron 1st mtge 4 Msl960
Cleve Elec Ilium 1st M 3%s—1905
Cleve A Pgh gen gu 4Mb ser B.1942
Series B 8Mb guar.........1942
Series A 4Mb guar.........1942
Series C 3 Mb guar.........1948
Series D 8Mb guar.........1960
Gen 4%s series A..........1977
Gen A ref mtge 4 Mb series B.1981
Cleve Short Line 1st gu 4 %s...l961
Cleve Union Term gu 6 Ms.—-1972
1st b f series B guar.........1973
Debenture 6s......Jan
76
*42
J
D
Columbia A H V 1st ext g 4s
Columbus A Tol 1st ext 4s
90
108%
MN
Ref A lmpt 4Mb series E....1977 J
Cln Wabash A M Dlv 1st 4s. 1991 3
4s
100% 103
91%
87%
88
91%
89%
108 M
*110%
General 6s series B.........1993 J
W W Val Dlv 1st g
102 M
*102 %
D
Spr A Col D1V 1st g 4s
107
*13
"108%
88
105% 107%
1953
(♦3d mtge 4 %s——.... 1938
104%
"85%
107
D
Cleve Cln Chic A 8t Lgeo 4S...1903 J
St L Dlv 1st coll tr g 4s
105%
109%
105% 107%
90
107%
21M
104
112
103
107
♦N Y A Erie RR ext 1st 4s.. 1947 MN
105
109
1942 MN
1967
4s...
If Cln Un Term 1st gu 6s Ber C-.
1st mtge guar 8Mb series D—
Clearfield A Mah 1st gu 6s....
105%
J
104%
106%
10%
12%
107
45
♦Erie A Jersey 1st s f 6s..:.. 1955
♦Genessee River 1st s f 6s.. 1957
110
107 M
1953 A O
conv 4s series D
♦Re! A imp* 5s of 1927..... 1967 MN
♦Ref A lmpt 5s of 1930—... 1975 A O
54
"22
112
106% 107%
139
3
............
105
139
♦1st consol gen lien g 4s.... 1996
63%
*19
14
*84%
J
♦Series B
105%
42
"(>5% lol"
139
3
65
40
10
111
J
♦Conv 4s series A.....
4%
112% 113
111% 112%
110% 111%
99%
104%
A
4%
75%
43
rr
J
60
*70*"
11
J
1940
ser
46
111%
*12%
B... 1940
3%s
46
,
5%
10%
.59
J
D
{♦Erie RR 1st eons g 4s prior.. .1996
Series C 3%s__
4%
*54
O
65
*63
D
5%
111%
99%
*108%
105%
105%
75%
83%
D
"0%
113
108% 110
56
64%
108
108%
104% 106%
105% 107%
105% 100%
105% 106%
10% 15%
11
14%
4%
0%
7%
3%
7%
*22
Elgin Jollet A East 1st g 6a.... 1941 MN
.1966 A O
El Paso A S W 1st 5s
O
6s stamped...
......... 1906
O
4%
4%
*40
MN
Ed El 111 (N Y) 1st cons g 5s.. .1995
Electric Auto Lite conv 4s.... .1952 F
13%
*111
East Ry Minn Nor Dlv 1st 4s.. .1948 A O
East T Va A Ga Dlv 1st 5s.... .1956 MN
Mi
7M
HIM
O
12
*23%
112%
113
A
{(♦Dul SOU Shore A Atl g 5S..1937 J
Duquesne Light 1st M 3%s...l965 J
"~7%
A
M S
Detroit Edison Co 4 %s ser D..1961 F
Gen A ret M 4s ser F_.
,...1965 A
Gen A ref mtge 3 %s ser G...1900 M S
♦Detroit A Mac 1st Hen g 5S...1995 J D
♦Second gold 4s..........
1995 J D
16
.
51M
15
1978
{♦Des M A Ft Dodge 4s ctfa.._1935
{♦Des Plains Val 1st gu 4 %s—1947
♦Ref A lmpt 5s ser B.-.Apr
Detroit Term A Tunnel 4%s..l961
4
A
♦Assented (subJ to plan)
16
9
"iji
F
106
12
{(♦Den A R G 1st cons g 4s_.-.193fl J
(♦Consol gold 4 %s
1936 J
16
16%
3%
"~~9
*108%
*105%
14
16
9
D
8%
2%
12%
13%
156
MN
15%
15%
16
D
29
5
28%
26%
28%
28%
28%
12
2
61%
106%
*107%
17
15%
*14%
J
33
14M
13M
*13%
3
MN
2M
13
*14
15%
M N
MN
26M
13
MN
MN
22%
26
3
3
A
20
2
34
110
58
J
1
{♦Den A R G West gen 5s. Ang 1955
Ch 8t L A New
Gold 3 Ma
5s
Low
111
26
♦Conv g 4%s...———....I960 MN
lnc gu
NO
70
26 M
„
(♦Refunding gold 4s
...1934
♦Certificates of deposit.*
(♦Secured 4Mb series A-....1952
♦
Certificates of deposit
High
70
*111
J
■
♦1st ref g 6s
—-May
♦1st A rel 4Mb stpd-May
♦1st A ret 4Mb ser C-May
70
D
34
110
61%
...1969 J
1st mortgage 4 %s
Since
Den Gas A El 1st A ret s f 5s—1951
Chic Ind A Sou 60-year 4s...—1966 J
Chic L S A East 1st 4%s
1969 J
D
O
Del A Hudson 1st A ref 4s.....1943 MN
Del Power A Llgbt 1st 4%s
1971 J
Range
Jan,
ajss
D
A
Dayton Pow A Lt 1st A ret 3 %s 1960
105%
31%
39
39
Cuba RR 1st 5b g
|
107% 109%
40%
„
Week's
109%
D
Continental Oil conv 2%s
1948 3
Crane Co s f deb 3 %s.........1951 F
133 So, La Salle St.
Friday
High
107% 109%
6
J
15-year deb 5s_..,
w
Low
8
107%
109
MN
No,
Jan. 1
109
108%
107%
107%
oa«o
High
de
Low
Ch*c<*go, III.
One Watt Street
ns,
Consumers Power 3%s.May 11965
1st mtge 3 %s
May 11965
1st mtge 3 %s..«...........1967
1st mtge 3%s...
1970
1st mtge3%s
......—1966
Container Corp 1st 6s
1946
MUNICIPAL 'BONDS
TS^ew York, "2^. Y.
Range
Sale
Price
3
Week Ended Feb. 24
Hewlett Hros. & Johnson
Feb.
Week's
47%
13%
120%
72
9
17
37%
101%
""I
34%
50
125%
49%
15
"34
68
118"" 121""
67
30%
101
31%
124
43%
11%
70%
38%
102%
36%
124%
49%
15
Volume
New York Bond Record—Continued—Page 4
148
Week's
7riday
•9
bonds
Last
Range or
Sale
Friday's
Since
Week Ended Feb. 24
Price
Asked
b„1970
1951
1951
Illinois Central 1st gold 4s
1st gold 3 Mb
A
o
j
J
j
J
-1961
Illinois Bell Telp 3 Mb ser
No.
a
o
Extended 1st gold 3Ms
111
111%
Jan
oj&a
High
&
Low
91
~
75
-
-
-
111
Week Ended Feb. 24
112%
Unified gold 4s
1st 6c ret 5s series B
85
83%
-
-
«.
—
1946
St Louis Dlv 2d gold 3s——1980 rvi
63%
7
62
59%
71
Mob 6c Montg 1st g 4M8
South Ry Joint Monon 4s
51%
90
46
54
83%
83%
63
63
McCrory Stores Corp
63
d
ser A
1945 J
Gen mtge 4Mb series A
1960 J d
Manatl Sugar 4s s f
.Feb 1 1957 MN
{♦Manhat Ry (N Y) cons 4s
1990 a O
90
66
----
63
*47%
—
*54
76
*58
m.
—
—
60
1
.60%
1963
55%
—1963
-.1940
1948
1st A ref 4Mb series C
Illinois Steel deb 4MB
♦Ilseder Steel Corp 6s
"60% "60%
51%
50%
51%
104%
*88
—1950
{♦Ind A Louisville 1st gu 4s—1956
Ind Union Ry 3 Ms series B„1986
Industr'a! Rayon 4Ms____
1948
Inland Steel 354s series D
1961
{Interboro Rap Tran 1st 5s—1966
Ind 111 A Iowa 1st g 4s
*8
10%
M 8
J
95%
F
A
109%
J
J
68%
66
17
93
109%
11
108
AO
J
j
5
9
3%
Internat Hydro El deb 6s
81%
1941
55%
Internat Paper 5s ser A
A B—1947
55
,
97%
91%
93%
89%
3
1
69%
w
w
95%
82
63%
3%
23
4%
53%
1
13
94
84%
95%
85%
55%
96%
7
79
85%
32%
5
31%
36%
52
8
32
32
32
30
35
a
o
69%
68%
69%
12
67%
71%
J
65%
65
66
77
65
j
J
108%
j
D
51
108%
108% 109%
104% 107
42
107
*-_,
36
*
107%
-
90
1961
*60
o
F
a
J
j
100
J
j
J
d
m.
_
^
—
101%
103%
165
163
3
98
106%
6
103
102%
101%
52
100
104%
10
102% 104%
100
100%
100
106%
96
A
100%
2
S
9%
9%
36
102%
9%
13%
"{♦Mo Pac 3d 7s ext at 4% .July 1938
{Mobile A Ohio RR—
♦Montgomery Dlv 1st g 58—1947
♦Ref A lmpt 4Mb
—1977
{♦Secured 5% notes
1938
Mohawk'A Malone 1st gu g 4S.1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1st mtge 4 Ms
i960
42
54
40
26%
28%
80
26%
51%
37%
22 M
21
23%
27
21
32%
22
34
22
23%
11
O
J
"l2~"
11%
12%
101
11%
17%
A
17%
17%
17%
19
17%
21%
20%
MN
a
O
4%
18
'SH
18
f~
A
*18%
12
45%
54%
Montreal Tram 1st A ref 5s
1
42%
45
Gen A ref s f 5s series A
43
46
Gen A ref
67
68%
86
90
45
J
*68
10
75.
88
.
45%
"17
19%
4%
18
35
17%
17%
35
16%
19
17%
23%
23%
46
56%
58%
8
22%
54%
57
57
58%
6
53
58%
85%
85%
1
84%
f 5s series B
75%
*•«*.!»
25%
60
33%
31%
•
*20
L
20%
21%
6
18%
19
9
*26%
50
—
-
-
23
20
22%
A
J
18%
16%
-
-
23
16%
19
30
31%
4Mb—-1940
1940
4s..—2003
w-
•
.
a
al
*
*
49%
.
47%
51%
49
50
19%
19
MN
20%
20%
*19%
23%
22
28%
28%
27%
32%
119
32%
64
25%
M
S
47%
47%
1
47%
34
53
MN
O
108%
105
99
13
107% 108%
44
100% 105
96%
3
104%
98%
96
18%
21
2
18
19%
20%
22%
20
21%
57
58
22
A
to—1950
1949
1949
1949
a
1944
A
1951
Louisiana 6c Ark 1st 5s ser A—1969
Louisiana Gas 6c Elec 3 Ms—.1966
Louis A Jeff Bridge Co gu 4s. .1945
F
-
M
51
8
70%
72
67%
*68
j
128% 129%
1
108%
2
127% 129%
108
110%
100%
101%
20
98% 101%
68
91%
82
128%
125%
82%
125%
82
4
51
-
•
1
128%
3
125%
10
82%
*108%
M
*106
56%
81%
83
106%
-
-
»
80%
83%
80
7
87
109%
•49
-«
---a.
82%
M S
8
115
6
*83
o
J
112
128
50
f
83
128% 129%
125
125%
j
21
52
50
10
49
43
107
59
42%
J
4 on '26
1914 coupon on
1951
♦4s April 1914 coupon off. —1951
♦Assent warr A rets No 4 on '51
1965
Nat Steel 1st coll s f 4s
1954
{♦Naugatuck RR 1st g 4s
MN
MN
MN
*68
37%
104%
104% 104%
*105%
AO
A
o
*%
1%
%
1%
1%
1%
1%
1%
A
o
*%
A
o
*%
M
%
j
D
MN
108
*35
44
107% 109%
65
123%
123%
"I
122%
124"
22%
123%
22%
5
22%
27%
27%
*22
"7
124% 128%
126%
12
123% 126%
108%
"23
127%
126%
23%
28%
128%
126%
A
*68
107% 109
65
72
"I
51
70
52%
1955
4s—1953
{{♦N O Tex A Mex n-c lnc 68.-1935
♦1st 5s series B
1954
103%
1st A ref 6s series B
52%
103%
103%
104%
19
103
29
103
55%
104%
104%
66%
22
103%
65
72%
*23'%
34%
30%
34%
*30%
34%
30
37
34
33
35
37%
66%
31%
36%
33%
30
34%
31
35%
39%
35
33%
34%
65
♦Certificates of deposit
♦Certificates of deposit
109
"I08H
MN
f
New Orleans Term 1st gu
♦1st
1%
%
108
103%
D
5 Mb series A
%
J
6s ser A—1952
♦1st 4Mb series
%
j
N J Pow A Light 1st
♦1st 5s series C
102
104% 106%
104% 105%
%
D
83
14
.—
*%
*%
*M
J
109
29%
103% 105
*%
j
79
197
*%
J
New Orl Pub Berv 1st
28
102
104%
105
j
j
1961
37%
...
j
D
1st 4s—1986
4Mb
I960
New Orl Great Nor 5s A
—1983
N O A N E 1st ref A Imp 4 MB A 1952
98
72
37%
J
J
b
97%
69%
J
J
1st g 4Mb series
104% 107%
115% 115%
98
*%
6s—.1945
New
35%
*102
"104%
56%
53%
46%
70%
'
j
{♦New England RR guar
1945
England Tel A Tel 5b A—1952
22
120
J
6s_—1948
♦Consol guar 4s
53%
42%
106%
—
d
108
105% 106
99
97%
72%
67%
75
*113
A
Newark Consol Gas cons
128%
*82%
82
S
a
-
115%
*62
S
M
»
96%
96
75
*68
J
N J Junction RR guar
100%
O
M
_
--a.-
108%
a
Liquid Carbonic 4s conv debs..1947 j D
Little Miami gen 4s series A
1962 M n
Loews Inc s f deb 3 Ms
1946 f A
Lombard Elec 7s series A
1952 J d
-»
128 %
128
o
1951 F
75
70
102% 105
*69%
1946
Nat Dairy Prod deb 3%
ww—1951
Nat Distillers Prod deb 4 Ms—1945
Nat Gypsum 4Mb s f debs
1950
National Rys of Mexico—
♦4Mb Jan 1914 coupon on—1957
♦4Mb July 1914 coupon on—1957
♦4Mb July 1914 coupon off—1957
♦Assent warr A rets No 4 on '57
♦4s April 1914 coupon on
1977
♦4s April 1914 coupon off—-1977
'♦Assent warr A rets No 5 on '77
Nat RR of 5Mex prior Hen 4 %s—
23
2
22
108%
104%
4s stpd——1951
Nat Acme 4 Ma extended to
{♦Assent warr A rets No
21%
*114%
1978
Nash Cbatt A St L 4s ser A
♦4s April
20
1
'
105
53
20%
20%
18
105
49
20%
62%
17%
27 M
53
17%
*57
20
S
42%
18
*20%
"31
s
49
16
19%
o
"18%
A
2000
M n
1955
M n
1955
j
D
Mountain States TAT 3%S—1968
m n
Mutual Fuel Gas 1st gu g 5s—1947
MN
Mut Un Tel gtd 6s ext at 5%—1941
22
21%
o
20%
17
Constr M 5s series A
20%
20%
20
MN
2003 MN
2003 MN
78—1944
"so""
48%
20%
1st 50-yr 6s gu...1965 a
»
1^ «©
54
20%
1941 A
3
*43
MN
Leh Val Term Ry 1st gu g 58—1941 A
~5o"
*47%
2003 MN
2003
2003
1
1
"49%
3
17%
f
1955
s
s
Nassau Elec gu g
*30%
*20
26
C—-1955
f 5s series D
Gen A ref
85%
*33
85%
40%
*30%
J
23
56%
J
18%
75
Constr M 4 Ms series B
„
65
16%
"~27
M
Morris A Essex 1st gu 3M
7
88%
16%
65
17%
3
17%
*16%
17%
6%
21%
20%
21%
19%
4%
21%
20%
21%
20%
M
1941
1955
1955
Gen A ref s f 4 Ms series
a
"5
17%
16%
17%
*16%
*62%
MN
-.1965
68 debentures
54%
Certificates of deposit
Leh Val Harbor Term gu 5a...1954 FA
5s
40
28,
16%
45
J
Lorillard (P) Co deb 7s
1981
45
1974
4s stamped
40%
1978 mn
.—1949
1980
2%
J
17
♦1st A ref 5s series G._
♦Conv gold 6 Mb
4
j
1975 M~S
1977 M 8
52%
extend to.:—.1943
Guar ref gold 4s
f
D
*16%
♦Certificates of deposit
4s
54
♦Certificates of deposit..
Long Island unified 4s
1965
{♦Mo Pac 1st A ref 5s ser A
f
F
♦Long Dock Co 3%s ext
55
J
Montana Power 1st A ref 3Mb. 1966
1964 FA
6s
45
55%
♦Certificates of deposit
Llgget & Myers Tobacco
2
84
♦Certificates of deposit.
Lex A East
52
79%
-
♦5s assented
51
45
Lehigh A New Eng RR 4s A—1965 a O
Lehigh & N Y 1st gu g 4s
1945 M s
♦Lehigh Val Coal 1st & ref e f 5sl944 f A
♦Certificates of deposit
♦1st & ref s f 5s
1954 f A
6s assented
51
5
88
assented
68
51
♦1st mtge Income reg
1975
Lehigh C & Nav s f 4Mb A
1954 j
Cons sink fund 4Mb ser C—1954 j
♦4 Ms
65%
54%
*64
♦General cons 5s
7
82%
J
♦General cons 4Mb
67
82%
D
♦4s assented
67
53%
j
♦Lehigh Val (Pa) cons g
j
54
1997 j
4Mb assented
1%
82%
Lautaro Nitrate Co Ltd—
Leh Val N Y 1st gu g
1
83%
96
100%
103%
100%
j
—1941
Sec 6% notes
2
♦Certificates of deposit
79
3% to-1947
♦1st & ref s f 5s
2
m
1
j
f 6s
3%
8
1949 M
♦1st 6c ret 6Ms series B
1978 J
j
{♦ Mo-Ill RR 1st 5s series A—1959
j
Mo Kan 6c Tex 1st gold 4s
1990
J
M-K-T RR pr lien 5s ser A
1962
40-year 4s series B
1962 j
Prior lien 4 Ms series D
1978 j
♦Cum adjust 6s ser A
Jan 1967 A
f
,—1942 F
s
9
1
a
Coll tr 6s series B
♦1st & ref
6
3%
m
*96
M n
M
.
Lake Erie & Western RR—
2d gold 6s
4%
5
3%
♦Certificates of deposit
♦1st A ref 6s series I
106%
1942 F
Lake Sh & Mich So g 3 Mb
4%
6%
16
6%
♦Certificates of deposit
83%
100
83%
J
F
m m
*.
*162
A
Coll tr 6s series A
6s 1937 extended at
4%
j
♦1st A ref g 5s series H
95
-
4%
j
96
90
*60
—
3
3%
j
♦Certificates of deposit
73%
2%
1946 J
♦1st A ref 6s series A—
20
72
2%
3
8%
6%
♦General
107%
.3
6%
♦1st A ref 5s series F
107
3
*1%
14
17%
90
1961
1997
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 5s
1954
1st A ref 6M8
:
1954
Kinney (G R) 6 Ms ext to—1941
Koppers Co 4s series A
1951
Kresge Foundation coll tr 4s—1945
3 Ms collateral trust notes—1947
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 58-1939
Coll & ref 5 Ms series C
-1953
Coll A ref 5Ms series D
-I960
Plain
17%
—„
6%
36
mm
2
107%
*.
13%
14%
48%
6%
94%
-
2
95
*
32
26%
6%
17%
-i-
27%
95
42%
26%
j
36
21
*__
*23
J
20
n
48%
{{♦M St P & SS M con g4s Int gu *38
{♦1st cons 5a...
1938 J
J
{♦1st cons 5s gu as to int...1938
71%
1st 68—1943 M
73
12
88
*93%
1939
♦25-year 5 Ma
5
J
stmp (par
4Mb unguaranteed
Kings County El L & P 6s
70%
,
32%
$645)—1943
♦Ctfs w w stmp (par $925)—1943 M n
♦Ctfs with warr (par $925)-.1943
Keith (B F) Corp 1st 6s
1946 M~S
J
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4Mb—1961
Stamped
1961
♦Ctfs
1939
95%
73
12
48%
{♦Mil 6c No 1st ext 4 Ms
90%
90%
72%
"l2_"
J
|
89%
99%
J
d
♦Ref 6c ext 50-yr 5s ser
8
♦Karstadt (Rudolph)
92%
O
♦1st A ref gold 4s
M
108%
106%
*91%
J
35
1940 a
99%
94%
83%
95%
1950
Apr 1950
Kansas City Term 1st 4s
1960
Kansas Gas A Electric 4Mb.—1980
%
*%
*26
1979 j
60%
68%
Ref A lmpt 5s_
100%
X
Ref 6c lmpt 4Mb series O
90%
62
Kan City Sou 1st gold 3s
96
8
*%
M
{♦Mid of N J 1st ext 5s
97%
88%
94
110% 111%
100%
8
S
1951
1952 MN
49%
13
85%
—1940 J
City Air Line 4s..—
10
13
94%
111%
99%
Jack Lans 6c Sag 3 Mb
1st gold 3 Ms
44
74
8
7b
46
.
70
M
iio%
99 M
a
87
8
67
A—1961
110%
80
14%
66%
Mich 1st gu g 4s—1990 a O
{{♦K C Ft S A M Ry ref g 48-1936 A o
♦Certificates of deposit—
39
54%
102% 104
42
33
95%
Kanawha &
103%
104
*6%
66%
Jones A Laughlln Steel 4M8
82
104
*27%
J
53%
O
84
*13%
A
D
22%
20
1934 MN
—1949 M 8
A.—1962 Q f
A
James Frank 1 A Clear 1st 4s..1959 j
33%
20
"80"
{♦Minn 6c St Louis 5s ctfs
f
3%
35%
27
81
81%
101% 101%
82
83%
82%
83%
69%
29%
20
*81
*
71%
8
72%
J
1955
135
{♦Mil Spar A N W 1st gu 4s___1947 M 8
J
{♦Milw 6c State Line 1st 3 Ma-1941 j
1st lien A ref 6 Ms
Int Telep A Teleg deb g
Debenture 5s
35%
33 M
20
83%
94%
{♦Iowa Central Ry 1st A ref 4s. 1951
31%
20
MN
f
27
1977 M S
1956 j D
8 f
♦Con ext 4Mb
4
Int Rya Cent Amer 1st 5s
B—1972
1947
4MB—1952
11
15
99%
91%
28%
13%
56
99
1955 M 8
Ref a f 6s series A
28%
33%
99
14%
82%
Int Merc Marine s f 6s
65%
83%
25
*12%
80%
46
28%
*81
♦4s (Sept 1914 coupon).
101% 102%
14
20%
33
*12%
39%
105%
Michigan Central Detroit 6c Bay
14%
1956
1944
67
9
1977 M S
43
84
1956
9
J
♦Mex Internat 1st 4s asstd
66%
102%
♦1st 5s series B
4
71%
46
O
J
Mead Corp 1st 6s with warr..1945 MN
Metrop Ed 1st 4 Mb series D—1968 M S
107""
105%
70%
45%
105%
*101
35
15
♦1st g 5s series C
70%
73%
104% 105%
70 %
1959 MN
Metrop Wat 8ew <fc D 5 Mb
1950 A
{{♦Met West Side El (Chic) 48.1938 F
111%
46
Manila Elec RR 6c Lt 8 f 5s—1953 M S
Manila RR (South Lines) 4s
1939 MN
57%
56%
77
3%
72
33
1st ext 4s
99%
86
110
105%
22%
{♦Man G B & N W 1st 3 MB—1941 j
s f 6s
1947 a
Market St Ry 7s ser A—April 1940 Q
82%
*20%
MN
Marlon Steam Shovel
91%
87
82%
22
♦Mlag Mill Macb 1st
31
3%
*70
*--
97%
87
84%
97 M
96
32
70
65%
14
96%
109%
High
99% 100%
79
111%
D
67%
66%
14
j
2013 j
♦Second 4s
59%
43
84
f deb 5s. 1951
59%
64%
*102
a
s
7
70
67%
39
40%
64%
M s
1952 J
Atl Knox 6c Cln Dlv 4s
1955 MN
Lower Austria Hydro El 6 Mb. 1944 F a
221
67%
O
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s Ber A
July 1952
10%
9%
-fa.-
95%
109
1942 MN
1947
deb 4s
67
*102%
J
♦Certificates of deposit
stamped
47
104% 105
32
41%
72%
*69%
63%
1932
1932
{♦10-year conv 7% notes
conv
1
67
{♦10-year 6s.
Int Agric Corp 5s
15
95
Certificates of deposit
Interlake Iron
.
40
60%
55%
53
38
104%
40
40
4a._1940
Ind Bloom A West 1st ext
53
55%
104%
♦
80
♦Certificates of deposit
1
O
»
54,
6
*97 M
Maine Central RR 4s
-
-
63
I
"*61"
M
_
....
a*
""~7
84%
81%
HIM
62
52
50
*62
Low
94
87%
84 M
*83%
54
47%
4
60%
98
87%
8
19
*62%
88
84 M
80
1945 M S
55%
83%
Jan. 1
No.
"87%
2003
54%
*
Since
©
100%
1st & ref 3Ms series E
Paducah A Mem Dlv 4s
O
50
51%
o
Asked
♦94%
2003 a O
63%
63%
Range
*3
High
2003 a
54
54%
&
100
2003
;
8
*
54%
Bid
100
56%
55%
M
*
1st 6c ret 4s series D
—'
HI Cent and Chic St L A N O—
Joint 1st ref 6s series A
—.1940
1st 6c ret 4 Ms series C
55%
54%
Gold 3 Mb
1951
Springfield Dlv 1st g 3 Ms—1951
Western Lines 1st g 4s
1951
Price
NO,
54
55%
Friday's
MM
Louisville 6c Nashville RR—
*84
*
Range or
Sale
Low
87
84%
-
*84
1951 M S
1952 a O
Refunding 4s
1955 mn
j
Purchased lines 3 Mb
1952 J
Collateral trust gold 4s
1953 m n
Refunding 5s
1955 mn
40-year 4Mb
Aug 1 1966 F a
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s_„1951
Loulsv Dlv A Term g 3%9—1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 38—1951
1st gold 3s sterling
Collateral trust gold 4s
Last
STOCK EXCHANGE
High
Low
19
111%
*86
N. Y
1
.
Week's
bonds
Range
N. Y. STOCK EXCHANGE
Bid
1139
Friday
1
1956
F
a
1956
1954
A
F
o
A
"30%
34%
34
<
\
For footnotes see page 1141.
2k
Now Yor
1140
Friday
'
Last
BONDS
c
>
Price
•-.a.
Friday's
&
Asked
J
Lake Shore coll
6
63
70
PenD Glass Sand
17
76
78%
Pa Ohio A Det 1st A ref 4 %s A.
Penn-Dixle Cement 1st 6s A—1941 M
O
77%
A
O
54%
56
53%
61
A
O
61 %
59%
61%
97
58%
MN
66 %
80 H
03%
66%
47
00
65%
69%
79%
80%
45
79
84%
80
80%
78
81
1943 MN
Consol gold 4s
1948 MN
4s sterl stpd dollar.May 1 1948 MN
65%
56
53%
61
Gen mtge 3%s series
63%
67
60%
65%
Consol sinking fund 4%s
General 4 Hs series A
J
50
j
80
56
65 H
%
63%
65%
*61%
Mlcb Cent coll gold 3%s—-1998
83
9
82
8
64%
1974
A
He series C—
48 collateral
—1978
,1946
trust—,
1st mtge 3 %s
O
62 %
M
S
54%
F
A
A
106%
1953
21
54%
52%
*74
278
106%:
"bo"
1947
62%
52%
1965
FJ__ —1906
107%
107%
63%
107%
55%
124%
116%
Conv
54%
deb
1948 J
1949 F
D
A
97%
Refunding gold
105%
108%
"ili%
111%
111%
110%
87%
110%
110%
93
104%
A
M
124%
116%
123% 126 "
116% 117%
1st
April 1990
6%s.«.1974
A 5s...1956
117%
97%
118%
98%
209
106
15
83%
85
35
94%
34
15
92%
95%
82%
87
77%
84%
94%
O
117
117
114%
114%
52%
J
J
1956 J
J
1980 M S
D
1943 M N
109
MNl
*50 %
58
59
59
General 6s series B
1974 F
A
110
Ml N<
*59
66
60
61
60
33
58
1977 J
1981 j
j
♦N Y L E A W Coal A RR 6%s '42 M Ni
J
♦N Y L E A W Dock A Imp £s 1943 J
General g 4Hs series C
General 4 H8 series D
D
*50
1967 J
D
1967 M 8
J
{♦Phlla A Reading C A I ref 5s. 1973 J
N Y Lack A West 4s ser A
4 %s series
B
1973
——
N Y A Long Branch gen
M N
*100%
*52%
*11
♦
11%
j
Non-conv debenture 4s.... 1955
♦Non-conv
13
')
♦Nop-conv debenture 3%s—1954
12%
debenture 4s....1950 IVI V
♦
Debenture 4s
♦
1st A ref 4 Hs ser
J
of 1927
{♦Harlem R A Pt Cbes 1
—1967
4h 1954
A
•
IVI
N
J
iv»
14
11%
11%
12
"~5
11
16
J
-.1957
13%
14%
12
14%
15,
109
13%
22%
23
J
1948
,...1940
♦Conv debenture 6s
♦Collateral trust 6s
*12%
23
1956 J
3H*
♦Conv debenture
101
"l"05""
105
105
14
104
103%
103
103%
89
110%
110%
111
22
11%
11%
11
22
12%
13
12%
19
8
3%
3%
9
3
{{♦Philippine Ry 1st s f 4s
Phillips Petrol conv 3s
J
1937 J
1948 M S
9%
10%
6
9%
15%
16
109%
110%
58
Pirelli Co (Italy)
1952 M N
sec
6s series A
♦Conv deb 6s
1949 M
conv
Pitts Coke A Iron conv 4%s A.
17%
27%
Pitts C C C A St L 4%s
Series B 4 Hs guar
4
5%
15%
02
13%
8%
17%
53%
4
53%
57%
Series E
3H8
guar
1942
1842
...1946
1949
1963
gold
Series F 4s guar gold
{♦N Y Ont A West ref g 4a.
...
M
.1955 J
4s
♦General
1992
N Y Queens El Lt A
7%
I
*3%
1
1942
A
'
4s'.. 1993
A
<
(♦NY Providence A Bo»t<-n 4s
N Y A Putnam 1st con gu
7%
Pow 3
1965
195*
50
M
J
109%
10)%
./
105%
105%
(VI ,\
N Y Steam Com 3%s
>963
J,
J
99%
104%
99%
104%
{{♦N Y Busq A West 1st ref 6s
{♦2d gold 4 H8
J
J
9%
9%
F
A
♦General gold 6s—
1937
1937
1940
F
A
♦Terminal 1st gold 5s
1943
IVI N
N Y Telcp 1st A gf'D 8 f 4
Hs—1939
24
4%
*60
(951
N Y Rys prior Hen 6« stamp.
N Y A Rlcbm Gas 1st 6s A
8%
77
6%
*36
M N
5
77
50
109%
109
106
104% 103
100
93
104%
9%
101
12%
9
45
102%
102%
J
J
109
109%
J
V
*63
80
62
75
70%
A
j"j
3%
ms
110%
O
110%
"108%
96~
Niagara Share (Mo) deb 5%s.l950 MN
TfNord Ry ext sink fund 0Hs.. 1950
{{♦Norfolk South 1st A ref 5s.1901
3
105*i«
F
A
15%
13%
15%
12%
1996 O
North Cent gen A ref 6s
*50
Gen A ref 4 Hs series A
13%
12%
122
54
17%
15%
60
118% 122
1974 Ml 8
107
107
39
50
50
*51
*40
55
50
♦Ctfs of deposit stamped
Apr'33 to Oct'38 coups..
1945
Ref A lmpt 4 Hs series A
Ref A lmpt 5s series C
F
2047 J
...2047 j
2047 J
j
J
D_
82%
81%
49%
j
53
63%
65%
65%
61%
*55
"57
56%
a
Northwestern Teleg 4Hs ext.-1944 j
J
J
J
j
J
{♦Og A L Cham 1st gu g 4s...1948
♦Stamped,.
Ohio Connecting Ry 1st 4s..
.1965 M N
1st mtge 4s
1st mtge 4s
.1967 M
1st mtge
108%
4%
4%
*105
'l"07%
0s stamped....
5
53
60
.110
62
69%
....
54
61%
61%
55
30
107% 109%
Pressed Steel Car deb 6s
5
4.
{♦Providence
{♦Providence Term 1st 4s
Purity Bakeries s f deb 6s
108%
108%
.1972 J
J
103%
103%
D
109%
.1946 J
D
108%
105%
103%
109%
105%
101% 103%
.1966 J
Ontario Power N F 1st g 6s..
Ontario Transmission 1st 6b.
.1943 F
A
113%
113%
.1945 MN
*116%
OregoD RR A Nav
112%
112%
107%
113%
116%
con g
4s.
.1940 J
D
109
.1940 J
j
115
.1940 j
j
117
Pacific Coast Co 1st g 5s
104 %
104%
78
78
-.1946 J
1st A ref mtge
3%s ser H...1961
1st A ref mtge 3%sser I
1966
{♦Pac RR of Mo 1st ext g 4s__1938
{♦2d ext gold 5a
^
1938
Pacific Tel A Tel 3%s ser B..1966
Ref mtge 3Ms aeries C
1966
J
J
Pictures deb
75%
7
70
75%
S
103%
102%
103%
112
100
103%
Rensselaer A Saratoga 6s gu
1941 MN
RepubUc Steel Corp 4 %s ser B.1961 F A
Purch moDey 1st M conv 6%s '64 M N
"92%
91%
106%
106%
Gen mtge 4%s series C
M N
Parmelee Trans deb 6s
Pat A Passaic G A E
♦
cons
Paullsta Ry 1st s f 7s
J
103% 105%
78
55
Richfield Oil Corp—
4s s f conv debentures
81%
60
F
*7G%
J
*72
"so"
108
1085;
108
108%
108%
101%
108% 109%
67
72
65%
O
1949 M
S
*123%
*
A
109%
84
101"32
55
125
*102%
*101%
100%
1952 MN
1963 F
A
100%
6
57%
100
1952 J
gu
1955 F
21%
27%
21
28
5
26
24%
24%
104%
J
104%
*103%
24%
28
si
24
27%
104
43
103% 107%
103% 104%
11
13%
45
' 45%
'
♦Ruhr Chemical
s
1948 A
f 6a
{♦Rut-Canadian 4s stmp
1949 J
{♦Rutland RR 1st con 4%s.. 1941 j
•"
11
35
44
15%
20
36%
19%'
37%
14
19%
19%
6
110%
"74
108% 111%
"n" "13%
*123
109
"
S
108%
108%
S
*108%
8
no"
11%
12
27
26
O
26
1
j
j
*5%
26
26
5%
*4%
•
j
♦Stamped
j
Safeway Stores
8 f deb 4s
1947 j D
Saguenay Pow Ltd 1st M 4%s_1966 A O
St Jos A Grand Island 1st 4s
1947 J
St Lawr A Adlr 1st g 6s
2d gold U_.
1996 J
6
106
106%
J
-
■
4
7%
.5%
5%
4%
6%
1066 A
St Louis Iron MtD A Southern—
♦{Rlv A G Dlv 1st g 4a
♦Certificates of deposit
6
.5%
105%
106
104% 106%
100
106%
105% 106%
106% 107
J
*100%
"93%
O
88%
60
62
58%
65%
59%
1033 MN
45
55
123 % 123%
{♦St L Peor A N W 1st gu 5s„. 1948 j
j
St L Rocky Mt A P 5s sptd
1955 j
j
4s A_. 1950 j
j
{♦St L-San Fran
161%
100%
100%
101% 101%
99% 101
98% 101
98% 100%
102%
♦Certificates
pr Hen
of
60%
59%
64
♦Certificates
of
*13
1950
j"j
♦Con M 4Hs series A
1978
♦Ctfs of deposit stamped..
♦{St L SW 1st 4s bond ctfs... 1989
77
10%
9%
11
35
10%
17
17%
54%
9%
59%
14
9
11
5
10%
9%
10%
6
9%
10%
11%
10%
"io"
deposit...
13
15%
*56
11
10%
deposit...
♦Prior Hen 5s series B
13%
14%
14
14
m's
11%
68
9%
10%
10
10%
35
MN
58%
58%
58%
25
9%
54%
61%
29%
35%
1989 J
{♦1st terminal A unifying 5s. 1952 j
j
j
1990 j
13%
*30%
J
♦Gen A ref g 5s series A
20
21%
28
24%
26
O
....
Gen mtge 3%s series H
1967 M
Gen mtge 3 %8 series I
1967 M
{{♦R I Ark A Louis 1st 4%s.. 1934 M
♦2d 4s Idc bond ctfs...Nov
For footnotes see paare 1141.
3
k
98%101««
102%
*102%
D
2f year 4s
8
24
55%
99% 101
83%
89
62
D
Guar 3Hs trust ctfs D
Guar 4s ser E trust ctfs
1944 J
51
55
1942 M S
Penn Co gu 3Hs coll tr ser B..1941 F
Guar 3%s trust ctfs C
1942 J
84
101
13
94
90%
94%
99% 101%
51
39%
30
*24
1952 M S
.
2
40%
20%
89%
106% 107
69
101% 101%
104% 105%
25
A
93%
100%
*24
M N
1953 F
1955 A
35
92%
40
I960 M N
1952
35
20%
J
♦Direct mtge 6s..
♦Cons mtge 6s of 1928
♦Cons mtge 0s of 1930
"92% "28
107
"100%
93%
J
J
105% 108%
1944 A
6s
11956
Revere Cop A Br 1st mtge 4%s_1956 J
♦Rhetnelbe Union a f 7s
1946 J
*94%
{♦Rio Grande West 1st gold 4s. 1939 J
108%
84
3%s conv debentures
1947 M S
f Paris-Orleans RR ext 5%s_._1968 M S 101»32
76%
76%
♦1st con A coll trust 4s A.__. 1949 A O
Ro('b G A E 4 Hs series D
1977 M S
Gen mtge 6s series E
1962 M S
107
55%
60%
74
115%
107%
101
79
55
69
74%
1997 J
109
117%
J
55%
70
57
11"
110%
100%
4
49%
97% 100%
4
70
55
*44%
111% 113%
109
111%
101
*68
55
A
59%
1955 F
6s...1955 J
17
D
D
112%
110%
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
3%
40
44%
100%
100
5s.. 1939 J
112
101%
*41
100%
75%
{♦Rio Grande June 1st
110
108%
*16
4
16%
108% 109%
81%
85
76%
115
*.56
A
"85"
41
13%
J
113%
112%
J
605
67
Richm Term Ry 1st gen 5s
♦Rlma Steel 1st s f 7s
J
Paducah A III late f g4%s
J
1955 J
Panhandle Eastern Pipe L 4s..1952 M S
16%
43
36
37%
*3%
S
73%
106%
40
109%
104% 105%
115%
117%
105%
79%
Pacific Gas A El 4a aeries G—1964 J
Paramount
107
109
5s_
"
"15%
84%
{♦Debenture gold 6s
1041 J D
Reading Co Jersey Cent coll 4s. 1051 A O
Gen A ref 4%s series A
J
..1097 J
106" 108%
3%s__
J
1
106
3
*108%
1956 M
1048 J
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk
(65% pd)
108
106
J
58%
341
40
_
Sec guar deb 4s..1957 MN
5%
107 %
108%
.1962 J
73%
106
*
1951
♦Rhlne-Westphalla EI Pr 7s
108
.1961 j
.....
16%
Remington Rand deb 4%s w w.1950 M
6%
cons g
106
*101%
1942
53%
108
Otis Steel 1st mtge A 4 %s._
106
108
J {♦Postal Teleg A Cable coll 58.1953
Potomac Elec Pow 1st M 3%s_1966
46
S
Guar stpd cods 6s
Ore-Wash RR A Nav 4s
49%
84
Oklahoma Gas A Elec 3%s._
4s debentures
*
Ore Short Line 1st
49
44%
40
79%
57
109%
49%
47%
108
73%
Am Tob conv 6s..1942
62
100
*4
.1943 M S
Ohio Edison
109%
45%
1950 J
♦Rhine-Ruhr Water Service 6s. 1953 J
Northern States Power 3%s...1957 f
45
45%
.
D
I960 M S
53
83%
53
"53
J
2
47
*
"45%
35
11
46
45
1977 J
Gen A ref 4%s series B
47
'
2047 J
Ref A lmpt 6s series B
Ref A lmpt 6a series
j
95%
106%
*102
1st 4 Hs series D
*49
North Pacific prior Hen 4s.....1997 Q
Gen Hen ry A Id g 3s Jan
2047 Q
31
95%
106%
*106
98
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupons.. 1945
♦Oct 1938 A sub coupons
1946
104
102% 101%
101% 104
93%
95%
106% 106%
17
A
Porto Rico
100% 10 5s 1#
60
121
121H
104
103%-
103%
95%
------
114
112% 112%
L<3 %
D
109
4
1974 IVI s
A
112
*113%
*113%
103%
D
95
103%
Norf A W Ry 1st cons g 4a
106% 106%
105" 105"
*104
1974 J
110% 111%
95%
105*32
12%
106" 106"
1
O
M N
108%.
*106
1962 F
Port Gen Elec 1st 4H»—
1 st 5s 1935 extended to—
3
94%
104% 105%
107
108%
*105
1st gen 5s series B
108
A
♦Certificates of deposit
11*Norfolk A Bouth 1st g 5S...1941
102% 103%
108% 110
3%
110%
90
*104
1st gen 6s series C
75
Nlag Lock A O Pow 1st 5s A..1965
Pitts Y A Ash 1st 4s ser A....1948 J
63
75
102%
4
14
112%
93
108
108%
O
O
14
89%
*105%
A
A
D
109
111%
*107%
1964; M N
...1970 J
11%
43%
1967
1946
6s stnmped
i. —1946
{{♦N Y Westch A Bost 1st 4%s '46
Niagara Falls Power 3Hs
1966
Ref mtge 3%s f-er B
N Y Trap Rock 1st 6s
1960 F
——1963 F
1st mtge 4Hs series B_ —.1959 A
1st mtge 4Hs series C
I960 A
8%
42
*105%
A O
M N
M N
F A
J
D
110
93%
93%
O
107
105%
98% 103%
90
*89%
S
..1975 A O
Gen 4Hs series C
j
T—;
1977 J
Pitts Va A Char 1st 4s guar...1943 M N
Pitts A W Va 1st 4 %s ser A. .1958 J
D
9
5%
"7%
M
110%
109
9
1
...1957 M N
Series J cons guar 4%s
Gen mtge 6s series A
Gen mtge 6s series B
53%
110%
101% 104%
9
Series G 4s guar
Series H cons guar 4s
Series I cons 4%s
9%
"56"
*6
7
7%
3%
1952
A—1940 A
Series C 4Hs guar
Series D 4s guar
53%
-
7s
15%
15%
6%
6%
16%
109%
108
14%
0%
r
64%
108% 110
Phlla Electric 1st A ref 3Hs
10%
60
115
1
50
13
61%
1
75%
►10%
58
112
4
50
12
65
110
71
99%
13
113
105
Phila Co
*11%
12
110
60
*50"
3
64
104
Phlla Bait A Wash 1st g 4s
72
♦
1941
4s
{♦N Y A N E (Boet Term) 4f»—1939
{♦N YNH4Hd-c deb 4s....1947
♦Non-conv debenture 3 Hp..1947
59
56%
17%
99% 100
,
65%
59
62%
112%
112%
52
2
65%
64
94%
5
6%
103% 104%
68
63%
109
*105
99%
87
116% 117
112% 114%
5%
*4%
A
1st g 4 Hs series C
8%b deb—1952 J
92
1
Apr
F
81
3
52%
97
103% 106%
4
S
2000
1973
N Y A Harlem gold 3%s
17
5
105%
M N
*16
64
12
1940
Lake 5s,.
93
101% 106%
107% 108%
110
111%
109% 111%
85%
88%
115% 118%
4
O
1st 4s series B
conv
98%
38
94%
107% 109%
;
High
87%
80%
Peofla A Pekln Ud
4s
O
82%
108%
♦Income
93
105% 107%
93%
97%
"88
108%
104%
94%
94%
1943
1947
6s
Low
"25
1981
Peop Gas L A C 1st cons 6s
Phelps Dodge
♦N Y A Greenwood
25
97
97%
84%
Peoria A Eastern 1st cods 4s—1940 A
50%
No.
98%
106
52%
107% 108%
52%
Since
Jan. 1
118%
98%
A
1984
1952
3%s
Pere Marquette 1st ser
Purchase money gold 4s
O
Range
~
J
A
1965
General 4%s series D__
Gen mtge 4%s series E
84%
N Y A Erie—Bee Erie RR
N Y Gas El Lt H A Pow g 5s„
J
o
C3&3
106
1970
77%
49
~50%
50
O
1960
Debenture g 4 %a
103%
106%
A
--.1968
48
104
108
108%
1st Hen A ref 3%s ser
56%
106
1953
1951
Conv 6%
notes
N Y Edison 3%s ser D
1970
C
78%
*107
B
N Y Dock 1st gold 4s
1st guar 5b series
,..1981
4 Hs series B
73%
,76%
84%
106%
*84
extended to—1947
N Y Connect 1st gu 4 %s A
62%
61%
1977
*105
1939
2
c
Asked
High
dk
97%
D
Pennsylvania RR cods g 4s
General 5s series B
Ref 5 %s series
♦Ref 4
1st M 4%s_.1960 J
Pennsylvania P A L 1st 4 %s—1981
N Y Chic A St Louis—
♦
S
A
78
Bid
25,
•»
•t3
Friday's
Low
High
109% 110
|
Range or
Sale
Price
64%
1998
gold 3%s—
No.
4
y+
Low
High
109%
64%
109 %
1942
A
N. y. STOCK EXCHANGE
Week Ended Feb. 24
1
A
2013
Debenture 4s
Ref A lmpt 4 He ser
BONDS
Since
Jan.
f
N Y Cent RR
N
j
Last
Range
Is
Bid
Lots
Bdge gen gu 4 %s. 1945
4e series A
1998
10-year 3%s sec s f
1946
Ref A lmpt 4 He series A
2013
Ref A lrnpt 6s series C
2013
Conv secured 3%s
1952
Y Cent A Hud River 3 %s —1997
Newport A C
Feb.
Week's
Friday
Range or
Kale
N. Y. STOCK EXCHANGE
Week Ended Feb. 24
Bond Record—Continued—Page 5
Weeks
"26"
14
34
19%
20
"9
19
23%
13%
14
5
12
15%
Volume
New York Bond Record—Concluded—Page 6
148
Friday
BONDS
N.
Y.
8TOCK
Last
EXCHANGE
Week Ended Feb. 24
Price
Range
Friday's
&
Asked
v
Nft.
Bid
o
©
0Q&3
BONDS
Since
N. Y. STOCK EXCHANGE
Jan. 1
Range or
Sale
e
1141
Week Ended Feb. 24
Last
I
High
Low
4s_-1968 J
{♦St Paul E Gr Trk 1st 4 %8_„1947 J
{♦St Paul A K C Sb L gu 4%S„1941 F
1940
1972
t Pacific ext gu 4s (large)
7
7%
J
J
J
J
1939 M N
J
59 %
J
A
A
f 6 >4s series B
1946
*
♦Stamped__
1989
Scioto V A N E 1st gu 4s
112%
110%
110
110
110
109% 110
19
15%
27%
*19
42%
49%
22%
22%
5
22%
24%
28%
25%
J
24%
52%
4
1941 J
24%
*50%
50
52%
4s.. 1939 J
J
g
30
30
29
*30
31%
28
31%
M N
*116
A
o
Walker (Hiram) GAW deb 4%s 1945 J
Walworth Co 1st M 4s
1955 A
D
116% 116%
"i§~~
18
18
.13%
13%
13
17%
F
A
*2%
•3%
3
4
A
O
5%
5%
5
8
{♦Warren Bros Co deb 6s
6%
6%
8%
11
7%
10%
8
7%
1935 F
103%
55%
103%
55%
60%
♦
68%
"20%
1952
1951
1950
99
99
1951
>4s
So Pac coll 4s (Cent Pac coll)-. .1949
1st mtge pipe line 4
J
107%
106
109% 110%
100% 103
101%
91%
92%
107%
115
{♦Western Pac 1st 6a
aer
A
O
103
D
52%
M
8
1968 M
J
55%
54
70
52%
51%
50%
51%
26
47
50%
52
65
46%
56%
56
Gold 4 >43
.1981 M
51%
51%
50%
51%
93
46%
59
58
59
24
57%
89%
90
1946 J
1950 A
O
J
1955
J
"84 ""
1994
J
4s series A—.... 1956
O
1956
o
..?!i
"82%
O
.1956
60
26
66
68
77%
72
J
*62
65
66
71
D
112
112
112%
105
104%
107%
105%
34
107%
4
80%
Tenn Coal Iron A RR gen
deb 6s B... .1944
M
.1947 J
A
Tenn Elec Pow 1st 6s ser
J
5a... .1951 J
1st g 4 %8—. .1939
1st cons gold 6s
.1944
23
26
107
107
" 107%
38
125%
5
101%
125%
101%
3
99%
100%
103
A
.1953
J
A
D
106%
84%
107
107%
125% 126%
101 % 103
19
113% 114%
107
103
28
88
106
106%
116
I
J
.1943
107
106%
89%
.1951
79
89%
146
106
108%
"~2
114
13
81
84%
2000 J
D
lie"
.1977 A
O
84%
85%
.1979
O
84
85%
5
.1980
D
85
85%
9
116%
85%
82
85%
81% 85%
97%
98
8
96%
98%
43
44%
24
38%
12%
222
45%
13%
gold 5s
Gen A ref 5s series B
....
Gen A ref 5s series C
Gen A ref 5s series D_.
Tex Pac Mo Pac Ter 5>4s A... .1964 M S
1960 J
Third Ave Ry 1st ref 4s
Jan 1960
{{♦Third Ave RR 1st g 6s—-. 1937
♦Adj Income 6s
97%
J
44%
A
O
12%
J
J
11%
1952 J
1953
D
1960
D
1950 A
O
1942 M
106
7%
87%
90
*88
J
Tide Water Asso Oil 3 >4s
Tokyo Elec Light Co Ltd—
1st 6s dollar series..
>48..
♦Tyrol Hydro-Elec Pov? 7
♦Guar sec e I 7s—
1946 J
"26
90
105% 106%
54%
59%
210
53
87%
87%
12
,85
-
54%
65
*58%,
D
*123
124%
124
*106
107%
108
109
23%
20
23%
30
26
MN
23%
23%
*21
A
.—1945
M
J
8
J
9
49%
55%
J
47
48
2
45%
48
m
June 2008
June 2008
5s—1952
5s._.—1953
U N J RR A Canal gen 4s
1944
{{♦United Rys 8t L 1st g 48---1934
U 8 Pipe A Fdy conv deb 3>4s_1946
U 8 Steel Corp 3>4s debs
1948
♦Un Steel Works Corp6>4s A-.1951
♦Sec s f 6 >4s series C
1951
United Cigar-Whelan 8ts
United Drug Co (Del)
deb
Conv
1
109% 109%
95%
26
97
93%
101% 101%
101 %
101%
10%
25
101
102%
12
110%
101%
96%
6
101%
96%
J
o
2
39
1
9
W
-
*
.*
96
110%
4*
»
9%
9
J
-
*.
109%
-
J
J*
97%
94%
110%
110
*9
W
8%
7
d
J
M
108"
o
S
*
108
108%
-
*8%
5%
5%
5%
108%
108%
5%
a"
11%
8%
9%
9%
*5
•*
10%
*8
»
1
4%
5%
18
106%
108%
4
107% 108%
9%
5
-----
M N
......1961
...
106%
l
..
m
-
107
39
104% 110
105%
107
106
24
104% 106
current week and not
Included in the yearly
■/
'
x
week, a Deferred delivery sale; only
Odd lot sale, not Included In year's range.
Cash sale; only transaction during current
r
transaction
during current week,
the
n
maturity,
§ Negotiability impaired by
Ex-Interest.
unit of bonds.
dollar quotation per 200-pound
t The price represented Is
Accrued Interest payable at
exchange rate of $4.8484.
Exchange bond Issues which have
f The following Is a list of the New York Stock
.been called In their entirety:
Cine Un Term 5s ser. C 1957, May 1 at 105.
Cleve Cliffs Iron 4%s 1950, April 4 at 105.
Hackensack Water 4s 1952, April 26, 1939 at 105.
Gulf States Utll 4%s
'
*
1946, Mar. 23 at 102%.
Nord Rys 6%s 1950, Oct. I at
Paris
102,
Orleans 5%s 1968, Sept. 1 at 100.
reorganized under
{ Companies reported as being In bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price.
♦
Bonds selling flat.
No sales transacted during current
Deferred delivery sales transacted
z
week.
•
.
during the current week and not
included In
"
the yearly range:
Great Cons El Pow 6%S
Transactions
1950, Feb. 20 at 78%.
•
*
Feb. 21 at 101%.
Paris Orleans 5%s 1968,
the
at
Stock Exchange,
New York
Daily, Weekly and Yearly
'
Stocks,
Week Ended
Feb. 24.
76
85
108% 109%
Railroad &
Slate,
United
Total
Number of
Mis cell.
Municipal &
Stales
Bond
Shares
Bonds
For'n Bonds
Bonds
1939
409/110
Monday
693,340
Tuesday-
465,580
115% 116%
Thursday
Friday,
113%
114
91
107% 109%
111% 114%
6
107%
107%
108
50
106
108
M
8
116%
116%
116%
4
114
O
97%
96%
96%
96 %
97%
31
07
25
Sales
$202,000
174,000
105,000
$332,000
$3,214,000
>4,297,000
3,672,000
1,124,000
575,000
$3,748,000
157,000
5,277,000
5,595,000
4,352,000
116%
A
J
M
M N
A
O
AO
M
M
8
-108%
,108%
"77%
71%
S
77%
78
6
5
'
73%
71
9%
14
44
*110
28
J
105%
~28~"
*113
J
115%
105%
105%
84
8
13
30
24%
111% 117%
104% 105%
50
38%
~40
88%
39%
40
40
1
40
40
40
38
50%
88%
88%
9
88%
93
O
48
98%
106
94%
819,'000
208,000
6,663,000
Total-.------
2,990.740
$21,203,000
$3,586,000
8846,000
$25,635,000
I
■
'
Week Ended Feb,
Sales at
24
.
i
Jan.
New York Stock
1 to Feb. 24
1938.
1939
1938
1939
Exchange
_
2,990,740
3,971,523
36,466,468
37,813,825
$846,000
3,586,000
21,203,000
$2,436,000
4,998,000
21,097,000
$11,616,000
35,692,000
211,396,000
$26,838,000
39,253,000
219,022,000
$25,635,000
Stocks— No.• of shares
$28,531,000
8258,704,000
$285,113,000
Stocks
Government-------State and foreign
Railroad and Industrial
Total-..-
Stock and Bond Averages
98%
68
41
66
69%
67%
68
55
65%
69%
100%
100%
A
1957
97%
97%
67%
67%
F
736,000
5,636,000
97%
96%
67%
A
4,384.000
90
97
1955
455,320
967,390
50
5
HOLIDAY
—
95
97%
97%
108% 109%
75
83%
69
73%
109% 110
.
Wednesday
96
40
39%
1947
1959
M N
5s.--..2003
1958
2
26
47
J
.»
«.
No sales.
"~4
100%
8
107%
*107%
J
{♦Vera Cruz A P 1st gu 4%S—1934
J
J
{♦July coupon off
Va Elec A Pow 3%s ser B
1968 M S
Va Iron Coal A Coke 1st g 5s—.1949 M 8
1st cons 5s
a
*
range:
108%
1944
1944
Vanadium Corp of Am conv 6s. 1941
Va A Southwest 1st gu
S
d
Cash sales transacted during the
115%
♦Sink fund deb 6>4s eer A...1947
VandaUa cons g 4s series A
Cons s f 4a series B
*104%
109%
109%
95%
95%
101%
'
«•>
m N
4s_._.
1st mtge a f 4s aer C
e
108%
United Stockyards 4%s w w._1951
{{♦Util Pow A Light 5%s
{♦Debenture 5s
S
J
108%
113%
J
34-year 3>4s deb—
1970
35-year 3%s debenture
.1971
United Biscuit of Am deb 5s—1950
77
77
109%
A
Utah Power A Light 1st 5s
21%
54
Elec Power 3%s—.
109%
A... 1942
Utah Lt A Trac 1st A ref 5s
17%
62'
♦Certificates of deposit.
109%
*11%
115%
(Chic) 6s___1945
1st Hen A ref 5s_..
64%
12
60%
26
1955
3%s debentures
1952
Union Pac RR let A Id gr 4s.—1947
1st lien A ref 4s
65
57
61%
♦Certificates of deposit
124
J
O
{{♦Union Elev Ry
63
38
59
"98"" "99%
"99%
"99%
8
1953 J
1962
Union Oil of Calif 6s series
23%
58
62%
53
A
Saturday——■
Ujlgawa Elec Power s f 7s.
18
56
18%
60%
J
60%
88%
63
1949 M
1952 F
Union Electric (Mo) 3%s
11
32
18
53%
6s
S
3 %8
Tol St Louis A West 1st 4s—.
Tol W V A Ohio 4s series C
Toronto Ham A Buff 1st g 4s..
Trenton G A El 1st g 5s.
Trl-Cont Corp 5s conv deb A_.
Tol A Ohio Cent ref A Imp
105%
54%
23%
J
F
-
94% 101
102% 102%
117%
*114%
107
90
18%
59
J
77
*102%
A... .1950
deb 3>4s.
Texas A N O con gold 5s.—
Texas Corp
65
80%
'100%
84%
104% 105%
Young8town Sheet A Tube—
104% 105%
104% 106%
104%
103
104%
O
Texarkana A Ft S gu 6>4s
1
79
8
D
Terra Assn of St L
sfg4s
11
105%
105%
105%
104%
125%
1950 MN
Swift A Co 1st M 3 >4 8
16%
105%
16
104%
4
19
61
8
J
Wisconsin
110% 112%
104% 105%
106% 108%
16%
13%
15
J
105%
19%
79
82%
8
2361 J
76%
*73
.1953
19
104%
20%
74
40
73%
J
deb 6s.. .1945
90
87%
59
'
.1951
2%s
Studebaker Corp conv
2
84%
62
{♦Sup A Dul dlv A term 1st 4s "c. MN
1996
Staley (A E) Mfg 1st M 4s..., 1946
.1961
Standard Oil N J deb 3s
■
124%
2361 J
tVhlte Sew Mach deb
85%
207
70
70%
80'western Gas A El 4s ser D_. 1960 M N
J
♦{Spokane Iqternat 1st g 5s... .1955 J
111%
105%
18%
59%
J
74
So'western Bell Tel 3 >4a ser B_. .1964
1968 J
1st A ref 3s series C
11
119% 120%
110% 111%
105% 107
19
J
50%
50
55
67
73%
105% 108%
8
m
71%
80
84
53
54%
123%
7
'
65
66%
3
-
19%
90
64
106% 107%
107
107%
101% 101%
~
-
20%
55%
64%
84%
13
1
~
-
101%
124%
107%
J
I
1955
46
w
J
59%
8
92
38%
«• -
_
"
57%
.1969 M N
Lines) A—. .1977
*
104%
D
M
Wheeling ALE Ry 4a ser D_—
50
13
62%
55%
51%
j
^
90
M n
West Shore let 4s guar
103
101
26
103
102%
-
98%
46
8
1951 J
25-year gold 5s..
93
-
-
J
M
108
90%
-
o
M
A...
106% 108%
19
8
A
106
16
102%
92%
Paper 4%s__-
124%
D
80
86
90
99
115
102%
*
66%
75
40
50
*20
84%
mtge 3%a series 1
West Va Pulp A
103% 105
21
-
84%
63
109%
41
o
"ii
109%
38%
a
107%
109 %
41
59%
89%
-
-
540
92
81
47
A
88%
105%
106%
.
91%
a
M
•.
98%
110%
1
107%
81
13
107%
106
16
62%
96
J
1st
Gold 4 >4s
St Louis Dlv 1st g 4b
61
*74
D
62
75%
21%
Registered
Mem Dlv 1st g 5s
2
98
D
F
f 5s.
s
West Penn Power let 5s ser E.
Southern Natural Gas—
—...
107
J
Westchester Ltg 5s stpd gtd...
J
Gen mtge 3 %s
1967 J
97
19
107
D
>
12%
8%
J
5
78%
*114
1946 J
Devel A gen 6 %s
8%
14
J
104%
107
J
Southern Ry 1st cons g 6s
13
6
9
*107%
*107%
101%
124%
107%
*120%
110%
105%
J
55
2
S
Southern Colo Power 6s A-—. 1947 J
1st 4s stamped
9
9%
3%s._ 2000 f A
Washington Cent 1st gold 4s— 1948 q M
Wash Term 1st gu 3%s
1945 F a
1st 40-year guar 4a
106
"107%
M
1961
4s
33
14
9%
"62%
8
M
1941
Wash Water Power
20%
81
98%
106%
1965 F
So Pac RR 1st ref guar
9
9
106%
——
5
104%
South A North Ala RR gu 6s_. 1963
1962
South Bell Tel A Tel 3>4s
10-year secured 3 >4 a
San Fran Term 1st 4a
7
9
O
17
66
21
....
20%
80
Certificates of deposit
103% 105
35
104%
1941
Gold 4 >4s
41
9%
1939 m S
5
4%
*3
D
1952 J
Shlnyetsu El Pow 1st 6>4e
♦Siemens A Halske deb 6>4s-_. 1951 M S
1946 F A
♦Silesia Elec Corp 6%s
Southern Kraft Corp 4%s
17
40%
9
o
1955 A
3%
3%
3%
6s debentures
Warner Bros Plct deb 6s
16%
17
*14
T%"
8
1st mtge A ref 4s
7%
7%
A
M
1951
Southern Calif Gas 4 %s
17
15%
9%
Warren RR 1st ref gu g
7%
4%
7%
5%
S
Socony-Vacuum Oil 3%s
10
10
o
*16
A
Skelly OH deb 4s___
9
A
O
F
Simmons Co deb 4s
44
1978 A
O
M
Slleslan-Am Corp coll tr 7s
*38%
S
1976 f
A
1933
1935
♦Series B certificates
17
M
♦Ref A gen 5s series D
A
♦Certificates of deposit
Shell Union Oil deb 3%s_.
— «,
"l9"
30
O
+.
—
*17
*15%
♦Ref A gen 4%s series C
20
O
45
ao
5%sA. 1975 M 8
gen
*3%
{ S*Atl A Blrm 1st gu 4s.
{♦Seaboard All Fla 6s A ctfs
Texas A Pacific 1st
High
105% 107%
J
44
44
♦Ref A gen 5s series B__
15
1946 M S
6s series A
Gen refund
Low
14
a
{♦Wabash Ry ref A
20
20
♦Certificates of deposit
Tenn Cop A Chem
58
J
{♦Des Moines Dlv 1st
15
{{♦Seaboard Air line 1st g 4a_.1950
{♦Gold 4s stamped
1950
♦Adjustment 5s
Oct 1949
{♦Refunding 4s
1959
Devel A gen 6a
No.
106%
1954
♦Omaha Dlv 1st g 3%s
1941
♦Toledo A Chic Dlv g 4s.._. 1941
68%
110
J
♦Stamped
Devel A gen
High
106%
106%
1939 F
♦Det A Chic Ext let 6s
98%
58%
60
59
J
J
1946
{♦Schulco Co guar 6 >48
98
115% 118
118
118
Consol G A E 4s
1965 MN
Santa Fe Pres A Pben 1st 5s—1942 M S
1st 4 >4s (Oregon
Asked
♦2d gold 5a
97%
*96%
118
San Diego
cons
Since
Jan. 1
&
Low
S
1966 M
{{♦Wabash RR 1st gold 5s
14
7%
*5%
A
1943 J
S A & Ar Pass 1st gu g 4s
♦1st
Bonds Sold
Friday's
Bid
♦1st lien g term 4s
St Paul Un Dep 6a guar
s
Range
Range or
Sale
Price
|
Virginian Ry 3%s series A
J
St Paul Minn A Man—
♦Guar
Inter st Period
High
Low
No.
D
St Paul A Duluth 1st con g
Week's
Friday
Week's
5
%
99
101
106% 106%
daily closing averages of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
,
Below
are
the
stocks and bonds
as
106% 106%
%
%
Bonds
Stocks
10
*38
109%
109%
*30
J
J
O
*58
41
"21
107% 109%
27% 35
72,,
*72
A
109%
"59%
Total
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
roads
Slocks
trials
Rails
Rails
ties
Bonds
trials
ties
30.90
25.45
49.17
107.24
94.19
108.05
90.42
145.44
52.20
Feb. 24-
142.93
29.83
24.76
48.10
107.30
93.83
51.89
107.96
90.24
Feb. 23.
90.08
72
60
10
30
Indus¬
Date
62
HOLI DAY
Feb. 22.
107.11
93.57
51.81
107.85
Feb.21.
142.64
29.61
24.82
47.98
142.74
29.55
24.73
47.96
107.22
93.93
51.93
107.78
90.21
Feb. 20.
25.43
49.07
107.36
94.30
62.41
107.87
90.48
145.51
30.55
Feb. 18..
Ji
New York Curb
1142
Exchange—Weekly and Yearly Record
Feb.
25, 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
of the regular weekly range are shown in a footnote in the week in which
they occur.
No account is taken of such sales In computing the range for the
year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Feb. 18, 1939) and ending the present Friday (Feb. 24, 1939).
It is compiled entirely
daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered.
week
from the
Fruiug
Sales
Last
Week's
Sale
of Pries
Low
High
STOCKS
Par
Price.
Range
Friday
Range Since Jan. 1, 1939
for
Acme wire v t c com.. .20
Aero
Jan
18%
4%
Feb
25
Jan
Supply Mfg class A.*
Class B
6
5J*
2,300
27
28 %
550
5
Agfa Ansco Corp com
Alnsworth Mfg common
28 %
6%
7
Air Associates Inc com—.1
"s%
7%
9
1,600
6%
7%
1%
2
1,500
1%
Feb
Conv
300
*
preferred...
10
Southern..60
Ala Power $7 pref.
Jan
Jan
66%
Feb
88
90%
510
81%
62%
150
90%
Jan
86
Feb
Bourjols Inc
1%
Jan
in
Jan
Bowman-Blltmore
*
1
Jan
Jan
Co
common..*
114?*
6% preference
100
Aluminum Goods Mfg..
Aluminum Industries com*
113
113
Aluminum
common.*
120 %
0% preferred
100
American Airlines Inc..10
"22%
Ltd
Jan
131
Jan
Jan
113
Feb
Jan
15
Jan
110
3%
Jan
118
50
2,200
100
Amer Box Board Co com.l
8
Jan
8%
%
Class A
26
23
5?*
250
9%
11?*
10?*
11?*
5,400
9?*
Jan
12%
Jan
32
"5% "5%
""266
,
Class A with warrants.25
600
Jan
60?*
Jan
7%
Jan
9%
Jan
8,
Feb
25
100
10
Feb
23*
Feb
Amer dep rets reg
67
Feb
70
Feb
1
Jan
27
Jan
33
Feb
30 %
30
33
30?*
300
20
Jan
1%
1%
375
24%
25
10
1%
24%
Jan
24%
4,400
22%
200
%
10%
Jan
il'900
31 %
inn
225
112?*
Feb
900
4%
Jan
4%
113% 113%
4%
4%
26%
27%
4 n
27
30
30
29%
29%
15H
26%
25%
26%
58
58
8
24H
Feb
Jan
28%
1%
Jan
Jan
11
Feb
Jan
38%
Feb
Bruce (E L) Co com
Buckeye Pipe Line
Jan
24%
116
"i%
Jan,
27%
27
Jan
30
7
Jan
10?*
29?*
Feb
17?*
1,400
100
200
50
26%
Jan
Jan
Jan
Jan
18
Jan
29
Feb
15
Jan
66
%
24 %
Jan
Jan
29
Jan
65
Feb
58
Feb
Canadian
Capital City Products
n
5%
5?*
5?*
2%
5%
Jan
3?*
Jan
7?*
Feb
Jan
7% 1st partlc pref...100
Celluloid Corp common. 15
$7 dlv preferred..
*
Carman A Co class A
Jan
76
Feb
Jan
27
7
""166
3,400
4%
400
8
Class
Carnegie Metals
1%
Jan
3%
Feb
14
7%
Jan
Jan
5%
Feb
Feb
%
'it
500
%
Jan
i»i«
Jan
"l6
6,200
Jan
1 %
Jan
6?*
6%
300
%
5%
Jan
9
*62
3,300
lts
Jan
'is
Jan
%
Jan
%
Jan
Jan
common
Products
preferred
Feb
Jan
Feb
31?*
Jan
%
Jan
25?*
Jan
he
2,800
%
Jan
%
Jan
Jan
Jan
2?*
8?*
Jan
'""260
1%
7?*
4
Jan
4?*
Jan
16
Jan
16?*
Feb
Feb
15
20
Jan
15
27%
7%
30
6%
20
1
Jan
"7%
Jan
-Feb
100
1 %
Jan
1?*
Jan
5,600
2%
Jan
4
Jan
42%
27%
350
40%
Feb
45
24 %
Jan
29?*
Jan
7%
4,000
6
Jan
250
19
Jan
22?*
Jan
6?*
%
Jan
7H
Feb
Jan
1%
Jan
1
Feb
1%
Jan
7?*
5?*
Jan
9%
Feb
Jan
6%
Jan
7
7%
1
1
500
4,600
9
9%
350
5%
5%
5%
100
7
7
7%
1,100
Pipe
*
Chamberlin Metal Weather
Strip Co
6
Charls Corp
10
Cherry-Burrell common..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
Chief Consol
40
40
20
10
6?*
Jan
•»
Preferred B__
Preferred BB
9
Jan
$0
preferred
Cleveland Elec Ilium..
*
Cleveland Tractor com...*
Cllnchfleld Coal Corp..100
Jan
Jan
Cohn &
Jan
Colon
Jan
5
Feb
13
8,100
26%
Jan
1%
Feb
8%
Jan
9H
Feb
Jan
164
21%
21%
35
35
916
warrants
Jan
121
50
16
225
27
%
800
%
316
Jan
36%
2%
10%
170%
120
Conv pref
1,000
Jan
10Q
5%
Feb
6
100
11%
23J*
Jan
15
Jan
23?*
Jan
3?*
Jan
4?*
Jan
Feb
•90?*
4?*
Feb
3,500
4J
400
86?*
89?*
275
4?*
100
•
14
13?*
14
500
13
*
39
39
39
25
39
Feb
Feb
%
Feb
Feb
Jan
Jan
Jan
48
Feb
14
100
13?*
Jail
14?*
Jan
93?*
94
180
90
Jan
94
Feb
„
7?*
Jan
8?*
8?*
600
1%
15*
2,100
1?*
Jan
1A
6i«
%
900
*11
Jan
7u
4
350
3?*
Jan
4?*
11
25
85
3%
11
Jan
10
Jafa
9?*
94
Feb
Feb
Feb
Jan
13
Jan
Jan
Jan
Feb
4?*
800
5?*
5%
100
5?*
5?*
4%
5H
1Q0
Jan
5?*
3?*
4
Jan
4?*
Jan
3?*
Jan
4?*#
Jan
5?*
Feb
5%
15
126"
74
75%
6n
6%
126%
150
75%
700
6%
100
121?*
62
6?*
Jan
"53"
'
47
7 ?*
45
-
"55"
"275
8%
3,10C
47
3?*
1,000
3?*
,
100
49?*
6?*
15
Jan
130
Jan
Feb
75%
8
%
Jan
58
Jan
9%
50%
4%
44?*
Jan
3?*
Feb
42%
20
41
Jan
46
72%
74%
800
55
Jan
84
71
71%
50
Jan
81
6
6%
300
53?*
5?*
Jan
4?*
Jan
41
16
15,
16
15,
300
100
"11
20
Jan
1?*
3?*
38?*
5
4?*
500
2?*
34?*
4?*
Feb
1?*
2?*
38
Jan
2%
Jan
800
5?*
7
4?*
Jan
400
2?*
37
38
Feb
7%
5%
Jan
Jan
Jan
Jan
Jan
6?*
1?*
3?<
2%
2%
800
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.25
6?*
400
7
89?*
89?*
65
70
100
7?*
2?*
Feb
4
Jan
4?*
2?*
£1
Conv 5% preferred—100
Columbia Oil A Gas
1
Jan
70
3?*
3?*
75
3?*
1.60C
Columbia Pictures Corp..*
Commonwealth A Southern
Feb
4?*
Feb
6?*
Jan
9
Jan
7?*
Jan
84
Jan
94?*
Jan
55?*
Jan
71
Feb
3?*
Jan
4%
Jan
11
Warrants
*32
Jan
Commonw Distrlbut
l
1
Jan
14
Feb
33
Feb
39
Feb
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv__l
%
4?*
Columbia Gas A Elec—
21?*
Jan
ord
Jan
35
Feb
84
Jan
23?*
56?*
Rosenberger Inc.*
Development
6% conv preferred
Feb
Jan
»i»
com
Feb
Jan
%
$2.50 conv pre!
For footnotes see page 1147.
Jan
16?*
5%
14
Claude Neon Lights Inc.. 1
Clayton A Lambert Mfg..*
39
33%
Berkey A Gay Furniture. 1
21?*
Jan
17?*
19
*
Jan
39
30%
Bell Tel of Pa
Feb
Club Alum TJtensll Co
*
Cockshutt Plow Co com..*
32%
9,600
85
4?*
City Auto Stamping
City A Suburban Homes 10
Clark Controller Co
1
Jan
Jan
21,000
Jan
Jan
12?*
4
88?*
*
Jan
5%
6H% pf-100
Hedges com...*
4
*
Jan
4?*
2%
10%
Feb
4?*
27
16?*
8%
*
2
11
1%
91?*
Jan
■65*.
12?*
....
10
8%
14.800
8%
17
"55"
50
9%
10%
Jan
Feb
78
100
Jan
7%
100
*]*
1
Jan
9%
2
Feb
105
Mining.,
2
(L) Co com
7% 1st preferred
100
7% 1st pref vtc
100
24?*
%
85
Chllds Co preferred
Cities Service common
42
Baumann
600
84
Cities Serv P A L 37 pref.*
1
400
%
85
Centrifugal
Jan
1,900
21
Jail
26?*
100
Preferred....'.
40%
26%
Jan
Conv pref opt ser '29.100
%
40%
Jan
1
200
11
3%
98
%
10
8
Feb
91%
100
Jan
1,100
$%
Feb
%
90
4
Jan
22%
1%
5?*
85
100
%
""% "l'ooo
6
50
%
.
Cent A South West Utll 60c
Cent StAtes Elec com
1
2 J*
21?*
Babcock A Wilcox Co
_*
Baldwin Locomotive—
Purch warrants for com.
Jan
26
*
24 %
700
n
22?*
3%
Jan
1?*
26?*
%
91?*
1
com
preferred
Conv preferred
96
3%
2?*
Jan
2,200
7A
1st preferred
Cent Hud G A E com
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
6%
7%
Jan
*
—
Jan
9%
25c
Carolina P A L 37 pref—.*
$6 preferred..
_„*
Jan
88
Jan
Jan
4?*
Carnation Co
Jan
Jan
•
Jan
Feb
B.
Feb
3%
Jan
6%
5%
Jan
2?*
%
Jan
1«16
Celanese Corp of America
Carlb Syndicate
Feb
Axton-FJsher Tobacco-
*
Castle (A M) common..JO
Catalln Corp of Amer
Assoc Tel A Tel class A..*
Atlanta Gas Lt 6% pref 100
1
1
Jan
Feb
1
Jan
2?*
%
Jan
2?*
1
3
Jan
5%
Feb
Jan
Jan
15?*
1,100
1%
Jan
"~8~% ~~8%
107
Jan
2
1
Casco
3%
Jan
Jan
Jan
2
200
Carrier Corp common
1
Carter (J W) Co common. 1
9
*
com
Marconi.
Jan
%
8%
700
non-voting
Jan
Assoc laundries of Amer.*
Common vtc
*
$1.60 conv pref
20
Beech Aircraft Corp
l
Bell Aircraft Corp com..
B
Jan
%
1
13
Jan
Feb
1,600
"16
12?*
Jan
33
Feb
*64
Jan
6
Jan
%
7
3
200
106?*
Jan
Jan
20?*
105?*
11?*
30?*
22?*
30
110?*
6%
3?*
106
700
22
17
Jan
Canadian Indus Alcohol A*
Jan
1,900
6%
21?*
Jan
Jan
Jan
Jan
3
...
22
4
13
Jan
?*
2%
700
Jan
Feb
%
Jan
Jan
3?*
17?*
%
Barlow A Seellg Mfg A...6
Basic Dolomite Inc com__l
Bath Iron Works Corp..*1
600
Jan
Feb
7%
4%
86
35 preferred
Feb
2
Feb
108 H
9%
7?*
23?*
2?*
3%
16%
10
2%
9?*
Jan
Jan
27?*
4?*
5?*% prefshs £1
500
r
Jan
6?*
Calamba Sugar Estate..20
100
2%
7
Feb
20
Camden Fire Ins Assoc...6
Canadian Car A Fdy pfd 25
1%
2%
12?*
4?*
Feb
23?*
Jan
200
T?* "~4?*~
»n
Feb
Jan
Jan
he
Feb
Jan
3%
2%
-
Jan
,*
■
16?*
2%
Class A
Baldwin Rubber Co com.l
Am dep
15%
27
600
200
Feb
15
Cables A Wireless Ltd—
2%
Amer deposit rcts__._£l
Assoc Gas A Elec—
Common
1
Bardstown Distill Inc
Barium Stainless Steel..
2?*
Burry Biscuit Corp..l2?*c
Cable Elec Prods v t 0
*
Jan
400
Feb
200
is
23
100
2?*
Bunker Hill A Sullivan 2.60
Burma Corp Am dep rets
Feb
'<
2,100
4,100
110% 110%
'l«
5?*
7% preferred
6?*
22?*
Jan
21?*
*
2,400
3%
Ashland OH A Ret Co....l
Associated Elec Industries
Class A common
preferred..
3%
1%
6%
Avery (BF)
5
0% preferred w w
25
0% preferred xw.
25
Warrants.
Aviation & Trans Corp._.i
$5 1st
Jan
24
67
3%
Preferred
...10
Arkansas P A L 87 pref..*
Art Metal Works com
5
Austin Silver Mines
Automatic Froducts
Automatic Voting Mach.
6?*
5
24%
3%
1%
22%
Arkansas Nat Gas com...*
Common class A
*
Corp
100
60
5%
"l6
%
Angostura Wupperman..l
Apex Elec Mfg Co'com
*
Appalachian El Pow pref *
JArcuturus Radio Tube_.l
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
Atlas Corp warrants
17?*
Jan
21
«n
Buff Niag A East Pr pref 25
Jan
8%
5%
%
22
23?*
Class A pre!
..*
Brown Forman Distillery. 1
$0 preferred
*
Brown Rubber Co com
1
60
5
...*
17?*
17?*
Brown Fence A Wire com.l
Jan
25
800
ui«
10
American Thread pref
Feb
13
Amer Potash A Chemical.*
Amer Seal-Kap com
2
Am Superpower Corp com*
1st 86 preferred...
*
30 Beries preferred
16%
28%
28%
1
*
600
*
Feb
8%
16 %
Jan
dep rets ord reg..10s
2%
16 J*
0% preferred
25
Amer Mfg Co common 100
Preferred
100
Amer Meter Co
Am
400
Amer Hard Rubber Co..50
American Republics
23
'
Amer Invest of 111 com...*
Amer Maracaibo Co
22?*
|Brown Co 0% pref... 100
Jan
2%
British Col Power cl A
37
11?*
30
£1
100
"38?*
30
Jan
British Celanese Ltd
800
1
Jan
Jan
22%
Am dep rets ord bearer£l
Jan
9?*
21?*
1H
1
Feb
25
.
%
1%
4A
30
9%
A..
32%
1
Amer Laundry Macy
20
Amer Lt A Trac com...25
Jan
7%
75
Jan
British Amer Tobacco—
%
5n
Jan
400
British Amer Oil coupon-
Feb
25
*
1%
Amer Foreign Pow warr...
Amer Fork A Hoe com..*
Amer Gas A Elec com...*
•
1?*
100
24?*
Jan
Jan
3?*
preferred..
32%
23%
5?*
%
1%
25
36 preferred
*
American General Corp 10c
82 preferred....
1
82.50 preferred
1
50
Jan
74
*
32 %
10
n-v
70
18
32
*
Brtllo Mfg Co common
Class
4
3
11%
5
8?*
100
23
70
Class B
^
...1
Amer Cyanamid class A. 10
Rights.
Bellanca Aircraft com
Bell Tel of Canada
Jan
Jan
Jan
100
*
Beaunit Mills Inc
Jan
1?*
Registered
33 preferred
Atlas Plywood
3?*
300
Jan
3?*
"366
%
85.60 prior pref
*
Amer Centrifugal Corp_.l
Afn Cities Power A Lt—
Option warrants
7%
11
"366
2%
2
Bright Star Elec class B
Jan
Jan
10
24
Jan
Brill Corp class B
Class A
Feb
9
4
Jan
7?*
8
10c
Anchor Post Fence
23
20
3?*
7?*
Jan
57
10c
Common class B_
1%
110
Jan
18
1%
Preferred
Jan
141
24
"3% "4
Aeronautical..
Feb
3%
Jan
108
22%
American Capital—
Class A common
24
Jan
300
Bridgeport Gas Light Co
Bridgeport Machine
107%
110%
14%
1H
Feb
6,000
Brewster
21%
6?*
2?*
20?*
8?*
11?*
Jan
100
110
39
100
7
Jan
10?*
18%
500
100
Jan
1 %
10?*
Jan
1,450
30
7
*
Brazilian Tr Lt A Pow...*
Breeze Corp
1
Jan
800
6%
Jan
100
21%
Jan
15
121
100
38%
22?*
7%
113
120
8
100
Jan
American Beverage com._l
American Book Co
100
Blckfords Inc
7% 1st preferred
2d preferred_•
Jan
117
14%
6%
Feb
Jan
17
*
1%
%
18
6%
12?*
"i'% "i'%
*
%
26
com
High
300
25
com
7%
10
com
113
Purchase
Feb
pref
Class A conv
Benson A
Borne Scrymser Co
Jan
62 %
Allied Internat Invest com*
Allied Products
Class B
Jan
■
Low
17?*
20?*
1?*
7% 1st preferred...tlOO
90?*
*
50
66%
12?*, 14
38%
%
61 %
71
*
com
Invest com
Aluminum
1
$3 opt conv pref
Blumenthal (S) A Co
*
36 preferred.
Alles & Fisher Inc
conv
Blue Ridge Corp com
Jan
66%
Range Since Jan. 1, 1939
Shares
800
7?*
6J*
1
*
Bohack (H C) Co com...*
66?*
for
Week
5
Jan
18
Range
*
common
%
Alabama Gt
33
Jan
2%
Blauner *s
Bliss (E W) common
Bliss A Laughlin com
Jan
8%
11
Feb
Warrants
Alliance
Jan
Price
*
Jan
Jan
0
Feb
2
A Machine Co com
Jan
20%
30?*
of Prices
Low
High
Birdsboro Steel Foundry
Jan
27%
Jan
1
Air Investors common,
0Continued)
High
24
Par
Week's
Sale
STOCKS
Low
Shares
Sates
last
Week
1
%
%
%
Jan
1
Feb
Jan
33
Feb
Jan
28?*
Feb
Jan
%
Jan
1.90C
1
32?*
28?*
Jan
IOC
33
20C
14
Jan
Jan
28?*
100
H
29%
26%
%
400
%
Jan
Volume
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Price
Shares
High
Low
1
1946
15%
200
15%
15%
Jan
15
37
1
Consol Copper Mines
6%
6
7%
Consol G E L P Bait com
78
634
7 34
U16
600
5,600
500
78
11634 11634
1
Consol Gas Utilities
634
6
7534
100
6% pref class A
%
.
50
Consol Retail Stores
"~4% "1%
.1
""loo
434
434
53*
200
1,800
7%
8
8%
1
15
1134
15
1,900
Fuller (Geo A) Co com
1
20
19
20
*
2134
2134
2134
8%
*
*
*
S3 prior preference..
874
Jan
Jan
7%
6%
7%
1,000
""206
7634
*
7634
100
21
21
2234
634
*
Crocker Wheeler Elec
2,300
300
7
934
134
com...26c
13*
9 34
1%
100
800
88
Jan
Jan
Jan
5% preferred
General Alloys Co
92
Jan
4934
*
"7% "734
"50
634
49
Feb
974
Jan
5%
Jan
Jan
5534
Jan
634
Feb
9
Jan
Gen Outdoor Adv 6% plloO
Jan
18
Jan
Gen Pub Serv $6 pref
Gen Rayon Co A stock
14
Jan
153*
Feb
Feb
62 34
Jan
Feb
100
99
99
10
9534
674
Jan
31
Jan
6 34
3534
7934
Jan
90 34
Jan
74
Feb
23*
Feb
78
i«is
Feb
134
Jan
Jan
63*
Jan
Feb
6
Feb
21
Feb
233*
Jan
Jan
934
Jan
6 34
Jan
'is
preferred
*
Georgia Power $6 pre!...*
$5
Jan
Feb
3
Feb
Glen Alden Coal
134
Feb
Jan
46
Feb
Jan
134
1734
Feb
74
Jan
Gorham Inc class A
Jan
Feb
34
Jan
10
Jan
434
Jan
51
53*
43*
2034
V t c agreement
Feb
774
Feb
"17"
Jan
Jan
Oil
834
Jan
Gull
1434
Jan
Gulf States Utll 55.50 pref
154
Jan
100
13*
234
Jan
100
13*
Jan
234
Jan
"l7"
"166
2 1 34
434
100
70
163*
100
134
400
"l34 "134
""loo
434
2.400
134
Corp
25
24
Jan
313*
Jan
4%
•434
26 34
Feb
Hartford Elec Light
Jan
17
Feb
2134
Feb
2134
Feb
Harvard
*
134
prior preferred. 100
preferred
100
"loli
103*
134
Jan
Hat
93*
8
Eastern States Corp
13*
Jan
Jan
Helena Rubensteln
64
Jan
72
Feb
1534
Jan
203*
Jan
0%
conv
preferred
25c
*
Class A
13*
Feb
Jan
.
67 34
2
Jan
Hewitt
Jan
Feb
434
Jan
6
Feb
10
Jan
134
1,600
150
103*
400
50
2
Jan
Feb
134
Jan
Jan
1234
Jan
8
Feb
10
Jan
Horn
Jan
Horn A Hardart
Jan
3 34
Jan
16 3*
1734
1734
17 34
600
.134
17*
174
300
15'
Jan
5%
Hubbell (Harvey) Inc
Jan
Humble Oil A Ref
Feb
Hummel-Ross Fibre
...♦
1734
Feb
Jan
13*
Jan
1034
113*
32,700
1234
Jan
62
600
53 54
Jan
65
Feb
69 34
800
6034
Jan
723*
Feb
334
900
2 34
Jan
334
Jan
3
500
26
434
474
50
400
803*
80
234
1,500
803*
23*
125
16
pf 100
Empire Ga~ A Fuel Co—
134
400
"l50
"6534 ~67
Empire Dlst El 6%
~58*
57
58
""256
60
60
60
50
Jan
29
Feb
300
""734 ""774
""900
334
""266
8
34
•is
34
4
100
3 3*
734
734
100
7 34
83*
73*
734
1,100
Jan
""50
24
Jan
10
"40"
""406
3834
Jan
4134
46
Jan
46
7
"4134
""734
"T
""400
1474
1,400
1134
243*
37
373*
3534
125
6534
34
1,900
77
1034
643*
64
6 34
23*
23 34
Jan
Jan
Jan
Jan
Jan
Jan
17
Feb
163*
Feb
1634
1634
200
1534
Feb
163*
Feb
32
32
100
29 3*
Jab
32
Feb
100
63*
Feb
7
Jan
8
Jan
9
Jan
Imperial
Jan
:pnperla! Oil (Can) coup..*
29
Chem
"1634
"
Registered
20
Jan
Jan
67
Feb
Imperial Tobacco of Can
5134
Feb
61
Jan
Imperial Tobacco 01 Great
Britain A Ireland
-£1
Feb
58
Feb
Indiana Pipe Line
Feb
62
Feb
623*
.
Jan
Feb
Feb
2134
Feb
734
Feb
1034
Jan
3*
Jan
834
Jan
*i«
63*
Jan
Feb
Jan
20
Jan
*ib
Jan
Jan
53*
300
Feb
7
Jan
1834
500
934
34
5934
1,500
60
58
Jan
623*
Jan
1034
800
9
Jan
12
Jan
77
225
73
Jan
80
Jan
Jan
73
Feb
34
1634
93*
5i«
Jan
Jan
Class B
1
7% preferred
100
8 34
Jan
Internat Hydro Elec—
Jan
934
Feb
'is
Jan
934
Jan
434
Feb
50
purch warrants
1
Internat Metal Indus cl A *
Internat Paper A Pow warr
International Petroleum..*
Registered
*
International Products
*
Internat Radio Corp
1
Internat Safety Razor B_*
International Utility—
Class A..
*
Class B
1
Pret
53.50 series
A stock
434
334
434
2134
1,000
3 34
193*
Jan
2034
Jan
23
Jan
•
2134
2134
2134
175
2034
Feb
23
Jan
51.76
Jan
53.50 prior pref
*
Warrants series of 1940..
Ford Motor of France—
Jan
Jan
Feb
134
13
43*
Jan
Jan
preferred
*
Vitamin—1
Interstate Home Equip—1
International
-
Jan
Jan
1
74
Feb
29
474
Jan
Feb
25
6Tf
Feb
Jan
77*
1034
1234
Feb
Jan
Jan
Jan
108
134
174
Jan
Jan
»u
Jan
Jan
Jan
10
Jan
63
Feb
67
Jan
2134
Jan
44
Jan
Jan
207*
*i»
25
10
10
10
653*
6434
653*
1834
400
334
800
74
3 34
1,400
3,400
34
Jan
74
Jan
23*
Feb
434
Jan
334
1,500
1,200
3
Feb
43*
24?*
Jan
27 34
Jan
Jan
2534
Jan
27
3
2634
2634
16
Jan
1834
34
23*
263-s
93*
1734
.....
Intl Industries Inc
2134
Feb
10434
International Cigar Mach
Feb
ord reg-—£1
134
1034
33*
6 34
..*
2234
19 34
1834
534
Industrial Finance—
Feb
Jan
Jan
634
10
Indiana Service 0% pf.100
7% preferred
100
Indpls P A L 6 34 % Pf-.100
Indian Ter Ilium Oil—
Non-voting class A
Insurance Co of No Am. 10
16
3 54
7
Indus..£1
Jan
54 34
900
.
...
53
52
'
Zinc
Illuminating Shares A
Ford Motor of Can cl A._*
1147.
Jan
Jan
Jan
134
Ford Motor Co Ltd—
1
Jan
13*
100
Jan
16
1034
Feb
Feb
100
234
Jan
9
Jan
34
16
Illinois
Jan
Feb
Feb
634
123*
234
Jan
J&n
9
834
100
Jan
12
200
Feb
Jan
123*
Feb
,
2,100
9
6
Jan
434
Jan
Jan
1674
163*
234
803*
234
Jan
rets—100 frcs
Feb
16?4
134
Jan
Jan
Jan
1,700
6934
163*
Dlv arrear ctfs—
Jan
134
6734
434
534
•
12
let)
3 3*
900
734
193*
*
Jan
64
2334
63*
100
934
Jan
223*
534
100
75
Jan
.
2334
634
623*
10 34
393*
60
21
100
Jan
Jan
Jan
Jan
934
34
243*
53*
93*
5834
1
12
Jan
Jan
13,600
5934
rights
Jan
4
16
73*
18
123*
100
133*
73*
1834
1474
Jan
100
1,000
534
6
834
Jan
.33*
21
1
Feb
1334
29
34
Metallurgical...*
Jan
10
1434
6
V t c common
Fanny Farmer Candy coml
73*
974
2634
"2534 "2534
33*
34
1534
4
33*
20
warrants
57*
2234
.974
Feb
Feb
Feb
Hygrade Sylvania Corp..*
Illinois Iowa Power Co
*
1,900
734
Jan
73*
674
3234
Jan
Hydrade Food Prod-
2134
734
8
4
300
Jan
3
European Electric Corp—
For footnotes see page
500
434
734
56
150
56
55
'56
Eureka Pipe Line com..60
Franklin Rayon Corp
5J4
3234
534
3134
134
34
13*
Jan
Jan
Jan
Jan
20
Elgin Nat Watch Co
Fox (Peter) Brew Co
1
2 9 34
134
134
Electrol Inc v t c
Amer dep
"206
Jan
234
10
Electrographlc Corp
B
10
63
Feb
24
6% conv preferred
Elec Shovel Coal 94 pref—
Class
Jan
Jan
1
8 34
4
Hydro Electric Securities.*
Common
Am dep rets
100
I~7.66
7% pref unstamped ..100
.
23*
" 93*
7% pref stamped—100
68
434
Ford Hotels Co Inc
Jan
§Huylers of Del Inc—
Jan
Electric Shareholding—
Florida P & L 97 pref
23*
»n
Jan
1
1634
26
100
Jan
100
1134
3
preferred
Jan
Feb
107 34
Corp 6
51
L~2d pVef A—"I
(Phlla).lO
Ftsk Rubber Corp
1
40
Jan
Jan
102
103>*
Common
A
Fire Association
Feb
953*
50
Hussmann-Llgonler Co
3
1
3574
50
1634
100
6
preferred..
Jan
•
93*
Elec Power Assoc com
Falstaff Brewing..
4,500
*"l"34
4
"2534
Jan
3*
63
"7'x
Feb
Feb
39
38
234
93*
""734
Feb
102
363*
100
*"I"
.*
6934
1
500
234
A) A Co com*
(A C) Co common.
113*
Falrchlld Aviation
7
234
193*
*
Horder's Ino
61
preferred
100
preferred-....100
7% preferred
100
8% preferred
100
Empire Power part stock.*
Emsco Derrick A Equip..6
Equity Corp common..10c
Esquire-Coronet
1
634
234
183*
Hormel (Geo
234
450
37
Holt (Henry) A Co cl A.
2534
Jan
134
163*
126
200
10734 10734
(R) A Co class A
10
Hollinger Consol G M
5
Holophane Co common.
Feb
134
1934
6 34%
37
Hoe
Jan
1934*
6%
Jan
Feb,
175
38
734
Jan
Jan
96 conv pref ww
22 34
common.
53*
Jan
16 34
25
w__
93*
20
500
Easy Washing Mach B
w
Rubbfer
7
1434'
Feb
warrants..
Jan
Jan
Jan
Heyden Chemical
10
Hires (Chas E) Co cl A...*
34
13*
Preferred
Jan
13*
134
15
preferred
163*
3234
5
50
Hecla Mining Co
1534
preferred
23*
4,700
200
38
34
Store com
123*
$6 preferred series B._.
Elec Bond A Share com..
Jan
800
774
2 34
Jan
""134 ""l34
Hazeltlne
Hearn Dept
60
$7 preferred series A...
Electric Corp
Feb
1
Corp 01 Am cl B com.l
Corp
Jan
Jan
Jan
100
8
Eastern Malleable Iron..26
Edison Bros Stores
534
26
Brewing Co
Jan
1,100
2034
20
Economy Grocery Stores.
Feb
1293*
6
Jan
East Gas & Fuel Assoc—
4 34 %
8534
Jan
Jan
Hartford Rayon v t c
1134
g
g
6
1134
Jan
zlOO
Haloid Co
Jan
14
64
.10
69 34
773*
783*
12734 129J4
Hartman Tobacco Co
10
Duro-Teet Corp com
7 74
123*
Jan
Jan
*
Gypsum Lime A Alabast.*
Hall Lamp Co
10
Duval Texas Sulphur
Feb
93*
50 preferred
Heller Co common
Durham Hosiery cl B com
Feb
100
400
34
Jan
72
Jan
1
Jan
Feb
163*
Feb
1134
"1934"
Engr.l
Jan
72
Feb
*18
2»*
1134
*
9
72
983*
Jan
Jan
21
63*
2 1 34
1
Feb
34
1,200
Jan
Grocery Sts Prod com..25c
93*
34
1934
63*
Greenfield Tap A Die
Grumman Aircraft
5
34
200
Feb
z30
Jan
21
63*
*38""
Jan
Jan
11
2034
25
Jan
Feb
Jan
Jan
18
100
2
73*
Feb
27
Feb
1st preferred
7%
26
4
33
200
17
78
.*
Non-vot com stock
"134
200
Jan
Jan
Jan
250
Gt Northern Paper
700
434
5
63*
1%
1%
1%
2534
100
Jan
"ilX
Feb
1%
334
1,400
17
Jan
63*
434
29
2034
Gray Teleph Pay Station.*
Great Atl A Pac Tea—
Feb
434
17
Grand Rapids Varnish
7
6
23*
extend. *
*
1093*
Jan
34
Jan
Gorham Mig Co—
Jan
734
Feb
6
"
34
*
Feb
734
Jan
28
..*
preieried
7
50
....
$3
Feb
Jan
65
Feb
943*
57 preferred
*
Goldfield Consol Mines-.1
Jan
Jan
Jan
434
Jan
Jan
Feb
200
6
2834
29
Godchaux Sugars class A.*
Class B.
*
934
Jan
100
834
434
*
24
Corp
100
6
Jan
93*
634
63*
2434
1%
2534
4 34
43*
3134
Gilchrist Co
16%
IX
200
3134
*
3
Jan
300
9034
43*
2834
*
Preferred...
Jan
Jan
20
90
65
Feb
2634
2,300
90 X
preferred
Gilbert (A C) common
si«
1,100
5%
1
com...
$3
734
Dubiller Condenser Corp.
96
0% preferred A
Gen Water G & E
60
Fidelio Brewery
Jan
Jan
4934
Feb
Dominion Textile Co..
Flat Amer dep
Feb
100
z30
Corp
34
200
1734
Dominion Steel A Coal B 26
Ferro Enamel
Feb
100
51
16
1
Fedders Mfg Co
74
47
51
Jan
Feb
Dominion Bridge Co
Fansteel
34
153*
Jan
$3 conv preferred
*
General Tire & Rubber—
Jan
Dobeckmun Go common.
Option
Jan
70
4134
General Telephone com.20
133*
Am dep rets ord reg_.£
Dlvco-Twin Truck com..
Option
34
153*
*
45 1
Jan
10
45
45
Guardian Investors
Diamond Shoe Corp com.
nkfls
i««
66
Feb
Distillers Co Ltd—
Elec P A
Jan
Warrants
34
534
Feb
1%
Detroit Steel Products...
$6
52 34
Jan
Jan
Jan
Jan
3*
18
143*
63*
1%
J6
42 34
Jan
1234
Det Mich Stove Co com..
Elsler
Feb
13 34
Jan
Jan
Jan
Feb
1434
Detroit Paper Prod
6%
34
Jan
434
100
134
1%
Common
Jan
Jan
700
2434
0% pref ww
20
Detroit Gray Iron Fdy...
Eagle Plcher Lead
16 34
11
5234
*
preferred
10
Jan
600
preferred
Detroit Gasket & Mfg...
Duke Power Co
$0
1234
Jan
700
Jan
A conv
preferred
600
Jan
2
134
42 34
*
834
1634
434
;
prellO
Derby Oil A Ret Corp com
7%
200
123*
General Investment com.l
7
25
Dennlson Mfg 7%
Draper
1834
12
Gen Gas<fe El 6% prefB..*
16
634
Decca Records com
Driver Harris Co
100
183*
reg.£l
8774
153*
3
De Vllblss Co com
154
'#8
Amer dep rets ord
Gen Flreprooflng com
Jan
16
1634
Dayton Rubber Mfg com.
Stores
134
*
Jan
108
"m
Davenport Hosiery Mllls.
Dejay
4934
250
100
_
A
Jan
Jan
Gen Electric Co Ltd—
100
Feb
334
—.6
Darby Petroleum com...6
Class
Feb
134
6
134
10
t c.*
preferred
634%
Feb
1234
88 34
63*
34
10
Curtis Mfg Co (Mo).
26
Feb
37
Jan
14
26
Cuneo Press Inc
Jan
Jan
Jan
Crystal Oil Ref com
com r
1734
Jan
Jan
23*
Crown Cork Internat A—*
preferred
25
1234
234
...
Preferred
Feb
Co com.*
434
400
1
Crowley, Milner A Co—.*
Crown Cent Petrol (Md).5
Croft Brewing Co
20
34
6
60
.£1
6
Ltd
Jan
Gatineau Power
534
200
Cosden Petroleum com—.1
6% conv preferred
1534
4% conv preferred... 100
Gamewell Co 50 conv pf—*
60
2
—1
Creole Petroleum
Feb
50
Feb
Feb
434
15
Feb
Feb
78
Jan
Feb
34
18 34
*eb
11734
Corroon A Reynolds—
$6 preferred A
stock
conv
Jan
143*
"434 "1%
Copper Range Co
Copperweld Steel new.—.5
....
$3
Jan
8J4
17
10
15
1534
100
*
Cooper Bessemer com
Feb
partio pref
5234
Cook Paint A Varnish—.*
6%
High
Feb
73*
1
37
634
Feb
84
Cont Roll A Steel !dy__
preferred
Common
Fruehaul Tialler Co
134
10
Consol Steel Corp com. —»
Cont G & E 7% prior pf 100
Cuban Tobacco
Low
Jan
Jan
63*
71
116 34
92
Consol Royalty Oil
Crown Drug Co
Range Since Jan. 1,1939
for
Jan
Jan
534
53 34
100
preferred
Jan
400
Consol Mln & Smelt Ltd.6
Courtaulds
Sales
of Prices
I Week
High Shares
Low
16
Con\
*
$3 preferred
Consol Biscuit Co
Common
Price
Froedtert Grain A Malt—
Compo Shoe Mach—
*4
(
Sale
Par
Range\
Week's
I Last
{Continued)
Conn Gas A Coke Secur..*
8%
STOCKS
1,1939
Week
Par
Friday
I
Range Since Jan.
STOCKS
{Continued)
V t c ext to
1143
New York Curb Exchange—Continued—Page 2
148
Jan
900
3
Feb
334
Jan
834
100
Jan
9
Jan
73*
34
Jan
934
Jan
3*
123*
Jan
JaD
Jan
11
Feb
363*
373*
"166
3434
Feb
373*
*82
'J2
200
'as
Feb
'16
Jan
334
300
274
Jan
434
Feb
434.
Jan
534
Jan
33*
Feb
New York Curb
1144
Friday
STOCKS
Last
Par
Week's Range
of Prices
Low
High
Week
Price
Interstate Power 17 pre I..
5%
6
Range Since Jan. 1, 1939
Low
180
Investors Royalty
%
Feb
18 %
17%
18%
900
15%
Jan
18%
Irving Air Chute
Italian Superpower
20 %
19%
20%
1,100
18%
%
3%
Jan
Feb
800
Jan
800
IX
A...
100
*te
(F L) Co..
Jeannette Glass Co
4
3%
IX
2
4
2
Nat Auto Fibre com..—.1
Jan
Nat Bellas Hess com
National Candy Co
Jan
National City Lines com
X
4%
Jan
Jan
2
Feb
Jan
57%
Jan
81
Feb
National OU Products
78
Jan
87%
Feb
National P A L $6 pref—*
99
97
99
99
Feb
29%
28%
5%
7X
5%
7%
107
107
80%
20%
Jan
Jafl
39
Jan
26
Jan
Nat Service common
Jan
116%
Feb
5
Jan
6%
Jan
Conv part preferred—
National Steel Car Ltd —
7%
Jan
200
50
50
105
72
60
9
9
Feb
Kir by Petroleum
3%
Kirki'd Lake G M Co Ltd 1
1%
2%
IX
3X
IX
Jan
1H
600
Feb
56
2,300
Jan
Jan
72
51% • Feb
Feb
8
1Q0
14X
15
700
58%
65
125
6
48
47 X
48
47
10
Nat Tunnel A Mines..
Nebel (Oscar) Co com
Feb
Feb
Nehl Corp common
Jan
8
Jan
7
Jan
Feb
48
Feb
New England Tel A Tel 100
48
New Engl Pow Assoc
6%
New Haven Clock Co
Jan
New Idea Inc common.— *
New Jersey Zinc
57%
7%
7%
100
7%
3 x
3x
%
600
28%
400
18
14%
18%
14%
15%
500
57
X
~28%
.....
28%
14 X
Jan
65
Feb
Feb
8%
2%
Jan
Jan
400
%
27%
12%
Feb
Jan
800
17%
Jan
100
Newmont Mining
3%
Jan
%
Jan
N Y City Omnibus
15
Jan
20%
Jan
Feb
N Y Merchandise
Feb
N Y Pr A Lt 7%
Feb
IX
Feb
$0
Jan
11%
Feb
13
Jan
New York Transit Co
26
Jan
36%
Feb
Jan
31%
2%
31%
100
30%
1%
2%
16,800
»*xl
Manati Sugar opt warr
Feb
7%
92%
Jan
Jan
»it
Feb
1%
Jan
Jan
34
Jan
300
Mangel Stores
..1
$5 conv preferred.——*
27%
1%
Jan
1
200
1
Feb
Feb
%
1
Jan
10
6% 1st pref
6% 2d preferred
—.100
30
Jan
Feb
2
Feb
20
Jan
Marconi Intl Marine
400
Massey Harris common..*
1
16
50
16
5
Jan
Feb
2
Feb
Jan
7%
18%
Jan,
Jan
May Hosiery Mills Inc—
_.*
54
100
54
53%
Feb
54
Feb
McColl-Frontenac Oil—
2X
133
129
Memphis P A L $7 pref..*
95%
Mercantile Stores com...*
20
Merchants A Mfg ol A...1
27%
5%
133
3%
94%
19%
4%
27%
100
Feb
IX
Class B
common
Class A preferred
3x
*
—6
Common
$0
1
—
*
Nor European OU com —1
Nor Ind Pub Ser 0% pf.100
7% preferred
100
Northern Pipe Line.....10
Nor Sts Pow new cl A...25
Jan
125
Jan
133
Jan
Ohio Edison J6 pref—
Ohio OU 6% pref
Jan
4
Feb
2%
*
Ohio Power 0% pref... 100
Ohio P S 7% 1st pref—100
670
86
Feb
95%
Feb
250
15%
Jan
20%
Feb
4x
800
4%
Feb
6%
Jan
27%
250
26%
Jan
27%
Feb
Oklahoma Nat Gas com. 16
5%
1,000
4%
Jan
6%
Jan
%
1,100
%
Metal TextUe Corp....25c
Jan
Feb
Partlcipat pref erred.. 15
Metropolitan Edison—
$3
preferred
%
Jan
%
Jan
Omar. Inc
Jan
1%
Jan
Overseas Securities.
95
„♦
'%
Bumper Corp-.l
Gas & Oil
1
Steel Tube..2.50
718
1%
1%
25
35
Jan
Feb
95
Feb
100
%
Jan
%
Feb
X
400
*»«
Feb
%
Jan
Feb
2%
Jan
2
1,500
1 %
7
Sugar Co
6%
conv
Jan
7i«
.1
8
Jan
5%% 1st preferred—25
Pacific Ltg $0 pref
*
1%
5%
800
X
200
7%
8
3%
.3%
600
50
31.30 1st preferred
125
8%
"~8 X "8%
1,000
42%
41%
43
700
Jan
5%
Jan
»i«
Feb
Parker Pen Co
7
Jan
8%
Feb
3%
Feb
3%
Feb
13%
21
13%
5
21
13%
200
5x
1,200
Jan
15%
Jan
Jan
8%
Jan
Jan
IX
Jan
Montana Dakota Util
37
Jan
109
43
Feb
$2.80 preferred
10
11%
4%
5%
161
Moody Investors part pf.*
JMoore (Tom) Distillery. 1
160
161
130
30%
31
200
26
26
25
Mountain Sts Tel A Tel 100
Murray Ohio Mfg. Co...*
Muskegon Piston Ring.2 %
115X
Feb
Pennroad Corp vte
3%
Feb
Penn Cent Airlines com—1
1
156
page 1147.
*
Jan
14
Jan
Feb
5%
21%
Jan
$0 preferred
Penn Salt Mfg Co
Jan
Pennsylvania Sugar
Jan
Pa Water A Power Co
Feb
Pepperell Mfg Co
3X
1%
Jan
5%
Jan
163%
29%
Jan
Jan
"300
Jan
%
Jan
Jan
2
5%
Jan
6%
Jan
Jan
62%
Jan
*i$
Feb
Jan
50
1%
800
5%
200
1%
4%
Jan
1 %
Jan
Jan
5%
Feb
1%
Jan
60
Jan
17
Jan
1%
65%
22%
Jan
Feb
Jan
21
400
17
Jan
21
Feb
44
44
100
43
Feb
47
Jan
Feb
1%
Jan
Jan
4
Feb
lit
%
X
%
3%
Jan
%
Jan
86%
Feb
Jan
95
Feb
Feb
5%
12%
Feb
100
"
86%
86
94
94
"11%
-
4%
.10*
16%
29%
22%
102
86%
95
120
40
4%
100
U%
16%
600
100
29%
100
22%
102%
200
225
81%
88
4%
9%
15
Jan
Jan
27
Jan
21%
Feb
112%
100
Jan
111%
102%
Jan
Feb
16%
30%
26
103%
112%
Feb
Jan
Jan
Feb
Jan
Jan
Jan
112% 112%
50
111%
108
60
104%
Jan
114%
109%
9
10%
Feb
9%
Jan
9%
Jan
Feb
10%
41%
101
1%
109*
11
42%
700
400
39
Jan
12%
42%
25
101
100
Feb
101%
Jan
Feb
Jan
1%
,7
Jan
400
1%
Feb
1 %
Jan
100
5
Jan
7
Feb
3 %
1%
7
Jan
Jan
3%
8%
Jan
Jan
8 %
'for
32
32%
1,200
32
Jan
29%
32%
29%
50
28%
Jan
32%
29%
200
100%
Feb
108%
30
68%
Jan
106% 107
•82
83
6
Jan
5%
6%
.10,600
5%
Jan
14
83>
6%
21 %
Jan
Jan
Jan
Feb
Jan
12%
100
Jan
11%
Feb
100
Jan
7%
16
13
Feb
Jan
Jan
Jan
18
10%
500
Jan
18
Jan
37%
Jah
39%
Feb
7%
Jan
12
leb
26
Jan
29
50
Jan
30%
Jan
Jan
53
29
A
53
5%
300
Jan
3%
Jan
%
*
1%
8%
103%
99
1%
8%
1%
8%
103% 104
98%
Feb
1%
Jan
2
Jan
7%
Jan
9%
105%
Feb
5%
%
Jan
Feb
99
5,000
900
125
50
•
155
25
20
Feb
..100
66
65
66
125
63
Jan
71%
Feb
Feb
28%
PhUa Elec Co $5
1
pref
%
Jan
PhUa Elec Pow 8%
Jan
PhUllps Packing
Jan
500
4%
Jan
123%
Jan
8
Feb
25%
Feb
27
8%
8%
300
8%
Jan
10%
Jan
7%
7%
100
6%
Jan
7%
Feb
Feb
118%
Feb
25
U8%
29%
Feb
30%
Jan
%
8X
Jan
2%
Jan
4%
Jan
6%
Jan
•
Phoenix Securities—
5%
5%
124% 125
Jan
82
Jan
5%
Jan
Feb
Jan
.*
6%
■5%
16
74
Perfect Circle Co
Jan
167
750
Philadelphia Co common.*
Jan
99
Jan
Feb
92%
*
Pharls Tire A Rubber
Jan
Jan
155
82
Jan
%
5%
Jan
80
Jan
4%
Jan
82
Feb
2,000
98
15
155
50
com
31
4%
9%
12
9%
12
20
100
100
iox
125
9X
Feb
Jan
Common
1
Conv $3 pref series A.
Feb
Pierce Governor
12
Jan
Pines Winter front Co
Jan
8
Jan
30%
*
_
5%
5%
5%
2,500
25
25
50
22
17%
10
common. *
18%
1.300
14
2%
x2%
600
%
Jan
29
Jan
Jan
18%
Feb
Jan
2%
Jan
1
Pioneer Gold Mines Ltd—J
8
30%
prel 25
Co
Jan
*
*
Feb
82
2.60
5%
Mtge Bank of Col Am shs
Mountain City Cop com 5c
Mountain Producers
10
9%
87%
Jan
*
Jan
Feb
100
Jan
300
$5 preferred
*
Penn Gas A Eleo class A..*
Penn Mex Fuel Co..
1
Feb
IX
1X
Ward A...
Montreal Lt Ht A Pow..*
%
Jan
IX
7%
86
200
9%
29
8%
2
1%
Jan
Jan
1,300
X
Peninsular Telephone com *
Preferred
........ 100
2,800
Monroe
Feb
13%
Penn Edison Co—
Jan
3
Jan
22%
1%
*
Jan
20
2%
4 %
Jan
64%
21
12%
Jan
100
2%
Montgomery
75
1,600
Parkersburg Rig A Reel—1
Patchogue-PlymouthMllls*
Grocery A...*
Pender (D)
Class B
1%
Jan
21
Monogram Pictures com.l
Jan
1%
21
6%
Fa Pr A Lt $7 pref
5
4
5,200
10
Feb
93
3X
Molybdenum Corp
1
Monarch Machine Tool..*
Jan
Paramount Motors Corp.l
Feb
115
Mock. Jud, VoehrlngerCommon
$2.50
102% ' Jan
Jan
Penn Traffic Co
Miss River Power pref.100
Missouri Pub Serv com...*
Jan
Jan
4%
%
Midwest Piping A Sup...
Mining Corp. of Canada.
Jan
Jan
20
Jan
1
102%
Jan
8%
9%
99
Jan
2%
1%
101
25%
110
*
%
Jan
12
101%
50c
Jan
Feb
Jan
Page-Hershey Tubes com.*
Pantepec OU of Venezuela-
Jan
,
Midland Steel Products*
Jan
25%
64%
18%
20%
Pacific P A L 7% pref—100
Pacific Public Serv
*
American shares
5%
%
3&a
8%
87%
300
IX
5%
21
prior pref—100
Oldetyme DlstUlers
2%
10
5%
100
Pacillc Can Co common..*
Jan
95
%
•
Middle States Petrol—
*
4%
*
Jan
Pacific G A E 0% 1st pf.25
95
1%
1
77
35
$0
100
2Q0
'ir%~ 60%
60%
50
Jan
IX
Jan
30
U%
0% 1st preferred
100
Ollstocks Ltd common...6
7u
23%
x7%
107
100
20%
X
Jan
110
5%
5%
Ohio Brass Co cl B com... *
Jan
62%
%
100
16%
x78
*
preferred
North Amer Rayon cl A—*
95%
5
8%
87%
1
17
8%
8
1,800
250
"
Nineteen HundredCorp B 1
Feb
300
25%
24
100
Nlles-Bement-Pond.
14
6%% A preferred... 100
com
8%
87%
6
500
Warrants
1
"
Jan
1%
100
3%
14%
14
2
Jan
18
Engineering..*
Novadel-Agene Corp
*
14%
Jan
11%
4%
Northwest
Memphis Nat Gas com...6
Nachman-Sprtngfllled
102%
6% prior preferred..-.50
Jan
Jan
Jan
8
No Am UtUlty Securities.*
Nor Central Texas OU_«— 5
3X
5%
15%
27
""% ""%
Feb
2
4
Jan
Jan
23%
Class A opt warrants.
Class B common
5%
Margay OH Corp
3%
80
Class B opt warrants.
Nlplsslng Mines
Feb
1
Jan
Jan
Nor Amer Lt A Power—
2
Feb
Jan
1%
70%
Jan
100
Jan
Niagara Share—
Feb
19
5%
54
300
100
Noma Electric
*
see
.
Feb
Mapes Consol Mfg Co...*
*
Marlon Steam Shovel....*
600
1%
11
Niagara Hudson Power-
Feb
1X
Jan
Jan
57%
107% 108%
101% 102%
6
*18
Jan
30
Jan
Jan
8
71%
N Y Water Serv 0% pf.100
2%
Jan
IX
Communlca'ns ord reg £1
24
N Y ShlpbuUding Corp—
Founders shares..—...1
92%
For footnotes
*
Jan
22
Jan
Muskogee Co
preferred
24
Jan
*
Jan
110
13%
62%
1%
..10
Jan
Lucky Tiger Comb G M.10
Feb
Jan
100
21
prel—100
Jan
Jan
Jan
67%
2
N Y A Honduras Rosarlo 10
17
23
1%
0%
200
13
Jan
55
25%
....
Jan
19X
1
36%
Jan
—
Warrants
Jan
100
1
25%
A
Feb
56%
N Y Auction Co com..
31%
800
Soc
%
Jan
1%
71%
Corp.10
12
1X
375
65%
New Process Co
Jan
7%
Loan
Jan
5%
%
26
25
Jan
22
25%
Minnesota Mining A Mfg.
Minnesota P A L 7% pf 100
Jan
12%
12%
New Mex A Ariz Land—1
..100
10
64X
12%
Loudon Packing
._*
Louisiana Land A Explor.l
Louisiana P & L $0 pre!..*
.*
Jan
*
Common
Midwest Oil Co
Feb
6%
Jan
3%
Jan
Mid vale Co..
Feb
49%
104%
65%
50%
26
Mid-West Abrasive
100
Jan
29%
div she
111%
12
*
preferred..
Jan
225
non-cum
%
Jan
Jan
30
—.100
12
30%
20%
$2
Feb
Feb
preferred
Jan
Jan
2%
30%
Middle West Corp com..6
MidlaDd OU Corp—
$2 conv pref
.»
7«
42%
102
%
45%
100
._..*
Jan
Jan
Feb
Jan
Jan
t c
20
15
Feb
Jan
t c
100
600
49%
2%
1%
Jan
Jan
1%
30%
v
48
Jan
Feb
73
9%
v
716
7lt
111% 111%
Jan
1 %
13 %
Jan
Feb
Feb
Jan
Class B
700
8
5%
Jan
Class A
600
200
Jan
Jan
78%
1
...
1%
1%
15
<
Jan
8X
Preferred
1X
49%
4%
7%
1%
"500
8
Jan
Jan
200
Michigan
Michigan
Michigan
Michigan
Feb
Jan
2,300
preferred.
Mexico-Ohio OH
11
4%
1X
Mesabl Iron Co
300
.5
9%
Participating preferred.*
Merrltt Chapman A Scott *
UX
Jan
Jan
78%
IX
*
Jan
54
9X
Mead Johnson A Co.
49
14%
1,500
7X
3%
*
0% preferred
100
McCord Rad A Mfg B_—*
McWllllams Dredging
*
125
1%
60%
12%
5%
Nelson (Herman) Corp...6
69,700
preferred..
Jan
Jan
Neptune Meter class A
Nestle Le Mur Co cl A...*
13
Master Electric Co..
5%
*u
Jan
36%
$4
*
*
1st preferred
Jan
12%
Mass Utll Assoc v t c.
Feb
Jan
Jan
Jan
33%
Manischewltz (B) com
5
4
10
13
Lynch Corp common....5
Majestlo Radio A Tel
1
Feb
800
4%
Jan
15%
36X
9X
Ludlow Valve Mfg. Co
Feb
6
Jan
Locke Steel Chain.......5
0% pref class B
Feb
81
Jan
Jan
Lockheed Aircraft
7% preferred
35
Jan
1%
Nebraska Pow 7% pref.100
Jan
22
*
Jan
70
56
*
3 X
24
Long IslaDd LightingCommon
30
1,250
7%
♦
2,000
——
Lone Star Gas Corp
"400
54%
1%
1%
Corp.—1
Navarro OU Co
Jan
12%
Lit Brothers common....*
1
Jan
Jan
81
4%
8
3%
25
B
13%
1it
47%
Loblaw Groceterias cl A..
Class
Jan
5
3X
•
prelerred
Feb
35
79
80%
National Tea 5% % pref. 10
Transit
12.50
7%
Lip ton (ThosJ) class A...1
6%
6%
12
13%
33
~35
National
5%
Develop...25
Lion OU Refining
43
Jan
11
11%
*
*
Line Material Co
Jan
Jan
5%
Nevada Calif Elec com.100
pref..100
Le Tourneau (R G) Inc ..1
10
900
12%
54%
1%
,13
Lefcourt Realty common .1
Oil
500
1
Jan
Jan
Jan
Feb
10
14%
Lakey Foundry A Mach.l
Leonard
12%
4%
Jan
13
Kobacker Stores Inc.....*
preferred
Lehigh Coal A Nav
12
400
National Sugar Refining.
Nat Union Radio
%
33 %
12
1
2%
Jan
Jan
9%
12%
*
...
Jan
2%
IX
3,100
Co com..*
Klelncrt (I B) Rubber ColO
%
Jan
38
Klein (D EmU)
8%
Jan
107
a Feb
Natl Refining new com
9%
Feb
7n
1,400
9%
Nat Rubber Mach
Feb
116
20
1,000
68
Conv
4
23
,29%
2
Lane Bryant 7%
.'u
High
Jan
7%
3%
25
4C
%
Kresge Dept Stores
4% conv 1st pref
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J) .100
Lake Shores Mines Ltd_.l
*
87%
Breweries.
Co 6% pref
Low
1.100
8%
X
6%
81
Klngs Co Ltd 7% pi B 100
6% preferred D
..100
Kingston Products......1
Ko peers
Range Since Jan. 1, 1939
far
Shares
50
81
Kimberly-Clark 6% pf.100
1
8%
12
pref
conv
87
5
A *
Knott Corp common
$3
National Container (Del)
National Fuel Gas
1939
Week
*
21 x
8X
1
Feb
7ie
87%
m
Kansas G A E 7% pref.100
Kingsbury
Price
Range
Nat Mfg A Stores corn-
6%% preferred——100
6% preferred—
100
7% preferred
100
Jones & Laugblln Steel. 100
Julian A Kokenge com—*
Kennedy's Inc
of Prices
Low
High
Par
Jerse> Central Pow & Lt—
Ken-Rad Tube A Lamp
Week's
Sale
Feb
6
Iron Fireman Mlg v t c—
Jacobs
iMSt
High
Jan
4
STOCKS
(<Continued)
Shares
25,
Sales
Friday
for
Sale
(iContinued)
Feb.
Exchange—Continued—Page 3
Sales
2%
2%
Volume
Sales
Friday
Range Since Jan. 1, 1939
STOCKS
last
Week's Range
for
Sale
of Prices
50
1
Pittsburgh A Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Ine
*
74
104
54
300
Southern Pipe Line
Southern Union Gas.
Jan
8
Jan
108 4
Jan
25c
common—5
Polaris Mining Co..
m
mm
Jan
4
94
Feb
8
Feb
200
24
Pressed Metals of Am new 1
*
Standard Brewing Co
...
44
.
*M
S6
Feb
$1.60
$0
preferred
Common class B
20
Feb
1084
Feb
Standard Products Co
330
Standard Steel Spring
Standard Tube cl B
Feb
264
Jan
Feb
93
290
98
57
31
50
Jan
98
Feb
Jan
101
Standard
98
Jan
Jan
ht
.....
4
Jan
M
-M
t
-
Sterchl Bros Stores
_..*
0% 1st preferred
50
r_
MM
4
-
1*
^
^
„
-----
_
M
MMM
~
-
M
M
-
Jan
12
Jan
Feb
54
Jan
Jan
121
Feb
151
Feb
1584
Jan
17
Jan
174
Feb
10
Jan
11
Jan
Stinnes
Feb
Stroock (8) Co
-
-
—
*1#
Feb
-
M
M
M
«•
.*
34
34
-
30
30
-
-
„
'
-...
*r
-
Jan
U
294
Feb
Jan
m
Jan
7
Jan
4
Jan
Jan
114
Feb
Swan Finch Oil Corp
4
Feb
4
Jan
Taggart Corp
44
Feb
Jan
5
^
^
M
M
*
M
M
*
,
Mr
—
^
^
Jan
15
Jan
24
.50
5
100
44
'mem
25
——
"
24
rt
M-«.
24
54
Jan
4
Jan
40 4
»
Jan
44
Feb
24
Feb
3
•ie
Feb
554
34
Feb
4
64
Jan
Jan
^
56
34
25 4
25 4
94
I'm
2,000
20
Jan
14
M
14
mm
Warrants....
Securities Corp general—
M.
214
^
64
Selberllng, Rubber com
Selby Shoe Co..—
Selected Industries Inc—
54
,
1S10
$5.50 prior stock.—26
Allotment certificates
-
M
MM
—
M
m
Trunz Pork Stores Inc.
Tublze Chatlllon Corp..
mm
M
M
—
.
114
Jan
*
Unexcelled Mfg Co.——10
Union Gas of Canada....*
Series B pref
21
Jan
27
Feb
Jan
Union Traction Co
Jan
Jan
134
14
14
Jan
32
Feb
Sts.l
50
United Chemicals com...*
$3 cum A part pref
*
Un Cigar-Whelan Sta.. 10c
Jan
United
United Gas Corp com..
1st $7 pref non-voting.*
94
Jan
Jan
11,,
U„
Feb
Jan
64
Jan
124
4
Feb
13 4
Feb
4
Jan
1
94
7
63 4
50
634
150
64
Jan
59 4
Feb
644
Jan
604
Feb
Feb
$3
4
Jan
United
44
5 4
7,000
44
Jan
54
7
600
64
Jan
9
Jan
214
Feb
21
Jan
21
21
300
105
106
600
102
Jan
111
Jan
1134 1134
30
112
Feb
114
Jan
14
Jan
14
Jan
21
J
Sonotone Corp
Jan
694
Jan
94
Jan
Jan
24
m
M
207
24
24
1,366
14
13
134
Jan
2
2 4
1,800
14
Feb
20
210
207
207
Feb
Jan
844
3
1
......
B
M
4
Jan
"""760 ""34" "Feb
4
14
14
1,200
14
Feb
Jan
100
44
14
14
.'MM
Feb
4
Jan
15
Jan
154
mm
m
Jan
Jan
2
Feb
Jan
60
Feb
Jan
60
m.
"
'
44
Jan
44
2,100
44
Feb
14 4
1,300
1,100
144
Feb
m
m
14
Feb
225
734
Feb
81
1004
Jan
103
Jan
Jan
111
Jan
14
14
-» m
78
m
•»
M. M
.
-
81
......
MMMMM
m
14
Feb
Feb
4
200
4
Feb
4
Jan
2 H
900
14
Jan
24
Jan
44
2,000
4
Feb
54
Jan
%
2U0
8
Jan
4
......
2
4
Jan
15
4
H
4
••
Jan
Jan
8
1,600
94
Jan
124
Jan
Ummmmm
104
11
Jan
30
Jan
114
28 4
Feb
mmrnmmm
3
3
400
24
Jan
34
Jan
mrnmmmm
7
7
400
64
Jan
74
Jan
4
4
100
4
Feb
54
Jan
"~i~4~ Jan
14
Jan
12
Feb
134
Feb
124
Jan
134
Feb
24
Jan
24
Jan
44
Jan
44
Jan
Jan
14
Jan
m
rn
rn
m
m
m
'
rn
m
m f
-
■—
,
r*
—
•
m
-
«-M
«
— —-
800
134
134
134
Mr-Mi
MM
......
——
14
1
14
24
24
3
874
864
5,400
716
500
4
24
Jan
9l«
Jan
3 4
874
2,200
1,300
764
Jan
300
4
Jan
»18
Jan
Jan
Feb
89
"is
Feb
Jan
85
Feb
24
24
Jan
3
Jan
24
24
24
1,300
24
300
24
Jan
24
324
294
324
5,200
274
Jan
344
Jan
204
Feb
21
Feb
094
Jan
70
Feb
54
Jan
mmm
mm
mrnmmm•
dep rets ord
130
85
.844
MM---
mmm-mrn m>
80
Jan
'
reg...
iIO
United Shipyards ol A... 1
10%
Class
preferred
B
United Shoe Mach
<—
54
54
100
54
-
Preferred.
""164 ""104 "164
m.4m -
-
*
Jan
237
4
-
Jan
54
,
Feb
Feb
242
#i«
Jan
104
Feb
,
500
Feb
.1
Jan
24
3
219
-
Jan
500
1,500
78
Feb
854
Jan
434
80
42
Jan
43 4
Feb
3 4
Jan
44
400
44
Feb
64
Jan
200
4
Jan
4
Feb
100
624
Jan
M
44
5
34
84 4
Jan
—1
..*
*
$7 conv 1st pref
*
United Stores v t c
*
United Verde Exten...60c
United Wall Paper
2
Universal Consol Oil
10
Universal Corp v t c
1
Universal Insurance
8
Jan
M-
5
»16
644
644
14
15
224
254
Feb
""*34"
Jan
14
Jan
54
Jan
24
Jan
54
mm
34
m+\
43
43 4
140
414
Jan
29 4
500
29 4
Jan
Universal Pictures com.—1
Universal Products Co— *
700
284
274
Jan
274
Jan
28
Jan
14
Feb
14
Jan
Utah
504
Feb
42
.
1147.
'
Jan
Feb
6
Pow A Lt $7 pref. —*
Jan
68
14
Jan
30
Jan
13
Jan
150
.
Jan
Jan
21
Feb
164
254
Feb
Jan
44
MMM
M
-
34
190
4
Jan
Jan
24
Jan
4
Jan
4
Jan
34
Feb
54
Jan
4
Jan
2
M
54
Jan
200
si«
Feb
4
4
100
24
24
700
4
24
Feb
144
Jan
24
14 4
34
Feb
44
124
Jan
14
Feb
Jan
8
Feb
4
—
rnmmm
44
7
184
174
58
58
1*16
400
44
M
74
Utah-Idaho Sugar
434
Jan
14
MM
200
mm
Jan
500
2
2
,m
U 8 Stores Corp com
14
284
«.
MMMMMM
U S Rubber Reclaiming
274
M
200
MM
154
234
Jan
Feb
14
814
154
U S Plywood.
14
14
644
Feb
Jan
43
814
..25
U 8 Foil Co class B.__
"10"
804
1
com.25
29
Jan
3
124
MM
♦
43
100
For footnotes see page
Feb
44
Molasses Co—
274
25
54% pref series C..__25
Southern Colo Pow cl A.25
preferred
-
MM-MM
Jan
1014
12
2,200
34
'
mm
mm
30
—
""34 """34 "3
6% original preferred-25
7%
875
"
100
U 8 Radiator com
34
Southern Calif Edison—
6% preferred
90
944
100
«
1
South Coast Corp com... 1
Feb
184
14
1
Soss Mfg com
Jan
99
4
1,800
19
*
Co
224
4
184
Slmmons-Boardman Pub—
Solar Mfg.
Feb
Jaii
.
Feb
114
Silex Co common
Simplicity Pattern com
1
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Sioux City G A E 7% pf 100
Skinner Organ
*
Smith (H) Paper Mills..
Jan
»»!•
100
United Specialties com... 1
h«
25
M
7i«
Jan
7
105
Simmons H'ware A Paint.*
Jan
V*
-
Shreveport El Dorado Pipe
$3 conv pref.
4
200
Jan
1134
com..25
Jan
364
Jan
H
MM
w
Jan
7
6% cum pref ser AAA 100
Sherwin-Williams of Can.*
Jan
54
Feb
54
44.
'
.
54
Shawlnlgan Wat A Pow„ *
m
*
preferred
4
Am
Denn> Mining..6
»
85
Common class B
Jan
—...
Severeky Aircraft Corp—1
54
Feb
334
M
700
warrants
$0 1st preferred
*
United Milk Products...*
Feb
""466
9
M
M
200
24
4
"TH
Corp
Option warrants
%
1
-
M
4
4
Jan
1,400
634
M
44
344
44
.
334
rnmmmmm
Investment com..*
Jan
Jan
4 4
£1
1
Seton Leather common—.*
m
Union Premier Foods
Feb
634
-
-.1
A—
Jan
14
314
4
.
m
mm
Ulen A Co ser A pref—.— *
Selfrldge Prov Stores—
Line stamped...
Class
Jan
Jan
Jan
100
m
mmmm
*
1
21
1,800
1,200
m
mm
%
224
«r
M
Feb
10
Jan
,
5
404
24
Jan
400
64
Jan
Feb
..1
Transwestern Oil Co
Jan
404
Screen-
Jan
14
.
Plct
20
*—
...1
Sherwin-Williams
Lui
20
^
^
14
4
3,600
~m~2H "Feb
1074
■m
254
Jan
1,600
»ie
.
—
Jan
.....
—
25
w
100
32
%
Jan
—
144
Jan
1
Jan
14
32
Seeman Bros Inc.
Segal Lock A Hardware—
94
434
44
20
10
94
14
14
M
Jan
Feb
384
£1
....
registered 5s
Union
pref
Jan
94
Jan
Tri-Contlnental warrants
Brook
Scullln Steel Co com
Feb
1
Feb
5
Feb
m
Tung-Sol Lamp Works
.1
80c div. preferred. ... *
14
Jan
1
6
^
64
Feb
84
100
,
2
Shipyards Corp
Common.^
Jan
.44
Jan
Def
Todd
Jan
-
Jan
4
450
4
M
Trans
Jan
54
124
Feb
20
Jan
200
64
84
34
Jan
71
Jan
17
20
Feb
4
"
Jan
Jan
594
_
3
40
90
*
Toledo Edison 6% pref. 100
7% preferred A——100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
Feb
44
10
Ordinary reg
Jan
Jan
43
Jan
Jan
Scranton Elec $0 pref
Jan
Jan
Tobacco Secur Tr—
Jan
244
Jan
24
34
33
Tobacco Prod Exports...*
Jan
Feb
23 4
64
100
Constr*
*
Jan
14
244
Feb
100
■m
Feb
114
*
54
300
Tobacco Allied Stocks
800
25
800
34
5
Tishman Realty A
300
■
84
24
64
m
...1
Roofing Inc
Jan
14
"•
Jan
6
mm
Texas P & L 7%
Feb
134
'
Jan
Feb
74
'
2 4
14
«
Feb
50
200
Inc class
134
"~-24 ""24 ~2U00 ""24"
^
*
-
Tastyeast
Tilo
13 4
1
Feb
30
Jan
28
•
42
'
Jan
*
63
63
63
'm
44
Jan
34
rn
107
Feb
107
-
•
Jan
62
100
400
24
24
M
mm
33
mm
54
100
44
._*
*
Jan
Jan
Jan
414
mmm
•14
_
1,900
114
Jan
""44"
20
-
84
_
1
94
250
5
11
mm
34
100
Jan
Jan
664
5
*
Jan
24
33
pf.100
pref—100
Texon Oil A Land Co.—2
104
100
2
654
M
V
11 4
M
m.
4
Tenn El Pow 7% 1st
102
200
^
a-
m
Fet|
Jan
41
M
w
Jan
314
MmmM
84
m
19
Feb
14
15
com
Thew Shovel Co com
M
'
mm
Technicolor Inc common.*
Feb
100
144
2
M.
mm
mm
m
——
14
^
M
3i#
Jan
T.800 """34"
mm
107
107
mrn'mm'm
m m-m
Jan
100
....
24
1
Samson United Corp com 1
Shattuck
mm
54
m
m
A—1
Taylor Distilling Co
1
1024
50
'
Ryerson A Hay nee com.. 1
Safety Car Heat A Lt
*
St Lawrence Corp Ltd—*
Amer dep rets reg
m
mm.
m
mm
Jan
4
Feb
24
i
M
Jan
Fell
»ll
42
Tampa Electric Co com.—*
900
13 4
Feb
33
$3.30 A part....... — *
Class B com
...*
4
H v-*
12 4
12,4
M'
Sunray
10 4
100
144
33 4
Jan
5
M
600
M
Feb
10
Superior Port Cement
34
—
374
20
2,100
"""24 ""24 "24
Oil
1
64% conv pref
50
Superior Oil Co (.Calif)..25
3
M
Jan
MM-
MM
MM
304
"
Jan
4 4
U,
-
Sunray Drug Co
Jan
4
M
Jan
Feb
8
Jan
44
—
Jan
1
H
1,600
84
5
200
100
Jan
84
28
100
10
rn
24
.
stock..
Feb
%
MM
-
M
mmm
«
mm
5
*
*
404
3%
Co——1
20
*
Sentry Safety Control
Serrick Corp (The).
(Hugo) Corp
Jan
Royalite Oil Co Ltd—,-.-*
Convertible
14
24
Feb
316
mmm.
'm
».«.
Feb
2,200
*14
M
Jan
21
b
Common
Jan
33
,6
34
-
44
$1.20 conv pref
Rossia International
Service
Feb
'
404
14
w.
^
——
v
m
mm
-m
200
*, -J
.
30 4
ai*
ord reg—£1
Rome Cable Corp com...5
Roosevelt Field Inc
-.5
Water
M
274
rn'mmmrnl
mm
300
'•
M
M
174
200
19
18
Am dep rets
Scranton Spring
'
M
'
•fc
mm-mm
19
m
■
6% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc.—
-.1
Stetson (J B) Co com
*
113
10
151
151
^
^
5
Jan
44
v
mm
150
121
Jan
11
Sullivan Machinery
.—100
Scranton Lace common.
m~-mm
6)4% pref— ..-..100
Feb
Feb
Rolls Royce Ltd—
Scovill Mfg..
214
1054
"104! Jan "114"
22
*
Roeser A Pendleton Inc..*
Savoy Oil Co—
Schlff Co common.
Jan
1,300
""Ik" "~~34 "3 %
*
Steel Co of Can Ltd
494
■
—
Feb
102
Phos
Wholesale
phate & Acid Wks Ino 20
Starrett (The) Corp v t o. 1
Jan
"
Voting trust ctfs.
1
RochesterG&E16% pf C100
preferred..—
19
175
Jan
2
Jan
5
118
;
„
mm
*
Richmond Radiator
1
Rio Grande Valley Gas Co-
7%
Jan
200
1
_
14
4.
m
120
Rice Stlx Dry Goods.
Salt Dome Oil Co
64
9
304
344
'
1
coin..
Feb
1
375
'
Reliance Elec A Eng'g—5
St Regis Paper
6
32
850
--*
50c
$2 conv pref A
M.M,
— -
10
48
^
"
*
..—*
Reed Roller Bit Co——*
Reeves (Daniel) common.*
Reiter-Foster Oil—
50c
$2.50 conv pref
Feb
174
64
20
4
*
20 4
464
184
•
Red Bank Oil Co
Ryan Consol Petrol
184
100
700
194
-
Jan
Jan
9
1,100
104 4 1054
.1
M."
12
9
6
__
M
Jan
Feb
MM-
184
184
20
5
Jan
M,
—
1
57
M — — mmm
*
Rustless Iron A Steel
—
1
48
Russeks Fifth Ave.
Jan
—
9'
..*
107
20
Royal Typewriter.—
M
24
124
Stein (A) A Co common—•
—*
—*
Puget Sound Pulp A Tim.*
Pyle-Natlonal Co com—5
Pyrene Manufacturing—10
Quaker Oats common
*
6% preferred
—100
Quebec Power Co
*
Ry A Light Secur com...*
Railway <fc Util Invest A..1
Raymond Concrete Pile—
Root Petroleum
Jan
1
101
preferred..
6% pref D.
234
Jan
100
Standard Pow A Lt
■
preferred..
Reynolds Investing
(Neb)
preferred
Feb
.....
$5
$3 conv preferred
6%
Jan
98
*6
Raytheon Mfg com
Jan
14
124
25
Puget Sound P A L—
Common...
214
100
Standard Oil (Ohio) com 25
Public Service of Okla—
6% Prior lien pref—100
7% prior lien pref... 100
200
2
Jan
Standard Silver Lead
I Pub Util Secur 17 pt pf—*
224
2
Jan
54
74
7
30
Jan
Jan
22
-
'mm
Oil
100
29
34
Feb
Standard
Jan
44 4
Feb
174
184
Feb
554
2
4
Jan
10
54
107
3
154
Standard Oil (Ky)
Jan
Jan
Feb
300
Feb
Feb
Jan
ht
200
4
16
Feb
944
564
Jan
16
2
conv
Preferred
*
*
Feb
300
preferred..20
Standard Invest $54 pref*
Public Service of Colorado-
$ 7 prior preferred
19
2
1
50
6% 1st preferred
100
7% 1st preferred
100
Public Service of Indiana—
Jan
Feb
2
10
preferred
Common..
700
64
344
Standard Dredging Corp—
107
*
preferred
Jan
Jan
100
64
6 4
Jan
16
100
*
Prudential Investors
32
300
2
4
7
*
-
64
33
324
104
44
300
44-
Feb
*
Jan
Gas
64
24
Stahl-Meyer Inc
40
Jan
9
-
Providence
114
500
4
Jan
24
Jan
394
..
*
Prosperity Co class B
300
Jan
25
64
£1
dep rets ord reg
Jan
21
Jan
Jan
2
50
10
94
10
25c
Corp
40
40
Jan
12
Feb
6
324
Standard Cap & Seal com. 1
400
24
2
Prentice-Hall Inc com....*
Producers
20
20
20
25
44
Jan
194
Am
Conv
1st preferred.—. 100
*
Premier Gold Mining.—.1
Jan
14
114
114
-
64
Feb
6%
Pratt A Lambert Co
34
Feb
184
-
5
•u
Corp of Canada.— *
Power
Jan
14
Am dep rets ord bearer £1
Spencer Shoe Co
*
Feb
34
Jan
24
Feb
H
1,300
44
44
44
14
100
4
4
5
Jan
900
2
2
m.
Feb
150
34
Spanish A Gen Corp—
Jan
4
Jan
148
100
Southwest Pa Pipe Line. 10
84
900
84
High
Low
40
1484 1494
34
34
25
Feb
Jan
8
84
Preferred A
1939
Range Since Jan. 1.
for
Week
Shares
*
Jan
74
Range
of Prices
High
Low
Price
10
Southland Royalty Co
South Peon Oil
100
800
Pneumatic Scale com... 10
Powdrell A Alexander
12 4
644
Feb
105
102
Jan
Feb
74
43
Jan
190
74
74
105
800
554
54
54
Jan
114
104
114
Jan
500
64
64
64
42 4
04
Forglngs
Potrero Sugar
Par
South New Engl Tel.—100
*
Pitts Bess & L E RR
Week's
Sale
(Continued)
High
Low
Shares
High
Postage
Meter
Pittsburgh
Low
Price
Last
STOCKS
Week
Par
Sales
Friday
(Continued)
Pltney-Bowes
1145
New York Curb Exchange—Continued—Page 4
148
M.
8
184
1^6
59
mm
mm
m
m
500
250
6
154
Jan
4
Jan
100
400
Jan
49
Jan
1
184
i»„
59
Jan
Jan
Jan
Jan
Feb
Jan
Feb
New York Curb
1146
STOCKS
Week's
Last
Sale
(Concluded)
Par
Utab Radio Products
Range
Friday
Range Since Jan. 1, 1939
for
Shares
Low
1
Feb
2%
Jan
53%
Jan
Feb
1%
y%
1M
400
M
Jan
400
1%
Jan
3i«
24,500
%
Jan
200
13
200
26
28
Jan
%
%
pref—100
Vogt Manufacturing.—
30
Jan
8M
8
8
Feb
Jan
Jan
El Paso Elec 6s A
Jan
Empire Dlst El 6s
Jan
7%
8
Feb
8%
7M
7%
1,200
4%
Jan
7%
Feb
79
9
1,000
6%
Jan
9
Feb
104%
100%
0 Ms series A—.——1953
Erie Lighting 5s
1967
7M
Federal Wat Serv 5 Ms 1954
400
:
*
*
5%
...»
%
H
1%
1M
HM
200
Jan
6%
M
Feb
5
Jan
2%
Feb
4%
500
100
8%
Jan
1%
11%
100
4%
Jan
5%
90
Feb
93%
98%
Florida Power A Lt 58.1954
5s ex-warr stamped.1944
Jan
1
4M
Jan
1%
Jan
General Bronze 08
3%
Jan
4%
Jan
Jan
50%
Jan
40
Vot tr ctfs com
Gatlneau Power 1st 5s. 1950
"87"
15
10
Jan
5%
Jan
6
Feb
Glen Alden Coal 4s
Feb
♦Gesfurel
1965
5%
Feb
6%
Jan
Gobel
2%
300
2 %
Jan
3
Jan
8%
8M
7%
Feb
8%
Jan
91M
91M
10
84%
2%
Jan
6%
Jan
2
,
(Adolf)
Jan
9
Jan
Guantanamo A West 0s '68
Feb
Guardian. Investors 5s. 1948
Jan
Hall Print 08 stpd...-.1947
Jan
♦Hamburg Elec 7s....1935
Feb
Jan
8%
5M
6
400
6%
14 M
15
300
13%
6% preferred
—£1
Wright Hargreaves Ltd..*
8M
8%
1,800
Jan
8%
Feb
1M
1M
600
Jan
1%
Jan
6%
Jan
Feb
"99%
1946
1951
104
103 M 104
1st A ref 6s
1956
102
101% 102
99 M 100
95% 283,000
105%
9,000
108% 108 M 72,000
105
Feb
108%
Feb
85%
Jan
104% 105
99%
94 %
105
108 M
93 «
Amer Radiator 4%g—1947
Amer Seating 6s stp—1946
$16,000
102
50,000
98
15,000
96
108,000
87
Jan
94%
105
93 M
95
77,000
1106% 106%
100
81%
105
"l'ooo
100
100
Jan
108% 108%
3,000
106% 106%
5,000
*120
Ark-Loulslana Gas 4s_1951
Jan
104
Feb
HI Pr A Lt 1st 6s ser A. 1953
103%
Jan
102%
Feb
1st A ref 5Ms ser B.1954
101%
100
Feb
95%
106%
109%
Feb
Jan
Jan
95
106%
101%
Jan
6s series A
6 Ms series B
6s series C
122
J104
103 H
52
104%
102% 103% 101,000
51%
53 "
35,000
108%
106%
.118%
102%
Feb
Jan
1947
98%
1951
101%
41%
Jan
Feb
Indiana Service 6s
Jan
122
Feb
1st lien A ref 6s
1963
Jan
105
Feb
♦Indianapolis Gas 5s A 1952
Jan
104%
54%
Jan
5s
1957
33
32
33
.
2,000
31
Jan
34
Jan
Jan
33%
34%
Jan
37%
36%
Jan
43
48,000
3,000
29%
43
40
Jan
46%
Jan
4,000
72%
Jan
77%
Feb
102%
104%
Jan
104
Jan
"l9~666
Jan
106%
Jan
34 M
Atlantic City Elec 3 Ms '64
Avery A Sons (B F)—
105%
75%
76%
1104%
104% 105%
43%
191%
185%
93
5s series D
90
Jan
Feb
97%
87%
Jan
Jan
81%
Jan
1,000
73
Feb
75
Jan
87
Jan
91
Feb
95%
Jan
102%
Feb
58
Jan
68%
Feb
68
Jan
72%
60
Jan
72
87
Jan
87%
73
26,000
91
69
14,000
60
90%
16*660
•
Jan
Jan
Feb
Feb
Jan
52%
46
Feb
53
Jan
14,000
40%
Jan
50
Feb
16,000
98%
Feb
18%
Jan
2,000
94%
103%
Jan
Jan
103%
Jan
101%
Jan
102%
Feb
109
Jan
109%
Jan
53%
46
2,000
50
99%
30
Jan
40
97
108%
50%
Feb
Jan
99%
108%
100%
85
64%
'5*666
1,000
64%
64%
2,000
109% 109%
"l'ooo
*63
103% 104%
100% 101%
97%
90%
59
Jan
24
Jan
Feb
97
Jan
64%
Feb
62%
Jan
109%
Feb
109%
105'%,
Jan
105%
76*666
101%
Jan
104%
Feb
54,000
98%
Jan
101%
Feb
64
Feb
Feb
Jan
97%
63,000
95%
Jan
98%
Feb
91
16,000
85%
Jan
91
Feb
3,000
98%
Feb
100%
Jan
2,000
100%
Jan
103
Feb
Jan
92
Feb
89%
Feb
98%
99%
102% 103
86
90%
89%
11,000
106%
Jan
107
110
110%
13,000
110
Feb
110%
Jan
12,000
5.000
80
Jan
Jan
fis series B
Feb
86
Jan
99% 103%
89,00C
96%
Jan
109% 109%
34.000
110%
Jan
19,000
109%
120%
123%
Feb
122% 123
Jan
123
Feb
Feb
126
Jan
116%
Jan
61
6,000
55
Jan
62%
Feb
39
6,000
54
Jan
60%
Feb
80
82
12,000
76%
Feb
83%
Jan
43%
43%
1,000
43%
Feb
52 %
46
Jan
53
Jan
"5', 000
49 %
Jan
52%
Feb
56
Jan
Feb
Feb
Feb
49%
52 %
63%
67% 182,000
45%
47%
53,000
38%
Jan
89
88%
84%
83%
84%
101%
101% 102%
102% 102%
*107% 110
105
104% 105
37,000
82
Jan
1901
195T
Jan
67%
47%
90%
Isarco Hydro Eleo 7s.l95-
Fraachinl
60
47%
4Ms series F
1958
Iowa-Neb LAP 6s—1957
Isotta
102 %
Bell Telep of Canada—
1st M 6s series A... 1955
*47
7s... 1942
77
28,000
98%
Jan
102%
Feb
17.000
98
Jan
102%
Feb
Jan
107
Jan
Jan
105
105%
29*666
104%
Jan
84%
Feb
Jan
47
50
Jan
52%
Jan
60
"3*666
59%
Feb
80
Jan
41%
59%
41%
Italian Superpower 08.1903
40,000
10,000
39%
Feb
43%
Jan
Feb
Jacksonville Gas—
125%
1998
125% 125%
82
M
5,000
148
J144
'"95
Broad River Pow 5s..1964
94%
82%
89
145
95% 133,000
27,000
84%
91
60,000
104%
104
104%
8,000
103 M
103% 103%
14.000
103 M
113
103%
104
92,000
113
113
1,000
103
103
88 M
100 M
40%
40
65 %
Chicago A Illinois Midland
100 M
14 000
103%
88% 45,000
100% 101% 67,000
39% 40% 26,000
37%
40% 122,000
63%
65% 117,000
87%
100% 101
11,000
Feb
148%
Jan
86
Jan
95%
Feb
69%
Jan
81%
FeD
91
81
Jan
6s stamped
1942
41
9.00C
106% 107
105% 106
40%
2,000
.
38
Jan
42
105%
Jan
107
Feb
33,000
105%
Jan
Jan
106%
104%
Feb
Jan
120 %
Jan
10,000
103%
119%
102%
Jan
103%
Jersey Central Pow A Lt—
6s series B
1947
107
4Ms series C
1961
Kansas Elec Pow 3 Ms. 1966
Kansas Gas A Eieo 0s.2022
106
r
Feb
Jan
104%
Feb
103%
Jan
1st mtge 58 ser H—.1901
Jan
104
Feb
0 Ms series D
123
Jan
Kentucky Utilities Co—
Jan
106%
*120
Kansas Power fis..-—1947
102%
101
*105
96%
103
95%
104
1948
95%
103%
97
103% 104%
27.000
90
Jan
17,000
102
Feb
97
Feb
Jan
105
115
Jan
6 Ms series F
1955
99%
99
99%
8.000
93%
Jan
100%
Jan
Jan
103%
Feb
5s series I
190P
95%
95
96%
92.000
90
Jan
96%
Feb
Jan
'88%
Feb
3,000
100
Jan
99
Jan
101%
57,000
•107
Jan
35
Jan
43
Feb
32
Jan
40%
Feb
55%
Jan
67
Feb
113
101%
83
98%
Feb
Jan
102%
Feb
Feb
Lake Sup Dlst Pow 3 Ms '00
Leblgb Pow Secur 6s..2026
♦Leonard Ttetz 7Ms—1940
Lexington Utilities 5s.l952
Llbby McN A Llbby 6s '42
Long Island Ltg 6s.-.1945
Louisiana Pow A Lt 5s 1957
102
109%
,
102
109%. 110%
29
102
104%
29
29
101% 102%
104% 104%
92%
'106%
102
106
Jan
103
Jan
110%
Feb
2.000
22%
Jan
27,000
99%
Jan
102%
6,000
102%
Jan
105
91
29
Feb
Feb
.
Feb
93%
5,000
106%
15,000
105%
Jan
106%
Jan
28%
Jan
5,000
28%
103%
Jan
104%
Feb
2,000
95%
Feb
92
Jan
95%
101%
Feb
88%
Jan
106%
107%
Jan
108%
Feb
'Jan
109%
Feb
Jan
95
Jan
Jan
Mansfield Mln A Smelt—
104%
.1927
104% 104%
""78"
78
13,000
104
Jan
52
51
—1955
,
8,000
44%
Jan
78
1,000
70%
Jan
104%
55%
78
Jan
Jan
Feb
♦7s without warr'ts.1941
Marion Res Pow 4MS.1954
McCord Rad A Mfg
J78
85
Jan
"78"
73%
Jan
78
78
3,000
71%,
Jan
80
Feb
75
74
68%
Jan
76%
Feb
1958
73 %
68
Jan
76
Feb
1969
74
73%
73%
75% 253,000
74%
39,000
74
68%
Jan
75
Feb
Memphis Comml Appeal—
Deb 4 Ms
1952
Memphis P A L 68 A..1948
Mengel Co conv 4 Ms. 1947
Jan
*22
104% 104%
Metropolitan Ed 4s E.1971
101
101
72%
16,000
3,000
101
Feb
lOD'n
68 stamped
4s series G.
1102
82
82
82 %
100 M
102%
83%
83%
81%
83
100% 100%
81
81%
131
131
102%,
Feb
72%
72%
Jan
84%
Feb
68,000
Jan
84%
Feb
51,0U
75
Jan
83
Feb
185,666
13;C0G
1,000
102»»„ Jan
100%
Jan
101
Jan
131
Feb
131
Feb
1110% 110%
1943
Mllw Gas Light 4MS—1987
Minn P A L 4%s
1978
1st A ref 5s
1955
Mississippi Power 5s_.1955
1957
109%
Jan
111
Feb
Miss River Pow 1st Ss.1951
3,000
101%
Feb
102
Jan
126%
64
90
100
~95%
For footnotes see page 1147.
101% 101%
126% 126%
62%
2,000
125
Jan
128%
Jao
5Ms
1944
Nassau A Suffolk Ltg fis '45
64
22,000
89%
90% 195,000
98
100
17,000
64%
65
6,000
61
Jan
68%
Jan
95
95
Jan
97
Jan
95%
68%
66,000
108% 108%
100%
95%
95%
100% 101%
91
*87
10*666
*109
97
109%
96%
97%
59
60
*3*666
8,000
99% 100%
99%
104%
93%
96%
109%
10,000
99% 100
104% 104%
39,000
93%
96
25,000
94% 107,000
96% 102,000
90
Jan
Jan
93%
Jan
59
Feb
98%
Jan
100%
99
Jan
101
103%
Jan
105
82%
Jan
95%
Feb
88%
Jan
97
Feb
108%
73%
Jan
98%
62
Jan
Jan
Feb
Jan
Jan
Montana Dakota Power—
Missouri Pub Serv 58.1900
1939
*45
1965
Middle States Pet 0Ms '45
Midland Valley RR fis 1943
Miss Power A Lt 5s
(B \lt) 3 Ms ser N_..1971
Consol Gas (Bait City)—
Jan
Jan
93
67
1950
Iowa Pub Serv 5s
mm
85%
Works—
Cuban Telephone 7Ms 1941
Cuban Tobacco 6s
1944
Cudahy Packing 3%§_19fi5
105
84
52
"52"
Iowa Pow A Lt 4 Ms—1958
fis with warrants... 1947
6s without warrantsl947
Cont'I Gas A El 6s—.1958
104
*47
Debenture 0s......1952
Interstate Publl c Service—
Debenture 5s
"76 %
"so"
Interstate Power 5s... 1957
Jan
Gen mtge 4 Ms
1954
Consol Gas Utll Co—
6s ser a stamped...1943
Feb
58%
1952
36
Jan
1968
61
1957
7s series F
110%
1956
Feb
30
Conv deb 6Ms
1977
Assoc T A T deb 5Ms_A'66
Atlanta Gas Lt 4Ms.. 1956
6Ms series C
7s series E
27%
Conn Lt A Pr 7s A...1951
Consol Gas El Lt A Power
Feb
98%
International Power Sec—
Feb
21,000
1960
99%
Jan
87%
100% 106%
1950
42,000
1949
Jan
95
2,000
89%
Indiana Hydro Elec 5s 1968
Feb
30
«8
97%
91
.1953
Feb
32%
P S 5s
1956
108%
100%
34
Pr A Lt 6s *57
95%
Electric Corp—
Jan
31%
5Ms
1st A ref 58 ser C
Jan
36
Community
Community
Jan
Jan
8,000
*105n»il06
-
8f debSMs—May 1957
Indiana
Feb
32 M
Debenture 6s
Debenture 6s
1
(
Jan
I960
YCltles Service Gas 6 Ms '42
HCities Service Gas
Pipe
Line 6s
.1943
Cities Serv P A L 6 Ms. 1952
Feb
101%
3.000
97
64%,
1967
Y III Northern Utll 68—1957
1949
1966
104%
Feb
15,090
*102% 103%
102% 102%
109% 109%
*
40
—
Feb
Conv deb 4Mb
Conv deb 5s
..I960
Feb
94
98%
*20
97
Indiana A Mlcb Elec fis '56
108%
106 %
Appaiao Power Deb 6s 2024
Conv deb 5s
Feb
89
*22
1940
105%
Appalachian Elec Power—
Cities Service 6s
..
1949
Idaho Power 3%s
1st A ref 5s
6s series B
■
46
193,8
0s series B
1st A ref 6s
Cincinnati 8t Ry 5 Ms A '62
299.000
93%
99%
48
♦Hungarian Ital Bk 7Ms'03
Hy grade Food 08 A—.1949
Bonds
Sold
I^Chlc Ryt 5s ctfs
A St Ry 5Ms
Heller (W E) 4s w w
BONDS
Ry 4Mb A
1956
Chic Jet Ry A Union Stock
Yards 5s...
1940
94
Jan
Feb
86%
Jan
♦Hamburg El Underground
15
Alabama Power Co—
Cent Pow A Lt 1st 5s. 1956
Cent States Elec 6s...1948
6Ms ex-warrants...1954
Cent States P A L 5 Ms *53
Jan
*51
0Ms ex-warrants... 1943
Houston Lt A Pr 3 Ms. 1906
Cent Ohio Lt A Pr 6s__ 1950
Cent Power 5s ser D..1957
89%
-
*108% 109%
46
Houston Gulf Gas 08—1943
Yukon-Pacific Mining Co.5
Canada Northern Pr 6c '63
35,000
89%
Gt Nor Pow 6b stpd..1950
1
Canadian Pao Ry 6s..1942
Carolina Pr A Lt 6s.— 1956
Cedar Rapids M A P 6s '63
10J*«
*57
"90%
Grocery Store Prod 6s. 1945
Jan
6c
Birmingham Elec 4Msl968
Birmingham Gas 5s... 1959
101%
68%
4Ms...1941
10
91%
2%
Woolwortb (F W) Ltd—
Bethlehem Steel 6s
2,000
108
Jan
Feb
40,000
101% 102% 247,000
67
68%
16,000
*24
68%
Grand Trunk West 4s.1950
200
Wlllson Products Inc...
Wisconsin P A L 7% pf 100
Wolverine Portl Cement-10
1st M 5s series B...1957
6s series C_
i960
50 %
Jan
86
1953
0s
2%
2%
Wilson-Jones Co..
I960
Jan
107%
82%
73
Georgia Power ref 5s..1907
Georgia Pow A Lt 6s—1978
60
1
Williams Oll-O-Mat Ht.
Locom
48
Jan
Jan
4,000
90%
102%
Jan
Westmoreland Inc......
♦Convertible 6s
Jan
Feb
Feb
87
89
*90%
Jan
Williams (R C) A Co...
Baldwin
Jan
Jan
94
1940
9
14%
Associated Gas A El Co—
Conv deb 4 Ma C... 1948
99%
14,000
97% 98%
104% 105
♦General Rayon 6s A.1948
Feb
Gen Wat Wks A El 5s. 1943
Arkansas Pr A Lt 6s..1956
Associated Elec 4%s—1963
104
46
98
97%
104%
Gen Pub Utll 0Ms A. 1956
100
1948
110%
104%
101%
85
93%
General Pub Serv 6s..1953
Westmoreland Coal Co.,
Debentures 4%s
Jan
108
84%
Gary Electric A Gas—
86
1963
Jan
Jan
*38
Florida Power 4s ser C I960
Jan
Jan
Western Maryland Ry—
1st mtge 4s
73
108
84%
Feb
Feb
1st Aref 4%s
1967
Aluminium Ltd debt 6sl948
110
66%
111%
80%
25
2%
Amer G A El debt 6s..2028
Am Pow A Lt deb 6s—2016
107%
102
3%
1st A ref 6s.......1968
2,000
1U% 111%
79% 107,000
78%
110% 110%
1,000
104
104%
12,000
100% 101%
43,000
103
100
Petroleum
Jan
*15
500
dep rets
Feb
60%
1%
64%
103
2%
1%
Western Tab A Stat—
Amer
Feb
80,000
t%
62%
*101
3M
200
*
Woodley
Feb
1%
1%
Banks 0s- 6s stpd.—1901
2M
com
9%
Jan
♦First Bohemian Glass7s'57
3n
5M
1
Wolverine Tube
Jan
%
%
7Firestone Cot Mills 5sl948
2%
Weyenberg Shoe Mfg
Feb
7%
Jan
1
7% 1st preferred
10
Jan
7%
8,000
Jan
1.25
Western Air Express
Jan
Jan
24,000
Feb
1M
UM
5%
3%
Wayne KnlttlDg Mills—6
Wetebaum Broa-Brower
Wentwortb Mfg
Jan
Finland Residential Mtge
Walker Mining Co
Wellington Oil Co
106%
105%
108%
ErooJe M&relil Elec Mfg
Jan
111%
1952
47%
Jan
7M
West Texas Utll $6 pref
West Va Coal A Coke
Jan
1
64%
1950
"he
Jan
%'
38%
9
Class B
104%
3,000
8%
Elmira Wat Lt A RR 6s '56
2%
Wagner Baking v t c
Waltt A Bond class A
High
3,000
9
8%
t%
Edison EI 111 (Bost) 3 Ms 65
Elec Power A Light 5s.2030
28
10
46 M
J an
8%
8%
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
Waco Aircraft Co...—
Wahl Co common
Low
105% 105%
107% 107%
Aug 1 1952
Jan
1,300
48 M
Jan
Aug 1 1952
♦Certificates of deposit
Feb
1,100
6%
Petroleum...1
Va Pub Serv 7%
Jan
16
♦6 Ms
♦Deb 7s
26
75
26
Venezuela Mei Oil Co--10
Venezuelan
Jan
%
Feb
Feb
1%
Feb
M
22%
26
*27*
*u
12
5.50
1M
1%
6
Van Norman Mach Tool.6
I Range Since Jan. 1, 1939
Detroit Internet Bridge—
*i«
1%
105%
Denver Gas A Elec 5s. 1949
Jan
%
12
Price
Delaware El Pow fiMs.1959
1%
he
12X
Jan
1%
49%
1M
""%
100
Par
100
1
Class B
Week
275
*16
Conv preferred
7
iUtll Pow A Lt common..1
7% preferred
Valspar Corp com
14 conv pref
Jan
25, 1939
|
for
of Prices
Low
High
1%
51
51M
Week's Range
Sale
51 M
m
*
Utility A Ind Corp com..6
Last
High
1M
Utility Equities Corp..
$5.60 priority stock
Sales
bonds
(Continued)
Week
of Prices
High
Low
Price
Feb.
Exchange—Continued—Page 5
Sales
Friday
30,000
60%
81%
96%
Jan
64
Feb
Jan
91%
Feb
Jan
100
Jan
81
109% 109%
81% 83
33,000
101% 101%
82
8.000
100
Jan
101%
Feb
6,000
77
Jan
81%
Feb
81
81
12.000
Jan
109%
83
Feb
Feb
Volume
New York Curb Exchange—Concluded—Page 6
148
Last
Week's Range
for
Sale
of Prices
Low
High
BONDS
Price
Nat Pow A Lt 68 A
2026
102 %
Deb 5s series B
2030
99 %
102%
99
99%
83,000
35
35
{♦Nat Pub 8erv be ctfs 1978
Nebraska Power 4%s_1981
6s series A
2022
118 %
Nelsner Bros Realty 6s *48
Nevada-Calif Elec 6a_1956
109% 110%
118% 118%
100 %
Jan
98
34.000
Wert's Range
for
Sale
of Prices
Par
103%
Feb
Price
Low
men Co—
92%
Jan
99%
Feb
4,000
45%
Feb
Jan
116% 116%
3,000
116%
Jan
36%
110%
Conv 0s 4th stamp. 1950
United Eleo N J 4s...3 949
48%
35
2,000
Feb
United El Serv 7s
*46
Jan
118%
Feb
100%
8,000
107%
6,000
115%
48
1956
25,000
96
Jan
Feb
♦United Industrial 6%s '41
♦1st S f 0s
1945
64,000
77%
Jan
82
Jan
United Lt A Pow 6s...1975
118%
Jan
119
Feb
55
Jan
61
Feb
16,000
54
Jan
60
Feb
Un Lt A Rys
56,000
54%
Jan
60%
Feb
11,000
107%
Jan
United Lt A Rys (Me)—
6s series A
1952
"60 %
59 %
1960
60 H
"~94%
108% 108%
94%
95%
37,000
91
Jan
95%
Feb
1973
78%
50,000
93
Jan
97%
Feb
Utah Pow A Lt 6s A..2022
90,
94%
101 %
21,000
99%
Feb
101%
Feb
94%
104% 105%
6,000
92
Jan
Va Pub Serv 5%s A.. 1946
1st ref 6s series B...1950
New Eng Pow Assn 5s_1948
Debenture 5 Ha
1964
96%
97%
109
Feb
1942
♦Income 6s series A.1949
100
100
93%
94 %
N Y Central Eleo 5%s 1950
10,000
Jan
102%
95
Jan
105%
Feb
82%
Feb
82%
1,000
79
Jan
107% 107%
101
101%
45,000
107
Jan
108
Jan
57.000
99
Jan
101%
104%
Jan
105%
112%
Jan
113
82%
♦Ext 4%s stamped.1950
N Y P A L Corp 1st 4 %s'07
N Y State E A G 4%s 1980
107 %
101%
N Y A Westch'r Ltg 4s 2004
1105%
1954
J112%
Jan
50
56%
154
Nippon El Pow 6%s—1953
97%
Nor Cont'l Utll 6%S—1948
No Indiana G A E 6S..1962
52
98
52
12,000
Jan
47
14,000
107% 108%
107%
96%
6,000
52
1956
5%s series A.
27
Jan
Jan
78%
Feb
Feb
81%
Feb
107
11.000
105%
Jan
107
Feb
90
49.00C
78%
Jan
90
Feb
Jan
107%
Jan
;
105% 106%
106
4%s series E
1970
N'western Elec 6s stmpd'45
N'western Pub Serv 5s 1957
100% 101
100%
108% 108%
1940
105% 106
102% 103
103
Okla Power A Water 6s '48
94
6s conv debs
Pacific Coast Power 5s '40
42,000
6.000
104% 104%
104%
104
1945
1951
Ogden Gas 6s
Okla Nat Uas4%s
11,000
105% 106
105%
1969
6s series D
♦5s Income
94%
93%
Pacific Ltg A Pow 5s.. 1942
Pacific Pow A Ltg 68—1955
1904
Penn Cent L A P 4%s.l977
1971
1,000
82
Jan
89%
Feb
Feb
1906
Jan
{♦York Rys Co 5s
106%
Jan
104%
105%
Jan
Feb
19,000
98
Jan
101
108
Jan
108%
Jan
FOREIGN
18,000
105
Jan
106%
Jan
AND
3.000
100%
Jan
104%
Jan
12,000
91%
Jan
95%
Feb
Jan
♦20-year 7s
Jan
♦20-year 7s
2,000
92
Jan
94%
Feb
113
113
113%
6,000
113
Feb
113%
Jan
84%
85%
91,000
76
36
37%
12,000
32
95% 119,000
7,000
101% 102
47,000
99% 100%
91
Feb
95%
Jan
105%
Feb
Jan
25%
Feb
28%
Jan
26
Jan
26%
Jan
7*3'
•
Apr 1946
*25%
'40
♦7s ctfs of dep. Jan
32
28
32
32
32
'47
*24
♦6s ctfs of dep
Aug *47
*24
♦6sctfsofdep
Apr '48
*24
Feb
(Dept
Antloqula
28
*24
*25%
Jan 1947
24%""jan
"24% "Jan
of) Co
lumbia—
98
Jan
102
Feb
♦7s
A ctfs of dep. 1945
Jan
100%
Feb
♦7s ser B ctfs of dep. 1945
*9%
ser
ser
C ctfs of dep. 1945
♦7s
ser
Feb
D ctfs of dep. 1945
*9%
Feb
♦78 1st ser ctfs of dep. '57
108%
Feb
♦7s 2d ser ctfs of dep. *67
*8%
*8%
...1954
106%
106% 106%
105%
Jan
106%
Feb
♦7s 3d ser ctfs of dep.'57
103% 104
6,000
6,000
103%
Feb
105
Jan
♦Baden 7s
1951
*18
167'
107
107
5,000
106%
Feb
108%
Jan
♦Bogota (City) 8sctfs.l945
*12
91%
93%
Jan
Jan
♦Caldas 7 %s ctfs of dep. '46
Jan
♦Cauca
111%
Jan
94%
96%
113%
10%
Feb
18
Feb
18
Feb
10
Jan
14%
Jan
11%
Jan
12
Jan
22
Jan
23%
Feb
Jan
24
Feb
19%
Feb
19%
Feb
8%
17
17
17
17
16
16
*9%
103
Jan
22
*9%
97
105
16
*8%
19.
20
Bogota (see Mtge Bank of)
4s series B
1981
93%
93%
94
14,u00
4s series D
1961
94%
94%
95%
31,000
Phlla Elec Pow 5%s-1972
112%
79
42
"42%
6s.. 1949
"98
43
6,000
108%
*107
98%
97%
18%
18%
73%
72%
•
'l08%
40%
"22"
77
Jan
'80
Feb
42
Feb
51
Jan
106
Jan
107%
Feb
1948
*12%
1948
*11
20
13
20
♦7%s ctfs of dep. —1946
Cent Bk of German State A
*10
20
Valley
7s
♦7s ctfs of dep
*12
♦Prov Banks 6s B—1951
21*666
95%
Jan
99
Feb
1 000
17%
Jan
19
Jan
Jan
77
Feb
♦6s ctfs of dep..July
16,000
109%
12,000
107
Jan
109%
Feb
5,00u
108%
Jan
Jan
Jan
109%
42%
41
40
'
10,000
39%
2,000
100%
Feb
Jan
103%
Feb
22
2,000
22
Feb
20%
Feb
149% 150
14,000
147
Feb
151
107
106%
75%
Jan
107%
22
4,000
23%
23%
*23%
—
Columbia (Republic of)—
108% 108%
103% 103%
'59
Feb
64
108
Potomac Edison 6s E.1956
Jan
♦0s series A
1952
"
♦Pomeranian Elec 6s..1953
"73%
80
26,000
6,000
112% 13%
Pblla Rapid Transit 6s 1962
'61
*19%
♦08 ctfs of dep.-Oct '61
*19%
27
27
Cundlnamarca (Dept of)
195^
6%8 ctfs of dep
5%s
5s
18
*11
—
—
95
*88
95%
95%
5,000
1953
Jan
35
35%
32,000
3,000
92%
Jan
88
1955
Danish
Jan
96%
Jan
28%
Jan
35%
Feb
100
Danzig Port A Waterways
Public Service of N J—
6% perpetual certificates
149%
Jan
1st A ref 4 Ha ser D.195C
Queens Boro Gas A Elec—
5 %s series A
1952
♦Ruhr Gas Corp 6%s.l953
♦Ruhr Housing 0%s-1958
Safe Harbor Water 4%s '79
84%
86
84
82%
84
26,000
72
Jan
84
Feb
♦Hanover
Jan
80%
Feb
♦Lima (City) Peru 0%s *58
80
81%
80%
39,000
76%
81%
22,000
63%
Jan
81%
29
Feb
35
"
29
(City) 7s
1939
(Prov) 0%s.l949
1,000]
Feb
*24
27%
102%
60%
108%
16%
6,000
Jan
Jan
17%
Feb
Feb
135%
Feb
Jan
25
24
Feb
31%
Jan
Jan
102%
Feb
15,000
60%
9.000
60
Jan
65
42,000
104
Jan
106
Jan
*106%
105
105
Sheridan Wyo Coal 6s 1947
92%
Carolina Pow 5s_1957
106
105%
105% 105%
78
78%
94%
Feb
5,000
3,000
103%
Jan
105 W
Feb
104%
Jan
105%
Feb
3,000
76%
Jan
81
83
Jan
31,000
Feb
20
Jan
16%
Feb
18%
Jan
11%
Jan
~M0C
6%
Jan
11%
8%
Feb
7,000
11%
Jan
13
Feb
10
Feb
10
Feb
17%
*10%
♦7s ctfs of dep
—1351
*9%
9
Jan
9
Jan
79
Feb
79
Feb
25%
Jan
25%
Jan
25%
Jan
25%
Jan
"li"
Feb
16
Jan
92
Jan
96
10
%
Jan
25.%
25%
*24
Oct '47
♦Mtge Bk of Chile 68.1931
Mtge Bank of Columbia—
♦7s ctfs of dep
1946
1,000
32
*24
♦7s ctfs of dep.
26
*25%
♦7s ctfs of dep. May '47
♦Issue of Oct 1927
32
14
*24
,
5,000
14
32
1947
*24
32
*24
Feb
32
95
94%
Feb
♦Parana
7s... 1958
10
Jan
104%
Feb
♦Rio de Janeiro 6%s.l959
*7
Jan
105%
Feb
Jan
102%
100% 103% 104,000
105%
105% 105%
22,000
104
110 %
110
110%
43,000
108%
Jan
110%
108%
in
Jan
110
Jan
Jan
112%
Feb
Feb
105%
40%
♦7s ctfs of dep
(State)
*93%
Jan
Feb
22*606
%
%
2,000
%
Jan
Jan
Jan
Jan
11%
11%
3,000
11%
Feb
14%
Jan
10%
11
3,000
10%
Feb
14%
Jan
5,000
10
8 %
5%
7%
7%
%
Feb
Jan
Jan
*109% 110%
Ref M 3He B.July 1 *60
1st A ref mtge 4s...1960
18
*77
♦Issue of May 1927
Jan
79
94%
♦Russian Govt 6%s.._1919
3%s
1945
Ref M 3He.May 1 1960
18
*10%
1954
8
12%
♦6%s ctfs of dep
1947
Mtge Bk of Denmark 5s '72
Sou Calif Edison Ltd—
Debenture
13,000
12%
7%
Jan
102% 102%
105%
Jan
18
Jan
Mtge Bk of Bogota 78.1947
Feb
*3*666
"105%
19%
Feb
17
12%
109%
28"
60
Jan
16%
16%
♦Mendosa 4s stamped .1951
134
101%
16%
19%
1958
7s
Feb
24
*5*666
18
22
♦Medeliln 7s stamped.1951
♦6 %s ctfs of dep
109%
18
*17%
135% 135%
1st 4 Hb series D—.1970
2025
78%
109
1948
Shawlnlgan WAP 4%s '67
1st 4 H s series B
1968
♦Hanover
70%
29
♦Schulte Real Est 6s..1951
1951
Feb
+24%
{♦St L Gas A Coke 68.1947
Servel Inc 5s
86
♦Maranhao
San Joaquin L A P 8s B '62
Scull In Steel 3s
.
Jan
17%
*17%
*17%
17%
1947
♦Secured 0e
86
♦Saxon Pub Wks 6s_..1937
Scrlpp (E W) Co 5 >48.1943
Jan
1,000
108,000
107
1966
Puget Bound P A L 6 %s '49
1st A ref 6s ser G
1950
1952
External 0%s
♦German Con Munlo 7s '47
Pub Serv of Oklahoma—
Southeast PAL 6s
102%
Feb
Jan
Sou
20,000
Jan
94
Jan
4s series A
Feb
94%
Jan
PowerCorp(Can)4%sB
103
Jan
91%
Potrero Bug 7s stmpd.1947
Jan
Jan
106%
♦Prussian Electric 6s.. 1964
Jan
100%
89
100%
1961
106%
90
5,000
4 %s series F
106%
Jan
MUNICIPALITIES
113%
Feb
Jan
105%
Agricultural Mtge Bk (Cob
103
37%
Jan
106
18,000
-
Jan
Jan
Feb
105%
104%
GOVERNMENT
Jan
Jan
Feb
44,000
20,000
Portland Gas A Coke 5s '40
Feb
62
04%
25,000
1948
Jan
102%
Jan
94
108%
Coal
112
Jan
53
93
108
Pittsburgh Steel 6a
Jan
101
93%
101% 102
Pittsburgh
110%
8,000
Jan
94%
104% 105
Pledm't Hydro El 6%s '60
Feb
94
108%
1968
Peoples Gas L A Coke—
105%
63,000
104% 105%
102
4%s series B__
Jan
1947
Jan
2,000
113%
Penn Water A Pow 6s. 1940
Jan
104
13,000
102%
104%
Penn Pub Serv 6a C—1947
6s series D
107
1937
Stamped 5s
101%
1950
108%
Jan
"
103
103
Yadkin River Power 6s '4i
♦78
Deb 6%s series B..1959
31%
Jan
10,000
Penn Ohio Edison—
6s series A
Jan
105%
"s'ooo
Wlso-Mlnn Lt A Pow 6s '44
Jan
19%
107%
5,000
1,000
*108% 108%
Wheeling Eleo Co 6s-.194J
Feb
Jan
Feb
9~66O
62,000
31%
*106
106% 106%
Feb
1,000
'166"
Feb
1*06%
Feb
54
14,000
.1979
1st 5s.—
Penn Electric 4s F
91%
104%
99%
Jan
94%
Jan
61
59%
104% 105%
113% 113%
93%
93%
"95*
87
110% 110%
102
102%
Feb
■
Jan
91%
96%
Feb
91%
44,000
102%
i.02% 102%
84%
92%
29,000
91%
88%
30
West Newspaper Un 0s '44
West United G A E 5%s'55
113%
Park Lexington 3s
12,000
90%
105%
102%
Pacific Invest 5s ser A. 1948
Jan
94%
95
West Penn Elec 5s—2030
♦78 ctfs of dep. Apr
1941
Feb
Jan
Pacific Gag A Eleo Co—
1st 6s series B
Feb
90
106%. 106%
105% 105%
103%
105%
78%
Jan
1*06%
104
3,000
Jan
83
5,000
94%
88%
West Texas Utll 6s A 1957
107
Jan
70%
13,000
78%
90
90%
West Penn Traction 6s '60
Feb
105
113%
91%
1954
Jan
108%
Jan
112
Hotel—
deb
Feb
57%
1,000
96%
1946
Wise Pow A Lt 4s
1966
88%
112% 112%
1944
0s
106
Jan
Northern Indiana P S—
68 series C
6s series A
Jan
Feb
Wash Ry A Elec 4s
1951
Wash Water Power 5s 1960
No Amer Lt A Power—
•
90
Waldorf-Astoria
New York Peon A Ohio—
Debenture 6s
106
27
70%
79%
1959
Jan
Jan
70%
77%
81%
(Del) 5%s '52
4%S.
New Orleans Pub Serv¬
es stamped
5%s
Jan
52
12,000
89
New Eng Power 3%s.l901
76,000
78
1974
Jan
52%
117%
38,000
78
97%
Conv deb 6s
6%s
Jan
Jan
26%
23%
27%
78
81%
*24%
...1948
5«
2,000
Jan
47
49%
*24%
N E Gas Sc El Assn 6s 1947
New Amsterdam Gas 6s *48
High
L010
S
High
100%
78% 80
118% 118%
58% 60%
58% 60
58% 60%
99
80
Range Since Jan. 1, 1939
Week
1939
High
Low
102
Last
(Concluded)
Range Since Jan. 1,
Weel
Par
Sales
Friday
Sales
Friday
BONDS
{Continued)
1147
'111%
111% 111%
103% 104%
*7*666
'
1,000
103%
44%
103%
6,000
102%
Feb
103%
18,000
103%
Jan
104
So'west Pow A Lt 68..2022
103% 103%
94%
93%
So'west Pub Serv 6s..1945
*106% 107%
Sou Counties Gas 4 %s 1968
Sou Indiana Ry 4Si_w.l951
"46"
8'western Assoc Tel 5s 1961
103
S'westem Lt A Pow 6s 1957
46
103
46
15,000
5,000
83
104%
Feb
%
1921
♦Santa Fe 7s stamped. 1945
♦Santiago 7s.
1949
%
♦5%s
11
1901
♦7s
55
*46%
Feb
Jan
Jan
Jan
94%
Feb
Jan
106%
Feb
Standard Gas A Elec—
1948
63%
Jan
65%
Feb
1948
.1951
.63%
65
21,000
57%
Jan
66
Feb
63%
65%
41,000
57%
Jan
66%
Debenture 6s.Dec 11966
63%
*64%
66%
11.000
57%
Jan
67
Feb
60
Jan
65%
Feb
the rule sales not Included In
87
Jan
93
Feb
range,
6s
(stpd)
Conv 68 (stpd)
Debenture 6s
6s gold debs
1957
Standard Investg 6 Hb 1939
65%
50,000
64%
91%
93
12*060
58
Feb
Standard Pow A Lt 08.1957
63%
65%
51,00b
57
Jan
66%
Feb
♦Starrett Corp Inc 5s. 1960
26%
28%
21,000
26%
Feb
35
Jan
(Hugo) Corp—
2d stamped 4s
1940
*61%
♦
No par value,
x
a Deferred
delivery sales not Included In year's range,
year's range,
r Cash sales not Included
♦ Friday's bid and asked price.
♦
n U nder
In yearp
Ex-divldend
Bonds being
No sales were transacted
during current week.
traded flat.
Stinnes
2d stamped
4s
1940
36
Tennessee Elec Pow 6s 1950
99%
Ternl Hydro-El 6Ha.. 1953
43
36
2,000
208,000
44
5,000
Texas Elec Service 5s.1960
99% 100%
64,000
Texas Power A Lt 5s..1956
104% 105%
104% 104%
35,000
90
91%
55%
56%
6s
series
A
2022
Tide Water Power 5b..1979
63
Feb
58
63
100
Jan
36
Feb
88%
Jab
100%
Feb
43
Feb
Jan
97%
Jan
53%
101
Feb
Jan
105%
Feb
103
50
Jan
104%
Feb
17,000
99%
86%
Jan
92%
Feb
23,000
50%
Jan
57%
Feb
10,000
Tiets (L) see Leonard
Twin City Rap Tr 6%s
'52
§ Reported in receivership.
Jan
The following Is a list of
the New York
Curb bond Issues which have been
called
In their entirety:
1943, Feb. 28, at 102.
Cities Service Gas 5%s, 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,
e
Cash sales transacted during the current
week and not included in weekly or
yearly range:
No sales.
V
Under-the-rule sales transacted during
the current week and not included in
weekly or yearly range:
No sales.
z
Deferred delivery sales
transacted during the current week
and not Included
In Weekly or yearly range:
No sales.
Abbreviations
Used Above—"cod",
without warrants.
consolidated:
non-voting stock:
warrants: "x-w "
certificates of deposit: "cons,"
"cum," cumulative; "conv." convertible; "M," mortgage; "n-v,"
c," voting trust certificates; "w i," when issued: "w w." with
"v t
1148
Financial
Chronicle
Feb.
1939
25,
Other Stock Exchanges
New York
Real
Estate Securities
Exchange
Closing bid and asked quotations, Friday, Feb. 24
Unlisted Bonds
Bid
Bowker Bldg 6s
1937
B'way 38th St Bldg 7s 1945
Ask
Un Uted Bonds
CHICAGO
Bid
500 Fifth Ave Inc—
18%
51
6%s 1949 (unstamped)..
29
20
Harrlman Bldg 6s
1951
Lefcourt Manh Bldg 6s '48
Lincoln Bldg Corp—
50
Bryant Park Bldg—
0%a unstamped
6 %s stamped
11 West 42d St Bldg—
0%s unstamped
20
5%s 1963
1945
36
40 Wall St Corp 6s
1958
45 E 30th St Bldg 5 %s 1937
51 Fifth Ave Apt Bldg—
43
6s 1943 (stamped)-.....
38
m
m
m
44%
15
mm —
Paul H.Davis & Go.
m m
mmm
Members Principal
■mmm
PipII Phi'zLPTit
72
69%
58
w-v t C._
Marcy, The 6s
m
28
1940
mm-
55
48
10 S. La Salle
mmm
165 Broadway Bldg 5%s'61
10 East 40th St Bldg 6s '63
mm m
80
Stocks—
Par
Friday
of Prices
Week
Low
Range Since Jan. 1, 1939
Shares
High
21%
22%
35c
35c
45c
Low
507
178
Common (new)
High
Jan
20%
35c
22%
Jan
Acme Steel Co
Jan
65c
Jan
1.50
1.50
1,55
105
1.50
Jan
2.10
Jan
19%
19%
19%
32
17%
Jan
22%
Jan
Consol Gas E L & Pow...*
76%
75%
76%
130
71
Jan
76%
Feb
116%
108
5%
preferred
..100
Fidelity A
100
-
—
+.mm~
116
7
'm
1
Mar Tex Oil
125
17%
mm
1
Common class A
122
PennPS7%pf 25
125
95c
mmmmrnm
m
mm
mm
m
16
26
26%
Jan
Jan
Jan
'14%
125
Jan
Jan
17%
Feb
Feb
19%
8%
Jan
6
90c
Feb
1.40
Jan
95C
15
1,650
95c
15%
Jan
-
8%
Jan
117
742
0%
95c
117
Jan
115%
6%
12%
275
.
18
6
90c
1
—....
Merch A Miners Transp..*
10
13%
17%
mm*
m
90c
25
7
13%
Deposit,....20
Houston Oil pref erred.. 100
Mfrs Finance 1st pref.-.25
Monon W
'
'
com.
Eastern Sugar Assoc—
Preferred
100
Jan
Feb
1.40
Jan
100
13
Jan
16%
Feb
45
25
Jan
26%
Feb
*
Mt Vern-w Mills-
Preferred
100
'
mmrnm mm
36
35%
12
35%
'
New Amsterd'm Casualty 5
North Amer Oil Co com..l
Peuna Water A Pow com.*
13%
13%
13%
960
1.00
1.00
1.16
780
80%.
80%
110
13
13
25
2,422
mmmmmm
Seaboard Comm'l com.. 10
U 8
Fidelity A Guar
2
21%
21
21%
Jan
.11%
POO
37
Par
Week
Price
*
AUied Laboratories
com.
Jan
14%
Jan
Feb
1.25
Jan
73
Jan
Feb
80%
13%
Feb
13
19
Jan
22%
Jan
Jan
58
58 %
_
39%
39%
Finance Co of Amer 4% '47'
m
m
m
mm
m
24%
22% $43,700
20
JaD
24%
Jan
25
8,200
22%
Jan
27%
Jan
100
100
mm,
5.000
96
Jan
Boston Stock
Feb. 18 to Feb. 24, both
2%
100
13
Amer Pub Serv pref-
Pflr
40%
m
65
non-cutn
pref
for
of Prices
Low
High
1
12
100
157%
%
100
156% 158%
Assoc Gas A El Co el A... I
50
1%
12
5
%
%
1,946
63
.
Jan
%
Jan
Feb
1%
Jan
Jan
%
Preferred
100
Boston A Albany
—
Boston
Elevated.
139
100
55
.•
80
79
81%
J00
.100
81%
167
20
81%
139
657
Jan
l«eb
80
89%
Jan
54%
55%
132
18
230
6
75
52
139
55%
CI A 1st pref
100
6
Jan
3%
20
3%
Feb
4
Jan
%
500
%
Jan
Auburn Auto Co com....*
'mm
rn
m
m
3%
~
Automatic Washer com..3
Aviation Corp (Del)
:
3
mm
m
Aviation A Trans C cap.l
Backstay Welt Co com...*
Barber Co (W H) eom._—1
m
mm
m
m
Barlow A Seelig M fg A com 5
Belden Mfg Co com
Bendix
Aviation
4-
rn
'
9%
mm
29
100
(New) common.
Common
2%
"2%
2%
135
1%
"Vv/l
11%
1%
11%
20
1%
1%
1%
100
6%
6%
6%
131
25
Range.
25
4%
..
_
100
Eastern SS Lines—
Feb
Feb
(New) common
...»
10
Vtc pref part shares..50
6%
Jan
8%
Jan
1%
10
20%
108
1%
19%
Feb
11
124
9%
Jan
9%
5
Jau
Container Corp of Amer.20
Crane Co com.
25
*:
...*
Common
mo
5% cum pref
100
Mergenthaler Linotype..*
Racing
an
i
1%
200
1
65
60
Jan
15%
75
15
Feb
4%
Jan
-
12%
Jan
Butte
5
525
1%
Feb
32
Jan
6%
200
6%
21%
Feb
7%
Jan
50
21
Feb
23%
Jan
16
750
13
Jan
17%
Jan
9
80
9
Feb
10
2%
50-
Feb
3%
Jan
8
2%
7%
Jan
9
Jan
730
22%
21
150
19%
Jan
Jan
22%
50
19
Jan
23%
13%
70
12%
Jan
15
Jan
70%
72%
510
66%
Jan
72%
Feb
1%
1,550
1%
Jan
4
Jan
Jan
1%
52
Jan
100
Feb
,
Feb
103%
Jan
110
3%
Jan
4%
Feb
14%
100
14%
Jan
15%
Jan
1%
1%
Jan
2%
Jan
250
34%
Jan
37%
Feb
75%
800
62
Jan
75%
Feb
%
•
2,000
37%
1%
475
%
67%
Jan
%
71
Jan
4$
20
51%
36%
..74
%
1%
70
103
14%
m
'
72
•
no
'
-
20
8%
110%
8%
77%
110
50
1
72
Jan
530
8%
74%
100
5
66%
Jan
Jan
-
Feb
110%
9%
Jan
Feb
Jan
84
Jan
8
'7%
8
7
200
Jan
9%
Jan
Feb
28
.27%
"
28
13%
b
14
Jan
28
12%
Feb
15%
26%
7,900
Feb
,
350
-
Jan
6
mrn
2%
5%
Feb
6%
Jan
182
8
Jan
9%
Jan
2%
2%.
1%
7%
Feb
1
,6%
13%
■29%
mmmmmm
mm--m
1,000
8%
2%
m
6%
8%
1
mm
m
m'
.
.
20
2
Jan
20
6%
30
f%
6%
Jan
13%
40
12%
Jan
16%
30%
250
29%
72
72
72
15%
15
15%
400
350
20
Jan
Jan
Jan
Jan
Feb
37%
Jan
55
Jan
72
Feb
14%
Jan
16
Jan
Jan
m
,7M
29%
Jan
15
1%
Jan
16
5%
Jan
7
.6%
Jan
8
205
26%
Jan
12
40
10
Jan
12
Feb
20%
19%
4%
20%
825
15%
Jan
20%
Jan
5
180
4%
Jan
5
Jan
34%
34%
34%
50
33%
Feb
35
8%
100
7%
Jan
8%
Jan
16%
16%
50
14%
Feb
16%
Feb
,3%
3%
1,150
Jan
3%
20%
37%
13%
12%
20%
50
37%
13%
20
2%
2%
12
»
com
Dexter Co (The) com....5
Dixie Vortex clA
*
_
Dodge Mfg Corp com
*
Eddy Paper Corp (The)..*
30%
1%
Eleo Household
12
_
Elgin Natl Watch Co....15
30%
•7
17%
Feb
Fairbanks Morse com....*
24
'<
Jan
24
Jan
Jan
Jan
1%
13%
50
Feb
14
20
10
5%
16%
25
Jan
40
1%
4%
Jan
15%
Jan
78
-
-
-
-
-
Utll cap.5
Jan
Fox (P) Brewing com
Fuller Mfg Co com
Jan
0
•
,
mmmmrnm
FltzS A Conn DAD com.*
Feb
-
3%
'
Feb
Gardner Denver Co com..*
fa
mmmmmm
1
2%
,
13
12%
1%
17
5
1%
65
1%
Jan
17
14%
4%
20
14%
20
13%
Jan
355
4%
Jan
5
17
Feb
1%
17
14%
11%
Jan
General Foods
*
40%
Feb
General Motors Cor p. __-10
Gillette Safety Razor
*
49%
Goldblatt Bros Inc com..*
1%
11%
Feb
-
com
5
Jan
Gossard Co (H W) com...*
Great Lakes DAD com..*
7%
13%
13%
13%
50
13%
Jan
18
Jan
20%
20%
250
20%
Feb
22%
Jan
490
3%
1%
Jan
4%
Jan
Feb
2
Jan
112%
Feb
4
1%
"in%
1%
110% 112%
55
.....
60c
1
Pacific Mills Co.
11
"20%
..25
222
105
Jan
25
55
58
35
55
Jan
%
127
61c
960
%
55c
7%
175
Jan
8%
Jan
11%
150
11%
Jan
33%
130
Jan
13%
37%
Jan
10%
10%
250
29%
10%
Jan
11
Jan
27
26
27
11%
10
mm
1,800
7
Jan
Jan
8%
700
6%
Jan
8%
Feb
7%
8
250
7%
Jan
8%
Jan
Hibbard-Spenc-Bart com25
Jan
Illinois Central RR
com
Indep Pneum Tool
v t
Brick Co.
C—'*
37
40
34%
Jan
37
Jan
12%
12%
10
13
Feb
13%
14%
175
11%
12%
Jan
mm
Jan
11
Jan
17%
12%
Jan
11%
mm
Feb
_
m
-
5%
17
11%
50
1%
10
100
37
12%
_
*
com
Jan
Jan
7
Oct
7%
Illinois
Jan
Jan
12
8
Jan
16
Feb
51
8%
Jan
Feb
40%
Jan
Heileman Brew Co G cap. 1
1%
14
Jan
43%
Heln Werner Motor Pts..3
14%
135
36%
2,384
Jan
Jan
15
May
300
49%
Feb
Feb
3
8%
40%
46%
5
U
24%
11%
38%
,.
11%
90c
Jan
Jan
27
140
Feb
Jan
Jan
Jan
100
2%
14
Jan
Horders Unc
18%
Jan
Feb
Houdallle-Hershey cl B._*
Hubbell (Harvey) Inccom.5
Hupp Motors com
1
140
200
11%
12%
4%
Jan
1,035
300
2%
24%
9%
Jan
2%
13
Jan
10
1%
20%
14%
Jan
2
500
1.00
Feb
13
Jan
10
550
4%
Jan
58
Jan
12
50
.
11%
Feb
Jan
Jan
Jan
4%
1
11%
57
21
43%
400
12%
Jan
Jan
Jan
4%
15
19%
15
Feb
19%
35%
Jan
11%
mmmm
com... 10
Hamilton Mfg A pt pref. 10
58
2%
Reece Button H Mach. .10
58
3
Jan
32
Goodyear T A Rub com..*
20%
3%
8
8%
General Candy Corp A...5
%
Qulncy Mining Co
Jan
23%
Jan
24%
Jan
16%
5%
61c
50
20
16%
67
21%
100
RR
m
m
-
m
~
Hall Printing Co
2.50
JaG
25
20%
5%
16%
30%
New River 6% cum pref 100
N YNHAHRR
17%
Jan
Dayton Rubber Mfg com. *
Cumul class A pref...35
Deep Rock Oil conv pref..*
Jan
16%
4
Northern RR (N H).._100
Old Colony RR
loo
Feb
1,885
50%
1 %
Cudahy Packing pref.. 100
Cunningham Drug St..2%
Jan
Assn
;
__
Nat'l Tunnel & Mines Co.*
New England Tel & Tel 100
Pennsylvania
Jan
j
25
21
Intl Button Hole Mach.. 10
Loews Theatres (Boston) 25
Me Cent-
Inc
1 %
an
66%
Hathaway Bakeries—:
Narragansett
j
65
1%
Economy Grocery Stores.*,
Employers Group
*
Gillette Safety Razor
m
Com pt sh A vtc
50
Com pt sh B v t c—— -*
Feb
19%
Jan
26 '
103
1
com
xn
5%
7%
29%
9%
.
Jan
27c
Jan
19
3%
mm
25
capital
1%
15
66%
General Capital Corp
*
Georgian Inc cl A pref. .20
Gilchrist Co
*
Class A
1%
50%
Commonwealth Edison—
Jan
Jan
Jan
22%
Feb
"
Feb
Feb
11%
1
2%
20c
■
....
10
12%
4%
Feb
Cities Service Co—
Jan
Jan
400
8%
9
13%.
75%
Jan
930
13%
1,300
50
9%
21
m
37%
Feb
27c
m
...»
1%
4%
Jan
Jan
4,700
22
-S-m
m
1
Feb
"
Common....
m
72%
Compressed Ind Gases cap*
4%
Feb
Jan
7%
11%
Deere A Co
20
..100
.
mm
*
Consolidated Oil Corp...*
Consumers Co—
2%
13%
13
Jan
2%
_
mmmmmrn
Cent III Pub Ser $6 pref—*
Central S W —
Consol Biscuit
1%
*
..100
1st preferred.
Preferred B..
mmm
10
Jan
20c
_
4%% prior pref..... 100
6% preferred
.100
Eastern Mass St RyCommon
——30
com.
1%
11
Feb
7%
....
Convertible preferred..*
Chic Yellow Cab Co Inc..*
Chrysler Corp common..6
■
East Boston Co
—.10
East Gas & Fuel Assn—
Common
*
North
10
Jan
7%
50
29
6%
m
15
10
Jan
Jan
Jan
4
9
-.5
2%
2%
1%
1%
00
Jar
100
8%
21%
14%
m^m-rn m
..*
Jan
10
Jan
Jan
200
8%
12
23%
26
J
....
A
Bruce Co (E L) com
Bunte Bros com...
Jan
200
6%
2%
Brown Fence A Wire—
8
2%
Feb
7
.
50
13%
19
5
19
2%
10
Jan
Borg Warner Corp—
Jan
2
Boston Per Prop Trust...*
Brown Dorrel Co com.... *
Copper
'
2%
2%
CI B 1st pref (stpd) __100
CI C 1st pref std
100
Calumet & Hecla
6
450
1,200
7%
9%
im
5
com.
7%
3%
8%
-»•—
m
'
mm
m
1
Laughlln Inc
%
11%
8%
26%
m
5
Berghoff Brewing Co
—
■
7%
3%
7%
13%
mm
8%
10
com
4.
3%
Bastian-BIesslng Co corn.*
Feb
17%
Jan
1
3%
New
100
6%
Feb
Chicago A N W Ry com 100
Chicago Towel com cap..*
Boston A Maine—
Prior preferred
ci A 1st pref std
Jan
5
Feb
Feb
,
Jan
17%
Boston Herald Traveler..*'
75 '
81%
414 zl27
Jan
Feb
158%
%
Preferred
'
Boston EdLson Co
5%
47%
€5
Jan
3%
Chic Flexible Shaft com'..5
Blgelow-Sanford Carpet Co
Jan
149%
200
Jan
Jan
149%
•
1
13%
158%
Jan
59
60
1,950
1,000
Cent States Pow A Lt. pf_*
Jan
1%
12
39%
140
886
Jan
%
Prior lien preferred....*
-
Feb
3%
Chicago Corp common...*
50
50
1st preferred
Amer Tel A Tel..
Jan
13
,%
Preferred..-.:
High
3
Feb
3%
Common
Low
43
Feb
%
Range Since Jan. 1, 1939
Shares
65
5
Central Cold Stor com..20
-
58% ,,Jan
Feb
2%
11%
3%
Week
Price
42%
100
156% 158%
rnmmmmm
Cherry Burrell Corp com.5
American Pneumatic Ser
6%
Week's Range
Sale
Jan
38%
55%
.
1
Asbestos Mfg Co com
Sales
Lam
High
Athey Truss Wheel cap..4
5% conv pref
Castle A Co (A M)
inclusive, compiled from official sales lists
420
13
64
r-m'
100
Amer Tel A Tel Co cap. 100
Armour A Co common.—5
Burd Piston Ring com—.1
Butler Brothers....
10
Feb
Exchange
Friday
StOCks-
100
Low
10
2%
■
^
Allis-Chalrrters Mfg Co—.*
Class
21
Shares
"
"
'
21%
Range Since Jan. 1, 1939
2%
_
.*
Bliss A
Jan
58
25
com
Advanced Alum Castings.6
Bonds—
Bait Transit 4s flat.-.1975
A 5s flat
....1975
-
for
of Prices
Low
High
Abbott Laboratories—
let pref vtc..
*
Black A Decker common.*
Davison Chemical
Week's Range
Sale
Stocks—
for
Sales
Last
Sales
22%
tc.*
com v
24, both inclusive, compiled from official sales lists
Exchange
Week's Range
Price
.....*
18 to Feb.
inclusive, compiled from official sales lists
Friday
Arundel Corp
Bait Transit Co
St., CHICAGO
mmm
Chicago Stock Exchange
Baltimore Stock
Sale
Municipal Dept. CGO. 521
m.
Nat'l Tower Bldg 0%sl944
---
Last
Exchanges
TelPtune
Trading Dept. CGO. 405-406
Feb.
Feb. 18 to Feb. 24, both
SECURITIES
Listed, and Unlisted
Ask
1%
350
1%
jan
*
2%
7a
J&n
5%
5%
500
5%
Jan
6%
Jan
417
14%
Jan
20%
Jan
22%
94%
60%
Inland
Steel Co cap
*
International Harvest com*
Jan
20%
50
19%
Jan
91%
10
79%
Jan
57%
mmmmmm
15%
20%
91%
58%
282
Jan
4%
17%
23%
17%
52%
2%
15%
21%
17
Jan
Shawmut Assn TC
*
10%
10%
10%
456
9%
Jan
Stone & Webster
*
15%
14%
831
13%
Jan
10%
17%
Torrington Co (The)
Union Twist Drill Co
*
24
24
15%
24%
471
22%
Feb
25%
Jan
5
18
17%
18%
285
17
Feb
23
Jan
81%
80%
81%
544
78
Feb
85%
Jan
Jarvis (W B) Co cap
Jefferson Elec Co com
*
18
60c
18
18
65c
200
18
625
60c
Feb
Feb
75c
19%
Jan
Feb
Joslyn Mfg A Supp com..5
45
250
7%
7%
125
45
Feb
7%
39%
Jan
Jan
44%
45
7%
Feb
Katz Drug Co
4
650
5%
United Shoe Mach Corp.25
Utah Metal & Tunnel Co.l
Waldorf System
*
6%
Jan
Interstate Pow $6 pref.
*
Iron Fireman Mfg Co vtc*
„
5
.
1
17%
23%
1
com
Kentucky Utll Ir
6% preferred
81%
..
For footnotes see page
1151.
82
$2,000
81 %
.Tan
84
•Tan
70
300
250
23%
Jan
Jan
Jan
1
rnmmmmm
Kellogg Switchboard com.*
Bends—
Eastern Mass St Ry—
Series A 4%r—
..1948
5
Kerlvn OH
com
cum
pf.50
5
.
.5
5
4
Jan
26
4%
Jan
Feb
Feb
Jan
Jan
—
800
5
Feb
34%
35
150
29
Jan
35
Jan
86
35
1Q0
A
4
5
17%
86
30
69%
Jan
86
Feb
1,50
3%
Jan
3%
3%
6%
3%
Jan
Feb
Volume
Financial
148
Week's Range
of Prices
Week
Kingsburg Brewing cap__l
5*
Le Roi Co
Lion Oil Ref Co com
Liquid
Carbonic
Jan
Jan
235*
245*
283
V*
X
13
*
Magnavox.
30
Jan
31
Feb
2 V*
2V*
55V*
56V*
216V* 216V*
15
National Pumps.
25
20
22
Jan
25
Jan
P
A
G.
565*
8% preferred..
100
100
Jan
8
Jan
545
5 V*
Jan
Randall A
4 V*
Feb
6V*
5V*
Jan
100
Jan
Rapid..
__*
300
17 H
Feb
20
Jan
U S Playing Card.
.10
30V*
18V*
Jan
US Printing..
18
15*
IV*
14V*
40
16 5*
Feb
300
1 V*
115*
Jan
165*
165*
*
15
14
3,500
*
...
Feb
X
Jan
V*
Jan
1?*
Jan
2 V*
Feb
Jan
56 V*
Feb
215V*
Feb
Feb
'
1
19
14 V*
Jan
8
16
*
24 V*
Jan
53 V*
216 V*
175
75*
Feb
11
Jan
57
27V*
Jan
315*
Feb
Feb
IV*
Feb
75*
65*
205*
16
75*
55*
45*
17V*
*
com
2
20
High
Low
Shares
.2.50
100
7V*
*
com
Marshall Field
Jan
24 X
*
5V*
18
*
Loudon Packing com
5*
Week
4V*
75*
5V*
com...*
Range Since Jan. 1, 1939
for
of Prices
Low
High
Price
Par
Kroger
31
25*
"
10
com
Printing
25*
Jan
X
2V*
(Concluded)
31
31
Libby McNeill A Libby..*
Lincoln
300
Stocks
High
Low
Shares
X
X
25*
I^wbeck 6% cum
pref.100
pref
*
High
25
La Salle Ext Univ com...5
Leath A Co cum
Low
Price
Week's Range
Sale
for
Sale
Par
Last
Range Since Jan. 1, 1939
Last
Sales
Friday
Sales
Friday
Stocks (.Concluded)
1149
Chronicle
298
301*
IV*
IV*
1
30
16
Feb
Jan
15*
JaD
15
Feb
Jan
65*
6V*
80
6 V*
Jan
8
1
4V*
4V*
4V*
350
4 V*
Feb
5V*
Jan
*
27 V*
27V*
27 V*
350
26 H
Jan
28 V*
Feb
35*
35*
50
35*
Jan
4 V*
Jan
75*
7%
3,650
7
Jan
85*
Jan
V*
X
300
V*
Jan
V*
Jan
V*
X
10
V*
Jab
Feb
Feb
5*
Jan
1
IV*
Jan
Jan
3
Feb
Jan
9
Feb
Jan
22
Jan
McCord Rad & Mfg cl A_*
«
M
Mer & Mfrs Sec-
Class A
common
Prior preferred
*
Mickelberry's Food Pr com 1
Middle West Corp cap
5
7X
Midland United Co com..*
«• »
-
Midland Util 6% pref A 100
100
6% prior lien pref
X
X
20
X
V*
; x
7% prior lien pref.__100
Miller A Hart
170
5*
X
3
10
1
9
9
9
100
20
20
20
50
25*
25*
50
25*
Feb
25*
com
Monroe Chemical
com
48 V*
515*
1,813
44 X
Jan
51V*
Feb
32
150
30 X
Jan
32
Feb
Jan
19V*
GILLIS l<J RUSSELLco.
Feb
515*
Jan
pref..*
Minneapolis Brew
ModlneMfgcom
Members Cleveland Stock Exchange
Jan
3
*
conv
Ohio Listed and Unlisted Securities
*
2
7X
19
Union Commerce
Montgomery Ward—
Common.
*
National Battery Co pref.*
National Standard com. 10
31V*
31V*
17V*
150
17
Noblitt-Sparks Ind com..5
24
H
24 V*
24>*
550
21
2H
2V*
2V*
600
11V*
11V*
50
North Amer Car
17V*
North 111 Finance com
*
85*
85*
16V*
.
Parker Pen
90
13
Jan
18
Feb
40 V*
Jan
47 V*
Feb
19V*
215
155*
Jan
19V*
50
12
Feb
12
Feb
Apex Electric Mfg.
14
150
13 X
Feb
155*
Jan
Brew Corp of Amer
*
X
15V*
Jan
City Ice & Fuel
Jan
Clevel Cliffs Iron pref
Peoples G LtACoke
5*
50
X
Jan
14V*
150
13 V*
Feb
Pines WInterfront
100
22
22
22 X
163
20
Jan
«.♦
19
19
19
820
17
Jan
General Tire & Rubber..25
22V*
21V*
23V*
23V*
165
Jan
5V*
Feb
Cleve Railway
Jan
24f*
Jan
Cliffs Corp v t c
39V*
557
Jan
40 V*
Feb
Eaton Mfg
*
Feb
X
Jan
Jan
16 V*
Jan
Goodrich (B F)
...»
20 V*
Jan
V*
Jan
Goodyear Tire A Rubber.*
31V*
21V*
33V*
300
215*
20 V*
31V*
215*
31V*
Feb
X
14V*
Jan
Jaeger Machine
*
18
19
145
155*
Jan
Jan
450
Feb
Kelley Is Lime & Tran
*
13V*
13V*
268
13 V*
14V*
151X
Feb
167
Jan
45*
Jan
50
13V*
3%
Feb
Jan
122 V*
Jan
122 V*
10 X
113 V*
Feb
450
19
115*
19
liv*
Jan
2
Jan
119Vl
117
152
700
151V* 152
■
*
„
«
•
«
-
T.
iov*
18
185*
150
30
15V*
w
-
Jan
9V*
Jan
Jan
74 V*
Jan
Feb
17V*
Jan
15V*
19V*
Jan
105
Jan
106
Jan
Jan
12}*
80
400
Jan
155*
Jan
73
765
Jan
75
Feb
1X
3 V*
2V*
Jan
Jan
3 V*
50
Jan
3 V*
Jan
641
26
Jan
11
Jan
29 V*
11
Jan
50
105*
11
Jan
9 J*
Feb
5V*
100
BX
Jan
12V*
6V*
Feb
8V*
250
8
Jan
8 V*
275*
302
26 X
Jan
28 V*
19V*
35*
1,250
18V*
Jan
19 V*
Jan
3V*
13 V*
3.50
13
Jan
81
400
100
.
Jan
«►»
L
319
12V*
440
9X
Jan
93 V*
191
90 X
Feb
1125*
Jan
15*
+
835*
115*
12 V*
Air Lines Tr cap.5
U 8 Gypsum Co com...20
15V*
905*
13V*
90 V*
m
Union Carb A Carbon cap *
15*
200
IX
Jan
2V*
150
1X
15X
16 V*
Jan
IV*
*
17V*
*
18 V*
185*
Jan
31
50
31
Feb
Medusa Portland Cement *
16V*
15 V*
15 V*
44
15
Jan
60
60
10
60
10
245*
*
Met P Brick 7% cum pf 100
Midland Steel Products..*
24V*
24V*
Monarch Machine Tool..*
20
20
20 V*
Feb
160
98 X
Jan
245*
1195*
50
8X
Jan
9
400
4 X
Jan
5 V*
Seyb Rubber 8 % cum pf 100
67
Thompson Products Inc..*
27V*
.1
Troxel Mfg.
200
4 V*
Feb
-
79 V*
13
77 X
Jan
16V*
J'-
18
18
2,000
15V*
Jan
22 V*
'
108 J*
Jan
111V*
Jan
BUILDING, CINCINNATI,
Last
Buhl
Jan
Jan
62
35
Jan
Jan
70
Feb
Jan
275*
Feb
Jan
V*
V*
Jan
4V*
Jan
iov*
28
10 V*
Feb
10 V*
Feb
iv*
47
100
IV*
IV*
Feb
15*
Jan
20
455*
Feb
3
40
4
4
4
Feb
47
Price
DETROIT
Detroit Stock
Feb. 18 to Feb. 24, both inclusive,
Exchange
compiled from official sales lists
Sales
Par
Week's Range
for.
Sale
__5
Continental Motors
of Prices
Low
High
Detroit Edison com
5
Det-Mlch Stove
Exchange
Week's
Range
of Prices
High
.
26
990
22 V*
Jan
V*
31V*'
17
17
200
16 V*
Jan
18 V*
Jan
2V*
com
IV*
74V*
IX
450
77V*
77X
1,705
3
3X
220
2X
150
,98c
2 V*
95c
98c
1,100
118V* 120
IV*
IV*
IX
IX
IX
IX
13'
13V*
194
"i'x
1
13
225*
1
.
"14X
General Finance com
1
Goebel Brewing com
Range Since Jan. 1, 1939
for
Week
High
Low
1
35c
...3
"~2V*
17
17
25
1
20
1
50
10 X
1
Jan
Feb
17V*
1
Jan
Feb
Houdallle-Hershey
A
2
*
106
2
15
IX
Jan
2
Feb
Kurd Lock A Mfg com___l
IV/
_*
IX
74
IX
Feb
IV*
Jan
Kingston Prod com...
106 V/
106
2V*
Cincinnati Street Ry
~92~
91
13
13
232
53
103 x
Jan
107
147
13
Jan
14
Jan
107
Feb
107
40
8X
Jan
20
4X
Jan
Feb
120
38 X
3
iov*
115*
38 V*
3
Feb
25
iov*
Jan
40
Lakey Fdy A Mach com
10 V*
Feb
Mich Salica
4V*
Feb
McClanahan Oil com
Feb
Mich Sugar com
3
14V*
112
5
110
Feb
112
Jan
Mich Sugar pref
11
11
10
11
Feb
14
Jan
Micromatlc Hone com
27 V*
27 V*
20
25V*
Jan
27X
.*
9
150
9
Feb
9
X
*
■
1151.
V*
26
V*
38 X
*
i
Feb
39 V*
22
34 V*
Jan
XX
8 V*
50
8
Jan
.
McClanahan Ref com
Jan
.
Masco Screw Prod com
Feb
38
112
Sport Products..
10
23V*
80c
Jan
112
Feb
Jan
'4
2 V*
99c
120
Ian
Jap
Jan
Jan
Feb
1V*„
Jan
IV*
Jan
2
Feb
2 V*
Jan
Feb
13 V*
Feb
Jan
335
13
Feb
Jan
Feb
IV*
740
18 V*
Jan
235*
IV*
IV*
Jan
14V*
1,262
6 V*
Feb
Feb
145*
Feb
5 V*
365
5 V*
7 V*
2V*
820
2 V*
35c
525
2 V*
2 V*
Jan
Jan
100
30c
200
V*
IV*
•
1
Jan
Jan
Jan
Jan
2 5*
Jan
25*
Jan
40c
Feb
100
14
Feb
16
Jan
100
31
Feb
31
Feb
12 V*
Jan
17
1,200
60c
Jan
76c
Jan
300
IV*
Feb
25*
Jan
100
50c
Jan
55o
Jan
23 V*
754
20 V*
Jan
23 V*
Feb
IV*
350
1
Jan
15*
Jan
Jan
35*
Jan
Jan
2 V*
Jan
14
31
13V*
14 V*
1,098
63c
68c
2 V*
50c
22V*
IV*
3V*
3V*
410
2 V*
2V*
2V*
125
15*
Jan
Feb
9X
3
*
40
100
*
..1
Kresge (S S) com
Lasalle...
4V*
38 X
...
Kinsel Drug com.
Jan
Feb
9X
4V*
Feb
3
92
4X
*
107
Jan
Jan
2V*
88
5
13V*
107
100
106
2X
92
„
Feb
IV*
50c
68c
1
2 V*
2 V*
Jan
Jan
IV*
2
14V*
1V*
82 X
850
31
*
Jan
Jan
500
14
B.__
'
Jan
Jan
950
22
Grand Valley Brew com__l
Gar Wood Ind com
Shares
1
...
IV*
68
Jan
855
1
21**'
IV*
11V*
5V*
2X
2X
Fruehauf Trailer
Jan
2
300
2X
1
Frankenmuth Brew com.
6V*
7%
2V*
IV*
..3
.
7X
2V*
I
„. _
Ex-Cell-O Aircraft
7
24 X
1
.5
High
Low
17
1
com
Week
26
7X
100
Det Gray Iron com
O.
Range Since Jan. 1, 1939
Shares
Price'
1
com..
Crowley Mllner com.....*
Det A Cleve Nav com
10
compiled from official sales lists
Low
American Products.
*
.
New York Curb Associate
Chicago Stock Exchange
Telephone: Randolph 5530
Hoskins Mfg com
For footnotes see page
21
Building
\
Chrysler Corp com
Sales
Sale
Kahn 1
225
Jan
Feb
12V*
Members
Briggs Mfg com
*
Burroughs Add Mack.-—*
Teletype: OIN 68
Friday
Hobart A
27V*
27V*
Exchange
Feb
„
New York Stock Exchange
Feb. 18 to Feb. 24, both inclusive,
Early A Daniel pref
50
Feb
26
Watling, Lerchen & Co.
New York Stock
Durham
Dow Drug
149
76
Last
110V* 111V*
Cincinnati Stock
Dayton Michigan
67
„
45V*
Det Steel Corp com
Eagle-Picher
30
Youngstown Sheet & Tube*
Det Paper Prod com
*
822
Friday
111 V*
DIXIE TERMINAL
,
31
X
Feb
22
15
Feb
Jan
Telephone: Main 4884
Crosley Radio
Feb
iov*
Warren Refining.
Jan
78 V*
55*
79 H
Cincinnati Stock Exchange
Crystal Tissue
5*
*
__2
Union Metals Mfg..
Jan
45*-
Members
Cln Union Term pref
700
Jan
5V*
15*
Jan
W. D. GRADISON & CO.
Cln Union Stock Yard—*
X
22X
12 V*
65
31
Brown McLaren...
50
Jan
30 V*
._*
Richman Bros
Burry Biscuit com._.12V*c
pref.... 100
50
Jan
IV*
Jan
,
Cincinnati Listed and Unlisted Securities
Cincinnati Telephone
Jan
4
308
X
Otis Steel
Baldwin Rubber com—.1
Ball Crank com
20
IX
22
*
Stocks
Burger Brewing
21
44
_.*
Ohio Brass B
S
Mach
Feb
Jan
5
8V*
Bonds—
Par
245*
125
Detroit Stock Exchange
45*
Woodall Industrial com..2
Stocks—
Feb
■
Jan
167
21
45*
5
Wlscon Bankshares com..*
Commonw Edison 3f*s '58
Feb
4 V*
*
Nestle LeMur A
Jan
Feb
4V*
IX
25
National Tile
Jan
16 V*
60
11V*
National Refining
Jan
Jan
8 V*
*
Zenith Radio Corp com..*
70
1,300
108V* 110V*
W'house El A Mb? com. .50
Wrierley (Wra) Jr (Del)..*
36
31
Feb
Jan
18V*
18
205*
Western Un Teleg.corn. 100
com.1.
14
31"
Feb
Jan
15*
IV*
17V*
17V*'
preferred..7
Wieboldt Stores Inc
Feb
Jan
Feb
Util A Ind Corp—
com
11
'
Trane Co (The) common.2
Walgreen Co common
Jan
35*
75
*
McKee (A G) B
Jan
81
„
11
Jan
13V*
117
11
*
Feb
Jan
3V*
35*
Leland Electric
Feb
Feb
18V*
19V*
Lamson & Sessions
94
Jan
35*
25
Thompson (J R) com...25
Utah Radio Products com *
Feb
66 J*
10 V*
100
26 V*
8
15
Swift A Co
25
Jan
265*
8 V*
Sunstrand Mach Tool com5
Swift International.,
Jan
J*
9V*
5J*
iov*
5
10
com
2
3 V*
•
*
Stewart-W arner
Jan
Jan
26 V*
11
.
26 V*
25
com.
2
2
2
Standard Dredge com
1
Standard Gas & Elec com. *
11
8
200
Jan
X
'
23
667
105V* 105V*
13 V*
16V*
75
745*
Jan
Feb
1X
100
8V*
725*
Xv
100
10
4,300
25
8
705*
_.._2
Standard Oil of Ind
2V*
25
-
«. «,
105V*
X
20
10
iov*
„
*
com
50
X
X
Co
Hatfield...
Feb
X
11X
2
Fyr-Fyter A
Feb
100
1
Gibson Art
23 V*
,100
com
com
Cln Gas A Elec
Feb
X
St Louis Nat Stockyds cap*
Cln
Jan
22 V*
60
22 V*
23 V*
.
5*
10
Southw G & E 7% pref.
Amer Laundry
V*
13V*
So Bend Lathe Wks cap. .6
Pump
56
3%
5
10
Slgnode Steel Strap
Convertible
Feb
182
X
Sears Roebuck & Co com.*
Viking
Jan
59
V*
Schwitzer Cummins cap_.l
United
Jan
23 V*
57 V*
18 X
34
1X
6% preferred vtc
Reliance Mfg Co com
Storkline Furn
60
59
150
Raytheon Mfg—
(A)
Feb
Feb
*
*
13V*
,
100
Stein A Co
Jan
iov*
.1
Preferred
Spiegel Inc
7 V*
Jan
10
1
Quaker Oats Co common.*
Sangamo Electric
Jan
148
206
Feb
65*
245
7V*
Jan
10
355*
*
_
..
Car
Rollins Hos Mills
7X
High
8 V*
8
25
8
10
55*
1
com
Poor A Co class B
Steel
8
Low
Shares
Low
Feb
Potter Co 'The) com
Pressed
Price
10
205*
5
100
cap
of Prices
High
*
Range Since Jan. 1, 1939
for
Week
Feb
12
Par
Stocks-
19V*
5U
20 H
50
Week's Range
Sale
130
5*
Penn Gas A Elec A com..*
Penn RR capital
Last
15
14V*
1-«.
Sales
Friday
•
13V*
10
Exchange
both inclusive, compiled from official sales lists
Jan
17V*
Jan
OLEV. 565 & 566
& T
T
Cleveland Stock
Feb. 18 to Feb. 24,
44
Peabody Coal B com...,*
_
14 X
A
Feb
12
.10
Penn F,1 Switch conv A.
,
7
Jan
18V*
im
*
com
9
Jan
V*
14
100
Omnibus Corp vtc com..*
Ontario Mfg Co com.
12
43 V*
15
100
preferred
11
100
Northwest Util—
Prior lien pref
3
Jan
Jan
26
Jan
2X
400
16 V*
Northwest Bancorp com..*
Northwest Eng Co com..*
7%
Jan
Feb
'
20
com
Building, Cleveland
Telephone:OHerry 6050
Jan
i
—
1
83c
80c
83c
620
75c
Jan
85c
Feb
.1
20c
19c
21c
3,100
19c
Feb
30c
Jan
1
96c
96c
Feb
—
1
Jan
2X
1,161
40c
300
40c
Jan
50c
Jan
2 V*
120
2V*
Jan
2 V*
Jan
2V*
2V*
100
2
Jan
2 X
Jan
78c
400
Jan
15*
Jan
6 V*
Jan
4
Jan
8V*
41*
Jan
IV*
IX
IV*
IV*
6 V*
7X
730
4 V*
4
4 V*
1,811
_.*
42
42 V*
331
40 V*
Jan
42
Parker Rust-Proof com 2.50
17
17
100
15V*
Jan
18
Mid-West Abrasive com50c
.10
Feb
Murray Corp com
V*
Feb
Packard Motor Car com..*
40X
RX
Feb
Parke Davis com.
Feb
9
75c
96c
40c
2 V*
*
..10
'
V*
Jan
Feb
fan
Financial
1150
Week's Range
of Prices
Last
Sale
Par
(Concluded)
Reo Motor
com
Standard Tube B com
1
—
..
«,
2
»
Timken-Det Axle com.. .10
2?*
Jan
7X
Jan
\%
3X
Feb
Jan
Standard Brands, Inc.—.*
Standard Oil Co (N J).. .25
25)*
23*
Jan
Studebaker Corp—
Jan
Swift A Co
Jan
Texas Corp (The)
Jan
Jan
Jan
2
850
327
Jan
13?*
71?*
12?*
Jan
18?*
3)*
*
70?*
12 X
18)*
7X
a 100
al6
7X
350
18?*
42?*
19
a
43?*
12?*
a242
a
43?*
a40
42 H
Jan
51?*
Jan
61?*
582
56
Jan
69
Jan
5?*
490
5X
99 H
Jan
63*
Jan
Jan
1203*
Jan
*
2?*
2?*
1,500
Feb
United States Rubber Co 10
1
13*
1
\x
1,980
1
Jan
U S Steel Corp
61?*
61
2)*
1?*
Jan
1)*
2*4
Jan
Wayne Screw Prod com —4
Wolverine Brew com... —1
Feb
Warner Bros Pictures
m
5
20C
Feb
Westlnchouse El & Mfe.50
Warner Aircraft com...
Young Spring & Wire..
—
2H
23*
18c
20c
1,900
15c
Jan
16?*
.*
..
100
.
16?*
150
163*
Feb
19
*
5
HI
Feb
90?*
41?*
81H
40?*
46?*
82 X
41X
47)*
Jan
Feb
Jan
81H
United Aircraft Corp——5
...
Jan
Jan
47)*
12?*
F'eb
Union Carbide A Carbon. *
Feb
B—
Jan
Feb
Jan
4?*
2?*
Jan
Jan
Jan
Jan
12 %
55c
Jan
1,417
Jan
8?*
19M
34X
12?*
Jan
2?*
1)*
3
60
81?*
12?*
43c
100
-
Jan
Jan
140
Tide Water Assoc Oil...10
950
-
m.m.
Jan
Feb
Jan
a 30
Jan
51c
4?*
23*
3
*1
123
Jan
74X
13?*
23?*
7X
330
2?*
50e
J
—
„
Jan
48?*
4?*
—
Jan
16?*
6H
48?*
73*
18X
43X
6?*
4?*
Universal Cooler A
1
—
Tom Moore Dlst com..
12X
48 X
7
♦
Tivoll Brewing com
112
a
7X
..25
High
Jan
a20
18 X
7X
19
;
Low
69 H
48)*
.
1
25
Range Since Jan. 1, 1939
a82
71?*
12?*
183*
Socony-Vacuum Oil Co..15
Southern Ry Co
*
1?*
243*
14?*
14?*
2?*
Sears Roebuck & Co
3
400
251
2X
Feb
Feb
7
400
3
25
High
83*
Jan
7X
IH
100
1H
3
Stocks (Concluded)
Jan
610
25
3
Low
302
7
1?*
2
—
8
7
.1(1
com....
Shares
IX
—6
—
Rickel (H W) com....
Scotten-Dillon
1?*
7
*
_
Range Since Jan. 1, 1939
for
Week
High
7H
Penln Metal Prod com. —1
Pfelffer Brewing com..
Low
Price
*
Parker Wolverine com.
Sales
Friday
Week's Range
Last
for
Week
Sale
of Prices
High Shares
Par Price Low
Sales
Friday
Stocks
Feb. 25,
Chronicle
41?*
47 X
a80
110?* Ill
Jan
Jan
Established 1874
Members
New York, Stock Exchange
MEMBERS
Philadelphia Stock Exchange
New York Stock Exchange
Lot
New York Curb Exchange (Associate)
Chicago Board of Trade
Angela* Stock Exchange
PHILADELPHIA
San Francisco Stock Exchange
NEW YORK
1618 Walnut Straet
Los Angeles
523 W. 6th St*
Los
Feb. 18
Philadelphia Stock Exchange
Angeles Stock Exchange
Feb* 18 to Feb. 24, both inclusive, compiled from official sales lists
Week's Range
fit
Sale
Par
Stocks—
a
t
Last
Low
Price
Low
Shares
High
*
Broadway Dept Store
Central
Chrysler
Investment... 100
.
5
Corp
Consolidated Oil Corp...*
5
Consolidated Steel Corp— *
Preferred...
*
2
Feb
23
15
67 H
Jan
a 160
8X
Jan
100
5
388
8
Jan
74?*
a30
63?*
Jan
10 X
680
Jan
7 *A
440
1
67 Xc
60c
2,950
General Motors com....10
.48?*
48?*
401
9?*
,7?*
57)*o
43?*
53*
8?*
100
5
8?*
Emsco Derrick A Equip..5
Exeter Oil Co A com
7?*
51*
Golden State Co
8
*
53*
800
Jan
Budd Wheel Co
Chrysler Corp.
5
Jan
Curtis Pub Co common._*
Jan
Electric Stor
10?*
13)*
156?* 158)*
120?* 121?*
6)*
6?*
4%
4?*
74 H 76)*
5H
5)*
29 H
30
47
49?*
*
Jan
Jan
General Motors
Lehigh Coal A Nav
Jan
Lehigh Valley
F'eb
Nat'l Power & Light
103*
Jan
Jan
673*o
503*
53*
F'eb
8?*
49
*
8x
Jan
1
Pennroad Corp v t c__
IX
20?*
Jan
Pennsylvania RR
Jan
'—.50
F'eb
34
40 X
40?*
260
1.16
1.15
1.20
2,090
95o
Jan
1.40
Jan
13*
IX
a50
1?*
Jan
23*
Jan
10c
10c
10c
Jan
38
Jan
39
Jan
42
Feb
1,000
34)*
23*
36?*
2?*
1,207
2%
4X
4%
4X
43*
4X
4%
8c
8c
8c
Los Angeles Investment. 10
Men as co Mfg Co
1
Nordon Corp, Ltd
—,
,—1
-
.
12c
Jan
F'eb
Unlon Traction
Feb
Feb
Feb
3?*
3?*
10c
Jan
Jan
"•
Jan
Jan
1
70c
70c
75c
400
76c
Feb
85c
Jan
Westmoreland Inc
1
25o
25c
25c
400
25c
Feb
30c
F'eb
UH .10?* MX
31
31*
313*
323*
32?*
32)*
32
30?* 32
46?*
45?* 46?*
1,406
10?*
28?*
31?*
Jan
6% 1st pref.,
25
Pacific Indemnity Co...10
Pacific Lighting Corp com *
Republic Petroleum com. 1
5M% preferred
.50
Richfield Oil Corp com..
Roberts Public Markets
33*
35?*
9
3
435
a25
Jan
32
Jan
Feb
Jan
445
Feb
6)*
30?*
51
Jan
Jan
3?*
Jan
4H
10
Jan
5 J*
Jan
8x
138
Jan
8?*
Feb
1?*
3,145
1H
20?*
l'il 52
18?*
116?*
29 X
■
Jan
3X
•
119
85
337
Jan
2
Jan
Jan
24)*
119)*
Jan
30?*
30)*
3)*
63
33*
Jan
6?*
48
163
6)*
Feb
19
45?*
34?*
Jan
Jan
31
37
X
250
X
364
2?*
3 3*
36?*
13)*
105
5,303
115 3*
238
7X
30
$4,000
3X
37 H
12?*
*
114)*
114
...*,
.
.*
7?*
9?*
Jan
Jan
Jan
Jan
3?*
7?*
Jan
48?*
Jan
37
Feb
Feb
%
: Jan
%
1)*
Jan
Jan
3
Jan
2H» Jan
Jan
750
2?*
Jan
3?*
.44
31?*
11?*
Jan
37)*
Feb
Feb
Jan
13)*
Feb
84
111?*
7?*
Jan
86
93*
Jan
5?*
Jan
Jan
116
Jan
8)*
10
Jan
Jan
.
Bonds—
Elec & Peoples tr ctfs 4s '45
Jan
.....
7X
Jan
Feb
Jan
Feb
36
Jan
103*
43*
Alton, III.
Jan
Tulsa. Okla.
Jan
8X
,
84 H
&M
28?*
Feb
45X
35?*
20
700
9.
Jan
Jan
2?f
200
35?*
Jan
273*
al67
3-X
353*
83*
43*
123*. Jan
Feb
313*
Jan
323*
42
1,055
.an
80
X
*
Westmoreland Coal
Pacific Gas & Elec com..25
„an
4 3*
66 X
Jan
he
United Corp com....—..*
Preferred
*
United Gas.Impt com
Preferred .........
Oceanic Oil Co
10
5)*
50
2)*
2%
36?*
12)*
...50
Pacific Distillers Inc
Pacific Finance com.
Jan
Feb
Feb
Feb
Feb
Jan
2?*
4?*
7)*
Transit Invest Corp pref—
Jan
F'eb
228
$X
121?*
8)*
355
33*
63*
47?*
36?*
47?*
2?*
4?*
5X
Jan
23*
6,432
1,000
250
30 J*
Ph lladel phia Trac tion... 60
36?*
9c
700
26
Jan
Jan
42 ?*
19)*
Tacony-Palmyra Bridge,..*
Tonopah fining
1
30?*
'
36?*
119 X
15
118
Scott Paper.
Lockheed Aircraft Corp.. J
Los Ang Industries Inc...2
149?*
139
1,041
I
Phila Elec Pow pref
25
Phila Rap Trans 7% pfd.50
403*
Lincoln Petroleum Co.. 10c
65?
13)*
158?*
3
8
Phlla Elec of Pa $5 pref... *
Holly Development Co—.l
Hupp Motor Car Corp
3
•1H
/an
4H
.T._50
Hancock Oil Co A com...*
a261
High
8H
3
*
——
Goodyear Tire & Rubber.*
34
Low
5,966
Jan
Feb
29?*
....10
—
8?*
31?*
■
Range Since Jan. 1,1939
Week
•
63*
Battery..100
Jan
•
Feb
"
Globe Grain A Milling. .25
Jan
Beli Tel of Pa pref—.100
Budd <E G) Mfg Co
*
173*
833*
93*
63*
9X
79 X
103*
Feb
83*
157 H
Jan
.
Jan
233
...100
Amer Tel & Tel
Jah
75c
8
Feb
6?*
250
11X
2?*
Feb
200
Shares
Price
—.*
Stores
5X
Jan
3?*
62>*c
100
5
8X
72)*
10?*
74 H
gouglas AircraftCorp.
lectrlcal Prods Co——.*
350
4X
4%
623*c 623*C
2X
2X
6H
6X
15?* 15 X
79 x 793*
8H
8?*
Berkey & Gay Furn Co— 1
Bolsa-Chlca Oil A com.. 10
for
of Prices
Low
High
High
American
Bandlni Petroleum Co. — 1
Par
Stocks—
Week
Week's Range
Sale
Range Since Jan. 1, 1939
for
tvod
Sales
Friday
Sales
Last
80 Broad Street
.
Teletype L.A. 290
Feb. 24, both inclusive, compiled from official sale* lists
to
& Townsend
DeHaven
Wm CAmLIER & Co.
2
4H
4)*
200
Ryan Aeronautical Co—.1
Safeway Stores Inc...
„*
SecurltyCoUnlts olBenlnt.
7 3*
6?*
7)*
7,865
33*
53*
Feb
37%
37?*
37?*
a55
29)*
Jan
39
27"
27
27
26
Jan
Jan
Shell Union Oil Corp.....*
13 %
13?*
28)*
133*
FRANCIS, BRO. & CO.
Feb
Sierra Trading Corp...25c
<
Feb
Jan
73*
13?*
a20
5c
1,000
5c
Jan
6c
300
27)*
J an
23
Jan
Signal 011 & Gas Co A..^
30
30
30
So Calif Edison Co Ltd—25
25
243*
25)*
2,812
6% preferred B
25
5 3* % preferred C.—.25
Southern Pacific Co... 100
29
28?*
29
•
123*
Jan
27)*
273*
28?*
.27)*
Jan
27 J*
1.171
244
17M
27 *
16?*
17?*
655
15)*
Jan
Standard Oil Co of Calif..*
541
27
Jan
m
41H
100
23*
39)*
63*
183*
13?*
3?*
Jan
Jan
2)*
1
25
Transamerica Corp......2
Union Oil of Calif. .——25
Universal Consol Oil——10
Wellington Oil Co of Del.
.
'
6X
18?*
183*
.14?*
14?*
3J*
4
1
100
2,535
670
14?*
a
Black Mountain Consol 10c
Calumet Gold Mines...10c
20)*c
9?*
20)*c
lc
lc
Imperial Development-25c
l)*c
l)*o
9c
9c
9c
3c
3c
3c
al5
l)*c
l)*c
ZendaGold
.
1
..1
.
15
Amer Tel & Tel Co....100
Anaconda Copper
.50
Atlantic Refg Co (The). .25
Aviation Corp (The) (Del)3
Bendlx Aviation Corp....6
Borg-Warner Corp
...5
Caterpillar Tractor Co
Columbia Gas & Elec Corp*
Commercial
Solvents
*
Commonwealth & South.*
Curtlss-Wrlght Corp
1
FOURTH AND OLIVE STREETS
MEMBERS
Jan
New York Stock Exchange
Jan
Jan
N. Y. Curb Exchange (Associate) *
Ne# York Cotton Exchange
Jan
N. Y. Coffee A Sugar Exchange
Feb
43
Jan
Feb
7X
19?*
15?*
Jan
F'eb
St. Louis Stock
Jan
10
Friday
300
Jan
Last
Week's Rangi
for
5c
Jan
Sale
Week
Jan
13*c
Jan
of Prices
Low
High
9c
Feb
10c
Jan
3o
F'eb
4c
Jan
22c
3,600
20)*o
Feb
14,000
lc
Jan
2,000
2,000
lc
2,000
,
43?*
157?*
28 M
21 *
7 3*
15
153*
44)*
156?* 157?*
283*
28?*
213* 21)*
J**
48 *
46
7
American Invest
Price
24)*
7X
13
1?*
7
17 3*
33
33
,40
33)*"
7
7
180
31 %
7
Jan
5
Feb
8X
Jan
Feb
Collins-Morris
1
7H
7H
,50
7)*
Feb
9X
Jan
Jan
Dr Pepper com
*
Jan
32)*
Feb
Jaa
Ely A Walk D Gds com.25
70
28 H
16
Feb
73*
Jan
149)*
Jan
375
26
a20
21?*
6?*
Jan
Jan
8?*
Jan
Falstaff Brew
Jan
29J*
F'eb
Griesedieek-W Brew com.*
25?*
48?*
a60
23 X
24 X
Feb
31
Jan
Hamllcon-Brwn Shoe
al25
42 X
Jan
47 X
Jan
7X
640
6X
Jan
Feb
Hussmann-Ligonier com.*
Huttlg 8 AD com
5
13?*
IX
a80
Jan
910
tox
IX
83*
12?*
Jan
23*
Feb
5?*
Jan
310
7
150
383*
22?*
•
Feb
32
16?*
1
com
com
Jan
Laclede-Christy Clay
Feb
Goodrich (B F) Co—
20?*
20?*
213*
18?*
Jan
24?*
Jan
Midwest Pipe com
*
Mo Portland Cem com..25
Jan
Nat'l Candy com
2d preferred
a64
8X
36)*
46?*
83*
Jan
125
a97
Jan
8?*
Jan
Nat'l Oats Co
Jan
43?*
Jan
463*
Jan
Jan
665
173*
Jan
Jan
St Louis Car
18)*
18?*
26
26
8?*
4
4
Radlo-Keith-Orpheum
*
*
1,300
7
2?*
22
For footnotes sec page 1151.
10?*
7
2
20?*
2?*
22
19)*
24?*
Jan
Sterling Alum
Feb
10
Jan
Stlx Baer & Fuller
4
Jan
43*
Jan
a57
7
Jan
8X
al5
10?*
22 X
110
4
14J*
233
8?*
10
Jan
13?*
Jan
a20
,
a85
762
Jan
6X
Jan
2
Feb
18X
Jan
Jan
8
Feb
com..
10
Warrants
Wagner Electric
15
Jan
Feb
Jan
Feb
7
Jan
Feb
12
Feb
Feb
m
Jan
47
Jan
50)*
Feb
30c
100
30c
Feb
30c
Feb
35
Feb
6
Feb
34?*
5?*
184
31 X
Jan
58
50
113*
230
9
9)*
85
5?*
103*
10?*
7?*
Feb
113*
7
90
75
18
73*
90
18?*
19
4%
4H
1063* 106 X
7 X
7%
110
Feb
Feb
113*
11)*
Jan
10
Feb
Feb
90
Feb
Feb
Feb
Feb
Jan
193*
4?*
Feb
5)*
Jan
7X
Feb
73*
Feb
2
200
10
10
10
12
10
Feb
6
6
6
200
6
Feb
6?*
Jan
6
6
85
5?*
Jan
63*
Jan
1.00
Feb
1.75
Jan
28
Feb
313*
Jan
24)*
Jah
30
Feb
~
1.08
com
10
834
50 3*
90
J
com-
8
11 J*
.
...»
com
11?*
10
18
52
30
1.08
1.08
20
28?*
29 X
613
28)*
28 3*
$1,000
13
Jan
Jan
2?*
Scullln Steel
5H
20
Jan
11
10
com
390
8
46
6?*
*
com
53*
11?*
33
33)*
Rice-Stlx Dry Goods com. *
1st preferred
100
19
50?*
223*
145
50)*
.....
100
34
185
30c
603*
...»
al84
8?*
10?*
553*
8
8
*
52
18?*
Republic Steel Corp...
52 X
26
*
a35
com
16?*
50
5M
11?*
53*
International Shoe com..*
Jan
403*
■
ios
8
Hyde Park Brew com... 10
Hydraulic Prd Brk com 100
Jan
323*
49
49 %
*
a207
Paramount Pictures Inc._
Jan
Jan
a46
73*
293*
"Jan
40
Radio Corp of Amer
Jan
Coca-Cola Bottling com.. 1
Columbia Brew com,
39?*
Packard Motor Car Co
Feb
20
Jan
40
19
Jan
Feb
34
173*
Jan
73*
27?<
48?*
17?*
30)*
53?*
158 X
443*
36
Feb
30
195
18?*
Jan
51)*
30
Jan
Jan
36 3*
High
Feb
Jan
37)*
37?*
Kennecott Copper Corp.
18
Low
27
14)*
24
Montgomery Ward & Co
New York Central RR_.
Nor American Aviation.
118
42
260
51?*
8?*
30
33?*
«65
a267
a50
521*
8?*
Range Since Jan. 1,1939
Shares
29)*
33?*
17)*
*
com
41
International Tel & Tel.
Sales
a70
43%
28 X
13?*
1J*
Par
Brown Shoe com.....,..*
Burkart Mfg com...
1
291*
25?*
7H
Stocks—
26 X
*
Exchange
Jan
93* Febb
9?*
41
Ohio Oil Co...
Teletype: St. L193
Jan
5
26?*
North American Co
«
St. Louis Merchants Exchange
Telephone: CHestnut 5370
26?*
Int Nickel Co of Can
.
St. Louis Stock Exchange
Jan
41
5
Chicago Stock Exchange
Chicago Board of Trade
Jan
Jan
General Electric Co..
General Foods Corp.....*
A
,
ST. LOUIS
Feb
Unlisted—
Amer Rad & Std Sanitary.
Amer Smelting & Refg
1877
Feb. 18 to Feb. 24, both inclusive, compiled from official sales lists
Mining—
Alaska-Juneau Gold.... 10
Tom Reed Gold
10
200
4
Jan
"
Jan
28 X
Sunray Oil Corp.
Superior Oil Co (The)
273*
23*
41?*
63*
18?*
Feb
32)*
253*
29?*
27X
21?*
.273*
2X
413*
63*
ESTABLISHED
INVESTMENT SECURITIES
Feb
6c
5C
20
Jan
25
Jan
Bonds—
t United Rys4s
1934
Volume
Financial
148
1151
Chronicle
Sales
Friday
Feb.
18 to Feb.
Sales
Last
Par
Week's
Sale
Stocks—
of Prices
Low
High
Price
Allegheny Ludlurn Steel._♦
Arkansas Natural Gas
Preferred
23%
47
14 34
1
"sys
1734
1634
1734
1,160
15
Sperry Corp
1
Standard Oil Co of Calif..*
46
275
3934
27 M
27%
28
2,152
2634
25
2534
530
21
Jan
500
Feb
Texas Consolidated Oil Col
30c
30c
36o
Jan
Jan
Thomas Allec Corp A
*
Tide Wat Assoc Oil com. 10
76c
76c
100
75c
Jan
85c
Jan
Jan
1234
1234
240
12 34
Feb
1434
634
634
9,833
634
Feb
7%
Jan
Jan
38c
40c
2,268
38c
Feb
55c
Jan
Jan
Feb
Jan
45c
Jan
60c
Jan
634
Jan
834
Feb
Union Oil Co of Calif
25
18%
295
1834
Jan
1934
378
1134
Jan
14
1834
13%
Feb
Union Sugar com
25
734
734
150
634
Jan
834
1.50
Jan
1.50
Feb
United Air Lines Corp
Feb
7234
Jan
Universal Consol Oil
834 " Jan
9%
Jan
Jan
65c
Jan
Victor Equip Co com
Preferred
20
4
2%
134
134
10
1134
50c
34
306
434
Jan
5%
Jan
Waialua Agricultural
700
2
Feb
3
Jan
134
Feb
134
Feb
Yellow Checker Cab
10
26
26
Feb
26
Feb
lc
lc
1,994
lc
Feb
lc
2634
135
Feb
2834
Jan
10%
11
400
Feb
1134
Jan
Feb
108%
Jan
Jan
934
Jan
1334
Jan
15%
141
334
Jan
4
Jan
834
834
120
834
Feb
9
"26""
Jan
26
250
25
Jan
290
40
285
Feb
300
Jan
150
32
32
20
29
Jan
32
Feb
...50
33
33
20
33
Feb
33
Feb
1534
15%
ser
Series 2.
102%
57
734
160
6%
34
250
Jan
3
8
Feb
8
Feb
2%
2%
100
2%
Feb
3
Feb
3134
25%
3134
70
3034
Feb
3334
Jan
Aviation Corp of Del
3
734
734
2634
242
24
Jan
3134
Jan
Bait & Ohio RR com._ 100
6%
634
108% 10934
75
9934
Jan
11834
Jan
Bancamerica Blair Corp..l
234
234
2734
2934
45
134
Jan
234
Jan
Bunker Hill & Sullivan 2.50
13
13
8
Shamrock Oil & Gas
1
United Eng & Foundry
5
2%
31%
Westinghouse Air Brake.. *
26%
Westinghouse El & Mfg.50
109 %
234
50
Jan
Unlisted—
1.34
__*
American Tel & Tel Co. 100
Amer Toll Bridge (Del).-l
Anaconda Copper Mln_.50
134
15%
Feb
1634
264
14934
Jan
15834
Feb
57c
1,000
38c
Jan
51c
Feb
a2834 02934
157%
135
2734
Jan
36
Jan
10
Jan
11
Jan
55c
57c
a29%
10
Exchanges,
which
Commercial
com..
111 Broadway, New
Cortlandt 7-4160
Italo Pet
13
Feb
Feb
72
Feb
1.25
200
<2734
4
100
12
834
834
834
200
8%
634
634
634
420
6
3734
3734
03934 04034
230
115
30c
100
30c
Jan
634
100
634
Feb
100
8
Jan
6
3734
*
a4034
30c
634
Mines.. 1
Week's Range
Last
Sale
Par
Range Since Jan. 1, 1939
for
Low
High
934
934
23c
1
20
$
934
Feb
10
Jna
100
Feb
27c
Jan
9
Jan
1034
Jan
434
leb
5
Jan
6%
Jan
734
17734
1434
Jan
1,240
7
6
Bank of California N A. .80
Byron Jackson Co
_*
20
Calamba Sugar com
"180""
180
*
1434
«.
California Ink Co cap.
270
30C
*
1634
25c
140
35
190
Jan
Jan
Jan
36%
Feb
334
200
334
Feb
4034
334
Feb
15c
1,400
12c
Feb
16c
Jan
4
Feb
4
Feb
534
17
Jan
.1734
Jan
Jan
Jan
21
Feb
U S Petroleum Co
Jan
VIca Co
1634
Jan
18
Ja,n
150
4934
49
Jan
50
Jan
35c
Feb
4834
Feb
8
Jan
Jan
Jan
19%
Feb
68
2034
Jan
22
Feb
6
18%
Jan
2434
Feb
.
a23
4
425
4
Jan
4
634
734
583
6%
Jan
8
Jan
5%
534
150
5%
Jan
6
Feb
534
641
4
JaD
534
Feb
734
534
Jan
Feb
24
120
2234
Jan
2534
1,106
23 34
Jan
24%
2534
Feb
29
29
28
J4
Jan
2934
Feb
0634
a634
25
a934 «a634
"a6%
2434
2434
2534
33
734
Jan
8%
Jan
a41 34
346
Jan
40%
Jan
75c
100
70c
Jan
75c
Jan
1,165
5534
Jan
69%
Jan
500
90c
Feb
1.00
Jan
425
5
Jan
534
Feb
a40
04134
75c
1
59
6234
248
63
90c
90c
534
35
r
Jan
30c
Jan
634
8
15
4
25
common
Jan
200
&50,
1934
o23
United States Steel com..*
Feb
35c
35
434
460
Feb
5034
Jan
22
4
United Aircraft Corp cap. t
Feb
47%
Jan
21
Studebaker Corp com____l
18%
105
8
8
8
1934
....25
Jan
30
4
4
*
*
'
04834 05134
5
534
a5134
25
Standard Brands Inc
Jan
9%
90
Schumach Wall Bd com..*
preferred
Jan
JaD
a3634 a36%
Riverside Cement Co A..*
6%
Jan
30c
^7
370
cap.20
20
Feb
335
17
49%
2034
1.000
30c
35
17
16
10
21
4934
50
...
260
17
35
Calif Packing Corp com..*
Preferred
14%
21
25
Mining
183
17
«
20
Preferred
Calif-Engels
734
42%
2.50
•
Atlas Imp Diesel Engine
Jan
Feb
5
Prpfprwd
38 34
Jan
Feb
Mountain City Copper._5c
So Calif Edison com
Feb
25c
14c
Feb
20
4
20c
355
9%
3734
1.90
Packard Motor Co com..*
560
23c
934
434
9%
Associated Ins Fund Inc. 10
170
934
Jan
1,408
Radio Corp of America...*
10
Jan
3534
2,670
3 34
Oahu Sugar Co Ltd
7%
30c
1
Onomea Sugar Co
Shares
High
Jan
2.05
a3634
North American Aviation 1
Week
of Prices
Low
Price
9%
25c
5
Corp
Feb
Feb
1.90
*
Nash-Kelvlnator
Feb
1334
30c
Montgomery Ward & Co.*
sales lists
Feb
Jan
1.95
Corp of Am com.l
I
Monolith Port Cem com..*
Sales
Jan
-
'
0834
.*
M J & M
Friday
9
6
Jan
7
160
1334
McBryde Sugar Co..
Feb. 24, both inclusive, compiled from official
56
a8
6
Feb
1.25
Jan
1.15
13 34
M Cons....
Feb
Jan
Feb
a8
Italo Pet of Amer pref.
Exchange
1,005
13
Kenn Copper com
Francisco Stock
Jan
*
Inter Tel & Tel com
Private Wire to own offices In San Francisco and Los Angeles
Jan
Feb
334
29%
"~1334
General Electric Co
Idaho-Maryland
834
634
Feb
72
Hobbs Battery CoB.....*
York
Jan
Feb
234
.1
*
Domlnguez Oil Co
Members New York Stock Exchange
634
634
2634
1.25
10
Solvents..
Consolidated Oil Corp
Curtlss-Wrleht Corp
Schwabacher Si Co.
220
200
1,526
634
5
Columbia River Packers..*
are
(2 P. M. Saturdays)
11
100
29%
"
Stock
50
0834'
072 34 07234
5
100
10
Cities Service Co
Coast
Pacific
until 5:30 P. M. Eastern Standard Time
10
a834
Anglo Nat Corp A com...*
Atlas Corp com..
•
5
Calwa Co com.
Jan
245
156% 15734
Am Rad & St Sntry
Cal Ore Pwr 6% pfd '27
on
Jan
Unlisted—
Bendix Aviation Corp
1
2734
26
634
102
*
Jan
290
2634
10%
100%
*
1
Jan
Feb
2634
10%
1334
Jan
330
334
334
Wells Fargo Bk & U Tr. 100
,
276
1434
334
14%
1
12
1434
5
10
234
26
634
5
434
2%
Transamerica Corp
__2
Tread well-Yukon Corp
1
200
2
Anglo Calif Nat Bank
Feb
30c
671
55c
25
Anglo Amer Mln Corp
Feb
Jan
Feb
6%
55c
Alaska-Juneau Gold
25%
600
234
Stocks-
46%
28 %
1734
1234
10
50c
8
to
Jan
Jan
Jan
5634
Super Mold Corp cap
8 34
*
Feb. 18
Jan
Jan
5
San
21%
934
25c
solicited
Jan
Jan
72
Ruud Mfg Co
Orders
Jan
33 34
1034
Reymer & Bros
open
1934
Jan
Jan
90c
Pennroad Corp vt c
46
Jan
Jan
5734
_
100
Southern Pacific Co
1534
32
Jan
80
Pittsburgh Screw & Bolt.
10
534
432
50
Pittsburgh Plate Glass.
3234
4534
1334
1,390
.
32 34
13%
50
152
9%
*
com
414
"3234
5
Jan
100
6%
1434
1.50
5
Pittsburgh Brewing pref.
Pittsburgh Forglnes
16
25
Soundview Pulp com
So Cal Gas pref ser A
12%
Jan
47 34
60
Mountain Fuel Supply..10
Phoenix Oil
150
Feb
_*
4 34% pref
1334
2%
6234
Penn Federal Corp
1334
1534
*
2734
934
Natl Fireproofing Corp
High
13%
com.
Jan
50
*
Koppers G & Coke pre! 100
McKinney Mfg Co
Low
Shares
Feb
20
305
234
1034
5
.1
Fort Pitt Brewing
Price
7%
1334
10%
Columbia Gas & Electric _*
Lone Star Gas Co
for
Week
45c
*
Duquesne Brewing Co
%
Par
of Prices
Low
High
234
23%
6%
*
*
High
Low
Shares
4734
1334
100
Blaw-Knox Co
_
Range Since Jan. 1, 1939
for
Week
234
Armstrong Cork Co
Byers (A M) com
Carnegie Metals Co
Shell Union Oil
2134
*
_
Range
Stocks {Concluded)
Week's Range
Sale
24, both inclusive, compiled from official sales listd
Friday
Range Since Jan. 1, 1939
Last
Pittsburgh Stock Exchange
534
5
Warner Bros Pictures
•
35c
35c-
100
4834
48 34
247
10534 10534
10
Carson Hill Gold Mln cap. 1
"4834
Caterpillar Tractor com. *
Preferred.^.
100
_
Central Eureka Mining
3%
334
1,015
334
1
4234
105
334
334
68%
10534
Jan
Jan
434
Jan
Jan
434
8334
297
513
17
Jan
19%
4%
300
4
Jan
434
Jan
12 34
12%
12%
1,016
86%
86% "86 34
*
""19%
v t c
1
•.4%
Crown Zellerbach
com
6
10
334
Di Glorg Fruit Corp pref—
""20""
Doernbecher Mfg Co____*
434
29
2%
Electric Products Corp.:
4
_r50
N41
Foster & Kieiser com...2
Gen Metals Corp
General Paint
_
2
Preferred
.
150
10
178
17
860
41
120
were
Feb
leb
Feb
17
Jan
10
Jan
14
J an
17
Feb
3534
Jan
41
•Feb
734
15
934
345
Jan
Feb
1034
Jan
10
31
Jan
210
81
Jan
3134
85%
Feb
1.50
720
1.60
Jan
1.30
8%
«
—
—
180
8-
7%
*
1
1,077
32
32
* J—
550
7%
-
'
......
32
8%
Feb
Jan
Feb
9%
Jan
Jan
50%
Jan
634
Jan
8.34
Jan
28%
Jan
634
9,679
8
43
•
Jan
32
834
Feb
15
176
1334
Jan
15
Feb
19¥
20%
811
Jan
20%
Feb
1.20
300
1734
1.00
Jan
1.40
Jan
1.20
39
39
•10
.10
40c
40c
8%
8%
10
1134
39
120
Hutchinson Sugar Plan. .15
Jan
40
Jan
40c
Feb
50c
Jan
8
Feb
8%
Feb
1,035
8%
Jan
11%
Jan
'
Langendorf Utd Bak B._*
1,134
1134
LeTourneau (R
30
28
30
1,084
24 34
Jan
3134
Jan
36%
34
36%
3,398
25%
Jan
3734
Jan
60c
160
55c
Jan
67c
Jan
1534
10834 108 34
505
1234
Jan
1534
10834
G) Inc
Lockheed Aircraft Corp
1
1
60c
Magnavox Co Ltd.....234
Magnln & Co (I) com
15
*
Preferred
100
March Calcul Machine...6
Menasco Mfg Co com
15
1
4%
National Auto Fibres com 1
Natom as Co
8%
11
*
No Amer Inv 5 34 % pref 100
N American Oil Cons
Oliver United Filters
10
-
mm-*-
""ll
5
B..*
2.15
Pacific Coast Aggregates 10
834
12
Jan
5,372
8%
1,027
11
2934
2934
1034
11
5
454
4%
1034
2.15
Feb
534% 1st pref
com
$6 dividend
Pacific Pub Service
com
2934
Feb
30
Jan
9%
Feb
1134
Jan
534
750
2.20
1,202
32
3,094
32
32%
2,857
29%
2934
29%
863
*
46%
46%
46%
530
106W 106W
60
1st preferred
*
7
701
21%
2134
14934 15034
253
40
2 60
40
Pac Tel & Tel pref
100
150 34
Pig'n Wnistle pref
*
2.60
RE& RCo Ltd com
*
9
8
9
284
100
52
52
52
10
Preferred
...
2.60
175
25
20%
20%
20%
RepubllcPete534%prf A 50
Rheem Mfg Co
1
3534
3534
3534
20
1334
1334
1334
683
Rayonier Inc nref
Richfield Oil Corp com
*
9
334
9
Jan
10
30%
6%
Jan
9%
590
32%
7.
Jan
Feb
5%
11
32
•
734
Jan
Feb
Feb
Jan
25
*
334
15
10
525
25
6% 1st pref
Corp
4%
15
106
25
Pacific Gas <fc Elec com
Pacific Light
15
10
809
5
2.15
Jan
Jan
5%
2.40
Jan
Jan
Jan
2834
3134
Jan
32
Feb
2834
41%
3234
2934
Feb
Feb
46%
Feb
106
Jan
Feb
Feb
109
Jan
Jan
15034
Jan
2.80
Feb
634
20
7
42%
Jan
Jan
9
Feb
Jan
52
Feb
20
Jan
23%
Jan
3534
Feb
13
Jan
37%
1434
Jan
Jan
10%
Jan
8%
Jan
Roos Bros—
Preferred series A
Ryan Aeronautical Co
10234 10234
100
1
7%
6%
7%
10
7.782
has been announced by
Farreli and R. Penfield Brown.
Broadway, New York, suc¬
ceeds to the business of Farreli, Brown & Co., formed in 1934 and dissolved
as of today.
Mr. Goerz, formerly for over 18 years an active member of the
New York 8u>ck Exchange, originally specialized in United States Liberty
Bonds.
In 1925 he became a partner in the former firm of Theodore Prince
& Co., devoting his interests to foreign bonds.
He conducted a bond busi¬
ness under his own name from 1931 until last summer when he dissolved
his firm, and later disposed of his membership in the Exchange.
Mr.
Farreli and Mr. Brown were partners hi Farreli, Brown & Co. and specialized
The
in
new
firm; which will have offices at 39
arhitraging government bonds for banks
and other institutions.
the appointment
Chairman of the
—The New York Security Dealers Associa tion announces
of William G. Scboonover of Amott,
Committee on Real Estate
Baker & Co., Inc. as
Securities.
has been quite active in
legislation in New York State
protection of investors but,
conversely, was actually inimical to the interests of the public and to overthe-counter brokers and dealers specializing in real estate securities.
It is
now studying proposed legislation recently introduced at the current session
of the New York State Senate pertaining to real estate securities.
^
This
committee,
years
was
the
announcement states,
and has successfully opposed
not in the
public interest or for the
Feb
1.90
,
Edward V. Goerz, Edgar H.
which
14734
Safe Deposit Association, the
arbitrage of United States Government bonds,
the
Jan
Jan
of the Rochester Safe Deposit
State
the
specialize exclusively In
recent
Jan
for
—•Formation of the firm of E. V. Goerz & Co. to
Feb
734
21%
elected
Rochester.
Feb
15
*
20
1.20
1.30
100
47%
7
734
Hale Bros Stores Inc
8%
•47%
Golden State Co Ltd..—. *
Hunt Brothers com
434
of the New York
officers
7%
*
10
15
4%
20
NOTICES
Association, an
following
year 1939: President,
Rurton H. Wedel,
Lincoln-Alliance Bank & Trust Co.,-Rochester, N. Y.; Vice-President,
Jane L. Tamblyn, Lincoln-Alliance Bank & Trust Co., Rochester; Secre¬
tary, Florence E. Lee, Central Trust Co., Rochester; Corresponding Secre¬
tary, Janet J. Hoistein, Security Trust Co., Rochester.
Harriet F. Smith
of Monroe County Savings Bank, Rochester, was reelected Treasurer.
Richard A. Sweeney, Assistant Vice-President of Lincoln-Alliance Bank
& Trust Co., was elected a member of the Executive Committee, the other
members pf which are Deloss M. Rose, Vice-President and Secretary, Union
Trust Co., Rochester, and Emma L. Ellwanger, Security Trust Co.,
the annual meeting
—At
affiliate
83%
1.30
Hawaiian Pineapple Co
Home F & M Ins Co cap.
Feb
CURRENT
Jan
3134
«.
*
Holly Development
Jan
334
Jan
734
10
com
1334
'
•
d Deferred delivery,
v Ex-rights.
Ex-dividend,
t In default.
Feb
83%
34
cap..2%
Corp
91
Jan
3134
25
General Motors com
1434
Jan
160
434
Jan
2.10
855
434
20
12
734
20
Fireman's Fund Ins Co
Listed,
Feb
83%
Emsco Der & Equip Co—b
Ewa Plantation cap..
■
8534
3934
Emporium Capweil Corp
108
110
10
......
Jan
484
15
*
Preferred (ww)
20
1634
El Dorado Oil Works
e
x
Feb
4%
Consol Chem Ind A..
.
ft Ex-stock dividend,
Jan
400
Creameries of Am
Preferred
Oddlotsales.
Jan
Jan
Jan
334
75%
Chrysler Corp com
5
Cst Cos G & E 1st pref. 106
Di Giorgio Fruit com
a
Cash sale—Not Included In range tor year,
Jan
75%
10734 108
1734
19%
1
Preferred
•Noparvalue.
r
107
100
534
Jan
Feb
105
7%
Jan
Jan
—Bear,
Stearns
&
Co.,
members
opened a new branch office at
the
have
City, under
New York Stock Exchange,
595 Madison Ave., New York
formerly with Fahnestock
formerly with Baar, Cohen & Co.
Inc., Ill Broadway, New York City, has
joint management of Robert S. Wormser,
& Co., and Arthur
—J.
L.
Goodman,
Richmond
&
Co.,
prepared a memorandum on Birmingham Gas Co. analyzing the effects
recently approved recapitalization plan on the company's securities.
of the
Financial
1152
Chronicle
Feb.
25,
1939
Canadian Markets
LISTED
Provincial and
AND
UNLISTED
Montreal Stock
Municipal Issues
Closing bid and asked quotations, Friday, Feb. 24
province of Albert*—
Bid
6s
Jan
1 1948
4 3*8...
Oct
1 1956
61M
f58
Ask
Provlnoe of Ontario—
63
6s
Oct
593*
6s
Sept
6s
4 3*s
12 1949
Jsly
Oct
1 195a
Bid
I 1942
111
16 1943
110
98
1 1959
1103*
1203* 122
l
108
43*s
993*
May
June
Jan
1902
15 1966
109
1143* 116
43*8
56
Jan
39
160
Jai)
170
Feb
1
98
Jan
101
Feb
83*
413*
Jan
83*
423*
/A
130
Feb
1100
164
164
164
2 1950
1103* 11134
OttawaLH&P pref.. .100
101
101
101
1 1958
108
Ottawa Electric Ry...
1 1961
1113*
16 1952
106 M 1063*
Prov of Saskatchewan—
1 1900
-Mar
5s
June 15 1943
75
79
63*8
108 M '1093*
110
1173*
Nov
75
Oct
43*8
1 1951
79 3*
773*
Railway Bonds
Bid
Ask
Canadian Pacific Ry—
Bid
Canadian Pacific Ry—
4a perpetual
803*
Ask
103*
•
Saguenay Power pref— .100
*
St Lawrence Corp
A preferred
..50
St Law'ce Hour Mills pflOO
debentures
Sept 15 1942
813*
434s
Sept
1 1946
98 3*
99
1 1954
983*
99 34
4348
July
1 I960
92 34
93 3*
6s_:
July
1 1944
113 3* 1143*
Preferred
Jan
Feb
-
10
Jan
16
1,157
123*
Jan
123*
193*
150
483*
Jan
57 3*
Jan
18
183*
582
16
Jan
183*
Feb
98
98
5
98
Jar
98
I
•.*
-
113*
11
203*
1043*
Jan
1053*
Jan
23*
Jan
43*
Jan
190
113*
125
10
203*
12
20
10
85
Jan
125
Feb
42
Jan
Jan
-
123*
Jan
110
10
85
153*
Jar
Jan
303*
10
110
Jan
120
833
213*
12
.100
103*
10
31
110
——
Jan
25
31
-
Jan
Jan
606
1053* 1053*
3
33*
125
.100
Simpsons nref—
Feb
50
33*
Sherwin Williams of Can.*
15 1944
3.50
103*
Feb
130
143*
1053*
Shawinigan W &. Power..*
Dec
Dec
103 3* 103?*
94
93
6s
4348
10
1
18
Rolland Paper pref... "ioo
0s
45
50
St Lawrence Paper pref .100
(
423*
125
16
♦
Quebec Power
10
Jan
50
*
"100
5% preferred
125
125
*
Power Corp of Canada
Price Bros & Co Ltd..
79
16 1946
423*
100
Preferred
83*
83*
*
Penmans
1083*
Province of Nova 8ootla—
Sept
i.May
43*8
107
*
Jan
Jan
Mar
...
Jan
813*
283*
71
Feb
Preferred...
01
26
4b
109
Jan
205
263*
43*8.
ProvlDee ol Quebec—
High
483*
3,499
793* "803*
28
87
94
Low
1,259
28
803*
*
Range Since Jan. 1, 1939
Week
'
54
87
16 1900
16 1901
Apr
Apr
6s
543*
8634
92
Prov of New Brunswick—
4Mb
National Steel Car Corp..*
♦
Noranda Mines Ltd..
8534
Dec
4Mb
Shares
Price
2 1969
June
43*s
for
of Prices
Low
High
1 1941
15 1954
Aug
08
Par
(Concluded)
Ogtlvle Flour Mills
Province of Manitoba—
58
Stocks
Week's Range
Sale
Ask
4s
100 3* 1013*
Sales
Last
1113*
5s
Prov of British Columbia—
Exchange
Friday
Jan
22
Jan
Feb
143*
110
Feb
85
Feb
85
Feb
Southern Canada Power..*
12
113*
12
75
113*
Jan
12
*
73
723*
73
562
08
Jan
77
Jan
70
693*
70
275
68
Jan
733*
Jan
Feb
50c
Feb
i._
Steel Co of Canada
Dominion
Government Guaranteed Bonds
Bid
Sept
4MB
June 16 19551
Feb
1 1950
1153* 1163*
*
1 1951
1143* 1143*
115&
50c
6 Mb
July
1 1940
.....
483*
Western Grocers Ltd..
Grand Trunk Pacific Ry—
463*
*
Westons Ltd
4 His.... ..July
1 1957
6s..,
July
1 1909
6a
Oct
11909
119
1193*
B
6s
Feb
1 1970
119
1193*
Preferred—
4a
1 1902
3a
1153* 1153*
Jan
Jan
1 1902
109 M J iOM
99 M 100 3*
Feb. 18
to
Feb. 24,
Last
Exchange
Sale
Par
Stocks—
Price
of Prices
Low
High
Jan
170
Feb
4
Jan
7
Jan
23*
Feb
3
18
483*
Feb
52
Jan
2
50
Feb
50
Feb
20
11
Feb
11
Feb
Jan
160
160
150
1.60
Feb
23*
170
170
222
1.70
Feb
2
Jan
8
8
140
73*
Feb
83*
Feb
73*
73*
50
7M
Feb
9
Jan
1073*
Feb
~
100
—
Canadlenne.
Sales
Week's Range
103*
160
36
m
m
83*
73*
Jan
Banks—
both inclusive, compiled from official sales lists
Friday
80
Jan
170
Winnipeg Electric A.. .--*
Zellers Ltd
Montreal Stock
103*
50c
825
53*
23*
483*
463*
103*
23*
.100
25
50c
170
5
♦
Preferred
110
170
5k"
...*
Vlau Biscuit
1173* 1183*
434s
Tooke Bros
United Steel Corp
Canadian Northern Ry—
4 3*s
"25
Tuckett Tobacco pref. .100
Ask
Canadian National Ry—
Preferred
166
Range Since Jan. 1, 1939
11
1643*
175
176
19
172
Jan
178
214
215
78
208
Jan
222
Jan
303
303
310
15
301
Jan
310
Teh
191
1893* 192
117
176
Jan
192
Feb
A
'
.100
Montreal
«, *
100
Nova Scotia
for
167
165
215
....
Commerce
100
Royal
Jan
Jan
Week
Shares
Low
High
Montreal Curb Market
Associated
Breweries.v..*
16M
Bathurst Power <fc Paper A*
7M
136
—
..
100
100
Brazilian Tr Lt & Power.»
British Col Power Corp a
*
.
172 34
8M
25
*
B
Building Products A (new)»
Canada Cement
*
Preferred
60
..*
Canadian Car A Foundry.*
Preferred
25
Celanese
8
...100
Rights....
*
Canadian Fairbanks prflOO
Canadian Indus Alcohol..*
Class B
*
Canadian Pacific Ry
Cockshutt Plow
25
25
15
Jan
15
Jan
Last
806
166
Jan
173
Feb
Sale
83*
243*
83*
25
1,885
514
1.00
Jan
Jan
63*
10 M
83*
Jan
Jan
1.50
Jan
253*
23*
Jan
Abltlbl Pow & Paper Co..*
Jan
103*
Feb
93*
Jan
6% cum pref..
^.lumlnlum Ltd—
Asbestos Corp Ltd
845
973*
66
95
Jan
99
Jan
16
95
15
Jan
16
Jan
23*
160
8H
83*
175
363*
38
153*
143*
313*
153*
32
133*
101
101
50
1,655
32
454
143*
750
101
63
143*
73*
Jan
23*
Jan
2 5*
103*
Jan
Jan
36
i-eb
39
Jan
123*
293*
103*
Jan
18
Jan
Jan
34
Jan
Jan
14 3*
Feb
73*
Feb
Jan
Stocks—
Par
1.80
123*
*
(New)
Bathurst Pow & Pap.B
Beaubarnols Pow Corp
26
*
.
---
10
5
1,525
7
7
30
2
Jan
2 5*
Jan
43*
Jan
63*
Jan
6
Jan
368
90
Jan
Jan
257
2334
Jan
1123*
283*
23*
Feb
100
102
253*
263*
23*
3
43*
43*
7,740
223*
4,413
1,15
353*
35
353*
1103* 1103*
63*
63*
90
Canada Malting Co Ltd--*
2
140
Canada Vinegars Ltd
Can Breweries Ltd
*
14
*
Preferred....
12
12
Can Nor Pow 7% cm pf 100
Canada Starch Co Ltd. 100
43*
Jan
1.60
14
20
14
-
26
1.50
1.60
1,105
213*
*
213*
110
25
Jan
83*
Jan
hh"
Cndn General Electric..50
2.20
54
2.20
553*
2,878
47
Jan
613*
Jan
Crown Cork & Seal Co
*
24
Cndn Light & Power ColOO
14
24
14
24
1,130
21J*
Jan
26
Jan
Distillers Seagrams...
Dominion Bridge
*
193*
18
405
16
Jan
20
Jan
*
34
33 3*
34 3*
2,050
29
Jan
37
Jan
163*
173*
286
15
Jan
193*
Feb
5% cum pref.
2
Can Vickers Ltd..,..
1093* 109>*
10
108
Jan
Jan
213*
Jan
Jan
33*
Jan
Jan
43*
Feb
233*
Feb
11
Jan
12 34
Jan
943*
Jan
28
Jan
953*
2834
Feb
3234
107
Jan
35
Jan
112
63*
Jan
Feb
,
13
Jan
Jan
Jan
73*
133*
Feb
1,80
Jan
Jan
1.30
Jan
193*
Jan
2.20
Feb
2.20
Feb
14
Jan
143*
Feb
434,
Feb
23
Jan
Cndn Power & Paper Inv—
193*
23*
Jan
3
120
53
Feb
203*
10
Jan
2
Feb
120
1.85
1,445
Feb
43*
13
35
953*
Feb
2
5,068
283*
21
Feb
15
953*
102
33*
12
28
Jan
Jan
7,785
28
Feb
High
2.00
Calgary Pow6 % cum pf 100
Canada & Dom Sug (new)*
18
13*
Low
1.75
22
102
2,615
Shares
223*
5
'23*
High
'
"43*
14
W2M
Low
*
20
2
Range Since Jan. 1. 1939
Week
Brit Amer Oil Co Ltd
*
British Columbia Packers
102
23*
for
Range
0/ Prices
1233* 1233*
102""
20
*
Price
100
102
1013*
Week's
Jan
Jan
2
Sales
Friday
Jan
163*
23*
8M
Feb. 24, both inclusive, compiled from official sales lists
93*
163*
73*
97?*
838
to
Jan
73*
223*
60
8
Feb. 18
Jan
23*
38
*
Preferred 7 %
300
Jan
16
16H
Can North Power Corp...*
Canada Steamship (new).*
Canadian Bronze
1.20
15
1723* 173
7
15
23*
100
Preferred
500
1.16
Preferred
163*
73*
15
Bawl! (N) Grain
Bell Telephone
Canadian
163*
C'onsol
Mining & Smelting 5
Dominion Coal
25
pref
Dominion Glass
....lOw
Dominion Glass pref... 100
Dominion Steel & Coal B 26
109
Jan
7.%
*
160
93*
160
12
103*
3,096
53*
150
Jan
160
Feb
Feb
Jan
10
33
60
30
Jan
41
Jan
60
25
60
Feb
60
Feb
315
6
Jan
7
Feb
Feb
60
60
8
8
113*
83*
215
5
Jan
7
Jan
*
5% cum pref....
"..■--15
Claude Neon Gen Adv
*
59
59
107
55
Jan
60
Jan
100
Commercial
147
147
5
148
Jan
Dom Tar & Chemical
*
Dominion Textile
Preferred...
53*
5
123*
1483*
Jan
Alcohols.,..*
Consol Paper Corp Ltd
*
Jan
Cub Aircraft
Dry den Paper
»
43*
65
Electrolux Corp
English Electric A
i
12
123*
100
12
Feb
15
303*
303*
5
30
Jan
313*
Jan
15
6
Jan
53*
113*
83*
12
15
23*
205
15
5
English Electric B..
4M
,_*•
6
Famous Players C Corp..*
Foundation Co of Canada *
Gatlneau Power
■
*
Preferred
100
18
6
133*
General Steel Wares
18
Feb
Jan
11?*
Jan
Falrchlld
14
113*
Jan
133*
Feb
Fleet
88
Jan
91
Feb
Ford Motor of Can A
250
207
6 3*
365
53*
60
66 3*
170
53*
.63*
73
5
108
5 3*
108
Gypsum Lime & Alabas.
53*
53*
53*
Hamilton Bridge..
Preferred
:
43*
4
5
Jan
Jan
13
Jan
761
31
Jan
35 3*
Jan
3,955
16
Jan
17
Feb
163*
163*
163*
8.190
153*
Jan
163*
Feb
293*
"52 M
30
1,045
30
Jan
313*
Jan
51
523*
2,574
463*
Jan
56 3*
Jan
25
19
Feb
20
Jan
160
25
Feb
26»*
Jan
1,110
25
Jan
273*
Jan
51
74
Feb
77
10
41
Feb
41
Feb
50
353*
Feb
36
Jan
193*
193*
25
25
25
263*
26.^
*
26 3*
75
41
36
353*
133*
133*
80
123*
190
3
12
*
5
5
62
62
133*
62
62
Feb
62
5
Jan
73*
Jan
63*
53*
Feb
7
Jan
98
98
10
Feb
101
Jan
305*
303*
31
5,157
29 5*
Jan
31
55
55
30
55
Feb
57
Jan
71T
71
7i
50
693*
Jan
73
Jan
42
413*
42 3*
40
Jan
42 3*
Aircraft
44
413*
Jan
453*
Feb
1,248
225
98
Jan
Ltd
11
Jan
12
420
15
Jar
15
1.50
Jan
2 3*
Feb
4 34
Jna
7M
Jan
1.60
Feb
11,670
5,612
2.00
305
Ltd
*
.*
Voting trust ctts
Intl Utilities Corp A
*
3 3*
Jan
32
Jan
?5
Feb
"l33*
496
4
Jan
6
Jan
43*
145
3 34
Jan
5
Jan
4
43s
760
4
Jan
6
80
8
Jan
103*
Jan
213*
93*
213*
1,902
20
Jan
12
1134
Jan
23 34
17
Jan
12
JX
213*
43*
434
43*
Fraser Companies Ltd...*
Intl Utilities Corp B
Lake St John P & P
60
35
Jan
43*
*
6
1.60
35
*
Aircraft
"
93*
10
945
1134
;_*
8 3*
83*
10
83*
Jan
55c
55c
100
50c
Feb
Jan
„
70c
Feb
Jan
9
1
20
13 3*
J3
16
»
Lake Sulphite Pulp Co
*
MacLaren Pow & Paper..*
2
16
2
27
2
75
16
13*
Jan
Feb
173*
33*
Jan
Jan
»
Jan
Jan
Jan
133*
13 3*
75
12
Jan
15
Jan
Massey-Har 6% cum pf 100
McCoIl-Fron 0% cm pf. KM)
42
423*
100
40
Jan
60 34
Jan
89
89
105
81
Feb
93
Jan
Melchers Distillers Ltd pf*
Mitchell (Robt) Co Ltd..*
63*
133*
0
Jan
130
1134
Jan
6 34
16 *4
Jan
1234
2
50c
Jan
1.50
Feb
Montreal Island Power
*
133*
63*
1.50
1.50
86
1.50
*
Page-Hersey Tubes Ltd..*
PowerofCanB%cmlst pflOO
6% n c p 2d pref
50
Provincial Transport Co..*
Sou Can Pow 6% cm pf 100
Walkervllle
$1
cum
1003*
1003* 103
75
104
105
45
45
101
140
101
Jan
104
Jan
105
5
46 3*
Jan
47
73*
265
75
634
106
Feb
1073* 1073*
'"45"
7
Jan
73*
108
Jan
Jan
Jan
Jan
Jan
Jan
*
47
473*
570
1.00
Jan
1.40
Jan
*
Brewery
pref
193*
193*
100
1934
Jan
203*
Jan
37c
38c
3,900
35c
Jan
3*e
?*c
13*c
301
lc
Jan
1.000
lc
Jan
Mines—
Aldermac Copper Corp
*
38c
Alexandria Gold
1
3*c
Arno Mines Ltd
*
Arntfleld
Gold Mines
1
13*c
14c
14c
50c
Jan
13*c
13*c
163*c
Jan
14c
Jan
J8n
Feb
14c
5,000
Beaufor Gold
1
12c
13c
2,000
Bidgood-Kirk Gold
1
26c
26c
500
26c
Feb
26c
Feb
Bob jo Mines
Bouscadilllc Gold
1
15c
15c
280
163*c
Jan
19c
Feb
Jan
44
40
25
Feb
50
98
L
Feb
390
100
Preferred.
Jan
Jan
5
385
7
»
17
133*
Jan
7
53*
*
100
National Breweries......*
Jan
Jan
4
53*
»
Tramways
14
115*
45
53*
Massey-Harrls
McColl-Frontenac O 1
Montreal
B
Jan
193*
Lake of the Woods..,
Laura Secord
Montreal Telegraph
Jan
15
Lindsay (C W)
Montreal Cottons pref
Mont L H & PConsol
Jan
6
32
41
MacKinnon Steel pref—100
63*
Jah
Jan
75
»
Jan
43*
Jan
100
—
43*
50
Jan
__100
Jamaica Public Service.
570
10
*
*
Jan
14
17
Preferred
Tntl Power pref
108
30
33 3*
Internat Pet Co Ltd
Jan
45
163*
25
Jan
190
33
Preferred
Jan
0
2,387
163*
*
Jan
82
Jan
12
333*
*
8
Jan
143*
*
Accept Corp
Jan
"
32 3*
Imperial Oil Ltd
*
Imperial Tobacco of Can.5
Intl Nickel of Canada
Feb
113*
*
Intl Bronze Powders
33*
12
6
Howard Smith Paper
Indust
108
Jan
143*
323*
Hollinger Gold Mines
Hudson Bay Mining
10
23*
3*
293*
143*
100
Donnacona Paper A._
Feb
9
3 3*
100
1.90
Dom Oilcloth <fe Lino Co..*
18
,933*
73
Jan
3
33*
(Charles)
6
20
93 3*
General Steel Wares pref 100
53*
780
93 3*
*
Preferred
Jan
9
18,
9
14
43*
3 3*
Rights
Gurd
43*
Jan
896
23*
53*
1.95.
434
0
Jan
*
.
Cndn Westinghouse Co
*
Catelll Food Prods Ltd... *
Jan
Jan
15
43*
73*
7
33
...
10 3*
43*
*
.100
pref
cum
2
1
8c
10c
10c
Feb
Jan
8c
1,000
8c
Feb
Bulolo Gold Dredging
Cndn Malartlc Gold
5
273*
273*
1,364
*
1.00
96e
1.00
1,200
96c
Feb
1.00
Jan
Cartler-Malartlc
1
4 3*c
43*c
5c
2,700
4c
Feb
6c
Jan
*
Gold
No par value.
27
25
Jan
10c
28
Jan
Jan
Volume
1153
Financial Chronicle
148
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
for
Par
of Prices
Central Cadillac Gold
1
Central Patricia Gold
1
Conlaanira
Low
Price
18Hc
31H
*
Gome Mines Ltd
22c
31H
~4Hc
4Hc
2.34
Duparquet Mlulng Co—1
East Mai art lc Mines-1
2.29
—
Calgary & Edmonton
*
2.25
1
43 c
2.74
Jan
Calmont
Feb
1.41
Feb
Canada Bread B
22c
Jan
29c
Jan
Canada Cement
Jan
33 H
Jan
3 i H
1,051
Oils
2.03
Preferred
8c
Jan
Canada
Jan
38C
Canada Northern Power-
Malting
44c
13,077
34c
Jau
52 H
51
52H
Feb
56
14
7H
Feb
Jan
1.90
2,450
1.60
Jan
2.35
Jan
Canada Packers
5.05
50
5.00
Jan
5.75
Jan
Canada Permanent
5c
5c
4,001
5c
Feb
5c
Feb
Canada Steamships
20c
20c
101
Jan
24c
Feb
Canada Wire A
AH c
6c
6c
Feb
Canada
5^c
Joliette-Que
J-M Consul Gold
(New)
—
Lake Shore Mines—
Mines
—
Macassa Mines
—
1.45
1
1
1
Normetal M lning
—
.
50 H
Jan
Cndn Bk of Commerce. 100
5 He
bet
8C
Jan
Canadian
Canadian Can A
5.80
Jan
Jan
55 H
Jan
1.31
Jan
14H
15H
970
Jan
18
Jan
Jan
31M
32
255
29H
Jan
Canadian
*
19
19
8
19
Jan
Feb
34 %
Feb
23H
Jan
220
220
16
200
Feb
2
2
765
2
Jan
2H
Jan
85c
Jan
1.03
Jan
Jan
Can Car & Foundry
*
15H
2,'
Preferred
Dredge.:
50c
50c
3.15
10,895
2.37
Jan
3.35
Jan
Cndn General Electric..50
4.05
1,250
3.90
Jan
4.80
Jan
Cndn Indus Alcohol A
8c
9 He
4,400
8c
Feb
16c
Jan
Canadian
Malartic..^...
2.40
1,400
2.25
Jan
2.60
Jan
Canadian
Oil
1.58
60o
1.46
Jan
1.85
Jan
1.77
1,000
1.45
Jan
1.85
Feb
C
5.30
200
4.95
Jan
5.50
Jan
Canadian
5.30
5.10
14Hc 14Hc
2.10
P
18
111
500
13
Jan
14H
Jan
2.10
Feb
2.10
Feb
Cariboo
"is
*
Gold
2.29
1
1.52
1.52
100
1.35
Jan
1.72
Jon
55c
300
60c
Feb
60c
Feb
Castie-Trethewey -
4c
Jap
pref
Feb
50
Feb
Central Porcupine.
Jar
4%c
Jan
Chemical
Cbestervlile-Larder Lake.l
1.00
Jan
1.44
Jan
1.17
Feb
1.67
Jan
Chromium
59c
59c
60c
83Hc
75c
91c
Sladen Mai
*
84c
1
85c
Jan
1.03
Feb
1.00
Jan
Conlarum
Teck-Hughes Gold.....
3.40
525
3.15
Jan
3.55
Jan
2,300'
4.25
Jan
4.55
Jan
Consul
"6"90
.
18,656
Jan
31c
Feb
27c
15?
37c
Jar
37c
Jan
Consumers
6.55
Exploration.
26c
27c
7.00
2,150
6.30
Jan
8.10
Jan
12c
10,300
10c
Feb
18 He
Jan
Davles
8.00
Jan
8.75
Feb
Denlson
10c
—1
8.50
8.60
liar greaves
8.60
1,905
11c
"
1~22
♦
11?
1,000
9c
Jan
15Hc
1.22
1.22
100
1.10
Jan
1.61
Jan
Jan
2.16
*
*
2.20
3,800
1.93
Jan
2.75
Jan
39c
50c
40c
50c
—
Dalhousie Oil Co
50c
40c
65c
Jan
37c
77
3,350
"Feb
76c
Jan
9Ho
Feb
70c
Feb
1.19
1.75
Feb
1.95
Jan
1.29
Jan
1.60
Jan
15H
16
400
14 H
Jan
16H
Jan
270
23c
5,500
18c
Feb
55 H
53 H
55 H
2,270
46H
Jan
61
Jan
Jan
182
Jan
"
"20
35c
49.493
,4,500
2,985
I,300
20
31H
31H
13
17
266
16 H
49
47
Jan
East Crest
5HC
Oil
~8H~c
*
—
... —
Eastern Steel pref.
—,r-100
falcon bridge.
Faulkenham
2HC
Jan
3HC
Feb
45
Jan
53 H
Jan
,
10 H
2,665
8H
Jan
12H
Jan
5H
150
5
Jan
125
5
Feb
6H
8 He
Feb
6Hc
6,900
Fee
8H0
Feb
8Hc
13,400
28,776
7c
Jan
12 Ho
2.12
Feb
2.35
108
5c
105
25
1.60
6H
52
5.25
5.05
6.30
1,832
21H
21H
1,205
19
4c
5Hc
•8,680
6
Jan
Jan
2.80
Jan
Feb
108
.2.37
Jan
4 55
6
1.90
Feb
5Hc
Jan
8
Jan
Feb
6.Q0
Jan
Jan
Jan
22
Feb
7Hc
Jan
—
—25c
-*
"""9c
7,500
4c
6c
II,000
5c
Jan
8Hc
Jan
13c 13 He
Lake Gold.."
Firestone Petroleum
Jan
600
4C
Federal-Kirkland
Fernland Gold
17
Jan
Feb
21H
Fanny Farmer
Feb
15 H
1.79
.25
—*
_F
Jan
H
207
Jan
1.88
Equitable Life
CANADIAN STOCKS
108
"
Eldorado
Statistical Information gladly furnished on
8c
2.25
2.34
1
East Malartlc
33 H
5H
5
——.—1
Jan
20 H
191
3c
3c
— .
200
205
203
Jan
16c
Jan
13 H
30 H
Jan
60c
Jan
11c
8H0
Jan
Jan
32.c
12c
18
49
Feb
5Hc
1,100
11HC
5H
Jan
7c
45c
*
1.72
178
64
181
Tar
44H
Jan
179
9H
5H
Dorval Siscoe
Jan
Jan
210
.5 H
Dominion
1.02
Jan
150
2,754
10 H
Jan
35 H
Feb
8H
*
Jan
170
85c
Jan
Stores
55c
900
Jan
Jan
5H
Dominion Steel Coal B..26
3.70
1.23
1.39
50c
190
1.7/
*
100
Dominion Foundry
Jan
40
Jan
7,050
Jan
Feb
1.11
1.09
75c
7 H
1.50
pref..-.26
Dominion Exploration...1
35c
40
1.25
1.43
Dominion. Coal
2.00
Jan
7
42c
Dominion Bank..
1,200
40
Royalite OH Co
2 75
Jan
Feb
—100
(new)
28,770
1.23
Okalfa Oils
Jau
6c
40c
1,800
14,800
21c
Seagrams
2.77
2.21
2.65
6,327
Mines... 1
Nickel
36Hc 36He
Da vies Petroleums Ltd—*
Home OH Co
Jan
14,068
5Hc
Dominion
2.24
Jan
1.05
£
Gas
Dome Mines
Oil-
Jan
16
Petroleum
Distillers
880
Feb
106
lie
Dark water
20c
2,325
Jan
2.39
Feb
Feb
1
Smelters
22c
24c
—1
2.16
105 H
1.75
Chibougamau
Cons
150
20
2.29
19
1.48
Bakeries—
Consolidated
4.45
Jan
50c
——
4.40
4.40
18
2.51
1.24
Mines...—^
3.35
1
Feb
2.40
"~7H
Conlagas...
Jan
81c
3H
8 Ho
Mining.
Jan
80c
Jau
90c
;.
Cockshutt Plow
Feb
59c
47c
94,531
2,450
3
72c
Research
2,500
Jan
325
90c
Central Patricia
1.30
5,643
6H
105
18
2.29
Jan
Jan
50c
Jan
510
18,575
3,400
3H
Jan
4H
10c
3,000
1.11
124
1,247
2.45
4c
1.49
3c
3He
Feb
25
5
105H 106
1
1.47
6c
1C9
Jan
20
112
18
-.100
Carnation
Jan
4H
4H
*
200
14
3H
-2f
Wineries
7,882
225
95
18
112
..100
R
Cndn Wirebound Box
1
92c 98He
98 He
18
Preferred
1.50
1.70
1.58
7H
2
*
2.25
1.29
Ltd
Feb
7 H
8c
1.17
Calgary & Edmonton
18H
50c
1.07
—
Jan
Jai
Jan
Jan
1.25
OIL-
17 H
20
Feb
1.10
Anglo-Canadian
475
7H
4H
Feb
1
Anaconda Oil Co Ltd.
18H
Feb
12
1
Wood Cad
Jan
204
10c
1
Siscoe Gold Mines Ltd—1
Watte-Amulet
178
4Hc
3c
Thomson Cad
Jan
4
169H
3H
18
4C
—
27
7H
1
Sylvanlte Gold
Jan
176
600
—
Sullivan Consolidated
23
2,55b
Quebec Gold..-—
Oil
20
B
55c
Stadaeona (new)
Jan
1.22
1
—*
19H
3H
2.70
1
Shawkey Gold
30
4Hc
2.10
Sherrltt-Gordon
21H
1.20
Premier Gold
Antonio Gold
Feb
*
Can
4.00
-1
Pickle Crow Gd M Ltd—-1
Reward Mining
1.30
6H
12H
"ic
Preston-East Dome
625
174
50c
*
*
Placer Development
Jan
1.60
21H
*
Preferred
Jan
Jan
1.80
1.35
Jan
4.75
Gold
Calmont
Jan
38
Breweries
3.00
-
Pend-Orielle M & Metals. 1
Wright
45
200
Pato Consul Gd Dredging i
Tovagrrac
Jan
4Hc
Pandora Cad
San
Jan
37
47
52 H
1.22
———
Parnour-Porcuplue
Perron
Jan
40
Feb
730
Jan
38
1.48
1,200
Jan
2H
38
Canadian
5.40
Jan
25
Jan
5MC
2
Jan
Jan
55
138
146
17H
9 He
5.30
Jan
85
10c
1.001
Jan
2H
140 H
22
Feb
1.20
70H
4
22
Feb
585
Feb
45
*
B
7c
4,950
Jau
66
66 H
Jan
65
7c
1.48
16H
Jar
4,50i
47 H
Feb
50
58
16,666
1.40
15H
387
25
7c
5Hc
Goldl
——*
O'Brien Gold
W ire
Feb
65
7c
53H
5.40
55
Mckenzie Red Lake
Nebec Mines
Jai
35
16
2H
Canadian Bakeries pref. 100
47 H
1
6
Mclutyre-Porcuplue
4c
7./00
Jan
65
7c
""7c
1
Klrkland Lake Gold..
2Cc
_.
7c
—
Klrkland Gold Rand
Lebel-uro
20c
Feb
32
35
*
*
96
66
100
Francoeur Gold
97 H
141H 141H
*
1.80
5.05
Jan
9H
98 H
16
*
Federal-Kirkland Mining-1
EalcouPriuge Nickel
Jan
65c
80
8
35
35
—
1
Eldorado Gold M Ltd
Jan
2.80
Jan
52 H
97
2.80
1.90
7,600
8
J a>
High
Low
Shares
2.30
100
—
Range Since Jan. I, 1939
for
Week
High
Low
*
Jan
5c
2,(HX
Price
50
2.14
14,000
2.3;
Jan
1.41
1,82
6c
Feb
25c
2.30
20(
1.41
22c
22c
Gold-1
Par
Jan
160
Range
of Prices
Stocks (Continued)
High
Low
18c 20He 152,000
£01
2.40
2.40
1.41
*
Mines
Cons Chibougarnau
Sale
Shares
High
Sales
Week's
Last
1939
Week
Sale
Stocks (Concluded)
Range Since Jan. 1,
Week's Range
Last
Exchange
Friday
Sales
Friday
5,700
10c
Jan
17c
Feb
13c
Jan
Feb
5H
9c
9c
1,500
9c
Feb
3H
10
3H
Feb
3H
2,082
20
Jan
23H
3,100
18Hc
JaD
Jan
25c
.
*
"21" H
21H
*
21Hc
21c
22c
13H
13
14
Preferred
*
-----—100
93 H
91H
93 H
265
—
3H
3H
6H
3H
345
2 H
6H
100
6H
Jan
9c 10 He 116,550
4c
Jan
11 Ho
Feb
Jan
3Hc
Jan
30c
Jan
Flcury-Bissell
McCarthy
Ford A
Francoeur...
Toronto Stock Exchange, Montreal Curb Market,
Member*]
3H
21H
Rights
Mara Si
—
Canadian Commodity Exchange
Gatlneau Power
"
Canada Permanent Building, 320 Bay St., TORONTO
——-
*
.1
1
*
1
1
1
General Steel Wares
Gillies Lake Gold—
Toronto Stock
Exchange
f ''
Last
Par
for
Sale
Stocks
Week's Range
of Prices
Low
High
20c
20c
20c
6,266
20c
22c
22c
2,500
20o
Jan
28c
Jan
7c
8c
5,200
7c
Feb
13Hc
JaD
2HC
2Hc
2,050
Feb
3Hc
Jan
74
75
459
2HC
71H
Jan
75
Jan
50
56
57
70
55
Jan
58
Jan
God's Lake
—..— —
Goldale Mines.
'
Range Since Jan. 1, 1939
Low
Shares
High
Goodfish
—
Preferred
Aldermac
*
*
10M
1
12Hc
Anglo-Can Hold Dev.-..*
1.20
*
Anglo Huronian.—
Arntfield
Ashley
Gold
—
6c
6Mc
6c
Feb
9Hc
Jan
3c
4,000
4,500
2c
Feb
3Hc
Jan
Gunnar Gold
1,10b
16Hc
Feb
Jan
Gypsum Lime <fc
Jan
52c
Jan
Halcrow Swayze
~14c
6,400
lHc
Feb
3Hc
4c
4c
19,700
4c
Feb
7c
Jan
45c
60c
100
45c
Feb
60c
Feb
1.05
Jan
'1.52
Jan
2,000
3 00
Jan
3.25
Feb
17Hc
Feb
Hard Rock—
Jan
Hargal Oils
Preferred
*
6,500
10 He
Jan
8c
3,900
7c
Feb
6He
16.700
4c
Jan
6Hc
Feb
69c 130,300
41c
Jan
72c
Jan
Jan
23c
Jan
4
4
18c
19c
7
7
9,883
Jan
38c
Jan
Feb
310
Feb
Jan
249
Feb
Homestead Oil
4
Feb
4
Feb
Howey Gold
7,700
18c
Feb
30c
Jan
Hudson Bay Mln <k
165
6H
Jan
8H
Jan
Feb
3
Feb
20
Exploration & Rad—1
19c
18c
20c
36,000
18c
Jan
32c
Jan
*
1.37
1.34
1.38
11,250
1.18
Jan
1.40
Jan
100
100
"95"
101
Bell Tel Co of Canada. 100
172 H
Klrkland
Big Missouri
25H c
101
55
99 H
Jan
101
95
95
10
95
Feb
101
Feb
5
1,719
Jan
5
Feb
171H 173
429
Jan
173
Feb
4K
20c
30c 126.050
2H
165
Jan
—
Sin.
*
Feb
30c
Jan
Intl
30c
Jan
International
16 He
Mines
Pete
8H
Brit Col Power A
22 H
—*
*
"IlH
British Dominion Oil
7H
Jan
Intl Utilities A
32 H
22c
Jan
Jack Walte
1
2.77
Jan
3.75
Jan
19c
68,980
7,800
1.98
17HC
17c
Jan
26 He
Jan
27c
28c
3,700
24c
Jan
30 He
33
33 H
875
30H
Jan
35 H
Jan
68
68
6
64 H
Feb
70H
Jan
208
209
69
202 H
Feb
16H
17
3,674
15 H
Jan
17
Feb
16H
16 H
686
13 H
Jan
16 H
Feb
36c 36Hc
2,300
Jan
33 H
16H
85
13c Jan
16,980
Feb
Jan
Jan
9c
9Hc
17,800
8Hc
Jan
13Hc
Jan
7c
,7c
7c
1,500
7c
Jan
11c
1
1.89
1.85
1.95
24,665
1.66
JaD
2.08
Jan
56c
56c
700
56c
Feb
65c
Feb
59c
70c
47,300
45c
Jan
73o
Feb
22
Jan
25H
Jan
Kerr Lake
10
11H
5,100
10c
Feb
21 He
Jan
Kirk land-Hudson
1
52c
27,100
45c
8H
9c
1
-
—
63c
16 H
11
75c
Jan
Klrkland Lake
1
1.48
19c
Jan
33c
Jan
Laguna Gold
60c
Feb
65c
Jan
Lake Shore
1
1
"47 H
495
13H
Jan
15 H
Jan
Lamaque Contact
33,000
2Hc
14H
Jan
4Hc *Feb
Feb
16H
7c
Feb
11 He
Jan
Feb
12H
Jan
16H
7c
7c
Jan
7,750
8He
4,000
11H
355
11
Lapa GadlOac
•
No par value.
Jan
Jan
25
Jan
27 H
34c
Kerr-Addison
768
Jan
9H
J M Consolidated
16
24 H
Jan
llHc
Jelitcoe Cons
Lamaque Gold Mines
Feb
Jan
Jan
4
Jan
105
JaD
Jan
14H
88
Feb
Jan
Jan
"3H
Feb
8c
9H
23H
14
79 H
104
6H
11.75
45c
91H
26 He
Jan
235
45c
Feb
7Hc
JaD
9H
21
Jan
83
35Hc
1
-.1
1
Jacola Mines
Jan
2.194
25
Jan
1,700
7H
11
5
85
215
Jan
10,200
20H
1
2.20
19c
28c
1,731
*
Steel
Jan
2.65
Jan
8Hc
3,781
Buffalo-Ankerite
Burlington
"l4H
Jan
35c
27c
8H
8H
Buffalo-Canadian
Building Products (new).»
Bunker Hill
*
Jan
15
7Hc
22 H
10 H
1
Preferred
15
~~27c
22
23c
Brown Oil
Feb
25
52c
Broulan-Porcuplne
Jan
12 H
13 Vs
*
Jan
25
10 H
Mines
Traction
British American Oil
15Hc
755
3,045
3,362
Feb
Feb
H
26 H
24c
Jan
Jan
1.58
14H
26 H
7
Jan
Jan
1
10
13
26 H
25
Jan
12H
5,778
15
18c
17,100
,
14H
52 H
200
16c
23c
8
17Hc
84
7
3,000
1.30
50H
30
24c
1,100
84
Feb
24c
1.50
52 H
7
50
9c
8c
84
30
24c
Blltmore
Blue Ribbon pref
1.95
*
jNickel
Jan
3H
Jan
*
100
Preferred A
20c
55
Jan
"21-c
1
100
Imperial Bank.,
—100
Imperial Oil...
*
Imperial Tobacco
5
Inspiration
1
International Metals—
Preferred
100
Feb
2H
1.33
1.45
Huron & Erie.—
3
-u*
1
Home Oil Co
239
55
55
25,538
10,116
1.52
"
*
Hollinger Consolidate^—.5
300
1
3
1.40
8Hc
Mines..-1
*
19
2r
-
25c
Hedley-Mascot
—
10
.55
3
-1
Hlnde & Dauch
30c
55
3
1.50
High wood-Sarcee.
10c
29c
"55
Jan
"
'
4c
*
15c
249
4H
1
1
-.1
100
Harding Carpet
13 He
*
Bralorne
2Hc
14,400
*
Brazil
2c
1.22
Base Metals
Bob Jo
Jan
3.05
2 49
Bidgood
Jan
6H
1.13
304H 306
Jan
Jan
Halliwell.
9,400
Jan
4 H
Hamilton Theatres
10Hc
Jan
380
Jan
Bathurst Power A
Bros 1st pref
17
5H
Jan
*
2d preferred
Feb
5H
17c
100
Beauharnots
12
13
5H
14H
304 H
Beatty
253
12
Jan
■7c
Alabas..*
Jan
Bank of Nova Scotia—100
,
7
13HC
JaD
64o
Feb
13c 15Hc
Beattie Gold
Feb
Jan
Feb
12c
63c
Bear
4
4Hc
43c
9H
14c
B
104
6,200
154
68c
Barkers
62,700
1,500
5H
47c
19,000
"~5Hc
29 He
12c
5Hc
5
44c
12,143
Astoria-Quebec
1
Auglte-Porcupine Gold—l
—1
Bankfleld Cons——— 1
Bagamac Mines.
10c
5Hc
-47c
7c
1
12c
5
1
10H
5c
Bank of Toronto
Voting pref
12c 13 He
10
40c
8c
-
5Hc
voting. *
*
34c
37c
1
Gold
Great Lakes Paper
30c
Feb
1
Grandoro
Jan
Feb
*3.00
38Hc
Copper
Algoma Steel
Gold Mines
Amm
Jan
Feb
12
16Hc 16 He
1
A P Consolidated-
""""7c
*
H
1.75
4,998
1
Mines Ltd
Afton
2
21H
6,440
'
Jan
2Hc
3c
*
Feb
3,000
Granada Mines..
Acme Gas & OIL-—
Feb
3H
7%
3c
15H
225
12
12H
preferred—..—T100
6%
175
180
Abltlbi
93 H
Jap
2 He
—
Gold Eagle
Week
Price
Feb
Goodyear Tire.————*
Sales
Friday
14
Jan
88 H
-
Jan
Jan
„
3c
Glenora
inclusive, compiled from official. sales lists
Feb. 18 to Feb. 24, both
""ioc
11
1,140
Jan
*
1.35
7
8H
1.49 126,754
7H
47
47H
*
.*
2Hc
2HC
2 He
6.15
5.90
6.25
1
41c
41c
46c
4,500
1,744
3,000
2,396
38,450
Jan
1.15
Jan
1.49
Feb
7c
Feb
8Hc
Jan
46 X
Jan
60 H
Jan
2Hc
Feb
3Hc
Jan
5.50
Feb
-6.80
Jan
35?
Jan
54?
Jan
1154
Financial
Chronicle
Feb.
25,
1939
Canadian Markets—Listed and Unlisted
Toronto
Stock
Sales
Last
Par
.
of Prices
Week
Price
Low
12 H
12
Leltch Gold
6c
11%
Jan
13%
5c
7,700
Stocks (Concluded)
High
Jan
8%c
Jan
70e
11,550
660
Feb
85c
Jan
White Eagle----------
3.25
3,505
2.95
Jan
3.60
Jan
Whitewater
24
Week
11
11
90
-.1
3C
295
22
Jan
24%
Jan
Wlltsey-Coghlan
*
21%
145
21%
Feb
23
Jan
Winnipeg Electric A
•
5.15
5.40
MacLeod Cockshutt
5,565
4.76
Jan
5.90
Jan
2.60
2.50
2.70
10,699
2.27
Jan
3.20
J.n
Madseu Red Lake
48c
44%c
50c
21,500
39c
Jan
55c
Jan
Malartlc Gold.----
58c
52c
58C
23,300
43c
Jan
64c
lc
l%c
2,000
lc
Feb
1%C
Feb
1.65
3%
7c
Jan
7%
Jan
15
Jan
Feb
90
1,500
%c
12%
95
Jan
Feb
l%c
Feb
Feb
3C
53
Feb
8%c
Jan
10
1.50
Feb
1
Jan
1.55
Feb
160
155
3.500
10,500
50
160
155
3c
Feb
4%c*
Jan
80
Jan
Jan
High
10%
6c.
5c
5%e
Low
581
Jan
Jan
1%C
*
24
23%
21%
5.35
5)0
1%C
Range Since Jan. 1, 1939
Shares
11%
100
Preferred
66c
21%
•
-
for
of Prices
Low
High
*
Westons
Jan
Week's Range
Price
Par
3.05
Macassa Mines
B
Low
70c
Loblaw A
Sales
Last
3.15
Little Long Lac
Exchange
Sale
715
12%
5%C
.
Range Since Jan. 1,1939
Shares
High
Stock
Friday
for
3
Laura Becord (new)
Lebel Oro
Week's Range
Sale
Stocks (Continued.)
Toronto
Exchange
Friday
Manitoba A Eastern—
Preferred-
—
Maasey Harris
Jan
60
Jan
Feb
7
Feb
93
40
6%
88%
6
151
88%
87%
53%
1.24
1.19
1.24
5%
83
108
1,000
14c
14c
55
12c
Jan
60%
Jan
1.12
Jan
9c
9%c
51c
53c
4c
4C
1.65
1.60
1.65
1,820
35c
35c
35c
1.000
8c
8c
8c
3,000
1.23
20,445
38%
1,014
Merland Oil--
Mining Corp
Model Oils..---
-
25
Monarch Oils
Moneta-Porcuplne
1.21
Moore Corp
1.11
38 %
1(
A..
37
162
Morris-Kirk land
13c
7c
2.05
32c
Feb
48c
Jan
8c
Jan
12 %C
Jan
1.11
Feb
35%
Jan
Jan
1.45
41
Feb
20C
Feb
2%c
Jan
5%
Feb
6%
Jan
13%
61%
Jan
13c
10
10
10
Feb
56
1,156
49
Jan
33c
5c
36c
1,400
8c
—
5c
5%c
4,500
Normetal
9c
Jan
Feb
25C
Jan
600
79
""Be
Jan
Feb
1.62
445
4,004
8C
80%
Norgold Mines..
1.75
80%
1.62
—
Mines
Nordon Oil
Jan 51 %C
5c
15c
31c
47,900
10,500
5%c
16%c 16%c
Jan
70%
8c
3%c
1.75
Feb
Jan
Jan
Jan
81%
Feb
13c
Jan
Jan
Gc
Feb
48c
]^orth Star
48c
1,815
48c
Feb
70c
Jan
8.15
8.25
200
8.10
Jan
8.50
Jan
75c
North Empire
75c
5
75c
Feb
1.00
Jan
—
'
Preferred.-
8%
3%
3%
40
3%
Feb
3%
Jan
3.00
2.70
3.10
20,410
2.40
Jan
3.35
Jan
------
Gold
—
01Lt--
-
Olga Gas
—
1.20
1.10
l%c
Omega Gold
l%c
38c
40c
15
49c
3,458
7 %c
-----
Porcupine
100
100
101
65
4.00
3.95
4.05
8c
8c
9c
Pandora-Cadillac.
Partanen-Malartio
6e
Jan
53c
10.371
3,000
Jan
Jan
Jan
6%
Feb
4%
Jan
38%c
Jan
6c
Jan
12c
Jan
Jan
104%
Jan
4.75
Jan
16o
7%c
Gold—
—
Petroleum- Cobalt
Gold
75
4
Jan
25
12
Jan
14
1
1.00
1.00
400
90c
Jan
1.05
Feb
5
1.90
1.90
100
1.80
*eb
2%
Jan
1.00
"5%
*
Crown Dominion
5
*
50c
"33%
75
31
70
75
Feb
34%
423
28
Jan
37%
Jan
70c
85c
4,300
60c
Jan
1.45
Fraser voting trustHamilton Bridge-
*
12%
12%
10
Feb
13%
4%
4%
75
12%
4%
_*
Preferred
4%
"31
-.100
30
32
12
Honey Dew pref
Humberstone
12
9
15
15
20
*
Mandy
13c
Mercury Mills pref
100
13c
Dome
1.000
10c
Jan
10c
Feb
1
1%C
l%c
1%6
8,000
lu
Jan
Lc
Jan
.1
1.55
Pawnee-Kirkland
Pend Oreille
-
Robb-Montbray
Red Crest--.
.
*
—
Temlskaming Mines..,
Thayers
-
Long
95
52%c
Jan
1st preferred
*
10
Abltlbi P A Pap ctfs 5s 1953
58%
59 %
Alberta Pac Grain 0S--1940
84
80>
106
2.45
Jan
2.70
Jan
Bid
1.85
Jan
2.45
Jan
Beauharnois Pr Corp 5s '73
Bell Tel Co of Can 6s. 1955
10%
Feb
12%
Jan
Brown Co 1st
Burns A Co 5s
5%s
44
45
1958
48
49%
18c
Jan
24o
Jan
1,900
2.00
Jan
2.40
Jan
Calgary Power Co 5s_.1960
10
10%
200
10
Feb
Feb
102% 103
10%
Canada Bread 0s
-1941
106
Canada North Pow 5s. 1953
Canadian Inter Pap 6s 1949
Canadian Lt A Pow 6s 1949
Canadian Vlckers Co 0s '47
103
Cedar Rapids M A P 5s '53
C0Q80I Pap Corp— r
,
113% 114
2,700
Jan
Jan
54c
6c
10
Preferred.-
Feb
8%c
1,700
9,700
22c
jan
8%e
9,800
7%c
Jan
23c
11,800
1.52
31c
36
Jan
44%
Jan
15
71
Jan
8,6
120
46
13c
3,900
3%
60
31
1.46
1.60
</ 10
27,155
112
97
Eastern Dairies 6s
1949
40
Fraser Co 6s
Jan 11950
99
Jan
17c
3c
Jan
4%C
92c
Jan
1,124
2%c
4%
-
Simpsons A
"4%
—
Simpsons pref
3%
83%
10
Slscoe Gold
4%
,10
2%c
145
10
4%
84
L23
Lake
...
Stadacona
1.17
1.30
61c
Sladen Malartlc
58c
84c
StandarK Chemical
Paving
2%
Int Pr A Pap of Nfid 5s '68
Lake St John Pr A Pap Co
jan
Jan
1.45
6.40
Jan
Jan
5
12
3
Feb
60
30,750
25
82%
Jan
1.17
Feb
90
1.67
,
6%c
Jan
13c
47c
Feb
1.C3
Feb
3
Jan
5%
Jan
80c
2
Jan
Jan
3
Jan
25
150
20.
Feb
25
Feb
73%
363
68
Jan
77%
Jan
6%c
7%c
24,800
Jan
3,300
7c
6%c
Feb
lie
20c
Jan
24 %c
2.40
2.40
370
2.10
Jan
3.00
Jan
12c
H%c
12c
1,500
10c
Jan
14%C
Feb
4
Jan
Sylvanlte Gold
3.35
3.30
3.40
3,118
3.10
Tamblyns
12
12
12%
95
54
54
4.30
Sudbury Contact
SupersllkA
3%
B
4
Preferred
5
"4.50
Hughes
3%
4
97
102
95%
96%
93
95
Saguenay Power 4%8 A '60
.1960
106
106%
105%
-
105% 105%
104% 104%
83%
84%
Smith H Pa Mills 4%s '51
101% 102%
101
United Grain Grow 5s. 1948
United Secure Ltd 5 %s '52
48
.
50
W lnnl
pegElec4%s. —1960
90
92
62
60%
101
—
4-58 series A
66
66%
4-5s series B....
103% 104
1965
1965
48
48%
160
80
6
/Flat price.
n
Nominal.
CURRENT
NOTICES
1
20
Straw Lake Beach
96
104%
Jan
72
Sudbury Basin
47%
50%
104% 105
101% 102%
101
Jan
Jan
25
Sturgeon River Gold
33
1957
4s
4%e series B
1951
Jan
52c
20c 20%c
10
47%
105%
Feb
4%
72%
Preferred..,
Steel of Canada.
1956
46
/32%
104
Shawlnlgan W A P 4%s '67
89%
•No par value.
Ask
79
79
Feb
119
«.
5s
Feb
Feb
-
88%
Feb
2%c
Jan
10
-*
1961
MacLaren-Que Pr 5%s '61
1939
2nd conv deb
5%a
Jan
Jan
4%
10,300
10%c lP%c 23,250
73c
92c 159,422
4
430
4%
2
Jan
Feb
20
62c
11c
-
1.08
1.00
2c
1956
Gt Lakes Pap Co 1st 5s '55
5.25
36
4%
14c
Gatlneau Power 5s
Feb
3s
par value)
3%s
Power Corp. of Can 4%s'59
5s
...Dec 1 1957
Price Brothers 1st 5s.-1957
100
Jan
Utility Bonds
Montreal Island Pr 5 %s '57
Montreal L H A P (550
42
1.60
Jan
75
East Kootenay Pow 7s 1942
Jan
6,900
1.13
74
Feb
32
Feb
1.05
Provincial Pap Ltd 5%s '47
Feb
Jan
Feb
30
Feb
2 %s to '38-6 %s to '49
Minn A Ont Paper 08-1945
94
4%
Feb
4
Feb
3%B
1973
Montreal Tramway 5s 1941
48
15%C
4,250
6.25
47
93%
120
1.18
Feb
50c
101
Jan
16c
1.05
100
Feb
31
4
*30
Bid
-
101
1950
.
-
99
Feb
1.08
6.00
Feb
10
Manitoba Power 5%s.l951
£%s series B
1952
103%
3
3%c
6.25
4s
~
10%c
14c
3,950
10,535
Sllverwoods
Feb
98%
5%s ex-stock
1901
Dom Gas A Elec 0 %s_ 1945
Donnacona Paper Co—
Feb
1.12
Preferred
Jan
191
3c
.
Jan
671
Jan
1.00
15c
—50
Slgman Mines, Quebec.
Jan
86
Shawkey Gold
Sherrltt-Gordon
Jan
9c
33c
11%C
39%
31
10
Sheep Creek
Jan
180
3
Sand River Gold
Jan
Jan
53
12%c
San Antonio
18c
Feb
65c
40
112
10
St Anthony
St Lawrence Corp
St Lawrence Paper
1.75
58c
Feb
86
39%
Russell Ind
B
1.19
50c
28c 30 %c
,
Jan
14 %C
Maple Leaf Milling—
—
109% 109%
1946
700
191
Jan
Jan
22
Jan
7c
Ask
2.21
20c
20
Jan
Closing bid and asked quotations, Friday, Feb. 24
2.10
.
3
Jan
Feb
22
Industrial and Public
Jan
190'
Jan
4
Jan
191
Jan
1.95
50
30
*Oe
Feb
21c
--
Bank
Jan
l%c
2
405
4
30
50c
-
%e
5c
"
Ronda Gold Mines
Feb
120
55c
4
30
—
—
Waterloo A
1.83
6c
Jan
Jan
70
5.60
8c
Jan
%c
115
4,200
Jan
6c
1.40
10
9c
Jan
8c
Royallte OIL
2,925
20%
Feb
30%c
15
8c
8c
%C
Lac.
Feb
20%
1
1.45
-
Gold
12
10
2
4.70
2,300
8
31
10.000
2
3,500
33,200
Jan
Jan
119
5,770
55c
5 %
29%
1.55
119
1
Shawlnlgan
20
l%c
lc
100
Rogers-Majestic
Feb
1.50
1
Robt Simpson pref
3,820
50c
Jan
10c
%c
1.58
17 c
12
5.25
54c
Jan
10c
%o
50c
12c
Jan
12
5.15
1.47
Feb
35
185
Jan
1.57
Feb
15
loc
Jan
...
12
Jan
Ontario Bllknit pref-- —100
Oslsko Lake
.1
10%
Quebec Mining
Feb
1,500
8
1.77
Prospectors Airways
Feb
10
31
1.70
21 %c 21%c
30
13%
8
~1~73
60
Jan
30%
7c
900
Jan
Jan
6
8
2.17
Preston E
13c
Feb
30%
61c
25c
Metals
85
Feb
*
Montreal LH4P..,
J eb
7,550
Jan
70
Feb
2.03
Jan
Feb
75c
33%
4%o
10%
7%
3 %c
Jan
*
47%c
263
Jan
Feb
40c
.
Foothills
6,000
1.85
Jan
2c
3,200
DeHavllland pref-——100
Dominion Bridge
-*
Jan
4%
4%
200
45c
9,100
247
3,769
3%e
"50c
52,500
10%
Prairie Royalties
•5%
3%c
-*
Dalhousie Oil--—
6c
2.02
Premier
Jan
2%
Jan
4
Feb
4%
Jan
3.55
.Tan
11%
Jan
12%
Feb
54
Feb
54
Feb
Jan
•—Joseph J.
vestment
Rice,
has
who
been
identified
security business in Chicago for
general partner of Daniel F. Rice & Co.
Mr. Rice was until 1938 a partner in the
with
more
on
the
banking and
in¬
than 30 years, becomes a
March
1, it
was
announced.
investment firm of Lawrence F.
Stern & Co. in Chicago.
He has been a member of the Board of Trade
for the past 11 years, and he is
serving as a director in a number of Chicago
corporations.
Daniel F. Rice & Co. are members of the New York Stock
Exchange, the Chicago Board of Tradb, Winnipeg Grain
Exchange, the
Merchants Exchange of St. Louis, and the Peoria Board of
Trade.
The
firm
maintains offices in Chicago and six other Illinois
cities.
Other
partners include Daniel F. Rice, Walter T.
Rice, and William F. Rowley.
—Dr. William Randolph
Burgess, Vice-Chairman of the National
City
4.50
6,555
4.20
Jan
4.75
Jan
95c
95c
1.13
23,800
95c
Feb
1.30
Jan
Bank of New York and former Vice-President of the
Federal Reserve Bank
2.00
Texas Canadian
2.00
2.00
650
1.90
Jan
Toronto Elevator
Jan
of New York, will be the
guest speaker at the next luncheon meeting
12%
20
12%
Feb
16%
Jan
42%
Toburn
46
60
New York Financial Advertisers, which is to be held
42%
Feb
46
Feb
90
90
85
Feb
90
Jan
1, at the Lawyers Club, it
Jan
40c
Jan
12%
Preferred
Toronto General TrustslO
90
31c
31c
31c
Uchl Gold
1.38
1.30
1.38
Union
13
12%
13%
40%
Towagmac
Gas
United Fuel pref
Preferred B
"4%
2
10%c
United Steel
5%
40
Preferred
,,
Jan
13%
Feb
35
Jan
Dudley L. Parsons, Secretary of the
—Howard G. Wade, who
when the firm
originally organized here five
5%
Feb
Feb
the
organization,
Jan
has
recently been angaged in advertising.
Jan
7
Jan
Otis
10,678
658
19%
20
1,601
15c
7,700
22%
22%
5
4
5.05
Jan
5.80
Jan
6.20
Jan
8.25
Jan
Jan
51%
Jan
19
Jan
20%
Jan
12c
Jan
15c
Jan
22
Jan
24
42
Jan
&
Chicago
Co.
and
was
D.
Banning,
Vice-President
President,
of
years
ago,
announced.
has rejoined
Mr.
Wade
He has been associated with
Pea body,
Houghteling & Co. in
at one time.
—G. H. Walker & Co., members New York Stock
Exchange, announce
that Richard H. Smith Jr.,
formerly with Hayden, Stone & Co. for the
past
ten years,
5c
7c
group.
5
John
of the
Wednesday, March
associated with Banning & Co. of Chicago
42
5.50
*
was
was
15%c
14c
West Turner Petroleum50c
11%
Jan
7.05
19%
Jan
Feb
47%
—
1.65
10c
6.50
Western Can Flour pref 100
Jan
on
by Joseph Bame, President, and
4%
46%
5.30
1.25
was announced
500
2,890
1,637
5.40
28c
2.30
325
5
10 %c 10 %c
4%
830
6.90
Amulet
Walkers
Westflank
4%
18
2,500
3,625
47%
Ventures
Wendigo
38
10
United Oils
Walte
4%
12%
50c
250
Rouyn
Feb
4%
12%
6%c
Corp
3%c
Jan
*
5c
—
High
l%c
Jan
Feb
Low
13,700
*
-—
5%c
—
Range Since Jan. 1, 1939
Jan
7c
Jan
Shares
3c
2%c
47%c
6c
-—
Cons
Pickle Crow
Teck
.
2%c
Jan
3.85
Feb
fie
Week
~5~25
Gold
Paymaster
6c
7%c
*—
2%c
3,000
43%c
Oils
Page-Hersey
Feb
36c
7,050
6%
1.73
Jan
1%C
3,000
-
Oro-Plata
1.01
6,925
1%C
39c
Orange Crush pref.
1.23
8.75
Feb
Coast Copper
Consolidated Paper
Jan
l%c
Jan
6c
Canadian Marconi
Jan
50
Jan
800
for
of Prices
Low
High
Price
1
Canada Bud
Feb
19c
Canada Vinegars
Jan
62.370
'
Par
Brett-Trethewey
Jan
170%
27,000
5c
Nlplsslng
Stocks—
Jan
Jan
8%
Feb
Sales
Week's Range
Sale
Jan
Feb
l%e
5%
35c
------
New Golden Rose.
Standard
Feb
53%
54
Nay bob Gold
Slave
4C
1.60
2.00
Feb
10c
Exchange—Curb Section
Last
Jan
8
9,062
4,300
Friday
Jan
75c
15%c
5%
Newbec Mines
Royal
13C
Jan
10
National Steel Car
Reno
Jan
125
5300
both inclusive, compiled from official sales listg
Jan
13c
National Sewing A...
Roche
1.32
9e
158
Feb. 24,
to
Jan
Jan
49c
64
Toronto Stock
Feb. 18
Jan
24c
55
l%c
National Grocers
Premier
165
160
Murphy_-_-
*
.
Jan
145
9c
Pioneer
7c
Jan
745
51c
Power
8.65
6c
1,000
44
42%
McVlttie-Graham
Powell
8.50
5%
3%
4%c
6%
McWatters Gold.
Perron
8.00
10
"55"
McKeuzle Red Lake—.
Paul ore
Wright Hargreaves..*
Ymlr Yankee Girl
100
1,508
9,350
2,500
5,700
1,200
Pamour
Jan
Jan
5c
6%
Preferred
Pacalta
12c
3%
McDouiall-Segur
O'Brien
8%
10c
1.40
5%
44
Mclntyre Mines
Okalta
8
10c
•5c
5%
Preferred
McColl Krontenac—-
Noranda
8%
3%
5c
—
*
-
1
1.25
—
--
-
Preferred
100
1.25
Maple Leaf Milling—
Maralgo Mines.-.--
B_
Wood-Cadillac
5c
500
5<?
Feb
8%C
Jan
partment.
5c
7c
4,100
5c
Feb
10c
Jan
known in
Mr.
Wall
has
become associated
Smith
Street.
graduated
with
from
them
Princeton
in
in
the
investment
1927,
And
is
de¬
well
Volume
Financial
148
1155
Chronicle
.
Quotations
Bid
o3b
Jan
1 1977
98
a3s
Feb
1 1979
City Bonds
Bid
Ask
03 Ha Mar
105%
118%
a4%8 June 1 1974
117%
107
a4%8 Feb 15 1976
119%
118% 119%
1 1954
105%
107
104%
105%
o4%s Nov
104%
105%
a4
a 4b
May 1 1957
110%
111%
a4a
Nov
110%
111%
04b
May 1 1959
111
112
a48
May 1 1977
113% 114%
a4fl
Oct
1 1980
1 1977
15 *78
1 1981
o4 %8 May 1 1957
o4%8 Nov 1 1957—
o4%8 Maf 1 1963.
04 %s June 1 1965
115
o4%s July
114%
115%
1 1960
04 Hb Mar
1 1964.
—
116%
a4%8 Dec
120
120
121
Tranacontinent Shares Corporation, Sponsor
116% 117%
116% 117%
LOS ANGELES
BOSTON
JERSEY CITY
118% 120
119% 120%
120% 121%
121% 123
o4%8 Dec 15 1971.
115%
114
1 1962
119
%a Mar
inc.
Insurance Stock Series
Bank Stock Series
118%
«4%s Jan
1 1960
o4Hb Sept
a4%s Mar
FISCAL FUND,
118
1 1966
a3 Hb Jan 15 1976
1 1958
Ask
116%
117
a4 % s A pr
101% 102%
1 1975
a3%s May 1 1954
<13 %s Nov
99
115 %
o4%8 Apr 15 1972
97%
a3%s July
,
Over-the-Counter Securities—Friday Feb. 24
on
New York
.
11967
124
1 1979
125%
New York Bank Stocks
115% 116%
Bid
Par
Par
Ask
Bid
Ask
Bank of Manhattan Co.10
Bid
Bid
Ask
62.15
3s 1981
Canal A Highway—
5s Jan A Mar 1964 to *71
less
1
62.20
-
less
1
Ask
Highway Imp 4%s Sept '63
1,43
Canal Imp 4%s Jan 1964..
143
Can A High Imp 4%s 1965
mmmm
140%
-mum mm
46
24%
26
75
100
12%
National Safety Bank.12%
32%
Penn
10
10
12
50
47
54
25
30%
32%
22
24
15
18
13.55
34%
Exchange
16<
167
Peoples National
Fifth
61.50
Improvement—
4s Mar A Sept 1958 to '67
710
Avenue
135%
Canal Imp 4s JAJ '60 to '67
135%
Barge C T 4s Jan *42 A '46.
113
750
Public National
First National of N Y..100 1675
1716
103
Trade
11%
Sterling Nat Bank A Tr 25
Merchants Bank
4%s April 1940 to 1949—
Barge C T 4%s Jan 1 1945.
mmmm
42
National City
Commercial National..100
World War Bonus—
100
13%
116
....
Highway
62 35
National Bronx Bank...50
45
Chase
3s 1974
18%
40
Bensonhurst National. ..50
New York State Bonds
16%
Bank of Yorktown_.66 2-3
100
97
Bank
12%
....
....
....
NEW YORK BANK, TRUST CO.
Port of New York Authority
Bid
Gen A ret 4b Mar 11975.
107% 108%
Gen A ret 2d ser 3%s '65
105% 106%
Gen A ret 3d ser 3 %s '76
104
Gen A ret 3%8
1977
George Washington Bridge
4%s ser B 1940-53.MAN
and INSURANCE STOCKS
Bid
Ask
l'ort of New York—
Ask
Holland Tunnel 4%s ser E
1939-1941
MAS 60.25 to 0.90%
111
MAS
1942-1960
Laird, Bissell & Meeds
112
120 Broadway, New
105
99% 100%
Gen A ret 4th ser 3s 1976
Bonds
1939-1941..
MAS 60.50 to 1.30%
1942-1960
101% 102%
York
-
Wilmington
Inland Terminal 4%s ser D
MAS
110
Bell
System
—
Teletype
Tel. BArclay 7-3500
■
Philadelphia
N Y-l-1248 and 1-1249
111
107% 108
New York Trust
United States Insular Bonds
Bank of New York
Bid
Bid
Ask
123
U 8 Panama 3s June 11961
Philippine Government—
4%s Oct
1959
114
1952
112
113
6s
Apr
1955.
101
103
5s
Feb
1952
115
118
5%s Aug
1941
Ask
125
109% 111
10
7
Brooklyn
5
77
Companies
Par
Ask
382
51%
100
County
Bronx
372
100
Bankers
116
4%s July
Bid
Par
.
53%
6%
200
215
100
254
259
10
10
....100 15C0
27
25
Manufacturers
20
Irving
117
20
91
Chemical Bank A Trust. 10
45
47
50
54
60
Colonial Trust
25
8%
10%
Continental Bank A Tr.10
13%
53%
54%
Title Guarantee A Tr.._20
10
13%
14%
United States
110
112
109% 111%
Conversion 3s 1947
Federal Land Bank Bonds
3s 1956 opt 1946
Empire
Bid
Ask
Bid
105% 106
3 %8
105% 106
JAJ
-JAJ
MAN
38 1 956 opt 1946
4s 1946 opt 1944.
Preferred
105%
Insurance
107%
111% 112
Bid
Par
106
Aetna
99% 100%
Montgomery 3s...
New Orleans 5s
100
Ask
101
100
101
34
New York 5s.
100% 101
34
North Carolina 3s.
100
101
34%
Ohio-Pennsylvania 6e
100
100%
Oregon-Washington 6s....
/48
Pacific Coast of Portland 6s
100% 101
99% 100%
/31%
/5
Chicago 4%s and 5s
-
101
Dallas 3a
First Carollnas 5s
100% 101
First Texas of Houston 5s.
First Trust of
6%
101
Chicago 4%s
102
101% 102%
Fletcher 3%s
100
Fort Wayne 4%s
Pennsylvania 3 %s
105
4%s
Phoenix
100
Greensboro
84
St Louis 5s
f22
85%
San Antonio 3s
100 %
Southern Minnesota 5b.
...
5s
/12
100
3s
101
Southwest
99
Lafayette 5s
100
ioi
Lincoln 4%s
90
92
Virginian 5s_
91
93
Virginia-Carolina 3s...
5s
58....
100
99
76%
Jersey Insurance of N Y—
38%
41%
24
Knickerbocker..
5
"10%
11%
26%
Lincoln Fire
6
2
Maryland Casualty
1
3%
2%
4%
61%
8%
41%
54%
28%
56%
32%
Camden
7%
6%
94%
684
Mass Bonding A Ins..12%
Merch Fire Abbot com
6
Merch A Mfrs Fire New'k 6
Merchants (Providence)..5
98
594
Casualty
National Fire
10
National Liberty
National Union Fire
20
22%
New Amsterdam Cas
27
New Brunswick
-10
21%
23%
27%
New
26%
Continental Casualty. -.5
34%
36%
.2%
Eagle Fire
Employers Re-Insurance 10
24
13
1%
2%
49%
51%
7%
8%
Excess
41%
Federal
101
100%
Fidelity A Dep of Md. -20
»
2
20%
25%
Connecticut Gen Life- -10
City of New York
101%
10
5
Fire
Carolina..
101
10
-10
Fire Assn of Phlla
Fireman's Fd of San Fr.25
82
9%
—5
29%
Franklin Fire
Corp 5
43
124% 126%
59
60%
Firemen's of Newark. —5
North
Bid
100
45
Atlantic
100
40
50
117
125
37
42
Dallas
...
100
100
Denver
mmm
"
Des
100
Moines
First Carollnas
63
70
Ask
100
10
65
75
100
100
20
...100
75
-.5
100
2
Carolina
2.60
Pennsylvania
Potomac
San Antonio
5%
Virginia
Virginia-Carolina
....
85
•
mm
2%
100
1
2%
100
1%
116
77
81
6
19%
21%
Providence-Washington. 10
33%
3 5%
Phoenix
—10
Preferred Accident.
85
10%
31%
Reinsurance
Corp (N Y).2
Republic (Texas)..
10
Revere (Paul) Fire
10
Rhode Island
Russia
27
St Paul Fire A Marine...25
38%
45%
Seaboard Fire A Marine..5
.6
5
12%
13%
Seaboard Surety
23
25%
Security New Haven.—10
68
71
25
10
—5
Great Amer Indemnity
—
1
Halifax
Bid
1% due
Sept 15 1939
1% due
Oct. 16 1939
l%due
Nov
11939
1% due
Dec
1 1939
1%% due—.—Jan. 21940
6.25%
6 .25%
6.25%
6
6
Ask
6
6
6
6
.30%
.35%
.35%
.35.%
.35%
Bid
Par
Ask
217
73%
117
480
24%
Travelers
100
452
462
21%
22%
63%
59
62
2.60
33
35
U S Fire
56%
U 8 Guarantee
31
33
Westchester
5
222
page
1157.
4
Fire
Surety Guaranteed Mortgage Bonds and Debentures
87
1953
m
«
** —
87%
mmmm
mmmrn
294
304
519
54
mm mm
Bk of Amer N T A S A
12%
36%
Corp (all
1953
m
mmmm
Issues) 2-5s
88%
mmmm
54
56
48%
61%
54
57
Potomac Cons Deb Corp—
1953
Potomac Deb Corp 3-6s
'53
1953
3-6s
90
Potomac Maryland Deben¬
ture
ser 1 e8
B A C
1953
'53
3-68.1953
Deb Corp 3-68
88%
mmmm
1953
Realty Bond A Mortgage
deb 3-6s
1953
52
55
Unified Deben Corn 5s 1955
/28
/28
—
series A A D
Nat Deben Corp
Corp 3-6s
94
Potomac Realty Atlantic
Central Funding
34%
97
Potomac Franklin Deb Co
532
FRANCI8CO—
1954
3-6s
49%
Mortgage Bond Co of Md
Inc 2-6s
1953
81
57%
68
Interstate Deb Corp 2-5s'55
Ask
1954
Series B2-5s
55%
Ask
Nat Union Mtge Corp—
Series A 3-6s
5,5%
Empire Properties Corp—
2-3a
....1945
Bid
Bid
Ask
Potomac Bond
3-6s
Nat Cons Bd Corp 2-5s
For footnotes see
4%
51%
U S Fidelity A Guar Co..2
79%
—
120
3%
10
31%
54%
Debenture
100
Northern Trust Co
SAN
32
430
Nat Bondholders part ctfs
71%
7%
29%
30
100
Associated Mtge Cos Ino—
Harris Trust A Savings. 100
204
6%
27%
Springfield Fire A Mar..25
.5
Cont'l Inv Bd Corp 2-52 '53
212
228
Sun Life Assurance
29%
Arundel Deb Corp 3-6s '53
Chicago & San Francisco Banks
Par
5%
4%
Stuyvesant
Cont'l Inv DebCorp3-6s '53
National Bank
A Trust
100
Continental Illinois Natl
Bank A Trust
33 1-3
First National—
100
5
3%
223
10%
76%
Arundel Bond Corp 2-5s '53
.30%
American
25
Bank Debentures
Ask
6.25%
6.25%
27%
23%
26%
Bid
1% due
Mar 15 1939
1% A 1%% due Apr 15 *39
1% due..---.May 15 1939
1% due
June 15 1939
1% due
July 15 1939
1% due
Aug 15 1939
10%
25%
9%
-10
Home
Bid
9
22%
preferred
Great American
Hartford Fire
Federal Intermediate Credit
27%
*
129
24
Hanover
85
3
94%
26%
33%'
18%
97%
113
Pacific Fire
Hartford Steamboller. -.10
Fremont...
Lincoln..
17
125
43%
2d
25
80
8%
121
Natlonal.25
25
—6
63
7%
117
26
Northwestern
22
Glens Falls lire
5
29%
47%
42%
...5
Globe 4c Republic
Globe A Rutgers Flre. -15
14
100
New York
North
3%
100
Bid
Par
Ask
Par
Atlanta
61
-
31%
45%
-10
Georgia Home
27%
49%
10%
...10
12.50
River
9%
3%
14%
.—.5
Northern....
46
13%
Hampshire Fire...10
New York Fire
59
2
Gibraltar Fire A Marine. 10
General Reinsurance
Joint Stock Land Bank Stocks
2%
1%
34%
.,10
Boston
106%
99% 100%
100
100%
Union of Detroit 4%s..
66%
26%
Bankers A Shippers— -25
98% 100
96
65
39%
Baltimore American.. .2%
84
5s
Illinois Midwest 5s..
Iowa of Sioux City 4%s—
Ins Co of North Amer...10
National
102
82%
83%
Fremont 4%s
19%
30%
6%
.2%
Automobile
107% 108%
58
Potomac 3s
18
-10
American Reserve.
52
Ask
10
15
-
American Surety
102
99% 100%
99% 100%
Denver 5s
Bid
Home Fire Security
Homestead Fire...
Re-Insurance. 10
American
Par
48%
112
'
/31
/31
Central Illinois 5a
90
1620
Companies
Ask
13%
American of Newark.
3s...
4%s
6%
5%
80
22%
..10
American Home
101
Burlington 5s.
Atlantic
.
100 1570
25
25
Equitable.. -.5
American
Atlanta 3s....
,
-10
American Alliance
Bid
100
....
73%
Life.—..
Agricultural
Joint Stock Land Bank Bonds
100
54%
98
28%
.,10
Aetna
Ask
41%
52%
95
46%
108
Aetna Cas A Surety.. -10
Bid
39%
20
25
New York
Ask
107
1955 opt 1945—MAN
JAJ
30
94
U nder writers
3s 1955 opt 1945
11
1550
14%
Corn Exch Bk A Tr.„__20
116% 118
1956
Central Hanover
114
Clinton Trust
U S conversion 3s 1946
Hawaii 4%s Oct
119
112
4%s July 1952
July 1948 opt 1243.
Ask
100
Guaranty
Kings County
Lawyers
82
Govt of Puerto Rico—
6s
Bid
Fulton
mrnrnm
mmmrn
53
56
61
mmmm
49
52
Financial
1156
Quotations
Chronicle
Feb.
25,
1939
Over-the-Counter Securities—Friday Feb. 24-Continued
on
Railroad Bonds
Bid
Guaranteed Railroad Stocks
Members T^rw
1939
33
/31
9734
6s
Atlantic Coast Line 4s
Joseph Walker s Sons
3334
Baltimore A Ohio 4348
50
7134
Maine 5s
Boston A
Tel. REctor
NEW YORK
2 -6600
73 34
32
25
4 34
120 Broadway
Cambria & Clearfield 4s
9734
Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans 5s
Chicago Stock Yards 5s
61
72
75
79
Cleveland Terminal A Valley 4s
45
4734
108
Duluth Mlasabe A Iron Range 1st 334s
Florida Southern 4s..
(Guarantor In Parentheses)
10534
6.00
>00
6834
11834
72
12334
6.00
55
60
2.00
27 H
2934
8034
83
15
20
8.50
Boston A Providence (New Haven)
2.85
Carolina Cllncbfleld A Ohio com (L A N-A C L)
..100
6.00
4434
82 34
48
Cieve Clnn Chicago A St LoUis pref (N Y Central] -.100
5.00
67
7134
3.50
76 H
46
7934
»
(Pennsylvania)
2.00
stock
2.00
.100
9.00
.
-100
4.00
—50
Lack A Western)
Northern
4954
3554
3354
6.00
1.50
43
80
173
6.82
preferred
-
-
72
105
11534
mmmm
Portland Terminal 4s
84 34
8534
Providence A Worcester 4s
77
Terre Haute A Pecoria 5s
103
Western 4s
Toledo Peoria A
V: lley 4348
—
Railroad
.
»
6934
Baltlmore A Ohio 434s...
54 75
4 00
54 75
4 00
56 25
4 2
56 25
4 25
334s Dec 1 1936-1944..
55 25
4.2
V
Canadian National 434s.
52 73
2.00
Northern Pacific 434s
62 2
52 70
2.00
Pennsylvania RR 434 s
61 53
1 00
61.60
1 00
2 60
2.00
A
Maine
«---
434s...
5s
New Orl Tex A Mex434s-.
New York Central 434s _.
52
5534
5.00
60
65
Vlcksburg Shreveport A Pacific (Illinois Central). -100
5.00
58
6134
5.00
61
64
Canadian Pacific 434 s
52 63
2.00
Warren RR of N J (Del Lack A Western)
3.50
2654
29
Cent RU New Jersey 434s
55 10
4.2
West Jersey A Seashore (Penn-Readlng)
3.00
5534
59
5s......
-
51.25
-4 75
4 2
54 75
4 2
Paul" 434s
55 75
5 00
>5 75
5g.
Chic
_
Milw" A
St
5 00
5s
PUBLIC UTILITY STOCKS
5)
.
Chicago A Nor West 434»
DEALERS
56
Chicago R I A Pacific—
93
1937-49
non
Bishop Reilly & Co.
58
Incorporated
64
WALL
55 00
55 00
55 00
534s
Erie RR 434s
STREET, NEW YORK
98
—
4 00
4.00
10034
4 25
1.60
62 51
434s
Reading Co 434s
2.50
62 60
5s
62 60
St Louis-San Fran 4s
Southern
2.00
63 00
Pere Marquette
2.00
2.00
97
100
98
St Louis Southwestern 5a..
4 00
4 25
call
Dec 1 1937-50
101
64 50
5s
3 75
62 75
Pacific 434s
3 75
64 50
534s
Denver A R G West 434s.
3 60
4a series E due
234s series G
434a
91
Trustees' ctfs 334 s
0
'5 25
YNHAHartf4348—-
1 00
64
,
0 5
-
-
I
2 00
3 50
65 25
5s
Jan A July
6s
A
52 20
3 00
50
64 7,0
4348
5s
4348
»
62 75
61
N Y Chic A St L
Chesapeake A Ohio—
24434
61 00
5s
mm
6.00
24034
Ask
1.50
Boston
mem
Bid
52.10
5s
128
Ask
Atlantic Coast Line 434s.
10.00
Preferred
55
Equipment Bonds
w-4 O O
«
—
m
39
53
100
•
mm
3734
-100
(D L A W)
Valley (Delaware Lackawanna A Western)
mm
mmmm
60
Pittsburgh 4s—
17634
65
6.00
Utlca Chenango A Susquehanna
mm
105
—
County Ry 3 34s
West Virginia <k
10734
9934
t—1946
United New Jersey Railroad A Canal 334s—
mm
96
106 34
,
Toronto Hamilton A Buffalo 4s
Vermont
mm
93
Toledo Terminal 4348
-
129
3.00
United New Jersey RR A Canal (Pennsylvania)—
*5
69
104
Bid
-
66
6.00
Tunnel RR St Louis (Terminal RR)
953*
Pennsylvania A New York Canal 5s
42
c
144
rn.mm.mn
8t Louts Bridge 1st pref (Terminal RR)
Norwich A Worcester 4348
>54
105
9434
45
7.00
Pittsburgh Fort Wayne A Chicago (Penn.) pref.. -100
-100
Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A Hudson)
.
34
5954
8434
3734
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
Preferred
101
Philadelphia A Norfolk 4s
8734
4.60
—50
6734
4.00
(Pennsylvania)
9
99
York A Harlem 3348
Wasblngto
800
3.00
Central
Gswego A Syracuse (Del Lack A Western)..
Second
4734
5934
158
650
3.875
.1(M)
New York Lackawanna A Western (D L A W)—
50
47
50.00
—
Michigan Central (New York Central)
Morris A Essex (Del
8534
4434
5534
15434
5.50
—100
Fort Wayne A Jackson pref (N Y Central)
Georgia RR A Banking (L A N-A CD
Lackawanna RR of N J (Del Lack A Western)
New
New York
-
93
Pittsburgh Bessemer A Lake Erie 5s
..100
Delaware (Pennsylvania).
69
113
Philadelphia A Reading Terminal 5s
Canada Southern (New York Central)
Betterment
,
66
91
1959
Memphis Union Station 5s —
New London Northern 4s..
8.75
(New York Central)
Cleveland A Pittsburgh
----
62
Kansas Oklahoma A Gulf 5s
Asked
Bid
10.50
Central)
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany
68
3348
Indiana Illinois A Iowa 4s
Dividend
Par in Dollars
(Delaware A Hudson)
106
Illinois Central—
Louisville Div. A Terminal
Albany A Susquehanna
9934
,
100
1961
—
Connecting Railway of Philadelphia 4s
Guaranteed Railroad Stocks
Alabama A Vlcksburg (Illinois
98 H
51
30
Boston A Albany 434s
York Slock Exchange
Asked
/31
Akron Canton and Youngs town 534s
2 00
1 75
1 00
63 00
2 00
62 00
1 00
63 00
Southern Ry 434s
5s
Bell Teletype:
2.2.)
Great Northern 434s.
5s
N. Y. 1-1043
Direct wire to Fuller, Cruttenden & Co., Chicago
Public
Bid
51 75
1
1.C0
4348
63 00
Hocking Valley 5s
51 50
1.00
5s
62 00
1 00
Illinois Central 434s
Internat Great Nor 4348-
Hanover 2-3888
53 00
2.03
Union Pacific 434s
61
2
0.60
64 25
3.00
Virginia Ry 434s
61
61
1.00
Wabash Ry
51
Long Island 434s
Utility Stocks
Bid
Ask
8954
91
Mississippi P A L $6 pref
Arkansas Pr & Lt 7% pref *
8734
8934
Miss Rlv Pow
Associated Gas A Electric
Original preferred
*
$6.60 preferred
334
—*
$7 preferred.»_r
*
Carolina Pr & Lt $7 pref..*
6% preferred
*
$6 preferred
100
Cent Pr & Lt 7% pref..100
Consol Elec & Gas $6 pref *
Consol Traction (N J).10Q
Consumers Power $5 pref*
Continental Gas & El-
7% preferred
..100
Derby Gas A El $7 pref..*
Essex Hudson Gas
Federal Water Serv
100
3534
1454
Newark Consol Gas
.100
90
22 34
92
New Eng G A E 5)4
84
86
% pf. *
Co—
2154
,
New Eng Pub Serv
9334
8334
95
92
85
4 54
634
50
54
10134 1C234
86
8734
11534
38
2834
$6.60
preferred...*
2934
2934
3034
$7 cum preferred—.*
Hudson County Gas
100
3054
3154
$6
.
cum
7%
preferred
cum
N American Co
Northern
*
preferred
..100
534% pf 50
states
10154 10334
10754 10934
5234
5254
Power—
(Del) 7% pref
(Minn) 5% pref...
100
68
70
*
10654 107 34
*
*
102 34 103 >4
109
Ohio Power 6% pref... 100
Ohio Pub Serv 6% pf._100
100 H 10134
7% preferred;
100
Okla G A E 7% pref.. 100
Pacific Pr A Lt 7% pf-100
Penn Pow A Lt $7 pref...*
6% preferred
Republic Natural Gas
100
11134 114
6% preferred D
100
Sioux City G A E $7 pf.100
10834
11334
J110?4
1083* 11034
81
84
10234 104
Rochester Gas A Elec—...
25
112
Queens Borough G A E—
2234
4
554
Jamaica Water
734 %
39
10134
New York Power A Light—
10734 110
Gas..*
Supply
preferred
100
1
23
25
3 34
434
9934 101
94
9634
28 54
93 H
2934
Southern Calif Edison—
60
pf..l00
Kan Gas A El 7% pref. 100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr.100
7% preferred..
100
5434
5654
97
99
11554 11734
Mississippi Power $6 pref *
$7 preferred
*
6% pref series B
Public
Tenn Elec Pow 6%
pf.100
7% preferred
100
Texas Pow A Lt 7% pf.100
68
72
2634
29
3034
Toledo Edison 7% pf A. 100
Union Elec Co of Mo—
31
3234
9434
96
95
95
96
United Gas A El (Conn)—
$5 preferred
8134
8434
85
86
4334
Amer
77
7834
Utility Serv 6s. 1961
Appalachian Elec Power—
1st mtge 4s
f debenture 434s.
*
100
10134
108
110
114
11434
7% preferred
Utah Pow A Lt $7 pref
100
Virginian Ry
100
57 34
143
Cuban Atlantic Sugar..734
Eastern Sugar Assoc
1
Preferred
1
For footnotes
see
page
Ask
memrn
Associated Electric 5s. 1961
4
13
1157.
9
85
4 00
4 00
Assoc Gas A Elec Corp—
Income deb 334s
197s
Income deb 33is.—1978
Income deb 4s
197s
Income deb 434s...197s
Conv deb 4s
1973
Conv
deb
2734
2814
3034
2834
31
Lone Star Gas 3 34s
-1953
Mich Consol Gas 4s 1963—
33 34
3434
Missouri Pr A Lt 334s. 1966
s
5434
28
~
*
—
Savannah Sug Ref com...l
3134
West Indies Sugar Corp__l
Mtn States Pow 1st 6s. 193^
5634
57 34
6154
Narragansett Elec 334 s '66
N Y, Pa AN J Util 5s 1956
67
68 34
Ask
——
10834 10834
/5434
20
5634
27
10934 11034
48 34
4934
8034
8134
10734 108
93
9834
10034 107
98
9934
10 34 10934
6334
6734
N Y State Elec A Gas Corp
92
94
29
3134
4s
Elec Co—
1966
North American
26
mmm
28
mmm
3 34s
9734
9834
Co—
1949
1954
3343
10334 10334
102
Sink fund inc 434s..1983
Sink fund inc 5s
1983
30
Sink fund inc 534s..1983
81nk fund Inc 4-5s._1986
26
8 f lno
28
3034
Ohio Pub Service 4s.. 1962
Sink fund inc 5-6S..1986
30 34
33
Old Dominion par 5s..1951
8 f Inc 534s-634s
3134
10234
10334 10334
35
4343-5348—1986
1986
Blackstone Valley Gas
A Electric 334s..—1968
Ara
Pub Serv 5s. 194*
Central G A E 534s—1946
1st lien coll trust 6s
1946
Central Illinois Pub Serv—
1st mtge 334s
1968
Cent Maine Pr 4s
ser
G '60
32
4s
-—1959
North Boston Ltg Prop's—
mmm
m
m
Secured notes 3 Hs .1947
Ohio Power 334s 1968
10834 10934
6734
6834
1st lien
3-0s
1961
80 34
8134
94
95
Portland Elec Power 6s *50
/2034
2134
7734
8234
7834
Public Serv Elec A Gaa—
mmm
1st A ref 5s
2037
14634
1st A ref 8s
84
100
2037
213 34 216
1st mtge
1988
11034 1U34
334s
10034
10734 10834
Pub Serv of Northern 111—
Central Public Utility—
Income 534s with stk '52
/134
234
Pub Util Cons 5348—1948
7234
7334
Republic Service coll 5s '51
Commonwealth
10634 10634
10534 10634
107 34 10734
Peoples Light A Power—
1st mtge 334s
Edison—
1968
10634 10734
83
8134
71
73
St Joseph Ry Lt Heat A Pow
11034 11034
434a
1947
10334 10534
1962
98
4734
Sioux City G A E 48—1966
47
48
Sou Cities Util 5s A—1958
46
47
Tel Bond A Share 5s..1958
7034
7134
5034
B
9634
4634
1962
52
Texas Public Serv 5s.. 1961
9034
92
Crescent Public Service—
Bid
.
6034
Cons ref deb 434s..195s
Sink fund inc 4s..:.1983
6s series
Par
Lehigh Valley Transit 6s '60
Lexington Water Pow 58 '68
197,3
Conv deb 534s
1973
8s without warrants. 1940
A
57
1973
434s
Conv deb 5s
Assoc Gas
Corp 0348.1938
Kan City Pub Serv 4s,1957
Kan Pow A Lt 1st 4V4s '85
y
San Antonio Pub Serv—
|
Ask
>
34
6
14 ?4
1 2i
66 00
Bid
Tdaho Power 334s
1967
Indianapolis Pow A Lt—
Mortgage 334 s
196*
5634
10534 10634
8
mmmm
mmmm
62 0 >
65.00
Inland Gas
V
194s y
58 J4
Sugar Stocks
|
Western Maryland 434a_—
Western Pacific 5s
Cities Service deb 5s. .1963
82 34
*
196a
_
5s
Bid
mmmm
98
Ask
42 H
Consol E A G 6s A...
Par
mmm*
96
97
—
Utility Bonds
Bid
Cenr
25
25
Mass Utilities Associates—
6% conv partlc pref..50
Memphis Pr A Lt $7 pref
2.50
Amer Gas A Power 3-5a '63
s
38
208
Interstate Power $7 pref.*i
Jer Cent PAL 7%
24
100
»
Idaho Power—
7% preferred..
Interstate Natural
23
*
$7 preferred
35
208
10934 112
14354 147
New Orl Pub Serv $7 pf..*
9334
.
Corp—
$6 preferred
2.50
3734
1214
$6 cum preferred
cum
6s
95
434s
5343
27
100
7% preferred
Ohio Edison $6 pref
Dallas Pr & Lt 7% pref. 100
3.50
53 50
Mountain States Power—.
$7 prior lien pref
100
5348
634
2534
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100
Central Maine Power—
7% preferred
534
5s
3.50
63 50
5s.
2.50
64 50
534 s
Missouri Pacific 434s.....
2.50
64 50
;
2 25
Pehn
pref....25
634
OO
26
NOi H
West
Pub Serv 7%
79 34
8134
11434 116
8334
*—< r-i
Birmingham Elec $7 pref.*
Buffalo Niagara A Electern
preferred..;
Monongahela
6
Atlantic City El 6% pref.*
$1.60
6% pref.100
Missouri Kan Pipe Line..6
Texas Pacific 4s
63 50
Maine Central 5s
-
Alabama Power $7 pref
l.oO
63.50
5s
Ask
5
334I
10934
Dallas Ry A Term 68.1951
434
Federated Util 534s
195
Havana dec Ry 5s...195
6454
6634
7334
7434
/3834
...
1st mtge 4s
1963
10534 10534
10234 10334
Toledo Edison 334s
1968
Utica Gaa A El Co 5s. 1957
124
Western Pub Serv 534 s *60
Wisconsin G A E 3 34s. 1966
88 34
90"
10834 109
Wis Mich Pow 334S..1961
108
10634 10734
—
Volume
Financial
148
Quotations
WE
MAINTAIN
ACTIVE
Chronicle
1157
Over-the-Counter Securities—Friday Feb. 24—Continued
on
TRADING
MARKETS
Real Estate Bonds and Title Co.
UNLISTED
IN
Mortgage Certificates
Investment Trust Issues
Bid
Rlttenhouse Plaza (Phlla)
2%s
1955
Roxy Theatre—
GOODBODY & CO.
1st mtge 4s
Members N. V. Stock Exchange and other Principal Stock and Commodity Exchanges
Main Office
115
Jersey City Office
*
Broadway
Private Wire System
Par
Admlnia'd Fund 2nd Ino. *
Bid
12.85
Affiliated Fund Inc...IK
Ask
3%s
11.13
3s
22.52
17
1950
Wall & Beaver St Corp—
1st 4%s w-s
1951
1950
17%
19 %
Westlnghouse Bldg—
1957
1st mtge 4«
71%
1948
29.31
Series B-2
56
11.87
26.72
53
Walbrldge Bldg (Buffalo)—
1947
3s with stock
Series B-l
52%
24.67
Keystone Custodian Funds
4.29
28
3.41
Amer Gen Equities Inc 25c
1
Bid
3.77
26%
Amer Business Shares
Investors Fund C
13.67
3.38
Corp..*
♦Amerex Holding
Par
40
47%
2 Park Ave Bldg 1st 4s 1946
3%s with stock
616 Madison Ave—
Ask
38
1939
1956
61 Broadway Bldg—
Investing Companies
1958
1st 5%s
60 Park Place (Newark)—
1st
...
Trinity Bldgs Corp—
1956
1st 3-5 %s (w-s)
Connecting Branch Offices in leading Cities
68%
1955
Textile Bldg—
1st 4s (w-s)
Shernetb Corp—
Teletype JCY 1518
-
1st 3s.
1957
Savoy Plaza Corp—
3.6s with stock
921 Bergen Avenue
Tel. Journal Sq. 2-4400
New York City
Tel
REctor 2-5485
Ask
Syraouse Hotel (Syracuse)
.54
Series B-3
14.62
16.11
Am Insurance Stock Corp*
5
5%
Series K-l
15.30
16.76
Assoc. Stand Oil Shares..2
5
5%
Series K-2
11.10
12.33
Series S-2
14.69
16.25
Series 8-3
13.10
14.53
Series S-4
4.89
5.47
5.69
6.28
Bankers Nat
Corp
Invest
5%
♦Class A——
Basic Industry
Boston
Shares..10
e%
3.58
16.05
Inc
Fund
.47
Maryland Fund Inc.__ 10c
17.26
Mass Investors Trust
A—1
.17
Broad Ss Invest Co Inc..6
25.34
1
14%
4.00
4.35
Century Shares Trust...*
23.18
24.93
Common
...1
10.17
11.00
Voting shares.
Inactive Exchanges
15%'
Canadian Inv Fund Ltd—1
Foreign Stocks, Bonds and Coupons
British Type Invest
Bullock Fund Ltd
Chemical Fund
Commonwealth Invest... 1
.32,
21.41
23.02
lo
11.50
12.57
_25c
3.53
i
27.10, Mutual Invest Fund
3.57
3.88
♦Continental Shares pflOO
7%
8%
Corporate Trust Sbares-.l
Series AA
....1
2.41
2.31
Accumulative series—1
2.31
Automobile
Series A A mod
1
—I
♦Crum A Forster com... 10
2.79
Aviation
Series ACC mod..
2.79
Bank stock
25%
National Investors Corp.l
1
5.85
6.23
13.12
14.14
8.49
5.45
8.62
♦Common B share... 10
8.86
8 19
Electrical equipment—
♦7% preferred
100
Cumulative Trust Shares. *
16.48
Delaware Fund
Deposited Bank Bhs ser A1
Deposited lnsur Shs A...1
Deposited lnsur Shs ser B1
17.82
1.50
mm ~
9.11
8.74
9.45
Oils
4.83
8.42
Metals
111
10.31
8.14
8.81
8.12
8.78
8.59
9.29
—
Steel
—
No Amer Bond Trust ctfs.
mm mm
3.01
1946
-1946
Hansa SS 6s
1939
/32
1
2.82
Series 1966
1
78
1948
-
Barranqullla ,s'35-40-46-48
Bavaria 6%s to
1945
/19
p
n
2.77
«.
-
-
1945
/14
/15«
/14%
/3%
1958
1969
1940
/3%
/3%
*
7s
7s
3.80
1
5.80
6.50
Plymouth Fund Inc.—10c
.46
.52
25c
1.31
1.41
♦Putnam (Geo) Fund
14.55
15.56
Brandenburg Elec 6s. .1953
Quarterly Inc Shares.. 10c
11.03
12.08
Brazil funding 5s..1931-51
/17
/15%
5% deb series A
Representative TrustShslO
Brazil funding scrip
10.12
10.62
.29
.32
Eaton A Howard Manage¬
17.22
ment Fund series A-l__
Eqult Inv Corp (Mass)..5
Equity Corp 53 conv pref l
Fidelity Fund Ino
*,
First Mutual Trust Fund..
Fiscal Fund Ino—
,
1
Series 1958...
19.25
27.96
29.74
26 h
27%
20.01
21.53
7.33
Republic Invest Fund.25c
Selected Amer Shares. .2%
Selected Income Shares
8.12
9.43
103%
10.48
.70
.78
17.15
.64
.69
*
79%
10%
15%
3%
3%
82%
Super Corp of Am Tr Shs A
Standard Utilities
Fixed Trust Shares A...10
9.71
10
7.62
♦State St Invest
Corp
6.62
7.30
AA
4.25
4.55
B
3.73
Fundamental Invest Inc.2
18.15
19.63
Fundamental Tr Shares A2
5.15
5.75
*
4.57
General Capital Corp
•
31.29
10.21
5.05
5.50
6.10
11.10
..1
2.51
Series D
1
2.46
5.64
«,
•»
l
5.26
Trusteed Amer Bank Shs B
.56
.62
Trusteed Industry Shares.
.96
1.06
7.29
7.93
4.04
Investing shares
Merchandise shares
3.63
3.96
5.48
5.97
U S El Lt
AJPr Shares A..
7%s '46
/14%
Recklinghausen 7s..1947
15%
15 %
(C A D) 0%s. 1948-1949
1947
/1%
3%
2.12
Voting shares
mm mm
-
Mining shares
Petroleum shares
6.53
7.11
4.80
8~~
RR equipment shares.
4.57
4.98
Inveatm't Banking Corp
Steel shares
6.54
7.12
♦Bancamerlca-Blalr
Tobacco shares
5.14
5.60
♦Central Nat Corp cl A..*
29
32
Corp—1
.20
.50
..*
2
17.51
18.83
♦Huron Holding
Incorporated
..1
Corpl
♦Class B
15.18
3%
2%
1934
Bank Group shares
1.09
1.34
16%
18%
1%
2%
1.19
Insurance Group Shares.
1.46
A
1953
Budapest 7s
—1946
stamped..1937
'51
Costa Rica Pao Ry 7 %s *49
5s
1949
Cundlnamarca 6 %s—1959
Colombia 4s
/21%
750
52
Bid
Alden Apt 1st
mtge3s.l957
1958
Inc 2s.. 1956
Beacon Hotel Ino 4a..
B' way Barclay
.
Ask
38%
Lefcourt State 1st lshld
12
14
24
ph
/50
/52
/20
/27
1948
'
38%
68%
35%
Lincoln
71%
73%
mm
mm
~
Building—
Income
5%s w-s
1st 6s
1963
1947
/9%
12%
Chanin Bldg 1st mtge 4s '45
43%
46%
1st A gen 38 w-s
Chesebrough Bldg 1st 6s '48
49%
52%
37%
1950
29%
33%
1957
26%
29%
72%
96%
97H
/20
/13%
52
65
21 %
21%
14 %
..1957
3s
40%
43%
1948
1952
1947
50%
1st 5b (L I)
1951
62%
1st 3}£8
Dorset 1st A fixed 2s
8
Hotel units
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
38%
38
10
-
26%
28
30
32%
40%
Film Center Bldg 1st 4s *43
41%
45%
45%
42%
44%
65%
Corp 6s
8 f deb 5s
1945
99% 101%
1958
1939
Bldg—
1st 6Ha stamped.. 1948
Fuller Bldg deb 6s
1944
69
2s
fir
/9%
/8
/6
/I®
/14
1946
26
28
8%
5%s series BK
/49%
52
5%s series C-2
34%
5%s series F-l
/32%
/54
5%s series Q
/42%
44%
40%
43%
37
35%
Ollcrom Corp v t c_—
56
/5
7%
43%
103 E 57th St 1st 6s... 1941
/19%
23%
52%
54%
mtge 6s
71
73%
28
30%
165 Bway Bldg 1st 5%s
50
52
Prudence Co—
Hotel St George 4s—1950
48
55
58%
61%
Lefcourt Manhattan Bldg
1948
117
4s scrip
118
8a
1948
8s ctfs of deposit. 1948
/40
/18
Santa Fe 7s stamped.
8H
Santa Catharlna (Brazil)
Land1948
German Central Bank
bank 6 %s
Agricultural 6s
,.1938
stamped
15 '38.
June 1 '35 to June
Gra, (Austria) 8s
'38.-1954
1938...
Great Britain A Ireland—
4s—
1960-1990
Guatemala 8s..—..—1948
Sao Paulo (Brazil)
/21%
Water Wks
1967
Haiti 6a
1953
Hamburg Electric 6s
1938
6s..1943
my*
66
/17%
/6%
Saxon Pub Works 7s_.1945
/31%
/5 %
32
5%
18%
7
/18
1951
13%
68
/18
6%s-
-
/21%
6s.2930 /475
Jugoslavia
60
1956
60
1956
Saxon State Mtge 6s..1947
Slem A Halske deb
State Mtge Bk
/6
/12
5s
2d series 6s
PH
/9%
m
Coupons—
Oct 1932 to April 1935
Oct 1935 to April 1937
Stettin Pub UtU
7s—1946
St'nnes 7s unstamped. 1936
Certificates 4a...1936
/56
/35
/23
/23
/23
7s unstamped
1946
35
/48
1955
po
ToUma 7s
1947
7% gold ruble
1943
Uruguay conversion scrip—
65
75
m
/14%
15%
Union of Soviet Soc Repub
Unterelbe Electric 6s. .1953
/18
65
/80
/68
/60
Certificates 4s...1946
100% 101%
/30
65
/73
/51
ri8H
Toho Electric 7s.
Hanover Harz
6s
1942
Santander (Colom) 78.1948
Conversion Office
Funding 3s
...1946
German scrip
——
German Dawes coupons:
1947
8%
German Building A
.
1951
2d
Hearst Brisbane Prop 6s '42
1st 5s
fd
n
my*.
/17
/17
Vesten Elec Ry 7s
Wurtemberg 7° to
1947
1945
180.55 91.15
35
/ 18%
/18
P7
1 Park Avenue—
37%
1949
QraybarBldglst lshld5s'46
Harriman Bldg 1st 68.1951
2%-4s (w-s)
French Nat Mall SS 6s '62
Jan 1938 to Dec
6%
1400 Broadway
1st
1945
Frankfurt 7s to..
July 1934 to Dee 1936..
Jan 1937 to Deo 1937
N Y Title A Mtge Co—
/63
1967
July 1933 to Dec 1933..
Jan 1934 to June 1934..
Corp—
4s with stock strop..1956
/9%
Salvador 7%
1957
7s ctfs of deposit. 1957
-
7s income
Farmers Natl Mtge 7s.'63
German defaulted ooupons:
71
N Y Athletic Club—
N Y Majestic
500 Fifth Avenue—
42 Bway 1st 68
1948
6s...
41%
6Ha (Stamped 4s)..1949
62d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
50 Bway Bldg 1st 3s inc '46
40 Wall St
Metropolitan Chain Prop—
40
/17%
/20%
/20%
/ 16%
/64
/18
/6%
Saarbruecken M Bk 6s.'47
7%s income
Apr 15 *35 to Apr
Metropol Playhouseslnc—
Eastern Ambassador
1968
(Ger¬
/9
/20
/18
'50 719
1953 /19
European Mortgage & In¬
0%s
vestment
58
/35
/19%
/31
/30
/25
/20
1945
German Young coupons:
Dec 1 '35 stamped
Court & Remsen St Off Bid
53
1966
1967
.1945
Electric Pr (Ger'y) 0%s
Dec 1934
1st 5s (Bklyn)
Colonade Construction—
1st 4s (w-s)
London Terrace Apts—
/99
1936-1937
Coupons
Porto Alegre 7s
many) 7s
/19
/17
/17
East Prussian Pow 68.1953
-
P
P
7%s—..1966
Duesseldorf 7s to
German
Ludwlg Baumann—
34%
69%
/22
/95
/95
/17
-
.....
German Atl Cable 78—1945
'
61%
Loew's Theatre Rlty Corp
Brooklyn Fox Corp—-
68%
/18%
1945
Oberpfals Elec 7s....1946
Panama City 6 %s
1952
Panama 5% scrip....
Poland 3s...
1966
7s to
49%
1951
33
Broadway Motors Bldg—
4-68.
1st 4s
Lexington Hotel units
1944
Ask
Lewis Morris Apt Bldg—
/22
/35%
B'way A 41st Street—
1st leasehold 3s
Bid
66%
fl7
P7
1946
Prov Bk Westphalia 6s *33
Prov Bk Westphalia 8s *36
5s
1941
Rhine Westph Eleo 7% '36
6s
1941
Rio de Janeiro 6%
1933
Rom Cath Church 6 %s '46
R C Church Welfare 7fl '46
7s
Certificates
—1947
4s
Protestant Church
.
Real Estate Bonds and Title Co. Mortgage
fiSH
/18%
Oldenburg-Free State—
Dulflburg 7% to
10
1962
1948
North German Lloyd 6s '47
Mtge 7s
Dortmund Mun UtU 0sV48
♦Schoelkopf, Hutton A
Pomeroy Ino eom
10c
2.55
Institutional Securities Ltd
♦First Boston Corp
13.83
25
National Hungarian A Ind
German Central Bk
3
Investors..*
♦Independence Trust Shs.
mm
(A A B) 6 Hs. 1946-1947
Hungary 7 %s
5.23
Wellington Fund
/45
f22
/18
Nat Central Savings Bk of
(Brazil) 8s
Ceara
Costa Rica funding 5s.
15%
1.03
/43
/20
Nat Bank Panama—
PH
/14%
Cordoba 7s
B
Nassau Landbank 6%s '38
f2l
mm
»
7.08
Food shares
63
Municipal Gas A Elec Corp
Chilean Nitrate 5s—.1968
5.35
6.51
1945
Munich 7s to
City Savings Bank
9.24
4.25
63
/35
Montevideo scrip
/9
Munlc Bk Hessen 7s to '45
—
4.91
Chemical shares.......
Meridionale Elec 7s...1957
/20
1953
0%s.
Madge burg 6s
—
8.50
Building shares—
1948
Mannheim A Patat 78.1941
/15
M
-
Automobile shares
Series B
Leipzig O'land Pr 0%s '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
/43
Buenos Aires scrip....
Burmelster A Wain 6s. 1940 /120
see
Trustee Stand Oil Shs A.I
Land M Bk Warsaw 8s '41
Water 7s..
/2l%
Central German Power
Aviation shares
.
6
17*"
Central Agrlo Bank—
Series C
I
1943
7s_—1947
1944
Cauca Valley 7 Ha
1946
6.87
3
Nov 1935 to May 1937
Koholyt 6 %s
Callao (Peru) 7%s
33.65 .Trustee Stand Invest Shs—
Group Securities—
Agricultural shards
D
Supervised Shares
5.60
General Investors Trust.*
1
.—1962
/69
Call (Colombia)
6.87
C
.
/4
Brown Coal Ind Corp—
Oaldas (Colombia)
2.45
Foundatlon Trust Shs A.i
1935
...1940
6s
Coupons—
Nov 1932 to May 1935
3%
British Hungarian Bank
3.56
Spencer Trask Fund
3.59
B
Bremen (Germany) 7s.
/52
/52
-
16.15
2.65
3.24
Foreign Bd Associates Inc.
6s
7%s
4.33
*
Investors
2.42
Insurance stk series. 10c
—
99
Inc ,60c
Sovereign
,
Bank stock series—10c
B
2.54
p
Jugoslavia 5s funding.1956
Jugoslavia 2d series 5s. 1956
/33
D
Dividend Shares
Hungarian Discount A Ex¬
change Bank 7s
1936
W
3.50
C
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7%s '32
/25%
/25 H
f22
Bavarian Palatlnlte Cons
Cities 7s to..
Ash
95
Housing A Real Imp 7s '46
Bolivia (Republic) 8s. 1947
2.33
Series 1955
Bank of Colombia 7 % .1947
Bid
Ask
/16%
Bogota (Colombia) 6%s '47
8s
1945
53
No Amer Tr Shares 1953.*
2.68
Diversified Trustee Shares
Bid
Anhalt 7s to
Antloqula 8s
8.61
9.54
Machinery.—
33
7 96
Insurance stock
31
Foreign Unlisted Dollar Bonds
5.91
11.74
7.97
_
Tel. HAnover 2-5422
1.51
Railroad equipment
100
♦Crum A Forster Insurance
a CO., INC.
N. Y.
—
10.87
Building supplies.
27%
—
7.85
New England Fund
N Y Stocks Inc—
115
-
1.36
Agriculture
♦8% preferred
BRAUNL
52 William St.,
Nation Wide Securities—
5%s stamped
'51
1961
Realty Assoc Sec Corp—
5« Income.
1943
-
•
»»
*
58%
48%
par
value,
a Interchangeable,
b Basis price,
d Coupon,
e Ex-Interest.
/Flat price,
n Nominal quotation,
w < When Issued,
w-s With stock.
iExdivldend.
y Now selling on New|York Curb Exchange.
• Ex-41quldatlng dividend.
t Now listed on New York Stock Exchange.
X Quotations per 100 gold rouble bond, equivalent to
Quotation not furnished by sponsor or issuer.
♦
47
No
77.4234 grams of pure gold.
Financial
1158
Chronicle
Feb- 25> 1939
Quotations on Over-the-Counter Securities—Friday Feb. 24—Concluded
Water Bonds
industrial Stocks and Bonds
Bid
Par
American Arch
2%
2
Alabama Mills Inc......*
34 *
—
38%
:i00
50
18*
9%
13%
10
u%
12%
Ohio Match Co
Pan Amer Match Corp. .25
12
100
89%
94
100
25
Products—*
26*
28%
Pathe Film 7% pref
*
Petroleum Con version... 1
5% conv pref—
pre!
American Hardware
•
8%
17
19
Petroleum Heat A Power.*
2%
64
Pilgrim
8
Andlan National
Corp—.»
Constructlon.10
33
36
13
Art Metal
17*
19%
*
3%
23%
3%
9
Solar Aircraft
Bankers Indus Service A.*
1
"~~4%
Qulncy.—100
44%
10
2%
Burdlnes Inc common
Chic Burl A
Chilton Co common
7
com—*
$1 cum preferred
*
Crowell Publishing com..*
Dennison Mfg class A—10
Dentist's Supply com...10
Devoe A Reynolds B com *
Dictaphone Corp
*
Dixon (Jos) Crucible.,. 100
Columbia Baking
6
46%
27%
31%
29
32%
Steel
27
30%
31%
Time Inc
58%
28 *
Stanley Works fnc
Sylvania Indus Corp..Taylor Wharton Iron A
70%
3%
*
-
Fairchlld Eng A Airpl—1
Federal Bake Shops.—.
*
common
22
■13*
*
Fobs Oil Co
5%
18
14*
4%
3%
Foundation Co For shs...
4%
3%
shares
38
Gen Fire Extinguisher._
Gen Machinery Corp com*
Good Humor Corp
1
40
U%
18%
m
*
Garlock Packing com
12%
5%
5
Great Lakes SS Co com..*
29%
31%
Great Northern Paper..26
37
39
7%
6%
26%
6
Harrlsburg Steel Corp
cum
*
pf.10
29*
75*
33
conv
28
cum
101
Penna State Water—
106*
1st ooll trust 4*s—1966
1st A ref 5s
104"
1st consol 4s
101
72
68
73
106*
A Water Co
6s series A
58 series B_.
Water Service 6s. 1961
99
1952
o oCOi-»
6s
6
8
19
7*
96
58—
44
100
Machinery
preferred
102* 104*
Kokomo W W Co 6s-1958
1-H
103* 105*
»H
18%
Am Wire Fabrics 7s._1942
90
Middlesex Wat Co 5*s *57
*
12%
50%
13%
Chicago Stock Yds 6s. 1961
99
Monmouth Consol W 5s *56
51%
Cont'l Roll A Steel Fdy—
1st conv s f 6fl
1940
90
93
98*
99
99
99*
•
*
9
28
100
116
33 conv preferred—
0% preferred
9%
/75*
/14*
32
107
,
Scovlll Mfg 5*8
3%
2%
76
1948
N Y Shipbuilding 5s._ 1946
29
104
100
17
19%
*
preferred...
1937
1938
13
11%
Nat Paper <fc Type com... *
6%
Deep Rock Oil 7s
McKesson & Rob 5*s 1950
Nat Radiator 5s
1946
♦
24
26
New Britain Machine
...1948
Conv. deb fls
105*
...*
Casket
Preferred
57*
fl 7
78*
16*
50*
104
—
,
conv
58 series C........ 1960
101*
(Is series A
106
*
100.10
1939
100.8
1940
102.17 102.20
1 1943
102.12 102.16
Federal
54
7% preferred
100
/G Foods Inc common *
110
101.15 101.18
1943.opt'39
June 1 1939
100
less
less
100.13 100.15
29
Bid
Ask
18
Telegraph:...25
15
17
28*
30
Bell Telep of Pa pref...100
120
100.14 100.16
Cuban Telep
25
*
Peninsular Telep com
Preferred A
41
Franklin Telegraph
122
56
100
110* 112*
59
Bridge—
110
7% pref—100
Emp A Bay State Tel..100
57
par
Pae 5b Atl
100.17 100.19
111
*
1.80
less
3.40
less 1*
101.31 101.1
Gen Telep AUled
Rochester
Telephone—
28
Corp—
99* 102
$6
preferred
*
Int Ocean Telegraph.—100
59
126
Sou New Eng Telep
100
149
$6.60 1st pref
14
18
151*
62
123
Mtn States Tel A Tel..100
100
25
112
So 4 Atl Telegraph
100
Wisconsin Telep 7% pf.100
117*
1157.
Corporation and Investment News
reasons
REGISTRATION
UTILITY—INDUSTRIAL—MISCELLANEOUS
is not
it
are
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
STATEMENTS
UNDER
the
Securities
Act
the warrant offered.
are owned by Middle West Corp. and are
The issuer will not receive any of the proceeds
These shares
being offered by the latter.
from the sale of the securities offered by prospectus.
of
1933.
The
total
approximately $10,283,245.
Community Public Service Co. (2-3943, Form A-2) of Fort Worth,
a
27
14
Nov 1 1941
3 The following additional registration statements (Nos. 3943
toJ3950) have been filed with the Securities and Exchange
Texas has filed
99
New York Mutual Tel. 100
*%
SECURITIES ACT
series due 1964.
*
110
100* 104*
115*
*%
Jan 15 1942
Reynolds Invest'g 6s 1948
However, they
F*
100
—
5
22
107
113
—100
169* 172*
NOTE—For mechanical
Commission under
$5 preferred
Ask
Bid
Par
Am Dlst Teleg (N J) com.*
U S Housing Authority—
1 * % notes Feb 1 1944
75
Telephone and Telegraph Stocks
1
Preferred
RAILROAD—PUBLIC
involved is
12
3
17
1
2.60
f revenue '77.A&0
Miller (I) Sons
Reeves (Daniel) pref
7*
11*
65
United Cigar-Whelan Stores
100
BeU Telepof Canada—100
General
OF
10*
22
(M H) Co Inc..*
107*
2.20
4s serial revenue..1968 b
For footnotes see page
FILING
25
4*
100.19 100.21
s
Ask
Ask
Corp—
4s
Bid
Kobacker Stores
7% preferred
100
common..*
6*% preferred
100
Murphy (G C) $5 pref .100
2*
1%
3*
-.100
7% preferred
4s serial revenue..1942 b
100.9
100.7
1*8 Jan 3 1944.opt '40
Home Owners' Loan Corp
l*s
106*
1944 b
1949 b
10
87
Bohack (H C) common...*
Flshman
way Authority 3 *s '68
Trlborough
Natl. Mtge Assn
2s May 16
Par
Ask
7
Borland Shoe Stores.
*% notes July 201941
July
Apr
106
103* 105*
Bid
Par
Kress (S H) 6% pref
3*8 revenue
100.24 100.26
Deo
2s
1949
58*
Reconstruction Finance
Fed'l Home Loan Banks
Is
104"
101*
105*
Chain Store Stocks
82
104*
Income 6S..1962
3*s revenue
Federal Farm Mtge Cor]
2s
102
105*
B
1962
Bid
100.15 100.17
1 1939
99*
,
New Jersey Water 68.1950
New York City Park¬
Commodity Credit Corp
Sept
;97*
97*
100*
6s series B........1956
19*
Woodward Iron—
1st 5s
Bear-Mountain-Hudson
1*8
1951
99
Ask
Bid
-
1st mtge 6*8
105*
Diamond Shoe pref
1953
ioo"~
102
1950
6*8
Miscellaneous Bonds
* % notes Nov 2 1939
&
.1950
...I960
1st mtge 6s
(OO
Morgantown Water 5s 1966
Muncle Water Works 5s '65
107*
1945
Wttberbee Sherman 0g 1963
2d
RJver Bridge 7a
106*
Kelsey Hayes Wheel Co—
99
7% preferred
..100
Muskegon Piston Rlng.2*
oo •*<
6s series B—
America
Haytlan Corp 8s
29
Mock Judson A Voehrlnger
National
of
4*8
lO
Monongahela Valley Water
Crown Cork A Seal 4*8 '48
Crucible Steel
1%
43*
Bonds—
35
1%
Merck Co Ino common.. 1
*
30
33
103* 106*
103
6*
16%
1
1949
6s series A
100
Joplln W W Co 6s—.1957
48
Lawrence Portl Cement 100
6
10l"
105* 107
110*
Preferred
105
101*
21
100
Marlin Rockwell Corp
102
105* 107
1966
Indianapolis W W Secure—
American Tobacco 4S.1951
McKesson A Robblns
101* 103*
Long Island Wat 5*s.l955
Worcester Salt.
York Ice
3%
1960
—
1st mtge 3*s
%
10%
2%
1960
5s series B.
100
29%
27
.1955
1st mtge 5s...
6s series A.-
102
Illinois Water Serv 5s A '62
11*
85%
76~"
...
4*
6s
Indianapolis Water
83*
72
—
14"
1*
82
100*
8%
100
1967
1st A ref 6s A
46
101* 103*
100* 102*
...
26%
Long Bell Lumber
36 preferred
1958
4*8.
6s series B
19*
104"
105*
101
Greenwich Water A C
1
17
101
102
67
16*
t e 1
preferred
99
109
107
.1946
6*
96
100* 102*
103* 105*
102
43*
93
101
106
King Seeley Corp com—.1
Macfadden Pub common.*
1948
Pinellas Water Co 5*s. '59
City Water (Chattanooga)
31
12*
Wilcox A Glbbs com—60
WJR The Goodwill Sta...6
7%
1948
lUa Suburb Wat 4s..1965
Landers Frary A Clark..25
%
1948
1st consol 5s..
Prior Hen 5s
102*
5S.
5*
40*
Interstate Bakeries 36 pref
Klldun Mining Corp
1
1960
83*
14*
com
com v
99
-mm
Peoria Water Works Co—
105
100
100
West Dairies Ino
93
100
43*
preferred
Preferred..
88
Huntington Water—
Welch Grape Juice com..5
preferred
West Va Pulp A Pap
Ore-Wash Wat Serv 6s 1957
102
6s..
6fl series A
41*
feeder-Root Inc com...
Warren (Nortbam)—
103
7*
2*
2*
88
106
101
105
135
1*
*
5*
United Piece Dye Works.*
Preferred
100
*
Wick wire Spencer Steel..*
39
100
Tubtze ChatlUon
$3
34
Preferred
1%
131
•
7%
19%
3%
Graton A Knight corn-
6%
Tennessee Products......*
85
Ohio Valley Water 5s. 1954
104*
19*
.
*
United Artists Theat com.*
4%
4%
30
Preferred
74
5%
17%
25
Stromberg-Carison Tel Mfg
95*
100
105*
7%
32*
39*
6*
94*
98*
Ohio Water Service 5s. 1958
6*
30*
37*
91*
101
4*
5%
20
Trlco Products Corp
3%
2%
Conv prior pref—
3%
6%
1951
Ohio Cities Water 5*s '53
210
205
1
standard Screw
19%
29%
1%
Douglas (W L) Shoe—
American
Scovlli
17%
27%
%
55%
Domestic Finance cum pf. *
Draper Corp
Manufacturing—.*
Remington Arms com
Manufacturing..25
Singer Manufacturing..100
Singer Mfg Ltd
Skenandoa Rayon Corp..*
%
6*8
104*
14*
4*
24*
PoUak
I
88
New York Wat Serv 6s '51
9*
Exploration
1951
Newport Water Co 5s 1953
3*
69
Mai re
American Mfg. 5% pref
93
6s series B
105
50
100
Amer
Ask
New Rochells Water—
100
103
.20
Bid
I
99* 100*
102*
60
17*
(new)
Ask
Bid
Aik
r
Preferred 6%%
Norwich Pharmacal
American Hard Rubber
cum
Bid
Mew Haven Clock—
American Cynamld—
8%
Par
Ask
registration covering $6,600,000 of 1st mortgage 4% bonds,
Filed Feb. 16, 1939.
(For further details see subsequent
page).
Net proceeds to be derived from the sale by Middle West CTorp. of the
16,000 shares of common will be added to the vender's corporate funds and
Light Corp. The latter is in the process of
reorganization under the 77-B proceedings.
Underwriter to be named by amendment.
James Jill Hr., is President
of the company. Filed Feb. 20,1939.
to the estate of Inland Power &
Otter Tail Power Co. (2-3947, Form
filed
A-2), of Fergus Falls, Minn., has
registration statement covering $1,200,000, 3*% 1st mortgage
Offering price is estimated at 98.
Proceeds will be used
to redeem 5 year 3% notes due 1941, power plant additions and equipment
and for working capital.
Wells Dickey Co., et al, will be underwriters.
T. C. Wright is President
of the company.
Filed Feb. 20, 1939.
a
bonds due 1969.
Norwich Pharmacal Co.
(2-3944, Form A-2) of Norwich, N. Y.
has filed a registration statement covering 80,000 shares of $2.50 par value
capital stock. The offering of this stock is for the account of certain stock¬
holders. F. Eberstadt & Co., Inc. has been named underwriter. Frank L.
McCartney is President of the company. Filed Feb. 16,1939.
filed
I^Tip Top Gold Mines, Inc. (2-3945, Form A-l) of Denver,-Colo, has
convertible preferred stock to be
filed
a
registration statement covering 999,950 shares of 10-cent par common
Proceeds will be used for mills, machinery,
to be offered at 10 cents a share.
equipment, leases, development and working capital.
underwriter.
J. T. Chiles may be
Filed Feb. 20,
Nelson G. Olson is President of the company.
1939*
Arkansas Missouri Power Corp. (2-3946, Form A-l) of Blytheville,
has filed a registration statement covering $500,000
1st mortgage
5% bonds, series A, due Jan. 1, 1957; 3,604 shares of 6% cumulative pref.
and 71,809 shares of common stock.
h. The company, controlled by Inland Power & Light Corp., also registered
a, temporary common stock purchase warrant evidencing the
right to pur¬
chase on or before Dec. 31, 1941, at $10 a share, 16,000 shares of common
Ark.
stock.
All of the securities covered by the registration are outstanding, with
the
exception of 16,000 shares of common issuable only upon exercise of
Coca-Cola
Bottling Co. (2-3948, Form A-2), of Hannibal, Mo., has
registration statement covering 25,000 shares of $1.25 cumulative
offered at $25.50 each and 37,500 shares of
$1 par common to be reserved for conversion.
The purpose of the issues is
to retire outstanding $25 par value 5% cumulative preferred stock, pur¬
chase of all outstanding capital stock of the Coca-Cola Bottling Co. of
Dubuque, Iowa, and the Decorah Coca-Cola Bottling Co., and for working
capital.
Clement A. Evans & Co., et al. have been named underwriters.
F. E. Gunter is President of the company.
Filed Feb. 21, 1939.
a
Richmond
filed
a
Ice Co.,
Inc. (2-3949, Form A-2), of Richmond, Va., has
registration statement covering $654,900 of 6* % 1st
and refunding
These bonds will be exchanged for same amount
15 year 1st mortgage sinking fund gold bonds due 1942, of which
$651,800 principal amount of old bonds are deposited in exchange for
certificates
of deposit
registered under registration statement 2-3548
(Published in the "Chronicle" of Dec. 18, 1937).
Registrant is guaranto
for subsidiary, Raleigh Hopewell Ice & Coal Co., Inc., 6* % 1st mortgag
sinking fund bonds due 1947.
(See registration statement 2-3950.) Th
mortgage bonds due 1947.
of 6* %
Volume
Financial
148
bonds
are offered under plan of reorganization.
No underwriter named.
Clarence L. Paul is President of the company.
Filed Feb. 21, 1939.
Raleigh Hopewell Ice & Coal Co., Inc. (2-3950, Form A-2) J of Rich
mond, Va., has filed a registration statement covering $230,850 of 6><j%
1st mortgage sinking fund bonds due 1947.
The bonds will first be offered
to the Richmond Ice Co., Inc., the parent company, in payment of $230,850
debt, then the parent company will guarantee principal amount and interest
and exchange the bonds for $230,850 of 6H % 5-year secured notes of 1937,
of the parent company under reorganization plan.
No underwriter named.
Clarence L. Paul is President of the company. Filed Feb. 21, 1939.
in
The last previous list of registration statements was
our issue of Feb. 18, page 1016.
Akron Brass Mfg. Co.,
given
Inc.—20-Cent Dividend—
Directors have declared
a dividend of 20 cents per share on the common
Feb. 28 to holders of record Feb. 24.
This compares with
22H cents paid on Dec. 20, last; 15 cents paid on Sept. 30 and on Aug. 1
last; 12 Yz cents paid on May 20, 1938, and a regular quarterly dividend of
1234 cents paid on Dec. 27, 1937.—V. 147, p. 3754.
1159
Chronicle
American Express Co.—To Open
This
South American Offices—
organization, is expanding Its
major American travel
company,
travel and financial operations in South America, and starting Feb. 17, will
conduct business in 15 of the leading cities of Brazil, Uruguay, Argentina
and Chile, it was announced on Feb. 17 by Robert L. Clarkson, Chairman
of the Board. Mr. Clarkson and Ralph T. Reed, Executive Vice-President
of the company, have just returned from a
travel conditions and markets.
six-week survey of South Ameri¬
can
Through its affiliate, American Fxpres of Brazil, the American Express
has acquired a 50% interest in Sociedade Anonima Viagens Internacionais
which operates a large travel office in Rio de Janeiro, Mr. Clarkson said.
Through another affiliate, American Express of Argentina, it has joined
with the Compania de Transportes Expreso Villalonga in forming a new
company, Villalonga-American Express, which will conduct a travel business
in 14 cities of Argentina, Chile and Uruguay.
These include Monevideo,
capital of Uruguay; Buenos Aires, Bariloche, Mar del Plata, Bahia Blanca,
Cordoba, Mendoza, Rosario, Santa Fe, Tucuman and Santiago del Estero,
all in Argentina; Santiago, Valparaiso and Los Andes, all in Chile.—V.
146, p. 3797.
stock payaole
Albany & Susquehanna RR.—Transfer Office Moved—
The New York Stock Exchange has been notified that on and after
Feb. 20, 1939, the office for the transfer of the capital stock of this com¬
pany, the Delaware & Hudson Co., and the Rensselaer & Saratoga RR. Co.,
will be located at 230 Park Avenue, New York City. Guaranty Trust Co.,
Registrar of the stocks will redeliver aU certificates which have been de¬
posited at the transfer office for transfer.—V. 147, p. 3903.
American Home Products Corp. (&
Calendar Years-—
income
after
charges and taxes
Earnings per share
—V. 147, p. 3149.
Subs.)—Earnings—
1937
1938
Net
1935
1936
all
$2,875,399
$3.88
$3,025,505
$3.92
$1,729,708
$2.57
$2,825,261
$3.81
American Insurance Co. (Newark, N.
J.)—Extra Div.—
The directors have declared an extra dividend of 5 cents per share in
addition to the regular semi-annual dividend of 25 cents per share on the
stock, both payable April 1 to holders of record March 3.
Similar
paid on Oct. 1 and April 1, 1938 and on Oct. 1 and April 1,
common
amounts were
American Armament
1937.—V. 147, p. 727.
Corp.—Proposed Financing—
The corporation has entered into an underwriting agreement
with Tobey
Heinzelmann, Ripley & Co., covering additional financing,
according to Alfred J. Miranda Jr., President.
It is expected that a regis¬
tration statement covering the proposed financing will be filed soon with
the Securities and Exchange Commission.
&
Co.
American Bank Note Co. (&
Calendar Years—
1938
x
Net profit,
y
Earnings per share
After
x
P.
$1,079,825
$1,160,132
$1.07
$1.24
On
y
652,773
shares
stock.—V.
common
American
1938
1937
1936
1935
$8,856 762
$7,780,567
8,053,068
7,071,505
$675,203
85,787
$803,694
76,505
$709,062
51,545
$464,189
63,099
$760,990
39,114
48,407
$880,199
47,173
59,974
46,629
$760,607
55,042
43,219
1891271
187,901
33,121
235,909
31,055
221,074
178,231
22,770
205,998
Gross profit.
Total income
deb. bonds,
Federal income tax
_
undist. profits
on
Depreciation
Other interest
Other expenses
Minority interest sh. of
loss of subsidiary co_
$527,288
62,779
16,295
$1,000,819
175,000
$1,855,430
350,000
$1,318,106"
.
218,097
$622,164
92,500
$825,819
634,795
$1,505,430
y1,264,308
$1,100,008
1,368,347
$529,664
316,077
$213,587
210,718
$2.51
provision for depreciation of $528,254 in 1938, $495,432 in 1937.
Balance, surplus
Com. stk. out. (no
Earnings
After
x
—
$484,860 in 1936 and $446,696 in 1935.
y Of which $526,795 dividends
declared on the stock of American News New York Corp.
Consolidated Balance Sheet Dec. 31
1938
Dr4,234
Dr2,932
Drl ,591
$282,159
$212,653
$82,771
Assets—
$
Cash
Accts. A notes
rec.
14,388
37,215
14,486
$159,930
$230,556
$198,167
Pref. divs. of company..
14,826
Mtges.
7,668,589
4,657,825
5,125,817
1,203,150
4,404,177
1,211,650
4,669,683
investm'ts, Ac_
335,734
376,999
339,418
Cash
a
c
$238,550
$318,111
receivable
Inventories
Other loans
A
Real est.,
b
47,672
4,500
2,431,817
2,570,793
expenses
100,359
126,447
„
Minority
A
28,000
7,750
84,000
675,792
interest
21,446
Art
17,790
744,300
in sub.co
5% pref. stock
Amer.
744,300
Works
6% pref. Stock..
ConSmon stock...
1 ,568,860
1 ,216,068
1,568,860
1,216,068
285,663
123,393
After deducting reserve for bad debts of $143,884 in 1938 and $143,566
b After deducting reserve for depreciation of $2,849,442 in 1938
in 1937.
and $2,770,620 in
American
1937.
c
Includes accrued expenses.—V.
147, p. 3903.
Forging & Socket Co.—12 %-Cent Dividend—
Directors have declared a dividend of 12>£ cents per share on the common
stock, payable March 1 to holders of record Feb. 20.
Like amount was
paid on Sept. 1, last and compares with 25 cents paid on Dec. 1, 1937;
50 cents paid on Aug. 24, 1937; 25 cents on July 1 and on June 1, 1937,
arid in previous quarters dividends of 20 cents per share were distributed.
—V. 148, p. 571.
American-Hawaiian
Steamship Co. (& Subs.)—Earns.
1938—Month—1937
Period End. Dec. 31—
1938—12 Mos.—1937
$1,543,826 $17,165,458 $16,123,632
1,450,7.56
15,590,191
15,047,104
$1,691,956
1,457,186
Operating earnings
Operating expenses
$234,770
$93,070
$1,575,267
$1,076,528
3,669
9,288
34,443
75,133
265,727
Net prof, from opers..
188.471
$1,875,437
$1,340,132
798,830
xl35,595
Int. & divs. received on
invests.
&
from other
sources
exps.
for selfchgd. to oper'g
over losses dur'g
American Power & Light
depreciation.
Expenses
$102,357
74,349
X55.284
$238,439
78,119
115
for
on
incident
925,458
19,186
American Stores Co .—Sale—
American Water Works & Electric Co.,
Output—
/
"
158,583
Dr9,155
Inc.—Weekly
*
of the electric properties of American Water
ended Feb. 18, 1939, totaled 45,846,000
15.6% over the output of 39,653,700 kilowatt
hours for the corresponding week of 1938.
Comparative table of weekly output of electric energy for the last five
Output of electric energy
Works & Electric Co. for'the week
kilowatt hours, an increase of
years
follows;
„
1939
46,455,000
46,094,000
45,923,000
---45,846,000
Week Ended—
.
Jan.
28
Feb.
4
Feb.
11
Feb.
18-
—-
•—V. 148. p.
1938
39,727.000
39,300,000
39,717,000
39,654,000
1937
50,683,000
52,042,000
52,341,000
52,614,000
1936
43.089,000
44,163,000
44,680.000
44,129,000
1935
39,285,000
38,450,000
40,091,000
40,407,000
1018.
American Woolen Co .—To Cancel Preferred Stock—
Company has notified the New York Stock Exchange of proposed re¬
duction in authorized capital stock to be effected by canceling 12,485 shares
of preferred stock which had been acquired by the company for the purpose
of cancellation so that the preferred stock of the company will consist of
355,700 shares of $100 par value, all of which are outstanding.—V. 148,
p.
1018.
Mining Co.—To Pay 25-Cent Div.—
dividend of 25 cents per share on the common
stock, payable March 23 to holders of record March 7.
Similar amounts
were paid on Dec. 22 and on March 28, 1938; dividends of 50 cents were
paid on Dec. 20, Sept. 27 and June 28, 1937 and a dividend of 25 cents per
share was distributed on March 9, 1937.—V. 147, p. 3445, 1477.
A. P. W. Paper
to
the no
Company reports sales from Jan. 1 to Jan. 28, inclusive, of $7,995,866 as
compared with sales of $8,387,595 for fitst 29 days of January, 1938, a
decrease of $391,729 or 4.6%.-—V. 148, p. b71.
Anaconda Copper
sale of secure..
Total profit
Prov.
Profit
Co.—Accumulated Dividends—
$6 cum. pref. stock and a dividend of 62K cents per share on the no
par $5 cum. pref. stock, both payable April 1 to holders of record March 10.
Like amounts wer$ paid on Jan. 2, last and on Oct. 1, 1938.
Dividends
of $1.12H and 93M cents per share, respectively, were paid on the $6 and
$5 stocks on July 1 and April 1, 1938, and on Dob. 20, 1937.
See V. 146,
p. 1389 for record of previous dividend payments.—V. 147, p. 4047.
Directors have declared a
the year
27,500
23,656,471 23,254,283
Total
—23,656,471 23,254,283
—
Excess of prov.
insur.
4,348,627
The directors have declared a dividend of 75 cents per share on
Total.........$6,026,676 $6,471,749
$6,026,676 $6,471,749
67,500
4,539,652
par
239.800
Capital surplus
a
231,000
Earned surplus
lotal
77,500
surplus
x After depreciation,
y Represented by 421,436 no par shares, exclud¬
ing 10,564 shares held in treasury.—V. 148, p. 871; V. 147, p. 1026.
193.387
7,750
56,000
532.957
Pur. money mtge.
Debenture bonds
28,000
140,995
'
Res. for sink, fund
plant
deferred charges
Total
$1 ,143,637 $1,522,609
50,000
50,000
Res'vc for taxes
72,560
16,000
,
A equipment...
Prepaid
Notes A accounts
due during year.
ac¬
counts recetva'le
Investments
possible
1937
1938
1,730,256 Accrued bond Int.
1,728,643 Mtge. instalments
1,663,242
1,449,476
for
claims
Earned
payable
Notes & accounts
Prov.
$67,945
156,520
Ac—
Contingent reserve
Liabilities—
1937
1938
fqr unempl.
insurance,
329,958
591,682
607,874
dep. & del. cred.
Prov.
Consolidated Balance Sheet Dec. 31
Ass-Js-
Customer & agents
4,377,162
misc.
Deferred charges.
...
Capital stock—_ 10,535,900 10,535,900
Accts. pay., Ac.— 7,359,873
7,223,726
Dividend payable- '
108,000
Fed. Inc. taxes, Ac.
459,347
271,151
y
4,433,761
rec.,
®
7.4®
buildings,
Land,
x
Inventories
14,366
37,215
1937
1938
1937
$
"
20,204
173,564
2>3,656
Art Wks. not owned,,
$241,122 def$268,339
421,436
210,718
$3.57
$5.22
$191,024
421,436
$1.96
par).
share
per
170",083
stk. of Am.
Surplus
$525,455
96,709
Net profit.—.
x
U. S. obligationson
$1,193,656
124,449
Prov. for Fed. inc. taxes
39,762
$211,510
_
Pref. divs.
$1,701,940
153,489
...
equipment, Ac._ 7,776,833
Balance, profit
18,192,005
$877,855
122,964
Operating profit
Dividends
Other income.
22,128,499
sales
6,040,004
and
on
27,835,452
28.645,017
$62,042,605 $61,854,890 $51,919,029 $43,558,219
Cost of sales
42,642,165
42,023,348
34,938,470
29,323,065
Operating expenses-... 18,522,584
18,129,602
15.786,903
13,709,699
$6,504,193
7,332,041
selling
admin, expenses.
\
,
1935
1936
$90,687,622 $89,690,342 $74,047,527 $61,750,224
inter-
&
Total net income
Colortype Co. (& Subs.)- -Earnings—
$8,007,244
Shipments
Mfg. costs,
1937
1938
branch sales-_i-—"-
Other income
Calendar Years—
Surtax
Inter-company
147,
3003.
Interest
Gross sales
.
(& Subs.)—Earnings—:
$1.36
Nil
charges.
1935
1936
1937
,
Calendar Years—
Net
$967,528
$38,967
all
Subs.)- —Earnings—
.
American News Co.
and
Co.—Earnings
Cr3,620
sales
1937
1935
1936
$1,466,557
$1,545,528
$1,494,456
1,110,077
252,764
1,085,902
288,057
1,085,509
319,655
1,048,387
309,736
Drl,534
$92,598
Drl0,623
$140,363
2,838
$136,332
3,307
$159,653
6 Mos. End. Dec. 31—
Net
1938
$1,524,028
$161,187
maritime strike
Prior years adjustments.
$81,975
$143,201
96,561
2,900
77,210
96,768
2,906
83,227
96,764
2,318
$139,639
101,241
78,531
79,635
$17,018
$100,926
$34,412
$41,339
Cost of sales
Net profit before Fed.
income taxes
(incl. proc.
tax) before deprec
Sell., adm. & gen. exps—
Provision for Federal income taxes
$972,785
161,670
$237,970
80,000
before approp. to res. for ins.
Appropriation to reserve for insurance
$811,114
197,980
$157,970
188,471
Miscell. earnings (net)
$613,134
x$30,501
Interest on funded
x$27,276
$160,436
Net profit for year,
—
Total
.
Net profit carried to
x
surplus
;
Indicates loss
1937 and 1938
include year-end adjustments and with respect to 1938 is subject to audit.
Note—Data furnished above the 12 months ended Dec. 31,
Resigns from Inter-coastal Trade—
The American-Hawaiian
Steamship Co. and Luckenbach Steamship Co.."
intercoastal trade, have resigned
Association.—V. 147, p. 4047.
the two largest independent fleets in the
from the Intercoastal Steamship Freight
debt
Notes, acceptances, &c
Depreciation
Net
loss
102
-V. 147, p. 3904.
Arkansas Missouri Power
See list
given on first page of this
Corp.—Registers with SE(J-
department.—V. 147, p. 3603.
r
1160
Financial
Asbestos Corp.,
an extra
quarterly dividend of 50 cents
a
per
share
dividend of 50 cents per share on the common stock,
both
payable March 31 to holders of record March 15.
Extra of SI .50
was paid on Dec. 31, last and extras of 50 cents were paid on Sept. 30,
June 30 and on March 31, 1938, the last being the initial distribution on
this stock.—V. 148, p. 572.
Associated Dry Goods
Corp.—Sales—
Sales reported by subsidiary companies for the fiscal year ended Jan. 28,
with comparative figures for the corresponding periods during the
1939
previous
follows:
year, were as
% of
1937
1stquar. (Feb.,March,April)
2nd quarter (May, June, July)
1st half of year
1938
Change
$13,706,873 $12,923,713
12,347,793
11,182,630
—5.7
—9.4
_$26,054,666 $24,106,34*
—7.5
3rd quarter (Aug., Sept., Oct.)-.*....-$14,382,097 $13,705,928
—4.7
+2.1
.
4th quar. (Nov.,Dec., Jan.)
17,971,186
18,344,270
Last half of year...
.$32,353,283 $32,050,198
—0.9
Year
.$58,407,949 $56,156,541
—3.9
—V. 147, p. 3150.
■
Associated Gas & Electric
.
Co.—Weekly Output—
For the week ended Feb. 17, Associated Gas & Electric System reports
increase of 10.1% in net electric output to 94,070,805 units (kwh.).
This is 8,664,064 units above production of 85,406,741 units for the com¬
an
parable week
a year ago.
Gross output, including sales to other utilities, amounted to 97,836,118
units for the week.—V.
Atlas
148, p.
Corp.—Report
as
1018.
of Dec. 31, 1938—
The corporation made public Feb. 23 its report as of Dec. 31, 1938.
The asset value of the common stock of corporation as of Dec. 31, 1938
was $12.44 per share as compared with $10.78 per share on Dec.
31, 1937,
an increase in the asset value of the common stock of
approximately 20%
during the calendar year, before making deductions for the common stock
dividend disbursements during the year, which, on the basis of 50c per share,
amounted during 1938 to a total of $1,688,801.
During the year 1938,
four quarterly preferred dividends were paid amounting in the aggregate
to $1,403,415.
The net assets behind the $50, par value, preferred stock
had
a
value
on
Dec. 31 of $140.40.
Floyd B. Odium, President in
a
letter to shareholders embodied In the
report, states that the directors had found it advisable to
change the fiscal
of the company to coincide with the calendar year.
The fiscal year
since 1936, when the new Atlas Corp. was formed as a result of the consolida¬
tion. ended as of Oct. 31.
year
The figures of the consolidated income and expense account and of the
consolidated surplus and net unrealized depreciation contained in the report
are given for the year ended Oct. 31, 1938, and for two months ended Dec.
31,1938.
All the other figures are as of Dec. 31, 1938.
The gross assets of corporation and investment company subsidiaries on
Dec. 31,1938,according to the consolidated statement of financial condition,
certified by Messrs. Lybrand, Ross Bros, and Montgomery, were $66,509,941, and the net assets, after deducting current liabilities, &c., amounted
to $64,029,079.
A total of $5,374,073 was cash or its equivalent.
The
total market value as of Dec. 31, 1938, of quoted securities in the invest¬
ment portfolio was $49,064,875, which consisted of: Bonds
$24,382,174;
preferred stocks $3,861,453, and common stocks $20,821,247.
Invest¬
ments in and receivables from non-consolidated controlled
companies were,
as of Dec. 31. $6,881,574.
These include holdings in Bonwit Teller, Inc.
of common and preferred stocks valued at $727,244; investments in a second
mortgage of 56th Street & Fifth Avenue Corp. occupied by Bonwit Teller,
$2,100,000; Mississippi Valley Barge Line Co. $1,700,000; Franklin Simon& Co., Inc. investment in common and preferred stocks $950,330;
invest;
ment in Montgomery & Sutter Building Co. of San Francisco, $700,000Albert Pick Co., Inc. investment in common stock $514,000; miscellaneous
as
investments
$190,000.
Other
investments
contained
in
Schedule
III
of
the report were carried by the management as of Dec.
31,1938 at $2,652,228,
and include $1,410,824 gold notes and unsecured claims against Radio-
Keith-Orpheum Corp.; preference stock in Frosted Foods Co., Inc. $500,000;
A stock Bemdix Home Appliances, Inc.
$255,250; notes receivable
Light Corp. $145,743; stock and option
warrants to buy Chemicals & Pharmaceuticals, Inc.
$130,400; miscellaneous
$210,011.
Class
from affiliates of Utilities Power &
The consolidated income account for the 14 months
ending Dec.
was
$2,252,081.
The
$1,333,637.
"
consolidated
expenses
for
the
same
31, 1938
period were
'
Current liabilities as of Dec. 31, 1938, including provision for con¬
tingencies, of $1,403,206, and $77,702 for current year taxes, were $2,231,346.
Amount applicable to capital stock
subsidiary companies held by
minority interests was $249,516.
The total surplus, after deducting net unrealized
depreciation of assets
asof Dec. 31, 1938 was $24,707,543.
In
his
letter
policy of the
to
shareholders
company,
explaining the investment
Mr. Odium states:
"During the year 1938 a large portion of the company's assets was in¬
vested in non-income producing securities and
consequently the income from
was
comparatively small.
So far as consistent with
requirements and policies! concerning payment of dividends on your com¬
pany's outstanding preferred capital and common stock, it has always been
the policy of the management to pay
greater attention to asset value than
to income.
The subsequent discussion concerning Utilities Power & Light.
Corp. will serve as an example of what is meant by this statement.
No
interest and dividends
Income has been received in more than two
years from either of the major
investments in Utilities Power & Light Corp. and
Radio-Keith-Orpheum
Corp.
but
In
was
each
substantial
income was earned
not paid out pending the reorganizations."
case
by
said companies,
Mr. Odium also points out that:
"The net loss
argely
.
on
sales of securities
as
recorded in the- income statements
based
on book costs which, as
explained in preceding reports/are based
market values existing at Oct. 31, 1936, rather than actual costs.'
The loss based on tax cost was only a fraction of the recorded book
loss.
These losses were 'taken' as an incident of a
shifting of investments.
was
Feb. 25,
1939
assets which have been
Ltd.—Extra Dividend—
The directors have declared
In addition to
Chronicle
on
"The net unrealized depreciation at Dec.
31, 1938 reflects the difference
between book costs (i. e., market or
appraised values at Oct. 31. 1936 of
securities then owned plus actual cost of
subsequent purchases) and the
values at Dec. 31, 1938 as shown in the
Statement of Financial Condition.
The shareholders, two years ago, evidenced their
preference for this form
of report dealing with indicated present values as distinct from the
so-called
'Balance Sheet' which is based on cost."
In analyzing the company's
holdings, Mr. Odium calls attention of
shareholders to the following: That $5,374,073 of cash and
current re¬
ceivables
includes $1,117,652 commission paid to the Atlas
Corp. for
negotiating the sale of the so-called "English holdings" of Utilities Power
& Light Corp., Ltd. (a
100% owned subsidiary of Utilities Power A Light
Corp.) together with accrued interest of $130,392.
This commission was
earned by Mr. Odium in 1936 but was
assigned by him to Atlas Corp. and
the money was received Jan. 3, 1939.
It also includes $2,085,000 received
Jan. 3, 1939 for certain notes of Utilities Power &
Light Securities Co.
on
In
appraised as of Dec. 31, 1937 by the trustee's valu¬
ation expert in his testimony before the SEC at approximately $39,400,000.
If this figure plus the cash on hand, is taken as a basis for calculation, the
remaining outstanding debentures and accrued interest would be covered
in full and there should remain roughly $30 of assets for each share of the
present preferred stock, the exact amount more or less depending on the
settlement of certain contingent liabilities, and progress made with respect
to net earnings between now and date of reorganization.
Note that the
debentures are carried at a market of 67 and the preferred stock at a market
of 14>4 per share in the accompanying Dec. 31, 1938 financial statement."
"Your company is proponent of a plan of reorganization of Utilities
Power & Light which provides in essence that the debenture holder will
get 40% of the principal in a new short term debenture, taken at its principal
amount, 30% in a new preferred stock taken at its par value, and the balance
of principal and interest in a new common stock, taken at its estimated
asset value of approximately $6 per share and that, such share of preferred
stock will receive 5 shares of such new common stock.
It also provides
that the reorganized company shall sell its public utility subsidiaries as
early as practical, pay off the new bonds out of a part of the proceeds of
such sales, and with the rest of its capital become a general investment
company.
On completion of this program Utilities Power & Light would no
longer be a public utility holding company, would have a general portfolio,
would have no debt, and its new preferred stock should have about 300%
coverage.
The current year should see the termination of the reorganiza¬
tion proceedings which have occupied a great deal of the time of your or¬
ganization.
"The investment in Utilities Power & Light is an illustration of the state¬
ment made above that the management of your company has paid greater
attention to asset value than to direct income.
Your company has had
no income from these holdings during the past year, but the investment
has increased in value.
Under the proposed reorganization plan, while
your company will not receive in cash the back interest on the debentures
it holds the new company will have that mueh additional assets behind its
outstanding securities and therefore such
flected in the new securities to be received
additional
value should
be
re¬
on completion of reorganization.
"Hearings are now in progress before the SEC and the Special Master
(appointed by the Federal Court in Chicago) on plans of reorganization
of Utilities Power & Light Corp., the hearings on valuation of assets as
well as on miscellaneous preliminary matters having been largely completed"
In
discussing the Atlas investment in Radio-KeithOrpheum Corp., Mr. Odium says in his letter to shareholders:
"$3,884,014 value of holdings of securities of Radio-Keith-Orpheum
Corp.
The plan of reorganization which your company proposed was
Federal Court, with relatively minor modifications, on
Jan. 17, 1939, and it is hoped that the reorganization will be completed in
the near future.
Under the plan your company receives for its holdings of
securities of the present company, $2,786,600 par value of new preferred
stock, 381,928 shares of common stock, and 327,812 option warrants to
buy common stock, one-half share at $10 per full share for a period of five
approved by the
years or one share at $15 for a period of 10 years.
"The moving picture industry had a sharp decline in earnings beginning
in the Fail of 1937, but the last two quarters of 1938 showed marked im¬
provement for the
Radio-Keith-Orpheum Corp. and the trend again seems
be upward with both the producing and the theatre branches showing
Due to the reorganization proceedings, no income was received
to
profits.
from this investment in 1938."—V. 146. p.
R. 273.
'
3798; V. 147, p. 3756; V. 148,
.
.
Aviation Securities Corp. of New England—Liquidating
Dividend—
•
Directors have declared a liquidating dividend of $2 per share in cash
and 0.6935443 shares of National Aviation Corp. stock for each share of
this company's stock held, both payable on Feb. 14.—V. 148, p. 872.
Baldwin Locomotive
Works—Bookings—
The dollar value oforders taken in January by The Baldwin Locomotive
Works and subsidiary companies, including The Midvale Co., was an¬
nounced
on
Feb. 23 as $3,930,721 as
compared with $3,941,328 for January,
1938.
Consolidated
shipments, including Midvale, in January aggregated
$1,646,232, as compared with $3,665,227 in January of 1938.
On
Jan.
31, 1939, consolidated ubfilled orders including Midvale,
amounted to $15,685,812 as compared with $13,401,321 on Jan. 1, 1939.
All figures are without intercompany eliminations.
Annual Report—Charles
E. Brinley,
President, states in
part:
1938 was a poor business year.
A precipitate decline in the volume of the
country's industrial production began in the last half of 1937 and continued
until about the middle of 1938. when it reached a serious depression level.
Thereafter some improvement occurred, but the year as a whole compared
unfavorably with the previous 12 months as is evidenced by the fact that
the Federal Reserve Board's
average index of production of durable goods
in 1938 showed a
drop of more than 39% from the average index of 1937.
The railroads, because of the poor business
generally prevailing, found their
income and earnings heavily impaired and this fact was naturally reflected
in restricted purchases of new
equipment and of repair parts.
Inevitably the Baldwin Locomotive Works, which is a maker of durable
goods and which normally finds its largest customer in the railroads, found
its business
seriously affected
as a consequence
of this situation.
The fact
that company carried over into the
production
and into the sales of 1938 a
backlog of unfinished locomotives, the delivery of which was
wholly completed until past the middle of the year, beneficially in¬
considerable
not
fluenced the results of the first six months.
But a relatively low volume
of sales from July to December inclusive necessitated
heavy reductions in
the working forces and called for a maximum of
economy in ail the processes
of supervision and maintenance.
During 1938 the total compensation for all employees in the Baldwin
organization including subsidiaries amounted to $11,543,423; purchases of
supplies, exclusive of intercompany transactions, amounted
to $10,033,438; and
provision for taxes amounted to $1,527,212, including
social security taxes, $447,975, and Federal and Pennsylvania income taxes,
$445,963.
•
materials and
Unfilled orders (including Midvale) at the beginning and end of the year
1938, without intercompany eliminations, were as follows:
' Jan. 1
Dec. 31
For new locomotives
$12,712,783
$1,278,018
For other products (including locomotive parts)
11,044,931
12,123,303
t
'
/
*
*$23,757,714 $13,401,321
Adjusted by elimination of certain orders, performance of which has
indenfinitely suspended.
been
While marked fluctuations in the volume of available locomotive business
may well continue to be a characteristic of the industry, it is to be hoped
that the year 1939 will see sufficient betterment in the affairs of the rail¬
roads to bring about a considerable demand for new motive power.
Orders
from the railroads for maintenance and repair parts are now improving and
give some indication of a continuing upward trend.
Increases are also noted in orders and inquiries for products other than
railroad equipment, and this improvement is now experienced generally by
all of the subsidiaries.
The index curve of business until recently has been
moving upward (the
there is
reason to
reverse
of
a year
ago) and if
an
upward trend is resumed
expect the receipt of a larger volume of orders than in 1938.
discussing the Atlas holdings in Utilities Power & Light
Corp. Mr. Odium says the following:
It should be noted, however, that competition is severe, that profit margin
is usually low, and that much of the
"Utilities Power & Light, Ltd., with Commission and Court
approval,
has just expended $9,000,000 of its cash on hand to
acquire approximately
$12,857,000 principal amount of the outstanding debentures of and claims
against Utilities Power & Light Corp. on which
program, or in other fields.
of interest
Parent
had also
approximately $1,500,000
Your company, to facilitate this desirable
acquisition of debt at a discount and in the belief that the debentures were
worth at least 70, agreed to give all other holders the
preferential right to
tender suca debentures and claims, but also
agreed to tender
accrued.
enough of its
holdings of debentures to take up the balance of the $9,000,000 cash.
As a result your company tendered
$2,945,800 principal amount of deben¬
tures for which it received $2,062,060 on Feb.
14, 1939.
''Utilities Power & Light Corp. and its
100% owned investment company
subsidiaries now have on hand approximately
$7,500,000 cash and, in ad¬
dition hold securities of controlled and non-controlled
companies and other
own
,
result
of direct
or
indirect
heavy machinery which is sold is the
activity of the Government in its armament
Consolidated net current assets at the beginning and end of the year 1938
were
as
follows:
Jan. 1
company
vale Co.
and subsidiaries other
The Midvale Co.__
Consolidated total
Dec.
31
than Mid¬
$6,683,460
5,663,362
$6,339,908
.$12,346,822
$12,763,255
6.423,347
Bank loans of $4,500,000 outstanding at the beginning of the year, were
reduced to $100,000 at the end of the year.
Collections of old receivables permitted a further reduction of $177,500
in the
reserves
increase
provided therefor in prior years, all of which was used to
for inventory.
reserves
Volume
restore the old name of the
The Midvale Co. paid dividends during the year amounting to $998,720,
ox which $614,500 was received by the parent company.
No dividends were
paid by other subsidiaries, but the Pelton Water Wheel Co. paid its promsory notes in the amount of $80,000 issued to the parent, company in pay¬
ment of its 1937 dividend, and in Jan., 1939 Standard Steel Works Co.
also paid its promissory notes in the amount of $240,000, issued to the
parent company in payment of a dividend declared in 1937.
The demolition of the greater part of the company's old plant in the
$2,613,000.
ended Dec. 31
was
published in V.
148, p. 1018.
Consolidated Balance Sheet Dec. 31
1938
$
Liabilities—
-
_
.—39,373,237 40,969,751
100.000
1,274,920
1,547,502
6,470,900
4,500,000
4,061,100
1,937,915
sales contracts..
321,444
General reserves..
679,807
1,034,494
Bank loan payable
2,000,000
Accrued accounts.
Notes & acct. pay.
Corp. com. stk.
Advances
139,002'
warrants
139,002
Spec'l fund held by
trustee of 1st m
19,452
"
bonds-
52,002
investments
Other
52,004
197,215
on
hand
5,078,339
144,000
223,999
securities.
2,333,519
Deferred
&
27,180
26,989
7% pref. stock— 1,553,016
1,164,762
Common stock..13,360,908
13,360,906
Total..
'
by Large Holders
'
previously regular quarterly dividends of 20 cents per share were distributed.
In addition, an extra dividend of five cents was paid on Dec. 15, 1937.—
V.147,p.3447.
Bayuk Cigars, Inc.—Earnings—
,
approximately $122,000,000,000 has been assented or deposited—95% of
Other institutional and corporate holdings have responded
inja similar manner.
.
*
'
President Willard, commenting on the modification plan m the B. & O.
"Employees Magazine," stated:
•.
"I am told that this is the first time that a voluntary readjustment on
such a large scale as proposed by the Baltimore & Ohio was ever undertaken.
It is most encouraging that the holders of more than 77%—(now over 79%)
of the securities affected by tjie plan have already given their assent.
The
plan has been declared operative by the board of directors.
That does not
mean, however, that it is fully effective, because under its terms the co¬
operation of 90% in amount of the affected securities must be secured
before it can be declared effective in all its essentials.
In order to make
the plan effective it is necessary to secure assents from a very large number
of persons.
Many of our bondholders who happen, for instance, to own
only a single $1,000 bond, do not object to the plan, but feel their single
bond would not be of importance in making the pian effective; but there
are so many with small holdings that it is quiet important that everyone
should give his assent to the plan provided he is not opposed to it."
$4,398,900
z Sell., gen. & Adm. exp.
2,532,125
21,016
Interest (net)
Federal
...
series D and F are
make payment of this amount, on March 1 instead of May 1,
fixed and contingent interest payable on March 1
of the principal amount of the bonds, or $18.33 per $1,000
that the total amount of
will be 1 5-6%
Bond.
Baltimore Transit Co.—Earnings—
1938
Month of January—
Operating revenues
Operating expenses
1939
$966,789
853,131
$966,372
855,310
Taxes.
$113,658
88,865
$111,063
87,520
$24,793
$23,543
Fixed charges
$19,786
Net income
•*
714
919
$25,712
5.925
Note—No deduction is made for interest
on
.
$24,257
5,455
$18,802
series A 4% and 5% de¬
bentures.
interest for one month, at
$78,415.—V. 148, p. 573.
*»The approximate
Bancamerica-Blair Corp.—Name
Stockholders
of this
corporation
at their
the full stipulated rates, is
Changed—
annual meeting on Feb.
approved a change in the name of the investment firm to Blair & Co.,
The change, which will become effective within the next few days,
$3 ,851,470
32,763
181,340
51,800
84,760
25,282
176,475
73,325
70,720
Common dividends
21
Inc.
will
229,704
269,667
$985,612
132,493
x393,068
,194,272
25,277
217,711
360,123
393,060
outst. (no par)
com.
18,100
304,198
$46C,052
393,060
Surplus.
Shs.
123,581
2
3l",54l
$789,419
profits
1st pref. dividends
$3.01
x Paid
in cash,
y Of which $98,148
in treasury stock (stated at average book
per share).
z Including provision for
employees, based on earnings and sales,
$51,323 in 1936, and $53,095 in 1935,
Earns, per sh. on com..
$974,898
151,525
x393,060
$1,022,544
169,766
y280,782
$430,313
$571,996
393,060
98,263
$2.17
$2.09
$8.68
paid in cash and $182,635 paid
value of treasury stock. $48.35195
bonus to executive officers and
$76,556 in 1938, $49,842 in 1937,
Consolidated Balance Sheet Dec. SI
1937
1938
1937
1938
'
Cash.
332,667
257,226
1,603.987
1,536,995
7,160,348
15,756
7,769,028
...
Trade accts. rec.
Inventories
.
— .—
Liabilities$
$
$
Assets—'
7% 1st pref. stock.
a
.
_
Cash
47,575
50,370
1,800,000
319.674
159,666
236,275
150,100
150,100
74,333
77,865
2,153,543
2,279,772
Dividends payable
29,575
18,000
19,250
20,750
81,330
Contractual obllg.
Prov. for bonus to
21,667
13,962
officers & empl.
76,556
6,800,959
49,842
Siihdry accts. pay.
Accrued wages, &c.
;
Investments
<fcc_
—_
Patent rights
—
Prov.
for
taxes, &c......
87,356
'
24,496
17,816
50,575
14,985
144,968
107,798
Federal
Surplus—.
Prepaid insurance*
385,636
424,163
*
32,842
5,069,438
105,120
42,492
Reorg., &c., exp—
—
Accrued taxes
Income tax
buildings,
equipment,
Cigar mach'y, li¬
Total..
32,842
500.000
Trade creditors
7% 1st pref. stk.
468,402
controlled
company
censes...
29,575
Notes payable
pref. stock
Invest. in and rec.
b Land,
47,575
50,370
Res've for divs. on
.
for sinking fund-
c
for
fund
for purchase
from
acct.
$
1,876,700
2,987,047
empl. Christmas
10,378
Christmas
of 1st
1,690,000
Common stock. 2,987,047
Trustee
"
Revenue stamps
.'—12,139,278 12,608,1191
Total
Represented by 393,060 no par shares,
12,139,278 12,608,119
b After depreciation of $2,174,
$2,011,464 in 1937. c After amortization of $1,267,850
1938 and $1,297,270 in 1937.—V. 147, p. 3303.
763 in 1938 and
Battle
Creek
in
Sanitarium and Benevolent
Offered—B. C. Ziegler & Co., West
(Mich.)
Association—Bonds
Bend, Wis., are offering $225,000
first mortgage serial
bonds series B at prices ranging from 100 and int. to 101 and
int. according to maturity.
Dated Jan. 1, 1939; due serially Jan. 1, 1940 to Jan. 1, 1948. Bonds are
coupon form in denoms. of $1,000, $500, and $100, interchangeable as to
and registerable as to principal upon pay¬
incideat to such interchange or registration . Bonds bear
of VA% Per annum payable semi-annually. Principal
and int. payable J-J at the office of City National Bank & Trust Co. of
Chicago, trustee, or at the option of holder, at office of First National Bank
of West Bend (Wis.) paying agent and registrar. Both principal and interest
will be payable in lawful money of the United States or America. Bonds are
subject to redemption without reference to maturity, on any interest date,
in whole or in part, at 102 and int., and if only part are redeemed, the bonds
to be redeemed are to be selected by lot.
A sinking fund is provided for
the purchase of bonds.
;
.
Battle Creek Sanitarium and Benevolent Association, a Michigan corpo¬
ration, was incorp
Dec. 20, 1938, as a trustee corporation under the
General Corporation Act of the State of Michigan with its statutory office
and principal executive office at the City of Battle Creek, Mich. The new
Association, by provision of its articles of incorporation, is organized and
operated for charitable, benevolent, scientific, and educational purposes,
and no part of its assets or net earnings shall inure to the benefit of any
member or other individual, and the indenture securing these bonds provides
for the continuance of these objects and purposes so long as any of these
bonds of series A remain outstanding. The Association will operate Battle
denoms.
of the same maturity
ment of expenses
Gross income.
$4,058,478
2,4i'1.692
$1,300,995
118,505
x393,071
Net
a
„
receive this payment, holders should present coupons of
March 1, 1939, in the usual way (preferably through their local banks).
Coupon should be accompanied by the usual ownership certificates and
by a letter,of transmittal duly filled out and signed.
Coupons will, be
stamped to show the amount paid thereon and returned to the bondholders,
and should be reattached to the appropriate bonds.—V. 148, p. 1019.
to
_.
$4,054,478
2,448,536
13,786
Exp. in connection with
recap. & refinancing._
Deprec. and amortiz
payable
This amounts to ohe-half of 1% of the principal of the
bonds or $5 per $1,000 bond.
Contingent interest on these bonds for the period from Sept. 1, 1938 to
Dec. 31, 1938 is payable under the plan on May 1, 1939, if and to the
extent tnat the earnings for that period were sufficient for the puifciose.
The contingent interest accrued on the bonds for such period was
ll»%
of the principal of the bonds and the earnings for the period were sufficient
to5provide for such interest.
This amounts to $13.33 per $1,000 bond.
For the convenience of the bondholders and to save expense the company
Operating income.
Non-operating income.
$3,727,889
68,366
Commonw. of Pa. tax..
fund cash
(Including Baltimore Coach Co.]
$3,933,990
124,488
246,694
tax
1935
$3,858,049
196,429
Undistrib. profits tax
Loss on sale of tobacco..
"
being notified that pursuant to the plan for modification of interest charges
and maturities dated Aug. 15; 1938, there will be paid on March 1, 1939.
one-fifth of the interest payable on that date on refunding and general
order
95,296
Total income
Em pi.
In
$4,303,604
Gross earnings
Otherincome
Flood loss
such holdings.
series D and series F, being the fixea interest
Calendar Years
(Including wholly owned subsidiaries]
1938
1937
1936
,
Acceptance of the modification plan by large institutional holders signifies
that the plan is viewed favorably by leading investment experts of the
country.
Announcement of these huge deposits has crystallized sentiment
in support of the plan among individual holders.
Of the total holdings of
about $128,000,000 in the hands of insurance companies and savings banks,
and general mortgage bonds,
Inc.—12}4'Cent Common Dividend—
Consolidated Income Account for
"
Pension Agreement—
Directors have declared a dividend of 12 A cents per share on the common
Holders—
$1,000 bond.
Assents
on
directors in authorizing the execution
Dec. i9, 1938, entered into by and
stock, payable March 15 to holders of record March 1.
This compares
with i0 cents paid on Dec. 15, last; 15 cents paid on March 15, 1938, and
v
so
$123,586
Corp.—To Vote
Basic Dolomite,
.56,143,386 66,546,119
—
$542,812,328 securities affected by its plan for temporary
modification of interest charges and maturities, the B. & O. has received
formal deposits and assents of $429,180,778 or 79.07%, including $72,771,578 notes and $13,490,000 five year secured notes held by the Recon¬
struction Finance Corporation.
These represent about 48,800 holders.
J. J. Jenkins, Treasurer of the Company, advises the holders of series D
and serips F refunding and generals that in addition to $5 fixed interest
due March 1, the company will, as a matter of convenience and to save
expense, also disburse on that date the contingent interest earned for the
period from Sept. 1, 1938, to Dec. 31, 1938, which, under the plan, is
payable^May 1, 1939, so that the total to be paid on these bonds March 1,
proposes to
$119,960
number
of Barker Bros. Corp. be ratified and approved.—V. 148,
Of the total of
mortgage bonds,
under the plan.
$194,840
between Barker Bros. Corp., California Trust Co., as trustee, and a
of employees
778—Acceptances Come from 48,800 Security
Holders of refunding
$185,012
59,319
2,107
upon a proposal that the action of the
of a pension trust agreement dated
23,053,938 25,256,461
3,878,594 Capital surplus
Payment—
58,079
3,065
$196,367
1,355
Prl
Stockholders at their annual meeting on March 3 will consider and act
RR.—Modification Plan Gains—Rail¬
road Receives Assents and Deposits from Holders of $429,180,-
Interest
$181,104
2,938
$104,584
Barker Brothers
Wbitcomb Loco¬
Baltimore & Ohio
per
$257,435
59,657
Net income
After deducting
^
$171,866
63,046
4,236
231
61,649
-V. 148, p. 573,
in 1937.
1939Jpl be $18.33
$188,769
Dr7,665
4,640,569
The Midvale Co. 4,766,869
—
.^,.^.56.143,386 66,546,119
$274,104
Dr 16,669
Gross income.
depreciation of $26,860,233 in 1938 and $25,382,650
b Represented by shares of $30 par.
c Represented by shares of
$13 par.—V. 148, p. 1018.
•
.
a
392,013
$251,538
55,171
Other deductions
6,006,981 13,759,506
charges..
73,325
127,421
Total
360,105
$250,418
Int. oh funded debt
839,470
373,904
c
(cur¬
413,555
$353,172
79,068
—
Other income
def.
motive Co
rent)-.---—-Inventories
345,913
$229,285
57,650
$171,635
deprec'n)
from opers..
rev.
Operating income
•
b
instruments and
rec.
Net
in
Notes & oth. credit
accts.
&
res.
capital stock
surplus of:
75,618
7,442,622
$643,551
$610,523
561,949
stockholders
ac¬
counts recelv'le.
Sundry
tenance &
Equity of minority
Cash in banks and
exps.
Tax accruals.
credits.
current credit in¬
&
Oper.
on
expenses
Misc.
Notes & other non-
struments
rec.
Res. for reorganiz.'
.
1936
1937
$766,727
$576,198
(incl. main¬
14,602
302,430
1
B. L. W. voting tr.
ctfs. &
6,470,900
301,483
fund
1938
1939
of January—
Gross oper. revenues
bonds
Gen. Steel Castings
Month
2,676,000
2,613,000
6% conv. ref.mtge.
1st mortgage bond
sinking
Bangor & Aroostook RR.- -Earnings-
$
$
1st mtge. 5% bds.
Prop'ty, plant &
equipment
1937
1938
1937
$
Assets—
a
founded by John I. Blair in
was
reported to stockholders that the
corporation last year cont.nued the policy of liquidating its investment
portfolio and that a substantial part of the approximate $2,172,000of
unrealized depreciation existing at the end of 1937 was converted into a
booked loss for the year 1938. This resulted in a consolidated net loss for the
year of $2,026,502, including losses of $1,354,973 from sales of investment
holdiags.
A reserve of $753,573, sufficient to write down all remaining
securities to their market or appraised values at the end of 1938, has been
provided for and is reflected in the balance sheet of Dec. 31, 1938.
After taking into consideration unrealized depreciation in securities and
investments at Dec. 31, 1938, the corporation's net worth on that date was
$1,563,855 compared with approximately $2,168,000 at the end of the
preceding year, a decline of about $604,000, Mr. Montgomery said.—V.
148, p. 431.
vicinity of Broad and Spring Garden Streets, Phildaelphia, which was in
1937, has been completed. The proceeds of demoli¬
mortgage bond sinking fund were used for the retire¬
ment of $63,000 first mortgage bonds, reducing the outstanding principal
The income statement for the year
firm, which
1890 when he was 90 years old.
John R. Montgomery, President,
progress at the end of
tion paid into the first
amount of these bonds to
1161
Chronicle
Financial
148
interest at the rate
Chronicle
Financial
1162
Creek Sanitarium, which wince 1898 had been operated by Michigan Sani¬
tarium and Benevolent Association, its receiver and trustee.
The purpose
Sanitarium and
Michigan
Benevolent
Association,
approved by the
U. S. District Court for the Eastern District of Michigan, Southern Siivision,
and to pay the expenses and commissions in connection with such refinancing
and to provide the new Association with working capital.
The bonds are secured by a first, closed, mortgage lien on the "supple¬
mental mortgaged property ' and on a parity with $1,265,000 of the series A
bonds, by a first, closed, mortgage lien on the "principal mortgaged prop¬
erty." The mortgaged property is valued at $6,528,587.
$200,000 and $250,000, on March 1.—V. 147, p. 4048.
Beech-Nut Packing Co.—Extra Dividend—
was
paid
on
Bon Ami Co.
1938
88,178
278,325
f217,544
83,103
160.659
Net income.—— $1,389,113
Dividends———— gl ,266,922
$1,391,282
gl ,391,800
$1,221,676
gl,323,758
$1,003,090
974,410
def$518 def$102,082
$28,680
82,721
Depreciation
Federal taxes, &c-
.——
Balance, surplus..—.
$122,191
Earns, per sh. on cl. A
stock (no par)
a
b$6.70
b$6.71
e$5.89
c$4.83
$3.78
$3.78
$3.38
$2.87
d Earns, per share on
a
underwriting commissions and the company's estimated
expense of $22,674 In connection with this Issue.
It is contemplated that the entire net proceeds of this issue will be added
to the company's general funds and used for working capital, including the
cost of engineering and research, the purchase of materials, the payment of
wages, salaries, and other operating expenses such as rent, heat, light, and
power and sales expenses necessary to the conduct of the business, and for
the purchase of additional machinery and equipment which is desirable to
the conduct of the company's business on the basis of present volume.
Corporation was incorp. in New York on July 10, 1935. The character
of the company's business is the creation, design, development, construction, testing, sale and repair of aircraft and parts therefor. Company
has been engaged in the design and development of aircraft, and, upon a
contract or subcontract basis, in the manufacture and sale of aircraft and
parts therefor, for military and naval purposes.
Engines, propellers,
aeronautical instruments ana certain other equipment are not manufactured
by the company.
On Dec. 31, 1938, substantially all of the business on the books of the
company consisted of work under contracts between the company and the.
War Department and contracts between the company and the Navy
Department. The contract prices of goods undelivered under such contracts
as of Dec. 31,1938, aggregated approximately $3,675,000.
Under the terms
of some of these contracts, the company may receive progress or partial
payments as the work progresses prior to delivery of the goods, and up to
Dec. 31.1938, the company had received suchjpaymentsjm.the amount of
$562,900.
The principal and only plant of the company consists of leased premises
at 2050 Elmwood Ave., Buffalo, N. Y.
Company leases a building con¬
taining approximately 40,000 square feet of floor space, and a portion of an
adjacent building, which portion contains approximately 157,500 square
class B stock (no par).
Under the participation provisions of the shares, class A stock is tntitled
$4 a share per annum, and after class. B stock has received $2.50 a share
per annum, both stocks participate equally as a class in any further dis¬
tribution.
b Figured on 94,573 shares issued,
c Figured on 88,870 shares
of stock In hands of public,
d Figured on 200,000 snares of stock in hands
of public,
c Figured on 92,647 snares of stock in hands of public,
f In¬
cludes provision for Federal undistributed profits tax in amount of $333.g Includes dividends paid on both class A and dass B in reacquired
common A stock at cost.
a
to
Comparative Consolidated Balance Sheet Dec 31
$699,185
1,772,901
at cost
less
593,463
166,749
720,381
3,202
325,389
bank (net)
$66,240
(less deprec'n)..
2,850,001
Prepd.&def.cligs.
30,272
Goodwill,
2,500
3,300
Net profit for period--.-———,
9,9001
13,100/
$12,042
Total
—..$7,115,953 $6,947,663
Represented by 100,000 shares class A and 200,000 shares class B stock
(nopar value), y Represented by 5,427 class A shares.—V. 147, p. 3303.
Boston Elevated
Ry.—Annual Report—
Traffic Statistics—Years Ended Dec. 31
1938
1937
1936
1935
Round trips operated—
6,107,492
6,217,978
6,222,871
6,134,988
Passenger revenues—$24,746,823 $25,339,336 $25,502,416 $24,347,368
Pass. rev. per mile (cts.)
54.03
54.15
54.85
52.89
„
Pass.
$5.47
$5.55
$5.69
$5.47
46,796,328
46,492,077
46,033,344
4,560,540
4.479,552
4,450,340
Rev. passengers carried.291,175,017 296,397,493 296,180,666 280,402,526
Rev. passengers carried:
Per mile
6.36
6.33
6.37
6.09
per-hour
rev.
-
45,799,029
Pass. rev. mileage
Per hour—
—
4,523,433
64.37
64.99
66.12
63.01
Comparative Division of Receipts and Expenditures
1938
1937
1936
"
1935
$25,383,333 $25,939,777 $26,096,155 $24,926,426
Operating Expenses— ■
12,894,549
12,709,180
12,346,223
Wages
11,756,916
Materia! & other items
2,295,707
2,119,136
2,090,890
2,131,402
668,632
594,605
676,742
Injuries and damages...
577,614
D eprecia tion
2.098,119
2,447,322
2,448,816
< 2,408,173
Fuel (incl. gas for buses)
842,277
840,559
847,670
791,307
Calendar Years—.
Total receipts
$65,488
—
—V. 148, p. 1019.
Bigelow-Sanford Carpet Co., Inc.- -EarningsCalendar Years—
1938
1937
-
1936
xl935
3STc3t5 sales after cash and.
other discounts-$20,521,857 $29,309,102 $27,058,670 $19,662,133
Cost of sales.excl.depr- 17,541,469
21,359,957
20,041,323
14,928,009
Sell,, ship. &
,615,749
x
15,100
$43,240
Earned surplus
—$7,115,953 $6,947,663
Total
$83,042
2,454
—
21,907
4.123,880
2,493,558
734,482
2,850,001
30,775
.
y Cap. stk. of co_Plant & equipment
$81,613
1,428
$17,842
„
,123,880
Claim agst. closed
Pass, revenue hours..--
Total incomeLoss on operation of airport, &c-
17,392
Capital stock...
4,117
325,389
668,891
...
1937
$42,683
24,011
241,625
278,200
Res. for copting.„
172,651
Inventories
1938
$52,985
27,749
(trade)
Res. for inc. taxes.
x
bad debts..
1938
$62,998
3,242
1,498,382
for
reserve
Liabilities—^
Accts. pay.
Accr'd liabilities-
Accts.receiv. (net)
$1,219,252
1,137,639
$14,411
3,430
$617,386
Marketable secure.
spectively, severally and not jointly, are as follows:
G. M.-P. Murphy & Co., New York, 35%; Hayden, Stone & Co., New
York, 30%: Schoellkopf, Hutton & Pomeroy, Inc., Buffalo, 27%%',
Jackson & Curtis, Boston, 7%%,
Operating profit.
1937
1938
Assets—
Cash.
feet of floor space.
The names and addresses of the several underwriters and the percentages
of the unsubscribed stock to be so purchased by such underwriters, re¬
Otherincome, net-.
1935
*
$2,367,456
1,246.852
of the
—-
1936
$2,540,086
1,527,398
sales—. $2,801,594
—
1,750,159
Operating profit
Payment for the full amount of the subscription price of shares will be
Income Account for Calendar Years
19361937
Sales, less discounts-,--*—
$336,469
$1,707,627
Cost of goods sold
----322,057
1,644,628
1937
$2,724,720
1,722.469
89,561
241,625
Gross profit on
Corp.—10,000
due at the time of such exercise and will be payable at The Marine Midland
Trust Co., 120 Broadway, New York, Transfer Agent.
When sold, the stock will yield $775,326 to the company after the de¬
'
(&Subs.)—Earnings-
Consolidated Income Account for Calendar Years
Shares Offered-—Common
stockholders of record Feb. 15 are given the right to subscribe
for 40,000 shares of common stock at $21 per share in the
ratio of one new share for each 534 sharas held.
Subscrip¬
tion rights will expire at 3 p. m. March 2.
duction
Bancaxperica-Blair Corp., above.
See
Dec. 15, 1937—V. 147, p. 3303.
Aircraft
Bell
Inc.—New Name—
Blair & Co.,
Directors have declared an extra dividend of 25 cents per share In adcition to the regular quarterly dividend of $1 per share on the common
stock, both payable April 1 to holders of record March 10.
Similar extra
dividends-have been paid In each of the nine preceding quarters.
A special dividend of 50 cents was paid on Dec. 15 last, and a special of
$1
Co.—Acquisition—
Sale of the Blue Valley Creamery Co. and its 14 manufcaturing plants
to this company was announced on Feb. 19 by officials of the two com¬
panies, uniting two of the oldesr creameries in the Middle West.
Clinton H. Haskell, President of Beatrice Creamery, and R. H. Van
Sant, General Manager of Blue Valley, said Beatrice Creamery would
take over the 14 plants on March 1.
Blue Valley products will continue
to be manufactured under that name and the plant's employees will be
retained, they said.
Mr. Haskell said the transaction involved $400,000 cash for the plants
and equipment, and Beatrice Creamery would take over the accounts
receivable and merchandise inventories of Blue Valley, valued at between
of this issue of bonds is to provide cash which, together with
Other cash of the new Association, wdl enable it to make the cash pay¬
ments to bondholders and creditors required by the plan of reorganization
of
25, 1939
Beatrice Creamery
3,511,248
4,586,232
4,033,355
$3,362,913
798.835
$2,983 ,993
856,789
$1,307,741
799,919
gen. exp-
Total oper. expenses—$18,799,286
Dividends
* 3,426,382
Operating profit —loss$530,859
Depreciation
^
830,334
-
1,193,970
1,626,769
-
Taxes
$18,710,804 $18,410,342 $17,665,413
1,193,970
1,193,970
1,193,970
1,669,002 .1,573,218
1,520,924
Subway, tunnel & rapid
Reauct. inventory from
cost of market—
Interest and other non-
operating
expenses—
transit line rents
140,660
276,993
42^321
$2,084,883
$488,169
5,691
>
10,821
7,924
Net inc. before Federal
loss$l,491,033"
Prov. for Fed. inc. taxes
Surtax on undis. profits-
$682,613
120,000
-
$2,092,806
$493,860
77,600
322,600
98,000
-
------
_loss$l,491,033
begin, of year
4,466,519
$562,613
5,159,956
$1,672,206
4,586,995
$416,260
4,367,439
Total— L—
$2,975,487
Preferred dividends---79,209
$5,722,569
158,418
1,097,631
$6,259,201
158,418
940,827
$4,783,699
158,418
sur.
—
Common dividends
Prov. for add'l Fed. inc.
-
taxes of
2,809,087
3,816,444
149,840
Note—Profit and loss items not included in above.
»
Income Statement for
Calendar Years
1938
1937
1936
1935
Operating Income—
Total rev. from transp-$24,746,896 $25,339,511 $25,502,591 $24,347,543
Total
rev.
from other ry.
Operations
—
588,951
' 550,697
549,361
540,066
—$25,335,847 $25,890,209 $26,051,952 $24,887,609
~
Operating Expenses— »
Way and structures
2,898,927
2,809,672
2,825,340
2,787,556
Equipment.
3,345,698
3,308,853
3,446,341
3,237,473
Power....
1,663,194
1,745,742
1,750,222
1,708,297
Transportation expenses
8,297,342
7.955,676
8,661,957
8,560,672
Traffic
12,204
10,663
7,438
19,766
General & miscellaneous
2,271,709
2,194,337
1,983,330
2,155,784
13,260
14,358
Transp. for invest.—Cr.
25,120
19,612
Total—
Net income
Earn.
2,812,255
3,862,562
141,277
Total cost of service—$28,524,019 $28,465,801 $27,993,624 $27,155,678
Loss for year
3,140,686
2,526,024
1,»97,469
2,229,251
19,653
$670,828
11,785
,loss$1,501,853
income' taxes
2,822,629
3,939,114
.130,281
1,616,257
-
-
Balance
Interest received
2,822,427
3,952,485
129,082
Interest on bonds
Miscellaneous items
prior years—
►
38,286
—
„
Earn. sur. end of yr— $2,896,278
Avge. number of shs. of
com. stk. outstanding
313,609
Earnings per share
loss$5,26
.
x
$4,466,519
$5,159,956
313,609
$4,586,994
313,609
$4.82
$1.28
•
313,609
Assets—
$
1938
Liabilities—
$
1,007,681
(less reserves).. 3,836,643
(at lower
3,833,375
ree.
Notes
and receivables.
10,760;896
15,067
14,160
321,245
390,573
sec.
5,200,000
or
or received
Accounts payable.
payableReserved for State
taxes.
and Fed. taxes.
y
23,705,276 29,488,8131
82,460
690,610
243,047
428,442
sec.
Inc. from unfunded sec.
Inc. from sink, fund, &c.
Miscellaneous income..
2,606
7,044
4,538
l"0°866
3,997
4,129
10,800
7,415
$4,957,277
$5,559,971
$6,112,595
$5,740,090
45,458
2,822,427
45,475
2,822,629
46,161
46,648
2,812,255
2,809,087
2,848
3,952,485
1,744
3,939,114
7,993
3,862,562
14,934
3,816,443
73.086
7.689
71,598
11,464
78,299
8,824
79,142
9,115
Total.
'
$6,903,993
1,946,716
1,193,970
$6,892,025
1,332,054
1,193,970
$6,816,093
$6,775,371
703,499
1,193,970
1,035,281
1,193,970
$3,140,686
$2,526,024
$1,897,469
$2,229,251
Gross Income
260,453
2,640,300
504,726
2,896,278
on
cal property
on funded debt
on
-
23,705,276 29,488,813
1
unfunded debt..
Amortization of disc't
funded debt
on
...
Miscellaneous debits
504,726
4,466,519
465
misc. physi¬
Int.
Int.
After deducting depreciation and revaluation reserves amounting to
$18,055,548 in 1938 and $17,377,468 in 1937.
y Represented by 313,609
shares (no par).—Y. 148, p. 724.
1,520,923
$5,701,273
20,137
Net loss
325,329
2.640,300
Common stock. .15,680,450 15,680,450
Preferred stock
Earned surplus
x
1,573,218
$6,068,392
,29,274
operations.
Deductions—
Rent for leased roads.
Miscellaneous rents
by tr. rects.
Capital surplus
Total—.
950,000
for wool in tran.
Insur. unexpired &
exps. deferred..
pay
letters of credit,
of cost or mkt.). 8,570,643 13,482,127
Land, wat. rights
bldgs. & equip..10,152,681
Non-curr. invests.
1937
$
(com'l
paper &bk.l* us)
Acceptances under
Invent,
x
1,669,002
$5,510,402
35,380
ry.
Income from funded
1937
808,996
Acc'ts & notes
1,626,769
$4,909,791
43,489
on
Operating income
Comparative Balance Sheet Dec. 31
Cash
Taxes
$0.82
Consolidated figures-
1938
Total oper. expenses. .$18,799,286 $18,710,804 $18,410,342 $17,665,413
Net earnings
7,222,196
6,536,560
7,179,405
7,641,610
Total deductions from
gross
income
Balance, loss.
Common divs.
Deficit
(5%)-—^
Volume
Financial
148
1933
$
Common stock.
Road & equip..110 ,279,375
816,654
3,390,277
1,457,891
359,282
Cash
Special deposits.
Misc. accts. rec.
395,217
381,740
Mat'ls & suppl.
1,868,803
653,998
13,163
39,080
39,030
1,041,809
Prepd. rents, &c
88,468
1,187,257
61,449
curr.
Disc,
on
fund .dt
Other unad J.
deb
1,040,453
divs.,
12,485
assets
receivable
Oth.
333,766
&c
dlvs.,
Acer, int.,
Int., div. & rents
33/,646
Interest,
Mat'd
Derd" fiabiflties"-
41,537
35,102
120,561
Tax liability...
169,507
1,260,343
Prem. on fd. dt.
20,333
81,775
Inj. & dam. res.
Accr. deprec'n..
1,036,479
1,071,142
16,226,987
16,304,796
597,117
Deficit
$286,870
202,738
$2,097,185
1,386,588
$2,146,681
1,364,528
Operating income
income..
$90,786
14,519
$84,132
14,867
$710,597
101,992
$782,153
107,432
$105,305
$98,999
135,122
$812,589
957,738
$889,585
138,369
$33,064
$36,123
$145,149
$62,930
on
Net non-oper.
Gross income
Total income deductions;
Curr. def. carr. to sur.
—V. 148, p.
3,926,200
...118,961,116 120,025,216
118,961,116 120.025,216
Total.
Birmingham Gas Co.—Plan in Effect—
21 that its plan of recapitali^tion has
been received from more than 80% of
the holders of the unsecured notes which matured on Oct. 1, 1938, And from
more than 95% of the $6 preferred stock.
The plan had been approved
previously by holders of debentures of the American Gas & Power Co. )
Holders of the notes will receive 50% in cash, plus interest and a/hew
4H % note, due on Oct. 1, 1944.
Holders of preferred stock wUlreceive
for each share held one share of new prior preferred ($3.50) stqek; cumula¬
tive from March 1. 1939, and three shares of
American Gas & Power Co. surrendered
common
to the
and the
$405,000
& Power
cancellation
distribution
assented to the pttan.
in cash for adjustment
reduction ana other
The Birmingham company also received $550,000
with holders of the unsecured notes and for bank-loan
indebtedness of American
147, p. 3756.
corporate purposes.
A $1,266,000 certificate of
Gas & Power Co. to Birmingham Gas has been cance/ed.—V.
1939^
\
31—
\$44,883
\v9,887
Expenses
$34^995
Net income
Portion of net proceeds from sales and repurchases
of capital stock representing participation
un-
in
5,159
$31,805
6,845
$38,650
16,080
$41,906
$22,569
*
—
Secur., at
Cash
market$4,090,325 $1,096,375
261,846
206,118
Due for cap.
30,076
sold
a
Due from brokers
payable
Acc'ts
440
37,851
41,906
22,569
_
Capital stocki
yl,356,900
Surplus (excl. of un¬
divided earns.). 2,853,136
457,280
payable.
271,380 shares,
z Includes accounts payable.
Note—No Federal income tax has been accrued on
the basis that the
will distribute in the fiscal year ended July 31, 1939 in taxable
of its net income and will qualify as a mutual investment
company under the Revenue Act of 1938.
If, however, the company should
-be liable for a Federal income tax, it is estimated that such a tax on income
for the six months to Jan. 31, 1939 would be approximately $1,300.—
company
$2.7§
Aeronautical Corp.—Stock to Be
31
99,500
549,065
530,218
358,077
Accts. receivable.
_
Mat'ls & supplies.
275,644
419,654
36,053
Cash..
38,890
25,244
Interest receivable
fund
$
10,000,000 10,000,000
336,342
payable365,095
Capital stock
Accounts
Other def'd debits.
45,062
38,865
Wages payable...
Divs. mat'd unpd.
6,458
15,502
37,668
535,372
Other current liab.
536,000
Carrier Ins. res've.
Sold—
591,000
Total
13,069,296 13,001,393
$12,455,393 in 1938 and
After depreciation of
x
13,069,296 13,001,393
$12,563,494 in 1937.-^
148, p. 273.
Bullard Co.Gross
Earnings
1935
1936
1937
1938
■
a$754,384
420,245
el65,800
40,000
$879,118
$691,701
483,000
$294,003
$535,457 d$l,880,811
574,416
766,033
Crl6,788
1,768
__
Sell. & gen. expenses
Other deductions (net).
c$l,475,904
604,677
13,726
e233,891
profit
Dividends
_
loss$22,171
69,000
paid
Earns, per sh. on 276,000
shares capital stock
corporation signed Feb. 23 a contract with Van Alstyne, Noel & Co.
underwrite the sale of approximately 90,000 shares of stock
of the corporation, according to James York, President.
The stock will be offered to shareholders at $8.50 a share at the rate of
one additional share for every four now held.
Rights to subscribe, based
on the close Feb. 23 on the New York Curb Exchange, are worth 50 cents.
Proceeds from the sale of these shares will supply capital for present and
anticipated business, according to Mr. York.
It is expected that a registration statement covering the additional shares
will be filed soon with the Securities and Exchange Commission,—V. 147,
3152.
552,000
$1.06
$135,656.
depreciation of $147,448. © In¬
b Includes
—
x
Capital
1938
1937 ■
stock...$1,051,125 $1,051,125
Accounts
&c.$1,371,751 $1,430,000
169,441
178,706
Notes
payable.
■
payable
System—Earnings—■*»
...
n
Customers deps—
156,242
240,949
1,263,004
1,529,913
9,884
9,988
expenses.
Accrued
&c
,
payroll,
70,635
108,231
1,687,933
1,779,103
233,891
Prov. for inc. tax.
Earned surplus...
1
$3,064,295 $3,295,586
Total
Total.........$3,064,295 $3,295,586
Represented by 276,000 no par shares, y Less reserves for deprecia¬
$2,123,346 in 1938 and $2,044,186 in 1937. z Less reserve for possible
losses, &c. of $10,638 in 1938 and $9,928 in 1937.—V. 147, p. 1481.
1*
tion of
Butte Copper
& Zinc Co.— To Reduce
Directorate—
Stockholders at their annual meeting on March 15 will consider
incorporation and by-laws of the company so as
the number of directors from nine to seven.—V. 148, p. 1020.
Net rev. from oper.
Taxes on oper. props
2,972,574
20,096.497
20,336,427
$1,177.293
Total oper. expenses....
$1,155,107
$8,075,046
$8,574,201
3,648,669
3,613,344
.*
514,653 '
524,773
Operating incomer
income
$652,520
82,062
$64Q,454
72,534
$4,426,377
582.366
$4,960,857
Gross income
$734,582
692,864
$712,988
686,841
$5,008,743
4,822,562
$5,529,819
4,814,590
$41,718
$26,147
$186,181
$715,229
Net nonpoer.
Total income deductions
Current inc. carried to
surplus
568,962
min. int. of
T. Corp
to
Years Ended
Operating revenues
Oper. expenses, maintenance
xNet operating revenue
and accounts
Merchandise and jobbing
Interest on notes
$26,147
$41,718
$186,181
$715,229
Transit System]
1939—Month—1938
1939—7 Mos.—1938"'
$2,394,512 $16,377,846
1,517,174
10,336,620
$2,626,977
531
Dr42,677
$2,622,227
...
...•
$2,584,830
$2,580,294
receivable &c._—
300,000
$2,284,830
$2,280,294
238,210
843,545
203,223
78,813
7,270
17,654
1
and expense
prelim, costs of projects abandoned
limited-term investment.
Other income deductions
Net income
Gross income
Total income deductions
$6,493,181
2,248,817
$565,423
328,654
Operating income
Net non-oper. income
$6,041,226
2,262,081
t,779,145
567,348
$4,244,364
$4,346,493
4,015,163
$4,792,432
4,014,273
to
$571,010
79,976
70,030
$650,986
576,204
$635,453
573,183
548,068
>,114
-
appropriation for retirement reserve,
audit.—Y. 148, p. 433.
x
Before
y
National Ry.—Earnings—
the Week Ended Feb. 14
1939
1938
$3,185,937
Gross revenues
$3,215,473
to
surplus
432.
—V. 148, p.
$74,782
,
$62,270
$331,330
$778,159
203,188
45,047
7,270
14,567
$927,735
Decrease
$29,536
148, p. 1020.
Canadian Pacific Ry .-—Earnings—
Earnings for the Week
Ended Feb. 14
1939
Current income carried
238,143
844,344
Preliminary, subject
Earnings of the System for
—V.
1,437
Z>r43,369
300,000
income
Rent for lease of electric properties.
Canadian
$899,664
properties
$16,946,833
10,453,652
$877,338
311,915
$2,364,709
1,465,045
Net rev. from operat'n
Taxes on oper.
$4,652,503
2,030,276
Gross
Interest charges (net)
Amortization of debt discount
1937
$4,666,277
2,03^,300
Amort, of
Period Ended J an. 31—
revenues
yl938
,
and taxes
x Net operating revenue and other income...
Appropriation for retirement reserve
[Excluding Brooklyn & Queens
oper.
'
<
Amort, of
Bal. to B.-M. T. Sys.
Total oper. expenses
Dec! 31—
amending
to reduce
Co.—Earnings—
California Oregon Power
$4,074,078
2,896.785
4* 990
.
taxes, &c
Patents, dies, jigs,
Transit System]
1939—Month—1938
1939—7 Mos.—1938
$4,127,681 $28,171,543 $28,910,628
Period End. Jan. 31—
Total oper. revenues..—
118,245
54,603
200,000
-
Acc'ts rec., &C_.
Prepaid
31
Liabilities—
1937
1938
Assets—
Land, bldgs.,ma¬
chinery, eq.,
1937 and
profits of $49,630 in
Balance Sheet Dec.
y
depreciation of
the articles of
[Including Brooklyn & Queens
136
$2.50
$3.19
Nil
depreciation of $132,253.
c After depreciation of $116,732.
d After
cluding Federal surtax on undistributed
$30,000 in 1936.
After
a
Inventories
The
Brooklyn-Manhattan Transit
43,455
591,011
1,747,822
1,835,656
Surplus
29,577
Carrier ins. fund..
230,945
45,611
6,208
234,679
Accrued taxes
195,360 Other def'd credits
23.229
advs.
1937
$
Liabilities—
7,637,474
2,049,300
1,739,250
1,392,850
_
Other mktable. bds.
Work,
1938
1937
Municipal bonds.
Cash
•
for the latter to
Total
200,000
$4.40
7,474,942
2,024,300
Property & plant
z
B. & Q.
def $49,976
200,000
$
dividends all
Accruing
$230,081
200,000
$4.02
834.590
a
p.
$53,670
200,000
$2.35
Net profit
Brewster
$550,024
600,000
Prov. for Fed'l taxes
Total
724.
$880,081
650,000
....
Calendar Years—
16,080
.....$4,372,191 $1,332,569
Securities sold but not yet delivered,
b Reacquired but not yet re¬
ceived.
x Cost $4,224,750 ($1,794,492 in 1938).
y Authorized 1,000,000
shares of a par value of $5 each; outstanding (less 800 shares in treasury).
V. 148, p.
$803,670
750,000
$71,995
U. S. Govt, bonds.
$2,049
.
.$4,372,191 $1,332,569
Tocal
359
$826,790
267,883
4,589
4,294
1938
67,652
12,920
stk.
163,931
344,797
3,820
1,502
Assets—
V.
zS1,826
b Due for cap.
Undivided earns.
3,676
Divs, & int. rec
$1,230,201
Balance Sheet Dec.
&
accrued expenses
Distrib.
16,343
$1,196,950
389,380
3,542
$471,995
400,000
Earned per snare
1938
1939
Due to brokers—
stock
$777,902
300,626
3,849
income.
Net
31
Liabilities—
1938
$626,248
151,654
$631,218
195,572
991
Total
Balance Sheet Jan.
1939
310,171
$1,066,270
Dividends
Includes $1,215 for interest,
'
312,939
$1,032,357
164,593
charges
5,039
37,851
Total
Assets—
1935
$2,642,935
1,701.546
Local, State & Fed, taxes
Miscellaneous taxes
Miscell. income charges.
$26,645
$79,757
Total
x
1938^
$31,684
15,319
Undivided earnings, Nov. 1.
x
1936
$3,078,132
1,698,923
standing (par $50)
$50,314
29,443
31--
1937
$3,337,358
1,975,514
329,486
Net oper. revenue
Interest
Co.—Earnings—
1938
$2,816,319
1,834,429
355,642
Non-oper. revenue
x
dividend earnings.
Undivided earnings, Jan.
Buckeye Pipe Line
Calendar Years—
Shares capital stock out¬
Investment Securities)
Income dividends
Distribution
share on the
declared a dividend of 25 cents per
Balance, surplus
Fund, Inc.—Earnings—
(Exclusive of Gains or Losses on
3 Months Ended Jan.
have
directors
Operating revenue
Operating expenses
Depreciation..,
Banl^drs Trust Co.,
agreement trustee, $400,000 of its 6% debentures,
the company a note of Birmingham Gas Co. for
and all the common stock of the latter company.
American Gas
Co. then delivered to Birmingham Gas Co. the $405,000 note for
and also 60,000 shares of Birmingham common stock for
trustee delivered to
Boston
The
company's common stock, payable March 15 to holders of record
Dividends of 50 cents were~raid on Dec. 20 and Oct. 5 last and on Dec. 20
and Oct. 1, 1937, this latter being the first payment to be made on the com¬
mon stock since Nov. 15, 1929, when a regular quarterly dividend of 75
cents per share was distributed.—Y. 148, p. 125.
stocky/
debenture
preferred stock holders who
25-Cent Com¬
Dividend—
March 6.
873.
The company announced Feb.
become operative, assents having
among
952,515
432.
Brunswick-Balke-Collender Co,—To Pay
mon
Total
$286,904
196,118
440,484
4,028,853
Oth.unadJ. cred.
-V. 148, p.
1,458,395
1,517,804
24,260
1,433.895
...
from oper
rev.
473,671
payable
:
oper. proper._
Net
Taxes
Vouch. & wages
1,943,916
Total oper. revenues
Total oper. expenses.
1939—7 Mos.—1938
$11,872,333 $12,051,310
9,775,148
9,904,629
1939—Month—1938
$1,720,799 $1,745,265
Period End. Jan. 31—
23,879,400
2,707,428
76,200,917
23,879,400
2,707,428
Prem.on cap.stk
Funded debt... 76,200,917
349,437
phys.prop
invest'ts.
847,724
2,365,717
1,487,650
Misc.
Other
$
Liabilities—
110,140,035
1937
$
1937
$
System—Earnings—
Brooklyn & Queens Transit
General Balance Sheet Dec. 31
1938
Assets—
1163
Chronicle
Traffic earnipgs
—V. 148, p. 1020.
1938
$2,199,000
$2,284,000
Decrease
$85,000
1164
Financial
Cariboo
Gold
Mining
Quartz
Co.,
Ltd.—Extra
Chronicle
serial
and
at
Larger Dividend—
an extra
dividend of
one
1938, compared
$6,778,102 in 1937.
For 1938 the balance of net Incon e after depre¬
for Federal income taxes was $3,308,566.
In 1937
the figure was $3,291,211.
The depreciation charge was $486,505 in 1938
against $445,559 in 1937.
Annual interest requirements on the total funded debt to be outstanding
after this financing, and the retirement of first mortgage bonds, will be
$1,321300.
The balance of $3,308,566 for 1938 was 2.50 times such
requirements.
Before provision for depreciation, the ratio was 2.87 times.
It is expected that the present issue will be listed as legal investments for
savings banks in Maine, Massachusetts and New York.
Provision is made
for reimbursement for Federal income tax to not exceeding 2% of the inter¬
est on the bonds held and for Massachusetts incon. e tax to not exceeding
6% of such interest, or Massachusetts corporation tax in respect of deposits
in savings banks and savings departments of trust companies to not exceed¬
ing 2.1 mills per annum on each dollar of principal amount of the bonds in
which such deposits are invested.—Y. 148, p. 874.
ciation and provision
a
Carrier
5%.
with
cent per share in addi¬
quarterly dividend of four cents per share on the common stock,
both payable April 1 to holders of record March 8.
Previously regular
quarterly dividends of 2p£ cents per share were distributed. In addition,
extra dividends of 1H cents were paid in each quarter of 1938.—V. 148,
p. 274.
Corp.—New Director—
Frederick
S. Fales, Vice-President
of the
Socony-Vacuum Oil Co.,
Max McGraw of Chicago, President of the McGraw Electric
were on Feb. 16 elected directors of this corporation.
Their election
Inc.,
Co.,
1939 and 1940, which are unsecured and bear interest
Total operating revenues of $6,764,694 are reported for
Directors have declared
tion to
Feb. 25, 1939
notes, due
and
was said to be in line with the
policy of the company to add leading indus¬
trialists to its board.
Recently Herbert E. Smith, a Vice-President and
director of the United States Rubber Co.. was elected a director of Carrier.
I. Lyle, President of Carrier, in a preliminary financial report to
stockholders, said operations last year resulted in a net loss of approximately
$1,061,000 after inventory adjustments, taxes and depreciation.
This
compared with a profit of about $600,000 in 1937 after expenses of more
than $1,000,000 to cover cost of moving from Newark, N. J., to Syracuse,
► J.
Central Power Co.—Dividends—
Directors have declared a dividend of $1.75 per share on the 7 % cumula¬
tive preferred sto :k and $1.50 per share on the 6% cumulative preferred
N. Y.
Mr. Lyle disclosed that on Dec. 31 current assets amounted to $4,606,000,
Including cash of $1,491,000, and current liabilities were $998,000.
He
explained that these figures were subject to audit.—V. 148, p. 433.
stock,
payable April
March 31.
15
Dividends
holders of record at the close of business
147, p. 3907, 3305.
to
are
Central RR. of New
Celotex Corp.—Listing of
The
New
York
Stock
additional shares of
Shares to Be Sold in Europe—
January—
Gross from railway
Net from railway
Exchange has authorized the listing of 100,000
common
stock
on
official notice of issuance and
sale
for cash, and 12,565 additional shares of common stock on official notice of
issuance in respect of the acquisition of 2,125 shares of 7% cumul. pref.
■
The directors at
157,095
112,651
193Q
$2,626,986
666,948
257,948
have declared dividends as payments against arrears of
$1.75 per share on the prior lien preferred stock, $7 dividend series, and
$1.50 per share on the prior lien preferred stock, $6 dividend series, to be
paid March 20 to holders of record Feb. 28.
Similar amounts were paid
on Dec. 20, Oct.
20, July 20 and April 20.1938.
See also V. 146, p. 3663.—
V. 147, p. 3153.
special meeting on Dec. 16, 1938, authorized the issu¬
of not to exceed 100,000 shares of common stock
less than' $15 per share.
Negotiations looking
toward the sale of these shares are now being carried on with Hugo Kaufmann & Co.'s Bank, N. V. Vijgendam 8-10, Amsterdam, C. and with others
in foreign countries.
The company has agreed with the New York Stock
Exchange (a) that none of said shares will be sold at a price less than which¬
ever is the higher (i) $15 per share or (ii) $2 less than the market price on
the New York Stock Exchange at the close of business on the next pre¬
ceding day on which such shares are traded, and (b) that if any of said
shares are not sold within six months from the date of said application such
unsold balance shall cease to be available for issuance under this applica¬
and sale for cash
time to
622,094
Central & South West Utilities Co.—Accum. Divs.—
a
ance
from
1937
$2,613,237
691,542
The directors
Authority for Issue
«'
1938
$2,531,613
—V. 148, p. 726.
stock and 2,030 shares of common stock of American Gypsum Co. (a
subsidiary), and 45,006 additional shares of common stock on official notice
issuance upon the exercise of stock purchase warrants, making the total
amount applied for 861,189 shares.
!
Jersey—Earnings-
1939
$2,565,142
583,858
47,560
Net after rents
on
in arrears.—V.
time at not
I
Central Vermont
Ry., Inc.—Earnings-
Month of January—
Railway operating revenues
Railway operating expenses
'
1939
1938
$407,222
$371,962
375,554
427,077
$31,668
T
Net revenue from railway operations
Railway tax accruals...
x$55,125
26,998
26,443
....
tion.
Prior to tboi ale
issuance of any of the 100,000 shares proposed to be
sold for cash and which the company now contemplates will be sold abroad,
the company agrees that it will procure for delivery to the Exchange a
Railway operating income
or
representation of the purchaser to the effect that (a) such
being purchased with a view to distribution within the United
or possessions and (b) that such purchaser has acquired
Net railway
income
statement or other
shares
are not
$5,224
37,609
x$82,124
37,842
$32,384
4,349
119,966
4,931
$28^036
105,163
$115,035
107,204
$133,198
$222,239
Hire of equipment, rents, &c_
operating loss
Other
States, its territories
such
snares
either for investment
or
with
a
view
to
Loss available for fixed
distribution of such
shares to investors and (c) that the acquisition of such shares is not being
made with a view to avoiding any applicable provision of the Securities
Act of J933 as amended.
Balance, deficit
At the same meeting the board reserved sufficient additional
stock for issuance upon the exercise of outstanding stock
shares of
purchase
warrants resulting from any possible adjustments in the warrant price
which might be made necessary by the issuance of said shares, not to
exceed 100,000 in number, mentioned above.
The board of directors (acting by its executive committee) at a special
meeting on Feb. 16, authorized the issuance of not to exceed 12,565 shares
of common stock in exchange for and upon the acquisition of 2,125 shares
of 7% cu nul. pref. stock and 2,051 shares common stock of American
Gypsum Co., a subsidiary, such exchangb to be on the basis of 3H shares
of common stock of the company for each share of 7% cumul. pref. stock
of American Gypsum Co. and 2H shares of common stock of the company
for each share of common stock of American Gypsum Co.
Company
already owns 56.33% of the common stock and 46.87% of the preferred
stock of such subsidiary and upon the acquisition of such additional shares
now held by minority stockholding interests will own all of the issued and
outstanding capital stock of all classes of such subsidiary,
Such shares
will be Issued pursuant to a single offer from the minority stockholders of
American Gypsum Co. (acting as a unit) for delivery of all such minority
shares en bloc upon such basis. None of these minority stockholders of the
American Gypsum Co. are in any way associated with The Celotex Corp.,
or any of its officers and directors, and such negotiations have been at arms
length. The board determined that the consideration to be received for each
of such 12,565 shares of common stock issuable upon such exchange will be
the sum of $17.
charges..^..
Fixed charges
x
Indicates loss.—V. 148, p. 575.
common
Charleston
.
100,000 shares will be used ot discharge two bank loans.
The balance
remaining of such proceeds will constitute additional working capital which,
among other things, will permit the compnay to avail itself of opportunities
to expand and develop its business.—V. 148, p. 433.
Central Maine Power Co.—Bonds Offered—Public offer¬
ing by means of a prospectus of $4,500,000 1st & gen. mtge.
bonds, series J, 3^>%, due 1968, was made Feb. 24 at 102
plus accrued interest, by the First Boston Corp. and Coffin
& Burr, Inc.
Operating income
Non-operating income
that it has an agreement with New England Public Service Co., whereby
the latter will accept in payment of non-interest bearing advances of
$500,000 made to the company in 1938, all or any part of 5,000 shares of
the company's common stock at a price of $100 a share.
To the extent that
and its subsidiaries, together with dividend requirements on the preferred
stocks of subsidiaries, totaled $1,709,060.
On completion of this financing,
annual interest requirements will be only
Company is
$1321,300.
subsidiary of New England Public Service Co., engaged in
gas businesses.
The territory served comprises a large
area in the central and western sections of the State of
Maine, which in¬
cludes 214 cities and towns and has a population estimated at 348,000.
For 1938 the company derived about 97.3 % of its total operating revenues
a
of installed hydro-electric capacity,
including the Wyman development with 48,000 kw. present installed
capacity, and in addition owns 18,500 kw. of steam generating capacity.
The company expects to complete construction of an additional hydro¬
electric development of 7,000 kw. installed capacity on the Kennebec
River at Emdenand Solon, Me., by the fall of 1939. Since 1934 the
company
has acquired the assets and businesses of all its active subsidiaries
except
a subsidiary
owning land and water rights through which the flow of the
Kennebec River at Skowhegan is in part controlled.
Upon final retirement of the first mortgage bonds due Nov. 1, 1939, as
provided by this financing, the first and general mortgage will, in the opin¬
ion of counsel for the company, constitute a first lien on
substantially all
the properties and franchises owned by the company.
In addition to the
$4,500,000 of series J 3H% bonds due 1968, there are now outstanding
under the first and general mortgage $16,600,000 series G 4s, due
1960, and
$14,000,000 series H 3^s, due 1966.
There are also $196,000 of coupon
8,607
x
19,588
$123,907
27,030
......
$128,936
35,753
'
equipment,
$4,064,200; investments, $82,958; in¬
$1,377,793; cash. $76,690; certificate
$100,364; United States Treasury bills,
$50,000; advances to conductors, dispatchers and agents, $4,583; accounts
receivable. $2,495; note receivable, $12,000; sinking funds, cash held by
trustees under provision of bond indentures, $1,023 ; furds in hands of
special*
receiver for distrubition to the holders of
outstanding bonds of predecessor
companies, $3,683; unadjusted debits, $18,784; total, $5,794,575.
Liabilities—6% cumulative participating preferred stock ($100 par),
$611,200; common stock (nopar values, 15,000 shares), $750,000; funded
debt, $2,407,900; unfunded debt, $6,678; current liabilities, $27,492; un-"
adjusted credits, $1,746,443; capital surplus, $25,690; earned surplus.
$219,171; total. $5,794,575.—V. 147, p. 1770.
vestments in company's own securities,
of deposit and accrued interest,
Chesapeake Corp.—Liquidating Dividend—
Directors have declared a liquidating dividend of 35 cents
per share
payable April 3 to holders of record March 9.—V. 148, p. 575
on
Feb. 21
company
the railroad empire built
up by the late Van Sweringen brothers.
Elected to the Board were Homer L. Ferguson of
of
Newport News, Va.,
President of the Newport News Shipbuilding & Drydock
Co., and Ralph
C. Gilford, President of the Fust National Bank of
Louisville, Ky. One of
the men is a replacement for John O.
Myers of Ashland, Ohio, who recently
resigned, and the other represents an addition to the Board, which previously
had consisted of 11 directors.
•
Both Mr. Ferguson and Mr. Giffotfd, it was said
by informed persons,
satisfactory to Herbert C. Fitzpatrick, Chairman, and George D.
Brooke, President of the C. & O., and to the Guaranty Trust Co. of New
York, which has a considerable if not controlling influence in the railroad
were
due to
a technical default of bonds of the
Alleghany Corp.
Robert R. Young, of New York, who, with
associates, purchased in 1937
appeared to be control of the C. & O. and associated railroads, has been
vying with the Guaranty Trust for a year for working control. Under a com¬
promise last spring three representatives of the trust
company were placed
what
the road's Board.
on
the electric and
from the electric business.
The company owns 107,350 k.w.
$173,958
42,689
2,333
37,146
$81,166
26,610
Balance Sheet Dec. 31, 1938
and
5,930
Chesapeake & Ohio Ry.—Directorate Inci'eased—
Proceeds of this financing will be used principally to pay off all the com¬
pany's present bank loans and to retire the $3,303,000 first mortgage 5%
aggregating $9,868,500, have been dis¬
$180,642
$165,213
8,744
and"
....
Net income for the year
Assets—Road
68,523
$174,712
Directors of this railway enlarged their Board to 12 members
protests of the Alleghany Corp., nominally the top holding
stockholders under these preemptive rights will also be applied in full to
the reduction of the advances of $500,000.
-
or refunded, and the properties of the subsidiaries acquired.
At Dec. 31,1933, the interest requirements for such debts of the company
of ways
Dividends—preferred stock
74,858
over
the preenptive rights noted above are not exercised, the 5,000 shares are
to be issued to New England Public Service Co. at the price of $100 a share
in settlement of these advances.
The proceeds of any stock taken by
charged
abandonments
1936
$683,975
92,090
286,322
71,827
2,025
90,120
$125,359
35,586
...
structures........
89,823
79,750
$117,961
7,398
Total income
Fixed interest on funded debt
Miscellaneous interest
on
1937
$727,030
78,167
307,148
2,270
Taxes (including Federal income tax)
Loss
1938
$680,384
84,484
306,095
,
offering of bonds also gives notice of a pre¬
emptive offering of 5,000 shares of common stock to holders of the common '
stock and 6% preferred stock of the company at $100 a share, on the basis
of one share for each 27.2702 outstanding shares.
The company states
mortgage debts of the company,
_______
Amortization
The prospectus covering this
bonds due Nov. 1, 1939.
This wiU complete the financial steps taken by
the company over the last five years through which publicly held debts and
preferred stocks of then active subsidiaries and the remaining underlying
-
revenues
Maintenance of road and equipment.
Operation expenses
Depreciation
,
Purpose of Issue—$450,000 of the proceeds from the sale of any of the
(W. Va.) Transit Co.—Earnings—
Calendar Years—
Operating
Proxy Group Chosen—
The company on Feb. 23 announced the
management's proxy committee
for the annual meeting to be held on
April 18 in Richmond, Va.
Directors
chosen to serve were Herbert
Fitzpatrick, George D. Brooke, H. B. Ermin-
Jr., John M. Miller Jr. and John B. Hollister.
This committee consists of nominees considered
by Wall Street to be in
ger
opposition to Robert R. Young, Chairman of the Alleghany Corp., in his
effort
to exercise control of the C. & O.
against the wishes of the Guaranty
Trust Co.
While Mr. Brooke, President of the C. &
O., and Mr. Fitz¬
patrick, its Chairman, formerly were aligned with Mr.
Young, their recent
approval of an enlargement of the C. & O.'s board despite the
disapproval
by the Alleghany's board was held to indicate a
change of front.—V. 148, p.
575.
Chicago Flexible Shaft Co .—Extra and Larger Dividend—
Directors have declared
tion to a
an
extra dividend of 25 cents per share in addi-
quarterly dividend of $1.25 per share on the common stock, both
payable March 31 to holders of record March 21.
Previously regular quar¬
terly dividends of $1 per share were distributed. In addition, an extra divi¬
dend of $1 was paid on Dec. 23, last.—V.
148, p. 1021.
Volume
Financial
148
Chickasha Cotton Oil
6 Mos. End. Dec.
1936
$4,875,017
4,663,496
$7,744,545
7,324,566
$149,683
46,573
$365,904
$211,521
40,861
22,886
$419,979
16,891
$196,256
$406,765
$234,407
$436,870
837
Other income
k
1937
1935
$4,382,115
4,016,211
5,465
16,268
137,645
45,675
1938
$2,863,693
2,714,010
±
p ~~jr
Total income
Interest
lo",810
136,864
45,000
Bad debts
144,741
Depreciation
Federal and State taxes.
% notes of the company outstanding in the amount of
$22,116,379.
The collateral loans were retired in 1936 and 1937.
The 4M % first mortgage bonds are being called for redemption in April.
The holders of such bonds, however, will be afforded the opportunity of
presenting their bonds in advance of the redemption date and receiving the
redemption price of 105% of the principal amount plus accrued interest
to date of redemption.
See also Y. 148, p. 1022.
used to retire 6
were
Co.—Earnings—
31—j
Gross earnings
Costs and expenses
18,121
133,662
14,250
Shares of loss—net sales
Invest.Co.
16,039
14,090
Cr5,514
$35,477
$200,000
$73,050
$214,190
$0.29
$0.84
Bonds Called—The company has called for redemption on April 4, 1939, all of its out¬
standing mortgage sinking fund 4M % bonds, due 1950, at 105 and accrued
interest.
Holders of such bonds may obtain immediately the full re¬
demption price, with accrued interest to April 4, upon presentation at the
corporate trust department of either Bankers Trust Co., New York, or
The Cleveland Trust Co., Cleveland.—V. 148, p. 1022.
17,627
profit
Earns. per sh. on 255,000
shs. cap. stk. (par $10)
—V. 147, p. 1483.
1165
Chronicle
of Guymon
Cluett, Peabody & Co., Inc.—Directorate—
Net
Stockholders at their annual meeting on March
ments to consolidation
$0.78
$0.14
to 9
by action of stockholders
or
to consider other amendments to
Childs Co.—Gets Fair Concession—Estimating that 60,000,000 persons will visit the World's Fair in New
York this year, representing the largest tourist migration in American his¬
tory, George D. Strohmeyer, President of this Co., announced on Feb. 13,
his company had signed a contract for an exclusive concession for eighty
of these items to visitors at the
is now completing the equipment of a restau¬
rant seating 1,000 patrons ip the Railroad Exhibit Building at the fair
grounds, wnich will combine bar, cocktail lounge and dining facilities.
With its eighty frankfurter and hamberger stands and its new 1,000seat restaurant on the fair grounds, and its 52 strategically located restaurants
in Greater New York, Childs Co. will be, Mr. Strohmeyer believes, well
Troy, and remove the limitation requiring that all officers must be direc¬
tors, except that of President.—V, 148, p. 1023.
Coca
growing out of the World's Fair.
a
the
20, 1936, to and including
and 15 cents per share dis¬
1935, this last payment being the first made
since May 15, 1931, when a quarterly dividend of 35 cents per share was
paid.—V. 147, p. 3606.
meeting took no action on payment of a dividend
stock at this time. A dividend of 25 cents was paid on
this latter being the first dividend paid since Dec. 15, 1937,
when 50 cents per share Was distributed.—V. 147, p. 3155.
the common
Louis RR.—Bonds
Approved—
approved an application by the
refunding and improvement bonds to the
it for paying some Big Four bonds
matured recently.
The ICC also granted the New York Central authority
to assume liability for the bonds as lessee of the Big Four.
Claude li. Porter, Commissioner, dissented because the Commission
did not require a sinking fund for the new bonds.
He also disapproved of
theinew issue as conflicting with the New York Central's debt-reduction
Commerce Commission has
company to issue $29,040,000 of
New York Central RR. to reimburse
P™?na?iew
of the showing of the
debt reduction and saving in fixed interest
charges so far accomplished," skid the majority, "we are inclined not to
require the creating of a sinking fund for the bonds herein proposed."
The majority report declared that the New York Central did not propose
immediately to dispose of the bonds, which will bear 4)4% interest.—V.
147, p. 4051.
Electric
Cleveland
Co.
Illuminating
565—
$
Prop. A
plant142,986,407 140,842,694
Cash and seemtrustees
a
174,443
1,990,322
2,633,773
2,392,446
hand
and in banksTime deposits
..
receivable
7,546
6,963
.
ment
of
750,000
750,881
3,261.121
3,487,t>07
241,620
892,844
tured interest.
Inventories
Accts. rec.
Kilowatt-Hour
j
-
liquid'n
25,498,900
Company on Feb. 16 filed with the Securities and Exchange Commission
registration statement (No. 2-3943, Form A-2) under the Securities Act
of 1933 covering $6,600,000 of 1st mtge. 4% bonds, Series due 1964.
According to the registration statement the proceeds from the sale of the
bonds, together with other funds of the company, will be used for the re¬
demption on or before June 1, 1939 of $6,659,600 1st mtge. 25-year 5%
sinking fund bonds, Series A, to be redeemed at par and accrued interest.
Paine, Webber & Co. of N. Y. City and Central Republic Co. of Chicago,
are
the principal underwriters.
The registration statement states that
each of these underwriters has been authorized to engage in the purchase
and sale of the bonds "for the purpose of stabilizing the market price there¬
Deferred charges
or,
provisions is no assurance that any such trans¬
if effected, that they will not be discontinued
time, or that they will accomplish such purpose."
The bonds are redeemable as a whole at any time or in part
at any
March
1, 1962 and prior to March 1, 1963.
No premium will
March 1, 1963.
Earnings for the
the bonds are to be offered to the public and the
underwriting discounts or commissions are to be furnished by amendment
to the registration statement.
It. L. Bowen of Fort Worth, Texas, is
President.—V. 148, p. 275.
The price at which
Congoleum-Nairn, Inc. (& Subs.)—Balance Sheet Dec. 31
1938
$
3,830,751
Treasury stock._ 1,368,486
Cash
c
1938
1937
$
..
inabilities—
13,078,186 13,057,496
Fixed assets
a
1,425,078
1,368,486
40,000,000
Other curr. assets-
64,894
Other see'd invest.
801,196
$
stock. 11,650,620
1937
$
11,650,620
Accts. payable and
accrued charges.
387,101
681,590
-
Reserves
3,549,314
409,304
711,369
3,884,412
822,893
G'dwill & tr.-mks.
Notes & accts. rec.
2,357,139
2,040,056
278,280
1,090,111
292,462
Inventories
6,766,078
3,638,906
3,319,419
accrued
750,000
858.561
decl.
286,862
Consumers' dep.
629,523
571,642
70,703
68,176
erty and plant 29,674,132
81,577
27,188,306
285,700
12,509,011
12.520,440
Earned
surplps
14,100,476 13,767,286
286,862
Payroll accrued. interest
Reserves for deprec. &
Total..
calendar year 1938 appeared in the
Less reserve for depreciation of
1937.
Total
30,369,100 30,422,993
$12,844,892 in 1938 and $12,513,986 in
b 1,390,000 snares of no par value, which
includes 147,000 shares
acquired and held in treasury,
c See„b above.
The income account for the caldar year was published in
retire¬
of prop¬
surplus.
1
78,160
.....30,369,100 30,422,993
Total
a
1
62,312
Deferred debits.
,
154,822,566 152,852,101
in 1938 and
"Chronicle" of Feb. 18
Y. 148, p. 1024.
Consolidated Biscuit Co.—15-Cent Dividend—
The directors on Feb. 21 declared a dividend of 15 cents per share on the
common stock, payable
March 23 to holders of record March 2.
This
compares with 25 cents paid on Dec. 23 last; 15 cents paid on Sept. 23 last,
and a dividend of 10 cents per share paid in preceding quarters.—Y, 147,
p. 3156.,
;
Consolidated Edison Co. of N. Y., Inc.—Court
doubtful accounts and notes of $200,236
Absolves
Company—Underwriting Fees Held Not Wasteful—
In a
supplement to a decision which he had given previously, Supreme
Valente dismissed on Feb. 17 a stockholders' suit
Court Justice Louis A.
Cliffs
ments—$14,000,000
Company on
b Common
Taxes accrued....
40,871,520
1022.
Cleveland
be paid if
the bonds are redeemed on or after
533,149
255,622
154,822,566 152.852,101
After reserve for
by lot on
interest payment date after at least 30 days' notice at the principal
and accrued interest, together with a premium ranging from 5%
if redeemed before March 1, 1944 to M of 1% if redeemed on or after
any
amount
40,000,000
$332 334 in 1937.
page
The existence of these
of.
actions will be effected
nicipal seeur
448,795
63,105
250,821
% Increase
7.7
12.3
7.5
10.4
—V. 148, p. 1023.
40,871,520
Earned
banks & credis.
a
4
Output
1938
128,716,000
127,788,000
131,958,000
133,938,000
-
138,649,000
143,483,000
141,903,000
147,932,000
U. S. Govt. & mu¬
payable.
Other reserves..
notes
Total
1939
Week Ended—
Feb. 18---.
Feb. 11
(do par)
Accts.
ment
from
municipalities
Bals. in
Co.—Weekly Output—
of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended Feb. 18,1939, was 138,649,000
kilowatt-hours, compared with 128,716,000 kilowatt-hours in the corre¬
sponding period last year, an increase of 7.7%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
The electricity output
f
accrued llab._
ma¬
will of co.
company
Other current &
Deposit for pay¬
Dec. 31, 1940
Dec. 21, 1943
At
—V. 148, p. 1023.
2,529,840
1,715,213
9,345,902
79,922
Pref. dlvs.
Other accts. and
.
stock 25,498,900
(no par).....
stock
Taxes accrued..
1,609,000
Accts. & notes
notes receiv
-
Funded debt
155,851
2,488,903
1,984,000
—
on
$
Common
deposit with
on
Cash
Serial pref.
1937
$
Liabilities—
S
„
Dec. 31,1941
45.00
3,2.00
-
16
(& Subs.)—
1938
1937
Dec. 31,1939
45.00
4,000
46.875
AS8CIS—
1938
Dec. 31,1939
920
9,200
Balance Sheet Dec, 31—
A BSClS*"—""
45.00
Dec. 31, 1941
a
Dec.. 15, last,
The Interstate
June 30, 1939
33,33
33.33
45.00
3,600
Community Public Service Co.-—Registers with SEC—
Co.—No Common Dividend—
Cleveland Cincinnati Chicago & St.
of Options
$35.00
Jan. 28_
1957, were
of par llus
Directors at their recent
on
ExpirationDate
Price
of Shares Under Option—
Feb.
Co.—Bonds Called—
Company's 1st mtge. 5% gold bonds, series "C", due May 1,
called Feb. 16, 1939, for redemption on May 1, 1939, at 105%
accrued interest.—V. 148. p. 1022.
Clark Equipment
Mo.—Reqisters
Corp.—Options—
100
0
Sept. 20 and June 20,
Cincinnati Union Terminal
Hannibal,
Commercial Investment Trust
Dividend—
dividend of 25 cents per share on
per share paid each three minths from March
March 20, 1937; 20 cents paid on Dec. 20, 1935,
on
of
Corporation has notified the New York Stock Exchange that options
evidencing the right to purchase 65,276 shares of common stock of the
corporation were in existence as of Jan. 31, 1939, as follows:
Commonwealth Edison
capital stock, payable March 31 to holders of record March 16.
This com¬
pares with 35 cents paid on Dec. 23 last; 25, cents paid on Sept. 30 last;
20 cents paid on June 30 and March 30, 1938; 15 cents paid on Dec. 24,
1937; dividends of 10 cents paid on Sept. 30 and June 30, 1937; 30 cents
bursed
Co.
of this department.
*
Churngold Corp.—To Pay 25-Cent
directors have declared
Bottling
See list given on first page
No.
Christiana Securities Co.—To Pay $23.50 Dividend—
The directors have declared a dividend of $23.50 per share on the common
stock, payable March 15 to holders of record Feb. 27.
This compares with
$27.50 paid on Dec. 15 last; $13.50 paid on Sept. 15 last; $8.25 paid on
June 15 and March 15, 1938; $39.30 paid Dec. 15, 1937; $28.50 paid on
Sept. 16, 1937; $38.50 in June, 1937; $13.50 paid March 15, 1937; $39.10
paid on Dec. 16, 1936, and $30.50 paid on Sept. 16, 1936.
See V. 142,
p. 3668, for record of previous dividend distributions.—V.. 147, p. 3305.
The
Cola
with SEC—
In addition, the company
geared to meet any abnormal demands
—V. 148, p. 1021.
directors by amendment to by-laws; also
by-laws providing that five directors in¬
stead of one-third shall be the minimum necessary to constitute a quorum,
eliminate the cost of publishing a notice of annual meeting in the City of
30,000,000
which are expected to serve
fair.
frankfurter and hamberger stands
8 will consider amend¬
agreement and by-laws of company, to temporarily
10, but to permit an increase to 11 or reduction
set the number of directors at
Iron Co.—Makes Refunding ArrangeBonds and Loans Placed Privately—
Feb. 20 completed arrangements for
refunding
£13,230,000 of presently outstanding first mortgage 4%s, by
the sale of $11,500,000 first mortgage 2>Y2% bonds maturing
Feb. 1,1951 and $2,500,000 of one to five year serials bearing
nterest at 13^% to 2l/2% and maturing in equal annual
nstalments through Feb. 1, 1944.
This is pursuant to
luthorization given by the stockholders on Feb. 11.
The first mortgage issue is being placed with five insurance companies,
lamely
the Equitable Life Assurance Society of the United States, the
Mutual Life Insurance Co. Of New York, New York Life Insurance Co.,
Jun Life Assurance Co. of Canada and Massachusetts Mutual Life Insurmce Co.
The serial notes wiU be placed with three commercial banks.
jehman Brothers, who headed the syndicate which offered the 4Ms in
Dec
1935 negotiated the sale to the insurance companies for the company.
The 4M% first mortgage bonds, which would have matured on Nov, 1,
950 were originally issued in the amount of $16,500,000 and the proceeds
herefrom, together with $5,000,000 obtained from 4M% collateral loans,
brought by Louis Boehm against officers and directors of the company.
The complaint alleged a waste of corporate funds through the employment
of underwriters for securities of the company and its subsidiaries.
Justice Valente's previous decision had been that many of the allegations
in the complaint were not actionable.
In his decision Feb. 17 he said the
underwriting fees under fire did not seem to him to involve any waste or
extravagance.
The decision gives
'
Mr. Boehm 20 days in which to serve a new
complaint
should he so desire.
Weekly Output—
Consolidated
Edison
Co.
York announces production of the
the week ending Feb. 19, amounting to
of New
electric plants of its system for
141,000,000 kilowatt-hours, compared with 132,900,000 kilowatt-hours for
the corresponding week of 1938, an increase of 6.1%.—V. 148, p. 1024.
Continental Steel Corp.—To Pay 25-Cent Common Div.—
regular meeting held Feb. 20 the directors declared a dividend
the common stock payable April 1 to holders of record
March 15.
Dividend of $1 was paid on Dec. 15 last, this latter being the
first common dividend paid by the company during 1938,
A regular
quarterly dividend of 25 cents having last been distributed on Dec. 24,1937.
At the
of 25 cents a share on
—V. 148, p.
1025.
Financial
1166
Gas Electric Light &
Subs.)—Earnings—
Power
Consolidated
Baltimore (&
Co.
Crown Zellerbach
of
1936
1935
Rev. from electric 8ales_$24,984,797 $24,965,617 $22,909,655 $21,039,186
Rev. from gas szles
8,823,151
9,009,618
9,114,298
8,907,550
Rev. from steam sales-_
749,080
760,360
775,087
712,197
25, 1939
Corp. (& Subs.)—Earnings—r
1938
1939
9 Months Ended Jan. 31—
net
of returns,
discounts,
outward freight, &c
allowances,
Sales,
1937
1938
Calendar Years—
Feb.
Chronicle
—$36,140,516 $38,799,203
468,132
Other operating income---
o41,712
.
Miscall, oper, revenues-
——310,057
306,271
Total income
—---$36,608,648 $39,440,915
—
...
338,507
25,301,825
4,491,214
2.462.939
506,314
$4,716,373
351,698
$6-678,623
604,503
$5,068,071
$7,283,131
651,346
92,814
321,017
24,650,977
4,467,356
2.435,435
Cost of goods sold—.
Operating
expenses
•——
—-
D^rSion-.-
-
Taxes
$34,735,495 $33,109,098 $30,965,207
18,574,199
18,098,774
17,598,527 15,886,613
3,345,257
2,859,407
2,487,146
2,443,726
4,981,479
5,106.581
4,268.481
3,744,654
Net oper. revenue
Miscell. non-oper. rev--
$7,656,093
720,631
$8,670,732
557,785
$8,754,943
401,905
$8,890,212
$8,376,724
$9,228,518
$9,156,848
$9,231,702
2,523,584
2,712,115
2,762,160
2,943,498
$5,853,139
1,115,315
4,202,629
$6,516,403
1,115,315
4,202,629
$6,394,688
1,115,315
4,202,629
$6,^88,204
Mfn. stockholders' proportion, Pacific Mills, Ltd—
1,144,764
4,202,629
Prov. for United States and Canadian inc. taxes--
Gross oper. revenue,-$34,557,028
Operating expenses
Depreciation---—
-
341,490
Depletion
Fixed charges and other
.
charges-.
_
„
--------—
Profit from operations
—
Dividends from Fibreboard Products, Inc
Total.
-
-
paid on bonds and notes payable issued in
Int.
Net revenue——
———
-
connection with redemption or bonds & debs—
Other expenses net of other income-
$4,323,911
Net income
Preferred dividends--Common dividends
Net profit for the
$1,198,459
$535,195
10,388,163
Surplus, Dec. 31
Profit and loss surplus.Shares com. stock out-
$1,076,744
11,190,570
12,488,826
$940,810
10.647,698
,
1,167,397
$4.63
1,167,397"
$4.06
standing (no par)——
Earnings per share.
X,167,397'
1,167,397
$4.52
$4.41
1937
1938
1937
1938
A 8 Set
Liabilities—
$
$
$
Common stock 39,414,812
Pref. stk. ser. A 22,300,300
39,414,812
x
capital—140,553,214 140,014,365
1,319,809
1,726,501
Long-term debt- 67,183,500
Oth, phys. prop.
1,192,692
Miscell. invest—
Invest,
of/wi t
0,000,000
6,000,000
Corp.
Acer,
rec.
Special depositsCash—
-
Temp, cash lnv.
cur. assets
doubtful assets
Contingent
Miscell. reserves
33,066
Hydro equallz'n
"822,087
1,772,994
construction
lncur'd
i,558,927
-----
146,747
297,502
165,093,280 105,546,6501
Total—-
—
334,998
589,876
—165,093,280 165.546,050
Consolidated Laundries Corp. (&
Subs.)—Earnings-^*
$7,509,794
6,823,845
368,682
Depreciation
Profit from operations
Other income-
6,407,274
$6,758,810
6,085,113
474,902
509,354
$423,779
43,356
$164,341
45,499
$347,131
76,141
2,296
21,649
$428,109
110,324
$247,045
26,148
standing
Earnings
—
1938
b
c
—
Passenger-——Mail-—
-
-
MilkOther revenue--
Incidental revenue.
-
-
-
.$44,188,481 $50,175,004 $49,728,116 $44.708394
Maint. of way & struc—
Maint. of equipment-.-
3,104,567
8,178,168
Traffic expenses
1,366,098
Transportation expenses 21,815,464
Miscellaneous operation.
269,217
General expenses
1,418,459
Transp. for investment- Crl29,063
'4,007,178
4,194,758
9,058,746
1 390.890
22,971,684
291,299
1,691,187
Cr 131,174
9,273 366
1,379,607
22,167,490
265,612
2,020,183
Cr116,474
4,263,212
8,665,489
1 374,968
20,551,917
214,549'
1,979335080,972-
y392,168
$0.30
y392,168
*392,168
$0.03
Netry. oper.income.- $2,509,621
Non-oper. IncomeIncome from unfunded
'
securities & accounts20,554
MisceU. rent income
' .192,254
Misci non-op. phys. prop.
138,805
Dividend income—
552,599
Income from fund, secur.
291,862
Miscellaneous income—50,015
Income from sinking and
$5,628,901
$6,362,518
$3,587,608
6,447
206,922
130,957
531,959
331,217
35,741
3,607208,231
.128,496
484,857
276,458
148,480
6,231
247,278
119,322:
476,776
277,208
12,538
7,498
34,377
7,498
33,582
7,498
26,331
7,498
2,215-
$3,797,586
$6,913,225
$7,646,473
$4,736,668-
7,083.270
7,083,866
369.059
162,360
494,829
171,293
33,356
7,085,031
422,597
175,592
28,061
54,180
16,510
31
52,684
13,937
53,987
14,019
54,321
16,494
$3,954,954
$936,772
$132,847
$2,932,305-
Totalexpenses
on
$0.56
preferred stock
Liabilities—
Feb,
1. 1937.
1938
Notes payable
Accounts
payable-
Accruals
$104,298
230,376
1937
$300,000
172,147
198,297
Salesmen's & other
buildings,
deposits.
del.
equip., Ac-:— 3,977,245
Deferred charges—
72,006
Goodwill.
1
—
59,164
57,875
1st mtge. 6% serial
4,321,438
77,754
1
bonds (current).
75,000
,
surtax
340,320
202,570
22,108
6,537
37,288
6,537
Long term lndebt.
790,938
766,437
—
Reserves.
$7.50
89.348
cum.
pf. stk.
d Common
stock.
Capital surplus
89,175
348,600
2,000,000
348,600
2,000,000
854,401
k
143,231
307,298
$3,934,890137,748
485,030
X.238,922
—
Deductions
Rent for leased roads—
N. Y. pier rentals
Int. on funded debt j
Int. on unfunded debt—
Miscellaneous rents..
Miscell. tax accruals—
Miscell. income charge—
67,134'
-26
7,086,464
423,57533.28854,644
34
186-
854,401
1,285,336
...
Earned surplus
other reserve funds
Inc. from lease of road--
Grossincome
Pur. money mtge.
paym'ts (curr.).
Fed. income tax &
—$36,022,909 $39,279,811 $39,184,541 $36,968,499
8,165,571
10,895,192
10,543,575
7.739,8955,124,180
5.061.295
4,016,990
3,805,00,5
from oper—
revenue
75,000
Pref. stk. dlv. pay.
Net deficit.—
.
General Balance Sheet Dec. 31
—$6,008,736 $0,490,9991
Total...
$6,068,736 $6,490,999
.■
a After reserve for doubtful accounts
of'$34,650 in 1938 and $26,780 in
1937. b Including 7,832 shares of common treasury stock at cost of $77,762.
c After reserve for depreciation of
$5,232,007 in 1938 and $5,010,352 in
d Represented by shares of $5 par.—V. 147, p. 2242.
1938
Assets—
s, Ltd.-—Final DividendDirectors have declared a final dividend of 2 H% on the American
Depository Receipts for ordinary stock, payable Marc
arch 25 to holders of
record Feb. 21.—V. 147, p. 1335.
S
Invest, in road— 55,656,299
Invest, in equip. 81,120,068
Impts.
Courtauld
on
leased
railway prop. 15,696,107
Miscell^ physical
1938
Land, buildings,
mach'y & equip.
Cash
1937
$052,774
995,910
Mktable. secure.Accrued interest—
Accts. receivable..
Inventories
2,031,175
5,252
198,309
300, i89
Liabilities—
1938
1937
y Capital stock
$1,200,000 $1,200,000
$621,009 Accounts payable
30,953
55,604
728,960 Accrued
payrolls,
1,971.319
gen. taxes, Ac..
59,076
58,308
11,602 Acer. Income taxzs
347,348
258,891
178,076 Dividends payable
300,000
300,000
549,404 Capital surplus... 1,240,953
1,240,953
53,777 Earned surplus
1,103,098
1,070,807
Other tang, assets.
Goodwill
44,859
1
1
Deferred charges..
52,958
70,415
Stocks
Total
$4,281,428 $4,184,564
$4,281,428 $4,184,564
RFC loan
year was
2,158,421
11,937,048
2,153,519 Audited accts. &
wages payable
11,942,475
invest'ts:
Bonds
serv.
Notes.......
609,136
Advances
15,278,142
16,247
Cash
3,046,831
1 raffle, &c., bal.
826,954
Miscellaneous
re¬
495,384
Repre¬
Misc. accts.
rec.
Mat'ls & suppl's
1,002,134
1,818,666
Otb. curr. assets
published in V. 148.
Deferred assets.
4,945
331.209
Unadjust. deb..
792,679
Fund, Inc.—Dividend—
The board of directors has declared
a
610,136
bid. pay.
Misc. accts. pay.
14,855,220 Divs.mat'd unpd
16,247 Unmat. int. accr
2,348.010 U nmatured rents
accrued
668,248
23,750
4,067,000
922,897
950,000
314,240
569,426
2,694,683
281,961
18,858
Total
591,670
3,288,335
351,681
26,510
42,432
1,785,421
.214,550,440 215.275,521
148, p. 578,
.
60,157
Profit and loss.. 48,428,442
-V.
70,720
216,535
3,677,000
2,000,000
1,788,780
Other curr. liab.
171,161
Deferred liabil.. 13.377,596
451,024 TaxliaDility
3,452,235
1,255,254 Ins., Ac., res'ves
998,498
2,251,167 Accr'd deprec'n
8,126
equipment
41,558,892
293,553 Oth. unad]. cred 2,094,170
983,409 Add'ns to prop.
thru inc &sur
6,360,171
Approp. surplus
417,048
regular dividend of 15 cents per
share, payable March 15 to stockholders of record March 1.'
A special dividend of 10 cents was paid on Dec. 21, last, and two
regular
dividends of 15 cents were paid in 1938.—V. 147, p. 4052.
-
5,235,481
*
calendar
1026.
Delaware
y
.
2,448,999 Equip, tr. oolig.
ceiv. fr. agents
Total
construction
3,218.958
Stocks
«
84,441,200
Grants in aid of
Notes
Net balances
After depreciation of $371,514 in 1938 and $337,724 in 1937,
15,650,632
9,489.847 Non-negot. debt
toaffii. cos...
3,356,900
3,772,964 Loans & bills pay
Traffic and car
4,610,659
Other
1937
Liabilities$
2,449,149
& conductors.
sented by 600,000 no par shares.
The income statement for the
$
55,698,020 Common stock. 84,441,200
82,411,108 Premium on cap.
stock70,720
Advances
Cream of Wheat Corp. (& Subs.)—Balance Sheet Dec. 31
Assets-
1938
1937
9,493,727
3,362,854
property
lnv. in affli. cos.:
Bonds—
P.
-
Total—
$6,526,585
$333,505
247,991
x
—
——
$5,833,897
135,280
340,276
machinery,
x
1938
1937
1936
1935,
$9,741,750 $10,660,226 $10,419,506 $10,469,122?26,644,938 26,570.157 22,471,579
6.484,8627,081,660
6,997,709
6,730,875
796,954
870.089
854,390
864,802
406,425
533.679
605,518
516,465<
898,401
983,674
1,058,624
965.824
2,048,584
1,957,259
2,162339
2,092,963
1,214,089
1,256,246
953,537
1,204,201
Operating income
$3,041391
Joint facility rent income
95,878
Hire of equip .—Dr. bal627,648
1,268,302
242,007
1937.
—
$43,844
250,535
Total
Income Account Years Ended Dec. 31
Revenues—
Coal--
$148,322
1937
$359,293
Land,
A£v
$118,722
1,162,188
Long-term assets
247,468
a Notes & accts...
Inventories
_
656-98
Railway tax accruals..-
Consolidated Balance Sheet Dec, 31
C:<sh
,0
21307,721
18,569,680
Net rev. ton miles
267652^365 3248578,291 3083998,222 2625652,300
Aver, rev, per ton mile-1.20c.
1.15c.
1.20c.
1.25c.
Passengers carried20,509,324 21,401,094
21364,678 20309,692
Pass, carried one mile—431,664,139 471,774,360 464,569,825 423,783,439
Rate per pass, per mile-1.56c.
1.50c.
1-^lc.
1.53c.
Earns, per pass.tr. mile$1.43
$1.47
$1.46
$1.3(x
Net
Shares of $5
Assets—
696.60
$43,844
Including $6,536 dividends payable
par. as Shares of no par.
x
y
share
Report
1935
1936
1937
722.50
22,064,257
$246,366
x98,044
out¬
-
per
im
Aver, train load (tons)—
711.24
Rev. frt.carried (tons)— 18,273.693
y392,l68
$0.56
—
stock
Delaware Lackawanna & Western RR.—-Annual
Statistics of Operation for Calendar Years
$144,872
26,149
"*6,036
124,493
Net profit
Preferred dividends
com,
last;
$209,840
159,960
—
Surplus—
This
20 cents paid on June 25 and on March 25, 1938; a dividend of $1 paid on
Dec. 24,1937; an extra dividend of 25 cents per share in addition to a regu¬
lar quarterly dividend of 25 cents paid on Sept. 25, 1937, and an extra divi¬
dend of 50 cents per share paid on Dec. 24,1936.-—V. 147, p. 3760.
$467,135
148,308
10,494
50,753
11,213
11,133
25,188
12,100
Prov. for extraord. loss
on uncoil, notes receiv.
Shares
the com¬
stock, par $10, payable March 25 to holders of record March 15.
compares with 50 cents paid on Dec. 24 last; 35 cents paid on Sept. 24
$220,897
Other income charges...
Federal income tax
Federal surtax:
$7,305,956
432,626
$391,612
36,497:
Dividend-—
Deisel-Wemmer-Giibert Corp.—Smaller
The directors have declared a dividend of 25 cents per share on
mon
—
6,977,326
$317,267
29,864
Gross income
Interest
1935
$7,801,565
,
Inc.—Accumulated Dividend—-
the
7% cum. pref. stock, par $100, payable March 1 to holders of record Feb. 27.
made on Dec. 1, Sept. 1, June 1 and on March 1, 1938:
Dec. 1, Sept. 1, June 1 and March 1, 1937: Sept. 1 and June 1, 1936, and
prior to then regular quarterly dividends of $1.7o per share were distributed.
—V. 148, p. 1026.
Express
Consolidated Income Account for Calendar Years
1938
1937
1936
Net sales
Odst of sales
Cushman's Sons,
The directors have declared a dividend of 87 H cents per share on
Merchandise freight—— 22,283,553
Represented by 1,167,397 no par shares,—V, 148, p. 729.
x
—V. 147, p. 3453.
12,488,820
.
Surplus
980,783
$5,246,865
r
10,388,163
(JnadJ. credits—
256,935
165,847
1,209,708
100,182,
192,475
_
Unamort. prem.
on bonds..--
Deferred charges
723,002
806,110
res.
advs. for
Custs.
dlsc't
-
180,000
039,631
1,420,410
Contrib. for exts
115,639
50,658
50,792
Sinking fund
Tota*..
2,084,274
13,759,578
2,082,841
3,299,876
90,689
54,534
Prepayments—
bonds
1,202,404
.
193,000
1,103,725
3,068*224
Material & supp.
& exp.
payable
1,913,270
1,175,531
Res. for slow or
5,850,051
Other notes rec.
on
2,000,731
142,018 Deprec, reserves 15,649,656
1,581,146 Res. for doubtful
accounts
180,000
5,565.684
193,000
receivable
Unamort,
liabilities.
3.014,740
Accts. and notes
Misc.
32,650
Other curr. llab-
1,420,416
180,970
1,660,470
3,670,938
(contra)
Int. &, dlvs.
67,728,000
32.050
Accts.
Slow Si doubtful
assets
22,300,300
Premium on cap.
Safe
in
Har. Wat. Pr.
$3,484,383
—=—
$6,278,457
50,809
A like payment was
Consolidated Balance Sheet Dec. 31
Fixed
period
30,533
808,995
683,657
Total,
154.095
12,893,914:
3,247,271
995,547
40,847,288
2,069,650
6,423,857
417,048
53,223,865
.214.550,440 215,275,521
Volume
Empire Power Corp.—Annual Report—
Co.—Transfer Office Changed—
Delaware & Hudson
1937
1936
1935
$1,999,694
$2,001,734
539,720
$2,001,524
330,817
$1,462,014
$1,670,707
26,143
1,885
1938
Detroit Toledo & Ironton
1939
$722,383
412,204
January—
Gross from railway
Net from railway
148.
p.
earned, divs. ree'd
or accrued, &c
$1,840,495
468,645
Oper. exps. and taxes
Int.
1 936
$563,319
250,049
..
$743,453
437,716
$807,303
462,037
165,265
297,342
Net after rents.
—V.
RR.—Earnings—
1938
1937
313,845
317,030
523
3,796
Interest paid.
i
Oth. contractual deduc's
730.
Set Aside—
Diamond Collieries—Receivership
Loss
Scranton last October
Monarch Mining Co.,
in a suit by creditors of Scranton Coal Co. to recoup $1,500,000 was set
aside by the U.S. Circuit Court of Appeals at Philadelphia Feb. 16.
Creditors of the Scranton company, which is in bankruptcy under Section
77-B of the Bankruptcy Act, charged that the New York Ontario & Western
Ry., Dixon & Eddy, coal sales agents of the Scranton company, and James
H. Pierce, President of both the Monarch and Scranton companies, had
siphoned more than $1,500,000 of its assets to promote the Monarch com¬
uncollec.
on
513,215
$1,486,479
69,539
4,812
$1,371,850
169,331
3,112
notes
4,117
17,103
and accts. receivable
The appointment by the Federal District Court at
a receiver for the Diamond Collieries, operated by
of
Subsidiaries)
Calendar Years (Including
Consolidated Income Account for
RR., above.—V. 148, p. 578.
See Albany & Susquehanna
1167
Chronicle
Financial
148
$1,350,428
7,886
$1,642,680
x88,970
$1,285,454
prof26,515
$1,412,128
12,610
40,000
& accts. receivable
_.
of
Reduct. in book val.
728
office equipment
-
„
-
-
-
The receivership was not
Divs.
Inc.—New Vice-President—
Company announced on Feb. 21 the election of Frank L. Valenta as a
Vice-President. Mr, Valenta will be principally associated with the research
and analysis, and buying departments of the firm.—V. 148, p. 579.
Sales
$504,758
•
Net income available for
Calendar Years—
1
Operating
;
expenses
Maintenance
Federal income taxes
Other taxes
(net).
income.
$914,174
436,395
....
Interest on long-term
debt—1st mtge. bonds.
10,255
Other interest
Interest charged to
Balance of income.
.
After all charges,
y
$1,533,579
225,695
66,597
141,069
97,058
$1,623,886
Dr2,146
$1,233,019
$1,295,451
Cr6,552
$1,272,302
$2.64
Electric Auto-Lite
The
.7
100,601,000 6,734,000
49,256,000 3,757,000
75,318,000 13,805,000
dividend of 50 cents per
Cash in hanks
share on the
12,827,558
Bonds and stocks
Mortgage loans
Real estate
—
Premiums in course
493,879
229,000
of collec¬
(under 90 days)
Interest accrued
tion
295,173
108,772
compensa'n $5,905,530
Loss res., other classes, Incl.
investigation expense
i
708,900
Res. for unearned premiums.
3,043,075
Res. for
contingent commis..
Res. for miscellaneous
Res. for State &
bills..
Fed. taxes..
Amt. held for reinsur. cos...
Voluntary special
Capital
Surplus.....
reserve
-V. 147, p.
Total
—V. 148, P.
162,085
163,279
10,000
181,497
393,098
1,304,382
1,500,000
2,500,000
$15,871,846
Application for Permission
Extend Unlisted Trading Privileges—
The Securities
and Exchange Commission on
$6,274,752
1,542,651
745,105
1,082,767
217,934
.
1937
$6,908,598
2,042,154
1,188,013
1936
$6,219,045
1,511,271
918,495
Erie & Kalamazoo
RR.—Dividend—
declared a dividend of S1.37K Per share on the capital
payable Feb. 1 to holders of record Jan. 26. Dividend of
paid on Aug. l, last, and one of $1.50 was paid on Feb. 1, 1938.
Directors have
$2.50 was
—V. 136, p. 655.
Eureka Vacuum Cleaner
Net
1937
$3,847,313
$285,218
$244,660
39,987
.loss $290,463
$25,326
5,000
$298,329
50,000
$284,647
loss $290,463
Total income
$20,326
48,079
$248,329
192,368
$245,647
192,464
$27,753
sur$55,961
240.395
$1.03
sur$53.183
,
10,723
Int. & other income.
profit—
Dividends
Deficit
stk. outst'g.
Earnings per share
x Less other deductions.
$290,463
221,980
240,395
$0.08
Nii
Balance Sheet Dec.
—
1937
Marketable sec urs.
Inventories
-
1938
$594,378
39.033
474,356
620,581
2,450
25,159
845,235
1,080,139
841,310
Assets—
Cash..
830,434
60,905
$301,892
36,410
19,635
42,972
&c
b After
p.
278.
39,000
64,094
•.....$2,661,361 $3,217,622
depreciation of
$1.02
31
Liabilities—
1937
1938
payable for
purchase, &c__.
$67,215
Note pay.
$153,341
75,000
(bank).
Est. prov.
for Fed.
5,000
105,364
Income tax.....
Res. for conting..
96,490
1,109,900
1,278
1,386,479
Capital surplus...
Earned surplus...
.
»
1,201,975
1,676*942
$2,661,361 $3,217,622
Total
$263,248 in 1938 and $267,399 in
■
240.545
Accts.
Cap. stock (par $5)
Real est., equip.,
Total
13,111
—
Shs. of cap.
Feb. 20 ordered that the
^
$17,949
7,376
3,799,600
29,763
26,471
.loss $301,186 "
Profit
b
1935
$2,875,506
2,596,698
34,148
$2,162,492
2,437,206
Depreciation
Net
1936
$3,829,441
3,513,098
31,124
sales...
Mfg., adm.& sell, costs.
x
Co.—Earnings—
1938
Years End. Dec. 31—
Prepd. ins. exp.,&c
application of the New York Curb Exchange, pursuant to Section 12(f)(3)
of the Securities Exchange Act of 1934. as amended, for permission to
extend unlisted trading privileges to The Equity Corp. $3 convertible
preferred stock, first series, par value $1, be granted.—V. 147, p. 2529.
3,150,000
stock, par $50,
Misc. accts. & adv.
2865.
Equity Corp.—Order Granting
5,070
7.133,000
1027.
Other assets
to
166.100
surplus—12,450,000
1938
$5,506,109
1939
Notes & accts. rec.
$15,871,846
Total
97
1,170,000
[Including Chicago & Erie RR.]
Loss res., liabil. &
Commis. accured on prems..
20,796
5,882
Total....
.42,585,251 42,701,119
shares.—V. 148, p. 1027.
Federal taxes
Liabilities—
and on hand.. $1,917,464
42,585,251 42.701,119
Represented by 400,000 no par
January—
Corp.—Bal. Sheet Dec. 31, 1938
Assets—
$
$
payable.
.
Gross from railway
Net from railway
par
Employers' Reinsurance
•
1937
1938
Accounts
254,226
Erie RR.—Earnings—
18.3
-
v
Only)
7.6
$5, payable April 1 to holders of record March 17.
Like amount was paid on Dec. 23, last, and compares with 25 cents paid on
Oct. 1 and on April 1 last; 40 cents paid on Dec. 27, 1937; 80 cents paid on
Oct. 1 and July 1, 1937; 60 cents paid on April 1, 1937, and Dec. 21 and
Oct. 15. 1936, and with 30 cents per share paid each three months from
Oct. 1, 1935, to and incl. July 1, 1936.
The Oct. 1, 1935, dividend was the
first paid since Jap. 2, 1933, when a similar distribution was made.
In
addition, an extra dividend of 50 cents per share was paid on Aug. 15,1936.
—V. 147, p. 3761.
stock,
462,000
500,000
Liabilities—
Net after rentsj
Amount
1938
1
Co.—50-Cent^Dividend—
have declared a
directors
720,000
1937
.....i...
Total.....
input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared, with the corresponding week during 1938, was as follows:
common
$1,301,920
462,000
1,000,000
12,450,000
5,606.055
Earned surplus— 5,516,357
Earned surp.. res'd
for contingencies^,000,000 12,000,000
x
Operating Subsidiaries of—
1939
Light Co... 107,335,000
Electric Power & Light Corp... 53,013,000
National Power & Light Co.... 89.123,000
—V.. 148, p. 1026.
$1,230,360
462,000
1,200,000
$
.
Inc.—Weekly Input—
American Power &
•
.
148, p.. 730.
Increase
*
$1,621,739
1935
1939, the kilowatt-hour system
4
195,519
500 Unpresented
divi¬
Accts. receivable-.
10,120
97
dend checks.....
4,938,000
Notes receivable.
4,933,000
289,736 Notes payable to
Int. & divs. accr..
280,604
sub. company.. 1,160,000
Invest, in sub. cos.24,408,467 24,399,065
164,837
Reserve for taxes.
Securities owned
3,529,380 3,591,430
145,180 Res. tor doubtful
Organiz. exps., &c.
145,18Q
5,077
notes receivable
9.082,982
Special deposit— 9,082,982
Pref. cap. stk. lss'd 7,133,000
Partic.stk.issued. 3,150,000
x Common capital
stock Issued
1,000,000
Cash
$3.43
.
«
900,000
$1,838,490
z694,244
$3.65
$0.03_
z No par shares.—V.
For the week ended Feb. 16,
83
n.
462,000
1938
.
$828,024
705,555
■
-
Capital
1936
Dr2,660
*.
•
Par $4.
Ebasco Services,
-
1937
Balance Sheet Dec. 31 (Company
Assets—
$2,390,598
y696,146
$2,568,961
y703,646
y703,646
capital stock....
Earnings per share
x
"1937
1938
$23,154
Calendar Years—
Net income
x
Shares
$1,525,311
242,464
100,388
..
Net profit
....
Preferred dividends
1938.—V. 147, p. 3158.
Co. (& Subs.)- —Earnings—
$1,966,738
230,560
64,931
accrued
Participating dividends
Preliminary, subject to annual audit and such sundry book adjustments,
any, as may be necessary incident to closing for fiscal year ended Dec. 31,
Eaton Mfg.
1935
1936
$811,560
713,751
$1,267,265
income
3,611
profit on sale of inv.
Loss on sale of office eq
Refund of Fed. inc. taxes
(
Cr8,648
overpaid in prior years
x
if
Only)
$810,163
1,156,574
Net oper.
$145,141
1...
Balance
.51,541,889 51,564,789
Years Ended Dec. 31 (Company
Net
$360,714
215,573
$202,893
_
preferred stock
Total
154,608
154,130
Oper. exps. & taxes (incl.
prov. for Fed. inc.tax)
Int. deductions, &c
51,020
Cr5,611
$418,465
215,573
1,000,000
1 ,000,000
30 ,015,242 29,747,264
(issued)
$1,562,755
(2) All
3910.
Cr786
40,844
and expense...
construction—
Amortization of debt discount
Surplus
Com. stk.
$747,556
815,199
Divs. rec. or
$859,096
436,395
16,577
-
123,374
(issued)...
14 ,828,200 14,828,200
3,150,000
Partic.stk. tissued) 3 ,150,000
51,541,889 51,564,789
....
$12.25
$838,465
20,631
$902,679
11,495
677
Interest earned.
116,524
285,455
46,245
227,405
,
'
120,715
com.
Pref. capital stocks
1938
1937
312,013
80,295
239,343
Provision for retirements
9,307,751
9,307,751
expenses.
Income Account
$2,544,546
1,030,452
$2,734,365
1,080,728
119,307
—
1,723,800
3p,548,968
Total
-Earnings
xl938
>
Total operating revenues
1,875,900
(at par)
&c_...........
$3,017,816
Co. (& Subs.)
Eastern Shore Public Service
in
Organization exps.,
1,627
pref. stocks „
$i.63
Note—(1) There is no provision for surtax on undistributed profits.
figures are preliminary and are subject to annual audit.—V. 147, p.
13,073
13,182
2,424,003
stk. & con-
sol. surp. of sub.
Securities owned-.30,489,277
656,935
Earnings per share of 4H % prior
cap.
3,130,884
3,243,131
...
int.
Min.
pref. and partic.
2,991,181
$401,825
dividend requirements.
Reserves
stocks
cos.
11,832
12,904
,401,578
Divs. held in res've
Pref. stocks of sub.
4,035,315
1,627
Minority interest
728,809
712,431
15,692
in-
accrued,
Int.
"1,417
claimed divs.,&o
Special depos. with
subsidiary corp.
2,944,230
648,572
Debt discount and expense
on
5,350,411
Prepaid
4,042,529
Interest-...
Dividends
5,279,667
250,000
payable.
Accounts
$
$
bank
Note pay. to
divs.
accrued
1938
1937
$8,419,589 $11,268,953
380,806
566,079
-
Depreciation and depletion
Gross
17,278
and
1937
1938
EmpirePow. Corp.
.
12 Months Ended Dec. 31—
Total consolidated income
Federal income taxes (estimated)
(Incl. Subsidiaries)
Liabilities—
611,294
7,586
462,322
Interest
Associates—Earnings—■
Eastern Gas & Fuel
Other income
$
$
Notes receivable..
Co., Inc.—Interim Div.—
interim dividend of
payable March 14 to holders of
1935.—V. 148, p. 878.
, •
Accts. receivable.,
$1.25 per share
record Feb. 27. This
compares with $1.50 paid on Dec. 14 last; 75 cents paid oh Sept. 14 last;
50 cents paid on June 14 and on March 14, 1938; $2 paid on Dec. 14, 1937;
$1.50 paid on Sept. 15, 1937; $2 paid on June 15, 1937; 75 cents per share
paid on March 15,1937; a year-end dividend of $2 paid on Dec. 15,1936, and
prior thereto regular quarterly dividends of 90 cents per share were dis¬
tributed.
In addition an extra dividend of 70 cents was paid on Sept. 15
and June 15, 1936, and an extra dividend of 35 cents was paid on Sept. 14,
the common stock,
$1,097,202
1937
Assets—
The directors on Feb. 20 declared an
$947,273
1938
Cash
(E. I.) du Pont de Nemours &
'
3,052
$1,057,188
Consolidated Balance Sheet Dec. 31
—V. 147, p. 3760.
on
413,450
2,744
Including $114 other losses.
1938
$551,796
361,953
4,657
com.
Balance
x
t
337,672
hands of
in
cos.
stkhldrs.' int.
in curr.inc.ofsub.cos.
Min.
Dixie-Home Stores—Sales1939
$1,513,710
»
sub.
Distributors Group,
4 Weeks Ended Jan. 28—
$1,311,970
$1,013,386
pref. stocks of
on
$1,399,517
3,882
p
entirely, but only
the Glen Alden Coal Co.
for thp Monarch company
Diamond Collieries, which had leased from
$1,341,813
324,545
and took the profits.
pany
„
1937.—V. 148,
'
Exchange Buffet Corp.—Earnings—
Period
End.
-
Depreciation
Net profit
87,178
less depreciation,
—V. 148, P. 731,
84,892
loss$75,841
$10,017
$4,089
loss$32,620
(Geo. A.) Fuller Co. (& Subs.)—Earnings—
Consolidated Income Account for
Operating revenues—;
Operation...
3,469
13,690
5,114
14,494
Maintenance.......
Taxes
Net oper. revenues.—
$172,428
$19,640
$21,207
$21,207
6,000
Gross income
Interest
charges
—
$19,640
6,000
$172,538
60,000
$14,640
1.256
$112,538
11,975
$118,640
$16,073
*
—
t
1938—3 Mos.—1937
$2,474,311
$2,441,757
Period End. Dec. 31—
1938—12 Mos.—1937
$9,469,949
$9,459,616.
1,541,586
149,239
6,211.078
6,007,215
576,245
585,934
$747,709
5,106
$750,932
779
$2,682,626
X>rll,610
$2,866,467
31,287
$752,815
$751,711
$2,671,016
Int. A taxes accr'd
Div.
1,583,151
Operating income....
Other income
143,451
3,386.281
219,988
........
Gross income..
Int., disct. A other chgs.
of subsidiary ccs
112,963
46,012
Pref. divs. of sub. cos
Int.. disct. & other chgs,
451,074
184,285.
100,221
46,211
432,510
184,976
Avenue Corp—
Co..
177,164
180,991
728,664
$424,287
$1,306,992
$1,557,451
66,561
66,561
266,244
266,244
$350,115
$0.67
$357,726
$0.68
$1,040,748
$1.98
$1,291,207
$2.46
.
Bal. to earned surplus
Earns, per sh,on com.stk.
Includes provision for Federal income tax.
Note—Profit and loss adjustments have been
x
Included In the above
figures.—V. 148, p. 437.
First Boston Corp.-—New Directors—
of Alfred A. Gerade, who under the
becomes Comptroller.
Arthur B»
Kenney was elected Clerk in addition to his duties as Secretary..
The stockholders approved other amendments to the by-laws, chief
among which was the change in provision for determining additional com¬
pensation of officers and employees.—V. 148, p. 731.
Depreciation
Federal normal tax
.....
to state
$1,285,591
270,648
144,734
1
$870,209
816.567
Gross profit on sales,
before depreciation . $4,124,954
Selling, admin. & general
2,582,238
592,2?3
$950,493
General Electric Co.—-Correction-—
Hawkes, a district auditor for the General Electric Supply
Corp. for the past eight years, has been elected Secretary and Treasurer of
(not the General Electric Co. as announced in last week's
Chronicle.")—V. 148, p. 880.
Marshall
that company
rec.
in
Gross income, real estate
77,979
32,952
loss71.723
41,220
10,853
32,787
36,551
97,745
loss$15,198
-
other
t
r
misceli. expenses .
2,257,303
$973,166
•
—
$3,720,286
2,472,063
392,099
2.763,511
455,005-
228,920
155,386
$401,723
$310,499
$140,188
f
*
Profit
$81,579
212,310
$311,497
sourcesI
$189,412
213,469
operation
Salaries, State tax and
372,111
$1,072,365
$1,090,872
293,966
343,372
322,228
92,500
96,000
74,000
settle¬
103,319
$1,590,419
Registration and stock
listing expenses
(net) —172,414
Federal, State & foreign
taxes..
217,817
132.604
19,526
65,809
221.605
261,122
Other charges
,
Cash!
1,395,099
exp.
estate
6,689,000
i
Marketable
secur
6,782,000
10,603
,e,arn.ed surplus....
Dividends
$811,818
402,208
Earnings per share..
b$1.21
$1,005,423
$1,171,034
668,746
z$1.50
1,002,069
x$1.75
Including capital distribution of $1,995,138.
on
$1,309,779
a2,660,934
y$1.96
b On 672,996
(no par)
stock.
mortgages, Ac.. 4,724,480
Rents received in
5,089,653
on
against
real
adv.,
estate
16,584
12,677
Preferred stock.10,090,000 11,372,500
Common stock.. 1,544,322 ' 1,544,322
advance, Ac
y
2,947,169
2,991,130
z
8,653,028
7,123,016
Surplus—L.
368,642
qt allied cos
Real estate invest.
Deposits
454,458
12,084
.
$
386,172
234,680
mtge.
loans
x
1937
and sundry
creditors—
Res.
232,860
*
$
Accts. pay., accr'd
& divs.
currently
Real
1938
Liabilities—
$
277,086
.......
rec. A am,ts. due
from rent'g agts.
1,125,000
355,435
2,416,830
1,544,834
real es¬
tate purch. .con¬
Other assets.,—
19,178,388 20,018.445
Total.....
271 ,'686
«■
196,809
loss$56,621
>
1937
$
.
Acer. Int.
x
to
202,743
$107,756
,
$193,165
Consolidated Balance Sheet Dec. 31
1938
Assets—•
tracts
8,954,
208,558
207.957,
$103,540
-
Investm't in stocks
5,755
$1,517,492
common
180,035
23,409
$98,028
consolidated.
7,424,757
$3,936,526
$4,191,682
$1,359,632
a
$2,993,075
Profit of other co.'s not
Net profit.
$1,202,049
shares
$3,191,393
...
1935
145,0
$11,145,044
infringe,
Net income transf.
$3,474,943
operations—
$3,552,748
Profit of improved prop.;
after int., deprec., Ac112,543
Loss of unimproved prop
25,368
^estate
and other claims.....
—
1935
1936
1937
1938
(net)
75,000
Balance
Years
[Exclusive of Lefcourt. Realty Corp.]
Inc. from
176,556
abroad( est.)
Utilities Corp.—'Earnings-
Consolidated Income Account for Calendar
less parti¬
cipations and exps. in
connection therewith.
Net profit from opera¬
3669.
Total profit from real
Calendar Years—
1938
1937
1936
Net sales—.
1 ..$15,147,709 $15,163,867 $13,676,258
Cost of goods sold (excl.
of depreciation).— 11,022.755
10,972,185
9,739,732
Balance
payable March 15 to holders of record March 6.
and common Btocks, both
—V. 146, P.
"
Depreciation
Acceptance Corp.—Extra Dividend—
General
Directors have declared an extra dividend of five cents per share in addi¬
tion to the regular quarterly dividend of 15 cents per share on the class A
$1.01
Co.—Earnings—
expenses—.!
5% preferred
plans have not taken final shape and the company is as yet unable
fast when the refunding will take place.—V. 147, p. 3762.
1936
$632,363
817,065
$0.72
$0.88
Co.—May Issue Additional Pref. Stock—
Although no official statement was issued by the company, the under¬
standing is that part or all of the 50,000 preferred shares for which authoriza¬
tion will be sought may be used in connection with plans for refunding the
first mortgage bonds.
[Including United States and Canadian Subsidiaries]
ment of patent
71,922
$6,424,128 $7,815,647
-
cumulative preferred shares with a par. value of $100 each.
The company now has outstanding 121,960 shares $100 par
stock in addition to 1,621,960 shares no par common stock.
13 Weeks
$992,304
247,182
112,758
$721,157
817,566
Per share on common stock
—V. 147, p. 3308.
tion
Total
zl50,000
3,037,836
46R456
shares,
General Realty &
14 Weeks
1937
238,870
142,666
Net profit before Federal surtax on
undistributed profits
Common shs. outst. (excl. treas, stk.)
Amounts
b25,096
Deficit
Gatineau Power
First National Stores, Inc.—Earning$—
3 Months
Period Ended Dec. 31—
1938
Net profit before depreciation and
Federal normal tax and surtax.
$1,102,692
rec.,
pref. stock.
2d pref. stock
The company will ask shareholders at a special meeting to be held in
Montreal March 6 for authority to create an issue of 50,000 shares of 5H %
gomery was elected Treasurer in place
hew form of corporate organization
Royalties
Common stock...
y
[
3,627,900
3,501,500
x Prior
1,917,289
$6,424,128 $7,815,6471
These
At the recent adjourned annual meeting of stockholders, the change In
date of the annual meeting from the first Thursday in February to the third
Thursday of that month, was approved.
»
The existing board of directors was reelected and three new members
were added: John O. Montgomery, a Vice-President of the First Boston
Corp.; James H. Orr, President of the Railway & Light Securities Co., and
Arthur B. Kenney, Secretary of the First Boston Corp.
John C. Mont¬
Flintkote
1,445,129
Represented by 36,279 ho par shares,
y Represented by 35,015 no
a
Reprez Represented by 30,000 shares of no par value,
17,507 no par shares,
b Par $1.—V. 148, p. 880.
x
par
722,818
$416,676
Traction Co..
2,289,631
Capital surplus
Earned surplus—>
Total
300,640
50,382
661,741
Abldgs..]
Real est.
25,296
300,640
real est.
856,580
plant)
equipment.
on
Reserves
sented by
Net income.........
Pref. divs,. Fed. Lt. A
of Fed. Lt. A Tr,
Mcges.
24,883
58,677
4%.
pref.
4% cum. conv, pf.
stk. (par $100). 2.418,600
$3 conv, stock.
a437*,688
Mtges.,stks., bds.,
Ac., invest., cost
and
on
103,854
stock..
2,709,689
261,321
42,930
Invest. in 1107 5th
Construction
pay.
cum. conv.
Deferred charges-
1937
1938
-
Accounts payable_$2,529,194 $1,769,636
$654,167
rec.
$2,897,754
tenance and taxes
Prov. for retire. &deprec
Liabilities—
1937
$1,315,274
J'
completed,
int. receiv,, Ac.
Oper. expenses, main¬
3,688
$8,921 loss$340,424
$9,214
Ac., other accts.
and accrued
$106,021
105,890
Light & Traction Co. (& Subs.)—Earnings
Operating revenue
490,474
—
1938
Assets—
Cash
Inventories
x
$153,739
537,762
Consolidated Balance Sheet Dec. 31
—V. 148, p. 731.
Federal
$546,683
687,023
[Exclusive of 1107 Fifth Avenue Corp.]
12,618
$100,563
95,962
$13,384
.
-1
.
$696,237
$168,005
60,000
Work
Net income
Dividends declared
$96,246
57,493
748,049
profit--/.
$178,640
$16,207
1,134
—
$412,415
111,070
23,198
deprec., int. A taxes).
Loss from allied oper'ns.
Net
res. accruals
90,299
47,548
$916,054
Total income
$558,389
32,619
86,052
Gen. & corp. exps. (incl.
$178,557
83
109
Non-oper. income (net).
1935
1936
$797,383
Profit on bldg. contracts
Other income (net)--—Profit from allied oper'ns
1939—12 Mos.—1938
$885,509
$883,595
498,379
490,903
55,835
61,246
158,867
152,888
1939—Month—1938
$84,438
$81,770
43,622
44,971
1937
1938
Fall River Gas Works Co.—EarningsPeriod End. Jan. 31—
Balance
Calendar Years
[Exclusive of 1107 Fifth Avenue Corp.]
-V, 147, p, 3308.
Retirement,
1939
1938 and $4,673,950 in 1937.
©Acquired In settlement of indebtedness,
f Represented by 672,996 (670,346 in 1937) no par shares.
,/
1939—9 Mos.—1938
$11,337
$52,272
1939—3 Mos.—1938
$24,950
$38,153
29,040
28,136
31—
Jan.
Gross profit
Feb. 25,
Chronicle
Financial
1168
par
General Shoe
shares,
y
Represented by 201,800
Represented by shares of $1 par value.
Co.—Transfer Agent—
The Guaranty Trust Co. of
for 1,200,000 shares common
On 668,046 no par shares of capital stock,
y On 668,046 combined
shares of class A and class B stocks,
z On 670,346 shares common stock.
Note—Because of certain statutory deductions not taken on the books of
z
19,178,388 20,018,445
Total.
At; market, values not in excess of cost,
(227,450 in 1937) no
—V. 148, p. 881.
New York has been appointed transfer agent
stock $1 par value.—V. 148, p. 1029.
*
x
the company, no provision for Federal surtax
on
undistributed profits was
necessary.
$
Cash
1,432,986
b Accts. receivable 1,751,709
Notes receivable
151,637
c
Inventories
1,972,364
d Plant and prop.
5,058,663
47,236
Investments
e
Real estate
29,710
1937
$
841,826
Total
and
pay.,
1937
Net operating loss
Interest, discount, Ac-
417,244
319,273
Income from investm'ts.
298,759
326,196
Bond
Total
amort,
Int.
259,261
od notes
1937
$2,616,969
1,171,780
$883,275 z$l,445,189
9,492
34,333
1,918
2,075
1935
1936
y$71,280
1,164,269
y$452,087
1,161,485
$1,235,549
27,240
13,376
$1,613,573
22,370
17,893
$1,194,933
$1,573,308
of
expense.
936,828
payable—
-——-
discount and
237,757
Prov. for contingencies.
for product
guarantees, Ac.
333,545
f Common stock__
127,675
...10,531,628
9,904,149
6,401,487
Net loss
Previous deficit
478,025
6,469,725
104,358
Earned surplus... 2,504,257
Capital surplus
936,847
936,885
z$490,752
13,223,254
$2,131,780
11,343,972
$2,510,194
8,833.778
Drl05,002
252,498
93 6,828
4,017
50,000
Total.
10,534,628
Red. in
$1,808,693
12,837,505
2,181,533
for shrinkage
in val. of market, sec-
9,904,149
Deficit, Dec. 31——$14,646,198 $12,837,505 $13,223,254 $11,343,^72
104,358
b After provision for doubtful accounts,
c After provision for doubtful
d After allowance for depreciation and depletion of $5,208,578 in
A
$321,214
1,204,490
$871,865 z$l,481,597
loss
int.
Corp.—Earnings—
1938
operation.
Prov.
87,321
notes,
Profit from
1938
trade
miscell
1,416,664 Accrued payrolls,
freight,
97,674
disc'ts,
2.231,462
royalties, Ac
5,122.023 Provis'n for current
34,645
Federal, State A
other taxes
32,179
Pats., royalty con¬
tracts, Ac
Prepaid and def'd
expenses
Liabilities—
Accts.
x
Provision for deprec'n—
Consolidated Balance Sheet Dec. 31
1938
Assets—
General Steel Castings
Calendar Years—
x
y
res.
deducting manufacturing, selling and administration
After
Loss,
x
Profit.
expense,
Volume
Financial
148
1169
Chronicle
Consolidated Balance Sheet Dec. 31
Cash
securs..
1,647,103
3,492,308
121,308
Accts. receivable..
425,390
Mktable.
Inventories
Prem.
dep.
24,276
with
Ins. cos
gold bonds
85,782
26,791
26,791
Treasury bonds
739,445
160,909
975,025
15,000
184,976
187,252
57,904
Accounts payable.
121,600 Accrued Items
2,438,049 1st pay. rec. under
contra, &c
2,220,970
28,822 Operating reserves
5H% first mtge.
1,245,916
Miscell. investm'ts
16
cum.
S
$
Liabilities—
$
8
17,000,000 17,000,000
6,666.667
13,772,430
5,373,486
5,373,486
14,646,198 12,837,505
pref.stock 6,666,667
Land, bldgs.,ma¬
y
Common stock..13,772,430
chinery & equip¬
*
t.
Capital surplus.
ments, &c
18,203,474 19,166,968
Pat'ns. flasks, &c_ 5,438,392
5,441,687
1
Earned deficit
_
Patents
prepaid
taxes,
lns'ce,
&c.
100,071
_
206,272
..29,163.709 31,298.264
29,163,709 31,298,264
Total
depreciation of $11,655,248 in 1938 and $10,560,042 in 1937.
y Represented by 459,081 no par shares,
z After deducting $126,712 cost
of 2,505 shares of common stock purchased and held in treasury.—V. 148,
p. 881.
After
x
General Carpet
Corp.—Ruled Bankrupt—
The corporation on Feb. 20 was adjudicated a
District Court at Philadelphia and proceedings
were
ordered.
of the debtor corpora¬
filed a report recommending orderly liquidation because
assuring proper reorganization could not be raised.
Henry W. Braude, special master in the case, recommended dismissal of
the debtor's petition to reorganize.
Considering these two recommenda¬
tions, the court ordered that the report of Diamond and Keys be approved.
The court further approved the recommendation of Braude dismissing
the proceedings, and ordered an adjudication in bankruptcy under the
recently
sufficient capital
Chandler
$32,086,000
~58J)
6,641,272
2,820,000
538,128
11,101,125
2,086,453
12.0
5.1
1.0
20.1
3.8
$6 pref. stock (69,994 shares)
$5.50 pref. stock (30,000 shares)
Capital surplus appropriated
Common stock (280,000 shares)
Earned surplus..
50.2
$27,300,000
49.4
5.9
2.7
4,000,000
7.3
$31,300,000
6,641,272
2,820,000
538,128
11,101,125
2,005,281
57.5
12.2
—
5.2
1.0
20.4
3.7
Utilities Co. and also as trustee under the indenture, would occupy con¬
flicting positions which might some time in the future be detrimental to
the interests of the holders of the bonds.
Both the company and the
bank have realized this conflict of interests and the bank has agreed to
resign as mortgage trustee when the loan is made, and Central Hanover
Bank & Trust Co. will be designated as successor trustee.
Our order will
attach a condition to the same effect.
Bonds Called—
bankrupt in the Federal
under the Chandler Act
William G. Diamond and Jeremiah Keys, trustees
tion,
4%, 1966
$27,300,000
Debentures, 414%. 1946
3,286,000
Advance payable to Ethyl Gasoline
Corp
1,500,000
Note payable to bank
$54,405,806 100.0
The Chase National Bank of the City of New York, which is to be the
payee of the note, is also trustee under the bond indenture securing the
company's first mortgage & refunding bonds,.(eries C, 4%, due 1966.
It
is obvious that the bank, as holder of an unsecured note of Gulf States
organiza¬
Total
%
Amount
%
Dec. 31,1938—
1st mtge. & ref. bonds,
$55,272,978 100.0
Bond disc. &exps.f
tion exps.,
Amount
1937
1938
1937
1938
Assets—
—Pro Forma
-Actual-
Act.
the business
further order is handed down.—V. 147,
Company on Feb. 21 called for redemption on March 23, 1939, all of its
16-year 434% debentures, due Oct. 1, 1946, and outstanding in the amount
of $3,286,000, at 10234% of their principal amount plus accrued interest
to the redemption date.
The debentures will be redeemed upon presenta¬
tion at the principal office of Bank of New York, 48 Wall Street.
The
company is also planning to retire a $1,500,000 advance carrying a 4%
interest rate made by an industrial customer for construction purposes.
Funds for the retirement of these obligations of the company will be
provided in part from the proceeds of a $4,000,000 loan from the Chase
National Bank of the City of New York, to bear interest at 3% and mature
serially over a period of 634 years.—V. 148. D. 881.
The order added that the trustees be empowered to continue
and remain in
p.
1638.
possession until a
Harbison-Walker„ Refractories Co.—Earnings—
"
Consolidated Income Account for Calendar Years
'
1938
Calendar Years—
Net
f, affoi*
and Federal
q
Cost of sales, sell. & gen.
exp.
& min. int.
profits of a subsid
taxes....'
After undistributed
2,240,119 xloss878,580
$0.14
Nil
3,429,781
Nil
x7,319.507
$4.03
$1,813,388
16,118
Not available
Other income
$4,699,339
$1,829,505
Operating profit
$4,756,347
amounted to $75,563,106, including
cash of $14,614,530, and current liabilities to $12,450,903, a ratio of 6.07
to 1.
The current ratio a year earlier was 5.34 to 1.
Dividend action on the preferred stock was not considered at the special
meeting Feb. 21, Mr., Goodrich said, but is due for consideration at the
next regular meeting of directors, March 14.
The following statement was issued by the company after a special meet¬
ing of directors Feb. 21: «
"Consolidated accounts of company and its domestic and foreign sub¬
sidiaries for the fiscal year ended Dec, 31, 1938, certified by independent
auditors showed a net profit of.$2,240,119 after all charges and provision
for Federal income taxes.
A net loss of $878,580 was shown in 1937.
Consolidated net sales amounted to $115,037,867, a decrease of 23.3%
compared with the previous year.
Total current assets at the close of the year amounted to
*'
$75,563,106,
including cash of $14,614,530, and current liabilities to $12,450,903, a
ratio of 6.07 to 1."—V. 147, P. 3763.
Prov.
for
est.
Fed.
219,886
Goodyear Tire & Rubber Co.—Circuit Court at Cin¬
cinnati Reverses Order of FTC on Sears Contracts—Approves
Price Discount—
8,390
673,319
88,856
784,330
243,819
707.614
$736,434
180,000
679,442
$3,131,595
180,000
def$123,008
7,894,968
Fed. and State taxes paid
for prior years
1.
Deprec., deplet., &c
.
Pref. dividends (6%)
—
dividends
Common
x$2,515,666
and
State income taxes
Net income.
x$4,178,143
309
Net earnings
Interest on bank loans..
Balance, surplus
Previous surplus
Amount written off in
715.352
701,608
2,717,766
$3,462,483
180,000
3,057,487
$1,805,669
180,000
1,358,883
$233,829
7,858,144
$224,996
7,605,280
$266,786
7,338.494
re¬
197,006
aband'd
of prop, accts.
&c.
Other charges
Net adjust, of depl. chgs.
of subs, prior to 1936-
1,351,299
154,719
Profit & loss surplus..
$6,265,943
spect of prop,
Adjust,
for aband'd plants,
Cr27,868
.
By a two-to-one decision the Sixth United States Circuit Court of Ap¬
peals at Cincinnati overruled on Feb. 16 a Federal Trade Commission order
against the company and held, in effect, that the company was within its
rights in entering price agreements with Sears Roebuck & Co.
The decision was described in Akron as a major victory for the company
fight against an FTC accusation that It under priced tires
retail outlets.
In a "cease aqd desist" order April 7, 1936, the Commission held Good¬
year violated the Clayton Anti-Trust Act by discriminating in the price
of tires sold in interstate shipment to the Chicago mail-order house and to
other dealers.
This, the Commission said, had the effect of lessening
competition and tended to create a monopoly on tire manufacture and
in its six-year
distribution.
Judges Xen Hicks and C. C. Simons wrote in their majority opinion,
however, that there was nothing in Section 2 of the Clayton Act to prevent
discrimination in price between purchasers of commodities "on
differences in the grade, quality or quantity of the commodity
account of
sold."
the court, "that the Commission had no
power to command discontinuance of price differentials reasonably based
on quantity, and there is no finding which, properly construed, determines
that those here involved are not so based."
In his dissent, Judge Elwood Hamilton wrote that "with all due regard
to the legal ability of my associates, I believe they have included in the
proviso of the statute a case that lies beyond its direct expression and not
$7,858,144
$7,894,968
$7,605,280
Shares of common stock
1,358,883
1,358,883
1,358,883
1,358,883
$1.20
$2.41
$0.41
$2.17
After deducting Federal taxes and proportion of net income of sub. co.
wholly owned according to minority interest therein.
outstanding (no par).
Earned per share
x
not
to the detriment of its own
conclude,"
57,008j
profits taxes.
Total current assets on Dec. 31,1938,
"We
1935
,
11 ph ffo
Earns, per sh. on com._
7c
1935
1936
1936
$9,341,103 $17,312,999)
)
in
I
7,527,715
12,613,660 }■
Net sales..
.._:___115,037,867 149,971,716 141,097,136 118,669,014
sales..
\Tfif.
.1937
1937
1938
(B. F.) Goodrich Co.—Earnings—
Consolidated Capital Surplus Dec.
Balance
Dec.
from
provided
1937,
31,
31,4938
'
$9,277,940; add: contingent securities reserve,
capital surplus
at
1932, canceled, $4,451,503;
Dec. 31,
earned surplus to cancel charge made to this account at
1932, as provision to reserve for advanced royalties, $109,627;
total, $13,839,070.
Deduct: Goodwill acquired at organization (1902)
eliminated from property accounts, $12,963,832; write-down of 21,117
shhres of common stock in treasury from cost to stated value of $15 per
from
transfer
Dec. 31,
Balance Dec. 31, 1938, $572,091.
share, $303,147.
Consolidated Balance Sheet Dec. 31
observed
1938
$
Assets—
1938
.
1937
$
1937
$
Liabilities—•
$
Inventories
3,296,703
Acets.receivable..
within its letter or spirit."
Notes receivable-
1,304,595
4,032
4,006,270
1,216,807
22,557
3,000,000
3,000,000
x Common stock..20,700,000 20,700,000
Reserves.
1,128,232 8,454,917
1,293,929
Accts. payable--900,470
45,000
Div. payable
45,000
decision marked the second handed down by the Nation's
second highest tribunal in its consideration of the case.
More than a year ago, it held the question to be moot, upon being ad¬
vised that a Goodyear contract with Sears Roebuck involving the alleged
offending provisions, had been canceled* following passage of the RobinsonPatman Act/ The Commission contended that Goodyear gave cash rebates
to
Sears, enaoling the mail-order house to undersell the rubber firm's
Cash
3,909,697
3,071,637
Minority
The present
own
Deferred charges-
19,607,584 41,921,717
656 304
601,561
640,676
securities.
3,476,098
cap.
The Trade Commission appealed to the Supreme Court, which directed
Circuit Court of Appeals to hear full arguments and hand down a
decision based on merits of the case.—V. 148. p. 1029.
Greene Cananea
Copper Co.—To Pay 75-Cent Dividend—
Directors have declared a dividend of 75 cents per share on
the common
stock, payable March 13 to holders of record March 6.
A like amount was
paid on Dec. 12, Nov. 14 and on June 13 last, and each three months
previously.—V. 147, p. 3458.
Commission on Feb. 21 ordered that the
declaration filed by the company, a subsidiary of Engineers Public Service
Co., a registered holding company, regarding the issue of an unsecured note
in the principal amount of $4,COO ,000, to be payable to the Chase National
Bank of the City of New York, become effective.
The report of the SEC approving the issue says in part:
The note in question will be unsecured and will be payable as follows:
$300,000 on Nov. 15, 1939; a like amount on July 15 and Nov. 15 of each
year thereafter to and including July 15,1945, and $400,000 on Oct. 1,1945.
The interest rate will be 3% per annum on unpaid balances.
A portion of the proceeds of the note will be used to redeem on April 1,
1939, $3,107,000 of company's debentures.
Said debentures bear interest
at rate of 4M % Per annum.
The balance of the proceeds of the proposed
note, together with $659,675 of general funds, will be used to repay the bal¬
ance of certain indebtedness owing by the declarant to Ethyl Gasoline Corp.,
which indebtedness bears interest at the rate of 4% per annum.
Declar¬
ant states that the sum of $3,184,675 will be required to redeem the deben¬
tures at 10214; that $1,475,000 will be required to repay the balance of the
Ethyl advance at the face amount thereof; and that accrued interest on the
debentures and on the Ethyl davance, together with the $659,675 excess
The Securities and Exchange
Gulf States
Utilities Co.
capitalization (including surplus) of declarant, both actual and pro
forma, is shown by the following tabulation:
The
& sur.
Conting.
498,735
Total.
_
32,793,722 54,989,724
j
572",091
1
6,265,943
i)r316,755
Earned surplus
y
Treasury stock
491,368
4,451,503
sec. res..
Capital surplus
__
9,277,941
7,894,968
Z>r619,901
32,793,722 54,989,724
Total
Represented by 1,380,000 shares of no par value,
21.117 shares of common stock.—V. 148. D. 733.
y
x
Stated value of
Hathaway Mfg. Co.—Smaller Dividend—
Directors have declared a
dividend of 50 cents per share on the common
stock, payable March 1 to holders of record Feb. 16. A
dividend of $2 per share was paid on Dec. 1
last.—V.
regular quarterly
146. p. 2209.
Haverhill Gas Light Co.—Earnings
Gulf States Utilities Co.—Bank Loan Authorized—
principal payment, will be paid out of the current funds of
in
Int.
stk.
of subsidiary...
656,237
3,428,875
Other assets..
Invest,
,
2,094
Dep. In closed bks
dealers.
the
.
acct
Property
6% pref. stock
Period End. Jan. 31—
Operating revenues
Operation
Maintenance
Taxes
Net oper. revenues
1939—Month—1938
1939—12 Mos.—1938
$570,142
370,896
$50,472
36,027
2,317
7,161
$52,334
$558,023
36,918
2,468
358,871
28,857
7.408
87,759
29,652
87,378
$4,967
$5,540
$82,536
$82,216
89
Non-oper. income (net).
54
$4,967
2,917
$5,540
2,917
$82,625
35,000
$82,270
35,000
Gross income..
$2,050
$2,623
charges.
123
234
$47,625
1,581
$47,270
2,188
$1,928
$2,389
$46,044
39,312
$45,082
Balance
Retirem't res've accruals
Interest
Net
income
Dividends declared..
—V. 148, p.
49,140
582.
Hedley Mascot Gold Mines,
The directors
Ltd.—Extra Dividend—
have declared a quarterly dividend of 3 cents per share
of 1 cent per share on company's capital stock, both
and an extra dividend
payable April 1 to holders of record March 1.
Like amounts were paid on
Jan. 3 last and on Oct. 1. July 2 .April 1 and Jan. 1, 1938, these latter being
initial dividends.—V. 147, p. 3459.
fractional interests
Consolidated Income Account for Slated Periods
Years Ended—
•
Period—
wsuT&nts
Sept. 30'37
$2,760,778
2,747,091
Sept. 30 '36
$2,10*,559
1,951,768
Operating profit *—loss$137,415
Depreciation
06,638
Interest
yl9,377
Malnt. of Ionia plant, &c.
10,932
Misc. deductions
zl01,899
$13,688
64,833
$156,791
171,942
4,730
12,379
—...
$1,840,378
1,769,051
$32,260
10,160
1— '
taxes
(Service
Trucking Co.).
$335,257
$53,643
$22,100
Net loss.
$335,257
$53,643
$22,100
of
Federal
431
"x Incl. net Income of Service Trucking Co, after providing for Federal
Incometax.
y Includes other financing expenses,
z Includes $28,477 pro¬
vision for doubtful accounts receivable; $38,255 expenses (incurred mostly
Honolulu Rapid Transit Co., Ltd.- -r-.Earnings—
Month
In previous
year) in connection with first mortgage bonds authorized but
not issued, written off; $34,728 provision for loss on passenger trailer raw
material inventory and $439 miscellaneous deductions.
Cash
Accts. receivableInventories...*..
25,932
287,270
66,525,
b Plant property.. 1,258,178
Surplus &. Idle plant
50,000
property..
Investments
mtge.
$48,842
225,169
1
106,430
Net
......
...—.
48,126
89,252
Depreciation
Replacements
Net
25,232
20,883
740,172
582.993
ment plan.....
Capital stock...
Surplus..
i
b After
...
x
740,172
917,479
$1,722,339 $2,178,009
Total.—.
declared
1938
Net oper. profit (before deprec.)
b$881,540
58,918
$135,147
342,254
$940,458
284,207
Deprec., buildings and equipment
135,639
8,092
g48,840
201 507
13,202
112,947
—loss$669,97l
$328,594
120,577
34,663
.......
...
6H% cumulative prior pref, dividends
7% cum. pi*ef. dividends..
......
a Arrived at as follows:
allowances $4,781,865, cost
trative expense $657,637,
loss (as above) $274,110.
b Arrived at as follows:
.
$629,245
284,589
21,733
194,634
Miscellaneous deductions..........
Provision for income tax
Net income
income taxes.
Admin. & gen. expense.
42,811
Total income
Interest on long-term debt........*.
Idle facilities—Dunellen
Gross sales
1935
1936
$6,456,977
1,119,867
Cr132,098
1,500,965
Crl06,401
1,453,059
48,017
1,482,910
456,087
517,164
57,624
420,556
629,753
20,255
1,283,940
322,466
457,612
305,265
450,625
.
.
Uncollectible accounts..
1,359,940
1,250,483
1,175,359
$2,386,031
65,782
$2,758,746
95,489
$1,550,060
133,708
$1,874,934.
$2,452,413
$2,854,235
$1,683,768
$1,967,854
1,003,600
xl.279,907
1,183,327
1,130,214
$1,448,813
$1,574,327
$500,441
$837,639
Depreciation & depletion
Income from oper
.
.
92,920
.
890
39,278
.
,
$88,120
Net profit.
—~
,
Includes $62,300 for surtax on undistributed profits.
x
(billings) less discounts, returns andl
Consolidated Balance Sheet Dec. 31
of sales $4,397,706, selling, general and adminis¬
provision for doubtful accounts $633; balance
,1938
1937
$
§
1937
1938
'
Assets
Net sales $7,595,330, cost of sales $5,791,276,
x
"
Comparative Statement of Income (New York Company Only)
Quarter Ended Dec. 31—
1938
xl937'
Net sales (billings)
$511,375
$1,190,184
Manufacturing, selling cost, &c
533,355
1,109,638
6.088,350
6,349
Oil on hand
404,755
Mat'l and supplies
596,634
from
South-
west'n Settlem't
Dr7,132
Funded debt.....
6,907,500
7,505,500
& Develop. Co.
$80,546
5,487
66,114
$86,033
33,539
66,114
$129,877
6,110,628
Notes payable..—
6,464
347,072
Accounts payable.
Acer, taxes & Int..
190,000
318,797
282,016
267,176
785,047
Reserve for Federal
,122,005
7,880,403
217,000
6,793,576
$13,621
Depreciation.
Net loss for period........
.........
8,947,600
Sinking fund cash.
Advances
..
$
$
>■
8,947,600
Common stock*..27,465,450 27,465,450
Due
Other income (net)..
Liabilities—
Property acct...42,042,352 41,907,653 Preferred stock
selling, general and administrative expense of $922,514; net operating profit
(as above) $881,540.
.
..
x
1937
$8,099,867
$6,274,544
1,617,750
1,347,262
Cr57,683
1,594,531
refinery invent's (net)
Producing & oper. exps
Taxes other than Fqd.
$586,434
138,963
1938
Calendar. Years-
Gross earnings
$7,865,249
Crude oil and gas purch
1,550,954
Decrease in crude oil and
1936
lossa$274,H0
Other income
Texas—Eamings-
) Including Houston Pipe Line Co.]
.
30
1937
the
4009 for detailed record or previous dividend payments.—V. 148, p. 1030.
Houston Oil Co. of
(R.) Hoe & Co., Inc.—Earnings—Consolidated Income Account Years Ended Sept.
per share on
.
stock, payable March 24 to holders of record March 13.
This
compares with 60 cents paid on Dec. 21 last; 25 cents paid on Sept. 24 and
June 25 last; 40 cents paid on March 25, 1938, and a year-end dividend of
75 cents per share distributed on Dec. 21, 1937.—V". 148, p. 733.
.
cents
last; 15 cents paid on
on Dec. 24, 1937, and 40 cents paid on Sept. 27, and on June 26, 1937,
this latter being the initial payment on the $1.50 par shares.
See V. 144,
common
.
dividend of 20
a
paid on Dec. 23, last, 10 cents paid on Sept. 26.
June 25, last; 25 cents paid on March 26, 1938, and
p.
Co., Inc.—4Q-Cent Dividends—
583.,
Mfg. Co.—To Pay 20-Cent Dividend—
This compares with 15 cents
Feb. 22 declared a dividend of 40 cents per share on the
on
$6,705
stock, par $2.50, payable March 27 to holders of record March 11.
common
of $1,640,691 in 1938 and $1,574,654 in 1937J
c'Authorized, 500,000 sbs., $2 par; issued, 370,233 sbs., less capital stock
owned, by subsidiary company (147 shs, at par),
d On sales.—-V. 148,
p. 128.
Hercules Powder
580
x$236
Indicates loss.- -V. 148, p.
Hoskms
depreciation
Directors
......
*
revenue
The directors have
Total$1,722,339 $2,178,0091
$36,460
10,537
1,667
16,971
...
pay'le
under defd pay¬
c
$30,312
11.195
1,458
17,895
from operations
revenue
Taxes assignable to railway operations.
Interest
46,446
Local taxes
$34,753
1,707
Net revenue from transportation.
Revenue other than transportation.
1937
$103,647
254,101
45,833
12,000
Accrued liabilities.
50,000
1938
$109,301
74,548
$29,304
1,008
.
on
mach. & equip.
dCust's deposits.
67,470
1,322,095
25,802
Deferred charges.*
Chattel
437.847
1
„
1938
$65,842 Notes payable
128,324 A ccounts payable.
$8,630
Patents
lAaMBties—
1937
1938
.
1939
$112,365
83,061
of January—r
Operating expenses
Consolidated Balance Sheet Sept. 30
Assets—
at the office of the Bishop Trust Co., Ltd., Honolulu, Hawaii.
The purposes for which these moneys are being borrowed are for the erection
a 2,000,000 cubic foot gas holder which the company has contracted to
buy for the sum of $168,600 from the Cruse-Kemper Co. of Ambler, Pa.,
to be located on its property in Honolulu and estimated to cost fully in¬
stalled $225,000, and for improvements, betterments and extensions of the
company's distributive facilities. Company now possesses two gas holders,
one of 200,000 cublic feet capacity and one of 1,000,000 cubic foot capacity,
so that when this additional holder is placed in commission the company
will possess a storage capacity of 3,200,000 cubic feet.—V. 147, p. 4056.
$59,113
Loss....*
before
ing the estimated expenses in connection with such sale.
Company is
presently indebted to the Bank of Hawaii for $30,000, borrowed on short
has arranged to borrow an addi¬
tional $220,000 between now and the time when the $295,500 should be
realized from the sale of this stock and become available to the company.
$58,682
-
or
time notes, for capital expenditures, and
$69,940
11,258
*.
on
The net proceeds received by the company from the sale of the 15,000
shares of common stock are expected to approximate $295,500 after deduct¬
446
$69,327
15,684
Other Income...
.
purchased
8,182
$336,261
1,004
Gross loss
time
any
March 15, upon the presentation and surrender of the warrant and payment
of the purchase price of $20 per share for the shares subscribed for and
$71,327
132.639
6,329
10,836
1.010
the close of business on Jan. 24,1939 whose
disposed of and to the holders of the unexercised
are
.
subscription rights may be exorcised at
The
9 Mos. Bnd.
Sent. 30 '35
Sept. 30 '38
$1,116,144
1,253,559
Cost of sales & expenses
1939
2a,
of record of the company as at
Hayes Body Corp. (& Subs.)—Earnings—
Net sales
Feb.
Chronicle
Financial
1170
257,973
238,596
695,955
3,214
7,310
Accts. receivable..
Notes receivable..
734,103
3,066
Employees' funds.
10,394
Cash..
1,770,622
Accts. rec. not curr.
Deferred
Adjusted.
x
1,409,593
257*054
52,113,772 51,768,586
After
•
60,000
139,173
charges.
Total
incometax.....
Surplus.....
25,000
547,284
reserve
Total..
..52,113,772 51,768,686
for depreciation and depletion.—V.
147,
p.
3310.
Consolidated Balance Sheet Sept. 30
Assets—
1938
Cash
$424,506
Accounts payable.
559,903
1,691,582
Accrued accounts.
Notes and accts.
Presses
completed
order.,
—on
Inventories
>
W
—
1,094,037
525,720
1,444,103
and
accts.,
receiv., due after
156,208
Cash dep. in special
account
575,000
Factory site at
Croydon, Engl.
Dep. held in
escrow
160,077
48,500
3,864
Fixed assets..*... 3,906,380
Patents, less res.
Deferred charges.
.
321,424
U. 8. & British Inc.
taxes....
Int.
on
*
4,135
5,243,657
change adjust..
6H% pr. pref.stk.
7% pref. stock
Cla
s
4,359,500
1
78,566
131,701
6,444
618,345
50,000
165,060
3,313
618,345
165,060
A stock (par
$10)
.,'1
959,970
......
Com. stk. (par $1)
160,000
Capital surplus... 4,326,185
Surpl. arising from
appraisal of fixed
assets
Deficit
959,976
160,000
4,357,821
1,232.953
1,473,256
4,787,767
4,141,758
of earned
surplus
Read], suspense
count.
Fixing of 8-Cent Fare—
1
92,185
Other cur. liabs
12,000
Deferred liabilities
80,090
Long-term" debt.. 4,347,500
Res. for conting..
50,000
ac¬
329,899
Against ICC
This company on Feb. 23 filed an action In Federal Court to enjoin, set
an order of the Interstate Commerce Commission of July 11.
1938, rejecting the road's petition for a 10-cent fare between Jersey City aqa
Hoboken and the Hudson Terminal, New York, and fixing a fare of eight
cents for such transportation..
The action, naming the ICC and the government as defendants, seeks a
review by a statutory court of the finding of the ICC on the grounds that
the ICO, in rejecting the 10-cent fare proposal, acted beyond its lawful
authority, deprived plaintiff of its property without due process of law and
asks that the order be declared null and void.
The ICC, after lengthy
hearing, ruled that a 10-cent fare would be unreasonable but that an in¬
crease from the then- six-cent fare to eight cents was justified.
The railroad stated that its earnings fall short $1,000,000 of meeting its
operating costs and interest charges, even with the eight-cent fare in effect.
as of Dec. 31, 1937, interest in arrears on its adjustment mortgage bonds
amounted to $1,642,410. The decrease in earnings of the road is attributed
to increased taxation, higher operating costs, due to increased labor and
material cost, the increase in competition following the opening of the
Holland and Lincoln tunnels and Washington Bridge, the economic depres¬
sion, the five-day work week and the improvement and developments of
shopping and amusement enters in New Jersey.
An increase of $1,000,000 annually in gross earnings is needed, the rail¬
road stated in order merely to pay increased railroad operating expenses,
including increased taxes and interest on bonded debt and current interest
on its adjustment mortgage bonds, but excluding cumulative interest in
aside and annul
111,610
bonds and
Res. lor foreign ex¬
Other assets......
for amortization
600,000
280,276
notes..
431,479
one year
$582,972
50,000
.
Hudson & Manhattan RR.—Files Action
1937
$189,741
Demand notes pay.
reciv.-trade
Notes
1938
$1,251,972
'
x
Liabilities—
1937
.
arrears.
Total
....$8,111,880 $9,621,512
Total
«^A?^r,re8.e;TJ£ for doubtful notes and
$191,549 in 1937.—V. 148, p
accounts of $160,891 in 1938 and
439.
Honolulu Gas Co., Ltd.—Stockholders
The stockholders
$8,111,880 $9,621,512
Rights—
on Oct. 27, 1938 voted to
(a) increase the authorized
capital stock from $1,500,000 to $1,800,000, so that the capital is now
represented by 90,000 shares (par $20) of which 75,000 shares are presently
issued and outstanding; and (b) to issue and sell all of the unissued
15,000
shsrf^i
The*company is offering the 15,000 shares of common stock for sub¬
scription at $20 per share pro rata to stockholders of record at the close of
business on Jan. 24, 1939 by offering one share at
par to stockholders for
every five shares heid.
No rights to subscribe for fractional shares are
being offered and no
warrants representing rights to purchase fractional shares are
being issued.
Full shares representing fractional interests and also shares called for
by
warrants which are not exercised, will be sdld at public auction to the
highest
bidder therefor at 12 o'clock noon on March 25, 1939 at the office of the
Bishop Trust Co.,, Ltd., at Honolulu, Hawaii. The proceeds of the auction
sale in excess of $20 per share will be
distributed pro rata to the stockholders
$631,904
451,449
expenses
Gross
$191,180
283,903
$164,610
289,237
$92,723
...
_
income
Income charges
$152,612
11,998
$124,627
1939
and taxes.
Operating income
Non-operating income
y
1938
$643,611
x490,999
$180,455
10,725
Month of January
Gross operating revenue.
Operating
....
....
Deficit
...
x Includes approximately $47,000 assessed by the Bureau of Internal
Revenue under Carriers' Taxing Act of 1937, in January, 1938, against
payrolls for 1937.
y
Including interest on adjustment income bunds at 5 %.
—Y. 148, p. 883.
.Imperial Tobacco Co. of Canada, Ltd.-r—Final Dividend
Directors have declared
a
final dividend of 22 H cents per share,and an
interim dividend of 10 cents per share, both payable on the ordinary shares
oil March 31 to holders of record March 3.
Similar amounts were paid
a
year
ago.—V. 146, p. 4118.
Volume
Financial
148
ary,
r Illinois Terminal RR. Co.—Earnings—
WJanuary—
Gross from railway
Net from railway
$428,522
112,212
57,499
Net after rents
—V.
148,
1936
1937
$506,719
178,017
110,958
1938
$434,294
121.738
61,214
1939
$484,669
173,327
125,668
79,188,593,
Indiana Pipe
$717,742
318,311
79,599
$532,976
297,100
Depreciation
$773,161
328,422
80,122
Net operating revenuei
Inc. from investments
$170,007
46,927
$364,617
50,075
$319,833
47,542
$156,582
44,372
31,196
non-recur'g items:
79,295
16,193
-
$232,150
125
774
659
$383,568
1,102
74,306
104",994
81,197
1,467
62,818
$141,854
150,000
$309,039
$301,143
$167,187
240,000
240,000
105.000
def$8,146
417,685
2,942
$69,039
348,392
$61,143
290,130
$62,187
231,354
$412,481
$417,685
$351,273
2,881
$293,541
3,411
$412,481
$417,685
$348,392
$290,130
$414,692
$216,934
Total revenue
Miscellaneous taxes
Miscell. income charges.
.Local, State & Fed. taxesi
Net income
Dividends
Previous surplus
Miscell. credits (net)
_
—
Total, surplus
Profit & loss surplus. .
677
254
of
capital stock
outstanding (par $10)Darns, per sh. on cap.stk
300,000
300,000
$1.00
300,000
$1.03
300,000
$0.47
$0.56
Property <fc plant? 1 ,974.222 $1,841,697
Other investments 1 ,142,450
1,240,000
*
236,104
242,175
Cash
.Accts. receivable..
43,715
59,608
Materials & suppl's
90,363
Interest receivable
25,667
10,326
"Working fund advs
5,888
6,978
10,482
Other defd debits.
40,574
34,472
Carrier ins. fund..
257,000
273,000
$3,000,000
Capital stock...$3,000,000
Capital stock reductlon account
1,564
Accounts payable.
5,018
Wages payable...
8,753
Divs. mat'd unpd.
1,343
Other curr. llabll's
3,369
Other def'd credits
11
y
1,677
3,830
li
273,052
52,434
77,817
412,481
417,685
taxes
Surplus....
$3,742,016 $3,791,705
Total
$3,742,016 $3,791,705
1,574
7,171
8,888
257,042
Carrier lnsur. res..
Accrued
depreciation of $2,844,994 in 1938 and
Shares of $10 par.—V. 148, p. 281,
After accrued
$2,806,298 in 1937.
Indianapolis Water Co.—Earnings—
1939
$2,617,380
12 Months Ended Jan. 31—
revenues
Operation, maintenance and retirement or
All Federal and local taxes
Interest
816,714
depreciation
574,323
125,148
Liabilities—
5,250,000
13,827,000
Indebtedness
Marketable securities.______
821,406
Notes receivable
600 Consumers' deposits
223,839 Other current liabilities
81,968 Main extension deposits
receivable-
Accrued taxes..
21,420
5,082
524
Investments—General.,..,
Prepayments
Special deposits....
Accrued interest
.......
Other accrued liabilities
Reserves.,
Unamortized debt discount s
...
335,142
Undistributed debits
734.
$24,610,318
Total
$24,610,318
Total
—V. 148, p.
571,718
57,349
9,501
1,841,365
1,817,208
1,071,148 Corporate surplus..
expenses.
"
Independent (Subway) System of N. Y. City—Earnings
1938—Month—1937
Period End. Nov. 30—
1938—5 Mos.—1937
$7,430,190 $7,018,035
6,016,583 ' 5,871,169
Operating revenues..... $1,651,704
Operating expenses
1,229,175
$1,536,557
1,187.572
$422,528
$348,984
$1,413,607
964
769
6,350
$1,146,866
3,996
$349,753
$1,419,957
$1,150,862
Inc. from ry. oper...
Non-oper. income
Excess
oper.
of
revs,
over
.
.
$423,492
expenses
—V. 148, p. 584.
Company reports the exercise of options aggregating 1„,595 shares of
capital stock by employees of the company at $50 per share.—V. 148, p.
1030.
Inc.—4% Distribution Ap¬
proved by Court—
Federal Judge James
H.
Wilkerson approved on Feb. 21 payment of
dividend to holders of $57,644,000 of
This will be the first payment to
proceedings were instituted on April 16, 1932.
Judge Wilkerson approved recommendation for the dividend by Garfield
Charles, special Master in Chancery.
Mr. Charles said checks would be mailed probably about April 1 to some
17,000 claimants of record of Feb. 28, 1939.
He said it would take a month
to prepare a distribution sheet listing names, addresses and amounts due.
The payment will be made from $3,082,325 received in a settlement with
banks in New York and Chicago which had virtually all securities of the
4%
$2,301,760
as
debentures
of this
a
$955,046
$850,153
$5,398,349
183,684
18,952
308,456
52,858
Bal.i—city & company
Payable to city under
$771,363
$831,201
$5,089,893
$5,697,398
$771,363
879,324
$831,201
823.998
$5,089,893
6,155,267
$5,697,398
5,919,240
Dr59
$7,203 x$ 1,065,375
778
448
x$221,843
6,428
x$108,020
$7,981 x$l,064,927
x$215.414
contract No. 3
Gross inc. from oper..
Fixed
charges
liquidation
defunct
company.
creditors since bankruptcy
collateral for loans.
Mr. Charles said he and a staff of eight had worked for a year tracing
claimants and verifying claims.
He said the distribution now authorized
was in connection with an equity proceeding against the company and that
about $2,000,000 was awaiting distribution in a parallel bankruptcy pro¬
ceeding.
Last July a 4.75% dividend was paid to holders of $19,000,000 of deben¬
tures of the Corporation Securities Co., another defunct Insull Investment
concern.—V. 148, p. 883.
concern as
Interborough Rapid Transit Co.—Earnings—
receiver, in his monthly report states:
Traffic—The Subway Division during the month of January carried
66,847,387 passengers, a decrease of 312,408, or approximately 0.47%,
as compared with January 1938.
Two of the lines on this division reported
increases in traffic as compared with the corresponding month of last year.
1.52% on the Broadway-Seventh Avenue line and 2.54% on the Queens
line.
The losses on the other lines ranged from 0.36 % on the Lenox Avenue
& White Plains Road Line to 2.61% on the Brooklyn Line.
The loss on
the division during the month was due entirely to New Year's Day being
celebrated on Monday instead of Saturday as in the previous year.
The Manhattan Division during the month of January carried 12,341,206,
a decrease of 3,676,068, or approximately 22.95% as compared with Janu¬
Thomas E. Murray, as
x$107,961
Net inc. from oper
Non-operating income.
_
x
Indicates
loss
or
deficit.
Manhattan Division Operations
Period End. Jan. 31—
Gross operating revenue.
Operating
expenses
1939—Month—1938
$668,293
$858,550
822,873
960,699
1939—7 Mos.—1938
$5,751,008 $6,337,112
6,323,604
6,539,076
$154,580
$1C2,149
$572,596
$201,964
Queensboro Line
Lexington Ave. Line..
5,081
3,328
3,572
2,162
5,167
3,996
4.2G4
6,385
36,031
26,451
26,314
33,376
35,365
27,407
25,563
45,449
$168,723
$121,901
$694,769
$335,749
Net operating loss
Other rent items
Bal.of net oper. deficit
-V.
148, p. 584.
International Harvester Co.—Annual Report—
The following are extracts
from the remarks of Sydney G.
McAllister,
President, in nis report to stockholders:
ended Oct. 31, 1938, was $18,472,000.
This compared with net income in 1937 of $32,493,000.
Profits in 1938 were lower than in 1937, both in amount and In proportion
to sales, as a result of toe reduction in sales volume and the consequent
effect In increased unit costs of manufacture and distribution.
The decline
in sales volume reflected the decrease of total national cash farm income
which took place in 1938, when large crop production was accompanied by
sharp declines in farm commodity prices.
The 1938 net income was equivalent to $3 per share of common stock,
after provision for preferred dividends, as compared with $6.31 per share in
Net
income for
the fiscal year
1937.
on preferred stock were paid at the regular rate of
share quarterly.
Dividends paid on common stock were: 62 H
share on April 15, 50 cents per share on July 15, and 40 cents per
Oct. 15, 1938, and Jan. 16, 1939, totaling $1.92^.
1938 dividends
on
During
1938
extensive improvements in
$1.75
cents
share
several important Harvester
equipment by drawing upon this reserve.
1938 sales in the United States were approximately 27%
1937.
The volume of sales was maintained relatively well
in the early months of the fiscal year but decreased in the later months,
as compared with the comparable period of the previous year.
Total sales in the United States in 1938 amounted to $196,900,000, as
compared with $270,254,000 in 1937.
Broken down into sales of principal
products, the report showed 1938 tractor sales of $60,200,000 as against
$89,318,000 in 1937; 1938 farm implement sales of $59,686,000 as against
$75,638,000 in 1937; motor truck sales of $60,209,000 as against} $76,100,000
in 1937; sales of steel, binder twine, &c., of $16,805,000 in 1938 as against
Company's
lower than in
$29,198,000 in 1937.
Sales in foreign countries, however, showed an increase of 4.6% ove»
1937.
The principal increases occurred in Canada, South America, Aus¬
tralia and New Zealand. Total foreign sales of all products in 1938 amounted
to $85,461,000 as compared with $81,674,000 in 1937.
The grand total Of all sales, foreign and domestic, was $282,361,000 In
1938 as compared with $351,928,000 in 1937.
,
j.
Net working capital of the company on Oct. 31, 1938, was $250,556,000,
of which $52,792,000 was in foreign countries, leaving a balance of working
capital in the United States of $197,764,000.
Current assets in foreign
countries were valued as usual at the approximate exchange rates prevailing
J
fiscal year.
These rates at Oct. 31,
1938, were generally
lower than at Oct. 31,
Co.—Options—
Insull Utility Investments,
$5,750,256
218,708
Balance
:
Used for purch. of assets
of enterprise
at the close of the
,
Inland Steel
$7,281,209
1,530,953
for
$1,054,900
Common stock.
Materials and supplies......
1.3C3.784
$1,173,754
38,280
Preferred stock
1,402,793
Funded
$8,584,993
1,378,225
$6,929,302
1,530,953
97,456
45,539
„
.$20,646,395
Cash
$8,307,527
206,594
products were planned and begun, Involving large capital expenditures for
machinery, tooling and pattern equipment.
While such expenditures have
customarily been charged against the profits of the year or purchase, Mr.
McAllister pointed out that the expenditures in the present program are so
much larger than usual that it was considered advisable to spread a portion
of them over 1938, the year in which the program was begun, as well as
over 1939, the year in which it will be completed.
For that reason $3,000,000 of 1938 earnings was allocated to development and extension re¬
serves.
The 1939 earnings will be relieved of a portion of the expenditures
$617,251
——
r
...
$1,275,455
207,762
Income from opera'n.
Current rent deductions.
per
Balance Sheet Jan. 31, 1939
A.SS6t§~~~*
Fixed capital
$1,381,516
$1,068,861
218,707
per
charges
Balance available for dividends
1939—Month—1938
1939—'7 Mos.—1938
$3,644,204 $3,665,972 $23,779,609 $24,401,106
2,262,688
2,390,516 15,472,082 15,816,113
expenses
Taxes
$1,226,344
-
deductions.....
Accounts
Operating
483,945
K
Net income
Other
.
Subway Division Operations
Period End. Jan. 31—
Gross oper. revenue
Rental of jointly oper. lines:
1937-
1938
Liabilities—
1937
1938
Assets—
Gross
_
_
.
fiscal year, starting July 1,
carried was 534,085,385, a decrease of 28,231,594,
approximately 5.02%, as compared with the corresponding months of
White Plains Rd. Line
Balance Sheet Dec. 31
y
in January was
4.80%„ as compared with January,
During the first seven months of the current
Balance
Miscell. debits (net)
x
decrease of 3,988,476, or
Net operating revenue
1935
1936
1937
1938
$591,718
335,970
85,741
Operating revenue
Operating expenses
Total
a
the preceding fiscal year.
Line Co.—Earnings—
Years End. Dec. 31—
Shares
due to the shutting down
1938-
or
Electric Co.—Refunding Plan—
Indiana & Michigan
George N. Tidd, President, reported Feb. 21 that plans are being made
for refunding $25,483,000 of 5% first and refunding bonds of the company,
tout that the new issue would not be filed with the Securities and Exchange
Commission for at least two months.—V. 146, p. 4118.
Misc.
The heavy loss on this division was
1938.
of part of the Sixth Avenue Line in December, 1938.
The number of passengers carried on the entire system
the number of passengers
734.
p.
1171
Chronicle
1937.
Reporting that $5,000,000 had been provided out of 1938 earnings on the
foreign business and credited to the reserve for foreign losses and exchange
fluctuations, President McAllister stated that the company's foreign busi¬
ness had been subjected to particularly serious hazards In 1938, and that
the maintenance of a substantial foreign loss reserve "is important for the
protection of the business."
This reserve now totals $14,056,000.
The company's receivables at the close of 1938 amounted to $126,223,000
before deducting reserves for losses, as compared with $141,998,000 at the
close of 1937.
During the year a total of $3,085,000 was charged against
reserve for losses on receivables and during the same period $2,212,000 was
collected on receivables which previously had been charged off.
After these
collections were credited to the reserve, the amouht of reserve applicable
of requirements,
to income.
estimated losses on
of 1938 business, which was somewhat less propor¬
prior years was believed to be in excess
and $2,250,000 was accordingly transferred from the reserve
From 1938 earnings $4,725,000 was provided to cover
to receivables of
receivables arising out
tionately than was provided in 1937.
Investories at the close of the 1938 fiscal year were
$32,026,000 less than
Inventories are valued at cost or market, whichever is
general Inventory reserve of $30,000,000 remained unchanged.
Because the company's business requires a relatively large investment in
Inventory at all times, a substantial reserve for Inventory losses during
periods of price declines is essential, Mr. McAllister said.
Capital expenditures during the fiscal year 1938 amounted to $13,436,000
as compared with $15,136,000 in 1937.
The 1938 expenditures included
construction of the motor truck engine works at Indianapolis, additions to
tractor plants, motor plants and steel mills, erection of new sales and service
stations, &c.
Construction of the new plant at Geelong, Australia, was
begun during the year.
Cash on hand on Oct. 31, 1938, was $59,173,000, or about $25,000,000
greater than at the end of 1937.
This reflected, Mr. McAllister said, the
collection of receivables taken on 1937 sales, and a reduction in working
capital requirements due to curtailed manufacturing operations.
The com¬
pany's 1937 cash position was insufficient to carry it through its 1938 manu¬
facturing period, however, and bank loans in the United States reaching a
peak of $36,400,000 had to be made.
These bank loans were all paid off by
Sept. 1, 1938, however.
During 1938 the company had an average of 47,106 employees working in
the United States as compared with 59,347 in 1937.
,
The total compensation for the fiscal year for all employees, both foreign
and domestic (exclusive of executive officers), was $96,000,000 as compared
at the close of 1937.
lower.
The
.
Financial
1172
Utilities Corp., a
registered holding company, represent 19.74% of the total voting securities
outstanding.—V. 148, p. 281.
tion General of the voting securities of American States
local and foreign) in 1938 was $14,-
The amount of taxes (Federal, State,
of that company
compared with $22,446,000 in 1937.
Of the 1938 taxes, a total
of $3,046,000 was paid in old age benefit and unemployment insurance
229,000
as
Bakeries
Interstate
levies.
Income from operations.
$1,084,761
Charges to income (net).
Depreciation
for Years Ended Oct. 31
Years Ended Oct. 31—
1938
1937
Net sales
$282,361,250 $351927,768
Cost of goods sold, including freight and duty
207,236,625 248,699,901
Selling, collection, admin, and gentral expenses.- 37,902,784
41,810,141
452,879
428,197
162,179
b72,450
155,230
y49,966
—53 Weeks Ended
Jan. 2 '37 &Dec. 28'35
$315,844
$831,574
C'rl,159
47,680
458,274
383,564
148,888
147,184
x52,580
receivables, securities, &c
*
—
$165,696
$125,856 def$215,448
8,980,500
6,546,271
Prov. for Fed. inc. tax..
$24,914,652 $45,890,954
5,444,276
6,188,675
Surplus
Propor. applic. to minority interests
$30,358,928 $52,079,628
2,353,705
4,412,354
Net income from sales and interest
Miscellaneous losses
a
..
850.000
.
5,000,000
3,000,000
Prov. for foreign losses and exchange fluctuations
Provision for development and extension:
—--—
—
of which
$16,221,723 $27,992,763
c Reduction of reserve for losses on receivables.
2,250,000
3,500,000
Recovery of exportrec'bles previously written off.1,000,000
Balance
-
—
-
-
-
-
Preferred dividends at $7 per share.--Common dividends
—
it
formed,
was
common
$4,582,554
stock
Consolidated
a
4,245,737
U. 8. Treas. bonds
59,000
59,000
Accts. receivable
286,045
298,637
$
$
A ssets—
Inventories
109,863,760
613,512
123,890,456 155,915,690
316,037
b Notes & acc'ts
c
Common stk__
Curr't
$
sur.
67,183
Accr.
48,210
20,577
4,776,209
Deferred charges.
pay rolls, taxes,
13,658
Cash
6,309,694
34,237,893
1,633,668
22,757
323,917
bonds
Min, int. in cap.
pref. stock
(no
697,116
305,742
surplus-.- 1,662,712
surplus.
d245,285
par).,
Com. stk.(par $1)Paid-in
Fire Ins. res've.
Special
._
Surplus
406,624,773 427,073,943
h After
in 1937.
in 1937.
no-par
598,721
6,231,353
601,859
6,020,873
12,459,108
19,071,993
79,370,655
15,530,859
Total
12,496,619
74,788,101
c Represented by 4,245,736 no-par shares in 1938 and 4,245,737
shares in 1937 —V. 147, p. 3914.
$6,498,837
734,247
Power operation
991,982"
402,203
1,934,648
806,981
667,447
312 296
transportation.1,8111.558
General expenses including accidents.
Taxes.
874,190
718,636
-
Amortization of discount
Depreciation
-
-
Deficit..-
-
$1,148,543
x786,826
41,813
60,703
1,266,959
$1,695,576
1,027,902
32,904
59,210
1,204,683
$1,007,757
------
Telephone
&
Telegraph
in Phones—■
Corp.—Gain
J
Telephone subsidiaries of this corporation operating in nine countries
(excluding Spain) had an aggregate net gain of 6,646 telephones in January.
This was the largest increase for the month in
history of the system by
companies operating in Argentina, Chile, Cuba, Mexico, Peru, Puerto
Rico, Rumania, Shanghai, China, and the States of Rio Grande do Sul
and Parana, Brazil.
January gain of 6,646 telephones in these subsidiaries, compared tvifch
increases of 5,776 in the similar 1938
month, a rise of 4,304 stations in the
like 1937 period, and an
improvement of 4,437 telephones in the initial
month of 1936.
Increase was a continuation of the upward trend which added
76,080
telephones to the I. T. T. System in 1938, largest gain for any single year
in history of the corporation.-—V.
148, p. 584.
International Utilities Corp.—Hearing March 6—Hear¬
ing will be held March 6 on the following before the SEC:
TTJJ-LA]??,icati2.ns un,der Rules U-12D-1 and U-12F-1 by
Utilities
International
Corp., General Water Gas & Electric Co. and Securities Corporation
General for the sale to American States Utilities
Corp. of 39,060 shares of
the preferred stock of American States Utilities
Corp.. at $15 per share.
(2) Application under Section 10(a) (1) by General Water Gas & Electric
Co. for the acquisition of 61,932 shares of the common
stock of Southern
California Water Co. from American States Utilities
such shares outstanding, for a purchase
price of
Corp., being all of
$1,600,000.
Application under Rule U-12C-1 by American States Utilities Corp.
for the acquisition of at least 106,666 shares of its
preferred stock, 160,556
8hares of the said stock now
being outstanding, by call for tenders thereof
at $15 per share, 39,060 shares to be tendered
by International Utilities
Corp., General Water Gas & Electric Co., and Securities Corporation
(3)
General.
(4)
Application
Commission
as
to
for
a
determination
by
the
Securities and Exchange
whether the solicitations by American States Utilities
Corp. or proxies from its stockholders
shares of
common
to vote for the sale of the aforesaid
stock of Southern California Water Co. is
subject to the
Provisions of Section 11(g) of the Public Utility Holding
Company Act of
1935, and if it is determined to be so subject; application for a
SEC
consenting to such sale.
(5) Declaration pursuant to Section 7 for the reduction of the par value
of American States Utilities Corp.'s preferred stock from
$25 a share to $1
a share, thus
decreasing the total par value of the issued preferred stock
from $4,013,900 to $160,556, the
existing preferential dividend rate, re¬
demption price and liquidation preference of the said stock remaining un¬
changed.
General Water Gas & Electric Co.
both subsidiaries of International
•
/
oper.
Operating
1938—Month—1937
$575,623
$620,315
423,239
461,972
revenues
expenses
$158,343
Crl,325
8,122
$1,188,764
$1,436,795
256,774
124,176
272,063
93,120
$135,831
879
$151,545
248
$807,814
3,721
$1,071,612
21,147
$136,710
49,019
71,301
$151,793
56,773
72,572
$811,535
562,249
852,450
$1,092,759
571,748
861,989
$16,389
Net oper. revenue
$22,448
x$603,164
x$340,97S
$152,384
General taxes
6,449
Social security taxes
^
10,104
Operating income
Non-operating income-.
Gross income
Fixed charges
Depreciation
Ney income
,
x
Deficit.—V. 148,
p.
1031.
Kansas City Southern
Ry.—Earnings'—
Month of January—
Railway operating revenues
Railway operating expenses
.
148,
p.
$307,995
48,963
4,157
$267,275
Net railway operating income.
$405,995
98,000
$311,558
37,304
6,978
-
• 1938
$1,126,410
720,415
99,000
------
Railway, operating income
Equipment rents (net)
Joint facility rents (net)
,
1939
$1,071,911
661,353
$410',558
;
Net revenue from railway operations
Railway tax accruals
-V.
1938— 12 Mos.—1937
$6,479,092 $6,803,638
5,290,328
5,366,842
$254,875
584.
Kansas Oklahoma & Gulf
Calendar Years—
•
1938
Avge. miles of road oper.
326
Freight revenues
$2,272,340
Passenger revenues
5,640
All other oper. revenues.
37,373
Ry.—Earnings1937
326
1936
1935
326
$1,971,699
5,564
.
326
$2,381,793
$2,441,936
6,956
35,964
6,623
31,995
$2,424,713
292,504
187,368
108,521
$2,480,555
$2,010,079
292,818
194,983
90,027
94,646
339,933
248,648
98,231
539,539
108,019
164,645
$1,141,433
$1,283,675
$1,310,828
$932,875
247,?22
!__
222,754
266,841
181,520
Total oper. income
Other oper. income
$894,211
15,465
$1,060,921
15,762
$1,043,987
14,968
$750,977
14,183
Gross oper. income
$909,676
217,633
$1,076,683
244,643
$1,058,955
$765,160
249,936
214,123
$692,043
41,950
$832,040
45,468
$809,019
44,029
$551,037
43,811
$733,993
$877,508
$853,048
$594,849
245,722
239,716
220,082
$488,270
$637,792
Ry. oper. revenue
Maint. of way & structMaint. of equipment
$2,315,353
269,859
189,738
Traffic expenses
106,199
Transportation expenses
523,456
General
120,195
Transp. for invest.Cr
35,528
j.
Net
rev.
from ry. oper.
Railway tax accruals
Uncoil, ry. revenues
Deducts, from gross inc.
530,436
116,855
32,815
476,290
89,095
66,009
378
report by the
the aforesaid sale to be submitted to stockholders of
American States
Utilities Corp. prior to or contemporaneous with the
solicitations of proxies
on
are
Total
$629,122
x Includes interest on IRC ref.
& impt. bonds at rate of 5% per annum
for period Jan. 1 to April 30 and at rate of 3
% per annum for period May 1
to Dec. 31.—V. 147, p. 3611.
•
International
b After reserve
1937.
Kansas City Public Service Co.—Earnings—
Period End. Dec. 31—
1937
«
$5,599,471
Gross income
$6,551,764 $6,434,911
Total
of $23,789 in 1938 and $16,972 in
Irving Air Chute—Meeting Date Changed—
t
1938
Revenues
Maintenance
Interest
$6,551,764 $6,434,911
reserve
Stockholders at their recent annual meeting approved amendment to
by-laws changing annual'meeting date from the third Wednesday in February to the third Wednesday in March, beginning in 1940.—V. 147, p. 2868.
(Buffalo)—Earnings—*
Rentals, transfer taxes, &c.
After
a
for depreciation of $2,879,066 in 1938 and $2,757,165 in 1937.
c Inc udes
surtax on undistributed profits,
d Since Jan. 1, 1938.—V. 147, p. 3915.
[Rail and bus operations]
Years Ended Dec. 31—
Conducting
306,192
.r
..406,624,773 427,073,943
Total
depreciation reserves of $106,991,834 in 1938 and $101,414,637
b After reserve for losses of $25,100,720 in 1938 and $23,498,149
International Ry. Co.
Earned
699,916
1,687,853
mainte¬
nance
Other reserves
Total
20(3,000
5 H % real est. note
$5
of affll. cos
charges,.
311,882
2,228,200
225,000
gold
»
stk. & surplus
Def'd
34,251
92,369
2,164,100
1st mtge. 6%
30,818,658
58,007,280
1,429,267-.
1,429,267
Com. div. pay..
1,698,094
2,653,297
Deferred credits
3,445,084
4,043,908
118,499,726
49,484
67,634
97,031
13,708
_
j
43,926 7
deposits
Pref. div. pay.-
59,173,968
1,573,799
mon.
obligations
&c
rec'ble, &c„.101,122,498
Other assets
5,523,976
49.02A
Salesmen's security
46,069
b Fixed assets
126,112
c37,147
61,634
install.
Pur.
5,039*099
1
Other assets
\
bond, mtge.
& other interest.
37,570
53,057
Investments
81,672,400" 81,672,400
109,829,440 169,829,480
n79,684
Acer, taxes (ord'y)
(corp. life insur.)
Invoices,
1^5,808
63,981
value
67,688
344,547
/99.800
Soc. sec. tax. pay.
4,845
532,527
,
Prepaid ins., taxes
Cash
1937
$
Preferred stock.
mines, &c.__.115,024,039
obliga. (current)
485
539,326
-
,
282,432
payablemoney install.
Federal income tax
officers
employees.
and licenses-.-.
LiaMlUies—
Real est., pl't,
a
Marketable sec.
from
and
Inventories
$95,000
134.426
_
Accounts
Pur.
Jan. 1 '38
$25,000
Accept's payable.
$579,647
Due
•
Dec. 31 *38
LiaMlUies—
Notes payable
,
$447,842
a
Sheet
Jan. 1 '38
Dec. 31*38
hand
on
Consolidated Balance Sheet Oct. 31
1938
b Provision for Federal income tax
of $72,450.
This provision
the income reflected by the
account,
Balance
-
1937
■
_
income
Cash in banks and
Earnings per share
$3.00
$6.31
a After
deducting miscellaneous earnings of $1,009,754 in 1938 and
$1,027,792 in 1937.
b Includes undistributed profits tax of $425,000
in 1938 and $3,350,000 in 1937.
c Estimated excess of reserve applicable
to receivables of prior years)..
Note—1937 figures revised to conform to 1938 classification.
1938
Consolidated corporation resulting from the
13, 1937, of Schulze Baking Co., Inc., and
statement.
$9,794,677
4,245,736
-
Cr410
DrS7S
;
appears in the above statement in the amount
is in respect of the estimated tax applicable to
Assets—
Shares
z
Corp.
-—
Surplus for the year.
a
$165,696
$384,394
Bakeries
Interstate
-$18,471,723 $32,492,763
5,717,068
5,717,068
8,172,101
16,981,019
-
,
*
consolidation effective Dec.
-
_
Net income
'38
$124,978 loss$215,038
x
Provision for contingencies and for Federal and State income-taxes
which appears in the statements of income and of earned surplus in the
aggregate amount of $85,000, includes Federal normal income tax of $30,966
and surtax of $23,200.
A portion of the provision has been charged to
earned surplus, due to items of taxable income appearing as credits thereto,
y Provision for contingencies and for Federal income taxes appears in the
statement in the amount of $49,966 and includes $18,280 for surtax on
undistributed profits.
This provision is in respect of the present corpora¬
tion as well as predecessor companies through the merger or consolidation
$24,221,723 $36,342,763
7,500,000
Net income from operations
Provision for inventory reserve
Provision for abandonment of ore mine
1
$837,482
38,393
$384,394
Netproflt-
$28,005,223 $47,667,274
3,783,500
11,324,511
Income from operitions
b Provision for Federal income tax
'38 zJan.
12,859
Bond & mtge. interest..
4,725,333
-
Net income from sales
on
Dec. 31
Period Ended—■
7,581,856
Depreciation
Provision for losses on receivables
Corp.—Earnings—
52 Weeks Ended
Income Account
Interest
1939
company.
The applicants state that the aggregate holdings of International
Utilities Corp., General Water Gas & Electric Co. and Securities Corpora¬
Total compensation of the executive officers of
amounted to $520,000 in 1938 as compared with $719,000
with $125,000,000 in 1937.
the company
jjy| J
Feb. 25.
Chronicle
and
Securities Corporation
Utilities Corp.,
a
Net oper. income
Non-operating income.
_
Gross income
Interest on 1st mortgage
bonds, &c
Net income.
Dividends paid
387,857
531,488
$632,966
531,006
$100,413
$106,304
$101,959
207,942
„
$386,907
330,030
General
registered holding
Balance.
$56,877
Volume
Financial
148
1938
1937
1938
1937
$
$
Assets—
Liabilities—
Investments: Road
$
$
6% cumulative.
17.309,253
Dec. 23, 1936; 20 cents paid on Oct. 1, June 1, and March 2, 1936, and
on Dec. 30, 1935; 25 cents paid on
Sept. 3, 1935; 34 cents paid on June 1
and March 1, 1935; 70 cents on Dec. 29, 1934, and 25 cents per share dis¬
tributed
Pref. stock, ser. A,
equip.<fc sen.exp.17,383.846
Improvements on
2,831,100
2,831,100
281,700
on the first day of March, June, September and December of 1934,
1933, and 1932.—V. 147, p. 1344.
281,700
Pref. stock, ser. B,
leased prop, and
miscell. physical
6%
1173
Chronicle
on
General Balance Sheet Dec. 31
non-cumul.
Lefcourt Realty Corp.
Years End. Dec. 31—
Gross income
property
Other investments
21.086
56,497
891,120
891,569
Cash
603,837
556,096
Stock
....
5,745,400
2,605,000
5,745,400
2,605,000
Preferred stock
6%
non-cumul.
for
liability
237,096
235,854
246,745
1,966.772
1,928,724
4 % serial notes
Total
30,549
39,670
unadjust. debits
Total......
...19,230,915 19,182,482
-V. 148, p.
$461,332
$221,622
3 52,273
35,200
$282,083
350,868
x44,600
$222,695
350,141
x34,600
$461,498
347,825
51,800
$165,851
873,155
$113,385
970,635
83,113
75,000
$873,155
$985,812
15,176
$1,186,655
$707,304
$873,155
$970,635
$1,064,745
Prov. for Fed. inc. taxes
52,089
39,627
First mtge. bonds.
&
$220,450
2,245
Depreciation
270.877
Corporate surplus.
assets
$253,472
28,612
15,904
256,000
204,796
depreciation
Other unadj. cred.
Deferred
$2,038,696
1,577,364
$707,304
133.534
4,674,000
Current liabilities.
225,946
$1,765,302
1,544,852
Operating income
133.534
227,000
206,345
conversion
112,571
214,110
4,674,000
Res. for taxes....
77,244
Other curr. assets.
...
19,230,915 19,182,482
Other income
Total income
Net
loss..
Previous earned surplus.
Portion of
res.
1937
1935
$1,792,424
1,538,952
$215,872
5,749
Oper. exp., incl. int
Acer,
Mat'Is & supplies.
(& Subs.)—Earnings—*
1938
$1,750,415
1,534,543
.
Pref. stock, ser. C,
1936
166
$162,046 prof$61,873
1,064,745
1,049,782
for contg.
credited back
584.
Total surplus
Preference dividends
Keith-Albee-Orpheum Corp.—Preferred Dividend—
a dividend of $1.75 per share on the 7 % cum.
pref. stock, par $100, payable out of capital surplus on Apr 1 1 to
holders of record March 15.
This compares with $3.50 paid on Dec. 23
last; $1.75 paid on Oct. 1, July 1 and April 1, 1938; a dividend of $5.25 was
paid on Dec. 24, 1937.
Dividends of $1.75 were paid on Oct. 1, July 1
and April 1, 1937.
A dividend of $7 was paid on Dec. 21, 1936, and com¬
pares with dividends of $1.75 per share on Oct. 1, July 1 and Apr 1 1, 1936,
this last being the first payment made on the preferred stock since Oct. 1,
1931, when a regular quarterly dividend of like amount was paid.—V. 147,
p. 3766.
121,910
The directors have declared
conv.
y
Earned
x Includes $17,200 ($13,250 in 1936) provision for Federal surtax,
y In¬
cludes $740,638 representing the cost of pref. stock repurchased in 1938,
$727,380 in 1937, 1936, and 1935.
Consolidated Balance Sheet Dec. 31
Assets—
a
Dep. of mtge. Int.
Corp.—To Pay 25-Cent Dividend—
no par
"
•
Operating
63,741
82,710
37,741
111,719
;
..
613,821
59,316
100,023
38,543
115,268
$423,700
33,349
_
Provision for retirements
i
Federal income taxes
Other taxes
...
.
Operating income
Other
income
Gross
Interest
income
on
_
_
...
Amortization of debt discount and, expense
13,086
10,000
2,682,000
Com. stk. (par $1)
210,000
Earned surplus.
707,304
Capital surplus... 2,462,362
2,731,725
& Fed.inc.taxes
$3
x
242,372
280,316
65,694
deferred charges
Miscell. assets
67,199
200,000
27,952
6,372
.<•»
adjust¬
Preliminary, subject to annual audit and such sundry book
fiscal year ended
have declared a dividend of 25 cents per share on the
stock, par $5, payable March 14 to holders of record March 1.
This compares with 75 cents paid on Dec. 14 last; 20 cents paid on June 14
last; 30 cents paid oh March 14, 1938; 62
cents paid on Dec. 14 and on
June 14, 1937; &7yf> cents paid on Dec. 1, 1936; 62H cents paid on June 1,
1936, and 50 cents paid on Dec. 1, 1935.
See also V. 145, p. 3501.—V.
147, p. 3312.
directors
Lima Locomotive
Works, Inc.—Earnings
cess
for
Fed.
&
undist.
on
a
Net
Knudsen Creamery
Directors have declared
a
,
„
stock
Dividends paid
on
Nov. 1 and on
Co.—Accumulated Dividend—
dividend of 37 M cents per share on account of
cumulative and participating shares,
payable Feb. 25 to holders of record Feb. 15. Similar amount
was paid on Dec. 20, Nov. 25, Aug. 25, May 25 and Feb. 25, 1938.
See
also V. 148, p. 129.
>
Laclede Gas Light
Total
revenue
$7,028,729
3,142,446
1,133,097
327.200'
-
v----
..
Maintenance expense.
Retirement expense,-
unfunded debt-.
5,665
Int. during construction
Cr6,040
on
$7,375,133
3,5)6,784
1,183,699
333,089
508,091
792,855
406,351
501,143
$7,277,165
3,484,502
787,377
303,688
$2,268,480
1.944,986
6,636
010,971
$2,167,999
1,945,016
5,465
07,618
3,052,783
34,255
3,294,347
d Bills & accts. rec.
Inventories...
187,097
17,139
185,875
15,334
168,233
20,891
431,821
.
payable.
Misc. accr. llabs..
Accounts
Res.
for
295,000
36,470
615,000
39,770
for conting..
645,000
Res.
106,175
61,513
def355,354
106,175
331,680
Capital surplus... 2,756,083
2,786,083
99,095
reserve
Earned surplus...
Total.
9,706,523 10,736,031
„
117,060
Adv. pay. on contr
1,406,345
63,210
charges.
116,852
Accident Insurance
2,704,866
99,095
66,776
123,444
Fed. Inc.
34,255
1,322,556
2,085,209
6,331,710
6,331,100
taxes
22,258
Accident ins. fund.
Total....
Common stock.
1
Cash In closed bks.
$2,204,723
1,941,273
6,236
04,914
504,284
--
Operating profit-..-. $1,921,702
Interest on funded debt.
1,944,989
Int.
3,014.574
$7,307,934
131,859
1
Oth. market sees.
$6,845,344
357,798
360,551
Operating expense---,
Taxes
$6,974,014
401,119
y$6,668,178 y$6,950,136
Operating revenues
Non-operating revenue
2,974,412
135,199
Cash
1935
1936
1937
c
$
$
Liabilities—
$
Drawings, patt'ns,
&c
1937
1938
1937
$
Land, bldgs,, ma¬
chinery,
2,914,210
Deferred
Co.—Earnings—
1938
b
dies,
par value,
Calendar Years—
13,066
Comparative Balance Sheet Dec. 31
1938"
Goodwill..
accumulations on the $1.50 class A
no
$538,708
^27,642
......
Assets—
4
.
$251,104
...
loss...$687,035prf$1,019,982
,
Aug. 1, 1936 —V.>148, p. 441.
$470,623
55,018
205,000
90,000
profits
dividend of 20 cents per share on the common
stock, no par value, payable April 15 to holders oi record March 27.
Divi¬
dends of 10 cents were paid on Feb. 1 and on Nov. 1, last, and compare with
40 cents paid on June 27, last; 15 cents paid on April 15, 1938; 25 cents paid
on Nov.
1, 1937; 15 cents on Aug. 2, May 1 and on Feb. 1, 1937, and
dividends of 50 cents per share paid on this class of
$118,048
133,057
ex¬
profits tax
Surtax
1935
1936
1938
1937
x$610,293 prf$ 1,588,181
76,742
273,198
Calendar Years—
Net operating loss
Reserve dor depreciation
x Net loss is arrived at as follows:
Sales $3,208,400, cost and expenses
$3,829,231; development and experimental $84,234; other income, $94,772;
loss as above, $610,293.
Keystone Steel & Wire Co.—Dividend Doubled—
Directors have declared
25-Cent Dividend—
Lehn & Fink Products Co.—To Pay
The
$189,296
$161,264
ments, if any, as may be necessary incident to closing for
Dec. 31. 1938.—V. 147, p. 3162.
873,155
common
Fed. capital stock tax._
x
210,000
2,425,895
Total..$6,250,051 $6,446,330
$6,250,051 $6,446,330
Reserve
$222,725
33,429
$194,693
Balance
conv.
cum.
preferred stock.
Represented by 59,600 (60,705 in 1937) no-par shares.—Y. 147, p. 3613.
x
$457,049
$409,867
200,000
8,803
6,372
_
long-term debt—1st mtge. bonds
Other interest
19,333
conting.
for
Res.
5,878,801
$1,350,670
$1,311,080
649,165
$366,004
43,863
expenses.
Maintenance
received in adv.
Improved property 5,637,791
Prepaid expenses &
and accrued
Total
$38,192
138,028
Income, rents
Def. income, rents
other
34,037
1937
xl938
'
j,
,
1937
$42,742
108,466
24,091
Acc'ts pay., trade.
Acc'ts
Accrued llabllltiesAccrued liabilities.
charges
34,338
rec.
Keystone Public Service Co. (& Subs.)—EarningsYears Ended Dec. Zl—
Total operating revenues
and
tenants'
dividend of 25 cents per share on the common
value, payable March 31 to holders of record March 3. Final
dividend of $1 was paid on Dec. 23, last, dividends of 25 cents were paid
in each of the three preceding quarters, and previously regular quarterly
dividends of 50 cents per share were distributed.
In addition, a special
dividend of $1 was paid on Dec. 23, 1937, and special dividends of 25 cents
were paid on Sept. 30 and on June 30, 1937.—V. 147, p. 3162.
stock,
$166,055
19,922
$269,856
1938
Liabilities—
1937
1938
Cash
Rents
Kennecott Copper
Directors have declared
'
end of yr
sur.
....
9,706,523 10,736,031
depreciation amounting to $4,041,902 in 1938 and
value authorized, 88,943
$3,969,391 in 1937. c 300,000 shares without par
shares unissued, 211,057 shares issued,
d After reserve of $30,000.—V.
146, p. J.404.
b After reserve for
Louisville Gas & Electric Co.
496,925
(Del.) (& Subs.)—Earns.
yl938
N
1937
$10,915,385 $10,499,849
5,786,997
5,485,686
Years Ended Dec. 31—
Operating revenues..
Operating expenses, maintenance & taxes—
x
Net operating revenue
;
---
'
$5,128,388
215,791
$5,014,164
229,008
$5,344,179
1,200.000
-
(net)
Other income
...
$5,243,172
1,200,000
Amortization of debt dis"
count and expense...
187,345
16,189
Miscellaneous
loss$226,446
Net income
x
Exclusive
of
$334,434
charged to earned surplus,
y
%
$
57,643.109 57.644,146
994,926
8pecial deposits.. 1,322,320
Investments
8,275
Adv. to affil.co
5,000
Cash
—
Accts. receivable-.
Unbilled
income.
.
Inventories
Deferred charges..
Liabilities—
1,124,255
8,275
x
City
of
2,500,000
10,700,000
36,000,000 36,000,000
250,000
19,502
—
$2,551,926
$2,533,372
Accounts payable.
288,098
260,374
830.076
934,664
Payrolls payable..
49,625
......
pref. stocks of Louisville Gas
(Ky.) held by public
on
375,845
Accrued accounts.
Matured
1,019,933
30,311
1,053,545
594,871
1,685,876
2,012,381
139.384
944,534
1,928,425
depos.
Adjustment
22,740
152,566
1,263,396
interest.
to
& Electric
...
19,915
Capital surplus...
6,271,952
1,767,026
19,822
6,311,400
2,904,638
3,144,069
Reserves...
surplus
Total..
—
63,845.229 63,416,361
Represented by 107,000 shares ($100 par).—Y, 148, p. 441.
•
1,575,794
$2,754,246
1,013,987
taxes applic-
able to prior year
Other surplus
$1,178,452
1,638,637
56,000
—
Provision for city. State and county
1,354,920
$1,197,006
-
beginning of period—
of res ve for uncollectible accts
Total.
,
1,354,920
Dividends on common stock
con¬
Misc. unadj. cred's
Earned
„
$2,891,643
1,239,129
Net income
Earned surplus,
79,787
351,700
Consumers'
159,887
and rehabilitation expense
460,495
sumers
x
Divs.
Co.
874,616
63,845,229 63,416,361
—
250,000
^ 23,806
(net)
of flood
Balance—
Louis
729,551
Refunds
Total
$4,006,172
1,043,410
2,500,000
receipts tax
gross
85l"251
St.
37,000
$4,107,179
1,121,220
160,227
—
1937..
Other income deductions..
Common stock.: 10,700,000
Funded debt
±
.
incurred during
$
$
«•
Preferred stock...
plant &
equipment
1937
1938
—
Amortization of debt discount and expense
Amortization
1937
Assets—
Property,
income...
Interest charges
After deducting refunds to be made.
Comparative Balance Sheet Dec. 31
1938
Gross
by strike and
caused
expense
37,000
x$73,003
y$23,926
$123,593
extraordinary
x Net operating revenue and other income
Appropriation for retirement reserve
Amortization of contractual capital expenditures..
-
------
3,038
deductions (net)
Earned surplus, end of period—
x Before appropriation for retirement reserve,
y
74,30b
27,315
$1,649,476 $1,638,637
Preliminary, subject to
audit.
Notes—(1)
Provision made by
Louisville Gas & Electric Co.
(Ky.)
Income taxes for the year 1937 was reduced as a result
for losses resulting from the flood in Louisville during
January and February, 1937.
No provision for surtax on undistributed
profits dining 1937 under the Revenue Act of 1936 is 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 Febraury, 1937.
for Federal and State
Lava Cap Gold
Mining Co.—2-Cent Dividend—
Directors have declared a dividend of two cents per
share on the common
31 to holders of record March 10. Dividends of three
paid on Dec. 22 and on Sept, 30, last; a dividend of two cents
was paid on June 30, 1938, and one of three cents per share was distributed
on March 31, 1938.—V. 147, p. 3162.
stock payable March
cents were
Lehigh Power Securities Corp,—To Pay 30-Cent Div.—
Directors have declared a dividend of 30 cents per share on
the common
tock, no par value, payable March 1 to holders of record Feb. 23.
This
ompares with 23 cents paid on Dec. 22, last, 20 cents paid on Sept. 1,
une 1 and on Feb. 26, 1938. a dividend of 10 cents was paid on Dec. 23,
937; 20 cents paid on Sept. 1, June 1, and on March 1, 1937; 33 cents paid
of deductions made
To
Pay Class
Dividend—
Directors have declared a
dividend of 37 Vi cents per share on the class B
stock, payable March 25 to holders of record Feb. 28. Dividend on the
class B shares was omitted last quarter and previously regular quarterly
dividends of 37M cents per share were paid.—V. 148, p. 5 86.
Financial Chronicle
1174
Market Street Ry. Co.—Earnings—•
Lionel Corp.—Additional Dividend—
Directors have declared an additional dividend of 30 cents per share on
(Including South San Francisco RR. & Power Co.)
the common stock, payable Feb. 28 to holders of record Feb. 21.
A divi¬
dend of 20 cents was paid on Jan. 3 last; one of 70 cents was paid on Feb. 28,
1938, and
a
Loft, Inc.—Committee Seeks Proxies to Elect Board Members
In
an attempt to elect Independent representatives to the board of direc¬
the stockholders protective committee in a letter to stockholders is
$798,450
7,408
$805,858
Other income.
500,000
500,000
loss$37,300
$305,858
456,882
22,926
4,306
Appropriation for retirement reserve.
,
tors
$7,192,722
6,394 SI2
$455,039
7,660
Operating expenses, maintenance and taxes——-
(Marcus) Loew's Theatres, Ltd.—Accumulated Div.—
147, p. 3766.
441.439
21,065
Interest charges
Amortization of debt discount and expense.
Other income deductions
r
3,927
—
Soliciting proxies for the annual meeting on March 15.
The committee,
of which Milton W. Harrison is chairman, states that it is not now seeking
a complete change in the management of Loft since it does not desire to
jeopardize final success in the Pepsi-Cola litigation through any unsettlement due to management changes.
While not expressing a final opinion as to what disposition should be
made of Loft's interest in the Pepsi-Cola Co., the committee states that
stockholders must solve the question first, as to whether Pepsi-Cola's
earnings and cash will merely offset loft's losses and supply Loft with
working capital, and second, as to whether the Loft management has
available personnel capable of operating Pepsi-Cola profitably.—V. 147,
p. 3767.
Lukens Steel Co.—New Directors—
1937
$6,482,371
6,027,332
$462,700
dividend of 30 cents per share was distributed on Jan. 3,1938.—
The directors have declared a dividend of $21 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable March 31 to
holders of record March 8.
See V. 147, p. 3461, for record of previous
yl938
Year Ended Dec. 31—
Total gross revenues—
V. 147, p. 3613.
dividend payments.—V.
Feb. 25, 1939
$503,732
4,584,272
on
sale of unimproved property.
Profit
on
$178,257
4,766,378
5,584
22,940
Profit
Dr 1,775
funded debt acquired for sinking or other
funds (net)
a
—;
—
111
67
$4,103,593
Miscellaneous credits—---------—
$4,591,986
7,624
—
Carmen's equipment written off-,
on sale of unimproved property
9,042
Loss
Obsolete materials and supplies
value
reduced to
scrap
29,718
Loss on abandonment of property of South San
Francisco RR. & Power Co. on account of dis¬
continuance of service
Miscellaneous debits——
'
*
At the recent annual meeting Charles L.Huston Jr., Normal R.Entrekin,
W. Perry Tyson, John E. McCauiey and Samuel L. Shober Jr.; were elected
Six
directors.
of the retiring Board
were
reelected.
They are:
Charles L.
32,796
431
90
$4,031,605
$4,584,272
Huston, C. F. Miller, W. F. Downs, Carl Fenninger, Robert W. Wolcott
and T. E.
Quisenberry.
130.
p.
Earned surplus, end of period
The directors reelected retiring officers.—V. 148,
...
x Before appropriation for retirement reserve,
y Preliminary, subject
audit.
Note—The net loss, as stated above, includes a loss of $7,906 for the year
ended Dec. 31,1938 and $10,307 for the year ended Dec. 31, 1937, resulting
from the operations of the South San Francisco RR. & Power Co., a wholly-
to
Lustron
Lights, Inc.—To Sell Shares—
Alfred G.
Kay, President of this company announced Feb. 23 that an
been entered into with Ferd Loeb & Co., members
Exchange, under which a block of the corporation's
treasury shares would be distributed publilcy.
A total of 57,000 capital
shares will be offered at $1.75 each,
agency agreement had
or the New York Curb
McCrory Stores Corp.—Earnings—
Years Ended Dec. 31—
Sales (merchandise, restuarant & con^
cession),
1938
1937
1936
-.-.$40,068,194 $41,001,242 $40,235,113
-
owned, subsidiary, which was dissolved Dec. 30,1938.—V. 148, p. 442.
Melville Shoe Corp.—Sales—
Corporation on Feb. 18 announced sales of $1,761,715 for the four weeks'
period ended Feb. 11, as cmopared with sales of $1,767,528 for the similar
period last year, or a decline of 0.33%.
For the eight weeks' period
ended Feb. 11, sales were $4,897,619, as against $4,649,735 last year, or
an increase of 5.33%.—V. 148, p. 587.
Cost of goods sola & oper. exps., incl.
occupancy, gen,
Michigan Bell Telephone Co*—Earnings■—
&adminis.expense 37,191,219
37,711,254
$2,876,975
$3,289,987
Drl3,158
$3,668,032
7,409
Uncollectible oper. rev—
$3,276,830
618,068
251,101
239,039
$3,675,440
588,280
Operating revenues— $3.555,184
Operating expenses----2,172,536
36,567,081
Period End. Dec. 31—
Net sales.
—
—-
Miscellaneous income (net)--------Profit from operations
Depreciation hnd amortization.
31,606
$2,908,670
-
-----
Prov. for Federal income taxes.
-
Other charges-
694,838
234,543
214,226
Operating
revenues—
Net profit
Divs. paid or declared
on
pref. stock—
Divs. paid on common stock
—
$1,765,064
300,000
742,690
53,429,916 $40,116,216 $40,557,974
2,250,382
25,333,545
25,329,782
See y
650.993
Net oper. revenues.
—
$1,382,648
446,160
-----
$2,108,620 x$2,436,168
300,000
225,000
495,126
__
Net oper. income
,
N et • income.
$1,179,533 $14,782,671 $15,228,192
401,729
5,364,269
5,019,601
$936,488
887,349
Operating taxes
'
1938—Month—1937
1938—12 Afos.—1937
$3,563,058
$3,443,471 $40,374,654 $40,634,117
7,874
13,556
258,438
76,143
$777,804
$9,418,402 $10,208,591
735,790
9,770,823
8,802,092
—V, 148, P. 1033.
Balance, Dec. 31No. ofshares of com. stockoutstdg—.
Earnings per share
—
$722,374
990,253
$1.48
$1,373,494
990,253
$1.89
$2,211,168
990,253
$2.15
Operations of the company by the Irving Trust Co., trustee for the
period beginning Jan. 1, 1936 and ended May 4, 1936 have been included
In the above statement.
x
y No provision has been made for Federal income taxes for the year ended
Dec. 31, 1936, as the company claims as taxable deductions various items
in an amount exceeding the net profits of the company for the year ended
Dec. 31,1936. .The validity of such deduction is. subject to final determina-.
tion with the Federal Government.
Assets—
Cash
In
hand,
Accts.
in
bks.AIn. transit
6,139,722
Merchandise inv.j 4,695,96.8
c
Misc. accts. rec.
(current)
Marketable
cMisc.
payable
1,439,827
332,988
751,205
1,028,002
d40,484
151,832
773,932
<<fe
taxes
234,543
251,101
11,200
instl. curr
37,317
'75,000
30,593
24,338 Divs. payable--..
assets-,.-11,027,640 10,738,588 Res.fordef.maint.
Deferred charges.replace. & cont.
617,488
663,233
Mtge, & purchase
*75,000
oblig'n..
5% s. t.
734,100
b Fixed
money
15-year
debs
—
505,162
3,922,142
Res. for conting__
Com. stk. (par $1)
4,252,000
5,000,000
Earn, surplus
h After
reserve
3,571,947
4,644,585
22,661,964 22.018.210
for
depreciation and amortization of $5,680,193 in 1938
and $5,200,248 in 1937,
c Less reserve,
d Includes notes receivable,—
V. 148, p. 1032.
•
"
.
MacKinnon Steel Corp., Ltd.—Accumulated Dividend—The directors have declared a dividend of $1.75
per share on account of
on the .7% cumul,
pref. stock, par $100, payable March 15
to holders of record Feb. 28.
Like amount was paid on Dec. 12, Sept: 15,
^ an<* March 15, 1938 and on Dec. 15, 1937, this last being the first
dividend paid by the company since February; 1933, when 87
H cents per
share was distributed on this issue.
Prior to this latter date regular quar¬
per
share were paid.—V. f47, p. 3163.
MacLaren-Quebec Power Co.—Financing Plan—rrhf company has filed
an application with the Provincial Electricity
Board for permission to carry out
financing in connection with refunding
of its 1st mtge. bonds.
The plan includes an authorized 1st mtge. bond issue of $20,000,000
and a 2d mtge. issue of $18,000,000.
Principal amount of 20-year 4%
bonds will be used for refunding outstanding bonds of a similar amount.
—Presenf $12,000,000 outstanding 1st mtge. bonds, series A, 5%
h era Med on May 15 next at 103 and accrued
interest, while the $6,000,000 series B will be called on the same date at 105 and accrued interest.
The application also requests permission to reduce to
$6,494,470 the
amount of capital represented
by the outstanding 50,000 shares (no par)
common stock outstanding.
In the previous balance sheet this amount
was carried at $8,543,593.
In addition to refunding present issues, proceeds will be used to covet
bank loans and provide working capital for the
company.—V. 148, p. 885.
*»
Mack Trucks, Inc. (&
Maryland Fund, Inc.—Dividend—
The board of directors t>n Feb. 21 declared a quarterly distribution of
three cents per share, payable March 15 to holders of record Feb. 28.
This
distribution, the 18th declared since the Fund's inception in 1934, will be
made against approximately 1,685,000 shares outstanding, and
compares
with three cents paid on Dec. 15 last, and two cents per share paid on
Sept. 15, 1938.—V. 147,
p.
3768.
1935
361
$1,306,339
24,304
23,427
1,534,719
209,876
$1,329,766
171,300
127,451
27,998
341,483
64,500
4,129
revenues------
195,108
147,212
30,634
79,516
10,797
147,901
28,618
382,129
73,090
8,726
$630,315
141,540
$707,586
106,152
$701,830
107,962
$601,162
85,702
1,597
Total oper. income—
$488,775
$601,433
77,286,
$593,868
75,529*
$513,863
77.097
$565,872
$678,719
$669,397.
$586,900
,
385,984
-
,
Net
rev.
from oper
Railway tax accruals,,
(.
Uncoil, railway revenues
Gross oper. income
Total deductions from
73,037
;
165,148
184,144
183,518
$408,771
74,425
$494,576
92,873
$485,878
121,421
$421,752
107,091
Gross income
Int. on' 1st mtge. bonds.
Int. on adj. mtge. bondsi
Int. oh unfunded debt
$483,196
335,750
121,575
5,520
$607,299
335,750
121,575
3,783
5,389
$528,843
335,750
Miscell. income charges.
$587,449
335,750
121,575
227
5,786
$140,802
$64,474
gross
157,101
income.-
Net oper. income..—
Total
income-
non-oper.
Net
436
income.
$19,915
General
Balance
,
.
$124,110
Sheet
Dec.
Assets—
$
1938
Liabilities—
,
Investments, road,
Common stock.
equipment, &C.19 ,341,420 19, 429.336
Misc. phys. prop127,830
' 107,832,
Preferred stock—-.
Other investments:
Muskogee
common
stock & bonds
1,084.408
483,000
483,900
Miscellaneous
11,588
20,541
,274*594
1 158,703
180,495
378,922
316,666
2,883
40,193
39,040
3,201
Accrued deprecla'n
28,708
274,749
29,257
Corporate surplus- 4,692,321
4,769,181
299,400
36,142
22,594,679 22,584,345
p.
879,000
Current liabilities.
equipment
Other unadj. cred.
un¬
Total
148,
1,552,500
879,000
85.858
35,138
curr. assets.
adjusted debits.
—V.
6,715,000'
1,552.500
162,359
55,305
15,267
_
1st mtge. 5% bds.
Reserve for taxes.
U.S. Govt, bonds.
Cash
Def'd assets &
$
3,999,250
3,999,250
6,715,000
Deferred liabilities
1,084,408
& Mining Co.
Mat'l & supplies.
1937
4,006,500
Adj.mtge. 5s ser.B
Sebastian Co. C'l
Other
$ ;
,
4,006.500
Adj.mtge. 5s ser.A
Co.,
stk..
121,575
1,840
5,203
31
1937
1938
Subs.)—Earnings—
Calendar Years—
Net loss
1938
1937
1936
1935
$929,171 pf$l,284,691 pf$l,440,850
$395,616
z Earnings per share
Nil
$2.15
$2.41
Nil
x After
interest, depreciation and Federal taxes,
y After surtax on un¬
distributed profits,
z On 597,335 shares capital stock (no par).—V. 148.
p. 885.
x
1936
351
$1,510,415
28,606
accumulations
terly dividends of $1.75
1937
351
$1,506,637
$1,535,243
3,919,369
Total'.
1938'
351
$1,364,992
22,106
990,253
990,253
Capital surplus..- 4,526,123
.-22,661,964 22,018,210
—-
Total oper. revenues— $1,387,099
Maint. of way & struc.
161,431
Maintenance of equipm't
139,088
Traffic30,336
357,625
Transportation.
General---.
77,820
9,517
Transport, for in v.—Cr.
765,300
500,000
6% eohv, pf. stock 5,000,000
Total..-
revenues
-
Mtge. pay .«fc mtge.
accts. recelv'le.-
Valley RR.—Earnings—
>
348,826
Prov.for Fed, inc.
3,721
146,832
—
1937
$
5,635,834 Accts. pay., exp__
4,763,899 Accrued expenses-
-
secure.
notes
1938
Liabilities—
$
Midland
Calendar Years—
Aver, miles of road operMiscell.
1937
Pay 50-Cent Dividend
dividend of 50 cents per share on the common
a
April 1,1938.—V. 147, p. 3614.
Freight
Comparative Balance Sheet Dec. 31
1938
Midland Steel Products Co.—To
Directors have declared
and non-cumulative preferred stocks, both payable April 1 to holders of
record March 3.
Like amounts were paid on these issues on Dec. 24 and
Total
—
22,594,679 22,584,345
587.
Mid vale Co.—To Pay
The directors
on
75-Cent Dividend—
Feb. 23 declared a dividend of 75 cents per share on the
value, payable April 1 to holders of record March 25.
This compares with $2.50 paid on Dec. 17, last; $1 paid on Oct. 1, last;
75 cents paid on July 1 and on April 2, 1938; $2.50 paid on Dec. 18, 1937;
$1.50 paid on Oct. 1, 1937; $1.25 paid on July 1, 1937; 75 cents paid on
April 3, 1937; $3 on Dec. 19, 1936; $1 on Oct. 1, 1936; 50 cents on July 1
and April 1, 1936; $1 on Dec. 7, 1935, and on Nov. 7, 1934; 50 cents on
Jan. 1, 1933 ; 75 cents on Oct. 1, 1932, and from Jan. 1, 1930 to and incl.
July 1, 1932, quarterly distributions of $1 per share were made.—V. 147,
P. 3463.
capital stock,
Mills
no par
Alloys Inc.—SEC Delists Stock—
The Securities and Exchange Commission has issued an order, effective
March 1, delisting the $2 cumulative convertible class A preferred stock
on
Volume
Financial
148
(no par) and the class B common stock (no par) of the company from the
Los Angeles Stock Exchange.
The order "was in connection with proceedings
instituted by the SEG, and the Commission said the
company stipulated
on Nov. 23,
1938, that it had failed to file an annual report for the year
1937 and had consented to the withdrawal of its stock from listing on the
Exchange.—V. 131, p. 2390.
Chronicle
1175
Balance Sheet Dec. 31
1938
Assets—
a
building,
equipment, &c_
Prepayment
6,206,412
341,955
1938
Net sales
Cost and oper. expenses.
Depreciation..
28,077
53,412
36,000
33,909
Notes
$3,927,097
5,305
26,122
4,768
23,131
$3,667,011
$3,954,996
c809,888
6? ,747
31,318
c
-
.
Miscell. deductions.
c697,555
40,906
78,156
36b ,041
$1,793,339
$2,929,249
$2,082,360
134,650
92.100
dl28,782
829,280
1,865,700
2,176,659
Shs. com. stk. (no par)..
207,300
621,900
621,900
621,900
Earnings per share..
$8.00
$1.41
$4.52
$4.78
a Interest
earned
c Inonly,
b Includes
Brown
Instrument Co.
eluding Federal tax on undistributed profits of $109,000 in 1937 and $76,200
in 1936.
d Including dividend on called, and net adjutments on exchanged,
series A shares to Jan. 16,1937, and dividend on series B shares to March 1,
Net income
$1,003,289
122,800
1,243,800
Preferred dividends
Common dividends
_
1937.
Consolidated Balance Sheet Dec. 31
1938
Assets—
1937
$
Cash
Liabilities—
1,353,564
Trade notes &
1,508,467
36,432
38,902
3,710,759
4,861,572
Value of life insur.
est.,
162,954
3,272,323
151,182
3,520,728
139,506
3,291,49,9
Ital surplus
Earned surplus..
910,993
3,483,061
910,993
3,119,750
Total
59,664
....11,016,668 11,880,457
...11,016,668
Total
11,880,457
Minneapolis St. Paul & Sault Ste. Marie Ry.—-Inter¬
venes in Reorganization—
committee
thorized
by the
reorganization.
representing insurance
Interstate Commerce
company
investors has
Commission
to
been au~
the
intervene in
composed of Haughton Bell. Assistant
Financial
Manager of Mutual Life Insurance Co., New York; Eugene J. Conroy,
Assistant Solicitor of Prudential Insurance Co.; Edmund Fitzgerald, VicePresident of Northwestern Mutual Life Insurance Co.; H. C. Hagerty,
Treasurer of Metropolitan Life; and Richard K. Paynter Jr., Assistant
Treasurer of New York Life.—V. 148, p. 737.
committee
is
A revised application
was
filed Feb.
21 with the Interstate Commerce
merged properties with
name
Ohio RR.
the properties of the New Orleans Great Northern
of the consolidated company would be
Gulf Mobile &
.
revised
application, filed jointly by the Mobile &
Ohio and
the
The applicants previously filed with the Reconstruction Finance Cor¬
poration an application for $9,500,000 to be used in carrying out the plan.
They also filed applications covering issuance of the required new securities.
The applicants said that representatives of holders of $4,904,000 of
M. & O. refunding and improvement 4)^s of 1977, or 35.5% of these bonds
outstanding, and 31.1% of outstanding Montgomery Division (M. & O.)
5s of 1947 had signified their approval of the plan.
Illinois
Central Intervenes
The Illinois Central
Ohio and Gulf
The Illinois Central and the subsidiaries, the
Yazoo & Mississippi Valley
Ship Island, told the Interstate Commerce Commission the
proposed consolidation "will completely destroy the competition which now
and the Gulf &
exists between the Gulf Mobile &
Northern and the Mobile &
would "jeopardize the capacity of
petitioners and other
to continue adequately to serve the Mississippi Valley."
Committee Seeks
Ohio"
and
major trunk lines
Comparative Balance Sheet Dec. 31
xLand, bldgs., ma¬
chinery,
$896,990
&c
Liabilities—
1937
<1938
Assets—
Goodwill, trade¬
1,552,573
751,852
Contract for deed.
48,000
Cash
lnsur.
6,077
on
Mock, Judson, Voehringer Co*,
30,673
1,001
.
21,39#
49,791
1,001
.....$4,879,750 $4,969,'555
$4,879,750 $4,969,555
Total
Land, buildings, machinery and equipment of subsidiary companies at
in January, 1933, less provision for depreciation
reduced values established
of $703,216 in 1938 and $646,93x in 1937.
Gf no par value.—V. 147, p. 1041.
y
Represented by 150,000 shares
Earnings—
Inc.-
■To
a
1937
1936
$385,319
Gen. exp., taxes & int—
81,470
$512,703
81,472
$529,130
72,160
$334,970
61,669
$303,849
174,384
101,091
$431,231
174,384
202,182
$456,969
174,384
202,182
$273,301
174,384
90,982
$28,374
$54,665
$80,403
$7,935
Net income
Preferred
dividends
Common dividends
Surplus.
$
Assets—
Cash
192,396
.
1938
1937
Liabilities—
$
160,050
($100
Secur's of affil.cos.
owned, at cost.-10,482,354
affil.
1938
sales
1937
1936
1935
$12,043,790 $18,195,246 $17,591,646 $13,901,592
10,331,344
12,803,782
12,973,983
10,086,000
Cost of sales
Gross prof, on trading.
$1,712,446
Depreciation
555,733
Sell., gen. & admin, exps
2,107,889
Int. & misc. charges—net
Drl0,319
Prov. for Fed. inc. taxes
$5,391,464
552,032
2,512,809
Cr 15,997
$4,617,663
539,251
2,562,009
Cr75,103
330,000
a265,000
$3,815,592
530,346
2,551,910
Crl9,855
120,000
(202—
6,941,500
385,000
385,000
deprec'n.
5.Z50
24,881
480,000
Accrued
shs.).
payable
835,537
profit
—_loss$l,485,901
Dividends paid—
136,575
$1,242,084
928,710
$1,261,505
846,765
$633,190
$313,374
$414,740
$223,465
surplus...def$l,622,476
Shs. capital stock out¬
standing (par $20)-—
546,300
Earnings per share
Nil
x
11.304,623
11.271,653
'Total...,
38,250 shares Muskogee Co. common
Valley RR.—V. 147, p. 3314.
Includes $40,000 provision for Federal
,
4,500
21,036
1,013,217
409,725
546,300
$2.30
546,300
$1.16
undistributed profits tax.
11,304.623 11,271,653
stock owned by its subsidiary.
(F, E.) Myers & Bros. Co.- Earnings—
1938
1937
1936
Manufacturing profit
Expenses
1939
$442,380
209,718
$549,812
204,413
$565,441
195,349
$438,691
179,055
Operating profit
$232,662
$345,399
Other income (net)
5,807
8,743
$370,092
8,720
$259,636
5,784
$238,469
21,339
41,000
$354,142
21,089
50,200
$378,812
20,045
54,000
$265,420
19,502
35,125
$176,130
150,000
$282,852
200,000
$304,767
150,000
$210,794
100,000
$26,130
$82,852
$154,767
$110,794
$1.52
$1,05
Quar.
End. Jan. 31—
Total income
Depreciation, &c
Federal taxes
Net profit
Common dividends
—V. 147, P.
$0.88
$1.41
3918.
National Brush Co.—To
Pay 10-Cent Dividend—
share on the common
$5, payable March 10 to holders of record Feb. 28. This will be
the first dividend paid on the common shares since Dec. 21, 1937, when a
regular quarterly dividend of 12)^ cents per share was distributed.—
V. 147, p. 2540.
Directors have declared a dividend of 10 cents per
stock,
546,300
$2.27
,041,592
Midland
Earns. per sh. on 200,000
shs. com. stk. (no par)
524,406
Balance,
to
Reserve for taxes.
Surplus
in¬
__
2,906,400
,941,600
Notes
from
in
value
$
.906,400
Carpet Mills, Inc.—Earnings—
Calendar Years—
1937
affiliated cos...
no par
35,875
113,997
480,000
cos.
par)'
Corn. stk.
182
Real estate
to
x
35,875
1,13,997
owned, at cost..
Advs.
10,481.731
securities
Miscell.
$
6% cum. pref. stk.
Pay 25-Cent
dividend of 25 cents per share on common
stock, par $2.50, payable March 11 to holders of record March 1.
Like
amount was paid on Dec. 20, last and compares with 15 cents paid In each
of the three preceding quarters.
A dividend of 55 cents paid on Dec. 18,
1937, and previously regular quarterly dividends of 15 cents per share
were distributed.—V. 147, p. 3165.
decline
1935
1938
Divs. & miscell. income.
Total
The directors have declared
market
3,184,180
80,601
1,902,771
Investments
Total
10,109
unde¬
livered mdse...
Prepaid expenses.
x
& local taxes...
127,941
Capital surplus... 3,184,181
Earned surplus...
243,821
1,592,584
policies..
Inventories
Misc.
971,750
824,653
52,000
life
val.
sur.
1937
Res. for Fed., State
rec.
Accts. & notes
1938
y Capital stock...$1,500,000 $1,500,000
$902,369 Accounts payable,
accr. exp., &c_.
57,520
204,774
Surplus
Dividend—
a
"miscellaneous income."
x Includes underwear, foundation garments, hosiery,
&c., after deduct¬
ing returns, discounts and allowances.
1938
committee has applied to the Interstate Commerce
authority to solicit deposits of M. & O. securities under
the reorganization agreement which
contemplates the merger with the
Gulf Mobile 8c Northern, and to act under authorizations of the security
holders to represent them in the reorganization merger.
Members of the
committee are Frederic W. Ecker, Vice-President of Metropolitan Life
Insurance Co.; John K. Olyphant Jr., Vice-President of Central Hanover
Bank & Trust Co., and Edward H. Leslie, a general partner in Wood,
Struthers & Co.—V. 148, p. 738.
Net
Notes—(1) Annual charges, incluued above for deperciation of buildings,
machinery and equipment amount to $81,536 for 1938 and $68,523 for 1937.
(2) In the above statement "cash discounts on purchases" and "income
from sundry remnant sales" have been applied against "cost of merchandise
produced and sold"; on former occasions these items were included in
Deposits Authorization—
The reorganization
to
$32,992prof$193,101
37,500
112,500
Nil
• $1.28
Balance Sheet Dec. 31
Commission for
for
$32,992prof$228,123
35,022
"
Calendar Years—
21
Mobile & Northern.
ventory
-
150,000 shs. capital stock—-
Muskogee Co.
in Plan—
RR. and two of its subsidiaries intervened Feb.
proceedings looking to consolidation of the Mobile &
Mohawk
i
Net loss
Advances
Gulf Mobile & Northern, contained a plan of reorganization for the Mobile &
Ohio as amended and revised on Feb. 15, which provides for unified opera¬
tion of the properties of the three railroads named in the application.
cost
1,234,137
$45,757prof $218,560
12,765
9,563
Dividends paid
Earns, per share on
Cash
Commission in connection with the proposed merger of the Gulf, Mobile &
Northern with the Mobile & Ohio RR. and
the unified operation of the
Prov.
1,179,024
-
$5,576,169
4,123,471
operating loss
marks, Pats.,&c.
Mobile & Ohio RR.—Revised Plea Filed—
Net
and administrative expenses.
1937
3,719,253
Provision for Federal and State income taxes
59,766
Represented by 621,900 no par shares,
y After reserve for deprecia¬
tion of .$2,000,483 in 1938 and $2,525,885 in 1937.—V. 148, p. 737.
in
1938
$4,852,521
and sold—
Advertising and distribution expenses and general
Net loss
x
The
Years Ended Dec. 31—
Net sales.
37,907
ex¬
penses, &c_.
The
Munsingwear, Inc.—Earnings-—
x
Miscellaneous income (net)---
30,657
prepd.
RR.
,
Net
1
franchises
The
3% conv. debentures, maturing July 1 next.
According to this notice the refunding will be through a new issue of
10-year certificates, convertible by the holder at any time within five
years into common shares of the company on the basis of 1
shares for
each $50 principal amount.
Authorization is being sought by the company to issue two series of the
proposed note certificates;
One for an amount of $15,000,000, bearing
interest at the rate of 3%, and one for an amount of $5,000,000, bearing
interest at the rate of 2%%.
It is understood that the latter series will
be taken up by large institutional holders while the remaining $1,696,300
outstanding of the present debenture total of $21,696,300 will be provided
for out of the company's funds.—V. 148, p. 1034.
Cost of merchandise produced
cap-
Prepaid licenses &
A
17,762,780 20,939,119
Total
and
goodwill
Other
.17,762,780 20,939,119
a After
depreciation of $7,289,379 in 1938 and $6,757,423 In 1937.
Represented by 550,000 shares, par $20, including treasury stock,
Treasury stock at cost, 3,700 shares.—V. 147, p. 1200.
the company's
3,070,000
3,291,499
&c.,
L>r48,587
Dr48,588
Notice was given Feb. 20 of the filing of an application by the company
With the Provincial Electricity Board for authorization to.issue convertible
note certificates in the amount of $20,000,000, for the purpose of refunding
shares
(no par)
Paid-in,
and equipment.
Patents....
Trademarks
3,070,000
Treasury stock..
Montreal Light Heat & Power Consolidated—To Issue
$20,000,000 Convertible Notes—
series B
Common
145,832
plant
conv.
preferred
x
c
968,906
ex¬
penses, &c
4%
accounts
Inventories
155.999
491,890
Accrd. taxes &
Empls. and sundry
y Real
S
132,535
Accounts payable.
1,567,778
ac¬
counts recetv
1937
1938
'
$
2,239,132
...
36,000
320,339
205,729
8,379,883 11,304,826
Total
b
.....
& ad vs.
Inventories
$2,190,698
20.326
securities-
rec.
(non-current)
$2,153,808
16,563
$3,635,584
$1,353,055
:
271,608
divs. received..
42,719
Invest.
$9,087,678
6,665,354
268,516
$1,303,707
a5,193
44,155
-
Int. &
bl935
bl936
1937
430,526
1,887,848
Oth.acc'ts A ad vs.
$11,263,632 $15,810,214 $13,546,619
9,499,163
9,257,399
11,708,146
460,762
466,484
362,123
11,000,000
286,354
Notes payable
1,500,000
3,000,000
Cust. credit bals—
405,574
583,100
Accruals
88,788
82,611
Res. tor Fed. taxes
5,372
264,843
Capital surplus...
424,113
424,113
Earned surplus... 3,724,208
5,346,685
366,010
539,969
1,842,091
Trade accepts. rec.
Consolidated Income Account for Calendar Years
$
11,000,000
Accounts payable.
663,312
6,646,195
Aoc'ts receivable..
Regulator Co.—Earnings—
1937
Liabilities$
b Capital stock...
Cash
Minneapolis-Honeywell
1938
1937
$
Land,
par
Financial
1176
National Bond & Investment Co. (&
Consolidated Statement of
Subs.)—Earnings
Earnings for Years Ended Dec. 31
1938
1936
1937
Operating Income.- _
-$4,084,961
Oper., general & adminis. expenses..
2,501,793
$6,858,268
2,959,983
$6,097,275
2,290,611
$1,583,168
$3,898,285
26,190
9,987
$1,609,359
321,198
Miscellaneous deductions
2,859
Adjust, of res. for losses on recs
Cr255,030
Prov. for income & excess profits taxes
z326,882
Prov. for surtax on undist. profits
$3,908,272
509,447
3,008
$3,816,571
409,604
679,386
220,472
561,529
283,323
$1,213,450
a888,096
$2,595,959
1,402,680
612,600
$1.49
612,600
$3.74
$2,562,115
x1,054,642
612,200
Profit
Other Income
$3,806,664
9,907
Chronicle
the
income
paid
principal need to insure future profitable operation was to secure fi¬
support for three coal companies, Scranton Coal Co., Monarch
Coal Co. and) Penn-Anthracite Coal Co., which in past years supplied 55%
of the road's tonnage.
Thirty-five representatives of various communities
In New York 8tate served
by the road asked the Court to permit sufficient
promised their
time for the working out of a sound reorganization plan and
support, financial and by means of increased tonnage.
Judge Hulbert adjourned further hearings until May 18.—V. 148, p. 1035.
England Gas & Electric Assn. (& Subs.)—Earns.
1
Years Ended Dec. 31—
Shares
stock (no par)
common
Earnings per share
x
y$4.07
$13,685,551 $13,940,252
6,618,178
2,124,724
Other income
1938
$
1938'
Liabilities—
hand & de¬
on
$2,699,379
mand deposits.
7,366,630
7,327,142
.
Gross income
Other interest
159,537
b:35(001
1,017,881
receivable, Ac.a26,089,371 45,788,934
3,333
1,507
Other curr.liabll—
214,474
159,635
Derd Income—un¬
Advs.
earned discount.
18,048
from
495,000
7,012,000
6,000,000
7,012,000
3,724,245
3,360,377
stock,
3,939
2,736
81,173
53,397
z
66,248
73,545
Earned
107,778
Fixed assets
Deferred charges—
Common stock—
surplus.
—
38,519
$2,486,792
210,879
2,111,413
31,261
210,890
$146,706
com.
$133,229
3,500
Cr21,095
stock held by public.---
Association charges:
-
Amortization of debt discount and expense
2,222,751
149,559
Investments
applic. to
135,429
1,765
CrlO.794
56,280
—
—
Balance of income
cum.
(par $100)
30,000
109.988
2,108,666
*
New England Gas & Electric
Interest on long-term debt
Other interest-
994,000
6,000,000
Pref.
officers
and directors—-
y
1,454.649
Long-term debt—
receivable,
sundry
Due
$2,699,472
102,215
—
$2,466,251
Income
$
Accr'd liabilities—
Acc'ts receivable..
—
32,530,000
Notes & accent's
x
(net)
Subsidiary companies charges:
Interest on long-term debt
1937
$
Notes pay., unsec. 14,099,000
Accounts payable.
242,789
$2,378,648
320,825
380,543
Amortization of debt discount and expenses-
1937
$
Assets—
1,059,881
1,241,845
361,384
2,037,901
$2,351,106
348,273
Federal income taxes
Consolidated Balance Sheet Dec. 31
Cash
6,860,594
991,728
1,219,272
Operating expenses
Maintenance
Provision for retirements,
$306,100 on old common. $679,542 on new common, and $69,000 on
cum. pref.
y After deducting $69,000
for 5% cum. pref. stock.
Provision for Federal income and capital stock taxes,
a $300,000 pref.
stock $5 per share, and $588,096 common stock 96 cents per share.
5%
x
1937
xl938
Total operating revenues
Other taxes
Net income for the year
Dividends paid.
25, 1939
nancial
New
Total
Interest
Feb.
-
Preliminary, subject to annual audit and such sundry book adjust¬
be necessary incident to closing for fiscal year ended
x
ments, if any, as may
Dec. 31, 1938.
•
.
.
Note—(1)
The ^.bove statement does not include $141,704 respresenting
which is
being amortized beginning Jan. 1, 1939.
(2) The results of operations of all properties now subsidiaries of New
England Gas & Electric Association are included above for both periods,
irrespective of dates acquired.
No income is included herein from invest¬
ments in transportation securities.—Y. 148, p. 284.
that portion of unusual expense incident to recent storm damage
Total
x
33,677,158 53,456,181
*
-.33,677,158 53,456,181
Total.
After
reserve
reserves for losses of $590,364 ($1,042,623 in 1937).
y After
for depreciation, $160,851 in 1938 and $140,689 in 1937.
z Repre¬
sented by 612,600 no-par shares,
a Notes and account receivable, &c.
b Including Federal income and capital stock taxes, estimated.—V. 147,
P.
3021.
Calendar Years—
Net income
1938
(& Subs.)—Earns.
1937
1936
1935
.$7,850,506
$7,861,969
$7,753,251
2,036,896
2,036,896
2,036,896
Earnings per share
$3.85
$3.86
$3.80
x After
interest, depreciation and Federal income taxes.
x
Shs.com. stk. (nopar)..
$7,009,238
2,036,897
$3.44
Listing of Additional Common Stock—Acquisition— '
The New York Stock Exchange has authorized tne listing of 8,555 ad¬
ditional shares of common stock, (no par) on official notice of issuance upon
the acquisition of substantially all the assets and properties of Shewan-
Jones, Inc., making the total amount of common stock applied for 2,045,451
shares.
The directors at a meeting held Feb. 15, 1939 authorized the issuance of
8,555 shares of the authorized but unissued common stock in part con¬
sideration of
substantially all of the assets and properties of Shewan-Jones,
Inc. (Calif.), as of Jan. 1, 1939. pursuant to an agreement authorized at a
meeting of the executive committee of the board of directors Feb. 6, 1939,
between Lee Jones (the owner or controller of a majority of the capital stdck
of Shewan-Jones, Inc.),
Shewan-Jones Inc., and the corporation.—V.
Studying
$14,000,000 Note Refunding—
The directors are understood to be givihg consideration to the refunding
of the company's $14,000,000 notes ana at the same time obtain a moderate
amount
or new, money.
It is understood that Glore, Forgan & Co. and
Harriman Ripley & Co., Inc.. will be the principal underwriters if the new
issue is decided
Stated
National Surety Co.—Court
represents the
position
on
mortgage
by the old
Corp.,
supported the Superintendent's
The
creditors,
National
Bondholders
the appeal.
be paid in the future.
The reorganization of the guaranteed mortgage
Pro Forma
$2,125,000
1,930,200
—
%
41.7
37.9
850,000
100.0
--
16.7
3.7
185,979,
$5,091,179
100.0
-V. 148, p. 739.
New York
Susquehanna & Western RR.—Earnings—
January—
1939
$287,207
120,320
43,792
Gross from railway
Net from railway
Net after, rents
This decision will permit the Superintendent to
immediately distribute
approximately $10,000,000 in cash dividends which is equal to 35% of the
mortgage creditors' claims and 25% of the general creditors' claims upon
which 10% was previously
paid.
It is expected that further dividends will
%
31.7
28.9
22.4
17.0
1,694,125
Common stock.---
Earned surplus
guaranteed
Surety Co. at $18,385,000.
Adual
•
—$2,125,000
1,930,200
1,500,000
1,138,925
Preferred stock.
The Court of Appeals on Feb. 21 by a unanimous Court, affirmed the
lower courts which had approved the action of the
Superintendent of In¬
surance in fixing the claims on
mortgage bonds
National
1, 1938—
Funded debt
Total.-
Upholds $18,385,000 Claims
Richmond Gas Co.—Approval to Reduce
Common Stock Granted by SEC—
lation:
As at Jan.
Directors have declared an extra dividend of 20 cents per share in addi¬
tion to the regular quarterly dividend of 30 cents ber share on the common,
stock, both payable March 1 to holders of record Feb. 20.—V. 146, p. 3195.
&
Value of
The Securities and Exchange Commission on Feb. 17 granted the com¬
pany's application regarding the reduction of its capital. The reduction is
to be effected by an amendment of the articles of incorporation.
That
part of the present capital represented by the authorized and outstanding
150,000 shares of no-par common stock of $1,500,000 will be reduced to
$850,000, a reduction of $650,000, by changing the stated value thereof
from $10 to $5.66 2-3 a share.
The number of shares will not be reduced
nor will the respective voting power of the outstanding stocks be changed.
Of the 150,000 shares of no-par common stock, 149,460 shares or
99.64%
are owned by
11 "Tree" companies, all of which, are wholly-owned subholding companies and subsidiaries of Washington & Suburban Companies.
(Each of these 11 corporations own approximately 9% of the common stock
of New York & Richmond Gas Co.
They are called "Tree companies"
because they are named for trees, e.g., The Ashwood Co., The Beechtree
Co., The Birch Co., &c.) The remaining 540 shares, and all of its outstand¬
ing 6% cumulative preferred stock (19,302 shares of 30,000 authorized)
are publicly held.
The preferred stock is entitled to vote only upon the
default of dividends totaling $6 per share.
There also is outstanding an
issue oflst refunding 6% mortgage bonds in the principal amount of $2,125,000, due 1951.
The present capitalization of the company and its capitalization after
giving effect to the proposed reduction in common capital account, prepared
from figures submitted by the company, are shown by the following tabu¬
upon.—V. 147, p. 4061.
National Life & Accident Insurance Co.—Extra Div.—
which
York
New
National Distillers Products Corp.
—V.
148,
Nord
p.
1938
1937
$305,134
.
$284,596
128.280
52,886
99,370
41,513
1936
$329,780
104,997
58,756
1036.
Railway Co.—Bonds Called—
Company is notifiylng holders of its 6H% external sinking fund gold
bonds, due Oct. 1, 1950, that it has called for redemption on Oct. 1, 1939,
situation in the National
Surety Co. proceeding involved approximately $50,000,000 of mortgage
bonds in the hands of the public.
The reorganization, worked out in con¬
junction with the National Bondholders Corp., permitted unified ad¬
all bonds of the loan then outstanding and not heretofore called for redemp¬
tion.
The called bonds will be redeemed and paid on that date at 102%
of their principal amount upon presentation and surrender at the office of
ministration of the underlying mortgages and real estate scattered
through¬
out the country, and also permitted these bondholders to recover sub¬
stantial amounts on their collateral, in addition to the dividends
—V.
J. P.
was
represented
the
on
appeal
by
Edward F. Keenan, his General Counsel, and the National Bondholders
Corp. by Hays, Wolf, Kaufman & Schwabacher.—V. 147, p. 1496.
r
Notice has been received by the New York Curb
Exchange of the ap¬
pointment of trustees for the company,
pursuant to an order entered by the
U. S. District Court for the Eastern District of Pennsylvania
approving a
\ition for reorganization of the corporation filed under Chapter
p.
Years Ended Dec. 31—
Co.—Earnings—
xl938
Total operating revenues—
Operating expenses
Maintenance—
1937
$3,984,311
1,773,855
293,565
___
Provision for retirements
Federal income taxes
$4,386,516
1,877,603
373,256
340,-002
132,363
713,369
346,229
Other taxes
769,460
69,461
Operating income
Other income (net)
Gross income.
_
10 of the
'
1776.
Bedford Gas & Edison Light
ew
$731,741
Dr20,775
—
_
_
Interest on serial notes (issued May
1,1938)-Other interest
Amortization of debt discount and expense
Interest charged to construction
—
$949,922
31.942
$710,966
21,576
21,389
$981,864
45,036
743
_
Cr875
Crl",740
$668,133
Balance of income...
$938,569
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
Dec. 31, 1938.
Note—The above statement does not include $118,326
representing that
expense incident to recent storm damage which is being
portion of unusual
amortized
New
over a two
year
period beginning Jan. 1, 1939.—V. 148,
p.
132.
now
being paid.—V. 146,
New York Ontario & Western
p.
Ry.—earing
3024.
on
Plan—
Federal Judge Murray Hulbert at
hearing Feb. 20 ex¬
pressed the opinion that the proposed plan of reorganization for the company
was not sufficient to place the road on a
paying basis.
He pointed out that
Reorganization
the bonds will
cease
after Oct.
1, 1939.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
Feb. 18, 1939, totaled 26,377,850 kilowatt-hours, an increase of
ended
5.0% compared with the corresponding week last year.—Y. 148,
p.
1036.
(Wis.)—Refinancing Plan—
The company has filed with
the Securities and Exchange Commission
a declaration
Holding Company Act in connection with the issuance and 8ale
of $17,500,000 of first mortgage 3H% bonds due in 1964, the issuance of
25,327 shares of $100 par value common stock to the Northern States
Power Co. of Minn, for certain of its own securities, and the assumption
of $1,703,000 of first mortgage 6% gold bonds, Series Aj due in 1947,
of the Chippewa Power Co.
The securities of the company which are to be acquired from Northern
States Power Co. of Minn, for 25,327 shares of common stock are: $194,500
of first & refunding 5% 30-year gold bonds, due May 1, 1944: $248,200 of
application for exemption from the requirement of filing
an
under the
feneral & of general mortgage gold bonds, Series A, bonds, Series B, 1947;
450,000 refunding
refunding mortgage gold 7%, due Jan. 1,
5%,
ana
aue
Dec.
Jan.
1
1,
1947; $640,000 of general mortgage gold bonds, 5Yt%, due
1950.
The net proceeds from the sale of the first mortgage 3 M % bonds will be
applied to the redemption of the following: $10,354,500 of first ana refunding
mortgage 5% 30-year gold bonds due May 1, a944, to be redeemed on May 1,
1939, at 105; $2,847,800 of general and refunding mortgage 7% gold bonds,
Series A, due Jan. 1, 1947, to be redeemed on July 1,1939, at i04; $1,703,000
of Chippewa Power Co. first mortgage 6% gold bonds. Series A, due June 1,
1947, to be redeemea on June 1, 1939, at 104.
A
part of the proceeds also will be used to finance contemplated ex¬
penditures In connection with construction of a proposed steam power
plant of 10,000 kilowatts, initial installed capacity, near La Crosse, Wis.
The bonds of Chippewa Power Co. are assumed by Northern States
Power Co. of Wis. in connection with the acquisition of all the assets of
that company.
The first mortgage
3 H % bonds of the company are to be issued at not
less than 100 and accrued interest.
The names of the proposed purchasers
and the consideration to be received will be furnished by an amendment to
the
York, Lake Erie & Western Coal & RR.—Interest
The interest due May 1, 1938, on the
guaranteed first mortgage extended
bonds, series A, 53^ %, due 1942, is
on
Northern States Power Co.
(Oscar) Nebel Co., Inc.—Trustees Appointed—
ahkruptcy Act.—V. 137.
Interest
Northern States Power Co.
payable
from the National Surety estate.
►•The Superintendent of Insurance
Morgan & Co.
147, p. 1044.
its
application.
Chippewa Power Co. has filed an application for approval of the sale of
utility assets to Northern States Power Co. of Wis.—V. 147, p. 4063.
Northwestern Yeast
Co.—Liquidating Dividends—
Directors have declared liquidating dividends of $2 per share, payable on
on June 15 to holders of record March 3 and June 3, respec¬
March 15 and
tively.
—V.
Similar amounts were paid in each of the three preceding quarters.
146,
p.
2054.
.
Volume
Financial
148
Norwich Pharmacal
$48,406; funded debt, $5,000,000; 5% cumul. redeemable pref.
stock ($100 par), $1,700,000; common stock (140,000 no par shares), $2,
600,000; earned surplus, $494,615; total, $10,137.385.—-V. 147, p. 3919.
1037.
Ohio Finance Co.—40-Cent Dividend—
Otter Tail Power Co.—Registers with SEC—
Directors have declared a dividend of 40 cents per share on the common
stock, payable April 1 to holders of record March 10.
Similar payment
was made on Dec. 22, last, and previously regular quarterly dividends of
30 cents per share were distributed.—V. 147, p. 3317.
See list given on first page of this department.'—V. 148, p.
,
1938
1937
132
$433,500
317,356
132
$514,406
312,001
$537,115
313,908
132
$435,090
261,587
from oper
$116,143
Railway tax accruals
34,949
$202,404
35,616
$223,207
40,686
$173,502
24,543
Railway
Railway
Net
_
oper. revenues.
oper. expenses-
rev.
132
Uncoil, railway revenues
^ Total
oper.
305
$81,194
$166,788
$182,520
$148,654
815
income
669
518
Pacific Telephone & Telegraph Co .—Annual Report—
Consolidated
Income
'
,
'
Miscellaneous
1938
$82,009
$149,119
$183,038
$167,457
System for Calendar
Years
1935
1936
1937
$79,103,294 $73,721,096 $69,170,401
31,321,035
28,375,505
24,911,346
3,518,985
3,109,712
2,621,433
2,278,466
revenues.
Total
Gross oper. income
deductions
from
Statement of
Local service revenues..$81,852,839
Toll service revenues... 31,130,323
465
Other operating income-
of 40 cents
share on the common stock, par $10, all payable April 1 to holders of
record March 15.
Extra dividends of 10 cents per share were distributed
in each of the eight preceding quarters.—V.
147, p. 3318.
per
1935
1936
-
287.
Pacific Indemnity Co.—Special and Extra Dividends—
Directors have declared a special dividend of 15 cents per share, an extra
dividend of 10 cents per share and a regular quarterly dividend
Oklahoma City-Ada-Atoka Ry.—Earnings—
Calendar Years—
Av. miles of road oper.
1177
terest,
Co.—Registers with SEC—
See list given on first page of this department.—V. 148, p.
Chronicle
__$116,502,148$113,534,041$104,7l8,034 $96,360,214
526,000
518,498
407,698
415,230
Uncoil, oper. revenues..
Total
63,323
80,764
75,148
88,140
$18,686
2,628
$86,693
3,263
$107,890
2,540
$60,979
$21,314
30,543
gross income
$89,956
25,560
$110,429
21,124
$65,167
Total oper. revenues
.$115,976,148$113,015 ,543$104,310,336 $95,944,983
18,343,947
23,119,234
19,640,773
22,089 ,024
17.080,545
16,916,018
18,045,446
17,579 ,323
Traffic expenses
12,674,321
14,115,421
17,867,623
17,324 ,603
Commercial expenses.
7,770,647
9,578,573
8,330,249
9,390 ,988
523 ,773
483,406
563,479
498,834
Operating rents
Gen. and miscell. exps
7,696,931
8,091,329
9,282 ,122
9,617,671
11,464,203
Operating taxes
16;947,791 xl5;545,348 xl3,3651383
Current maintenance-
"""
Net oper. income
Non-operating income
4,188.
Depreciation
expense-
..
..
Gross income
Rent for leased rd.—cred
Miscellaneous rents
Interest
Int.
on
on
5,403
192
192
192
192
49,250
66,000
66,000
8,000
509
bonds
43
156
34
185
40
$65,020
$62,304
unfund. debt
Miscell. income charges.
219
Net income..
$1,687 V
$49,281
Net oper. income....$20,236,330
Net non-oper. income...
Income
Road,
1938
equip.
51,600,000 $1,600,000
Common stock
<fc
1937
1938
Liabilities—
1937
1,100,000
Long-term debt...
Misc.
phys. prop.
22,755
investments
3,475
480,000
Non-negot. debt to
Other
1;100,000
480,000
► general expend.$3,023,215 $3,022,687
Cash
;
105,798
48,329
60,180
52,355
16,659
.,
Oth. current assets
Def. assets, &c...
20,699
3,591
7,755
affiliated
Other
cos
current
95,358
20,264
116,981
bilities
Debit balance....
...$3,178,641 $3,208,7591
Total
-V. 148, p. 591.
Total
.$3,178,641
..
Other fixed charges
Release of premium
funded debt
113,982
$3,208,759
Net operating revenue
Other income (net).-------
$5,683,096
22,781
x
x
.1
$5,821,558
3,321
$5,705,877
1,300,000
.
....
$5,824,879
1,200,000
$4,405,877
Net operating revenue and other income....
Appropriation for retirement reserve
^
Cr9,732
(net)
on
Divs.
on common
pref. stock(6%)
stock.
Interest charges (net)
Amortization of debt discount and expense...
Amortization of limited-term electric investments..
Other income deductions
$4,624,879
1,741,581
1,714,395
261,674
19,197
38,676
270,049
19,174
40,835
;
x
Before
appropriation for retirement reserve,
148, p. 1037.
y
$2,580,425
Preliminary; subject
x
$994,874
1,805,000
1,805,000
$7,67
$8,49
$6,55
Comparative Consolidated Balance Sheet Dec. 31
1938
M
jA. S3Ct/S
i
'
'r
^
1,578,842
1,387,329
Misc. phys. prop
325,000
323,998
Cash &spec.deps
1,702,457
2,583,151
funds.
94,477
105,636
Mat'ls &suppls_
4,947,531
5,492,330
Working
Notes receivable
22,271
19,020
Accts. receivable
10,848,908
10,424,788
3,125,929
3,073,526
Disc, on cap. stk
4,817,811
4,817,811
Oth. defd. debits
239,675
209,238
$,
$
Liabilities—
180,500,000 180,500,000
82,000,000
Preferred stock. 82,000,000
54,614,900
Bonds...
54,594,000
Common stock.
Advs. from Am.
Tel. & Tel. Co
sold
Notes
20,100,000
14,000,000
16,415,726
16,808,777
2,058,105
1,906,803
to
trustee of pen¬
sion fund.—:
Cust.
and
paym'ts.
pay. and
dep.
adv.
Accts.
other
»
current
5,552,544
liabilities-
6,017,837
9,057,573
459,705
8,358,879
Accrd. liabilities
not due
dividend of 18 % cents per share on the common
stock, par $12.50, payable March 15 to holders of record Feb. 28. Divi¬
dends of 12)^ cents were paid on Dec. 15, Sept. 15 and June 15, last; regular
dividends of 25 cents per share were paid in each of the five preceding quar¬
ters, and previously quarterly dividends of 12 M cents per share were dis¬
tributed. In addition, an extra dividend of 50 cents was paid on the com¬
mon shares on Jan. 15, 1937.—V. 146, p. 3349.
Defd credits—
a
Placed
Privately—
1938, the company called for redemption on Jan. 1, 1939,
101, $357,000 1st 6s of 1945, and $100,000 1st 6s of 1950.
Payment
made with part of proceeds of $400,000 4Hs dated Dec. 1, 1938,
due Dec. 1, 1958.
The $400,000 new issue was subscribed for in one
block by an Eastern insurance company.—V. 121, p. 2521.
On Dec. 19,
455,710
Depreciation resl33,970,536 124,826,915
1,372,000
2,984,521
Surplus reserved
5,159,031
Surplus....
Total.. —...509,867,221
493,846,343
.509,867,221 493,846,343
Total-
Comparative Income Statement (Company
,
Co.:—Bonds
Telephone
1937
1938
1937
«$)
Telephone plant480,731,662 463,585,655
Other Investm'ts
1,632,346
1,624,169
Oneida, Ltd.—Dividend—
Oregon-Washington
$2,685,020
1,805,000
No provision for surtax.
to audit.—V.
Directors have declared
Cr9,730
$591,911 def$598,706
1,805,000
$6.83
Prepayments...
$2,344,748
Net income
168,277
12,000
stock out¬
com.
standing (par $100).
Earns, per share on com.
Sinking fund...
Gross income..
692,640
108,793
12,000
$18,761,294 $20,240,020 $16,744,874
4,920,000
4,920,000
4,920,000
4,920,000
11,732,500
14,440,000
12,635,000
10,830,000
.
yl938
1 937
$13,271,815 $13,152,153
7,588,719
7.330,595
...
683,363
on
Surplus
Years Ended Dec. 31—
948,441
on
Net inc. avail for divs.$17,244,411
Divs.
;
Operating revenues
Operating expenses, maintenance and taxes._
I,*779l920 ' 21478356 '2,915,165
2,250
1,469,328
of discount
Shares of
f
for
Other interest.
Amortiz.
114,223
28,518
Oklahoma Gas & Electric Co.—Earnings—
f
available
htt^est. II..I III1I'l i775A76
funded debt
lia¬
Def. liabilities, &c.
Bond
$21,280,362 $23,352,328 $20,430,983
201,814
170,205
101,974
charges..J...$20,479,183 $21,482,176 $23,522,533 $20,532,957
fixed
General Balance Sheet Dec. 31
Assets—
242,853
Only)
1938
1937
revenues..$47,920,921 $46,466,502 $43,698,410
Toll service revenues... 18,703,719
18,980,699
17,504,281
Miscellaneous revenues2,001,449
1,810,664
1,549,863
Calendar Years—•
Local service
kao
S40.123.569
15,603,006
1,343,892
at
was
Ottawa Light,
Heat & Power Co., Ltd. (& Subs.)—
1938
Calendar Years—
Net operating profit
Income from investm'ts.
$977,162
1936
1937
$972,079
$1,021,740
1935
$979,458
6,241
5,663
3,761
2,329
$982,403
$1,027,403
3,540
2,776
3,630
3,000
$975,841
3,600
2,403
$981,788
3,795
22,847
22,040
22,040
22,040
170,028
166,119
169,643
169,803
52,278
219,931
64,828
231,269
61,673
234,750
56,810
237,313
Total..
Uncoil, oper. revenues.
.$68,626,090 $67,257,866 $62,752,554
262,800
252,598
199,898
.
Commercial expenses..
.
10,842,342
11,724,359
5,522,414
427,032
6,023,721
.9,484,136
.
.
.
Operating rents.
Total income
Directors' fees
Legal fees..
Salaries
&
Munic.,
provincial
28,072
33,832
26,224
2,843
4,042
4,827
3,406
6,134
5,557
260,00C
220,000
170,000
1.250
170,000
$249,151
$274,451
$271,267
' $296,779
85,0C0
192,500
85,000
210,000
94,375
210,000
97,500
210,000
conversion of the company's
common
700
of bonds and financing expenses", (the
brought this up to about $900,000).
Heretofore this sum was being amortized by annual charges against earnings,
and the charge against 1938 for that purpose would have been $39,358.
However, the above write-off has eliminated the latter and all subsequent
charges on that account.
The sum thus made available ($40,000) has been
used to increase the provision for depreciation for 1938 which is $260,000
as compared with $220,000 for 1937.
The bond refunding operation referred to above was effected on Oct. 1,
when all of the company's outstanding series
"A" 5% bonds due 1957
amounting to $4,574,000 were refunded by an issue of $5,000,000 series
"B" 3%, 3H% and 4%
bonds.
The new issue is payable in Canadian
sheets as "premium on redemption
bond refunding, &c. in 1938 had
discount
of
...
Divs.
146.574
12,000
$18,859,833 $19,754,470
on pref. stk. (6 %) 4,920,000
4,920,000
4,920,000
on common stock. 11,732,500
14,440,000
12,635,000
$16,025,381
4,920,000
10,830,000
def$500,167' $2,199,470
$275,381
SUrplus
y
Consolidated
Balance
Sheet
Dec.
31,
2,461,173
.525,248
on
2,250
on
prem.
funded debt (net)
Divs.
$19470,376
102,863
12,000
of
_ _
_
■>
09,732
_
CY9.730
....
-
$1,179,572
No provision for surtax.
*
*
Comparative Balance Sheet (Company
Telephone
$
$
193/
8
180,500,000
180,500,000
180,500,000
Preferred stock. 82,000,000
Preferred stock. 82,000,000
54,594,000
142.394,927 Bonds.....
Bonds —
54,594,000
82,000,000
54,594,000
8
plant284,357,543 274,555,092
in
controlled cos.146,474,927
1,614,174
Other investm'ts
951,950
Misc. phys.prop.
-
1,617,408
861,021
—
325,000
323,998
Cash&spec. depe
1,260,567
1,964,424
Sinking funds
1938
1938
Common stock.
Common stock.
1937
$
Investments
Only) Dec. 31
Liabilities—
Liabilities—
1938
Assets—
Adv.
from
Am.
Tel.&Tel. Co.
sold
Notes
20,100,000
14,000,000
11,145,557
to
trustee of pen¬
74,738
74,567
sion fund...-
10,851,591
Mat'ls & suppls.
2,996,404
3,262,057
Notes receivable
14,466
12,227
adv.
1,239,377
1,154,612
Accts, receivable
6,837,599
1,524,372
6,469,184
and
paym'ts.
Accts. pay.dr oth
1,551,449
current liabils.
3,643,574
3,342,922
4,817,811
180,645
4,817,811
Accrd. liabilities
Working funds
.
Prepayments—
Disc.on cap. Btk.
Oth. defd. debits
only.
151,400
Cust.
dep.
6,062,063
not due
5,692,466
389,750
383,855
Deprec. reserve. 87,339,273
81,608,486
Defd credits
1938
$156,750; accounts re¬
ceivable (net), $250,192; inventories, $172,235; land, buildings, plant and
equipment (net), $7,530,431: franchises, rights and contracts, $1,784,062;
deferred charges, $7,495; total $10,137,385.
"
Liabilities—Accounts payable and accrued liabilities, $164,784; Pro¬
vision for taxes, $73,330; Dividends payable, $56,250; accrued bond in¬
'
...$20,822,943 $21,364,577 $22,743,452
1.774,305
1,778,868
2,373,067
1,226,299
733,356
501,051
Other fixed charges
stock to shares of no par
value arid the split of 4-to-l was approved by the shareholders at a special
meeting on Dec. 7.
The conversion premitted writing off against capital
stock the whole sum appearing under deferred charges on former balance
$236,220;
fixed
Net inc.avail.for divs.$17,832,072
•
Preferred dividends
Common dividends
Assets—Cash,
.
—.
Otherinterest
Release
1,851
$11,373,398
7,796,977
.$10,303,253 $10,792,015 $12,746,953
10,572,562
9,996,499
10,519,689
funded debt——
paid on red. of bonds.
& financing expense.
Prem. on bonds retired
by sinking fund.
For'gn exch. on bond int.
Exp .of appraisal of land,
bldgs., plant & equip.
Provision for deprec....
currency
for
—
Bond interest
Amortiz.
Prov. for amort. of prem.
Net profit
avail,
Income
Dominion
Bond interest
The
N et non-oper. income..
charges
&
provincial inc. taxes..
for
.
.
Net oper. income
and
Dominion taxes
Prov.
Operating taxes
10,651,489
11,460,103
5,452,731
394,573
5,891,851
y8,775,460
887
paid to
fees
executive officers
Gen. and miscell. exps.
201,330
$62,552,656 $56,869,137
10,852,589
12,048,421
10,085,198
10,299,363
8,469,740
9,581,515
4,383,551
4,830,477
366,523
380,297
4,755,775
5,145,156
6,582,361
y7,520,473
Total oper. revenues. .$68,363,290 $67,005,268
Current maintenance.
13,587,045
14,036,030
Depreciation expense..
Traffic expenses
$57,070,467
.
investment securities,
_
—
1,372,000
Surplus reserved
Surplus
Total
451,430,199 438,055,567
-y. 148, p. 887.
Total
4,810,570
2,261,667
...451,430,199 438,055,567
Financial
1178
We Deal in
Chronicle
Feb.
25,
1939
therefore, charged to profit and loss.
The ability of the company to earn
and to pay this dividend was due, in large degree, to its
policy over the years of using a portion of its earnings to pay off maturing
obligations and provide additions and betterments to the road and equip¬
ment, as well as to economies resulting from past capital expenditures for
improvements and equipment.
its fixed charges
City of Philadelphia Bonds
Pennsylvania RR. Serial Secured 4s, 1950-1964
Lockhart Power 1st 4K*» 1955
General Plastics Company Common Stock
Philadelphia Electric Co. Common Stock
Revenues, Expenses and Taxes—Freight revenues decreased $82,249,897;
revenues decreased $5,847,067; and there were also decreased
from express, mail, switching, demurrage, &c.
The principal decreases in operating expenses were:
$15,705,595 in
maintenance of way and structures; $32,839,753 in maintenance of equip¬
passenger
YARNALL & CO.
revenues
Members New York Stock Exchange
New York Tel.: Whitehall 4-4900
A.T.&T.Teletype: Phla. 22
1528 Walnut Street
Pacific Lighting
-Considers
Corp.
expenses, an
$7,000,000 Refunding
Plan—
The corporation is reported to be working on possible retirement of
$7,000,000 outstanding 4K% debentures which mature Oct. 1, 1945.
The refunding would be accomplished through a private loan to insurance
companies it is said.
No announcement has been made on the proposed interest rate of the
refunding issue.
The debentures outstanding are callable at 102 K after
next April 1.—V. 148, p. 742.
■
Pan
American-Grace
Company
dent.
Airways—New President—
Feb. 17 announced the election of Harold J. Roig
on
as
Presi¬
Mr. Roig, who is Vice-President of W. R. Grace & Co., has been a
and active in the management of Pan American-Grace Airways
director
since 1929, when it was organized jointly by Pan American Airways and
W. R. Grace & Co. to provide air mail and transport service from the
Panama Canal Zone to
Colombia, Ecuador, Peru. Bolivia, Chile and Argen¬
tina, where it is familiarly known as "Panagra.
Mr. Roig will continue
Vice-President of W. R. Grace & Co.
as
John
D.
MacGregor, Vice-President and General Manager of Pan
American-Grace Airways since 1929, has resigned.
Mr. MacGregor some
time ago expressed a desire to be relieved from active duty.—-V. 133, p. 1300.
Parke, Davis & Co. (& Subs.)—-Earnings—
Years Ended Dec. 31—
1938
1937
1936
Profit from operations..$11,031,825 $11,294,200 $11,155,214
Deprec. of plant & equip.
and amortiz. of plants
1935
$10,847,751
480,910
•
480,458
477,375
Pensions paid form er em¬
ployees
Foreign exchange
...
.
149,857
124,065
decreased
$1,480,585,
resulting
from
the
smaller
payrolls.
All
taxes
required over 10 cents out of each collar of operating revenue, equal to
5.7 % ($2.83 per share) upon the capital stock.
Operating Ratio—The operating ratio (percentage of operating revenues
required to pay operating expenses) was 71.33%, compared with 74.13%
in 1937.
The ratio for 1938 is the lowest in the last 20 years, with two
exceptions.
Net Railway Operating Income—Net railway operating income was $57,"
332,898, a decrease of $15,668,029 compared with 1937, equal to only
2.19% upon the investment in road and equipment.
Non-Operating Income—Non-operating income decreased $1,333,047. In
Railway Co. paid an extra dividend on its
no extra dividend was paid, and this accounts chiefly
1937 the Norfolk and Western
stock, while in 1938
for the reduction.
Deductions from Gross Income—Deductions from gross income decreased
$768,538.
The principal change was in "interest on unfunded debt,"
refulting chiefly from charges in 1937 covering interest on tax settlement for
prior years, no similar payment being made in 1938.
Of the $51,318,739 charged to "rent for leased roads," $30,298,074 was
returned to companies within the system as dividends and interest on securi¬
ties owned.
Net Income—The net income for the year
.
466,388
$27,733,446 in transportation.
General expenses decreased $4,Depreciation aggregating $25,303,225 was charged to operating
increase of $547,927 over 1937.
Railway taxes decreased $1,186,897, due largely to decreased revenues
and income, and adjustments in 1937 covering taxes of prior years.
Taxes
for unemployment compensation under the provisions of the Social Security
Act increased $560,059, due to increase in tne rate from 2% of the payrolls
in 1937 to 3% in 1938, offset partly by decreased payrolls due to fewer
employees.
Taxes on account of the railroad retirement legislation of 1937
ment;
007,662.
Philadelphia
$27,278,638
in
1937.
Against
was
income
net
$11,046,100, compared with
charged the necessary
were
appropriations to the sinking and other reserve funds aggregating $5,-
bl50,017
298,058
...—
642,719, and $2,392,600 advanced to leased and affiliated railroad companies
which were unable to make repayment.
The balance of $3,010,781 was
profit and loss.
transferred to the credit of
Balance
Miscellaneous income...
$10,291,515 $10,663,273 $10,674,755 $10,072,316
269,440
203,031
278,369
219,976
Total
$10,560,955 $10,866,304 $10,953,124 $10,292,293
Prov. for income taxes..
1,921,000
1,773,000
1,709,000
1,511,000
Federal surtax on undis¬
tributed prof its.
Profit and Loss—In addition to the dividend of 1%, amounting to $6,"
583,877, charged against profit and loss, there was also charged against this
$6,590,445 for property retired and no longer required in connection
with the operation of the railroad.
This account was credited with $738,715,
being miscellaneous adjustments during the year.
account
General Balance Sheet—There was a net Increase in investment in road and
25,000
31,000
$8,639,955
$9,068,304
Earnedsurp.bal. Jan. 1. 11,993,149 ' 11,403,455
Adj. of reserve for loss
$9,213,124
10,957,100
$8,781,293
11,853,743
153,975
525,794
28,837
8,690
...
lines owned and leased, as carried on the general balance sheet
of $7,715,150.
road and equipment during the year aggregated
$17,132,,844; retired property and equipment to the amount of $9,417,694
(of which $2,694,916 was equipment) were written out of the accounts.
The expenditures for road and equipment on the System Lines aggregated
$31,797,987; retired property and equipment to the amount of $16,007,022
(of which $3,644,911 was equipment) were written out of the accounts.
equipment
Net profit for year...
on
investment
Adj. of prior year's in¬
come taxes, &c
Red. in
—
cl63,129
reserve..-
on
of the company,
The expenditures for
Investments—Investments in
Total
...$20,796,232 $20,471,759 $20,353,037 $21,169,523
7,829,183
8,316,824
8,804,452
9,201,078
Dividends—Cash
Stock
a Excess cost....
Pensions paid to former
empl.
under
633,960
,
Adjustm't of
res.
145,129
......
135,249
for loss
161,787
bal.Dec. 31$12,967,049 $11,993,147 $11,403,455 $10,957,100
Shs.cap.stk. outstand..
4,893,632
4,892,489
4,891,761 • 4,842,735
sur.
Earnings
per share
$1.76
$1.85
$1.88
$1.82
Over declared value of capital stock reacquired in prior years and
canceled in 1935.
b In prior years pension payments were charged against*
earned surplus on authorization of the stockholders. c Reduction at
year-end
in amount of reserve required to state marketable securities at
a
aggregate
quoted market value.
1938
Assets—
$
a
193S
Liabilities—
$
815,553
Notes and accts.
5,906,257
5,967,990
8,649,674
8,656,375
.10,397,635
9,653,928
Inventories
b Investments
Depos.
in closed
$
banks.
20,874
78,643
133,601
131,987
1,255,167
Acer, wages, taxes,
&e
044,694
1,813,581
Dividend payable.
357,063
and copyrights. 10,500,000
582,035
1,935,720
1,957,450
Res. for Federal &
5,026,282
321,357
$
1,255,167
5,914,909
1937
<•
stock...24,492,770 24.481,340
payable.gl,318,878
899,002
foreign Inc. tax.
10,500,000
Del. chgs. to future
Capital surplus...
operations.....
Land
d Bldgs.,
a.
Machinery
217,640
11,993,149
pat.
rights...;
Formulae,
After
43,545,631 42,432,988'
deducting
reserve
Total
43,545,631 42,432,988
for doubtful notes and
accounts of
$354,104 in
Ltd., Inc.—Smaller Dividend—
on Feb. 21 declared a dividend of 75 cents
per share on the
stock, no par value, payable March 15 to holders of record March 3.
This compares with $1 paid on Dec. 15 last; 75 cents
paid on Sept. 15 and
on June 15
last; a dividend of 50 cents paid on March 15, 1938; dividends
of 25 cents were paid on Dec. 15,
Sept. 15 and on June
common
15, 1937, and pre¬
viously regular quarterly dividends of 75 cents per share were distributed.
In addition, an extra dividend of 75 cents was
paid on Dec. 24, 1936.—V.
147, p. 3167.
Pennsylvania RR.—Annual Report—A summary; of the
operations of the company for 1938, together with extracts
from the remarks of M. W. Clement President, will be found
in the advertising pages of this issue.
,
The Year 1938—The marked decline in business
that began during the latter part of 1937 continued
throughout the country
generally through 1938.
seriously affected, notwith¬
As a result, the revenues of the company were
standing some increases in freight rates and an increase in passenger coach
Total
operating revenues decreased $95,549,267, or 21%, and
operating expenses were reduced $80,914,050, or 23.9%.
Operating ex¬
penses were less, due to falling off in business and decreased
outlays for
maintenance of roadway, track and equipment.
Due to the continued
high level of wages, taxes and prices of materials and supplies, and the
necessity of maintaining service to the public and safety in operations ex¬
penses could not be reduced sufficiently to offset fully the decline in revenues.
Economy prevails in all branches of the service, and while, under present
conditions, it is necessary to postpone some maintenance work, the
property
fares.
and equipment
The board
are
maintained in
a
condition to insure
'
of directors,
safety and efficient
..
after consideration of the best interests of the
company and the stockholders, declared a dividend of 1%, which was
paid
Dec. 20, 1938.
This dividend was not fully earned in 1938, and was
The chief change in deferred assets represents
Funded Debt—There was a net decrease in funded debt of $6,482,910*
due to payment at maturity of $9,646,000 equipment trust obligations!
$1,100,(XX) 30-year 4% bonds; $1,349,500 Sunbury
Hazleton & WilkesBarre Ry. first mortgage 6% bonds, and redemptions made through opera¬
sinking funds. There were issued and sold during the year $6,330,000
15-year 2% % equipment trust certificates, on a 2.70% basis, to finance in
part the cost of 1,008 freight cars, 2 passenger coaches and 20 electric
passenger locomotives.
During 1939 maturities of funded debt will amount to $9,068,000,
chiefly equipment trust obligations.
tion of
Electrification—Work
completed during the
year on the company'8
Harrisburg, Pa.; the freight route between
N. J.; the low grade freight line
freight route between Columbia,
Pa., and Perry ville, Md„ and branches and yards.
line between
was
Paoli and
South Amboy and Monmouth Junction,
between Morrisville and Enola, Pa.; the
Electrification has greatly improved and speeded up the service in this
important traffic territory, and has accomplished for the east and west
transportation of through passengers and freight, improvements and
economies in operation
comparable with those previously realized from the
electrified operation of both branches of the service between New York,
Philadelphia,. Baltimore and Washington, inaugurated in 1935.
New Equipment—Orders were placed during the year for the building of
1,000 gondola cars, 8 special .type freight cars, 2 passenger coaches of new
design, and 20 eLectric passenger locomotives, at a cost approximating $8,456,000, involving over 1,000,000 man-hours of employment in the com¬
pany's shops and additional employment by outside industries in furnishing
the electrical equipment for the locomotives and material and parts for the
The additional electric locomotives are
The directors
operation.
the
required to obtain the full measure
completed electrification, and the
freight cars are in accord with the company's policy of improving the
equipment to meet the loading requirements of shippers, and reduce mainttenance costs by the retirement of obsolete cars.
of economy and efficiency from the newly
4,893,632 (4,892,489 in 1937) no par shares, g Includes $575,772 accounts
payable in respect of uncompleted construction contracts.—V. 147, i>. 3318.
Penick & Fard,
within
new
1938 and $183,649 in 1937.
b After raserve to adjust to market value,
c After
deducting reserves, d After reserve for depreciation of $6,517,169
in 1938 and $6,459,879 in 1937.
e Less
amortization,
f Represented by
*
$9,765,2961
cars.
process
Total......
a
2,446,241
229.070
12,967,049
ICarned surplus
maoh'y &
fixtures, &c
e
f Capital
Account?
receivable.
c
1937
H
•
446,257
affiliated companies increased
and loans to subsidiaries
construction
Current and Other Assets—The changes in current assets reflect the norma*
main
Consolidated Balance Sheet Dec. 31
Cash
for
advances
the accretions to the Trust of 1878.
.
investment..
Earn.
to
System, offset by sale of stocks of West Jersey & Seashore RIi. to the Trust
of 1878.
operation of routine business.
approp.
of stkhldrs. from surp.
on
242,135
......
due
Freight and Passenger Rates—As explained in the 1937 annual report, the
freight rates granted by the Interstate Commerce
moderate increases in
Commission
the
made effective Nov.
railroads,
sufficient
to
1937, were not, in the judgment of
them t-o meet their increased costs.
15,
enable
Consequently, this
the
Commission
company, with other railroads of the country, petitioned
for an additional increase of 15% in freight rates and
charges, with provision for certain smaller increases in rates on bituminous
coal and coke, anthracite coal, lumber, sugar, fruits and vegetables.
This petition was granted in part.
The Commission authorized increases
of 5%, effective March 28, 1938, on products of agriculture other than
tropical fruits; on animals other than horses and mules; on products of
animals; on lumber, shingles and lath, and on cotton seed oil and vegetable
oils other than linseed oil.
On anthracite coal, an increase of 10 cents per
ton of 2,000 pounds was granted.
On all other commodities, with the
execption of bituminous coal, lignite, coke and iron ore, on which no increase
was granted, and on all charges for accessorial services other than
protective
services against heat or cold, an increase of 10% was permitted.
The increase in rates on bituminous coal granted on Oct. 19, 1937, which
was to expire on
Dec. 31, 1938, has been extended indefinitely by the
Commission.
In
their
petition for increased freight rates, the railroads, sought only
as they felt would take care, in part, of the in¬
over which they have no control.
The increases in rates
granted by the Interstate Commerce Commission were helpful in alleviating
a serious situation accentuated
by further unsettled economic conditions,
bat fell far short of relieving the unsatisfactory financial plight of the railway
transportation industry.
A petition for an increase in the basic passenger fare in Eastern trrritnry
to 2K cents per mile in coaches was granted, effective July 25.
1938,
limited to a period of 18 months.
The railroads consider that the change
in the basic passenger fare presents an opportunity for test, which did not
exist when the coach rate was 2 cents per mile.
Generally, basic passenger
fares have been constructed upon a fixed rate per mile without regard to the
distance traveled by the passenger.
The railroads in Eastern Territory
have filed tariffs with the Interstate Commerce Commission proposing,
effective during the time of the World's Fair in New York and the Golden
Gate International Exposition at San Francisco in 1939, a passenger rate
basis which will reduce the rate per mile for round trip tickets as the distance
traveled increases.
Under these tariffs, tickets good in coaches at the new
rates range from 2 K cents per mile to IK cents per mile, and substantia
such reasonable increases
creases
in
costs
Volume
Financial
148
reductions in the cost of tickets for use in Pullman
1179
Chronicle
General
sleeping cars will also
'
sold which will enable a
passenger to attend both the World's Fair in New York and the Golden
Gate International Exposition in San Francisco at a flat round trip rate of
$90 in coaches and $135 in Pullman cars, with a choice of attractive routes.
Taxes—The ever increasing proportion of the railroads' dollar which it
must
pay in taxes is in marked contrast
with the experience of its
competitors.
The railroads of this country pay 8 or more cents in taxes of various kinds
out of each dollar of operating revenue received by them.
The ratio was
7.9 cents per dollar of revenue in 1936; 7.8 cents in 1937, and will be approxi¬
mately 9.7 cents per dollar of revenue in 1938.
This ratio has shown an
almost steady upward trend, ranging between 5 and 6 cents from 1921 to
1925; between 6 and 7 cents from 1926 to 1930; and has averaged more
than 7 cents since that time, reaching a high of approximately 9.7 cents in
Assets—
During 1939, a unique form of ticket will be
Equipment
600,710,507
General expenditures..
7,702,900
121,148,879
273,058
Impt.
Sinking
y
funds
Cash and securities....
Misc. physical property..
Inv. in affil. cos—Stock.
they pay.
»
paid in 1938 by the railroads were equivalent to the amount of
interest actually paid on their debt; to about the same as their net railrway
operating income, and to about $367 per employee.
Notes...
secur. car
132,041,737
254,086
d asliab.
bonds due Feb.
1, 1936.
Time drafts and deposits.
8,685,000
4,373,911
17,254,488
Special deposits
Proceeds sale 3M% debs.
3,049,774
24,070,995
Cnemploy. ins. taxes
Traffic &
bal.
2,006,240
53,099
4,575,901
receivable
fronting the country was the necessity for a constructive national trans¬
portation policy, and that th9 low returns earned by the railroads in recent
years were clearly inadequate to meet their obligations and attract sufficinet
capital, at fair rates, to enable them to continue improving and moderniz¬
ing their plants and equipment to meet public needs.
When the effect of subsidized Competition upon the railroads is considered,
the question becomes more acute.
In 1926, 75>^% of the ton miles of all
freight transported in this country was carried by the railroads, and in 1937
the percentage had declined to 643^ %.
The appeal of the railroads, there¬
fore, for equal opportunity to do business is well justified.
compared with Dec. 31,
Materials and supplies...
Int. and divs. receivable.
No. pass, car'd 1 mile
Average
65.394,792
58,593,288
2,913,408,446
3,294,745,624
1,892,213
6,505,207
debits
$
658,387,700
i0,142,739
567,728,970
passenger per
No.
of pass,
of
revenue
carried
119,465,445
195,164
195,164
7,374,392
18,106,336
9,130,930
19,847,716
6,577,236
15,626,230
16,596,055
1,240,428
17,649,028
1,450,480
162
2,294,611
2,040,983
853,679
172,131
5,369,576
5,814,911
958,562
25,610,605
18,449,289
Traffic & car service bal-
various funds—deposits
Aud.accts.& wages pay.
27,630)
Misc. accounts payable:*
Minded debt, mat'd unpd.
0.898 cts.
$2.09
$2.04
0.934 cts.
ton.$2.17
0.938 cts.
0.914 cts
12,036
17,339
16,403
13,116
26,119
$34,392
$33,523
$27,460
._
1,874,422
2,019,358
730,844
71,131 "
Unmatured Int. accrued..
5,322,341
5,815,284
767,645
2,543,362
17,493,458
1,241,706
Int. matured
Divs.
unpaid.....
matured, Unpaid—
Other current liabilities—
Other deferred liabilities.
per
—.
Tax
liability
KR. retire, taxes—Co—.
Income Statement
for Years Ended Dec. 31
v1Q35
1Q36
1Q27
1Q38
10,2 86
10,306 .
10,311
«' $
$
$
259,257,751 341,507,648 333,350,238
Passenger...
65,796,195
71,643,261
67,552,238
Mail, express,
22,310,795
26,382,956 26,028,635
Incidental.......
12.538,327
15,897,090
14,009,436
Joint facility (net)......
481,173
502,552
484,641
10,443
$
272,047,434
59,797,178
23,806,333
*
403,505
revs..360,384,241 455,933,509 441,425,189 367,812,186
Ry. Oper. Expenses—'
Maint. of way & struct. 32,999,580
48,705,175 39,496,698 32,550,696
Maint. of equipment... 65,309,897
98,149,649 92,204,367
70,090,780
Traffic7,967,945
8,172,987
7,726,725
7,210,989
Transportation136,095,476 163,828,922 151,976,099 131,793,479
Miseell. ijperations
5,639,561
6,222,769
5,418,016
4,691,515
General
^.1
9,317,987
13,325,649
17,797,833
17,028,945
Transp. for invest.—Cj.
283,204
443,860
532,037
266,221
rev.
from ry.
Uncoil, railway revenues
150,321
.
oper.
1,940,994
income. 57,332,898 - 73,000,927
Non-Oper. Income—
Inc. from lease of road..
371,625
370,373
Miseell. rent income...
2,180,348
2,064,638
Dividend income....... 22,889,286
24,604,527
Inc."from funded securs.
5,141,689'
4,933,836
Net ry. oper.
Income
from
accounts.
1,900,719
2,583,585*
70,394,641
84,180,593
281,619
2,128,966
22,794,114
5,676,359
365,868
2,090,989
24,651,719
4,493,043
unfunded
&
79,327,256
7,031,896
92,623,340
5,859,161
securities
Income from sinking and
other reserve funds.__
4,805,223
230,980
4,970,580
131,666
Miscellaneous income
.
Total non-oper.
inc.. 36,226,180
Gross income
„
953,136
549,650
540,985
,79,512
.
37,559,228
4,571,436
120,580
4,438,402
„
-
36,119,533
.
,,
93,559,078 110,560,154 120,300,127
106,920,853
51,291,309
51,108,925
642,029
51,248,993
856,567
175,141
28,011,308
1,419,109
1,570,395
Total deductions
82,512,978
83,281,516
81.558,035
82,958,266
*
11,046,100
27,278,638
38,742,092
income and surplus....
175,592,120
175,838,312
211,756,385
11,094,798
846,658
98,708,505
10,435,228
798,180
95,042,129
161,593,663
171,018,489
'
Fund. dt. retired through
Sinking fund reserves.. —
Misc. fund reserves
5,642,719
See x
5,342,844
13,167,696
(2%)
5,051,677
13,167,696
(2%)
2.392,600
2,571,984
1,999,896
Profit and loss, balance..
Total
2,322.408,356 2,316,895,099
—
Adjusted figures,
x
2,674,480
18,231,655
4,960,700
13,167,754
13,167,696
$2.94
$1.82
Net income
Disposition of Net Inc.
8ink. & other res. funds
Dividends
See
Rate
x
862,954
162,628
28,017,364
265,784
957,996
148,939
revenue.
x
affiliated
cos..
A dividend of 1%
Co.—Bonds Called—
1939, at 100 and accrued
fund bonds, due 1968.
Company has called for redemption on Sept. 1,
interest, all of its outstanding 5H% external sinking
presentation of the bonds
147, p. 2698.
Payment will be made on and after Sept. 1 upon
at the New York office of J. P. Morgan & Co.—V.
(& Sub.)—Earnings
®cxJS8non
$5,602,039
Pennsylvania Edison Co.
Years Ended Dec. 31—
Total operating revenues
Operating expenses—
Provision
—
-
for retirements
taxes
income
Gross
i
Interest
21,086
$2,325,539
1,265,250
85,782
85,782
Cr4,954
$965,170
—
income
on
40,303
$2,325,178
bonds.—
1,265,250
$958,082
(net)
long term debt,
interest
1st mtge.
o.()o4
—
Amortization of debt
Interest charged to
ff?'?of
hlfL
479,952
J5£,184
470,578
-
-
Operating income.
Other
'ri5'iVo
545,412
1,r n'.o?
5l0,421
— —
Federal income taxes.
Other
-
*
Maintenance
discount and
expense.-
construction
Balance of income
subject to annual audit and such sundry book adjust¬
if any, as may be necessary incident to closing for fiscal year
Dec. 31, 1938.—V. 147, p. 3167.
x
Preliminary;
ended
Peoples Water & Gas
Co.—Earnings—
Oper. expenses & taxes
(incl. Federal inc.
taxes)..
Net earnings.
-
Gross income
—
Interest on long-term
debt—
Miscellaneous interest
(net)
Net income
profit and loss,
accruals for 1936 include $5,817,422
credited to profit and loss in
1937.
i
x Dividends on preferred stock
Dividends on common stock..
x
in
—
hoFcta
$1,035.876
$259,674
Dr 1,277
$261,539
155,819
8,204
$258,397
155,926
13,768
®i
776,202
$88,703
262,500
y417,500
capital surplus In 1938 and $241,500
$42,000 of this dividend charged to
y Charged to capital surplus.
1937.
i?38«oo
$1,0o4,682
798,414
$256,268
5,271
Calendar Years—
Operating revenues.
paid on Dec. 20, 1938, charged to
Jok^qa
$6,325,486
®a
148, p. 742.
othermime..:;::::
y Adjusted figures,
z Railway tax
railroad retirement taxes which were
i^I7oio
$9,746,813
$10,165,965
...
ments,
Constr. exp., operating
def. & adv. to leased
lines &
& St- Louis Ry. consoli¬
Line Co.—■Earnings—'
Panhandle Eastern Pipe
—V.
184,532,669
2,282,451009 2,288,540,482
12 Months Ended Jan. 31—
Gross
30,036,302
184,752
837,319
172,731,355
9,379,318
8^'382,013
13,1o7»d9o
fund reserve:—V.
13,167,696
$2.07
Rent for leased roads
*?'38J.22S
1,249,776
90,430,342
Pittsburgh Cincinnati Chicago
148, p. 743.
y
dated mortgage sinking
782,514
Balance, surplus.....
3,010,781
Shares of capital stock
outstanding (par $50) 13,167,754
*
Earnings per share on
*
capital stock
$0.84
_
Dlvldsnds
23,962,586
5,572,482
16,459,692
(2M%)
211,708,023
1,259.839
11,139,648
Deductions—-
51,318,738
Miscellaneous rents....
863,439
Miseell. tax accruals
178,016
Int. on funded debt
28,608,497
Int. on unfunded debt..
118,553
Miseell. income charges1,425,734
334,759,164
3,376,476
1,732,417
10,346,9^6
1,140,316
„■
36,526,211
96,397
396,812,182
2,497,902
11,945,701
Income and surplus
—
137,311
,
Res. for loss & dam.—fr't
Paris-Orleans RR.
78,639,465
3,697,543
income
66,111,670
Hire of equip.—Deb. bal.
6,914,469
Jt. facil. rents—Deb. bal.
1,864,303
Ry.
1,829,326
Other unadjusted credits.
exps._257,047,243 337,961,293 314,087,701 263,100,184
oper.103,336,998 117,972,216 127,337,488 104,712,002
Railway tax accruals... 37,225,328
39,332,751 z34,714,148 25,234,425
Net
16,961,796
6,037,472
127,380
.
.
Total ry. oper.
18.280,035
1,274,910
347,084.788
2,679,366
2,029,344
11,405,217
11,757,735
Total ry. oper.
2,220,193
6,199,698
5,821,014
866,965
1,146,232
1,452,894
419,379,017
2,638,515
equipment.......—
Res. for inj. to persons..
1,750,602
1,762,410
85,964
14,131
2,517,186
2,037,640
1,315,130
841,131
5,056,708
5,808,545
1,343,157
12,200,782
123,727
Premium on funded debt.
Accrued deprec.—rroad &
—
,
17,033,474
1,631,483
Unemploy. insur. taxes..'
Mileage operated.
Ry. Oper. Revenues—
Freight.
1,519,000
and
Unmatured rents accrued
$1.98
32,736,500
26,829,000
7,478,250
57,797,000
^
.
payable-.
163,108,774
172,172,912
'
rents
Unemployment insurance
mile...
No. of rev. tons car'd
revenue
1,519,000
191,414
_•
RR. retire, taxes (empl.).
lmile.....27,638,941,215 38,049,997,987 35,706,781,363 29,757,235,318
962
994
1,020
1,003
mile of road...
and ground
leased and affil. cos.
ton per
Freight
Mtges.
3^s.........
129,941,499
tons
mile of road.
1,519,000
7,109,132
13,512,479
trust obligations.
Stor. Co. 1st
7,722
Average revenue per
per
32,236,500
26,829,000
7,478,250
65,966,000
23,699,000
7,478,250
Pt,
mtge.
2.697 cts.
Aver, train!oad {tons)
Aver. rev. per
82,236,500
23,809,000
7,478,250
64,594,000
30,887,000
'
9,162
9,326
8,598
No. of rev. tons car'd
No.
10,142,739
518,956,080
1,519,000
acquired
assumed by P. RR.
2.344 cts.
2.174 cts.
2.258 cts.
mile.
carried
mile of road...
10,142,739
562,061,990
10,142,739
569,472,880
debt of
ances
*
per
$1.05
$1.05
$1.10
$1.12
per
11,953,495
189,914
Funded debt...........
Girard
7,204,308
.
138,632
211,391
94,797,003
3,809,902
61,316,000
Premium onstocif.....—
cos.
109,936,966
7,294,096
2,282,^53,009 2,28S,540,482
1937
1936
xl935
.'
$
$
$
658,387,700
658,384,800
658,384,800
1938
Liabilities—
Capital stock...........
Funded
6,808,696
13,630,974
2,322,408,356 2,316,895,099
.......
payable
passenger
Average revenue
25,731,623
5,610,285
6,408,286
from
rev.
8,601,043
15,438,976
30,754.758
6,076,756
187,318
248,326
40,545,957
Other deferred assets—..
Equip,
1935
56,739,729
2,217,260,257
64,617,913
2,881,802,420
N
each
Co.
1936
1938
1938
'
Unadjusted
Funded debt assumed...
Traffic Statistics for Calendar Years of Pennsylvania RR.
4,898,671
5,045,899
i34,832
236,493
102,629,913
2,126.872
Other current assets.....
Guar, stock trust Ctfs...
No. of pass, carried.
6,514,442
6,130,423
12,357,629
106,567,928
1937, with an average holding of 61.4 shares.
45,876
4,316,213
6,988,106
Insurance & other funds..
at the close of the year
...
from
agents & conductors...
Misc. accounts receivable
Total
.....
43,872
service bal¬
car
receivable
ances
Net
2,466,285
40,638
'
bills receivable
8,535,000
225,548
1,668,359
"
.
RR. retirement taxes....
Loans and
52,047,371
76,526,971
47,479,774
....
43,136,842
....
66,115,802
58,056,120
16,135,000
337,602
65,785,152
39,231,303
16,085,000
66,350,262
investments......
Cash...
Working fund advances..
Stockholders—The capital stock of the company
was owned by 214,532 holders, a decrease of 1,097
114,512,535
10,675
1,642,549
439,156,814
23,357,273
33,626,238
127,104,098
269,360
of 15-yr. 6)4 % sec. gold
Other
con¬
has
1,649,845
446,408,930
20,737,348
32,126,238
held lor pay.
secur.
10,591,185
31,391,657
4,972,240
135,451
237,699
Legislation—For many years, the management of this company
directed attention to the fact that one of the most important problems
........
1,915,653
438,902,234
20,376,407
32,126,238
120,229,405
439,042
20,733,334
32,118,405
Advances
Cash &
The taxes
224,580
6,793,872
...
436,506,105
Bonds
reporting to the Interstate Commerce Commission for
1937 paid taxes aggregating only 2.08 cents per dollar of revenue; the private
barge lines varied from 1.3 cents to 3.76 cents, and the Government owned
barge lines paid no taxes.
Other agencies of transportation pay much lower taxes in relation to
their revenues, which is due principally to the fact that they do not own
the rights of way or roadbeds over which they operate.
The common carriers by motor truck daring 1937 paid a total of 4.5
cents in taxes per dollar of revenue.
These include gasoline taxes and license
fees, which are in the nature of contributions to ths cost of improving and
maintaining highways over which such carriers operate.
These costs in
the case of the railroads are borne wholly by the carriers, and in 1937
with all other taxes
552,188
2,091,154
gaged property sold...
lnv. in
represented 31.7 cents per dollar of revenue, which included the cost of
owning, maintaining and protecting their tracks and rights of way, together
.
8,478,384
617,060,290
570,159,068
7,583,858
115,750,081
379,738
Deposits in iieu of mort¬
1938.
•
leased ry. prop.
on
616,383,317
594,241,487
7,571,132
114,521,578
676,176
642,521,202
594,778,460
7,724,898
120,552,100
643,729,524
xl935
«
$
$
$
Invested in—Road
1936
1937
1938
be made.
All water carriers
Sheet Dec. 31
Balance
$97,515
115,500
1180
Financial
Note—The operating results
with those for the year 1938,
Vancouver, Wash,,
as
for the
Chronicle
1937 are not strictly comparable
as the company sold its water property at
of June 1, 1937.
1938
1938
1937
$
$
1938
Liabilities—
Invest.
securities.
5 .407,939
1,,733,727
5,407,939
617,319
1,092,847
964,148
962,654
Acc'ts receivable-.
816,028
Cash
Special deposits...
Sinking
fund
for
red. of bonds.
100,978
--
Subscr. to cap. stk.
1,,297,622
Prepaid
charges..
stock.
$
bonds.. 10,,998,000
1st mtge.
2,130,895
10,998,000
1st ref.mtge.
4^8.11 ,010,000 11,057,000
Accounts payable.
Matured
Int.
on
124,129
124,497
280,703
280,238
671,638
671,638
debt..
2,070
7,262
896,355
Taxes accrued
Unamort debt dis¬
735,617
612,342
667,723
capital stock...
268,380
Cash In bank
268,380
Inv.
Res. for renewals &
593,538
667,723
297,622
165,150
11,101
Res.
for
on
145,841
Total
48,816,136 47,888,874
Total
3,286,704
48,816,136 47,888,874
1938
published
were
in
'
•
\
(H. K.) Porter Co.—New President—
dent
facturing Co.; Q. S. Snyder, Vice-President of the Blaw-Knox Co. ; Chr'stian
Z. Schove, attorney; H. R. Donnaly, President of the Iron & Glass Dollar
Savings Bank, and T. M. Evans.
The company makes industrial locomotives at Pittsburgh, Pa.
It was
acquired by the bondholders through the reorganization.—V. 147, p. 3025.
Public Service Co. of No. 111.—Balance Sheet Dec. 31—
debenture holders.
Mr. Eagen demanded that Mr. Palmer be required to
right he has to be in the proceedings.
1938
1937
$
$
Hearings Delayed—
,
Plant, property,
on
Ac.....
a
170,4Q8,009
sees,
172,725,919
6,160,096
13,011,154
dep. with trus.
cl5,000
Def'd charges.. 16,281,907
Cash
5,048,130
matured Int..
■
$2,459,429
664,193
132,040
earnings
Interest charges..
$1,663,196
676,087
11,697
101,841
238,584
..
.
Amortization and other deductions.i..
Federal income tax
Retirement expenses
1
(or depreciation).
1,162,488
1,250,000
1,136,998
759,034
1,773,757
taxes..
2,730,332
3,860.714
Customers' dep.
Pref. stk. called
442,364
580,324
738,976
2,355,491
1,011,764
2,416,897
■
4,924,189
Accrued
5,843,397
1,475,102
,,
12,257
for
128,056
141,255
Mat'ls & suppl's
1,920,578
2,199,899
A 3SCtS
j
redemp'n.
Misc. curr. liab.
22 680,377 |
Reserves..
530,259
capital......
Cash...
Notes
$26,149,055
1,469,380
receivable
Accounts
1
receivable
i...„
Materials and supplies..
Other current assets
TJnimort: debt'disc. & exp._
Undistributed debits..
265,169
Total...
.
Consolidated Income Account for Calendar Years
1938
1937
1936
1935
$8,343,470
954,727
$5,619,794
952,888
$7,910,153
1,104,168
$6,032,520
1,070,110
«...
:.
289,885
Other accrued liabilities.....
ings from operations $7,388,743
Interest & divs. rec—..
129,308
$4,666,906
131,127
$6,805,985
8,041
214,981
$4,962,410
258,503
Net income.../..... $7,518,051
Federal and foreign in¬
S5,22oln3
Accrued
taxes
Accrued
interest.......
Reserves
29,199
........
Surplus
Total
Consol.
earns,
from oper.
Consolidated net
earn¬
2,583,430
1,970,813-
...$28,311,082
$4,798,033
$7,020,965
& profit taxes—
xl,280,645
630,986
1,287,009
668,411
Net income for year._
Adjustment of deprec'n
$6,237,406
$4,167,046
$5,733,956
$4,552,502
come
743.
Phoenix Oil Co.—SEC Orders
on
1039.
2,500.000
Delisting—
The Securities and Exchange Commission on Feb.
20 ordered the delisting
effective March 1 on the 6% cumulative
preferred stock
common
p.
Depreciation
15,404
,
204,898,222 213,907,840
39,747
531,186
258,781
Consumers' deposits.
$28,311,082
...
5,726,496
Quaker Oats Co. (.& Subs.)-^—Earnings-—
16,900,000
Main extension deposits
8,358
j.
473,761
4,336,227
7,626,392
After reserve,
b Represented by 131,359 shares at par value of $60
share and 535,318 no par shares at stated value of $60 per share,
Cash only,
d Represented by 670.000 no par shares.
Earnings for the calendar year 1938 appeared in the "Chronicle" of Feb.
'
....
indebtedness:.
Other current liabilities
17.804
Special deposits......
Funded
Total
.
a
$3,200,000
Common stock
213,907,8401
surplus
22,795,787
per
18,
stock
171,183
5,116
Prepayments
-V. 148, p.
1,032
134,950
Preferred
83,630
Investments—general
listed
Total ...1...204,898,222
surplus.
Earned
Liabilities—,
Fixed
,
Contributions
$634,986
.....
Balance Sheet Jan. 31,1939
14,140,000
payable.
Interest
Prepaid accts...
c
Balance available for dividends
36,000,000
cos.
debt ma- '
Paid-in
Net
168,900
114,297,000
turlng In 1938
Accrued
Special deposits.
revenues
80,228,000
debt
affiliated
Fund,
Accts.
Accts. recelv..
a
12 Months Ended Jan. 31,
Operation (including maintenance)..
Taxes (not including Federal income
tax)
2,499,796
pref. stk. and
Marketable sec.
Gross
200,856
13,393,562
Deps. for red. of
,
"
scribed
Funded
Notes payable to
on
Philadelphia Suburban Water Co.—Earnings—
1939
$
d52,000,000 b40,000,620
Com. stock sub¬
Investments..
Cash &
the New York committee for refunding
bondholders, in
committees an opportunity to work out a plan of
1937
$
Liabilities—
Common stock
rlghts.franch.,
the petition of counsel for minority group of debenture
holders for the appointment of a trustee for the
company have been post¬
poned for two weeks at the instance of Arthur Garfield Hays, counsel for
1938
"
*
Assets—
order to give the
reorganization.
Mr.
Hays told Special Master Howard Benton Lewis that he wanted to confer
with representatives of the various committees and asked Archibald Palmer,
attorney for the minority debenture
group, to cooperate in the movement.
V. 148, p. 446.
"
..?3,534,721 $3,688,476
T. M. Evans, formerly with the Gulf Oil Corp., has been elected Presi¬
of this company, which was reorganized recently.
New directors
elected include H. C. Bughman Jr., President of the Union Spring & Manu¬
Federal Judge Oliver Dickinson on Feb. 20 referred six motions in the
reorganization proceedings to Howard Benton Lewis, special master, for
hearing.
Four were by Archibald Palmer, representing a small group of
debenture holders and related to the alleged
improper Teasing of six culm
banks by the company to S. W. Blakeslee, former production manager.
The other two were by counsel for Biakeslee and his partners in the deal,
and one challenged the right of Mr. Palmer to take
part in the proceedings.
Mr. Blakeslee's counsel, former Public Service Commissioner Thomas
C. Eagen, asserted that Mr. Palmer had never
legally entered the proceed¬
ings as counsel for anyone although Mr
Palmer claims to represent some
Hearings
Total
numbered 801 to 1,500, inclusive, hav8 been
Philadelphia & Reading Coal & Iron Co.—Court Refers
Six Motions in Reorganization Proceedings to Special Master—
show what
436,872
3,341,533
All of the outstanding first and refunding mortgage 6% serial gold bonds
called for redemption Feb. 1
at 102 and accrued interest.
Payment is being made at the Union Trust
Co. of Pittsburgh.—V. 148, p. 1039.
the
•
■
a3,341,533
/;
Pittsburgh Equitable Meter Co.—Bonds Called—
and notes receivable from former fiscal agents.
31,
1937
$625,000
3,500,347
125,000 shares quoted market value, $1,125,000.
b Resulting from
$625,000 in stated value of common stock,
$18,509,519, less distribution, $15,009,171, from and out of capital surplus
and in partial liquidation of 500,000 shares of Consolidated Oil
Corp. stock,
in the proportion of one-fifth of a share of said stock to each one share of the
stock of Pierce Petroleum Corp.
c Represented by 2,500,000 no par shares.
—V. 148, p. 1038.
a Represented
by 429,848 shares (no par),
b Represented by 21,493
shares, no par.
c Represents certificates for funds in reorganized banks
Earnings for the year ended Dec.
•Chronicle" of Feb. 11, page 888.
1938
b
a
141,009
3, 739,154
surplus
LiabUUies—
Common stock..
$625,000
Capital surplus. 3,500,347
Deficit
590,627
c
reduction from $19,134,519 to
retlrem't
annuities
Earned
$346,942
Total..-..-...$3,534,721 $3,688,476
167,855
12,005
assets
Acer. Int.
1937
$193,187
Consol." Oil
Corp.
1,319,183
bonds
Other accr.llabll-.
$268,729 sur$411,029
Corp . in reimbursement of payments made
in shs. of no
of
Res. for debt disc.
and expense
Res. for restricted
$436,872
par val.com.stk.
5,153,456
612,342
replacements
pf$124,355
sur286,673
Balance Sheet Dec. 31
19*8
Assets—
Subscr. payable for
count A expense
$679,758
sur411,029
$593,206
by that corporation in settlement or United States tax claims for the years
1918,1919 and 1920, $16,437; for amount paid to Pierce Oil Corp., including
$453,024 by Way of interest, in reimbursement of payments made by that
corporation in settlement of United States tax claims for the years 1918,
19P9 and 1920, $1,013,789; total, $1,272,964.
c Expenses and other
charges paid: General and administrative expenses,
including franchise taxes of Pierce Oil Corp. and expenses of that cor¬
poration necessary to maintain its corporate existence, $46,943; payments in
settlement of United States tax claims, years 1927 to 1930, inclusive: Ad¬
ditional assessments, as finally determined, $165,000; interest thereon,
$97,855, total, $262,854; less payment in 1937, $60,000; balance, $202,855;
accounting fees and other expenses (not including, however, compensation
of counsel) in connection with settlement of above tax claims, $4,240;
total,
$254,038.
10,868,312
2 ,130.895
$168,143
268,729
determined to be due Pierce Oil
Matured long-term
1,319,183
143,995
148,394
b Preferred
$171,677
47,322
$590,627
Deficit, Dec. 31-
1937
$
Common stock..10 ,868.312
funded debt._r.
Dividends payable
107,669
268,380
268,380
Restricted assets
c
a
1935
bl,272,964
a Incmdes dividends on Consolidated Oil
Corp. stock of $100,000 in 1938;
$214,967 in 1937; $513,467 in 1936, and $161,459 in 1935.
b Expenses and other charges paid; For gen. and administrative expenses,
including franchise taxes of Pierce Oil Corp. and expenses of that corporation
necessary to maintain its corporate existence, $60,283; for expenses in con¬
nection with tax litigation, including payments of $12,964, reported
July
20,1936, by Consolidated Oil Corp. as having been made by that corporation
for account of Pierce Petroleum Corp:, $18,107; for interest on bank
loans,
$22,494; for loss sustained on sale of Consolidated Oil Corp. stock (cash
received, 8,500 shares, $113,302, less cost thereof, $255,155), $141,853;
for interest covering period from April 30 to Dec. 30, 1936, on amount
Pennsylvania Water & Power Co. (& Subs.)—Balance
■
1936
$222,570
390,713
$153,755
436,872
Net loss
Balance, deficit, Jan. l.
Sheet Dec. 31—
account-37 ,205,628 37,040,628
Mat'ls & supplies260,951
260,535
1937
•
$100,284
254,038
Exp. & other chgs. paid.
Assets—Plant, property, rights,
franchises, &c., $4,354,740; special
deposits (including $52,673 balance of proceeds from sales of property on
deposit with trustee), $54,410; cash, $6f,818; accounts and notes receivable
(net), $194,539; unbilled gas revenue, $5,898; materials and supplies,
$93,422; deferred charges and prepaid accounts, $34,997; total, $4,799,825.
Liabilities—Long-term debt, $3,056,500; 6% note payable to Federal
Water Service Corp., $85,000; accounts payable ($27,553 to affiliated com¬
panies), $66,845; deposits and accrued Interest thereon due to seasonal
consumers (estimated), $25,584; general taxes accrued, $67,719; Federal
income taxes accrued, $19,772; interest on long-term debt accrued, $14,477;
miscellaneous accruals, $5,92i; consumers' deposits and accrued interest
thereon, &c., $143,677; reserves, $677,124; contributions for extensions,
$3,768; $6 cumulative preferred stock (7,000 shares of no par), $350,000;
common stock (42,500 shares of no par), $42,500; capital surplus,
$237,036;
earned surplus, $3,902; total, $4,799,825.—V. 147, p. 3024.
Property
1939
h}come Account for Calendar Years
Total Income
a
Balance Sheet Bee. 31, 1938
Assets~
Feb. 25,
year
($1 par) and the
stock (25 cents
par) of the company.
The stocks are presently
the Pitsburgh Stock Exchange.—Y.
138, p. 4310.
Pierce Petroleum
W. H. Coverdale,
current
Surplus
Corp.—Annual Report—
Chairman, states In part;
On Dec. 16, 1938 company settled with the U. S.
Bureau of Internal
Revenue its income tax liabilities for the
years 1927, 1928, 1929 and 1930,
by payment of $202,855 in cash (of wichh $165,000 represented taxes and
$37,855 interest), in addition to $60,000 paid on account of interest in 1937.
At the present time, in so far as directors are
aware, there is only a single
unliquidated liability of company that prevents its dissolution, viz., its
liability, under the agreement between it and Pierce Oil Corp., dated
May 6, 1924, to pay to Pierce Oil Corp. the expenses (within the limits
prescribed in the agreement) to enable Pierce Oil Corp. to maintain its
corporate existence so long as It is in existence.
Since the above settlement with the U. S. Bureau of Internal
Revenue,
directors have taken steps looking towards the dissolution of
company,
with a view to its complete liquidation,
and, to that end, have conducted
negotiations with Pierce Oil Corp. with a view to the compromise and
settlement of any and all liability of
company, from and after March 1,
1939, under its above-mentioned agreement to contribute towards the
maintenance of the corporate existence of Pierce OH
Corp. Such steps and
negotiations have resulted in the proceedings of which notice is being cur¬
rently given to the stockholders.
mg
charges of prior years
less related adjustm'ts
Cr94,558
Cr481,872
Adjust, to market of se¬
curities & foreign net
Past
assets
reserve
service
Dr77,964
Crl,118,777
Dr52,083
Dr44,066
Dr62,028
Dr37,177
Cr60,615
2>r44,965
$5,634,750
17,228,093
$5,050,024
retirement
annuities
x2,164,001
Amort, of trademarks &
goodwill (subs.)
Dr39,000
Surplus, before divs.. $5,075,218
Surplus at begin, of year 17,135,113
Gross surplus
Preferred dixddends
Common dividends
Dr51,620
$4,113,836
17,593,525
17,449,678
$22,210,331 $21,707,361 $22,862,843 $22,499,702
1,074,540
1,074,483
1,074,447
1,074,291
4,197,318
3,497,765
4,194.871
4,197,318
Surplus at end of year.$16,938,473 $17,135,113 $17,593,525 $17,228,093
Earns.per sh. on 702,000
shs. com. stk. (no par)
$7.35
$4.40
$6.63
$4.95
x The expense of retirement annuities purchased within the
year'in re¬
service, less the related income tax effect, is shown as a direct
charge against surplus.
For purposes of comparison with prior years, the
provision for income and profits taxes for 1938 is stated before giving effect
to the expense of past service annuities; the tax effect, amounting to
$427,617 has been deducted from the related surplus charge.
spect of past
Volume
148
Financial
Chronicle
1181
Consolidated Balance Sheet Dec. 31
1938
Assets—
Liabilities—
4,408,998
Accounts
receiv'le
(less reserves)
_
Inventories
3 888 174
ness
x
1938
11,985,555
12,796,067
of
3,026,680
foreign
Property
subs, under loan
550,000
69,381
decl.,
(less
25,124
107,142
270,000
for inventory
shrinkage
2 250,000
Wages,
3,785,352
30,957
107,142
of employ
83,063
93,350
Res.for advertising 2 050,000
for Insurance
Company's capi¬
and
other
Fed.
99,399
36,492
141,018
98,066
inc.
Res. for poss. loss
600,388
734,199
35,858
61,501
on raw
materials
100,000
100,000
Res. for contings..
Amt. pay. for red.
Prepaid ins. prem.
150,000
150,000
270,000
of pref. stock
11,000
7%
cum. pref. stk. 1,285,000
Common stock
2,228,550
2,250,000
2,050.000
61,741
1,306,700
2,228,550
62,291
2,114,284
2,271,354
Capital surplus
Res.
tal stock (forem-
&
com'ns
for
1937
$181,956
22,867
22,488
& other taxes,&c
Res.
indebted¬
1938
$215,055
exps. accrued
Res.
de¬
&c_...
able after Dec.Sl
<fc
122,175
pay¬
1,405,062
2 .472,744
preciation)
agreement
Divs.
Liabilities—
Accounts payable.
Divs. payable
$339,895
receivable 1 ,650.667
Value life ins. pols.
Lnv. in outside cos.
3,715,332
1937
$i ,530,779
Customers' notes &
Inventories
Obligs.
180,000
secure
purchase
Assets—
Cash
accts.
adver.
<fec.)
xGovt. securities. 16,180,477
x State,
county &
other
933,120
com pens.,
products & sup¬
plies..,
9,145,648
Stock
,095,209
wages and other
ol
grain, materials
municipal
$
$
payable.
Acer, liabs. (taxes,
3,723,239
-
1937
1938
$
3,904,063
Accounts
x
1937
$
Cash
Consolidated Balance Sheet Dec. 31
xEarne— surpi us
.
_
con¬
*
ployees)
Jnv.
in
383,466
__
&
adv.
330,069
1 642,013
tingencies
to
2,760.820
18 ,000.000 18,000,000
6% pref. stock
part, owned subs
58,211
91,614
z
Miscell. Investm'ts
22,335
49,407
Surplus
315,834
400,771
Com m on stock ..15 210.000
16 ,938,473
15,210,000
17.135.113
Total
machinery,
Rensselaer & Saratoga
See
and
.$6,428,535 $6,458,275
on account
Motor
Car
of capital shares
.
RR.—Transfer Office Moved—
Albany & Susquehanna RR. above.—V. 125,
Reo
16,957,200 16,838,000
equipment.
Total
x $336,740
($465,490 in 1937) is restricted
reacquired.—-V, 148, p. 744.
Insurance & other
prepaid expenses
j Land, buildings,
...$6,428,535 $6,458,2751
Co.—Unionist
a
p.
1577.
Director—
Guy Hack, first automobile union official ever elected to a
company
board of directors, predicted on Feb. 15 the
move would set a precedent in
Trademarks, trade
rights, patents &
the auto
goodwill
10.286,902 10,325,902
Total..
61.240,438 61.757,9091
industry.
•
.
.
The
Total.......
61,240.438 61.757.909
x At cost or at market if lower,
y After depreciation reserve of $14,118,984 in 1938 and $13,446,370 in 1937.
z Represented by 702,000 no
par
shares.—V. 147, p. 3469.
Potash Co. of America—Initial Dividend—
Directors have declared
an
initial dividend of 25 cents per share payable
April 1 to holders of record March 15.—V. 143.
Prudence Co.,
p.
4164.
Inc.—Creditors Accept Proposed RFC Plan
William R. Palmer, attorney for the Reconstruction Finance
told Federal Judge Grover M. Moscowitz, in
Corporation,
Brooklyn, Feb. 16, that
sufficient acceptances have been received from creditors of the Prudence
Co., Inc., to permit the RFC to submit an order confirming its amended
plan of reorganization sometime next month.
Mr. Palmer said that
$89,900,000 of acceptances had been received.
Judge Moscowitz authorized the RFC to mail a ballot to creditors of the
Prudence Co., Inc., enabling them to elect one of the seven directors who
will guide the new Prudence Co. to be formed under the reorganization.
The court will appoint four directors and the RFC will
appoint two.
The new company will
gradually liquidate the Prudence estate, which
on Feb. 1, 1935, had claims of $144,000,000
against It. The company now
has approximately $1,200,000 cash on hand.-—V.
147, P. 3026.
Public Service Corp. of N. J. (& Subs.)—Earnings—
•
1939—Month—1937
1939—12 Mos.—1938
$11,781,600 $11,173,150 $127429.312 $127235,984
Period End. Jan. 31—
Gross earnings
Oper. exps., maint., de¬
preciation and taxes..
Net inc. from opers...
8.135,376
7,908,324
$3,646,224
2,572,746
Bal. for divs. & surplus.
92,015,399
90,722,711
$3,264,826 $35.413,914 .$36,513,273
2,203,429
23,102,561
24,170,205
—V. 148. p. 888.
40-year-old President of Reo Local 128 of the United Automobile
was elected to the board
by the company's 800 employees.
"General Motors, Chrysler, Hudson and the rest of them
should elect a
Workers
union representative to their boards." Mr. Hack
said.
"It would lead to better relations and solution of
mutual
labor and industry."
sentative
Railway Express Agency, Inc.—New Director-
pected to be elected at
148, p. 744.
an
Express Agency board meeting
on
SEC—
See list
Operating profit
Depreciation.
Net
'
1939 *
$1,374,973
378,136
I>r39t696
Cr2,583
$600,245
Cr24,546
Cr 10,520
$959,724
...
$870,609
270,364
$996,837
....
.1
.....
$635,311
1938
1937
1936
1935
.l.$12,098,571 $16,447,515 $17,686,164 $14,025,064
Cost of sales selling and
general
11,932,126
""
!
Total income.
Prov. for depreciation..
Interest paid
Prov. for Fed. surtax
undistributed
for
raw
poss.
to
1 3,741,71 2
$1,169,992
270,747
$283,352
235,912
$159,491
158,684
,906
$1,440,739
151,293
11,683
157,500
$519,264
185,606
5,416
151,785,
24,666
.000
100,000
3,500
ficers & employees
on
cap.
*
Nil
Surplus Accounts
(1) Capital Surplus—
1938
as
$966,762
$4.05
Nil
Nil
$322,318
y290,000
$2.11
$278,839
zl45,000
$3.68
Exclusive of stock dividend amounting to $148,566.
Shares of
y
Shares of $1
no par.
"
Balance Sheet Dec. 31
Assets—
Land,
1938
bldgs.,
chinery,
Liabilities—
1937
ma¬
a
equip¬
&fl
$2,427,018 $2,415,992
Pat'ts & goodwill.
Cash
1
176.484
150,000
10,624
381,9/1
6,260
164
29,699
66,952
int.,
mold charges
r»ccr.
Prov.
income
1,597
Federal
for
taxes
37,445
b Notes payable
473,945
2,476
350.000
Mortgage payable-
&c_...........
400,000
500,000
403.462
82,114
,74,010
Res,
for conting..
Res. for workmen's
rec.
5,742
...
6,693
compensation
7.988
officers.
425.438
Surplus
638*648
93.382
Deferred charges..
Total.
taxes,
&c
150,000
324,730
726
53.810
49.352
Acer,
to salesmen,
Loan rec.
278,663
Taxes payable
as guar¬
& accrupd lnt
1937
Common stock. .$1,349,113 $1,349,113
804.492
474,751
Accounts payable.
Unclaimed divs
1
174,207
Acc'ts receivable..
Advs
1938
Notes payable
6,000
4,800
303,979
739,252
_.
126,455
$3,678,846 $3,994,379'
Total..
$3,678,846 $3,994,379
Represented by 297,132 shs., $1 par, less 7,132 shs. held in treasury,
12, 1937, company borrowed $500,000 on its demand note from an
unaffiliated company with which it transacts business. A supplemental
agreement under same date provides for repayment of this loan in quarterly
instalments of $50,000 each, commencing April 26, 1938.
The granting
of this method of repayment, however,
specifically does not prejudice the
right of the holder to demand payment at any time of the full amount
or principal due on the loan.—V. 147. p. 3922.
«
b Nov.
.
Richmond Ice Co.,
Inc.—Registers with SEC—
See list given on first page of this
Riverside
&
Dan
department.—V. 145, p. 3981.
River
Cotton
Mills,
Inc.—New
Directors—
At the recent annual meeting
of stockholders A. B. Carrington Jr., and
Albert F. Patton, both of Danville, Va., were elected to the board of
directors.—V. 147, p. 131.
"
$265,741
$0.73
1936
$37,387
1 937
revenues
Total oper. revenues.^$15,872,759
1935
$145,248
Operatin
1936
$9,863,985"
4,008,187
850,777
1935
$9,403,094
3,911,596
803,109
$15,620^699
$14,722,949 $14,117,799
6,182,332
,.5,789,141
1,277,645
1,146,068
1,032,558
987,965
1,857,865
1.923,920
Retirement expense....
6,956,035
1,229,447
1,333,771
2.710,904
6,3 60,442
1,172,970
1,111,347
2,513.628
$3,642,602
12,402
$4,462,312
22,602
$4,372,547
31,183
$4,270,704
43,412
$«j ,655,005
< expenses
Maintenance
Taxes
$80,000
—
1938
Corp.—Earnings—
...$10,764,385 $10,645,630
4,348,625
4,108,754
Steam heating revenues759,749
866,315
Gas
Operating income
450
Other income
$62,741
$80,000
Divs. paid or declared on
$37,387
$145,248
33,668
3,718
107,509
Balance at Dec. 31.
_
1,000
17,709
$61,741
$62,291
Contingency reserve
stored to surplus
$2,271,354
54,465
$2,463,857
defl51.099
$2,146,438
966,762
re¬
167,837
83,942
Miscellaneous credits
Total
$2,325,818
111,308
Divs. on pref. stock
90,226
Miscellaneous debits—
*10,000
Cost of capital stk. pur¬
chased and in treasury
stock
Bal. of earned surplus.
$2,114,284
$1,992,186
265,741
46,437
17,333
$2,564,537
199,849
93,334
$3,159,637
599,354
68,937
27,488
$2,275,261
381,562
402.179
$2,271,354
$2,082,295
$1,744,258
Surplus appropriated for_redemption^of preferred stock.
351
$37,387
(2) Earned Surplus—
Bal'ce at begin'g of per'd
Net profit for period-
Gross income
Deductions from income
pref. stock out of capi¬
tal surplus
Prems.on cap.stk. purch.
x
'
$0.75
$394,839
116,000
$4,484,914
1,430,348
$4,403,730
1,532,105
$4,314,117
1,483,991
$2,171,013
1,393,226
$3,054,565
1,393,226
$2,871,625
1,499,341
620,731
$2,806,551
1,473,226
931,097
stk. pur¬
Total.
on com.
$1,615
y290,000
per share..
$612,318
x290,000
of Dec. 31
1937
$62,291
chased for retirement.
Divs.
def$435,273
y290,000
Surplus
Calendar Years—
Electric revenues
150,000
$54,465 loss$151,099
Bal'ce begin'g of periodCredit arising from sale
of co.'s com. stk, to of¬
$219,115
217,500
„
contingencies
Net profit
60,710
Shs. of cap. stk. outst'g.
z
68,348
8,456
62,945
44,022
Rochester Gas & Electric
for
reserve
Earned per sh. on com..
Disct.
62,500
on
profits.
loss on
materials
Transf'd
16,516.172
1oss$49,776
209,267
59,977
Prov. for Federal taxes
Prov.
1 6,497.291
$166,444
123,782
$290,226
expenses.
Net profit...
Other income.
$534,588
.
a
Manufacturing Co. (& Subs.)—Earnings—
Calendar Years—
Net sales
4,193,677
$879,423
84,960
4,030
117,405
loss$435,273
Inventories
Net railway operating income
5,332,997
$418,704
98,092
20,029
37,445
undis¬
on
profit
Sundry notes
....
-V. 148, p. 594.
Reliance
1938
$4,662,086
$4,068,703
3,288,013. 3.198.094
Railway operating income
Equipment rents (net)
Joint facility rents (net)—
6.663.194
126,002
43,179
of Judgment
from railway operations
revenue
3.482,602
Dividends paid
Earnings
1935
$4,728,265
tributed profits
Non-recurr. expenses
Net
1936
$6,212,420
Federal taxes
Federal surtax
'
1937
$7,081,898
Interest
of life Insurance.
Month of January—
Railway operating revenues
Railway operating expenses
Railway tax accruals
1938
Cash surrender val.
Reading Co.—Earnings—
and
$3,216,511'
....
anty of payment
of this department.
page
the company.
loss$266.091
.
Cost of sales, sell., adm.
and general expenses.
Deposited
given on first
of
Reynolds Spring Co.—Earnings—
Calendar Years—
Sales
ment,
Raleigh Hopewell Ice & Coal Co., Inc.—Registers with
future
banker, Chairman,
148, p. 1039. '
par.
Feb. 28.—V.
on
agreement in
place a labor repre¬
the board after Mr. Hack had
appeared in Court and said such
a
move would increase workers' interest in the
The reorganization provided for a new board.
The new board
elected Ray Potter, Lansing
O. W. Otto, also of Lansing, Secretary.—V.
x
Ernest E. Norris, President of Southern
Railway, asked Interstate Com¬
merce Commission authority to serve as a director of this
company, as one
of four directors to represent the Southern group.
Mr. Norris said he ex¬
problems by
The unprecedented election
grew out of a reorganization
Federal Court in Detroit.
Reo stockholders agreed to
128,823
income
Preferred stock divs
Net
Common dividends
—V.
148,
p.
1,507.566
889.
Savannah & Atlanta
Ry.—Reorganization—
The holders of Brinson Railway Co. first mortgage 25-year
5% gold
bonds, due May 1,1935, and certificates of deposit therefor, and Savannah &
Atlanta Ry. 1st & consol. mortgage convertible gold bonds, due May 1,
1935, and certificates of deposit therefor, have been notified that the
modified plan of reorganization has been confirmed by order of the U. S.
District Court for the Southern District of Georgia, Savannah Division,
entered on Dec. 12, 1938, and has been consummated as of Jan. 16,
1939,
pursuant to an order of that Court entered on Jan. 13, 1939.
Savannah & Atlanta Ry. (the new company provided for in the plan)
has acquired the properties and taken over tne operations of the
reorganized
company and the trustees in the reorganization proceedings pursuant to the
plan.
The new company
Savannah, Ga.,
as
has issued to the Citizens & Southern National Bank,
distributing agent, certificates for the shares of the new-
Financial
1182
Condensed Balance Sheet Dec. 31
company's 5% preferred stock (par $100) which holders of bonds and cer¬
tificates of deposit referred to above are entitled to receive pursuant to the
plan, and certificates for such shares of 5% preferred stock are now available
for distribution.—V. 148, p. 4067.
Consolidated Gas & Electric Co.—Earnings
San Diego
$8,484,469
maintenance and taxes—
4,982,872
1937
$8,196,163
4,927,843
$3,501,597
597
$3,268,320
3,007
yl938
Years Ended Dec. 31—
Operating expenses,
x
Net operating revenue
Other income
(net)
$3,502,195
1938
A
$
$
8 sets——
Gross
and expense
Other interest
(net)
—
Other income deductions.-
Net income.-
—.—
-'
beginning of period
Earned surplus,
Refund on subsctiption to
$1,331,866
1,913,647
5,000
-
$3,250,514
12,578
-
Earned surplus, end of
$2,217,631
period
$1,994,860
*
to
for retirement reserve,
1040.
Before appropriation
audit.—V. 148, p.
110,365
97.729
Int. mat'd unpaid-
9,349
4,225,296
9,002
Rents mat'd unpd.
4,228,701
supplies
...
Unadjusted accts.
Total
544,222
544,033
176,825
300,426
281,894
deficit.
1,721,278
1,513,115
180,686
11,327,124 11,219,952
Total
Commercial
Inc.—Hearing
Co.,
Tobacco
Adjourned—
C. Coxe has adjourned until March
Federal Judge Alfred
3 a scheduled
will
Wertheim
hearing in reorganization proceedings of this company.
That company
be reorganized rather than liquidated is indicated by the fact that
& Co. will take over the claim of the Wood Axton Estate, approximately
$600,000, thus avoiding the possibility that the class B shares of the AxtonFisher Tobacco Co. stock securing the indebtedness will have to be auc¬
tioned.
Wertheim & Co., who were to have been underwriters under the
company's proposed plan of reorganization, will not
which has expired, so the only plan to be considered for
renew their
offer,
confirmation is the
for the issuance of new common stock
Amsterdam Co.—V. 148, p. 892.
stockholders committee plan, calling
to be underwritten by the First New
Standard Gas & Electric Co.—Weekly
Electric output of the
Second Avenue RR. Corp.—Intervention Granted—
Federal Judge William Bondy on Feb. 17 authorized general intervention
to the reorganization proceedings of the corporation by a creditor's com¬
mittee consisting of Benjamin H. Siff, Chairman; Harry A. Gair, Leo
Pollack, Edward I. Beldergreen and William H. Wack.—V. 141, p. 125.
136,000
liabilities
Deferred
.11,327,124 11,219.952
_
103,259
—V. 148, p.. 598.
Preliminary, subject
y
-
1,050,200
Unadjusted credits
Accrued deprec—
Corporate
Standard
440,475
802,600
—
Common stock dividends
x
61,954
4,646
440,475
802,600
— —
Preferred stock dividends
traffic and other
incl. materials &
Deferred assets
2,036,994
119,463
1,260,200
163,200
4,200,000
Aud. accts., wages,
Other curr. assets,
620,000
Federal income taxes applic¬
able to prioi; years (net).
Miscellaneous deductions
2,084,066
to affll. cos
349,972
4,200,000
debt
Non-negot'le
635,768
Cr27,494
San Diego Exposition._
Total
Interest on additional
85,933
634,776
446,349
Cash
$1,986,327
62
debt--
$2,147,195
620,000
61,954
Cr13,443
8,130
$3,465,414
income
Interest on funded
Amortization of debt discount
Impr. on leased ry.
All other invest'ts.
Mortgage debt
86,837
$
4,200,000
4,200,000
Capital stock
5,811,940
,
$
Liabilities—
1,285,000
$1,470,554
1,994,860
Net operating revenue
5,815,054
1937
1938
1937
$3,271,327
1,355,000
and other income
Appropriation for retirement reserve
—
x
Combined)
(Trustee and Debtor Accounts
Invest, in rd. & eq.
Operating revenues
1939
25,
Feb.
Chronicle
Output—
the Standard
totaled 110,compared with the corre¬
public utility operating companies in
for the week ended Feb. 18, 1939,
Gas & Electric Co. system
936,797 kilowatt-hours, an increase of 11.2%
sponding week last year.—V. 148, p. 1041.
Standard Oil Co. of Kansas—To Ratify Loan—meeting on March 15 will consider ratifying
approving the action of the board of directors and officers of the corpora¬
tion in borrowing from the Chase National Bank the sum of $1,500,000
upon an instalment promissory note of the corporation, and in selling at
par to the Society for Savings in the City of Cleveland for the account of the
corporation a series of 60 of its promissory notes each in the principal
Stockholders at their annual
and
Signal Oil & Gas Co.—*Seeks
The company was
Loan—
be negotiating a
banking interests with which to retire its out¬
debentures.—V. 147, p. 3620.
reported in Los Angeles dispatches to
five-year loan with eastern
standing $1,375,000 of
Siscoe Gold Mines,
amount of
Ltd.—To Pay 3-Cent Dividend—
dividend of three cents per share on the capital
Directors have declared a
$25,000.—V. 148, p. 1040.
State Street Investment
dends of five cents per share were
distributed.—V. 148, p. 289.
Southern Colorado Power
Divs. & int. receiv
Co.—Earnings-
Management services
Operating revenues
Operating expenses, maintenance
$2,335,437
1,356,346
and taxes
^
$2,329,429
1,335,604
$979,091
579
300,000
$994,404
300,000
$679,626
421,123
34,174 '
5,472
$694,404
425,395
34,417
6,573
$979,626
x Net operating revenue and other income.
Appropriation for retirement reserve
...
Gross income
...
Interest charges (net)
Amortization of debt discount and expense,
..
Other income deductions..,.
$218,857
*_
Net income,*
Surplus beginning of period
237,482
—
—
from reservesAdjust. of res. for uncollectible accounts and notes
Def. as of April 30, 1938, transf. to cap. surp. acc't
Contribs. for extensions transferred
Miscellaneous credits
$4,412,468
$4,412,468
85,032
stock
Additional provisions for Federal income tax and
interest thereon applicable to prior years
Dividends on preferred capital
Other charges
of Surplus for
6,660
:
Surplus at end of period
—
Comparative Balance Sheet Dec. 31
$410,781
8,123,838
7,345,290
value)....
30,183,150 27,299,266
501,554
160,057
Surplus end of period
Before appropriation
x
fmdit.
(
z
—
47,986
43,368
52,225
...
65,000
250,000
374,993
i-
Res. for Federal &
y
38,808,542 34,804,613
Total
1,000,000
619,904
z$117,702
for retirement reserve,
fee
z
P.
income for the year
ended Dec. 31, 1937, has been reduced Dy $34,417 and for the year ended
Dec. 31, 1938, $11,391, to reflect adjustments applicable to the period
prior to April 30, 1938, included therein of amortization of debt discount
and expense on 1st mtge. gold bonds, series A 6%, due July 1, 1947,
outstanding at Dec. 31,. 1938, charged to surplus as of April 30, 1938,
which has been applied retroactively in the accounts.—V. 148, p. 1040.
Total
...38,808,542 34,804,613
(499,990 in 1937) no par
Represented by 520,971
shares.—V. 147,
Subs.)—Earnings-
Calendar Years—
1938
1937
1936
1935
Net profit
Shs. cap. stk, outst'g
$8,741,362
1,712,877
$5.10
$9,016,243
$8,669,061
$8,308,074
x
Since April 30, 1938.
stock.-.27,904,022 26,391,010
10,437,325 7,884,771
3924.
Sterling Products (Inc.) (&
$237,482
Preliminary; subject
Note—In the above statement of income accounts net
Capital
Surplus.......
580,915
Discount and expense on
to
payable
$
45,471
116,983
payable
Divs. declared pay
—,—
494,020
.67,646
capital stock..
Appropriation to retirement reserve
Approp. to res. for adj. of book cost of property,,
Accts.
Management
(market
Securities
3,235
1937
$
Liabilities—•
$
$
Assets—
170,064
1938
1937
1938
z
Sundry deferred expenses
3,249.990
$10,437,325
State taxes.
Property losses resulting from flood in 1921
279
2,380,206
.
.938,528
502,060
867,264
2,536,599
19,196
«*
Accts. recevable.,
Expired debt discount and expenses on present
outstanding 1st 9tge. bonds prior to Jan, 1,1937
$7,884,771
$13,687,315
Cash dividends declared.
—
Cash
Expired debt discount, premium and expense on
retired issues of funded debt
a
$743,878
794,269
dividends.
the Year Ended Dec. 31, 1938
Surplus at beginning of period
—
Net income for period
Net gain from sales of securities
;Adjustments of prior period tax provisions
Net credit during period resulting from sales of treasury stock
Net increase from change during period in unrealized appre¬
ciation or depreciation of investment securities
12
—
Total
$228,018
182,763
86,116
30,000
3,840,000
-
$19,766
Statement
28,729
$867,264
$2,085,217 $1,802,500
3,249,990
2,249,955
10,138,490
($114,211 in 1936) securities received as
Net income
Includes
65,274
41,968
Cash dividends declaredx
1,125
48,280
999
Interest paid-.
Other expenses
$993,825
535
Other income.
$999,933
48,236
173,685
5,404
Stock transfer stamps
1937
yl938
1935
1938
Prov. for State taxes
Years Ended Dec. Zl—
Corp .—Earnings—
12 Months Ended Dec. 31
1937
1936
$2,497,015 x$2,219,414
_x$l,173,710
111,187
120,000
87,225
234,338
247,507
177,253
Income Account
stock, par $1, payable March 15 to holders of record Feb. 28. Dividend of
four cents was paid on Dec. 15. last, and previously regular quarterly divi¬
Earnings per share
x
After all charges,
1,705,150
1,715,563
1,717,670
$5.28
$5.05
$4.83
including interest, depreciation and all taxes.—V. 147•
p.3171.
Sunray Oil
Corp.—Interim Dividend—
Directors have declared an
interim dividend of five cents per
share on
payable April 27 to holders of record March 9.
paid on June 15, 1938 and compares with 10 cents
the common stock, par $1,
Southern Pacific Lines—Earnings—
A similar amount was
19.39 '
1938
.,.$15,766,514 $15,133,654
12,603,509 13,239,287
Month of January—
■
Railway operating revenues
Railway operating expenses
$3,163,005
Net revenue from railway operation
Railway tax accruals
Equipment rents (net).
Joint facility rents (net)
$1,894,368
1,503,719
706,810
16,626
1,490,887
;
'
,
.
819,115
47,000
$935,850 def$462,634
Net railway operating income
—V. 148, p. 890.
Southern
Ry.- -Earnings—
—Second
Gross earnings (est.).
..
.
$2,397,895
on
Nov. 24 and on Aug. 20,
1938
1939
(A. E.) Staley Mfg. Co. (& Subs.)—Earnings—•
1938
1937
1936
1935
$292,200
xNet profit.
$1,131,233 loss$71,542
$1,460,568
x After interest, depreciation, and Federal income tax.—V. 147, p.3323.
Spokane International Ry.—Earnings—
1938
Calendar Years—
1937
Texas & Pacific
Month
1935
$594,101
539,671
oper. revenues.
$741,199
$834,371
$773,696
593,592
625,947
47,733
51,219
581,112
39,968
48,746
41,211
32,106
Net ry. oper.
Other Income
$56,461
12,351
$109,472
$103,870
def$18,887
10,741
6.265
5,304
$68,812
275,033
$120,213
a274,806
$110,135
274,372
def $13,583
274,422
$206,221
$154,593
$164,237
$288,005
59,375
31,770
Total income...
Fixed charges, &c.
Net loss after fixed chg
a
Includes $1,766 in
1938 and $1,651 in 1937 deduction from total income.
1938
$2,118,482
1,542,449
150,330
105,534
3,078
153,352
162,053
2,051
$336,371
32,120
$258,577
38,079
$.368,491
Railway tax accruals. __
Equipment rentals (net).
Jt. facility rents (net)-.
$296,656
6,621
325,947
8,202
330,416
$35,923
def$41,962
.
Miscellaneous deductions.
Fixed charges
Net income
income-
1939
$2,095,446
1,500,133
*
Railway oper. exps
Railway tax accruals, &c
Equip. & jt. facil. rents _
Railway
290.
Ry.—Earnings—
of January—
Other income
1936
Co.—Preferred Stockholders to
Receive $88.86 Per Share—
Preferred stockholders were notified Feb. 22 that they would get $88.86
a
share in the liquidation of the company, which
was purchased last
September by the Tennessee Valley Authority and the City of Knoxville.
Approximately 85% of the 50,000 shares of preferred stock was held
by the National Power & Light Co., holding company for Tennessee
Public Service and a subsidiary of the Electric Bond & Share Corp.
The
remaining 15% was held largely by residents of eastern Tennessee.
The outstanding bonds of the company, amounting to $7,000,000, were
—V. 148, p. 1040.
Years End. Dec. 31—
1937.—V. 147, p. 3924.
Tennessee Public Service
retired at 97.5—V. 148, p.
Jan. 1 to Feb. 14
1938
$2,249,615 $15,313,047 $13,693,079
Week of Feb.
1939
paid
—V.
148,
p.
599.
Texas Corp.— To Offer $40,000,000 Debentures—
corporation expects to file with the Securities and Exchaneg Com¬
the next few weeks a registration statement for a new issue
of $40,000,000 20-year 3%
debentures. Proceeds, which will represent
one of the first new capital emissions by a large borrower in recent months,
will be used for the development of the company's business here and abroad.
The
mission during
Volume
Financial
148
Chronicle
Dillon, Read & Co., bankers for the corporation, will head the group of
underwriters.
This firm headed the underwriting group which handled
issue of $60,000,000 15-year 3 H % debentures for the
company in 1936.
an
In
1183
Underwood Elliott Fisher Co. (& Subs.)—Earnings—
Calendar Years—
Net income
a
February 1937 the corporation added $62,240,000 to its capital funds
through an offer of 1,556,894 shares of common stock to its shareholders
1938
1937
1936
1935
d$3,044,822
$6,798,922
483,648
$4,962,413
483,182
$4,031,542
533,220
251,928
Depreciation
Fed. tax
at $40 a share.
Surtax
The corporation, with producing,
refining and distributing facilities in
inc. & cap..
undis. profits.
on
on
854,512
65,000
493,838
Social security taxes, Fed.
the United States, South
America, Europe and the Far East, is one of
largest units in the oil industry.
It owns, jointly with the Standard
Co. of California, the California Texas Oil
the
Oil
Co., with substantial production
and refining capacity on the Bahrein
Islands, and it also owns, jointly with
Socony-Vacuum Oil Co., Colombian Petroleum Corp. and South American
and State...
492,078
482,398
146,689
$1,767,596
13,955,006
Net income for year..
Balance Jan. 1
Gulf Oil Co., with substantial oil reserves in Colombia and a large refinery
and pipe line facilities now in
process of completion.—V. 147, p. 3172.
$4,913,363
12,340,521
$3,838,704
9,051,044
years now restored
Cap.
arising
sur.
sale of treas.
dividend of 40 cents per share on account of
accumulations on the $3 cumulative preferred stock, payable March 15
to holders of record March 2.
This will oe the first dividend paid since
Dec. 15, 1937 when a regular quarterly distribution of 75 cents per share
a
1,717,518
Common
'
from
stk.
com.
Total surplus
Preferred dividends..
made.—V. 148, p. 1041.
was
$3,095,870
7,560,732
Capital adjs. charged to
earned surplus in prior
Thermoid Co.—To Pay Preferred Dividend—
Directors have declared
480.672
455,000
33,731
...
$15,756,333 $17,253,884 $14,607,265 $10,656,602
129,299
189,350
1,835,750
3,298,878
2,014,506
1,416,209
dividends
Approp.
Tide Water Power
to reserves for
invests, in and ad vs. to
Co.—Earnings—
Years Ended Dec. 31—
Total operating revenues
$2,130,959
983,568
131,325
220,562
17,000
262,695
Operating expenses
Maintenance
Provision for retirements
Federal income taxes
,
Other taxes
Operating income. J
Other
'
Gross
long-term debt—1st mtge. bonds
on
>
Other interest
Amortization of debt discount and expense
Interest charged to construction
'
c$13,920,583 C$13955,006 c$12340.52l b$9.051,044
Com. shs. outstanding..
734,300
733,084
733,084
666,448
Earnings per share
• $2.41
$6.70
$5-06
$4.36
$485,745
313,075
33,152
13,925
Cr2,565
$128,158
Notes
*
1937
and
$
4.854,475
acc'ts
5,185,449
5,644,861
443,003
432,810
8,442,784
8.979,593
Accrued taxes....
623,411
1,247,014
Prepaid
269,167
5,328,876
4,231,082
310.345
Unred. mdse. coup
85,176
80,631
expenses.
Fixed assets
x
Tip Top Gold Mines, Inc.—Registers with SEC—
.....
Patents,
ment,
Excluding discount
1938
$178,307
$224,454
goodwill,
future
x
After
1937.
p.
y
expend.. 6,160,854
6,068,822
7,343,000
7,330,840
Common stock._
..^.13,920,583 13,955,006
Total
....29,077,859 29,612,742
for
depreciation of $8,029,620 in 1938 and $8,183,639 in
Represented by 734,300 (733 084 in 1937) no par shares.—V. 147,
y
reserve
3172.
,.
Union Pacific
RR.—Earnings—
Consolidated Income Statement (.Union Pacific System)
[Excluding offsetting accounts between the companies]
Corp.—$3,000,000
Bank
Calendar Years—
Aver, miles of road oper.
Freight
Passenger
Mail
$
120,429,544 130,685,961
16,565.712
17,320,898
5,024,152
4,996,450
2,040,974
2,112,937
6,152,832
6,948,064
x
:
_
Allother
,
1935
1936.
$
$
126,916,646 109,947,962
15,062,417
11,200,331
4,796,754
4,472,556
2,116,578
1,815,195
6,321,188
4,868,000
i
L
9,836.44
9,859.80
9,913.82
$
Express..
for plant improvements and working capital
The
the new loan is lower than on the loans paid off, he an¬
new money
1937
1938
9,907.52
Revenues—
Roland L. Taylor, chairman of the corporation, in his report to stock¬
holders made public Feb. 23, discloaed that the corporation has completed
arrangements for a $3,000,000 bank loan, permitting the refunding of
$1,350,000 of bank loans outstanding at Dec. 31, 1938 and providing $1,on
1
Total.........29,077,859 29,612,7421
y$170,344
x$340,469
debentures purchased for sinking fund require¬
Loan Ar¬
ranged—Refunds Old Bank Loans and Provides $1,650,000
New Money for Plant Improvements and Working Capital—
interest rate
50,000
47,118
1936
1937
the company's propor¬
tion of earnings for the same period from
properties formerly owned by the
Truax-Traer Lignite Coal Co., which was merged with the company on
Dec.- 31, 1936.
Truax-Traer Lignite Coal Co. earned $95,905 for the
same period last
year,
y Does not include the earnings of Truax-Traer
Lignite Coal Co.—Y. 147, p. 3623.
650,000 of
40,000
50,388
.
Surplus
of the above amount, $103,235 represents
Chatillon
liabilities
Deferred Income.
Subs.)—Earnings—
1939
on
Deferred
5,377,126
4,446,341
&c
Res. for contlng. &
&c
3 Mos. End. Jan. 31—
Net profit after all chgs_
missions,
develop¬
first page of this department.
on
Truax-Traer Coal Co. (&
Tubize
1937
400,501
receivable
Investments
x
Accounts payableAcer. wages, com¬
Inventories...
Note—The above provision for retirements for 1938 does not include
additional amounts charged to surplus to provide for railway retirements.—
V. 147, p. 2707.
ments.
1938
411,445
Liabilities—
$
5,620,531
Cash...
Preliminary, subject to annual audit and such sundry boo* adjustmets,,
any, as may be necessary incident to closing for fiscal year ended Dec. 31
See list fiven
expenses and all
1938; $23,968,521 in 1937 and
Consolidated Balance Sheet Dec. 31
Assets—
x
1938.
deducting manufacturing, selling and general
$22,349,783 in 1936.
b Including special surplus capital reserve used in
retirement of pref. stock as follows:
1935, $2,295,000 and 1934, $2,295,000,
and $303,870 representing common stock in treasury in 1934 and 1935.
c
Including $291,790 in 1938 and $303,950 in 1937 and 1936.
a Includes
miscellaneous other income (net), including equity in net
operating results of non-consolidated subsidiary companies (exclusive of
those where availability of earnings is seriously curtailed by exchange or
other restrictions)
in the amount of $436,047.
1938
Balance of income
if
After
a
other charges amounting to $20,718,175 in
$442,522
43,223
$548,263
316,812
12,125
13,925
Crl ,868
122,939
cos.
Balance, Dec. 31
990,357
124,613
198,057
24,016
271,587
$207,269
income
Interest
$2,051,152
$515,808
32,455
income
non-consol. subs.
1 937
xl938
-
.
Ry. oper. revenues...150,213,214 162,064,310 155,213,583 132,304,044
Expenses—
•
Maint. of way & struc— 16,354,100
17,725,360
16,927,971
15,971,237
Maint. of equipment.__ 26,413>539
30,309,226
29,090,749
24,200,534
Traffic
4,244,152
4,666,453
3,835,288
3,354,670
Transportation
50,291,605
54,668,797
49,200,442
44.151,092
Another
8,427,755
9,464,742
9,673,665
7,530,874
nounced.
The present loan is repayable beginning May 1, 1939 at the rate of
$125,000 each quarter until May 1, 1944 when a final payment of $625,000
There is an additional provision that in years when net earn¬
ings exceed $1,000,000, 25% of such excess shall be applied against the
final payment due May 1, 1944 until it is reduced to $125,000.
The general effect of refinancing its bank loans is deemed advantageous
to the company, said Mr. Taylor, in that the quarterly amortization re¬
quirement has been reduced from $200,000 to $125,000.
He explained
also that it was considered more advantageous to arrange a new bank loan
than to sell an issue of securities at this time, although the stockholders had
previously authorized a bond issue not to exceed $5,000,000 for the pur¬
pose of refunding bank loans and to provide the working capital required
in connection with the company's increased capacity.
«
will be due.
Income Account
1937
105,731,151 116,834,578 108,728,115
45,229,732
46,485,468
13,244,160
13,057,039
oper. exps...
rev. rrom ry. oper._
44,482,063
Railway tax accruals... 15,293,995
Equip. & joint facility
rents (net)
9,320.677
Net
inc.
from
1935
95,208,407
37,095,637
10,055,873
n.n
„
9,099,312
8,357,802
7,743,929
22,886,260
trans-
25,070,627
19,295,835
yl3,623,345
y9,636,412 xl2,414,983
14,751,791
33,490,736
14,789,502
32,522,672
37,485,610
14,867,156 x15,277,075
34,047,626
15,429,373
18,618,253
19,867,391
Income from investm'ts
1936
-
Railway
Net
portation oper_,_._L
for Calendar Years
1938
•
and other sources
*
_
Net income after deduct¬
ion of all charges
$1,033,575
721,231
$2,282,032
564,004
$1,867,571
489,700
$1,299,744
466,480
16,493
3,916
Depreciation
84",968
i 1,703
34", 165
91,927
86,591
Idle plant expenses
a Write-off of capital
Research & develop, exp.
on bonds
*
Interest
taxes
&
State
Net
57,234
18,121
Per cent
10,000
175,000
210,000
$281,934
1,597,176
$1,439,939
$1,047,006
$578,552
3,834,125
3,381,836
060,089
0120,649
87,308
Cr.34,190
Dr278,903
257,416
1,543,650
911,691
'
719,418
$1,681,917
$1,597,176
invest—
declared
100,000
7%
on
pref. stock
cum.
Earned surpl. Dec. 31
654.806;
$3,834,125
43,654
$3,381,836
,,
Condensed Balance Sheet Dec. 31
1937
1938
Assets—
.
Liabilities—
1,652,156
335,076
.
245,351
liab. (net)
Deferred int. inc..
_
Investments
Patents,
1937
S
Contingent royalty
413.907
_
810,506
receivables
(non-current)
$
Notes payable....
1,557,053
599,623
1,328,645
601,360
Notes Aaccts.rec
Inventories
1938
$
$
Cash
Other
icenses &
1
;
91,619
72,113
8,397,893
8,713,309
other intangibles
Accts.
1,375,120
2,150,000
381,636
514,666
payable
Dividends payable
Accrued liabilities.
43,654
152,279
305,003
178,086
238,409
11,764
Reserves
y
charges,
19,724
173,202
2,494", 500
cl.A stk.fpar $1)
137,097
136,201
299,415
299,016
7% pref. stock
$7
Plant and village
properties
2,494,500
Com. stk. (par $1)
Deferred
non-cum.
Capital
&
.onv.
paid-in
surplus
Earned surplus
Total
11,967,442 12,851,171
Total..
5,082,426
1,681,917
5,052,823
1,597,176
11,967,442
12.851.171
x After
reserve for doubtful accounts of $50,000.
y After reserve for
depreciation of $5,565,562 in 1937 and $6,212,093 in 1938.—V. 147, p. 3925.
Union Oil Co. of
Calendra Years—
Sales
xNet
3,981,724
3,981,724
stock
stock..
14,719,510
;
6.62%
13,673,792
6.15%
18,226,811
8.20%
14,636,529
com.
on com.
Restated,
y
Includes $4,713,900 in
6.58%
1937 net
1938 and $428,521 in
income from oil operations.
Earnings for the Month of January
California—Earnings■—
1938
1937
1936
1 935
$76,890,895 $83,626,601 $65,130,914 $61,169,527
profit...
6,862,758
12,061,332
6,133,398
Earnings per share.....
$1.47
$2.58
$1.40
x After all charges, including Federal taxes.—V. 148, p. 4500.
Freight revenues
Passenger revenues
Mail
a Assets not fully depreciated at time of discposal or retirement,
b And
paid in surplus of loss and provision for loss on investment, abandoned
property Sec. charged to prior years.
1
*
22.208,535
3,981,724
1938
Add. deprec. for pr. yrs.
b Transfer from capital.
Divs.
17,655,516
3,981,724
& State inc.
taxes, prior years
Miscell. credits or debits
on
-
18,701,234
..a
2,726,289
Dr5,371
Dr4,515
x
Other losses
all
pref. stock....
Balance for
(estimated)
Fed.
on
133,956
income
Net inc. for the year..
Previous earned surplus.
Adj.
from
income
sources
Divs.
Extraordinary charges
Federal
Total income
Fixed & other charges..
5,038,286
$1.15
<*--
revenues
425,687
:.
E xpress revenues
All other transportation revenues.
Incidental revenues
.120,803
337,973
131,008
z
Railway operating revenues..
Maintenance of way and structures
Maintenance of equipment
Traffic expense
—-1—
Transportation expense
Miscellaneous operations
^
o§§'9S§ '*
—
Railway operating income.
Equipment rents (net)
Joint facility rents (net)
operating income
'
1,279,208
396,590
88,716
341,515
156,747
4,366,428
263,643
444,806
714,391
1,950,199
a
4,167,o77
252,527
465,123
Crl38
$2,690,134
1,235,022
$1,455,112
623,672
63,158
$1,344,023
a.-
$3,267,205
1,275,169
$1,992,036
613,155
34,858
operations
Railway tax accruals
835,026
2,353,453
Transportation for investment
Net revenue from railway
$8,318,047
$11,914,096 $10,580,823
General expense
Net railway
$9,645,283
1,253,342
$768,282
—V. 147, P. 3925.
United-Carr Fastener
Corp.—Dividend Doubled—
the common
value, payable March 15 to holders of record March 4.
This
compares with 10 cents paid on Dec. 15, Sept. 15 and June 15 last; a divi¬
dend of 30 cents paid on March 15, 1938, and previously regular quarterly
dividends of 50 cents per share were distributed.—V. 147, p. 3925.
Directors have declared a dividend of 20 cents per share on
stock,
no par
United Cigar Stores
Proceedings Terminated—
Co. of America—Reorganization
Federal Judge Alfred O. Coxe on Feb. 7 signed an order finally terminating
reorganization proceedings of company and its subsidiary, Cigar Stores
Realty Holdings, Inc., and ending all rights and interests of their respective
stockholders except as provided under tne plan of reorganization confirmed
June 10, 1937.
The reorganization company is known as United CigarsWheian Stores Corp.—V. 145, p. 625.
Financial
1184
United Electric Coal
1939
$297,673
172,796
Profit from operations
Royalties, depletion and depreciation
36,697
16,542
10,506
Interest
Other deductions—net
Federal income tax
$132,348
$61,132
Net income.
-V. 147, P. 3325.
United Gas Improvement
Feb. 11, '39
Feb. 19, '38
98,943,798
97,817,735
87,960,455
148, p. 1041.
United
*
&
Publishers,
Inc.—Preferred
Land
Co.
United States Tobacco
1937
1936
1935
$3,915,793
$4,356,890
672,481
$3,600,883
646,448
$4,121,997
$4,437,948
125,435
546,590
303,235
$5,029,370
135,689
657,819
$4,247,331
138,052
515,638
stock, payable Feb. 25 to holders of record Feb. 15.—V. 147, p. 587.
1938
Total income
Deprec. & obsolescence-
166,660
Federal income taxes
597,201
Flood loss
1938
1937
1 936
1935
$125,321
316,377
$741,685
313,050
$786,943
316,305
$631,414
311,984
loss$191,057
2,029,522
7,891
$428,635
2,056,770
11,293
$470,638
2.194,086
17,266
$319,430
2,293,972
31,934
$2,496,698
$2,681,989
280,000
$2,645,336
280,000
131,250
40,000
Calendar Years—
Depreciation
Net income
Previous surplus
Adjustments..
Total surplus
dividends—.
$1,846,356
280,000
65,625
Miscellaneous charges..
35,780
Adj. of val. of mah'y,&c.
Cr774
Preferred
280,000
131,250
55,926
Common dividends
$1,465,725
Surplus Dec. 31-,
131,250
213,969
Trademarks,
$2,194,086
$2,056,770
$2,029,522
$
Acc'ts payable-...
2,485,060
1,036,438
4,000,000
2,625,000
126,294
2,136,342
2,625,000
258,023
Reserve for deprec.
1,074,943
501,258
Cash
$
4,000,000
129,908
540,408
32,668
Mlscell. Invest
33,990
495,022
U. S. securities...
int.
Preferred stock
9,533,086
Common
Stock in proC., &c.
1937
$
JAabllities—
pat¬
Acc'ts & notes rec.
Accrued
1938
1937
$
3,969,952
goodwill-
ents &
on
stock—
359,117
plant Invest.
------
5,411,268
12,352
64,670
1,465,725
2,029,522
Reserve for taxes.
Surplus
$150,332
$94,508
5,513,328
$66,316
5,447,012
$225,332
5,284,286
$5,756,098
$5,605,765
$5,513,328
$5,447,012
standing (no par)
1,831,400
$1.74
457,850
f$7.21
457,850
$8.89
457,850
495,016
163,359
62,606
2,071
_
Earns, per share on com-
special dividend
stock.
31
Balance Sheet Dec.
1938
63,204
2,330,000
2,330,000
x Common stock. .14,943,700
14,943,700
Accounts payable574,386
580,349
Preferred stock
Real estate, ma
3,097,826
3,715,748
ch'y & fixtures..
Trademarks, good¬
will, &C.-------
Acer, taxes <fc exps.
1
5,734,269
incl. Federal inc.
11,213,037 11,189,302
943,745
1,070,652
Marketable secur. 5,498,059
5,029,134
General reserve—
768,223
3,223,009
707,067
2,758,810
Surplus.
5,756,098
5,605,765
Cash
5,409,650
taxes-
Leaf., mfg.,8tocks,
supplies. &c
Bills & accts. rec..
Capital
stocks
of
600,039
notes
600,039
167,820
other companies
Other
142,065
62,402
and
47,316
expenses.
60,694
8,462,194 14,388,483
Total.
-V. 147, p. 1052.
Universal Products
United States &
27,595,416 26,925,692
Total
Represented by 1,831,400 (457,850 in 1937) shares of no par value,
y After depreciation of $2,441,516 in 1938 and $2,418,682 in
1937.—V.
147, p. 3173.
x
8,462,194 14,388,4831
....
27.595,416 26,925,692
Total-
73,883
60,694
$
Liabilities—
%
*
1937
$
1937
1938
Prepaid
charges..
Foreign Securities Corp.—To Change
Co., Inc.—Dividend—
have declared
The directors
dividend of 40
a
cents per share on
Stockholders at their annual meeting on March 15 will consider amending
the charter of the corporation, changing the dates for the payment of divion the first preferred stock from the first days of February, May,
4:dends
August and November to the last days of March, June, September and
December, in order that the periods for which dividends are paid will
p. 895.
correspond with the calendar quarters.—V. 148,
United States Hoffman Machinery Corp.
Calendar Years—
(& Subs.)—
1935
1936
1937
1938
Net sales
$4,440,674
3,080,815
$6,582,699
4,223,702
$5,309,433
3,165,831
$3,854,209
2,397,413
$1,359,860
1,482,885
$2,358,997
1,684,007
$2,143,602
1,403,450
$1,456,796
1,172,103
loss$123,025
273,550
$674,989
261,235
$740,152
224,800
$284,694
195,334
$150,524
177,674
35,407
$936,224
170.414
102,409
$964,952
219,462
95,001
$480,028
181,745
23,699
13,598
140,161
Cost of goods sold.
Gross profit on sales.
.
.
June 30 and March
31,1936.—V. 147, p. 3625.
Ry.—Authorized to Issue $7.,500,000 Certificates
Wabash
The receivers
on
Feb. 17
authorized by the Federal Court at St.
were
Louis to issue to the Reconstruction Finance Corp.
$7,500,000 equipment
2H % annual coupon. The purpose of the issue
is to consolidate various equipment trust issues aggregating $7,550,400,
some of which are in default as to maturities, thereby making the entire
issues in default subject to immediate payment.
As a result of the order, the company will effect a substantial savings in
interest costs on outstanding certificates. The company originally proposed
to Issue1 the $7,500,000 to private interests but tne certificates called for
a 3 y* % annual interest coupon.
The RFC, to which the company already is
indebted, objected to the 3 % % rate to private bankers and offered the more
advantageous rate of 2J^%Certificates now outstanding are secured by equipment having a depre¬
ciated value of not less than $21,000,000.—V. 148, p. 600.
trust certificates,
bearing
a
.
...
Int. & other inc. charges
Federal, &c., taxes
Prov. for surtax
on
un-
distrlb. profits (est.).Loss on foreign exchange
20,235
154,062
25,000
20,818
166.692
Net profit
*
loss$272,271
$489,104
$447,980
$120,825
x78,204
219,016
$1.87
41,215
215,353
$1.92
215,203
Dlvs. paid and decl. on
pref. stock
75,567
219,016
Nil
Shs.com. stk. (par $5)..
x
per
share
Assets—
I natal,
1938
Cash
Other accts. rec'le.1
534,314
1,427,568
from
26,364
on
leases,
contracts ,&c
4,810
8,764
94,450
94,550
Investm'ts
24,156
42,670
42,670
.
843,885
z
with¬
328,129.
410,635
13,776
441,435
•_
383,795
Deposits on acc't of
.
Reserves
Cum.
conv
17,709
1,361,446
1,633,045
1,391,450
1,130,082
1,346,138
1,976,492
1
$8,004,362 $8,756,3001
reserve
Buy Unde-
Company is understood to have completed banking arrangements for
taking care of the undeposited balance of its $29,400,000 6% debentures
when they fall due on Sept. 1, 1939.
So far approximately $19,200,000
bonds have been deposited to be exchanged into new 6% debentures, leaving
a balance ot about $10,200,000 undeposited.
In order for the plan of ex¬
change to become operative, 75% of the issues must be deposited but it is
probable that bank loans can be obtained to provide for the purchase of thb
necessary undeposited bonds.—V. 148, p. 749."
«
West Ohio Gas Co —Hearing on
Plan—
Walter S. Jackson, special
hearing will be held before the special master, April 4, to de¬
termine whether or nor the amended plan of reorganization complies with
master,
1,346,450
1,130,082
share on account
stock, no par value,
■
•
Pursuant to an order made Feb. 1, 1939, by
5H%
par)
Com. stk. ($5 par)
Capital surplus.
class A conv.
Pictures, Inc.—Arranging to
a
provision of Sec. 77B of the Federal Bankruptcy Act and
duly accepted by creditors and shareholders, whose acceptances
required and should be confirmed.—V. 148, p. 600.
the terms and
has been
are
Western Auto
Supply Co.—Earnings—
Income Account
Total
After
pay.
cum.
880,762
1
Pats., g'dwill, <fec.
x
accts., inch Fed.
taxes est. to be¬
Earned surplus
cost)
Plant property.
1937
pfef. stock ($50
83,442
Treas. stock (7,000
shs. com. stock.
1938
,
uncompl'd sales
„
at cost.
y
23,2.17
Liabilities—
Notes pay., banks.$1,750,000 $2,100,000
come
the $2.50
Warner Bros.
Accts. pay. &accr.
in 1 year
.
Mtges. rec. (cost).
at
64,182
empl's,
incl. exp. funds
Deposits
679,349
1,697,273
53,280
Inventories
Sundry
.
$395,097
4,846,279
Prepd. & def. chgs.
Due
1937
$540,065
accts.rec., 4,353,513
on
payable March 1 to holders of record Feb. 20.
Like amount was paid on
Dec. 20 and Dec. 1, last; ahd compares with 37 H cents paid on Oct. 12
and Aug. 25, last; 25 cents paid on July 5 and on May 28, 1938, and with
50 cents paid on Feb. 17, 1938; Dec. 23, Sept. 30, July 26, April 26 and
Feb. 18,1937; Nov. 30, Oct. 15, Aug. 31, July 1, April 25 and Feb. 15,1936,
and Dec. 20, Nov. 15, Aug. 15, May 15 and Feb. 15,1935.—V. 147, p. 3779.
posited Bonds—
Consolidated Balance Sheet Dec. 31
x
Walker & Co.—Accumulated Dividend—
of accumulations
$0.56
Including $6,377 applicable to January, 1938.
z
.
The directors have declared a dividend of 50 cents per
39,095
170,620
D epreciation
Earnings
the
stock, no par value, payable March 31 to holders of record March 21.
This compares with 45 cents paid on Dec. 21, last; 25 cents paid on Sept. 30,
last; 15 cents paid on June 15, last; 50 cents on March 31, 1938; $1.25 paid
on Dec. 21, 1937; 50 cents paid on Sept. 30, June 30 and March 31, 1937;
$1.25 paid on Dec. 18,1936; 75 cents on Sept. 30,1936 and 25 cents paid on
com.
Dividend Dates—■
Gross profit
$7.49
of $3.75 amounting to $1,716,938.
c In¬
cludes special dividend of $2 per share amounting to $915,700.
d Includes
special dividend ($2) amounting to $915,700.
e Leaf tobacco,
i After
deduction of flood loss.
If flood loss was not deducted income for the
year would amount to $3,765,923, equaling $7.86 per share on common
b Includes
1,819
Deferred assets—
Total..
5,605,765
-
Profit & loss surplus._
Shares of common out¬
accts. receivable
rec.,
U. S. secure
Prepaid
$3,593,641
163,359
d3,204,950
Balance, surplus
Assets—
Comparative Balance Sheet Dec. 31
1938
Plant, investment.
b4,006,188
Previous surplus
Excess of cost over par of
y
.
$4,235,863
c3,204,950
Envelope Co.—Earnings—
Net profits.
Assets—
$3,462,687
163,229
3,044,703
(7%).—
Commoh dividends
preferred stock—Dr.
United States
522,155
$3,358,135
163,100
Net earnings.
Pref. dividends
pating cumulative preferred stock, payable Feb. 25 to holders of record
Feb. 15.
This payment will clear up all accruals on the preferred issue.
Directors also declared a dividend of 10 cents per share on the common
Co.—Earnings—
Operating profit
$3,741,441
Divs., int. & misc. inc.380,556
Calendar Years—
Ar¬
Directors have declared a dividend of $1.50 per share on the $2 partici"
of the
Sugar are the Rio Fuerte, Los Mochis, Constancia and Streeter
at Las Compuertas, Johnston & Co. at Las Vacas, the Rio
Fuerte at Los Foros and Los Mochis at Barrio Scallo.—V. 104, p. 958.
United
e
Printers
Cleared up—Common Dividend—
rearages
1938, but made effective through promulgation only Feb. 11.
The companies listed in the "Official Journal
as subsidiaries
Co.—Weekly Output—
Feb. 18, '39
Week Ended—
E,ectric output of system (kwh.)
—V.
,
1938
$354,838
169,008
32,067
3,416
18,000
25,1939
expropriation orders, signed by President Lazaro Cardenas Sept. 21,
the
Co.—Earnings—
3 Months Ended Jan. 31—
Feb.
Chronicle
$8,004,362 $8,756,300
Total
of $250,000 in 1938 and $175,000 in 1937. y After reserves,
Including $115,565
in
1938
and
$121,022
in 1937
of funds in foreign
countries subject to governmental restrictions.
Chattel mortgages or equivalent liens are held
by the company against
substantially all of the instalment accounts receivable. Interest on these
accounts is not taken up until collected.
The instalment accounts receiv¬
able include instalments not due within one year.
The reserve for instal¬
ment accounts receivable, which is an arbitrary amount for which no charges
have been made, has been increased $75,000 in 1938 by a transfer of a like
amount from reserve for other accounts receivable.—V. 147, p. 3030.
Cost of sales & sell., gen.
Cos.—Government of Mexico Expropriates
50,000 Acres Owned by Company for Collective Farms—
dispatches from Mexico City, Feb. f3, stated that Presidentia
decrees published Feb. 11 and 13 expropriate more than 50,000 acres of
American-owned sugar land and in the State of Sinaloa.
More than 15,000
acres were formally declared the property of the State on Feb.
11 and
35,763 acres were taken over Feb. 13 to be distributed among peasants as
ejidos (collective farms).
According to the "Official Journal," the lands were the properties of the
United Sugar Co. or its subsidiaries.
This corporation was set up in 1928
with a capitalization of about 10,000,000 pesos.
It owned more than
100,000 acres, about 60,000 of which were planted in cane.
Tne company's principal stockholders, Benjamin F. Johnston of Rye,
N. Y., died nearly two years ago, leaving the property in trust for his widow.
It was believed only lands actually under cultivation were included in
Press
17,214,603
103,813
207,634
32,173.789
67,327
257,922
365,996
867,953
346,761
98,833
213,217
285,323
803,055
294,814
profit.. $2,336,772
349,983
$3,042,962
$2,348,858
247,699
$818,557
338,194
$2,686,755
121,415
$3,381,156
37,753
$2,596,558
5,412
$1,024,443
5,967
477,500
534,280
45,653
288,293
411,084
f 51.079
$2,087,840
$2,475,177
864,073
bl ,132,097
$2,066,014
1.362,736
$867,396
587,883
a751,368
a751,368
230,456
195,961
Prov. for depr. & amort.
Taxes
Rentals
Prov. for doubtful accts.
Net operating
-
Total
Income deductions
Provision
22.052,199
71,599
200,228
170,051
32,092,706
and admin, expenses
Maintenance and repairs
Other income.
United Sugar
for Calendar Years
1935
1938
1937
1936
$36,335,436 $36,911,994 $25,716,570 $19,217,355
Net sales-.
Federal
for
709,431
1 64,202
117,225
653,821
101,701
205,886
<fc
State income taxes
Prov. for excess prof, tax
Prov. for Federal surtax.
Net income
Dividends paid
114",046
Shares class A & class B
stock
Earns, per sh. on class A
& class B common shs.
outstanding
a
-
on
the new
<
$4.42
$8.96
$2.77
$3.29
b $230,456 paid on class A and B stock
common stock.
New common stock, par $10.
and $90,641
_
I
Volume
Financial
148
Chronicle
1938
1937
$
Assets—
Cash
Marketable
10,165
17,127
3,993,779
Time bank loans.
x
7,463,456
771,765
Capital assets
7.513,680
994,757
Acer, taxes, wages
228,325
7,729,079
3,585,263
Temporary int...
Inventories
$
$
3,934,519
secure.
Notes & accts. rec.
1937
1938
Liabilities—
%
5,740,811
Capital stock
7,513,680
Accounts payable. 1,467,143
z
...
809.587
Paid-in surplus
Earned surplus
4,786.595
1.
24,813
22,973
311,830
y
3,569,791
Notes
y
Gross earnings-
$305,631
a
Sub, & assoc. companies not
Other accounts payables
5,734,033 dl9,5l4,197 bl8,698,049
3,000,000
18,000,000 .16,500,000
1,514,197
$3.25
2,734,033
$0.95
...
c2,620,279
Light Co.—Preferred Dividends—
Wisconsin Public Service
$3.12
•
compensation $5,000.
c In addition to the profit of $2,620,279, there was also credited
to
surplus account $672,244 representing profit on sale of marketable securities
for the year.
Partly offsetting these were debits of $1,750#000 covering
premium paid to redeem debenture bonds retired on Oct. 1, 1935 and
$380,211 for other miscellaneous charges.
d Surplus account was credited with $19,514,197, representing earnings
for 1937 (including income from subsidiary and associated companies) and
charged with dividends paid of $18,000,000; and amortization of patents
x
Less
goodwill—Teletype Corp., $1,294,598.
Includes Federal income taxes. No provision made for surtax
on un¬
distributed earnings, since no liability anticipated.
Corp.—Accumulated Div.—
The directors have declared a dividend of $1.75 per share on the
7%
cumul. pref. stock, $1.62H per share on the
6H% cumul. pref. stock ana
$1.50 per share on the 6% cumul. pref. stock, all of $100 par value, all
2,198,049
2,620,279
$0.44
a Based on the most recent (1938) acturial analyses of machinery retired
and engineering opinion on probable average life, a new annual rate for
depreciation of machinery when operating at average activity was deter¬
mined, subject to variation with activity, resulting in decreased depre¬
ciation of $1,214,432.
b Surplus account was credited with $18,698,049, representing earnings
for 1936 (including income from subsidiary and associated companies) and
charged with dividends paid of $16,500,000; amortization of patents and
goodwill—'Teletype Corp. $803,632 and appropriation for reserve for work¬
Surplus—.—
Earns.per sh.on cap.stk.
1,171,838
3,394,076
.-—$281,338,399 $296,901,339
Wisconsin Power &
.
........ ....
5,675,657
1,070,235
The directors have declared a dividend of $1.12)4 per share on the
6% cum. pref. stock (par $100), and a dividend of $1.31)4 per share on
the 7% cum. pref. stock (par $100), both payable March 15 to holders of
record Feb. 28.
Similar amounts were paid in each of the eight preceding
quarters.—V. 147, p. 3475. -
..—175,176,859 205,349 404 149,106,963 108,218,139
Cost of sales
a*168,126,449 *184567,388 *129200,471 102,864,997
Interest deductions..—
1,316,377
1,267,819
1,208,443
2,732,863
....
-
—
7,829,027
1,129,969
1,225,393
2,211,676
reserves,
z Cost less provisions made for amortization,
a At lower
or market,
b Represented by 6,000,000 no par Bhares.
Contingent Liabilities Dec. 31, 1938—On notes guaranteed, $1,894,572;
on obligations under certain conditions to
repurchase the common sock of
Graybar Electric Co.. Inc., which at Dec. 31, 1938, would have amounted
to approximately $2,150,000.—V. 147, p. 3780.
y
Gross income
iSfet income
Dividends.
consolidated
of cost
2,801,338
2,686,095
1,882,364
—...
Total.
1938
1937
1936*
*
193
Calendar Years—■
$
$
$
$
Sales
..—175,163.410 203,467,040 146,420,868 105,416,801
13,449
325,000
433,340
69,088
34,919,643
<3,400,000
358,531
.
x At cost less
$8,233,301 charged off in 1932 to a reserve accumulated
in previous years to provide for ftantlcipated decline in
plant costs, and after
deduction of obsolete, worn-out and excess plant written off or retired,
capital surplus to
of Jan, 1, 1938.—V. 148, p. 897.
(net).....
80,762,885
335,000
Drafts payable.
Western Electric Co., Inc.—Earnings—
(Includes Income from Subsidiary and Associated Companies)
and
73,089,013
—...
...
proposal of
special meeting recently approved the
surplus, thus wiping out earned surplus and reducing
men's
$142,500,000 $142,500,000
17.354,220
15,350,550
.
Foreign exchange——
Long-term liabilities
32,863,495
Notes payable.....
Accounts payablePay rolis & suppliers
6,038,181
Accrued taxes & interest4,232,921
directors to revalue certain fixed assets as of Jan. 1, 1938, by the writing
down of net book investments to $2,924,221, from $4,155,720. The write¬
down will be charged $149,208 to earned surplus, and $1,082,290 to capital
Other income
—$281,338,399 $296,901,339
—
Other self-insured risks--——.
(H. F.) Wilcox Oil & Gas Co.—Revalues Assets—
as
....
Depreciation of plant...
Workmen's compensation..—
Wheeling Steel Corp.—50-Cent Preferred, Dividend—-
$63,687
reserve
1937
$136,840,004 $146,627,763
22,570,870
23,863,368
21,431,788
21,431,788
767,773
1,435,659
2,517,709
2,918,372
215,199
568,640
50,657,558
66,093,085
377,222
635,773
20,296,926
28,179,159
16,487,269
576,021
9,176,081
4,571,711
ri(¥?PrVG8*~-*
Directors have declared a dividend of 50 cents per share on the $5
prior pref. stock, payable April 1 to holders of record March 16.
lake
amount was paid on Jan. 3 and Oct. 1 last and prior thereto regular quarterly
distributions of $1.25 per share were made on this issue.—V. 148, p. 897.
at
less
Surplus
—V. 148, p. 1042.
Stockholders
& trade accept.,
Liabilities-—
b Total capital
$1,728,120
$2,001,705
rec.
Receivables
Total
Jan. 1 to Feb. 14——
1939
1938
$265,210
....
Marketable securities—
Cash and deposits--.-.
Maryland Ry,—Earnings—
—Week Ended Feb. 14
1939
1938
——
a
After deducting reserve for depreciation of $252,191 in 1938 and $258,853 in 1937,
z Represented by 751,368 shares of common stock, par $10.
—V. 148, P. 897.
Western
.
Advances to suppliers
Merchandise
972,000
17,908,103 17,065,227
Total
17,908,103 17,085,227
Total
1938
Investments
Prepaid charges
329,837
Other assets
Assets—
Total plant..
Patents & goodwill—TelecypeCorp
Deferred receivables, less reserve
l,0i4,999
3,000,000
668,685
2,500,000
972,000
Deferred charges-
x
x
&c.
_
1185
Consolidated Balance Sheet Dec. 31
(Consolidating the accounts of company and its 100% directly owned subs.)
Comparative Balance Sheet Dec. 31
,
payaole March 20 to holders of record Feb. 28.
Similar payments were
made on Dec. 20, Sept. 20, June 20 and March 21,1938; on Dec. 20, Sept.20,"
June 19 and March 26,1937, and on Dec. 21 and Sept. 21, 1937 and divi¬
dends at one-half of the regular rate were paid in each of the six
preceding
quarters prior to which, regular quarterly dividends were disbursed.
'v
New Director—
<
-
J. P. Pulliam, President of this corporation, announced the election of
A. F.. Davey, Sheboygan, as director of the company to fill the vacancy
caused by the resignation of H. Q. Cummins of Minneapolis.—V. 148, p,
1042,'
Worcester Street
Railway Co,—Tenders—*
State Street Trust Co. /of Boston, successor trustee under indenture
under which the mortgage gold bonds, series A, 5%, due 1947, were issued,
has in the sinking fund $211,834.43 for investment in these bonds.
Offers
will be received ,until 3 p. m.,
March 8, the interest on accepted bonds to
March 16, 1939.
No offer of bonds at more than their face value,
together with accrued and unpaid interest to the date of purchase, can be
cease on
accepted.—V. 146, p. 898.
Consolidated Income Account
CURRENT
(Includes Company and its 100% Directly Owned Subs.)
1938
Calendar Years—
Sales and other operating revenue (net)—
Bell Telephone companies
—....
Subsidiary and associated companies
.....
$167,359,889 $190,810,256
2,323,142
3,383,775
10,302,617
17,923,640
Total sales & other operating revenue—$179,985,648
$212,117,671
Depreciation of plant.
...
.........
*6,611,162
Taxes, including Federal Income taxes........
6,504,269
Payments to trustee of pension funds
2,402,781
Pay rolls, materials and other costs, incl. effect
of change in inventories
158,467,802
9,218,475
6,698,889
2,773,290
174,824,755
5,999,634
811,063
18,602,262
1,363,154
$6,810,697
306,804
$19,965,416
Others
—
NO TICES
1937j
—Reflecting the current importance of government and government
guaranteed securities as earning assets in the portfolios of banks and other
institutional investors, The First Boston Corp., 100 Broadway, New York
City has issued as a 56-page book, the 1939 edition of its "Securities of the
Netoj
Sundry
Earnings excl. subs.-& assoc. cos; not consol—
Income from subs. & assoc. cos. not consol. (net)
United States Government and Its Instrumentalities."
portfolios,
An appendix to
the book presents
Earnings before interest charges—i...
$7,117,501
1,383,468
.........
.......
Net earnings carried to surplusa
Based on the most recent
and engineering opinion on
...
...
$5,734,033
$19,514,197
(1938) acturial analyses of machinery, retired
probably average life,
a new annual rate for
depreciation of machinery when operating at average activity was deter¬
mined# subject to variation with activity, resulting in decreased depre¬
ciation of $1,261,427.
obligations of Federal instrumentalities, showing the original price, amount,
over-subscription, subsequent price range and other details
The book likewise contains a complete tabulation of the legal status of the
...
-
1938
$9,237,988
Buildings, service equipment & machinery.....107,342,846
Small tools, furniture and fixtures
14,831,465
—
Other subjects treated
1937
$9,236,639
117,745,933
14,068,038
$131,412,299 $141,050,610
—.....
—
...
,
Advances to suppliers
....
c Merchandise
—........
.......
Marketable securities..
.................
Cash and deposits
—.....
^
Total—
Liabilities
215,199
46,499,186
19,978,101
....
b Receivables—
c
52,833,482.
»
211,757
309,341
15,991,302
8,495,920
55,184,743
509,396
340,843
568,640
61,348,529
27,684,667
dl 1,000
4,083,908
relationships and trends of United
.$275,946,587 $290,782,336
Capital stock
—$142,500,000 $142,500,000
Surplus
17,354,220
15,350,550
Reserves depreciation of plant
.....
70,305,796
77,976,658
Reserves workmen's compensation............
250,000
250,000
Reserves other self-insured risks.......—....
2i3,909
205,800
Long-term liabilities
31,230,505
33,174,505
payable for borrowings...
Pay rolls and suppliers
Accrued taxes and interest
...
............
—
Subsidiary & associated companies
Other accounts
payable
Drafts payable
....
.....
...
—
an
:
analysis of the price
States. Government securities, with'
special reference to the price and yield difference between individual issues,
administration of investment holdings.
The actual and estimated receipts and expenditures of the government
effect of the budget upon the gross public debt as estimated for the fiscal
years
ending June 30, 1939 and 1940, and
5,853,331
3,400,000
7,559,115
3,708,328
1,205,266
1,113,556
4,553,205
1,461,507
956,920
2,211,676
3,394,076
a table showing the effect
in the national income.
Federal receipts of changes
upon
chapters and charts in the book deal with such subjects as the
central gold reserves,
the Federal Reserve
.System, the functions and, ac¬
tivities of the various Federal credit agencies, excess reserves of Federal
Reserve member
banks, coupon conversions rates, the operation of the
Social Security Act, tax exemptions,
lent yield factors,
the 1938 Revenue Act, taxable equiva¬
and a brief discussion of the public debt of the United
States.
—Formation of the firm of
engage
a
Notes
In the 1939 edition include
and the means by which such variations can be capitalized through proper
Other
x Total plant.
b Investments.
Deferred receivables
Prepaid insurance «fe rent
and credit agencies of the government
for savings and trust investment in each of the 48 States.
v
for the fiscal years 1931-40 are also set forth, together with data upon the
Balance Sheet Dec. 31 (Company Only)
Assets-rLand
,complete historical record of United
the 3% Panama Canal loan of 1911 to the mcst recent 1939 offerings of
894,108
$20,859,524
1,345,327
a
States government financing, embracing all outstanding issues dating from
obligations of instrumentalities
Interest charges
It has been pre¬
pared for the assistance of institutions in the management of their govern¬
ment bond
Hodenpyl, Van Benthuysen, Henry & Co. to
in general accounting practice, specializing in tax matters and the
valuation of
properties and estates
was
announced.
The members of the
firm, which has opened offices at 70 Pine Street, New York City are Eugene
Hodenpyl, A. S. Van Benthuysen, Robert F. Henry and Norman Crystall.
Mr.
Hodenpyl. who has been associated with Hayden, Stone & Co. for
the last 12 years, is a son of the
late Anton Hodenpyl, head of Hodenpyl,
Hardy & Co., an Investment banking firm prominently identified with
various utilities and original organizer of Commonwealth & Southern.
Mr. Van
Benthuysen was for many years treasurer, controller and
a
director of the New York World and other Pulitzer properties, and after
the sale of the World to the
tor of Press
Scripps-Howard organization, served
Publishing Co.
as
liquida¬
Recently he has been engaged in newspaper
valuation work.
Total
..$275,946,587 $290,782,336
a Represented
by 6,000,000 shares, no par value,
b Less reserves,
c At lower of cost or market,
d Marketable securities, principally U. S.
Govt, bonds, amounting to $10,200,000 were sold during 1937 to provide
additional funds necessary for the enlarged business.
x At cost less $8,233,301 charged off in 1932 to a reserve accumulated
in previous years to "provide for anticipated decline in plant cost, and after
deduction or obsolete, worn-out and excess plant written off or retired.
Mr.
Henry for more than
17
years
has been with the United States
Treasury Department engaged in tax investigations.
Mr. Crystall has
been identified with the publishing and advertising phases
of the newspaper business, having been associated with the New York
for many years
American, New York Times, Brooklyn Daily Eagle.
and other newspapers.
■
„
Philadelphia Inquirer
•
*
Financial
1186
Feb.
Chronicle
The Commercial Markets and the
25, 1939
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
inst. futures closed 3 to 4 points net lower.
COMMERCIAL EPITOME
Friday Night, Fe6. 24, 1939
Coffee—On tlie
futures closed 3 points net
higher in the Santos contract* with sales totaling 30 lots.
18th. inst.
Rio contracts closed 2 to 5
three lots.
points higher, with sales of only
The market ruled firm during most of the short
session, though business
stated that
was very
light. A cable from Brazil
quota would be established on the next crop,
but the details would be studied first before definite figures
a
announced.
were
Sao Paulo Coffee
'■
Havre
The
yi franc higher.
market
Prices in Brazil
was
unchanged
unchanged.
were
to
The
Institute; reported that stocks in Sao Paulo
interior warehouses and at railways on Jan. 31 were 9,333,000
bags, of which 318,000
1,910,000 of the 1937-38
1938-39 crop.
of the 1936-37 coffee
were
crop
and 7,105,000
bags
crop;
of
the
On the 20th inst. futures closed 10 to 6 points
net lower in the Santos
contract, with sales totaling 36 lots.
The Rio contract closed 3 to 7 points lower on sales of only
First notice day for March falls on this coming
Friday. Today and tomorrow are holidays in Brazil. Major
six lots.
activity in today!s trading was the switching from March,
21 of the 36 lots being effected in that form. Trade operators
were on both sides of the market.
It is reported that meet¬
ings of the Brazilian coffee States will be resumed on Thurs¬
day of this week, and apart from the immediate effects of
March liquidation, the outcome may be of major signifi¬
cance.
Prices in the actual market and in Brazil were un¬
changed today, On the 21st inst. futures closed 4 to 3
points net lower in the Santos contract, with sales totaling
130 lots.
The Rio contract closed 1 point off, with sales
of only seven contracts, and confined to the March delivery.
With Brazil closed for the
holidays the coffee market here
dull affair.
Trading consisted mostly of switching
day next Friday.
During early afternoon Santos contracts were 2 to 3 points
lower, with September at 6.32c,, off 3 points. March hold¬
ings were exchanged for December at a difference of 34
points. Havre futures were 1
to 1% francs lower..
On the 23d inst. futures closed 1 point up to unchanged in
the Santos contract, with sales totaling 164 contracts.
The
Rio contract closed 6 points off for the March contract,
while the other deliveries closed unchanged to 1 point up in
was
a
out of March in advance of first notice
the Rio contract.
Sales of Rio totaled 20 contracts.
While
liquidation and switching out of March in advance of first
notice day tomorrow continued to feature the trading in
coffee futures, more particularly Santos contracts, some new
interest was awakened by press advices that Brazil's Govern-,
ment will continue to control coffee production until the end
of 1942.
This afternoon Santos contracts were 2 points
higher, with Mar. at 6.05c., against 6.01c. at the opening.
During early afternoon Rios were 2 to 5 points off. Havre
futures were % to 1 franc higher.
Cost and freight offers
from Brazil showed little change.
Santos* 4s were offered
at 6.60 to 7c.
Manizaies were 11^8 to 11 J^c., but roasters
•continue to pursue a waiting policy.
Today futures closed
1 point up to 2 points off in the Santos contract, 'with sales
totaling 181 contracts.
The Rio contract closed 11 to 1
point down, with sales totaling 73 contracts. The volume
of trading in coffee futures was the largest in several months
with more'than 50,000 bags changing hands during the first
three hours, when 15 Santos and 17 Rio notices were issued,
the latter calling for Ecuador coffee.
This was first potice
day for March contracts.
During early afternoon Santos
contracts stood 1 to 4 points higher.
Cost and freight offers
generally were unchanged. The National Coffee Department
of Brazil issued a denial of a press cable that only three
million bags of the present crop consisted of soft or prefer¬
ential coffees.
It stated that up to Jan. 31st the State of
Sao Paulo alone had shipped six million bags of preferential
coffees with
more
to come.
Rio coffee prices closed as follows:
March-
MayJuly
4.13
:—4.22
(September.-----
-
December
--—.4.26
.4.27
4.24j
—
Santos coffee prices closed as follows:
March--
May
July
—
-
-
—
6.05
6.15
6.24
September--December
6.32
-
....
6.37
Cocoa—On the 18th inst. futures closed lc. to 3c. net
higher.
The opening range was unchanged to 2 points up.
Transactions totaled 283 lots, or 3,792 tons. London actuals
moved l^d. higher, while the Terminal Cocoa Market was
3d. up to l^d. off, with transactions totaling only 20 tons.
The features of the trading in the local market were
liquida¬
tion of the March position and some hedge selling.
Wall
Street was noted as a buyer.
Local closing:
May, 4.45; July, 4.58; Sept., 4.69; Dec., 4.85.
j
March,
The opening
1 point down to 1 point higher.
Transactions
totaled 776 lots or 10,398 tons.
There was considerable
Wall Street liquidation in evidence, influenced very likely by
the. weaker securities market. However, the major portion
of activity in futures was confined to dealer and commission
house switching out of the nearbys into forward months.
According to trade interests, there are from 800 to 1,000 lots
of the March contract still to be switched.
There was some
manufacturer and commission house buying in evidence at
times during the session.
London actuals cam) through
l^d. off, while the Terminal Cocoa Market ruled un¬
changed to 3d. lower with 340 tons sold.
Local closing:
March, 4.27; June, 4.48; July, 4.54; Oct., 4.71; Dec., 4.82.
On the 21st inst. futures closed 5 to 4 points net higher.
Transactions totaled 883 lots.
Trading in cocoa consisted
largely of switching out of March into later positions.
Thursday will be first March notice day. In addition there
was heavy liquidation of March.
The selling was absorbed
by manufacturers and by European interests. Trading was
active, sales to early afternoon totaling 500 lots. At that
time March stood at 4.32c.
Warehouse stocks decreased
1,700 bags. They now total 1,014,661 bags, compared with
570,474 bags a year ago. Local closing: March, 4.33; May,
4.47; July, 4.59; Sept., 4.71; Oct., 4.76; Dec., 4.86; Jan.,
range was
4.32;
On the 20th
4.91
•
On the 23d inst. futures closed 4 to 2
points net higher.
Liquidation of March
contracts was heavy and caused a momentary dip in the
market, but offerings were well absorbed, with the result
that this afternoon prices were 1 to 2 points higher on a
turnover of 425 lots, with March selling at 4.32c.
Manu¬
facturers stood under the market taking what was offered.
A broadening Wall Street interest also was shown.
Im¬
porters reported that they had no offerings from either
Brazil or Africa. Warehouse stocks gained 14,800 bags over
the holiday.
They now total 1,029,454 bags compared with
565,430 bags a year ago.
Local closing: Mar., 4.37; May,
4.49; July, 4.61; Sept., 4.72; Oct., 4.78; Dec., 4.88; Jan.,
4.94.
Today futures closed 14 to 10 points net higher, with
sales totaling778 contracts. "Trading in cocoa broadened
under active demand, much of which represented reviving
Wall Street interest.
During early afternoon prices were
10 to 13 points higher.
Fourteen notices were issued, but
were« stopped promptly, the trade commenting on the small
number. Sales to that time totaled 530 lots. Manufacturers
continued to buy. African producers were reported offering
little cocoa, as the peak of the movement has been passed.
Brazilian offers were heavier but were readily absorbed.
Warehouse stocks decreased 1,300 bags.
They now total
1,028,197 bags compared with 570,152 bags in warehouse a
year ago.
Local closing: Mar., 4.51; May, 4.63; July, 4.73;.
Sept., 4.83; Oct., 4.88; Dec., 4.98; Jan., 5.07.
Transactions totaled 724 contracts.
Sugar—On the 18th inst. futures closed 3 to 4 points net
higher. The market at one time showed a maximum gain
of 5 points above previous final quotations. The improve¬
ment was attributed largely to reports that the Cuban duty
will likely be cut to .75c. per pound soon and that probably
a reduction in
the, quota will be affected also, since it is
believed -that the Administration is concerned over present
low prices. There was some short covering and new buying
noted, coming principally through houses with Cuban pro¬
ducing connections.
The activity and firmness in the
futures market stimulated interest in raws, some operators
paying 2.70c. for 10,500 tons of Philippines.
National
bought 6,000 tons, of Which 4,500 are due on March 30
and 1,500 on April 6. McCahan purchased 1,000 tons, due
March 28, and an operator bought 3,500 tons mid-April
arrival.
Trading was virtually at a standstill in the world'
sugar contract. Four lots of September at 1.083^c. was the
only trading effected. World contract prices closed 1 point
lower to l/z point higher. On the 20th inst. futures closed
2 to 3 points net lower in the domestic contract.
An im¬
portant announcement came from the sugar section of the
AAA that Secretary Wallace has the power under Section
201 of the Sugar Act of 1937 to revise consumption quotas
below the per capita consumption base of 1935-36. Compe¬
tent observers interpreted the action taken by the AAA at
this time as an indication that officials were worried by the
low prices and wanted to see the market advance. Although
the futures market today ignored the importance of this
announcement, it was believed that eventually it would have
a wholesome effect.
On Saturday's report the market ad¬
vanced 3 to 4 points, but today it yielded 1 to 3 points of
this gain on a turnover of 416 lots, or 20,800 tons. Refiners
continued to show interest in offerings of raws today, clear¬
ing the market of all available supplies at 2.75c. The world
sugar contract closed ,1 to 3 points higher on a turnover of
84 lots.
Sellers of raws in London were asking 6s. lj^d.,
equal to 1.11 He. f.o.b. Cuba. On the 21st inst. futures
Volume
Financial
148
closed
1 to 2 points net higher in the domestic contract.
Transactions totaled 541 contracts. The firmness displayed
in this market today was largely a reflection of the firmness
in the
In the early trading March
points, which losses were
subsequently recovered. This break in the March delivery
was caused
by the issuance of 44 transferable notices. All
of the notices were stopped by the firms which issued them.
In the raw market it developed that a refiner paid 2.76c. a
pound for 12,000 bags of Puerto Ricos clearing March 1,
an advance of 1
point. The tone of the refined market also
improved when Southern refiners restored the price to 4.30c.
The world sugar market continued its upward trend, with
May going to 1.13c., up )4 point. London futures were
steady, while raws sold l.ll^c. a pound f.o.b. Cuba.
raw
department.
sugar
showed losses of
as
much
as
3
On the 23d inst. futures closed 1 to 4 points net higher in
the domestic contract, with sales totaling 347 contracts. The
world sugar contract closed Yl point up to 3 points down,
with sales totaling 143 contracts. Sugar markets were steady
to firm.
This firmness was attributed to the feat that no
further transferable notices were issued.
Trading to early
afternoon totaled 300 lots.
In the
raw
market nothing was
offered under 2.80c. The
knowledge that the AAA can revise
quotas at any time has helped sentiment. The trade now is
awaiting disposition of the Cuban duty question. In refined
the market is uniformly 4.30c. for cane sugar in all parts of
the country with beet priced at 4.10c.
London futures re¬
covered early losses to end 34d higher to )4d lower.
Raws
were dull, while refined was reduced
l|^d a hundred weight.
Today futures closed 2 points up to unchanged in the domestic
contract, with sales totaling 177 contracts. The world sugar
contract closed 34 to 1 point up, with sales totaling 104
contracts.
Sugar markets were firm. Prices in the domestic
market advanced 1 to 3 points with Sept. selling at 1.97c.
Buying was predicated on absence of Mar. delivery notices, a
steady raw sugar market and reports that negotiations on
the Cuban duty were going ahead smoothly.
The market
also reflected satisfaction with the recent ruling on quotas
by the Sugar Division of the Agricultural Administration. In
the raw market Puerto Ricos and Philippines were offered at
prices ranging from 2.77 to 2.80c., while buyers were ready
to pay 2.75 to 2.76c.
Day to day demand for refined sugar
has improved, according to reports in the trade.
In the
world sugar market the slow but steady rise which has been
witnessed during every session this week continued. During
early afternoon prices were 1 to 1)4 points higher with Sept.
at 1.12)4c.
London futures were unchanged to )4d higher,
while
raws were
Prices
were
1.12c. f.o.b. Cuba.
as
follows:
March
1.81
May
July-_»-_
1.91
September,
January.-..,
-_.-_1.97
__
.
——1.95
—1.94
Lard—On the 18th inst. futures closed 2 to 5 points net
higher. The market opened unchanged, but on scattered
covering and some new buying, influenced by reports of
continued active buying of lard by England, prices firmed
and closed at the top levels of the day. Shipments of Ameri¬
can lard
to the United Kingdom as reported today were
exceptionally heavy and totaled 1,072,500 pounds, des¬
tined for London and Southampton. Trading on the whole,
however, was relatively light and price fluctuations narrow
in the local market.
Liverpool lard futures were 3d. to 6d.
lower. Hog prices at Chicago today were steady. Western
hog receipts totaled 12,400 head, against 18,100 head for
the same day a year ago.
On the 20th inst. futures closed
12 to 15 points net higher.
The market ruled firm during
most of the session.
The opening range was 5 to 12 points
higher on the nearby.months and 17 points higher on dis¬
tant October.
The firmness in grainhand hog markets in¬
fluenced considerable short covering in lard futures, and
this in large measure was responsible for the stronger lard
market today.
No lard shipments were reported from the
Port of New York today, but on the close of last week clear¬
ances
totaled over
1,000,000 pounds, destined for the
United Kingdom.
Liverpool lard futures were unchanged
to 6d. higher.
Hog receipts at Chicago today totaled 56,200
head, against 83,800 head for the same day* a year ago.
Sales of hogs at. Chicago ranged from $7.70 to $8.50.
On
the 21st inst. futures closed unchanged to 5 points higher.
Trading was light and of a mixed character. The opening
range was unchanged to 5 points lower.
Western hog mar¬
ketings were above expectations and totaled 64,600 head,
against 57,900 head for the same day a year ago.
Lard
clearances from New York as reported today totaled 118,500
pounds, destined for Southampton, Antwerp, Rotterdam
and Glasgow.
Liverpool lard futures on Tuesday were firm
and on the close were 6d. up on all deliveries. Chicago hog
prices declined 10c. to 15c. Hog sales ranged from $7.75
to $8.35.
*
On the 23d inst. futures closed 10 to 17
points net lower.
heavy during most of the session, with
prices closing at the lows of the day.
Pressure was rather
heavy at times, influenced by the downward trend of hogs
and grains. The market appeared not to have any rallying
The market ruled
lard continue heavy,
destined for London
and Liverpool. Liverpool lard futures were unchanged to 3d
higher per cwt.
Western hog marketings were moderately
heavy and totaled 62,300 head, against 56,400 head for the
same day last year.
Sales at Chicago ranged from $7.70 to
power.
However, export shipments of
the total today being 816,375 pounds,
1187
Chronicle
$8.35.
higher.
Today futures closed unchanged to 5 points net
was nothing of special interest in the trading,
the market ruling dull during most of the session. Hogs sold
very unevenly today and after reaching a top of $8.50 for
the second time this week, declined to a weaker and 10c.
lower level.
Hog receipts totaled only 5,000, not including
directs to packers.
,
There
DAILY CLOSING PRICES
OF LARD
FUTURES
Sat.
Mon.
6.60
May
JulySeptember
6.77
6.75
6.90
6.75
6.92
6.95
7.10
7.12
7.10
7.25
IN CHICAGO
Thurs.
Wed.
Tues.
March
7.25
Fri,
6.65
6.82
7.00
7.12
6.65
6.82
6.97
7.12
H
O
L
Pork—(Export), mess, $24.25 per barrel (200 pounds);
family (40-50 pieces to barrel), $18.75 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., 1434c.; 6 to 8 lbs., 1234c.;
8 to 10 lbs., 12c.
Skinned, Loose, c.a.f.—14 to 16 lbs., 18c.;
18 to 20 lbs., 1734c,
Bellies: Clear, f.o.b. New York—
6 to 8 lbs., 16Mc.; 8 to 10 lbs.,
16)4c.; 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., 1124c.; 25 to 30
lbs., 1134c. Butter: Creamery, Firsts to Higher than Extra
and Premium Marks:
2334 to 2634c.
Cheese:
State,
Held '37—20 to 22c.
Eggs: Mixed Colors, Checks to Special
Packs: 1534 to 1834c.
•
Oils—The Linseed oil market has shown little change the
past few days, with tank
and
tank
cars
quoted 7.9c.
per
pound bid,
7.9 to 8.1c.
Quotations:
China wood:
tanks—14.8 to 15c.
Coconut:
Crude, Tanks,
wagons,
•
Nearby,
nearby—.0334c. bid; Pacific Coast—.0234 bid.
Corn:
Crude, West, tanks nearby—.06 to .06)4.
Olive:
De¬
natured, Drums, carlots, shipment—85 to 86; Spot—87 bid.
Soy Bean: Crude, Tanks, West—.04)4 to .05; L.C.L. N. Y.
—6.8 bid.
Edible:
Coconut, 76 degrees—.0824 offered.
Lard: Prime, Ex.winter—9 offer.
Cod: Crude, Norwegian,
light filtered—28 offer.
Turpentine: 31 to 33. ■ Rosins:
$3.90 to $8.15.
•
Cottonseed Oil sales,
Crude, S. E. 524@524»
March
6.73®
6.75®
April---.,:
Lay
6.97 (
h
July
August
September.,
n
October-
6.97 <
June.
y
including switches, 213 contracts.
Prices closed as follows:
—
-
7.09®
7.09®
n
7.18® 7.19
;«■ 7.18®
.
7.20
Rubber—On the 18th inst. futures closed 13 to 17 points
net
higher.
Transactions totaled onty 1,660 tons, of which
exchanged for physicals in the outside market.
Spot standard No. 1 ribbed smoked sheets in the trade ad¬
vanced 34c. to 16 15-16c.
Demand came largely from com¬
mission houses and factory sources.
The trade sold against
the acceptance of overnight bids in the actual market. Offer¬
ings from Singapore were reported scarce.
There was very
little done in the outside market.
The Singapore Rubber
Market will be closed Monday and Tuesday, Feb. 20 and
21 in observance of the Chinese New Year.
Local closing:
March, 16.32; May, 16.31; July, 16.30; Sept., 16.31; Oct.,
16.30; Dec., 16.31. On the 20th inst. futures clOsed 15 to 17
points net lower. Transactions totaled 1,260 tons, including
100 tons which were exchanged for physicals in the outside
market.
Spot standard No. 1 ribbed smoked sheets in the
trade declined )4c. to 16 3-16c. Activity was confined largely
to, trade interests, who were on both sides of the market.
There was some commission house liquidation in evidence.
Activity in the outside market provea dull.
Offerings from
the Far East were exceptionally light as the markets there
250 tons
are
were
closed in observance of the Chinese New Year.
Local
closing: March, 16.17; May, 16.16; July, 16.13; Sept., 16.14;
Dec., 16.15; Jan., 16.15.
On the 21st inst. futures closed
9 to 12 points net higher.
Transactions totaled 183 lots.
Although the market was dull, the undertone was reported
firm during most of the session.
Singapore was closed, a
fact which seemed to slow trading down very materially.
Sales to early afternoon totaled only 730 tons.
Commission
houses were buyers of the May position.
Dealer interests
were operating on both sides of May.
March sold at 16.30c.,
up 12 points during the early afternoon.
The London market
closed quiet, with prices unchanged to l-16d. higher.
Local
closing: March, 16.26; May, 16.26; July, 16.25; Sept., 16.26;
Dec., 16.27.
.AC
■*
On the 23d inst. futures closed 11 to 8 points net higher.
Transactions totaled 265 lots. Firm markets in London and
.
.
the chief factors influencing the local rubber
March liquidation here was readily absorbed
by trade and commission house buying.
An important
London dealer interest was credited with being on the long
side of the market. Futures were bid up to new highs for the
movement, standing 13 to 14 points net higher this afternoon
on sales of 2,150 tons, of which 160 tons were exchanged fOr
physical rubber. London closed unchanged to l-16d higher.
Local closing: Mar., 16.37; May, 16.35; July, 16.33; Sept.,
16.34; Oct., 16.35; Dec., 16.35; Jan., 16.35. Today futures
closed 10 to 12 points net higher. Transactions totaled 220
contracts.
Trading in rubber futures moderated somewhat,
but prices were firm.
During early afternoon the mark
stood 4 to 8 points higher, with Mar. at 16.41c. July and
Sept. also sold at that price. The turnover to early afternoon
totaled 1,170 tons.
London closed unchanged to l-16d
higher.
Singapore also was a little higher.
Local closing:
Mar., 16.47; May, 16.47; July, 16.44; Sept., 16.46; Dec.,
16.47; Jan., 16.47.
Singapore
were
futures market.
Feb.
Financial Chronicle
1188
25,1939
net
18th inst. futures closed 6 to 14 points
higher, this range covering both contracts. The opening
range was unchanged to 8 points higher. The market ruled
at $5
decidedly firmer today, though trading was relatively light.
anthracite during the week
Transactions in
1,106,000 tons, or
with the week of Feb. 4 there was a decrease of 102,000 tons,
Hides—On the
the old contract totaled
120,000 pounds,
pounds.
Certificated stocks of hides in warehouses licensed by the
Exchange continued to increase and latest reports gave the
figures as 983,358 hides, a gain of 3,731 hides. It is esti¬
mated that during the past week the Big Four packers sold
about 35,000 hides.
Prices showed little change.
The
Argentine market for frigorifico steer hides, however, has
been somewhat firmer.
Local closing; New contract—
March, 10.94; June, 11.36; Sept., 11.75; Dec., 12.07. Old
contract—March, 10.05; June, 10.46; Sept., 10.71. On the
while sales in the
new
contract totaled 3,320,000
20th inst. futures closed 4 to 10 points net lower,
this closing
covering both contracts.
The opening range was
points off on the old and 10 to 14 points net lower on
range
15 to 16
the
new
Transactions in the old contract totaled
contract.
400,000 pounds, while in the new contract 13,280,000 pounds
changed hands. Prices were held within relatively narrow
limits considering the rather heavy turnover. Certificated
stocks of hides in warehouses licensed by the Exchange
increased by 2,701 hides to a total of 985,059 hides. In the
domestic spot market it was reported that 1,400 Buffalo
packer hides were sold at 9J^c. for light native cows and
branded cows. Local closing; New contract—March, 10.84;
June, 11.27; Sept., 11.64.
Old contract—March, 9.95;
June, 10.42; Sept., 10.67. On the 21st inst. futures closed
1 to 6 points net lower in the old contract with sales of 11
lots. The new contract closed 4 points down to 1 point up,
with sales pf 381 lots. The market held steady during most
of the session, with business largely in the form of switching
out of the March new position into deferred options. During
early afternoon March old stood at 9.95c., unchanged;
March new at 10.83c., off 1 point, and September new at
11.65c., up 1 point.. Transactions up to early, afternoon
totaled 7,680,000 pounds, of which 7,520,000 were done in
the
new
contract.
Certificated stocks in warehouses licensed
by the Commodity Exchange increased by 1,507 hides.
They now total 987,566 hides. Local closing: Old contractMarch, 9.94; June, 10.36. New contract—March, 10.83;
June, 11.23; Sept., 11.62; Dec., 11.98.
On the 23d inst. futures closed 11 to 10 points off for the
old contract, with sales totaling 33 lots. The new contract
closed 10 to 5 points net lower, with sales totaling 514 lots.
The market ruled heavy during a
good part of the session.
However, while fifty-eight Mar. deliver^notices were issued,
the number was considered small in view of the large cer¬
tificated stocks of nearly 1,000,000, hides.
Heavy buying
absorbed Mar. liquidation, which was estimated at 200 lots
around the opening.
During early afternoon prices were 2
points higher to 2 points lower, with Mar. new selling at
10.84c., up 1 point, and June new at 11.25c., up 2 points,
but Sept. at 11.60c., off 2 points. Sales of the new contract
to early afternoon totaled 14,600,000 pounds while transac¬
tions in the old contract totaled 1,200,000 pounds to that time.
Local closing: Old Contract: Mar., 9.83; June, 10.26. New
Contracts: Mar., 10.73; June, 11.15; Sept., 11.55;* Dec.,
11.93. Today futures closed 13 to 27 points net higher on the
old contract* with sales totaling 61 contracts. The new con¬
tract closed 5 points down on the Mar. delivery, while the
balance of the list closed 25 to 23 points net
higher, with sales
totaling 337 contracts. The hide market today responded
to the better tone of the stock market
by developing a firm
tone after an irregular opening.
During early afternoon
prices stood 3 to 10 points net higher. Sales to that time
totaled 2,440,000 pounds on the old contract and 8,560,000
pounds on the new contract. Local closing: Old Contract:
Mar., 9.96; June, 10.53.
New Contract: Mar., 11.40;
June, 11.40; Sept., 11.80; Dec., 12.16.
"
1
f»
Ocean
rather
Freights—Inquiry for tonnage in general was
spotty during the past week.
Charters included:
Grain: Norfolk to United Kingdom
prompt, basis 2s. 9d.
Grain booked:. 3Q0 tons, New York to
13c.
Palestine, February,
1 load,
,15Kc.
loads New
London and Avonmouth at schedule rates. 2 loads,,
3 loads, New York to Scandinavia,
spot, 136.
New York to Hamburg, March,
York to
water, independent operators are
the
egg, stove
and nut
The total production of Pennsylvania
ended Feb. 11 is estimated at
184,300 tons per working day. Compared
quality of the coal.
Production in the corresponding week of 1938
Bureati of Mines.
8%.
or
offering
and slightly higher per ton, in many cases depending on
amounted to 845,000 tons, according to the
spectacular changes
While trading was relatively quiet,
the undertone is firm, with sentiment generally cheerful
concerning the outlook, especially for the coming spring.
Latest advices from Boston state that scattered transactions
were being closed on moderate quantities of domestic wools.
Prices were firm on fine territory wools at around 70c.,
scoured basis, for good French combing length and at around
68c., scoured basis, for average to short French combing
length wools in original bags.
Graded half-blood territory
wpols in mixed lots containing staple and French combing
length together were bringing 67 to 69c., scoured basis.
Cables report keen bidding in evidence at the wool auc¬
tion held at Sydney, Australia, with Yorkshire and Con¬
tinental operators active.
Improved interest was noted
among Japanese accounts.
Prices on all descriptions were
Wool—The wool market has shown no
during the past week.
firm.
Silk—On the 20th inst. futures closed unchanged to 3c.
Transactions totaled only 480 bales, including 60
bales on the old contract, 380 bales on the No. 1 contract and
met lower.
the No. 2 contract. Both Japanese markets were
Futures at Yokohama ruled 4 to 11 yen higher while
Kobe came through 2 to 11 yen better.
Grade D was un¬
changed at 955 yen in Yokohama and dropped 20 yen to 930
yen at Kobe. Spot sales in both cities amounted to 75 bales,
while futures transactions totaled 5,175 bales.
A feature of
the news from abroad was the report from Japan that the
Government had disposed of 2,060 bales of its silk stocks
through last Saturday, Feb. 18. Local closing: Old contract:
Feb., 2.06.
Contract No. 1: March, 1.99; April, 1.993^;
May, 1.98M; June, 1.94>£. Contract No. 2: March, 2.04;
May, 1.943^; July, 1.90.
On the 21st inst. futures closed
2j£c. to unchanged in the No. 1 contract, with sales totaling
54 lots.
The old contract closed lc. up with sales of 19
contracts, all in the February delivery.
The market j^as
strong during most of the session, with trading fairly active.
The strength of the spot market in Japanese markets had a
dominating influence. During early afternoon February old
stood at $2.08; up 2c. in the local market; March No. 1 stood
at $2.01, up 2c. and April No. 1 at $2, up 13^c.
Sales to
early afternoon totaled 440 bales, of which 310 were done in
the No. 1 contract. Crack double extra silk stood unchanged
at $2.10 in the uptown spot market.
Grade D silk at
40 bales
steady
on
.
Yokohama was held at 955 yen.
Futures on the Yokohama
Bourse closed 3 yen lower to 4 yen higher.
Local closing:
Old contract: Feb., 2.07.
No. 1 contract: March, 2.013i;
April, 2.00; May, 1.983^; July, 1.92K; Aug., 1.87; Sept.,
1.86.
On the 23d inst. futures closed 5H to 73^e. net higher in
the No. 1 contract, with sales totaling 113 lots.
The old
contract showed sales of 24 contracts, all done in the Febru¬
ary delivery, that month closing 53^c. net higher.
The silk
futures market
that
were
skyrocketed today, prices reaching levels
the highest in two years.' This unusual strength
of the local markets was a reflection of the strong Japanese
markets over the holidays.
Spot prices were 2to 4c.
higher
Japanese descriptions in the uptown market here
advancing 4c. to $2.14, the highest
price in over two years. Trading in futures was unusually
active, especially in the No. 1 contract, where 690 bales
were done up to early afternoon.
Trading in the old contract
ceased at noon today, with 240 bales done, of which 70 were
exchanged for physical silk. In Yokohama grade D silk
advanced 173^ yen to 9723^ yen a bale.
Local closing: Old
Contract:
Feb., 2.123^.
No. 1 Contract: Mar., 2.08;
May, 2.05; July, 1.99; Sept., 1.92^; Oct., 1.91.
Today
futures closed lA to 2c. net lower on the No. 1 contract, with
sales totaling 48 contracts.
The sale of only one contract
was recorded in No. 2, this sale being in the July delivery at
1.96, up 4%c. Raw silk futures continued-to reflect a tight
spot situation with prices forging ahead to new high levels
on
with crack double extra
Philadelphia to London-Avonmouth, March schedule rates.
London-Avonmouth, March schedule
rate.
loads, Baltimore to London-Avonmouth, March
schedule rates.
2 loads, New York to
Glasgow, March
schedule rates.
2 loads, New York to
Glasgow, April
schedule rates. Scrap: Atlantic range to West
Italy, March,
$5.05. Atlantic to Japan, March, 18s. 9d. Reported fixed,
crack double extra silk in the New York spot market was
2c. a pound higher at $2.16.
At Yokohama futures were
5 to 9 yen lower, but grade D silk in the spot market was
New York to Sweden, no other details given. 2 other vessels
the same.
Sugar: San Domingo to United
30 yen higher. Local closing: No. 1 Contract: Mar., 2.07%;
May, 2.03; July, 1.973^; Aug., 1.93; Sept., 1.91
Oct.,
Continent, March 1-15,14s. Cuba to
loading.
Cuba to Bordeaux, prompt, 16s. 6d.
United Kingdom-Continent, March, 15s.
1.92.
8 loads, Norfolk to
KingdomGothenburg, February
f^Coal—Prices
are
.
Cuba to
far from stabilized in the anthracite
COTTON
coal
situation, and as long as there's a chance for further reduc¬
tions, the wholesale anthracite field will present anything but
a healthy outlook.
Many dealers are dealying purchases until
the price schedules assume a steadier trend, or
perhaps they
are waiting for the lowest possible level.. The
larger operators
are reported to be
quoting under the circular schedule. For
the past few weeks, since the disruption of the
filing agree¬
ment, prices have been readjusted several times. At Tide¬
for the last two years, but with trading on a much, smaller
scale,„ than yesterday. Up to early afternoon only 190 bales
had changed hands, all in the No. 1 contract.
The price of
Friday Night, Feb. 24, 1939
Crop, as indicated by our tele¬
grams from the South to-night, is given below.
For the
week ending this evening the total receipts have reached
21,337 bales, against 25,681 bales last week and 29,078
bales the previous week, making the total receipts since
Aug. 1, 1938, 3,055,898 bales, against 6,392,456 bales for
the same period of 1937-38, showing a decrease since Aug. 1,
1938, of 3,336,558 bales.
The Movement of the
Volume 148
Financial
Chronicle
however, of the
Receipts at—
Sat.
Mon.
Tucs.
Wed.
Thurs.
inquiries we are receiving regarding the matter, we will
that for the month of September the exports to the Dominion the present season
been 11,990 bales.
In the corresponding month of the preceding season
the exports were 10,169 bales.
For the two months ended Sept. 30, 1938, there
say
Total
Fri.
1189
numerous
have
Galveston.
Houston
771
553
171
Corpus Christi.
690
660
New Orleans
Mobile
1,066
991
709
1,900
_
252
233
156
2,608
1,929
2,529
108
Charleston
Lake Charles
3,121
320
103
28
122
412
142
71
4
Savannah
3,257
4,537
3,091
8,767
1,191
«#*»•»
18
1—
—
—
84
982
286
19
19
—
18
Wilmington
m
„
Norfolk
m
m
m.
20
m
108
250
27.721 bales exported
as
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
22
82
Baltimore
250
On
5,388
1,818
4,437
156
Leaving
Great
Ger¬
Other
Coast¬
many
France
Foreign
wise
21,337
6,487
3,051
Shipboard Not Cleared for—
Feb. 24 at—
Britain
Totals this week.
against 16,348 bales for the two months of 1937.
Id addition to above exports, our
18
6
were
Galveston
The following table shows the week's total receipts, the
Aug. 1, 1938, and the stocks tonight, compared
total since
with last year:
300
800
4,009
3,303
700
789
483
1.197
*373
*150
5.471
Houston
New
4,736
8,275
Orleans..
3,000
32,800
19,463
6,069
3,000
113
2,258
Stock
Total
625,364
39,900
27,588
10,796
736,188
619,359
149,535
35,292
62,318
28,889
Savannah
Charleston
Mobile
*923
1*446
Norfolk
1938-39
1937-38
Receipts to
Stock
This
Since Aug
This
Since Aug
Week
1, 1938
Week
1, 1937
Galveston
3.275
910,853
947,634
283,144
16,678
710,666
50,375
4,537
3,091
...
Corpus Christi.
Beaumont
8",767
New Orleans
Mobile
982
Pensaeola, &c_.
10,841
31,801
630,155
Savannah
1,872
31,318
286
Charleston
19
649
22
108
250
16
15,645
38,623
10.670
Charles..
18
184,616
72,231
3,607
516
63,764
4,856
1,813
149,535
119,863
179,356
714
28
35,292
12.559
•77,903
21,269
48,997
28,889
100
Norfolk
1,148
1,092
100
1,842
Wilmington
3,690
15,896
1,026
16,623
1,250
:
Baltimore
Speculation
moderately
21,337 3,055,898
86,327 6,392,456 2,456,163 3.047.721
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
tic
1937-38
1938-39
Receipts at—
1936-37
3.257
Houston
New Orleans.
4,537
8.767
25,115
15,411
39,144
Mobile.
982
845
Savannah
286
649
m *
...
m
1934-35
15,199
16,548
24,288
2,594
8,371
9,890
19,440
1,096
1,438
940
21,603
21,819
16,851
1,168
1,688
581
1,674
*2*765
1,270
22
120
522
881
824
*2",375
*4*498
•»
301
"
;
Charleston
19
"'ill
Wilmington..
22
108
1.148
1,092
463
509
*3*359
"2*259
*13*791
*1*853
21,337
86,327
66,019
64.035
Norfolk
1933-34
291
'
Brunswick
1935-36
11,349
10,074
25,169
2,936
1,365
NewpoftNews
All others
Total this wk.
,
45,509
70,903
SLnce Aug. 1.. 3,055,898 6,392,456 5,524,770 5,992,290 3,641,491
6,243,397
The
exports for
the week ending this evening reach a
which 6,012 were to Great Britain,
1,625 to France, 9,487 to Germany, 7,509 to Italy, 12,992
to Japan, 1,653 to China, and 14,423 to other destinations.
In the corresponding week last year total exports were
total of 53,701 bales, of
132,444
bales."
For the
date aggregate exports
to
season
have
been 2,417,976 bales,
against 4,282,456 bales in the
same
period of the previous
season.
Below
are
the exports
for the week:
Week Ended
Feb.
Exported to—
1939
24,
Ger¬
Oreat
Exports from—
France
Britain
Galveston
Houston
mmm
Mobile
Savannah
San Francisco..
mmJm
2,950
mm
«»■-.
mm
982
•
■
_
j,
■''m
^
mm
Total...
mmrn*
rn
mm rnm
~
m m
m
mmmm
-
337
mmmm
1,938
....
....
mm
mm
mm
m
■
m.rn m m
mmmm
,
*.
m
m
m
mm
m
43
1,625
9,487
7,509
6,808
38,067
11.477
13,472
10,463
11,448
544,
....
m
1,481
^
■
'
10,734
493
m
'
h
,,
..m rnm
5,541
m
123
From
m
1
40
'mm'mm
59
mm**
mm
700
m
rn
6,012
.—
mmm
mm
mmmm
-
'
79
■
m
41,222
—
-
12,668
302
■
536
4,476
756
^
669
288
m
•
m
....
Total 1938
m
-
^m-m
mm mm
mmmm
459
.
mm
2,576
mm
14,006
669
fi.mmrn
m'mmrn
14,054
4,936
953
4,712
mm m m
•—
■
1,481
mm
-
Total
3,702
'
425
Norfolk...
4*
1,498
mm
43
493
Los Angeles....
m
'
956
Jacksonville
Pensaeola, &c...
Charleston
■
35
-
Other
"
468
'
Lake Charles
3,035
rnrnmm
248
*m-mrn
N$w Orleans
Total 1937
Jmmm
~
•«
m
mm
China
1,524
174
196
....
Japan
6,869
C >rpus Christi..
Brownsville..
Italy
many
1,959
m
59
m
50
mm
6,750
■
....
——
123
53,701
12,992
1,663
14,423
44,646
:
5,498
13,073 132,444
10,706
95.537
10,367
Exported to—
Aug. 1 1938 to
■
Feb. 24,1939
Great
Exports from—
Britain
Galveston
' i
'
'.
France
Italy
Japan
64.794
197,998
12,695 165,477
701,348
86,098
148,114
27,970 146,230
673,410
247,446
51,348
94,341
_
.
Beaumont
60,808
109,310
98,947
54,851
24,376
21,671
2,214
Corpus Christi
71,710
27,971
Houston.
Brownsville
27,790
12,606
1,240
173
,
84,092
69,199
39,463
45,320
10,303
6,730
967
Mobile
26,614
5,092
1,111
810
__
Pensaeola, Stc.
6,868
mm
—
Charleston
214
mm
260
4,188
100
7,367
468
4,725
Norfolk—....
585
110
150
714
331
66
56
90
19,538
15,462
11,810
2,739
York
Boston
Baltimore.—
Los
Angeles.
San
Francisco
_
Total
m
m
33
m
mm
m
47
rnrnmm
.
...
-
M
866
7,216
m
728
1.770
34,981
42,357
5,935
1,140
tmmmm
m
mm
■mmmm
m
mmmm
mmmm
mm
9,034
16,728
500
9,413
5,112
155
1,019
600
m
mm-mm
885
505
mmmm
1,085
228
-
m
m
190
1,039
366,588
61
■
'mm
mmmm
mmmm
5,489
M-
82,377
11,889
m-mrnm
38,921
:mmmm
mrnmm
29
Seattle.
mm
3,879
....
Philadelphia..
55,804
7,498
mrnmm
336
■,
Gulf port
New
144
6,055
-
8,110
Savannah
1,965
Total
-
mmmm
Orleans.
Jacksonville
Other
mmmm
.
Lake Charles.
New
China
many
91,104
59,970
A1
Ger¬
m
6,511
7,508
m
2,760
2,953
m
m
190
mmmm
29
mmmm
1.936
131,639
'mmmm
51,703
1,416
....
178,911
1,215
....
3,431
67,467
10
10
358,124 346,284
350,019 225,666
592,956
52,590 492,337 2417,976
Total
1937-38 1345,557 671,311
698,308 382,714
346,679
Total
1936-37
510.124 243.816 1054.022
51.564 786,323 4282,456
19.553 .502,044 3801,724
862.924 609,241
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 is impossible to give
the same from week to week, while reports from the customs
returns concerning
districts on the Canadian border
are
always very alow in coming to hand.
In view,
delivery
with prices
continued
showing
A clear indication of what
a
un¬
state of cotton markets generally is
of
Secretary of Agriculture
will fall to the lowest of any period since 1883,
Secretary blamed the loss of export markets
of
the loan
program
correction,
but
how
upon
the
in keeping prices of American
The situation surely needs dras¬
soon
enacted is difficult to see,
effective
legislation
and until conditions
are
will
be
clarified
appreciable change is expected in the markets.
On the 18th inst. prices closed 1 point higher to 1 point
down.
The market held steady, with the major portion of
business transacted in the March delivery, where there was
much evening up.
There was enough trade and spot house
buying to absorb
fluctuated within
increased liquidation, and that month
3 point range.
While the Liverpool
market did not make a very good showing from a bullish
standpoint, prices on the local exchange opened unchanged
to 2 points lower, with the undertone steady.
The market
gradually worked higher in the later trading as mill buying
developed in March and May, causing these deliveries to
close at the best levels for "the day.
Selling orders through
commission houses appeared at each point of advance, but
the buying through spot houses was just about as active.
Interest in later months was largely in the form of exchanges
from nearby deliveries.
Cotton submitted by farmers to the
Commodity Credit Corporation loan last week tapered off
further to a total of 45,504 bales compared with 56,405 bales
in the preceding week.
Average price of middling at the 10
designated spot markets was 8.51c. On the 20th mst. prices
closed 3 points up to 1 point off.
The feature of the trading
today was the March contract, in which considerable evening
up of commitments took place, this being accelerated by the
close proximity of first notice day on Feb. 23.
Longs, how¬
ever, continued to liquidate slowly and the March premium
over May,at the close widened to 38 points as compared with
a trading difference of 36
points earlier in the day. At the
close, December was selling at a discount of 113 points under
the spot month, as against 109
points on Saturday. Weak¬
ness of the stock market and declines in Liverpool cotton
quotations had no apparent influence on local cotton senti¬
ment, which was dominated primarily by tightness of the
March position.
Southern spot markets were unchanged to
2 points higher, with middling quotations ranging from 8.11
up to 8.95, and averaging 8.52 at the 10 designated spot
markets.
On the 21st inst. prices closed 2 points higher to
2 points lower.
Interest of the trade seemed to be focused
on the March delivery in view of first notice
day which occurs
on Thursday.
Evening-up operations in this delivery made
up the bulk of the day's business.
Selling orders in March
were more numerous, as the spot position opened at the high
price for the movement of 8.48c. touched on the previous
day.
Spot house and trade buying was about equally
divided and throughout the session March contracts held
within a range of 2 points despite the fact that the bulk of the
business for the day centered in this delivery or in exchanging
to later months.
Aside from pre-notiee day uncertainties,
the volume of trading was held down partly by tomorrow^
holiday and also because of the fact that the Senate Agri¬
culture Committee is scheduled to commence hearings on the
Smith cotton disposal bill on Thursday.
On the 23d inst. prices closed 5 points up to unchanged.
During the early part of the day the market drifted, with
prices 1 or 2 points above the previous trading day's closing
a
,
levels.
For the most part traders were not taking any new
positions and remained on the sidelines awaiting further
developments.
The wTeekly weather report said that a con¬
siderable amount of cototn has been seeded in the extreme
southern section of Texas.
the
NOTE—Exports to Canada—It
week,
statement
cotton above world levels.
no
Galveston
past
5,371
79,730 2,376,433
9,428 75,182 2,972,539
6,079 139,283 1,875,682
Predicting exports of American cotton during the
current year
the
effect
Totals.
in the recent
Wallace.
future
cotton
the
derlies the dull heavy
found
59,255
35,372
83,319
for
12,698
in
active
4,897
5,781
7,580
decidedly irregular trend.
950
7,062
16,521
New York
Boston
16,326
29,607
Total 1937
874,414
904,583
55,115
16,315
823.010
60,506
10.860
3,098
148,708
68,133
24,771
22,991
30,477
665,264
763,776
54,243
39,144 1,818,526
845
Total 1939—
Total 1938
1938
1939
25,115 1,750,897
15,411 1,697,0ol
723
390,676
9,965
Jacksonville
Lake
119,488
'
Feo. 24
Houston
Other ports
late
afternoon,
to be small.
The market turned irregular in
but the volume of business continued
By the start of the last hour futures were 2
points either side of Tuesday's close, with March unchanged
at 8.46c. and December off 2 points at 7.35c.
Open interest
in
March
cotton
on
the
Exchange
on
Tuesday
totaled
227,100 bales, a'drop of 28,700 bales from the preceding day.
Financial
1190
Feb. 24,1939,
point from the closing levels of the previous day.
Around
midday the market was unchanged to 3 points higher.
The
by the continued
June
The market held
of October.
7.79
Feb.
18
7.90 Feb.
24
7.38 Feb.
18
7.48 Feo.
24
1939.
9.25
July
8.37
Aug. 23 1938
May 31 1938
9.27 July
Oct.
4 1938
8.20 Nov. 21 1938
7.00
Feb. 24
Dec.
5 1938
9.05 July
8.12
3 1938
24 1939
8.07 Sept.
30 1938
10 1939
8.01
Oct.
24 1938
7.49 Feb.
23 1939
Jan.
Feb.
23
7.49 Feb.
23
7.49 Feb.
23 1939
7.34 Feb.
21
7.42 Feb.
23
7.26 Jan.
26 1939
7.71
Dec. 30 1938
1940.
7.37
Feb.
21
7.44 Feb.
23
7.29
27 1939
7.54
Feb.
7.49
Jan.
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Mon,
8.91
Tue*.
8.89
Wed. Thurs.
Hol'dy
Fri.
8.90
8.90
Open
Staple—The
gives the premiums and discounts for grade and
staple in relation to the base grade, Middling
established
Contracts
While—
Inch
,80
on
,94
.74
on
.88 on
St.
Good Mid
.53
on
,68
on
,82 on
Mid
.34
on
,51
on
,67 on
♦St. Low Mid—
14,800
27,200
45,400
18,800
21,000
42,300
30,300
12,100
19,300
27,900
781,906
10,700
7,500
7,600
10,500
Holi¬
16,100
516,906
11,900
4,200
4,500
6,-500
day
13,800
95,300
1,100
300
1,000
1,100
5,000
16.406
-
on
.32
♦Low Mid
(1940)
Inactive
Basis
.....
on
on
.09 on
.25
on
.06 off
.10
on
.05 off
Mid
.51 off
—
.38
100
Total all futures..
89,900
56,500
71,200 103,800
135,500 2,207,300
Open
Contracts
on
.57 oft
,41 off
,29 off
.22 off
,17 off
Good Mid
.48 off
.38 off
New Orleans
,94 off
St.
.71 off
.61 off
♦Good
.57 off
.66 off
♦Mid..-.
Ord
2.60 off
Extra White—
Good Mid
.50
,68
on
.82
on
.34
Mid
Mid
on
on
,51
on
.67
on
.32
on
Even
.41 off
.57 off
St. Low Mid...
.29 off
1.29 off 1.22 off 1.17 off
Mid
♦Low Mid
♦St.
2.00 off 2.67 off 2.50 off
Ord
Not deliverable
.59 off
r
—
.46 off
New York
.68 off
.59 off
for middling upland at New York
Feb. 24 for each of the past 32 years have been as follows:
8.90c,
1931
9.31c.
1930
1937
13.20c.
1936
1935
11.25c.
12.55c.
1934
11.35c.
14.90c.
-
1929—..20.25c.
1928—— 19.70c.
1927--.-14.20c.
12.40c.
1926
20.35c.
6.15c.
1932-.— 7.05c.
1925
24.80c.
1924
30.10c.
——
1,800
100
400
200
200
200
1915
1914
34.600
12.900
12,750
12.55c.
1913
1920-...39.35c.
1919
25.90c.
1918
.32.15c.
1917
16.45c.
1916
11.30c.
1912
12.50c.
10.40c.
1911
1910
8.35c.
Feb. 24—
—
1909
bales-
11.50c.
1,002,000
212,000
265,000
14,000
Stock at BremenStock at Havre
New York
Stock at Barcelona
Stock at Genoa.
Stock at Venice and Mestre
Stock at Trieste
Nominal
„
Nominal
SALES
Futures
Closed
Nominal
•
Steady
Steady
Steady
Spot
Contr'ct
Total
400
52,000
19,000
7,000
Total Continental stocks--...-
Nominal
-
""l6
S toady
Nominal
—
Steady
r"io
—
400
51,201
*
—
1937
1936
816,000
113,000
640,000
105,COO
029,000
193,000
287,000
13,000
10,000
9,000
745,000
226,000
214,000
13,000
71,000
*76,000
*11,000
4,000
532,000
74~75O
1,192,000
258,000
331,000
16,000
45,000
13,000,
8,000
671,000
Stock in U. S. ports.--.
Stock in U. S. interior towns
1,010
—
1938
1,863,000
Egypt, Brazil,&c.,afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
200
Total week
Since Aug. 1
5.350
569,000
American cotton afloat for Europe
400
200
*___
5,3C0
Total European stocks
1,571,000
India cotton afloat for Europe—
130,000
400
HOLI DAY.
Wednesday
Thursday
Friday
day
"450
900,000 1,004,000
102,000
188,000
Total Great Britain
9.65c.
1908
Market
Closed
Saturday
Monday
Tuesday
~4,50
615,000
—
-.
1939
Stock at Liverpool
,
,r
Holi¬
Re¬
follows.
as
Stock at Manchester
14.10c.
-14.40c.
-
telegraph, is
Stock at Rotterdam
Spot Market
Not
ceived
tonight, as made up by
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.
13 .C0c.
1921
at
Report
The Visible Supply of Cotton
on
1923 —29.75c.
1922
18.50c.
Market and Sales
800
50
cable and
Quotations for 32 Years
quotations
19391938
250
1,800
Includes 9,800 bales, against which notices have been issued, leaving net open
contracts of 192,800 bales.
future contract.
on
250
2,950
♦
1.35 off 1.28 off 1.24 off
—
2,100
200
Feb. 21
.36 off
.79 off
Mid
♦Mid
3,450
75C
3,400
(1940)
21
1,850
200
Total all futures.—.
Gray—
St.
800
May
.94 off
2.27 off 2.25 off 2.23 off
Good Mid
1.850
2,600
March
1.61 off 1.57 off 1.54 off
Mid
3,550
20 Feb.
1-
1.10 off 1.03 off
♦Mid..,
18 Feb.
1,450
January
Yel. Stained—
♦St. Good Ord. 2.00 off 1.96 off 1.94 off
17 Feb.
3,450
.«
—
December
2.80 off 2.79 off 2.79 off
Good Mid
5,900
July
October
1.47 off 1.42 off 1.37 off
♦St. Low Mid- 2.14 off 2.12 off 2.12 off
on
.17
Tinged—
Mid
15,450
L939)
May
.52 off
—
16 Feb.
15 Feb.
Feb.
14,050
March
.28 off
,96 off
1933
100
3,006
J-.
-----
November
on
.23
1.29 off
Low Mid
The
591,000
(1939)
.38 off
♦St. Good Ord. 2.00 off
St. Low Mid...
♦Good
♦202,606
months1—
August
2.10 oft 2.08 off 2.00 off
Mid
Low
—
-1
January
1.38 off 1.32 off 1.27 off
,17
.62
Fair
Mid
St.
Feb. 23
SpottedGood Mid
on
,50 on
St.
23
13,800
Longer
St. Good Mid..
Mid.
22 Feb.
15.900
September
%
21 Feb.
21,000
December
1 In. &
Inch
20 Feb.
23,700
(1939)--
October
designated by the Secretary of Agriculture,
and staple premiums represent 60 % of the average premiums
over J^-inch cotton at the 10 markets on Feb. 23:
Longer
21.500
18 Feb.
May
of 10 markets,
15-16
17 Feb.
July
March
on contract on Mar. 2, 1939.
Premiums and
discounts for grades and staples are the average quotations
1 In. &
Feb.
New York
for deliveries
Inch
6 1939
a
Premiums and Discounts for Grade and
%
3 1938
Oct.
Oct.
7.26
1939.
table below
Inch
7 1938
22 1938
7.30 Jan.
Nov. 1939.
New York market each day for the ^ast week has been:
15-10
7 1938
Jan.
Liverpool Exchange today, and the market closed steady 1
points higher.
The official quotation for middling upland cotton in the
Sat.
8.92
8.12
Dec.
to 3
Feb. 18 to Feb. 24—
18
Sept. 1939.
Oct. 1939.
steady tone after the call,
with prices holding gains of 1 to 2 points.
Price-fixing
offset hedging and March liquidation in futures on the
Middling upland..*
Feb.
May 25 1938
8.12
8.06
1939.
Aug.
Beginning of Option
Since
7.81
Feb. 24
1939.
July
buying in the March, May and July contracts.
Bombay,
Liverpool and brokers with Memphis connections sold the
near months.
Cooperative brokers were moderate buyers of
the July delivery, while leading spot houses bought heavily
8.52
May 31 1938
8.11
18
1939.
Apr.
May 1939.
trade
Feb.
7.77
8.34
8.42
Mar. 1939.
opening range was 2 to 4 points above the previous finals.
Range
Range for Week
Option for-
positions showed an advance of 3 points to a decline of 1
early dealings were featured
1939
25,
Range for future prices at New York for the week ended
and since trading began on each option:
Today prices closed 4 points up to 1 point down.
The
barely steady today in a moderate volume of
sales.
A short time before the close of business active
market held
The
Feb.
Chronicle
125,991
U. S. exports today
Futures—The highest, lowest and closing prices at New
York for the past week have been as follows:
*
Total visible supply
-
184,000
103,000
42,506
2b",666
1,461,000 1,360,000
252,060
205,000
229,000
264,000
156,000
110,000
384,000
317,000
1,055,000
624,000
2,014,965 2,388,508
1,880,455 2,103,575
24,298
12,765.
117,600
283,000
101,000
366,000
873,000
95,000
2,45.6,163 3,047,721
3,138,203 2,543,310
11,561
25,744
-—8,968,927 9,219,775 7,456,718 7,384,848
Of the above, totals of American and other descriptions
are as follows'
American—
Liverpool stock
Saturday
Monday
Tuesday
Feb. 18
Feb. 20
Feb. 21
Wednesday
Feb. 22
Thursday
Friday
Feb. 23
Feb. 24
Manchester stock
Bremen stock
Havre stock
Mar (1939)
Other Continental stock
Range—
8.42- 8.45
8.44-
Closing
8.45
8.48
_
r
8.48
8.46-
8.48
8.45- 8.50
8.48- 8.52
8.46- 8.47
8.47- 8.48
8.51- 8.52
8.27k
—
8.28k
8.30k
8.08- 8.11
8.09^ 8.12
American afloat for Europe
U. S. port stock
April—
U. S. interior stock
Range..
Closing
8.20n
8.29K
8.06- 8.09
8.07-
U. S. exports today.
-
Total American
8.10
8.08-
8.11
-
378,000
62,000
145,000
197,000
59,000
184,000
t
Range
Closing.
Bremen stock
40,000
67,000
Havre stock
68,000
Closing.
8.08- 8.09
8.10
8.08
8.09
8.09- 8.10
7.94K
7.96n
7.95k
7.98k
7.98 K
July—
Range—
7.79- 7.83
7.79-
Closing
7.81
7.83
—
7.83
7.81- 7.84
7.83-
7.84
Aug.—
7.84- 7.88
HOLI¬
7.86-
7.88
7.87
7.90
DAY.
Range..
Closing.
7.49n
7.50k
7.50k
7.55k
7.55k
7.39n
7.40k
7.40k
7.45k
7.45k
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
345,000
336,000
65,000
63,000
146,000
182,000
255,000
186,000
24,000
55,000
229,000
264,000
2,014,965 2,388,508
1,880,455 2,103,575
24,298
12,765
,
At
,
.
-
-
-
-
6,630,927 7,270,775 4,983,718 5,590,848
Bast Indian, Braiil, Ac.—
Liverpool stock
Manchester stock
"
June—
648,000
140,000
220,000
307.000
56,000
283,000
2,456,163 3,047,721
3,138,203 2,543,310
11,651
25,744
■
M ay—
Range.
bales_
'
522,000
33,000
130,000
103,000
425,000
950,000
,
356,000
471,000
48,000
48,000
38,000
47,000
24,000
32.000
26,000
28,000
117,000
252,000
101,000
i56,000
366,000
384,000
873,000 1,055,000
304,000
42,000
45,000
28,000
119,000
205,000
110,000
317,000
624,000
Sept.—
Total East India, &c
Total American
Range..
Closing
.
.--2,338,000 1,949,000 2,473,000 1,794,000
--6,630,927 7,270,775 4,983,718 5.59C.848
Oct.—
Range.
7.38- 7.39
7.38-
Closing.
7.39
7.40
—
7.40
—
7.38-
7.41
7.40
7.41-
7.46
7.45- 7.46
7.45-
7.48
7.45
Range
7.49- 7.49
—
7.37k
7.37 n
Range..
7.30- 7.38
7.35-
7.38
7.34-
Closing.
7.36
7.35-
7.36
7.37
Range..
7.39- 7.39
7.38- 7.40
7.37-
Closing
7.37k
7.38
7.39
Closing.
7.38k
7.41k
7.43k
Dec.—
7.38
7.35-
7.42
7.39-
7.42
7.38- 7.39
7.41
7.37- 7.44
7.39- 7.43
7.39
7.41k
Jan. (1940)
_
Feb.—
Range..
Closing.
k
Nominal.
7.40
Total visible supply
8,968,927 9,219,775 7,456.718 7,384,848
5.18d.
5.21d.
7.41d.
Middling uplands, Liverpool
6.04d.
erp
9.22c.
8.90c.
13.27c.
Middling uplands. New York
11.33c.
8.82d.
9.76d.
11.26d.
Egypt, good Sakel, Liverpool
9.38d.
4.41d.
3.97d.
5.77d.
5.21d.
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
5.53d.
6.46d.
9.13d.
4.02d.
C.P.Oomra No.l staple. s'fine.Liv
4.53d.
5.79d.
w
Nov.—
*
_
Figures for Jan. 24; later figures not available.
Continental imports for past week have been 87,000 bales.
The
above
figures for 1939 show a decrease from last
118,707 bales, a loss of 250,848 from 1938, an
increase of 1,512,209 bales over 1937 and a gain of 1,584,070
week
bales
of
over
1936.
Volume
the
At
Financial
148
Interior
Towns
the
the
is,
movement—that
1191
Chronicle
Saturday
Monday
Feb. 18
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
Feb. 20
Thursday
Friday
Feb. 23
Wednesday
Tuesday
Feb. 21
Feb. 24
Feb. 22
Feb.(1939)
8.62
8.58
8.59
8.59-
8195- 820a
8.19
8.19
8.22
7935- 794a
March
detail below:
8.60
7.93
7.98
7.97
—-
April
May
June
Movement to
Towns
Feb.
Receipts
Movement to
1939
24,
July
Ship¬
24
Week
Feb.
Week
Season
August
Slocks
ments
Feb.
Week
Season
1938
25,
Feb.
Receipts
Stocks
ments
Week
Ship¬
25
_
HOLI¬
October
170
68,404
""46
85.338
43,009
54,917
567
8,942
85,514
615
417
11,093
100
8,503
729
48,070
611
1,734
59,394
Jan.
7.50
12,579
34
43,635
385
77,886
68
68,327
319
150
131,012
38,944
1,364
1,549
167,651
1,646
112,132
35
165,098
52,051
1,358
55,274
3,548
30,066
""74
59,956
38,822
1,275
57,591
1,114
97,297
2,598
43,800
127
48,269
46
35,641
234
961
27,072
142,157
1,869
18
—
Jonesboro—
Rock
Little
Pine
Walnut Rge
1,581
138,3C6
782
39,855
1,973
40,232
125,290
265
45,887
205
3,079
2,097
177,633
4,484
..
2,154
41,692
200
March..
7505- 751a
37,476
148
61,641
12,802
344
17,516
98
16,696
66
17,413
320
41,554
735
44,706
104,834
3,658
123,875
3,928
1,150
2,784
158,935
2,460
105,010
3,704
137,703
8,100
600
151,542
33,800
2,570
400
400
500
34,350
26,504
830
504
36,139
21,824
67,413
76,150
37,414
1,273
35,379
36
16,649
25
32,861
30
La., Shrevep't
64
85,615
747
85,187
244
Miss., Clarksd
916
125,054
2,599
Columbus-.
379
26,645
786
40,926
47
167,437
149,952
24,300
44,128
16,527
145,391
241,689
37,581
Greenwood-
765
192,080
4,201
106,068
2,569
289,762
8,246
31,974
801
39,939
218
64,151
489
4
7,539
J
16,238
67
17,963
783
28,908
11,610
50,012
1,509
1,334
4,781
259
Macon
Rome
Natchez
846
63,796
•
-
3,175
416
22,367
City
6
45,170
385
49,266
299
4,262
123,072
4,202
3,511
4,865
574
75,306
Mo., St. Louis
N.C., Cr'boro
1,481
4,260
128,603
27,766
56
Vicksburg-.
Yazoo
622
33,072
20,651
36,688
2,443
175
4,562
25
3,579
154
4,084
141
3,038
224
337,774
70,229
2,172
283,008
508,981
8,997
181,994
2,256
73,174
1,285
3,215
28.307 1708,123
35,501
812,376
_
1,457
S. C.t Gr'ville
Tenn., Mem's
'
27
Texas, Abilene
7
21,973
104,870
3,090
86,439
63,371 2196,018
59,633
688,610
13.534
63
45,451
17,393
"611
^
1,546
13,437
109,290
92,799
15,657
"76
594
2,617
37,266
726
25,622
257
20,178
644
17,499
15,317
15
4,600
Brenham
31
14,430
59
3,289
"~43
Dallas
70
43,678
618
43,082
334
Paris.
27
43,536
Austin
■*
^
^
-
,j.■
63.107
148
Robstown..
6,471
236
952
San Marcos
13,271
16
2,626
221
■
a
8,066 '
■
^
"al
66
823
a7,565
41,692
89,191
a283
a
■'
Waco
130
.
35,741
68
53,976
—
23,452
244
79.876 3138.203
43.254 4171,142
Total, 56towns
*
290
27,248
43
Texarkana
97,344 5796,066 124,258 2543,310
Includes 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
The results for the week and since
reports Friday night.
Aug. 1 in the last two years
are as
follows:
1937-38
-1938-39Feb. 24—
Via St. Louis
Week
Aug. 1
3,443
6,315
—_—
5,919
111,210
452,531
20,942
-18,485
819,870
35,316
997,169
__
Via Louisville
'
Via Virginia points
Via other routes, &e
Total gross overland.
—
4,781
5,075
122,825
125,021
2,364
Via" Rock Island
Deduct Shipments—
Overland to N, Y., Boston, &c.
Between interior towns
250
106
4",412
Total to be deducted—.......
Active
8,618
16,207
6,344
283,387
—
9,067
305,938
8,994
State
In Place
513,932
26,322
1,026
164
7,804
ing January
Total
25,910,552
22,440,278
7,640,819,859
'295
18,654,084
17,056,876
324
New England States _
6,456,728
799,7.40
4,768,122
6,040,542,631
1,457,521,230
142,755,998
1,640,606
449,300
581,265,236
105,788,676
311
2,994,280
572,632
States—
All other
States
1
Alabama
*
-
In Sight
Week
Receipts at ports to Feb. 24
•„
21,337
9,419
consumption to Feb. 24.-130,000
Week
513,932
3,578,000
85,000
3,055,898
New York
Aug. 1
86,327
26,322
Net overland to Feb. 24_ j,
South'n
355,388
262,850
5,990,080
.
5,399,120
—
North Carolina
6,392,456
806,279
3,135,000
marketed
:..160,755
Interior stocks in
Excess
over
excess—
--*36,622
of Southern mill takings
consumption to Feb. 1.
Came into
sight during week..
Feb. 24-.---
Total in sight
North,
*
7,147,830
1,185,280
432,515®
8,765,625
—.
spinn's' takings to Feb. 24- 25,516
880,506
—
12,652,435
—
-
in previous
years:
Bales I
Since Aug. 1-—
———159,640 1936-—-—'-169,072 1935—
I—
Week—
1937—Feb. 26.
1936— Feb. 28-
•'
Bales
11,854,254
11,313,054
——7,455.557
1 ———133,047)1934-
172
297
238
2,026,216,803
203,400,552
356
516,984
218,518
73,788,998
291
178,695,376
144,653,681
279
253,510
640,132
734,416
of
558,382
579.940
Cotton
Peruvian
a
■
344
197
Urged—
Ministry created
Exchange
commission to study and present to the Government a
project for the creation of a cotton exchange which will
operate in Lima, according to a report to the Department
of Commerce from the office of the American Commercial
Attache at Lima.
The Commerce Department on Feb. 17
a
878,888
21,820
223
805,656
A recent resolution of the Peruvian Finance
Decrease.
Movement into sight
1935—Ntar.
Creation
268
5,427,788
All other States
170,735
124,133
216
976,616
.1
Virginia
526,721
—.
•
591,798
-
South Carolina
197,649 10.333,735
*26,914
1,791,979
152,344
232,383,128
Texas
Total
183
341
292
5,684,156
Rhode Island
Tennessee
179
1,780,798,957
689,300
New Hampshire
Since
Aug. 1
373,424
-
Mississippi---------
1937-38
Since
2,488,454
537,134
Maine
;
226
1,104.239,090
201,037,273
774,155,442
53,600,543
119,617,759
61,178,345
'
Massachusetts
and Spinners'
Takings
3,578,356
200,008
Georgia..—-------
Including movement by ra.l to Canada.
1938-39-
,615,280
1,867,164
576,810
3,235,684
Connecticut
"
Leaving total net overland *
Average per
Spindle in Place
Cotton growing States
United
806,279
199
-
Active Dur¬
Jan. 31
190,890
9,418
—
Spindle Hours
for January
Spinning Spindlei
16,411
6,151
168,328
—
Inland, &c., from South
1938.
The aggregate number of active spindle hours re¬
ported for the month was 7,640,819,859.
Formerly the
weighted average hours of operation for the day shift for all
of the mills was used in computing the monthly percentage
of activity.
The Act approved June 25, 1938, regulating
"wages and hours of employment", provides for a maximum
of 88 hours for a two-shift week beginning with Oct. 24,
1938, and of 80 hours within two years thereafter.
Accord¬
ingly, after consultation with the cotton textile associations
the methods of calculating the monthly percentage of activ¬
ity have been changed to meet the new conditions.
Com¬
puted on the basis of 80 hours per week, the cotton spindles
ip the United States were operated during January 1939 at
85.7% capacity.
This percentage compares on the same
basis with 82.3 for December, 83.6 for November, 81.9 for
October, 76.1 for September, 76.2 for August, and 63.5 for
January, 1938.
The average number of active spindle
hours per spindle in place for the month was 295.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours and the
average hours per snindle in place, by States, are shown in
the following statement:
128,775
95,966
2,797
3,809
109,732
656,090
4,202
4,525
„
-
Via Mounds, &c
1
Since
Since
Aug. 1
Week
Shipped—
Steady
Cotton
ary,
Oklahoma—
15 towns *
Steady
Activity in the Cotton Spinning Industry for Janu¬
1939—-The Bureau of the Census announces that, ac¬
cording to preliminary figures, 25,910,552 cotton spinning
spindles were in place in the United States on Jan. 31, 1939,
of which 22,440,278 were operated at some time during the
month, compared with 22,444,784 for December, 22,449,280
for November, 22,113,952 for October, 22,188,618 for Sep¬
tember, 22,152,526 for August, and 22,325,472 for January,
98,231
'296
_
Steady.
Steady.
Steady. '
Steady,
Crop—The final estimate of the cotton
crop of India places the 1938-39 production at 4,881,000
bales or 14% less than the crop of the previous season.
The
acreage harvested was placed at 23,483,000 acres.
31,276
Jackson
7575- 759a 7.575-7.59a
Quiet.
Quiet.
Indian
1,374
Columbus.
7495- 751a 7.515-7.53a
7545- 756a
.
—
Options.
57
Athens
Augusta
7515- 753a
7545- 756a
7.57
7.515-7.53a
—
Tone—
409
Ga., Albany..
Atlanta
7.50
Spot
98,108
26,314
83,423
102,675
_
437
Bluff-
1,774
131,845
48,523
91
Newport..-
V
7.55
7.50
26,400
42
64,738
36,272
183
19,310
Selma
Hope.--
February
53,314
60,768
Ark., Blytbev.
Forest City
Helena
7505- 751a
7495- 750a
._
(1940)
■
Eufaula
Montgom'y
DAY.
November
December.
Ala., Birm'am
HOLI¬
DAY.
..
September
added:
regulate the Peruvian cotton
by prescribing fixed rules for the unification of methods of pro¬
organization to be created would
represent all sectors interested in the cotton business, In view of the fact
that cotton growing constitutes one of the basic sources of national income,
according to the report.
The resolution states that It Is necessary to
market
cedure in the cotton trade and that the
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
of the week:
CCC
Loans
Cotton
on
Aggregated
$195,874,431
on
8-93
8.35
8.95
8.93
HOL.
8.94
8.94
Commodity Credit
Corporation announced on Feb. 17 that "Advices of Cotton
Loans" received by it through Feb. 16 showed loans dis¬
bursed by the Corporation and lending agencies of $195,874,431.18 on 4,273,537 bales of cotton.
This includes loans
of $915,824.62 on 20,473 bales which have been paid and the
cotton released.
The loans average 8.80 cents per pound.
Figures showing the number of bales on which loans have
been made by States in which the cotton is stored are given
8.35
8.35
HOL.
8.35
8.35
below:
Houston..
8.40
8.40
8.40
HOL.
8.40
8.40
Little Rock
8.30
8.30
8.30
HOL.
8.30
8.30
Dallas
8.10
8.10
8.11
8.10
HOL.
8.11
8.11
4,273,537 Bales Through Feb. 16—Tha
Closing Quotations for Middling Cotton
on-
Week Ended
Feb. 24
Saturday
8.32
8.23
Tuesday
—
Savannah
—
Montgomery.
.
.
—
Fort Worth.—
Wed'day Thursday
HOL
Friday
8.33
8.33
HOL.
8.54
8.57
HOL.
8.24
8.88
HOL.
8.89
8.89
HOL.
8.85
8.85
8.45
8.85
8.45
HOL.
8.45
8.45
8.54
8 32
HOL.
8.25
8.23
8.89
New Orleans
Mobile
Augusta
Memphis
8 34
8.54
Galveston
Norfolk
Monday
8.90
8.85
8.85
8.43
8.11
8.10
HOL.
8.11
8.24
8.11
Bales
State—
.-±-
—
Arkansas..
—
—
—
California
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
fot
305,659
—■ —
63,523
Alabama..
Arizona....—-
Louisiana
Mississippi.
—
-
Georgia
—
_
Missouri....
— —
.
—
-
— .
State—
New Mexico
683,275
South Carolina
284,946
Texas
690,348
Virginia
------
Oklahoma
165,585
166,895
109,250
Tennessee.--
Bales
38,681
12,325
182,229
49,934
309,794
±1.210,946
-------
North Carolina..
—
*
—
147
Chronicle
Financial
1192
Returns
Rain
Rainfall
Days
Inches
1938-39
Abilene
Low
Ilijh
—
64
2
3
-
62
78
66
0.19
78
16
40
3
0.04
76
3
1.51
64
18
—
2
0.04
76
30
0.56
78
70
74
78
—
El Paso.
68
dry
0.86
0.26
0.54
0.02
48
55
1938-39..
6,000
32
1937-38-
3,000
26
48
1936-37-
30
52
54
30
3,000
19,000
54
1936-37-.
25,000
28.000
1.78
1.11
29
78
36
29
34
53
78
78
74
76
74
76
26
28
0.02
0.18
1
26
28
0.12
52
10
20
Since
24
22
Aug.
This
1
72
16
Feb. 25, 1938
Feet
zero
of gauge-
13.6
of
36.8
29.2
25.6
16.6
gauge-
zero
of gauge.
17.3
of
37.6
of gauge.
gauge_
29.7
••
32.0
31,000 616.645
20,000 728,515
33,000 787,489
Total exports
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Feb. 23
150,000 cantars and the foreign shipments 31,000 bales.
Slocks at Interior Towns
1938
1937
According to the foregoing, Bombay appears to show a
compared with last year in the week's receipts of
50,000 bales.
Exports from all India ports record an increase
of 42,000 bales during the week, and since Aug. 1 show an
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for home trade is improving.
We give prices today below and leave those for previous
weeks of this and last year for comparison:
Receipts from Plantations
1936
1938
1936
Cotton
Lbs. Shirt¬
ings, Common
8%
32s Cop
1936
1937
were
increase of 373,000 bales.
Plantations-—The
1936
1
6,000 145,702
136.167
27",000 475,463
30,157
*
1937
Aug.
6,000 127,696
114,318
13",000 468,304
1,000
18,197
1937
1938
Since
Week
1
Aug.
decrease
10.7
zero
zero
Receipts at Ports
This
Since
Week
44
following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
190,000
8,257,207
.
14,000 '98,062
99,621
Ac
To Continent and India. 15",600 403,072
To America
—•—
2,000 15,890
Liverpool
To Manchester,
47
0.60
zero
the
Since
Week
To
44
18
,
--Above
from
1
This
49
70
76
0.83
-.-Above
Above
Receipts
Aug.
Exports (bales)—
48
Feet
Shreveport
180,000
7,563,068
1936-37
42
74
.
This week
51
28
Feb. 24. 1939
Vicksburg
1937-38
52
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Nashville-_
1938-39
„■
Receipts (cantars)—
The
Above
Above
539,000
150,000
5,826,417
Feb. 23
53
0.70
1
400,000
360,000
59
79
dry
2
175,000
133,000
261,000
Alexandria, Egypt
51
76
0.39
1
'
64,000
22,000
71,000
Alexandria Receipts and Shipments
61
0.08
0.10
2
25,000
is:666
21,000
53
32
82
18,000
53
0.23
1
-
406,000
all—
Total
47
44
.
70
,
25~666
50
18
28
28
78.
0.58
2
Wilmington
Orleans
633,000 1208,000
342,000 835,000
846,000 1646,000
1938-39.'.
.
Memphis
568,000
1937-38-
Raleigh
New
329,000
347,000
50
__
Nashville
217,000
56
0.76
..
265,000
112,000
49
74
78
71
76
78
1.22
3.42
dry
Tennessee—Memphis
Chattanooga
506,000
46
,
m
802,000
846,000 1078,000
141,000
26
Tampa
f
633,000
342,000
135,000
143,000
192,000
221,000
26
24
30
0.05
Carolina—Charlestoi
40,000
33,000
15,000
36
dry
North Carolina—Charlotte.
Asheville
21,000
34,000
66
1
--
34,000
7,000
37,000
9,000
76
74
Florida-
-
31,000
18:666
21,000
1.72
0.22
--
Total
15,000
12,000
1938-391937-38-
1936-37-
3
-
China
India
Other
34
Birmingham.
-
nent
25,000
36
2
-
Japan A
Britain
Total
4:566
19,000
8
2
—
Conti¬
Bombay—
14
3
--
Macon
China
58
1.02
Augusta
nent
1
--
Atlanta
Britain
Great
Jap'nA
1
--
G eorgia—Savannah
Conti¬
60
2
—
Aug. 1
Since August 1
Great
0.88
0.88
1
—
Mississippi-
From—
For the Week
55
41
53
28
Since
Week
Aug. 1
Exports
59
34
—
Dallas
Week
Aug. 1
69,000 1,171,000 119,000 1,213,000 115,000 1,829,000
Bombay
38
52
41
26
Since
Since
Week
Mean
53
35
0.05
0.29
0.05
1936-37
1937-38
Feb. 23
Receipts at—
-Thermometer
0.18
3
—
South
1939
25,
by Telegraph—Telegraphic advices to us' this
evening indicate that the weather is dry over the cotton
belt, with temperatures far below normal.
-
Feb.
Twist
8 H
Shirt¬
Lbs.
Cotton
Middl'g
32s Cop
ings, Common
Middl'g
Uvl'ds
Twist
to Finest
Upl'ds
to Finest
Nov.
25.
88,143 160,560 217,563 3524,821 2501,659 2397,188
94,876 202,425 240,994
89,957 169,362 211,898
77,815 165,506 133,018
64,534 169,711 143,695
54,236 139,333 119,319
73,964 213,711 181,327
65,209 230,448 94,354
39,901 199.284 106,109
Dec.
2.
9-
16.
23.
30.
3608,828 254,908
3496,222 2610,850
3471,589 2640,423
3448,226 2663,852
44,695 141,663 117,505 3434,970 2658,348
1939
£
**
1937
1939
2327,953
2290,467
2253,715
2250.247
1938
1
1
82,643 3329,120 2629,639 2090.671
61,831 3291,719 2628,795 2046,413
1939
35,546 104,958
29,078 112,608
25,681 101,785
21,337 86,337
25-
86,716
26,355
Nil
74,203
10,309
Nil
Nil
The above statement shows:
Nil
from all
seasons
sources
are obtainable;
also the takings
sight for the like period:
Cotton
Takings,
from which statistics
amounts
1938-39
6-
27-
9
IX
5.f6
10X@ 9
8 10X@ 9
IX
IX
5.24
8
8%@
8
9H
8%@ 9%
SK@ 9%
8%@ 9%
8
10X© 9
10%@ 9
8
Season
9,087,634
-
gone
•
out
1937-38
of
124", 133
Bombay receipts to Feb. 23-_
69,000
Other India ship'ts to Feb. 23
33,000
30,000
11,000
Alexandria receipts to Feb. 22
Other supply to Feb. 22 * 6__
'Week
9 10%@10
8
9
9
@
4.63
X
@10
X
4.70
IX
1%
1%
4.81
1%
4.97
9 10%
9 10%
@ 10
9 10% @10
4.88
4.84
-
10%@12
9 10%@10
5.19
10%@11%
10%@11%
@10
%
5.02
9 10%@10
5.10
io%@n%
9
1%
1%
4.82
5.13
IX
9
9
@10
10%@11 x
9
9
@10
10%@11%
9 10% @10
io%@n%
@10
10%@11% 10
5.18
<
9
9 10%
10%@10
4.93
■
.
8%@ W
8
10—
8X@ 9X
8K@ 9%
8
8
8%@
8
9
@
17-
J
9%
@
9
9
@
9
9
@9
5.07
'
5.15
5.18
9
4.93
5.02
1%
5.16
3
5.21
Shipping News—Shipments in detail:
Bales
GALVESTON—To Bremen, Feb. 17, Kiel, 1,841; Feb. 16, Klauss-
choke, 5,015
Hamburg, Feb. 17, Kiel, 13—
Liverpool—Feb. 18, Da vision, 417; Feb. 20, Johannes
Molkenbuhr, 1,129
2
2
Manchester, Feb. 18, Da vision. 413
Trieste, Feb. 18, Lucia G, 757
Venice, Feb. 18, Lucia O, 677
Naples, Feb. 18, Lucia O. 90—
Copenhagen. Feb. 10, Nickenbuhr Taurus, 364; Feb. 16,
—
To
To
To
To
'
To
To
To
——
-
—
Svanhild
-
6,856
13
1,546
413757
677
90
1.252.
119'
1,504
•
1,504
To Gothenburg. Feb. 10, Nickenbuhr Taurus, 583—
583
To Porto Colombia, Feb. 15, Margaret Lykes, 200—1
200
To Buena Ventura, Feb. 15, Margaret Lykes, 44
44
HOUSTON—To Liverpool, Feb. 21, Johannes Molkenburh, 196...
196
To Rotterdam, Feb. 21, Leerdam, 198; Feb. 17, Dryden, 284__
482
To Trieste, Feb. 21, Lucia C, 1,249.
1,249
To Venice, Feb. 21, Lucia C, 1,7761,776
To Tallin, Feb. 21, Leerdam, 50
50
To Japan, Feb. 21, Norden, 4,712
4,712
To Havana, Feb. 14, Margaret Lykes, 568
568
To Valparaiso, Feb. 21, Margaret Lykes, 30
^ 30
To Naples, Feb. 21, Lucia C, 10
10
To Ghent, Feb. 17, Dryden, 455
455
To Copenhagen, Feb. 17, Taurus, 851
—
851
To Havre, Feb. 17, Dryden, 174
174
To Oslo, Feb. 17, Taurus, 281
281
To Gdynia, Feb. 17, Taurus, 2,002
2,002
To Gothenburg, Feb. 17, Taurus, 217
217
To China, Feb. 21, Norden, 953
----953
NEW ORLEANS—To Bremen, Feb. 17, Koeuigsburg, 1,498
1,498
To Marseilles, Feb. 18. Istria, 368
368To Oslo, Feb. 20, Uddeholm, 100
100
To Gdynia, Feb. 20, Uddeholm, 500; Svanhild, 469
969
To Norkoping, Feb. 20, Uddeholm, 508
508
To Gothenburg, Feb. 20, Uddeholm, 725
725
To Abo, Feb. 20, Uddeholm, 100100
To Mantuluto, Feb. 20, Uddeholm, 12
12
To Valparaiso, Feb. 21, Cefalu, 700
700
To Porto Colombia, Feb. 16, Cademus, 1,062
1,062
To Buena Ventura, Feb. 18, Ulua, 200
200
To Japan, Feb. 20, Kamaki Maru, 638; KuluknudisMaru, 1,938
2,576
To China, Feb. 20, Komaki Maru, 200; Kuluknudis Maru, 500
700
To Antwerp, Feb. 16, Vermont, 100
100
To Dunkirk, Feb. 16, Vermont, 100
100
To Genoa, Feb. 17. Hanover, 1,624; Feb. 20, Monbaldo, 565—,
2,189To Venice, Feb. 17, Hanover, ill
u
111
To Trieste, Feb. 17, Hanover, 650
650*
,
888
—
—
To Oslo, Feb. 10, Nickenbuhr Taurus, 119
To Gdynia, Feb. 10— Nickenbuhr Taurus,
.
,
Season
9,233,940
7,858",941
-
4.64
5.30
IX
@ 9
9
3—
24.
5.25
8,765,625
1,171,000
406,000
1,164,800
286,000
4,339" 022
12,652,435
1,213,000
15,000
329,000
36,000
1,506,200
15,000
294,000
170",735
119,000
-
,
—
Visible supply Feb. 17
d.
d.
IX
9 10%@10
19 38
Feb.
.
Week
s.
9 10%@10
*
or
Week and Season
Visible supply Aug. 1
American in sight to Feb. 24.
10%@11%
10%@11%
10%@11%
10%@11%
8 10%@
9%
19 39
13-
the past week were 21,337 bales, the actual movement from
for the last two
10%@11%
8%@ 9%
8%@ 9%
(1) That the total receipts
World's Supply and Takings of Cotton-—The follow^
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
5.14
4.97
8 10%@
20-
19,670
plantations was nil bales, stock at interior towns having
decreased 36,622 bales during the week.
"
»••■■■
@93
9
IX
8X® 9X
9%
9
8%@
30-
56,513
from the plantations since Aug. 1, 1938, are 4,392,943 bales;
in 1937-38 were 8,174,268 bales, and in 1936-37 were
6,218,524 bales.
(2) That, although the receipts at the outports
d.
s.
10% @12
8%@
Jan.
8,472
82,257 3174,825 2570,224 1926.804
66,019 3138,203 2543,310 1880,455
135,433
96,794
59,413
d.
d.
d.
5.22
23-
17,573
54,826 3246,532 2598,040 2001,896
57,820 3212,973 2575,215 1952,548
b.
@93
9..
2-
23,351
30.702
5,798 419,744
d,
9
16-
1937
7,605 128,497
Nil
133,463
•
8.
8%@ 9%
Dec.
82,567
1938
7,896
61,240 3369,048 2613,016 2142,612
43,199 120,588
d.
Nov.
31,339 147,067 112,749
96,101 3400,270 2619,799 2180,501
37,387 116,840
psoMr11■•
30.873 162,762
1937
42,596 125,265
38,827 121,714
^-ao> 11
.
1938
2366,617
—
— -
-
_
Total supply
9,354,767 19,652,366
9,589,675 20,333,657
8,968,927
9,219,775
Deduct—
Visible supply Feb. 24
Total takings to Feb. 24 a
Of which American
Of which other
.
8,968,927
385,840 10,683,439
235,840 7,598.839
150,000 3,084,600
9,219,775
369,900 11,113,882
248,900 7,799,082
121,000
3,314,800
*
Embraces receipts in Europe from Brazil,
Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total
estimated consumption by
Southern mills, 3,578,000 bales in 1938-39 and
3,135,000 bales in 1937-38—
takings not being available—and the aggregate amount taken by Northern
a
8Pinnere. 7,105,439 bales in 1938-39 and 3,135,000 bales in
1937-38, of which 4,020,839 bales and 4,664,082 bales American,
b Est.
India Cotton Movement from All Ports—The
receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1, as cabled,
for three years, have been as follows:
of Indian cotton at
,
•
Volume
Financial
148
exceptional firmness in the first half hour of trading, this
being due to a vigorous demand influenced by reports of
better milling demand and a cold wave over part of the grain
belt.
Following this vigorous spurt in which prices ad¬
vanced
%c., values fluctuated rather nervously, losing
about half of the early advance at times.
The close, how¬
ever, was within F£c. of the day's high point.
An increase
of 10c. a barrel in the export flour subsidy on shipments from
Bales
469
18, Southerner, 469
CORPUS CHRISTI—To Gdynia, Feb.
100
To
Varburg, Feb. 18, Southerner, 100
To Reval, Feb. 18, Southerner, 100
BROWNSVILLE—To Ghent, Feb. 22, Bruxelles, 188.
100
188
100
To Antwerp, Feb. 22, Bruxelles, 100
To Dunkirk, Feb. 22, Bruxelles, 187
To Havre, Feb. 22, Bruxelles, 61
187
61
59
100
35
202
1.481
341
-
NORFOLK—To Hamburg, Feb. 18,
LAKE CHARLES—To Ghent, Feb.
Satartia, 59
22, Nishmaha, 100--To Dunkirk, Feb. 22, Nishmaha, 35
To Rotterdam, Feb. 22, Nishmaha, 202
CHARLESTON—To Liverpool, Feb. 23, Schoharie, 1,481
PENSACOLA, &c.—To Liverpool. (?), Jean Lafitte, 341
To Manchester, (?), Jean Lafitte, 152
JACKSONVILLE—To Liverpool, Feb. 19, Schoharie, 43SAVANNAH—To Liverpool, Feb. 22, Schoharie, 89
To Manchester, Feb. 22, Schoharie, 336
To Hamburg, Feb. 22, Schoharie, 79
:
To Japan, Feb. 19, Anna Maesk, 40
MOBILE—To Liverpool, Feb.
11, Jean Lafitte, 250; Feb.
Historian, 317-
(?), 123
some
apolis
-
(?), Cairnvalona, 459__
Antwerp, (?), Wisconsin, 50
To Havre, (?), Wisconsin, 200
To Dunkirk, (?), Wisconsin, 500
To Japan, (?), Arimisan Maru, 1,698; Yamazato Maru, 1,506;
President Pierce, 2,337_—
------
LOS ANGELES—To Liverpool,
To
5,441
-
53,701
Total
Density
ard
Confirmation of serious losses
effect. Cold weather
over most of the grain belt was preceded in many localities
by beneficial snow. Crop experts believed winter wheat will
enter the spring growing season with sufficient mositure in
most regions,, but that fresh precipitation will be needed
On the 23d inst. prices closed unchanged to %c. lower.
.45c
.60c
Flume
.46c
.61c
Barcelona
Havre
.450
.60c
Japan
Shanghai
.60c
Bombay x
.61c
*
No quotation,
♦
Venice
d.85c
1.00c
*
Copenhagen
.56c
„.71c
*
Naples
Leghorn
Gothenburg
d.55c
.90c
.75c
Hamburg
.61c
.46c
Bremen
,60c
.60c
of
.56c
.71c
.61c
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Feb. 10
Feb. 3
Forwarded
Of which American
Total
-
Feb. 17
44,000
44,000
53,000
——.1,029,000 1,034,000 1,012,000
462.000
456,000
447,000
32,000
52,000
Amount afloat
14,000
137,000
41,000
12,000
140,000
51,000
Of which American
to buy July
temperature
changes in parts of the belt revived talk of crop damage,
although moisture conditions were reported favorable in
most sections for the start of the growing season.
The
weekly weather report indicated soggy soil and standing
water, as well as alternate freezing and thawing, were
unfavorable for wheat in some sections of the Ohio Valley.
The downward trend of foreign markets over the holiday
here and the good threshing returns in Argentina, confirm¬
ing forecasts of the second largest harvest on record in
that country, caused some selling.
Today prices closed ^c. lower to %c. higher.
Wheat
was steady
today, with trade very small and fluctuations
confined to ^c. range, one of the narrowest markets on
record.
Slightly higher quotations at Liverpool were re¬
flected here by scattered purchases at the opening.
Some
of the buying was credited to milling interest removing
hedges as the result of slightly better flour business in the
Southwest.
The market was very dull.
Further sales of
Australian wheat to China had a strengthening influence
at Liverpool because this business tended to relieve pressure
of Australian wheat in Europe.
Shipments from the South¬
ern Hemisphere were smaller this week.
Canadian reports
said that Government approved legislation for a guarantee
Feb. 24
44,000
14,000
-143,000
42 ,000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
Saturday
Monday
Tuesday'
Wednesday
Thursday
Friday
Quiet
Spot
Quiet
Moderate
Quiet
Quiet
Moderate
f
12:15
5.18d.
5.19d.
5.18d.
5.18d.
5.17d.
Mld.upl'ds
Quiet, st'y. Quiet, st'y,
Qi'let un¬
Quiet at
Quiet, st'y
1 to 2 pts.
1 pc.dec. to
decline
1 pt.. adv.
1 pt. dec.
Steady, un¬
Steady at
steady at
Quiet, st'y. Steady, un¬
changed
1 to 2 pts.
1 to 2 pts.
2 pts .dec .to changed
advance
advance
i'utures
Market
opened
Market,
4 '
P.
demand
demand
(
M.
P.
1
M.
to
pt. dec.
Prices of futures at
1 pt.
adv.
1 pt. adv.
unch'd to
2 pts.
4 pts.
adv.
to
adv.
5.184,
1 to 2 pts.
advance
Steady at
1 to 3 pts.
advance
Liverpool for each day are given below:
Mon.
Sat.
Feb. 18
changed to 1 pt.dec. to
,
Steady at
Tues.
•
Wed.
•
Fri.
Thurs.
of 63c.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Feb. 24
New contract—
d.
d.
d.
d.
d.
4.83
4.84
4.82
May
4.76
4.76
4.77
4.76
4.79
July
4.59
4.60
4.61
4.60
4.62
1939----
October
4.44
4.43
December
4.42
March....-
4-
4.43
4.42
1940-_
January,
'
May
*
4.44
...
r
-
4.42
4.43
-
4.45
4.44
July
4.43
4.44
4.43
—
4.43
4.44
-
-
.
4.45
4.44
—
«.
-
—
—
4.45
m*
-
-
-
--»«».
-
.
---
below
d.
4.78
4.79
4.80
4.82
4.62
4.64
4.65
4.66
4.46
4.49
4.50
mmm
4.46
4.45
-
*•
-
4.45
4.49
4.51
4.48
-
4.52
(
Flour—The
certainly
flour.
of
is
Local
DAILY
Friday Night, Feb. 24,1939
sagging tendency of the wheat mar¬
try are concerned over the drag in buying sentiment, but
apparently they are waiting for a condition of depleted
stocks to force buyers into the market.
The Northwest
sales last week averaged 40% compared wth
110% the
for the corresponding week last
year.
Wheat—On the 18th inst. prices
closed Kc. to %c. net
This grain steadied after a slightly lower opening
today and closing prices were at the session's best level.
Prices moved within a range of Kc., and with the exception
of some selling against purchases at Winnipeg at about 53-^c.
difference on the May contract, the market was featureless.
Scattered commission house support appeared at 67%c. for
May wheat.
Liverpool closed l/ic. to %c. down, which
was
about as expected.
There was little export business
overnight. A cargo of Pacific Coast winter wheat was re¬
ported sold to Russia. The moderate upward revision of the
Argentine wheat crop by the second official government
estimate attracted attention, but produced little if any
selling. The new estimate places the 1938-39 crop at 319,667,000 bushels, up 3,675,000 bushels. On the 20th inst.
prices closed ^£c. to
net higher. The market showed
PRICES
OF
NEW YORK
Wed.
Thurs.
87% HOL.
88
WHEAT
Sat.
87%
May.
July
Septemoer
Season's
March--
-
High and
73%
—
-
74%
71%
72%
May
July
September
DAILY
— —
r
Mon.
Tues.
Sat.
-
,
68%
68%
69%
Thurs.
Wed.-
H
O
L
-
*
62%
63%
64%
Mon.
63%
63%
64%
Corn—On the ,18th inst. prices
87%
Tues.
63%
63%
64%
Fri.
68 %
68%
68%
69%
When
SepU
68%
68%
69%
Made
8,1938
Sept. 7, 1938
Oct.
5, 1938
Dec. 29, 1938
OF WHEAT FUTURES IN
"
October--
68%
68%
68 %
69 %
Season's Low and
When Made
62%
July 23, 1938 March
62%
July 23, 1938 May
July
62%
Jan.
4, 1939
67%
Jan.
4. 1939 September
CLOSING PRICES
-
May
July
68 %
68 %
69 %
Fri.
FUTURES IN CHICAGO
_—
March
4.53
reported by the leading mills.
higher.
CLOSING
4.52
not encouraging much consumer buying
flour sales continue light, and no new
previous week and 60%
87%
4.50
Reports from
Northwest state that millers in this section of the coun¬
business was
the
recent
which is 17c.
Open interest in wheat totals
CLOSING PRICES OF WHEAT IN
Sat. Mori. Tues.
No. 2 red
4.51
4.50
4.46
4.49
4.48
'
kets
1938 guarantee.
DAILY
4.50
JBREADSTUFFS
"
the
1939 crop has been pro¬
expected this price,
here
87,384,000 bushels.
»
^
Traders
4.51
4.48
bushel to farmers on the
a
posed.
4.86
4.78
4.45
4.46
d.
4.83
4.83
4.62
~
-
-
d.
d.
4.83
4.83
4.44
4.47
4.46
d.
d.
4.85
4.83
March
hour, however.
Local dealers offered
around 69c., or slightly below.
Rapid
.
wheat
?
each
Market,
largely because
lagging export demand.
Improved buying on the decline, credited partly to milling
interest and spreaders, helped to steady prices during the
51,000
1,002.000
440,000
34,000
13,000
126,000
43,000
imports
Of which American
foreign markets and
in
losses
final
Total stocks
dropped about %c. today,
The wheat market
d.55c
d Direct steamer.
Only small lots,
x
1.00c
.460
.71c
.76c
.56c
Stockholm
.60c
.85c
#
.61c
Oslo
1.00c
Salonlca
*
d.55c
Genoa
.85c
*
.46C
Rotterdam
Piraeus
d.45c
Manchester
Antwerp
ard
.60c
Export demand
of winter wheat in France had little
Stand-
High
Density
ard
d ,45c
Trieste
.60c
.45c
Stand¬
High
Standr-
High
Density
scattered
credited to removal of hedges following
sales.
depressed March contracts.
Cotton Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Liverpool
was
for North American wheat
remained quiet, although approximately 150,000 bushels of
Canadian were sold and reports indicated a cargo of domes¬
tic hard winter was taken by Vladivostok on top of sales of
Pacific Coast wheat to the same port late last week. On the
21st inst. prices closed lAo. off to
higher. Trading was
relatively light, with fluctuations confined to a narrow
range. It was a typical pre-holiday market.
Dealings were
in small lots, mill buying and hedging making up the bulk
of the trading.
Liverpool quotations were fairly steady,
although expectations of large arrivals of deliverable wheat
flour
567
389
982
123
459
50
200
500
-
announced just before the close.
export interests apparently were sources of
wheat buying. An upturn of around a cent at Minne¬
Milling and
17,
-
SAN FRANCISCO—To Japan,
Atlantic and Gulf ports was
152
43
89
336
79
40
To Manchester,Feb. 11, Jean Lafitte, 379; Feb. 17, Historian, 10
To Bremen, Feb. 15, Wacosta, 900; Feb. 16, Koenigsburg, 82--
1193
Chronicle
WINNIPEG
Wed.
Thurs.
H
O
L
62%
63
63%
Fri.
62%
62%
63%
closed %c. to J^c. net
higher. Corn was down slightly in early trading, but sup¬
port from houses with Eastern connections steadied the
market and in the closing minutes it forged ahead to finish
as much as
Ke. higher. A lower Buenos Aires market was
a depressing factor and traders also were disappointed by
the announcement that only 6,860,000 bushels of corn were
sealed during the week for Government loans, the smallest
since sealing started on the crop.
The cash market eased,
observers attributing it to expectations of heavier than
usual receipts Monday. On the 20th inst. prices closed
to
net higher. The firmness displayed in this grain today
was attributed partly to reports of light frost in Argentina,
where the crop is nearing harvest.
The Buenos Aires mar¬
ket was closed and will not reopen until Wednesday.
Im¬
proved inquiry for afloat corn at foreign ports was regarded
healthy factor, as the cleaning up of grain shipped unsold
to fill vessel space is regarded as necessary before any new
business can develop.
A few loads of United States corn
were reported sold today.
On the 21st inst. prices closed
unchanged to
up. Fluctuations in corn prices paralleled
those of the wheat pit. At one stage May corn sold above
as a
I
Financial
1194
50c. for the first time in two weeks.
Shipping and export
reported buyers at times, with 100,000 bushels
sold, principally to the United Kingdom. This was mostly
afloat and Gulf corn.
Liverpool cables reported supplies of
unsold corn afloat have been reduced materially and that
this should improve demand.
On the 23d inst. prices closed % to %c. net lower.
This
market ruled heavy during most of the session, and this
in the face of price gains at Buenos Aires yesterday.
Ex¬
port sales from the Gulf were estimated at 100,000 bushels
over the holiday, but this attracted little attention.
Today
prices closed unchanged to %c. lower.
Corn held steady,
there being no further reports of export business.
Heavy
interests
were
unwanted
totaled
in
fell
rains
corn
CLOSING
Sot,
No. 2 yellow
63%
i
Tues.
Mon.
Thurs.
Wed.
64% HOL.
64
63%
Fri.
63%
'
DAILY
OF
PRICES
CLOSING
FUTURES
CORN
Sot.
"
•
Tues.
Mon.
CHICAGO
IN
Thurs.
Wed.
47
49%
50%
51%
Season's
High
and
56
60%
55%
56%
May
July
September—
49%
51
51%
H
O
L
49%
51%
51%
49%
50%
51%
49%
50%
51%-
Made
15, 1938
Oct. 18, 1938
Oct. 18, 1938
Feb. 11, 1939
Season's Low and
When Made
46
July 28, 1938 March
May
47 %
July 23, 1938
48 %
Sept. 24, 1938 July
49%
Jan.
4, 1939 September
When
OF
PRICES
CLOSING
FUTURES
OATS
Sat.
Mon. -Tues.
29%
27%
29%
27%
29%
27%
September.
27%
27%
27%
May...
July
September
DAILY
Season's
When Made
Jan.
4, 1939 May
Jan.
3. 1939 July
Jan.
4,1939 September
High and
30%
29%
...
29%
CLOSING
29%
27%
27%
When
and
23%
24%
26%
«
29%
29
28%
May
July
October..
29%
29%
Fri.
28%
27%
26%
—.
WINNIPEG
Thurs.
L
Fri.
of
rye
was
influenced
to
pressure,
there
news
apparently being
the
sagging
real
no
There
that could be regarded as bearish
the rye market ruling easier in
909,000
396,000
11,000
185,000
646,000
80,000
80,000
53,000
295,000
55,000
25,000
7,000
3,000
1,000
1,000
256,000
94,000
66,000
2,000
1,000
323,000
168,000
110,000
Milwaukee.
131,000
31,000
Indlanap..
42,000
1,000
333,000
54,000
135,000
20,000
54,000
73,000
30.000
13,000
15,000
209,000
46,000
24,000
19,000
St.
Douls..
City
St.
Joseph.
Wichita
I
.
28,000
199,000
Sioux City.
4,000
33*000
lb'ooo
Buffalo....
43,000
202,000
136,000
10,000
1,000
77,000
Tot. wk.'39
538,000
2,199,000
2.426,000
902.000
425,000
3,201,000
5,419,000
1,067,000
1,418,000
81,000
Same wk '38
283,000
Same wk '37
421,000
2,299.000
3,070.000
1.143,000
i7l,000
2.066,000
1,116,000
Since Aug. 1
1937
13.088,000 233,231,000 177,516,000
11,117,000 218,395,000 177,395,000
70,591,000 19,067,000 68,588,000
79,377,000 21,796,000 71,568,000
1936.....
12.417.000
162,452 OOOM08.431.000
54.156.000lU.977.000 64 822.000
1938
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Feb. 18, 1939, follow:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
New
Rye
Barley
bush 56 lbs bush 48 lbs
York.
158,000
10,000
8.000
Philadelphia
24.000
67.Q0O
Baltimore..
18.000
328,000
41,000
12,000
New Ori'ns*
25.00G
18,000
173,000
93.000
170,000
318,000
17,000
46,000
25,000
4l",666
'4,066
9.000
285,000
1,804,000
240,000
2,103,009
11,215,000
4,830,000
39
1,000
17,000
*1*8^666
Boston.^..
Tot.wk.
4,000
18,000
2,000
Halifax....
St .John, W.
5,000
2,000
779.0(H)
Galveston..
-
.
53,000
18,000
51.000
437,000
122,000
326,000
Since Jan. 1
1939-....
Week 1938.
-
:322,000
2.016,000
963,000
61,000
105,000
59,000
■1,981.000
13.825,000
8,709.000
433.000
829,000
1,510,000
Since Jan. 1
1938
*
on
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
Th3 exports
ended
from the several seaboard ports foe the week
Saturday, Feb. 18, 1939, are shown in the annexed
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
New
York.........
46,302
164,000
255,000
Philadelphia
"fl", 000
-1
"Y,o66
32,000
Houston
..
306,000
.
~6~, 000
Orleans
318,000
West.....
"1*8*660
Y7~,666
9,000
26,000
96,302
9,000
3,258.000 3,009,000
Total week 1939..
Same week
1938
108,066
3.000
1,690,000
41,000
526000
The destination of these exports for the week
July 1, 1938, is
4T.666
-----
25,000
193,000
and since
below:
as
Flour
Wheat
Corn
Exports for Week
and Since
Week
Since
Week
July 1 to-
Feb. 18,
July 1,
Feb. 18,
1939
1938
1939
Barrels
Barrels
Since
Week
Since
Feb. 18,
1939
July 1,
1938
Bushels
Bushels
Bushels
July
Bushels
1,
1938
1,401,332
1,184,000
56,382,000
26,000 35,482,000
11,942
506,523
454.000
40,819,000
25,494,000
13,500
418,750
6,000
276,000
36,250
Kingdom.
Continent
919,000
51,000
24,225
.......
West Indies
Brit. No. Am. Col.
nothing
■
,,
61Y 000
Galveston
St. John,
80. & Cent. Amer.
support.
was
49~666
9,000
511,000
141,000
147,000
Peoria...
..
-
o.OOO
30,000
"2",000
lo", 385
187,194
46.000
1,09*3*600
100,000
96,302
3,545,799
1,690,000
98.600,000
26,000 61',083,000
108,066
3.419,661
3,258,000
89,658.000 3.609.000 29.093.OOo
Other countries.
particularly/
Total 1939..
Total 1938.
.•
DAILY
CLOSING
OF
PRICES
RYE
Sat.
May
July
FUTURES
Mon.
45%
46%
Tues.
45%
46%
Season's
High "and
53%
July.;.
49%
September..-. 49%
:
Season's
When Made
July 25. 1938 May
Jan.
4, 1939 July
Jan.
3, 1939 September
Wed.
Low
Thurs.
H
O
L
and
41%
44%
45%
....
....
When
Fri.
45
46
.
visible
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 18, were as follows:
46%
GRAIN
7,1938
7, 1938
Dec. 23, 1939
Sat.
May
July
Mon.
43%
43%
43%
Tues.
Wed.
43%
Thurs.
H
43%
O
October
43%
OF
BARLEY FUTURES
Sat.
Mon.
Tues.
IN
Wed.
Oats
Rye
Barley
Bushels
United States—
Boston
Corn
Bushels
Bushels
Bushels
Bushels
1,000
'
103,000
202,000
Yo'ooo
3,000
Philadelphia....
396,000
471,000
17,000
Baltimore
298,000
661,000
33,000
65,000
...
New Orleans
647,000
1,610,000
96,000
10,000
...
Galveston
5,133,000
66,000
4,833,000
182,000
169*666
Yo'ooo
Fri.
L
CLOSING PRICES
*
Wheat
New York..
RYE FUTURES IN WINNIPEG
DAILY CLOSING PRICES OF
STOCKS
Made
Sept.
Nov.
45
The
CHICAGO
IN
45%
46%
47%
September
DAILY
115,000
16,000
Toledo
United
sympathy with wheat and
corn.
May
175,000
110,000
Halifax
....
market seemed sensi¬
rye
Today prices closed % to %c. net lower.
in the
by
latgely
The
tendency of the other grains.
tive
200,000
Minneapolis
Duluth
New
29%
28%
29%
Rye—On the 18th inst. prices closed unchanged to He.
higher. This market was quiet but steady. On the 20th
inst. prices closed He. to yfc. up.
While rye futures were
not especially active, the undertone was firm during most
of the session, influenced by the firmness of wheat and corn.
On the 21st inst. prices closed He. to He. higher. Rye made
the best showing of all the grains, and this independent
firmness was attributed largely to a better spot demand,
which in turn influenced some short covering in futures.
On the 23d inst. prices closed % to He. net lower.
The
heaviness
Barley
Rye
bush 56 lbs bush 48 lbs
bush 32 lbs
lbs
Chicago
Baltimore
H
O
56
Us bush
60
Made
Sept. 6, 1939
Oct. 18. 1938
10, 1939
29%
29%
Oats
Corn
Wheal
bbls.lM lbs bush
statement:
Feb.
OATS FUTURES IN
Sat, Mon.
Tues.
Wed.
OF
PRICES
Thurs.
H
O
L
Low
...
CHICAGO
IN
Wed.
May..
July
Season's
Flour
Receipts at—
Oct.
Oats—On the 18th inst. prices closed He. to He. net
higher. This market showed unusual activity and strength
today, and was attributed to the report that export interests
were in the market for the cash grain for the first time in years.
On the 20th inst. prices closed unchanged to 3^c. lower.
Trading was very light and without any special feature;
The undertone of the market was barely steady.
Govern¬
ment contracts for oats for military feeding purposes were
awarded at Kansas City last week. On the 21st inst. prices
closed unchanged to LsC. lower. Trading in oats today was
extremely light. The advance of 2c. the past week partially
offsetting high premiums quoted on cash oats, seemed to
make traders more cautious in following the movement further.
As much as 3c. over May oats has been paid for choice
No. 3 white grain recently.
On the 23d inst. prices closed unchanged to %c. lower.
This market was dull, though the undertone was reported
steady.
Today prices closed % to %c. lower. This market
was heavy in sympathy with wheat and
corn..
DAILY
of the last three years:
Fri.
47%
March
May
July
September—„
March
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake'and river ports
for the week ended last Saturday and since Aug. 1 for each
Omaha
PRICES OF CORN IN NEW YORK
1939
25,
All the statements below
Kansas
Open interest in
Argentina.
69,082,000 bushels.
DAILY
Feb.
Chronicle
Fort Worth-
WINNIPEG
Wichita
Thurs.
Hutchinson
Fri.
1,000
9,000
1,000
1,749,000
•
9,000
4,435,000
St. Joseph...
37%
37%
36%
37%
October
Closing quotations
H
O
37%
37%
were as
follows:
Hard winter clears
Nom.
738,000
212,000
3,151,000
530,000
393,000
127,000
3,815,000
-*73,000
7,038,000
284,000
75.000
297,000
1,103,000
123.000
24,000
46,000
1,577,000
1,811,000
262,000
13,000
138,000
631,000
1,301,000
494,000
20,000
344,000
12,897,000
2.542*,000
772,000
471,000
77,000
486,000
Kansas City....
Omaha
Indianapolis
FLOUR
Spring pat. high protein..4.95@5.05
Spring patents
4.65@4.75
Clears, first spring
4.10@4.30
Hard winter straights
4.45 @4.55
Hard winter patents
4.50@4.60
1,258,000
St. Louis
37%
36%
L
22,736,000
Sioux City
May
July--
Peoria
Rye flour patents
3.65@
Seminola, bbl., Nos. l-3-.5.15©5.50
Oats good
Corn flour
afloat.
Corn, New York—
No. 2 yellow, all rail
I
63%
1,106,000
1,919,000
136,666
289,000
15,000
1.546:600
11,794,000
5,342,000
4,189,000
3,297,000
5,010,000
10.575,000
4,225,000
4,740,000
1,907,000
1,002,000
2*000
5,000
2,000
155,000
7.924,000
2,548.000
314,000
775.000
520,000
3,951,000
301,000
Milwaukee
•'
3.25
1,105,000
afloat
232,000
265,000
Detroit..
4.50@5.00
Buffalo.
afloat.
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic.. 87%
Manitoba No. 1, f.o.b. N. Y. 73
1,252,000
Minneapolis
1.55
Fancy pearl (new) Nos.
1.2-0.3-0.2
"
Duluth.
2.55
Barley goods—
Coarse
7,380,000
Chicago
15,000
~
355,000
Oats, New York—
No. 2 white
Rye, United States c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
41 %
64%
54%
44—60
Total
Total
1939..
92,582,000 47,018,000
11, 1939-.._
94,299,000 47,243,000
Feb.
Feb.
Total Feb.
18,
19,
1938
14,380,000
7,865,000
9.857,000
14,587,000
62,606,000 30,200,000 23,296,()00
8.049,000
9,952,000
4,122.000
9,854,000
Wheat—New York. 371,000 bushels;
New York afloat, 18,000; Buffalo, 382,000; Buffalo afloat, 1,945,000; Erie, 771,000;
Note—Bonded grain
not included above:
Volume
Financial
148
Albany, 851,000; Boston, 208,000; Philadelphia. 92,000;
4,694,000 bushels, against 2,118,000 bushels in 1938.
snowfall in
Oats
Barley
moisture is generally in¬
the southwest and some northwestern
situation is fairly good, while in
Plains additional snows were favorable.
In the Great
Northwest the outlook remains favorable.
the western
Rye
Bushels
Lake, bay river & seabd.
26,934,000
1,047.000
79,000
Bushels
496,000
Ft. William & Pt. Arthur
40,0*5,000
897,000
913,000
in
with
In Nebraska the soil-moisture
the northwestern
storms
986,000
Other Can. & other elev_
dist
half drifted badly, and
adequate,
counties.
Bushels
Corn
Wheat
total,
Baltimore, 56,000;
1195
Chronicle
Bushels
Bushels
Canadian—
79,959,000
6,888,000
1,094,000
4,986.000
18. 1939.-146,938.000
Total Feb.
8,832,000
148,715,000
46,760,000
8,942,000
2,086,000
2,092,000
1,281,000
Basin and Pacific
6,468,000
6,587,000
9,053,000
Total
Feb.
11, 1939
Total
Feb.
19, 1938
.....
9,178,000
Summary—
.....146,938,000
Canadian..
8,832,000
...
9,857,000
6,468,000
7.865,000
2,086,000
92,582,000 47,018,000 14,380,000
American.
THE DRY GOODS TRADE
New York,
recurrence
18, 1939.-239,520,000 47,018,000
Total Feb.
Total
Feb.
Total
Feb.
23,212,000
243,014,000 47,243,000 23,529,000
109,366,000 36,200.000 32.474,000
11, 1939
19, 1938
9,951,000 16,325,000
10,141,000 16,539,000
5,403,000 18.907,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Feb. 17 and since July 1,
1938, and July 1, 1937, are
shown in the following:
•
Wheat.
.,
•
Since
Since
July 1,
July 1,
Feb. 17,
July 1,
1939
1938
1939
1938
July 1,
1937
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
308,000
812,000
Argentina.
7,344,000
943,000
24,760,000
15,048,000
'
.
31,277,000
59,771,000
11,592,000
61,034,000
2,911.000
.
63,803,000 29,464,000
3,144,000
10,741,000
94,079.000 177,013,000
32,000
3.879.000 157,486,000 124,642,000
73,415,000 63,370,000
928.000
37,043,000
45,583,000
3,275.000
No. Amer.
Black Sea.
India
Week
Feb. 17
Australia
Since
Other
616.000
countries
Total..
Corn
11.609.000 369.622.000 311.466,000
of
Loans
CCC
64,378,000
2,905.000 199,900.000 273.999.000
Through
Weather
16 Aggregated
Bushels
Amount
State—
—$6,717,571.71 11,794,793
2,756,980.73
4,840,664
Nebraska..... 7,833,060.10 13,808,748
Ohio..
368,827.69
647,100
South Dakota. 1,945,038.34
3,468,526
Wisconsin
37,388.07
65,988
Minnesota
Missouri......
Report for the Week
Ended Feb. 23—-The
the South and Southeast.
In
■
country, after a short period of warmer
again lower by Feb. 17, but there was a rapid
the interior of the
.
weather,
warming
sections by the 19th, but
abnormally high in eastern
at the same time a second cold wave, with a drop of 20 to. 40 deg. in tem¬
perature, overspread the Northwestern States.
Abnormally warm weather persisted in the East and South, with some
up.
They
were
East and. the
of 94 deg. in
North Dakota.
the country .
abnormally high
southern New
England to Georgia the weekly means were generally from 8 deg. to as
many as 13 deg. above normal.
West of the Mississippi the week was
colder than normal, except in some Pacific Coast sections and a limited
far northwestern' area.
The coldest weather is shown for the central-
of the greatest temperature
Northwest.
At 7:30 a. m.
contrasts of record between the
Feb. 20 there was a difference
temperature between the District of Columbia and northern
Relatively cold weather persisted in most western sections pf
■The temperature for the week as a whole averaged
east of the Mississippi River.
In the Atlantic States from
northern secions of
the country,
•
,
.
_.
reported for the week was —38 deg. at Bismarck,
White River. Ontario, had a minimum of—52 deg.
on the 21st.
Much of New England and parts of New York had minima
of 10 deg. or more below zero.
However, freezing weather did not extend
farther south than North Carolina, northern Georgia, and some northern
parts of tae east Gulf States.
West of the Mississippi freezing extended
fairly near to the Gulf coast.
•
Moderate to heavy precipitation occurred in nearly all sections east
of the Great Plains.
The heaviest falls were reported from Tennessee and
Arkansas and from the Ohio Valley northward.
The northern Great
Plains-and a large southwestern area had very little precipiation, though
moderate to heavy amounts occurred in most Rocky Mountain sections
and the North Pacific States.
,
Continued mild weather in the East and Southeast, especially the latter,
has
advanced vegetation abnormally, with premature development of
fruit buds.
.Early buds are showing color as far north as eastern and
southern North Carolina, pears and plums are blooming in South Caro¬
lina, and to central Georgia with peaches beginning to bloom,
Cool
weather is needed in this area to check premature advance.
Because of continued wet soil, farm work was rather inactive in most
of the South, though more or less was accomplished in drier sections.
Some corn has been planted in east Gulf districts and planting is pro¬
gressing in Florida; also, considerable cotton has been seeded in etxreme
southern Texas.
Hardy vegetables made good advance throughout the
South and in Atlantic sections as far north as southeastern Virginia with
some peas being planted in Virginia eastern trucking districts.
Because of stormy weather and rather frequent cold periods there was
little outside activity in northern States east of the Rocky Mountains.
Unusually heavy snow fell in the northwestern Lake region, greatly im¬
peding traffic, while drifting snow blocked ,side roads in the northern
Great Plains.
Considerable additional snow occurred in the western
mountains, favorable with regard to the moisture situation, but heavy
feeding of livestock was necessary quite generally.
In southern California
and the Sacramento Valley of that State strong, drying, northerly winds
damaged citrus fruits and avocados and depleted soil moisture rapidly;
rain is now needed.
The lowest temperature
N. Da., on the 15th.
"
Small Grains—In the Ohio
Valley weather conditions were
somewhat
for winter wheat because of soggy soil, standing water on
low places, and some complaints of alternate freezing and thawing, par¬
ticularly in parts of Illinois and Kentucky.
However, in general, winter
wheat continues in rather satisfactory condition east of the Mississippi
River.
In Missouri also fair to good condition has been maintained in
most places.
■
In Texas the condition of winter wheat continues good in the Panhandle
and fair to good in most other sections, except in some west-central areas.
In Oklahoma continued slow improvement is reported, although some
northwestern fields are blowing badly.
In Kansas high winds and low
less favorable
temperatures
the
latter part of the
and the best results were obtained in the Pacific area,
portant
where
the San Francisco exposition proved an im--
the opening of
stimulus, notably for the sale of sports apparel.
sections, however, the volume of sales fell again
figures.
Notwithstanding the
new
lull in
trading, the previous spurt in sales has revived confidence
in
a
a
sustained improvement, once weather
definite turn for the better.
conditions take
Department store sales the
country over, for the week ended Feb. 11, according to the
Federal Reserve Board, were 2% below the corresponding
week of 1938, with San Francisco reporting a gain of 8%,
while Minneapolis registered a loss of 13%.
Sales of New
York and Brooklyn stores were
reported by the New York
Federal Reserve Bank as 8.8%, and those of Newark stores
6.3%, below last year.
Trading in the wholesale dry goods markets took on a
slightly livelier pace as retailers began to cover their re¬
quirements of goods for the pre-Easter trade, as a result
of which wholesalers, on their part, displayed more willing¬
ness to replenish their own stocks of merchandise,
though
still anxious to keep purchases within narrow bounds.
Following further moderate price reductions on the new
lines, additional orders on fall staples were received, but
their total remained below expectations, and predictions
were heard
that further substantial purchases will prove
as the fall selling season proceeds.
Business in
goods broadened materially, ana prices scored further
sympathy with the sustained firmness in the
raw silk market.
Trading in rayon yarns continued fairly
active with weaving plant operations showing a further
increase over recent weeks.
Shipments proceeded at an
necessary
silk
advances in
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for.the week ended Feb. 23, follows:
Low temperatures characterized the weather of the week in most northern
sections of the country, but in the East and most of the South generally
warm, springlike conditions prevailed.
On the 14-15th an extensive area,
of dense polar air moved from the western Canadian provinces into the
northern plains and was attended by a drop in temperature of from 20 to-'
40 deg. or more.
At the same time a depression moved from the east
Gulf northweastward to New England, bringing warmer weather and
quite general rains to the South and East.
The northern "high' moved
eastward over the Lake region, attended by a sharp drop in temperature
over the Northeast,
while generally warm and fair weather continued in
temperatures were
its spotty character.
as
Feb.
$85,364,903 on 149,931,409 Bushels—On Feb. 17 the Com¬
modity Credit Corporation announced that, through Feb. 16,
loans made by the Corporation and lending agencies under
the 1938-39 corn loan program aggregate $85,354,902.91 on
149,931,409 bushels.
The loans by States in which the corn
is stored are as follows:
*
State—
Amount
Bushels
Colorado
$11,054.51
20,216
Illinois......-.19,386,051.58 34,019,258
Indiana....... 2,015,772.78
3,537,580
Iowa
.....42,440,754.96 74,468.959
Kansas
1,761,773.32
3,112,861
Kentucky.....
80,629.12
146,716
during the period under
Industrial districts made a relatively satisfactory showing,
below last year's
Corn
Since
1937
of much colder weather
review caused retail business to resume
In other
Week
'
Ex-ports
Friday Night, Feb. 24, 1939
Following the previous week's flurry in retail sales, which
coincided with the advent of spring-like temperatures, the
week were unfavorable;
moderate
active pace, and
little doubt is held that the industry will
further improve, its sound
fully be able to maintain, or
statistical position.
Domestic
markets
Cotton
started
the
Goods—Trading in the gray cloths
period under review in its previous
desultory fashion, with the continued uneasiness over foreign
developments and the uncertainty concerning the Govvernment's cotton program acting .as
deterrents to an
sales. The refusal of most mills to concede
bids, also stood in the way of an increase
Later in the week trading expanded sub¬
stantially, chiefly under the influence of considerable pur¬
chases by Government relief agencies.
Additional factors
were the greater willingness on the part of mills to accept
lower price offers,, and persistent rumors forecasting early
drastic curtailment measures by a considerable number of
producers.
The bulk of buying was attributed to printers,
although some orders by converters and bag manufacturers
were reported.
Business in fine goods made a fairly good
showing, and prices ruled steady, reflecting the improved
statistical position of the market.
Hopsackings continued
in active call, and handkerchief manufacturers showed in-*
creased interest, in fancy weaves.
Closing prices in print
cloths were as follows:
39-inch 80s, 5%c.; 39-inch 72-76s,
5^c.; 39-inch 68-72s, 4^c.; 38^-inch 64-60s, 4c.; 383^-inch
60-48s, 3 9-16 to 3%c.
*
expansion
n
the lower price
in transactions.
Woolen
Goods—Trading in men's wear fabrics was held
between-season influences.
While spring business
has come to a virtual close, no formal opening of the fall
lines has as yet taken place, although interest in the new
collections continued very lively, on the part of clothing
manufacturers.
Prices remained firm throughout, and
moderate advances for the new fall lines are anticipated,
notwithstanding the fact that, following the recent enactment
of the British trade agreement, the expected increase in
back by
importations
of foreign woolens appears to
under way.
Reports from retail
have gotten
clothing centers made a
spotty showing, as the recurrence of severe
interfered with the incipient flow of early
winter weather
spring apparel
channels. Business in women's wear fabrics
continued fairly active, and no abatement in the steady call
for tweeds and boucles was noted.
in consuming
Foreign
Dry
Goods—Trading in linens broadened
moderately with the demand for household linens showing
a
seasonal increase.
Reports from foreign
primary centers
point to a general broadening of inquiries and a slow accu¬
mulation of orders for later shipment.
Business in burlap
turned dull, and prices lost some of their recent gains,
reflecting the disappointment over the absence of con¬
firmatory
news
concerning rumors of additional
Domestically lightweights were
sandbag purchases.
at
4.20c., heavies at
5.65c.
British
quoted
1196
Financial
State and
Chronicle
Feb.
I have your letter of Feb. 15 relative to
my bill, Intro. 82, defining'the
period of probable usefulness of home relief
projects.
The purpose of this legislation is to
comply with the requirement of the
State Constitution that no bonds can be for a
period longer than the period
of probable unsefulness as determined
by or pursuant to law.
Home relief bonds are limited by statute to
10 years.
The period of
probable usefulness was fixed at 20, however, because of the
provisions of
Section 49-c of the State Finance Law, where
welfare work under the State
is determined to have a probable life of 20
years.
The companion bill (Senate Intro. 89
Illinois & Missouri Bonds
by
Legislature and
StifeVNicolaus & Cojnc.
CHICAGO
WIRE
314 N.
law,
LOUIS
Support Highway Bond Debt
—Sponsored by nine representatives, a bill which would
provide a constitutional guarantee of any highway refunding
obligations sold after Jan. 1, 1939, has been offered in the
House of Representatives.
It proposes a minimum guarantee
of $8,500,000 annually for bond
principal and interest and
also a pledge that revenue designed for the
highway fund will
be diverted to other purposes.
never
The proposal would sanction any debt adjustment at
Interest rates lower
than now paid, and would bind the Legislature not to revise or
repeal the
>
Sjasoline tax or motor annually.
than $8,500,000 vehicle license laws in
ower
„
a manner to produce revenue
Introduction of the debt guarantee bill followed passage in the Senate of
the Crawford bill which would appropriate $712,820 from the
highway fund
for payment of 1940-41 bond maturities of
bridge improvement districts
|
not
which
because of
News Items
Arkansas—Bill Introduced to
signed by the Governor
eligible for aid under Act 2 of 1934. Opponents of the bill estimated it
highway debt, if made law, and predicted
bonds and other highway obligations
Senate
reconsideration
on
60% of
or
has
passed
the
Administration
bill
to
use
average treasury surplus, for bond purchases and to
Sledgeoperations would be independent of to finance additional purchases,
uch
such bonds as collateral on bank loans bond purchases by the State
Refunding Board
by authority of Act 2 of 1934.
Senate opponents approved
use of 50% of average
treasury balance, but objected to "pyramiding" of
investments through bank loans.
Bond interest and profits from favorable
transactions would be assigned to
sinking fund for bond retirement.
I
The Crawford bill which carries
appropriations of $268,000 for road
improvement districts ana $444,820 for bridge Improvement districts, is
regarded in some quarters as contemplating a breach of contract embodied
in Act 2 of 1934.
bitter debate.
It
was
passed
vote of 28 to 2 in State senate after
on
Appropriations scheduled in the bill would be taken from road district
refunding bond aqcount.
Chart
the
Prepared
of
maze
on
Federal
Various Tax Situations—Out of
and
New
York
State
tax
laws,-the
Chemical Bank & Trust Co. of New York
City, has drawn
a series of tables which are
designed to give at a glance the
tax liability in all income brackets as well as the levies on
gift, estate and inheritance taxes.
'
.
►
Prepared some time ago by the personal trust department of the bank
officers, the tables eventually reached the hands of Investment
for use of
brokers and others interested in taxation with the result that a
demand for
the brochure developed, and copies were
prepared for distribution.
One table lists the comparative estate tax
liability in the various brackets
from $40,000 to $50,000,000 for New
York, New Jersey, Connecticut and
Florida.
The figures include Federal taxes.
A second table sets
up the
tax liability in various brackets of the
gift tax, while a third gives total
liability in the various brackets of the income tax.
Capital gains and
losses under the Federal and New York State
laws and methods of tax
computation thereunder
are
included.
New
Jersey—Relief Bond Issue Under Consideration—The
special joint legislative committee named to devise means
of financing New Jersey relief in 1939 met on Feb. 21 and
discussed the feasibility of a limited State bond
issue, to¬
gether with the diversion
departments.
Herbert
J.
Pascoe,
to relief funds from
Assembly
Speaker,
Republican,
other
State
of
Union, said
that the committee had made "definite
progress" and had virtually dis¬
carded all proposals for new taxes or increase of
taxes already existing.
Today's discussion set a figure around $12,000,000 as the State's share in
the year's total relief costs of about
$20,000,000.
Of this $12,000,000,
two-thirds would reimburse municipalities for a
part of their relief costs;
the other third would be for
unemployables transferred to the Department
of Institutions
and
Agencies for
care.
New
York, N, Y.—Pay Cuts to Balance Budget Seen as
Prospect—The possibility that 140,000 city employees may
face a pay cut in order to balance the 1939-1940
budget if
mandatory legislation protecting court and county salaries is
not modified
was
indicated in
a
statement made
on
Feb. 19
by Budget Director Kenneth Dayton.
'
Mr. Dayton indicated that the
city would not balance Its income and outgo
by curtailing in any way essential services. Various
city departments have
requested an increase in their budgetary allowances of about
f'It is
a
$52,500,000.
thing," the budget director said, "to
say that there
salary decreases, but I think we ought to stop
kidding our¬
very
easy
must be no
selves about the situation."
The staff of
the budget director, Mr.
Dayton
said, had pared departmental requests to the
limit, but an increased expen¬
diture of many millions of dollars was
entirely "inescapable."
Expansion
of hospital service, public health and
education facilities, increased
pension
contributions by the city, installation of the
three-platoon system in the
fire department were given as some of the items
in the enlarged budget.
To meet the increased cost of
city government next year, Mr.- Dayton
declared that if salaries were not to be
cut, "millions of dollars in sheer
in these mandatory expenditures"
for court and county
positions
must be eliminated by repeal of the laws.
waste
New
York
State—Relief Bond
Governor—Governor Lehman
on
Senator
Limit Bill
Signed by
Feb. 16 approved a bill of
Hastings of Renssalaer, fixing 20 years as "the prob¬
period of usefulness of home relief" for which bonds
may
be issued by localities.
Under this new law no relief bonds
may be issued by localities for a period of more than 20
years.
able
In connection with this action
give herewith the text
of a letter sent to us on Feb. 17
by Assemblyman Abbot Low
Moffat, Chairman of the Ways and Means Committee:
we
Mr.
Hastings)
Feb. 15.
passed the
Chapter 8
It is now
passed as a needed emergency measure
amendment to the local finance law
adopted
was
an
by the voters last November, stipulating that the State
Legislature must determine the periods of probable maturity
for various offerings of bonds, we
quote in part as follows
from an Albany dispatch to the New York "Herald
Tribune"
of Feb. 20:
Assemblyman Abbot Low Moffat, Manhattan Republican, chairman of
the Ways and Means Committee, announced
today that he would ask for
the creation of a commission to
study uniformity in municipal financing,
imperative legislation at this session.
important series Of bills implementing the
new constitution in the field of
municipal financing would be Introduced
soon, possibly this week.
These bills follow weeks of consultantions
with
rather than undertake other than
Mr. Moffat announced that an
the representatives
of municipalities and
with considerable pressure
brought upon the
immediate action.
In announcing his
municipal financing experts,
Ways and Means chairman for
determination to go slow and ask
municipal finance to report next year, Mr. Moffat said:
"Demands were frequently made that we rush the
preparation and passage
of these bills.
I felt strongly, however, that it was
essential that this
legis¬
lation be carefully prepared and
soundly considered.
It seemed to me that
the municipalities could better afford the
delay and know that the legisla¬
tion drafted actually met the
problems, rather than rush through hastily
drafted bills which might shortly be found to be
fatally defective.
for
a
commission
on
would add $12,000,000 to the
in that event that holders of
highway
would at once file an injunction suit.
$4,000,000,
on
Commission Urged to Study
Municipal Financing—Rela¬
tive to the provisions contained in the above
newly enacted
Broadway
ST.
was
of the Laws of 1939.
Founded 1890
DIRECT
1939
City Department
Specialists in
105 W. Adams St.
25,
Other Requests
"It was also asked to approve legislation
making changes in the general
municipal law going far beyond the immediate
emergency requirements of
the moment. I was also urged to approve the
legislation which would take
advantage in every instance of the maximum latitude authorized
by the
constitution in permitting municipalities to borrow
money.
I am strongly
opposed to both such policies, and have refused to
give my approval to
either of such policies.
The whole intent of Article VIII was to
prevent im¬
proper
or
excessive' borrowing
and to establish for all
municipalities
sound, conservative fiscal policies. To meet possible
emergency situations,
the limits adopted by the constitution were in certain
instances fairly broad.
But in my opinion, except where the
emergency arises, the statutory policy
must be toward limiting rather than
"I also feel that it would be
expanding
municipal
borrowing.
a very serious mistake to
adopt piecemeal
haphazard changes in the general municipal law.
I do think that, both to
maintain sound fiscal policies and to
strengthen local municipal credit, it
is essential that there be a revision and modernization
of the laws relating to
municipal finances.
These laws at the present time are in chaotic condition.
Every community almost has special
provisions which make its financial
policies somewhat different from those of its
neighbor.
If
field of municipal government in which It is
proper for the State
to establish standards and to
require general uniformity, it is in the field
of finance.
standards
there is
or
one
"I feel strongly that there should be a
study undertaken of the present
laws relating to municipal finance and a
general revision of siuch laws under¬
taken for presentation to the
Legislature next year. It would be foil v for us at
this session to undertake
any such revisions in the short time at our dis¬
posal.
It would be equally foolish, however, for the State to
ignore the
chaotic condition that exists.
Every effort must be made to revise, modern¬
ize and make as uniform as
conviently possible the standards and policies
affecting municipal finance.
I expect to introduce a measure to
provide
for a commission to do this
important work."
.
Thousands Protest Adoption
of New Budget and Tax
—The Joint Legislative Committee's
Program
Governor
Lehman's proposed budget brought to
Albany, on Feb. 22,
a
record
crowd
which
bitterly assailed the
adoption
of the new high figure or the tentative tax
program to finance
the needed expenditures, while at the same
time, retaliation
hearing
on
threatened if any attempt is made to reduce
relief,
cording to Albany advices.
was
ac¬
From those protesting against the
$411,000,000 budget, the committees
were surprised
to hear not merely the usual
protests but constructive
suggestions for reducing both the budget and taxes.
From the other
side* which insisted that the Governor's budget be adopted without re¬
duction, there were also suggestions for new or increased sources of
revenue.
One group supporting the
budget asked for an increase of $300,000 for better
enforcement of the minimum-wage law as it
applies to women.
With the Communists and
Congress of Industrial Organizations groups
speaking for the Left, hundreds of organizations were represented from all
parts of the State and every sector of political and economic
thought.
131 civic and business
organizations, representing virtually every county
in the State, joined with the Westchester
Taxpayers' Association in its
protest against the budget.
The warning against bread-line riots if relief was
cut came from Gustave
A. Strebel, Secretary Treasurer of the New
York State Industrial Union
Council, who complimented Governor Lehman,for doing a "commendable''
job on the budget, but asked that the Legislature authorize a bond
issue of
$50,000,000 for relief.
He opposed any cuts in school, social welfare or
labor
law
demands.
appropriations and said 2,100>000
qitizens backed him in his
Pennsylvania—Chain Store Tax Held Void by *"County
Court—The chain stora tax enacted by the 1937
Legislature,
imposing
a
State levy ranging from $1 for
for each store in
constitutional
on
one store to $500
chain of 500 or more was declared un¬
Feb. 20 by the Dauphin
a
County Court
according to Harrisburg press advices. Although the impost
was primarily intended for
grocery stores it also affected
theatres, filling stations and other places of business as well:
Judge William M.
constituted
an
Hargest, who wrote the decision, said that the act
invalid classification and is unconstitutional because it
is
confiscatory.
Permanent injunctions were issued by the court
restraining
the State Department of
Revenue from enforcing the act.
The opinion pointed out that the evidence in the
case, which was begun
in the summer of 1937, showed "a
startling situation of inequality and lack
of uniformity," the classifications in the act
being "unreasonable,
arbitrary
and capricious."
"The tax in question," the decision held, "is not a tax
upon the privilege
of operating any particular kind of
store, but a tax on the privilege of
operating stores conducted under one management."
Following enactment of the tax statute, 40 suits against enforcement
filed by 700 Pennsylvania concerns and dealers
representing 12,000
Less than $500,000 was collected by the
department from store
owners, chiefly from proprietors of one or two stores, and
this, under the
act's provisions, will be returned if the local court's
decision is upheld
by
the State Supreme Court.
Governor Arthur H. James said
today he
were
stores.
Volume 148
could
see no reason
Financial
for not
taking
an
Chronicle
DOTHAN,
appeal, unless his Attorney General
is reported that $15,000 4%
semi-annual refunding bonds were purchased recently
by King, Mohr
&
Montgomery at a price of 100.50.
Dated March 1, 1939.
Due
in 1941 to 1955.
opposed the action.
Fourth class school districts, in the rural areas of the
State, will lose
51,500,000 as a result of the decision, since a companion law provides for
nunimum salaries of $1,000 for teachers and for four annual increments
of $50,
United
OPELIKA, Ala.—BOND OFFERING—We are informed by John S.
Crossley, Chairman of the Board of Commissioners, that the following
issues of not to exceed 4% bonds aggregating
$133,000, will be offered for
sale at public auction on Feb. 28 at 7:30
p. m. in the office of the
Instalments Popular Payment Plan
in 75% of Cities—Less than one-fourtfr of the
larger cities in
the United States now
require
States—Tax
City
Treasurer:
$100,000 general obligation refunding bonds, series L, dated March 1,1939,
and payable on March 1 as follows: $3,000, 1940: $4,000, 1941:
payment of local propertyinformation from the Municipal
taxes in one lump sum,
Finance Officers* Association showed
on
§3.000,1942; $4,000, 1943 to 1948; $6,000, 1949 to 1952, ami
Feb. 18.
$7,000.1953 to 1958, inclusive.
21,000 general obligation refunding bonds, series N, dated Feb. 1, 1939,
and payable $1,000 on Feb. 1 in 1948 to 1968, inclusive.
12,000 general obligation refunding bonds, series N, dated March 1,
1939, and payable $1,000 on March 1 in each of the even-numbered
years from 1946 to 1968, inclusive.
Coupon bonds, payable to bearer; denom, $1,000; prin. and int. payable
at Opelika.
Bidders are invited to name the rate of interest which the bonds
shall bear and which must be a multiple of H of 1 % and must not be more
than 4%.
Bids must be for all but not a part of the bonds.
The opinion
of Storey, Thorndike, Palmer & Dodge of Boston, approving the
legality
of the bonds, will be furnished to the successful bidder.
Each bidder must
deposit a certified check or cash to the amount of $2,660, to be returned if
Semi-annual collections are the most frequent plan of payment, approxi¬
mately one-half the cities of more than 30,000 population gathering their
taxes in two instalments.
A substantial number
are
collecting in three or
four instalments, while 16 permit payment in 10 or 12.
Among Canadian
cities of comparable size 7 of 18 cities still collect in one instalment, while
the balance are pretty evenly distributed among collections in two, three,
four and five payments.
The trend toward payment of taxes in several instalments has been con¬
tinuous during the past eight or nine years, according to the Association,
was directly promoted by the depression.
In 1931, for example, only
one city in a reporting group of 300 permitted
quarterly payments.
By
1934 the number had increased to 29 and in 1938 approximately 50 cities
followed the practice.
*
1197
Ala.—BONDS SOLD—It
and
.
he is not the successful bidder.
Tax
Exemption Policies on Institutions Show Wide Variation
Among States—Need for clearer and more consistent defini¬
tion of tax-exempt property held by religious, educational,
charitable
and_ other institutions
was
F KETCHIKAN, Alaska—BOND OFFERING—J. F. Van Gilder, City
Clerk, will receive sealed bids until 8 p. m. on March 15 for the purchase
of $200,000 hot to exceed 4% interest general improvement bonds.
Dated
March 1, 1939.
Due Aug. 1, as follows: $16,000 from 1940 to 1944 incl.
declared by the Na¬
tional Association of Assessing Officers upon completion of a
survey
on
institutional exemptions.
and $12,000 from 1945 to 1954 incl.
Bonds due after 1949 subject to call
prior to maturity date.
Bonds are part of a total issue of $250,000, author¬
ized by Act of Congress.
See Fifty Statutes at Large, Chapter 780,
Seventy-fifth Congress, First Session.
\
"'Although it is a general rule of law that statutes granting exemption are
strictly construed," the survey said, "the language of the statutes is so
ambiguous, so subject to varied interpretation and frequently unclarified
by judicial decision that both local and State assessors face a nearly im^
possible task in deciding which institutions should go on the tax rolls,"
These difficulties have probably resulted in the omission of large amounts
of property never intended to be exempted by the Legislatures enacting the
statutes, according to the survey.
Tests employed In various States to determine the taxable status of in¬
stitutional property include those for use, ownership, profit, private profit
and occupancy, according to the survey.
All States grant some type of
institutional exemption.
Most common is the use test, which grants tax immunity if the property is
used for religious, educational or charitable purposes.
Alabama, Colorado,
Missouri and Pennsylvania are among States making this the sola test for
exemption.
Under the ownership test, property owned by an institution is exempt
from taxation without regard for use.
Although this is seldom the sole
test for exemption, according to the survey, ownership and use tests are
combined in such States as Connecticut, Indiana, Massachusetts, New
•
to be
ARIZONA BONDS
Market* in all Municipal Issues
REFSNES, ELY, BECK & CO.
PHOENIX, ARIZONA
ARIZONA
NAVAJO COUNTY SCHOOL DISTRICT NO. IS (P. O. Holbrook),
Ariz,—BOND SALE—The $2,000 issue of school bonas offered for sale"on
York and Tennessee.
The profits test,
applied generally by New Jersey, Virginia, Wisconsin
Feb. 2(H-V. 148, p.
and several other States, requires that the income from institutional property
be equal to or less than the expanses of operation.
In New Jersey .Virginia
and Wisconsin institutional property must meet use, ownership and profits
tests to go tax
as
ARKANSAS
found in Connecticut, New York, Tennessee and
NEWTON COUNTY (P. O. Jasper), Ark.—
several other States, requires that any excess of income over expenses be
used for expansion of the legitimate activities of the organization and not
Counties
Said
to
Be
Bank of Jasper, at par, as noted here on Dec. 31—Y. 147, p. 4083—has oeen
declared invalid by the attorneys.
j
BONDS REOFFERED—Mr. Moore states that he Will receive sealed bid
for the purchase of the said bonds until Feb. 27,
Due for
Drastic Keforw—American
county government is now so defective that only drastic
change can reinstate workable democracy, twelve authori¬
ties, who have .taken active part in efforts to improve county
VANNDALE SCHOOL DISTRICT
ELECTION—It is
(P. O. Vanndale), Ark.—BOND
reported that an election will be held on March 20 in
proposed issuance of $10,000 in school construction
order to vote on the
bonds.
government agree.
Writing
SALE NOT CON-
SXJMMATED-* It is stated by Guy A. Moore, County Clerk, that the
sale of the $ J 0,000 5% semi-ann. court house bonds to the Newton County
fqr private gain.
■
«
A few States, according to the survey,
employ the occupancy test, which
requires that the property be occupied by the institution to be exempt.
■
1053—was purchased by the First Bank of Holbrook,
District Clerk, No other bid was received.
6s at par, according to the
free.
The private profits test,
-
ALASKA
/
■
■■■
.
■'
-■
WEST MEMPHIS, Ark.—PRICE PAID—It Is now reported by the
City Recorder that the $20,000 city hall and the $30,000 paving bonds
purchased jointly by the First National Bank and Bullington, Schaas
& Co., both of Memphis, as noted here last November, were sold as 4s
at a price of 91.50.
the progress of county government in the current issue of the
''National Municipal Review", the twelve prescribe several methods of
making county government Work better; including the county manager
form of government4, consolidation of cities and counties, absorption of the
'functions of other units of government by counties, State control of county
finances, home rule powers for counties and consolidation of county offices.
Professor Paul W. Wager of the University of North Carolina, holds out
little hope for the widespread re-drawing of county boundaries but reports
that in many States counties are being made more efficient by the trans¬
fer of functions from townships to counties or from counties to States, and
by the cooperation of existing units of government in the performance of
particular governmental functions.
Los Angeles County, California, is credited with accomplishing the
"banner achievement in functional consolidation."
In 1936, this county,
under contract, assessed property and collected taxes for 38 or. the county's
44 cities, performed health functions for 36 cities, provided library facili¬
ties for 21 cities, and performed civil service functions for two cities.
Mr. Wager predicts that, communities which are natural trading and
social centers will eventially take the place of the traditional county seat.
Keynote of the experts' discussion is souhded by Professor H. P. Alderfer of Pennsylvania State College who characterizes as "tragic" the fact
that "the structure, organization and administrative teenniques of the
great majority of counties in the United States appear to be so hopelessly
antiquated today and unable to cope adequately with their modem duties
and responsibilities."
on
CALIFORNIA
CALIFORNIA (State of)—INVESTMENT BOARD
BOND PUR¬
CHASES—In-connection with the report given in our issue of Feb. 18,
that the State Teachers' Retirement Salary Fund Investment Board would
purchase bonds for investment in the amount of about $200,000—V. 148,
1054—it is stated by Chairman W, F. Dexter that a total of $225,000
Metropolitan Water District bonds were purchased at a Price to yield 3 .55,%.
p.
COUNTY
KERN
(P. O. Bakersfield), Calif.—SCHOOL BOND OF¬
J. Veon, County Clerk, that he will receive
$30,000
FERING— It is stated by R,
sealed bids until 11:30 a. m. on March 13, for the purchase of a
issue of 5% Tehachapi School District coupon bonds.
Denom.
$1,000.
Due $3,000 from 1940 to 1949 incl.
Prin. and int.
(F-A) payable at the County Treasurer's office.
A certified check for 1Q %
of the amount of the bid, payable to the Clerk of the Board of Supervisors,
Dated Feb. 6, 1939.
is
required.
■
■
•
•
■
SACRAMENTO COUNTY (P. O. Sacramento), Calif.—NOTE SALE
of tax anticipation notes offered for sale on Feb. 20—
V. 148, p. 1054—was purchased by the American Trust Co. of San Fran¬
cisco at 0.35% pltis a $16 premium..
Dated Feb. 24,1939. Dueon May 30,
—The $300,000 issue
'
1939. •"
Bond
Proposals and Negotiations
ALABAMA
BIRMINGHAM, Ala.—BOND OFFERING—Sealed bids will be received
noon on March 10, by Eunice S. Hewes, City Clerk, for the purchase
of the following issues of refunding bonds aggregating $1,280,000:
Until
$1,120,000 capital improvement bonds.
Due April 1, as follows: $35,000
in 1943 to 1947, $70,000 in 1948 to 1952, $100,000 in 1953 to
1957, and $95,000 in 1958.
160,000 public improvement bonds.
Due $16,000 from April 1, 1943
■
■'
■
"
.
(P. O. San Diego), Cal if .—SPECIALfDIS¬
of county special district re¬
funding of 1936 bonds offered for sale on Feb. 20—V. 148, p. 1054—-was
awarded to the California Bank of Los. Angeles as 2Ms, paying a price of
101.036, a basis of about 2.12%.
Dated Oct. 1, 1936. Due $40,000 in
1947, and $160,000 in 1948,
\
SAN DIEGO COUNTY
TRICT BOND SALE—The $200,000 issue
SAN FRANCISCO (City and County), Calif.—NOTE SALE—A.
$2,000,000 issue of tax anticipation notes was offered for sale on Feb. 20
and was awarded jointly to the American Trust Co., and the Bankamerica
Co., both of San Francisco, at 0.22%.
Due on May 10, 1939.
,
CONNECTICUT
to 1952 inclusive.
Denom.
$1,000.
Dated April 1, 1939.
The bidder shall specify the
bear, not exceeding the legal rate of
rate of interest which the bonds are to
interest in the State.
The bidder shall
use
the lowest rate of interest at
which he will pay par or more for the bonds, expressed in multiples of M of
Each of the two issues of bonds may carry a different interest rate,
but no split rates on either of the issues, as regards that particular issue
will be considered.
The award of both issues of bonds will be made to the
single bidder who offers the highest lawful price for the combined issues.
In determining the highest bidder for the bonds the net Interest cost to the
city shall govern.
The bonds will not be sold for less than par, plus accrued
interest to date of delivery of bonds and payment therefor.
Prin. and int.
(A-O), payable at the Chemical Bank & Trust Co., New York, or at the
First National Bank, Birmingham.
All of the bonds are seemed by the
full faith and credit of the city, and by the taxing powers of the city hereto¬
fore, now or hereafter, conferred upon it by law.
The puolic improvement
refunding bonds are further secured by subrogation to the respective liens
which the bonds refunded by said refunding bonds respectively have on
the respective sinking funds and local improvement assessments seeming
the issues of which the refunded bonds form apart.
The City Commission
will furnish to the purchaser the opinion of Thomson, Wood & Hoffman,
of New York, approving the legality and validity of the bonds.
Enclose a
certified check for $12,800 payable to the city.
1%.
COVINGTON COUNTY (P. O. Andalutsa), Ala .—WARRANT SALE
now reported by the Supreintendent of Schools that the
$120,000 3H% semi-ann. Board of Education capital outlay warrants pur¬
chased by Marx & Co. of Birmingham, as noted here last November, were
sold at a price of 99.06.
DETAILS—It Is
HARTFORD, Conn.—BOND SALE—The $1,500,000 1 H% coupon
bonds offered Feb. 20—V. 148, p. 1054—were awarded to a syndicate
composed of Estabrook & Co., New York; Putnam & Co., Hartford; F S.
Moseley & Co., New York, and R. L. Day & Co., Boston, at a price of
100.276, a basis of about 1.46%.
Sale consisted of:
$450,000 general obligation puolic school bonds.
Due $30,000 on March 1
from 1940 to 1954, incl.
'
1 050.000 general obligation public works bonds.
Due $70,000 on March 1
from 1940 to 1954, inclusive.
.
.
-
March 1, 1939 and were publicly re-offered by
yield from 0.20% to 1.50% for 1940 to 1950 maturi¬
remainder priced at 99 M to 99. Other bids:
Bidder
Rate Bid
First National Bank of New York, et al
100.199
All of the bonds are dated
the banking group to
ties, with the
Harriman
Ripley & Co.. Inc., et al
al___.
.......
Halsey, Stuart & Co., Inc., et
and Cooley & Co., Jointly.
National City Bank of New York, et al... — *
.............
Lehman Bros
et al
-----— —
Chemical Bank & Trust Co., et al
—Lazard Freres & Co., et al
........
Bankers Trust Co. of New York, et al
—
Shields & Co., et al—......—....—--r-:—.—
....
First Boston Corp.
■,
NEW
-
.
-
BRITAIN, Conn.—NOTE SALE—The $200,000 tax
J00.119
100.117
100-069
99.65
99.569
99.529
99.527
99.444
99.365
anticipa¬
tion notes offered Feb. 21—V. 148, p.1054—were awarded to R. L, Day &
Co. of Boston at 0.228% discount.
Due June 20,1939. Cooley & Cp. o
Financial
1198
of Boston
Day, Stoddard &
of 0.23%.
Hartford, second best bidder, named a rate
of 0.235%, while the First National
Williams of New Haven named a rate
Bank
DELAWARE
ALEXIS I. DU PONT SCHOOL DISTRICT (P. O. Wilmington),
New Castle County, Del.—BONDS SOLD—An issue of $200,000 school
bonds was sold last; October to Laird, Bissell & Meeds of Wilmington as
2Mb, at a price of 104.69, a basis of about 2%.
Dated
due $10,000 on Nov. 1 from 1939 to 1958 inclusive.
Nov. 1, 1938 and
ALTONA, Ind.—BOND SALE—The $3,100 improvement bonds offered
148, p. 614—were awarded to the Garrett State Bank as 3Ms
Dated Jan. 1,1939 and due Jan. 1 as follows: $500 in 1941 and $200
from 1942 to 1954, incl.
A. S. Huyek & Co. of Chicago, second high bidder,
offered a premium of $10.15 for 4s.
Feb. 20—V.
BARTHOLOMEW COUNTY (P. O. Columbus), Ind.—NOTE SALE
anticipation notes offered Feb. 18—V. 148, p. 1055—
awarded to the Indianapolis Bond & Share Corp., Indianapolis, as
1 Ms, at par plus $5.25 premium.
Dated Feb. 25, 1939 and due June 15,
1939.
The First National Bank of Columbus, second high bidder, offered
par for 1 Ms.
—The $38,000 tax
were
EAST CHICAGO, Ind.— WARRANT OFFERING—Albert P. Lesnlak
City Comptroller, will receive sealed bids until March 6 for the purchase of
$200,000 not to exceed 2% interest time warrants.
They were originally
scheduled for sale on Feb. 13, but postponement was necessary as notice
of the sale was not given in sufficient time as required by statute.
BONDS
FLORIDA
HAMMOND
Barnett National Bank
Bank
National
T.
Building
S.
Pierce, Resident
:
Stifel, Nicolaus & Co., Inc_--_
Otis & Co.; Fox, Einhorn & Co., and P. E. Kline, Inc—
Mercantile Bank, Hammond
Manager
FLORIDA
Fla.—CERTIFICATES SOLD—It is reported that
$148,000 water revenue certificates have been purchased jointly by Dee &
Co. of West Palm Beach, and Welsh & Davis of Chicago, paying a price
of 101.00.
MELBOURNE, Fla.—BONDS DEFEATED—It is stated by the City
Attorney that at an election on Feb. 7 a proposal to issue $350,000 in electric
light plant revenue certificates failed to carry by a wide margin.
MT. ENON SCHOOL DISTRICT (P. O.
Tampa), Fla.—BOND SALE
bonds offered for sale on Feb. 16—V. 148,
other bid
&463—was purchased byitthestated.
Hillsborough State Bank of Plant City.
received,
is
o
was
ORLANDO, Fla.-—MATURITY—It is now stated by the City Comp¬
refunding bonds sold by the City Sinking Fund to
troller that the $290,000
V. 148, p. 1054—are dated Feb. 1, 1939, and mature on Feb. 1 as follows;
$48,000 in 1941 and J942; $49,000, 1943; $47,000, 1944; $48,000, 1945;
the remaining $50,000 in 1946, giving a basis of about 3.28%.
CITY,
SCHOOL
SEYMOUR
.
Waggoner, both of Atlanta, and associates, according to the Commissioner
Finance.
Dated Jan. 1, 1939.
Due $3,300 from Jan. 1,
1940 to, 1959 incl.
COLUMBUS, Ga.—BOND SALE—'The $232,000 issue of 3% semi-ann.
the
basis
on
Feb. 20—V. 148, p. 913—was awarded
paying a price of 108.68, a
.
Due from Jan. 1, 1940 to
National Bank of Columbus,
Fourth
of about
2.35%.
Dated Jan. 1, 1939.
1969 incl.
.
Ik Other bids (all for 3s) were as
>
Names of Other Bidders—
*
.
follows:
%
.
■-
Lazard Freres & Co
Halsey, Stuart & Co
z
Courts & Co
Columbus Bank &
Trust Co__
DETAILS—The
SCHOOL
SHOALS
TOWN,
Ind.—BOND
SALE
DETAILS—The
$6,500 school bonds purchased by the Martin County Bank of Shoals—
148, p. 913—were sold as 5s, at par plus $520 premium, equal to 108,
a basis of about 4,04%.
Due $325 each six months from Aug. 7, 1939 to
Feo. 7, 1959.
IOWA
of Roads and
to
SALE
V.
GEORGIA
(P. O. Douglas), Ga.—BOND SALE—The $66,-
000 issue of 3% semi-ann. court house bonds offered for sale Feb. 20—V.
148, p. 1054—was awarded to J. H. Hilsman & Co., and Wyatt, Neal &
refunding bonds offered for sale
Ind.—BOND
$10,000 3% building bonds purchased by the Fletcher Trust Co. of In¬
dianapolis—V. 148, p. 1055—were sold at a price of 105.11, a basis of about
2.19%.
Due $1,000 on July 1 from 1940 to 1949 inclusive.
the First National Bank of Orlando at a price of 103-05, as noted here—
COFFEE COUNTY
BIDS—The
Ind.—OTHER
Int. Rate
Premium
3%
$3,015.50
3%
1,327.50
3%
929.00
3%
'
692.65
Kidder, Peabody & Co
3%
651.00
A. S. Huyck & Co.;
Channer Securities & Co., and
Harrison & Austin, Inc
3%
387.00
Fletcher Trust Co. and Union Trust Co., Indianapolis.. 3 %
231.00
Walter, Woody & Heimerdinger and Weil, Roth &
Irving Co
3%
71.50
Seasongood & Mayer; Chas. H. Pohl & Co., and Chas.
Hinsch & Co
3M%
3,822.26
Blyth & Co.. and Paul H. Davis & Co
-__T_
3M%
3,591.00
C. W. NcNear & Co
3M%
3,531.00
Bartlett, Knight & Co.; Mullaney, Ross & Co., and
Wheelock & Cummins, Inc...,
3M%
3,350.00
Paine, Webber & Co. and Chas. K. Morris & Co
3M%
3,303.00
Lewis, Pickett & Co
—
3M%
2,457.00
R. W. Pressprich & Co
„
BRADENTON,
—The $4,000 issue of school
DISTRICT,
Bidder—
FLORIDA
-
-
TAMPA
Branch Office:
First
Building
-
-
-
SANITARY
$210,000 series A sanitary bonds awarded to Lewis, Williams & Co. of
Chicago as 3s, at par plus $3,726 premium, equal to 101.56, a basis of about
2.88%—V. 148, p. 1055—were also bid for as follows:
Clyde C. Pierce Corporation
-
1939
25,
at par.
offered 0.24%.
JACKSONVILLE
Feb.
Chronicle
;
Price Bid
$251,859.00
251,209.60
250,954.40
249,439.00
AMES, Iowa—BOND OFFERING— It is stated by J. W. Prather, City
until March 6, at 5 p. m, for
Clerk, that he will receive sealed and open bids
the purchase of the following issues of bonds,
aggregating $59,083.10:
$3,862.81 storm sewer improvement bonds.
Denom. $400, one for $362.81
and for $300.
Due May 1, as follows:
$362.81 in 1940, $400 in
1941 to 1948, and $300 in 1949, optional for retirement at any
time prior to maturity.
These oonds are issued for account of
storm sewer improvement on Hayward Ave. in the city as descrioed in Resolution No. 1586, adopted by the City Council on
Aug. 8, 1938.
Enclose a certified check for $500.
32,244.62 street improvement bonds.
Denom. $1,000, one for $244.62.
Due May 1, as follows:
$4,244.62 in 1940, $4,000 in 1941, and
$3,000 in 1942 to 1949, optional for retirement at any time prior
to maturity.
These oonds are issued for account of curb and
gutter, stabilized gravel surface on gravel base on Howard Ave.
and other streets and avenues in the city as described in Resolu¬
tion No. 1577, adopted by the City Council on July 29, 1938.
Enclose a certified cneck for $3,000.
_
CONCORD, Ga.—BONDS SOLD—It is stated that $15,000 water system
bonds voted last September have been sold.
LAGRANGE SCHOOL DISTRICT
(P. O. Lagrange), Ga .—BONDS
SOLD—It is reported that $155,000 school bonds approved by the voters
at an election held last August have been sold.
SUMMERTOWN SCHOOL DISTRICT (P.
O. Summertown), Ga.—
BONDS SOLD TO PWA—It is stated that $5,000 4% semi-annual improve¬
ment bonds approved by the ,voters in October, have been sold at par to
the Public Works Administration.
>
.
,
22,975.67 street improvement bonds.
Denom. $1,000, one for $975.67.
Due May 1 as follows:
$3,975.67 in 1940, $3,000 in 1941, and
$2,000 in 1942 to 1949; optional for retirement at any time prior
to maturity.
These bonds are issued for account of paving
Hayward Ave.and other streets and alleys in the city as described
in Resolution No. 1479, adopted by the City Council on July 29,
1938.
Enclose a certified check for $2,000.
Prin. and int. (M-N) payable at the City Treasurer's office.
Bids should
be made on the basis of not less than par and accrued interest or better
and, all
other things being equal, awards will be made upon the most
or bids specifying the lowest interest rate.
The city will
bonds and the approving opinion of Chapman & Cutler of
favorable bid
furnish
IDAHO
BINGHAM
COUNTY
RURAL
HIGH
Chicago.
SCHOOL
DISTRICT
NO.
9
(P. O. Shelley), Idaho—BOND SALE DETAILS—It is now reported by
the District Clerk that the $15,000 school bonds sold to the Idaho Bank &
Trust Co. of Pocatello, at par, as noted here—V. 148, p. 613—were pur¬
chased as follows;
$5,000 as 3s, maturing $500 from Jan. 1, 1940 to 1949,
and $10,000 as 3 Ms, maturing $1,000 from Jan.
1, 1950 to 1959, incl.
ILLINOIS
like amount in 1940 is being radi ited for
presentation before
Legislature, it was announced recently by R. J. Dunham, Presi¬
dent of the Park Board.
Presentation of the measure will be delayed, howevert pending action by Congress with respect to the possibility of permit¬
ting future grants to municipal units by the Public Works Adninistration.
This agency has long since completed its 1938 program and at this time is
without funds to participate in further local works projects.
In advocat¬
ing issuance of bonds to provide for necessary expansion activities, Mr. Dun¬
ham pointed out that the district will retire $6,000,000 bonds on March 1,
1939, and an additional $619,000 the following September.
Also, he added,
payment of $6^619,000 bonds will be made on March 1, 1940.
a
the State
„
JEFFERSON COUNTY (P. O. Mount Vernon), 111.—BOND SALE—A total of $146,000 bonds, approved by the voters on Jan. 31, were sold on
Feb. 14 as follows:
$96,000 courthouse bonds to Ballman & Main of Chicago,
as
3Ms, at par.
Due in 20 years.
50,000 road bonds to Lewis, Pickett & Co., Chicago,
as
3Ms, at par.
Due
in 10 years.
All of the bonds are dated Feb. 1, 1939.
OAK
LAWN, 111.—BOND ISSUE DETAILS—'The $216,000 5% water
ana sewer revenue
p.
3795—are
Illinois
as
bonds sold to Lewis, Pickett & Co. of Chicago—V. 147,
payable
National
as to
Bank
&
principal ana interest (J-J) at the Continental
Trust
Co., Chicago, and have been approved
legality by Chapman & Cutler of Chicago.
They are payable solely
municipally-owned water works and sewerage system
the village has covenantee by ordinance to maintain rates for water
to
from income of the
ana
and
service at sufficient levels to provide at all times for payment
principal and interest charges on the bonds, but also to cover
maintenance, operating and depreciation costs.
It has further agreea not
to lease, sell or in any other manner dispose of the facilities until the debt
has been paid in full or provisions made for such
payment.
sewer
of not only
ROCK
ISLAND, III.—BOND ISSUE AGREEMENT—It is reported
Stifel, NIcolaus & Co. of St. Louis have entered into an agreement
with the city to market an issue of $2,500,000
briage revenue bonds to
finance the construction of a toll bridge across the
Mississippi River between
Rock Island, 111., and Davenport, Iowa.
that
INDIANA
ADDISON TOWNSHIP SCHOOL TOWNSHIP (P. O.
Shelbvville),
D*d.
BOND
OFFERING—Sealed
bids
addressed
to
D.
McKenney
Trustee, will be received until 7:30 p. ml. on March 8 for the purchase of
$5,000 4% school bonds.
Dated March 1, 1939.
Denom. $250.
Due
follows: $250 Dec. 30, 1940; $250. June 30 from 1941 to 1949 incl. and
$250 June 30, 1950.
Prin. and int. (J-D) payable at the Shelby Natonal
Bank, Shelbyville.
Legal opinion of reputable firm of Indianapolis bond
attorneys will be furnished the successful bidder.
as
•>
BANCROFT, Iowa—BONDS SOLD—It is stated by Leo M. Saunders,
Town Clejrk, that the following paving bonds, aggregating $15,336.88, were
purchased by the Carleton D. Beh Co. of Des Mointes, as follows:
$10,836.88 5% special assessment bonds at par, and $4,500 3M% general levy
bonds for a price of 100.55.
Interest payable M-N.
,
.
(This notice supersedes the report which appeared in our issue of Feb. 18,
under the caption of "Kossuth County, Iowa,"*—V. 148, p. 1055.)
CEDAR
CHICAGO PARK DISTRICT, 111.—SEEKS PERMISSION TO ISSUE
$6,000,000 BONDS—A bill authorizing the district to issue $3,000,000 bonds
in 1939 and
the
RAPIDS, Iowa—BOND OFFERING—It is stated that both
be received until 10 a. m. on Feb. 27 by L. J.
sealed and open bids will
$205,000 issue of coupon bridge
refunding bonds.
Dated Feb. 15,1939.
Due Nov. 1, as follows:
$45,000
in 1940 and $40,000 in 1941 to 1944.
Bidders should specify the coupon
interest rate, and, all other conditions being equal, preference will be given
to the bid of par and accrued interest or better specifying the lowest coupon
interest rate.
Prin. and Int.
(M-N) „payable at the City Treasurer's
office.
Each bond will be registerable as to principal.
The bonds will
bear interest payable only from Nov. 1, 1939, and are to be general obliga¬
tions of the city secured by ad valorem taxes on all taxable property in
the city and are to be issued under the provisions of Section 6252, &c.,
Chapter 320 of the Code of Iowa for the purpose of refunding a like amount
of outstanding bonded indebtedness of the city evidenced by First Avenue
Bridge bonds of the city maturing Nov. 1, 1939^ The city will furnish
the approving opinion of Chapman & Cutler of Chicago, the purchaser to
furnish the printed bonds and all bids must be so conditioned.
Enclose
a certified check for 3% of the principal amount of the bonds bid for.
Storey, City Clerk, for the purchase of a
Iowa—BOND
sale on Feb. 20—
of Mason City, as
0.75s, paying a price of 100.006, a basis of about 0.74%.
Dated Feb. 1,
1939.
Due on May 1 and Nov. 1, 1940, and on May 1, 1941.
CERRO
GORDO
COUNTY
(P.
,
O.
Mason
City);
SALE—The $45,500 issue of funding bonds offered for
V. 148, p. 763—was awarded to A. M. Schancke & Co.
COIN CONSOLIDATED SCHOOL DISTRICT (P. O. Coin),
reported by the District Secretary that
refunding bonds have been purchased by the
Corp. of Davenport, for a price of 100.40.
BONDS SOLD—It is
semi-annual
JACKSON
COUNTY
(P. O. Maquoketa), Iowa—BOND OFFERING
It is reported that bids will be received until 9 a. m. on Feb.
County Treasurer, for the purchase of a $26,000 issue of funding
RINGGOLD
Iowa—
$10,000 3M%
White-Phillips
COUNTY
(P.
O.
Mount Ayr),
27,by the
bonds.
Iowa—CERTIFICATE
SALE—The $33,400 issue of secondary road construction certificates offered
for sale on Feb. 20—V. 148, p. 1055—was awarded to the Carleton D.
Beh Co. of Des Moines, as 1 Ms,
paying a premium of $84, according to the
County Treasurer.
KANSAS
(P. O. Russell). Kan —PRICE PAID—In con¬
nection with the sale of the $80,000 1M% semi-ann. bridge bonds to Beecroft, Cole & Co. of Topeka, as noted here on Feb. 18— V. 148, p. 1055—
it is now reported by the County Clerk that the bonds were sold at a price
of 100.58, a basis of about 1.64%.
Due $4,000 on Feb. and Aug. 1 from
1940 to 1949 incl.
RUSSELL
COUNTY
KENTUCKY
O. Hopkinsville), Ky.—PRICE PAID—
County Treasurer that the $22,000 4% coupon
CHRISTIAN COUNTY (P.
It is now reported by the
semi-annual school building bonds purchased jointly by the Bankers
Bond Co. and Almstedt Bros.; both of Louisville, as noted here—Y. 148,
Volume
Financial
148
913—were sold for
3.84%.
Due $1,000
p.
HOPKINSVILLE,
a
premium of $351, equal to 101.59, a basis
Dec. 1 in 1940 to 1961 inclusive.
of Dec. 31, 1938
Uncollected
Uncolledted as of
Tax Collection Statement as
of about
TO PUBLIC—A
$24,000
offered
Dated
on
Ky.—BONDS
OFFERED
Year—
issue of 3 % % semi-annual school building revenue bonds is being
by 8tein Bros. & Boyce of Louisville, for general subscription.
Jan. 1, 1939
Denom $1,000
Due Jan 1, as follows:
$2,000 in
Board of Education by the Board of
Commissioners of the city at an
the building.
Legality to be
& Greenbaum of Louisville.
annual
Everhart
MASSACHUSETTS
COUNTY
Due in from 1 to 21 years.
—The Hyannis Trust
of
a
Cod Trust Co.,
(P. O. Barnstable), Mass.—NOTE
Co. of Hyannis purchased an issue
0.10% discount.
Due Nov. 15, 1939.
The Cape
second high bidder, named a rate of 0.12%.
bid
HOLYOKE, Mass.—NOTE OFFERING—Lionel Vonvouloir. City Treas¬
will receive bids until 11 a. m. on March 1 for the purchase at discount
$400,000 tax anticipation notes.
Dated March 1, 1939.
Denom.
$50,000, $25,000, $10,000 and $5,000.
Payable Nov. 22, 1939, at the Na¬
tional Shawmut Bank of Bostoh.
Legality approved by Storey, Thorndike-,.Palmer & Dodge of Boston.
offered for
urer,
submitted
by a group composed of Hill & Co. of Cincinnati, J. D. Van Hooser & Co.
of Lexington and Charles A. Hinsch & Co. of Cincinnati.
It is understood
held up because
SALE
of $50,000 notes
at
BARNSTABLE COUNTY
..
KENTUCKY, State of—HIGH BID—It is reported that the high
received for the $325,000 Bridge Revenue Project No. 16 bonds
sale on Feb. 23—V. 148, p. 764—was an offer of 100.52 on 2%s,
was
May election a pro¬
issuance of $16,000,000 bonds,
approximately equal instalments during the five
years 1940 to 1944, incl.
Total expenditure involved is placed at $21,750,000, of which $5,750,000 would be financed from tax revenues.
which wouid be sold in
(P. O. Nicholasville), Ky.—BONDS TO BE
PURCHASED—It is reported that the Bankers Bond Co. of Louisville is
underwriting $110,000 3M% county school building corporation bonas.
that the award
863,750
ELECTION—The voters will consider at the
BOND
posed improvement program calling for the
and interest on this
insurance costs on
approved by Selligman, Goldsmith,
Dec. 31, 1938
$2,401,231
of Dec.'61
$2,766,077
33,393,861
31,398,248
3,116,911
$592,849
1935
29,529,856
3,350,508
191,192
The City of Baltimore has never defaulted in the payment of principal or
interest of any obligation.
1945, and $3,000 in 1946 to 1949, callable on
102 and accrued interest on or prior to Jan. 1, 1944, at 101 and accrued
on or prior to Jan. 1, 1947, at par and accrued interest thereafter.
Principal and interest payable at the City Treasurer's office.
These bonds
are payable solely from, and secured by, an exclusive pledge of the income
and revenues derived from a lease of said property on a yearly basis to the
rental of $3,340, which is sufficient to pay all principal
of bonds when due, and also maintenance and
as
$33,145,522
($32,716,5201
I
677,341/
1936
interest
issue
Amount of Levy
1938
1937
1940 to
30 days' published notice at
JESSAMINE
1199
Chronicle
of
technicality.
NEWPORT, Ky.—BONDS SOLD—A $90,000 issue of street improve¬
garbage disposal plant refunding bonds were purchased recently
by Charles A. Hinsch & Co., Inc. of Cincinnati, divided as follows: $44,000
as 2Ms, maturing $4,000 from April 1,1940 to 1950, and $46,000 as 2M».
maturing on April 1: $4,000 in 1951 to 1954, and $5,000, 1955 to 1960, all
incl.
Denom.
$1,000.
Dated April 1, 1939.
Principal and interest
(A-O) payable either in New York or in Newport, at the option of the
holder.
Legality to be approved by Chapman & Cutler of Chicago.
Mass.—NOTE SALE— The issue of $500,000 notes offered
Security Trust Co. of Lynn at 0.27 % discount.
1939. This is the first borrowing against 1939 taxes. Second
high bidder, R. F. Marshall & Co., Inc. of Boston, named a rate of 0.279%.
LYNN,
ment and
Feb. 21 were awarded to the
Due Nov. 3,
MALDEN,
offered
notes
Trust Co.
Dec. 20,
OWENSBORO, Ky.—ADDITIONAL INFORMATION— In connection
columns last June, to the effect that a con¬
the City Commissioners, the Bankers Bond
Co. and Stein Bros. & Boyce, both of Louisville, for the purchase of $150,000
hospital bonds, it is now reported that these bonds have been sold at an
interest rate of 4%.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1
as follows:
$3,000 in 1940, $6,000 in 1941 to 1945, $7,000 in 1946, $8,000
in 1947 to 1949, $9,000 in 1950 tb 1952, $10,000 in 1953 to 1955, $12,000
in 1956 and 1957 and $5,000 in 1958, callable on any interest payment date
at the option of the Owensboro Daviess County Hospital Board of Direc¬
tors in the inverse order of maturity at 103 on or before Dec. 1, 1943; at
102 on or before Dec. 1, 1948; at 101 on or before Dec. 1, 1953, thereafter
at par, plus accrued interest to date of call.
Prin. and int. payable at the
Central Trust Co., Ownesboro.
These bonds are part of a total authorized
issue of $165,000, the additional $15,000 of bonds can only be issued in case
of necessary additions and only with written consent of the Board of Direc¬
tors of Owensboro Daviess County Hospital.
Legality approved by Wood¬
Mass.—NOTE SALE—The $500,000 revenue anticipation
Feb. 21—V. 148, p. 1056—were awarded to the Maiden
0.27% discount.
Datea Feb. 23, 1939 and due
of Maiden at
1939.
MANCHESTER, Mass.—NOTE SALE— An issue of $60,000 revenue
anticipation notes, due Nov. 6, 1939, was sold at 0.10% discount as follows:
$30,000 each to the Merchants National Bank and the National Shawmut
Bank, both of Boston. The Second National Bank of Boston, next highest
bidder, named a rate of 0.12%, plus $3.25.
•
"with the report given in these
tract had been signed between
.
BEDFORD, Mass.—NOTE OFFERINGS—Timothy J. Crowley,
City Treasurer, will receive bids until 11 a. m. on Feb. 28 tor the purchase
at discount of $500,000 revenue anticipation notes.
Dated March 2, 1939
and due Nov. 9, 1939 at the National Shawmut Bank of Boston.
Legality
approved by Storey, Thorndike, Palmer & Dodge of Boston.
NEW
NORTH
offered
ADAMS, Mass.—NOTE SALE—The issue of $100,000 notes
21 was awarded to the First National Bank , of Boston at
Feb.
0.217% discount.
Due Nov.
highest bidder, named a rate
24, 1939. R. L. Day & Co. of Boston, next
of 0.22%.
ORLEANS, Mass .—NOTE SALE—The $27,500 coupon school house
Feb. 24 were awarded as 2s at 100.83 to Estabrook & Co. of
Dated March 1,1939.
Denoms. $1,000 and $500.
Due March 1
as follows:
$1,500 from 1940 to 1954, incl., and $1,000 from 1955 to 1959,
incl.
Prin. and int. (M-S) payable at the Second National Bank of Boston,
or, at holder's option, at the Cape Cod Trust Co., Harwich.
Certified as
to genuineness by the Director of Accounts, Department of Corporations
ward, Dawson & Hobson of Louisville.
notes offered
PINEVILLE, Ky.—BONDS OFFERED FOR INVESTMENT—A $65,000
issue of 4H% coupon semi-annual school building revenue bonds is being
offered by the Bankers Bond Co., Inc., of Louisville, for public subscrip¬
tion at prices to yield from 3.50% to 4.50%, according to the maturity
desired."
Dated Jan. 15, 1939.
Due Jan. 15 as follows; $2,000 in 1943,
$3,000 in 1944 to 1948, $4,000 in 1949 to 1956, $5,000 in 1957 and 1958
and $6,000 in 1959: callable at 104 and accrued interest on 30 days' notice
for the first five years, 103 for the second five years, 102 for the third five
years and 101 for the fourth five years.
Prin. and int. payable at the City
Treasurer's office.
These bonds are payable solely from and secured by an
exclusive pledge of the gross income and revenues derived by lease of said
property on a yearly basis to the Board of Education by the City Council
at an aggregate annual rental of $6,100, which is sufficient to pay all interest
and principal on this bond issue when due, and also maintenance and insur¬
ance cost on the building.
Legality approved by Woodward, Dawson &
Hobson of Louisville.
Boston.
and Taxation,
Commonwealth of Massachusetts.
PALMER, Mass.—NOTE SALE—The First National Bank of Boston
purchased an Issue of $75,000 tax anticipation notes at 0.168% discount.
Due Dec. 8, 1939.
The Second National Bank of Boston, next high in
the bidding, named a rate of 0.189%.
SPRINGFIELD, Mass.—NOTE SALE—An issue of $300,000 revenue
was sold recently at 0.10%
discount.
Due Nov. 22, 1939.
^
notes
STOUGHTON, Mass.—NOTE SALE—An issue of $150,000 notes was
to the Second National Bank of Boston at 0.l29% discount.
The New England Trust Co. of Boston, second high
bidder, named a rate of 0.134%.
awarded
,
Due Dec. 22, 1939.
LOUISIANA
WELLESLEY,
Mass.—NOTE SALE— The issue
1056—was sold at 0.10%
of $300,000 notes
discount as follows:
SCHOOL DISTRICT NO. 1 (P. O. Ruston),
DETAILS—In connection with the offering
scheduled for Feb. 28 of the $75,000 not to exceed 6% semi-annual school
bonds, noted in our issue of Feb. 4—V. 148, p. 764—it is now reported that
these bonds are dated March 1, 1939 and mature on March 1 as follows:
$2,000, 1941 to 1948; $3,000, 1949 to 1955; $4,000, 1956 to 1962, and
$5,000 in 1963 and 1964.
Prin. and int. (M-S) payable at a place to be
designated by the purchaser.
In the event that less than $75,000 bonds
are sold, average maturities will be delivered to the purchaser.
offered Feb. 20—V. 148, p.
(P. Q. Minden),
La .—BOND SALE DETAILS—It is now officially reported that the $25,000
school bonds purchased by the Peoples Bank & Trust Co. of Minden as
3Ms, paying par, as noted here—V. 148, p. 1055—are in the denominations
of $500 and $1,000 and mature on March 15 as follows: $2,000, 1940 to
1942; $2,500,1943 td 1946, and $3,000, 1947 to 1949.
ham), Mich.—BONDS AND CERTIFICATES
connec¬
tion with the call for tenders of 1936 refunding bonds and certificat.es
indebtedness, all dated March 2, 1936—V. 148, p. 765
Louis M.
Business Manager, reports that $15,000 bonds were purchased at a price
of 95.70, also that purchase was made of all of the certificates that were
LINCOLN
La .—BOND
PARISH
each to the Wessesley Trust Co., New England Trust
Boston, and the Second National Bank of Boston.
Next highest
Ballou, Adams & Whittemore of Boston, named a rate of 0.14%.
OFFERING
$100,000
MICHIGAN
BLOOMFIELD, TROY, ROYAL
SHIPS
WEBSTER PARISH SCHOOL DISTRICT NO. 35
offered.
MARYLAND
v
BALTIMORE, Md.—BOND SALE—The $4,025,000 1M% emergency
awarded to the Bankers
Co., New York, and the Northern Trust Co , Chicago, in joint
account, at a price of 100.279, a basis of about 1.06%.
Dated Dec. 1.
1938, and due Dec. 1 as follows:
$800,000 from 1941 to 1944 incl., and
$825,000 in 1945.
Bonds were reoffered to yield from 0.45% to 1.20%,
according to maturity.
Other bids:
relief bonds offered Feb. 20—V. 148, p. 1055—were
Trust
Rate Bid
Bidder—
Chase National Bank, New York, et al__
;
Smith, Barney & Co., et al
Halsey, Stuart & Co., Inc., et al
First National Bank of New York and Mercantile-Commerce
Bank & Trust Co. of St. Louis, jointly
1
Assessed Value of City Property for Purposes
Assessed at Full Rate
100.254
100.179
100.113
100.10
100.03
of Taxation 1939
a
$1,068,212^38
Personal property:
Automobiles
-
Tangible
„
*
Business Corp. assets.
Shares
of corporations
Distilled spirits in
bond
Assessed at Fixed Rates
$42,000,000
•
Savings banks deposits
DETROIT, Mich.—NEW
DEBT SURVEY
COMPILED—The First of
analysis of the
collec¬
bond¬
Michigan Corp. have prepared, in booklet form, a recent
financial condition of the city, including financial statements, tax
tions
debt schedules and other information of special interest to
holders.
Copies available upon request.
follows.
Amount
of
414,761,940
220,000,000
676,761,940
Maturity
Obligations of Munlipahties—
Issue
Date
Macomb & Oakland counties, townships and district
$242,000
Nov. 1,
467
Oakland ana Wayne counties, town•
ships and district21,000
Nov.
471
Macomb County. _
-n'RRn
May
471
Royal Oak and Warren townships
A9,'9SH
^ov" b
471
Assessment district
162,000
Nov. 1, 1958
473
Assessment district
99,000
Nov.
474
Assessment district
210,000
Nov. 1, 1958
475
Warren and Erin townships
,$?•$?!?
Hay I'
481
Macomb County
123,000
May 1,1957
481
Shelby, Sterling and Warren townships
80,000
May 1, 1957
481
Assessment district
31.5,000
May 1, 1957
1120
Macomb County, townships & district
85.000
May 1. 1960
The bonds shall be dated April 16, 1939, maturing as stated above, with
Dist
No.
462
(estimated)
Securities
bonds
as
-$1,227,851,458
Shares of banks and trust companies
yield to the city as computed from the dollar price.
No bonds matur¬
ing beyond 1959 will be accepted.
The city reserves the right on
purchased, which are delivered subsequent to March 6, 1939, to pay
accrued interest up to that date only.
net
IMPROVEMENT
Com¬
purchase
districts,
27,111,630
37,427,690
30,000,000
65,000,000
100,000
.
.
MICHIGAN (State of)—OFFERING OF HIGHWAY
REFUNDING BONDS—Murray D. Van Wagoner, State Highway
missioner, will receive sealed bids until 2 p. m. on Feb. 27, for the
of $1,471,000 highway refunding bonds of various road asseesment
„
.
-
Daley,
OFFERINGS WANTED—John N.
receive sealed offerings until 10 a. m. on Feb. 27 (bids
to be firm until 1 p. m. the following day) for bonds in the
amount of
approximately $400,000 for the Water Board Sinking Fund, undet the
following conditions:
If callable bonds are offered at a premium—(a) When
the interest rate is 4^% or higher, the yield shalkbe computed to the
second call date; {.b) when the interest rate is less than 4K%, the yield"
shall be computed to the fourth call date.
If bonds are offered at par or
less than par—Yield shall be computed to the date Of maturity.
Offerings
shall show the purpose; the rate of interest; date of maturity; the dollar
value and the yield.
Offerings will be accepted on the basis of the highest
City Controller, will
•
Real estate—
TOWN¬
NO. 1 (P. O. Birming¬
PURCHASED—In
of
Randall,
OAK AND SOUTHFIELD
FRACTIONAL SCHOOL DISTRICT
DETROIT, Mich.—BOND
Sheilds & Co., et al
Co. of
bidder,
1958
1, 1958
int§
__$1,904,613,398
Total assessable basis
Statement of
Funded Debt of City of Baltimore as of
Outstanding
Sinking
Net Debt
$133,681,245.50
6,036,834.00
6,966,000.00
38,921,500.00
♦Conduit
$28,371,093.93 $105,310,151.57
1,250,551.88
4,786,282.12
$185,605,579.50
General
*
Dec. 31, 1938
Fund
Debt
$33,606,881.06 $151,998,698.44
McComas St. Terminal
♦Water.
♦
3,985,235.25
6,966,000.00
34,936,264.75
publication
shall be of
payable semi-annually
provisions of
Covert Act,
The bonds,
together with a favorable legal opinion of Miller, Canfield, Paddock and
Stone of Detroit, will be furnished by the State Highway Department.
Each bidder shall be required to namd the rate of interest and premium for
each $1,000 bond.
Bids will be considered separately for each issue and
option of prior payment on any interest paying date, upon the
a notice of call 30 days prior to date of redemption.
They
of
Self-supporting.
As
of Dec. 31, 1937
$185,624,579.50
Gross debt.
32,446,607.46
Less sinking fund
$153,177,972.04
Decrease in net debt from Jan. 1, 1938
Net debt
1958
to taxable basis
1,179,273.60
(water, McComas
St. Terminal and conduit debts excluded)
5.53%
$1,000 denomination, with Interest coupons attached,
May 1 and Nov. 1.
The bonds are being issued under the
Act No. 59 of Public Acts of 1915 as amended, known as the
to refund a like amount of bonds at a lower interest rate.
proposal.
,
protests by 20% of tbe qualified voters,
MONROE COUNTY (P. O. Monroe), Mich.—BOND SALE—The
$1,073,000 road assessment district highway refunding bonds offered
Feb. 20—V. 148, p. 1056—were awarded to a syndicate composed of Wat-
a
plant, and $15,000 3% semi-ann. street Improvement
NATCHEZ,
price of 100.131 for the bonds to bear interest at rates as follows: $119-
MUSKEGON, Mich .—BOND OFFERING—R. F. Cooper, City Clerk,
bids until 2 p.m. (to be opened and considered at
7 p. m.) on Feb. 28 for the purchase of $100,000 not to exceed 4% interest
coupon general refunding bonds.
Dated April 1, 1939.
Denom. $1,000.
Due April 1 as follows:
$5,000 in 1941 and 1942, and $10,000 from 1943
to 1951 incl.
Rate or rates of interest to be expressed in a multiple of H
of 1%.
Prin. and int. (A-O) payable at the City Treasurer's office,
A
certified check for 2% of the bonds bid for, payable to order of the City
will receive sealed
Treasurer, is required.
The city is authorized and required by law to
levy upon all taxable property therein, such ad valorem taxes as may be
the bonds and interest thereon beginning with the taxes
for the year 1940.
Bids shall be conditioned upon the unqualified opinion
of Miller, Canfield, Paddock & Stone of Detroit, approving the legality
of the bonds, which opinion shad state that the full faith and credit of the
city shall be pledged to the payment of the principal and interest of the
bonds, and that said bonds shall be payable from the levy of taxes of the
character and in the manner as set forth above.
The cost- of such opinion
shall be paid by the city.
The purchaser shall pay the cost of printing
the bonds.
necessary to pay
gram.
4s at par—V. 148, p. 1056—were purchased
both of Muskegon, in joint account.
The bonds are in denom. of $1,000 and mature one
bonds.
STATE
INDUS"
well conceived, has a reasonable prospect of
will relieve unemployment or will add materially to the financial
and business Interest of the municipality."
The tire factory is Natchez' second venture
$16,000 sewer
by the
Hackley Union National Bank and the National Lumbermen's, Bank,
as
UNDER
must determine tnat it is
success,
MUSKEGON, Mich.—PURCEASERS—The
bonds sold
BUILT
Mississippi's program to "balance agriculture With industry,
it was
reported on Feb. 16 to the International City Managers' Association.
Construction of the new Natchez factory, warehouse and offices was
financed by a $300,000 municipal bond issue, and the plant leased to a
private manufacturer.
The city also provided water, sewerage and road
facilities.
The corporation leasing the factory agreed to install at least
$500,000 worth of equipment, insure the plant, and keep it in good repair.
The corporation is to pay $50 a month rent for a period of five years.
At
the end of the five-year lease period it may purchase the plant, which then
goes on the tax rolls.
Municipalities in other States have .within recent years offered tax
exemption and other inducements to secure industries, the Association
pointed otit, but Mississippi cities are the first authorized to finance
directly.
This financing of industrial construction by local governments
was authorized in
a State law passed in 1936.
Since that time eight
Mississippi cities have voted bonds totaling $542,000 for this purpose.
The financing is regulated by the Mississippi Industrial Commission,
which has the power to investigate the financial standing, labor record and
public policy of each industry seeking the cities' aid and to refuse it when
necessary..
Twenty percent of a locality's electors must sign the petition
for the plant and two-thirds of the voters must approve the bond issue
after It is sanctioned by the Commission.
Under the terms of the law
if the municipality itself desires to operate a factory, the Commission
2.03%. Second high bid was made by an account composed of Stranahan,
Harris & Co., Inc., Bancamerica-Blair Corp., Ryan, Sutherland &> Co. and
Martin, Smith & Co.
NORTH
Miss.—FACTORY
TRIAL PROMOTION PROGRAM—The opening March 1 of an automobile
tire factory built by the above city, will mark the latest development in
000
2Hi, due May 1 as follows: $53,000,1947; $54,000,1948; $16,000 in
1949 and $15,000 in 1950. Successful bid figured a net interest cost of about
revenue
■
GRENADA, Miss.—BONDS SOLD—It is reported that the following
bonos aggregating $45,000, have been purchased jointly by Lewis & Co., and
J. 8. Love & Co., both of Jackson:
$30,000 3H% semi-ann. industrial
ling, Lerchen & Hayes, H. V. Sattley & Co., Paine, Webber Sc Co., Shannon,
Kenower & Co., all of Detroit; John Nuveen <& Co., Chicago; Campbell,
McCarty & Co., Inc. and Hood, Truettner & Thisted, both of Detroit,
at
1939
COLLINS, Min.—TENTATIVE BOND OFFERING—The City CouncI
is said to have reported its intention to offer for sale on March 16 a $6,500
issue of bonds, the proceeds to be used in the construction of a building to
house Federal agency offices. The offering is made subject to the filing of
bidders may submit their proposal for any or all of the issues.
A certified
check, payable to the order of the State Highway Commissioner, in an
amount of 2% of the amount of the bonds bid upon, must accompany
each
Feb. 25,
Chronicle
Financial
1200
under the industrial pro¬
A garment factory built with funds raised by popular subscription
half and now employs 300 workers.
that have voted bonds to construct new
industrial plants include Amory, Durant, Grenada, Newton, Terry, Union,
has been in operation for a year
Other Mississippi municipalities
each on Jan. 15
-and Winona.
and
a
•
from 1942 to 1957 inclusive.
OAKLAND COUNTY (P. O. Pontiac), Mich.—TENDERS WANTED
—Board of County Road Commissioners will receive sealed tenders of
highway improvement (Covert) refunding bonds until 10 a. m. on March 6.
Information concerning the extent of available funds on each of the several
issues will be furnished upon application to the Commission,
All tenders
BONDS
MISSOURI
shall specify the Road Assessment District number, the bond numbers,
the portion of each road (whether county portion, township portion,
Markets in all State, County & Town Issues
city portion, or assessment district portion), and shall stipulate the lowest
price at which the owner will sell said bonds to the sinking fund.
Bids
to be firm through Thursday, March 9, 1939.
Accrued interest on bonds
SCHERCH, RICHTER COMPANY
purchased will be computed to and including March 15, 1939, and all
bonds must have May 1, 1939, and all subsequent coupons attached,
and be delivered to the Detroit Trust Co. of Detroit on or before March 16,
1939.
The right is reserved to reject any and all tenders and no tenders
LANDRETH BUILDING,
ST. LOUIS, MO.
at prices above par and accrued interest can be considered.
RIVER ROUGE, Mich,—BOND CALL—Raymond J. Peters, City
Clerk, announces the call for redemption, at par and accrued interest, of
4H% refunding bonds, series A, numbers 1-24 incl,, dated March 1, 1934,
and due March 1, 1954.
Bonds, together with March 1, 1939, and all
•subsequent coupons attached, shoui be presented to the
River Rouge
Savings Bank, River Rouge, on or before March 1, 1939.
According to the "Michigan Investor" of Feb. 11, Mr. Peters has advised
that call notices would be forthcoming, pursuant to provisions stated in the
bonds, for the following issues:
'
' '
Series B, amount $60,000, Nos. 1 to.60 incl., dated May 1, 1934, and
due May 1, 1954.
Series F, amount $25,000, Nos. 1 to 25 incl., dated April 15, 1934, and
due April 15, 1954.
Series G, amount $54,000, Nos. 1 to 54 incl., dated May 1, 1934, and
due May 1, 1954.
•*
Series J, amount $150,000, Nos. 1 to 150 incl., dated April 15, 1934, and
due April 15, 1954.
MISSOURI
ST. LOUIS, Mo.—CITY'S
KOREPORTED TO
OLTUOACINANIF
BE IMPROVED—Despite an increase in its operating deficit, the above
city has been steadily reducing its bonded debt and materially improving
its long-term outlook, according .to a study of its financial position com-
Eleted by Lazard Freres & Co., of New York. With its low debt and tax
urden, St. Louis is so well entrenched financially as to give it a great
advantage over most cities of its size in meeting any future emergencies, in
the opinion of the banking firm.
Nine favorable elements in the city's credit position are listed as follows:
1. Low debt burden, both direct and overlapping.
2. Significant
sole overlapping unit of local government.,
4. Relatively short-term of debt.
5. Tax rate that
ROMULUS TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O. Romulus)
Mich.—BOND SALE—The $85,000 refunding bonds offered Feb. 20—V.
148, p. 1056—were awarded to Siler, Carpenter & Roose of Toledo as 3J£s
and 3Ms, Dated March 1, 1939 and due March 1 as follows: $5,000, 1940
to 1943 incl.; $6,000,1944 to 1948 incl.; $7,000 from 1949 to 1953 incl.
_
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 8 (P. O. Hazel
Park
Station,
Royal
Oak), Mich.—TENDERS WANTED—Ralph
Valom, Secretary of the Board of Education, will receive sealed tenders
until 7 p. m. on March 4 of 1936 refunding bonds, series A and B, dated
April 1. 1936.
The amounts on hand in the sinking funds for retirement
of bonds of each series follow; Series A, $14,213.87; series B, $6,185.76.
Offerings should be firm for three days and state bond numbers and price
at which they will be sold to the district.
TROY TOWNSHIP
(P. O. Troy), M ich.—BONDS SOLD—The $75,000
water
supply system self-liquidating revenue bonds offered Oct. 8—V. 147,
P. 2278—were sold to B. K. Blanchet & Co. of Toledo as 4s.
Dated Oct. 1,
1938 and due Oct. 1 as follows: $2,000, 1942 to 1947, incl.; $3,000,1948 to
1953, incl.; $4,000 from 1954 to 1958, incl. and
inclusive.
"The city now appears to have consolidated its financial position to the
point where it is possible that further refunding of maturities will not be
necessary," says the study.
"The last refunding was undertaken in 1936
and no bonds nave been issued for any purpose since then with the excep¬
tion of a $1,300,000 issue sold in January, 1939.
Consequently, the gross
bonded.debt, as well as the net debt burden, Is declining by more than
$5,000,0G0 annually. All bond issues recently submitted to the electorate
have been voted down. This gives encouragement to the prospect'of a coin
tinued decline in the debt.
Tne entire picture may be changed if tne State
turns baek to the city part of the burden of unemployment relief.
Relief
borrowing, however, could be undertaken again to some extend without
increasing the amount of debt outstanding ir tbe present retrenchment in
improvement borrowing continues."
In connection with the above report we give
During the year 1938 no bonds were issued.
On Feb. ly 1939, $1,800,000 2% public improvement bonds were issued, $1,300,000 were sold to
Mississippi Valley Trust Co., ana associates, and $500,000 held by Police
Retirement System of St. Louis.
at
During the
maturity,:
INDEPENDENT
SCHOOL
DISTRICT
NO.
RED LAKE
year
1938, the following bonds were purchased and canceled
Public improvement,
Waterworks
Jl
Relief.
$3,852,000.00
626.000.00
460,000.00
;
"
$4,938,000.00
In addition to above, relief bonds In the amount
and maturing as below, were called prior to maturity
Dated.
June 1,
1923
61
Starbuck), Minn.—BONDS SOLD—It is reportea that $15,000
were
herewith the text of a letter
by Chas. L. Cunningham, Deputy City Comptroller:
Your inquiry to City Treasurer regarding City of St. Louis bonds issued
and canceled during the year 1938, has been referred to this office for reply.
Le SUEUR, Minn.—BONDS SOLD—The $11,000 issue of
coupon Im¬
provement, general obligation bonds offered for sale on Feb. 8—V. 148, p.
765—was purchased locally as 4s, at par. it is stated. Due in 1939 to 1944.
COUNTY
be readily raised without overburdening the tax-
•
tax collection record.
7. State support of local relief requirements since latter part of 1937.
8. Profitable operation of water works system.
9. City's strategic industrial and commercial position.
,
sent to us on Feb. 14
MINNESOTA
POPE
can
ner.
Satisfactory
$5,000 from 1959 to 1963,
DULUTH INDEPENDENT SCHOOL DISTRICT (P. O. Duluthh
Minn.—BOND OFFERING—It is stated by H. J. .Forsberg, Clerk of the
Board of Education, that he will receive sealed bids until 7:30 p. m. on
March 10, for the purchase of a $300,000 issue of refunding bonds.
In¬
terest rate is not to exceed 3 %,
payaole A-O.
Dated April 1, 1939.
De¬
nom. $1 ,00^..
Due serially and become payaole either in 10 or in 7 years
depending upon which nlan is adopted after bids are received as follows:
Ten-Year Plan—®20,000 due April 1, 1942 and $401000 on April 1, 1943 to
1949.
Seven-Year Plan—$30,000 due April 1, 1942, $75,000 on April 1,
1943 to 1945 and $45,000 on Apr. 1, 1946.
Prin. and int. pay. at Bankers
Trust Co., New York.
The approving opinion of Thompson, Wood &
Hoffman, of New York, will be furnished.
Enclose a certified check for
$5,000.
building bonds
reduction in debt since abandonment of refunding In 1936.
3. Conservative financial practice followed by school district, which is
Feb.
purchased recently by the State.
1, 1934
Maturity
June 1, 1939
June 1, 1940
June 1, 1941
June 1, 1942
Feb. 1, 1943
Interest
4%
4%
4%
4%
3M%
FALLS, Minn.—WARRANT SALE—The $5,000 issue of
warrants offered for sale on Feb. 6—V. 148, p. 616—was
purchased
by local investors, as 4s at par, according to the City Clerk.
Dated
March 1, 1939.
Due in from 1 to 10
of $1,380,000, dated
and canceled.
,
Amount
$230,000.00
230,000.00
230,000.00
230,000.00
460,000.00
$1,380,000.00
sewer
years.
WESTBORO SCHOOL DISTRICT (P. O. Rockport), Mo.—BONDS
SOLD—It is reported that $65,000 2%% semi-annual road bonds have been
purchased by Stifel, Nlcolaus & Co. or St. Louis.
Dated Jan. 15, 1939.
Legal approval by Charles & Trauernicht of St. Louis.
MISSISSIPPI
big
black special consolidated school district
(P. o. Kilnuchael), Miss.—BOND OFFERING—It is stated by T. E.
Tyler, President of the Board of Trustees, that bids will be received at the
office of the Clerk of the Board of
Supervisors at Winona, until noon on
March 6. for the purchase of a $30,000 issue of school bonds.
Denom.
fgOO.
1954,
Due March 1, as follows: $1,000 in 1940
Enclose a
and $1,000 in 1955 to 1964.
amount of bid.
to 1944; $1,500 in 1945 to
certified check for 5% of the
CLINTON, Miss.—BONDS SOLD—We are informed by J. R. Hitt.
Town Clerk, that $18,500 4 H% coupon street
paving bonds were sold on
Feb. 7 to the Bank of Clinton at par.
Denom. $500.
Dated Jan. 1, 1939.
Due on Jan
1 as follows:
$2,000, 1941 to 1948, and $2,500 in 1949, no
option of prior redemption.
Interest payable J-J.
(This notice supersedes the sale report given in
—V. 148, p. 1056.)
our
issue of Feb.
18.
MONTANA
.
CARBON COUNTY SCHOOL DISTRICT NO. S3 (P. O. Edgar),
Mont.—BOND OFFERING—It is stated that sealed bids will be received
until 2 p. m. on March 18 by the District Clerk for the purchase of an $8,000
issue of not to exceed 6% semi-annual gymnasium bonds.
These bonds
were
approved by the voters on Feb. 11.
NEBRASKA
ALLIANCE, Neb.—BOND OFFERING—Sealed bids will be received
by R. W. Laing, City Clerk, for the purchase of
until 7 p. m. on March 2,
a
$300,000 Issue of electric plant revenue bonds.
Dated April I
,
1939.
Denominations optional with purchaser but not under $1,000"or over $5,000.
Due $30,000 April 1, 1940 to 1949.
Payment of outstanding balance shall
be oDtional with city on regular payment dates,
beginning April 1, 1944.
Volume
Unless all bids
rejected the award will be made to the bidder
are
1201
Chronicle
Financial
148
offering to
YORK
NEW
Eurchase the bonds at the withoutrate of interest, stated in per centhow¬
and
undredths of
per cent, lowest
reference to premium, provided,
that if the written bids of two or more bidders constitute an offer to
purchase the bonds at the same lowest rate of interest, then the Mayor and
Tuckahoe), N. Y.—BOND SALE—The
$38,500 general improvement bonds offered Feb. 24—V. 148, p. 1057—
were awaraed to the County Trust Co. of White Plains as 1.20s at par
Council of the city may, at their discretion, invite oral bidding as between
two or more lowest bidders on the basis of premium to be paid and may in
Slus $41.50 premium, equal to 1 as follows: $8,500 in 1940, and $10,000
Dated
larch 1, 1939, and due March 100.107, a basis of about 1.15%.
EASTCHESTER
a
ever,
their discretion award such sale to such bidder offering
the highest premium.
EAST SYRACUSE,
N. Y.—BOND SALE—The $33,000 coupon or
registered Manlius St. improvement bonds offered Feb. 20 were awarded
to the Merchants National Bank & Trust Co. of Syracuse, as 2Ms.
Dated
operation and maintenance have been cared for and the electric rates shall
be maintained adequate to promptly meet operating, maintenance and bond
payments both as to principal and interest.
The city will not sell or other¬
March
Due March 1 as follows: $2,000 from
1959 incl. Principal and interest
Denom. $1,000.
1, 1939.
1941 to 1954 incl. and $1,000 from 1955 to
the consent of the holders of the
Wells, of Wells, Martin, Lane &
Enclose a certified check for §6,000,
wise dispose of the electric utility without
bonds.
The approving opinion of A. R.
of Omaha, will be furnished.
payable to the City Treasurer.
O.
from 1941 to 1943 inclusive.
Interest payable April and Oct. 1.
The payments of principal and interest
shall be a first lien against the earnings of the electric utility after expenses of
Offutt
(P.
(M-S) payable at the Bank of East Syracuse, or at the Chase National
Bank, New York City. Legal opinion of Frank J. Griener of East Syracuse.
Second high bidder was the Union Securities Corp. of New York, at 100.40
for 2 Ms.
WAHOO, Neb.—BOND SALE—The $45,000 issue of coupon refunding
general obligation bonds, offered for sale on Feb. 17—V. 148,
p. 914—was awarded to the Kirkpatrick-Pettis Co. of Omaha as 2Ms,
paying a premium of $25, equal to 100.05, a basis of about 2.74%.
Due
on April 1 from 1940 to 1954; optional after five years from date of issue.
Other bids:
water,
Bidder—
*
Int. Rate
Int. Rate
■
Greepway & Co., Omaha
2%%
2%%
2M%
2M%
3%
The Continental National Bank, Lincoln
3%
-'i..
Walter Raynor & Co., Omaha____J
Steinauer-Schweser, Inc., Lincoln
Wachob-Bender Corp., Omaha
___
_
...
First National Bank, Wahoo__
NEW
100.28
2%%
,__
Price Bid
195.00
discount
725.00
premium
premium
625.00
Par
WAVERLY, N. Y.—BOND SALE—The $7,000 fire department equip¬
ment bonds was sold on Feb. 15 to the Citizens National Bank of Waverly.
Dated July 1, 1938.
Denom. $1,000.
Due July 1 as follows: $2,000 in
1939 and 1940 and $1,000 from 1941 to 1943 inci.
Principal ahd nterest
payable at the Citizens National Bank, Waverly.
The bonds bear interest at 3M%.
$15.00 premium
35.00
discount
150.00
discount
Par
3%
_
100.40
Par
2.70%
York.
Syracuse Savings Bank
First National Bank of Minoa
Bank of East Syracuse
Other bids were as follows:
Names of Other Bidders—
First Trust Co., Lincoln
Rate Bid
2M%
2M%
>
Union Securities Corp. of New
$10,000
JERSEY
N. J .—BOND OFFERING—3. C. Johnson, Town
Clerk, will receive sealed bids until 8p.m. on March 6 for the purchase of
$749,000 not to exceed 3% interest coupon or registered school bonds.
Dated March 15, 1939.
Denom. $l,0OG.
Due March 15 as follows:
$25,000 from 1940 to 1968 incl. and $24,000 in 1969.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1 %.
Principal and
interest (M-S) payable at the Bloomfield Bank & Trust Co., Bloomfield.
The bonds are general obligations of the town, payable from unlimited
taxes.
A certified check for $14,980, payable to order of the town, must
accompany each proposal.
Legal opinion of Dillon, Vandewater & Moore
of New York City will be furnished the successful bidder.
MECKLENBURG COUNTY, N. C. Sch. 234s
BLOOM FIELD,
August 1, 1962-67 at 2.50% basis
Due
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone
BURLINGTON, N. 3.—BOND OFFERING—W. W. Marrs, City Clerk,
until 8 p. m. on March 7 for the purchase of $82,500
to exceed
6% interest coupon or registered school bonds.
Dated
March 1, 1939.
One bond for $500. others $1,000 each.
Due March 1,
as follows: $5,500, 1940; $5,000 in 1941 and $4,000 from 1942 to 1959, incl.
Bidder to name a single rate of interest, expressed in a multiple of M of 1 %.
Principal and interest (M-S) payable at the Mechanics' National Bank,
Burlington.
The sum required to be obtained at the sale ot the bonds is
$82,500.
A certified check for 2% of the bonds offered, payable to order
of the city, must accompany each proposal.
Legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
.bidder.
The bonds are payable from unlimited ad valorem taxes on all
of the city's taxable property.
A. T. T. Tel. Rich. Va. 83
3 9137
CAROLINA
NORTH
will receive sealed bids
not
CAPE
MAY
CHADBOURN, N. C.—BOND OFFERING— Sealed bids will be received
until 11 a. m. on Feb. 28 by W. E. Easterling, Secretary of the Local Gov¬
ernment Commission, for the purchase of the following not to exceed 6%
semi-annual coupon bonds aggregating $10,000:
Due $500 from June 1,1941 to 1944, inclusive.
Denom. $500; prin. and int. (J-D) payable in N. Y. City in legal tender;
general obligations; unlimited tax; coupon bonds registerable as to principal
alone; delivery on or about March 16 at place of purchaser's choice.
There
will be
COUNtY BRIDGE COMMISSION (P. O. Cape May
must
-
1940 to
trust company,
for $200.
The
1940 to
be
1958 incl.
name a
1, 1939.
Denom. $1,000.
Bidders
constituting a single issue and bid accordingly.
single rate of interest, expressed
in a multiple of M of 1 %.
The price for which the bonds may be soid cannot exceed $583,000. » Prin¬
cipal and interest (M-S) payable at the National State Bank, Elizabeth.
A certified check for $11,640* payable to order, of the city, must accompany
each proposal.
Legal opinion of Reed, Hoyt, Washburn
York City will be furnished the successful bidder.
& Clay of New
.
appeared in Y. 148, p. 915.)
(Preliminary report of the above offering
FORT
LEE, - N. 3.—BANKRUPTCY HEARING SCHEDULED—
Federal Judge Guy L. Fake has set March 6 at the date for hearing of the
borough's bankruptcy petition under which it proposes to conclude a plan
f
providing for the refinancing of its total
school
district.
-
indebtedness, also that of the
Provident
Weil
ISSUE
3.—BOND
schoo1
240
3%
3%
(Balance
Co., Inc
88,123.20
3M %
3M% 1
3%
Corp. and Burr & Co., Inc
___3%
Stranahan, Harris & Co., Inc
______ _-_____3M%
Chas. A. Hinsch & Co. and Seasongood &/First $28,000 3%
(Balance
/First $40,000
(Balance
R. S. Dickson & Co. and Southern Invest-/First $52,000
ment Co
(Balance
Kirchofer & Arnold, Inc., and Branch /First $16,000
Mayer
Lewis & Hall, Inc.
-
(successful bid)
Banking & Trust Co
NORTH
100.26
101.32
White & Co
237
itaie
/First $52,000 3M%1
3M%J $88,000.00
/
First of Michigan
100.33
3M%
(Balance
l
3M%\
2Mr
3%
3%
3M%,
3%
3 M %.
88,027.25
88,545.60
88,162.80
88,017.60
88,088.88
88,016.50
88,032.56
•
101.29
DAKOTA
MORTON COUNTY (P. O. Mandan), N. Dak.—CERTIFICATE
OFFERING—It is reported that sealed bids will be received until 2 p. m.
on Feb. 27 by M. J. Tobin, County Auditor, for the purchase of a $50,000
issue of certificates of indebtedness.
Interest rate is not to exceed
Due on or before 19 months from date of issuance.
A certified check for
not less than 2% of the bid is required.
7%.
*
3%%
O. Wilson), N. C.—BOND SALE—The $88,000
registered school bonds offered for sale on Feb. 21—
100.591
240
.____
due $1,000
148, p.
Equitable Securities Corp. and F. W. Craigie & Co
Wm. B. Greene Co. and Fox, Einhorn &jFirst $58,000
Rate Bid
100.849
237
,
175,127.75
(Balance
102.38,
Inc. and MacBride, Miller & Co____
Allyn & Co., Inc.; E, H. Rollins &
Sons; Morse Bros. & Co., and R. D.
ner,
A. C.
175,021.50
175,018.00
the remaining $2,000 as 4Mb,
Bidder—
Dunning & Co.
Kean, Taylor & Co., and Van Deventer
Bros., Inc.
____
H. L. Allen & Co.; Schlater, Noyes & Gard¬
Scott Horner
Breed & Harrison, Inc
Stuart & Co., Inc., New
239
1
3%
3%
2%%
3%
j Balance
1057—was awarded to Lewis & Hall of Greensboro, paying a
premium of $8.88, equal to 100.01, a basis of about 2.93% on the bonds
divided as follows: $40,000 as 2Ms, maturing on Nov. 1; $4,000, 1941 to
1944, and $6,000, 1945 to 1948; the remaining $48,000 as 3s, maturing on
Nov. 1: $6,000, 1949 to 1954; $8,000 in 1955 and $4,000 in 1956.
The following is an official list of the bids received;
Price
V.
No. Bonds
and Charles Clark &Co__
*
f
2 H%
WILSON COUNTY (P.
issue of coupon or
follows:
1957 to 1959, incl.; $25,000 from
The bankers re-offered the bonds
toiyield from 0.75% and 2.80%, according to maturity. Other bids:
Lehman Bros,
—
_
1946, and $1,000, 1947 to 1951;
June 1 in 1952 and 1953.
$5,000, 1940 to 1956, incl.; $10,000 from
1960 to 1963, incl. and $20,000 in 1964.
Mackey, Dunn & Co., Inc
B. J. Van Ingen & Co., C. P.
and C. A. Preim & Co
175,037.00
175,128.00
on
York, were successful bidders at the offering of $240,000 general funding
bonds on Feb. 21—V. 148, p. 1057, taking a principal amount of $235,000
Int. Rate
3%
3% "
,
MOUNT HOLLY, N. C.—BOND SALE—The $10,000 issue of coupon
extension bonds offered for sale on Feb. 21—V. 148, p. 1057—
awarded to McAlister, Smith & Pate, Inc., of Greenville, paying par
for the bonds as follows: $8,000 as 5s, maturing on June 1; $500 in 1941 to
N. J.—BOND SALE—The $45,500 coupon refunding
16—V. 148, p. 915—were awarded to H. B. Boland &
3 Ms, at par plus a premium of $202.93, equal to 100.446,
a basis of about 3.45%.
Dated Feb. 15, 1939 and due Feb. 15 as follows:
$3,000 from 1942 to 1955, incl. and $3,500 in 1956.
Joseph G. Kress &
Co., Inc., Perth Amboy, second high bidder, offered a price of 100.26 for
3%e.
Only other oidder was E. H. Rollins & Sons, Inc., New York.
Bid For
238
H%
was
Co. of New York as
Bidder—
3
water works
APPROVED—The'
and naming an interest rate of 3% and price of $240,600, equal to
a basis of about 2.82%.
Dated Feb. 1, 1939 and due Feb. 1 as
175,000.00
3M%
Co.;
Kirchofer & Arnpld, Inc.;
& Mason, Inc
;
*
Successful bidder.
bonds offered Feb.
J.—BOND SALE—Halsey,
175,000.00
175,224.25*
—
&
Seasongood & Mayer.
r»OCEANPORT,
N.
Bosworth
*R. S. Dickson & Co.; Interstate Se-llst 105,000
curities Corp.; Southern Invest. Co.(J Balance
State Funding Commission has approved the township's proposal to issue
$50,000 bonds to fund certain tax revenue, paper and other-indebtedness
for a maximum of 15 years and, simultaneously, to place the township on a
full cash basis with a covenant for annual tax sales.
ORANGE,
165,000
____■/Balance
John) 1st 75,000
./Balance
Stranahanllst 48,000
Harris & Co., Inc
:»
/Balance
Wachovia Bank & Trust Co.; Lewis &)
Hall, Inc.; Chas. A. Hinsch & Co. 1st 90,000
bonds was sold to the Millwille
N.
Savings Bank & Trust'Co.;)
& Irving; Breed & Har-flst
Roth
Nuveen & Co
Braun
HOBOKEN, N. J.—BONDS EXCHANGED—'The city has exchanged
with the original holders, at par, through the medium of B. J. Van Ingen
& Co., Inc., New York, a total of $1,092,000 4% general refunding bonds.
Dated Jan. 1, 1939.
Due July 1 as follows: $20,000, 1945; $25,000, 1946?
$50,000, 1947; $21,000, 1948; $65,000, 1949; $100,000, 1950; $110,000,
1951; $135,000, 1952; $115,000, 1953; $125,000, in 1954 and 1955, and
$201,000 in 1956.
TOWNSHIP,
j
rison, Inc
First National Bank of St. Paul;
Jan. 30.
MONROE
3 H%
3%
Greene Co.;l
Burr & Co., Inc.; Wm. B.
Fox Einhorn & Co___
SCHOOL
DISTRICT, N. J.—BOND
OFFERING—George J. Herold, District Clerk, will receive sealed bids
until 8 p. m. on March 6 for the purchase of $12,000 not to exceed 3% %
interest
school
bonds.
Dated March
1, 1939.
Denom. $400.
Due
$1,200 on March 1 from 1940 to 1949, incl.
Principal and interest (M-S)
payable at the Peoples Trust Co. of Bergen County, Hasbrouck Heights
Office, Hasbrouck Heights.
Bidder to name a single rate of interest and
the sum required to be obtained at the sale of the bonds is $12,000.
A cer¬
tified check for 2% of the bonds offered, payable to order of the Board of
Education, must accompany each proposal.
Proceedings authorizing the
bonding of the district were approved by the State Attorney General on
MILLVILLE,- N. J.—BONDS SOLD—An issue of $33,000 3%
National Bank at a price of par.
N. Y. City, will
_____]
Hardin___,
First National Bank, Hickory
HEIGHTS
HASBROUCK
furnished
approving opinion of Masslich & Mitchell,
the purchaser.
HICKORY, N. C.—BOND SALE—The $175,000 issue of coupon water
and sewer bonds offered for sale.on Feb. 21—V. 148, p. 1057—was awarded
to R. S. Dickson & Co., the Interstate Securities Corp., and the Southern
Investment Corp., all of Charlotte, paying a premium of $18, equal to
100.01, a net interest cost of about 2.86%, on the bonds divided as follows:
$105,000 as 3s, maturing on Nov. 1: $6,000, 1941 to 1946; $12,000,1947 and
1948; $15,000 in 1949 to 1951; the remaining $70,000 as 2%e, due on Nov.
1; $15,000, 1952 to 1955, and $10,000 in 1956.
- ;
The following is an official list of the bids received:
Price
Bidder—
'
Rate
Equitable
Securities
Corp.; F. W.)
$175,245.50
3%
Craigie &
Co.;
Vance Young
All of the bonds are dated March
consider the offering as
by a certified check upon an incorporated bank or
payable unconditionally to the order of the State Treasurer
be accompanied
1978.
'
Bidder to
auction.
is
ELIZABETH, N. J.—BOND OFFERING—Patrick F. McGann, City
Comptroller, will receive sealed bids until 11 a. m. on March 3 for the pur¬
exceed 6% interest coupon or registered bonds,
must
no
separate bid for each issue (not less than par and accrued interest)
required.
Bidders are requested to name the interest rate or rates in
multiples of M of 1%; each bid may name one rate for part of the bonds of
any issue (having the earliest maturities) and another rate for the baiance,
but no bid may name more than two rates for any issue, and each bidder
must specify in his bid the amount of the bonds of each rate.
Bids must be on a form to be furnished with additional information and
A
H.), N. J.—PWA BUYS BONDS—The Public Works Administration
purchased $250,000 4% bridge bonds at par.
The agency approved a
loan of $910,000 to the bridge commission last June.
C.
$544,000 city hail bonds.
Due March 1 as follows: $13,000 from
1958 incl.; $15,000 from 1959 to 1977 incl., and $12,000 in
38,000 general obligation bonds.
Due $2,000 on March 1 from
1948,
inclusive.
21)00 storm sewer bonds.
has
chase of $582,000 not to
divided as follows:
Due $1,000 from June 1, 1941 to
$8,000 street improvement bonds.
1202
Financial
Chronicle
MUNICIPALS
OHIO
I
CANTON
AKRON
Municipal Bonds Since 1892
BUILDING, CLEVELAND
COLUMBUS
CINCINNATI
Oklahoma City, Oklahoma
SPRINGFIELD
AT&T Ok
Cy 19
OHIO
BUTLER
COUNTY
(P.
O.
water
supply bonds.
Dated Feb. 1, 1939.
One bond for $337.60,
others $1,000 each.
Due Dec. 1 as follows: $3,337.60 in 1940 and $3,000
from 1941 to 1959. incl.
Bidder may name a different rate of interest pro¬
vided that fractional rates are expressed in a multiple of % of 1%.
Prin¬
cipal and interest (J-D) payable at the County Treasurer's office.
Bonds
are being issued in anticipation of the collection of special assessments levied
on the property in several sewer districts in the county.
A certified check
for $603.38, payable to order of the County Treasurer, must accompany
each proposal.
CLEVELAND, Ohio—BOND OFFERING—G. A. Gesell, Director cJ
Finance, will receive sealed bids until noon on March 10 for the purchase of
$2,100,000 4% coupon bonds, divided as follows:
$500,000 paving and
sewer bonds, city's portion.
Due Sept. 1 as follows:
$45,000 from 1940 to 1945 incl. and $46,000 from 1946 to 1950 incl.
600,000 general sewer bonds. Due $24,000 on Sept. 1 from 1940 to 1964
,
incl.
1,000,000 Cuyahoga River improvement bonds.
Due $40,000
Sept. 1
on
from 1940 to 1964 incl,
All of the bonds
Long Distance 787
OKLAHOMA
Hamilton), Ohio—BOND OFFERING—
P. G. Banker, Clerk of Board of County Commissioners, will receive sealed
bids until noon on March 10 for the purchase of $60,337.60 3H% sewer
and
SCHOOL
MEEKER
DISTRICT
1, 1939. Denom. $1,000. Bidder may
name a different rate of
interest, provided that fractional rates are ex¬
pressed in a multiple of
of 1%. Principal and interest (M-S) payable at
the Irving Trust Co., New York City. At the owner's request, coupon bonds
may be exchanged for bonds registered as to principal and interest; coupon
bonds also may be registerable as to principal only, and thereafter be trans¬
ferable to bearer.
The bonds were authorized at the general election last
November and are payable from taxes levied outside of tax limitations.
Proceedings relative to issuance of the bonds have been taken under the
supervbion of Squire, Sanders & Dempsey of Cleveland, whose approving
opinion can be ootained by the successful bidder at his own expense.
A
certified check for 2 % of the amount of bonds bid for, payable to order of the
City Treasurer, must accompany each proposal.
Delivery of bonds to be
made on or about March 23, 1939, at any bank in Cleveland designated
by
the purchaser or at a bank agreed upon by the purchaser and the Director
(P. O. Meeker), Okla.—BOND OF¬
FERING— It is reported that sealed bids will be received until 7 p. m. on
Feb. 28 by Rollie Tiillon, District Clerk, for the purchase of a $15,000 issue
of building bonds.
Biadei's to
name
the rate of interest.
$2,000, 1942 to 1948, and $1,000 in 1949.
bid is required.
Due
as
follows:
A certified check for 2% of the
QUINLAN, Okla.—BOND OFFERING—It is reported that sealed bids
will be received until 4 p. m. on March 1 by H. Gifford, Town Clerk, for the
purchase of a $5,000 issue of not to exceed 6% semi-aimual water system
bonds.
Due serially in from 5 to 20 years.
These bonds were approved by
the voters
on Jan. 10.
A certified check for 3% of the bid is required.
(These bonds were offered for sale without success on Feb. 6—V. 148,
768.)
p.
SEDAN CONSOLIDATED SCHOOL DISTRICT NO. 9 (P. O. Route
2, Mountain View), Okla.—BOND SALE DETAILS—We
are
informed by
the Clerk of the School Board that the $6,400 coupon building bonds sold
Feb.
14,
noted here—V.
148,
1058—were purchased by Louis
Schickman of Oklahoma City as follows: $4,000 as 3s, maturing from 1942
to 1945; the remaining $2,400 as 2Ms, maturing in 1946 to 1948.
on
as
dated March
are
25, 1939
R. J. EDWARDS, Inc.
MITCHELL, HERRICK & CO.
700 CUYAHOGA
Feb.
p.
OREGON
COQUILLE, Ore.—BOND SALE—The $1,315.57 6% semi-annual street
improvement, series 0-2, bonds offered
sold to a local purchaser, it is reported.
CURRY
UNION
COUNTY
on
HIGH
Feb. 20—:V. 148,
SCHOOL
p.
916—were
DISTRICT
NO.
1
(P. O. Gold Beach), Ore.—BONDS SOLD—It is now reported by the
District Clerk that the $35,000 building bonds offered for saie on Oct.7 —
V. 147, p. 2126—were purchased by Blyth & Co., Inc. of Portland, paying
price of 100.04, a net interest cost of about 3.35%, on the. bonds divided
follows:
$25,000 as 334s, maturing on Oct. 1:
$1,000 in 1941, and
1942 to 1953; the remaining $10,000 as 3^s, maturing $2,000
from Oct. 1, 1954 to 1958, inclusive.
•
a
as
$2,000,
DALLAS, Ore.—BOND OFFERING—Sealed bids will be received unti
27, by J. R. Craven,- City Auditor, for the purchase of the
of Finance.
8 p. m. on Feb.
IRONTON, Ohio—BOND SALE—The $200,000 flood prevention bonds
offered Feb. 23—V. 148, p. 768—were awarded to Stranahan, Harris &
Co., Inc. and Braun, Bosworth & Co., both of Toledo, jointly, as 3s, at
par plus a prexnium of $4,233. equal to 102.116, a basis of about
2.82%.
Dated April 1, 1939 and due April 1 as follows:
$6,500 from 1940 to 1959
incl. and $7,000 from I960 to 1969 incl.
Second hjgh bid of 10.52 for
3s was made by W. E. Hutton & Co. and J. S. Todd & Co., in joint account.
JACKSONVILLE, Ohio—BOND OFFERING—William C. Hilt, Village
Clerk, will receive sealed bids until noon on March 10 for the purchase of
$3,200 4% funding bohds. Dated Dec. 1, 1938. One bond for $200, others
$500 each.
Due Dec. 1
as
follows:
following bonds aggregating $20,353.59:
$10,000.00 fire protection bonds. Interest rate is not to exceed 6%, payable
F-A.
Dated Feb. 1, 1939.
Denoms. $1,100, $1,000 and $900.
Due Feb. 1, as follows:
$900 in 1940 to 1942; $1,000 in 1943 to
1946 and $1,100 in 1947 to 1949. The city reserves the right to
take up and cancel.-the bonus, or any of them, upon payment of
the face value thereof, with accrued interest to date of delivery,
at any interest-paying date at or after one year from Feb. 1,
1939. These bonds were authorized at the general election held
p.
M-Si
Principal and interest (J-D) payable at the Village Clerk's office.
(Above issue was originally scheduled to be sold on Feb. 11—V. 148,
468.)
'
premium of $6.23 for
3^s.
LAWRENCE TOWNSHIP SCHOOL DISTRICT (P. O.
Massillon),
Ohio—CORRECTED INTEREST RATE—PRICE PAID—The $30,000
school bonds purchased by the
National Bank of Orrville—V. 148, p. 768—
bear interest at 3)4%, not 3% as
previously reported, and were sold at,a
price of 101.166,
a
in or after six years
face valiie thereof
any
basis of about 3.12%.
$139,000 refunding bonds.
Due Oct.T as follows: $15,000 from 1945 to
1949 incl. and $16,000.from 1950 to 1953 incl.
Certified check
for #jj)l 390 is r©Q[ixiF©ci
*■
*
52,000 delinquent tax bonds.
Due Oct. 1 as follow^: $5,000 in 1940
and 1941 and $6,000 from 1942 to 1948 incl.
Certified check for
semi-annual
for $353.59.
accrued interest to date of delivery, at
period on or after the fifth year from
with
coupon
and
int.
payable
at
Treasurer's office in lawful
the City
money.
as to each class of bonds. The bonds will not be
value thereof and the full amount of accrued
interest thereon. Enclose a certified check for 5% of the amount of the bid,
payable to the city.
'
;
Proposals shall be separate
sola for less than the
par
.
DOUGLAS COUNTY SCHOOL DISTRICT NO. 43 (P. O. Roseburg)
Ore.— WARRANTS SOLD—-It is stated by the District Clerk that $1,800
warrants were
PORTSMOUTH, Ohio—BOND OFFERING'—James
D.
Williams,
Director of Department of Finance and Audits, will receive sealed bids
until 3 p. m. on March 10 for the purchase if $216,000 not to exceed
6%
interest bonds, divided as follows:
one
the date of the bonds.
Prin.
a
Denom. $1,000,
numerical order such portions of the bonds which shall mature
from date of issue, upon the payment of the
LAKE
COUNTY
(P. O. Painesville),
Ohio—BOND SALE—The
$3,141.52 Willoughby Sewer District No. 1, Improvement No. 16 bond8
offered Feb. 20—V. i48, p. 768—were sold to the Arrowhead Beach Sales
Co., as Is, at par. Dated April 1,1938 and due semi-annually from April 1,
Saunders, Stiver & Co. of Cleveland bid
Int. rate is not to exceed 6%, payable
Dated March 1, 1939.
Due March 1, as follows:. $1,353.59 in 1940 and $1,000 in 1941
to 1949,
The city reserves the right to take up and cancel in
,
1939 to Oct. 1, 1943.
Nov. 8.
on
10,353.59 improvement bonds.
$200 in 1940 and $500 from 1941 to 1946
incl.
purchasea recently by
a
local investor,
as
4s.
ECHO, Ore.—BOND SALE—The $3,700 general bonds offered for sale
on Feb. 20—V. 148, p. 916—were awarded to Tripp & McClarey of Port¬
land, as 33^s, paying a price of 10?.707, a basis of about 2.59%.
Dated
Feb. 1, 1939.
Due from Feb. 1, 1940 to 1947, inclusive.
GERVAIS, Ore.—WARRANT SALE—-The $2,000 issue of
rants offered for sale on
Feb.
coupon war¬
13—V. 148, p. 916—was purchased by Marie
Mangold <?f Gervais as 4s at par.
bid
was
received but the conditions
$520 is required.
25,000 street, alley and sewer improvement bonds. - Due Oct. 1 as
follows: $3,000 in 1942 and 1943: $4,000 in-1944 and
$3,000 from
1945 to 1949 incl.
Certified check for $250 is required.
»
of Portland
All
The Cit^ Recorder states that
were
a
lower
unsatisfactory.
for the District.
of the bonds will
Interest A-O.
be
dated
March
Delivery of bonds will
expense of the purchaser.
of the city, also the
Printed
1,
1939 and in $1,000 denoms.
be made outside the city at the
bonds
will
be
furnished
at
expense
approving legal opinion of Peck, Shaffer & Williams
Certified checks must be payable to order of the
city.
of Cincinnati.
ROCKY
RIVER, Ohio—BOND OFFERING—Frank Mitchell, City
Auditor,'will receive sealed bids until noon on March 6 for the purchase of
$50,000 4% assessment refunding bonds of 1938.
Dated Oct. 1, 1938.
Due $10,000 on Jan. 1 from 1943 to 1947 incl.
Bidder may name a dif¬
ferent, rate of interest provided that fractional rates are expressed in a
multiple of K of 1%.
A certified check for $500, payable to order of the
city, must accompany each proposal.
Purpose of issue is to provide for
refunding of bonus which matured Oct. 1, 1938,
v
STRUTHERS,
Ohio—BOND
OFFERING—John
F.
Pearce,
City
Auditor, will receive sealed bids until noon on March 4 for the purchase of
$3,820.56 4% special assessment street paving bonds.
Dated March"1,
1939.
One bond for $320.56, others $500 each. - Due Oct. 1 as follows:
$1,000, 1940: $500, 1941 and 1942; $1,000 in 1943 and $820.56 in 1944.
Interest A-O.
A
certified check for $35,
payable to order of the city, is
required.
LANE COUNTY SCHOOL DISTRICT NO. 177 (P. O. Springfield),
Ore.— WARRANT BALE—The $3,800 issue of warrants offered for slae on
Feb. 10—V. 148, p.
917—was awarded to the Baker, Fordyce, Tucker Co.
3Ms. paying a price of 100.14, according to the Attorney
The only other bid was an offer of par for 5s, submitted
by the First National Bank of Cottage Grove,
*>'.•••
MARION COUNTY SCHOOL DISTRICT NO. 4 (P. O. Silverton),
Ore.—BOND OFFERING—Sealed bins will be received until 8 p. m. on
March 1 by H. W. Adams, District Clerk, for the purchase Of
Citv
Auditor,
4% general improvement refunding boncis.
Dated March 1, 1939. Denom.
$1,000.
Due $10,000 on Oct. 1 from 1941 to 1950 incl.
Rate of interest
to be expressed in
multiples of 34 of 1%.
A certified check for 1% of the
issue, payabxe to order of the city, must accompany each proposal.
WAYNESFIELD,
bonds
offered
MULTNOMAH COUNTY SCHOOL DISTRICT NO.
land)
Ohio—BOND
SALE—The
$3,000
4%
SCHOOL
DISTRICT
NO.
33
(P. O. Fairfax), Okla.—BOND OFFERING—It is reported to M. F.
Malone, District Clerk, that he will receive bids at the office of the
County
Superintendent of Schools in Pawhuska, until 2:30 p. m. on Feb. 28, for the
purchase of an $18,000 issue of building and furnishing bones.
Due $2,000
June 15, 1942 to 1950.
The bonds shall be sold to the bidder
bidding the
lowest rate of interest the bonds shall bear, and
agreeing to pay par and
accrued interest for the bonds.
Enclose a certified check for 2% of the
amount of his bid.
HARMON
COUNTY
SCHOOL
DISTRICT
NO.
3
(P.
O.
Gould)
Okla.—BOND SALE—The $5,500 issue of
building bonds offered for sale
Feb. 7—V. 148, p. 868—was purchased
by the First State Bank &
Trust Co. of Hollis, according to report. Due $500 from 1944 to
1954 incl.
on
Feb. 1.
Enclose
vill
be
17 (P. CL Port¬
until 7
received
a
The warrants were authorized at
cerrified .check for $500.
an
election held
-
...
DISTRICT NO. 33 (P.
O
Faloma), Ore.—BOND SALE—The,$10,000 issue of school bonds offered
MULTNOMAH
COUNTY
SCHOOL
Feb. 20—V. 148, p. 1058—was awarded as l&s, paying a price of 100.09,
of about 1.72%.
Dated March i, 1939.
Due $2,000 March 1,
basis
1940 to 1944, inclusive.
MULTNOMAH
COUNTY
JOINT
SCHOOL
DISTRICT
NO.
42
(P. O. Portland), Ore.—BOND SALE—The $8,000 issue of school bonds
for sale on Feb.
17—V. 148, p. 917—was awarded to Tripp &
McClearey of Portland, according to the District Clerk.
Dated March 1,
offered
1939.
Due $1,000 from March 1, 1941 to 1948, incl.
ROSEBURG, Ore.—BOND OFFER ING—Sealed bids will be received
a. m. on Feb. 25 by A. J. Geddes, City Recorder, for the
purchase
until 10
of
a
$25,000 issue of 3H% semi-annual sewage disposal bonds.
March 1, 1939.
Denom. $500.
Due $500 March 1, 1941 to 1950.
as
CONSOLIDATED
bids
Dated
Prin.
and int. payable at the City Treasurer's office.
The bonds will not be sold
for less than par and accrued interest.
All bidders shall satisfy themselves
OKLAHOMA
GRAYHORSE
ORFERING—Sealed
County Treasurer's office.
on
sidewalk
Bank
Ore.—BOND
p. m. on March 3, by Sybil G. Nelson, District Clerk, for the purchase of a
$5,000 issue of not to exceed 4 % semi-ann. school warrants. Dated March 6,
1939.
Due $1,000 June 1, 1941 to 1945.
Prin. and int. payable at the
Feb.
18—V.
148, p. 768—were awarded to the Peoples
of Wapakoneta.
Dated Dec. 1, 1938 and due $300 on
June 1 and Dec. 1 from 1940 to 1944 incl.
National
$10,000 issue
6% coupon building bonds.
Denom. $1,000'.
Dated-March 2, 1939.
Due $1,000 from March 2, 1944 to 1953, incl.
Prin. ana int. (M-S) pay¬
able at the office of the County Treasurer, or at the State's fiscal agency in
New York City.
a
Hillyer,
will receive sealed bids until 1 p. m. on March 13 for the
purchase of $100,000
a
of
on
WARREN, Ohio—BOND OFFERING—B. M.
as
to the legality of the bonds for which purpose a transcript of proceedings
of the city in connection with the bond issue will be furnished
by the City
Recorder to all prospective bidders upon application.
Enclose a certified
check for not less than 2% of the par value of the bonds, payable to the
city.
(This notice supplements the offering report given in
V. 148, p. 1058.)
our
issue of Feb. 18—
SEASIDE, Ore.—BOND OFFERING—It is reported that Gault Patton,
City Auditor and Police Judge, will receive sealed bids until 7:30 p. m. on
Feb. 27, for the purchase of a $60,500 issue of not to exceed
4% semi-ann.
sewage disposal plant bonds.
Dated March 1, 1939. Due May 1, as follows:
$10,500 in 1942 and $10,000 in 1943 to 1947. Principal and interest payable
at the City Treasurer's office.
These bonds are the general obligation of the
city, and the net revenues derived from the use of the sewer system will
Volume
also be pledged to their payment.
The bonds will not be sold for
par and accrued interest.
The approving legal opinion of Teal,
Institutional Home bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due
Dec. 1 as follows:
$25,000, 1940; $30,000, 1941 to 1944, incl.; $35,000 in
1945 and 1946.
Callable at district's option, in whole or in part, in inverse
order of bond numbers on Dec. 1, 1939 or on any subsequent interest date,
less than
Winfree,
McCulloch, Shuler & Kelley, of Portland, will be furnished the purchaser.
Enclose a certified check for $1,000.
payable J-D.
Treasurer, is
Pennsylvania
Affairs, and legal opinion of Saul, Ewing, Remick
at a price of 103.
Bidder to name a single rate of interest,
A certified check for 2%, payable to order of the County
SALEM
(P. O. Salem), Ore.—BOND SALE DETAILS—It
by the City Recorder that the $50,000 street improvement bonds
purchased at par by Ferris & Hardgrove of Portland, as noted here—*
V. 148, p. 917—were sold as follows:
$8,000 maturing Feb. 1, $1,000
} maturing
in 1942 to 1945, $2,000 in 1946 and 1947, as 4Ms; and $42,000 maturing
Feb.1, $3,000 in 1948, $4,000 in 1949 to 1951, $7,000 in 1952 and 1953,
$8,000 in 1954. and $5,000 in 1955, as 5s.
WEST
is
1203
Chronicle
Financial
148
stated
required.
Bonds will be issued subject to the approval of the
Department of Internal
& Saul of Philadelphia.
SCRANTON
Eckersley,
SCHOOL
DISTRICT,
Pa .—NOTE OFFERING—Jacob
Secretary of Board of Directors will receive sealed
bids until
anticipation notes of
Due July 1, 1939
to name the rate of interest which will be payable at maturity.
will be issued subject to approving legal opinion of Townsend,
8 p. m. on Feb. 27 for the purchase of $450,000 tax
1939.
Dated March 10,
1939.
Denom. $50,000.
Bidder
$55,000 BOROUGH OF SHARPSBURG
ALLEGHENY
Notes
Elliott & Munson of Philade.phia.
COUNTY, PENNA.
2M% Bonds due Dec. 1, 1941-57 @ 1.30% to
coupon
WYOMING COUNTY (P. O. Tunkhannock), Pa .—BOND OFFERING
C. Kasson, Chief Clerk, will receive sealed bids until 2 p. m. on
PENNSYLVANIA
A. T. T.
$20,000
1953.
Incorporated
Telephone—Atlantic 8333
Pa.—BOND SALE—
road bonds offered Nov. 7—V. 147, p. 2901—were
awarded to Moore, Leonard & Lynch of Pittsburgh as 2Ms, at 100.63, a
basis of about 2.68%.
Dated Nov. 1, 1938 and due Nov. 1 as follows:
$2,000, 1939 to 1941 incl.; $1,000, 1942 to 1951 incl.; and $2,000 in 1952 and
The
JOHNSON fit McLEAN
PITTSBURGH
.
SOUTH FAYETTE TOWNSHIP (P. O. Cuddy),
101
—E.
Teletype—PITB 289
March 8, for the purchase of
$61,000 1, 1M. 1M, 1M. 2, 2M, 2M, 2M or
registerable as to principal, funding and courthouse improve¬
Dated March 15, 1939.
Denom. $1,000.
Due Sept. 15 as
follows:
$5,000 from 1941 to 1951, incl. and $6,000 in 1952.
Bidder to
name a single rate of interest, payable M-S.
A certified check for 2 % of
the bid, payable to order of the County Treasurer, must accompany each
proposal.
The bonds will be issued subject to favorable legal opinion of
Townsend, Elliott & Munson of Philadelphia.
3% coupon,
ment bonds.
PENNSYLVANIA
Pa .—FINANCIAL STUDY ISSUED IN CONNEC¬
TION WITH PROPOSED BOND SALE—C. C. Collings & Co. of Phila¬
delphia have prepared for distribution a comprehensive study of the finan¬
cial condition of the city in connection with the proposed sale on Feb. 28 of
$450,000 not to exceed 3M % interest funding and improvement bonds,
details of which appeared in V. 148, p. 917.
ALLENTOWN,
ISLAND
RHODE
RHODE ISLAND (State of)—BOND SALE—A syndicate composed of
the First National Bank of New York, Phelps, Fenn & Co., Inc., New
ALLENTOWN, Pa .—NOTE SALE—An issue of $150,000 tax anticipa¬
tion notes was sold on Feb. 15 to C. C. Collings & Co. of Philadelphia at
0.875%.
Due May 15, 1939.
Northern Trust Co.,
York;
Chicago;
Kean, Taylor & Co., New York;
St. Louis; Eldredge & Co. and
Mercantile Commerce Bank & Trust Co.,
ARCHBALD, Pa .—BONDS SOLD—The $70,000 5% coupon operating
revenue bonds for which no bids were received at a public offering last
May, have been sold to the State School Employees' Retirement Board at a
price of par. Dated May 15, 1938 and due May 15 as follows: $1,000 from
1939 to 1942 incl. and $11,000 from 1943 to 1948 incl.—V. 146, p. 2899.
the first maturing
AUTHORITY, Pa.—BOND
ISSUE DETAILS—The $2,150,000 2M % water bonds sold last December
to Elkins, Morris & Co. of Philadelphia at a price of 100.84„ a basis of
about 2.46%—V. 147, p. 4089—are dated Dec. 15, 1938 in denoms. of
$1,000, and are callable on 30 days' notice, as a whole or in part, in the
inverse order of their maturity, at 105 and accrued interest on Dec. 15,
1963, or on any interest payment date thereafter, the premium decreasing
M of 1 % annually.
Principal and interest payable in lawful money at the
First National Bank & Trust Co., Bethlehem, trustee, only out of the
annual revenues of the Authority derived from its water supply works and
system, which has been leased to the city.
The lease, dated Dec. 15,
1938, and all payments of rentals thereunder have been pledged with the
trustee as security for the bonds.
These bonds do not pledge the credit
or taxing power of the Commonwealth of Pennsylvania, or of the City of
Bethlehem, nor shall these bonds be deemed obligations of the Common¬
wealth or of the City, nor shall the Commonwealth or the city be liable
for the payment of principal of or interest on the bonds.
The lease, in¬
denture, ordinances and all other legal forms have been prepared by or under
the direction of Townsend, Elliott & Munson, of Philadelphia, who have
issued a favorable opinion as to the legality of the issue.
GEORGETOWN, S. C.—BOND TENDERS INVITED—It is stated
by Lida Scurry, City Clerk and Treasurer, that in accordance with provisions
of indenture relating to issue of refunding bonds of the city, the city Council
will receive tenders for the purchase of obligations of the city consisting of
refunding bonds, notes and paving certificates in the aggregate sum of
BETHLEHEM
MUNICIPAL
BOYERTOWN
SCHOOL
DISTRICT,
Pa .—BOND OFFERING—
Harvey D. Bitter, District Secretary, will receive sealed bids until 7:30 p.m.
Feb. 27, for the purchase of $15,000 2, 2M, 2M, 2M, 3, 3.M, 3 M, 3 H
or 4% coupon, registerable as to principal, school bonds.
Dated March 1,
1939.
Denom. $1,000.
Due $1,000 on March 1 from 1940 to 1954, incl.
Bidder to name a single rate of interest, payable M-S.
A certified check
for 2% of the amount bid for, payable to order of the District Treasurer,
must accompany each proposal.
Bonds will be issued subject to approving
legal opinion of Townsend, Elliott & Munson of Philadelphia.»
(Previous mention of this offering was made in V. 148, p. 1059.)
SCHOOL
DISTRICT,
OFFERING—
Pa .—BOND
W. J. Bassett, District Secretary, will receive sealed bids until 8 p. m.
March 21 for the purchase of $90,000 1M, IH, 2, 2H, 2M« 2%, 3, 3M
on
or
3M% coupon, registerable as to principal, school bonds.
Dated Aprjl 1,
1939.
Denom. $1,000,
Due April 1 as follows: $3,000 from 1940 to 1949
incl. and $4,000 from 1950 to 1964 incl.
Bidoer to name a single rate of
interest, payable A-O.
A certified check for 2% of the bonds bid for, pay-*
able to
Bonds
of the
order
District
Treasurer,
issuea subject to approving
are
& Munson of
must accompany
legal opinion of
each proposal.
Townsend, Elliott
Philadelphia.
Pa .—FINANCIAL SURVEY ISSUED—
comprehensive analysis of the county's financial condition has been
prepared for distribution by C. C. Collings & Co. of Philadelphia.
The
survey coincides with the offering on Feb. 28 of $150,000 not to exceed 3%
interest refunding bonds and $200,000 tax anticipation notes, details of which
appeared in V. 148, p. 1059.
„
ERIE COUNTY (P. O. Erie).
A
HOLLIDAYSBURG,
ance as
Pa —BOND SALE—An issue of $50,000 sewer
the Hollidaysburg Trust Co. ; •
system bonds was sold as 2 Ms to
INGRAM, Pa.—BOND SALE—The $25,000 coupon street improvement
awarded to Burr & Co.* Inc.,
Philadelphia, as 2Ms,-at par plus a premium of $312.25, equal to 101.248,
a basis of about 2.04%.
Dated March 1, 1939- and due March 1 as follows:
$2,000, 1940 to 1942 incl.; $1,000, 1943 and 1944; $3,000 from 1945 to 1947
incl. and $4,000 in 1948 and 1949.
Other bids:
.
Bidder—
Int. Rate
Premium
George G. Applegate, and S. K. Cunningham & Co.,
'
»
jointly.
2M%
$83.75
Glover & MacGregor, Inc
2M%
195.75
Singer, Deane & 8cribner__
2M %
54.00
bonds offered Feb. 17—V. 148, p. 769—were
____
2M%
.....
E, H. Rollins & Sons, Inc
15.00
2M%
Johnson & McLean, lnc_
322.50
O. Terrace), Pa—
offered Feb. 16—V. 148,
MIFFLIN TOWNSHIP SCHOOL DISTRICT (P.
BOND SALE->-The $100,000 coupon school bonds
to Halsey, StUart & Co., Inc., as 2s, at 100.287,
Dated March 1, 1939 and due $10,000 on March
from 1940 to 1949 incl.
Other bids.
p. 619—were awarded
basis of about 1.94%.
Rate
Bidder—
a
1
Rate Bid
101.164
Peoples Pittsburgh Trust Co..
E. H. Rollins & Sons.
2M%
Hemphill, Noyes & Co..
2M%
100.681
100.410
2M%
100.838
Singer, Deane & Scribner.
2M%
;
Stroud & Co
■
M. M. Freeman & Co., Inc.
Burr & Co., Inc...
Glover & MacGregor, Inc...
-
2M%
2M%
2M%
2M%
100.288
100.419
100.629
100.515
(P. O. Sunbury), Pa .—BOND
Comptroller, will receive sealed bids
purchase of $250,000 not to exceed 3%
interest coupon funding bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1, as follows:
$30,000, 1947 and 1948; $35,000, 1949 and 1950;
$50,000 in 1951 and $70,000 in 1952. All of the bonds will be redeemed at
the option of the county, as a whole or in part in the inverse order of their
numbers on Dec. 1, 1939, or at any subsequent interest date at the follow¬
ing prices:
On Dec. 1, 1939 to Dec. 1, 1942, incl., at 105; thereafter to
and incl. Dec. 1, 1945, at 104; thereafter to and incl. Dec. 1, 1948, at 103;
thereafter at 102.
Bonds will be registered as to principal only and bidder
is required to name a single rate of interest, payable J-D.
A certified check
for 2%, payable to order of County Treasurer, is required.
Issuance of
bonds will be subject to approval of proceedings by the Pennsylvania
Department of Internal Affairs, and legal opinion of Saul, Ewing, Remick
SOUTH
Awards will be made by the
the par value
of—BOND OFFERING PENDING—In
authorized by the Public Works
Public Service Authority for the
Santee-Cooper Power Project, it is now stated by R. M. Jefferies,.General
Counsel, that at the present time the said Authority is not offering bonds
for sale, a little later it is expected that a substantial amount of bonds would
be offered.
The bond resolution has not been adopted by the Board of
Directors and the terms on which the bonds will be offered is not yet known.
SOUTH
"
City Council in accordance with the terms
that no tenders be considered in excess of
of the obligation.
CAROLINA,
State
connection with a loan of $5,500,000
Administration to the South Carolina
SOUTH
DAKOTA
COUNTY (P. O. Aberdeen) S. Dak .—ADDITIONAL IN¬
FORMATION— It is now reported by the County Treasurer that the
$250,000 refunding bonds sold to the Allison-Williams Co. of
as 3 Ms, as noted here—V. 148, p. 1059—are aue from Jan. 1, 1942 to
and were sold subject to the proviso that the county obtain from the Legis¬
BROWN
Minneapolis,,
1954,
lature, which is
currently in session, authorization
for bonding itself.
DAKOTA, State of—BOND SALE—The $1,450,000 issue of
rural credit refunding, series A of 1939 bonds offered for sale on
Feb. 20—-Y. 148, p. 1059—was awarded to a syndicate headed by the WellsDickey Co. of Minneapolis, paying a price of par, a net interest cost of
about 2.895%, on the bonds divided as follows: $610,000 as 2MB, and
$840,000 as 3s.
Dated March 15, 1939.
Due on March 15, 1949. In¬
terest payable M-S 15.
> .« _.
^
__
.
Associated with the above firm in the purchase were: First National
SOUTH
coupon
,
Paul, North¬
of Chicago,
& Co.,
Piper,
West Co., all of Minneapolis, and Harold E.
Bank & Trust Co. of Minneapolis, First National/Bank of St.
western National Bank & Trust Co., of Minneapolis, Illinois Co.,
Milwaukee Co., of Milwaukee, J. M. Dain & Co., Bigelow, Webb
Justus F. Lowe Co., Geo. C. Jones Co., Allison-Williams Co.,
Jaffray & Hop wood, Thrall
Wood & Co., of St. Paul.
STURGIS, S. Dak.—BOND SALE—'The $70,000 issue of sewer system
for sale on Feb. 20—V. 148, p. 769—was awarded to the
National Bank of Sturgis, and the First National Bank of
Black Hills, of Rapid City, jointly, according to the City Auditor,
Dated
Dec. 15, 1938.
Due from Dec. 15, 1941 to 1958 incl. '
<
»
bonds offered
Commercial
,
TENNESSEE
SALE—
COUNTY (P. O. Shelbyville), Tenn.—BOND
The $45,000 issue of school bonds offered for sale on Feb. 20—V. 148, p.
1059—was awarded to Nunn, Shwab & Co. of Nashville, as 2Mb, paying a
price of 100.36, a basis of about 1.98%.
Dated Feb. 1, 1939.
Feb. 1, 1940 to 1955, inclusive.
<
BEDFORD
Due from
LEWISBURG, Tenn —BOND
ceived until 2 p. m. on March 15,
OFFERING— Sealea bids will be re¬
by C. C. Wallace, Town Clerk, for the
Tennessee'Valley
purchase of a $20,000 issue of 3% coupon semi-annual
Authority extension bonds. Due $2,000 March 1, 1941 to I9o0. The bonds
will not be sold for less than par and accrued interest. The proceeds or this
issue is to be used by the municipality for the purpose of obtaining additional
grants for the erection and construction of a municipal electric drstribution
system for the town.
WASHINGTON COUNTY (P. O. Jonesboro), Tenn.—BOND SALE
$200,000 issue of 3M% semi-annual school bonds
Feb. 20—V. 148, p. 314—was awarded to a syndicate
Fox
Einhorn & Co. of Cincinnati; Walter, Woody & Heimerdinger, also
of Cincinnati; Barcus, Kindred & Co. of Chicago, and Ryan
& Co. of Toledo, according to the County Chairman.
Dated Aug. 1, 1938.
Due from Aug. 1, 1943 to 1952 inclusive.
offered for sale
composed of
—The
on
Sutherland
COUNTY
NORTHUMBERLAND
TEXAS
until 10 a. m. on March 9, for the
Pittsburgh.
CAROLINA
$17,000.
of said indenture which require
OFFER ING—Robert Gibson, County
& Saul of
Industrial Co. of Providence,
bonds on a bid of 100.01 for
$475,000 bonds, to bear interest at 2M%. and the bal¬
1 Ms, or a net interest cost to the State of 1.639%.
Sale consisted of:
$2,250,000 1938-1939 fixed charge bonds.
Due $225,000 on March 1 from
1946 to 1955, inclusive.
250,000 general purpose bonds.
Due March 1, 1945.
All of the bonds are dated March 1, 1939.
Legal opinion of Attorney
General of the State was furnished the successful bidder.
WATER
on
COATESVILLE
C. F. Childs & Co., both of New York, and the
was awarded on Feb. 24 a total of $2,500,000
»
NORTHUMBERLAND COUNTY INSTITUTION DISTRICT (P. O.
Sunbury), Pa.—BOND OFFERING—Sterling Post, Chief Clerk. will
receive sealed bids until 10 a. m. on March 9, for the purchase of $215,000
not to exceed 3% interest coupon, registerable as to principal, County
Amherst),
of Educa¬
AMHERST INDEPENDENT SCHOOL DISTRICT (P. O.
Texas—BONDS SOLD— It is stated by the Secretary of the Board
to
a
Due
December
$20,000 4% semi-ann. gymnasium bonds were sold in
local purchaser.
Denoms. $1,000 and $500.
Dated Nov. 10, 1938.
on March 10 from 1939 to 1957, incl.
redeemable on any interest
tion that
paying date.
BRAZOS
RIVER
CONSERVATION
AND
RECLAMATION DIS¬
stated by
TRICT (P. O. Temple), Texas—BONDS AWARDED—It is
D. Collins, District Treasurer, that the $1,000,000 water system bonds
offered for sale on Feb. 16, the award of which was deferred—V. 148, p.
1060—were actually sold on Feb. 17 to a syndicate headed by Phelps, Fenn &
Co of New York, paying par, a net interest cost of about 2.86%, on the
bonds divided as follows: $323,000 as 2Mb, $292,000 as 2Mb, and $385,000
as 3s.
Due from May 1. 1940 to 1955.
" _
Those associated with the above firm in the purchase were: Fenner &
Beane, of New York, William N. Edwards & Co., of Fort Worth, Gregory,
R
1204
Eddleman
Financial Chronicle
&
Feb.
25,
1939
Abercromble, Aves & Wymer, both of Houston, Elliott &
Eubank, of Waco, and Fox Einhora & Co., of Cincinnati.
the $418,000 issue of not to exceed 6% semi-annual building bonds that was
scheduled to be held on Nov. 14, but was discontinued, as noted here, it is
BONDS OFFERED FOR INVESTMENT—'The successful bidders reoffered the above bonds for general public subscription on Feb. 24, priced
101.73 to 100.50, according to maturity, which prices will give an
follows by the Secretary of the Public Schools:
**
was contingent upon a PWA grant which
Our application was approved by the Federal Gov¬
ernment and it is possible this Congress may extend the Act to at least take
care of applications filed and approved.
If this is done within two years
of the time of the election approving the bond issue, I understand we can
proceed."
from
approximate yield to maturity ranging from 1% to 2.96%.
as a whole on 30 days' notice.
The bonds
are
redeemable
HOUSTON
COUNTY
(P.
O.
Crockett).
Texas—BOND SALE
DETAILS—It is now reported by the County Judge that the $120,000 4%
semi-annual court house and jail bonds which were sold, as noted here—
V. 148, p. 1060—were purchased as 354s, at par, by the State School Board,
are dated Oct. 1, 1938, and mature from 1939 to 1968, becoming optional
and after 1943.
on
reported
as
"The safe of this bond issue
has
been made.
never
WEST
CAMERON.
VIRGINIA
W. Va .—BOND SALE DETAILS—It is
now reported by
City Clerk that the $15,000 reservoir bonds purchased by Nelson,
Browning & Co. of Cincinnati, as 4s, at a price of 100.62, as noted here in
December, are due $500 annually from Nov. i, 1939 to 1968, bonds maturing
on and after Nov. 1,
1955 being callable in whole or in part on Nov. 1,
1939, giving a net income basis of about 3.96%.
the
HOUSTON, Texas—BOND SALE— The following issues of bonds
ag¬
gregating $242,000, offered for sale
on Feb. 21—V. 148, p. 1060—were
to R. A. W. Barrett & Co. of Houston, paying a premium of
$18,077.82, equal to 107.47:
$10,000 2?4% 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.
6,000 254% 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.
'
'
awarded
•
5,000 254% parks bonds.
Dated June 1, 1937.
Due on June 1, 1939.
75,000 4% street improvement bonds.
Dated June 15, 1936. * Due
85,000 on June 15 from 1942 to 1956, incl.
15,000 254% concrete base streets bonds.
Dated June 1, 1937.
Due on
June 1,1939.
29,000 254% 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. 15,1940 to 1945 incl.
4,000 254% swimming pool bonds.
Dated Jan. 15, 1938.
Due $1,000,
Jan. 15, 1940 to 1943 incl.
4,000 254% swimming pool bonds.
Dated June 1, 1937.
Due $1,000,
June 1, 1939 to 1942 incl.
JEFFERSON COUNTY
(P. O. Beaumont), Texas—BONDS SOLD—
A $200,000 issue of 3% semi-annual road and bridge refunding bonds is
saia to have been purchased jointly by Fenner & Beane, and Crummer &
Co., both of Dallas: Mahan, Dittmar & Co. of San Antonio, and Geo. V.
Rotan & Co. of Houston.
Due as follows:
$5,000 in 19a0 ana i941, $10,000
in 1942 and i943, $15,000 in 1944, $25,000 in 1945, $60,000 in 1946 and
$70,000 in 1947.
•
.
ORANGE, Texas—BONDS SOLD TO PWA—It is stated by the City
Secretary that the following 4% semi-ann. bonds aggregating $337,000,
approved by the voters last September, have been purchased at par by the
Public Works Administration: $309,000 street, paving and drainage, and
$28,000 wharf and dock bonds.
.
BONDS TO BE SOLD—The above Secretary also reports that the follow¬
semi-ann. bonds aggregating $133,000, will be sold in the near
future:
$115,000 city hall and auditorium, and $18,000 street, paving and
ing 4%
drainage bonds.
TEXAS, State of—LOCAL BOND ISSUES SOLD—It is officially re¬
ported that the following issues of bonds of local units have been sold to
the said purchasers:
$12,000 Lasara Indep. Sch. Dist. bonds to the State Board of Education.
42,000 Lefors water and
sewer
revenue
bonds to the
Public
Works
Ad¬
ministration.
6,00 ,'Scranton Sch. dist. building bonds to the State Board of Education.
49,000 Sterling County court house bonds to Mahan, Dittmar & Co.,
San Antonio.
90,000 Woodsboro Ind. Sch. Dist. 354% semi-annual building bonds to
the Ranson-Davldson Co., Inc., of San Antonio.
$15,000 Wolfe City Independent School District building bonds to local
purchasers.
'
State
was
of— WARRANTS
OFFERED—The
scheduled to receive bids up to
State
Board
of.
Feb. 24, for the
sale of $900,000 old age pension warrants,
recently authorized by the
Legislature and signed by Governor O'Daniel on Feb. 18.
The measure
prevents a 28% reduction in pension payments for March and succeeding
months.
.
,
10
a.
m.
on
»•.
The warrant rate will be limited to
-•
""TUCKER COUNTY (P. O. Parsons), W. Va .—BONDS SOLD—It is
reported by the County Superintendent of Schools that $110,000 semi¬
annual school bonds approved by the voters at the general election last
November, have been purchased by the State Sinking Fund Commission
as
3s.
WEST
VIRGINIA, State of—BOND OFFERING—We
1.60% and the $1,345,000 of similar
paper now held by Dallas Banks under a former loan will also be reduced
to that figure.
Repayment to the banks on the new issue will
begin Oct. 10
with $130,897 and will continue at the rate of
$200,000 a month until the
debt is satisfied.
WHARTON INDEPENDENT SCHOOL DISTRICT (P. O. Wharton),
Texas—BOND OFFERING—It is stated by Floyd G. Betts, District Sec¬
retary, that he will receive sealed bids until 7:30 p. m. on March 1 for the
purchase of a $10,000 issue of building bonds,
Dated March 1, 1939.
Denom. $1,000.
Due $1,000 March 1, 1940 to 1949.
Prin. and int.
(M-S) payable at a place preferred by the purchaser.
It is the intention of
the district to sell the bonds at the lowest interest cost that will
bying a
price of approximately—b(Ut not less than—par and accrued interest.
Bid¬
ders are required to name the rate or combination of two rates with their
bid which is closest" to par and accrued interast.
Any rate or rates named
must be
informed by
being provided that
a part of the issue may bear one rate and a part a dif¬
than two rates will be considered in any one bid.
$1,000 denominations, convertible into fully registered
bonds of $1,000 and $5,000 denominations.
Dated Jupe 1, 1938.
Due
$20,000 from June 1, 1939 to 1963, incl.
Prin. and int. (J-D) payaole in
lawful money of the United States at the State Treasurer's office In Charles¬
ton, or at the option of the holder, at the National City Bank in New York.
ferent rate.
Not
more
Coupon bonds in
These bonds are issued under authority of amendment to the Constitu¬
tion known as $50,000,000
State Road Bond Amendment, and under
authority of an Act of the Legislature of the State of West Virginia known
as Chapter 77, Act of 1937, regular session.
To secure the payment of this
bond, principal sum and interest, when other funds and revenues sufficient
are not available for that purpose, it is agreed that, within the limits pre¬
scribed by the Constitution, the Board of Public Works of the State of West
Virginia shall annually cause to be levied and collected an annual State tax
on all property in the State, until said bond is fully paid, sufficient to pay
the annual interest on said bond and the principal sum thereof within the
time this bond becomes due and payable.
The bonds will be sold to the bidder offering to take the bonds bearing the
lowest interest rate and to pay the highest price offered for bonds bearing
such rate.
Each bid must be accompanied by a certified check upon a
bank or trust company for 2% of the face value of the bonds bid for, pay¬
able to the order of the State for security for the performance of such bid
and as liquidated damages in case a successful bidder fails to take up and
pay for the bonds.
The bonds cannot be sold at less than par and accrued interest.
Pur¬
chasers will De required to pay accrued interest to the date of delivery.
Delivery will be made in N. Y. City.
To expedite delivery, interim cer¬
tificates will be furnished purchasers.
The purchaser or purchasers Will be
furnished with the final approving opinion of Caldwell & Raymond, New
York, but will be required to pay the fee for approving said bonds.
Option—The successful bidder will be awarded an option until 1 p. m.
(Eastern Standard Time), March 3, to purchase an additional $500,000 of
road bonds alike in all respects to this issue at the same price, conditions and
terms bid for this issue.
In case the option is not exercised, the additional
bonds will not be offered for sale until after the successful bidder has had
reasonable opportunity to dispose of this issue.
a
WISCONSIN
BEAVER
DAM, Wis —BOND SALE— The $185,000 issue of coupon
emergency relief bonds offered for sale on Feb. 20—V. 148, p. 1060—was
awarded jointly to Harley, Haydon & Co. of Madison, Heronymus, Ballschmider & Co. of Sheboygan, and Mullaney, Ross & Co. of Chicago, as
254s, paying a premium of $2,990, equal to 101.616, a basis of about
2.05%.
Dated Feb. 15, 1939.
Due from Feb. 15, 1941 to 1952, incl.
The second best bid
T. E. Joiner & Co. of
was an
offer of $2,985 premium on 254s, tendered by
Chicago.
BURLINGTON, Wis.—MATURITY—It is
now reported by the City
$30,000 sewage disposal plant bonds purchased by three
2s, at a price of 100.90, as noted here—V. 148, p. 314—are
due $3,000 from Feb. 1, 1940 to 1949, giving a basis of about 1.83%.
Clerk that
_
are
Governor Homer A. Holt that he will receive sealed bids until 1 p. m. on
Feb. 28, for the purchase of a $500,000 issue of road bonds.
Bidders are tjcx,
name the rate of interest, not to exceed 4%, in a multiple of 54 of 1%, itJ
.
..
TEXAS,
Control
CEREDO, W. Va .—BONDS SOLD—It is stated by the Town Clerk that
$20,000 flood wall bonds have been purchased by Magnus & Co. of Cin¬
cinnati.
the
local banks
as
CEDARBURG, Wis.-—BOND SALE—The $18,000 issue of 353% semi¬
annual bridge and river improvement bonds offered for sale on Dec. 27—•
V.
147, p. 3806—was purchased by the Thiensville State Bank of Thiensville, paying a price of 107.67, a basis of about 2.40%, according to the City
Clerk.
Dated Dec. 1,1938.
Due $3,000 from Feb. 1,1944 to 1949, incl.
SHEBOYGAN FALLS COMMON SCHOOL DISTRICT NO. 6 (P. O.
Sheboygan Falls), Wis.^BOND SALE— The $9,000 issue of 3% semi¬
multiples of h of 1%., and bids calling for a rate higher than 3 %
All bidders are required to attach to their bid a
certified or cashier's check for 2% of the amount of the
issue, payable to
the Independent School District,
The district will furnish the printed
bonds, a copy of the legal proceedings, the approving opinion of Gibson
& Gibson of Austin, or of
Chapman & Cutler of
annual school bonds offered for sale on Feb. 11—V. 148, p. 918—was pur¬
chased by the State Bank of Howards Grove, paying a price of 102.67, a
the bonds to the bank designated, all without cost to the
purchaser.
(This notice supplements the offering report given in our issue of Feb. 18
—V. 148, p. 1060.)
be received
will not be considered.
Chicago, and will deliver
UTAH
SOUTH
SALT
LAKE.
Utah—ADDITIONAL INFORMATION—We
by Robert R. Fitts, President of the Board of Town
Trustees, that the amount of Works Progress Administration sewer project
bonds sold to Edward L. Burton & Co, of Salt Lake
City, as 3s at par, was
$150,000, not $175,000, as reported in our issue of Feb. 18— V. 148, p. 1060."
Coupon bonds, dated Feb. 1, 1939Interest payable F-A.
Due from
are
now
1941
to
informed
1956.
basis
1949,
of about 2.52%.
Dated
until
'
7 p.
m. on Feb. 27,' by Leonard R. Trudgeon, Village
Clerk, for the purchase of an $8,500 issue of 2, 3, 4 or 5% semi-annual
water works plant oonds.
Due $500 from March 1, 1940 to 1956, incl.
These bonds were approved by the voters at an election on Sept. 20, 1938.
MIDDLETON SANITARY DISTRICT NO.
1
(P. O. Middleton)
Wis.—BOND OFFERING—It is stated that auction bids will be received
by W. Elmer Mahnke, Secretary of the Board of Commissioners, at the
offices of Lowry, Beggs & Dawson, Room 417, at 119 Monona Ave.,
Madison, until 2 p. pi. on Feb. 27, for the purchase of a $5,500 issue" of cou¬
pon water bonds.
March 15, 1939.
Interest rate is not to exceed 4%; payable M-S.
Dated
Due $500 March 15, 1940 to 1950. Rate of
Denom. $500.
interest to be in multiples of 54 of 1 %, and must be the same for all of the
bonds.
Prin. and int. payable in lawful money at the Bank of Middleton.
are issued subject to registration.
Award will be made on basis
deducting premiums. Bids
be subject to approving commercial opinion, cost of which is to be paid
by the purchaser.
A certified check for 2% of the total face value of the
bonds is required.
of lowest net interest cost to the district after
are in denomination of
$1,000 each and are numbered from
47, incl., and payment therefor at par plus premium for redemption
before maturity as provided therein will be made on and after said
date
upon presentation of said bonds at the office of the Director of Finance of
Henrico County, 22d St. and Main St., in
Richomond, Va.
Interest upon said bonds shall cease on March 1, 1939, and all
coupons
representing interest subsequently accruing thereon shall be void.
to
may
WYOMING
ALBANY COUNTY (P. O. Cheyenne), Wyo.—BONDS EXCHANGED
—It is stated by A. H. Micheison, County Clerk, that $200,000 county
court house
refunding bonds have been exchanged with the First National
the holder of the old bonds, which were not to become
Bank of Laramie,
optional until 1941.
CANADA
WASHINGTON
CANADA
CENTRALIA, Wash.—BONDS SOLD—It is stated by the City Clerk
that $10,500 street improvement bonds have been sold
locally.
EAST WENATCHEE, Wash.—BONDS NOT SOLD—It is stated
by
Lee L. Thulean, Town Clerk, that the $3,000 not to exceed
6% semi-annual
Sewer bonds offered on Jan. 28—V.
148, p. 470—were not sold.
Due in
20 years.
BONDS REOFFERED—Sealed bids will be received untii 8
p.
March 11, by the above clerk, for the
purchase of the said bonds.
m.
on
EPHRATA, Wash.—BONDS SOLD—It is stated by the Town Clerk
that the three issues of bonds,
aggregating $54,858, offered for sale without
Aug. 29, as noted here at that time, have since been sold.
success on
SPOKANE COUNTY SCHOOL DISTRICT NO. 8
(P. O. Spokane)-
1940 to
Due from Feb. 1,
i
Said bonds
Wash.—ADDITIONAL INFORMATION—It connection with
1, 1939.
The bonds
VIRGINIA
HENRICO COUNTY SANITARY DISTRICT NO. 2
(P. O. Highland
Springs) Va.—NOTICE OF BOND CALL—We are informed by J. A.
Gates, Director of Finance, that -the following bonds are being called for
payment as of March 1:
$41,000 4% improvement bonds, dated June 1,
1934, and maturing June 1, 1939 to June 1, 1953.
seven
Feb.
inclusive.
LINDEN, Wis.—BOND OFFERING—It is reported tuat sealed bids will
the sale of
(Dominion of)—TREASURY BILLS SOLD—An issue o
$25,000,000 Treasury bills, dated Feb. 15, 1939 and due May 15, 1939,
was sold on an average yield of 0.691
%.
EXETER,
Ont.—BOND SALE—An
ment bonds was sold to
of 105.117.
issue of $19,000 4%
improve¬
Pezzack, Pepall, Hara & Co. of Toronto at a price
Due in 1955.
MONTREAL, Que.—BOND SALE—Savard Hodgson & Co., Inc.,
Montreal, and Seagram, Harris & Bricker of Toronto, jointly, purchased
$4,000,000 4% bonds at a net cost to the city of 4.32%. Dated March 1,
1939 and due March 1, 1959.
Callable after 15 years on 60 days' notice
and payable at holder's option in Canadian dollars and Dutch guilders.
OPTION GRANTED ON ADDITIONAL $4,000.000—The city has also
granted the above bankers a 30-day option on an additional $4,000,000
bonds at the same price and terms.
The financing will permit the city to
take care of March maturity of $5,590,000 bonds
,
@FedFRASER